Clarymore CEF GS Connect ETN
GCEC
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- Claymore CEF GS Connect ETN (GCEC) is an exchange-traded note issued by GS Finance Corp. that seeks to replicate, net of expenses, the performance of the Claymore CEF Index, which measures a portfolio of closed-end funds selected based on premium/discount to net asset value and distribution yield. The ETN provides investors with leveraged exposure to a basket of approximately 75 closed-end funds spanning U.S. equity (36%), U.S. fixed income (30%), global equity, fixed income, and alternative assets; top holdings include PIMCO Dynamic Income Opportunities Fund, BlackRock Innovation and Growth Trust, and BlackRock Capital Allocation Trust. As senior, unsecured debt securities maturing December 10, 2037, the notes offer cash payments tied to the index, targeting high-yield strategies through CEFs trading at discounts averaging -10.7% with an indicated yield of 8.9%. GS Finance Corp., incorporated in 2007 and headquartered in New York, New York, operates as a wholly-owned subsidiary of The Goldman Sachs Group, Inc., functioning solely as a debt-issuing vehicle for structured products like this ETN. The Claymore CEF Index, incepted December 5, 2007, is calculated by NYSE Arca and maintained by Guggenheim Funds Distributors, LLC, with annual rebalancing every 367 days based on trading volume and premium/discount rankings from the universe of U.S.-listed closed-end funds. The product trades principally in the U.S. market, providing retail and institutional investors access to diversified CEF exposure without direct fund ownership. In recent developments, the ETN ceased active trading on August 31, 2020, transitioning to over-the-counter status with minimal liquidity thereafter. The underlying Claymore CEF Index underwent its latest documented rebalancing and constituent updates as of March 31, 2024, incorporating shifts in CEF rankings amid evolving market discounts and yields, while Guggenheim Investments continues oversight amid ongoing index evolution. No major new issuances, redemptions, or structural changes to the ETN have been announced since delisting from primary exchanges.