BDCX vs. SPAQ ETF Comparison

Comparison of ETRACS Quarterly Pay 1.5X Leveraged Wells Fargo BDC Index ETN (BDCX) to Horizon Kinetics SPAC Active ETF (SPAQ)

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

SPAQ

Horizon Kinetics SPAC Active ETF

SPAQ Description

As of March 16, 2022, Spartan Acquisition Corp. III was acquired by SPARTAN Acquisition CORP. III, in a reverse merger transaction. Spartan Acquisition Corp. III focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was founded in 2020 and is based in New York, New York.

Grade (RS Rating)

Last Trade

$100.56

Average Daily Volume

290

Number of Holdings ^*

10

* may have additional holdings in another (foreign) market

Performance

Period	BDCX	SPAQ
30 Days	1.38%	0.59%
60 Days	3.42%	1.38%
90 Days	5.75%	1.26%
12 Months	18.59%	1.56%

0 Overlapping Holdings

	Symbol	Grade	Weight in BDCX	Weight in SPAQ	Overlap

BDCX Overweight 23 Positions Relative to SPAQ

	Symbol	Grade	Weight
	ARCC	A	17.86%
	FSK	A	11.43%
	MAIN	A	5.85%
	PSEC	D	5.48%
	TSLX	C	4.71%
	GBDC	C	4.5%
	GSBD	F	4.48%
	HTGC	D	4.42%
	NMFC	D	3.68%
	OCSL	F	3.54%
	TCPC	C	2.36%
	CGBD	D	2.28%
	BCSF	C	2.09%
	SLRC	A	2.05%
	NEWT	B	1.96%
	CSWC	D	1.82%
	BBDC	A	1.72%
	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 10 Positions Relative to SPAQ

	Symbol	Grade	Weight
	ALF	C	-4.96%
	MBAV	D	-4.95%
	OACCU	F	-4.93%
	SBXD	D	-4.66%
	VACH	F	-4.65%
	GRAF	D	-4.65%
	LEGT	B	-4.62%
	IBAC	C	-4.6%
	HYAC	C	-4.55%
	BOWN	A	-4.54%

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

SPAQ: Top Represented Industries & Keywords

Industries:

Keywords: Mergers And Acquisitions Private Equity Special Purpose Acquisition Company Reverse Takeover