CCEF vs PCEF: Grades, Fees and Holdings Compared

Calamos CEF Income & Arbitrage ETF

CCEFCNYSE Arca

Invesco CEF Income Composite ETF

PCEFBNYSE Arca

Overlap

20.9%by weight

Expense ratio

PCEF −0.48pt a year

CCEF3.19%PCEF2.71%

Avg volume · 30D

PCEF 32.5×the volume

CCEF3.8KPCEF123K

CCEF vs PCEF Performance

Oct 31, 2025 – Oct 30, 2026

+7.0%CCEF+3.2%PCEF

Expense ratio: CCEF 3.19%; PCEF 2.71%, better
Fund size: CCEF $35M; PCEF $743M
1Y total return: CCEF +7.0%, better; PCEF +3.2%
Yield (12M): CCEF 8.32%, better; PCEF 7.78%
Holdings: CCEF 59; PCEF 107
Avg volume (30D): CCEF 3.8K sh; PCEF 123K sh, better
NAV per share: CCEF $28.50; PCEF $19.21
52W range

ETF.net Grade

Pillar letters and Scores for CCEF, PCEF, with each pillar’s weight
Pillar	CCEF	PCEF
Cost30% weight	C43	B65Higher
Mission25% weight	Not scored	A100
Risk15% weight	C51Higher	C46
Tradability15% weight	D27	B58Higher
Holdings10% weight	B61	A82Higher
Durability5% weight	D31	A85Higher

Rank among Closed-End Fund Portfolios funds

How we build Categories ›

Same Category. CCEF and PCEF are both graded against the same 7 Closed-End Fund Portfolios funds, so their Grades compare head to head.

Closed-End Fund Portfolios⁠

Category · 7 funds

See all 7 ›

PCEF ranks 1st and CCEF 6th of 7 funds in the Closed-End Fund Portfolios Category.

Rank 1BPCEFInvesco CEF Income Composite ETFScore 63
Rank 2BCEFSSaba Opportunistic Hedged Closed-End Funds ETFScore 60
Rank 5CFCEFFirst Trust Income Opportunities ETFScore 45
Rank 6CCCEFCalamos CEF Income & Arbitrage ETFScore 42
Rank 7DRDFIRareview Dynamic Fixed Income ETFScore 39

Our read on each fund

ETF.net Research

CCEFCCalamos CEF Income & Arbitrage ETF

PCEFBInvesco CEF Income Composite ETF

In short

CCEF Active basket of about 50 US and non-US closed-end funds, picked for income and for the gap between price and net asset value. Pays monthly, and the S-Network CEF index is a yardstick it is measured against, not a list it copies.

PCEF One ticker, roughly 110 closed-end funds. PCEF has tracked the S-Network Composite Closed-End Fund Index since 2010, favoring CEFs priced below net asset value and paying out monthly. Cost: 2.71%, net of a waiver through August 31, 2027.

Stated mandate

CCEF The actively managed fund seeks high current income and long-term capital appreciation by investing primarily in unaffiliated U.S. and non-U.S. closed-end funds selected for income and discount-related arbitrage opportunities.

PCEF The Fund is based on the S-Network Composite Closed-End Fund Index and normally invests at least 90% of total assets in funds included in that Index. It operates as a fund-of-funds, investing in those funds rather than individual securities.

Why people hold it

CCEF Actively managed, not index-tracking: the managers pick CEFs for income and discount-related arbitrage, with the S-Network CEF index serving as a performance benchmark.calamos.com
One ticket for about 50 closed-end funds, US and non-US, spanning multiple asset classes rather than a single sleeve of the income market.
Pays monthly, and Calamos publishes 19a notices showing when a distribution includes return of capital rather than income earned.calamos.com
Fee of 3.19% sits near the median for this small group of CEF-of-funds ETFs, and no waiver is propping it up, so there is no expiry date to watch.

PCEF 2.71% net of a waiver through August 31, 2027 (2.76% gross) sits below the category median and under peers like YYY at 3.23% and FCEF at 3.69%.
The index does the discount hunting: it screens out closed-end funds with heavy expense ratios or prices above net asset value, and weights wider discounts more heavily.snetworkglobalindexes.com
Rules over hunches. At least 90% of assets go into index funds spanning investment-grade, high-yield and option-income CEFs, rebuilt quarterly, with cash passed through monthly.invesco.com
Trading since 2010 and holding its mandate tightly, it ranks among the strongest implementations in a small peer group of CEF-of-CEF funds.

