PBDC ETF — Putnam BDC Income ETF

Putnam BDC Income ETF (PBDC)

Updated October 2, 2026.

PBDC is an ETF linked to Business Development Companies. its distribution rate is 10.38%, its trailing-12-month yield is 11.39%, its expense ratio is 11.77%. Dividend Vision Distribution Safety Score™ is 82/100 (Safe). Total return is 56.7% over the past 4 years, 70.3 points behind SPY at 127.0%.

At the current 10.38% distribution rate, a $10,000 investment would generate approximately $1,038 per year, or about $259.50 per quarter if the next payment matches the last regular one.

PBDC performance versus SPY

Price and return data through 2026-10-02.

Total return is 56.7% over the past 4 years, 70.3 points behind SPY at 127.0%. Over the past year its total return — price change plus distributions reinvested — is -6.6%. Its deepest 1-year drawdown was 15.6%.

PBDC key facts

Distribution Safety Score™

82 · Safe

Safety-Adjusted Yield

8.51%

Issuer

Putnam

Asset type

ETF

Asset subtype

BDC_EQUITY_ETF

Asset class

Equity

Inception date

02/16/2023

Expense ratio

11.77%

Distribution rate

10.38%

Distribution frequency

Quarterly

Trailing yield

11.39%

Last close

$26.82 (as of 2026-10-02)

AUM

$293,819,889

Average volume

61200.0

Last dividend

$0.696

Last ex-dividend date

07/07/2026

Last payment date

07/14/2026 (as of 2026-07-14)

Beta

0.68

P/E ratio

12.07

How Dividend Vision calculates yield and returns

Distribution rate (10.38%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (11.39%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Putnam or company page; Index: Business Development Companies; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

PBDC risks and drawbacks

Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 15.6%.

Who may consider PBDC — and who may not

PBDC may suit someone looking for a high Distribution Safety Score. It is a weaker fit for investors who need monthly cash flow (PBDC pays quarterly); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Compare PBDC

PBDC vs similar funds:

• PBDC vs BIZD
• PBDC vs BIZD vs FBDC
• PBDC vs FBDC vs MAIN

Frequently asked questions

More securities from Putnam.