RYF
Guggenheim S&P Equal Weight Financial ETFNYSEARCA
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  • Wed, Nov. 30, 11:45 AM
    • While the pick of ex-Goldmanite and Hollywood player Steven Mnuchin for Treasury Secretary can hardly be called "draining the swamp," Pantheon's Ian Shepherdson says it should make Wall Street happy.
    • In his first public comments after being selected, Mnuchin promised to "kill" swaths of Dodd-Frank.
    • Also making Wall Street (and other bankers/insurers/brokers) happy today is another big move higher in interest rates, with the 10-year Treasury yield up 10 basis points to 2.394%.
    • The S&P 500 is just marginally higher, but the KBE is ahead 1.9%, and the KRE 2%. XLF +1.35%
    • Bank of America (BAC +3.4%), Citigroup (C +1.9%), JPMorgan (JPM +1.5%), Wells Fargo (WFC +1.8%), Morgan Stanley (MS +2.1%), Goldman Sachs (GS +3.9%), U.S. Bancorp (USB +1%), PNC Financial (PNC +1.4%), KeyCorp (KEY +2.2%), Fifth Third (FITB +2.5%), Regions Financial (RF +2.9%), BB&T (BBT +2.4%), SunTrust (STI +2%)
    • MetLife (MET +2%), AIG (AIG +0.8%), Lincoln National (LNC +1.7%), Prudential (PRU +1.1%), Hartford (HIG +1.3%)
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, FNCL, SEF, FXO, RYF, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF
    | Wed, Nov. 30, 11:45 AM | 54 Comments
  • Mon, Nov. 28, 10:45 AM
    • A full 39% of the 132 banks in its coverage universe saw some insider selling between Nov. 9 and Nov. 18, says Raymond James, noting an even mix of large regional and smaller lenders.
    • Of the 51 banks with insider sales, 39 had sales exceeding $250K.
    • Source: Bloomberg
    • Banks this morning are taking a breather from their rally: KBE -0.95%, KRE -1%.
    • The XLF is down 0.7%.
    • ETFs: XLF, FAS, FAZ, KRE, UYG, VFH, KBE, IYF, BTO, IAT, IYG, FNCL, SEF, FXO, KBWB, QABA, KBWR, RYF
    | Mon, Nov. 28, 10:45 AM | 2 Comments
  • Wed, Nov. 16, 1:51 PM
    | Wed, Nov. 16, 1:51 PM | 6 Comments
  • Wed, Nov. 16, 7:56 AM
    • The Minneapolis Fed president says under his plan there would be fewer "mega-banks," community banks would thrive, and mid-sized banks would gain market share.
    • Step one would be boosting capital requirements of lenders with more than $250B of assets to 23.5%. Next, have the Treasury Secretary force banks to be no longer systemically important or face a "systemic risk charge" which could bring their total capital requirement to 38%.
    • The third step would impose a tax on the debt of shadow banks with assets over $50B. Finally, create a simpler and less burdensome regulatory regime for community banks.
    • ETFs: XLF, FAS, FAZ, KRE, UYG, VFH, KBE, IYF, BTO, IAT, IYG, FNCL, SEF, FXO, KBWB, QABA, KBWR, RYF, FINU, KRU, RWW, XLFS, PSCF, FINZ, KRS, JHMF, WDRW, DPST, FAZZ, FNCF, FTXO
    | Wed, Nov. 16, 7:56 AM | 8 Comments
  • Tue, Nov. 15, 1:17 PM
    • Following a GAO two-year study about how our central bank central plans with respect to its annual stress tests of the nation's largest banks, the Fed says it will be more open about "the qualitative assessment process (and) detailing its reasons for decisions to object to specific firms' capital plans."
    • House Financial Services Committee Chairman Jeb Hensarling: "The GAO report confirms the secrecy surrounding the stress tests makes it almost impossible to measure the effectiveness of the Fed's regulatory oversight or the integrity of the tests' findings."
    • The banks should also be pleased as maybe they can move some talent out of compliance and back to banking.
    • Dodd-Frank and D.C.'s ever-growing oversight of the banking industry, of course, could find itself in the cross-hairs of the new administration.
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, FNCL, SEF, FXO, RYF, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF
    | Tue, Nov. 15, 1:17 PM | 4 Comments
  • Fri, Nov. 11, 2:56 PM
    • "Dodd-Frank is dead," said a distraught James Carville on election night ... maybe not so fast.
    • Sources tell the WSJ that the president-elect's team is focused on killing or easing certain individual provisions deemed the most objectionable - the FSOC's ability to designate non-banks as SIFIs, for one - but a full repeal isn't going to happen.
