In the years that followed the 2008 financial crisis, ultra-low interest rates led many investors to seek income from sources outside the bond market, such as dividend-paying stocks. As interest rates have plummeted this year, we believe demand for dividend payers may swell once again. However, the COVID-19 crisis has led several companies to cut dividends. In our view, stocks that can maintain strong dividend policies may grow more attractive, as income-oriented investors chase fewer dividend payers. We believe dividend durability may be a key driver of performance for dividend ETFs in the months ahead.