Keefe Bruyette & Woods and Nasdaq launched the KBW Nasdaq Financial Technology Index, an index designed to track the performance of companies that leverage technology to deliver financial products and services.
Companies included in the index have distribution that is nearly exclusively electronic and their revenue mix is predominantly fee-based. These firms leverage new assets such as advanced data aggregation and analysis, innovative technology and creative thinking.
Fintech is a relatively new industry designation garnering increasing investor attention. There is a lack of a consistent definition of fintech in the marketplace and the term is used to describe many different types of companies classified in various industries. KFTX leverages KBW’s expertise in financial services and Nasdaq’s long history creating transparent indexes, to provide investors with the most precise index representation of fintech available in the market today.
EverBank Financial is one of the 49 fintech companies included in the KBW Nasdaq Financial Technology Index, which represent roughly one-fifth (18%) of the investable domestic financial universe and nearly 4% of the investable domestic equity universe to account for approximately $785 billion in total market cap.
“Technology is changing the way financial services are both created and delivered to the market, and our launch of the KBW Nasdaq Financial Technology Index reflects the investment community’s growing interest in fintech. KBW has long been recognized as the specialist in financial services, and we are proud to combine our deep-rooted knowledge of fintech with the expertise of Nasdaq as a leading index provider to bring this unique and innovative index to the market,” said Fred Cannon, global director of Research at KBW. “The KFTX provides a relevant benchmark within the fintech space, which will be valuable to the increasing number of investors closely watching this area.”
The Index will be rebalanced quarterly and members will be updated annually on the third Friday in December.
“We are excited to continue our valued relationship with KBW and to partner on a creating a benchmark for the evolving fintech industry,” said Dave Gedeon, vice president and head of Research & Development for Nasdaq Global Indexes. “The index will serve as the benchmark for investors interested in companies that leverage technology to deliver financial products and services and we look forward to collaborating on additional innovative products in the future.”
In addition to the KFTX, there is a total return version of the Index that has been simultaneously launched – KBW Nasdaq Financial Technology Total Return Index.
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