SPDR Russell 1000 Yield Focus ETF(AMEX:ONEY)

ONEY is not primarily an income play despite the yield in its name. Rather, the fund is part of a suite of ETFs (along with ONEV and ONEO) that scores the members of the Russell 1000 index on three core factors (value, quality and small size) and one focus factorin this case, yield. These factor scores are scaled by market cap to determine weighting, and holdings with weights below a certain threshold get dropped from the index. The result is a portfolio that loosely resembles the broad market, but with emphasis on the four factors, including yield. ONEY's Russell 1000 lineage means it holds a significant contingent of midcaps, a condition that's amplified by the small size factor tilt. The fund launched in December 2015. The index is rebalanced annually in June.