The ALPS Sector Dividend Dogs ETF (NYSE: SDOG – $37.45) declared their second quarter 2015 distributions on June 23, 2015 in the amounts of $0.305427. The dividend is payable on July 1, 2015 to shareholders of record on June 26, 2015. The payout is $0.045 lower than the previous quarter as the fund re-balanced its portfolio based on the rules of the underlying index. The S-Network Sector Dividend Dogs Index, re-balanced quarterly, is intended to give investors a means of tracking the overall performance of the highest dividend paying stocks in the S&P 500 on a sector-by-sector basis. At current quotations, the fund yields 3.44%. Since entering the income portfolio last August, the ETF has moved sideways in price and the overall return of about 3.5% has come exclusively from the funds dividend payout. With an impending hike in interest rates looming for later this year, investors have taken a cautious view of the income-related stocks that are incorporated in the index and the lackluster trend for SDOG may continue for some time. Nonetheless, a 15% allocation in a well-diversified income portfolio remains warranted.