This is an active ETF that selects and holds a small number of U.S. large-cap growth stocks, similar in size to the constituents of the Russell 1000 Growth Index. It does not track an index directly, so the manager's stock-selection decisions are reflected in its returns.

It suits investors who seek the excess-return potential of active management and can tolerate the risk of a concentrated portfolio.

It is an ETF managed actively (with an active management approach) by Putnam.

The fund weighs valuation, financial soundness, growth potential, competitiveness within the industry, and the outlook for future earnings to select a small number of U.S. large-cap growth stocks. Unlike passive funds that replicate an index, the management team adjusts position weights and inclusion at its own discretion.

• Active management concentrated in a small number of stocks
• Non-diversified structure

Assets under management (AUM) stand at $210.5M, and the expense ratio is 0.49% per year.

VUG, IWF, IVW, SCHG, and SPYG, all shown in the table, are passive large-cap growth ETFs that replicate an index directly. They have no stock-selection discretion but tend to charge lower fees. This ETF differs structurally from them because it is actively managed.

The fund rises and falls with large-cap growth stocks overall. However, because of its concentrated structure, its volatility may differ from that of passive large-cap growth ETFs depending on changes in individual stock weights.

As an active ETF with a relatively short track record since launch, its fund flows tend to depend on market interest in large-cap growth stocks and on active management results.

Its strength is the excess-return potential of active stock selection, while its concentration in a few stocks and relatively high fees deserve attention.

VUG, IWF, IVW, SCHG, and SPYG, all shown in the table, are low-fee passive ETFs that replicate the Russell 1000 Growth or S&P 500 growth indexes directly, holding all index constituents with no stock-selection discretion. Meanwhile, JGRO is one active alternative within the same large-cap growth theme. QQQ, which tracks the Nasdaq 100 and has a strong growth tilt, MGK, which focuses on mega-cap growth stocks, and VONG, which passively tracks the Russell 1000 Growth, are also worth comparing.

Here are the points to review before investing in PGRO. Given its active management and concentrated portfolio, it is important to check costs, stock concentration, and relative performance carefully in advance.

Because of its concentration in a few stocks and active management, volatility relative to the benchmark may increase, and a sharp drop in a particular stock can weigh heavily on overall returns, so investors should be mindful of individual stock risk.

It is worth considering if you want excess returns through active stock selection rather than index replication. If low-cost index tracking is your priority, passive large-cap growth ETFs such as VUG, IWF, and SCHG may be a better fit.