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Investors Flee Materials ETF on Sluggish Earnings Expectations

  • State Street’s XLB just had biggest weekly outflow since 2014
  • Fund’s holdings like Sherwin-Williams, DowDuPont took a hit

Lackluster earnings are scaring investors away from the largest exchange-traded fund tracking the materials sector.

More than $448 million was pulled from State Street Corp.’s Materials Select Sector SPDR Fund, or XLB, last week, reducing its assets by 15 percent to $3.18 billion, the lowest in at least a year, according to Bloomberg data. The outflow was the most for any week since 2014 for the fund, which has seen $680 million flee in the past year.