Spoke with the fund manager today, they had a large dividend distribution for 2011 on Friday. Depending upon your election, you will receive either cash or additional shares to make up the difference. I haven't seen it yet myself but I'm waiting until end of day Monday to see if the funds arrive before acting further.
I assume the large distribution is related to capital gains from trading and not dividends. ETFOX has significant annual portfolio turnover (200%+) which can often result in adverse tax implications for the shareholders (not every investment is held in an IRA or 401-k). Unfortunately, the investment industry focuses too much and investors too little on pre-tax instead of after-tax returns.