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Bank ETF Sees Record Outflow Streak as Recession Fears Mount

  • XLF has seen cash pulled every week for the last four months
  • The selloff in financials a bit ‘overdone,’ says Chuck Cumello

Exchange-traded fund investors are balking at bank stocks as concerns about a recession grow.

The $28.4 billion Financial Select Sector SPDR Fund (ticker XLF) has seen outflows for 16 straight weeks, the longest such streak in its 23-year history, according to data compiled by Bloomberg. Almost $11 billion has been wiped away in that span, shrinking the fund’s total assets by roughly 28%.