PVAL

The Putnam Focused Large‑Cap Value ETF (PVAL) invests primarily in common stocks of U.S. companies, concentrating on large‑cap (and occasional mid‑cap) value names across sectors such as technology, healthcare, financial services, consumer discretionary and energy, with the portfolio holding about 52 stocks and a small cash position. It is an actively managed, non‑transparent ETF that seeks capital growth and current income by selecting undervalued companies expected to deliver strong cash‑flow growth, using a high‑conviction, fundamental‑research approach. This fund may suit investors who want exposure to U.S. large‑cap value equities with the potential for both appreciation and dividend income, and who are comfortable with active management and the associated higher turnover and expense profile.