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Actionable news in EUFN: iShares MSCI Europe Financials Sector Index Fund,

Financial Services ETFs Continue to Endure Tumult

The financial services sector, the second-largest sector allocation in the S&P 500, and the corresponding exchange traded funds, such as the Financial Select Sector SPDR (XLF) , have endured some tumult this year as the Federal Reserve has continually put off raising interest rates.

However, European banks are disappointing investors even more. For example, the iShares MSCI Europe Financials ETF (EUFN) , which tracks European financial companies, is down nearly 11% this year.

Related: Financial Sector ETFs Maintain Momentum

Among the near-term issues facing EUFN is the June 23 Brexit vote. The financial sector is among the most at risk if the U.K. decides to part ways with the European Union. Fro instance, according to a recent Keef, Bruyette & Woods research note, banks would have to raise administrative expenses, add on regulatory costs, cut staff and potentially take a temporary earnings hit if British voters approve the Brexit on...