Market Vectors Preferred Ex Financials (PFXF) with its approximate annual distribution yield near 6% fits the bill.
Another reasonable asset is shorter-term high yield corporates. For example, the Guggenheim BulletShares 2017 High Yield Corporate (BSJH) is a diversified basket that you can expect to mature in 2017. The SEC 30-day of 5% is likely to perform as a cash flow generator with limited volatility.
Finally, for those who believe that the safest debt in the world may reside in Australia and New Zealand, there's the WisdomTree Australia and New Zealand Debt Fund (AUNZ). The 2.9% distribution yield alone may not seem all that appealing to yield hunters. On the other hand, modest capital appreciation in these country's currencies could easily provide an attractive total return.
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