BDCZ vs. PSP ETF Comparison

Comparison of ETRACS Wells Fargo Business Development Company Index ETN Series B due April 26, 2041 (BDCZ) to PowerShares Listed Private Equity (PSP)

BDCZ

ETRACS Wells Fargo Business Development Company Index ETN Series B due April 26, 2041

BDCZ Description

The ETRACS Wells Fargo® Business Development Company Index ETN Series B due April 26, 2041 are senior unsecured debt securities issued by UBS AG (UBS) that provide exposure to the performance of the Wells Fargo® Business Development Company Index. The index is intended to measure the performance of all business development companies listed on the NYSE or NASDAQ that satisfy specified market capitalization and other eligibility requirements. It refer to the business development companies (“BDCs”) included in the Wells Fargo® Business Development Company Index as the “index constituents.” The index is a proprietary index of Wells Fargo Securities, LLC.

Grade (RS Rating)

Last Trade

$19.13

Average Daily Volume

1,830

Number of Holdings ^*

* may have additional holdings in another (foreign) market

PSP

PowerShares Listed Private Equity

PSP Description

The PowerShares Global Listed Private Equity Portfolio (Fund) is based on the Red Rocks Global Listed Private Equity Index (Index). The Fund will normally invest at least 90% of its total assets in securities, which may include American depository receipts and global depository receipts, that comprise the Index. The Index includes securities, ADRs and GDRs of 40 to 75 private equity companies, including business development companies (BDCs), master limited partnerships (MLPs) and other vehicles whose principal business is to invest in, lend capital to or provide services to privately held companies (collectively, listed private equity companies). The Fund and the Index are rebalanced and reconstituted quarterly.

Grade (RS Rating)

Last Trade

$63.45

Average Daily Volume

15,035

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	BDCZ	PSP
30 Days	-1.87%	3.15%
60 Days	-1.82%	2.08%
90 Days	1.03%	4.96%
12 Months	15.75%	27.39%

13 Overlapping Holdings

Symbol	Grade	Weight in BDCZ	Weight in PSP	Overlap
ARCC	C	17.86%	3.02%	3.02%
BBDC	B	1.72%	0.24%	0.24%
BCSF	A	2.09%	0.24%	0.24%
CSWC	C	1.82%	0.23%	0.23%
FSK	B	11.43%	0.93%	0.93%
GAIN	B	1.69%	0.23%	0.23%
GBDC	D	4.5%	0.68%	0.68%
GSBD	D	4.48%	0.24%	0.24%
HTGC	B	4.42%	0.52%	0.52%
MAIN	A	5.85%	0.5%	0.5%
NMFC	B	3.68%	0.23%	0.23%
SLRC	D	2.05%	0.22%	0.22%
TSLX	D	4.71%	0.23%	0.23%

BDCZ Overweight 10 Positions Relative to PSP

Symbol	Grade	Weight
PSEC	D	5.48%
OCSL	F	3.54%
TCPC	D	2.36%
CGBD	C	2.28%
NEWT	C	1.96%
TPVG	D	1.57%
PFLT	D	1.45%
PNNT	D	1.4%
FDUS	D	1.28%
GLAD	B	1.22%

BDCZ Underweight 15 Positions Relative to PSP

Symbol	Grade	Weight
KKR	B	-5.48%
BX	B	-5.37%
TPG	B	-5.09%
CG	B	-5.05%
OWL	C	-3.23%
HLNE	B	-2.56%
STEP	B	-1.99%
GHC	C	-1.35%
IAC	C	-1.23%
BBUC	C	-1.06%
BXSL	D	-0.94%
CODI	C	-0.76%
CNNE	C	-0.55%
PAX	F	-0.47%
PX	C	-0.29%

BDCZ: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Specialty Finance