As fourth quarter earnings come out from major financial institutions, one popular, and recently high performing, ETF will be paying the most attention.

The Wall Street Journal's Fund Track Wednesday reported that the Financial Select Sector SPDR Fund, and its shareholders, will be especially interested in Q4 earnings. The ETF follows financial services stocks in the S&P 500-stock index, and is over-weighted with large investment banks, like JP Morgan Chase, Bank of America, Wells Fargo, Goldman Sachs and Citigroup. The fund is also one of the highly traded ETFs, with daily volume often surpassing 100 million shares, according the Journal. The fund has approximately $7 billion in assets.

Because of its investments, the ETF may experience weighty trading movement as the banks release their quarterly statements.

J.P. Morgan recently reported a quarterly profit of more than $3 billion, yet saw the stock price dip lower than expected. Citi's stock, on the other hand, rose 3.5 percent Tuesday, as the company lost money in the fourth quarter, albeit less than the year prior.

Also, leveraged ETFs tracking financial such as Direxion Daily Financial Bear 3x Shares, which bets against the sector, might be effected by the bank earnings, as well as other bank stock funds like the SPDR KBW Bank ETF. 

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