---
ticker: "PBDC"
name: "Putnam BDC Income ETF"
url: "https://etf.net/etf/PBDC"
grade: "D"
score: 37
graded_at: "2026-10-12"
category: "Listed Private Markets"
category_rank: "9 of 12"
methodology: "https://etf.net/methodology"
---

# PBDC: Putnam BDC Income ETF

Grade **D**, Score 37 of 100. Rank 9 of 12 in Listed Private Markets.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 3 | 12 of 12 |
| Mission | 80 | 1 of 4 |
| Risk | 56 | 4 of 12 |
| Tradability | 68 | 2 of 12 |
| Holdings | 49 | 7 of 11 |
| Durability | 70 | 5 of 12 |

## Top holdings

The fund holds 27 positions. These are the largest 27, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | ARCC | Ares Capital Corp | 11.09% |
| 2 | OBDC | Blue Owl Capital Corp | 10.25% |
| 3 | OTF | Blue Owl Technology Finan | 9.82% |
| 4 | HTGC | Hercules Capital Inc | 9.15% |
| 5 | MAIN | Main Street Capital Corp | 8.68% |
| 6 | GBDC | Golub Capital Bdc Inc | 5.32% |
| 7 | TRIN | Trinity Capital Inc | 4.95% |
| 8 | BXSL | Blackstone Secured Lendin | 4.55% |
| 9 | TSLX | Sixth Street Specialty Le | 4.40% |
| 10 | CSWC | Capital Southwest Corp | 3.91% |
| 11 | MSIF | Msc Income Fund Inc | 3.52% |
| 12 | KBDC | Kayne Anderson Bdc Inc | 3.42% |
| 13 | BBDC | Barings Bdc Inc | 3.24% |
| 14 | FSK | Fs Kkr Capital Corp | 3.05% |
| 15 | OCSL | Oaktree Specialty Lending | 2.90% |
| 16 | BCSF | Bain Capital Specialty Fi | 1.93% |
| 17 | RWAY | Runway Growth Finance Cor | 1.68% |
| 18 | PFLT | Pennantpark Floating Rate | 1.53% |
| 19 | MSDL | Morgan Stanley Direct Len | 1.51% |
| 20 | NMFC | New Mountain Finance Corp | 1.45% |
| 21 | PSEC | Prospect Capital Corp | 1.44% |
| 22 | AINV | Midcap Financial Investme | 1.39% |
| 23 | FDUS | Fidus Investment Corp | 1.05% |
| 24 | TCPC | BlackRock Tcp Capital Cor | 0.83% |
| 25 | SSSS | Neostellar Capital Corp | 0.68% |
| 26 | PGLXX | Putnam Govt Mmkt Fnd-P | 0.10% |
| 27 | — | Cash | <0.01% |

Source: etf.net, https://etf.net/etf/PBDC. Please cite the page URL.