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of health care services, primarily in
the area of insurance. S&P DJI said
that the index committee believed
the addition “reflects the growing
importance of health care spending
in the U.S. economy.”
The last component changes to
the industrial average occurred in
June 2009, when Cisco Systems and
The Travelers Companies replaced
General Motors and Citigroup.
Stoxx Makes Major
Offering Expansions
In separate launches in August and
September, Stoxx Ltd. made some sizable
additions to its lineup of indexes.
The first—and smaller—batch of
indexes debuted in August and included
19 benchmarks, carving out various
subsets of Stoxx’s total market indexes
for the emerging markets, the developed
markets, East Asia and Africa.
The second launch included
more than 1,200 indexes added to
Stoxx’s global index family, including
total market benchmarks and
narrower indexes targeting regions,
supersectors and size segments.
The launch also included four new
total market indexes for China covering
China’s A-Shares, B-Shares,
H-Shares and Red Chips markets,
the press release said.
MSCI Adds 5 Stocks To ACWI
MSCI said in mid-August it would
add five stocks to its All-Country
World Index (ACWI), while pulling
eight from the broad global equities
benchmark as part of its quarterly
review of specific constituents.
The three largest additions to the
MSCI Global World Index measured
by full company market capitalization
were U.S.-based Camden Property
Trust and Realty Income Corp., and
Israel-based Mellanox Technologies,
the company said in a press release.
The two additions to the MSCI
Emerging Markets Index measured
by full company market capitalization
were Korea-based AmoreG and
Brazil-based Marcopolo, MSCI said.
Other MSCI indexes underwent
additions and deletions as
well, including the MSCI Frontier
Markets Index, which had one addition
and no deletions; the MSCI
ACWI Small Cap Index, which saw
seven additions and 26 deletions;
the MSCI ACWI Investable Market
Index and MSCI All Cap Index,
which each had no additions and
22 deletions; and the MSCI ACWI
Islamic Index, which saw 51 additions
and 22 deletions.
All the changes were set to be
implemented on Aug. 31, the company
said.
S&P DJI Debuts Low-Volatility
Europe Index
In late August, S&P Dow Jones
Indices launched an index that covers
a subset of the components of
the S&P Europe 350 Index. The S&P
Europe 350 Low Volatility Index
includes the 100 stocks with the lowest
volatility from the standard index,
and rather than being weighted by
free-float market capitalization, they
are inversely weighted by volatility,
with stocks with the lowest volatility
assigned the highest weightings, the
indexing company said in a press
release. S&P Dow Jones also noted
there were no restrictions on sector
weights, with volatility the sole determining
factor. So far, the index is only
available denominated in euros.
S&P DJI noted in the press release
it also offers similarly designed
versions of the S&P 500, the S&P/
TSX Composite Index and its broad
emerging markets and developedmarkets
indexes.
Nasdaq Launches Commodity
Equity Indexes
First announced back in March,
Nasdaq in September rolled out a trio
of commodity equity indexes that it
developed with Axioma, a provider
of risk management products. The
indexes comprise equities with share
prices that track closely the spot prices
of a targeted commodity or commodity
group, according to the March press
release. The new indexes are rebalanced
on a monthly basis.
The Nasdaq Axioma Equity-
Commodity Oil Index, the Nasdaq
Axioma Equity-Commodity Gold
Index and the Nasdaq Axioma
Equity-Commodity Agriculture Index
are available as price indexes and
total-return indexes. Nasdaq began
disseminating their values over its
data feeds as of Sept. 10.
Stoxx Debuts
Trading-Focused Index
In early September, Stoxx Ltd. rolled
out an index targeting the largest and
most actively traded stocks in the
world, according to a press release.
The Stoxx+ Global Max Traded 200
Index comprises 200 components
selected from three different sections
of the globe. All components of
the Stoxx Global Total Market Index
meeting minimum market capitalization
and trading volume requirements
are eligible for inclusion. The
methodology divides the world into
three time zones, with 50 stocks
selected from each based on threemonth
average daily trading volume.
The final 50 components are chosen
from the remaining universe of
stocks based solely on their threemonth
average daily trading volume,
the press release said.
S&P Dow Jones
Adds To GIVI Lineup
S&P Dow Jones Indices in September
expanded its index family focused on
intrinsic value by rolling out the S&P
GIVI Global Growth Markets Tilt Index,
which is a composite of two other
indexes, a press release said.
The original GIVI methodology
screens out high-beta stocks and
weights its components by intrinsic
value, as determined by each company’s
assets and growth opportunities.
S&P DJI also launched a GDPweighted
version of the GIVI index, in
which each country’s weight is determined
by its gross domestic product.
The new “Tilt” index splits each
country’s weight evenly between its
GIVI index and its GDP-weighted
GIVI index, a factsheet said, essenwww.journalofindexes.com
November / December 2012 55