There are simple and complex ways to generate income. If you buy exchange-traded funds (ETFs), you can hand off much of the work while still mixing simple and complex strategies as you look to build your income portfolio. On the "simple" side of the equation, a great option is Schwab U.S. Dividend Equity ETF (NYSEMKT: SCHD). On the "complex" side, you might consider covered-call writing Amplify CWP Enhanced Dividend Income ETF (NYSEMKT: DIVO).

Here's a quick look at these two ETFs.

The Schwab U.S. Dividend Equity ETF starts its stock screening process by limiting itself to only those companies that have increased dividends for at least 10 years. Real estate investment trusts (REITs) are eliminated from consideration. This approach inherently focuses the selection process on financially strong businesses. That, however, is just the first cut to create the pool from which the ETF selects its final portfolio of 100 stocks.

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Source Fool.com