With the Reserve Bank of Australia cutting interest rates in early 2025 — and at least two more reductions expected before the year is out — it is no surprise that term deposit rates from Commonwealth Bank of Australia (ASX: CBA) and the rest of the big banks are heading lower again.

For income-focused investors, this raises an important question: where can you still earn a decent return?

Fortunately, there are other options. A number of ASX ETFs continue to offer reliable and attractive yields, making them a worthy alternative for investors willing to take on a little more risk in pursuit of income.

Here are three ASX ETFs that could help boost portfolio returns in a low-rate world.

Vanguard Australian Shares High Yield ETF (ASX: VHY)

The first ASX ETF for income investors to look at is the Vanguard Australian Shares High Yield ETF. It provides exposure to a diversified basket of Australian companies with above-average dividend yields.

This ASX ETF holds large and mid-cap names across sectors like financials, consumer staples, and resources — including banks, supermarkets, retailers, and miners.

The Vanguard Australian Shares High Yield ETF currently trades with a 5% trailing dividend yield. Distributions are paid to unit holders on a quarterly basis.

YMAX Australian Top 20 Equity Yield Maximiser Fund (ASX: YMAX)

The YMAX Australian Top 20 Equity Yield Maximiser Fund is another top choice for income seekers. It invests in the top 20 ASX-listed companies, such as BHP Group Ltd (ASX: BHP), Commonwealth Bank of Australia (ASX: CBA), CSL Ltd (ASX: CSL), and Wesfarmers Ltd (ASX: WES), offering exposure to some of the country's most stable and established dividend payers.

However, what makes this ASX ETF different is its use of a covered call strategy, which generates additional income by writing call options over the holdings. This approach can slightly limit capital growth, but it enhances income — making it attractive for yield-focused investors.

The fund currently boasts a 12-month trailing distribution yield of 7.7%, with dividends paid quarterly. BetaShares recently picked out the fund as one to buy for income in 2025.

Australian Bank Senior Floating Rate Bond ETF (ASX: QPON)

Finally, for investors wanting income with less equity market risk, the Australian Bank Senior Floating Rate Bond ETF could be a top option. This ASX ETF holds senior floating-rate bonds issued by major Australian banks — generally regarded as some of the safest fixed-income assets on the market.

Floating-rate bonds offer more protection against interest rate movements than fixed-rate bonds, and this fund's focus on senior debt means it ranks above hybrid securities and shares in a bank's capital structure.

It currently offers a 12-month trailing yield of 5.5%, with monthly income distributions, potentially making it a solid defensive option in a broader income portfolio. BetaShares also recently tipped it as a buy for income investors.