Shares of exchange-traded funds that invest in bank stocks were rising Tuesday, outperforming the S&P 500 on the day and so far this month.
The SPDR S&P Bank ETF was trading 0.5% higher on Tuesday afternoon, while the SPDR S&P Regional Banking ETF climbed 0.9% and the Invesco KBW Bank ETF rose 0.6%, according to FactSet data, at last check. They were beating the S&P 500, which was about flat in afternoon trade.
So far this month, the SPDR S&P Bank ETF is up 2.7%, while the SPDR S&P Regional Banking ETF has risen more than 3.2% and the Invesco KBW Bank ETF has jumped 6%, FactSet data show. The S&P 500 has posted a smaller rise in October of 1.6% as of Tuesday afternoon.