Daily ETF Watch: SSgA Plans Dividend Fund

State Street Global Advisors has filed for an ETF that will track the top 80 percent of S&P 500 components in terms of dividend yield. The proposed SPDR S&P 500 High Dividend ETF should not be confused with the PowerShares S&P 500 High Dividend Portfolio (SPHD), which has been trading since 2012 and has accumulated $533 million in assets under management. The two funds are very different in their design, despite their similar names.

SPHD, unlike SSgA’s fund in registration, selects the top 75 components of the S&P 500 by dividend yield and then selects the 50 lowest-volatility names from that list. The SSgA fund, on the other hand, will have much broader coverage and lack a volatility screen.

The filing did not include an expense ratio or ticker, but the fund is slated to list on the NYSE Arca.