Excess return may be positive or negative and does not mean any additional return on the index performance. Targets are presented for the purpose of communicating the intended risk profile and are not intended to be projections of performance. It is possible that the Putnam Dynamic Low Volatility Excess Return Index ("PDLV5E" or "the Index") could realize a volatility greater than its target. No assurance can be given that the Index objective will be achieved. Actual results could be materially different from the stated goals. Asset allocation strategies and diversification do not assure a profit and do not protect against loss. As with any investment, there is a potential for profit as well as the possibility of loss.
The Index is the exclusive property of Putnam Investments and is made and compiled without regard to the needs, including, but not limited to, the suitability needs, of any insurance company, index annuity, or owners of any index annuity. Index annuities are insurance contracts, not registered securities or stock market investments. Index annuities are not invested in the index itself, but rather interest is credited based on the performance of the index and the rules prescribed in the insurers index crediting strategy. Index annuities are not issued by Putnam Investments.
Hypothetical back-test data has many built-in limitations, some of which are described below. The hypothetical back-test performance information in this presentation reflects application of an Index methodology and selection of index constituents prepared with the benefit of hindsight. No theoretical approach can take into account all of the factors in the markets in general and the impact of decisions that might have been made during the actual operation of an index. Actual results may vary, perhaps materially, from the simulated results presented. There are numerous factors related to the markets in general or the implementation of any specific investment strategy, which cannot be fully accounted for in the preparation of simulated results and all of which can adversely affect actual results. No representation is being made that any account, product, or strategy will or is likely to achieve profits, losses, or results similar to those shown.
This material has been prepared for informational use and is provided for limited purposes. By receiving and reviewing this material, the recipient acknowledges the following: This material is a general communication being provided for informational and educational purposes only. It is not designed to be a recommendation of any specific investment product, strategy, or decision, and is not intended to suggest taking or refraining from any course of action. The material was not prepared, and is not intended, to address the needs, circumstances, and objectives of any specific institution, plan, or individual(s). Putnam is not providing advice in a fiduciary capacity under applicable law in providing this material, which should not be viewed as impartial, because it is provided as part of the general marketing and advertising activities of Putnam, which earns fees when clients select its products and services. The views and strategies described herein may not be suitable for all clients. Prior to making any financial decisions, any recipients of this material should seek individualized advice from their personal financial, legal, tax, and other professional advisors that takes into account all of the particular facts and circumstances of their situation. Unless otherwise noted, Putnam is the source of all data. Putnam Investments cannot guarantee the accuracy or completeness of any statements or data contained in the material. All financial decisions involve risk, and recommendations may not always be profitable, including possible loss of principal. Putnam Investments does not guarantee any minimum level of performance or the success of any strategy. Past performance does not guarantee or indicate future results.