FRC - ETFs tied to First Republic Bank sell off

2023-03-13 07:34:30 ET

Shares of First Republic Bank ( NYSE: FRC ) have plunged on Monday morning by more than 50% as the financial institution is the latest bank to feel the aftermath from the Silicon Valley Bank ( SIVB ) collapse.  As a result, many exchange traded funds that have their price action tied to FRC have felt the pressure as well.

First Republic Bank dropped 61.5% in pre-market action, which in turn has sent tremors across the 196 ETFs that have positions in the San Francisco based bank.

Among some of the largest ETF percentage allocators towards FRC include shares of the iShares U.S. Regional Banks ETF ( NYSEARCA: IAT ), Invesco KBW Bank ETF ( NASDAQ: KBWB ), and the SPDR S&P Regional Banking ETF ( NYSEARCA: KRE ).  All three funds are lower by at least 5% in the early going of the trading week.

IAT represents the largest holder of any ETF as it holds a 4.31% stake in FRC. KBWB on the other hand holds a 3.85% portfolio weighting in First Republic Bank, while KRE has a 1.93% weighting towards the organization.

Monday pre market price action: IAT -5.8% , KBWB -5.4% , and KRE -6.2% .

Shares of FRC remain under pressure as investors have grown increasingly wary for similar reasons to those caused concerns at Silicon Valley Bank.

For further details see: