IQ

PBDC · Putnam BDC Income ETF

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$26.68
+2.0% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

PBDC is actively managed and returned −3.0% over the past year.

Why did PBDC return +52.5% from Oct 2022 to Oct 2026, against IWV’s +113.6%?Is a 0.12% fee low for a fund like PBDC?What does PBDC cost to hold and to trade?
Equity fund · Actively managedExpense ratio 0.12%Fund assets $283m net assets, latest filing (Jul 31, 2026)First traded Sep 30, 2022Benchmark Its own holdings, as of Jul 31, 2026; its shareholder report compares it with the Russell 3000 Index, but its daily returns fit IWV's at R-squared 0.19 over the year to Nov 4, 2026 (251 days), under the 0.35 it needs to return to itSEC filings ↗Dividend history

PBDC returned −3.0% over the year to Nov 4, 2026, charges 0.12% a year and holds $283m in net assets on Jul 31, 2026.

Promise check: Not measuredIt names no index it tracks.

Compare with…Trading costsPut to the committeeaskIQ about PBDCAdd to portfolioAlerts

PBDC risk and return scorecard

vs IWV, its stated benchmark (secondary) · Oct 2022 to Oct 2026 · 212 weekly returns · dividend-adjusted

4.1 years
PBDC +52.5%, IWV +113.6%, Oct 2022 to Oct 2026, distributions reinvested.

Secondary: IWV tracks the Russell 3000 Index, named in its shareholder report. Its own benchmark is its holdings, which have no weekly prices.

Return
MeasurePBDCIWVEdge
Total return+52.5%+113.6%IWV
Annualized+10.9%+20.5%IWV
Price return+0.8%+103.7%IWV
Risk
MeasurePBDCIWVEdge
Volatility16.1%14.6%IWV (slight)
Max drawdown−19.6%−17.3%IWV
Upside capture41.5%100.0%IWV
Downside capture59.2%100.0%PBDC
Risk-adjusted
MeasurePBDCIWVEdge
Sharpe ratio0.441.04IWV
Sortino ratio0.631.62IWV
Alpha vs IWV
MeasurePBDCIWVEdge
Alpha, a year−2.5%Not significant
Alpha t-stat−0.38
Beta to IWV0.631.00Lower beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

What you earned

PBDC +3.4%: total return over one month to Nov 4, 2026.
PBDC+3.4%
PBDC +1.7%: total return over three months to Nov 4, 2026.
PBDC+1.7%
PBDC −1.4%: total return over six months to Nov 4, 2026.
PBDC−1.4%
PBDC −5.5%: total return over the year to Nov 4, 2026.
PBDC−5.5%
PBDC −3.0%: total return over one year to Nov 4, 2026.
PBDC−3.0%
PBDC +17.2%: total return over three years to Nov 4, 2026.
PBDC+17.2%
PBDC +60.7%: total return since launch to Nov 4, 2026.
PBDC+60.7%
askIQ: what drove PBDC’s returns? ↗

How concentrated, and what does it cost?

No index, actively managed
−3.0%
Total return, 1 year
Report
0.12%
Expense ratio
Report
22
Holdings
Report
−13.1%
Below its high
Report
9.7%
12-month yield, capital gains included, on its starting price
Report
$0.7331
Last payment (paid quarterly), ex-date Oct 6, 2026
Report
Sector mix
Cost against like funds
askIQ: is a 0.12% fee low for a fund like PBDC? ↗

More on PBDC

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Price and total return, 1 year

$26.68+2.0%1 day, priceClose, Nov 4, 2026

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

Points (pts) are percentage points.

PBDC returns by window: total return, cash paid and price change
WindowTotal returnS&P 500 (SPY)
1M Oct 5 – Nov 4, 2026+3.4%−1.0%
3M Aug 5 – Nov 4, 2026+1.7%−0.1%
6M May 6 – Nov 4, 2026−1.4%+5.0%
YTD Dec 31, 2025 – Nov 4, 2026−5.5%+13.3%
1Y Nov 4, 2025 – Nov 4, 2026−3.0%+14.8%
3Y Nov 3, 2023 – Nov 4, 2026+17.2%+82.9%
Since launch Sep 30, 2022 – Nov 4, 2026+60.7%+126.1%
Since launch, annualised Sep 30, 2022 – Nov 4, 2026+12.3%–

Total returns, distributions reinvested.

