"New York, October 15, 2012: S&P Dow Jones Indices launched today the S&P 500 Low Volatility High Dividend index which applies a low volatility screen on a high yield basket of securities drawn from the universe of S&P 500®. The Index is the first of its type designed to identify high yielding securities with low levels of volatility.
The S&P 500 Low Volatility High Dividend index has been licensed to Invesco PowerShares, for the creation and launch of an exchange traded product. Invesco PowerShares is also the licensee for the closely followed S&P 500 Low Volatility index."
These kind of developments usually happen near a top.
It's just one more way to slice the pie. I was looking at SPLV, which I think screens on low volatility but not on high dividends. It's been around a little more than a year, and has underperformed the S&P500 over that period. But it does lose LESS money on bad down days. It will take a while to see if these new screens really improve investing much.