The UBS ETRACS business Development Company ETN (NYSEARCA:BDCS) and UBS ETRACS 2X Leveraged Business Development Company ETN (NYSEARCA:BDCL) are exchange traded notes that continue to underperform the average BDC for a few reasons but mostly related to index allocations and "tracking fees."
Source: UBS ETRACS BDCL
Previous Reductions to Distributions
As predicted in "BDC Index Fund Continues To Underperform The Average":
"I am expecting BDCS (and BDCL) to reduce its distributions due to some of the primary allocations cutting dividends in 2017 that will likely result in continued lower