Annexus CEO Ron Shurts and Zebra Capital’s Roger Ibbotson Ring the New York Stock Exchange Closing Bell

The NYSE Zebra Edge Index was the first index based in part on Roger Ibbotson’s behavioral finance research

Scottsdale, Arizona, August 28, 2023 — Annexus CEO and co-founder Ron Shurts and Roger Ibbotson, renowned economist and Professor, had the honor of ringing the closing bell on the New York Stock Exchange on Monday, Aug. 21, in celebration of six years of the NYSE® Zebra Edge® Index.

Annexus, a leading independent developer of financial and insurance products, and Zebra Capital Management, an esteemed investment management firm, brought the NYSE® Zebra Edge® Index to the fixed indexed annuity market in 2016. The index is the first to be founded on Roger Ibbotson’s behavioral finance research, which found that you could achieve higher returns with less risk by removing overly popular and overly volatile stocks. Ibbotson and team designed the index to evaluate the 500 largest publicly traded companies in the United States and apply a behavior finance filtering process to remove the riskiest and most volatile companies.

Innovation has always been a hallmark of Annexus, and we’ve worked hard to identify indices that are grounded in solid academic research.

Ron Shurts – CEO and Co-Founder of Annexus

“Our research in behavioral finance shows that the most popular stocks tend to experience higher volatility and provide lower future returns,” says Ibbotson, founder and Chairman of Zebra Capital Management. “By removing the most popular and the most volatile stocks, you are left with less popular, less volatile stocks which have historically provided more consistent and higher returns with less risk.”

“Innovation has always been a hallmark of Annexus, and we’ve worked hard to identify indices that are grounded in solid academic research,” says Shurts. “Roger Ibbotson has devoted his career to studying the markets, and his behavioral finance research is the foundation of this truly unique index. We’re looking forward to continuing our partnership.”

More information on the NYSE® Zebra Edge® Index can be found at

About Annexus

Annexus designs solutions to help Americans grow and protect their retirement savings. For over a decade, Annexus has developed market-leading fixed indexed annuities and indexed universal life insurance products. Annexus has forged relationships with many of the industry’s leading insurance carriers and the world’s largest investment banks. Find out more about Annexus and its products.

About Zebra Capital Management

Zebra Capital Management, LLC is an SEC-registered investment adviser focusing on the application of a behavioral finance derived investment philosophy. Zebra Capital’s investment strategies are implemented via a systematic and disciplined process. Zebra Capital was established in 2001 and is based in Connecticut. The marks Zebra® and Zebra Edge® are registered trademarks of Zebra Capital Management, LLC.  Registration with the SEC does not imply any level of skill or training. For more information about Zebra Capital, please visit

About NYSE Group

NYSE Group is a subsidiary of Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses, and a provider of data and listings services. NYSE Group includes exchanges, market data and connectivity services. The equity exchanges — the New York Stock Exchange, NYSE MKT and NYSE Arca — trade more U.S. equity volume than any other exchange group. NYSE is the premier global venue for capital raising, leading worldwide in IPOs, including technology IPOs. NYSE Arca Options and NYSE Amex Options are leading equity options exchanges. To learn more, visit

About Intercontinental Exchange

Intercontinental Exchange (NYSE:ICE) operates the leading network of global futures, equity and equity options exchanges, as well as global clearing and data services across financial and commodity markets. The New York Stock Exchange is the world leader in capital raising, listings and equities trading.

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 at

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