BDCX vs. PBDC ETF Comparison

Comparison of ETRACS Quarterly Pay 1.5X Leveraged Wells Fargo BDC Index ETN (BDCX) to Putnam BDC Income ETF (PBDC)

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

PBDC

Putnam BDC Income ETF

PBDC Description

Putnam BDC Income ETF is an exchange traded fund launched and managed by Putnam Investment Management, LLC. The fund is co-managed by Putnam Investments Limited. It invests in the public equity markets of the United States. The fund invests in stocks of companies operating across business development companies sectors. The fund invests in growth and value stocks of companies across diversified market capitalization. Putnam BDC Income ETF is domiciled in the United States.

Grade (RS Rating)

Last Trade

$33.98

Average Daily Volume

32,486

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	BDCX	PBDC
30 Days	3.40%	3.44%
60 Days	6.79%	6.53%
90 Days	4.79%	6.66%
12 Months	40.47%	32.16%

7 Overlapping Holdings

Symbol	Grade	Weight in BDCX	Weight in PBDC	Overlap
ARCC	A	17.86%	12.17%	12.17%
BCSF	A	2.09%	4.12%	2.09%
FSK	A	11.43%	7.22%	7.22%
GBDC	A	4.5%	5.62%	4.5%
HTGC	A	4.42%	6.83%	4.42%
MAIN	A	5.85%	9.77%	5.85%
TSLX	A	4.71%	5.48%	4.71%

BDCX Overweight 16 Positions Relative to PBDC

Symbol	Grade	Weight
PSEC	D	5.48%
GSBD	A	4.48%
NMFC	B	3.68%
OCSL	A	3.54%
TCPC	D	2.36%
CGBD	A	2.28%
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 3 Positions Relative to PBDC

Symbol	Grade	Weight
OBDC	A	-12.65%
BXSL	A	-10.05%
MFIC	A	-4.54%

BDCX: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Specialty Finance

PBDC: Top Represented Industries & Keywords

Industries: Asset Management Internet Software & Services Specialty Finance