# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000928816-25-000756
**Filing Date:** 2025-6
**Character Count:** 204602
**Document Hash:** 92275cb1d32e16672a27a50f6ef5fb66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928816-25-000756.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0000928816-25-000756

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Putnam ETF Trust
- **CENTRAL INDEX KEY:** 0001845809

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 251082840

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
- **BUSINESS PHONE:** 6177601060

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111

## Series and Classes Contracts Data

### Putnam ESG High Yield ETF (Series ID: S000077298)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237595 | -            |  |

?xml version='1.0' encoding='ASCII'? 2025-05-12PTXV8_PutnamESGHighYieldETF_SingleClass_TSRAnnual

<br> <u>UNITED STATES</u>

<br> <u>SECURITIES AND EXCHANGE COMMISSION</u>

<br> <u>Washington, D.C. 20549</u>

**FORM N-CSR** <br>

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** <br>

**MANAGEMENT INVESTMENT COMPANIES** <br>

<br> Investment Company Act file number: (811-23643)

<br> Exact name of registrant as specified in charter: Putnam ETF Trust

<br> Address of principal executive offices: 100 Federal Street, Boston, Massachusetts 02110

<br> Name and address of agent for service: Stephen Tate, Vice President

<br> 100 Federal Street

<br> Boston, Massachusetts 02110

<br> Copy to: Bryan Chegwidden, Esq.

<br> Ropes & Gray LLP

<br> 1211 Avenue of the Americas

<br> New York, New York 10036

<br> James E. Thomas, Esq.

<br> Ropes & Gray LLP

<br> 800 Boylston Street

<br> Boston, Massachusetts 02199

<br> Registrant's telephone number, including area code: (617) 292-1000

<br> Date of fiscal year end: April 30, 2025

<br> Date of reporting period: May 1, 2024 – April 30, 2025

<br> <u>Item 1. Report to Stockholders:</u>

<br> (a) The Report to Shareholders is filed herewith

<br> (b) Not applicable

------

---

| | |
|:---|:---|
| **Putnam ESG High Yield ETF**  | ![image](i202405091704288.jpg) |
| PHYD \| NYSE Arca, Inc.  | ![image](i202405091704288.jpg) |
| Annual Shareholder Report \| April 30, 2025  | ![image](i202405091704288.jpg) |
| ![image](i202407221329492.jpg) | ![image](i202407221329492.jpg) |

---

This annual shareholder report contains important information about Putnam ESG High Yield ETF for the period May 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Putnam ESG High Yield ETF | $55 | 0.53% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended April 30, 2025, Putnam ESG High Yield ETF returned 8.16%. The Fund compares its performance to the JPMorgan Developed High Yield Index, which returned 8.09% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Underweight positioning and security selection within the energy, retail, and consumer products sectors. |
| ↑ | Security selection within BB and B-rated securities. |
| ↑ | Overweight positioning to Charter Communications. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight positioning and security selection within the telecommunications sector, along with security selection within food & beverages and cable & satellite. |
| ↓ | Underweight positioning to CCC-rated securities. |
| ↓ | Underweight positioning to Altice France (the Fund exited the position by period-end). |

---

Putnam ESG High Yield ETF PAGE 1 39495-ATSR-0625

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Putnam ESG High Yield ETF** 1/19/2023 — 4/30/2025

![image](ts4061img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/19/2023)** |
| **Putnam ESG High Yield ETF (NAV)**  | 8.16 | 7.43 |
| **Bloomberg U.S. Aggregate Index**  | 8.02 | 2.87 |
| **JPMorgan Developed High Yield Index**  | 8.09 | 8.35 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/exchange-traded-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $179674656 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 313 |
| **Total Management Fee Paid (based on a unitary fee)** | $849074 |
| **Portfolio Turnover Rate** | 36% |

---

\* Includes derivatives, if applicable.

Putnam ESG High Yield ETF PAGE 2 39495-ATSR-0625

------

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition (% of Total Net Assets)**

![image](ts4061img004.jpg)

Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Allocations may not total 100% because the chart includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities. Holdings and allocations may vary over time.

