Financial Select Sector SPDR ETF
 (XLF)

- NYSEARCA
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  • Oct. 31, 2015, 2:04 PM
    • Sizable bank mergers were supposed to be no-brainers as lenders - weighed down by a sluggish lending environment, overlapping branch networks, and high regulatory costs - sought operating synergies. Unfortunately, regulators since the financial crisis have had different ideas about what banks should be doing with their capital (namely, storing it for a rainy day).
    • The M&T/Hudson City merger finally getting approval (after a three-year delay), along with quick green lights for a couple of BB&T purchases began to give investors hope, and this week they got KeyCorp (NYSE:KEY) agreeing to buy First Niagara (NASDAQ:FNFG), and New York Community Bancorp's (NYSE:NYCB) deal for Astoria Financial (NYSE:AF).
    • The reaction: KeyCorp is lower by more than 10% since the news was announced, and First Niagara by more than 6%; NYCB is off nearly 14%, and Astoria 11%.
    • "This level of selloff is not typical," says Sterne Agee's Peter Winter. "Early reactions to bank transactions often are bumpy," says KeyCorp CEO Beth Mooney.
    • CLSA's Mike Mayo calls Key's purchase "strategically good," but isn't a fan of the bank's plan to fund a major portion of the deal with stock. NYCB is also funding much of its buy with stock, and the deal includes a cut in the dividend - maybe not the greatest move considering the income-oriented lean of the bank's investor base, says Winter.
    • Previously: More losses for NYCB as secondary prices; Astoria lower too (Oct. 30)
    • Previously: KeyCorp not expecting M&T-like deal hold-up (Oct. 30)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, FINZ, KRS, XLFS
    | Oct. 31, 2015, 2:04 PM | 21 Comments
  • Oct. 15, 2015, 2:49 PM
    • The financial sector was pretty roughed-up during the August declines and hasn't really bounced a whole lot - in other words primed to rally on anything but the worst Q3 earnings results. Among those reporting today, Citigroup is up 4.7% and Goldman 3%. In regional banks, KeyCorp (KEY +4.8%), BB&T (BBT +2.9%), and U.S. Bancorp (USB +1%).
    • The FInancial SPDR ETF (XLF +2.2%) is outperforming the S&P 500 by about 100  basis points on the session.
    • The KBW Bank ETF (KBE +1.4%) and the KBW Regional Bank ETF (KRE +1.3%).
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, IAI, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KBWR, KRU, RWW, RYF, FINZ, KRS, XLFS
    | Oct. 15, 2015, 2:49 PM | 1 Comment
  • Oct. 8, 2015, 12:43 PM
    • Ahead of revisions to the Global Industry Classification Standard structure set to take effect next August in which real estate-related stocks will be broken out of the financial sector, State Street's (NYSE:STT) Real Estate Select Sector SPDR (NYSEARCA:XLRE) opens for trade alongside the FInancial Services Select Sector SPDR (NYSEARCA:XLFS). The Financial Select Sector SPDR (NYSEARCA:XLF) remains the same for those looking for exposure to the whole sector in just one ETF.
    • Concurrent with the launches, SSgA cuts the expense ratio for the entire Select Sector SPDR ETF suite to 0.14% from 0.15%.
    • Other Sector SPDRs: XLY, XLP, XLE, XLV, XLI, XLB, XLK, XLU
    | Oct. 8, 2015, 12:43 PM | 6 Comments
  • Oct. 7, 2015, 11:46 AM
    • "The $100B gorilla in the room," is the title of a BAML note estimating the global financial system's gross exposure to Glencore. Most looked the other way as this build-up occurred, but the widening in Glencore's bond spreads may have investors pressuring bank managements to boost disclosures and cut exposures, says the analyst team.
    • The $100B figure is an important one given Glencore itself reports adjusted net debt of less than $30B, but total potential exposure (including undrawn lines which tend to get drawn on in times of need) is what's important for banks, and for the Fed, which will administer the CCAR for all the major lenders.
