Citigroup has launched its third exchange traded note under its C-Tracks suite, providing access to a factor-based index that reinvests income generated from a group of high yield dividend payers.

According to a press release, the C-Tracks ETN Miller/Howard Strategic Dividend Reinvestor (NYSEArca: DIVC) began trading September 16.

DIVC tries to reflect the performance of the Miller/Howard Strategic Dividend Index, which is comprised of 30 companies that equally weighted and selected based on certain quantitative fundamental factors such as dividend yield, expected growth of dividend yield, market valuation relative to book value, return o invested capital relative to price-to-earnings ratio and trailing 26-week stock price momentum.

As the name suggests, DIVC reinvests dividends paid by the index constituents back. Over time, investors can enjoy the compounding effect of reinvesting income on long-term returns.

The ETN leverages the dividend-focused investment styles of Miller/Howard Investments.