PSP vs. BDCX ETF Comparison

Comparison of PowerShares Listed Private Equity (PSP) to ETRACS Quarterly Pay 1.5X Leveraged Wells Fargo BDC Index ETN (BDCX)

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

$67.40

Average Daily Volume

14,742

Number of Holdings ^*

* may have additional holdings in another (foreign) market

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

$31.56

Average Daily Volume

2,318

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	PSP	BDCX
30 Days	3.90%	-0.45%
60 Days	11.14%	2.77%
90 Days	10.10%	-5.96%
12 Months	44.50%	18.71%

13 Overlapping Holdings

Symbol	Grade	Weight in PSP	Weight in BDCX	Overlap
ARCC	A	2.77%	17.86%	2.77%
BBDC	D	0.22%	1.72%	0.22%
BCSF	C	0.23%	2.09%	0.23%
CSWC	C	0.22%	1.82%	0.22%
FSK	A	0.85%	11.43%	0.85%
GAIN	A	0.21%	1.69%	0.21%
GBDC	D	0.62%	4.5%	0.62%
GSBD	D	0.21%	4.48%	0.21%
HTGC	C	0.44%	4.42%	0.44%
MAIN	B	0.46%	5.85%	0.46%
NMFC	F	0.21%	3.68%	0.21%
SLRC	D	0.2%	2.05%	0.2%
TSLX	D	0.21%	4.71%	0.21%

PSP Overweight 15 Positions Relative to BDCX

Symbol	Grade	Weight
KKR	C	5.76%
BX	C	5.69%
TPG	C	5.63%
CG	C	4.31%
OWL	B	3.01%
HLNE	A	2.76%
STEP	A	2.12%
GHC	B	1.25%
IAC	C	1.21%
BBUC	B	1.1%
BXSL	D	0.86%
CODI	D	0.65%
CNNE	F	0.5%
PAX	F	0.39%
PX	B	0.3%

PSP Underweight 10 Positions Relative to BDCX

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

BDCX: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Specialty Finance