Active ETF

Putnam ESG Core Bond ETF (Class A)  (PCRB)

Income securities diversified across multiple sectors for all-weather performance

NAV as of 06/21/24

$48.23

Market data all data below as of 06/21/24

Closing market price $48.29
30-day median bid-ask spread 0.17%
Day high $48.31
Day low $48.23
Premium/Discount 0.13%
30-day average trading volume 14,927
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

Ticker
PCRB
Intraday NAV Ticker
PCRBIV
CUSIP
746729607
Inception date
01/19/23
Total net assets
$562.23M
Total expense ratio
0.35%
Open to new investors
Category
Taxable Income
Turnover (fiscal year-end)
--
Dividend frequency (view rate)
Monthly
Number of holdings
372
Fiscal year-end
April

Objective

Putnam ESG Core Bond ETF seeks high current income consistent with what Putnam Management believes to be prudent risk.

Strategy and process

  • Diverse opportunitiesInvests across sectors of the U.S. bond market, including mortgage-backed securities, corporate bonds, and other government obligations
  • Bottom-up processPursues benchmark outperformance mainly through security selection, while subsector allocations within the benchmark and macro strategies also serve as potential alpha generators
  • Integrated ESG approachIncorporates consideration of material environmental, social, and governance (ESG) issues that managers view as additive to the fundamental understanding of each issuer

Yield

Distribution rate as of 06/21/2024 4.30%
30-day SEC yield with subsidy as of 05/31/2024 4.66%
30-day SEC yield without subsidy as of 05/31/2024 4.65%

Management team

Michael V. Salm

Chief Investment Officer, Fixed Income

35 years in industry

27 years at Putnam Investments

See full profile

Andrew C. Benson

Portfolio Manager

16 years in industry

16 years at Putnam Investments

See full profile

Albert Chan, CFA

Head of Portfolio Construction

22 years in industry

22 years at Putnam Investments

See full profile

Sriketan Mahanti

Portfolio Manager

24 years in industry

12 years at Putnam Investments

See full profile

Literature

Related/Investment insights

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The calamity of war in Gaza since early October has so far had a more muted impact on oil prices than might have been expected. We analyze the market and share our outlook.

ESG materiality | Analyzing the growing role of ESG factors in executive compensation
A rising number of S&P 500 companies are now tying ESG metrics to executive pay. Explore insights on how this impacts corporate goals and investment opportunities.

ESG Metrics | Impact report of sustainable investing strategies
Putnam Investments is pleased to share our 2023 Sustainability and Impact Report.


Performance

  • Total return (%) as of 03/31/24

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

Annualized performance 1 yr. 5 yrs. Life (inception: 01/19/23 )
Net asset value 1.96% -- 1.21%
Market price 2.14% -- 1.44%
Bloomberg U.S. Aggregate Bond Index 1.70%0.36%--

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.

The fund has limited public trading history.

 

Performance snapshot

  Net asset value Market price
1 mt. as of 05/31/24 1.70% 1.77%
YTD as of 06/21/24 0.40% 0.27%

Fixed income statistics as of 05/31/24

Average effective duration 5.90 yrs.

Yield

Distribution rate as of 06/21/2024 4.30%
30-day SEC yield with subsidy as of 05/31/2024 4.66%
30-day SEC yield without subsidy as of 05/31/2024 4.65%

Distributions

Record date 06/21/24
Ex-date 06/21/24
Payable date 06/25/24
Income $0.173
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 --

Compare

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


Holdings

Portfolio holdings

Full portfolio holdings Download XLSX
Us Treasury N/B 02.5000 02/28/2026 6.34%
Us Treasury N/B 01.2500 08/15/2031 5.51%
Us Treasury N/B 01.7500 03/15/2025 4.74%
Us Treasury N/B 01.2500 03/31/2028 4.48%
Us Treasury N/B 04.0000 11/15/2052 4.43%
Us Treasury N/B 00.5000 02/28/2026 3.43%
Us Treasury N/B 01.6250 09/30/2026 3.35%
Us Treasury N/B 02.3750 05/15/2051 2.67%
Us Treasury N/B 03.3750 08/15/2042 2.10%
Fnma Fn30 Ma4465 Umbs 02.0000 11/01/2051 1.90%
Top 10 holdings, percent of portfolio 38.95%



Fixed Income Statistics as of 05/31/24

Average Effective Maturity 8.42 yrs.
Average Effective Duration 5.90 yrs.
Average Yield to Maturity 5.29%
Average Coupon 3.41
AMT Exposure --

Country allocation as of 05/31/24

United States 95.12%
France 0.85%
Canada 0.83%
Germany 0.66%
Spain 0.48%
Australia 0.41%
Ireland 0.39%
Singapore 0.31%
Switzerland 0.26%
 
Other
0.70%
South Korea 0.17%
Luxembourg 0.16%
Netherlands 0.13%
Italy 0.12%
United Kingdom 0.11%

Portfolio composition as of 05/31/24

  Cash investments Non-cash investments Total portfolio
  Weight Spread duration Weight Spread duration Weight Spread duration
U.S. Treasury/agency 41.15% 2.49 0.00% 0.00 41.15% 2.49
Agency pass-through 21.38% 1.24 6.77% 0.35 28.15% 1.60
Investment-grade corporate bonds 26.84% 1.60 0.00% 0.00 26.84% 1.60
Commercial MBS 6.49% 0.17 0.00% 0.00 6.49% 0.17
Asset-backed securities (ABS) 0.70% 0.01 0.00% 0.00 0.70% 0.01
High-yield corporate bonds 0.21% 0.01 0.00% 0.00 0.21% 0.01
Emerging-market bonds 0.17% 0.01 0.00% 0.00 0.17% 0.01
Net cash 3.05% 0.00 0.00% 0.00 3.05% 0.00

Spread duration is displayed in years and reflects the contribution by sector to the portfolio's total spread duration with the exception of the Treasury and Interest-rate swap sectors where effective duration is displayed. Spread duration estimates the price sensitivity of a specific sector or asset class to a 100 basis-point movement, 1%, (either widening or narrowing) in its yield spread relative to Treasuries. Effective duration provides a measure of a portfolio's interest-rate sensitivity. The longer a portfolio's duration, the more sensitive the portfolio is to shifts in the interest rates. Allocations may not total 100% of net assets because the table includes the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.

Maturity detail as of 05/31/24

0 - 1 yr. 3.23%
1 - 5 yrs. 34.72%
5 - 10 yrs. 44.24%
10 - 15 yrs. 5.12%
Over 15 yrs. 12.69%

Quality rating as of 05/31/24

AAA 65.92%
AA 4.20%
A 9.12%
BBB 17.00%
BB 0.29%
Not Rated 0.42%
Net cash 3.05%

The Bloomberg U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed income securities. You cannot invest directly in an index.

Consider these risks before investing: Investing with a focus on companies or issuers that exhibit a commitment to ESG factors may result in the fund investing in certain types of companies or issuers that underperform the market as a whole. In evaluating an investment opportunity, we may make investment decisions based on information and data that is incomplete or inaccurate. Due to changes in the products or services of the companies and issuers in which the fund invests, the fund may temporarily hold securities that are inconsistent with its ESG investment criteria.

Fixed-income investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses. Funds that invest in government securities are not guaranteed. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The fund may have to invest the proceeds from prepaid investments in other investments with less attractive terms and yields.

The value of investments in the fund's portfolio may fall or fail to rise over 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. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of the fund's net assets. A bond rated BBB or higher is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings and portfolio credit quality will vary over time. Net cash represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.