    • Also up for change is the section of the law giving regulators the authority to take over a failing financial firm and liquidate (instead of bailing it out).
    • The Trump team is fine with certain parts of the law like those improving the transparency of credit-rating firms, and regulating derivatives products.
    • House Financial Services Chairman Jeb Hensarling earlier this year got a Dodd-Frank overhaul bill through his committee. He's reportedly under consideration to be the next Treasury Secretary.
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, FNCL, SEF, FXO, RYF, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF
    | Fri, Nov. 11, 2:56 PM | 5 Comments
  • Wed, Nov. 9, 9:47 AM
    | Wed, Nov. 9, 9:47 AM | 12 Comments
  • Tue, Nov. 8, 9:38 AM
    • The major averages are down just marginally, but the banks (KBE -1.3%), (KRE -1.1%) are sporting sizable early losses as the sell-side cashes in some chips after a big run higher for the sector.
    • Valuations are full, higher interest rates have been baked in, and an uncertain election outcome are the common themes to the downgrades, which include earlier-reported cuts by Citigroup for Goldman, KeyCorp and Citizens Financial, and a downgrade to Regions Financial (RF -1.7%) by Sandler O'Neill.
    • ETFs: XLF, FAS, FAZ, KRE, UYG, VFH, KBE, IYF, BTO, IAT, IYG, FNCL, SEF, FXO, KBWB, QABA, KBWR, RYF, FINU, KRU, RWW, XLFS, FINZ, KRS, JHMF, WDRW, DPST, FAZZ, FNCF, FTXO
    | Tue, Nov. 8, 9:38 AM | 3 Comments
  • Thu, Oct. 27, 10:51 AM
    • Rates are up across the globe again today, with the 10-year U.S. Treasury yield looking like it's ready for another assault on 2% - up 7 basis points on the session to 1.865%.
    • Alongside a sharp move lower in REITs, the utility sector (XLU -0.9%) is facing a rough go of it.
    • In the green though is the banking sector - (KBE +0.2%), (KRE +0.4%) - which has been awaiting a real move higher in rates for years. A big move on the long end while short rates hold (for now) is an added boost as it widens the yield curve.
    • Bank of America (BAC +0.4%), Citigroup (C +0.4%), JPMorgan (JPM +0.4%), Wells Fargo (WFC +0.5%), PNC Financial (PNC +0.5%), Fifth Third (FITB +0.9%), U.S. Bancorp (USB +1.2%), BB& T(BBT +0.7%)
    • Other high-yield beneficiaries include: MetLife (MET +0.9%), Lincoln Financial (LNC +1.3%), Schwab (SCHW +0.4%), Voya Financial (VOYA +0.9%).
    • ETFs: XLF, FAS, FAZ, XLU, UTG, IDU, VPU, UYG, VFH, GUT, BUI, IYF, BTO, FUTY, IYG, FNCL, SEF, RYU, FXO, UPW, RYF, FXU, FINU, RWW, SDP, XLFS, FINZ, FUGAX, JHMF, FAZZ, FNCF, JHMU, UTLF
    | Thu, Oct. 27, 10:51 AM | 2 Comments
  • Tue, Oct. 4, 2:19 PM
    • A Bloomberg report says the ECB is likely to gradually wind down bond purchases ahead of the scheduled March 2017 end of its QE program. The central bank is currently buying €80B per month of government and corporate paper, and may begin to slow that amount by €10B per month, according to the story.
    • Yields are higher in Europe and the U.S., with the 10-year U.S. Treasury up five basis points to 1.675% and the German 10-year Bund yield is up four bps to -0.048%. TLT -1.1%, TBT +2.2%
    • Though the Dow and S&P 500 are each lower by 0.5%, the yield-starved XLF is up 0.6%, with Bank of America (BAC +2.1%), Citigroup (C +1.9%), and JPMorgan (JPM +0.4%) leading the way. Shrouded in scandal, Wells Fargo (WFC -0.2%) continues to underperform.
    • Other names: Regions Financial (RF +1.5%), KeyCorp (KEY +2.1%), BB&T (BBT +1.4%), Schwab (SCHW +1.5%), MetLife (MET +1.1%), Prudential (PRU +1.3%).
    • ETFs: XLF, FAS, FAZ, KRE, UYG, VFH, KBE, IYF, BTO, IAT, IYG, FNCL, SEF, FXO, KBWB, QABA, KBWR, RYF, FINU, KRU, RWW, XLFS, FINZ, KRS, JHMF, WDRW, DPST, FAZZ, FNCF
    | Tue, Oct. 4, 2:19 PM | 17 Comments
  • Mon, Sep. 26, 11:37 AM
    • The S&P 500 is lower by 0.65%, but the XLF is down nearly double that amount, with Deutsche Bank lower by 7% on capital worries and interest rates sliding to a three-week low.
