Putnam BDC Income ETF

PBDC

Market cap $239M

Overview Fund Activity

33.60 USD

-0.20

0.59%

At close Updated Sep 12, 4:00 PM EDT

1 day

-0.59%

5 days

-0.91%

1 month

-0.24%

3 months

-0.27%

6 months

-0.74%

Year to date

-3.17%

1 year

1.08%

5 years

33.76%

10 years

33.76%

0

Funds holding %

of 7,462 funds

–

Analysts bullish %

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

340% more repeat investments, than reductions

Existing positions increased: 22 | Existing positions reduced: 5

18% more capital invested

Capital invested by funds: $44.6M [Q1] → $52.4M (+$7.86M) [Q2]

0.71% more ownership

Funds ownership: 22.86% [Q1] → 23.57% (+0.71%) [Q2]

0% more funds holding

Funds holding: 39 [Q1] → 39 (+0) [Q2]

0% more first-time investments, than exits

New positions opened: 5 | Existing positions closed: 5

See Fund Rankings

Financial journalist opinion

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 discounts. Expense ratios for BDC ETFs like PBDC appear high due to accounting rules, but actual fund expenses are low—professional management adds only about 0.4%.

Inside The Income Factory: Credit Asset Investing With Steven Bavaria

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 dividends for PBDC's top holdings like ARCC, OBDC, and BXSL. LMM and equity-oriented BDCs, such as TRIN and FDUS, offer better risk-reward and dividend coverage in the current environment.

PBDC: It Has Become Even Less Attractive Way To Capture BDC Exposure

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 selective, targeting smaller, less liquid BDCs and avoiding weaker names, enhancing returns over passive alternatives. Despite sector risks and macroeconomic headwinds, BDCs remain attractive due to strong cash flows from elevated interest rates and selective security choice.

PBDC: Proving The Value Of Active Management

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 Owl, Ares Capital, and Blackstone Secured Lending, supporting both income and NAV growth. Compared to the larger VanEck BDC Income ETF, PBDC provides similar diversification with strong performance since inception and growing assets under management.

PBDC: Diversification, Income And Long-Term NAV Upside

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 attractive, but expect yields to normalize to 7-8% and NAV to stagnate if rates fall or defaults rise. Expense ratio concerns are mitigated by pass-through accounting; liquidity and NAV premium/discounts are stable, supporting ease of trading.

PBDC: The BDC ETF For Income Investors Who Can't Predict The Fed

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 management. The fund maintains a limited number of holdings which creates higher risk, but offers better potential returns.

PBDC: Reliable Income Through BDC Exposure

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 yield, and greater income stability compared to individual BDCs, making it attractive for income investors. The ETF's top holdings prioritize first lien senior secured debt, quality underwriting, and portfolio diversity, reducing risk of non-accruals and sector concentration.

PBDC: I Consolidated My BDC Positions Into This ETF

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 due to its strong performance, high yield, and strategic focus on higher-grade, liquid companies. PBDC has outperformed peers, offering a 60.89% return since September 2022, with top holdings like Blue Owl, Blackstone, Ares Capital, and Golub Capital.

PBDC: Recent Sell-Off Creates An Opportunity

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 names operating here. Theoretically, this should provide an advantage in terms of accessing sizeable and high-quality private credit investments.

All That Glitters Is Not Gold, 2 BDCs To Avoid Before They Cut Again

My BDC Portfolio: 2 Months In And A Clear Alpha Performance

My BDC Portfolio: 2 Months In And A Clear Alpha Performance

My BDC Portfolio: 2 Months In And A Clear Alpha Performance

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