UBS Announces Successor Index to the Wells Fargo Business Development Company Index

Wells Fargo Securities LLC as index sponsor (the “Index Sponsor”) of the Wells Fargo^® Business Development Company Index (the “Original Index”), previously announced that the Original Index will be terminated after the close of trading on July 30, 2021.

The two ETRACS ETNs highlighted in Table-1 below (the “ETNs”) are currently linked to the performance of the Original Index. Effective after market close on July 30, 2021 (the “Effective Date”), the Original Index will be replaced with a successor index, the MVIS US Business Development Companies Index (the “Successor Index”). Pursuant to the terms of the ETNs, UBS Securities LLC, as security calculation agent for the ETNs, has determined that the Successor Index is comparable to the Original Index and approved the Successor Index as the successor index for the ETNs following the discontinuation of publication of the Original Index.

Table-1

ETN Ticker		ETN Name		ETN CUSIP		Original Index Bloomberg Ticker		Successor Index Bloomberg Ticker
BDCZ		ETRACS Wells Fargo BDC Index ETN Series B		90274D416		WFBDCPX		MVBIZD
BDCX		ETRACS Quarterly Pay 1.5X Leveraged Wells Fargo BDC Index ETN		90269A260		WFBDCPX		MVBIZD

In addition, the below adjustments will be made after market close on the Effective Date.

BDCZ ETN:

• the Initial Index Level of the ETN will be adjusted to be equal to the Index Closing Level of the Successor Index on the Effective Date, times an Adjustment Factor. The Adjustment Factor will be equal to the original Initial Index Level divided by the Index Closing Level of the Original Index on the Effective Date

BDCX ETN:

• the Last Reset Index Closing Level of the ETN will be adjusted to be equal to the Index Closing Level of the Successor Index on the Effective Date

UBS has been advised by its tax counsel that the change in the Index that is referenced by the ETNs should not trigger a disposition of the ETNs for US federal income tax purposes, and therefore a holder of ETNs should not be subject to any US federal income tax consequences as result of such change. UBS is not providing tax advice to holders of ETNs and such holders should consult with their tax advisors regarding the tax treatment of the ETNs.

About the Wells Fargo® Business Development Company Index

The Wells Fargo Business Development Company Index is a float-adjusted, capitalization-weighted Index that is intended to measure the performance of all Business Development Companies (“BDC”) that are listed on the New York Stock Exchange (“NYSE AMEX”) or NASDAQ and satisfy specified market capitalization and other eligibility requirements. To qualify as a BDC, the company must be registered with the Securities and Exchange Commission (“SEC”) and have elected to be regulated as a BDC under the Investment Company Act of 1940 (“1940 Act”). The Original Index was