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Opalesque Industry Updates - The index will underlie first Shari'ah-compliant ETF in the U.S.
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 index family was the first to market and continues to be the standard 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-...
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