Invesco S&P SmallCap Energy ETF (NASDAQ: PSCE)

最新ニュース Invesco S&P SmallCap Energy ETF (NASDAQ:PSCE)

Invesco S&P SmallCap Energy ETF

Energy

Basic Materials

The fund generally will invest at least 90% of its total assets in the securities of small-capitalization U.S. energy companies that comprise the underlying index. These companies are principally engaged in the business of producing, distributing or servicing energy related products, including oil and gas exploration and production, refining, oil services and pipelines. It is non-diversified.

Sm Energy Co

Magnolia Oil & Gas Corp

Cactus Inc

Helmerich & Payne, Inc.

Northern Oil And Gas Inc Common Stock Usd 0.001

Archrock, Inc.

Liberty Oilfield Services Inc.

Oceaneering International Inc

Patterson-Uti Energy Inc

Liberty Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LBRT#NYSE">LBRT</a>) shares are trading higher premarket on Monday. The company disclosed that the Board of Directors intends to appoint William Kimble as non-executive Chairman and <a href="https://www.benzinga.com/pressreleases/24/11/b42032584/liberty-energy-inc-comments-on-nomination-of-chris-wright-as-u-s-secretary-of-energy-and-announces" target="_blank" rel="noreferrer noopener">Ron Gusek as Chief Executive Officer</a>.
The move came after President-elect Donald J. Trump nominated Liberty&#8217;s Founder, Chairman, CEO, and Director, Chris Wright, for the position of U.S.<a target="_blank" href="https://www.benzinga.com/24/11/42024837/trump-taps-liberty-energy-ceo-chris-wright-for-energy-secretary" rel="noreferrer noopener"> Secretary of Energy</a>.
The new CFO appointment is subject to U.S. Senate confirmation, and Mr. Wright will remain in his current role at Liberty until confirmation is completed.
Wright added, &#8220;Succession planning has been a priority of the Board. Having worked closely with both Bill and Ron, Liberty will be in the safest of hands upon my departure. Ron has been a close partner to me for over two decades and possesses all the criteria to ensure Liberty continues leading the industry in technology innovation and service quality while delivering growth for our valued shareholders.&#8221;
Last week, Trump said that Wright will be a part of the National&nbsp;Energy Council that will be headed by Interior Secretary-designate&nbsp;Doug Burgum, who is currently the governor of North Dakota.
The council&#8217;s main objective will be to cut down regulations and increase <a target="_blank" href="https://www.benzinga.com//node/42024837" rel="noreferrer noopener">investments to boost oil and gas production.</a>
The nomination of Wright, a key player in the fracking industry, signals Trump&#8217;s commitment to boost oil and gas production. The move could potentially lead to increased drilling activities and a greater focus on fracking, despite the U.S. already setting oil production records.
Investors can gain exposure to the stock via&nbsp;SPDR Series Trust SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>) and Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>).
Price Action: LBRT shares are up 2.96% at $17.40 premarket at the last check Monday.
Photo via Shutterstock
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Equities

Large Cap

News

Management

Movers

LBRT

PSCE

SPDR S&P Oil & Gas Equipment & Services ETF

Liberty Energy Names New CEO As Chris Wright Prepares For US Energy Secretary Role

Talos Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TALO#NYSE">TALO</a>) shares are trading lower on Thursday. The company disclosed that its Ewing Bank 953 well has successfully discovered commercial <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/n40726122/talos-energy-announces-new-discovery-and-adds-additional-2024-prospect-in-the-gulf-of-mexico" rel="noreferrer noopener">quantities of oil and natural gas</a>.
Additionally, Talos has agreed to participate in the Sebastian prospect, which is currently being drilled in the Mississippi Canyon Block 387 of the U.S. Gulf of Mexico.
Talos holds a 33.3% working interest, with Walter Oil &amp; Gas Corp. holding 56.7% and Gordy Oil Company 10%.
The EW 953 well has discovered approximately 127 feet of net pay at 19,000 feet TVD, with an estimated gross recoverable potential of 15–25 million barrels of oil equivalent (MMBoe).
Initial production is expected at 8–10 thousand barrels of oil equivalent per day (MBoe/d) by mid-2026. The well will be tied back to the South Timbalier 311 Megalodon platform.
Drilling at the Sebastian prospect, started in late August 2024, targets the Upper Miocene K-1 reservoir at about 12,000 feet TVD. It is estimated to hold 9–16 MMBoe, with an initial production rate of 6–10 MBoe/d. Results are expected by the late fourth quarter of 2024.
Talos Interim President and Chief Executive Officer&nbsp;Joe Mills&nbsp;said, &#8220;This discovery follows a series of successful single-well subsea exploitation wells tied back to Talos-owned existing infrastructure, like&nbsp;Venice&nbsp;and Lime Rock, Sunspear, and Claiborne sidetrack.&#8221;
&#8220;Additionally, we were able to include the Sebastian prospect in our second-half 2024 drilling portfolio without requiring updates to our capital expenditures guidance for the year.&#8221;
Last month, Talos Energy announced that Tim Duncan has resigned as President and Chief Executive Officer,&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40653266/why-talos-energy-shares-are-falling-today" rel="noreferrer noopener">effective August 29, 2024</a>.
According to&nbsp;Benzinga Pro, TALO stock has lost over&nbsp;37%&nbsp;in the past year. Investors can gain exposure to the stock via Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>).
Price Action: TALO shares are down 0.42% at $10.77 at the last check Thursday.
Price Action:
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</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Small Cap

Market Vectors RVE Hard Assets Producers ETF

PWER

SHEL

TALO

Talos Energy's Major Offshore Discovery: Oil And Gas Found In Gulf Of Mexico

Talos Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TALO#NYSE">TALO</a>) shares<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener"> are trading lower on Friday.</a>
Talos Energy announced that Tim Duncan has resigned as President and Chief Executive Officer, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40648328/talos-energy-announces-ceo-transition" rel="noreferrer noopener">effective August 29, 2024.</a>
Joseph A. Mills, a Board member since March 2024, will serve as interim President and CEO until a permanent successor is appointed.
The Board has begun a search for Duncan&#8217;s replacement with the help of a top executive search firm. Also, Talos reaffirmed its third-quarter production guidance and operational and financial guidance for the full year 2024.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, TALO stock has lost over 36% in the past year. Investors can gain exposure to the stock via Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40651863/whats-going-on-with-nio-shares-today" rel="noreferrer noopener">What&#8217;s Going On With NIO Shares Today?</a>
As previously reported, for the third quarter of 2024, Talos expects average daily production of 92.0 – 97.0 thousand barrels of <a target="_blank" href="https://www.benzinga.com//node/40234578" rel="noreferrer noopener">oil equivalent per day.</a>
Earlier this month, Talos Energy reported second-quarter results with revenue of $549.2 million, driven by realized prices of $80.50 per barrel for oil, $22.33 per barrel for natural gas liquids (NGLs), and $2.59 per thousand cubic feet (Mcf) for natural gas.
The company achieved a net income of $12.4 million, or $0.07 per diluted share, and an adjusted net income of $5.2 million, or $0.03 per diluted share.
Adjusted EBITDA was $344.0 million. Capital expenditures totaled $122.8 million, excluding plugging and abandonment, and settled decommissioning obligations. Operating cash flow was $289.4 million and adjusted free cash flow amounted to $148.0 million.
Price Action: TALO shares are trading lower by 7.41% to $11.06 at last check Friday.
Image via Unsplash/ Headway
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Don&#8217;t miss the opportunity to dominate in a volatile market at the&nbsp;<a target="_blank" href="https://www.benzinga.com/events/small-cap/global-small-cap-conference-2024/" rel="noreferrer noopener">Benzinga SmallCAP Conference</a>&nbsp;on Oct. 9-10 at the Chicago Marriott Downtown Magnificent Mile. Get exclusive access to CEO presentations, 1:1 meetings with investors, and valuable insights from top financial experts. Whether you&#8217;re a trader, entrepreneur, or investor, this event offers unparalleled opportunities to grow your portfolio and network with industry leaders. Secure your spot and get your tickets today!

