A 2% decline in Citigroup (NYSE: C) shares on Monday weighed on a bid by bank and financial exchange traded funds (ETFs) to break above their 50-day moving average and get back on track.

Citi is a top holding in sector ETFs such as Financial Select Sector SPDR Fund (NYSEArca: XLF) and SPDR KBW Bank ETF (NYSEArca: KBE), which have been trailing the market by a wide margin this year. Financial ETFs have been weak after quarterly results from Citigroup, Bank of America (NYSE: BAC) and other big banks.

Last week, Bespoke Investment Group said only 10 ETFs among those it tracks were trading below their 50-day moving average, with most of those in the financial sector.

Through the end of April, the $8 billion Financial Select Sector SPDR Fund was up 3% year to date, compared with a 9% rise for the S&P 500, according to Morningstar. Citi is the fourth-largest holding at about 7% of the sector ETF.

Financial Select Sector SPDR Fund

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