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About Putnam Focused Large Cap Value ETF

PVAL highlights Putnams large-cap value stock selection expertise in an active, non-transparent ETF wrapper. Although the fund mainly invests in large-caps, it may also include some midcaps in the portfolio. After identifying undervalued stocks in the market, PVALs fund adviser may also consider other fundamental metrics such as financial strength, growth potential, industry position, projected earnings, cash flow and dividends to determine the funds holdings. Unlike traditional ETFs, PVAL only discloses its full holdings quarterly, with an 8-day lag. A tracking basket is published daily on its website, in place of the actual portfolio. This includes some of the funds holdings from recent disclosure, other liquid ETFs, cash and cash equivalents. Investors should note that a non-transparent structure could result in wider spreads.