Everybody, get out the welcome mat for the newest exchange traded fund (ETF) in town: It tracks the Dow Jones Global Select Dividend 100 Index. The index tracks the performance of the top 100 dividend-paying companies in the world, reports PrimeNewswire.

The First Trust Dow Jones Global Select Dividend 100 Index Fund (FGD) began trading today on the American Stock Exchange.

To gain entree into the index, companies need to have a positive dividend growth rate over the past five years, plus a dividend-to-earnings-per-share ratio of less than or equal to 60% for U.S. and European companies and 80% for all others. The weight of each holding in the index is held to 10%, so no particularly high-paying stocks can dominate. Each December, the index will undergo a review.

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