Dow Jones has licensed its Corporate Bond index to serve as the basis for an exchange-traded note (ETN) in Israel.
The index provider says this is the first fixed income ETN available in this country and the first time the index has been licensed as the underlying for an exchange-traded product globally.
The index measures the performance of 96 investment grade corporate bonds of varying maturities, on a total return basis.
In terms of sectors, the benchmark largely comprises financials, industrials and utilities/telecommunications.
All issues in the index are equally weighted within their maturity groups, consisting of two, five, 10 and 30-year maturities.
The ETN based on the index is sponsored by Harel Sal, a subsidiary of Harel Finance and is listed on the Tel Aviv stock exchange.
Dow Jones Indexes president Michael Petronella says the equal weighting of the basket prevents large borrowers from substantially impacting the index.
The index provider has also licensed its Brazil Titans 20 index as the basis for an ETN, which was launched on the Tel Aviv stock exchange last week.
Succeeding co-founder Simon Rogerson
Janus Henderson Global Dividend Index
More than 10 million shares allocated
Long-term strategic holding
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