Worth knowing

CCEF Two rivals run cheaper: CEFS at 2.61% and PCEF at 2.71% net of a waiver through August 31, 2027 (2.76% gross). YYY, at 3.23%, charges more.
Discount arbitrage cuts both ways: price-to-NAV gaps can widen as easily as narrow, and the fund holds the underlying CEFs through it.calamos.com
A small fund and thinly traded next to the biggest CEF baskets, so spreads and limit orders matter more than with a mainstream income ETF.

PCEF Most of that 2.71% is indirect: the underlying closed-end funds' own fees roll into the total, and Invesco's management fee is the smaller slice.sec.gov
You own CEF share prices, not just their portfolios. Those prices drift to discounts and premiums versus net asset value, adding a second layer of movement.snetworkglobalindexes.com
Volume is moderate rather than heavy, so spreads carry more weight here than in a mega-cap index fund.

Full CCEF profile⁠

Full PCEF profile⁠

CCEF vs PCEF Holdings

How CCEF and PCEF differ

Overlap by weight

20.9%

Shared holdings make up 40.9% of CCEF and 26.2% of PCEF.

Level by level

Holdings23 in both20.9%
Countryby domicile78.2%
Sector11 Sectors79.8%

Sector

Sector weights in CCEF and PCEF, widest gap first
Sector	More in CCEFMore in PCEF	CCEF	PCEF
Energy	CCEF +12.5 points	17.2%	4.7%
Technology	PCEF +8.4 points	18.3%	26.7%
Financials	PCEF +6.6 points	28.3%	34.9%
Real Estate	CCEF +3.9 points	4.8%	0.9%
Health Care	PCEF +2.1 points	4.1%	6.2%
Communication	PCEF +1.3 points	4.4%	5.7%
Utilities	CCEF +1.3 points	4.4%	3.1%
Materials	CCEF +1.3 points	4.1%	2.8%
Consumer Discretionary	PCEF +1.2 points	4.9%	6.1%
Industrials	CCEF +1.1 points	7.4%	6.3%
Consumer Staples	PCEF +0.6 points	2.1%	2.7%

Country, concentration and asset class

Country by domicile

Country weights in CCEF and PCEF, widest gap first
Country	More in CCEFMore in PCEF	CCEF	PCEF
United States	PCEF +21.7 points	77.7%	99.4%
Japan	CCEF +3.4 points	3.4%	0.0%
United Kingdom	CCEF +2.3 points	2.3%	0.0%
India	CCEF +2.2 points	2.2%	0.0%
Canada	CCEF +2.1 points	2.1%	0.0%
Taiwan	CCEF +1.9 points	1.9%	0.0%
South Korea	CCEF +1.8 points	1.8%	0.0%
Netherlands	CCEF +1.2 points	1.2%	0.0%
Other countries (29)	CCEF +7.1 points	7.5%	0.4%

Outside the US: CCEF 63% developed, 37% emerging.

Concentration

Weight in the 10 largest Holdings

CCEF34.1%
PCEF28.9%

Securities held

CCEF57
PCEF106

Asset class

CCEF: Equity
PCEF: Multi-Asset

Holdings

Only in CCEF34
In both23
Only in PCEF83

Only in CCEF

34 securities, 58.2% of CCEF by weight

Adams Natural Resources Fund, Inc.3.97%
Virtus Equity & Convertible Income Fund3.89%
Bexil Investment Trust3.55%
ClearBridge Energy Midstream Opportunity Fund, Inc.3.14%
Virtus Artificial Intelligence & Technology Opportunities Fund2.67%
Nuveen Multi-Asset Income Fund2.66%
LMP Capital and Income Fund, Inc.2.65%
Templeton Emerging Markets Fund/United States2.62%
FS Credit Opportunities Corp.2.46%
Neuberger Real Estate Securities Income Fund, Inc.2.20%
Kayne Anderson Energy Infrastructure Fund2.02%
Neuberger Energy Infrastructure and Income Fund, Inc.1.98%
GAMCO Global Gold Natural Resources & Income Trust1.91%
Royce Small-Cap Trust, Inc.1.89%
Cohen & Steers Infrastructure Fund, Inc.1.51%
SRH Total Return Fund, Inc.1.49%
Flaherty & Crumrine Preferred and Income Fund1.34%
Advent Convertible and Income Fund1.32%
Liberty All Star Growth Fund, Inc.1.32%
Western Asset Premier Bond Fund1.12%
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund1.10%
Neuberger Next Generation Connectivity Fund, Inc.1.06%
Eaton Vance Tax-Advantaged Global Dividend Income Fund1.02%
Blackstone Strategic Credit 2027 Term Fund0.99%
Mexico Fund, Inc.0.98%
Japan Smaller Capitalization Fund, Inc.0.96%
Royce Micro-Cap Trust, Inc.0.96%
Aberdeen India Fund, Inc.0.95%
Gabelli Equity Trust, Inc.0.95%
Cohen & Steers Quality Income Realty Fund, Inc.0.93%
Pimco Dynamic Income Fund0.81%
abrdn Income Credit Strategies Fund0.77%
Nuveen Municipal Credit Opportunities Fund0.50%
RiverNorth Opportunities Fund, Inc.0.49%

