Dow Jones Indexes has launched the Dow Jones Hong Kong Select Dividend 30 Index.

The index tracks the performance of the top 30 Hong Kong listed companies by dividend yield. It is designed to underlie investment products such as exchange-traded funds, structured products, futures and options or serve as a benchmark for mutual funds. The index already has been licensed to underlie an index fund.

Michael Petronella, president of Dow Jones Indexes, said: "The Dow Jones and Dow Jones STOXX Select Dividend index series follow a unique methodology which weights components by dividend yield, not market capitalisation. This purely fundamentally-weighted index concept has proven effective in measuring the performance of a basket of high dividend-paying stocks."

As of June 1, 2009, the Dow Jones Hong Kong Select Dividend 30 Index gained 21.2% year to date.

To be eligible for inclusion in the Dow Jones Hong Kong Select Dividend 30 Index, a component must have paid dividends in each of the past three years and a five-year average payout of less than 85%. The company's dividend-per-share in the previous year also has to be higher than or equal to its three-year average. And each stock also must have a minimum daily average trading volume of US$3m over the previous three months.