一場歡喜一場空

自從大貓宣佈回收 HSBC HOLDINGS PLC. 8.125% Perpetual Subordinated Capital Securities (HSEA.NYSE) 及 HSBC HOLDINGS PLC. 8.00% Series 2 Perpetual Subordinated Capital Securities (HSEB.NYSE)令乜 sir 墮機之後，魔術師便努力尋找代替品；但實情上論息率與及穩健度，在市場上 HSEA 和 HSEB 幾乎已是最佳人腳，即係好似列貝利同洛賓咁，二人年老淡出及退役之後，拜仁想搵咁 World Class 的翼鋒真係唔係咁易。
魔術師首先着眼的就是「幫襯開」的基金公司，例如 Guggenheim 就有呢隻 Guggenheim Energy & Income Fund （XGEIX）

（圖片來源：Guggenheim Home > CEF > GUGGENHEIM ENERGY & INCOME FUND, retrieved on 3 Jun 2018）

（圖片來源：Guggenheim Home > CEF > GUGGENHEIM ENERGY & INCOME FUND > DISTRIBUTIONS & TAX INFO, retrieved on 3 Jun 2018）

（圖片來源：Barchart.com > XGEIX,  retrieved on 3 Jun 2018）

咦，雖然話費用係貴（２.６４％），而且做了２０％槓桿；但係 XGEIX 是在 ３／６／９／１２月派息，息率唔錯（除稅後有接近７％），仲穩定地有增長添，而且價位雖有起落，但又唔係一味賺息蝕價，正好是 HSEB 的代替品。但，Is it too good to be true？
無錯魔術師是開心得太早了，原因是：

全能的 Interactive Brokers 竟然無得買呢個 product？魔術師再運用 attention to details, 睇真啲，原來 XGEIX 係無上市嘅！

（圖片來源： Guggenheim Home > CEF > PRODUCTS, retrieved on 3 Jun 2018）

而正如 XGEIX 網站所言，呢隻基金預期運作至２０２３至２０２４年便會 liquidate，其中最大的風險便是只能收息不能賣出，除非 Guggenheim 提出 offer 回收：

Non-Listed Closed-End Fund Risk
The Fund is designed for long-term investors who are prepared to hold the Common Shares of the Fund until the end of the Fund’s term and not as a trading vehicle. An investment in the Common Shares, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. The Common Shares are appropriate only for investors who are seeking an investment in less liquid portfolio investments within an illiquid fund. An investment in Common Shares is not suitable for investors who need access to the money they invest. Unlike shares of open-end funds (commonly known as mutual funds), which generally are redeemable on a daily basis, the Common Shares will not be redeemable at an investor’s option. Unlike traditional listed closed-end funds, the Fund does not intend to list the Common Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Common Shares in the foreseeable future. The net asset value of the Common Shares may be volatile and the Fund’s use of leverage will increase this volatility. As the Common Shares are not traded, investors may not be able to dispose of their investment in the Fund no matter how poorly the Fund performs.
Shareholder Liquidity Event Risk
The Fund intends to complete a Shareholder Liquidity Event on or before the Liquidity Event Date, July 28, 2023. If the Board of Trustees determines that under then current market conditions it is in the best interests of the Fund to do so, the Fund may extend the Liquidity Event Date for one year, to July 28, 2024, without a shareholder vote. The Fund’s investment objectives and policies are not designed to seek to return to investors that purchase Common Shares in this offering their initial investment on the Liquidity Event Date or any other date.
Tender Offer Risk
Beginning 18 months after the completion of the offering, the Fund intends, but is not obligated, to conduct quarterly tender offers for up to 2.5% of the Common Shares then outstanding in the sole discretion of the Board of Trustees. In a tender offer, the Fund will offer to repurchase Common Shares at the Fund’s net asset value per Common Share or a percentage of the Fund’s net asset value per Common Share on the last day of the offer. In any given quarter, the Fund may choose not to conduct a tender offer or may choose to conduct a tender offer for less than 2.5% of the Common Shares then outstanding. Accordingly, there may be periods during which no tender offer is made, and it is possible that no tender offers will be conducted during the term of the Fund. If a tender offer is not made, Common Shareholders may not be able to sell their Common Shares as it is unlikely that a secondary market for the Common Shares will develop or, if a secondary market does develop, Common Shareholders may be able to sell their Common Shares only at substantial discounts from net asset value. If the Fund does conduct tender offers, it may be required to sell its more liquid, higher quality portfolio securities to purchase Common Shares that are tendered, which may increase risks for remaining Common Shareholders and increase fund expenses as a percentage of net assets....

車，其實老散控利呢類風險可以好簡單：咪就係控利注碼，唔好訓身咪得囉！
又，在 Guggenheim 網站研究資料期間，發現其網站有過輕微改版（職業病發作），其中 ETF 產品不見了！魔術師唯有問問 Google 大神，終於找到答案：原來 Guggenheim 的 ETF 業務俾 Invesco 收購咗！

（圖片來源： Invesco expands its ability to meet client needs by completing its acquisition of Guggenheim Investments' ETF business, retrieved on 3 Jun 2018）

睇嚟 Guggenheim 都係想專注返為啲專貴客戶服務，老散就由他去吧！