As it happens I have just looked at the "12 volt DC" supplied by an unbranded "electronic transformer" on an oscilloscope. It alternates between 11.3 and 13.9 volts at approx 1.7kHz. on minimum load ( resistive ) the mark space ratio of the two values is such that the average is 12.3 volts. Increasing the load ( resistive ) reduces the 11.3 to 10.4 and the 13.9 to 12.8 at maximum load. The mark space ratio alters to create an average of 11.8 volts.
It had been bought to power a medium wave radio but the spurious radiation from it knocked out all but the strongest radio signals.
If I have time tomorrow I will try some other loads including LED drivers. Then I will open it up to see how well it is made.
It can't possible be a so called "electronic transformer" (in itself a nonsense term) as those are high frequency AC devices for driving halogen lights. Is it an unbranded DC output switch mode power supply?