In an environment of low global economic growth, exchange traded fund investors may find that income generation, rather than capital gains, provides a better source of investment returns.

“The global economy is left to depend on economic growth for further advances and it is growth that is now and has recently been historically deficient,” Gross said in a Bloomberg article.

Consequently, Gross advises investors to “own bonds and an average proportion of stocks too.”

Income-minded investors can take a look at broad bond or dividend stock ETFs for yields. For instance, the actively managed PIMCO Total Return ETF (NYSEArca: BOND), which includes a mix of U.S. and developed market corporate and Treasury bonds, has a 2.49% 30-day SEC yield. BOND has gained 4.6% year-to-date.

Investors can also take a look at passive bond ETFs like the Vanguard Total Bond Market ETF (NYSEArca: BND) and iShares Core U.S. Aggregate Bond ETF (NYSEArca: AGG), which include a diversified selection of U.S. Treasuries, mortgage-backed securities, agencies, and corporate bonds. BND has a 2.10% 30-day SEC yield and AGG has a 2.18% 30-day SEC yield. Year-to-date, BND and AGG are both up about 4.0%.

Alternatively, the Vanguard Dividend Appreciation ETF (NYSEArca: VIG) and iShares Select Dividend ETF (NYSEArca: DVY) provide exposure to a quality mix of U.S. company stocks with a dividend kicker. VIG is up 3.4% so far this year while DVY gained 7.4%. VIG shows a 1.91% 12-month yield and DVY has a 2.97% 12-month yield. [Dividend Stocks, ETFs Remain in Style]