**HOW HAS THE FUND CHANGED?**

On May 31, 2023, Franklin Resources, Inc. ("Franklin Templeton") and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC ("Putnam Holdings"), announced that they had entered into a definitive agreement for a subsidiary of Franklin Templeton to acquire Putnam Holdings in a stock and cash transaction (the "Transaction"). The Transaction was completed on January 1, 2024. As part of the Transaction, your Fund's then-current investment advisor, Putnam Investment Management, LLC ("Putnam Management"), a wholly-owned subsidiary of Putnam Holdings, and your Fund's then-current sub-advisor, Putnam Investments Limited ("PIL"), an indirect, wholly-owned subsidiary of Putnam Holdings, became indirect, wholly-owned subsidiaries of Franklin Templeton. In connection with the Transaction, shareholders of your Fund approved a new management contract with Putnam Management and a new sub-advisory contract with PIL. The new contracts were identical to the previous contracts, except for the effective dates, initial terms, updates to fund names as necessary to reflect previous name changes, and certain non-substantive changes.

Effective July 15, 2024, Putnam Management transferred its management contract for your Fund to Franklin Advisers, Inc. ("Franklin Advisers"), and Franklin Advisers replaced Putnam Management as the investment advisor to your Fund. In connection with the transfer, your Fund's portfolio managers, along with supporting research analysts and certain other investment staff of Putnam Management, also became employees of Franklin Advisers. Putnam Management also transferred to Franklin Advisers its sub-management agreement with PIL in respect of your Fund. Franklin Advisers is an indirect, wholly-owned subsidiary of Franklin Templeton. In addition, effective July 15, 2024, Franklin Advisers retained Putnam Management as a sub-advisor to your Fund pursuant to a new sub-advisory agreement.

Effective November 1, 2024 (the "Effective Date"), PIL, a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Templeton (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2025,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](i202405161828227.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161828227.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161828227.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam ESG High Yield ETF PAGE 3 39495-ATSR-0625

10000100931025810017108541088811309115241176211776100001002198699406101819874103731039810391106661000010116103511014411010111081153011827121001200722.812.011.110.58.17.96.96.16.02.42.10.95.3 ------

<br> <u>Item 2. Code of Ethics:</u>

<br> (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A <br>

(d) N/A <br>

(f**)** Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer <br>

<br> <u>Item 3. Audit Committee Financial Expert:</u>

The Board of Trustees of the Registrant has determined that Gregory G. McGreevey and Manoj P. Singh possess the technical attributes identified in instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert" and has designated Gregory G. McGreevey and Manoj P. Singh as the Audit Committee's financial experts. Gregory G. McGreevey and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. <br>

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee (and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors. <br>

<br> <u>Item 4. Principal Accountant Fees and Services:</u>

(a) Audit Fees. The aggregate fees billed in the last two fiscal years ending April 30, 2025 and April 30, 2024 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $21,217 in April 30, 2025 and $21,021 in April 30, 2024. <br>

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $— in April 30, 2025 and $— in April 30, 2024. <br>

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $3,821 in April 30, 2025 and $3,293 in April 30, 2024. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. <br>

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item were $— in April 30, 2025 and $— in April 30, 2024. <br>

<br> There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

<br> (e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2–01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures. <br>

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund's investment manager and certain of its affiliates of the funds' independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm. <br>

<br> (2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2–01 of Regulation S-X.

<br> (f) Not applicable.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the Reporting Periods were $489,646 in April 30, 2025 and $664,363 in April 30, 2024. <br>

(h) Yes. The Registrant's audit committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required. <br>

<br> (i) Not applicable

<br> (j) Not applicable

<br> <u>Item 5. Audit Committee of Listed Registrants</u>

<br> Not applicable

<br> <u>Item 6. Investments:</u>

<br> The registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements and Other Important Information in Item 7 below.