Markets

General

Why Talos Energy Shares Are Falling Today

Helmerich &amp; Payne, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HP#NYSE">HP</a>) shares are trading higher today. The company disclosed the acquisition of KCA Deutag <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39955853/helmerich-payne-announces-agreement-to-acquire-kca-deutag" rel="noreferrer noopener">for $1.9725 billion in cash</a>.
KCA Deutag is a drilling company with a land drilling presence in the Middle East. The acquisition grants Helmerich substantial entry into land operations in the region, where KCA Deutag earned about 70% of its 2023 Operating EBITDA.
The transaction is expected to close before the end of calendar year 2024, pending customary closing conditions.
Post-acquisition, Helmerich&#8217;s Middle East rig count will jump from 12 to 88, with 71 rigs in Saudi Arabia, Oman, and Kuwait, making it one of the region&#8217;s largest rig providers.
The Middle East rig market is projected to grow, and with KCA Deutag&#8217;s ~$5.5 billion contract backlog and strong customer base, H&amp;P will gain resilient revenues and improved earnings visibility.
Synergies: H&amp;P expects this transaction to grow its international land operations from ~1%&nbsp;on a standalone basis to ~19%&nbsp;on a pro forma basis based on calendar year 2023 Operating EBITDA, and also its offshore operations will rise from ~3% to ~7%.
The combined company&#8217;s last-twelve months Operating EBITDA stands at approximately $1.2 billion.
The transaction is anticipated to be immediately accretive to cash flow and free cash flow per share, with double-digit free cash flow accretion expected by 2025. Returns are projected to surpass the cost of capital by 2026.
Despite the minimal geographic overlap, Helmerich anticipates achieving ~$25 million in run-rate synergies by 2026, mainly from overhead <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">reductions and procurement savings</a>.
Post-closure, H&amp;P will have three main operating segments: North America Solutions, International Solutions, and Offshore Solutions, with North America Solutions remaining unchanged.
Yesterday, the company reported third-quarter adjusted EPS of&nbsp;$0.92, above the consensus of&nbsp;$0.77, and revenue&nbsp;of $698 million, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39943466/helmerich-payne-inc-announces-fiscal-third-quarter-results" rel="noreferrer noopener">beating the street view.</a>
As of June 30, the company&#8217;s cash and cash equivalent stood at $203.6 million.
Investors can gain exposure to the stock via Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>) and SPDR Series Trust SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>).
Price Action: HP shares are up 10.4% at $41.70 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Mid Cap

Helmerich & Payne Makes Big Bet on Middle East with ~$2B KCA Deutag Acquisition

SM Energy Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SM#NYSE">SM</a>) shares are diving today after the company disclosed an agreement to purchase the Uinta Basin oil and gas assets from entities affiliated with XCL Resources, LLC. for an unadjusted <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/n39520678/sm-energy-announces-highly-accretive-2-0-billion-uinta-basin-acquisition-11-increase-to-fixed-divi" rel="noreferrer noopener">purchase price of&nbsp;$2.55 billion</a>.
Simultaneously, Northern Oil and Gas, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) stated that it would purchase a 20% share of XCL&#8217;s oil and gas assets for $510 million, leaving SM Energy with an 80% stake at a net cost of $2.04 billion.
SM Energy will assume operational control of the assets currently managed by XCL and plans to fund the buyout through a mix of debt and existing cash reserves.
The Board has approved the XCL transaction, effective May 1, 2024, with closing expected in September 2024, subject to customary adjustments and conditions.
Synergy &amp; Outlook: The company anticipates the acquisition will immediately benefit key financial metrics. For 2025, Adjusted EBITDAX is expected to rise by approximately 35%, Adjusted free cash flow by about 45%, and cash production <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">margin by around 11%</a>.
SM Energy projects that pro forma 2025 net production will rise to around 195 MBoed, with oil production making up 52% of the commodity mix.
SM Energy&#8217;s 2025 cash production margin is projected to rise by about 11%, driven by the Uinta Basin&#8217;s higher oil content and lower operating costs than the Midland Basin.
Dividend Boost: The Board of Directors approved an 11% increase in the quarterly dividend to $0.20 per share, starting in Q4 2024.
Share Buyback: Additionally, the company authorized a new $500 million share repurchase program through 2027, replacing the existing program.
As of March-end, the company&#8217;s long-term debt was&nbsp;$1.59&nbsp;billion, and cash and cash <a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/n38597858/sm-energy-reports-first-quarter-2024-results-excellent-operational-execution-boosts-bottom-line-re" rel="noreferrer noopener">equivalents were&nbsp;$506.3&nbsp;million</a>.&nbsp;
SM Energy has received firm commitments for an aggregate&nbsp;$1.2 billion,&nbsp;364-day unsecured bridge facility.
Investors can gain exposure to the stock via Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>) and Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILT#NYSE">OILT</a>).
Price Action: SM shares are down 10.2% at $43.47 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock/ create jobs 51

Guidance

Dividends

Buybacks

OILT

SM Energy Dives Despite Bullish Uinta Basin Acquisition: Details

Patterson-UTI Energy, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTEN#NASDAQ">PTEN</a>) disclosed that its subsidiary, Patterson-UTI International Holdings, Inc., inked a non-binding&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/ac38781395/patterson-uti-signs-term-sheet-to-partner-with-adnoc-drilling-in-the-uae" rel="noreferrer noopener">term sheet with ADNOC Drilling</a>.
As per the deal, Patterson-UTI expects to hold a minority equity interest in Turnwell Industries LLC OPC, which was recently formed by ADNOC Drilling.&nbsp;
Patterson-UTI projects that Schlumberger Middle East SA will also hold a minority equity interest in Turnwell,&nbsp;which won&nbsp;a $1.7 billion contract to drill and complete 144 unconventional wells for ADNOC in UAE. Schlumberger Middle East SA is a subsidiary of&nbsp;Schlumberger N.V.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>).
In exchange for the minority equity interest, Patterson-UTI plans to offer drilling, completion, and other oilfield service expertise to Turnwell and a limited cash contribution to fund the portion of working capital.&nbsp;
Andy Hendricks, Patterson-UTI&#8217;s Chief Executive&nbsp;Officer,&nbsp;said, &#8220;We are pleased that ADNOC Drilling recognizes Patterson-UTI as a premier drilling and completions company and technology leader, and we look forward to reaching an agreement to bring our expertise to the initial phase of this groundbreaking project.&#8221;&nbsp;
&#8220;I am excited about this potential opportunity to allow Patterson-UTI to grow our presence in the Middle East&nbsp;in a&nbsp;capital efficient&nbsp;manner, as we do not expect&nbsp;to initially contribute any capital equipment.&nbsp;We also do not expect this opportunity to change our previously announced capital expenditure budget or impact our expectation to return at least $400 million to shareholders in 2024 through dividends and share repurchases.&#8221;
This month, the company&nbsp;reported&nbsp;an average of 116 drilling rigs operating&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/ac38656746/patterson-uti-reports-drilling-activity-for-april-2024" rel="noreferrer noopener">in the United States for&nbsp;April 2024</a>.
Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P SmallCap Energy ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>) and&nbsp;VanEck Oil Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>).
Price Action: PTEN shares closed lower by 2.42% at $10.89 on Friday.
Photo via Shutterstock

