Putnam BDC Income ETF (PBDC)
| Assets | $238.92M |
| Expense Ratio | 13.94% |
| PE Ratio | 10.86 |
| Shares Out | 6.80M |
| Dividend (ttm) | $3.22 |
| Dividend Yield | 9.48% |
| Ex-Dividend Date | Jul 7, 2025 |
| Payout Frequency | Quarterly |
| Payout Ratio | 103.04% |
| Volume | 74,272 |
| Open | 33.68 |
| Previous Close | 33.73 |
| Day's Range | 33.68 - 34.00 |
| 52-Week Low | 27.85 |
| 52-Week High | 36.86 |
| Beta | 0.73 |
| Holdings | 24 |
| Inception Date | Sep 29, 2022 |
About PBDC
Fund Home PageThe Putnam BDC Income ETF (PBDC) is an exchange-traded fund that mostly invests in financials equity. The fund is actively managed to hold a portfolio of US business development companies (BDCs) whose principal business is to invest in, lend capital to, or provide services to privately held or thinly traded US companies. PBDC was launched on Sep 29, 2022 and is issued by Putnam.
Top 10 Holdings
71.86% of assets| Name | Symbol | Weight |
|---|---|---|
| Blue Owl Capital Corporation | OBDC | 10.69% |
| Ares Capital Corporation | ARCC | 10.61% |
| Blackstone Secured Lending Fund | BXSL | 9.06% |
| Main Street Capital Corporation | MAIN | 8.76% |
| Golub Capital BDC, Inc. | GBDC | 7.73% |
| Hercules Capital, Inc. | HTGC | 7.32% |
| Sixth Street Specialty Lending, Inc. | TSLX | 5.13% |
| FS KKR Capital Corp. | FSK | 4.45% |
| MidCap Financial Investment Corporation | MFIC | 4.44% |
| Trinity Capital Inc. | TRIN | 3.67% |
Dividends
| Ex-Dividend | Amount | Pay Date |
|---|---|---|
| Jul 7, 2025 | $0.7868 | Jul 18, 2025 |
| Apr 4, 2025 | $0.7911 | Apr 17, 2025 |
| Dec 27, 2024 | $0.7896 | Dec 31, 2024 |
| Oct 4, 2024 | $0.8571 | Oct 18, 2024 |
| Jul 5, 2024 | $0.7864 | Jul 18, 2024 |
| Apr 4, 2024 | $0.7645 | Apr 18, 2024 |
Performance
PBDC had a total return of 12.89% in the past year, including dividends. Since the fund's inception, the average annual return has been 21.96%.
News
Inside The Income Factory: Credit Asset Investing With Steven Bavaria
Steven Bavaria, from Inside the Income Factory, discusses credit assets like high-yield bonds, senior loans, and BDCs for stable, high-yield income, favoring closed-end funds for their resilience and ...
PBDC: It Has Become Even Less Attractive Way To Capture BDC Exposure
PBDC remains the best ETF for BDC exposure, but its heavy tilt toward large-cap, first-lien BDCs is increasingly problematic. Rising competition and likely interest rate cuts threaten earnings and div...
PBDC: Proving The Value Of Active Management
PBDC, the only actively managed BDC ETF, continues to outperform its passive peer BIZD across multiple timeframes, justifying its higher expense ratio. Active management allows PBDC to be more selecti...
PBDC: Diversification, Income And Long-Term NAV Upside
Putnam BDC Income ETF offers a 9.4% yield and diversified exposure to top U.S. business development companies, mitigating individual BDC risks. The ETF's portfolio includes high-quality BDCs like Blue...
PBDC: The BDC ETF For Income Investors Who Can't Predict The Fed
PBDC offers diversified BDC exposure, reducing binary credit risk versus single-name picks, and benefits from active management in uncertain rate environments. Current high yields (~10%) are attractiv...
PBDC: Reliable Income Through BDC Exposure
The investment provides a dividend yield of nearly 10%, while offering diversified exposure to BDCs. The fund has outperformed its passive counterpart BIZD since the end of 2022 through active managem...
