7 ETFs and Closed-End Funds Yielding Over 10%

Kayne Anderson MLP Investment

Kayne Anderson MLP Investment Co. (NYSE: KYN) now pays a $0.55 per quarter dividend, down from a peak of over $0.65. This still generates a yield of 11.5%, although some sources peg the yield as higher because of the past dividends. This closed-end fund does use leverage of more than 40%, but it has seen relatively low turnover of 17%.

Kayne Anderson’s management fees are over 2%, and its expense ratio is high at over 6%, after considering the interest expense and distributions on mandatory redeemable preferred stock. This closed-end fund also has roughly $3.6 billion in assets. The fund has a 52-week range of $10.10 to $34.47.

iShares Mortgage Real Estate Capped ETF

iShares Mortgage Real Estate Capped ETF (NYSEMKT: REM) had its last dividend as $0.274 for the quarter, yielding 10.7%. This ETF generally invests in mortgage real estate investment trusts (REITs) in the FTSE NAREIT All Mortgage Capped Index that invest in mortgage-backed securities. The most recent $0.274 dividend generates a yield of 10.7%, based on its $10.23 share price.

This iShares ETF recently was talked up by Jeff Gundlach as an opportunity ahead, and its net assets are about $978 million, with an expense ratio of just under 0.5%. This ETF has traded in a 52-week week range of $7.99 to $11.70.

Eaton Vance Risk-Managed Diversified Equity Income Fund

Eaton Vance Risk-Managed Diversified Equity Income Fund (NYSE: ETJ) has a monthly payout of $0.093, generating a yield of 11.4%, based on a share price of $9.76 for the closed-end fund. This monthly payout is the same going back to the start of 2013, and before that it was a quarterly payout that had been lowered from a peak in 2007 to 2010.

The Eaton Vance fund has $662 million in net assets and invests in common stocks and uses options. Portfolio turnover has been high at 77%. The 52-week trading range here is $8.95 to $11.15.

Guggenheim Strategic Opportunities Fund

Guggenheim Strategic Opportunities Fund (NYSE: GOF) pays $0.182 per month, which generates a yield of 12.4%. based on a $17.56 share price. The closed-end fund will invest in many fixed-income, debt and senior equity securities from a variety of sectors and credit qualities. Investors have close to 10 years of history here as the fund dates back to 2007. This closed-end fund has $306 million in assets and has about 30% leverage to it.

That high 12.4% yield is juiced handily by the leverage used by Guggenheim, and it has over 2% in total expense fees, plus 86% portfolio turnover. This fund has a 52-week week range of $15.00 to $21.38.

YieldShares High Income ETF

YieldShares High Income ETF (NYSEMKT: YYY), from Exchange Traded Concepts Trust, pays a $0.16 monthly dividend. Be advised that this ETF’s dividend payment was lower than the traditional $0.17 payout per month from 2014, and prior to that the monthly payout had briefly been $0.20. The dividend yield, based on an $18.53 share price, is 10.36%.

This ETF seeks to track the price and yield performance of the ISE High Income Index, and it is said to normally invest at least 80% of its total assets in securities of the index. The YieldShares site shows that the ETF has about $87 million in assets and a 1% expense ratio. Its 52-week week trading range is $13.82 to $21.33.

Pricing and dividend data, as well as the 52-week ranges and trading history, have been taken from Yahoo! Finance. Other data (NAV, assets, leverage, expenses, holdings, turnover and strategy) have generally been taken from the Closed-End Fund Center ( Some data on ETFs and funds was taken from each fund group’s own website.

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