PTEN

Patterson-UTI Drills Into Middle East With ADNOC Partnership

U.S. Silica Holdings, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLCA#NYSE">SLCA</a>) shares are trading higher after the company inked a deal to be acquired by funds managed by&nbsp;affiliates&nbsp;of&nbsp;Apollo Global Management, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>)<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38455715/u-s-silica-enters-into-definitive-agreement-to-be-acquired-by-apollo-funds-for-1-85-billion" rel="noreferrer noopener">&nbsp;for around&nbsp;$1.85 billion.</a>
M&amp;A Deal: As per the deal, U.S. Silica shareholders will receive&nbsp;$15.50&nbsp;per share in cash for each share they own,&nbsp;representing an 18.7% premium to its closing share price as of&nbsp;$13.06&nbsp;on&nbsp;April 25 and a 33.0% premium to 90-day volume-weighted average share price for the period ended&nbsp;April 25.&nbsp;
The transaction&nbsp;is expected&nbsp;to close in the third quarter of 2024, subject to customary closing conditions. The agreement includes a 45-day &#8220;go-shop&#8221; period&nbsp;that will expire&nbsp;on&nbsp;June 10.
Post deal&nbsp;completion,&nbsp;the company will no longer be listed&nbsp;on the New York Stock&nbsp;Exchange,&nbsp;and will become a private company.&nbsp;
Bryan Shinn, Chief Executive Officer, said, &#8220;By partnering with Apollo Funds, we gain significant resources, deep industry expertise and enhanced flexibility as a private company to pursue the many market opportunities in front of us and invest in innovative capabilities that enable value-added offerings for customers.&#8221;
Earnings: Also, the company reported first-quarter FY24 results, with adjusted EPS of&nbsp;$0.20, in line with the consensus, and sales&nbsp;of $325.9 million&nbsp;missed&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38455740/u-s-silica-holdings-inc-reports-first-quarter-2024-results" rel="noreferrer noopener">the consensus of $336.6 million</a>.
Total tons sold declined 17% Y/Y to&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">4.092 million in the quarter</a>.&nbsp;
Operating cash flow stood at $40.9 million, and capital expenditures&nbsp;came in at&nbsp;$12.4 million in the quarter.&nbsp;
As of March-end, the company had cash and cash equivalents of $234.5 million and total debt of $809.5 million.
Shinn added, &#8220;In our Oil &amp; Gas segment, volumes were up 5% sequentially, although our margins&nbsp;were impacted&nbsp;by slightly lower pricing, driven&nbsp;in part&nbsp;by lower natural gas prices.&#8221;
Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P SmallCap Energy ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>) and&nbsp;SPDR Series Trust SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>).
Price Action: SLCA shares are up 20.2% at $15.70 at the last check Friday.
Image sourced from Shutterstock

Earnings

SLCA

Why Industrial Minerals Company U.S. Silica Shares Are Rocketing Today

Treasury Secretary Janet Yellen reportedly said the surprise <a href="https://www.benzinga.com/news/23/04/31625206/oil-prices-surge-over-5-in-asia-trade-following-surprise-opec-production-cut-these-etfs-could-draw-i">OPEC+ oil production cut</a> is an &#8220;unconstructive act&#8221; that will add uncertainty to the global growth outlook and burden consumers when inflation remains high.
What Happened: &#8220;I think it&#8217;s a regrettable action that OPEC decided to take,&#8221; Yellen told reporters, according to a Reuters report. She also said it was too early to assess what the price impact would be.
Also Read: <a href="https://www.benzinga.com/best-penny-stocks">Best Penny Stocks</a>
Yellen pointed out that a decline in gasoline prices from last year&#8217;s peaks <a href="https://www.benzinga.com/news/23/03/31607473/feds-preferred-inflation-measure-comes-in-cooler-than-expected-as-banking-crisis-complicates-powells">had helped rein in inflation</a> and it would be detrimental if the trend were reversed, according to the report. 
&#8220;Clearly, it&#8217;s not a positive for global growth,&#8221; she said. &#8220;And it adds to uncertainty and burdens at a time when inflation is already high&#8221;.
Price Action: Oil prices soared on Monday after the OPEC+ trimmed oil production by 1.16 million barrels per day beginning May, in a surprise move.
West Texas Intermediate (WTI) futures expiring in May were trading higher by 0.5% at $80.82 per barrel during Tuesday morning Asian trade while Brent futures expiring in June were trading 0.47% higher at $85.33 per barrel at the time of writing.
The United States Oil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) had closed 5.76% higher on Monday while the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) ended 4.53% higher. Other ETFs that recorded gains include Vanguard Energy Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VDE#NYSE">VDE</a>), SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>) and Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>).
Price Cap: Asked about the impact the production cut would have on the $60 per barrel price cap imposed by Western governments on Russian crude, Yellen said she did not see any significant impact on the <a href="https://www.benzinga.com/news/22/10/29428985/bidens-team-said-to-be-reworking-russian-oil-price-cap-plan-on-mounting-skepticism-few-commitments">appropriate level of the price cap.</a>
&#8220;I see it as working,&#8221; Yellen stated about the price cap, while also noting that it has led to steep discounts on Russian oil and increased bargaining power for purchasers. The <a href="https://www.benzinga.com/government/23/03/31596550/janet-yellen-urges-additional-banking-sector-reforms-to-ensure-financial-stability">Treasury Secretary also said</a> she does not see revisiting the price cap as appropriate at this time.
Read Next: <a href="https://www.benzinga.com/economics/macro-economic-events/23/04/31647942/el-erian-says-he-couldnt-remember-a-time-when-markets-were-so-dismissive-of-feds-">El-Erian Says He Couldn&#8217;t Remember A Time When Markets Were &#8216;So Dismissive&#8217; Of Fed&#8217;s Forward Guidance</a>

Macro Economic Events

Commodities

Economics

Yellen Says OPEC+ Production Cut 'Unconstructive' And 'Burdens At A Time When Inflation Is Already High'

Oil prices soared during Monday morning in Asian trade after The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, trimmed <a href="https://www.benzinga.com/news/23/04/31624195/opec-just-announced-oil-output-cuts-in-a-surprise-move-heres-how-it-could-really-affect-you">oil production by 1.16 million barrels per day beginning May, in a surprising move.</a>
What Happened: Saudi Arabia will voluntarily cut output by 500,000 bpd from May until the end of 2023. The voluntary cuts begin from May and last until the end of the year. The pledges bring the total volume of reductions by OPEC+ to 3.66 million bpd, which is equal to 3.7% of global demand, according to Reuters calculations.
Also Read: <a href="https://www.benzinga.com/money/best-oil-etfs">Best Oil ETFs</a>
West Texas Intermediate (WTI) futures expiring in May rose 5.3% to trade at $79.67 per barrel while Brent futures expiring in June soared 5.18% to trade at $84.03 per barrel at the time of writing.
The United States Oil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) had closed 1.71% higher on Friday while the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) had ended 0.69% higher last week, ahead of the announcement. Other ETFs that are expected to gain attention in the wake of the development include Vanguard Energy Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VDE#NYSE">VDE</a>), SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>) and Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>).
Expert Take: Giacomo Romeo, an equity analyst with Jefferies, <a href="https://www.bloomberg.com/news/articles/2023-04-02/oil-surges-after-opec-makes-unexpected-crude-production-cut?srnd=premium-asia">told</a> Bloomberg that the new cut, if fully implemented by the group, should allow material inventory draws already in second quarter. That's ahead of the third quarter, as previously expected, he said.
In October 2022, OPEC+ had decided on an output cut of two million barrels per day from November till the end of the year, a move that had angered Washington.
Read Next: <a href="https://www.benzinga.com/news/23/04/31625115/tesla-meta-wwe-mcdonalds-ford-why-these-5-stocks-are-drawing-investors-attention-today">Tesla, Meta, WWE, McDonald&#8217;s, Ford: Why These 5 Stocks Are Drawing Investors&#8217; Attention Today</a>

Oil Prices Surge Over 5% In Asia Trade Following Surprise OPEC+ Production Cut: These ETFs Could Draw Interest

