Putnam Launches Concentrated U.S. Equity ETF

Putnam has launched the Putnam Focused U.S. Research ETF (PFRX), an actively managed fund investing mainly in large and midsize U.S. companies. The manager may select growth stocks, value stocks or both, weighing factors such as valuation, financial strength, competitive position, earnings prospects and cash flows. Under normal conditions, at least 80% of assets will be invested in equity securities of companies considered to be located in the United States. That definition includes companies whose securities trade there, that are headquartered or organized there, or that earn most of their revenue or profit there. PFRX is non-diversified and expects to hold a limited number of issuers, making individual stock selections more consequential to its returns.