Equity | US Equity

Invesco CEF Income Composite ETF

Ticker: PCEF

Product Details

The Invesco CEF Income Composite ETF (Fund) is based on the S-Network Composite Closed-End Fund IndexSM (Index). The Fund will normally invest at least 90% of its total assets in securities of funds included in the Index. The Fund is a "fund-of-funds," as it invests its assets in the common shares of funds included in the Index rather than in individual securities. The Index currently includes closed-end funds that invest in taxable investment grade fixed-income securities, taxable high yield fixed-income securities and others that utilize an equity option writing (selling) strategy. The Fund and the Index are rebalanced and reconstituted quarterly

as of 07/31/2022 06/30/2022

Performance

Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
S-Network Composite Closed-End Fund Index -12.79 -11.14 3.69 4.26 6.01 6.61
S&P 500 Index -12.58 -4.64 13.36 12.83 13.80 13.36
Fund History (%)
Fund NAV -12.84 -11.25 3.53 4.00 5.61 6.19
After Tax Held -14.43 -13.85 0.47 1.07 2.82 3.48
After Tax Sold -7.60 -6.59 1.47 1.87 3.15 3.69
Fund Market Price -12.97 -11.32 3.50 3.98 5.61 6.18
Index History (%) YTD 1Yr 3Yr 5Yr 10Yr Since Inception
S-Network Composite Closed-End Fund Index -18.51 -16.86 1.75 3.28 5.61 6.07
S&P 500 Index -19.96 -10.62 10.60 11.31 12.96 12.65
Fund History (%)
Fund NAV -18.55 -16.94 1.57 3.02 5.20 5.65
After Tax Held -19.80 -19.32 -1.40 0.14 2.44 2.97
After Tax Sold -10.92 -9.84 0.10 1.21 2.89 3.31
Fund Market Price -18.76 -17.30 1.59 2.96 5.19 5.63

Market returns are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns an investor would receive if shares were traded at other times. Performance data quoted represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects applicable fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

as of 06/30/2022

Growth of $10,000

Data beginning Fund inception and ending 06/30/2022. Fund performance shown at NAV.

An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

Quality Allocations as of 08/12/2022

S&P Moody's
Not Rated : 2% Not Rated : 2%

as of 08/12/2022 Top Holdings | View All

Fund Holdings subject to change

Ticker Company % of Fund
PDI Pimco Dynamic Income Fund 4.56
EXG Eaton Vance Tax-Managed Global Diversified Equity Income Fun 3.07
PDO PIMCO Dynamic Income Opportunities Fund 2.87
JPS Nuveen Preferred & Income Securities Fund 2.64
DSL DoubleLine Income Solutions Fund 2.45
NFJ Virtus Dividend Interest & Premium Strategy Fund 2.31
BDJ BlackRock Enhanced Equity Dividend Trust 2.20
EVV Eaton Vance Ltd Duration Income Fund 2.11
FPF First Trust Intermediate Duration Preferred & Income Fund 2.00
BTZ BlackRock Credit Allocation Income Trust 1.93
as of 08/12/2022

Investment Categories

Fund Percentage
Bond 38.60%
Option Income 32.56%
High Yield Bond 28.86%
The characterizations of distributions reflected in this table are as of the date noted below. The actual amounts of income, capital gains and return of capital for tax purposes are only determined after the Fund’s fiscal year end, and may differ from the amounts and characterizations reflected in the chart below. Please refer to the Tax Center for the most current and/or final characterizations of these distributions, including any distributions characterized as return of capital.