The United States Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) hit a 52-week high last Friday and is higher by 9.7 percent over the past month. Energy stocks and related exchange traded funds are following suit, as highlighted by a gain of almost 8 percent for the Energy Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xle#NYSE">XLE</a>) since the start of March.
Risk-tolerant investors looking to play an ongoing rise in crude prices via stocks or ETFs may want to consider the PowerShares S&amp;P SmallCap Energy Portfolio (NASDAQ: <a class="ticker" href="/stock/psce#NASDAQ">PSCE</a>), the small-cap equivalent of XLE. PSCE, which tracks the S&amp;P SmallCap 600 Capped Energy Index, is up nearly 6 percent since the start of March. Recent data suggest smaller energy stocks are taking the lead over their large-cap counterparts.
&ldquo;Thus far in April [month-to-date through April 12, 2018], the energy sector is leading all other sectors, but the <a href="https://us.spindices.com/indices/equity/sp-500-energy-sector">S&amp;P 500 Energy </a>is up just 4.8 percent versus the gain of 7.4 percent in the <a href="https://us.spindices.com/indices/equity/sp-400-energy-sector">S&amp;P MidCap 400 Energy</a>&nbsp;and 7.3 percent in the <a href="https://us.spindices.com/indices/equity/sp-600-energy-sector">S&amp;P SmallCap 600 Energy</a>,&rdquo; according to&nbsp;<a href="http://www.indexologyblog.com/2018/04/12/drilling-into-industries-finds-what-lifts-energy-stocks-with-oil/">S&amp;P Dow Jones Indices</a>.
<h3>
	Considering All Factors</h3>
As S&amp;P Dow Jones points out, energy is unlike other sectors in that there are no sub-industry groups, such as semiconductors within technology or regional banks with financial services. Rather, the energy equipment and services and oil and gas consumable fuels groups are considered &ldquo;industry&rdquo; splits. Those are the only groups represented on PSCE&#39;s roster of 30 stocks.
Historically, consumable fuels producers, such as integrated oil companies, perform better in oil market downturns.
&ldquo;On the flip side, with the oil comeback, now the energy equipment and services are rebounding strong, with returns more than double the oil, gas and consumable fuels in mid- and small-cap energy,&rdquo; according to S&amp;P Dow Jones.
The $54.9-million PSCE allocates about 56.5 percent of its weight to energy equipment and services providers.
<h3>
	More Responsive</h3>
Over long-term holding periods such as the past three years, PSCE can be significantly more volatile than XLE and even USO. Yet there is some reward to embracing that volatility as oil prices rise. The reward is clear: smaller energy stocks are more responsive to oil price gyrations
&ldquo;According to the index data from 1995, using the <a href="https://us.spindices.com/indices/commodities/sp-gsci-crude-oil">S&amp;P GSCI Crude Oil</a> index as the oil price proxy, for every 1-percent rise in the price of oil, the large-cap energy sector only gains about 37.5 basis points on average, while the mid- and small-cap energy sectors gain 61.8 and 64.1 respective basis points,&rdquo; said S&amp;P Dow Jones. &ldquo;Also, the large-cap energy equipment and services gains 54.5 basis points versus the gain of 34.9 basis points from large-cap oil, gas and consumable fuels for every 1-percent rise in oil price.&rdquo;
Related Links:
<a href="https://www.benzinga.com/trading-ideas/long-ideas/18/04/11506776/another-russia-controversy-sparks-activity-in-these-etfs">Geopolitics Renews Activity In These ETFs</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/04/11513178/international-stocks-on-the-cheap-in-this-etf">A Cheap Ex-US With Lots of Stocks</a>

Long Ideas

Sector ETFs

Small Cap Analysis

Trading Ideas

ETFs

An Energy ETF That Responds To Rising Oil Prices

Heading into 2018, scores of market observers speculated that inflation would move higher across major developed markets. Indeed, data confirm consumer prices are rising. In December, the Consumer Price Index rose 0.2 percent, according to the Bureau of Labor Statistics.
&ldquo;The index for all items less food and energy increased 0.3 percent in December, its largest increase since January 2017,&rdquo; <a href="https://www.bls.gov/news.release/cpi.nr0.htm">said the BLS</a>. &ldquo;Along with the shelter index, the indexes for medical care, used cars and trucks, new vehicles and motor vehicle insurance were among those that increased in December.&rdquo;&nbsp;
Commodities, including energy commodities such as oil, are often thought to be strong inflation hedges. But there are decent and better ways for investors to view the energy patch in inflationary environments.
<h3>
	The Correlation To Watch</h3>
Equities are not historically highly correlated to inflation, but at the sector level, energy&nbsp; is significantly more correlated to a rising CPI than other groups. That could bode well for exchange traded funds such as the Energy Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xle#NYSE">XLE</a>), assuming the CPI continues moving higher.
&ldquo;Overall, equities are not that correlated with inflation at just over 0.2,&rdquo; said <a href="http://www.indexologyblog.com/2018/02/07/energy-stocks-beat-oil-futures-in-rising-inflation/">S&amp;P Dow Jones Indices</a>. &ldquo;However, the energy sector correlation to inflation of 0.6 is triple the correlation of the broad equities to inflation.&nbsp; The crude oil futures are even more correlated to inflation, measuring over 0.8 &mdash; that is considered highly correlated. This is because energy is the most volatile component of CPI, essentially driving it.&rdquo;&nbsp;
XLE, the largest energy ETF by assets, holds 32 stocks with a weighted average market capitalization of $134.9 billion. Dow components Exxon Mobil Corp. (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>) and Chevron Corp. (NYSE: <a class="ticker" href="/stock/cvx#NYSE">CVX</a>), the two largest U.S. oil companies, combine for almost 39 percent of the ETF&#39;s weight.
<h3>
	Small-Caps Too</h3>
As its weighted average market capitalization suggests, XLE is a large/mega-cap fund. Something to remember: small-cap energy stocks can perform well in inflationary environments because, in general, small-caps are more sensitive to inflation.
The S&amp;P SmallCap 600 Index has an inflation beta of 3.1 compared to 2.6 for the S&amp;P 500, according to S&amp;P Dow Jones Indices.
That could open the door to inflation opportunity with the PowerShares S&amp;P SmallCap Energy Portfolio (NASDAQ: <a class="ticker" href="/stock/psce#NASDAQ">PSCE</a>), the small-cap rival to XLE. PSCE tracks the S&amp;P SmallCap 600 Capped Energy Index, the energy offshoot of the S&amp;P SmallCap 600.
PSCE holds 28 stocks with an average market cap of $1.57 billion.
Related Links:
<a href="https://www.benzinga.com/trading-ideas/long-ideas/18/02/11154154/positioning-for-a-rebound-in-european-etfs">Positioning For A Europe ETF Rebound</a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/02/11146593/getting-tactical-with-emerging-asia-etfs">Getting Tactical With Asia ETFs</a>
<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/dUAHXWWLZgA" width="560"></iframe>

ETFs: How To Play The Energy Patch As Inflation Rises

The S&amp;P 500 is selling off again Tuesday ahead of the Fed announcement on interest rates and potential tapering tomorrow. The index is now trading 1.6 percent below the all-time high set earlier this month.

	While the overall market is trading within an earshot of a new high, there are a number of ETFs that have been in pullback mode for a few weeks. The selling has caused the ETFs to fall into oversold territory. 

	See also: <a href="http://www.benzinga.com/etfs/sector-etfs/13/12/4157961/etf-outlook-for-the-week-of-december-16-2013-argt-xrt-fez#ixzz2nlc2344c">ETF Outlook for the Week of December 16, 2013</a>

	The ETFs in oversold territory fall into one of two categories. There are the ETFs that are breaking support and appear to be headed for lower prices. And there are the ETFs that are pulling back, but also holding support lines and are setting up as high reward-to-risk buying opportunities.

	Three ETFs that fall into the latter category are listed below.

	iShares Dow Jones U.S. Pharmaceutical Index ETF (NYSE: <a class="ticker" href="/stock/ihe#NYSE">IHE</a>)

	The ETF is a basket of 39 stocks that are considered pharmaceutical companies and supply drugs to patients around the world. The ETF hit an all-time high in late November and has since pulled back nearly four percent. The good news is that a pullback of that magnitude could be considered a healthy pullback during a strong bull market.

	IHE is holding above support at the $111-$112 area where it has price support and the 50-day moving average. As long as the ETF can remain above the support area it could be considered a buying opportunity with a fairly tight stop-loss order.

	Guggenheim Spin-Off ETF (NYSE: <a class="ticker" href="/stock/csd#NYSE">CSD</a>)

	The ETF is composed of 24 stocks that have been spun off from another company in the last 30 months, but no sooner than the last six months. The majority of the stocks in the portfolio fall into the small and mid-cap asset classes. The top two holdings are Exelis and AbbVie making up 10 percent of the allocation. After hitting a high in November, the ETF is down seven percent in the last few weeks and is attempting to hold support at the $42.50-$43.00 area. Price support and the 50-day moving average have created the support zone. Considering the ETF was up 57 percent before the recent selling, the pullback appears to be overdue and healthy.

	PowerShares S&amp;P Small Cap Energy ETF (NYSE: <a class="ticker" href="/stock/psce#NYSE">PSCE</a>)

	The 27 stocks that make up the ETF are an energy subset of the S&amp;P Small Cap 600 Index. The top holdings are Bristow Group and PDC Energy, making up 18 percent of the portfolio.

	The ETF hit a high in October and is now completed a 10 percent pullback from the high. During the selling the ETF did breach the 50-day moving average, but is holding above important price support at the $43.35 area. The combination of an oversold reading and holding support make the ETF an attractive opportunity heading into 2014.

