I've penciled PEY in as an ETF to watch. When there is correction, PEY will be on my short list of future American investments.
If you're wondering what exactly this ETF attempts to mirror, here is the answer:
PEY tries to give returns, before fees and expenses, reflecting both the price and yield of the NASDAQ Dividend Achievers 50 Index. The fund invests some 90% of its total assets in the common stocks of the 50 companies comprising the underlying index. Stocks are included mainly on the basis of dividend yield and consistent dividend growth. Google "Mergent" and "NASDAQ Dividend Achievers 50 Index" for more information.