BDCX vs. PEX ETF Comparison

Comparison of ETRACS Quarterly Pay 1.5X Leveraged Wells Fargo BDC Index ETN (BDCX) to ProShares Global Listed Private Equity ETF (PEX)

BDCX

ETRACS Quarterly Pay 1.5X Leveraged Wells Fargo BDC Index ETN

BDCX Description

The investment seeks to provide 1.5 times leveraged long exposure to the compounded quarterly performance of the Wells Fargo Business Development Company Index, reduced by the Accrued Fees. The index is intended to measure the performance of all business development companies listed on the New York Stock Exchange, NYSE AMEX or The Nasdaq Stock Market, Inc. that satisfy specified market capitalization and other eligibility requirements. It is a proprietary index of Wells Fargo Securities, LLC.

Grade (RS Rating)

Last Trade

$31.68

Average Daily Volume

1,335

Number of Holdings ^*

23

* may have additional holdings in another (foreign) market

PEX

ProShares Global Listed Private Equity ETF

PEX Description

The investment seeks investment results before fees and expenses that track the performance of the LPX Direct Listed Private Equity Index (the "index"). The index consists of up to 30 qualifying listed private equity companies. The fund invests in securities that ProShare Advisors believes, in combination, should track the performance of the index. It will invest at least 80% of its total assets in component securities. The fund will concentrate its investments in a particular industry or group of industries, country or region to approximately the same extent as the index is so concentrated. It is non-diversified.

Grade (RS Rating)

Last Trade

$28.50

Average Daily Volume

3,302

Number of Holdings ^*

13

* may have additional holdings in another (foreign) market

Performance

Period	BDCX	PEX
30 Days	1.38%	1.91%
60 Days	3.42%	0.83%
90 Days	5.75%	2.27%
12 Months	18.59%	20.86%

12 Overlapping Holdings

	Symbol	Grade	Weight in BDCX	Weight in PEX	Overlap
	ARCC	A	17.86%	10.18%	10.18%
	BBDC	A	1.72%	1.44%	1.44%
	CSWC	D	1.82%	1.64%	1.64%
	FSK	A	11.43%	8.92%	8.92%
	GBDC	C	4.5%	4.53%	4.5%
	GSBD	F	4.48%	2.24%	2.24%
	HTGC	D	4.42%	4.21%	4.21%
	MAIN	A	5.85%	6.56%	5.85%
	NMFC	D	3.68%	1.71%	1.71%
	PSEC	D	5.48%	2.51%	2.51%
	SLRC	A	2.05%	1.21%	1.21%
	TSLX	C	4.71%	3.0%	3.0%

BDCX Overweight 11 Positions Relative to PEX

	Symbol	Grade	Weight
	OCSL	F	3.54%
	TCPC	C	2.36%
	CGBD	D	2.28%
	BCSF	C	2.09%
	NEWT	B	1.96%
	GAIN	C	1.69%
	TPVG	C	1.57%
	PFLT	D	1.45%
	PNNT	B	1.4%
	FDUS	A	1.28%
	GLAD	B	1.22%

BDCX Underweight 1 Positions Relative to PEX

	Symbol	Grade	Weight
	CODI	B	-2.39%

BDCX: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Specialty Finance

Keywords: Business Development Private Equity Mezzanine Capital Venture Capital Debt Refinancing Senior Debt Subordinated Debt Business Development Company Credit Loan Healthcare Service Second Lien Loan Aerospace Beverage Chemical Entrepreneurship Golub Capital Leveraged Buyout Venture Debt

PEX: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Conglomerates Specialty Finance

Keywords: Business Development Mezzanine Capital Private Equity Venture Capital Chemical Golub Capital Healthcare Service Refinancing Spell Capital Partners Aerospace Beverage Business Development Company Capital Structure Consumer Products Debt Debt Financing Electronics Entrepreneurship Leveraged Buyout Loan