Active ETF

Putnam Focused Large Cap Value ETF (Class A)  (PVAL)

A multidimensional approach to value investing

Investment strategy also available as:

This ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment. For example:

  • You may have to pay more money to trade the ETF's shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information.
  • The price you pay to buy ETF shares on an exchange may not match the value of the ETF's portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared with other ETFs because it provides less information to traders.
  • These additional risks may be even greater in bad or uncertain market conditions.
  • The ETF will publish on its website each day a Tracking Basket designed to help trading in shares of the ETF. While the Tracking Basket includes some of the ETF's holdings, it is not the ETF's actual portfolio.

The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF's performance. If other traders are able to copy or predict the ETF's investment strategy, however, this may hurt the ETF's performance.

For additional information regarding the unique attributes and risks of the ETF, see disclosure below and the Principal Investment Risks section of the prospectus.

Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV, and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

The funds have limited public-trading history and will operate differently from other actively managed ETFs that publish their portfolio holdings on a daily basis.

NAV as of 06/12/24


Market data all data below as of 06/12/24

Closing market price $36.14
30-day median bid-ask spread 0.06%
Day high $36.44
Day low $36.03
Premium/Discount 0.05%
30-day average trading volume 225,540
Net assets and outstanding shares Download CSV

How to buy Putnam ETFs

Putnam ETFs can be purchased and sold the same way you would buy or sell a stock — through most self-directed brokers or with the guidance of your advisor. Opening an online, self-directed brokerage account provides investors with:

  • Accessibility to a variety of investment products
  • Tools to help you build and optimize your portfolio
  • Flexibility and freedom of managing your investment portfolio
Learn about Putnam active ETFs

ETF facts as of 05/31/24

Intraday NAV Ticker
Inception date
Total net assets
Open to new investors
Turnover (fiscal year-end)
Dividend frequency (view rate)
Number of holdings
Fiscal year-end


Putnam Focused Large Cap Value ETF seeks capital growth and current income.

Strategy and process

  • Relative value approachDefines the value universe daily with fundamental and quantitative tools to identify unique value opportunities
  • Focus on cash flowsPuts distinct emphasis on companies able and willing to return cash to shareholders, and focuses on future cash flows instead of earnings to evaluate value creation
  • Disciplined risk managementUtilizes proprietary tools to maximize stock-specific risk and limit unintended factor risks, seeking alpha over a full market cycle

Management team

Darren A. Jaroch, CFA

Portfolio Manager

28 years in industry

25 years at Putnam Investments

See full profile

Lauren B. DeMore, CFA

Portfolio Manager

22 years in industry

18 years at Putnam Investments

See full profile

This team also manages the Putnam U.S. Large Cap Value Equity Concentrated SMA. Explore this comparable strategy and management history.


Fund information

Fact Sheet (PDF)
Annual Report (PDF)
Semiannual Report (PDF)

Legal documents

Summary Prospectus (PDF)
Statutory Prospectus (PDF)
Statement of Additional Information (SAI) (PDF)

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  • Total return (%) as of 03/31/24

Annualized Total return (%) as of 03/31/24

Annualized performance 1 yr. 3 yrs. 5 yrs. Life (inception: 05/25/21 )
Net asset value 31.10% 13.65% -- 14.47%
Market price 31.01% 13.61% -- 14.48%
Russell 1000 Value Index 20.27%8.11%10.32%--

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns for periods of less than one year are not annualized. Market performance is determined using the bid/ask midpoint at 4:00 p.m. Eastern time. Market performance does not represent the returns you would receive if you traded shares at other times throughout the day.

Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV, and are not individually redeemed from the fund. Brokerage commissions will reduce returns.


Performance snapshot

  Net asset value Market price
1 mt. as of 05/31/24 3.77% 3.70%
YTD as of 06/12/24 15.44% 15.32%


Distribution rate as of 06/12/2024 1.23%
30-day SEC yield with subsidy as of 05/31/2024 1.36%
30-day SEC yield without subsidy as of 05/31/2024 1.35%


Record date 06/06/24
Ex-date 06/06/24
Payable date 06/10/24
Income $0.111
Extra income --
Short-term cap. gain --
Long-term cap. gain --

Historical premium/discount

Number of days at premium --
Number of days at NAV --
Number of days at discount --


See how this fund stacks up against its peers with FundVisualizer®

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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.


Exxon Mobil Corp 4.20%
Bank Of America Corp 3.43%
Walmart 3.30%
Apollo Asset Management 3.18%
Oracle Corp 2.99%
ConocoPhillips 2.91%
Citigroup 2.84%
Cigna Group/The 2.76%
Regeneron Pharmaceuticals 2.75%
Coca-Cola The 2.67%
Top 10 holdings, percent of portfolio 31.03%

Tracking Basket information as of 06/12/24

Tracking Basket Export to Excel
Tracking Basket overlap 86.87%

The Tracking Basket methodology maintains confidentiality of a portfolio's securities and trading strategies by disclosing a "tracking basket" composed of select recently disclosed portfolio holdings, liquid U.S. ETFs that convey information about the types of instruments in which the fund invests, and cash and cash equivalents. This Tracking Basket is disclosed daily and is used to facilitate the creation and redemption process with Authorized Participants (APs). Actual portfolio holdings for the Putnam ETFs will be disclosed on within eight business days following calendar quarter-end.

Sector weightings as of 04/30/24

Financials 19.01%
Health care 14.24%
Industrials 10.17%
Consumer staples 10.11%
Information technology 9.56%
Energy 8.84%
Consumer discretionary 8.10%
Materials 6.70%
Utilities 5.13%
Cash and net other assets 4.04%
Communication services 2.06%
Real estate 2.05%

Sectors will vary over time.

Equity statistics as of 04/30/24

Median market cap $64.96B
Weighted average market cap $209.50B
Price to book 2.25
Price to earnings 14.54

The Russell 1000® Value Index is an unmanaged index of those companies in the large-cap Russell 1000® Index chosen for their value orientation. You cannot invest directly in an index.

Consider these risks before investing: Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.