Source: Tiingo end-of-day prices, with distributions reinvested.

PBDC key stats

52-week high, daily closes to Nov 4, 2026 (ETFIQ)$32.15 on Dec 10, 2025
52-week low, daily closes to Nov 4, 2026 (ETFIQ)$24.75 on Oct 19, 2026
Close on Nov 4, 2026, within that range (ETFIQ)$26.68, 26% of the way from the low to the high
Holdings22
Top ten weight71.6%
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Nov 4, 2026
Trading · PBDCas of Nov 4, 2026
·
Not scored2 of 6 measured · Nov 4, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

PBDC for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
PBDC interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

PBDC is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work

About PBDC

What it tracksNo index, actively managed
Fund typeEquity fund
Category (ETFIQ)Stocks · Financials
Expense ratio (485BPOS XBRL, Aug 25, 2026)0.12%
Price$26.68
First tradedSep 30, 2022
Net assets (SEC filing, whole fund, as filed for Jul 31, 2026)$283mReport
Benchmark (ETFIQ, from its filings)Its own holdings, as of Jul 31, 2026; its shareholder report compares it with the Russell 3000 Index, but its daily returns fit IWV's at R-squared 0.19 over the year to Nov 4, 2026 (251 days), under the 0.35 it needs to return to it
PBDC, Jul 31, 2026 to Oct 30, 2026+1.42%
Its book of Jul 31, 2026, the same days (ETFIQ, measured on 100% of the book by weight)+1.95%
Against its own holdings (ETFIQ)−0.54 pts
Stated benchmark (secondary)Russell 3000 Index (from its shareholder report), priced by IWV
PBDC, 1 year to Nov 4, 2026 (secondary)−3.0%
IWV, the same days (secondary)+14.8%
Against its stated benchmark, 1 year (secondary)−17.8 pts
Daily R-squared against IWV, 1 year to Nov 4, 2026 (secondary)0.19
Below its high (ETFIQ)−13.1%
Holdings22
Top ten weight71.6%
Cash, not in the top ten0.2%
Holdings as of (SEC N-PORT)Jul 31, 2026
Already in the S&P 500, by weight (ETFIQ)0.0%
Active share vs the S&P 500 (ETFIQ)100.0%
Already in the Nasdaq-100, by weight (ETFIQ)0.0%
IQ Investment Committee on PBDC

12 seats on PBDC, as of Nov 4, 2026: 2 Mixed, 8 Challenges, 2 Not enough data.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityChallenges
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceChallenges
In the tradition ofJohn TempletonTempleton-style Global ContrarianMixed
In the tradition ofRay DalioDalio-style All-WeatherChallenges
In the tradition ofHoward MarksMarks-style Cycles & RiskChallenges
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingMixed
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatChallenges
Put PBDC to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about PBDC

How has PBDC performed?
Over the year to Nov 4, 2026, PBDC returned −3.0% with distributions reinvested. Over three years the number is +17.2%.
What does PBDC cost?
The prospectus expense ratio is 0.12% a year.
What does PBDC hold?
22 positions as filed for Jul 31, 2026, with the top ten at 71.6% of the fund. 0% of its weight is in stocks the S&P 500 also holds.
How far is PBDC below its high?
13.1% below its high of Feb 19, 2025, measured on the reinvested series to Nov 4, 2026.
Sources and dates
Prices, PBDC and S&P 500 (SPY)Tiingo end-of-day · Nov 4, 2026
Fee, 0.12%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $283mSEC filing, whole fund · Jul 31, 2026
SourceHoldings filing (SEC Form N-PORT) ↗
IssuerPutnam website ↗
All fund filingsFund filings on SEC EDGAR ↗
Putnam’s own site ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, PBDC, stock fund, data as of Nov 4, 2026. https://etfiq.com/funds/pbdc

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

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PBDC: PBDC over 1 year: total return −3.0%. Data to Nov 4, 2026.
<figure style="margin:0;max-width:640px">
<iframe src="https://etfiq.com/embed/core/pbdc/" title="PBDC: PBDC over 1 year: total return −3.0%. Data to Nov 4, 2026." width="640" height="370" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">PBDC: PBDC over 1 year: total return −3.0%. Data to Nov 4, 2026. Data: <a href="https://etfiq.com/funds/pbdc">ETFIQ</a></figcaption>
</figure>

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