Key Highlights

  • BDCI was admitted to the ASX on 1 April 2026, making it one of the most recently listed funds among those profiled in this series.
  • The fund invests in a selectively managed portfolio of 20 to 45 US-listed Business development companies (BDCs).
  • BDCI's monthly distribution has remained consistent at $0.170 per unit across each of the four most recent months disclosed.
  • The fund carries a management fee of 0.95% per annum, reflecting its active management approach within the private Debt category.

Fund Overview

The Muzinich BDC Income Fund – Active ETF trades on the ASX under the code BDCI and was admitted to the exchange on 1 April 2026, making it a recent addition to the market. It is classified under Alternative – Private Debt and is benchmarked against the S&P BDC Price Return index in US dollars. As at the latest disclosure, the fund reported a size of $3.13 million, with 153,920 units outstanding — figures consistent with its early stage on the exchange.

The fund's stated strategy is to invest in a selective and actively managed portfolio typically comprising 20 to 45 US-listed business development companies, providing diversified exposure to US middle-market private debt across a range of managers, sectors and Credit ratings.

Portfolio and Category Characteristics

As a newly listed fund, BDCI's fact sheet does not yet report detailed sector weightings, Market Capitalisation breakdowns, or geographic exposure figures, which are shown as unavailable in the fund's current disclosures. This is typical of recently admitted vehicles where portfolio-level reporting builds out over subsequent quarters.

The broader private debt category in which BDCI sits is described as predominantly holding non-tradeable debt, commonly in the form of loans made directly by non-bank institutions to smaller companies that may not have ready access to traditional public bond markets. Funds in this category can carry more Liquidity Risk and operate with less transparency than instruments traded on public exchanges with active secondary markets.

Risk Metrics

BDCI's Beta and Standard Deviation are both listed as unavailable in the fund's current disclosures, again consistent with its recent listing date and the limited trading history accumulated to date. As the fund matures, these risk metrics would be expected to populate as a longer return history becomes available.

Fees and Distributions

BDCI carries a management fee of 0.95% per annum, the highest among the broad-exposure ETFs profiled in this series, consistent with the actively managed nature of its private debt mandate. The fund's distribution history shows a consistent monthly payment of $0.170 per unit across August 2026, July 2026, June 2026 and May 2026, with the most recent distribution carrying an ex-date of 3 August 2026, Record Date of 4 August 2026 and payment date of 20 August 2026. The fund's 52-week trading range spanned $18.94 to $20.52, with average trading Volume of 1,668 units.

Conclusion

BDCI represents one of the newer additions to the ASX's alternative asset fund lineup, providing actively managed access to US business development companies and middle-market private debt. Its early-stage status is reflected in the limited portfolio-level disclosures currently available, while its distribution record to date shows a consistent $0.170 per unit payment maintained across the four most recent months.