PBDC – Putnam BDC Income ETF – ETF Investment Strategy

Strategy

The investment seeks current income. The fund invests mainly in exchange-traded business development companies (“BDCs”). BDCs are vehicles whose principal business is to invest in, lend capital to or provide services to privately-held U.S. companies or thinly traded U.S. public companies. The fund is non-diversified.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
PBDC	Putnam BDC Income ETF	ETF	Open			Sep 29, 2022	$289.58M	11.770%	—	—	$77.96M

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Putnam BDC Income ETF PBDC Strategy

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