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Managed Fund Since 2021
Equity Active
PVAL Putnam Focused Large Cap Value ETF
- Relative value approach. Defines the value universe daily with fundamental and quantitative tools to identify unique value opportunities.
- Focus on cash flows. Puts distinct emphasis on companies able and willing to return cash to shareholders, and focuses on future cash flows instead of earnings to evaluate value creation.
- Disciplined risk management. Utilizes proprietary tools to maximize stock-specific risk and limit unintended factor risks, seeking alpha over a full market cycle.
Popular Documents
Total Net Assets
$5.71B
As of 11/13/2025 (Updated Daily)
Important Information about the Fund
This ETF is different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. This ETF will not. This may create additional risks for your investment. For example:
- You may have to pay more money to trade the ETF's shares. This ETF will provide less information to traders, who tend to charge more for trades when they have less information.
- The price you pay to buy ETF shares on an exchange may not match the value of the ETF's portfolio. The same is true when you sell shares. These price differences may be greater for this ETF compared with other ETFs because it provides less information to traders.
- These additional risks may be even greater in bad or uncertain market conditions.
- The ETF will publish on its website each day a Tracking Basket designed to help trading in shares of the ETF. While the Tracking Basket includes some of the ETF's holdings, it is not the ETF's actual portfolio.
The differences between this ETF and other ETFs may also have advantages. By keeping certain information about the ETF secret, this ETF may face less risk that other traders can predict or copy its investment strategy. This may improve the ETF's performance. If other traders are able to copy or predict the ETF's investment strategy, however, this may hurt the ETF's performance. For additional information regarding the unique attributes and risks of the ETF, see disclosure below and the Principal Investment Risks section of the prospectus.
Overview
Fund Facts
Fund description
The fund seeks capital growth and current income. The fund invests mainly in common stocks of U.S. companies, with a focus on value stocks that offer the potential for capital growth, current income, or both.
- Benchmark
- Russell 1000 Value Index
- Fund Inception Date
- 05/25/2021
- Listing Exchange
- NYSE Arca
- Dividend Frequency, if any
- Quarterly
Identifiers
- Ticker
- PVAL
- Intraday NAV
- PVAL.IV
- CUSIP Code
- 746729300
- ISIN Code
- US7467293004
- Bloomberg Code
- PVAL US
Average Annual Total Returns As of 10/31/2025
- 16.13%1 Year
- 19.15%3 Years
- —5 Years
- —10 Years
- 14.33%Since Inception
05/25/2021
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Sectors
As of 10/31/2025 % of Total (Updated Monthly)
Additional Fund Info
- Fiscal Year End
- August 31
- ETF Type
- Active
- Morningstar Category
- Large Value
Trading Characteristics
- Shares Outstanding
- 130,454,000
- Daily Volume
- 1,305,293
- 20-Day Average Volume
- 1508157.00
Manager and Commentary
About the Team
Putnam Investments
Putnam Investments has been serving clients and shareholders for over 85 years. We manage a range of equity portfolios with a focus on stock-specific opportunities. Our approach — stock-driven rather than style-driven — is designed to offer consistent outperformance, regardless of the market environment. Our portfolios are fueled by a variety of independent views and perspectives, enhanced by fundamental research and ongoing dialogue and debate. We combine this with portfolio construction that aims to reduce broader macro exposures and manage downside risk.
Commentary Highlights
September 30, 2025- Markets: US equity markets delivered gains for the third quarter, driven by optimism surrounding Federal Reserve rate cuts and technology sector strength.
- Contributors: Stock selection in information technology, health care, financials and industrials
- Detractors: Stock selection in materials and consumer staples
- Outlook: Economic growth and equity markets remain resilient, but we are mindful of the potential impact of tariffs on inflation and consumer spending.
Putnam Investments
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Managed Fund Since 2021
Latest Insights
August 14, 2025
March 19, 2025
Performance
Average Annual Total Returns
As of 10/31/2025
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns are based on Market Price or NAV, assume the reinvestment of all distributions and the deduction of all Fund expenses. Performance would have been lower if expenses had not been waived in various periods. Returns for periods of less than one year are not annualized.
