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.

Overview

See the risks and other important information.

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
Distribution Rate at NAV⁴ (Updated Daily): —
30-Day SEC Yield—With Waiver^5,6,7As of 12/31/2025 (Updated Monthly): 1.12%
30-Day SEC Yield—Without Waiver^6,7As of 12/31/2025 (Updated Monthly): 1.12%

Expenses & Fees

As of 01/01/2026

Gross Expense Ratio⁸: 0.56%
Net Expense Ratio^8,9: 0.55%

Identifiers

Ticker: PVAL
Intraday NAV: PVAL.IV
CUSIP Code: 746729300
ISIN Code: US7467293004
Bloomberg Code: PVAL US

Average Annual Total Returns As of 12/31/2025

View performance section for additional info As of 12/31/2025

Market Price Return

NAV Return

24.15%1 Year
20.59%3 Years
—5 Years
—10 Years
15.19%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

View portfolio section for additional info

As of 12/31/2025 % of Total (Updated Monthly)

Top Sectors
Financials20.52%
Health Care13.63%
Industrials11.19%
Consumer Staples10.37%
Consumer Discretionary9.91%

Additional Fund Info

Fiscal Year End: August 31
ETF Type: Active
Morningstar Category¹⁰: Large Value

Trading Characteristics

As of 02/06/2026 (Updated Daily)

Shares Outstanding: 170,829,000
Daily Volume: 1,671,419
20-Day Average Volume: 1987157.50

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

12/31/2025

Markets: US equity markets delivered gains in the fourth quarter, driven by strong earnings, Fed interest-rate cuts, and optimism around artificial intelligence.
Contributors: Stock selection in the financials, consumer discretionary, industrials, and materials sectors
Detractors: Stock selection in information technology and underweight exposure to communication services
Outlook: We expect investors will continue to focus on actions from a divided US Federal Reserve, and we are monitoring lofty equity valuations and potential headwinds in the consumer sector.

For complete information, please see the full commentary:

Putnam Investments

Managed Fund Since 2021

Latest Insights

January 8, 2026

Quick Thoughts: Venezuela—oil and gas optionality is large, but the rebuild is capital-intensive

December 10, 2025

US Equities in 2026: What could go right?

August 14, 2025

US equities: Earnings growth is key for sustained market gains

June 3, 2025

Rethinking global allocation: Why the tide may be turning

Performance

Average Annual Total Returns

As of 12/31/2025

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.

Month End

Quarter End

As of

Putnam Focused Large Cap Value ETF - Market Price Return (%)

Month End

As of 12/31/2025

Putnam Focused Large Cap Value ETF - NAV Return (%)

Month End

As of 12/31/2025

Russell 1000 Value Index (%)

Month End

As of 12/31/2025

Overall Morningstar Rating: Overall Morningstar Rating: 5 out of 5 stars
As of 01/31/2026

3 Years: 3 Years: 5 out of 5 stars
1056 Funds in category

5 Years: —

10 Years: —

Rating Category: Large Value

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 01/31/2026

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©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 of02/05/2026 (Updated Daily)

Total Net Assets: $8.10 Billion

Positions

As of 12/31/2025 (Updated Monthly)

Number of Issuers

Fund: 45

Portfolio Statistics

As of 12/31/2025 (Updated Monthly)

Price to Earnings (12-Month Forward)

Fund: 16.88x

Weighted Average Market Capitalization (USD)

Fund: $486.51 Billion

Price to Book

Fund: 2.97x

Sector Allocation

As of 12/31/2025 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
Financials	20.52%
Health Care	13.63%
Industrials	11.19%
Consumer Staples	10.37%
Consumer Discretionary	9.91%
Information Technology	9.82%
Energy	6.40%
Communication Services	5.36%
Utilities	4.67%
Materials	3.94%
Real Estate	1.96%
Cash & Other Net Assets	2.21%

