ETRACS Quarterly Pay 1.5X Leveraged Wells… (BDCX) Valuation
BDCX valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 25.3 trailing earnings
- Forward P/E
- 9.1 analyst estimates
- Price / sales
- 2.81
- Price / book
- 0.78
- EV / EBITDA
- 11.2
- Earnings yield
- 3.95% inverse of P/E
- Dividend yield
- 13.48% of the holdings
- Return on equity
- 3.1% combined
- Net margin
- 11.1% combined
- Beta
- 0.76 weighted, vs S&P 500
BDCX valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| BDCX | 25.3 | 9.1 | 2.81 | 0.78 | 13.48% | 3.1% | 11.1% | 19.8% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
BDCX valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 89.1% | 25.3 | 9.1 | 2.81 | 0.78 | 13.48% | 3.1% |
BDCX earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How BDCX weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
BDCX largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ARCC | Ares Capital Corporation | 18.67% | 14.0 | 10.0 | 4.3 | 10.26% | 37.97% |
| FSK | FS KKR Capital Corp. | 11.61% | — | 7.9 | 2.2 | 17.04% | −43.12% |
| ORCC | Owl Rock Capital Corp | 8.34% | — | — | — | — | — |
| PSEC | Prospect Capital Corporation | 5.58% | 26.7 | 9.4 | 1.3 | 26.25% | 5.95% |
| MAIN | Main Street Capital Corporation | 5.56% | 10.8 | 13.4 | 8.8 | 5.91% | 14.61% |
| TSLX | Sixth Street Specialty Lending, Inc. | 4.63% | 18.3 | 10.2 | 4.0 | 9.86% | 7.18% |
| HTGC | Hercules Capital, Inc. | 4.52% | 8.1 | 8.6 | 5.4 | 11.48% | 15.77% |
| GBDC | Golub Capital BDC, Inc. | 4.43% | 18.4 | 9.8 | 3.9 | 10.89% | 6.85% |
| GSBD | Goldman Sachs BDC, Inc. | 4.27% | 16.8 | 10.8 | 2.9 | 16.15% | 7.23% |
| NMFC | New Mountain Finance Corporation | 3.72% | — | 6.8 | 2.2 | 16.91% | −7.53% |
| OCSL | Oaktree Specialty Lending Corporation | 3.40% | 24.1 | 8.9 | 3.5 | 11.41% | 4.01% |
| AINV | Apollo Investment Corp | 2.33% | — | — | — | — | — |
| TCPC | BlackRock TCP Capital Corp. | 2.33% | — | 9.9 | 2.0 | 18.20% | −20.37% |
| CGBD | Carlyle Secured Lending, Inc. | 2.24% | 20.8 | 7.9 | 2.8 | 13.47% | 3.07% |
| NEWT | NewtekOne, Inc. | 2.05% | 5.0 | 5.2 | 0.8 | 6.90% | 11.70% |
| BCSF | Bain Capital Specialty Finance, Inc. | 1.99% | 10.4 | 10.1 | 2.5 | 16.37% | 5.44% |
| SLRC | SLR Investment Corp. | 1.98% | 8.4 | 9.0 | 3.0 | 12.65% | 6.72% |
| CSWC | Capital Southwest Corporation | 1.83% | 12.8 | 11.4 | 6.2 | 13.17% | 4.08% |
| BBDC | Barings BDC, Inc. | 1.77% | 10.3 | 7.9 | 3.3 | 12.32% | 4.89% |
| GAIN | Gladstone Investment Corporation | 1.61% | 3.6 | 41.2 | 3.9 | 6.38% | 12.80% |
| TPVG | TriplePoint Venture Growth BDC Corp. | 1.51% | 4.5 | 6.8 | 2.0 | 29.41% | 9.60% |
| PFLT | PennantPark Floating Rate Capital Ltd. | 1.51% | 12.8 | 6.6 | 2.4 | 15.35% | 3.35% |
| PNNT | PennantPark Investment Corporation | 1.36% | 20.3 | 6.0 | 1.9 | 15.79% | 1.91% |
| FDUS | Fidus Investment Corporation | 1.33% | 9.1 | 10.5 | 4.4 | 11.27% | 4.15% |
| GLAD | Gladstone Capital Corporation | 1.17% | 8.9 | 10.8 | 4.3 | 9.53% | 3.75% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About BDCX valuation
Adding up its 23 holdings with company data, BDCX trades at 25.3 times trailing earnings and 9.1 times analysts' forward estimates, with a price-to-book ratio of 0.78 and a dividend yield of 13.48%. Its earnings yield of 3.95% is 1.38 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 71.3% of the fund and earn 48.9% of its combined profit. Companies that lost money over the past year are 19.8% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 89.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: BDCX chart, BDCX performance, BDCX holdings, BDCX dividends.
BDCX valuation FAQ
What is the P/E ratio of BDCX?
Based on its holdings, BDCX has a trailing P/E of 25.3 and a forward P/E of 9.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of BDCX?
The trailing earnings yield is 3.95% (1 ÷ P/E) and the forward earnings yield 10.96%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is BDCX more expensive than the S&P 500?
BDCX trades at 25.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 9.1 and 19.9.
What is the price-to-book ratio of BDCX?
The holdings of BDCX trade at 0.78 times book value, with a combined return on equity of 3.1%.