Active ETF

Putnam BDC Income ETF (Class A)  (PBDC)

Investing in companies offering attractive income to public investors through private market exposure

Why BDCs have been strong in 2023

BDCs (Business Development Companies) often generate more income when interest rates are rising. Get background on BDCs from Portfolio Manager Mike Petro, who spoke on the "Frontier of Finance" podcast.


Looking for more background on BDCs? Read our FAQs

For informational purposes only. Not an investment recommendation.
The views and opinions expressed are those of the speaker, are subject to change with market conditions, and are not meant as investment advice.

NAV as of 04/12/24

$32.78

Market data all data below as of 04/12/24

Closing market price $32.84
30-day median bid-ask spread 0.12%
Day high $33.25
Day low $32.72
Premium/Discount 0.19%
30-day average trading volume 36,410
Net assets and outstanding shares Download CSV

How to buy Putnam ETFs

Putnam ETFs can be purchased and sold the same way you would buy or sell a stock — through most self-directed brokers or with the guidance of your advisor. Opening an online, self-directed brokerage account provides investors with:

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  • Flexibility and freedom of managing your investment portfolio
See available brokerages Learn about Putnam active ETFs

ETF facts as of 03/31/24

Ticker
PBDC
CUSIP
746729508
Inception date
09/29/22
Total net assets
$72.85M
Open to new investors
Category
Value
Turnover (fiscal year-end)
--
Dividend frequency (view rate)
Quarterly
Number of holdings
18
Fiscal year-end
April

Objective

Putnam BDC Income ETF seeks current income.

Strategy and process

  • Distinctive high-income opportunitiesA BDC is a company that generates an attractive level of income by providing financing primarily to privately held small and midsize companies and distributing most of the net investment income to investors.
  • Attractive portfolio diversificationBDCs historically have had low correlations to other comparable asset classes and are well positioned for varying interest-rate environments.
  • A manager with deep BDC experienceThe portfolio manager has 20+ years of experience investing in small-cap value stocks and 15+ years of experience investing in BDCs.

Fees and expenses

Management fees 0.75%
Acquired fund fees and expense 6.04%
Total expense ratio 6.79%

Learn more about acquired fund fees and expenses (AFFEs).

For more information about the fees of PBDC, please see the “Fees and expenses” section of the fund prospectus.


Management team

Michael C. Petro, CFA

Portfolio Manager

25 years in industry

22 years at Putnam Investments

See full profile

Literature

Fund information

Fact Sheet (PDF)

Legal documents

Prospectuses/SAI
Annual Report (PDF)
Semiannual Report (PDF)

Related/Investment insights

What is a BDC?
A BDC is a business development company. BDCs provide financing to small and midsize private companies. Investing in BDCs can offer attractive income to public investors through private market exposure.

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Performance

  • Total return (%) as of 03/31/24

Annualized Total return (%) as of 03/31/24

Annualized performance 1 yr. 3 yrs. 5 yrs. Life (inception: 09/29/22 )
Net asset value 32.15% -- -- 34.10%
Market price 32.30% -- -- 34.18%
S&P BDC Index 28.50%12.64%11.33%--

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns for periods of less than one year are not annualized. Market performance is determined using the bid/ask midpoint at 4:00 p.m. Eastern time. Market performance does not represent the returns you would receive if you traded shares at other times throughout the day.

Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV, and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

The fund has limited public trading history.

 

Performance snapshot

  Net asset value Market price
1 mt. as of 03/31/24 4.18% 4.12%
YTD as of 04/12/24 6.07% 6.15%

Yield

Distribution rate as of 04/12/2024 9.33%
30-day SEC yield as of 03/31/2024 8.46%

Distributions

Record date 04/05/24
Ex-date 04/04/24
Payable date 04/18/24
Income $0.7645
Extra income --
Short-term cap. gain --
Long-term cap. gain --

Historical premium/discount

Number of days at premium --
Number of days at NAV --
Number of days at discount --

Holdings

Portfolio holdings

Full portfolio holdings Download XLSX
Blue Owl Capital Corp 13.86%
Ares Capital Corp 11.00%
Blackstone Secured Lending Fund 9.95%
Main Street Capital Corp 9.83%
Fs Kkr Capital Corp 7.85%
Hercules Capital 6.97%
Golub Capital Bdc 6.32%
Sixth Street Specialty Lending 5.47%
Midcap Financial Investment Corp 4.63%
Bain Capital Specialty Finance 4.30%
Top 10 holdings, percent of portfolio 80.18%



The S&P BDC Index is an unmanaged index designed to track leading business development companies that trade on major U.S. exchanges. You cannot invest directly in an index.

Consider these risks before investing: Business development companies (BDCs) generally invest in less mature U.S. private companies or thinly traded U.S. public companies, which involves greater risk than well-established publicly traded companies. The fund will be sensitive to, and its performance will depend to a greater extent on, the overall condition of the financials sector. The use of leverage by BDCs magnifies gains and losses on amounts invested and increases the risks associated with investing in BDCs. A BDC may make investments with greater risk of volatility and loss of principal than other investment options and may also be highly speculative and aggressive. Certain BDCs may also be difficult to value since many of the assets of BDCs do not have readily ascertainable market values. As a non-diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund's other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.