These high-yield ETFs are a smart way to invest in preferred stocks, Bank of America says

Yields for preferred stocks are at their highest level in more than a decade, and investors can use exchange traded funds to capture that income as well as any potential upside, according to Bank of America. Preferred stocks are a type of security that is above common stock in a company's capital structure and often pay higher dividend yields.

Bank of America gave buy-equivalent ratings to three funds in this category: the iShares Preferred and Income Securities ETF , the Global X U.S. Preferred ETF and the VanEck Preferred ex-Financials ETF . Those funds have an average yield of 6.7%, according to Bank of America. Of the three, Global X's PFFD has the lowest expense ratio at 0.23%, and VanEck's PFXF has performed the best this year with a total return of about 6.7% according to FactSet.

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