Here is an exchange traded note (ETN) made up of closed-end funds (CEFs) that is a source of some confusion so far.

GS Connect Exchange Traded Note (GCE) tracks the Claymore CEF index of closed-end funds and began trading December 10, as Roger Nusbaum for TheStreet remembers. Nusbaum also ponders if this is even the correct name, for he can’t find the same name in any two locations.

Here’s what is known so far:

GCE shares represent a promise from Goldman Sachs that investors will receive the same return as the index, minus expenses. Nusbaum says he feels that this investment is through an ETN because an exchange traded fund (ETF) of CEFs would be very illiquid.

GCE’s expense ratio is 0.95%, and pays a quarterly dividend expected to yield 6.75% on an annual basis.  The average discount on funds in the underlying index is 10.51%.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.