Specialty ETFs

ABBV

EXEL

iShares Dow Jones US Pharmaceuticals Index Fund

PDCE

Oversold ETFs Looking Attractive (IHE, CSD, PSCE)

<div class="entry-content">

		Picking from the multitude of sector ETFs is a daunting task. In any given sector there may be as many as 50 different ETFs. There are at least 177 ETFs across all sectors.

		Why are there so many ETFs? The answer is: because ETF providers are making lots of money selling them. The number of ETFs has little to do with serving investors&rsquo; best interests. Below are three red flags investors can use to avoid the worst ETFs:
<ol>
<li>
			Inadequate liquidity</li>
<li>
			High fees</li>
<li>
			Poor quality holdings</li>
</ol>

		I address these red flags in order of difficulty. Advice on <a href="http://blog.newconstructs.com/2012/11/30/how-to-find-the-best-sector-etfs/">How to Find the Best Sector ETFs is here</a>.

		How To Avoid ETFs with Inadequate Liquidity

		This is the easiest issue to avoid and my advice is simple. Avoid all ETFs with less than $100 million in assets.

		How To Avoid High Fees

		ETFs should be cheap, but not all of them are. The first step here is to know what is cheap and expensive.

		To ensure you are paying at or below average fees, invest only in ETFs with an expense ratio below 0.55%, which is the average expense ratio of the 177 US equity ETFs I cover. Weighting the expense ratios by assets under management, the average expense ratio is lower at 0.32%. A lower weighted average is a good sign that investors are putting money in the cheaper ETFs.

		Figure 1 shows the most and least expensive sector ETFs in the US equity universe based on <a href="http://blog.newconstructs.com/2011/10/28/total-annual-costs-methodology/">total annual costs</a>. ProShares provides all five of the most expensive ETFs while SPDR ETFs are among the cheapest.
<div>

			Figure 1: Most &amp; Least Expensive ETFs
</div>
<div>

			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/12/WorstSectorETF_Fig1.jpg"><img alt="" class="aligncenter size-full wp-image-5156" height="169" src="http://blog.newconstructs.com/wp-content/uploads/2012/12/WorstSectorETF_Fig1.jpg" title="WorstSectorETF_Fig1" width="480" /></a>

			Sources:&nbsp;&nbsp; New Constructs, LLC and company filings
</div>

		Proshares Ultra Health Care (NYSE: <a class="ticker" href="/stock/rxl#NYSE">RXL</a>) and ProShare Ultra Consumer Goods (NYSE: <a class="ticker" href="/stock/uge#NYSE">UGE</a>) are the two most expensive US equity ETFs I cover. Schwab U.S. REIT (NYSE: <a class="ticker" href="/stock/schh#NYSE">SCHH</a>) and Vanguard REIT (vVNQ) are the least expensive. Ironically, RXL and UGE are also the best-rated ETFs in Figure 1 while the cheapest ETFs receive my worst 1-Star or Very Dangerous Rating. RXL and UGE earn good ratings because the quality of their holdings is strong enough to justify a higher cost. On the other hand, SCHH and VNQ hold poor stocks. And no matter how cheap an ETF, if it holds bad stocks, its performance will be bad.

		This result highlights why investors should not choose ETFs based only on price. The quality of holdings matters more than price.

		How To Avoid ETFs with the Worst Holdings

		This step is by far the hardest, but it is also the most important because an ETF&rsquo;s performance is determined more by its holdings than its costs. Figure 2 shows the ETFs within each sector with the worst holdings or <a href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/">portfolio management ratings</a>. The sectors are listed in descending order by overall rating as detailed in my <a href="http://blog.newconstructs.com/2012/10/08/sector-rankings-for-etfs-mutual-funds/">4Q Sector Ratings report</a>.
<div>

			Figure 2: Sector ETFs With Worst Holdings
</div>
<div>

			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/12/WorstSectorETF_Fig2.jpg"><img alt="" class="aligncenter size-full wp-image-5155" height="157" src="http://blog.newconstructs.com/wp-content/uploads/2012/12/WorstSectorETF_Fig2.jpg" title="WorstSectorETF_Fig2" width="480" /></a>

			Sources:&nbsp;&nbsp; New Constructs, LLC and company filings
</div>

		My <a href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/">overall ratings on ETFs</a> are based primarily on my <a href="http://blog.newconstructs.com/2011/11/22/stock-rating-system-new-constructs-methodology-for-rating-equities/">stock ratings</a> of their holdings. My firm covers over 3000 stocks and is known for the due diligence done on each stock we cover.

		PowerShares&rsquo; ETFs appear more often than any other provider in Figure 2, which means they offer the most ETFs with the worst holdings. Powershares S&amp;P SmallCap (NYSE: <a class="ticker" href="/stock/pscc#NYSE">PSCC</a>) has the worst holdings of all consumer staples ETFs. PowerShares Lux Nanotech (NYSE: <a class="ticker" href="/stock/pxn#NYSE">PXN</a>), PowerShares S&amp;P SmallCap Industrials (NYSE: <a class="ticker" href="/stock/psci#NYSE">PSCI</a>), PowerShares S&amp;P SmallCap Energy (NYSE: <a class="ticker" href="/stock/psce#NYSE">PSCE</a>), and PowerShares S&amp;P SmallCap Materials (NYSE: <a class="ticker" href="/stock/pscm#NYSE">PSCM</a>) have the worst holdings of all ETFs in their sectors.

		Note that no ETFs with a dangerous <a href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/">portfolio management rating</a> earn an overall rating better than two stars. These scores are consistent with my belief that the quality of an ETF is more about its holdings than its costs. If the ETF&rsquo;s holdings are dangerous, then the overall rating cannot be better than dangerous because one cannot expect the performance of the ETF to be any better than the performance of its holdings.

		Figure 2 reveals that the cheapest ETF, SCHH, gets my worst rating because its holdings get my very dangerous rating. Similarly, Utilities Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlu#NYSE">XLU</a>), also one of the cheapest ETFs, gets a dangerous portfolio management rating and, therefore, cannot earn anything better than a 2-star or dangerous overall rating. Again, the ETF&rsquo;s overall rating cannot be any better than the rating of its holdings.

		Find the ETFs with the worst overall ratings on my <a href="http://bit.ly/12y5qTj">ETF screener</a>. More analysis of the <a href="http://blog.newconstructs.com/2012/10/22/4q-best-worst-etfs-mutual-funds-by-style-recap/">Best Sector ETFs is here</a>.

		The Danger Within

		Buying an ETF without analyzing its holdings is like buying a stock without analyzing its business and finances. As Barron&rsquo;s says, investors should know the <a href="http://www.newconstructs.com/nc/news/display.htm?task=view&amp;newsItemId=402880a82dd6e460012dd754baf60001">Danger Within</a>. Put another way, research on ETF holdings is necessary due diligence because an ETF&rsquo;s performance is only as good as its holdings&rsquo; performance.

		PERFORMANCE OF ETF&rsquo;s HOLDINGs = PERFORMANCE OF ETF

		Best &amp; Worst Stocks In these ETFs

		Simon Property Group (NYSE: <a class="ticker" href="/stock/spg#NYSE">SPG</a>) is one of worst stocks I cover. It is the top holding (12% of assets) of SCHH. SPG earns my Very Dangerous rating. SPG has misleading earnings &ndash; its <a href="http://blog.newconstructs.com/2010/08/05/economic-versus-accounting-earnings/">economic earnings</a> are negative and declining while its reports accounting earnings are positive and increasing. During the 14 years in my model, the company has never generated positive economic earnings. Not only is SPG not profitable, it is also overvalued. To justify its current stock price (~$155), the company must increase profits by 12.3% compounded annually for 20 years. That is a lot of future value creation for a company that has never created value. Investors should avoid this stock.

		Johnson &amp; Johnson (NYSE: <a class="ticker" href="/stock/jnj#NYSE">JNJ</a>) is one of favorite holdings in RXL, one of two ETFs in Figure 1 to get my 4-star rating. This stock gets my Very Attractive rating. JNJ has a return on invested capital (<a href="http://www.newconstructs.com/nc/help/glossary.htm#roicDef">ROIC</a>) of 17%, which places it in the top quintile of all companies. Usually that kind of profitability comes at a price. In this case, the valuation of JNJ&rsquo;s stock price implies the company&rsquo;s profits will permanently decline by over 25%. RXL&rsquo;s large allocation (12%) to a highly profitable, yet undervalued stock, exemplifies why RXL is one of the few ETFs that gets an Attractive or 4 star rating.

