The first exchange-traded fund investing in high-yield closed-end funds was brought to the market by Invesco PowerShares Capital Management. Seeking to deliver a high payout and return, the PowerShares CEF Income Composite Portfolio ETF buys option-related and fixed-income funds. The ETF is linked to the S-Network Composite Closed End Fund Index and adds a 0.5% management fee to the cost of underlying funds. The ETF trades on NYSE Arca.
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