BetaShares Major Bank Hybrids Index ETF (ASX: BHYB)

BetaShares has launched a new exchange traded fund which will invest in the listed hybrid securities of Australia's major banks.

The ETF will track the Solactive Australian Banking Preferred Shares Index and pay income monthly. Income is expected to be paid at a higher rate than cash and senior bonds, and will include franking credits. The index returned an average running yield of 2.45 per cent per annum.

The management fee is 0.35 per cent and there is no minimum investment.