Invesco Powershares has launched an exchange-traded fund (ETF), the CEF Income Composite Portfolio (PCEF), which tracks yield-oriented, closed-end funds, based on the S-Network Composite Closed-End Fund Index (CEFX). The fund, which will issue monthly distributions, is expected to go ex-dividend on March 15.

The index currently tracks 70 closed-end funds traded in the U.S., of which 27 invest primarily in taxable investment-grade fixed-income securities, 15 invest primarily in high-yield fixed-income securities and 29 primarily use an equity option writing strategy.

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