Overview
US financial sector — banks, insurers, and asset managers. Top holdings include BRK.B, JPM, V, MA. Historically benefits from rising interest rates.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| BRK.B | Berkshire Hathaway | 13.8% |
| JPM | JPMorgan Chase | 11.4% |
| V | Visa Inc. | 8.8% |
| MA | Mastercard | 6.8% |
| BAC | Bank of America | 5.4% |
| WFC | Wells Fargo | 4.8% |
| GS | Goldman Sachs | 3.4% |
| MS | Morgan Stanley | 3.2% |
| SPGI | S&P Global | 2.9% |
| BLK | BlackRock Inc. | 2.7% |
Fund Details
Investment Thesis
The financial sector's earnings are strongly linked to interest rate levels, economic activity, and credit quality. XLF benefits from higher interest rates through expanded net interest margins at banks, and from strong economic growth through increased capital markets activity and lending volumes. Berkshire Hathaway's large weighting provides stability through its diversified insurance and business operations.
Who It's For
Investors with a bullish view on US economic growth, interest rate normalization, and banking sector earnings recovery. XLF suits those looking to increase financial sector exposure when monetary policy becomes restrictive or when valuations favor banks versus technology. Also used as a tactical trade when yield curves steepen, which directly benefits the core banking business model.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $22.88 | -- |
| 2017 | $27.16 | +18.7% |
| 2018 | $24.63 | -9.3% |
| 2019 | $28.22 | +14.6% |
| 2020 | $28.58 | +1.3% |
| 2021 | $39.72 | +39.0% |
| 2022 | $36.42 | -8.3% |
| 2023 | $38.02 | +4.4% |
| 2024 | $48.38 | +27.2% |
| 2025 | $49.42 | +2.1% |
| Year | Yield |
|---|---|
| 2016 | 1.72% |
| 2017 | 1.58% |
| 2018 | 1.82% |
| 2019 | 1.68% |
| 2020 | 1.62% |
| 2021 | 1.42% |
| 2022 | 1.78% |
| 2023 | 1.54% |
| 2024 | 1.48% |
| 2025 | 1.52% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $18B | -- |
| 2017 | $24B | +33.3% |
| 2018 | $23B | -4.2% |
| 2019 | $24B | +4.3% |
| 2020 | $26B | +8.3% |
| 2021 | $41B | +57.7% |
| 2022 | $35B | -14.6% |
| 2023 | $38B | +8.6% |
| 2024 | $47B | +23.7% |
| 2025 | $48B | +2.1% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
Related US Sectors ETFs
Markets. Intelligence. Daily.
Full briefs on 251 ETFs, curated daily ETF news, and a free weekly deep-dive newsletter — all on ETFHub.
Get the Free Weekly Brief Explore the ETF Portal Official Fund Page →