FBDCvsPBDCETF Comparison
ETF 1
FBDC
FT Confluence BDC & Specialty Finance Income ETF - USD
This fund is part of
Uncategorized Equities
-0.32%
VS
FT Confluence BDC & Specialty Finance Income ETF - USD (FBDC) belongs to the Uncategorized Equities segment. Putnam BDC Income ETF (PBDC) is part of the US Financials segment. FBDC's top 1 sector exposures are Finance. In contrast, PBDC's top sector exposures are Finance and Non-Corporate. FBDC is more expensive with a Total Expense Ratio (TER) of 12.44%, versus 11.77% for PBDC. FBDC is down -3.3% year-to-date (YTD) with +$2M in YTD flows. PBDC performs worse with -10.58% YTD performance, and +$65M in YTD flows. Run a side-by-side ETF comparison of FBDC and PBDC below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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FBDC vs PBDC performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FBDC PBDC | -2.82%-5.81% | -0.43%-4.85% | -3.30%-10.58% | -0.95%-5.46% | n/a+11.58% | n/an/a |
| Flows | FBDC PBDC | +$858K-$9M | +$2M+$3M | +$2M+$65M | -$219K+$80M | -+$293M | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FBDC PBDC | +16.00%+17.66% | +18.18%+18.67% | n/a+16.88% | n/an/a |
| Max drawdown | FBDC PBDC | -8.57%-9.61% | -14.81%-15.60% | n/a-20.22% | n/an/a |
| Max drawdown duration | FBDC PBDC | 63d64d | 239d274d | n/a604d | n/an/a |
Trading data
FBDC | PBDC | |
Last sale 10/16/2026 at 1:30 PM | $16.41 | $25.20 |
| Previous close 10/15/2026 | $16.70 | $25.70 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
FBDC | PBDC | |
|---|---|---|
| Last price | $16.41 | $25.20 |
| 1D performance | -1.74% | -1.95% |
| AuM | $35.32 M | $265.29 M |
| E/R | 12.44% | 11.77% |
Characteristics
FBDC | PBDC | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | First Trust | Putnam |
| Benchmark | - | - |
| N° of holdings | 20 | 25 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 27, 2025 | September 29, 2022 |
| ESG | No | No |
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Exposure
Countries
FBDC
USA
95.59%
Other
4.41%
PBDC
USA
100%
Other
-0%
Sectors
FBDC
Finance
95.59%
Other
4.41%
PBDC
Finance
99.83%
Other
0.17%
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Diversification
FBDC
Total weight of top 15 holdings out of 15
89.25%
PBDC
Total weight of top 15 holdings out of 15
85.77%
Top 15 holdings
Data as of August 31, 2026
FBDC
Main Street Capital Corp
12.58%
Hercules Capital, Inc.
11.40%
Ares Capital Corp.
9.64%
Golub Capital BDC, Inc.
9.07%
Sixth Street Specialty Lending, Inc.
8.18%
Blackstone Secured Lending Fund
6.57%
Blue Owl Capital Corp.
6.44%
Barings BDC, Inc.
5.27%
Capital Southwest Corp
4.70%
New Mountain Finance Corp.
4.14%
MidCap Financial Investment Corp
2.64%
Bain Capital Specialty Finance, Inc.
2.33%
Oaktree Specialty Lending Corp.
2.31%
Morgan Stanley Direct Lending Fund
2.09%
Kayne Anderson BDC, Inc.
1.89%
PBDC
Blue Owl Technology Finance Corp
10.90%
Blue Owl Capital Corp.
10.61%
Ares Capital Corp.
10.21%
Hercules Capital, Inc.
8.50%
Main Street Capital Corp
7.80%
Golub Capital BDC, Inc.
5.30%
Trinity Capital, Inc.
4.80%
Sixth Street Specialty Lending, Inc.
4.15%
Blackstone Secured Lending Fund
4.10%
Barings BDC, Inc.
3.50%
MSC Income Fund, Inc.
3.37%
Kayne Anderson BDC, Inc.
3.33%
Capital Southwest Corp
3.29%
FS KKR Capital Corp.
3.11%
Oaktree Specialty Lending Corp.
2.78%
Frequently asked questions about FBDC and PBDC
How have the FBDC and PBDC ETFs performed in 2026?
As of October 15, 2026, FBDC is down -3.3% year-to-date (YTD), while PBDC has lost -10.58%. That puts FBDC better performer ahead so far this year.
Which ETF is attracting more investor money: FBDC or PBDC?
Year-to-date, the FBDC ETF saw +$2M in flows, compared to +$65M for PBDC.
Which ETF is more volatile: FBDC or PBDC?
Over the past year, FBDC had a volatility of 18.18%, while PBDC experienced 18.67%.
Which ETF is bigger: FBDC or PBDC?
As of October 15, 2026, FBDC holds $35.32 M in assets under management (AUM), while PBDC manages $265.29 M.
What sectors do the FBDC and PBDC ETFs invest in?
FBDC leans toward sectors like Finance. Meanwhile, PBDC focuses on Finance.
What are the top holdings of the FBDC ETF and PBDC ETF?
FBDC top holdings include Main Street Capital Corp, Hercules Capital, Inc. and Ares Capital Corp.. PBDC holds in its top three: Blue Owl Technology Finance Corp, Blue Owl Capital Corp. and Ares Capital Corp..
Which ETF is more diversified: FBDC or PBDC?
FBDC holds 20 securities with 89.25% of its assets in the top 15. PBDC has 25 securities and a top 15 weight of 85.77%.
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Latest news about FBDC & PBDC
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