Hugo has some great advice.
DIA is also a good one (at the right price!), as it pays out monthly dividends which you then can reinvest via drip - dividend reinvestment program. You could purchase (at the right price) and make $ a year later even if it was flat! Wait for the next 'oversold' cycle and get a small amount, set up the drip and be patient - add to investment if/when you decide its needed. I'd think up some tolerance levels on when to -consider- adding. Remember that reducing would only be feasible if the amount you'd gain is significant enough to forgo capital gains tax.
One thing is near certain, DIA is not going to go 'tits up'. Beware of leveraged etfs and especially etns - they are not buy and hold - they are trading vehicles to make a quick buck.
Check on something like morningstar to see if an etf is trading at an obscene premium to nav.
Also pick up lqd if this bond bubble ever bursts - it'll always beat the treasury.
3.83% yield? Not such a great return for a dividend focus. There are plenty of 7-10% stocks discussed in these boards, many that have been and are stable.