Related: U.S. Stock ETFs Mixed as Traders Weigh Earnings, Capitol Hill

To start the third quarter, investors have been enthusiastic about XLF, allocating over $1 billion in new money to the ETF. That more than makes up for the $317.1 million pulled from the fund in the second quarter.

“The prospect of higher interest rates and the ability to return capital to shareholders will benefit Financials. The positive fundamental trends in both sectors will likely result in a more normal positive correlation of returns between Financials and Info Tech,” according to a Goldman note seen in Barron’s.

Bankers are witnessing diminished demand for big loans out of businesses partly due to uncertainty over policy action on Capitol Hill. In addition, while the Federal Reserve’s rate hikes have helped banks earn more on loans, benefits were partially pared down by declines in long-term rates, with yields on Treasuries falling over the second quarter.

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