BDCZ vs. PBDC ETF Comparison

Comparison of ETRACS Wells Fargo Business Development Company Index ETN Series B due April 26, 2041 (BDCZ) to Putnam BDC Income ETF (PBDC)

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

$19.44

Average Daily Volume

3,734

Number of Holdings ^*

23

* 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

$33.91

Average Daily Volume

33,006

Number of Holdings ^*

10

* may have additional holdings in another (foreign) market

Performance

Period	BDCZ	PBDC
30 Days	2.99%	3.93%
60 Days	5.76%	7.85%
90 Days	6.90%	9.40%
12 Months	31.88%	35.09%

7 Overlapping Holdings

	Symbol	Grade	Weight in BDCZ	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%

BDCZ Overweight 16 Positions Relative to PBDC

	Symbol	Grade	Weight
	PSEC	D	5.48%
	GSBD	A	4.48%
	NMFC	A	3.68%
	OCSL	B	3.54%
	TCPC	C	2.36%
	CGBD	A	2.28%
	SLRC	A	2.05%
	NEWT	F	1.96%
	CSWC	A	1.82%
	BBDC	A	1.72%
	GAIN	A	1.69%
	TPVG	D	1.57%
	PFLT	B	1.45%
	PNNT	A	1.4%
	FDUS	A	1.28%
	GLAD	A	1.22%

BDCZ Underweight 3 Positions Relative to PBDC

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

BDCZ: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Specialty Finance

Keywords: Business Development Private Equity Mezzanine Capital Venture Capital Debt Refinancing Senior Debt Subordinated Debt Business Development Company Credit Loan Healthcare Service Second Lien Loan Aerospace Beverage Chemical Entrepreneurship Golub Capital Leveraged Buyout Venture Debt

PBDC: Top Represented Industries & Keywords

Industries: Asset Management Internet Software & Services Specialty Finance

Keywords: Private Equity Venture Capital Business Development Business Development Company Mezzanine Capital Credit Loan Refinancing U.S. Securities And Exchange Commission Debt Debt Financing Golub Capital Leveraged Buyout Pharmaceutical Second Lien Loan Subordinated Debt Venture Debt Advanced Materials Aerospace Bankruptcy