“Financials” might not be a favorite word among exchange traded fund (ETF) investors right now, which makestwo of WisdomTree’s newly restructured dividend funds look like great timing.

Staring in late April, two WisdomTree dividend funds will see a shift in their investment strategies to exclude the financial sector. This will make them the first dividend funds to leave the sector out. Luciano Siracusano said the provider wanted to give investors the option of getting yield without having exposure to financials.

The following ETFs will get the makeover, according to Index Universe staff:

• WisdomTree Dividend Top 100 (DTN) will become WisdomTree Dividend ex-Financials
• WisdomTree International Dividend Top 100 Fund (DOO) will be re-named WisdomTree International Dividends ex-Financials Fund

Because of the nature of the financial sector, which tended to generate the highest yields, most dividend-focused ETFs overweighted the sector. As of later in April, DOO and DTN will trade out of those positions replacing them with other high-yielding stocks. WisdomTree says that there will be no tax consequences due to financial stocks trading at multi-year lows.

Tags: Dividend ETFs, DOO, DTN, Financial, Indexing, New ETFs