FR SP ETN REDEEM 10/12/2037 USD 25 

The ETN has closed. The last day of trading was Aug 31, 2020. GCE tracks an index of US-listed closed-end funds, aiming for exposure to a high-yield portfolio of closed-end funds with big asset bases and high liquidity, and which trade at attractive discounts to NAV. Although the index itself is not leveraged, many underlying CEFs do use leverage in their portfolios, so investors may be taking on leverage in the ETN`s exposure. Another risk that`s harder to excuse is a lack of transparency: The ETN`s issuerGoldman Sachsdoesn`t provide a working website for investors to access in order to learn more about the mechanics and methodology. Investor interest in the note is weakwe have doubts about its viability, and wide spreads add to an already high fee. GCE makes quarterly distributions (unlike most ETNs) consistent with its role as an income source.