The SPDR SSgA Income Allocation ETF (NYSEArca: INKM) is an actively managed fund that invests in other ETFs, focusing on income and yield-generating assets. The portfolio managers are currently leaning away from bonds and toward stocks, with 44% in equities, 32.8% in investment grade bonds, 11.1% in hybrids, 9.1% in global real estate and 2.5% in high-yields. INKM has a 0.70% expense ratio and a 3.98% 12-month yield. The fund is up 1.6% year-to-date. [Don’t Forget About These Multi-Asset ETFs for Income]

In light of the historically low yields, the fund has been holding bonds with lower credit qualities. If rates climb, the managers can shift over to bonds with shorter maturities.

Top holdings include SPDR Barclays Long Term Corporate Bond ETF (NYSEARca: LWC) 15.2%, SPDR S&P Dividend ETF (NSYEArca: SDY) 15.0%, SPDR Wells Fargo Preferred Stock ETF (NYSEArca: PSK) 10.6%.

The iShares Morningstar Multi-Asset Income Index Fund (NYSEArca: IYLD) tries to reflect the performance of the Morningstar Multi-Asset High Income Index, which consists of 60% fixed income, 20% equity and 20% alternative income assets. The fund has a 0.60% expense ratio, a 5.09% 12-month yield and is up 0.4% year-to-date.

IYLD is comprised of a number of ETFs, most of which are from iShares. The top holdings include iShares Barclays 20+ Year TR Bond (NYSEArca: TLT) 15.4%, iShares iBoxx High Yield Corporate Bond (NYSEArca: HYG) 15.0% and iShares JP Morgan Emerging Markets Bond Fund (NYSEArca: EMB) 15.0%.

Asset allocations include domestic fixed-income 40.5%, domestic equity 22.9%, international fixed income 19.9%, domestic real estate 14.6% and international equity 2.2%.

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

Max Chen contributed to this article.