NEW YORK, July 27, 2011 (GLOBE NEWSWIRE) -- Dow Jones Indexes, a leading global index provider, today announced the launch of the Dow Jones Global Shipping Index, which measures the performance of 25 leading dividend-paying companies in the shipping industry.
The Dow Jones Global Shipping Index has been licensed to Guggenheim Funds to serve as a basis for the Guggenheim Shipping ETF.
The index universe includes all companies involved in the shipping industry globally that primarily transport goods and materials; companies solely involved in carrying passengers are excluded. A company must also have a minimum float-adjusted market capitalization of $150 million and a three-month average daily trading volume of $2 million.
From this universe, the 25 stocks ranked highest by indicated annual dividend yield -- subject to buffers that aim to limit unnecessary turnover -- are selected for the index.
"The Dow Jones Global Shipping Index is designed to include companies that are poised to benefit from the global business recovery," said Michael A. Petronella, President, Dow Jones Indexes. "These same component companies are also in position to take advantage of growing emerging-market demand for commodities and other goods."
The index is weighted by float-adjusted market capitalization. The weight of individual components in the index is capped at 20%, and components with weights of 4.5% or more are restricted in aggregate to 45% of the index.
The Dow Jones Global Shipping Index is reviewed annually in June. Price and total return indexes are calculated in U.S. dollars.
Journalists may e-mail questions regarding this press release to media@djindexes.com.
About Dow Jones Indexes
Dow Jones Indexes (www.djindexes.com) is a leading full-service index provider that develops, maintains and licenses indexes for use as benchmarks and as the basis of investment products. Best-known for the Dow Jones Industrial Average, Dow Jones Indexes offers more than 130,000 equity indexes as well as fixed-income and alternative indexes, including measures of hedge funds, commodities and real estate. Dow Jones Indexes employs clear, unbiased and systematic methodologies that are fully integrated within index families. Dow Jones Indexes is part of a joint venture company owned 90 percent by CME Group Inc. (www.cmegroup.com) and 10 percent by Dow Jones & Company, Inc. (www.dowjones.com), a News Corporation company (Nasdaq:NWS) (Nasdaq:NWSA) (ASX:NWS) (ASX:NWSLV) (www.newscorp.com).
"Dow Jones®," "Dow Jones Indexes," "Dow Jones Global Shipping Index" and all other index names listed above are service marks of Dow Jones Trademark Holdings LLC ("Dow Jones"), and have been licensed for use by CME Group Index Services LLC ("CME Indexes"). Investment products based on the Dow Jones Global Shipping Index are not sponsored, endorsed, sold or promoted by Dow Jones, CME Indexes or their respective affiliates and none of Dow Jones, CME Indexes and their respective affiliates make any representation regarding the advisability of investing in such products. Inclusion of a company in any of the Dow Jones Global Shipping Index does not in any way reflect an opinion of Dow Jones, CME Indexes or any of their respective affiliates on the investment merits of such company. None of Dow Jones, CME Indexes or any of their respective affiliates is providing investment advice in connection with these indexes.
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