For years after the financial crisis, the industry's bad reputation extended to their shares, as many investors began to shun them. And now we have an interesting litmus test on whether that's a smart move courtesy of two ETFs, one of which includes financial holdings, the other doesn't.

Two WisdomTree ETFs, launched on the same day in 2006, take different approaches to domestic dividend-paying stocks. Both the WisdomTree High Dividend Fund (DHS) and the WisdomTree U.S. Dividend ex-Financials Fund (DTN) weight their holdings by projected dividend payment. That would seem to make for a fairly straightforward comparison, but the structures of these two ETFs are quite distinct.

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