The PowerShares High Yield Equity Dividend Achievers Portfolio (NYSEArca: PEY) takes a smaller slice of the dividend achievers universe, tracking only the 50 highest yielding stocks from the underlying index that VIG uses. PEY shows a 3.4% 12-month yield.

For an even greater take on quality, the SPDR S&P Dividend ETF (NYSEArca: SDY) targets 50 highest-yielding stocks that have raised their dividends for every year over the past 25 consecutive years. However, the screen does leave investors with a portfolio of older, slower-growing companies. SDY has a 2.26% 12-month yield.

The relatively new AdvisorShares Athena High Dividend ETF (NYSEArca: DIVI), which was launched on July 29, takes an interesting approach to dividend stocks, selecting all manner of yield generating equities that have already been vetted by active mutual fund managers. DIVI acts like a dividend play of popular hedge fund picks. [An Active Guru ETF with a Dividend Focus]

For more information on dividend funds, visit our dividend ETFs category.

Max Chen contributed to this article.