PCEF vs YYY: Grades, Fees and Holdings Compared

Invesco CEF Income Composite ETF

PCEFBNYSE Arca

Amplify CEF High Income ETF

YYYCNYSE Arca

Overlap

27.3%by weight

Expense ratio

PCEF −0.52pt a year

PCEF2.71%YYY3.23%

Avg volume · 30D

YYY 3.7×the volume

PCEF123KYYY451K

10Y return · a year

PCEF +2.1pt

PCEF+6.7%YYY+4.6%

PCEF vs YYY Performance

Oct 29, 2021 – Oct 30, 2026

+20.0%PCEF+9.9%YYY

Expense ratio: PCEF 2.71%, better; YYY 3.23%
Fund size: PCEF $743M; YYY $672M
1Y total return: PCEF +3.2%, better; YYY −0.5%
Yield (12M): PCEF 7.78%; YYY 13.98%, better
Holdings: PCEF 107; YYY 61
Avg volume (30D): PCEF 123K sh; YYY 451K sh, better
NAV per share: PCEF $19.21; YYY $10.33
52W range

ETF.net Grade

Pillar letters and Scores for PCEF, YYY, with each pillar’s weight
Pillar	PCEF	YYY
Cost30% weight	B65Higher	D31
Mission25% weight	A100	Not scored
Risk15% weight	C46Higher	D39
Tradability15% weight	B58	A79Higher
Holdings10% weight	A82Higher	A78
Durability5% weight	A85Higher	A79

Rank among Closed-End Fund Portfolios funds

How we build Categories ›

Same Category. PCEF and YYY 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 YYY 3rd 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 3CYYYAmplify CEF High Income ETFScore 51
Rank 4CCEFZRiverNorth Active Income ETFScore 48

Our read on each fund

ETF.net Research

PCEFBInvesco CEF Income Composite ETF

YYYCAmplify CEF High Income ETF

In short

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.

YYY A one-ticket basket of about 60 closed-end funds, screened for high yield, deep discounts to net asset value, and tradability, then reshuffled twice a year. Running since 2012, and it pays monthly.

Stated mandate

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.

YYY The Fund seeks investment results that generally correspond, before fees and expenses, to the price and yield of the Nasdaq CEF High Income Index. It generally invests in the closed-end funds included in that Index.

Why people hold it

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.

YYY The index ranks US-listed CEFs on yield, discount to NAV, and liquidity, weights them by yield with position caps, and rebalances every January and July.amplifyetfs.com
About 60 closed-end funds spread across asset classes, strategies, and fund managers, so no single manager's rough patch dominates the portfolio.amplifyetfs.com
Pays monthly and has run this strategy since its 2012 launch, a long history for a niche corner of the income market.

Worth knowing

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.

YYY Cost is stacked: Amplify's 0.50% management fee sits on top of the underlying funds' own fees and leverage costs, putting the all-in figure well above a plain index ETF.amplifyetfs.com
Distributions can include return of capital, so part of a monthly payment may be your own principal coming back.
The closed-end funds it holds often borrow, and their discounts to NAV can widen as easily as they narrow, so price swings can outrun the underlying assets.amplifyetfs.com amplifyetfs.com 2

Full PCEF profile⁠

Full YYY profile⁠

PCEF vs YYY Holdings

How PCEF and YYY differ

Overlap by weight

27.3%

Shared holdings make up 50.1% of YYY and 31.7% of PCEF.

