When it comes to dividend exchange-traded funds, investors have plenty of choices. “It’s absurd how many there are,” says Samuel Lee, an ETF strategist with Chicago-based Morningstar and editor of晨星ETFInvestor，每月通讯。他说，在美国投资者提供的1,660欧埃尔特可供美国投资者提供95次专注于股息，使其成为股权战略空间中最受欢迎的类别。
Lee describes the market as saturated, but all 95 funds have garnered impressive assets, from the $24.4 billion Vanguard Dividend Appreciation ETF (VIG) down to the EGShares Emerging Markets Dividend Growth ETF (EMDG), offered by Emerging Global Advisors of New York, with some $1 million.
Morningstar的数据库显示了美国和全球不同市场的股息主题 - 股息主题的令人眼花缭乱的变化。但这并未停止赞助商试图通过利用从主动管理到自定义索引的所有内容来构建更好的ETF。
Even with passively managed funds, there are many ways to create a dividend-focused portfolio. “The compositions differ drastically,” resulting in “big performance differences,” says Spencer Bogart, an ETF specialist at news and analysis siteETF.comin San Francisco.
第一次积极管理股权ETFS蓬勃发展：Cambria股东收益率ETF（SYLD）于2013年5月推出的加利福尼亚州的Cambria投资管理，在资产中获得2.255亿美元，一年的总回报率为14.06％as of September 29. “I’m happy wearing the crown in what is a very small kingdom for now,” says Mebane Faber, one of the fund’s two portfolio managers.
Cambria doesn’t just look at dividends; it seeks businesses that are buying back shares and paying down debt. Faber believes that given the demand for yield in a low-interest-rate environment, the U.S. market for high-dividend stocks has been pushed to unreasonable levels, so it would be “foolish” to ignore the cash infusion from buybacks. “We look for a holistic composite of the two,” he says.
Maryland的Advisorshares Invest Mache of Mistily管理ETF的最大赞助商，总共有28名7月29日推出了其雅典娜高级股息ETF（Divi）。该基金已经获得了870万美元的资产，即使它相对较高费用比为99个基点。
One of AdvisorShares’ “guru” funds, Athena is managed by C. Thomas Howard, CEO and director of research at AthenaInvest in Greenwood Village, Colorado. An emeritus professor of finance at the University of Denver, Howard uses a behavioral finance approach to identify mutual fund managers’ high-conviction picks.
Athena has the freedom to invest domestically and internationally in a wide range of dividend-producing securities, including not just stocks but also real estate investment trusts, master limited partnerships, closed-end funds and business development corporations.
诺亚汉姆曼的诺亚·汉姆曼，诺德·哈曼（Noah Hamman）的诺亚·哈曼·哈曼·哈曼·哈曼·哈曼·哈曼·哈曼·诺曼人和首席执行官，投资组合也将加权。“我们正在努力提供所得上的解决方案，”他说。“我认为每个人都同意传统债券投资组合的利率风险日益令人担忧。”
Etf.com的Bogart说，他们如何减少他们的投资组合很重要。以2.105亿美元的全球X SuperDividend美国Etf（Div）拿到2013年3月的全球X基金的2013年3月推出。截至9月29日，该基金的分销收益率优先于其许多同行，并归因于公用事业的“显着正面”，占其投资组合的25％的“大幅放大”，而一年的同一年的同行率为5.31％，Bogart笔记。
DIV is passively managed based on an index designed by Global X, says co-founder and CEO Bruno del Ama. The firm didn’t set out to overweight its portfolio toward utilities, but that was the result when its formula was applied, he explains. “We don’t focus on long-term track records of paying and increasing dividends for five or ten years,” del Ama says of the difference between DIV and many other dividend ETFs. “We focus on the most recent dividend payment and what’s expected for the coming year.”
同样，2013年5月推出的13290万美元WISDOMTREE美国股息（DGRW），采取了前瞻性观点。其目前的分销收益率为2.86％，截至8月31日截至8月31日为22.85％。
WisdomTree投资还设计了自己的指标，已经开发出一种旨在捕捉“新，上行的股息付款人”的公式，纽约公司研究总监Jeremy Schwartz主持了“新的，上升的股息付款人”。要求一家公司在股价之前有五个，十岁或甚至20年历史历史，这些股票可以成为指数的一部分，不包括股息游戏的值得注意的球员，如Apple（2012），思科系统（2011）和甲骨文CORP.（2009），可以在施瓦茨说，可以在一段时间内关闭它们。与典型的股息ETF看起来是尾，DGRW在信息技术中有22.2％的加权。
晨星的Lee指出，期待着不是一个新的概念。他引用了Vanguard集团的第二大股息ETF，130亿美元的高级股息收益率ETF（VYM）。vym被动遵循富时的高股息收益率指数，这在未来12个月内看待股息的前景。
The edge that taking a forward-looking approach can give right now is evident in the difference in returns between VYM and Vanguard Dividend Appreciation ETF (VIG). VYM, whose No. 1 holding is Apple in a portfolio that’s 17.6 percent weighted toward technology, had an 8.93 percent return year-to-date through September 29; VIG, which has Johnson & Johnson as its top holding and favors industrials and consumer goods, gained just 4.14 percent.
etf均成立于2006年,但他们“different investment philosophies,” notes Douglas Yones, head of domestic equity index and ETF product management at Vanguard in Malvern, Pennsylvania. With VIG, companies must have a ten-year history of increasing dividends, so VYM was created to capture the companies that pay above-average dividends but lack that track record, he explains.
资产管理巨头黑石伊斯兰人集团于6月份首次宣告其Ishares核心股息增长ETF（DGRO）。自2011年3月推出以来，7120万美元的基金的前任ishares核心股息收益率ETF（HDV），已达到44.3亿美元。截至9月29日，HDV今年已上涨9.79％;DGRO有一个三个月的返回71个基点。
Both funds draw from the same universe of U.S. companies that have grown their dividends over the past five years, but DGRO applies another screen intended to measure the “sustainability” of dividend growth, says Rene Casis, a San Francisco–based director with the iShares product team. That screen will exclude the top decile of dividend payers under a formula by which a company’s payout ratio must be less than 75 percent of earnings.
Doing so “ensures that a company can comfortably pay at a growing rate,” Casis says. He notes that even though DGRO cuts out that top decile, it will compensate by covering a much broader group of 250 companies versus HDV’s 75. By focusing too narrowly on the top dividends, investors can fall into a trap, Casis contends: “Companies that pay the highest dividends may perhaps have a problem of being riskier in nature, especially if the stock price comes under pressure or they experience cash-flow issues.”
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