Who doesn't want more passive income? After all, it's basically the key to financial freedom. The more income an individual can generate from their assets, the more freedom they have to spend as they please.

With that in mind, let's take a look at two exchange-traded funds (ETFs) that can help investors boost their passive income.

Invesco S&P 500 High Dividend Low Volatility ETF

First up is the Invesco S&P 500 High Dividend Low Volatility ETF (NYSEMKT: SPHD).

There are several reasons to like this fund, but topping the list is the fund's overall strategy. It tracks an index comprised of high-dividend stocks from within the S&P 500 that show the least amount of volatility. In turn, the fund combines a solid dividend yield of 3.5% with a wide range of blue chip stocks.

The fund's holdings are diverse and span multiple sectors. The most represented industries include utilities (20% of all holdings), consumer staples (18%), and financials (15%).

The fund was started in 2012, and has a lifetime performance of 215%. That works out to a compound annual growth rate (CAGR) of 10.1%. To put it another way, $10,000 invested in the fund in 2012 would have grown to $31,500 as of this writing.

As for costs, the fund has an expense ratio of 0.30%. That means investors pay $30 a year in fees for every $10,000 invested in the fund.

Vanguard International High Dividend Yield ETF

Next is the Vanguard International High Dividend Yield ETF (NASDAQ: VYMI).

Unlike the Invesco fund discussed above, which focuses on American companies, this Vanguard fund holds mostly international stocks. While I tend to prefer American companies to their foreign competitors, I'm making an exception in this case.

That's because there are many excellent foreign companies that also pay high dividends -- making them ideal holdings for investors looking to boost their passive income.

This Vanguard fund's holdings are extremely diverse, with 49% of its holdings based in Europe, 38% in Asia, and 11% in North, Central, and South America.

The fund also boasts sector diversity. The largest industries represented are finance (37% of holdings), energy (8%), and consumer staples (6%).

The fund's current dividend yield of 4.4% should catch the eye of income-seeking investors, while its 0.22% expense ratio will make cost-conscious investors smile.

The fund, which was founded in 2016, has a solid performance history. Over the last five years, the fund has generated a total return of 55% -- meaning a $10,000 investment made in 2019 would have grown to about $15,500 as of this writing. On an annualized basis, the fund has generated a CAGR of 9.2%.

While each of these two ETFs offers distinct features (one is focused on the U.S. equity market, one is focused on international companies), both ETFs can help investors increase their passive income thanks to the solid dividend payments each fund passes along, combined with their reasonable fees. Either (or both) of these funds would be a wise choice for income-oriented investors.

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HSBC Holdings is an advertising partner of The Ascent, a Motley Fool company. Jake Lerch has positions in Altria Group, Invesco Exchange-Traded Fund Trust II - Invesco S&P 500 High Dividend Low Volatility ETF, Novartis, and Pfizer. The Motley Fool has positions in and recommends Bristol Myers Squibb, Crown Castle, Kinder Morgan, Pfizer, and Realty Income. The Motley Fool recommends Dominion Energy, Verizon Communications, HSBC Holdings, Nestlé, Roche Ag, Unilever, and Vici Properties. The Motley Fool has a disclosure policy.

2 High-Yield Dividend ETFs to Buy to Generate Passive Income was originally published by The Motley Fool