Only in PCEF

83 securities, 73.5% of PCEF by weight

Eaton Vance Tax-Managed Global Diversified Equity Income Fund4.40%
BlackRock Science and Technology Term Trust2.96%
Nuveen Preferred & Income Opportunities Fund2.82%
BlackRock Corporate High Yield Fund Inc2.40%
Guggenheim Strategic Opportunities Fund2.37%
PIMCO Corporate & Income Opportunity Fund2.05%
Eaton Vance Tax-Managed Buy-Write Opportunities Fund2.05%
Virtus Dividend Interest & Premium Strategy Fund1.96%
Eaton Vance Enhanced Equity Income Fund II1.87%
Nuveen NASDAQ 100 Dynamic Overwrite Fund1.76%
BlackRock Technology and Private Equity Term Trust1.76%
DoubleLine Income Solutions Fund1.73%
PIMCO Dynamic Income Opportunities Fund1.58%
Eaton Vance Ltd Duration Income Fund1.55%
Columbia Seligman Premium Technology Growth Fund Inc1.41%
AllianceBernstein Global High Income Fund Inc1.41%
BlackRock Resources & Commodities Strategy Trust1.38%
BlackRock Credit Allocation Income Trust1.37%
BlackRock Capital Allocation Term Trust1.27%
BlackRock ESG Capital Allocation Term Trust1.23%
Eaton Vance Enhanced Equity Income Fund1.19%
Nuveen Credit Strategies Income Fund1.16%
BlackRock Taxable Municipal Bond Trust1.12%
John Hancock Tax-Advantaged Dividend Income Fund1.00%
BlackRock Multi-Sector Income Trust0.98%
BlackRock Enhanced Global Dividend Trust0.97%
BlackRock Enhanced Large Cap Core Fund Inc0.92%
Cohen & Steers Limited Duration Preferred and Income Fund Inc0.86%
Western Asset Inflation-Linked Opportunities & Income Fund0.83%
Eaton Vance Risk-Managed Diversified Equity Income Fund0.82%
BlackRock Energy and Resources Trust0.78%
Invesco Senior Income Trust0.78%
BlackRock Core Bond Trust0.75%
First Trust Enhanced Equity Income Fund0.74%
PIMCO Corporate & Income Strategy Fund0.73%
Aberdeen MultiMarket Income Fund0.72%
PIMCO High Income Fund0.71%
Eaton Vance Tax-Managed Buy-Write Income Fund0.68%
Aberdeen Asia-Pacific Income Fund Inc0.67%
Western Asset Emerging Markets Debt Fund Inc0.66%
BlackRock Utilities Infrastructure & Power Opportunities Trust0.63%
BlackRock Health Sciences Trust0.62%
Flaherty & Crumrine Dynamic Preferred and Income Fund Inc0.60%
PGIM High Yield Bond Fund Inc0.60%
BlackRock Debt Strategies Fund Inc0.59%
PGIM Short Duration High Yield Opportunities Fund0.57%
PIMCO Income Strategy Fund II0.57%
BlackRock Limited Duration Income Trust0.56%
Saba Capital Income & Opportunities Fund0.55%
Eaton Vance Senior Floating-Rate Trust0.52%

Weight gaps

All 23 Holdings in both funds, largest gap first.

