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Smart investors know that dividends can soften the blow to your portfolio in a market downturn. If you want diversification, and to avoid the headache of choosing individual dividend payers, ETFs are a good bet. Here are five attractive high yield ETFs for you to consider:

Over 99 percent of companies in the WisdomTree Global Equity Income Fund (NYSEARCA:DEW) have market capitalizations of at least $2 billion. The aggregate P/E is right under 14. In 2010, the current yield was 3.47 percent, and the market price increased by roughly 6 percent. Year-to-date in 2011, the market price is up over 5 percent. The fund has names like Total SA (NYSE:TOT), AT&T (NYSE:T), Kraft (KFT), and GDF Suez (OTCPK:GDFZY). The fund has been around since June 2006.

WisdomTree LargeCap Dividend Fund (NYSEARCA:DLN) is composed of 302 of the largest US companies that pay regular cash dividends. The aggregate P/E is a reasonable 14.13. In 2010, the current yield was 2.69 percent, and the market price increased just by a tad under 15 percent. In 2011, the market price is up 4.9 percent. The fund includes the following companies: Microsoft (NASDAQ:MSFT), Verizon (NYSE:VZ), and Pfizer (NYSE:PFE). This fund also came into being in June 2006.

iShares Dow Jones International Select Dividend Index Fund (NYSEARCA:IDV) is made up of 100 companies in Europe, the Pacific Rim, Asia, and Canada that pay high dividend yields. The aggregate P/E is 11.84. In 2010, the current yield was 3.91 percent, and the market price increased by over 11 percent. Some of the companies in the fund are National Australia Bank (OTCPK:NABZY), France Telecom SA (FTE), and BASF SE (OTCQX:BASFY). The fund was formed in June 2007.

iShares Dow Jones Select Dividend Index Fund (NYSEARCA:DVY) is composed of 100 American companies that pay among the highest cash dividends. The aggregate P/E is a solid 14.23. In 2010, the current yield was 3.41 percent, and the market price increased by over 17 percent. In 2011, the market price is up 3 percent. Currently, the fund has holdings in these companies: Entergy (NYSE:ETR), Kimberly-Clark (NYSE:KMB), VF (NYSE:VFC), and Mercury General (NYSE:MCY).

Vanguard Dividend Appreciation ETF (NYSEARCA:VIG) for investors seeking dividends and growth, VIG contains 138 American companies that that have increased their annual regular dividends for at least the past 10 consecutive years. The aggregate P/E is 15.9. In 2010, the current yield was 1.9 percent, and the market price rose by approximately 12 percent. The top 5 holdings of the fund are Chevron (NYSE:CVX), Coca Cola (NYSE:KO), Exxon Mobil (NYSE:XOM), IBM (NYSE:IBM), and McDonald’s (NYSE:MCD). The fund emerged in April 2006. It fell as the rest until March 2009, but is now trading at early 2008 levels.

For some other income ideas see our recent REIT article and 8 high-yield blue chip stocks for an inflation proof portfolio. And as always, please do your own due diligence before considering any of the names above.

Does anyone have any other dividend ETFs to throw in the mix?

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Five High-Yield Dividend ETFs for Smart Income Seekers