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.
Active ETF
Putnam ESG High Yield ETF (Class A) (PHYD)
Corporate bonds selected for higher income potential
NAV as of 04/19/24
$49.93
Market data all data below as of 04/19/24
| Closing market price | $50.08 |
| Day high | $50.11 |
| Day low | $50.08 |
| Premium/Discount | 0.30% |
| 30-day average trading volume | 11,833 |
| 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
ETF facts as of 03/31/24
PHYD
PHYDIV
746729888
01/19/23
$119.15M
0.55%
Taxable Income
--
Monthly
334
April
Objective
Putnam ESG High Yield ETF seeks high current income. Capital growth is a secondary goal when consistent with achieving high current income.
Strategy and process
- Income focusedPursues a higher level of income than most bonds offer by investing in higher-yielding, lower-rated corporate bonds
- Bottom-up processInvests across a range of industries and companies with the ability to adjust fund holdings to capitalize on market opportunities
- 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 04/19/2024 | 6.97% |
| 30-day SEC yield with subsidy as of 03/31/2024 | 6.47% |
| 30-day SEC yield without subsidy as of 03/31/2024 | 6.44% |
Management team
Robert L. Salvin
Head of Corporate and Tax-Exempt Credit
38 years in industry
24 years at Putnam Investments
Norman P. Boucher
Portfolio Manager
39 years in industry
26 years at Putnam Investments
Literature
Fund information |
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| Fact Sheet - Shareholder approved (PDF) |
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Legal documents |
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| Summary Prospectus (PDF) |
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| Statutory Prospectus (PDF) |
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| Statement of Additional Information (SAI) (PDF) | |
| Annual Report (PDF) |
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Related/Investment insights
Why Gaza war has not yet caused an oil price spike
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. | 3 yrs. | 5 yrs. | Life (inception: 01/19/23 ) |
|---|---|---|---|---|
| Net asset value | 9.94% | -- | -- | 8.19% |
| Market price | 9.84% | -- | -- | 8.54% |
| JPMorgan Developed High Yield Index | 11.71% | 2.76% | 4.35% | -- |
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 03/31/24 | 1.15% | 1.16% | |
| YTD as of 04/19/24 | -0.18% | -0.18% | |
Fixed income statistics as of 03/31/24
| Average effective duration | 3.14 yrs. |
|---|
Yield
| Distribution rate as of 04/19/2024 | 6.97% |
| 30-day SEC yield with subsidy as of 03/31/2024 | 6.47% |
| 30-day SEC yield without subsidy as of 03/31/2024 | 6.44% |
Distributions
| Record date | 03/21/24 |
|---|---|
| Ex-date | 03/20/24 |
| Payable date | 03/25/24 |
| Income | $0.29 |
| 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 |
|---|
| Caesars Entertainment | 1.51% |
|---|---|
| Altice USA | 1.41% |
| Charter Communications | 1.36% |
| Solenis International Llc | 1.26% |
| Tenet Healthcare Corp | 1.19% |
| Venture Global Lng | 1.16% |
| Citrix Systems | 1.10% |
| Teva Pharmaceutical Industries | 1.05% |
| Carnival Corp | 1.02% |
| Scih Salt Holdings | 1.01% |
| Top 10 holdings, percent of portfolio | 12.07% |
| Top 10 holdings as of 03/31/24 | |
|---|---|
| Caesars Entertainment | |
| Altice USA | |
| Charter Communications | |
| Solenis International Llc | |
| Tenet Healthcare Corp | |
| Venture Global Lng | |
| Citrix Systems | |
| Teva Pharmaceutical Industries | |
| Carnival Corp | |
| Scih Salt Holdings | |
| Holdings represent 12.07% of portfolio | |
| Top 10 holdings as of 02/29/24 | |
|---|---|
| Charter Communications | |
| Tenet Healthcare Corp | |
| Venture Global Lng | |
| Caesars Entertainment | |
| Citrix Systems | |
| Altice USA | |
| Carnival Corp | |
| Solenis International Llc | |
| Teva Pharmaceutical Industries | |
| Constellium | |
| Holdings represent 11.19% of portfolio | |
| Top 10 holdings as of 01/31/24 | |
|---|---|
| Charter Communications | |
| Tenet Healthcare Corp | |
| Venture Global Lng | |
| Caesars Entertainment | |
| Citrix Systems | |
| Solenis International Llc | |
| Altice USA | |
| Medline Industries | |
| Carnival Corp | |
| Teva Pharmaceutical Industries | |
| Holdings represent 11.08% of portfolio | |
| Top 10 holdings as of 12/31/23 | |
|---|---|
| Charter Communications | |
| Tenet Healthcare Corp | |
| Venture Global Lng | |
| Caesars Entertainment | |
| Citrix Systems | |
| Solenis International Llc | |
| Carnival Corp | |
| Constellium | |
| Chart Industries | |
| Medline Industries | |
| Holdings represent 10.68% of portfolio | |
Fixed Income Statistics as of 03/31/24
| Average Effective Maturity | 3.92 yrs. |
| Average Effective Duration | 3.14 yrs. |
| Average Yield to Maturity | 6.66% |
| Average Coupon | 6.04 |
| AMT Exposure | -- |
Sector weightings as of 03/31/24
| Consumer cyclicals | 25.18% |
|---|---|
| Basic materials | 11.45% |
| Net Cash | 9.74% |
| Energy | 9.46% |
| Capital goods | 7.82% |
| Technology | 7.15% |
| Financials | 7.10% |
| Health care | 7.00% |
| Consumer staples | 6.60% |
| Other | 13.29% |
0
Country allocation as of 03/31/24
| United States | 91.09% |
|---|---|
| France | 1.75% |
| Canada | 1.25% |
| Luxembourg | 1.22% |
| Israel | 1.18% |
| Ireland | 0.71% |
| Bermuda | 0.56% |
| United Kingdom | 0.55% |
| Cayman Islands | 0.50% |
| Other | 1.17% |
0
Portfolio composition as of 03/31/24
| Cash investments | Non-cash investments | Total portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread duration | Weight | Spread duration | Weight | Spread duration | |
| High-yield corporate bonds | 76.10% | 2.62 | 4.80% | 0.19 | 80.90% | 2.80 |
| Bank loans | 6.61% | 0.22 | 0.00% | 0.00 | 6.61% | 0.22 |
| Investment-grade corporate bonds | 5.07% | 0.22 | 0.00% | 0.00 | 5.07% | 0.22 |
| Emerging-market bonds | 1.39% | 0.07 | 0.00% | 0.00 | 1.39% | 0.07 |
| Convertible securities | 1.10% | 0.02 | 0.00% | 0.00 | 1.10% | 0.02 |
| Net cash | 9.74% | 0.00 | 0.00% | 0.00 | 9.74% | 0.00 |
Maturity detail as of 03/31/24
| 0 - 1 yr. | 9.72% |
|---|---|
| 1 - 5 yrs. | 65.28% |
| 5 - 10 yrs. | 24.87% |
| 10 - 15 yrs. | 0.13% |
Quality rating as of 03/31/24
| BBB | 5.57% |
|---|---|
| BB | 51.94% |
| B | 27.11% |
| CCC and Below | 4.68% |
| Not Rated | 0.96% |
| Net cash | 9.74% |
The JPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed income securities issued in developed countries. 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. Lower-rated bonds may offer higher yields in return for more risk. Unlike bonds, funds that invest in bonds have fees and expenses.
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.
