- Pays: quarterly; amounts vary with the timing of the underlying BDCs' dividends.
- First paid: 2013 — the index ETF for business development companies (MVIS US Business Development Companies Index).
- The expense ratio that scares people: the headline 9.69% is 0.42% of actual fund costs plus 9.27% of 'acquired fund fees' — the underlying BDCs' own expenses, which SEC rules force the ETF to disclose but which are already reflected in the BDCs' share prices. Your real direct cost is 0.42%.
- What it holds: publicly traded BDCs by index weight — so it owns the 2026 cutters and the holders alike.
- The trade-off: one ticker for sector exposure, at the cost of owning the sector's average — including PSEC, OBDC, PFLT and HRZN, all of which cut in 2026.
Quarterly payouts swing with the underlying dividend calendar — VanEck itself noted Q1 2026 above and Q2 2026 below the typical level — so a single quarter's change isn't a trend. The year-by-year table is the honest measure.
BIZD pays quarterly. Each point below is one distribution since 2013 — lumpy by design, because the underlying BDCs pay on different schedules.
Loading the latest data…
Each point is one payment; the line ends at the most recent payout. The table below totals them by year.
- Trailing 12 months: $1.52 per share across 4 payments — down 14% from $1.78 in the 12 months before. What a change like that does to your income →
- Current pace: recent payments annualize to $1.74 — 14% above the trailing figure. When those two disagree, the trailing yield is quoting the past. Live cut & raise board →
- Share price, same 12 months: down 17% (dividends excluded) — income and principal are one story. Erosion Index →
- Record: 54 payments over 13 years; the largest single payment was $0.482 (Apr 2026).
- Payment drops ≥20% below trend, last 24 months: 1. Get alerted to the next one →
Every figure above is computed from BIZD's actual payment record and share-price history as of the date shown — not copied from a fact sheet. Recomputed regularly; the chart above always shows the live data.
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| Recent Ex-Dividend Dates | Distribution / Share |
|---|
"Next expected" is estimated from BIZD's recent payment rhythm — the fund announces exact dates shortly before each payout, and the data feed can lag a few days. You must own shares before the ex-dividend date to receive that payout; the cash typically arrives days later. See every fund's upcoming date on the live dividend calendar.
A real total-return estimate, assuming every payout was reinvested — including what happened to the share price. Before taxes and fees. Past performance does not predict the future.
BIZD is the simplest way to own private credit's public face: every listed BDC, weighted by the index. That's diversification against any single lender's blowup — and exposure to every lender's dividend cut. 2026 delivered several (PSEC, OBDC, PFLT, HRZN), offset by the holders (MAIN, HTGC, CSWC).
The 9.69% expense ratio is the most misunderstood number in the fund world — a disclosure artifact, not a fee you pay on top. Compare BIZD against the active alternative PBDC or any single BDC on the compare tool.
| Year | Total Distributions / Share | Payments | Change vs Prior Year |
|---|
Data source: Yahoo Finance. Figures are per share; the current year may be partial and figures should be verified against official sources.
Calculated from complete calendar years in the data above. Past results don't guarantee future payments.
When Is BIZD's Next Ex-Dividend Date?
BIZD pays quarterly. The exact date of each payout is announced by the fund only shortly beforehand, so no site can promise the next date — but the live schedule box above shows the most recent ex-dividend date and the expected window for the next one, computed from BIZD's actual payment rhythm. Remember: you must own shares before the ex-dividend date to receive that payout.
Thirteen Years of the Sector's Dividends
BIZD launched in February 2013 and has paid quarterly since, passing through whatever its basket of public BDCs distributes. The chart above is therefore a chart of the BDC sector's income — lumpy quarter to quarter, informative year to year.
The Disclosure Artifact
Every article about BIZD eventually explains the expense ratio, so here's the short version: a BDC's interest and operating costs are its costs of doing business, already reflected in its earnings and price. When an ETF holds BDCs, the SEC makes it re-disclose those costs as if they were fund expenses. The 0.42% is real; the rest is accounting for something you'd bear owning the BDCs directly too.
Reading the Chart Honestly
Use the year-by-year table, not single quarters, and remember what's inside: 2026's sector cut wave flows straight through. For the active alternative see PBDC; for the steadiest individual names, MAIN and HTGC. Next expected date on the live calendar.
Compare It Against Anything
Same chart, two tickers, one honest overlay — payouts and price erosion side by side.
Compare Any Two Funds