Financial ETF XLF Hits Record $57.33 as Fintech Stocks Rally

State Street’s Financial Select Sector SPDR ETF (XLF) reached an intraday all-time high of $57.33 on Tuesday. The fund opened at $57.13 and matched its 52-week high during the session. State Street data show XLF held about $49.18 billion in assets.

XLF holds a mix of banks, insurers, payment processors and exchanges, providing broad exposure across the financial sector rather than concentrating on a single subsector.

Fintech and payments companies were among the largest contributors. PayPal rose 26.6% over the past month, the fund’s biggest monthly gainer. Coinbase increased about 5.8% and Block rose roughly 5.3% in the latest session. FactSet added about 4.5% and Fidelity National Information Services gained nearly 4%.

Large lenders and alternative asset managers also recorded gains. JPMorgan Chase advanced about 5.1%, Blackstone climbed around 7.3% and Ares Management rose roughly 5.4% for the week.

Over the past month the fund has risen more than 6%. Other notable monthly performers include Global Payments (+20.4%), Intercontinental Exchange (+20.1%), Nasdaq Inc. (+19.6%) and Cboe Global Markets (+19.3%). Ares gained about 17.1% over the month.

Trading earlier in the session showed rotation out of some technology areas into financials. The Nasdaq Composite was down about 0.8% in early trading and the VanEck Semiconductor ETF (SMH) dropped roughly 4% before both recovered to modest gains by the afternoon.

Healthcare stocks also advanced; the Health Care Select Sector SPDR ETF (XLV) touched a fresh intraday high on Tuesday.

Gains concentrated in payment processors, exchanges, capital markets firms and parts of the banking sector contributed to XLF’s record level during the session.