		Disclosure: I own JNJ. I receive no compensation to write about any specific stock, sector or theme.
</div>

PSCC

PSCI

PSCM

PowerShares ETF Trust Lux Nanotech Portfolio

SCHH

How To Avoid the Worst Sector ETFs

As measured by the iShares Russell 2000 Index Fund (NYSE: <a class="ticker" href="/stock/iwm#NYSE">IWM</a>), small-caps have been lagging the broader market for several months. Over the past 90 days, the iShares Russell 2000 Index Fund is off 2.8 percent, nearly double the loss incurred by the SPDR S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>). 

The slack performance turned by small-caps can be attributed to any number of factors. What is not up for debate is the fact that small-caps play a critical role in assessing investors' appetite for risk. If small-cap equities and ETFs such as IWM continue to languish, it becomes harder to envision a legitimate return to a go-go, risk on environment.

Should the broader market make a sharp move in either direction in the back half of this year, the following small-cap ETFs deliver even better returns...or deeper losses.

EGShares India Small Cap ETF (NYSE: <a class="ticker" href="/stock/scin#NYSE">SCIN</a>)
The EGShares India Small Cap ETF and the Market Vectors India Small-Cap ETF (NYSE: <a class="ticker" href="/stock/scif#NYSE">SCIF</a>) were two of the top-performing small-cap ETFs in the early stages of 2012. Highlighting just how volatile it can be, SCIN moved up to about $17 from $11 in less than two full months. The good times ended in February. By June, <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/06/2648142/plenty-of-may-showers-for-india-etfs-epi-indy-pin">India ETFs had tumbled mightily</a> as investors fretted about slowing growth and an array of other macroeconomic issues.

Following the savage beatings India ETFs have endured, there might be some value in the group. It's a big "if," but if investors believe the darkest clouds have passed over Indian equities, then SCIN is a steal at a current levels. The fund's recent track record shows it has a tendency to outperform on the way up as well fall more than an ETFs like IWM on the way down.

PowerShares S&amp;P SmallCap Energy Portfolio (NASDAQ: <a class="ticker" href="/stock/psce#NASDAQ">PSCE</a>)
The PowerShares S&amp;P SmallCap Energy Portfolio is the small-cap equivalent of the Energy Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xle#NYSE">XLE</a>) and the performance of the duo illustrates just how risk averse investors have been in recent months. In the past three months, XLE is down 3.3 percent while PSCE has plunged 12.6 percent.

Decked by falling oil prices, the risk off and a sluggish mergers and acquisitions environment (several PSCE could be viewed as credible takeover targets), PSCE has suffered. However, the fund could finish 2012 with a bang if just two of those three factors start going in its favor. Any violation of support at $28 would be a sell signal.

Market Vectors Brazil Small-Cap ETF (NYSE: <a class="ticker" href="/stock/brf#NYSE">BRF</a>)
Just as the iShares MSCI Brazil Index Fund (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>) is an <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/07/2788558/these-etfs-could-signal-a-return-of-the-risk-on-trade">excellent barometer of risk appetite in the broader market</a>, the Market Vector Brazil Small-Cap ETF is an worthy gauge of just how willing investors are to embrace small-caps. 

Year-to-date, BRF is the better performer, but over the past 30 and 90 days, the fund has lagged EWZ. The road recovery is measured in two steps: first, investors must cherish emerging markets again, and second, they must look past some of Brazil's macro issues. If both happen, BRF could easily rally 10 percent or more before the end of the year.

iShares Russell Microcap Index Fund (NYSE: <a class="ticker" href="/stock/iwc#NYSE">IWC</a>)
Micro-caps are even smaller than small-caps and that implies a greater degree of risk. Tiny market values also explain why the iShares Russell Microcap Index Fund has a beta of almost 1.4. Here is something interesting about IWC that is rarely, if ever, discussed. 

As one of the largest and most heavily traded small-cap ETFs, IWM is a favorite of pros and pundits alike in terms of assessing risk. IWM is also heavily shorted and often criticized by ETF naysayers for churn in its underlying index. Love it or hate it, one thing is clear about IWM: It consistently lags IWC in terms of performance.

For more ETFs with which to measure risk appetite, click <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/07/2788558/these-etfs-could-signal-a-return-of-the-risk-on-trade">here</a>.

Broad U.S. Equity ETFs

Short Ideas

Emerging Market ETFs

Technicals

Intraday Update

SCIF

Emerging Global Shares INDXX India Small Cap Fund

SCIN

These Small-Cap ETFs Could Thrive Or Falter in the Second Half

For beleaguered traders and investors, it probably feels like ages ago that markets were sanguine and most risky assets were moving higher on almost daily basis. In reality, that scenario was playing out just a few short months ago. 

A credible <a href="http://www.benzinga.com/trading-ideas/long-ideas/11/12/2226182/play-the-january-effect-with-these-small-cap-etfs">January effect helped lead U.S. equities and plenty of global markets higher earlier this year</a> but March weakness turned to April showers and now markets are showing that "sell in May and go away" is for real this year.

Now plenty of ETFs that turned in stellar performances in January and February are now in the red on the year. Let's use this look back to turn up rebound candidates and some ETFs whose best days in 2012 may have already come and gone.

Market Vectors Russia ETF (NYSE: <a class="ticker" href="/stock/rsx#NYSE">RSX</a>)
We'll stick with largest Russia ETF for the purposes of this piece, but the iShares MSCI Russia Capped Index Fund (NYSE: <a class="ticker" href="/stock/erus#NYSE">ERUS</a>) and the SPDR S&amp;P Russia ETF (NYSE: <a class="ticker" href="/stock/rbl#NYSE">RBL</a>) could be inserted here as well. From the start of the year through the end of February, RSX jumped an impressive 24%. With Monday's loss of almost 4%, RSX has given all of those gains back and now finds itself down almost 3% on the year.

RSX is a credible rebound play, but if and only if oil prices snap back and investors decide to favor the BRICS group once again.

Market Vectors Steel ETF (NYSE: <a class="ticker" href="/stock/slx#NYSE">SLX</a>)
The Market Vectors Steel ETF started 2012 on a hot streak, surging 15% in the first two months of the year as investors favored high beta, risk on materials stocks. Nearly as quickly as they warmed to SLX, investors throw this fund out with the materials bathwater and the ETF is now down 2% year-to-date. Looking at the chart, it seems more likely that SLX retests its 52-week below $38.60 than it does its February high around $58.

ETFS Physical Palladium Shares (NYSE: <a class="ticker" href="/stock/pall#NYSE">PALL</a>)
If you thought that ETFs such as the SPDR Gold Shares (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>) have it rough lately, you'd be correct, but gold has actually looked decent when measured against palladium. PALL was able to cruise from the low $60s to the $70s by the end of February and retested around $71-$72 in early March before falling to pieces. The lone ETF backed by physical palladium has lost 9% in the last week alone and is now down 10% on the year.

PALL could snap back, that's just the nature of the commodities beast, but it will take global investors feeling more comfortable about the state of the U.S. and Chinese economies and auto sales and production in those countries.

PowerShares S&amp;P SmallCap Energy ETF (Nasdaq: <a class="ticker" href="/stock/psce#Nasdaq">PSCE</a>)
The PowerShares S&amp;P SmallCap Energy ETF started the year extending a rally that started back in October that saw the unheralded ETF jump almost 50% by the time February drew to a close. In other words, PSCE benefited from the risk on trade and rising oil prices just as its more popular energy ETF rivals did.

That's good on the way up, but when momentum in the energy sector reversed course in March, PSCE followed suit. That month, the ETF failed to take its February high. A month later, PSCE failed to reclaim the March high and thus far in May, the ETF hasn't come within spitting distance of the April high. All of that is to say PSCE is making lower highs, a bearish sign. 

PSCE is now down 5% year-to-date. It could be a rebound candidate, but only if all three following come to pass: Oil rebounds, small-caps come back into favor and energy sector M&amp;A activity heats up.

For more on seasonal investing with ETFs, please click <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/05/2585734/june-gloom-buy-these-inverse-etfs-faz-drv-twm">HERE</a>.

