IDV devotes about 66% of the portfolio to Europe, but the concentration to troubled economies is much less than DWX. The Guggenheim S&P Global Dividend Opportunities ETF (NYSEArca: LVL) has a high yield of 7.1%, and allocates 57% to Europe. The high yield is a payoff for the high level of risk, as 83% of the portfolio is devoted to high yield international stocks.

Going forward, it is important to watch international dividend ETFs since they had a high price appreciation in 2012, reports Zhang. Yields can drop off if the stock or ETF price appreciates. [International Dividend ETFs Ahead of the Fiscal Cliff]

Other international dividend ETFs include:

  •  WisdomTree International LargeCap Dividend Fund (NYSEArca: DOL)
  • Dow Jones Global Select Dividend Index Fund (NYSEArca: FGD)
  • SPDR S&P Emerging Market Dividend ETF (NYSEArca: EDIV)

SPDR S&P International Dividend ETF 

Tisha Guerrero contributed to this article.