Zacks Investment ResearchT3·29mo ago
PBDC Putnam BDC Income ETF
ETFETF quote, holdings, sector allocation, technicals, and options analytics. Fibonacci levels
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
PBDC
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Key stats
About
Putnam BDC Income ETF (PBDC) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2022-09-29
- Has Options
- No
Fund profile
holdings as of Oct 20, 2026issuer data
- Expense ratio
- 11.77% issuer, Oct 22, 2026
- Assets
- $261M issuer-reported, Oct 20, 2026
- Trailing yield
- 11.97% paid quarterly
- Average daily volume
- $2.5M 30 sessions
- Holdings
- 28 top 10 are 71.4%
- Listed
- Sep 29, 2022 NYSE Arca
- Net asset value
- $24.84 issuer, Oct 20, 2026 · closed -0.08% to NAV
- Median bid/ask spread
- 0.12% 30 days, issuer-reported
- 30-day SEC yield
- 10.90% issuer, Sep 30, 2026
- Return on NAV, 1 year
- −5.6% issuer, through Sep 30, 2026 · 3 years +4.9% a year
- Distributions, 12 months
- $2.23 a share issuer, through Jul 7, 2026: 100% income
Cost0
Liquidity46
Scale52
Diversification37
Moves with. US large-cap stocks (17% of its variance, beta 0.64); Bitcoin (5% of its variance, beta 0.07); Small caps over large (4% of its variance, beta 0.30); Long Treasuries (4% of its variance, beta 0.33). These factors explain 30% of its daily moves over the last year, so most of what drives this fund is something else.
All 28 holdingsSimilar fundsOverlap toolAll Bank Loans & CLOs ETFs
Fund flows
daily as of Oct 19, 2026issuer data- Oct 19, 2026
- −$620K latest day
- Latest 5 trading days
- −$7.6M
- Year to date
- −$8.2M
Each day
| Day | Net flow |
|---|---|
| Oct 19, 2026 | −$620K |
| Oct 16, 2026 | $0 |
| Oct 15, 2026 | $0 |
| Oct 14, 2026 | −$1.9M |
| Oct 13, 2026 | −$5.1M |
| Oct 12, 2026 | −$637K |
Daily figures are the change in shares outstanding times net asset value, both as the issuer publishes them each day.
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| FBDCFT Confluence BDC & Specialty Finance Income ETF | 69% | — | $34M | −16.3% | compare |
| BIZDVanEck BDC Income ETF | 53% | 9.69% | $1.4B | −16.1% | compare |
| PEXProShares Global Listed Private Equity ETF | 40% | 2.95% | $10M | −14.9% | compare |
| LBOWHITEWOLF Publicly Listed Private Equity ETF | 35% | 6.53% | $7.1M | −16.2% | compare |
| HYINWisdomTree Private Credit and Alternative Income Fund | 28% | 4.34% | $52M | −25.5% | compare |
Ranked by how much of the two portfolios is the same securities.
Look-through: what the holdings say
weights as of Oct 20, 2026issuer data- Holdings vs fair value
- +47.9% 100% under, 0% over · 81% covered
- Price / earnings
- 15.3 7% loss-making · 79% covered
- Price / book · sales
- 0.9 · 4.8 revenue growth +6.0%
- Above 200-day average
- 11% 1% above 50-day · by weight
- Short interest
- 5.6% of float, weighted · 8.6 days to cover
- Insider buying
- 42% of weight had net insider buying, 90 days; 15% net selling
- 13F holders
- +20.1% change in shares held by institutions, latest quarter
- Reporting earnings
- 20.6% of weight in 7 days; 88.6% in 14
Largest contributors above fair value
Holdings reporting in the next 14 days · weighted implied move this week 1.15%
Each figure is the fund's holdings weighted by position size, using our data on those stocks, and covers only the share of the stock holdings stated. Positive fair value means the holdings trade below our estimate.
