NEW YORK (July 1, 2009) – Dow Jones
Indexes, a leading global index provider, today announced it licensed the
Dow Jones Islamic Market International Titans 100 Index to Javelin
Investment Management, an investment adviser registered with the Securities
and Exchange Commission. The blue-chip index will underlie the first
Shari’ah compliant exchange-traded fund listed in the U.S. The JETS Dow
Jones Islamic Market International Index Fund (JVS) will be available at New
York Stock Exchange today.
“The Dow Jones Islamic Market International Titans 100 Index provides
markets participants around the world with exposure to the 100 leading
Shari’ah-compliant companies outside the United States. Javelin’s decision
to select it as the underlying index for the first Shari’ah compliant ETF in
the United States enables market participants to complement their existing
U.S portfolios with international coverage,” said Michael A. Petronella,
president, Dow Jones Indexes. “The Dow Jones Islamic Market Indexes is a
unique index series combining faith-based principles and investing. Our
index family was the first to market and has clearly set the standards of
Islamic indexing around the globe.”
The Dow Jones Islamic Market International Titans 100 Index measures the
stock performance of 100 leading ex-U.S. companies that have passed
rules-based screens for Shari’ah compliance. To determine their eligibility
for the Dow Jones Islamic Market Indexes, stocks are screened based on their
industry type and their financial ratios. Excluded are companies engaged in
the following lines of business: alcohol, tobacco, pork-related products,
financial services, defense/weapons and entertainment. Also excluded are
companies for which the following financial ratios are 33% or more: debt
divided by trailing 12-month average market capitalization; cash plus
interest-bearing securities divided by trailing 12-month average market
capitalization; and accounts receivables divided by trailing 12-month
average market capitalization.
The U.S. dollar denominated Dow Jones Islamic Market International Titans
100 is free-float market capitalization weighted and each component’s weight
is capped at 10% of the index to avoid overweight of one single stock. The
index composition is reviewed annually in June. The index is also reviewed
on an ongoing basis to account for corporate actions such as mergers,
de-listings or bankruptcies. Year-to-date, the index is up 10.34% through
June 30, 20091.
The Dow Jones Islamic Market Indexes were introduced in 1999 as the first
indexes intended to measure the global universe of investable equities that
pass screens for Shari’ah compliance. With more than 100 indexes, the series
is the most comprehensive family of Islamic market measures and includes
regional, country, and industry indexes, all of which are subsets of the Dow
Jones Islamic Market Index. An independent Shari’ah Supervisory Board
counsels Dow Jones Indexes on matters related to the compliance of
index-eligible companies.
There are currently more than 150 licensees with more than US$7 billion in
assets benchmarked to the Dow Jones Islamic Market Indexes.
Please visit www.djindexes.com for
more information on the Dow Jones Islamic Market Indexes.
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The Dow Jones Islamic Titans 100 Index was first published on March 4, 2009.
All estimated daily historical closing prices prior to that date are based
on back-testing (i.e., calculations of how the index might have performed in
the past if it had existed). Backtested performance information is purely
hypothetical and is solely for informational purposes. Backtested
performance does not represent actual performance, and past performance is
not indicative of future results
Contacts:
Journalists may e-mail questions regarding this press release to
PR-Indexes@dowjones.com or call
one of the Dow Jones Indexes/STOXX press offices:
New York: +1-212-597-5720
Frankfurt: +49-69-29725-290
Hong Kong: +852-800-969-336
Singapore: +65-6-4154-299