PBDC
Putnam BDC Income ETF
Putnam BDC Income ETF seeks to provide investors with high current income primarily through investments in business development companies and related securities.
Global
EQUITY
Active
MANAGEMENT STYLE
$ 282.4 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Inception date | Sep 29, 2022 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| ARES CAPITAL CORP | 12.1 % |
| OWL ROCK CAPITAL CORP. | 10.3 % |
| BLUE OWL TECHNOLOGY FINANCE CORP | 9.6 % |
| MAIN STREET CAPITAL CORP | 9.1 % |
| HERCULES TECHNOLOGY GROWTH | 8.4 % |
| GOLUB CAPITAL BDC INC | 5.2 % |
| TRINITY CAPITAL INC ORDINARY SHARES | 4.8 % |
| BLACKSTONE SECURED LENDING FUND ORDINARY | 4.8 % |
| TPG SPECIALTY LENDING, INC. | 4.0 % |
| CAPITAL SOUTHWEST CORP | 3.8 % |
Constituent Breakdown
| Number of holdings | 27 |
| Herfindahl-Hirschman Index | 665 |
| Wgt avg mkt cap (mns) | $3,152 |
| Large cap (>$10bn) | 12.1% |
| Mid cap ($2-10bn) | 39.8% |
| Small cap (<$2bn) | 16.7% |
| Developed mkts. | 68.6% |
| Emerging mkts. | 0.0% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 68.6 % |
Historical Performance
Standardized Performance (as of 10/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -15.0% | -15.1% | -11.6% | -4.1% | -- | -- | -- | 0.9% |
| Dividend Yield | 7.1% | 9.6% | 9.4% | 10.1% | -- | -- | -- | 10.7% |
| Total Returns | -7.9% | -5.6% | -2.2% | 6.0% | -- | -- | -- | 11.6% | Ann. Volatility | 20.5% | 19.4% | 19.5% | 17.1% | -- | -- | -- | 17.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.59 | 17% |
| MSCI EAFE | 0.47 | 16% |
| MSCI Emg Mkts | 0.17 | 5% |
Liquidity Measures
| Avg. volume (000) | 115 |
| ADV traded (mns) | $3 |
| Turnover | 1.1% |
| Avg. Bid/Ask (% of price) | 0.12% |
Technical Indicators
| 30d moving avg. (EMA) | $25.97 |
| Relative strength (RSI) | 54 |
| MACD/Signal | 0.14/-0.02 |
| Bollinger Bands (Upper/Lower) | $26.90/$24.40 |
| Short interest (% of AUM) | 0.0% |
Distributions
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. PBDC |
Expenses vs. PBDC |
ALTAR Score™ vs. PBDC |
|---|---|---|---|---|
| FBDC | FT Confluence BDC & Specialty Finance Income ETF | 54.6% | +1,169 bp | -13.1% |
| BIZD | VanEck BDC Income ETF | 40.3% | +894 bp | -8.8% |
| PEX | ProShares Global Listed Private Equity ETF | 37.1% | +323 bp | -3.8% |
| LBO | WHITEWOLF Publicly Listed Private Equity ETF | 22.6% | +578 bp | -10.8% |
Risk and Returns: PBDC vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/12/2026
Peer Group Comparison
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Historical Valuation Trends Sample data. Subscribe for access.
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
12.4%
ALTAR SCORE™
99th
PERCENTILE
SPECULATIVE
ETFRC RATING
There are 765 funds in the Global Equity category with an average
ALTAR Score™ of 4.7% and a standard deviation
of 2.6%. PBDC's ALTAR Score™ is approximately 3.0 standard
deviations above the category average. This places PBDC in the 99th percentile
among funds in the category.
Sell-Side Consensus
$32.58
PRICE TARGET
+22.4%
UPSIDE