ETF Evaluator:
Putnam Focused Large Cap Value ETF (PVAL)
Follow This ETF
(as of Aug 18)
Best Performing in Large Value Over the Last Year
| 72.4% | iShares MSCI USA Value Factor ETF (VLUE) |
| 39.0% | SEI QiM U.S. Lrg Cap Value Actv ETF (SEIV) |
| 34.8% | LSV Disciplined Value ETF (LSVD) |
| 34.7% | iShares Core Dividend ETF (DIVB) |
| 34.4% | Avantis US Large Cap Value ETF (AVLV) |
Risk
Index
Risk
Index
ETF Details
Putnam Focused Large Cap Value ETF Overview
Putnam Focused Large Cap Value ETF (PVAL) is an actively managed U.S. Equity Large Value exchange-traded fund (ETF). Franklin Templeton Investments launched the ETF in 2021.
The investment seeks capital growth and current income.
The fund invests mainly in common stocks of U.S. companies, with a focus on value stocks that offer the potential for capital growth, current income, or both. Under normal circumstances, the fund invests at least 80% of the fund’s net assets in large-cap companies, which, for purposes of this policy, are of a size similar to those in the Russell 1000 Value Index. The fund may also invest in midsize companies.
About Putnam Focused Large Cap Value ETF (PVAL)
There are 2 members of the management team with an average tenure of 5.19 years: Darren Jaroch (2021) and Lauren DeMore (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 1000 Value TR USD index with a weighting of 100%. Putnam Focused Large Cap Value ETF has 47 securities in its portfolio. The top 10 holdings constitute 35.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Putnam Focused Large Cap Value ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Putnam Focused Large Cap Value ETF has 4.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.9% There is 4.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Putnam Focused Large Cap Value ETF has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $13 billion in total assets, which is above the $5 billion average for the Large Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PVAL Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Putnam Focused Large Cap Value ETF expense ratio is average compared to funds in the Large Value category. Putnam Focused Large Cap Value ETF has an expense ratio of 0.55%, which is 47% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Putnam Focused Large Cap Value ETF has a portfolio turnover rate of 21%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 40% for the Large Value category.
Recently, in the month of July 2026, Putnam Focused Large Cap Value ETF returned 4.8%, which earned it a grade of A, as the Large Value category had an average return of 2.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Putnam Focused Large Cap Value ETF has a trailing yield of 0.67%, which is below the 1.70% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Putnam Focused Large Cap Value ETF Grades
Year to date, the ETF has returned 17.6%, 3.2 percentage points better than the category, which translates into a grade of B. The fund has returned 32.9% over the past year (grade of A), 22.1% over the past three years (grade of A) and 17.2% per year over the past five years (grade of A).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Putnam Focused Large Cap Value ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
PVAL Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PVAL Return (NAV) | 4.8% | 8.1% | 32.9% | 22.1% | 17.2% | na |
| PVAL Return (Price) | 4.8% | 8.1% | 32.8% | 22.1% | 17.2% | na |
| NAV +/- Price Return | -0.053% | 0.047% | 0.110% | 0.001% | -0.008% | na |
| Large Value Avg | 2.4% | 5.9% | 24.1% | 16.3% | 11.3% | 12.1% |
| PVAL Grade (NAV) | A | A | A | A | A | na |
| +/- Category (NAV) | 2.4% | 2.2% | 8.8% | 5.8% | 5.9% | na |
| PVAL Tax-Cost Ratio | na | na | 0.3% | 0.5% | 0.4% | na |
PVAL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PVAL Return (NAV) | 17.6% | 24.2% | 19.3% | 18.3% | -2.6% | na | na | na | na | na | na |
| PVAL Return (Price) | 17.6% | 24.2% | 19.3% | 18.4% | -2.6% | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.000% | -0.003% | -0.001% | 0.003% | 0.020% | na | na | na | na | na | na |
| Large Value Avg | 14.4% | 14.8% | 15.5% | 13.1% | -6.5% | 26.7% | 5.4% | 27.4% | -6.6% | 17.7% | 15.7% |
| PVAL Grade (NAV) | B | A | A | B | B | na | na | na | na | na | na |
| +/- Category | 3.2% | 9.4% | 3.8% | 5.3% | 4.0% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.72 |
| R-Squared: | 65% |
| Standard Deviation: | 11.7% |
| Category Risk Index: | 0.96 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.96 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 0.7% |
| Total Assets: | $ 13,473 Mil |
| Share Class Assets: | $ 13,473 Mil |
| Turnover: | 21.0% |
| Expense Ratio: | 0.55% |
| Index Fund: | No |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.2 years | |||
| Average Tenure: 5.2 years | |||
| Managers (Year): Jaroch Darren (2021), DeMore Lauren (2021) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 47 |
| % in Top 10 Holdings: | 35.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.0% |
Portfolio Allocation |
|
| Domestic Stock: | 94.9% |
| Foreign Stock: | 4.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 833-228-5577 |
| Website: | |
| Inception Date: | May 25, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.55% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.37% |
