At a glance
KIE charges 0.35% a year, below the 0.44% average of the 4 funds most like it (the cheapest of 5). It has $457.4M in assets, the 2nd largest of that group; it paid 1.59% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +10.8% with distributions reinvested (S&P 500: +11.5%), 4th of those 5 funds; over three years it returned +16.2% a year. At its worst it fell 44.0% in the 2020 crash (S&P 500: 33.7%) and 15.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 2 months after the lows. Its ten largest positions make up 20.4% of the fund, out of 53 in all.
The short version
SPDR S&P Insurance ETF (KIE) is a State Street index fund that tracks the S&P Insurance Select Industry Index, which held 53 insurance companies and brokers as of July 31, 2026. Instead of weighting by company size, the index gives each stock a roughly equal share, so smaller insurers count about as much as Progressive or Travelers. Its annual fee (expense ratio) of 0.35% is below the 0.44% average of similar funds.
Price history
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KIE +10.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| KIE official prospectus, to Dec 31, 2025 | — | +8.07% | — | +14.32% | +11.98% | — |
| KIE price data to Oct 27, 2026 | +5.1% | +10.8% | +16.2% | +11.0% | +11.7% | +8.0% |
- Over the year to Oct 27, 2026, KIE returned +10.8%, 4th of 5 among similar funds.
- Its 5-year annualized return was +11.0% and its 10-year +11.7%.
- In the 2020 COVID crash it fell 44% and regained its old high 11.5 months after the low.
- Its worst full calendar year was 2008 (-46.6%); its best was 2013 (+45.7%).
- The deepest fall in its price history was 75.3% (May 16, 2007 to Mar 9, 2009), recovered by Jul 8, 2013.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.0% | — |
| 2025 | +8.1% | +8.07% |
| 2024 | +26.9% | +27.01% |
| 2023 | +12.2% | +12.14% |
| 2022 | +3.5% | +3.43% |
| 2021 | +22.8% | +22.67% |
| 2020 | -3.0% | -3.14% |
| 2019 | +27.2% | +27.13% |
| 2018 | -6.0% | -5.89% |
| 2017 | +12.8% | +12.91% |
| 2016 | +21.4% | +21.35% |
| 2015 | +6.0% | — |
| 2014 | +7.7% | — |
| 2013 | +45.7% | — |
| 2012 | +20.6% | — |
| 2011 | -12.1% | — |
| 2010 | +25.3% | — |
| 2009 | +28.1% | — |
| 2008 | -46.6% | — |
| 2007 | -5.9% | — |
| 2006 | +8.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 74.6% over that stretch · deepest drop along the way 74.6%, back to its old high 49.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44% over that stretch · deepest drop along the way 44%, back to its old high 11.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6.5% over that stretch · deepest drop along the way 15.7%, back to its old high 2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6700 | |
| 2025 | $0.9500 | +13.1% |
| 2024 | $0.8400 | +27.3% |
| 2023 | $0.6600 | -14.3% |
| 2022 | $0.7700 | -2.5% |
| 2021 | $0.7900 | +27.4% |
| 2020 | $0.6200 | 0.0% |
| 2019 | $0.6200 | +19.2% |
| 2018 | $0.5200 | +9.9% |
| 2017 | $0.4733 | +11.8% |
| 2016 | $0.4233 | +11.4% |
| 2015 | $0.3800 | -6.6% |
| 2014 | $0.4067 | +38.7% |
| 2013 | $0.2933 | +2.3% |
| 2012 | $0.2867 | +36.5% |
| 2011 | $0.2100 | +45.4% |
| 2010 | $0.1444 | -13.4% |
| 2009 | $0.1667 | -35.1% |
| 2008 | $0.2567 | -21.4% |
| 2007 | $0.3267 | +79.5% |
| 2006 | $0.1820 |
What's inside
As of Jun 30, 2026, the fund held 53 securities; the ten largest made up 20.44% of assets. It also reported 4.08% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Baldwin Insurance Group Inc | 2.46% | |
| Skyward Specialty Insurance Group Inc | 2.13% | |
| Lemonade Inc | 2.09% | |
| Palomar Holdings Inc | 2.00% | |
| Cincinnati Financial Corp | 1.99% | |
| Globe Life Inc | 1.97% | |
| RLI Corp | 1.96% | |
| Kemper Corp | 1.95% | |
| Ryan Specialty Holdings Inc | 1.95% | |
| Travelers Cos Inc | 1.95% | |
| Hanover Insurance Group Inc | 1.94% | |
| Axis Capital Holdings Ltd | 1.93% | |
| Markel Group Inc | 1.92% | |
| RenaissanceRe Holdings Ltd | 1.92% | |
| Progressive Corp | 1.92% |
By country
United States 81.22%Bermuda 13.22%Ireland 3.54%Switzerland 1.85%By asset type
Stocks 99.82%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $6.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.19%, -3.67%, +10.91%.
How it works
KIE aims to match, before fees, the S&P Insurance Select Industry Index from S&P Dow Jones Indices. The index draws from the insurance part of the S&P Total Market Index: brokers, life and health, multi-line, property and casualty, and reinsurance (insurance for insurers) companies. To join, a U.S.-based company needs a float-adjusted market value (shares available to trade) above $2 billion and active trading. Members drop out below $1 billion or if trading falls off sharply. The index held 53 stocks as of July 31, 2026.
