Putnam Focused U.S. Research ETF is an actively managed exchange-traded fund that seeks capital appreciation by investing primarily in U.S. companies selected through fundamental research. The fund focuses on a concentrated portfolio of companies that Putnam Investment Management believes offer attractive long-term growth potential, using fundamental analysis of business prospects, financial condition, valuation, and other company-specific factors. The ETF is listed on NYSE Arca under the ticker PFRX and is scheduled to commence operations on September 28, 2026 through the reorganization of Putnam Focused Equity Fund.