If you're an investor who looks for ASX dividend stocks that pay income every single month, you'd know that these stocks aren't exactly common on the Australian stock market.

Almost every stock that calls Australia home and pays a regular dividend here does so on a six-month schedule. Investors receive two dividend payments every year, usually an interim dividend and a final dividend.

A very small number of ASX dividend stocks and exchange-traded funds (ETFs) pay out more frequently, following the quarterly dividend model favoured in overseas markets like the United States. But only a handful of ASX shares take this further and dole out income every single month.

We've discussed these rare stocks here at the Motley Fool before. In fact, I wrote about one particular favourite of my own portfolio just last week.

But this August, the ASX has seen this small pool of monthly dividend payers expand.

As we reported last Wednesday, a new ASX ETF, the BetaShares Australian Shares High Yield ETF (ASX: HYLD), has just launched.

Monthly payouts: A new ASX dividend stock on the block

As the name implies, this ETF specialises in providing its investors with a high level of dividend cash flow. It does so by holding an underlying portfolio of ASX dividend stocks that mirrors the S&P/ASX 200 High Yield Select Index. This index represents around 50 ASX dividend stocks that all offer high but relatively sustainable dividend payments.

These 50 stocks include everything from banks like Westpac Banking Corp (ASX: WBC) and National Australia Bank Ltd (ASX: NAB) to BHP Group Ltd (ASX: BHP), Wesfarmers Ltd (ASX: WES), and Telstra Group Ltd (ASX: TLS).

Although it has yet to complete its first week of ASX life, this ETF has big plans. As we touched on above, it will be a fund that pays out a dividend distribution to investors every single month. That's 12 dividend paycheques a year for investors.

Now, we don't yet know exactly how much HYLD investors will receive in income going forward, given that the fund has just launched.

However, Betashares tells us that the underlying index that this ETF tracks currently sports a trailing 12-month dividend yield of 4.5%. As such, that's probably a rough ballpark figure that income investors can go off if they are considering an investment. Considering the ASX dividend stocks that make up this ETF's portfolio, one can probably assume that there will also be a high level of franking credits coming down the pipeline as well.

The Betashares Australian Shares High Yield ETF will charge investors a management fee of 0.25% per annum. Its underlying index has reportedly returned an average of 8.52% per annum over the past ten years.