Indexes provide reference for market direction and return. They also are the benchmarks upon which index and exchange-traded funds are constructed and managed. So changes in index components are viewed with more than passing interest. News was made recently when the index committee responsible for the Dow Jones Industrial Average (“DJIA”) announced some notable changes to the index’s 30-stock composition. The reason for these changes at this time brought attention to how the DJIA and other popular indexes are constructed. A look at some relevant index information can provide perspective and implications for investing in the current environment.