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Article: How now, Dow Jones? (use of Dow Jones Industrial Average for investment products)
- Article from:
- Kiplinger's Personal Finance Magazine
- Article date:
- August 1, 1997
CopyrightCOPYRIGHT 1997 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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FIRST THE EDITORS of the Wall Street Journal tinkered with the 30 stocks that make up the Dow Jones industrial average. Now the paper's publisher, Dow Jones & Co., will allow the average's name to be used in conjunction with investment products.
That opens the door for the venerable index to be linked with options and futures contracts, and soon a closed-end fund that mimics the Dow will trade on the American Stock Exchange. Steve Adler, president of ASM fund (888-276-2500). the only open-end fund that mirrors the Dow, may license the Dow Jones name and call his fund ASM DJ30.
But Vanguard, the king of index funds, has no plans to offer a Dow 30 fund. ...