C000237307 Fees and Costs — Putnam BDC Income ETF
Data updated: 2026-09-25
The net expense ratio is 11.77%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $601K in broker commissions, 0.2513% of average net assets, and portfolio turnover was 38%.
C000237307 Fees and Expenses
Annual operating expenses and sales charges of C000237307. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 11.77% |
| Fee waiver | — |
| Net expense ratio | 11.77% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
C000237307 Costs Over Time
On $10,000 invested in C000237307, assuming 5% a year before costs, total costs come to $6,036 over 5 years, cutting the return by 12.62% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 11.77%) | $1,236 | $3,432 | $5,306 |
| Trading costs (broker commissions) | $26 | $73 | $113 |
| Lost growth on money paid in costs | $0 | $188 | $616 |
| Total costs | $1,262 | $3,693 | $6,036 |
| Value after costs | $9,238 | $7,883 | $6,727 |
| Impact on return, per year | 12.62% | 12.62% | 12.62% |
C000237307 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.2513%
- Total broker commissions: $601K
- Bought from dealers (principal trades, not a cost): $156.8M
- Portfolio turnover (prospectus): 38%
- Securities lending: none during the year
C000237307 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Raymond James & Associates, Inc. | $405K | 70.46% |
| BARCLAYS CAPITAL, INC. | $58K | 10.16% |
| Keefe, Bruyette & Woods, Inc. | $34K | 5.91% |
| CitiGroup Global Markets Inc. | $23K | 4.00% |
| J.P. Morgan Securities LLC | $14K | 2.51% |
| Stifel, Nicolaus & Co., Inc. | $13K | 2.27% |
| UBS SECURITIES LLC | $10K | 1.74% |
| WELLS FARGO SECURITIES, LLC | $6K | 1.07% |
| JEFFERIES LLC | $6K | 0.98% |
| PIPER SANDLER & CO. | $5K | 0.89% |
C000237307 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JANE STREET CAPITAL, LLC | $42.2M | 26.94% |
| VIRTU AMERICAS LLC | $34.9M | 22.25% |
| RBC CAPITAL MARKETS, LLC | $30.4M | 19.41% |
| BOFA SECURITIES, INC. | $27.5M | 17.52% |
| GOLDMAN SACHS & CO. LLC | $18.1M | 11.55% |
| J.P. Morgan Securities LLC | $3.7M | 2.34% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.