Anyone know more about this?
Some news on NYA from last week and I have not seen any follow up on it. Anyone have any more information on the change?
UPDATE 1-NYSE to revise index, start exchange-traded fund
THURSDAY, JANUARY 02, 2003 4:08 PM
- Reuters U.S. Company News
NEW YORK, Jan 2 (Reuters) - The New York Stock Exchange on Thursday said it will introduce a revised composite index next week that would serve as the basis for an exchange-traded fund.
The fund would allow investors for the first time to trade a security that represents nearly all of the stocks traded on the NYSE. The NYSE said the fund would debut in the near future, but a spokesman declined further comment
The changes would recalibrate the base value of the 37-year-old NYSE Composite Index (NYA) , which would no longer include issues such as closed-end funds, preferred stocks, derivatives and limited partnerships.
In all, the move would eliminate 714 securities from the index, bringing the total number to 2,077, the spokesman said.
The index would still include common stocks, American depositary receipts, real estate investment trusts, and tracking stocks.
After the alterations, investors will have a better picture of how the NYSE as a whole is doing because components that are presently double-counted would be eliminated, the NYSE said.
Currently, investors can trade the Nasdaq 100 (QQQ) , the Dow Jones Industrials Average (DIA) and the Standard & Poor's 500 Index (SPY) .
The exchange said the revisions to the NYSE Composite Index would go into effect Jan. 9. The index will be weighted at a level of 5,000 starting in a week. It began at 50 in Dec. 31, 1965, and closed at 486.56 on Thursday.
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
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