Equity Active

PBDC Putnam BDC Income ETF

Distinctive high-income opportunities. A 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 diversification. BDCs historically have had low correlations to other comparable asset classes and are well positioned for varying interest-rate environments.
A manager with deep BDC experience. The portfolio manager has 20+ years of experience investing in small-cap value stocks and 15+ years of experience investing in BDCs.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks current income. The fund invests mainly in BDCs (business development companies) that contribute to stability of dividend income and return potential.

Benchmark: S&P BDC Index
Fund Inception Date: 09/29/2022
Listing Exchange: NYSE Arca
Dividend Frequency, if any: Quarterly
Distribution Rate at NAV ⁴As of 11/13/2025 (Updated Daily): 10.39%
30-Day SEC Yield—With Waiver ^5,6,7As of 10/31/2025 (Updated Monthly): 10.33%
30-Day SEC Yield—Without Waiver ^5,7As of 10/31/2025 (Updated Monthly): 10.33%

Expenses & Fees

As of 09/01/2025

Gross Expense Ratio⁸: 13.49%
Net Expense Ratio^8,9: 13.49%

Identifiers

Ticker: PBDC
Intraday NAV: PBDC.IV
CUSIP Code: 746729508
ISIN Code: US7467295082
Bloomberg Code: PBDC US

Average Annual Total Returns As of 10/31/2025

View performance section for additional info As of 10/31/2025

Market Price Return

NAV Return

1.53%1 Year
14.43%3 Years
—5 Years
—10 Years
17.97%Since Inception
09/29/2022

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 10/31/2025 % of Total (Updated Monthly)

Asset Management & Custody Banks99.56%

Additional Fund Info

Fiscal Year End: April 30
ETF Type: Active
Morningstar Category: Financial

Trading Characteristics

As of 11/13/2025 (Updated Daily)

Shares Outstanding: 8,250,000
Daily Volume: 36,590
20-Day Average Volume: 113419.10

Manager and Commentary

About the Team

Putnam Investments

Putnam Investments has been serving clients and shareholders for over 85 years. We manage a range of equity portfolios with a focus on stock-specific opportunities. Our approach — stock-driven rather than style-driven — is designed to offer consistent outperformance, regardless of the market environment. Our portfolios are fueled by a variety of independent views and perspectives, enhanced by fundamental research and ongoing dialogue and debate. We combine this with portfolio construction that aims to reduce broader macro exposures and manage downside risk.

Putnam Investments

Managed Fund Since 2022

Latest Insights

August 14, 2025

US equities: Earnings growth is key for sustained market gains

June 3, 2025

Rethinking global allocation: Why the tide may be turning

May 20, 2025

Quick Thoughts: Can AI technology stocks rebound from 2025 volatility?

March 19, 2025

Why we look beyond dividends in our US value approach

Performance

Calendar Year Returns

As of 10/31/2025

Month End

Quarter End

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns are based on Market Price or NAV, assume the reinvestment of all distributions and the deduction of all Fund expenses. Performance would have been lower if expenses had not been waived in various periods. Returns for periods of less than one year are not annualized.

Putnam BDC Income ETF - Market Price Return (%)

Putnam BDC Income ETF - NAV Return (%)

S&P BDC Index (%)

Overall Morningstar Rating: Overall Morningstar Rating: 3 out of 5 stars
As of 10/31/2025

3 Years: 3 Years: 3 out of 5 stars
96 Funds in category

5 Years: —

10 Years: —

Rating Category: Financial

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 10/31/2025

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of11/13/2025 (Updated Daily)

Total Net Assets: $249.90 Million

Positions

As of 10/31/2025 (Updated Monthly)

Number of Issuers

Fund: 23

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Weighted Average Market Capitalization (USD)

Fund: $4.49 Billion

Price to Earnings (12-Month Forward)

Fund: 9.15x

Price to Book

Fund: 0.97x

Sector Allocation

As of 10/31/2025 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
Asset Management & Custody Banks	99.56%
Cash & Other Net Assets	0.44%

Holdings
As of 11/13/2025 (Updated Daily)

ARES CAPITAL CORP

BLUE OWL CAPITAL CORP

MAIN STREET CAPITAL CORP

BLACKSTONE SECURED LENDIN

HERCULES CAPITAL INC

FS KKR CAPITAL CORP

GOLUB CAPITAL BDC INC

SIXTH STREET SPECIALTY LE

TRINITY CAPITAL INC

BARINGS BDC INC

Distributions & Tax

Federal ID Number 88-3548516

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Apr 05	0.754501	—	0.009999	—	—	—	—	—	—
Jul 05	0.7864	—	—	—	—	—	—	—	—
Oct 04	0.8571	—	—	—	—	—	—	—	—
Dec 27	0.7896	—	—	—	—	—	—	—	—
	3.187601	—	0.009999	—	—	—	—	—	—

Apr 05

Jul 05

Oct 04

Dec 27

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 11/13/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 11/13/2025

