JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023.
In the first 10 days of this month, the $1.46 billion Invesco KBW Bank ETF (KBWB.O) saw net outflows of $336.18 million, while the $2.49 billion SPDR S&P Regional Banking ETF saw net outflows of $19.58 million.
Overall, the Invesco fund and the SPDR fund posted net inflows of $381.16 million and $565.15 million so far this year.
The prices of the ETFs are down 23% and 28.4%, respectively, as bank stocks fell sharply earlier this year following the collapse of California-based Silicon Valley Bank and two other U.S. lenders.
"Although, our equity research team indicates that selling may have pushed prices down too far and created a buying opportunity."
Persons:
Caitlin Ochs, Hogan, Riley, JPMorgan Chase, Wells, Bryan Armour, Bansari Mayur, Jonathan Oatis
Organizations:
JPMorgan Chase Bank, REUTERS, Exchange, KBW Bank, Regional Banking, Valley Bank, U.S, Federal, JPMorgan, Citigroup, North America, Morningstar, Thomson
Locations:
New York City, U.S, California, Bengaluru