The exchange traded fund (ETF)-tracking index, Dow Jones U.S. Select Dividend Index, has undergone some component changes.
Union BanCal Corp. (UB) is deleted from the index and will be replaced by General Electric Co. (GE). UB is being taken off the index because of the recent acquisition by Mitsubishi UFJ Financial Group Inc. The change will not be official until Oct. 1, 2008.
The featured index already tracks the top 100 highest dividend-paying U.S. companies, taken from the Dow Jones U.S. Index which covers 95% of the U.S. market capitalization.
The ETF that tracks this index is the iShares Dow Jones Select Dividend Index (DVY) which is down 14.6% year-to-date.