Putnam Converts Focused Equity Mutual Fund Into ETF

The Putnam Focused U.S. Research ETF (PFRX) launched on the NYSE through the reorganization of the Putnam Focused Equity Fund. The ETF retains the mutual fund’s investment goal, adviser and portfolio management team, with substantially similar principal strategies. It holds a concentrated portfolio of roughly 30 to 45 stocks selected by Putnam’s Equity Research team, primarily among large and midsize U.S. companies. Managers may choose growth or value stocks based on factors including valuation, financial strength, competitive position and earnings prospects. Under normal conditions, at least 80% of assets are invested in equity securities of companies considered to be located in the United States. As a non-diversified fund, PFRX’s results may be more sensitive to individual holdings.