Bob Reynolds and his team have launched their 12th active ETF, two years after entering the space. The new offering is their second active ETF to focus on emerging market equities.

Last week, Reynolds, president and CEO of Putnam Investments [profile], and Carlo Forcione, head of product and strategy, unveiled the debut of the Putnam Emerging Markets ex-China ETF (PEMX on the NYSE Arca). The non-diversified fund is a series of the Putnam ETF Trust, and, like Putnam's other active ETFs, the new fund uses the traditional, daily transparency ETF structure.

PEMX's inception date was May 17. The new fund comes with an expense ratio of 85 basis points.

Putnam Investment Management, LLC serves as PEMX's investment advisor, and Putnam Investments Limited serves as subadvisor. Brian Freiwald, portfolio manager of Putnam's other fundamental emerging market equity strategies, will also PM this fund.

Reynolds puts the launch in the context of the Putnam team's efforts "to take a strategic and innovative approach in addressing investor needs."

"We are delighted to continue to add to our growing rost of fundamentally oriented, actively managed equity ETFs," Forcione states. "This new offering provides our clients and the broader marketplace with important choice and flexibility in emerging markets equity investing, without the typical heavy weighting of China."

The new fund's other service providers include: Foreside Fund Services, LLC as distributor; PricewaterhouseCoopers LLP as independent accounting firm; Ropes & Gray LLP as counsel; and State Street Bank and Trust Company as custodian and transfer agent. 

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