The index is modified equal weighted, meaning each stock gets roughly the same weight rather than one based on company size. It rebalances quarterly, on the third Friday of March, June, September and December, with a second reweighting late in those months. As a result, the top 10 holdings made up just 20.4% of the fund as of June 30, 2026. The largest, Baldwin Insurance Group, was about 2.5%, while giants such as Progressive and Travelers were near 1.9% each.
SSGA Funds Management, the adviser, may hold every index stock or a representative sample, but must keep at least 80% of assets in index securities. It may use futures and cash to handle money moving in and out; the June 30, 2026 report showed no derivatives. Portfolio turnover was 21%.
What it really costs
- KIE charges 0.35% a year, versus an average of 0.44% for the similar funds below (1st of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| KIE | $36 | $113 | $197 | $443 |
In a retirement portfolio
It concentrates on a single industry and once fell 75.3%, so it fits better as a small add-on than as a portfolio foundation.
KIE adds targeted exposure to insurers, whose profits hinge on premiums, catastrophe losses and interest rates. Its history shows the risks. In the 2008 financial crisis it fell 74.6% and did not regain its peak until May 2013; 2008 alone lost 46.6%. In the 2020 COVID crash it dropped 44% in about a month and took about 11.5 months to recover. It held up better in 2022, falling 15.7% at worst but finishing the year up 3.43%. Someone forced to sell in a 2008-style slump would have locked in steep losses. Income is modest: a 1.59% yield over the 12 months to October 27, 2026, paid quarterly. The 0.35% fee works out to $36 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking broad insurance-industry exposure across 53 stocks, with no single company above about 2.5% of assets as of June 30, 2026.
- Cost-conscious investors: the 0.35% expense ratio ties KBWP for lowest among similar funds and sits below the 0.44% peer average.
- Investors who want a small, higher-risk satellite position that pays quarterly dividends, with a 1.59% yield as of October 27, 2026.
Look elsewhere if
- Anyone who may need to sell in a crash: KIE fell 75.3% from 2007 to 2009 and took until July 2013 to recover.
- Investors wanting heavier weight in industry giants; equal weighting gives Progressive and Travelers about the same 1.9% weight as many smaller insurers.
- Those weighing past returns: in the three years to October 27, 2026, KIE's 16.2% annualized trailed IAK's 19.3% and KBWP's 18.7%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| KIE this fund | — | 0.35% | $457.4M | +10.8% | +16.2% |
| IAK iShares U.S. Insurance ETF | 47% | 0.39% | $421.5M | +17.4% | +19.3% |
| KBWP Invesco KBW Property & Casualty Insurance E… | 43% | 0.35% | $283.8M | +16.6% | +18.7% |
| FXO First Trust Financials AlphaDEX Fund | 38% | 0.61% | $1.13B | +12.6% | +24.3% |
| RSPF Invesco S&P 500 Equal Weight Financials ETF | 31% | 0.4% | $304.7M | +7.7% | +21.1% |
Questions investors ask
What does KIE invest in?
KIE holds U.S.-listed insurance stocks and tracks the S&P Insurance Select Industry Index. As of June 30, 2026, it owned 53 companies, including property and casualty insurers, life and health insurers, reinsurers and insurance brokers. Because the index is roughly equal weighted, no single stock dominates. The largest, Baldwin Insurance Group, was about 2.5% of assets. Skyward Specialty Insurance, Lemonade, Palomar and Cincinnati Financial came next at about 2% each. About 81% was in U.S. companies and 13% in Bermuda-based ones.
What's the difference between KIE and IAK?
Both hold U.S. insurance stocks, but only about 47% of their holdings overlap, based on their latest holdings reports. KIE costs less: 0.35% a year, against 0.39% for iShares U.S. Insurance ETF (IAK). KIE spreads its money roughly equally across its holdings. IAK has the stronger record over the past one and three years. Through October 27, 2026, IAK returned 17.4% over one year and 19.3% a year over three years. KIE returned 10.8% and 16.2%. The two funds are close in size.
Does KIE pay dividends?
Yes. KIE pays dividends every quarter. Over the 12 months to October 27, 2026, it paid $0.99 per share, a yield of 1.59%. That is modest next to funds built for income. The payments depend on what its 53 holdings pay out, so the amount can change from one quarter to the next. Investors who rely on steady income may want to count it as a small add-on rather than a main source.
What is KIE's expense ratio?
KIE's expense ratio is 0.35% a year, according to its prospectus filed October 26, 2026. Among KIE and four similar funds, it ties with Invesco KBW Property & Casualty Insurance ETF (KBWP) for the lowest. The other funds average 0.44%: IAK charges 0.39% and First Trust Financials AlphaDEX Fund (FXO) 0.61%. The SEC's standard example assumes $10,000 invested and a 5% yearly return. On that basis, costs would total about $36 after one year, $197 after five years and $443 after 10 years.
How has KIE performed over the long term?
According to its prospectus, KIE returned 11.98% a year over the 10 years ended December 31, 2025, and 14.32% a year over five years. In 2025 alone it gained 8.07%. The ride has been bumpy. Its worst quarter in that period was a 29.2% drop in early 2020. From 2007 to 2009 it lost 75.3% and did not recover until July 2013. Insurance stocks can still fall sharply when the broad market crashes.