Share Prices

As of 11/13/2025

NAV ¹(Net Asset Value): $30.29
NAV Change ¹: $0.00
NAV Change (%) ¹: 0.00%
Market Price ¹: $30.34
Market Price Change ¹: $-0.25
Market Price Change (%) ¹: -0.82%

52-Week Range

Highest NAV As of 02/19/2025: $36.81
Lowest NAV As of 04/08/2025: $28.64
Highest Market Price As of 02/19/2025: $36.86
Lowest Market Price As of 04/08/2025: $28.64

Premium / Discount

As of 11/13/2025

30-Day Median Bid/Ask Spread: 0.13%
Bid / Ask Spread: $0.04
Avg. of Market Price vs. NAV at Close ¹⁰: 0.17%

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Putnam BDC Income ETF	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Putnam BDC Income ETF Single Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Putnam BDC Income ETF	Download Document
Checkbox	Semi-Annual Report - Putnam BDC Income ETF - Single Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Putnam BDC Income ETF	Download Document
Checkbox	Prospectus - Putnam BDC Income ETF	Download Document
Checkbox	Summary Prospectus - Putnam BDC Income ETF	Download Document
Checkbox	Statement of Additional Information- Putnam ETF Trust	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam BDC Income ETFMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Putnam BDC Income ETFMailed hardcopies unavailable.	Download Document

Risks

All investments involve risks, including possible loss of principal. Business development companies (BDCs) are subject to liquidity, credit, interest rate, small company and leverage risks. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price at which they have been valued. Active management does not ensure gains or protect against market declines. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.

Important Information

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

All investments involve risk, including possible loss of principal. Please see each product's web page for specific details regarding investment objective, risks, performance, and other important information. Review this information carefully before you make any investment decision. Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.

Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. Please view the prospectus or summary prospectus for this and other information. Read it carefully.

Franklin Templeton, its affiliated companies, and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.

ETFs trade like stocks, fluctuate in market value and may trade at prices above or below their net asset value. Brokerage commissions and ETF expenses will reduce returns. ETF shares may be bought or sold throughout the day at their market price (MP), not their Net Asset Value (NAV), on the exchange on which they are listed. Shares of ETFs are tradable on secondary markets and may trade either at a premium or a discount to their NAV on the secondary market. Prior to trading in the secondary market, shares of the fund are "created" at NAV by market makers, large investors and institutions only in block-size Creation Units. Each "creator" or "Authorized Participant" enters into an authorized participant agreement with Franklin Distributors, LLC. Only an Authorized Participant may create or redeem Creation Units directly with the fund. Retail investors buy and sell shares of ETFs at market price (not NAV) in the secondary market throughout the trading day. These shares are not individually available for purchase or redemption directly from the ETF.

Franklin Distributors, LLC serves as the distributor of Creation Units for the ETFs on an agency basis. Franklin Distributors, LLC does not maintain a secondary market in the funds' shares.

Franklin Distributors, LLC. Member FINRA / SIPC . Putnam Investments is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Footnotes

Net Asset Value (NAV) returns are based on the NAV of the ETF/ETP. The fund’s NAV represents the per-share-value and is determined by dividing the total NAV of the fund by the number of shares outstanding; Market Price returns are based upon the official closing price of the ETF’s/ETP's shares. The fund calculates the NAV per share each business day and normally coincides with the close of trading on the exchange on which they are listed, typically 4 pm ET. The fund does not calculate the NAV on days the exchange is closed for trading. These returns do not represent investors’ returns had they traded shares at other times.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. The Distribution Rate calculation includes income and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
Premiums or discounts are the differences between the NAV and the Market Price of the Fund on a given day, generally at the time the NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV. The since inception premium/discount average is calculated by averaging the daily premium/discount since the inception of the fund. The daily premium/discount is the difference between the daily market price for shares of the Fund and the Fund's net asset value. The Market Price is determined using the closing price as of 4 pm ET on each trading day (when NAV is normally determined for most funds).
Premium / Discount reflects the difference between the NAV and the Market Price of the fund, and represents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV.

PBDC Putnam BDC Income ETF

Popular Documents

Overview

Fund Facts

Fund description

Expenses & Fees

Identifiers

Average Annual Total Returns As of 10/31/2025

Top Sectors

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Latest Insights

Performance

Calendar Year Returns

Ratings ³

Portfolio

Assets

Positions

Portfolio Statistics

Sector Allocation

Holdings
As of 11/13/2025 (Updated Daily)

Distributions & Tax

Federal ID Number 88-3548516

Distributions per Share ($)

Supplemental Tax Information

Pricing

Pricing History

November 2025

November 2025

Daily Fund Prices

Share Prices

52-Week Range

Premium / Discount

Documents

Risks

Important Information

Footnotes

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

PBDC Putnam BDC Income ETF

Popular Documents

Overview

Fund description

Expenses & Fees

Identifiers

Top Sectors

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Latest Insights

Performance

Calendar Year Returns

Ratings 3

Portfolio

Sector Allocation

Distributions & Tax

Federal ID Number 88-3548516

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³