1. Index rebalancing announcement affects KBW Nasdaq Premium Yield Equity REIT Index. 2. American Assets Trust (AAT) included in rebalancing, potentially boosting visibility. 3. Changes take effect on December 22, 2025, impacting market perceptions. 4. Other indices also see major changes, influencing broader sector dynamics. 5. Investment flows could change with rebalancing impacting AAT's trading volume.
FAQ
Why Bullish?
Being added to a recognized index like KYX generally increases investor interest and liquidity. Historical data shows similar cases where inclusion led to short-term price increases for stocks.
How important is it?
Inclusion in the KBW Index enhances AAT's market recognition and could attract funds that track or invest in the index.
Why Short Term?
The immediate effect is expected around the rebalancing date. However, sustainable growth may rely on broader company performance and market conditions.
NEW YORK, Dec. 12, 2025 (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 2025.
This quarter, there are constituent changes within six of our indexes: KBW Nasdaq Insurance Index (Index Ticker: KIX), KBW Nasdaq Regional Banking Index (Index Ticker: KRX, ETF Ticker: KBWR), KBW Nasdaq Financial Sector Dividend Yield Index (Index Ticker: KDX, ETF Ticker: KBWD), KBW Nasdaq Premium Yield Equity REIT Index (Index Ticker: KYX, ETF Ticker: KBWY), KBW Nasdaq Property and Casualty Insurance Index (Index Ticker: KPX, ETF Ticker: KBWP), KBW Nasdaq Financial Technology Index (Index Ticker: KFTX, ETF Ticker: FTEK.LN).
These changes will be effective prior to the opening of business on Monday, December 22, 2025.
As part of this rebalancing, below are the component-level changes across impacted indices:
KBW Nasdaq Insurance Index (Index Ticker: KIX)
| Add (4): | |
| Arthur J. Gallagher & Co. (NYSE:AJG) | |
| Chubb Limited (NYSE:CB) | |
| W. R. Berkley Corporation (NYSE:WRB) | |
| Willis Towers Watson Public Limited Company (NASDAQ:WTW) | |
| Drop (4): | |
| Ameriprise Financial, Inc. (NYSE:AMP) | |
| Fidelity National Financial, Inc. (NYSE:FNF) | |
| MBIA Inc. (NYSE:MBI) | |
| MGIC Investment Corporation (NYSE:MTG) | |
KBW Nasdaq Regional Banking Index (Index Ticker: KRX, ETF Ticker: KBWR)
| Add (1): | |
| Axos Financial, Inc. (NYSE:AX) | |
| Drop (1): | |
| Synovus Financial Corp. (NYSE:SNV) | |
KBW Nasdaq Financial Sector Dividend Yield Index (Index Ticker: KDX, ETF Ticker: KBWD)
| Add (8): | |
| Blue Owl Capital Corporation (NYSE:OBDC) | |
| Blue Owl Capital Inc. (NYSE:OWL) | |
| Crescent Capital BDC, Inc. (NASDAQ:CCAP) | |
| Franklin BSP Realty Trust, Inc. (NYSE:FBRT) | |
| Nuveen Churchill Direct Lending Corp. (NYSE:NCDL) | |
| Peoples Bancorp Inc. (NASDAQ:PEBO) | |
| Redwood Trust, Inc. (NYSE:RWT) | |
| UWM Holdings Corporation (NYSE:UWMC) | |
| Drop (8): | |
| Barings BDC, Inc. (NYSE:BBDC) | |
| Capitol Federal Financial, Inc. (NASDAQ:CFFN) | |
| Ellington Financial Inc. (NYSE:EFC) | |
| Fidus Investment Corporation (NASDAQ:FDUS) | |
| Main Street Capital Corporation (NYSE:MAIN) | |
| Oaktree Specialty Lending Corporation (NASDAQ:OCSL) | |
| OneMain Holdings, Inc. (NYSE:OMF) | |
| Ready Capital Corporation (NYSE:RC) | |
KBW Nasdaq Premium Yield Equity REIT Index (Index Ticker: KYX, ETF Ticker: KBWY)
| Add (12): | |
| Alexandria Real Estate Equities, Inc. (NYSE:ARE) | |
| Alpine Income Property Trust, Inc. (NYSE:PINE) | |
| American Assets Trust, Inc. (NYSE:AAT) | |
| Americold Realty Trust, Inc. (NYSE:COLD) | |
| Douglas Emmett, Inc. (NYSE:DEI) | |
| FrontView REIT, Inc. (NYSE:FVR) | |
| Healthpeak Properties, Inc. (NYSE:DOC) | |
| Millrose Properties, Inc. (NYSE:MRP) | |
| Postal Realty Trust, Inc. (NYSE:PSTL) | |
| Sila Realty Trust, Inc. (NYSE:SILA) | |
| SL Green Realty Corp. (NYSE:SLG) | |
| UMH Properties, Inc. (NYSE:UMH) | |
| Drop (9): | |
| Brandywine Realty Trust (NYSE:BDN) | |
| Broadstone Net Lease, Inc. (NYSE:BNL) | |
| Healthcare Realty Trust Incorporated (NYSE:HR) | |
| Kilroy Realty Corporation (NYSE:KRC) | |
| LXP Industrial Trust (NYSE:LXP) | |
| Omega Healthcare Investors, Inc. (NYSE:OHI) | |
| OUTFRONT Media Inc. (NYSE:OUT) | |
| Peakstone Realty Trust (NYSE:PKST) | |
| Sabra Health Care REIT, Inc. (NASDAQ:SBRA) | |
KBW Nasdaq Property and Casualty Insurance Index (Index Ticker: KPX, ETF Ticker: KBWP)
| Add (6): | |
| Aon Public Limited Company (NYSE:AON) | |
| Arthur J. Gallagher & Co. (NYSE:AJG) | |
| Brown & Brown, Inc. (NYSE:BRO) | |
| Marsh & McLennan Companies, Inc. (NYSE:MMC) | |
| Ryan Specialty Holdings, Inc. (NYSE:RYAN) | |
| Willis Towers Watson Public Limited Company (NASDAQ:WTW) | |
| Drop (6): | |
| Horace Mann Educators Corporation (NYSE:HMN) | |
| James River Group Holdings, Inc. (NASDAQ:JRVR) | |
| Kemper Corporation (NYSE:KMPR) | |
| ProAssurance Corporation (NYSE:PRA) | |
| SiriusPoint Ltd. (NYSE:SPNT) | |
| Universal Insurance Holdings, Inc. (NYSE:UVE) | |
KBW Nasdaq Financial Technology Index (Index Ticker: KFTX, ETF Ticker: FTEK.LN)
| Add (6): | |
| Bullish (NYSE:BLSH) | |
| Circle Internet Group, Inc. (NYSE:CRCL) | |
| Dave Inc. (NASDAQ:DAVE) | |
| Etoro Group Limited (NASDAQ:ETOR) | |
| Shopify Inc. (NASDAQ:SHOP) | |
| Strategy Inc (NASDAQ:MSTR) | |
| Drop (6): | |
| ACI Worldwide, Inc. (NASDAQ:ACIW) | |
| FactSet Research Systems Inc. (NYSE:FDS) | |
| Pathward Financial, Inc. (NASDAQ:CASH) | |
| S&P Global Inc. (NYSE:SPGI) | |
| Thomson Reuters Corporation (NASDAQ:TRI) | |
| Verisk Analytics, Inc. (NASDAQ:VRSK) | |
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
shapiron@stifel.com