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ
    | Oct. 7, 2015, 11:46 AM
  • Oct. 2, 2015, 9:08 AM
    | Oct. 2, 2015, 9:08 AM | 22 Comments
  • Sep. 28, 2015, 12:50 PM
    | Sep. 28, 2015, 12:50 PM | 24 Comments
  • Sep. 18, 2015, 1:38 PM
    • Financial Select Sector SPDR ETF (NYSEARCA:XLF) announces quarterly distribution of $0.1135.
    • 30-Day Sec yield of 1.81% (as of 9/16/2015).
    • Payable Sept. 28; for shareholders of record Sept. 22; ex-div Sept. 18.
    | Sep. 18, 2015, 1:38 PM
  • Sep. 18, 2015, 8:56 AM
    • Often seen as a bellwether for the major investment banks, investors are likely to brush off a 50% plunge in trading revenue for the three months ended Aug. 31 reported by Jefferies (NYSE:LUK) yesterday.
    • Bloomberg's Matt Levine notes Jefferies' focus on distressed energy debt trading and underwriting did it no favors last quarter, with the bank posting $90M of distressed energy losses. Instead of Jefferies being a microcosm of the larger banks, it's instead what those banks might look like were in not for the Volcker Rule, i.e. losing a lot of money on distressed energy debt!
    • In investor conferences this week, both Bank of America and Citigroup said to expect about a 5% decline in FICC revenue in Q3.
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IAI, SEF, IYG, FXO, FNCL, FINU, KCE, RWW, RYF, KBWC, FINZ
    | Sep. 18, 2015, 8:56 AM | 7 Comments
  • Sep. 17, 2015, 2:37 PM
    • It'll be at least a little while longer until banks and insurers get the higher rates they are hoping will boost sluggish profits, as the Fed holds its fire this month.
    • The "dots" however are still projecting at least one rate hike before year-end.
    • The SPDR KBW Regional Banking ETF (KRE -1.4%), and the SPDR KBW Bank ETF (KBE -1.2%).
    • BofA (BAC -1.7%), Wells Fargo (WFC -1.2%), Regions (RF -2%), KeyCorp (KEY -1.8%), BB&T (BBT -1.7%), Fifth Third (FITB -2.4%), MetLife (MET -2.2%), Prudential Financial (PRU -1.9%), Schwab (SCHW -2.2%), Ameritrade (AMTD -2%), E*&Trade (ETFC -1.2%).
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, PSCF, FINZ, KRS
    | Sep. 17, 2015, 2:37 PM | 16 Comments
  • Sep. 3, 2015, 8:03 AM
    • While the recent volatility is good for investment banks in some ways, it also could slow deal completions this quarter, says JPMorgan, suggesting lenders could see revenue decline 19% in Q3. The team cut earnings estimates through 2017 by an average of 2-3% for the global investment banks, and sees FICC revenue falling 18% sequentially in Q3 (vs. 14% earlier), and equities trading revenue down 20% (vs. 16% earlier).
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, SEF, IYG, FXO, FNCL, FINU, KCE, RWW, RYF, KBWC, FINZ
    | Sep. 3, 2015, 8:03 AM | 1 Comment
  • Sep. 1, 2015, 2:47 PM
    • The dream of higher interest rates is looking a little fuzzier at the moment, as China leads markets lower again, and the Fed's Eric Rosengren suggests the conditions for a rate hike have still yet to be met. If Friday's payroll number disappoints - and there's at least some reason to expect that - a Sept. move looks off the table.
    • The Financial SPDR (NYSEARCA:XLE) is down 3% vs. the S&P 500's 2.3%.
