Active ETF

Putnam ESG High Yield ETF (Class A) (PHYD)

Corporate bonds selected for higher income potential

NAV as of 02/21/24

$50.24

Market data all data below as of 02/21/24

Closing market price $50.39
30-day median bid-ask spread 0.20%
Day high $50.46
Day low $50.35
Premium/Discount 0.29%
30-day average trading volume 2,845
Net assets and outstanding shares Download CSV

How to buy Putnam ETFs

Putnam ETFs can be purchased and sold the same way you would buy or sell a stock — through most self-directed brokers or with the guidance of your advisor. Opening an online, self-directed brokerage account provides investors with:

  • Accessibility to a variety of investment products
  • Tools to help you build and optimize your portfolio
  • Flexibility and freedom of managing your investment portfolio
See available brokerages Learn about Putnam active ETFs

ETF facts as of 04/30/23

Ticker
PHYD
Intraday NAV Ticker
PHYDIV
CUSIP
746729888
Inception date
01/19/23
Total net assets
$104.84M
Total expense ratio
0.55%
Open to new investors
Category
Taxable Income
Turnover (fiscal year-end)
--
Dividend frequency (view rate)
Monthly
Number of holdings
301
Fiscal year-end
April

Objective

Putnam ESG High Yield ETF seeks high current income. Capital growth is a secondary goal when consistent with achieving high current income.

Strategy and process

  • Income focusedPursues a higher level of income than most bonds offer by investing in higher-yielding, lower-rated corporate bonds
  • Bottom-up processInvests across a range of industries and companies with the ability to adjust fund holdings to capitalize on market opportunities
  • Integrated ESG approachIncorporates consideration of material environmental, social, and governance (ESG) issues that managers view as additive to the fundamental understanding of each issuer

Management team

Robert L. Salvin

Head of Corporate and Tax-Exempt Credit

38 years in industry

24 years at Putnam Investments

See full profile

Norman P. Boucher

Portfolio Manager

39 years in industry

26 years at Putnam Investments

See full profile

Literature

Fund information

Fact Sheet (PDF)

Legal documents

Prospectuses/SAI
Annual Report (PDF)
Semiannual Report (PDF)

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Performance

  • Total return (%) as of 12/31/23

Cumulative Total return (%) as of 12/31/23

Cumulative performance 1 yr. 3 yrs. 5 yrs. Life
Net asset value -- -- -- 8.42%
Market price -- -- -- 8.74%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns for periods of less than one year are not annualized. Market performance is determined using the bid/ask midpoint at 4:00 p.m. Eastern time. Market performance does not represent the returns you would receive if you traded shares at other times throughout the day.

Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV, and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

The fund has limited public trading history.

 

Performance snapshot

  Net asset value Market price
1 mt. as of 01/31/24 0.11% 0.10%
YTD as of 02/21/24 -0.13% -0.14%

Fixed income statistics as of 04/30/23

Average effective duration 4.01 yrs.

Yield

Distribution rate as of 02/21/2024 6.93%
30-day SEC yield with subsidy as of 01/31/2024 6.45%
30-day SEC yield without subsidy as of 01/31/2024 6.42%

Distributions

Record date 02/22/24
Ex-date 02/21/24
Payable date 02/26/24
Income $0.29
Extra income --
Short-term cap. gain --
Long-term cap. gain --

Historical premium/discount

Number of days at premium --
Number of days at NAV --
Number of days at discount --

Holdings

Portfolio holdings

Full portfolio holdings Download XLSX

Fixed Income Statistics as of 04/30/23

Average Effective Maturity 4.93 yrs.
Average Effective Duration 4.01 yrs.
Average Yield to Maturity 7.09%
Average Coupon 5.48
AMT Exposure --

Sector weightings as of 04/30/23

Consumer cyclicals 24.42%
Capital goods 11.61%
Energy 11.26%
Basic materials 10.69%
Technology 8.66%
Health care 8.40%
Consumer staples 7.64%
Communication services 5.59%
Net Cash 5.53%
 
Other
6.21%
Financials 4.81%
Transportation 0.99%
Utilities 0.40%

Country allocation as of 04/30/23

United States 93.91%
Luxembourg 1.47%
Canada 1.26%
France 0.91%
Israel 0.86%
Germany 0.63%
Ireland 0.54%
Austria 0.20%
Cayman Islands 0.17%
 
Other
0.05%
Bermuda 0.05%

Portfolio composition as of 04/30/23

  Cash investments Non-cash investments Total portfolio
  Weight Spread duration Weight Spread duration Weight Spread duration
High-yield corporate bonds 77.54% 3.31 2.24% 0.09 79.77% 3.40
Investment-grade corporate bonds 9.34% 0.47 0.00% 0.00 9.34% 0.47
Bank loans 4.70% 0.16 0.00% 0.00 4.70% 0.16
Convertible securities 1.89% 0.04 0.00% 0.00 1.89% 0.04
Emerging-market bonds 0.71% 0.04 0.00% 0.00 0.71% 0.04
Equity investments 0.29% 0.00 0.00% 0.00 0.29% 0.00
Net cash 5.53% 0.00 0.00% 0.00 5.53% 0.00

Spread duration is displayed in years and reflects the contribution by sector to the portfolio's total spread duration with the exception of the Treasury and Interest-rate swap sectors where effective duration is displayed. Spread duration estimates the price sensitivity of a specific sector or asset class to a 100 basis-point movement, 1%, (either widening or narrowing) in its yield spread relative to Treasuries. Effective duration provides a measure of a portfolio's interest-rate sensitivity. The longer a portfolio's duration, the more sensitive the portfolio is to shifts in the interest rates. Allocations may not total 100% of net assets because the table includes the notional value of derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities.

Maturity detail as of 04/30/23

0 - 1 yr. 7.10%
1 - 5 yrs. 37.26%
5 - 10 yrs. 54.01%
10 - 15 yrs. 1.24%
Over 15 yrs. 0.40%

Quality rating as of 04/30/23

BBB 9.94%
BB 50.12%
B 26.81%
CCC and Below 5.56%
Not Rated 2.04%
Net cash 5.53%

The JPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed income securities issued in developed countries. You cannot invest directly in an index.

Consider these risks before investing: Investing with a focus on companies or issuers that exhibit a commitment to ESG factors may result in the fund investing in certain types of companies or issuers that underperform the market as a whole. In evaluating an investment opportunity, we may make investment decisions based on information and data that is incomplete or inaccurate. Due to changes in the products or services of the companies and issuers in which the fund invests, the fund may temporarily hold securities that are inconsistent with its ESG investment criteria.

Fixed-income investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Lower-rated bonds may offer higher yields in return for more risk. Unlike bonds, funds that invest in bonds have fees and expenses.

The value of investments in the fund's portfolio may fall or fail to rise over time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. Our investment techniques, analyses, and judgments may not produce the outcome we intend. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of the fund's net assets. A bond rated BBB or higher is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings and portfolio credit quality will vary over time. Net cash represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.