This ETF offers exposure to the U.S. telecom market, making it one option available to investors implementing a sector rotation strategy or focusing on corners of the domestic stock market that generally offer attractive dividend yields. Like most other telecom ETFs, IYZ is concentrated in a relatively small number of mega cap companies, resulting in a top heavy structure (State Street's XTL is linked to an equal-weighted index, delivering more balanced exposure to the telecom sector). Another drawback of this ETF is expenses. IYZ is not competitive on price; both VOX and FCQ offer similar exposure with a much lower price tag. Those looking to achieve exposure to the global telecom market may consider IYZ, while those looking to steer clear of the U.S. altogether might like IST or AXTE.