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ERUS

PALL

Market Vectors Russia ETF Trust Shares of Beneficial Interest

Shattered January/February ETF Romances (RSX, PSCE, PALL)

Shattered January/February ETF Romances (RSX, PSCE, PALL)

For beleaguered traders and investors, it probably feels like ages ago that markets were sanguine and most risky assets were moving higher on almost daily basis. In reality, that scenario was playing out just a few short months ago. 

A credible <a href="http://www.benzinga.com/trading-ideas/long-ideas/11/12/2226182/play-the-january-effect-with-these-small-cap-etfs">January effect helped lead U.S. equities and plenty of global markets higher earlier this year</a> but March weakness turned to April showers and now markets are showing that "sell in May and go away" is for real this year.

Now plenty of ETFs that turned in stellar performances in January and February are now in the red on the year. Let's use this look back to turn up rebound candidates and some ETFs whose best days in 2012 may have already come and gone.

Market Vectors Russia ETF (NYSE: <a class="ticker" href="/stock/rsx#NYSE">RSX</a>)
We'll stick with largest Russia ETF for the purposes of this piece, but the iShares MSCI Russia Capped Index Fund (NYSE: <a class="ticker" href="/stock/erus#NYSE">ERUS</a>) and the SPDR S&amp;P Russia ETF (NYSE: <a class="ticker" href="/stock/rbl#NYSE">RBL</a>) could be inserted here as well. From the start of the year through the end of February, RSX jumped an impressive 24%. With Monday's loss of almost 4%, RSX has given all of those gains back and now finds itself down almost 3% on the year.

RSX is a credible rebound play, but if and only if oil prices snap back and investors decide to favor the BRICS group once again.

Market Vectors Steel ETF (NYSE: <a class="ticker" href="/stock/slx#NYSE">SLX</a>)
The Market Vectors Steel ETF started 2012 on a hot streak, surging 15% in the first two months of the year as investors favored high beta, risk on materials stocks. Nearly as quickly as they warmed to SLX, investors throw this fund out with the materials bathwater and the ETF is now down 2% year-to-date. Looking at the chart, it seems more likely that SLX retests its 52-week below $38.60 than it does its February high around $58.

ETFS Physical Palladium Shares (NYSE: <a class="ticker" href="/stock/pall#NYSE">PALL</a>)
If you thought that ETFs such as the SPDR Gold Shares (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>) have it rough lately, you'd be correct, but gold has actually looked decent when measured against palladium. PALL was able to cruise from the low $60s to the $70s by the end of February and retested around $71-$72 in early March before falling to pieces. The lone ETF backed by physical palladium has lost 9% in the last week alone and is now down 10% on the year.

PALL could snap back, that's just the nature of the commodities beast, but it will take global investors feeling more comfortable about the state of the U.S. and Chinese economies and auto sales and production in those countries.

PowerShares S&amp;P SmallCap Energy ETF (Nasdaq: <a class="ticker" href="/stock/psce#Nasdaq">PSCE</a>)
The PowerShares S&amp;P SmallCap Energy ETF started the year extending a rally that started back in October that saw the unheralded ETF jump almost 50% by the time February drew to a close. In other words, PSCE benefited from the risk on trade and rising oil prices just as its more popular energy ETF rivals did.

That's good on the way up, but when momentum in the energy sector reversed course in March, PSCE followed suit. That month, the ETF failed to take its February high. A month later, PSCE failed to reclaim the March high and thus far in May, the ETF hasn't come within spitting distance of the April high. All of that is to say PSCE is making lower highs, a bearish sign. 

PSCE is now down 5% year-to-date. It could be a rebound candidate, but only if all three following come to pass: Oil rebounds, small-caps come back into favor and energy sector M&amp;A activity heats up.

For more on seasonal investing with ETFs, please click <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/05/2585734/june-gloom-buy-these-inverse-etfs-faz-drv-twm">HERE</a>.

It may not be a wonderful Wednesday for equities and some commodities, but oil just keeps on chugging higher. As of this writing, the United States Brent Oil Fund (NYSE: <a class="ticker" href="/stock/bno#NYSE">BNO</a>) is up 1.3%, trading just pennies below a new 52-week high that was touched earlier in the session and looks poised to eclipse its average daily turnover.

In addition to BNO, there are <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/02/2359834/5-etfs-for-120-brent-crude-bno-norw-faa">myriad other options for playing oil's rise</a> with ETFs. Yesterday, we highlighted a few of the large-cap options and even though today has risk off feel to it, we decided to examine some of the small-cap ETFs that have some correlation to the oil trade. 

And this is a theme worth examining. “We continue to believe that we are in the midst of a multi-year bull market for commodities,” says Adam Patti, chief executive officer at IndexIQ.  “The factors that have driven this trend remain in place – growing populations, limited resources, and demand from the emerging markets.” 

Here's what we turned up in the hunt for small-cap plays on $120 (or higher) Brent prices.

IndexIQ Global Oil Small Cap Equity ETF (NYSE: <a class="ticker" href="/stock/ioil#NYSE">IOIL</a>)
For a while there, IOIL was getting only <a href="http://www.benzinga.com/trading-ideas/long-ideas/11/11/2143877/whatever-happened-to-the-global-small-cap-oil-etf">scant attention</a> but that has changed recently, perhaps due to oil's sharp move higher. The small-cap moniker is a tad deceiving here as IOIL is home to plenty of mid-cap companies. What isn't deceiving is the fact that this lightly traded ETF is up almost 19% year-to-date, better than double the returns offered by the Energy Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xle#NYSE">XLE</a>).

Market Vectors Russia Small-Cap ETF (NYSE: <a class="ticker" href="/stock/rsxj#NYSE">RSXJ</a>)
If we're going to to endorse the Market Vectors Russia ETF (NYSE: <a class="ticker" href="/stock/rsx#NYSE">RSX</a>) as a fine large-cap idea for surging crude then we ought to give RSXJ a look, too. Like IOIL, RSXJ isn't going to win any popularity or volume contests. But RSXJ shares something else in common with IOIL: It's performed far better than XLE this year. Energy names account for 26.1% of RSXJ's weight and that's small by the standards of Russia ETFs, but this fund is getting a boost from oil prices.

PowerShares S&amp;P SmallCap Energy (Nasdaq: <a class="ticker" href="/stock/psce#Nasdaq">PSCE</a>)
PSCE has proven itself worthy of the prediction of being a worthy <a href="http://www.benzinga.com/trading-ideas/long-ideas/11/12/2226182/play-the-january-effect-with-these-small-cap-etfs">January Effect play</a>. At the start of trading today, PSCE was up more than 15% year-to-date and we still view PSCE as one ETF that will be a winner from increased energy industry consolidation.

Jefferies | TR/J CRB Wildcatters Exploration &amp; Production Equity ETF (NYSE: <a class="ticker" href="/stock/wcat#NYSE">WCAT</a>)
Jefferies shuttered two of its ETFs late last year, but WCAT was one of the survivors. Home to 65 stocks, WCAT is like IOIL in that a lot of its holdings are in the mid-cap spectrum. Not a bad thing. WCAT shares something in common with PSCE as well, that being both ETFs are home to several credible acquisition targets. Perhaps the worst thing that can be said of WCAT is that its light volume creates dangerously wide bid/ask spreads.

New ETFs

IOIL

RSXJ

Jefferies TR/J CRB Wildcatters Exploration & Production Equity ETF

WCAT

Exploiting High Oil Prices The Small-Cap ETF Way (IOIL, RSXJ, PSCE)

We're less than 10 days from the start of January and that means it time to start forecasting the odds of a real January Effect. The January Effect is defined as a run up in stocks, often following a down December. Obviously, this doesn't happen every January, but the first month of the year is often pivotal in determining the outcome for stocks for the entire year so it's safe to say the bulls would like to see a legitimate January Effect start here in a few days.

It should also be noted that a real January Effect is often lead by small-caps. One analyst said since 1926, small-cap stocks have beaten large caps 76% of the time in January, according to Barron's. 

Of course, there is some debate about whether or not we'll see a January Effect in 2012. Jeffrey Hirsch, editor of the "Stock Trader's Almanac," recently told Bloomberg News sees a small-cap led January Effect next year. Bank of America, on the other hand, doesn't agree.

So maybe small-caps will rise next month. Maybe they won't, but let's get in holiday spirit and assume they will by looking at the following ETFs.