Level by level

Holdings30 in both27.3%
Sector11 Sectors66.3%
Countryby domicile79.4%

Sector

Sector weights in PCEF and YYY, widest gap first
Sector	More in PCEFMore in YYY	PCEF	YYY
Technology	PCEF +14.4 points	26.7%	12.3%
Financials	PCEF +12.6 points	34.9%	22.3%
Real Estate	YYY +9.2 points	0.9%	10.1%
Health Care	YYY +8.2 points	6.2%	14.4%
Energy	YYY +7.8 points	4.7%	12.5%
Utilities	YYY +5.5 points	3.1%	8.6%
Industrials	YYY +3.1 points	6.3%	9.4%
Consumer Discretionary	PCEF +2.6 points	6.1%	3.5%
Communication	PCEF +2.2 points	5.7%	3.5%
Materials	PCEF +1.4 points	2.8%	1.4%
Consumer Staples	PCEF +0.6 points	2.7%	2.1%

Country, concentration and asset class

Country by domicile

Country weights in PCEF and YYY, widest gap first
Country	More in PCEFMore in YYY	PCEF	YYY
United States	PCEF +20.4 points	99.4%	79.0%
India	YYY +4.3 points	0.0%	4.3%
France	YYY +2.1 points	0.0%	2.1%
United Kingdom	YYY +2.0 points	0.0%	2.0%
Canada	YYY +1.8 points	0.0%	1.8%
Netherlands	YYY +1.4 points	0.0%	1.4%
Japan	YYY +1.2 points	0.0%	1.2%
Germany	YYY +1.1 points	0.0%	1.1%
Other countries (23)	YYY +6.8 points	0.5%	7.3%

Concentration

Weight in the 10 largest Holdings

PCEF28.9%
YYY30.0%

Securities held

PCEF106
YYY61

Asset class

PCEF: Multi-Asset
YYY: Equity

Holdings

Only in PCEF76
In both30
Only in YYY31

Only in PCEF

76 securities, 68.1% of PCEF by weight

Eaton Vance Tax-Managed Global Diversified Equity Income Fund4.40%
Eaton Vance Tax-Managed Diversified Equity Income Fund3.42%
BlackRock Science and Technology Term Trust2.96%
Nuveen Preferred & Income Opportunities Fund2.82%
BlackRock Enhanced Equity Dividend Trust2.57%
PIMCO Corporate & Income Opportunity Fund2.05%
Eaton Vance Tax-Managed Buy-Write Opportunities Fund2.05%
Blackrock Science & Technology Trust1.98%
Virtus Dividend Interest & Premium Strategy Fund1.96%
Eaton Vance Enhanced Equity Income Fund II1.87%
Eaton Vance Tax Managed Global Buy Write Opportunities Fund1.76%
BlackRock Technology and Private Equity Term Trust1.76%
PIMCO Dynamic Income Opportunities Fund1.58%
Columbia Seligman Premium Technology Growth Fund Inc1.41%
AllianceBernstein Global High Income Fund Inc1.41%
BlackRock Resources & Commodities Strategy Trust1.38%
BlackRock Capital Allocation Term Trust1.27%
First Trust Intermediate Duration Preferred & Income Fund1.20%
Eaton Vance Enhanced Equity Income Fund1.19%
BlackRock Taxable Municipal Bond Trust1.12%
Flaherty & Crumrine Preferred and Income Securities Fund1.08%
John Hancock Premium Dividend Fund1.00%
John Hancock Tax-Advantaged Dividend Income Fund1.00%
BlackRock Enhanced Global Dividend Trust0.97%
Highland Opportunities and Income Fund0.95%
BlackRock Enhanced Large Cap Core Fund Inc0.92%
Cohen & Steers Limited Duration Preferred and Income Fund Inc0.86%
BlackRock Enhanced International Dividend Trust0.83%
Western Asset Inflation-Linked Opportunities & Income Fund0.83%
Eaton Vance Risk-Managed Diversified Equity Income Fund0.82%
BlackRock Energy and Resources Trust0.78%
First Trust Enhanced Equity Income Fund0.74%
PIMCO Corporate & Income Strategy Fund0.73%
Aberdeen MultiMarket Income Fund0.72%
Eaton Vance Tax-Managed Buy-Write Income Fund0.68%
BlackRock Utilities Infrastructure & Power Opportunities Trust0.63%
BlackRock Health Sciences Trust0.62%
Allspring Income Opportunities Fund0.61%
Flaherty & Crumrine Dynamic Preferred and Income Fund Inc0.60%
PGIM High Yield Bond Fund Inc0.60%
PGIM Short Duration High Yield Opportunities Fund0.57%
Eaton Vance Senior Floating-Rate Trust0.52%
Voya Global Equity Dividend and Premium Opportunity Fund0.52%
Nuveen Global High Income Fund0.50%
Nuveen Variable Rate Preferred & Income Fund0.50%
Eaton Vance Floating-Rate Income Trust0.48%
Franklin Premier Income Trust0.47%
Nuveen Taxable Municipal Income Fund0.45%
Allspring Global Dividend Opportunity Fund0.41%
Saba Capital Income & Opportunities Fund II0.40%

