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 09/27/23
$48.66
Market data all data below as of 09/27/23
| Closing market price | $48.67 |
| 30-day median bid-ask spread | 0.20% |
| Day high | $48.87 |
| Day low | $48.67 |
| Premium/Discount | 0.02% |
| 30-day average trading volume | 3,389 |
| 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 08/31/23
PHYD
PHYDIV
746729888
01/19/23
$105.70M
0.55%
Taxable Income
--
Monthly
324
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
Management team
Robert L. Salvin
Head of Corporate and Tax-Exempt Credit
37 years in industry
23 years at Putnam Investments
Norman P. Boucher
Portfolio Manager
38 years in industry
25 years at Putnam Investments
Literature
Fund information |
| Fact Sheet (PDF) |
Legal documents |
| Prospectuses/SAI |
| Annual Report (PDF) |
Related/Investment insights
Fed's quantitative tightening (QT) will face constraints
The Fed is pursuing QT while being careful to avoid market disruption. Compare scenarios for QT and markets in Putnam's Macro Report.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 06/30/23
Cumulative Total return (%) as of 06/30/23
| Cumulative performance | 1 yr. | 3 yrs. | 5 yrs. | Life |
|---|---|---|---|---|
| Net asset value | -- | -- | -- | 1.27% |
| Market price | -- | -- | -- | 1.60% |
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 08/31/23 | 0.19% | 0.19% | |
| YTD | - | - | |
Fixed income statistics as of 08/31/23
| Average effective duration | 3.86 yrs. |
|---|
Yield
| Distribution rate as of 09/27/2023 | 6.61% |
| 30-day SEC yield with subsidy as of 08/31/2023 | 7.32% |
| 30-day SEC yield without subsidy as of 08/31/2023 | 7.31% |
Distributions
| Record date | 09/21/23 |
|---|---|
| Ex-date | 09/20/23 |
| Payable date | 09/25/23 |
| Income | $0.268 |
| 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 | -- |
Holdings
Portfolio holdings
| Full portfolio holdings | Download XLSX |
|---|
| Constellium P/P 144a 05.6250 06/15/2028 | 0.88% |
|---|---|
| Sensata Tech Bv P/P 144a 04.0000 04/15/2029 | 0.82% |
| Ford Motor Credit Llc 02.9000 02/16/2028 | 0.78% |
| Caesars Ent P/P 144a 04.6250 10/15/2029 | 0.77% |
| Graphic Packaging In P/P 144a 03.7500 02/01/2030 | 0.74% |
| Cco Holdings Llc P/P 144a 04.7500 03/01/2030 | 0.73% |
| Clean Harbors P/P 144a 06.3750 02/01/2031 | 0.73% |
| Zi Tech/Zi Fin P/P 144a 03.8750 02/01/2029 | 0.72% |
| Imola Merger Corp P/P 144a 04.7500 05/15/2029 | 0.70% |
| Boyd Gaming Corp P/P 144a 04.7500 06/15/2031 | 0.69% |
| Top 10 holdings, percent of portfolio | 7.55% |
| Top 10 holdings as of 08/31/23 | |
|---|---|
| Constellium P/P 144a 05.6250 06/15/2028 | |
| Sensata Tech Bv P/P 144a 04.0000 04/15/2029 | |
| Ford Motor Credit Llc 02.9000 02/16/2028 | |
| Caesars Ent P/P 144a 04.6250 10/15/2029 | |
| Graphic Packaging In P/P 144a 03.7500 02/01/2030 | |
| Cco Holdings Llc P/P 144a 04.7500 03/01/2030 | |
| Clean Harbors P/P 144a 06.3750 02/01/2031 | |
| Zi Tech/Zi Fin P/P 144a 03.8750 02/01/2029 | |
| Imola Merger Corp P/P 144a 04.7500 05/15/2029 | |
| Boyd Gaming Corp P/P 144a 04.7500 06/15/2031 | |
| Holdings represent 7.55% of portfolio | |
| Top 10 holdings as of 07/31/23 | |
|---|---|
| Constellium P/P 144a 05.6250 06/15/2028 | |
| Sensata Tech Bv P/P 144a 04.0000 04/15/2029 | |
| Ford Motor Credit Llc 02.9000 02/16/2028 | |
| Caesars Ent P/P 144a 04.6250 10/15/2029 | |
