The financial sector and related exchange traded funds are among the cheapest areas of the U.S. markets, with some major banks trading under their stated book value per share.

After most of the financial industry revealed quarterly earnings, seven big banks are still trading below their book value, reports Jon C. Ogg for 24/7 Wall St. Book value is an accounting value that tallies the total value of a company’s asset, minus liabilities and intangibles, and compares it to the company’s market value.

For starters, among the largest banks in the industry, Bank of America (NYSE: BAC) is trading at a 0.8 P/B and Citigroup (NYSE: C) has a 0.9 P/B.

Additionally, Regions Financial Corporation (NYSE: RF) and First Niagara Financial Group Inc. (NASDAQ: FNFG) both remain priced at a discount to its stated book value, with a 0.9 P/B each, followed by Zions Bancorporation (NASDAQ: ZION) 1.0 P/B, Susquehanna Bancshares, Inc. (NASDAQ: SUSQ) 0.9 P/B and Hancock Holding Company (NASDAQ: HBHC) 0.9 P/B.

ETF investors can also track the financial space through broad sector ETFs, including the iShares U.S. Financials ETF (NYSEArca: IYF), Financial Select Sector SPDR (NYSEArca: XLF) and Vanguard Financials ETF (NYSEArca: VFH). These broad market capitalization-weighted ETFs include heavy exposure to the major banks. [Financial ETFs Are the Place to Be]

For instance, IYF includes BAC 4.6%, C 4.3%, RF 0.3%, FNFG 0.1%, ZION 0.2%, SUSQ 0.6% and HBHC 0.5%. XLF holds BAC 6.1%, C 5.7%, RF 0.5% and ZION 0.2%. VFH tracks BAC 4.5% and C 4.2%.