SCOTTSDALE, Ariz., Dec. 11, 2013 /PRNewswire/ -- The S&P 500® Dynamic VEQTOR Index, developed and launched this year by S&P Dow Jones Indices, was named Index Innovation of the Year at the William F. Sharpe Indexing Achievement Awards at the annual IMN's Global Indexing & ETFs conference in Scottsdale, Arizona.

The S&P 500 Dynamic VEQTOR Index dynamically allocates long-only exposure between the S&P 500, the S&P 500 VIX Short-Term Futures Index and cash in order to measure broad equity market exposure with an implied volatility hedge. The Index is designed to mitigate risk between equity and volatility and helps hedge downside protection in volatile markets. The Index is a subset of the S&P 500 Dynamic VEQTOR Index Series which includes the S&P 500 Dynamic VEQTOR X Index and the S&P 500 Dynamic VEQTOR Mid-Term Index.

"We are delighted to win this award in recognition of S&P Dow Jones Indices' long history and commitment to developing market leading, innovative index solutions," says Alex Matturri, Chief Executive Officer at S&P Dow Jones Indices. "Our indices provide global investors with independently calculated and transparent resources for not only measuring the markets, but trading them."

The S&P 500 Dynamic VEQTOR Index also serves as the basis for this year's ETF Innovation of the Year Award given to PowerShares S&P 500® Downside Hedged Portfolio. In addition, another S&P Dow Jones Indices index - the S&P/LSTA U.S. Leveraged Loan 100 Index – provides the basis for this year's ETF Product of the Year, the PowerShares Senior Loan Portfolio. The S&P/LSTA U.S. Leveraged Loan 100 Index seeks to mirror the market-weighted performance of the largest institutional leveraged loans, as determined by criteria, based upon market weightings, spreads, and interest payments.

For more information, please visit: www.spdji.com.

About S&P Dow Jones Indices

S&P Dow Jones Indices LLC, a part of McGraw Hill Financial, is the world's largest, global resource for index-based concepts, data and research. Home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average^TM, S&P Dow Jones Indices LLC has over 115 years of experience constructing innovative and transparent solutions that fulfill the needs of investors. More assets are invested in products based upon our indices than any other provider in the world. With over 830,000 indices covering a wide range of asset classes across the globe, S&P Dow Jones Indices LLC defines the way investors measure and trade the markets. To learn more about our company, please visit www.spdji.com. 

Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC, a part of McGraw Hill Financial. Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones").  These trademarks have been licensed to S&P Dow Jones Indices LLC. It is not possible to invest directly in an index. S&P Dow Jones Indices LLC, Dow Jones, S&P and their respective affiliates (collectively "S&P Dow Jones Indices") do not sponsor, endorse, sell, or promote any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices does not have the necessary licenses. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties.

SOURCE S&P Dow Jones Indices