Invesco Powershares has launched an exchange-traded fund, the CEF Income Composite Portfolio, which tracks yield-oriented, closed-end funds, based on the S-Network Composite Closed-End Fund Index.

The index tracks closed-end funds investing in taxable investment-grade fixed-income securities and high-yield fixed-income securities, and some that primarily use an equity option writing strategy. The current dividend yield of the index is approximately 8.5% per annum and the weighted share price discount to net asset value is 4.5%.

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