UBS ETRACS Linked to the Wells Fargo Business Development Company Index ETN
BDCS
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- UBS ETRACS Linked to the Wells Fargo Business Development Company Index ETN (ticker: BDCS) is a senior, unsecured debt security issued by UBS AG that provides investors with exposure to the performance of the Wells Fargo Business Development Company Index, less investor fees; the ETN tracks the total return of publicly traded U.S. business development companies (BDCs) that are regulated under the Investment Company Act of 1940, including float-adjusted, capitalization-weighted constituents meeting specified market capitalization, liquidity, and eligibility criteria. The product offers a variable quarterly coupon payment linked to the cash distributions from the underlying BDC constituents, net of the 0.85% annual investor fee accrued daily; it matures on April 26, 2041, and trades on the NYSE Arca exchange. BDCS operates primarily in the U.S. financial markets, targeting investors seeking yield-oriented exposure to the BDC sector, which focuses on lending to and investing in small- and mid-sized companies. Originally launched in 2011 by UBS AG (headquartered in Zurich, Switzerland), the ETN underwent a significant issuer restructuring in late 2019 through a voluntary exchange offer, whereby outstanding Series A notes (including BDCS) were exchanged for Series B notes under which UBS AG became the sole obligor, eliminating co-obligor UBS Switzerland AG. In 2021, following the discontinuation of the original Wells Fargo Business Development Company Index, UBS implemented a successor index transition effective July 30, 2021, replacing it with the comparable MarketVector US Business Development Companies Liquid Index (also referenced as MVIS US Business Development Companies Index) to maintain continuity of BDC exposure. These changes reflect UBS's ongoing management of the ETRACS product suite, with no major new funding rounds, acquisitions, or product launches specific to BDCS reported in the last 1-2 years; recent activity includes routine quarterly coupon declarations as of October 2025.