S&P has less-than-enthusiastic two-star ratings on Diebold and Energen, two of the stocks leaving SDY. However, the research firm is more bullish on Ross Stores, which it rates four stars. S&P has three-star ratings on Essex Property and Expeditors International.

SDY, which has a dividend yield of 2.3% and almost $13.8 billion in assets under management, garners a marketweight rating from S&P Capital IQ.

SPDR S&P Dividend ETF

ETF Trends editorial team contributed to this post.