KBWY is an outsider in the US real estate space. The fund rejects the traditional cap-weighted methodology in favor of dividend-yield-weighting. KBWY also intentionally nixes large cap REITs in favor of smaller capitalization alternatives. This produces a basket that tilts very smallaround 70% small- and microcapsand also underweights residential REITs in favor of commercial REITs. Still, KBWY's dividend-focused strategy makes some sensethe reliable dividends of REITs are a big draw for real estate investors. KBWY may have some yield advantage, but this can be unstable, in part because the funds long-term returns are more variable due to its small-cap bias. The index is rebalanced and reconstituted on a quarterly basis.