PBDC vs. PEX ETF Comparison

Comparison of Putnam BDC Income ETF (PBDC) to ProShares Global Listed Private Equity ETF (PEX)

PBDC

Putnam BDC Income ETF

PBDC Description

Putnam BDC Income ETF is an exchange traded fund launched and managed by Putnam Investment Management, LLC. The fund is co-managed by Putnam Investments Limited. It invests in the public equity markets of the United States. The fund invests in stocks of companies operating across business development companies sectors. The fund invests in growth and value stocks of companies across diversified market capitalization. Putnam BDC Income ETF is domiciled in the United States.

Grade (RS Rating)

Last Trade

$33.40

Average Daily Volume

37,627

Number of Holdings ^*

16

* may have additional holdings in another (foreign) market

PEX

ProShares Global Listed Private Equity ETF

PEX Description

The investment seeks investment results before fees and expenses that track the performance of the LPX Direct Listed Private Equity Index (the "index"). The index consists of up to 30 qualifying listed private equity companies. The fund invests in securities that ProShare Advisors believes, in combination, should track the performance of the index. It will invest at least 80% of its total assets in component securities. The fund will concentrate its investments in a particular industry or group of industries, country or region to approximately the same extent as the index is so concentrated. It is non-diversified.

Grade (RS Rating)

Last Trade

$28.47

Average Daily Volume

2,949

Number of Holdings ^*

13

* may have additional holdings in another (foreign) market

Performance

Period	PBDC	PEX
30 Days	1.00%	-0.03%
60 Days	1.00%	3.46%
90 Days	2.87%	6.55%
12 Months	16.87%	25.10%

9 Overlapping Holdings

	Symbol	Grade	Weight in PBDC	Weight in PEX	Overlap
	ARCC	B	11.8%	10.11%	10.11%
	BBDC	C	2.83%	1.43%	1.43%
	CSWC	F	3.48%	1.75%	1.75%
	FSK	A	6.35%	8.6%	6.35%
	GBDC	B	4.95%	4.51%	4.51%
	HTGC	B	6.8%	4.42%	4.42%
	MAIN	B	9.75%	6.52%	6.52%
	NMFC	F	2.4%	1.69%	1.69%
	TSLX	F	6.0%	3.03%	3.03%

PBDC Overweight 7 Positions Relative to PEX

	Symbol	Grade	Weight
	BXSL	B	9.79%
	BCSF	B	4.52%
	CCAP	C	4.24%
	CION	C	3.82%
	TRIN	C	2.26%
	FDUS	B	2.04%
	CGBD	C	1.05%

PBDC Underweight 4 Positions Relative to PEX

	Symbol	Grade	Weight
	PSEC	D	-2.97%
	GSBD	F	-2.38%
	CODI	B	-2.17%
	SLRC	B	-1.18%

PBDC: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Specialty Finance

Keywords: Private Equity Business Development Credit Loan Mezzanine Capital Venture Capital Business Development Company Debt Golub Capital Refinancing Second Lien Loan Healthcare Service Leveraged Buyout Subordinated Debt Aerospace Bankruptcy Chemical Consumer Products Debt Financing Entrepreneurship

PEX: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Conglomerates Specialty Finance

Keywords: Business Development Mezzanine Capital Private Equity Venture Capital Chemical Golub Capital Healthcare Service Refinancing Spell Capital Partners Aerospace Beverage Business Development Company Capital Structure Consumer Products Debt Debt Financing Electronics Entrepreneurship Leveraged Buyout Loan