UBS ETRACS 2xLeveraged Long Wells Fargo Business Development Company Index ETN
BDCL
New York Stock Exchange Arca- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Leveraged
- Address
- IPO Date
- May 24, 2011
- Similar Companies
- Business
- UBS ETRACS 2xLeveraged Long Wells Fargo Business Development Company Index ETN (BDCL) is an exchange-traded note issued by UBS AG that provides 2x leveraged exposure to the Wells Fargo Business Development Company Index, which tracks the performance of U.S.-listed business development companies (BDCs) meeting specific market capitalization, liquidity, and exchange listing criteria; the ETN delivers a cash payment at maturity or early redemption based on twice the monthly performance of the index, net of fees, with quarterly coupon payments tied to the index's distributions. The product targets investors seeking amplified returns from the BDC sector, which provides debt and equity financing to middle-market companies; it lists on NYSE Arca and features holdings concentrated in the top BDCs by modified market capitalization weighting, with approximately 20 constituents where the top 10 typically represent over 65% of assets. Launched in May 2011 with maturity in May 2041, BDCL operates from UBS AG's London Branch and Stamford, Connecticut headquarters, serving U.S. institutional and retail investors focused on leveraged income strategies. In late 2019 through early 2020, UBS AG executed a voluntary exchange offer converting BDCL (Series A ETN, co-obligated by UBS AG and UBS Switzerland AG) into LBDC (Series B ETN, solely obligated by UBS AG), simplifying issuer obligations while maintaining substantially identical economic terms, including leverage and index linkage; this restructuring addressed counterparty risk perceptions amid market volatility. Trading data as of 2025 shows BDCL listed with recent quotes around $2.44 and elevated YTD volatility reflecting leveraged BDC sector dynamics, though some platforms note limited liquidity or inactive status signals; no major delistings, redemptions, or further issuer changes have been announced through December 2025. UBS continues quarterly coupon distributions across its ETRACS suite, including related BDC products like BDCZ, underscoring ongoing operational support for BDCL amid stable index composition tracking approximately 20-25 public BDCs.