Active ETF

Putnam Emerging Markets ex-China ETF (Class A)  (PEMX)

Pursues alpha over a market cycle through fundamental research in emerging markets beyond China

PEMX aims to explore a range of attractive EM opportunities outside of China.

China exposure has been a performance headwind over the long term.

We believe that offering emerging markets ex-China exposure could lead to risk-adjusted performance for investors.

Source: Morningstar, as of 3/31/23.

Past performance is not indicative of future results. You cannot invest directly in an index. Index performance does not represent actual fund. The PEMX fund pursues an actively managed investment strategy.

NAV as of 05/17/24


Market data all data below as of 05/17/24

Closing market price $52.06
30-day median bid-ask spread 0.14%
Day high $52.06
Day low $52.06
Premium/Discount 0.63%
30-day average trading volume 232
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
See available brokerages Learn about Putnam active ETFs

ETF facts as of 04/30/24

Inception date
Total net assets
Total expense ratio
Open to new investors
Turnover (fiscal year-end)
Dividend frequency
Number of holdings
Fiscal year-end


Putnam Emerging Markets ex-China ETF seeks long-term capital appreciation.

Strategy and process

  • Concentrated, best-ideas approachSeeks to capitalize on inefficiencies by targeting 30–60 high-conviction names
  • Focus on mispriced earningsSeeks to overweight high-quality names where we have a differentiated view on earnings
  • Active investment strategyRigorous fundamental approach seeks companies with a durable competitive advantage

Management team

Brian S. Freiwald, CFA

Portfolio Manager

20 years in industry

14 years at Putnam Investments

See full profile


Fund information

Fact Sheet (PDF)

Legal documents

Semiannual Report (PDF)

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Performance data will be shown after the fund has been in operation for a full calendar quarter.

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.



Record date 12/27/23
Ex-date 12/26/23
Payable date 12/29/23
Income $0.3301
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 --


Portfolio holdings

Full portfolio holdings Download XLSX
Taiwan Semiconductor Manufacturing 14.63%
Samsung Electronics 4.62%
Icici Bank 4.43%
Sk Hynix 4.38%
Indian Hotels 3.21%
Kei Industries 3.01%
Grupo Financiero Banorte Sab De Cv 2.83%
Kia Corp 2.53%
Tata Consultancy Services 2.28%
Abu Dhabi Islamic Bank Pjsc 2.22%
Top 10 holdings, percent of portfolio 44.14%

Sector weightings as of 04/30/24

Information technology 34.52%
Financials 19.02%
Consumer discretionary 14.37%
Industrials 9.99%
Health care 5.75%
Materials 5.73%
Consumer staples 3.78%
Real estate 2.10%
Communication services 1.94%
Energy 1.93%
Utilities 1.39%
Cash and net other assets -0.53%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time.

Equity statistics as of 04/30/24

Median market cap $18.26B
Weighted average market cap $153.42B
Price to book 1.16
Price to earnings 15.36

Country allocation as of 04/30/24

India 29.73%
Taiwan 21.21%
South Korea 14.10%
Brazil 5.97%
Mexico 5.03%
Indonesia 4.33%
Poland 2.87%
United States 2.76%
United Kingdom 2.51%
United Arab Emirates 2.22%
Greece 2.05%
Philippines 1.95%
Saudi Arabia 1.89%
South Africa 1.03%
France 0.93%
Panama 0.84%
Japan 0.71%
Singapore 0.38%
Cash and net other assets -0.53%

The MSCI Emerging Markets ex-China Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets excluding China. You cannot invest directly in an index.

Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund's alpha.

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. From time to time, the fund may invest a significant portion of its assets in companies in one or more related geographic areas, industries, or sectors, which would make the fund more vulnerable to adverse developments affecting those geographic areas, industries, or sectors.

Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound. 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.