ETF to underlie Gulf nations index

Dow Jones Indexes of New York has launched the Dow Jones GCC Titans 40 Index, which measures the performance of 40 stocks traded in five of the Gulf Cooperation Council nations. This marks the first time that a GCC index has been licensed to underlie an exchange traded fund. The index, which is licensed to Van Eck Global of New York, is comprised of stocks traded in Bahrain, Kuwait, Oman, Qatar and United Arab Emirates, and is weighted by float-adjusted market capitalization. Saudi Arabia is also a member of the GCC. Weights of individual stocks included in the index are capped at 8%, with a maximum of 15 companies per country. The GCC is based in Riyadh, Saudi Arabia.