Moreover, due to its larger emphasis on midsized companies, RYE includes a bigger 22.4% position in the energy equipment & services sub-sector, which have been the worst off during the selling but were among the best performers during the rebound in oil prices.
RYE was also one of the top performing ETFs Monday as the Organization of Petroleum Exporting Countries invited non-members to Vienna to secure additional output cuts following last week’s surprise supply reductions. RYE rose 2.0% Monday.
“OPEC is being taken at its word,” Michael Lynch, president of Strategic Energy & Economic Research, told Bloomberg. “OPEC is still trying to get cooperation with non-OPEC countries, and some people believe that they will be able to wrangle up a few more barrels of cuts.”
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