DVY tracks the Dow Jones U.S. Select Dividend Index, which holds 100 US stocks with a record of paying dividends, screened for five-year dividend growth, payout ratio and trading volume, and weights them by dividend yield. Utilities, financials, consumer staples and industrials account for a large share, and technology has a small weight. The portfolio has a higher yield than the broad market but has also had larger weights in sectors that are sensitive to interest rates. Mid-cap companies make up a significant part of the fund.
