S&P launches the S&P Enhanced Yield North American Preferred Index

By Tali David

Minneapolis, June 5 - S&P Indices announced the launch of the S&P Enhanced Yield North American Preferred Index, according to a press release.

The index is comprised of 50 of the highest yielding U.S. and Canada traded preferred stocks that meet criteria relating to size, liquidity and exchange listings, S&P said.

The underlying universe for the index is all preferred securities in the S&P/TSX Preferred Share Index and S&P U.S. Preferred Stock Index.

The measure has been licensed to Global X Funds to serve as the basis for a planned ETF.

"The S&P Enhanced Yield North American Preferred Index is an important addition to our closely followed family of preferred stock indices," S&P associate director Michael Kondas said in the release.

"The index fills a need in the industry for a more concentrated basket of preferred stocks that could potentially provide greater yields for investors seeking higher investment income," Kondas added in the release

S&P Indices is part of New York-based McGraw-Hill Cos.

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