ETF Evaluator:
Invesco CEF Income Composite ETF ()
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(as of Aug 26)
Best Performing in Global Moderate Allocation Over the Last Year
| 27.3% | State Street® Multi-Asset Real Ret ETF (RLY) |
| 26.9% | VanEck Real Assets ETF (RAAX) |
| 19.1% | Cambria Global Asset Allocation ETF (GAA) |
| 17.0% | Global Moderate Allocation () |
| 16.9% | Arrow Dow Jones Global Yield ETF (GYLD) |
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Risk
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ETF Details
Invesco CEF Income Composite ETF Overview
Invesco CEF Income Composite ETF (PCEF) is a passively managed Allocation Global Moderate Allocation exchange-traded fund (ETF). Invesco launched the ETF in 2010.
The investment seeks to track the investment results (before fees and expenses) of the S-Network Composite Closed-End Fund IndexSM.
The fund generally will invest at least 90% of its total assets in the components of the index. It is a “fund of funds,” meaning that it invests its assets in the common shares of funds included in the index rather than in individual securities. The index is designed to measure the overall performance of a universe of U.S.-listed closed-end funds that are organized under the laws of the United States and are principally engaged in asset management processes designed to produce taxable annual yield.
About Invesco CEF Income Composite ETF (PCEF)
There are 3 members of the management team with an average tenure of 13.17 years: Peter Hubbard (2010), Michael Jeanette (2010) and Pratik Doshi (2019). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and SNET Composite Closed-End TR USD index with a weighting of 100%. Invesco CEF Income Composite ETF has 108 securities in its portfolio. The top 10 holdings constitute 28.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Invesco CEF Income Composite ETF is part of the Allocation global asset class and is within the Allocation ETF group. Invesco CEF Income Composite ETF has 21.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 47.7% There is 7.8% allocated to foreign stock, and 6.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 41.7% (27.9% domestic bond, 13.9% foreign bond and 0.8% convertible bond). Invesco CEF Income Composite ETF has -9.4% of the portfolio in cash.
Assets Under Management
The fund has $801 million in total assets, which is above the $553 million average for the Global Moderate Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PCEF Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco CEF Income Composite ETF expense ratio is high compared to funds in the Global Moderate Allocation category. Invesco CEF Income Composite ETF has an expense ratio of 2.71%, which is 246% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco CEF Income Composite ETF has a portfolio turnover rate of 22%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 35% for the Global Moderate Allocation category.
Recently, in the month of July 2026, Invesco CEF Income Composite ETF returned -1.1%, which earned it a grade of F, as the Global Moderate Allocation category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Invesco CEF Income Composite ETF has a trailing yield of 7.68%, which is above the 4.27% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco CEF Income Composite ETF Grades
Year to date, the ETF has returned 5.5%, 2.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 10.1% over the past year (grade of F), 12.0% over the past three years (grade of F) and 4.7% per year over the past five years (grade of F) and 6.9% per year over the past 10 years (grade of D).
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PCEF Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PCEF Return (NAV) | -1.1% | 2.0% | 10.1% | 12.0% | 4.7% | 6.9% |
| PCEF Return (Price) | -0.8% | 2.3% | 10.1% | 12.0% | 4.6% | 6.9% |
| NAV +/- Price Return | -0.268% | -0.228% | -0.021% | -0.008% | 0.037% | 0.013% |
| Global Moderate Allocation Avg | 0.4% | 0.2% | 17.0% | 12.6% | 7.4% | 6.9% |
| PCEF Grade (NAV) | F | B | F | F | F | D |
| +/- Category (NAV) | -1.5% | 1.9% | -6.9% | -0.6% | -2.7% | -0.0% |
| PCEF Tax-Cost Ratio | na | na | 3.1% | 3.0% | 3.1% | 2.9% |
PCEF Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PCEF Return (NAV) | 5.5% | 12.7% | 16.3% | 9.5% | -18.4% | 15.3% | 4.7% | 24.2% | -8.9% | 14.2% | 14.1% |
| PCEF Return (Price) | 5.3% | 12.6% | 16.7% | 9.4% | -18.6% | 15.4% | 4.7% | 24.1% | -8.9% | 14.5% | 13.8% |
| NAV +/- Price Ret | -0.025% | -0.006% | 0.023% | -0.006% | 0.013% | 0.009% | 0.008% | -0.3% | -0.2% | 2.1% | -2.2% |
| Global Moderate Allocation Avg | 8.0% | 16.9% | 9.2% | 10.4% | -9.2% | 16.1% | 0.1% | 16.9% | -7.9% | 12.9% | 10.8% |
| PCEF Grade (NAV) | F | F | A | D | F | C | C | A | D | C | A |
| +/- Category | -2.5% | -4.3% | 7.1% | -0.9% | -9.2% | -0.8% | 4.5% | 7.3% | -1.0% | 1.3% | 3.2% |
| Risk Measures | |
| Beta: | 1.03 |
| R-Squared: | 88% |
| Standard Deviation: | 10.4% |
| Category Risk Index: | 1.12 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.84 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 7.7% |
| Total Assets: | $ 801 Mil |
| Share Class Assets: | $ 801 Mil |
| Turnover: | 22.0% |
| Expense Ratio: | 2.71% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 16.5 years | |||
| Average Tenure: 13.2 years | |||
| Managers (Year): Hubbard Peter (2010), Jeanette Michael (2010), Doshi Pratik (2019) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 108 |
| % in Top 10 Holdings: | 28.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.7% |
Portfolio Allocation |
|
| Domestic Stock: | 47.7% |
| Foreign Stock: | 7.8% |
| Preferred Stock: | 6.0% |
| Domestic Bond: | 27.9% |
| Foreign Bond: | 13.9% |
| Convertible Bond: | 0.8% |
| Other: | 5.5% |
| Cash: | -9.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Invesco |
| Phone Number: | 800-983-0903 |
| Website: | www.invescopowershares.com |
| Inception Date: | February 19, 2010 |
Expenses and Fees
| Expense Ratio (%): | 2.71% (Rating: High) |
| Category Average Expense Ratio (%): | 0.78% |
