Investors looking for potential causes of volatility in the debt markets have nothing to fear from exchange-traded funds.
For the Invesco S&P Ultra Dividend Revenue ETF, we found that the implied analyst target price for the ETF based on its underlying holdings is $41.91.
Management has admitted the bank will never return to the profits of the past. When restructuring is complete, it will be smaller and poorer.
Outside the U.S., the gains are even more concentrated, with less than 1% of all equities driving all of the net appreciation in share prices.