    • Life insurers: MetLife (MET -3.7%), Prudential (PRU -3.9%), Lincoln National (LNC -4.2%)
    • Money-center banks: Citigroup (C -4.4%), JPMorgan (JPM -3.6%), Wells Fargo (WFC -3.8%)
    • Regional banks: U.S. Bancorp (USB -4.3%), Regions Financial (RF -4.1%), KeyCorp (KEY -4.3%), SunTrust (STI -4.2%), M&T Bank (MTB -4.2%)
    • Online brokerage: E*Trade (ETFC -4.8%), Schwab (SCHW -3.8%), Ameritrade (AMTD -3.4%)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KBWR, KRU, RWW, RYF, FINZ, KRS
    | Sep. 1, 2015, 2:47 PM | 14 Comments
  • Jul. 28, 2015, 8:52 AM
    • State Street (NYSE:STT) files plans for the Financial Services Select Sector SPDR Fund (XLFS) and the Real Estate Select Sector SPDR Fund (XLRE). They would be the first additions to the Select Sector SPDRs since the family of nine launched in 1998. No expense ratios are yet available, but the current Select Sector SPDRs cost 15 basis points.
    • The move comes following last year's changes in the Global Industry Classification Standard used by S&P Dow Jones Indices and MSCI in which real estate will be broken out from the financial sector.
    • The current nine SPDRs have nearly $100B in assets, and the Financial Select Sector SPDR (NYSEARCA:XLF) is by far the largest with $21B.
    • XLF's fate? It could be converted into one of the new funds with a new name, index, and ticker, or it could continue to operate as usual.
    • Source: ETF.com
    | Jul. 28, 2015, 8:52 AM
  • Jul. 22, 2015, 3:01 PM
    • The OCC yesterday gave the green light to CIT Group's $3.4B purchase of OneWest Financial, and earlier this month regulators approved BB&T's $2.5B acquisition of Susquehanna Bancshares.
    • Possibly lifted now is concern nearly any sizable deal would get nixed (or delayed to death) by D.C. a la M&T's attempt to purchase Hudson City Bancorp (originally announced three years ago).
    • Both the CIT and BB&T deals, however, were approved within a year of their announcement, maybe making the M&T/Hudson experience the outlier rather than the norm.
    • While it still appears unlikely much bigger deals could win approval, the path could be clear for smaller-to-medium sized lenders to do business. Drexel Hamilton's David Hilder believes the CIT approval is a "positive catalyst" for acquisitions of lenders with up to $25B in assets.
    • Previously: CIT Group gains after winning regulatory green light for OneWest purchase (July 21)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, PSCF, FINZ, KRS
    | Jul. 22, 2015, 3:01 PM | 1 Comment
  • Jul. 20, 2015, 12:45 PM
    • With Q2 results for the nation's largest banks now all in, Dick Bove says the key takeaway is operating earnings - which eliminates taxes, and the impact from loan losses and reserve releases - are not just growing, they're jumping. By his calculation, the operating earnings for BAC, C, JPM, and WFC are up 23% for the last twelve months compared to the previous period.
    • Asset quality is far better nowadays as well, he says, noting the new regulatory regime has forced lenders to hold a higher amount of government-guaranteed paper on their books. "The addition of capital, cash, and government-backed securities means that the book value of these companies is very real. Yet, at least two of the big banks sell at a discount to this value."
    • More bullish points: The most onerous and costly of the new regulations are already out there, litigation - while continuing - won't be nearly as expensive going forward, M&A is on the rise, and trading activity is coming back.
    • Most importantly, says Bove, is that investment psychology is shifting. "The attitude that banks are utilities that can never show earnings gains is disappearing. The view that bank asset values are overstated is gone or should be gone. The view that the government has multiple new ways to attack these companies is also disappearing."
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IAI, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ
    | Jul. 20, 2015, 12:45 PM | 18 Comments
  • Jul. 17, 2015, 4:11 PM
    | Jul. 17, 2015, 4:11 PM | 1 Comment
  • Jul. 13, 2015, 7:59 AM
    • The KBW Nasdaq Global Bank Index (ticker: GBKX) is the first index designed to track the performance of banks designated as global systemically important by regulators.
    • The 28 lenders in the index represent 45% of the global investable banking universe and account for about $3T in market cap. Its current average yield is 3.14%, and it contains exposure to six different currencies.
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ
    | Jul. 13, 2015, 7:59 AM
XLF Description
The Financial Select Sector SPDR® Fund, before expenses, seeks to closely match the returns and characteristics of the Financial Select Sector Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
See more details on sponsor's website
Sector: Financial
Country: United States
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