PSP vs. PBDC ETF Comparison

Comparison of PowerShares Listed Private Equity (PSP) to Putnam BDC Income ETF (PBDC)

PSP

PowerShares Listed Private Equity

PSP Description

The PowerShares Global Listed Private Equity Portfolio (Fund) is based on the Red Rocks Global Listed Private Equity Index (Index). The Fund will normally invest at least 90% of its total assets in securities, which may include American depository receipts and global depository receipts, that comprise the Index. The Index includes securities, ADRs and GDRs of 40 to 75 private equity companies, including business development companies (BDCs), master limited partnerships (MLPs) and other vehicles whose principal business is to invest in, lend capital to or provide services to privately held companies (collectively, listed private equity companies). The Fund and the Index are rebalanced and reconstituted quarterly.

Grade (RS Rating)

Last Trade

$70.35

Average Daily Volume

16,881

Number of Holdings ^*

26

* may have additional holdings in another (foreign) market

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

$33.81

Average Daily Volume

39,882

Number of Holdings ^*

15

* may have additional holdings in another (foreign) market

Performance

Period	PSP	PBDC
30 Days	2.66%	0.21%
60 Days	3.67%	0.12%
90 Days	8.18%	2.08%
12 Months	38.54%	16.48%

11 Overlapping Holdings

	Symbol	Grade	Weight in PSP	Weight in PBDC	Overlap
	ARCC	A	3.02%	12.06%	3.02%
	BBDC	A	0.22%	2.68%	0.22%
	BCSF	C	0.22%	4.21%	0.22%
	BXSL	A	0.69%	10.26%	0.69%
	CSWC	D	0.2%	3.44%	0.2%
	FSK	A	0.93%	6.36%	0.93%
	GBDC	D	0.69%	5.9%	0.69%
	HTGC	D	0.48%	6.84%	0.48%
	MAIN	A	0.48%	9.38%	0.48%
	NMFC	D	0.21%	2.32%	0.21%
	TSLX	C	0.21%	5.18%	0.21%

PSP Overweight 15 Positions Relative to PBDC

	Symbol	Grade	Weight
	TPG	A	5.92%
	KKR	A	5.63%
	BX	A	5.61%
	CG	B	4.75%
	OWL	A	3.82%
	HLNE	B	3.06%
	STEP	C	2.63%
	GHC	B	1.45%
	IAC	F	1.21%
	BBUC	C	1.16%
	CODI	B	0.75%
	PX	A	0.54%
	CNNE	B	0.49%
	SLRC	A	0.23%
	GSBD	F	0.21%

PSP Underweight 4 Positions Relative to PBDC

	Symbol	Grade	Weight
	CCAP	A	-4.11%
	CION	C	-3.63%
	TRIN	A	-2.47%
	FDUS	A	-2.01%

PSP: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Conglomerates Education & Training Services Internet Content & Information Specialty Finance

Keywords: Private Equity Business Development Venture Capital Mezzanine Capital Chemical Consumer Products Healthcare Service Wilshire Associates Aerospace Business Development Company Credit Golub Capital Investment Solutions Leveraged Buyout Loan Refinancing Beverage Blackstone Broadcasting Cable TV

PBDC: Top Represented Industries & Keywords

Industries: Asset Management Credit Services Specialty Finance

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