<br> <u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>

![frontcoverartcoverlogo.jpg](image_001.jpg)

Putnam

ESG High Yield ETF

Financial Statements and Other Important Information

Annual \| April 30, 2025

![frontcoverartcoverbar.jpg](image_002.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#page_1) | [1](#page_1) |
| [The fund's portfolio](#page_2) | [2](#page_2) |
| [Financial statements](#page_10) | [10](#page_10) |
| [Financial highlights](#page_13) | [13](#page_13) |
| [Notes to financial statements](#page_14) | [14](#page_14) |
| [Federal tax information](#page_19) | [19](#page_19) |
| [Changes in and disagreements with accountants](#page_20) | [20](#page_20) |
| [Results of any shareholder votes](#page_shrvote) | [20](#page_shrvote) |
| [Remuneration paid to directors, officers, and others](#page_remun) | [20](#page_remun) |
| [Board approval of management and subadvisory agreements](#page_bam) | [20](#page_bam) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Financial Statements and Other Important Information—Annual | &nbsp;&nbsp;**franklintempleton.com** |

---

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Putnam ETF Trust and Shareholders of

Putnam ESG High Yield ETF:

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the fund's portfolio, of Putnam ESG High Yield ETF (one of the funds constituting Putnam ETF Trust, referred to hereafter as the "Fund") as of April 30, 2025, the related statement of operations for the year ended April 30, 2025, the statement of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the two years in the period ended April 30, 2025 and for the period January 19, 2023 (commencement of operations) to April 30, 2023 in conformity with accounting principles generally accepted in the United States of America. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2025 and the financial highlights for each of the two years in the period ended April 30, 2025 and for the period January 19, 2023 (commencement of operations) to April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 16, 2025

We have served as the auditor of one or more investment companies in the Putnam Funds family of funds since at least 1957. We have not been able to determine the specific year we began serving as auditor.