| Graphic Packaging In P/P 144a 03.7500 02/01/2030 | |
| Clean Harbors P/P 144a 06.3750 02/01/2031 | |
| Zi Tech/Zi Fin P/P 144a 03.8750 02/01/2029 | |
| Boyd Gaming Corp P/P 144a 04.7500 06/15/2031 | |
| Imola Merger Corp P/P 144a 04.7500 05/15/2029 | |
| Cloud Software Grp I P/P 144a 06.5000 03/31/2029 | |
| Holdings represent 7.57% of portfolio | |
| Top 10 holdings as of 06/30/23 | |
|---|---|
| Constellium P/P 144a 05.6250 06/15/2028 | |
| Sensata Tech Bv P/P 144a 04.0000 04/15/2029 | |
| Ford Motor Credit Llc 02.9000 02/16/2028 | |
| Caesars Ent P/P 144a 04.6250 10/15/2029 | |
| Graphic Packaging In P/P 144a 03.7500 02/01/2030 | |
| Clean Harbors P/P 144a 06.3750 02/01/2031 | |
| Zi Tech/Zi Fin P/P 144a 03.8750 02/01/2029 | |
| Boyd Gaming Corp P/P 144a 04.7500 06/15/2031 | |
| Imola Merger Corp P/P 144a 04.7500 05/15/2029 | |
| Cloud Software Grp I P/P 144a 06.5000 03/31/2029 | |
| Holdings represent 7.56% of portfolio | |
| Top 10 holdings as of 05/31/23 | |
|---|---|
| Occidental Petroleum Cor 06.4500 09/15/2036 | |
| Constellium P/P 144a 05.6250 06/15/2028 | |
| Sensata Tech Bv P/P 144a 04.0000 04/15/2029 | |
| Ford Motor Credit Llc 02.9000 02/16/2028 | |
| Caesars Ent P/P 144a 04.6250 10/15/2029 | |
| Zi Tech/Zi Fin P/P 144a 03.8750 02/01/2029 | |
| Graphic Packaging In P/P 144a 03.7500 02/01/2030 | |
| Clean Harbors P/P 144a 06.3750 02/01/2031 | |
| Boyd Gaming Corp P/P 144a 04.7500 06/15/2031 | |
| Imola Merger Corp P/P 144a 04.7500 05/15/2029 | |
| Holdings represent 8.00% of portfolio | |
Fixed Income Statistics as of 08/31/23
| Average Effective Maturity | 4.80 yrs. |
| Average Effective Duration | 3.86 yrs. |
| Average Yield to Maturity | 7.51% |
| Average Coupon | 5.70 |
| AMT Exposure | -- |
Sector weightings as of 08/31/23
| Consumer cyclicals | 24.04% |
|---|---|
| Capital goods | 12.36% |
| Energy | 11.63% |
| Basic materials | 11.09% |
| Technology | 9.70% |
| Health care | 8.40% |
| Consumer staples | 7.15% |
| Financials | 5.12% |
| Communication services | 5.04% |
| Other | 7.71% |
0
Country allocation as of 08/31/23
| United States | 93.18% |
|---|---|
| Luxembourg | 1.38% |
| Canada | 1.24% |
| France | 1.08% |
| Israel | 0.88% |
| Ireland | 0.73% |
| Germany | 0.61% |
| Austria | 0.35% |
| Bermuda | 0.31% |
| Other | 0.25% |
0
Portfolio composition as of 08/31/23
| Cash investments | Non-cash investments | Total portfolio | ||||
|---|---|---|---|---|---|---|
| Weight | Spread duration | Weight | Spread duration | Weight | Spread duration | |
| High-yield corporate bonds | 78.42% | 3.17 | 2.25% | 0.09 | 80.66% | 3.26 |
| Investment-grade corporate bonds | 8.73% | 0.46 | 0.00% | 0.00 | 8.73% | 0.46 |
| Bank loans | 6.02% | 0.20 | 0.00% | 0.00 | 6.02% | 0.20 |
| Convertible securities | 1.91% | 0.03 | 0.00% | 0.00 | 1.91% | 0.03 |
| Emerging-market bonds | 0.73% | 0.04 | 0.00% | 0.00 | 0.73% | 0.04 |
| Equity investments | 0.34% | 0.00 | 0.00% | 0.00 | 0.34% | 0.00 |
| Net cash | 3.86% | 0.00 | 0.00% | 0.00 | 3.86% | 0.00 |
Maturity detail as of 08/31/23
| 0 - 1 yr. | 6.08% |
|---|---|
| 1 - 5 yrs. | 44.81% |
| 5 - 10 yrs. | 48.42% |
| 10 - 15 yrs. | 0.29% |
| Over 15 yrs. | 0.39% |
Quality rating as of 08/31/23
| BBB | 9.35% |
|---|---|
| BB | 49.25% |
| B | 29.99% |
| CCC and Below | 5.47% |
| Not Rated | 2.08% |
| Net cash | 3.86% |
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.