Only in YYY

31 securities, 50.8% of YYY by weight

abrdn Total Dynamic Dividend Fund3.60%
Tortoise Energy Infrastructure Corp3.33%
abrdn Global Infrastructure Income Fund2.62%
PIMCO Access Income Fund2.44%
Western Asset Diversified Income Fund2.41%
abrdn Life Sciences Investors2.25%
CBRE Global Real Estate Income Fund2.22%
abrdn Income Credit Strategies Fund2.15%
Aberdeen India Fund Inc1.79%
KKR Income Opportunities Fund1.63%
Nuveen Real Asset Income and Growth Fund1.63%
abrdn Healthcare Investors1.61%
ClearBridge Energy Midstream Opportunity Fund Inc1.55%
Liberty All-Star Equity Fund1.46%
NXG NextGen Infrastructure Income Fund1.43%
Gabelli Equity Trust Inc/The1.42%
General American Investors Co Inc1.42%
DoubleLine Yield Opportunities Fund1.40%
NYLIM CBRE Global Infrastructure Megatrends Term Fund1.39%
Brookfield Real Assets Income Fund Inc1.34%
First Trust High Yield Opportunities 2027 Term Fund1.33%
Nuveen Multi-Asset Income Fund1.29%
abrdn Global Premier Properties Fund1.28%
Advent Convertible and Income Fund1.22%
Invesco Government & Agency Portfolio 12/31/20311.14%
RiverNorth Opportunities Fund Inc1.13%
NXG Cushing Midstream Energy Fund1.02%
Calamos Long/Short Equity & Dynamic Income Trust0.99%
Bluerock Private Real Estate Fund0.85%
Nuveen Core Plus Impact Fund0.78%
Clough Global Opportunities Fund0.71%

Weight gaps

All 30 Holdings in both funds, largest gap first.

