Is PBDC a good investment?

Putnam BDC Income ETF (PBDC) is a financial sector ETF. As of September 11, 2026, ETF Copilot scores PBDC 3.9 out of 10 — highest on Growth (9.2), lowest on Valuation (0.0). It trades at 13.4 times earnings, against its own median of 10.0. Its ten largest holdings are 70% of the fund.

Updated September 11, 2026

How is PBDC rated? ETF Copilot scores Putnam BDC Income ETF (PBDC) 3.9 out of 10

As of September 11, 2026, ETF Copilot scores Putnam BDC Income ETF (PBDC) 3.9 out of 10 overall.

ETF Copilot scores (0–10 scale, higher is better):

Overall: 3.9 / 10
Growth: 9.2 / 10
Valuation: 0.0 / 10
Risk: 8.8 / 10
Quality: 0.1 / 10
Return: 0.6 / 10

What is PBDC's expense ratio? 11.77% a year

As of September 11, 2026, PBDC charges 11.77% a year, yields 7.46% and holds $301M in assets across 24 positions.

Putnam BDC Income ETF (PBDC) — cost, income and size
Measure	PBDC
Expense ratio	11.77%
Dividend yield	7.46%
Assets under management	$301M
Holdings	24

Expense ratio, dividend yield and assets under management are reported by the fund and refreshed daily. Every other figure on this page is computed by ETF Copilot.

What stands out in PBDC's data

U.S. Business Development Companies, a niche slice of private credit.

Priced slightly below the typical private-credit peer — a modest discount on a concentrated portfolio.

Trailing P/E multiple of 13.4x sits just under the category median of 13.7x. The fund holds just 24 names and earns a return on equity of 7.9%.

A focused income sleeve built on a small set of private-credit lenders.

Why did PBDC move this week? It fell 2.5% in the week to September 11, 2026 — Blue OWL Capital and Main Street Capital drove it

PBDC fell 2.5% in the week to September 11, 2026. The holdings that moved it most were Blue OWL Capital (−2.6%), Main Street Capital (−3.2%) and Hercules Capital (−1.7%); Prospect Capital (+1.4%) pushed the other way.

Is PBDC expensive right now? It trades at 13.4 times earnings, against its own median of 10.0

As of September 11, 2026, PBDC is more expensive than 94% of its own 33 monthly readings since 2023 — 31 of those months were cheaper than today.

Trailing twelve-month, computed by ETF Copilot from the fund's holdings rather than quoted from a data provider, and rebuilt nightly.

What's inside PBDC?

What's inside PBDC: Size (Large 0%, Mid 35%, Small 65%); Geography (International 2%, US 98%).

What are PBDC's top holdings? The ten largest are 70% of the fund

OWL Rock Capital, Ares Capital, Blue OWL Technology Finan, Hercules Capital, Main Street Capital, Golub Capital BDC, Trinity Capital, Blackstone Secured Lendin, Sixth Street Specialty le and MSC Income Fund are PBDC's largest holdings, in that order.

More concentrated than 88% of Financials ETFs.

Half of PBDC's weight sits in its 6 largest positions, and once those weights are taken into account it behaves like 15 equally weighted holdings.

Cite this

ETF Copilot, “Putnam BDC Income ETF (PBDC) scores and holdings analysis”, as of September 11, 2026.
https://etf-copilot.com/etf/pbdc