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ICE Announces Quarterly Rebalance Changes in the NYSE FANG+™ Index
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Rhea-AI Summary
Intercontinental Exchange (NYSE: ICE) announced the quarterly rebalancing of the NYSE FANG+™ Index, effective December 20, 2021. The index will now include Microsoft, replacing Twitter, keeping the total at 10 constituents. The NYSE FANG+™ Index tracks top technology and tech-enabled stocks, historically outperforming with an annualized return of 32.96% from September 2014 to November 2021. This change aims to maintain its status as a vital benchmark for U.S. tech companies.
Positive
Inclusion of Microsoft enhances the NYSE FANG+™ Index's relevance.
The NYSE FANG+™ Index has outperformed many indices with a 32.96% annualized return.
Negative
Replacement of Twitter may indicate a decline in its market relevance.
ATLANTA & NEW YORK--(BUSINESS WIRE)--
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced the quarterly rebalance of the NYSE® FANG+™ Index, which is effective before the open of trading on Monday, December 20, 2021.
The NYSE FANG+™ Index is an equal-dollar weighted index with the objective of tracking the performance of highly traded growth stocks of technology and tech-enabled companies in the technology, media & communications and consumer discretionary sectors. It has historically included the key FAANG stocks — Facebook (Meta Platforms), Apple, Amazon, Netflix and Google (Alphabet) — as well as other related companies, including Alibaba, Baidu, NVIDIA, Tesla and Twitter.
Effective with the December 2021 quarterly rebalancing, the NYSE FANG+™ Index will include the stock of Microsoft Corp., which is a core component of the FAANMG group of tech and tech-related companies. Microsoft Corporation will replace Twitter, Inc., maintaining the index at 10 constituents.
“The addition of Microsoft stock into the NYSE FANG+™ Index is an important change that will ensure that the index continues to be a leading benchmark for measuring the performance of U.S. listed technology and tech-enabled companies,” said David Goone, Chief Strategy Officer at ICE.
The NYSE FANG+™ Index has consistently outperformed many other indices, producing an annualized total return of 32.96% from September 19, 2014 to November 30, 2021*.
The index serves as the basis for the MICRO NYSE FANG+™ Index Futures, which provides market participants with exposure to these 10 highly traded technology and tech-related companies. ICE reduced the notional value of the NYSE FANG+™ Index futures contract in September 2020 by one tenth to a notional value of approximately $35,000 and has seen steady growth in market participation in the contract throughout the course of this year.
*Returns as of September 19, 2014 to November 30, 2021. The NYSE FANG+™ Index launched on September 26, 2017. Prior performance (September 19, 2014 to September 25, 2017) is based upon back tested index calculations.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Any product names, logos, brands, and other trademarks or images referred to in this press release are the property of their respective trademark holders.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.
Apple® is a registered trademark of Apple, Inc. Facebook® is a registered trademark of Facebook, Inc. Meta™ is a trademark of Facebook, Inc. Amazon® is a registered trademark of Amazon Technologies, Inc. Netflix® is a registered trademark of Netflix, Inc. Google® is a registered trademark of Google, Inc. Alibaba® is a registered trademark of Alibaba Group Holding Limited. Baidu® is a registered trademark of Baidu, Inc. Nvidia® is a registered trademark of Nvidia Corporation. Tesla® is a registered trademark of Tesla, Inc. Twitter® is a registered trademark of Twitter, Inc. Microsoft® is a registered trademark of Microsoft Corporation. None of the foregoing entities are affiliated with, endorsed by, or sponsored by Intercontinental Exchange, Inc. or any of its subsidiaries or affiliates. The inclusion of entity names in this press release does not evidence a relationship with any of those entities in connection with the NYSE® FANG+™ Index nor does it constitute an endorsement or sponsorship by any of those entities of the NYSE® FANG+™ Index or this press release.