Distributions | HideView All | Distribution Information

Ex-Date Record Date Pay Date $/
Share
Ordinary Income Short Term Gains Long Term Gains Return of Capital Liquidation Distribution
07/18/2022 07/19/2022 07/22/2022 0.13740 0.13740 - - - -
06/21/2022 06/22/2022 06/30/2022 0.13600 0.13600 - - - -
05/23/2022 05/24/2022 05/31/2022 0.13246 0.13246 - - - -
04/18/2022 04/19/2022 04/29/2022 0.13023 0.13023 - - - -
03/21/2022 03/22/2022 03/31/2022 0.13218 0.13218 - - - -
02/22/2022 02/23/2022 02/28/2022 0.13210 0.13210 - - - -
01/24/2022 01/25/2022 01/31/2022 0.13098 0.13098 - - - -
12/20/2021 12/21/2021 12/31/2021 0.12996 0.12996 - - - -
11/22/2021 11/23/2021 11/30/2021 0.13126 0.13126 - - - -
10/18/2021 10/19/2021 10/29/2021 0.13216 0.13216 - - - -
09/20/2021 09/21/2021 09/30/2021 0.13299 0.13299 - - - -
08/23/2021 08/24/2021 08/31/2021 0.13421 0.13421 - - - -
07/19/2021 07/20/2021 07/30/2021 0.13429 0.13429 - - - -
06/21/2021 06/22/2021 06/30/2021 0.13561 0.13561 - - - -
05/24/2021 05/25/2021 05/28/2021 0.13508 0.13508 - - - -
04/19/2021 04/20/2021 04/30/2021 0.13663 0.13663 - - - -
03/22/2021 03/23/2021 03/31/2021 0.13652 0.13652 - - - -
02/22/2021 02/23/2021 02/26/2021 0.13556 0.13556 - - - -
01/19/2021 01/20/2021 01/29/2021 0.13903 0.13903 - - - -
12/21/2020 12/22/2020 12/31/2020 0.13626 0.13626 - - - -
11/23/2020 11/24/2020 11/30/2020 0.13596 0.13596 - - - -
10/19/2020 10/20/2020 10/30/2020 0.13302 0.13302 - - - -
09/21/2020 09/22/2020 09/30/2020 0.13257 0.13257 - - - -
08/24/2020 08/25/2020 08/31/2020 0.13507 0.13507 - - - -
07/20/2020 07/21/2020 07/31/2020 0.13857 0.13857 - - - -
06/22/2020 06/23/2020 06/30/2020 0.14189 0.14189 - - - -
05/18/2020 05/19/2020 05/29/2020 0.14432 0.14432 - - - -
04/20/2020 04/21/2020 04/30/2020 0.14652 0.14652 - - - -
03/23/2020 03/24/2020 03/31/2020 0.14862 0.14862 - - - -
02/24/2020 02/25/2020 02/28/2020 0.15052 0.15052 - - - -
01/21/2020 01/22/2020 01/31/2020 0.14823 0.14823 - - - -
12/23/2019 12/24/2019 12/31/2019 0.14511 0.14511 - - - -
11/18/2019 11/19/2019 11/29/2019 0.14511 0.14511 - - - -
10/21/2019 10/22/2019 10/31/2019 0.14391 0.14391 - - - -
09/23/2019 09/24/2019 09/30/2019 0.14357 0.14357 - - - -
08/19/2019 08/20/2019 08/30/2019 0.11449 0.11449 - - - -
07/22/2019 07/23/2019 07/31/2019 0.11965 0.11965 - - - -
06/24/2019 06/25/2019 06/28/2019 0.12468 0.12468 - - - -
05/20/2019 05/21/2019 05/31/2019 0.12968 0.12968 - - - -
04/22/2019 04/23/2019 04/30/2019 0.14945 0.14945 - - - -
03/18/2019 03/19/2019 03/29/2019 0.15144 0.15144 - - - -
02/19/2019 02/20/2019 02/28/2019 0.15183 - - - - -
01/22/2019 01/23/2019 01/31/2019 0.14052 0.14052 - - - -
12/24/2018 12/26/2018 12/31/2018 0.12837 0.12837 - - - -
11/19/2018 11/20/2018 11/30/2018 0.13845 0.13845 - - - -
10/22/2018 10/23/2018 10/31/2018 0.14011 0.14011 - - - -
09/24/2018 09/25/2018 09/28/2018 0.13921 0.13921 - - - -
08/20/2018 08/21/2018 08/31/2018 0.12295 0.12295 - - - -
