Many have sought out targeted markets as they expand their search for yield, but this may leave many overexposed to riskier areas. Instead, investors can look at a multi-asset exchange traded fund strategy to diversify exposure while generating attractive yields.

For instance, the Arrow Dow Jones Global Yield ETF (NYSEArca: GYLD) holds a basket of income-generating equity and fixed-income securities from non-traditional sources, and the fund has provided a 12-month yield of 6.97%, according to Morningstar.

The underlying Dow Jones Global Composite Yield Index has a 60.8% stock and 39.2% bond breakdown.

The fund equally weights its 151 components, and the index equally weights its five sub-categories, including global alternative 19.2%, global corporate debt 19.7%, global equity 21.6%, global real estate 19.9% and global sovereign debt 19.5%.

Most investors have a home bias, investing solely in U.S. assets. The multi-asset ETFs diversifies with overseas exposure. The U.S. makes up 40.4% of GYLD, followed by Portugal 6.6%, Hungary 6.6%, Italy 5.2%, Spain 5.1%, Venezuela 5.0%, South Africa 4.8%, Turkey 4.7%, Colombia 3.3% and Brazil 1.8%.