1. PowerShares CEF Income Composite Portfolio ( PCEF): Expense Ratio = 1.81%*
This ETF is based on the S-Network Composite Closed-End Fund Index, which tracks the performance of closed-end funds that invest in investment-grade fixed-income securities and high-yield fixed-income securities, as well as those that utilize an equity option writing strategy. PCEF charges an expense ratio of just 50 basis points, but acquired fund fees and expenses of 1.31% results in an "all-in" expense ratio of 1.81%. This expense ratio hasn't deterred many investors; PCEF has accumulated nearly $40 million in assets less than a month after its launch. For more ETF analysis, make sure to sign up for our free ETF newsletter. At the time of publication, Johnston had no positions in securities mentioned.