What changed in the portfolio
Oct 15, 2026 → Oct 19, 2026| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| Decrease | NSLRNEOSTELLAR CAPITAL CORP | 0.37% | 0.30% | −16.1% |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 0.6%. Full holdings and history
ETF Profile
holdings as of 2026-10-20
Holdings
28
AUM
$260.8M
Provider
Franklin
Inception
2022-09-29
Exchange
ARCX
Data As Of
2026-10-20
Expense Ratio
11.77%
Dividend Yield
11.97%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-10-06 | 2026-10-14 | $0.7331 | CD |
| 2026-07-07 | 2026-07-14 | $0.6955 | CD |
| 2026-04-07 | 2026-04-14 | $0.7127 | CD |
| 2025-12-19 | 2025-12-31 | $0.8251 | CD |
| 2025-10-06 | 2025-10-17 | $0.8205 | CD |
| 2025-07-07 | 2025-07-18 | $0.7868 | CD |
Asset Allocation
Top Holdings
top 28 of 28 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| ARCC | ARES CAPITAL CORP | 11.49% | Equity (US) | US |
| OBDC | BLUE OWL CAPITAL CORP | 10.03% | Equity (US) | US |
| OTF | BLUE OWL TECHNOLOGY FINAN | 9.31% | Equity (US) | US |
| MAIN | MAIN STREET CAPITAL CORP | 9.16% | Equity (US) | US |
| HTGC | HERCULES CAPITAL INC | 8.99% | Equity (US) | US |
| GBDC | GOLUB CAPITAL BDC INC | 5.26% | Equity (US) | US |
| TRIN | TRINITY CAPITAL INC | 4.76% | Equity (US) | US |
| BXSL | BLACKSTONE SECURED LENDIN | 4.49% | Equity (US) | US |
| TSLX | SIXTH STREET SPECIALTY LE | 4.26% | Equity (US) | US |
| CSWC | CAPITAL SOUTHWEST CORP | 3.71% | Equity (US) | US |
| MSIF | MSC INCOME FUND INC | 3.43% | Equity (US) | US |
| KBDC | KAYNE ANDERSON BDC INC | 3.42% | Equity (US) | — |
| BBDC | BARINGS BDC INC | 3.15% | Equity (US) | US |
| FSK | FS KKR CAPITAL CORP | 2.84% | Equity (US) | US |
| OCSL | OAKTREE SPECIALTY LENDING | 2.82% | Equity (US) | US |
| BCSF | BAIN CAPITAL SPECIALTY FI | 1.83% | Equity (US) | US |
| RWAY | RUNWAY GROWTH FINANCE COR | 1.64% | Equity (US) | — |
| MSDL | MORGAN STANLEY DIRECT LEN | 1.45% | Equity (US) | US |
| PFLT | PENNANTPARK FLOATING RATE | 1.43% | Equity (US) | US |
| NMFC | NEW MOUNTAIN FINANCE CORP | 1.41% | Equity (US) | US |
| MFIC | MIDCAP FINANCIAL INVESTME | 1.35% | Equity (US) | US |
| PSEC | PROSPECT CAPITAL CORP | 1.24% | Equity (US) | US |
| FDUS | FIDUS INVESTMENT CORP | 1.01% | Equity (US) | US |
| TCPC | BLACKROCK TCP CAPITAL COR | 0.85% | Equity (US) | US |
| — | PUTNAM GOVT MMKT FND-P | 0.29% | Cash/Money Market | — |
| NSLR | NEOSTELLAR CAPITAL CORP | 0.29% | Equity (US) | US |
| — | Net Current Assets | 0.27% | Cash/Money Market | — |
| — | CASH | -0.17% | Cash/Money Market | US |
Geographic Breakdown
Chart
Seasonality
| Month | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|
| Jan | -- | 6.82% | 1.35% | 3.63% | -1.82% | 2.50% |
| Feb | -- | 0.96% | 1.97% | 0.74% | -9.56% | -1.47% |
| Mar | -- | -3.61% | 4.68% | -3.39% | 0.91% | -0.35% |
| Apr | -- | -1.58% | 0.94% | -9.69% | 5.05% | -1.32% |
| May | -- | 2.69% | 1.99% | 7.32% | -4.80% | 1.80% |
| Jun | -- | 4.30% | -1.06% | 2.08% | -1.98% | 0.83% |
| Jul | -- | 2.40% | -1.27% | -0.35% | -3.93% | -0.79% |
| Aug | -- | 0.29% | -0.68% | 1.79% | 5.80% | 1.80% |
| Sep | 0.00% | 1.16% | 1.08% | -5.84% | -4.74% | -1.67% |
| Oct | 9.27% | -4.89% | -0.77% | -1.92% | -6.84%* | -1.03% |
| Nov | 3.96% | 4.49% | 5.53% | 1.92% | -- | 3.98% |
| Dec | -7.01% | 0.90% | -0.61% | -1.77% | -- | -2.12% |
| Total | 5.63% | 14.15% | 13.68% | -6.42% | -20.77% | 1.25% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $25.85
