Putnam BDC Income ETF
PBDC
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- Putnam BDC Income ETF (PBDC) is an actively managed exchange-traded fund that seeks current income by investing primarily in business development companies (BDCs) focused on providing financing to small and midsize private companies, emphasizing stability of dividend income and total return potential; its portfolio includes leading BDCs such as Ares Capital Corp, Blue Owl Capital Corp, Main Street Capital Corp, Blackstone Secured Lending Fund, Hercules Capital, Golub Capital BDC, Sixth Street Specialty Lending, FS KKR Capital, Midcap Financial Investment, and Trinity Capital, with nearly 100% allocation to the asset management and custody banks sector. The fund benchmarks its performance against the S&P BDC Index, pays quarterly dividends, and trades on the NYSE Arca exchange under the ticker PBDC with CUSIP 746729508. Launched on September 29, 2022, Putnam BDC Income ETF is managed by Putnam Investments, a Franklin Templeton company headquartered in the United States, and operates within the U.S. public equity markets targeting growth and value stocks across diversified market capitalizations. Recent institutional interest has grown, with firms such as Allworth Financial LP acquiring 2,000 shares valued at approximately $68,000 in Q2 2025, Apollon Wealth Management LLC initiating a position worth $1.435 million in the same quarter, and Advyzon Investment Management LLC increasing its stake by 31.0% in Q1 2025, reflecting heightened demand for the fund's high-yield BDC exposure. As of late 2025, the fund maintains total net assets of around $258 million, with 23 issuers, a weighted average market capitalization of $4.49 billion, price-to-earnings ratio of 9.15x, and price-to-book ratio of 0.97x; its 30-day SEC yield stands at approximately 10%, supported by a distribution rate at NAV of 9.82%. No major acquisitions, mergers, or strategic shifts have been reported for the fund in the past 1-2 years, with portfolio management led by Mike Petro, CFA, who brings over 23 years at the firm and 25 years of industry experience.