PDF Dow Jones Global Composite Yield Index

Dow Jones Global Composite Yield Index

Methodology

May 2018

S&P Dow Jones Indices: Index Methodology

Table of Contents

Introduction

3

Index Objective

3

Highlights and Index Family

3

Supporting Documents

3

Eligibility Criteria

4

Index Eligibility and Constituent Selection

4

Index Construction

6

Approaches

6

Index Calculations

6

Multiple Classes of Stock

6

Dividend Payment Types

6

Index Maintenance

7

Rebalancing

7

Ongoing Maintenance

7

Currency, Currency Hedged, and Risk Control Indices

8

Investable Weight Factor (IWF)

8

Corporate Actions

8

Other Adjustments

8

Base Dates and History Availability

8

Index Data

9

Calculation Return Types

9

Index Governance

10

Index Committee

10

Index Policy

11

Announcements

11

Pro-forma Files

11

Holiday Schedule

11

Rebalancing

11

Unexpected Exchange Closures

11

Recalculation Policy

11

Real-Time Calculation

11

Contact Information

12

S&P Dow Jones Indices: Dow Jones Global Composite Yield Index Methodology

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Index Dissemination

13

Tickers

13

FTP

13

Web site

13

Appendix

14

Methodology Changes

14

Disclaimer

16

S&P Dow Jones Indices: Dow Jones Global Composite Yield Index Methodology

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Introduction

Index Objective

The Dow Jones Global Composite Yield Index is an index of indices that measures the performance of high-yielding securities across a variety of asset classes.

Highlights and Index Family

The index includes a range of high-yield securities, including equities, preferred stocks, fixed income securities, and others. It is made up of five sub-indices:

? Dow Jones Global Equity Yield Index ? Dow Jones Global Real Estate Yield Index ? Dow Jones Global Alternative Yield Index (covers preferred shares, MLPs and royalty trusts) ? Credit Suisse Yield Enhanced Global Corporate Index ? Credit Suisse Yield Enhanced Sovereign Index

The index is constructed by equally weighting the five sub-indices, each of which is made up of 30 equally-weighted components.

Each sub-index measures the performance of high-yielding securities that meet specific eligibility requirements related to criteria such as minimum size, liquidity, and credit rating (depending on the particular sub-index).

S&P Dow Jones Indices and Credit Suisse worked collaboratively on the identification of the sub-indices, which are maintained according to methodologies published by the respective provider. The equity, real estate, and alternatives indices are maintained by S&P Dow Jones Indices and their methodologies are included in this document. The two fixed income indices are maintained by Credit Suisse. Their methodologies are maintained separately and are available on our Web site, .

Supporting Documents

This methodology is meant to be read in conjunction with supporting documents providing greater detail with respect to the policies, procedures and calculations described herein. References throughout the methodology direct the reader to the relevant supporting document for further information on a specific topic. The list of the main supplemental documents for this methodology and the hyperlinks to those documents is as follows:

Supporting Document S&P Dow Jones Indices' Equity Indices Policies & Practices Methodology S&P Dow Jones Indices' Index Mathematics Methodology S&P Dow Jones Indices' Float Adjustment Methodology

URL Equity Indices Policies & Practices Index Mathematics Methodology Float Adjustment Methodology

This methodology was created by S&P Dow Jones Indices to achieve the aforementioned objective of measuring the underlying interest of each index governed by this methodology document. Any changes to or deviations from this methodology are made in the sole judgment and discretion of S&P Dow Jones Indices so that the index continues to achieve its objective.

S&P Dow Jones Indices: Dow Jones Global Composite Yield Index Methodology

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Eligibility Criteria

Index Eligibility and Constituent Selection

Dow Jones Global Composite Yield Index. The index is constructed by equal-weighting the following five yield-focused indices:

? Dow Jones Global Equity Yield Index ? Dow Jones Global Real Estate Yield Index

? Dow Jones Global Alternative Yield Index ? Credit Suisse Yield Enhanced Global Corporate Index

? Credit Suisse Yield Enhanced Sovereign Index

Index eligibility and constituent selection for the following Dow Jones-branded sub-indices is described below.

Dow Jones Global Equity Yield Index. The starting index universe is made up of all constituent stocks of the Dow Jones Global Select Dividend Index and the Dow Jones Emerging Markets Select Dividend Index.

From this universe, eligible are stocks trading in the following countries: ? Developed markets: All markets defined as developed based on S&P Dow Jones Indices country classification system. ? Emerging markets: o ADRs/GDRs of companies with primary listings in countries defined as "emerging" based on S&P Dow Jones Indices country classification system. For China, any offshore-traded stocks are eligible. o Stocks traded locally in the Czech Republic, Hungary, Indonesia, Mexico, the Philippines, Poland, Russia, South Africa and Turkey.

Securities in the index-eligible universe are ranked in descending order by indicated dividend yield with the top 30 stocks selected as index constituents, subject to the following buffer rules:

? All stocks that are ranked among top 10 (regardless of their current constituent status) are included in the index.

? All current constituents that are among the top 45 stocks are added to the index top-down by their rankings until the constituent count reaches 30. If the count is still less than 30, the highestranked non-constituents will be added to the index until this number is reached.

Dow Jones Global Real Estate Yield Index. The starting index universe is made up of all component stocks of the Dow Jones Global Select Real Estate Index.

From this universe, eligible are securities trading in the following countries: ? Developed markets: All markets defined as developed based on S&P Dow Jones Indices country classification system.

S&P Dow Jones Indices: Dow Jones Global Composite Yield Index Methodology

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