PowerShares S&amp;P SmallCap Energy ETF (Nasdaq: <a class="ticker" href="/stock/psce#Nasdaq">PSCE</a>):
Considering that small-caps have been hit hard for most of 2011 and energy names have tumbled in recent months, the PowerShares S&amp;P SmallCap Energy ETF has held up very nicely by jumping more than 4% year-to-date. An old winner from the <a href="http://www.benzinga.com/premium-newsletters/406421/etf-professor">ETF Professor</a>, PSCE looks good above $36. Not to mention, the ETF is home to a few takeover targets and those companies could be acquired next year, fueling a run back to the mid-40s for PSCE.

PowerShares S&amp;P Consumer Staples Small-Cap ETF (Nasdaq: PSCC):
We've spent plenty of time discussing the <a href="http://www.benzinga.com/analyst-ratings/analyst-color/11/12/2211368/no-surprise-here-global-stocks-pressuring-sector-etfs-s-">in staples stocks and ETFs this year</a>. Well, it could easily continue in 2012 with Europe's sovereign debt crisis nowhere near being fixed and a presidential election looming in the U.S. 

Definitely an under the radar play, PSCC has just $20.3 million in assets under management. That means a lot of investors have missed out on the ETF's 6% rise this year.

Schwab U.S. Small-Cap ETF (NYSE: <a class="ticker" href="/stock/scha#NYSE">SCHA</a>):
There's not a lot of difference between the Schwab U.S. Small-Cap ETF, SPDR S&amp;P 600 Small Cap ETF (NYSE: <a class="ticker" href="/stock/sly#NYSE">SLY</a>), the iShares S&amp;P SmallCap 600 Index Fund (NYSE: <a class="ticker" href="/stock/ijr#NYSE">IJR</a>) and the Vanguard Small Cap ETF (NYSE: <a class="ticker" href="/stock/vb#NYSE">VB</a>), but there are two things to note before getting involved with SCHA. First, it has the lowest expense ratio of the aforementioned quartet. Second, it has been the worst performer of the group in 2011. Things to ponder...

Vanguard Small Cap Growth ETF (NYSE: <a class="ticker" href="/stock/vbk#NYSE">VBK</a>):
For those willing to be really bullish on small-caps, a growth ETF is the way to go and the Vanguard Small Cap Growth ETF is the one to do it with. Home to almost 1,000 stocks, VBK has a scant expense ratio of just 0.12% and it's performance this year has been decent considering small-caps and growth have basically been off the table. VBK has started to perk up recently, perhaps indicating it's primed for a January Effect of its own.

 

<div id="action-items">ACTION ITEMS: Bullish: Traders who believe that small-caps will lead the charge in January might want to consider the following trades: <ul><li>Long PSCE. The ETF is levered to the price of oil, making it a great ETF for quick gains.</li></ul><ul><li>Long small-cap growth. VBK or EES will help with that. </li></ul><ul><li>Get wild and crazy with the Direxion Daily Small Cap Bull 3X Shares (NYSE: <a class="ticker" href="/stock/tna#NYSE">TNA</a>) as a short term trade.</li></ul>Bearish: Traders who believe that small-caps will falter  may consider alternative positions: <ul><li>Long the Direxion Daily Small Cap Bear 3X Shares (NYSE: <a class="ticker" href="/stock/tza#NYSE">TZA</a>). Another good idea for the active trader.</li></ul><ul><li>Long the ProShares UltraPro Short Russell2000 (NYSE: <a class="ticker" href="/stock/srty#NYSE">SRTY</a>). Less leverage than TNA, but it tracks the Russell 2000 on an inverse basis.</li></ul><ul><li>Long conservative large-cap sectors such as staples.</li></ul>Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.</div>

Previews

SCHA

SRTY

Play The January Effect With These Small-Cap ETFs

Here is the ETF Professor's ETF Watch List for Thursday December 1, 2011.

With high beta looking like it's back in style, try the Market Vectors Coal ETF (NYSE: <a class="ticker" href="/stock/kol#NYSE">KOL</a>) and the PowerShares S&amp;P SmallCap Energy ETF (Nasdaq: <a class="ticker" href="/stock/psce#Nasdaq">PSCE</a>).

For oil's rise, trade the First Trust Energy AlphaDEX ETF (NYSE: <a class="ticker" href="/stock/fxn#NYSE">FXN</a>).

Give the Vanguard Growth ETF (NYSE: <a class="ticker" href="/stock/vug#NYSE">VUG</a>) a look.

Emerging markets plays of the day: Market Vectors Brazil Small-Cap ETF (NYSE: <a class="ticker" href="/stock/brf#NYSE">BRF</a>), Direxion Daily Russia Bull 3X Shares (NYSE: <a class="ticker" href="/stock/rusl#NYSE">RUSL</a>) and the WisdomTree India Earnings ETF (NYSE: <a class="ticker" href="/stock/epi#NYSE">EPI</a>).

Forex play of the day: CurrencyShares Australian Dollar Trust (NYSE: <a class="ticker" href="/stock/fxa#NYSE">FXA</a>).

Bond play of the day: SPDR Barclays Capital High Yield Bond ETF (NYSE: <a class="ticker" href="/stock/jnk#NYSE">JNK</a>).

Currency ETFs

RUSL

ETFs to Watch December 1, 2011

It's really this simple: Risk on = Good news for small-cap stocks and the ETFs that track them. Risk off and the reverse is true. On a day when the all the major U.S. indexes are up more than 3%, the argument can be made that after this October rally, there isn't much value left out there. Finding small-cap ETFs with the potential for double-digit gains looks kind of difficult.

Limit the search to those funds that can add another 10% or more from here through year-end and investors might start thinking the search isn't even worth their trouble. Actually, the opposite is true. There are several worthwhile options in the land of small-cap ETFs that can easily add another 10% or more by the end of 2011.

Here are five to consider.

Market Vectors Brazil Small-Cap ETF (NYSE: <a class="ticker" href="/stock/brf#NYSE">BRF</a>):
A somewhat predictable member of this list, the Market Vectors Brazil Small-Cap ETF was languishing below $37 earlier this month. It might close at $48 today. If investors start seeing value in Brazil and BRF breaks resistance at $50 sometime soon, the ETF could easily find its way back to the high 50s before year-end.

IndexIQ Global Agribusiness Small-Cap ETF (NYSE: <a class="ticker" href="/stock/crop#NYSE">CROP</a>):
The USDA expects retail food prices to increase between 3.5% and 4.5% this year, the biggest jump since 2008, and a large jump from last year's 0.8% increase. The year over year jump is the sharpest acceleration in the food inflation rate from one year to the next since 1978, according to IndexIQ. CROP could benefit from this trend even more than rival large-cap ETFs. If volume stats to pick up in this new ETF, it could easily reclaim its 52-week high, which is about $3.30 away as of late Thursday.

Global X Mexico Small-Cap ETF (NYSE: <a class="ticker" href="/stock/mexs#NYSE">MEXS</a>):
As we mentioned in our “Under The Hood” segment, MEXS has been in a tailspin since its May 5 debut. With a possible re-embrace of emerging markets by investors and the U.S. economy showing some mettle, MEXS can easily add another 10%. The biggest issue here may not be broader market sentiment. It's volume. MEXS only trades about 620 shares per day. That will need to increase to support a legitimate up move.

PowerShares S&amp;P SmallCap Energy ETF (Nasdaq: <a class="ticker" href="/stock/psce#Nasdaq">PSCE</a>):
Trading below $35.60 and less than 1.5% below its 200-day moving average, a combination of mergers and acquisitions potential and the hunt for options beyond the usual energy sector suspects could be the catalysts to tack another $4-$5 onto PSCE before year-end.

WisdomTree SmallCap Dividend ETF (NYSE: <a class="ticker" href="/stock/des#NYSE">DES</a>):
The WisdomTree SmallCap Dividend ETF may have the most limited upside of any ETFs on this list after jumping more than 25% in October alone. To tack on another 10% from here, DES needs to not only make a new 52-week high, but clear the psychologically important $50 level as well. The ETF's 3.89% dividend yield will obviously add to your returns. And it's better than bonds or cash.

CROP

WisdomTree Trust WisdomTree SmallCap Dividend

MEXS

5 Small-Cap ETFs That Can Jump 10% Or More This Year

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