ETRACS QUARTERLY PAY 1.5X LEVERAGED WELLS FARGO BDC INDEX ETN ETF

The investment seeks to provide 1.5 times leveraged long exposure to the compounded quarterly performance of the Wells Fargo Business Development Company Index (the ?index?), reduced by the Accrued Fees. The index is intended to measure the performance of all business development companies listed on the New York Stock Exchange (?NYSE?), NYSE AMEX or The Nasdaq Stock Market, Inc. (?NASDAQ?) that satisfy specified market capitalization and other eligibility requirements. It is a proprietary index of Wells Fargo Securities, LLC.