BDCZ

BDCZ covers a somewhat obscure pocket of the global funding market: business development companies. The note launched on Oct. 9, 2015 as a "B Series” companion to BDCS, providing more capacity for identical exposure. The ETN's reference index tracks the top 85% of the free-float universe or at least 25 companies that act as venture capital firms but that are typically structured as publicly traded closed-end funds. These firms generally invest in small or financially troubled firms directly via equity positions or indirectly through loans. Selected companies are grouped as large-weights (largest 5-10) and small-weights (all other companies). The index assigns different minimum-weights to the companies: 5% to large-weights compared to 4.5% for the small-weights. Prior to July 30, 2021, the fund tracked the Wells Fargo Business Development Company Index.