Dow Jones Indexes, many of which underlie major exchange traded funds (ETFs) are reportedly for sale. But the big question is, what are they worth?

Dow Jones & Co. is reported to be entertaining potential buyers for its stock-market index business, report Dennis K. Berman and Jeffrey McCracken for The New York Times. The move could ultimately result in the sale of the Dow Jones Industrial Average.

The process is far from over, though. It’s being conducted by Goldman Sachs, and could lead to a joint venture or other combination. The whole process may also end without any sale.

One possible contender is MSCI Inc., which specializes in creating market indexes.

According to Deal.com, News Corp.’s Dow Jones Index business may be worth between $600 million and $650 million.  Dow Jones began licensing its DJIA and other indexes in 1997, has more than 130,000 indexes and sells or licenses the data associated with the financial gauges.

Some competitors of Dow Jones include MSCI, Standard & Poor’s, the FTSE Group and New York Indexing.

The Dow Jones Industrial Average, started by Charles Dow in 1896, is one of the world’s best-known stock indexes. The Diamonds Trust (DIA), up 9.2% year-to-date, tracks the index.

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Kevin Grewal contributed to this article.

Tags: DIA, Dow Jones Industrial Average, ETF 101, Indexing