Holding weights in CCEF and PCEF, widest gap first
Holding	More in CCEFMore in PCEF	CCEF	PCEF
Eaton Vance Tax Managed Global Buy Write Opportunities FundETW	CCEF +2.49 points	4.25%	1.76%
BlackRock Health Sciences Term TrustBMEZ	CCEF +2.25 points	4.10%	1.85%
Morgan Stanley Emerging Markets Debt Fund, Inc.MSD	CCEF +2.21 points	2.42%	0.21%
BlackRock Enhanced International Dividend TrustBGY	CCEF +2.11 points	2.94%	0.83%
John Hancock Premium Dividend FundPDT	CCEF +1.93 points	2.93%	1.00%
Allspring Multi-Sector Income FundERC	CCEF +1.49 points	1.85%	0.36%
Eaton Vance Tax-Managed Diversified Equity Income FundETY	PCEF +1.44 points	1.98%	3.42%
Blackstone Long-Short Credit Income FundBGX	CCEF +1.25 points	1.50%	0.25%
Nuveen S&P 500 Dynamic Overwrite FundSPXX	PCEF +1.25 points	2.66%	3.91%
PGIM Global High Yield Fund, Inc.GHY	CCEF +1.13 points	1.88%	0.75%
Eaton Vance Short Duration Diversified Income FundEVG	CCEF +0.92 points	1.09%	0.17%
Allspring Income Opportunities FundEAD	CCEF +0.89 points	1.50%	0.61%
Blackrock Science & Technology TrustBST	PCEF +0.87 points	1.11%	1.98%
Nuveen Floating Rate Income Fund/Closed-end FundJFR	PCEF +0.81 points	0.97%	1.78%
Flaherty & Crumrine Preferred and Income Securities FundFFC	CCEF +0.80 points	1.88%	1.08%
Highland Opportunities and Income FundHFRO	CCEF +0.66 points	1.61%	0.95%
Templeton Emerging Markets Income FundTEI	CCEF +0.59 points	0.94%	0.35%
BlackRock Enhanced Equity Dividend TrustBDJ	PCEF +0.49 points	2.08%	2.57%
Nuveen Taxable Municipal Income FundNBB	CCEF +0.45 points	0.90%	0.45%
First Trust Intermediate Duration Preferred & Income FundFPF	PCEF +0.42 points	0.78%	1.20%
Voya Global Advantage and Premium Opportunity FundIGA	CCEF +0.30 points	0.52%	0.22%
UBS Asset Management Income Fund, Inc.CIK	CCEF +0.27 points	0.48%	0.21%
BNY Mellon High Yield Strategies FundDHF	CCEF +0.20 points	0.49%	0.29%

All 46 CCEF holdings⁠All 106 PCEF holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CCEF vs PCEF Cost

Overpaying CCEF vs PCEF

$4,557

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

CCEF 3.19%
$45,420
PCEF 2.71%
$40,863

Amount$10,000

Years30 years

Cost over time

CCEF 3.19%
PCEF 2.71%
Overpaying

Year by year

Year	CCEF	PCEF	Overpaying
10	$5,137	$4,451	$686
20	$17,572	$15,531	$2,041
30	$45,420	$40,863	$4,557

Expense ratio

3.19%CCEF
2.71%PCEF, cheaper

PCEF2.71%CCEF3.19%

2.61%4.23%

Middle half of Closed-End Fund Portfolios funds
Median 3.19%

PCEF 2nd cheapest of 7 funds

CCEF 4th cheapest of 7 funds

CCEF vs PCEF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CCEF 8.32%, better; PCEF 7.78%
Payout (12M): CCEF $2.37; PCEF $1.49
Last payment: CCEF $0.19; PCEF $0.11
Ex-dividend: CCEF Oct 1, 2026; PCEF Oct 19, 2026
Paid on: CCEF Oct 8, 2026; PCEF Oct 23, 2026
Frequency: CCEF Monthly; PCEF Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

CCEFMonthly · 31 paymentsAll CCEF payments⁠

PCEFMonthly · 46 paymentsAll PCEF payments⁠

CCEF vs PCEF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CCEF 9.6%since Feb 2024PCEF 10.0%
Return per unit of riskSharpe ratio, 3 years: CCEF 0.90since Feb 2024PCEF 0.99
Worst fallMax drawdown, 5 years: CCEF −13.3%since Jan 2024PCEF −24.2%
Market sensitivityBeta, 5 years: CCEF 0.67PCEF 1.04; Market = 1

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