The Financial Select Sector SPDR Fund (ticker: XLF) hit a new all-time high during Monday's morning trading session.

This exchange-traded fund climbed more than 1%, surpassing its previous closing record of $56.75 set on July 16th. By 9:50 AM Eastern Time, the fund was trading at $57.05.

This milestone marks a significant reversal for the fund. Earlier this year, the XLF struggled under pressure, with a maximum drawdown of over 15% from its January peak when the market bottomed out in late March due to the U.S.-Iran conflict.

On Monday, multiple key holdings within the ETF's portfolio rallied together. JPMorgan shares rose by 1%, Visa gained 1.5%, and Goldman Sachs saw an increase of more than 2%.