C000227196 Fees and Costs — Putnam Focused Large Cap Value ETF
Data updated: 2026-07-27
The net expense ratio is 0.55% (0.56% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $384K in broker commissions, 0.0174% of average net assets, and portfolio turnover was 21%.
C000227196 Fees and Expenses
Annual operating expenses and sales charges of C000227196. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.56% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.55% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
C000227196 Costs Over Time
On $10,000 invested in C000227196, assuming 5% a year before costs, total costs come to $358 over 5 years, cutting the return by 0.60% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.55%) | $58 | $181 | $315 |
| Trading costs (broker commissions) | $2 | $6 | $10 |
| Lost growth on money paid in costs | $0 | $9 | $33 |
| Total costs | $60 | $196 | $358 |
| Value after costs | $10,440 | $11,380 | $12,405 |
| Impact on return, per year | 0.60% | 0.60% | 0.60% |
C000227196 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0174%
- Total broker commissions: $384K
- Bought from dealers (principal trades, not a cost): $345.2M
- Portfolio turnover (prospectus): 21%
- Securities lending: none during the year
C000227196 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| PIPER SANDLER & CO. | $104K | 31.22% |
| GOLDMAN SACHS & CO. LLC | $44K | 13.14% |
| BOFA SECURITIES, INC. | $40K | 11.96% |
| RBC CAPITAL MARKETS, LLC | $36K | 10.67% |
| CitiGroup Global Markets Inc. | $35K | 10.46% |
| STIFEL NICHOLAS & CO., INC. | $24K | 7.32% |
| MORGAN STANLEY & CO. LLC | $20K | 6.07% |
| KEYBANC CAPITAL MARKETS, INC. | $11K | 3.25% |
| Evercore Group L.L.C. | $10K | 3.07% |
| Raymond James & Associates, Inc. | $10K | 2.84% |
C000227196 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $97.8M | 28.34% |
| RBC CAPITAL MARKETS, LLC | $89.8M | 26.00% |
| Goldman Sachs & Co. LLC | $66.2M | 19.18% |
| JANE STREET CAPITAL, LLC | $53.8M | 15.60% |
| BARCLAYS CAPITAL, INC. | $25.0M | 7.24% |
| J.P. Morgan Securities LLC | $7.5M | 2.16% |
| VIRTU AMERICAS LLC | $5.1M | 1.48% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.