FR SP ETN REDEEM 10/12/2037 USD 25 

This Exchange Traded Note (ETN) is no longer active, having ceased trading on August 31, 2020. GCE was designed to mirror an index composed of U.S.-listed closed-end funds (CEFs). Its objective was to provide investors with a high-yielding portfolio, focusing on CEFs that possessed substantial asset values, robust liquidity, and traded at attractive discounts to their Net Asset Value (NAV). While the underlying index itself did not employ leverage, a considerable number of the constituent CEFs did, thereby exposing ETN holders to indirect leverage risk. A significant concern was the issuer's (Goldman Sachs) poor transparency, evidenced by the lack of an accessible website detailing the ETN's mechanics and methodology. The product also contended with limited investor interest, casting doubts on its sustainability, and wide bid-ask spreads further amplified its already high expense structure. Notably, and departing from typical ETN behavior, GCE delivered quarterly distributions, consistent with its intended function as an income-generating instrument.