ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN
BDCX
New York Stock Exchange Arca- -
USD
- -
- -
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
- 1285 Avenue of the Americas New York NY United States of America 10019
- IPO Date
- Jun 11, 2020
- CIK
- 0001114446
- Website
- etracs.ubs.com
- Similar Companies
- Business
- ETRACS Quarterly Pay 1.5X Leveraged MarketVector BDC Liquid Index ETN (BDCX) is an exchange-traded note issued by UBS AG that provides 1.5 times leveraged long exposure to the compounded quarterly performance of the MarketVector US Business Development Companies Liquid Index; it may pay a variable quarterly coupon linked to 1.5 times the cash distributions of the underlying business development company (BDC) constituents, less investor fees of 0.95% annually, provided such distributions exceed fees. BDCX trades on NYSE Arca under the ticker BDCX with CUSIP 90269A260, features a maturity date of June 10, 2050, and targets investors seeking enhanced yield from U.S.-listed BDCs, which provide financing to middle-market companies; the underlying index is a tiered, market cap-weighted benchmark focusing on the largest and most liquid U.S. BDCs with lower volatility and consistent dividend histories. Launched on June 2, 2020, BDCX originally tracked the Wells Fargo Business Development Company Index before transitioning to the successor MVIS US Business Development Companies Index (rebranded as MarketVector) effective after market close on July 30, 2021, including adjustments to the initial and reset index levels to maintain continuity. UBS AG, the issuer operating under the ETRACS brand, maintains global operations across more than 50 markets with a primary focus on wealth management, asset management, investment banking, and universal banking services in Switzerland; headquartered in Zurich and Basel, Switzerland, the firm traces its modern origins to the 1998 merger of Union Bank of Switzerland and Swiss Bank Corporation, with roots extending to the 19th century. ETRACS ETNs, including BDCX, represent senior, unsecured, unsubordinated debt obligations of UBS AG, offering exposure to diverse indices linked to equities, bonds, commodities, or currencies, less fees, and are accessible via brokerage accounts without third-party guarantees. Recent developments for BDCX include ongoing quarterly coupon declarations by UBS, such as $1.12 paid on October 21, 2025 (ex-date October 10, 2025), $1.1012 on July 22, 2025, $1.5561 on April 22, 2025, and $0.8983 on January 22, 2025, reflecting variable distributions tied to BDC payouts amid stable product terms post-2021 index change. No major acquisitions, funding rounds, new launches, or strategic shifts specific to BDCX have occurred in the last 1-2 years; however, UBS continues routine portfolio management, including coupon announcements for multiple ETRACS ETNs as recently as October 2025 and accelerated redemptions for other unrelated products. The ETN remains listed on NYSE Arca with an annualized current yield around 16.50% as of late 2025, subject to market conditions, leverage resets, and risks like permanent deleveraging or zero value events.