SMA 50: $27.10
SMA 200: $27.63
Current: $25.18
EMA 12: $25.36
EMA 26: $26.00
MACD: -0.6380 | Signal: -0.0372
BEARISH
ADX (14): 32.08
TREND
+DI: 18.35
−DI: 33.36
Momentum Oscillators
RSI (14): 37.25
NEUTRAL
Stoch %K: 11.42
Stoch %D: 7.07
Williams %R: -77.59
Volume & Volatility
BB Upper: $27.55
BB Lower: $24.16
NEUTRAL
OBV: -3,608,660
Vol SMA 20: 115,454
Vol ROC: -68.41%
ATR: $0.43
True Range: $0.47
HV 20: 20.5%
HV 30: 18.8%
HV 60: 19.2%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
LLM Stock Analysis Report: PBDC
Executive Summary
Overall Assessment: NEUTRAL (Confidence Level: 6/10)
Key Drivers:
- Technical indicators suggest a neutral trend, with no clear directional bias.
- Low volatility and correlation with the market indicate low risk.
Primary Risks:
- Recent news headlines are neutral, but lack of earnings data may lead to increased uncertainty.
- Options activity is currently unavailable, making it difficult to assess potential trading interest.
Investment Thesis: PBDC appears to be in a consolidation phase, with no clear trend or catalysts driving the price. The low volatility and correlation with the market suggest a relatively low-risk environment. However, the lack of earnings data and options activity may lead to increased uncertainty, making it difficult to initiate a position at this time.
Recent News Sentiment Impact: The neutral news headlines have had a minimal impact on the stock's movement, as they did not provide any significant catalysts for change.
Technical Analysis
Trend Direction: Short-term: NEUTRAL, Medium-term: NEUTRAL, Long-term: UPTREND
Support/Resistance Levels:
- SMA 20: $31.16 (support)
- SMA 50: $30.76 (support)
- Bollinger Bands:
- Upper: $32.63 (resistance)
- Lower: $29.70 (support)
Momentum Signals:
- RSI (14): 44.42 (neutral)
- MACD: -0.18 / Signal: -0.14 / Histogram: -0.04 (bearish)
- Bollinger Bands signal is neutral
Volume Analysis: Volume SMA 20: 106886.45, Volume Rate of Change: 163.08%
News & Sentiment Analysis
Recent Headlines Summary: Neutral news headlines with no significant impact on the stock's movement.
Sentiment Assessment: NEUTRAL (based on recent news headlines)
Catalyst Identification: None currently available, but lack of earnings data may lead to increased uncertainty.
Market Narrative: The neutral trend and low volatility suggest a relatively stable market environment.
Risk & Volatility Assessment
Beta Interpretation: Low risk relative to the market (beta 0.75).
Volatility Regime: Low volatility (stock moves less than the market).
Options Market Signals: No options data available, making it difficult to assess potential trading interest.
Downside Protection: Support levels are present around $29.70 and $30.76, but the lack of earnings data may lead to increased uncertainty.
Market Context & Positioning
Sector Performance: PBDC is relatively strong compared to its sector.
Institutional Activity: No significant institutional activity observed.
Correlation Analysis: PBDC moves less than the market (R-squared interpretation).
Relative Valuation: PBDC appears to be in a trading range, with no clear directional bias.
Key Levels & Action Items
Critical Price Levels:
- SMA 20: $31.16 (support)
- SMA 50: $30.76 (support)
- Bollinger Bands:
- Upper: $32.63 (resistance)
- Lower: $29.70 (support)
Breakout/Breakdown Levels: None currently available, but the lack of earnings data may lead to increased uncertainty.
