ALPS, a DST Company has rolled out the ALPS Sector Dividend Dogs ETF (Exchanged-Traded Fund), which uses the ‘Dogs of the Dow Theory' on a sector by sector basis using the S&P 500 as its starting universe of eligible securities.

Dogs of the Dow Theory is an investment strategy which suggests that an investor to annually select for investment the ten Dow Jones Industrial Average stocks whose dividend is the highest fraction of their price.

ALPS Holdings executive vice president Tom Carter said ALPS is pleased to add a high-yield large-cap equity income ETF to its suite of portfolio solutions.

"We believe SDOG offers investors a product with attractive differentiating factors from other large-cap dividend ETFS including higher yield and sector diversification," Carter added.

According to the US based wealth manager, the new exchanged-traded fund tracks the S-Network Sector Dividend Dogs Index and is rules-based and fully transparent, using a methodology that weights all 50 index constituents equally.

As of 31 March 2012, the firm manages over $6.2bn in assets and offers services to more than $291bn in client assets.