Holdings
As of 12/31/2025 (Updated Monthly)

CITIGROUP INC SEDOL 2297907

WALMART INC SEDOL 2936921

CISCO SYSTEMS INC SEDOL 2198163

ALPHABET INC-CL A SEDOL BYVY8G0

EXXON MOBIL CORP SEDOL 2326618

BANK OF AMERICA CORP SEDOL 2295677

AMERICAN INTERNATIONAL GROUP SEDOL 2027342

MCKESSON CORP SEDOL 2378534

MICROSOFT CORP SEDOL 2588173

THERMO FISHER SCIENTIFIC INC SEDOL 2886907

Tracking Basket Information

As of 02/05/2026 (Updated Daily)


Tracking Baskets
Tracking Basket Overlap	88.00%

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

12/23/2025

Pricing

Pricing History

As of 02/06/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 02/06/2026

Share Prices

As of 02/06/2026

NAV ¹(Net Asset Value): $48.92
NAV Change ¹: $0.00
NAV Change (%) ¹: 0.00%
Market Price ¹: $48.96
Market Price Change ¹: $0.87
Market Price Change (%) ¹: 1.78%

52-Week Range

Highest NAV As of 02/06/2026: $48.92
Lowest NAV As of 04/08/2025: $33.49
Highest Market Price As of 02/06/2026: $48.96
Lowest Market Price As of 04/08/2025: $33.49

Premium / Discount

As of 02/06/2026

30-Day Median Bid/Ask Spread: 0.02%
Bid / Ask Spread: $0.01
Avg. of Market Price vs. NAV at Close ¹¹: 0.08%

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Putnam Focused Large Cap Value ETF	Download Document
Checkbox	Product Commentary - Putnam Focused Large Cap Value ETF	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Putnam Focused Large Cap Value ETF - Single Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Putnam Focused Large Cap Value ETF	Download Document
Checkbox	Semi-Annual Report - Putnam Focused Large Cap Value ETF - Single Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Putnam Focused Large Cap Value ETF	Download Document
Checkbox	Prospectus - Putnam Focused Large Cap Value ETF	Download Document
Checkbox	Summary Prospectus - Putnam Focused Large Cap Value ETF	Download Document
Checkbox	Statement Of Additional Information- Putnam ETF Trust	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam Focused Large Cap Value ETFMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Putnam Focused Large Cap Value ETFMailed hardcopies unavailable.	Download Document

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.

Footnotes

Net Asset Value (NAV) returns are based on the NAV of the ETF/ETP. The fund’s NAV represents the per-share-value and is determined by dividing the total NAV of the fund by the number of shares outstanding; Market Price returns are based upon the official closing price of the ETF’s/ETP's shares. The fund calculates the NAV per share each business day and normally coincides with the close of trading on the exchange on which they are listed, typically 4 pm ET. The fund does not calculate the NAV on days the exchange is closed for trading. These returns do not represent investors’ returns had they traded shares at other times.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. ©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.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. The Distribution Rate calculation includes income and return of capital, and excludes special distributions. The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
©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.
Premiums or discounts are the differences between the NAV and the Market Price of the Fund on a given day, generally at the time the NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV. The since inception premium/discount average is calculated by averaging the daily premium/discount since the inception of the fund. The daily premium/discount is the difference between the daily market price for shares of the Fund and the Fund's net asset value. The Market Price is determined using the closing price as of 4 pm ET on each trading day (when NAV is normally determined for most funds).
Premium / Discount reflects the difference between the NAV and the Market Price of the fund, and represents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV.
Capitalization Rate is calculated without the deduction of fees and expenses.

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PVAL Putnam Focused Large Cap Value ETF

Popular Documents

Important Information about the Fund

Overview

Fund description

Expenses & Fees

Identifiers

Top Sectors

Additional Fund Info

Trading Characteristics

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Sector Allocation

Tracking Basket Information

Distributions & Tax

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³