Time-Sensitive Catalysts: Earnings data availability would be a significant catalyst for change.
Risk Management: Consider stop-loss levels around $29.70 and $30.76, and position sizing considerations based on volatility and risk tolerance.
Generated
News
All PBDC news →
Zacks Investment ResearchT3·29mo ago
Seeking AlphaT3·32mo ago
PBDC Options Activity & IV Rank
Loading options activity...
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
ATM — / Wing —
30 DTE / 10d
—
—
pts
EXTREME
ATM — / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis
Risk Metrics
Beta: 0.6462
Alpha: -26.02%
Correlation: 0.4071
R-Squared: 16.6%
Stock Volatility: 20.2%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
PBDC Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
|---|
PBDC Constituent Performance
Click any bar to view the full quote for that stock.
PBDC Constituents (25 of 25)
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|---|---|---|---|---|---|
| ARCC | ARES CAPITAL CORP | 11.49% | $18.72 | +1.74% | -1.06% | -2.14% |
| OBDC | BLUE OWL CAPITAL CORP | 10.03% | $10.06 | +1.87% | -2.75% | -6.81% |
| OTF | BLUE OWL TECHNOLOGY FINAN | 9.31% | $9.05 | +2.26% | -4.13% | -11.88% |
| MAIN | MAIN STREET CAPITAL CORP | 9.16% | $53.87 | +1.07% | -0.74% | -1.63% |
| HTGC | HERCULES CAPITAL INC | 8.99% | $16.46 | +1.17% | -1.20% | -2.02% |
| GBDC | GOLUB CAPITAL BDC INC | 5.26% | $12.14 | +1.38% | -1.02% | -2.14% |
| TRIN | TRINITY CAPITAL INC | 4.76% | $16.36 | +1.11% | -1.68% | -6.46% |
| BXSL | BLACKSTONE SECURED LENDIN | 4.49% | $23.93 | +2.40% | -1.07% | -2.68% |
| TSLX | SIXTH STREET SPECIALTY LE | 4.26% | $17.35 | +2.12% | -1.31% | -4.41% |
| CSWC | CAPITAL SOUTHWEST CORP | 3.71% | $22.45 | +0.36% | -4.55% | -2.56% |
| MSIF | MSC INCOME FUND INC | 3.43% | $11.69 | +2.10% | -0.85% | -3.94% |
| KBDC | KAYNE ANDERSON BDC INC | 3.42% | $12.71 | +2.01% | +0.63% | -2.16% |
| BBDC | BARINGS BDC INC | 3.15% | $8.33 | +0.97% | -3.14% | -3.36% |
| FSK | FS KKR CAPITAL CORP | 2.84% | $10.42 | +3.38% | -2.88% | -6.70% |
| OCSL | OAKTREE SPECIALTY LENDING | 2.82% | $11.42 | +1.51% | -3.06% | -5.46% |
| BCSF | BAIN CAPITAL SPECIALTY FI | 1.83% | $10.23 | +1.69% | -3.76% | -8.00% |
| RWAY | RUNWAY GROWTH FINANCE COR | 1.64% | $6.44 | +2.34% | -1.27% | -4.36% |
| MSDL | MORGAN STANLEY DIRECT LEN | 1.45% | $13.16 | +2.09% | -0.98% | -8.16% |
| PFLT | PENNANTPARK FLOATING RATE | 1.43% | $6.38 | +3.15% | -3.98% | -8.79% |
| NMFC | NEW MOUNTAIN FINANCE CORP | 1.41% | $6.67 | +2.53% | -3.19% | -4.78% |
| MFIC | MIDCAP FINANCIAL INVESTME | 1.35% | $8.34 | +1.94% | -1.90% | -6.04% |
| PSEC | PROSPECT CAPITAL CORP | 1.24% | $1.54 | +4.64% | -5.63% | -29.44% |
| FDUS | FIDUS INVESTMENT CORP | 1.01% | $18.68 | +2.16% | -3.88% | -2.12% |
| TCPC | BLACKROCK TCP CAPITAL COR | 0.85% | $4.08 | +0.49% | -3.32% | +2.00% |
| NSLR | NEOSTELLAR CAPITAL CORP | 0.29% | $5.94 | -3.41% | -13.16% | -26.03% |