Including the largest dividend ETF by assets on this list may come as a surprise to some investors. Utilities and telecom names combine for just two percent of VIG's weight. Financials, another sector vulnerable to the fiscal cliff, represent just 6.3 percent of VIG's weight. Consumer staples control about a quarter of VIG's total sector exposure. All that would be enough to make some investors ask why has VIG been slammed to the tune of 4.7 percent since November 7. Simply put, VIG has proven vulnerable to fears of the fiscal cliff. With investors speculating that companies will pay out less cash in the form of dividends or even reduce payouts if the dividend tax rate rises, VIG has not been immune to selling pressure. Clearly this is a "sell the fear" event because as Schwartz and Koesterich noted in their respective research pieces, when dividend tax rates have risen in the past, high-yielders have performed well and some companies have actually increased dividends to help mitigate the affect of the higher tax rate. Given its scant financial services and utilities exposure and a meager 0.13 expense ratio, VIG is more of a buy under the fiscal cliff than the other funds highlighted here. For more on ETFs, click