Holding weights in PCEF and YYY, widest gap first
Holding	More in PCEFMore in YYY	PCEF	YYY
Nuveen S&P 500 Dynamic Overwrite FundSPXX	PCEF +2.46 points	3.91%	1.45%
PIMCO High Income FundPHK	YYY +2.35 points	0.71%	3.06%
BlackRock ESG Capital Allocation Term TrustECAT	YYY +2.03 points	1.23%	3.26%
PIMCO Income Strategy Fund IIPFN	YYY +1.88 points	0.57%	2.45%
Aberdeen Asia-Pacific Income Fund IncFAX	YYY +1.57 points	0.67%	2.24%
Nuveen Credit Strategies Income FundJQC	YYY +1.57 points	1.16%	2.73%
Nuveen Floating Rate Income Fund/Closed-end FundJFR	YYY +1.53 points	1.78%	3.31%
Morgan Stanley Emerging Markets Domestic Debt Fund IncEDD	YYY +1.04 points	0.36%	1.40%
PIMCO Income Strategy FundPFL	YYY +1.03 points	0.31%	1.34%
BlackRock Corporate High Yield Fund IncHYT	PCEF +1.02 points	2.40%	1.38%
BlackRock Floating Rate Income Strategies Fund IncFRA	YYY +1.00 points	0.43%	1.43%
Western Asset High Income Fund II IncHIX	YYY +0.88 points	0.38%	1.26%
BlackRock Floating Rate Income TrustBGT	YYY +0.87 points	0.31%	1.18%
BlackRock Debt Strategies Fund IncDSU	YYY +0.85 points	0.59%	1.44%
Guggenheim Strategic Opportunities FundGOF	YYY +0.80 points	2.37%	3.17%
Saba Capital Income & Opportunities FundBRW	YYY +0.73 points	0.55%	1.28%
BlackRock Limited Duration Income TrustBLW	YYY +0.72 points	0.56%	1.28%
BlackRock Core Bond TrustBHK	YYY +0.67 points	0.75%	1.42%
Western Asset Emerging Markets Debt Fund IncEMD	YYY +0.67 points	0.66%	1.33%
Franklin Ltd Duration Income TrustFTF	YYY +0.54 points	0.34%	0.88%
PGIM Global High Yield Fund IncGHY	YYY +0.50 points	0.75%	1.25%
Invesco Senior Income TrustVVR	YYY +0.46 points	0.78%	1.24%
Western Asset High Income Opportunity Fund IncHIO	YYY +0.43 points	0.48%	0.91%
BlackRock Multi-Sector Income TrustBIT	YYY +0.39 points	0.98%	1.37%
DoubleLine Income Solutions FundDSL	PCEF +0.36 points	1.73%	1.37%
UBS Asset Management High Yield Credit FundDHY	YYY +0.31 points	0.39%	0.70%
Nuveen NASDAQ 100 Dynamic Overwrite FundQQQX	PCEF +0.26 points	1.76%	1.50%
Eaton Vance Ltd Duration Income FundEVV	PCEF +0.20 points	1.55%	1.35%
BlackRock Health Sciences Term TrustBMEZ	PCEF +0.09 points	1.85%	1.76%
BlackRock Credit Allocation Income TrustBTZ	YYY +0.02 points	1.37%	1.39%

All 106 PCEF holdings⁠All 60 YYY 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.

PCEF vs YYY Cost

Overpaying YYY vs PCEF

$4,910

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

PCEF 2.71%
$40,863
YYY 3.23%
$45,773

Amount$10,000

Years30 years

Cost over time

PCEF 2.71%
YYY 3.23%
Overpaying

Year by year

Year	PCEF	YYY	Overpaying
10	$4,451	$5,193	$742
20	$15,531	$17,735	$2,204
30	$40,863	$45,773	$4,910

Expense ratio

2.71%PCEF, cheaper
3.23%YYY

PCEF2.71%YYY3.23%

2.61%4.23%

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

PCEF 2nd cheapest of 7 funds

YYY 5th cheapest of 7 funds

PCEF vs YYY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PCEF 7.78%; YYY 13.98%, better
Payout (12M): PCEF $1.49; YYY $1.44
Last payment: PCEF $0.11; YYY $0.12
Ex-dividend: PCEF Oct 19, 2026; YYY Oct 29, 2026
Paid on: PCEF Oct 23, 2026; YYY Oct 30, 2026
Frequency: PCEF Monthly; YYY Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PCEFMonthly · 46 paymentsAll PCEF payments⁠

YYYMonthly · 46 paymentsAll YYY payments⁠

PCEF vs YYY Risk

Fall from peak · 5 years

PCEF
YYY

Risk facts

VolatilityStd dev, 3 years: PCEF 10.0%, betterYYY 10.2%
Return per unit of riskSharpe ratio, 3 years: PCEF 0.99, betterYYY 0.75
Worst fallMax drawdown, 5 years: PCEF −24.2%, betterYYY −27.7%
Market sensitivityBeta, 5 years: PCEF 1.04YYY 0.95; Market = 1

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