Barclays Global Investors has launched a new ETF based on the Dow Jones EPAC Select Dividend Index of 100 non-U.S. companies that pay high dividends. The companies that are selected for the index are from developed markets and must have a “positive, three-year dividend-per-share growth rate; a dividend payout ratio of less than or equal to 1.5 times the five-year average payout ratio of the Dow Jones country index to which it belongs; and a three-month average daily dollar trading volume of at least $3 million,” according to the announcement from Dow Jones Indexes.

Rather than traditional cap-weighting, Dow Jones Indexes/Reprints President Michael Petronella says in the release, the underlying index uses a “unique index concept that uses a combination of indicated annual dividend and dividend yield in order to determine the weightings of the components and countries within the index.” The index trades on NYSE Arca.