By now, most exchange traded fund investors should know better than to solely invest in a fund based on its moniker. Before diving into any ETF, potential investors should always take a look under the hood first.

For instance, the Global X Super Dividend ETF (NYSEArca: SDIV) arouses hopes that this product will offer above average, or “super,” dividend payouts, which is rather appealing given the current low-yield environment, writes Steve Gunn for Wall Street Daily. [Dividend ETFs to Reap Record Quarterly Payout]

Gunn, though, argues that bigger doesn’t always mean better when it comes to dividends. [Dividend and International ETFs for the U.S. Fiscal Cliff]

The Global X Super Dividend ETF offers a 30-day SEC yield of 6.69%, a 7.47% 12-month yield and a 11.21% distribution yield. The 30-day SEC yield is taken from the most recent period after deducting expenses. The 12-month yield is determined by the payout received if held over the last 12 months. Lastly, the distribution yield is calculated by taking the most recent distribution annualized then divided by the current net asset value.

The yield is nice, but investors also have to consider the holdings. Specifically, country allocations include U.S. 35.9%, Australia 24.1%, U.K. 8.5%, Singapore 5.7%, Canada 5.5%, Poland 2.0%, China 1.9%, Brazil 1.9%, Netherlands 1.8% and Spain 1.5%. While the U.S. is the largest country holding, the fund does provide additional exposure to other developed and emerging markets.

Sector allocations include REITs 20.5%, telecoms 17.5%, financials 13.9%, consumer discretionary 11.0%, banks 4.9%, utilities 4.9%, industrials 4.8%, financials ervices 4.3%, insurance 4.1% and tech 3.2%. SDIV also allocates a hefty chunk to real estate investment trusts, along with their attractive payouts, but other dividend ETFs may exclude REITs altogether.

Looking at the individual holdings, no single stock is larger than 1.5% of the total weighting, so the fund is relatively spread out.