Putnam BDC Income ETF
$25.31−0.15 (−0.59%)
- 11.77%
- $276M
- −1.8%
- 11.65%
- 0.1M sh
- $25.49
- low $25.10high $32.25
The ETF.net PBDC Grade
D
Score 37 out of 100
- 9 of 12
Score 37 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F3 out of 100Rank 12 of 12Mission
Whether the fund did what it promised, tested against its stated mandate.A80 out of 100Rank 1 of 4Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B56 out of 100Rank 4 of 12Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B68 out of 100Rank 2 of 12Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C49 out of 100Rank 7 of 11Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A70 out of 100Rank 5 of 12
Our read on PBDC
DPrivate credit in one ticker. PBDC owns exchange-listed business development companies, the lenders to mid-size private America, with a manager choosing which ones. Its 13.49% headline fee is mostly the BDCs' own costs, not Putnam's.
The fund seeks current income and invests mainly in exchange-listed business development companies (BDCs).
Why people hold it
- Active by design: the mandate is current income from exchange-listed BDCs, with a manager deciding which lenders make the cut rather than buying the whole basket. Live since 2022.
- The 13.49% headline is not the manager's fee. SEC rules make the fund stack the underlying BDCs' own expense ratios on top of its direct fees, and those costs are already netted out inside each BDC.franklintempleton.com
- Income is the whole point: the fund collects what its BDC holdings pay out and distributes to shareholders quarterly.
- Not a bank fund. Broad financials ETFs like XLF and VFH hold banks and insurers; this one holds the direct lenders to private companies.
Worth knowing
- Cost is the sore spot. The all-in reported 13.49% dwarfs the roughly 0.44% median for financials sector ETFs, and it is the main reason the fund sits near the back of that peer group.
- The fund's own disclosures flag the BDC risk stack: credit, interest rate, liquidity, small company and leverage risk. Private lending is where those show up first.franklintempleton.com
- Payouts ride on what the underlying lenders earn, so the quarterly amount moves around instead of arriving as a fixed check.
PBDC Holdings
- Stocks
- 27
- 72%
- ARCC
Geography
- United States100.00%
PBDC Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
PBDC$9,818
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | PBDC |
|---|---|
| Year to date | −9.8% |
| 1 month | −4.8% |
| 3 months | −2.0% |
| 1 year | −1.8% |
| 3 years | +4.7% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | PBDC |
|---|---|---|
| 2026 YTD | −9.8% | |
| 2025 | −1.5% | |
| 2024 | +19.4% | |
| 2023 | +30.4% | |
| 2022 | +10.9% |
PBDC in the news
PBDC Dividends
- 11.65%
- $2.97
- $0.73 per share
- Quarterly
Distribution history
PBDC Risk
- 14.3%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.08
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −20.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.30
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PBDC Cost
11.77%
PBDC11.77%
- The middle half of Listed Private Markets funds
- Median 1.35%
Every other Listed Private Markets fund charges less.
Other funds in Listed Private Markets
- CBIZDVanEck BDC Income ETFExpense ratio 9.69%1 year return +1.2%
- CPEVCPacer PE/VC ETFExpense ratio 0.85%1 year return +21.4%
- DPEXProShares Global Listed Private Equity ETFExpense ratio 2.95%1 year return −8.0%
- DVPCVirtus Private Credit Strategy ETFExpense ratio 10.60%1 year return −9.0%
- DLBOWHITEWOLF Publicly Listed Private Equity ETFExpense ratio 6.53%1 year return −5.8%