BDCX vs. PSP ETF Comparison

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

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

$32.12

Average Daily Volume

3,617

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

$62.35

Average Daily Volume

21,025

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	BDCX	PSP
30 Days	3.57%	-2.38%
60 Days	3.44%	-0.96%
90 Days	3.33%	4.30%
12 Months	34.30%	26.73%

12 Overlapping Holdings

Symbol	Grade	Weight in BDCX	Weight in PSP	Overlap
ARCC	A	17.86%	2.97%	2.97%
BBDC	A	1.72%	0.23%	0.23%
BCSF	A	2.09%	0.24%	0.24%
CSWC	A	1.82%	0.25%	0.25%
FSK	A	11.43%	1.23%	1.23%
GBDC	A	4.5%	0.52%	0.52%
GSBD	A	4.48%	0.24%	0.24%
HTGC	A	4.42%	0.5%	0.5%
MAIN	A	5.85%	0.76%	0.76%
NMFC	C	3.68%	0.24%	0.24%
SLRC	A	2.05%	0.24%	0.24%
TSLX	B	4.71%	0.24%	0.24%

BDCX Overweight 11 Positions Relative to PSP

Symbol	Grade	Weight
PSEC	C	5.48%
OCSL	A	3.54%
TCPC	D	2.36%
CGBD	A	2.28%
NEWT	D	1.96%
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 15 Positions Relative to PSP

Symbol	Grade	Weight
KKR	B	-4.75%
BX	C	-4.67%
TPG	C	-4.65%
CG	B	-4.56%
OWL	A	-2.92%
HLNE	B	-1.97%
GHC	B	-1.31%
STEP	A	-1.27%
IAC	F	-1.1%
CODI	B	-1.01%
BXSL	A	-1.01%
BBUC	D	-0.73%
PAX	D	-0.71%
CNNE	D	-0.7%
PX	F	-0.24%

BDCX: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Specialty Finance