Symbols

BDCX

ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN·NYSE

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Key Stats

Assets Under Management

7.52MUSD

Fund Flows (1Y)

-2.93MUSD

Dividend Yield

18.90%

Discount/Premium to NAV

-0.05%

Shares Outstanding

300.00K

Expense Ratio

0.95%

About ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN

Issuer

UBS

Brand

ETRACS

Home Page

https://etracs.ubs.com/product/detail/index/ussymbol/BDCX

Inception Date

Jun 2, 2020

Structure

Exchange-Traded Note

Index Tracked

MarketVector US Business Development Companies Liquid Index

Management Style

Passive

Dividend Treatment

Distributes

Distribution Tax Treatment

Ordinary income

Income Tax Type

Capital Gains

Max ST Capital Gains Rate

39.60%

Max LT Capital Gains Rate

20.00%

Primary Advisor

Distributor

UBS Securities LLC

BDCX tracks a tiered-weighted index consisting of 25 BDCs covering 85%-90% of the free-float market-cap. These 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. The return on the note is linked to the performance of the price return of the index. Unlike most levered funds, that resets daily, BDCX offers 1.5x exposure over quarterly periods. Over periods spanning more than the quarterly reset dates, returns can vary significantly from its promised 1.5x exposure. Investors will come closest to 1.5x exposure by buying near but after the quarterly reset date. BDCX is designed as a short-term trading tool and not a long-term investment vehicle. Prior to July 30, 2021, the fund tracked the Wells Fargo Business Development Company Index.