“U.S. earnings in the next 12 months are expected to be at a record high. However, earnings in both Europe and Emerging Markets remain far below their 2011 peaks,” J.P. Morgan analysts said. “A long cyclical recovery in Europe and an improving banking system should lift European earnings while EM profits should rebound on firmer commodity prices. Both European and EM earnings appear to have more room to grow than in the U.S. While U.S. price/earnings ratios are above their 25-year average, Europe and EM look more attractive from a valuation perspective.”

Related: Dividend ETFs: Time to Buy After Recent Struggles?

Moreover, U.S. traders may have overlooked the potential effects of a tighter monetary policy. The Federal Reserve has stated it is embarking on monetary tightening and a path toward interest rate normalization. However, U.S. markets have not reflected this expectation, and the ongoing disconnect could cause downside risk ahead.

ProShare also has a line of U.S.-focused dividend growth ETF strategies, including the popular ProShares S&P 500 Aristocrats ETF (BATS:NOBL), which is comprised of companies that have consecutively raised dividends for at least 25 years. The ProShares Russell 2000 Dividend Growers ETF (BATS:SMDV) tracks a mid-cap Dividend Aristocrats Index, which  only requires 15 consecutive years of increased dividends for inclusion. and the ProShares S&P MidCap 400 Dividend Aristocrats ETF (BATS: REGL) tracks the Russell 2000 Dividend Growth Index, which includes small-cap firms with dividend increase streaks of at least a decade.

For more information on dividend stocks, visit our dividend ETFs.