BDCX vs. LBO ETF Comparison

Comparison of ETRACS Quarterly Pay 1.5X Leveraged Wells Fargo BDC Index ETN (BDCX) to WHITEWOLF Publicly Listed Private Equity ETF (LBO)

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

$33.25

Average Daily Volume

3,863

Number of Holdings ^*

* may have additional holdings in another (foreign) market

LBO

WHITEWOLF Publicly Listed Private Equity ETF

LBO Description

The fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of U.S. publicly listed private equity companies. It defines "listed private equity companies" as Leverage Finance Providers and Buyout Firms, Sponsors, and Asset Managers (collectively, "Listed Private Equity Companies") that are listed and traded on a U.S. national securities exchange. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$28.58

Average Daily Volume

487

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	BDCX	LBO
30 Days	3.40%	0.44%
60 Days	6.79%	2.24%
90 Days	4.79%	5.35%
12 Months	40.47%

3 Overlapping Holdings

Symbol	Grade	Weight in BDCX	Weight in LBO	Overlap
ARCC	A	17.86%	7.75%	7.75%
FSK	A	11.43%	7.07%	7.07%
HTGC	A	4.42%	5.12%	4.42%

BDCX Overweight 20 Positions Relative to LBO

Symbol	Grade	Weight
MAIN	A	5.85%
PSEC	D	5.48%
TSLX	A	4.71%
GBDC	A	4.5%
GSBD	A	4.48%
NMFC	B	3.68%
OCSL	A	3.54%
TCPC	D	2.36%
CGBD	A	2.28%
BCSF	A	2.09%
SLRC	A	2.05%
NEWT	D	1.96%
CSWC	A	1.82%
BBDC	B	1.72%
GAIN	A	1.69%
TPVG	D	1.57%
PFLT	A	1.45%
PNNT	A	1.4%
FDUS	A	1.28%
GLAD	A	1.22%

BDCX Underweight 7 Positions Relative to LBO

Symbol	Grade	Weight
BXSL	A	-7.1%
KKR	C	-6.25%
OWL	A	-6.08%
CG	B	-5.31%
BX	C	-5.26%
TPG	C	-5.07%
APO	B	-4.84%

BDCX: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Specialty Finance

LBO: Top Represented Industries & Keywords

Industries: Asset Management Specialty Finance