Investors still crave income, and savers who have come to rely on a steady cash stream may enjoy the monthly distributions offered by some alternative exchange traded fund strategies.

Most fixed-income and stocks issue quarterly distributions. However, investors who want more frequent yields to cover daily expenses can browse through dividend-paying ETFs that deliver monthly dividends. For instance, as we noted earlier, there are a number of equity-based ETFs that issue monthly yields. [More Monthly Dividend ETFs]

However, investors can also look through a number of alternative and multi-asset ETFs also provide monthly payouts as well. Funds feature include well-known multi-assets ETFs, REIT funds as well as an ETF focused on closed end funds.

iShares Conservative Allocation ETF (NYSEArca: AOK)

12-month yield: 1.96%

Comment: The iShares Conservative Allocation ETF acts like a fund-of-funds, one-stop-shop ETF investment. With the single investment, AOK provides investors the ability to track a broad portfolio of equity and fixed-income funds. Additionally, the ETF targets a more conservative investment strategy based on a low risk tolerance, which can provide a more short-term investment position for retirees looking to generate some extra money.

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