'Be mindful of your risk': Money manager tackles Silicon Valley Bank fallout on ETFs

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There's speculation the Silicon Valley Bank collapse could expose problems lurking in ETFs tied to specific sectors.

Astoria Portfolio Advisors CIO John Davi has financials topping his watch list.

«You need to be mindful of your risk,'» Davi, who runs the AXS Astoria Inflation Sensitive ETF, told CNBC's "ETF Edge" this week. The fund is an ETF.com 2023 «ETF of the Year» finalist.

Davi contends the Financial Select Sector SPDR ETF (XLF) could be among the biggest near-term laggards. It tracks the S&P 500 financial index.

His firm sold the ETF's positions in regional banks this week and bought larger cap banks, according to Davi. He sees bigger institutions as a more stable, multiyear investment.

The XLF ended the week more than 3% lower. It's down almost 8% since the SVB collapse March 10.