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Launched

Putnam BDC Income ETF

PBDCNYSE ArcaFranklin TempletonD

$26.40+0.39 (+1.50%)

At close: Nov 2, 2026, 4:00 PM ET

D39/ 100

Rank 8 of 12 in Listed Private Markets

D39/100Rank 8 of 12inListed Private Markets
Intraday session: up, 79 prints from 26.01 to 26.40. Range 25.97 to 26.41. Use the arrow keys to read each point.26.1026.2026.3010 AM12 PM2 PM4 PM
Expense ratio
11.77%
Fund size
$277M
1Y total return
−5.5%
Yield · Last 12 months
11.40%
Holdings
26
Avg volume · 30D
99K sh
52W range
low $24.64high $32.25
Launched

The ETF.net PBDC Grade

D

Score 39 out of 100

Category
Listed Private Markets⁠
Rank
8 of 12
Six-pillar profile for PBDC. Scores out of 100: Cost 11, Risk 56, Mission 78, Tradability 65, Holdings 47, Durability 68. Strongest: Mission (78). Weakest: Cost (11). Leans toward Mission.

Score 39 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.
    F11 out of 100
    Rank 11 of 12

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A78 out of 100
    Rank 1 of 4

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B56 out of 100
    Rank 4 of 12

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B65 out of 100
    Rank 4 of 12

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C47 out of 100
    Rank 8 of 11

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B68 out of 100
    Rank 5 of 12

Our read on PBDC

ETF.net Research

In short

DPrivate-credit lenders, hand-picked. PBDC is an actively managed basket of exchange-listed BDCs, with Putnam weighing each one's credit performance, leverage and dividend outlook instead of taking whatever an index serves up.

Stated mandate

The fund seeks current income and invests mainly in exchange-listed business development companies (BDCs).

Why people hold it

  • Not an index tracker: the managers weigh each BDC's credit performance, risk level, earnings and dividend outlook, and balance-sheet leverage before buying.sec.gov
  • The scary headline expense ratio is mostly accounting. SEC rules fold the underlying BDCs' own fees into the total; the fund itself charges one all-inclusive management fee.franklintempleton.comfranklintempleton.com 2
  • Income is the stated job: current income from exchange-listed BDCs, the lenders to private US companies, paid out quarterly.sec.gov
  • Running since 2022 and now several hundred million dollars in size, with Franklin Templeton behind it since its 2024 purchase of Putnam.sec.gov

Worth knowing

  • Reported total expenses are 11.77%, above the category median and above index rival BIZD's 9.69%. Both figures are swollen by pass-through BDC fees.franklintempleton.com
  • Non-diversified, and the holdings lend to privately held or thinly traded US companies. That is middle-market credit risk, not broad-market equity risk.sec.govsec.gov 2
  • Active means the lineup is the team's call, not a published rulebook. The fund measures itself against the S&P BDC Index.franklintempleton.comsec.gov

PBDC Performance

Launched Sep 29, 2022

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$9,448
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. PBDC $9,448. SPY $11,199. Use the arrow keys to read each point.$9,000$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for PBDC. Periods over one year show the average yearly return.
PeriodPBDC
Year to date−7.9%
1 month−0.6%
3 months+1.4%
1 year−5.5%
3 yearsper year+6.1%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PBDC
YearReturn barPBDC
2026 YTD−7.9%
2025−1.5%
2024+19.4%
2023+30.4%
2022+10.9%

History from Sep 30, 2022

PBDC in the news

PBDC Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
11.40%Last 12 months
Payout per share
$2.97Last 12 months
Last payment
$0.73 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2022–2026

One bar per payment. 16 payments from 2022 to 2026 YTD. Dec 27, 2022 $0.92; Apr 6, 2023 $0.73; Jul 7, 2023 $0.76; Oct 5, 2023 $0.78; Dec 26, 2023 $0.85; Apr 4, 2024 $0.76; Jul 5, 2024 $0.79; Oct 4, 2024 $0.86; Dec 27, 2024 $0.79; Apr 4, 2025 $0.79; Jul 7, 2025 $0.79; Oct 6, 2025 $0.82; Dec 19, 2025 $0.83; Apr 7, 2026 $0.71; Jul 7, 2026 $0.70; Oct 6, 2026 $0.73. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Oct 6, 2026Oct 14, 2026$0.73
Jul 7, 2026Jul 14, 2026$0.70
Apr 7, 2026Apr 14, 2026$0.71
Dec 19, 2025Dec 31, 2025$0.83
Oct 6, 2025Oct 17, 2025$0.82
Jul 7, 2025Jul 18, 2025$0.79
Apr 4, 2025Apr 17, 2025$0.79
Dec 27, 2024Dec 31, 2024$0.79
Oct 4, 2024Oct 18, 2024$0.86
Jul 5, 2024Jul 18, 2024$0.79
Apr 4, 2024Apr 18, 2024$0.76
Dec 26, 2023Dec 29, 2023$0.85

See all 16 payments⁠

$10,000 in PBDC 3 years ago paid $3,055 in dividends.⁠

PBDC Risk

Risk pillarB56 out of 100Rank 4 of 12 in Listed Private Markets
How much the fund’s monthly returns vary, scaled to a year.
14.1%
Annualised · 36 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
0.17
vs 3-month T-bills · to Oct 2026
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.

The largest fall from a peak to the low that followed.
−20.3%
49 months · trough Mar 2026
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.

How strongly the fund’s returns move with its asset-class index.
0.30
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

PBDC Cost

Compare PBDC and GPZ

Overpaying vs GPZ, cheapest in Listed Private Markets

$65,725

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PBDC 11.77%

    $73,815

  • GPZ 0.40% Cheapest

    $8,090

$10,000
30 years

Cost over time

  • PBDC 11.77%
  • GPZ 0.40%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$20K$40K$60K$80K051015202530PBDC $73,815GPZ $8,090

Year by year

YearPBDCGPZOverpaying
10$13,538$723$12,815
20$34,934$2,793$32,141
30$73,815$8,090$65,725

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