SPAQ vs. PBDC ETF Comparison

Comparison of Horizon Kinetics SPAC Active ETF (SPAQ) to Putnam BDC Income ETF (PBDC)

SPAQ

Horizon Kinetics SPAC Active ETF

SPAQ Description

As of March 16, 2022, Spartan Acquisition Corp. III was acquired by SPARTAN Acquisition CORP. III, in a reverse merger transaction. Spartan Acquisition Corp. III focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was founded in 2020 and is based in New York, New York.

Grade (RS Rating)

Last Trade

$98.61

Average Daily Volume

336

Number of Holdings ^*

10

* 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

$34.10

Average Daily Volume

32,965

Number of Holdings ^*

10

* may have additional holdings in another (foreign) market

Performance

Period	SPAQ	PBDC
30 Days	0.58%	3.44%
60 Days	1.33%	7.09%
90 Days	4.09%	9.00%
12 Months	2.49%	37.66%

0 Overlapping Holdings

	Symbol	Grade	Weight in SPAQ	Weight in PBDC	Overlap

SPAQ Overweight 10 Positions Relative to PBDC

	Symbol	Grade	Weight
	LCW	C	4.99%
	IBACU	B	4.94%
	HYAC	B	4.8%
	APCA	A	4.74%
	BOWN	A	4.74%
	SVII	A	4.72%
	IPXX	B	4.69%
	AACT	A	4.67%
	SCRM	A	4.67%
	CITE	A	4.64%

SPAQ Underweight 10 Positions Relative to PBDC

	Symbol	Grade	Weight
	OBDC	A	-12.65%
	ARCC	A	-12.17%
	BXSL	A	-10.05%
	MAIN	A	-9.77%
	FSK	B	-7.22%
	HTGC	A	-6.83%
	GBDC	A	-5.62%
	TSLX	B	-5.48%
	MFIC	A	-4.54%
	BCSF	A	-4.12%

SPAQ: Top Represented Industries & Keywords

Industries: Shell Companies

Keywords: Mergers And Acquisitions Private Equity Special Purpose Acquisition Company Reverse Takeover

PBDC: Top Represented Industries & Keywords

Industries: Asset Management Internet Software & Services Specialty Finance

Keywords: Private Equity Venture Capital Business Development Business Development Company Mezzanine Capital Credit Loan Refinancing U.S. Securities And Exchange Commission Debt Debt Financing Golub Capital Leveraged Buyout Pharmaceutical Second Lien Loan Subordinated Debt Venture Debt Advanced Materials Aerospace Bankruptcy