KBW Announces Index Rebalancing for Fourth-Quarter 2023

Saturday, December 9, 2023 at 1:30am UTC

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

Drop (13):

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

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

Add (7):

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

Drop (6):         

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

KBW Nasdaq Global Bank Index (Index Ticker: GBKX)

Add (1): 

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

Drop (1):

UniCredit SpA (IM: 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. (NYSE: AAT)
Easterly Government Properties Inc (NYSE: DEA)
Healthcare Realty Trust Incorporated (NYSE: HR)
Highwoods Properties, Inc. (NYSE: HIW)
Kimco Realty Corporation (NYSE: KIM)
LTC Properties, Inc. (NYSE: LTC)
NexPoint Residential Trust, Inc. (NYSE: NXRT)
Piedmont Office Realty Trust, Inc. (NYSE: PDM)
W. P. Carey Inc. (NYSE: WPC)

Drop (6):

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

Several of the KBW Nasdaq indexes have tradable exchange‐traded funds licensed: KBW Nasdaq Bank Index (Index Ticker: BKXSM, ETF Ticker: KBWBSM); KBW Nasdaq Capital Markets Index (Index Ticker: KSXSM); KBW Nasdaq Insurance Index (Index Ticker: KIXSM); KBW Nasdaq Regional Banking Index (Index Ticker: KRXSM, ETF Ticker: KBWRSM); KBW Nasdaq Financial Sector Dividend Yield Index (Index Ticker: KDXSM, ETF Ticker: KBWDSM); KBW Nasdaq Premium Yield Equity REIT Index (Index Ticker: KYXSM, ETF Ticker: KBWYSM); KBW Nasdaq Property and Casualty Insurance Index (Index Ticker: KPXSM, ETF Ticker: KBWPSM); KBW Nasdaq Global Bank Index (Index Ticker: GBKXSM); KBW Nasdaq Financial Technology Index (Index Ticker: KFTXSM, ETF Ticker: FTEK.LNSM).

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

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