BIZD vs BUYO

BIZDCVanEck BDC Income ETF

BUYOBKraneShares Man Buyout Beta Index ETF

In short

BIZD Business development companies lend to private mid-sized firms, and BIZD bundles about 40 of the listed ones into a single ticker. It has been the index-tracking way to own that corner since 2013, with cash paid out quarterly.

BUYO Private equity's playbook, run through public stocks. BUYO tracks a Man Group index that screens listed companies for the growth, profitability and value traits buyout funds hunt for, then holds roughly 300 of them in a plain ETF wrapper.

Stated mandate

BIZD The fund seeks to track the performance of publicly traded business development companies through the MVIS US Business Development Companies Index.

BUYO The fund seeks to track the Man Buyout Beta Index, which provides exposure to public companies displaying characteristics associated with private-equity buyout investments.

Why people hold it

• BIZD One trade for the BDC shelf: roughly 40 publicly listed business development companies, weighted by the MVIS US Business Development Companies Index instead of your own stock picking.
• Trading since 2013 and now a multi-billion-dollar, actively traded fund, which is the profile that keeps spreads manageable in a narrow niche.
• No mandate drift: US-listed financials, index-tracked, with distributions on a quarterly cadence.

• BUYO 0.89% expense ratio, roughly half the median for listed private-markets ETFs and well under the 1.80% charged by the old guard of the group (PSP).
• Buyout-style exposure without private-fund plumbing: a systematic index of listed stocks, bought and sold like any other ETF share.kraneshares.com
• Roughly 300 names screened on growth, profitability and value, so the buyout tilt comes from a broad basket rather than a short list of alternative-asset managers.
• Ranks in the upper half of its listed private-markets peer group, helped by a diversified book and a risk profile milder than most ways to play this theme.

Worth knowing

• BIZD Cost is the headline trade-off. The reported 9.69% expense ratio towers over the roughly 1.8% median in its listed private-markets peer group.
• Concentrated by design: about 40 US financial stocks in one lending niche, so the ride tracks that slice, not the broad market.
• Other doors into listed private markets are cheaper and score better here: GPZ at 0.40% and PSP at 1.80% chase the theme in different ways.

• BUYO Small asset base and thin trading. Spreads and market impact can add to the cost of getting in and out, on top of the stated fee.
• Launched in October 2024, so the record covers only a short stretch of market weather. Less history to judge than most of its peers offer.
• Cheaper doors into the theme exist (GPZ at 0.40%, GTPE at 0.50%), though each tracks a different slice of the private-markets trade.

Full BIZD profile⁠

Full BUYO profile⁠