Active ETF

Putnam BDC Income ETF (Class A) (PBDC)

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

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Putnam BDC Income ETF (PBDC)

What is a BDC (business development company)?

A BDC (Business Development Company) is a company that provides financing to small- and midsize private companies. Formally speaking, most BDCs are closed-end funds that hold a portfolio of loans and trade on the stock market.

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NAV as of 05/30/23

$28.56

Market data all data below as of 05/30/23

Closing market price $28.54
30-day median bid-ask spread 0.22%
Day high $28.58
Day low $28.47
Premium/Discount -0.05%
30-day average trading volume 3,592
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:

  • Accessibility to a variety of investment products
  • Tools to help you build and optimize your portfolio
  • Flexibility and freedom of managing your investment portfolio
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ETF facts as of 04/30/23

Ticker
PBDC
CUSIP
746729508
Inception date
09/29/22
Total net assets
$29.36M
Open to new investors
Category
Value
Turnover (fiscal year-end)
--
Dividend frequency (view rate)
Quarterly
Number of holdings
19
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 9.86%
Total expense ratio 10.61%

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

24 years in industry

21 years at Putnam Investments

See full profile

Literature

Fund information
Fact Sheet (PDF)

Legal documents
Prospectuses/SAI

Related/Investment insights

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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 03/31/23

Cumulative Total return (%) as of 03/31/23

Cumulative performance 1 yr. 3 yrs. 5 yrs. Life
Net asset value -- -- -- 17.69%
Market price -- -- -- 17.67%

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 04/30/23 0.87% 0.87%
YTD as of 05/30/23 8.82% 8.81%

Yield

Distribution rate as of 05/30/2023 10.20%
30-day SEC yield as of 04/30/2023 9.78%

Distributions

Record date 04/10/23
Ex-date 04/06/23
Payable date 04/17/23
Income $0.7285
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
Owl Rock Capital Corp 14.86%
Blackstone Secured Lending Fund 12.82%
Ares Capital Corp 10.34%
Golub Capital Bdc 9.09%
Main Street Capital Corp 5.77%
Fs Kkr Capital Corp 5.66%
Hercules Capital 5.25%
Sixth Street Specialty Lending 5.20%
Runway Growth Finance Corp 4.57%
Cion Investment Corp 4.40%
Top 10 holdings, percent of portfolio 77.96%

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.