The most widely held ETFs by number of funds would add in HYG, JNK and IWM.

FORBES: Your Mutual Fund Doesn't Show Enough ETF

This year through the end of October, the SPDR Barclays Capital High Yield Bond ETF (JNK) and the iShares iBoxx High Yield Corporate Bond (HYG) are up 12.6% and 10.1%, respectively.

FORBES: Ford And Icahn Look Like Better Bond Bets Than Uncle Sam

Since March 2009, those factors have both been big tailwinds for below-investment grade paper, helping drive both the JNK and HYG 50% higher in price over the past year and a half.

FORBES: Ford And Icahn Look Like Better Bond Bets Than Uncle Sam

Shares of JNK have a positive edge in the short-term of just over three quarters of a percent, significantly higher than its rival, high yield bond ETF, the iBoxx High Yield Corporate Bond Fund (NYSE: HYG).

FORBES: Junk Bond ETFs Good Candidates For Oversold Bounce

High yield bond funds like Janus High-Yield (JAHYX) or Fidelity High Income (SPHIX) have consistently performed better than high yield ETFs like SPDR Barclays Capital High Yield ( JNK) and iShares iBoxx High Yield ( HYG) and with less volatility.

FORBES: Five Reasons Bond Funds Are Better Than ETFs

For example, in our portfolios right at the moment, you are going to see a lot of iShares US Preferred Stock ( PFF) as well as iShares High Yield Growth ( HYG), because we feel like there is a lot of value in that space right now, and really that is where the income is being generated.

FORBES: Using ETFs for Stability and Consistency