OppenheimerFunds has launched two exchange-traded funds designed to invest in overseas companies that pay healthy dividends. The Oppenheimer International Ultra Dividend Revenue ETF (RIDV) and Oppenheimer Emerging Markets Ultra Dividend Revenue ETF (REDV) are revenue-weighted products that aim to create portfolios with better valuations versus market cap-weighted funds.

The Oppenheimer International Ultra Dividend Revenue ETF invests in companies in the FTSE Developed Ex-US Index with the highest trailing dividend yield. The fund has 201 securities, with the U.K. (20.1 percent), France (17.4 percent) and Germany (15.1 percent) having the biggest country weights.

Financials and energy represent the two largest sectors at 44.2 percent and 18.9 percent, respectively, and the top holdings are BP plc, Royal Dutch Shell plc, Daimler AG, AXA SA and Total SA. The fund's expense ratio is 0.42 percent.

The Oppenheimer Emerging Markets Ultra Dividend Revenue ETF follows a similar strategy to its fraternal twin, with the main difference being it invests in companies in the FTSE Emerging Index with the highest trailing dividend yield. And as referenced above, companies in both funds are weighted by their top-line revenue.

The emerging-markets product carries an expense ratio of 0.46 percent and holds 101 companies. China (23 percent), Russia (14.1 percent) and India (10.3 percent) are the top country weights, and utilities (29.5 percent), financials (17.1 percent) and energy (11.6 percent) are the largest sector weightings. Top holdings are Inventec Corp., Huaneng Power International Inc., China Resources Power Holdings Co. Ltd., Guangzhou R&F Properties Co. Ltd. and Vedanta Ltd.

Both ETFs are dominated by large- and mid-cap names, though the emerging-markets product has a 9 percent allocation to small-caps versus practically nil for the developed-markets fund.

The two new ETFs join the Oppenheimer S&P Ultra Dividend Revenue ETF (RDIV), which holds companies in the S&P 900 with the highest trailing dividend yield and is weighted by top-line revenue.

That fund is approaching its five-year anniversary with $919 million in assets under management. Its three-year annualized return of 16.3 percent tops the S&P 500 Index’s total return of 15.6 percent during that period, according to Morningstar. It sports a SEC yield of 3.54 percent, and its expense ratio is 0.39 percent.