One way to generate yields is to build a portfolio containing different types of assets. A big advantage of such a portfolio would be its diversification above and beyond the sector and country, notes Genia Turanova, editor of Leeb Income Performance.

For a long while now, one could invest in a mutual fund whose prospectus stipulates that it divide investments between equities and bonds, a sort of one-stop asset allocation fund.

These days, however, investors can also find ETFs to do pretty much the same thing, namely, create a conservative, moderate, aggressive, or even growth allocation.

An appealing choice in the multi-asset category is First Trust Multi-Asset Diversified Income Index Fund (MDIV).

Most recent data indicates that the ETF is invested in dividend-paying equities (26.4%), MLPs (21.3%), preferred securities (18.7%), REITs (18.2%), and high-yield corporate bond ETFs (15.4%). Current yield: 5.9%.

Moreover, investors can do one-stop shopping for most income classes through a single ETF as well. One interesting choice here is Guggenheim Multi-Asset Income (CVY).

Yielding 5.4%, this ETF seeks investment results that correspond generally to the performance, before fund fees and expenses, of an equity index called the Zacks Multi-Asset Income Index.

Guggenheim uses quantitative analysis to select stocks from the Index universe to obtain a representative sample of stocks to resemble the Index in terms of key risk factors, performance attributes, and other characteristics.

The result—a low-cost passive portfolio that includes such investment classes as US-listed common stocks, ADRs, REITs, MLPs, closed-end funds, Canadian royalty trusts, and preferred stocks.

The ETF's portfolio of 150 securities is somewhat atypical, as it's not market-cap weighted. Its average market capitalization is, in fact, only $26.7 million, and, among its top ten positions, the smaller caps are weighted more than the larger caps.

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