PUTNAM FOCUSED U.S. RESEARCH ETF (USD) PFRX.US

Putnam Focused U.S. Research ETF follows an actively managed U.S. equity strategy whose goal is to seek capital appreciation by investing primarily in the highest-conviction stock ideas from Putnam's Equity Research team.

The portfolio is built using a sector-neutral framework that allows flexibility to own both growth and value equities, with a distinctive "best-ideas" approach: analysts manage sector-specific sleeves, each selecting stocks they believe display favorable investment potential.

A dedicated risk-management sleeve (roughly 10 % of assets) overlays the portfolio to control unintended exposures and maintain balance among style or factor risks. The fund invests in common and related equity securities of large and midsize U.S. companies, chosen for their valuation, financial strength, competitive position, growth prospects, cash flow potential, and dividends where relevant.

Under normal circumstances it devotes at least 80 % of net assets to equity securities of companies considered U.S. based (by headquarters, listing, or primary revenue/profit source).

It is non-diversified, meaning it may hold larger positions in fewer issuers than diversified funds. This exchange-traded fund is offered by Putnam ETF Trust, part of Putnam Investments (a Franklin Templeton company), and has been established through the reorganization of the Putnam Focused Equity Fund.

It operates under the U.S. Investment Company Act of 1940 and uses the same investment management team as its predecessor fund, with substantially similar principal strategies.