PBDC: I Consolidated My BDC Positions Into This ETF
I'm consolidating my BDC holdings into PBDC due to rising risks from prolonged high interest rates and increased competition for quality deals. PBDC offers strong total returns, a nearly 10% dividend ...
PBDC: Recent Sell-Off Creates An Opportunity
Fear-driven volatility creates investment opportunities, with Business Development Corporations performing well in the current economic environment. Initiating a buy rating on Putnam BDC Income ETF du...
All That Glitters Is Not Gold, 2 BDCs To Avoid Before They Cut Again
The BDC land consists of a small number of players, most of which have tiny market cap levels. Even though the asset class is relatively shallow and niche-like, we can still find some strong brand nam...
PBDC: Valuation Reversion Makes BDCs A Sector Buy
Business development companies have faced valuation reversion amid market volatility and changing interest rate expectations, impacting their recent performance. PBDC, an actively managed ETF of BDCs,...
PBDC: The Recent Downturn Confirms The Inherent Flaws
Putnam BDC Income ETF is actively managed but, in my view, lacks true active management substance. PBDC and VanEck BDC Income ETF have both underperformed compared to my custom BDC portfolio, which in...
My BDC Portfolio And The Strategy For Alpha Going Forward
This is my first BDC portfolio monthly performance review article. The good news is that the portfolio has done its job, outperforming the two BDC benchmarks - PBDC and BIZD. Yet, on an absolute basis...
2 Income ETFs To Ride Out The Current Market Decline
Dividends provide stability and psychological benefits during market declines, helping investors avoid panic selling and irrational decisions. Janus Henderson AAA CLO ETF offers a 6.1% dividend yield ...
PBDC On The Chopping Block: The BDC Bonds Are Still Better
The PBDC ETF is scrutinized for its holdings in the BDC sector, with a focus on risk-adjusted returns compared to BDC bonds. Despite a recent sector sell-off, BDC common equity remains overvalued, mak...
Investors Are Turning Defensive: 2 ETFs To Consider For What Could Be Coming
Despite my preference for individual stocks, I've added Schwab's U.S. Large-Cap Growth ETF to address my portfolio's lack of tech sector exposure. With inflation creeping up and potential tariffs on t...
PBDC: Recent Developments Are Encouraging, Still A Buy In Spite Of Cuts
PBDC is an actively managed BDC ETF. It sports a growing 9.1% dividend yield and has outperformed the S&P 500 since inception and in the recent past. Federal Reserve cuts are a headwind, but medium-te...
My BDC Portfolio To Beat The Index And Generate Durable Income
In this article I have elaborated on my actual BDC portfolio. The objective of this portfolio is to beat the BDC-specific indices/ETFs and capture durable base dividends. The portfolio is optimized ac...
Why BDCs Is My Favorite Sector To Invest For Durable Income
The BDC segment is my favorite area to invest for high and durable income. In fact, my highest-conviction investment is a BDC. In this article, I discuss several structural reasons why, in my view, BD...
PBDC: Investigating The Source Of Outperformance
Putnam BDC Income ETF outperformed VanEck BDC Income ETF in 2023 and 2024, driven by strategic stock selection and active management. PBDC's success stems from avoiding underperformers and leveraging ...
PBDC: An Active BDC ETF Worth Considering
The Federal Reserve's decision to maintain high interest rates benefits business development companies with floating rate loans, making them attractive investment opportunities. PBDC is an actively ma...
PBDC: A Diversified BDC Choice
The Putnam BDC Income ETF offers a 9.4% dividend yield and diversification, mitigating stock-specific risks for passive income investors in the BDC sector. The ETF includes top BDCs like Ares Capital,...
PBDC Eliminates The Unwanted Fluff
Putnam BDC Income ETF outperforms peers like BIZD by focusing on high-quality BDCs like ARCC, BXSL, and MAIN, offering a balanced approach to dividend sustainability and growth. PBDC's 9% yield makes ...
PBDC: Right BDC Income Play
The macroeconomic environment may become favorable for mid-sized companies, which BDCs typically target, suggesting a potential turnaround for BDC investments. PBDC is an actively managed BDC ETF and ...