Financial ETFs tumble most in 3 months after money laundering allegations

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Financial ETFs tumble most in 3 months on bank investigation
Exchange-traded funds tracking the financial sector sank Monday in the wake of a report that said big banks have assisted criminals in laundering money. The Financial Select Sector SPDR Fund and the Vanguard Financials ETF were both down 3.7% at midday, underperforming the S&P 500 , which fell 2.2%. The Invesco KBW Bank ETF, which has more concentrated exposure to banks than a broader financials tilt, was nearly 6% lower, on track for its worst day since June 26. Among the ETFs that track the 11 sectors of the S&P 500, XLE wasn’t the biggest loser on Monday: that was the Energy Selector Sector SPDR Fund , down 4%. Energy is still the worst performing sector in the year to date, having lost nearly half its value, while financials are down 23%.
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