    • At 1.59% on the 10-year Treasury, the yield curve in the space of a few sessions has erased all of its post-Labor Day steepening, and yield-starved players are in retreat.
    • Regions Financial (RF -1.9%), KeyCorp (KEY -1.7%), SunTrust (STI -1.9%), Fifth Third (FITB -1.6%), MetLife (MET -1.6%), Lincoln National (LNC -1.3%).
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, FNCL, SEF, FXO, RYF, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF
    | Mon, Sep. 26, 11:37 AM | 2 Comments
  • Fri, Sep. 23, 12:05 PM
    • The proposed rule would make it more difficult for banks to be involved with physical commodities by raising capital requirements. Further, banks would be prohibited from activities involving power plants, and owning or storing copper.
    • The Fed today begins a 90-day period of accepting public comment.
    • Banks like Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) have relied on grandfather clauses to engage in physical commodity businesses not allowed for other lenders, while Bank of America (NYSE:BAC), Citigroup (NYSE:C), and JPMorgan (NYSE:JPM) remain somewhat involved in commodity trading and energy tolling activities.
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, FNCL, SEF, FXO, RYF, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF
    | Fri, Sep. 23, 12:05 PM | 11 Comments
  • Thu, Sep. 22, 12:17 PM
    • U.S. equity capital markets volume of $158.6B through Sept. 19 is down from $236.6B in the same period one year ago, and the weakest in more than 20 years, according to Dealogic.
    • It's led to a commensurate drop in equity capital market fees - just $3.7B this year vs. more than $7B in 2015. Another gauge is equity capital market fees as a percent of U.S. investment-banking revenue, and that's dropped to 15.4% from more than 20% last year.
    • The main reason, writes Maureen Farrell, is cheap capital. Barely visible interest rates and a thirst for yield mean companies have a variety of options beyond an IPO to raise capital. Just 68 companies have gone public in the U.S. this year vs. 138 through the same period last  year.
    • That decline is especially painful for banks as IPO underwriting is the highest-margin product in their equity operation.
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IYG, FNCL, SEF, FXO, RYF, KCE, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF
    | Thu, Sep. 22, 12:17 PM
  • Mon, Sep. 19, 1:03 PM
    • With exchange officials ruling execution prices as "clearly erroneous," 1.2K trades in the $148M Guggenheim S&P Equal Weight Financial ETF (NYSEARCA:RYF) were busted this morning. A number of other unusual trades were allowed to stand.
    • Source: Barron's Christ Dieterich
    • At issue were trades taking place in the premarket between 9:24 and 9:27 ET, with Nasdaq - after an examination - saying all those executed at a price above $34.01 were busted.
    • The problem appears to be with recent index changes that pulled most REITs out of the financial sector and into their own classification. Guggenheim is giving all RYF owners commensurate shares of the Guggenheim Equal Weight Real Estate ETF (NYSEARCA:EWRE).
    • More than 580K trades look to have been cancelled, some at as high of a price as $43.11.
    | Mon, Sep. 19, 1:03 PM
  • Wed, Sep. 14, 8:29 AM
    • Despite slashing billions in costs and pulling back from what were once key businesses since the financial crisis, banks haven't done enough, says a new report from McKinsey and Co.
    • "The inescapable reality is that the industry’s restructuring efforts to date have failed to produce sustainable performance ... A more fundamental change is required, based on the realization that for most banks, the traditional model of global capital markets and investment banking is no longer an option."
    • The top 10 global banks produced just 7% ROE in 2015. Capital market and investment banking revenue have declined 10% since 2012 to $144B as the big players have lost market share to regional and local banks, where revenue has gone up 14% over that same time frame.
    • McKinsey's suggestions for better returns: Sell products individually instead of bundled; better allocation of balance sheets; utilizing digital technology and robotics; participating in industry utilities to cut costs; addressing risk and conduct among bank employees.
    • The report takes note of industries like telecom, semiconductors, and autos that have restructured their way to better profits.
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, IAI, IYG, FNCL, SEF, FXO, RYF, KCE, FINU, RWW, XLFS, FINZ, JHMF, FAZZ, FNCF
    | Wed, Sep. 14, 8:29 AM | 4 Comments
  • Fri, Sep. 9, 10:53 AM
    | Fri, Sep. 9, 10:53 AM | 25 Comments
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