KBW Announces Index Rebalancing for Fourth-Quarter 2023

NEW YORK, Dec. 08, 2023 (GLOBE NEWSWIRE) -- Keefe, Bruyette & Woods, Inc., a leading specialist investment bank to the financial services and fintech sectors, and a wholly owned subsidiary of Stifel Financial Corp. SF, announces the upcoming index rebalancing for the fourth quarter of 2023.

This quarter, there are constituent changes within four of our indexes: the KBW Nasdaq Financial Sector Dividend Yield Index (Index Ticker: KDX, ETF Ticker: KBWD), KBW Nasdaq Financial Technology Index (Index Ticker: KFTX, ETF Ticker: FTEK.LN), KBW Nasdaq Global Bank Index (Index Ticker: GBKX), and KBW Nasdaq Premium Yield Equity REIT Index (Index Ticker: KYX, ETF Ticker: KBWY).

There are a number of changes to the two modified-dividend-yield-weighted indexes—KDX and KYX—to adjust annually for relevant dividend yields and ensure the integrity of these indexes. Both KDX and KYX are specifically constructed to include those eligible companies with competitive dividend yields.

These changes will be effective prior to the opening of business on Monday, December 18, 2023.

As part of this rebalancing, below are the component-level changes across impacted indices:

KBW Nasdaq Financial Sector Dividend Yield Index (Index Ticker: KDX; ETF Ticker: KBWD)

Add (14):

Apollo Commercial Real Estate Finance, Inc. ARI
Ares Commercial Real Estate Corporation ACRE
Barings BDC, Inc. BBDC
BlackRock TCP Capital Corp. TCPC
Eagle Bancorp, Inc. EGBN
Fidus Investment Corporation FDUS
First Interstate BancSystem, Inc. FIBK
KeyCorp KEY
KKR Real Estate Finance Trust, Inc. KREF
New York Mortgage Trust, Inc. NYMT
Prospect Capital Corporation PSEC
Prudential Financial, Inc. PRU
Runway Growth Finance Corp. RWAY
Washington Trust Bancorp, Inc. WASH

Drop (13):

Ally Financial Inc ALLY
Bain Capital Specialty Finance, Inc. BCSF
Bank of N.T. Butterfield & Son Limited (The) NTB
Central Pacific Financial Corp. CPF
Chimera Investment Corporation CIM
CION Investment Corp. CION
GCM Grosvenor, Inc. GCMG
Moelis & Co. MC
Newtek Business Services Corp. NEWT
Orchid Island Capital, Inc. ORC
Patria Investments Ltd. PAX
PennyMac Mortgage Investment Trust PMT
SLR Investment Corp. SLRC

KBW Nasdaq Financial Technology Index (Index Ticker: KFTX, ETF Ticker: FTEK.LN)

Add (7):

Marqeta, Inc. MQ
nCino Inc. NCNO
Nuvei Corp. NVEI
Robinhood Markets, Inc. HOOD
Shift4 Payments, Inc. FOUR
Toast, Inc. TOST
Tradeweb Markets, Inc. TW

Drop (6):         

Axos Financial, Inc. AX
Broadridge Financial Solutions, Inc. BR
Euronet Worldwide, Inc. EEFT
Green Dot Corporation GDOT
SS&C Technologies Holdings, Inc. SSNC
Western Union Company WU

KBW Nasdaq Global Bank Index (Index Ticker: GBKX)

Add (1): 

Bank of Communications Co., Ltd (HK: 3328)

Drop (1):

UniCredit SpA UCG

These changes are being made to reflect the Financial Stability Board's (FSB) 2023 list of globally systemically important banks (G-SIBs).

KBW Nasdaq Premium Yield Equity REIT Index (Index Ticker: KYX; ETF Ticker: KBWY)

Add (9):

American Assets Trust, Inc. AAT
Easterly Government Properties Inc DEA
Healthcare Realty Trust Incorporated HR
Highwoods Properties, Inc. HIW
Kimco Realty Corporation KIM
LTC Properties, Inc. LTC
NexPoint Residential Trust, Inc. NXRT
Piedmont Office Realty Trust, Inc. PDM
W. P. Carey Inc. WPC

Drop (6):

Brandywine Realty Trust BDN
Medical Properties Trust, Inc. MPW
National Health Investors, Inc. NHI
Spirit Realty Capital, Inc. SRC
STAG Industrial, Inc. STAG
UMH Properties, Inc. UMH

Several of the KBW Nasdaq indexes have tradable exchange‐traded funds licensed: KBW Nasdaq Bank Index (Index Ticker: BKX^SM, ETF Ticker: KBWB^SM); KBW Nasdaq Capital Markets Index (Index Ticker: KSX^SM); KBW Nasdaq Insurance Index (Index Ticker: KIX^SM); KBW Nasdaq Regional Banking Index (Index Ticker: KRX^SM, ETF Ticker: KBWR^SM); KBW Nasdaq Financial Sector Dividend Yield Index (Index Ticker: KDX^SM, ETF Ticker: KBWD^SM); KBW Nasdaq Premium Yield Equity REIT Index (Index Ticker: KYX^SM, ETF Ticker: KBWY^SM); KBW Nasdaq Property and Casualty Insurance Index (Index Ticker: KPX^SM, ETF Ticker: KBWP^SM); KBW Nasdaq Global Bank Index (Index Ticker: GBKX^SM); KBW Nasdaq Financial Technology Index (Index Ticker: KFTX^SM, ETF Ticker: FTEK.LN^SM).

Not all of the listed securities may be suitable for retail investors; in addition, not all of the listed securities may be available to U.S. investors. European investors interested in FTEK.LN can contact Invesco at https://etf.invesco.com/gb/private/en/product/invesco-kbw-nasdaq-fintech-ucits-etf-acc/trading-information. U.S. investors cannot buy or hold FTEK.LN. An investor cannot invest directly in an index.

About KBW
KBW (Keefe, Bruyette & Woods, Inc., operating in the U.S., and Stifel Nicolaus Europe Limited, also trading as Keefe, Bruyette & Woods Europe, operating in Europe) is a Stifel company. Over the years, KBW has established itself as a leading independent authority in the banking, insurance, brokerage, asset management, mortgage banking and specialty finance sectors. Founded in 1962, the firm maintains industry‐leading positions in the areas of research, corporate finance, mergers and acquisitions as well as sales and trading in equities securities of financial services companies.

Media Contact
Neil Shapiro, (212) 271-3447
shapiron@stifel.com