Buy a high div ETF instead, but only if you think market has bottomed. VYM is one that will do better than PBP, but only if market is rising. If market is going down, you should be out of stocks and etfs.
The yield is FEEBLE, esp for a purportedly Eq-income strategy.
I think that you guys got the yield wrong. PBP paid about 10% last year.
The yield on SPY is higher than the yield on PBP. That makes no sense.