07/23/2018 07/24/2018 07/31/2018 0.13356 0.13356 - - - -
06/18/2018 06/19/2018 06/29/2018 0.12457 0.12457 - - - -
05/21/2018 05/22/2018 05/31/2018 0.13989 0.13989 - - - -
04/23/2018 04/24/2018 04/30/2018 0.14726 0.14726 - - - -
03/19/2018 03/20/2018 03/29/2018 0.14735 0.14735 - - - -
02/20/2018 02/21/2018 02/28/2018 0.14824 0.14824 - - - -
01/22/2018 01/23/2018 01/31/2018 0.15152 0.15152 - - - -
12/18/2017 12/19/2017 12/29/2017 0.12950 0.12950 - - - -
11/20/2017 11/21/2017 11/30/2017 0.14218 0.14218 - - - -
10/23/2017 10/24/2017 10/31/2017 0.12778 0.12778 - - - -
09/18/2017 09/19/2017 09/29/2017 0.12883 0.12883 - - - -
08/15/2017 08/17/2017 08/31/2017 0.13000 0.13000 - - - -
07/14/2017 07/18/2017 07/31/2017 0.13080 0.13080 - - - -
06/15/2017 06/19/2017 06/30/2017 0.13077 0.13077 - - - -
05/15/2017 05/17/2017 05/31/2017 0.13478 0.13478 - - - -
04/13/2017 04/18/2017 04/28/2017 0.15103 0.15103 - - - -
03/15/2017 03/17/2017 03/31/2017 0.15349 0.15349 - - - -
02/15/2017 02/17/2017 02/28/2017 0.15421 0.15421 - - - -
01/13/2017 01/18/2017 01/31/2017 0.15000 0.15000 - - - -
12/15/2016 12/19/2016 12/30/2016 0.14200 0.14200 - - - -
11/15/2016 11/17/2016 11/30/2016 0.14200 0.14200 - - - -
10/14/2016 10/18/2016 10/31/2016 0.12000 0.12000 - - - -
09/15/2016 09/19/2016 09/30/2016 0.13000 0.13000 - - - -
08/15/2016 08/17/2016 08/31/2016 0.13000 0.13000 - - - -
07/15/2016 07/19/2016 07/29/2016 0.14200 0.14200 - - - -
06/15/2016 06/17/2016 06/30/2016 0.14260 0.14260 - - - -
05/13/2016 05/17/2016 05/31/2016 0.14412 0.14412 - - - -
04/15/2016 04/19/2016 04/29/2016 0.15667 0.15667 - - - -
03/15/2016 03/17/2016 03/31/2016 0.15935 0.15935 - - - -
02/12/2016 02/17/2016 02/29/2016 0.15916 0.15916 - - - -
01/15/2016 01/20/2016 01/29/2016 0.16181 0.16181 - - - -
12/15/2015 12/17/2015 12/31/2015 0.15185 0.15185 - - - -
11/13/2015 11/17/2015 11/30/2015 0.15451 0.15451 - - - -
10/15/2015 10/19/2015 10/30/2015 0.16467 0.16467 - - - -
09/15/2015 09/17/2015 09/30/2015 0.16473 0.16473 - - - -
08/14/2015 08/18/2015 08/31/2015 0.16373 0.16373 - - - -
07/15/2015 07/17/2015 07/31/2015 0.16305 0.16305 - - - -
06/15/2015 06/17/2015 06/30/2015 0.16944 0.16944 - - - -
05/15/2015 05/19/2015 05/29/2015 0.16371 0.16371 - - - -
04/15/2015 04/17/2015 04/30/2015 0.16402 0.16402 - - - -
03/13/2015 03/17/2015 03/31/2015 0.16375 0.16375 - - - -
02/13/2015 02/18/2015 02/27/2015 0.16478 0.16478 - - - -
01/15/2015 01/20/2015 01/30/2015 0.17049 0.17049 - - - -
12/15/2014 12/17/2014 12/31/2014 0.15402 0.15402 - - - -
11/14/2014 11/18/2014 11/28/2014 0.15211 0.15211 - - - -
10/15/2014 10/17/2014 10/31/2014 0.15000 0.15000 - - - -
09/15/2014 09/17/2014 09/30/2014 0.15000 0.15000 - - - -
08/15/2014 08/19/2014 08/29/2014 0.15061 0.15061 - - - -
07/15/2014 07/17/2014 07/31/2014 0.15003 0.15003 - - - -
06/13/2014 06/17/2014 06/30/2014 0.14959 0.14959 - - - -
05/15/2014 05/19/2014 05/30/2014 0.15088 0.15088 - - - -
04/15/2014 04/17/2014 04/30/2014 0.17016 0.17016 - - - -