Selected Month October 2025
Putnam Focused Large Cap Value ETF - Market Price Return (%)
Month End
As of 10/31/2025
Putnam Focused Large Cap Value ETF - NAV Return (%)
Month End
As of 10/31/2025
Russell 1000 Value Index (%)
Month End
As of 10/31/2025
Ratings 3
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Portfolio
Assets
As of11/13/2025 (Updated Daily)
- Total Net Assets
- $5.71 Billion
Positions
As of 10/31/2025 (Updated Monthly)
Number of Issuers
- Fund
- 45
Portfolio Statistics
As of 10/31/2025 (Updated Monthly)
Price to Earnings (12-Month Forward)
- Fund
- 16.42x
- Fund
- $489.87 Billion
- Fund
- 2.78x
Sector Allocation
As of 10/31/2025 % of Total (Updated Monthly)
| Sector | % of Total |
|---|---|
Financials | 19.96% |
Health Care | 13.95% |
Industrials | 10.81% |
Information Technology | 10.38% |
Consumer Staples | 10.28% |
Consumer Discretionary | 9.99% |
Energy | 6.58% |
Communication Services | 5.40% |
Utilities | 5.15% |
Materials | 3.59% |
Real Estate | 2.03% |
Cash & Other Net Assets | 1.88% |
Holdings
As of 09/30/2025 (Updated Monthly)
CITIGROUP INC SEDOL 2297907
WALMART INC SEDOL 2936921
EXXON MOBIL CORP SEDOL 2326618
CISCO SYSTEMS INC SEDOL 2198163
SEAGATE TECHNOLOGY HOLDINGS SEDOL BKVD2N4
ALPHABET INC-CL A SEDOL BYVY8G0
MCKESSON CORP SEDOL 2378534
BANK OF AMERICA CORP SEDOL 2295677
AMERICAN INTERNATIONAL GROUP SEDOL 2027342
PHILIP MORRIS INTERNATIONAL SEDOL B2PKRQ3
Tracking Basket Information
As of 11/13/2025 (Updated Daily)
Tracking Baskets | |
Tracking Basket Overlap | 89.39% |
The Tracking Basket methodology maintains confidentiality of a portfolio's securities and trading strategies by disclosing a "tracking basket" composed of select recently disclosed portfolio holdings, liquid U.S. ETFs that convey information about the types of instruments in which the fund invests, and cash and cash equivalents. This Tracking Basket is disclosed daily and is used to facilitate the creation and redemption process with Authorized Participants (APs). Actual portfolio holdings for the Putnam ETFs will be disclosed here within eight business days following calendar quarter-end.
Distributions & Tax
- Distribution Frequency
- QuarterlyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Rates and Yields
Distributions are not guaranteed and are subject to change.
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
10/06/2025
07/07/2025
04/04/2025
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Pricing History
As of 11/13/2025 (Updated Daily)
Daily Fund Prices
As of 11/13/2025
Share Prices
As of 11/13/2025
52-Week Range
- Highest NAV
As of 11/12/2025 - $44.26
- Lowest NAV
As of 04/08/2025 - $33.49
- Highest Market Price
As of 11/12/2025 - $44.31
- Lowest Market Price
As of 04/08/2025 - $33.49
Premium / Discount
As of 11/13/2025
- 30-Day Median Bid/Ask Spread
- 0.02%
- Bid / Ask Spread
- $0.07
- Avg. of Market Price vs. NAV at Close
11 - 0.02%
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Putnam Focused Large Cap Value ETF | |||
| Product Commentary - Putnam Focused Large Cap Value ETF |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Putnam Focused Large Cap Value ETF - Single Class | |||
| Annual Financial Statements and Other Information - Putnam Focused Large Cap Value ETF | |||
| Semi-Annual Report - Putnam Focused Large Cap Value ETF - Single Class | |||
| Semi-Annual Financial Statements and Other Information - Putnam Focused Large Cap Value ETF | |||
| Prospectus - Putnam Focused Large Cap Value ETF | |||
| Summary Prospectus - Putnam Focused Large Cap Value ETF | |||
| Statement Of Additional Information - Putnam Focused Large Cap Value ETF | |||
| Fiscal Q1 Holdings - Putnam Focused Large Cap Value ETF | |||
| Fiscal Q3 Holdings - Putnam Focused Large Cap Value ETF |
Risks
All investments involve risks, including possible loss of principal. The investment style may become out of favor, which may have a negative impact on performance. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund's prospectus.
Important Information
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Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
All investments involve risk, including possible loss of principal. Please see each product's web page for specific details regarding investment objective, risks, performance, and other important information. Review this information carefully before you make any investment decision. Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.
Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. Please view the prospectus or summary prospectus for this and other information. Read it carefully.
Franklin Templeton, its affiliated companies, and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.
ETFs trade like stocks, fluctuate in market value and may trade at prices above or below their net asset value. Brokerage commissions and ETF expenses will reduce returns. ETF shares may be bought or sold throughout the day at their market price (MP), not their Net Asset Value (NAV), on the exchange on which they are listed. Shares of ETFs are tradable on secondary markets and may trade either at a premium or a discount to their NAV on the secondary market. Prior to trading in the secondary market, shares of the fund are "created" at NAV by market makers, large investors and institutions only in block-size Creation Units. Each "creator" or "Authorized Participant" enters into an authorized participant agreement with Franklin Distributors, LLC. Only an Authorized Participant may create or redeem Creation Units directly with the fund. Retail investors buy and sell shares of ETFs at market price (not NAV) in the secondary market throughout the trading day. These shares are not individually available for purchase or redemption directly from the ETF.
Franklin Distributors, LLC serves as the distributor of Creation Units for the ETFs on an agency basis. Franklin Distributors, LLC does not maintain a secondary market in the funds' shares.
The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe.
Source: FTSE.
Franklin Distributors, LLC. Member FINRA / SIPC . Putnam Investments is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.