New Dow Jones Africa Titans 50 index to underlie ETF

Dow Jones Indexes has released the Dow Jones Africa Titans 50 Index, a pan-African index that measures the stock performance of 50 companies that generate the majority of their revenues in Africa, or have their headquarters based in Africa. Investors gain exposure to 11 African markets, including Angola, Democratic Republic of the Congo (DR Congo), Egypt, Equatorial Guinea, Ghana, Kenya, Mali, Morocco, Nigeria, South Africa and Zambia.

The index has been licensed to Van Eck Global to provide the basis for the first exchange-traded fund (ETF) with a pan-African index as the underlying. The Market Vectors Africa ETF is available from Monday 14 July on the New York Stock exchange.

The Dow Jones Africa Titans 50 index is weighted by float-adjusted market capitalisation. Each country’s weight is capped at 25% and the weights of individual components are capped at 8% with a maximum of 15 companies per country. In order to be included