This is not going to be the case with every stock in the fund, far from it, but these examples help to understand some of the risk factors to this space. That these two stocks, the largest two, are only allocated 3% respectively of the fund means that a worsening of conditions for these companies will not crush the fund and of course should any of the holdings cut their dividends they would be rebalanced down or out of the fund depending on the size of the potential dividend cut. For now the SPHD looks to pay a 4.45% yield. But as is the case with all new ETFs, the actual yield may differ from projections and should be expected to fluctuate over time. At the time of publication the author had no position in any of the stocks mentioned.This article was written by an independent contributor, separate from TheStreet's regular news coverage.