03/14/2014 03/18/2014 03/31/2014 0.17250 0.17250 - - - -
02/14/2014 02/19/2014 02/28/2014 0.17250 0.17250 - - - -
01/15/2014 01/17/2014 01/31/2014 0.17000 0.17000 - - - -
12/13/2013 12/17/2013 12/31/2013 0.17680 0.17680 - - - -
11/15/2013 11/19/2013 11/29/2013 0.16675 0.16675 - - - -
10/15/2013 10/17/2013 10/31/2013 0.16637 0.16637 - - - -
09/13/2013 09/17/2013 09/30/2013 0.16409 0.16409 - - - -
08/15/2013 08/19/2013 08/30/2013 0.16256 0.16256 - - - -
07/15/2013 07/17/2013 07/31/2013 0.16178 0.16178 - - - -
06/14/2013 06/18/2013 06/28/2013 0.16476 0.16476 - - - -
05/15/2013 05/17/2013 05/31/2013 0.14550 0.14550 - - - -
04/15/2013 04/17/2013 04/30/2013 0.16338 0.16338 - - - -
03/15/2013 03/19/2013 03/28/2013 0.16498 0.16498 - - - -
02/15/2013 02/20/2013 02/28/2013 0.17386 0.17386 - - - -
01/15/2013 01/17/2013 01/31/2013 0.16894 0.16894 - - - -
12/14/2012 12/18/2012 12/31/2012 0.16402 0.16402 - - - -
11/15/2012 11/19/2012 11/30/2012 0.16482 0.16482 - - - -
10/15/2012 10/17/2012 10/31/2012 0.14495 0.14495 - - - -
09/14/2012 09/18/2012 09/28/2012 0.14530 0.14530 - - - -
08/15/2012 08/17/2012 08/31/2012 0.15010 0.15010 - - - -
07/13/2012 07/17/2012 07/31/2012 0.15033 0.15033 - - - -
06/15/2012 06/19/2012 06/29/2012 0.15035 0.15035 - - - -
05/15/2012 05/17/2012 05/31/2012 0.13444 0.13444 - - - -
04/13/2012 04/17/2012 04/30/2012 0.16008 0.16008 - - - -
03/15/2012 03/19/2012 03/30/2012 0.16538 0.16538 - - - -
02/15/2012 02/17/2012 02/29/2012 0.16552 0.16552 - - - -
01/13/2012 01/18/2012 01/31/2012 0.16326 0.16326 - - - -
12/27/2011 12/29/2011 12/30/2011 0.07996 0.06576 - 0.01420 - -
12/15/2011 12/19/2011 12/30/2011 0.30249 0.30249 - - - -
11/15/2011 11/17/2011 11/30/2011 0.14100 0.14100 - - - -
10/14/2011 10/18/2011 10/31/2011 0.14488 0.14488 - - - -
09/15/2011 09/19/2011 09/30/2011 0.14419 0.14419 - - - -
08/15/2011 08/17/2011 08/31/2011 0.14600 0.14600 - - - -
07/15/2011 07/19/2011 07/29/2011 0.14245 0.14245 - - - -
06/15/2011 06/17/2011 06/30/2011 0.15120 0.15120 - - - -
05/13/2011 05/17/2011 05/31/2011 0.15204 0.15204 - - - -
04/15/2011 04/19/2011 04/29/2011 0.16726 0.16726 - - - -
03/15/2011 03/17/2011 03/31/2011 0.16562 0.16562 - - - -
02/15/2011 02/17/2011 02/28/2011 0.16584 0.16584 - - - -
01/14/2011 01/19/2011 01/31/2011 0.16662 0.16662 - - - -
12/28/2010 12/30/2010 12/31/2010 0.05892 0.05892 - - - -
12/15/2010 12/17/2010 12/31/2010 0.22897 0.22897 - - - -
11/15/2010 11/17/2010 11/30/2010 0.18265 0.18265 - - - -
10/15/2010 10/19/2010 10/29/2010 0.18411 0.18411 - - - -
09/15/2010 09/17/2010 09/30/2010 0.18746 0.18746 - - - -
08/13/2010 08/17/2010 08/31/2010 0.17946 0.17946 - - - -
07/15/2010 07/19/2010 07/30/2010 0.18087 0.18087 - - - -
06/15/2010 06/17/2010 06/30/2010 0.17970 0.17970 - - - -
05/14/2010 05/18/2010 05/28/2010 0.18074 0.18074 - - - -
04/15/2010 04/19/2010 04/30/2010 0.18000 0.18000 - - - -
03/15/2010 03/17/2010 03/31/2010 0.18240 0.18240 - - - -

