I'm a big fan of ETFs that track "conventional wisdom".  You know, always buy companies who are buying back their own shares (PKW, underperforming the market since inception, by the way), or the "wide moat" index recently introduced by Morningstar.  I wrote about both of them and their performance here.  Now there's a new one based on an old idea that seems to have some merit.  It's the Dogs of the Dow theory and if you're not familiar it goes like this.

The strategy is that blue chip companies do not alter their dividend to reflect trading conditions and, therefore, the dividend is a measure of the average worth of the company; the stock price, in contrast, fluctuates through the business cycle.  This should mean that companies with a high yield, with high dividend relative to price, are near the bottom of their business cycle and are likely to see their stock price increase faster than low yield companies. Under this model, an investor annually reinvesting in high-yield companies should out-perform the overall market.