Putnam Focused Large Cap Value ETF

Putnam Focused Large Cap Value ETF (PVAL), from Franklin Templeton, is an actively managed fund. As of August 31, 2026, it held 44 large U.S. stocks that its manager judged to be undervalued. It is semi-transparent: each day it posts a “Tracking Basket” instead of its full portfolio. Its 0.55% expense ratio is above the 0.43% average for similar funds. But its 28.2% one-year return through October 29, 2026 led that group.

• Over the year to Nov 2, 2026, PVAL returned +27.8%, 1st of 9 among similar funds.
• Its worst full calendar year was 2023 (+18.4%); its best was 2025 (+24.1%).
• The deepest fall in its price history was 16.6% (Mar 30, 2022 to Sep 30, 2022), recovered by Feb 1, 2023.

As of Aug 31, 2026, the fund held 44 securities; the ten largest made up 42.76% of assets, and 2.22% sat in cash and money-market holdings.

By sector

• Over the three months to Aug 31, 2026, investors added a net $2.19B (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.75%, +5.03%, +1.11%.

PVAL does not track an index. Its manager picks stocks it believes the market undervalues, aiming for both capital growth and current income. At least 80% of net assets must go to large companies similar in size to those in the Russell 1000 Value Index. As of October 31, 2025, those companies were worth about $1.1 billion to $3.4 trillion. The fund may also own midsize companies. The manager may weigh valuation, financial strength, growth potential, competitive position, projected earnings, cash flows and dividends.

The portfolio is concentrated. As of August 31, 2026, it held 44 stocks, and the top ten made up 42.8% of assets. Microsoft (9.3%), Apple (6.7%) and Amazon (4.7%) led, followed by ExxonMobil, Charles Schwab and Citigroup. Turnover was 21%, meaning roughly a fifth of the portfolio changed over a year. That is a fairly patient pace.

PVAL does not publish its full holdings every business day. An SEC exemption lets it post a “Tracking Basket” instead. The basket holds selected recent holdings or similar stocks, representative ETFs and cash, and it is designed to track the fund’s daily performance. The fund also posts how closely the basket matched its real portfolio. The prospectus warns that shares may trade at wider spreads (the gap between buying and selling prices) or at larger premiums or discounts to the value of the holdings. The fund may also handle creations and redemptions in cash, which can trigger taxable gains.

• PVAL charges 0.55% a year, versus an average of 0.43% for the similar funds below (7th of 9, cheapest first).
• The fee includes a 0.01% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $700 over 10 years (assuming a 5% annual return).

It could fill the large-company value part of a stock allocation, though 44 stocks make it more concentrated than an index fund.

PVAL launched in May 2021, so it missed the 2008 and 2020 crashes. Its only real test came in 2022, when it lost 2.55%, its only losing calendar year in the prospectus. Its weakest quarter fell 12.6%. The deepest drop in its price history was 16.6%, from March 30 to September 30, 2022, and it had recovered by February 1, 2023. That was a mild test, and it says little about how the fund would hold up in a severe crash, the kind that could force a retiree to sell shares at low prices. The yield was 0.88% as of October 29, 2026, paid quarterly, so it offers little income. In the SEC’s standard example, $10,000 invested costs $56 in the first year and $700 over ten years. Past results don’t predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.