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 NAV⁴As of 03/31/2026 (Updated Daily): 0.97%
30-Day SEC Yield—With Waiver^5,6,7As of 02/28/2026 (Updated Monthly): 1.06%
30-Day SEC Yield—Without Waiver^6,7As of 02/28/2026 (Updated Monthly): 1.06%

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 02/28/2026

View performance section for additional info As of 02/28/2026

Market Price Return

NAV Return

25.64%1 Year
21.82%3 Years
—5 Years
—10 Years
16.13%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 02/28/2026 % of Total (Updated Monthly)

Top Sectors
Financials17.53%
Health Care13.03%
Industrials12.87%
Information Technology9.74%
Consumer Discretionary9.54%

Additional Fund Info

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

Trading Characteristics

As of 04/01/2026 (Updated Daily)

Shares Outstanding: 190,879,000
Daily Volume: 1,617,618
20-Day Average Volume: 856228.15

A Message from Caroline Edwards, CFA, Senior Client Portfolio Manager, Putnam Investments

Learn more about Putnam U.S. Large Cap Value Equity and its multidimensional investment approach across market environments.

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

December 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

April 2, 2026

The opportunity in emerging markets today (Podcast)

February 19, 2026

Strong fundamentals and AI create exciting opportunities for US equities in 2026

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?

Performance

Average Annual Total Returns

As of 02/28/2026

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 02/28/2026

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

Month End

As of 02/28/2026

Russell 1000 Value Index (%)

Month End

As of 02/28/2026

Overall Morningstar Rating: Overall Morningstar Rating: 5 out of 5 stars
As of 02/28/2026

3 Years: 3 Years: 5 out of 5 stars
1053 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 02/28/2026

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 of04/01/2026 (Updated Daily)

Total Net Assets: $8.88 Billion

Positions

As of 02/28/2026 (Updated Monthly)

Number of Issuers

Fund: 46

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

Price to Earnings (12-Month Forward)

Fund: 16.77x

Weighted Average Market Capitalization (USD)

Fund: $436.32 Billion

Price to Book

Fund: 3.20x

Sector Allocation

As of 02/28/2026 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
Financials	17.53%
Health Care	13.03%
Industrials	12.87%
Information Technology	9.74%
Consumer Discretionary	9.54%
Consumer Staples	8.60%
Energy	7.53%
Communication Services	5.17%
Utilities	5.01%
Materials	4.76%
Real Estate	2.07%
Unclassified	1.61%
Cash & Other Net Assets	2.53%

Holdings
As of 02/28/2026 (Updated Monthly)

CITIGROUP INC SEDOL 2297907

CISCO SYSTEMS INC SEDOL 2198163

EXXON MOBIL CORP SEDOL 2326618

ALPHABET INC-CL A SEDOL BYVY8G0

MCKESSON CORP SEDOL 2378534

SOUTHWEST AIRLINES CO SEDOL 2831543

FREEPORT-MCMORAN INC SEDOL 2352118

COCA-COLA CO/THE SEDOL 2206657

PHILIP MORRIS INTERNATIONAL SEDOL B2PKRQ3

HILTON WORLDWIDE HOLDINGS IN SEDOL BYVMW06

Distributions & Tax

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: QuarterlyThis fund is an ex-Dividend fund
Capital Gain Distributions: December

Proposed 2026 distribution dates for ETFs

Rates and Yields Read important information about results and other investment disclosures

Distribution Rate ⁴

As of 03/31/2026 (Updated Daily)

At Net Asset Value (NAV) 0.97%

30-Day SEC Yield ^5,6,7

As of 02/28/2026 (Updated Monthly)

w/ Waiver 1.06%

w/o Waiver 1.06%

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
Distributions with future dates are estimates and those figures are not final

12/19/2025

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 04/01/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 04/01/2026

Share Prices

As of 04/01/2026

NAV ¹(Net Asset Value): $46.53
NAV Change ¹: $0.00
NAV Change (%) ¹: 0.00%
Market Price ¹: $46.57
Market Price Change ¹: $0.17
Market Price Change (%) ¹: 0.36%

52-Week Range

Highest NAV As of 02/09/2026: $48.97
Lowest NAV As of 04/08/2025: $33.49
Highest Market Price As of 02/09/2026: $49.01
Lowest Market Price As of 04/08/2025: $33.49

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

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

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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.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe.
Source: FTSE.

Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.

Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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 excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor 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.
©2026 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.
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

A Message from Caroline Edwards, CFA, Senior Client Portfolio Manager, Putnam Investments

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Sector Allocation

Distributions & Tax

Rates and Yields Read important information about results and other investment disclosures

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³