Frequency Distribution of Discounts & Premiums

    Bid/Ask MidPoint Above NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
06/30/2022 62 19 0 0 0 0 0
03/31/2022 62 22 1 0 0 0 0
12/31/2021 64 48 0 0 0 0 0
09/30/2021 64 42 1 0 0 0 0
Year Ended 2021 252 166 7 0 0 0 0
    Bid/Ask Midpoint Below NAV
Quarter
Ending
Days 0.00-
0.25%
0.26-
0.50%
0.51-
0.99%
1.00-
1.49%
1.50-
1.99%
≥2.00%
06/30/2022 62 40 3 0 0 0 0
03/31/2022 62 35 4 0 0 0 0
12/31/2021 64 16 0 0 0 0 0
09/30/2021 64 20 1 0 0 0 0
Year Ended 2021 252 75 4 0 0 0 0

Fund Inception : 02/19/2010

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

Premiums/Discounts

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. Performance data quoted represents past performance, which is not a guarantee of future results.

 Risk & Other Information

† Credit ratings are assigned by Nationally Recognized Statistical Rating Organizations based on assessment of the credit worthiness of the underlying bond issuers. The ratings range from AAA (highest) to D (lowest) and are subject to change. Not rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. Futures and other derivatives are not eligible for assigned credit ratings by any NRSRO and are excluded from quality allocations. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources and moodys.com and select "Rating Methodologies" under Research and Ratings.

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund’s return may not match the return of the Underlying Index. The Fund is subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Fund.

Shares of closed-end funds frequently trade at a discount to their net asset value in the secondary market and the net asset value of closed-end fund shares may decrease.

The Fund is subject to the risks of the underlying funds. Market fluctuations may change the target weightings in the underlying funds and certain factors may cause the Fund to withdraw its investments therein at a disadvantageous time.

An issuer may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.

The values of junk bonds fluctuate more than those of high quality bonds and can decline significantly over short time periods.

Leverage created from borrowing or certain types of transactions or instruments may impair liquidity, cause positions to be liquidated at an unfavorable time, lose more than the amount invested, or increase volatility.

Derivatives may be more volatile and less liquid than traditional investments and are subject to market, interest rate, credit, leverage, counterparty and management risks. An investment in a derivative could lose more than the cash amount invested. 

The Fund's investments in futures contracts will cause it to be deemed to be a commodity pool, thereby subjecting the Fund to regulation under the Commodity Exchange Act and Commodity Futures Trading Commission (CFTC) rules. The Adviser is registered as a Commodity Pool Operator (CPO), and the Fund will be operated in accordance with CFTC rules. Registration as a CPO subjects the registrant to additional laws, regulations and enforcement policies, all of which could increase compliance costs and may affect the operations and financial performance of funds whose adviser is required to register as a CPO. Registration as a commodity pool may have negative effects on the ability of the Fund to engage in its planned investment program.

A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.

Investments focused in a particular industry or sector are subject to greater risk, and are more greatly impacted by market volatility, than more diversified investments.

The risks of investing in securities of foreign issuers can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.

Stocks of small and mid-sized companies tend to be more vulnerable to adverse developments, may be more volatile, and may be illiquid or restricted as to resale.

Most senior loans are made to corporations with below investment-grade credit ratings and are subject to significant credit, valuation and liquidity risk. The value of the collateral securing a loan may not be sufficient to cover the amount owed, be found invalid or used to pay other outstanding obligations. The loan's collateral may be difficult to liquidate, or a majority of the collateral may be illiquid.

The current environment of global financial markets is one of extraordinary and possibly unprecedented uncertainty. Market conditions in the U.S. and abroad have caused firms in the financial services sector to take significant losses and an unusually high degree of volatility. Instability in the financial markets has led governments and regulators to take unprecedented actions to support financial institutions and segments that have experienced extreme volatility, and in some cases a lack of liquidity. A significant decline in the Fund's value would likely result in a significant decline in the value of an investment in the Fund. 

The value of assets or income from investment will be worth less in the future as inflation decreases the value of money. 

Mortgage-backed securities are subject to prepayment or call risk, which is the risk that the borrower’s payments may be received earlier than expected due to changes in prepayment rates on underlying loans. Securities may be prepaid at a price less than the original purchase value. 

S-Network Global Indexes, LLCSM and S-Network Composite Closed-End Fund IndexSM are service marks of S-Network Global Indexes LLC and have been licensed for use by Invesco Capital Management LLC. The Invesco CEF Income Composite ETF is not sponsored, endorsed, sold or promoted by S-Network Global Indexes LLC and S-Network Global Indexes LLC makes no representation regarding the advisability of investing in the Invesco CEF Income Composite ETF. Invesco Capital Management LLC is not affiliated with S-Network Global Indexes LLC.