ESG High Yield ETF 1

**The fund's portfolio** 4/30/25 <br>

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (85.7%)\*** | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Advertising and marketing services (0.8%)** |  |  |
| Clear Channel Outdoor Holdings, Inc. 144A company guaranty sr. notes 7.875%, 4/1/30 | $290000 | &nbsp;&nbsp;&nbsp;&nbsp;$290421 |
| Clear Channel Outdoor Holdings, Inc. 144A company guaranty sr. unsec. sub. notes 7.75%, 4/15/28 | 385000 | &nbsp;&nbsp;&nbsp;&nbsp;319848 |
| Outfront Media Capital, LLC/Outfront Media Capital Corp. 144A company guaranty sr. notes 7.375%, 2/15/31 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;262002 |
| Outfront Media Capital, LLC/Outfront Media Capital Corp. 144A company guaranty sr. unsec. notes 5.00%, 8/15/27 | 140000 | &nbsp;&nbsp;&nbsp;&nbsp;137308 |
| Outfront Media Capital, LLC/Outfront Media Capital Corp. 144A company guaranty sr. unsec. notes 4.625%, 3/15/30 | 375000 | &nbsp;&nbsp;&nbsp;&nbsp;346959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1356538** |
| **Automotive (0.3%)** |  |  |
| IHO Verwaltungs, GmbH 144A sr. notes 7.75%, 11/15/30 (Germany) | 365000 | &nbsp;&nbsp;&nbsp;&nbsp;356731 |
| IHO Verwaltungs, GmbH 144A sr. sub. notes 8.00%, 11/15/32 (Germany) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;239677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**596408** |
| **Banking (0.2%)** |  |  |
| Freedom Mortgage Corp. 144A sr. unsec. notes 12.25%, 10/1/30 | 385000 | &nbsp;&nbsp;&nbsp;&nbsp;423953 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**423953** |
| **Broadcasting (2.3%)** |  |  |
| Banijay Entertainment SASU 144A sr. notes 8.125%, 5/1/29 (France) | 1055000 | &nbsp;&nbsp;&nbsp;&nbsp;1082292 |
| Gray Media, Inc. 144A company guaranty sr. unsec. unsub. notes 5.375%, 11/15/31 | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;65729 |
| Nexstar Media, Inc. 144A company guaranty sr. unsec. notes 5.625%, 7/15/27 | 665000 | &nbsp;&nbsp;&nbsp;&nbsp;659368 |
| Nexstar Media, Inc. 144A company guaranty sr. unsec. notes 4.75%, 11/1/28 | 185000 | &nbsp;&nbsp;&nbsp;&nbsp;174390 |
| Sinclair Television Group, Inc. 144A sr. notes 8.125%, 2/15/33 | 1070000 | &nbsp;&nbsp;&nbsp;&nbsp;1059895 |
| Sirius XM Radio, Inc. 144A company guaranty sr. unsec. bonds 3.875%, 9/1/31 | 455000 | &nbsp;&nbsp;&nbsp;&nbsp;390808 |
| Sirius XM Radio, Inc. 144A company guaranty sr. unsec. notes 4.00%, 7/15/28 | 235000 | &nbsp;&nbsp;&nbsp;&nbsp;221274 |
| Sirius XM Radio, Inc. 144A sr. unsec. bonds 5.50%, 7/1/29 | 565000 | &nbsp;&nbsp;&nbsp;&nbsp;550816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4204572** |
| **Building materials (0.5%)** |  |  |
| American Builders & Contractors Supply Co., Inc. 144A sr. unsec. notes 3.875%, 11/15/29 | 720000 | &nbsp;&nbsp;&nbsp;&nbsp;665349 |
| Miter Brands Acquisition Holdco, Inc./MIWD Borrower, LLC 144A company guaranty sr. notes 6.75%, 4/1/32 | 320000 | &nbsp;&nbsp;&nbsp;&nbsp;320430 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**985779** |
| **Capital goods (8.9%)** |  |  |
| Adient Global Holdings, Ltd. 144A company guaranty sr. unsec. notes 7.50%, 2/15/33 (Ireland) | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;142260 |
| Adient Global Holdings, Ltd. 144A company guaranty sr. unsec. unsub. notes 8.25%, 4/15/31 (Ireland) | 790000 | &nbsp;&nbsp;&nbsp;&nbsp;782815 |
| Allison Transmission, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 1/30/31 | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;629512 |
| Ardagh Metal Packaging Finance USA, LLC/Ardagh Metal Packaging Finance PLC 144A sr. unsec. notes 4.00%, 9/1/29 | 575000 | &nbsp;&nbsp;&nbsp;&nbsp;501157 |
| Axon Enterprise, Inc. 144A sr. unsec. notes 6.25%, 3/15/33 | 255000 | &nbsp;&nbsp;&nbsp;&nbsp;260540 |
| Axon Enterprise, Inc. 144A sr. unsec. notes 6.125%, 3/15/30 | 330000 | &nbsp;&nbsp;&nbsp;&nbsp;336568 |
| Benteler International AG 144A company guaranty sr. notes 10.50%, 5/15/28 (Austria) | 595000 | &nbsp;&nbsp;&nbsp;&nbsp;608098 |
| Berry Global, Inc. 144A company guaranty notes 5.625%, 7/15/27 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;249933 |
| Bombardier, Inc. 144A sr. unsec. notes 7.00%, 6/1/32 (Canada) | 1240000 | &nbsp;&nbsp;&nbsp;&nbsp;1256097 |
| Chart Industries, Inc. 144A company guaranty sr. unsec. notes 9.50%, 1/1/31 | 135000 | &nbsp;&nbsp;&nbsp;&nbsp;143994 |
| Clarios Global LP 144A sr. notes 6.75%, 5/15/28 | 50000 | &nbsp;&nbsp;&nbsp;&nbsp;50824 |
| Clean Harbors, Inc. 144A company guaranty sr. unsec. unsub. notes 6.375%, 2/1/31 | 1215000 | &nbsp;&nbsp;&nbsp;&nbsp;1238705 |
| Efesto Bidco SpA/Efesto US, LLC 144A sr. notes Ser. XR, 7.50%, 2/15/32 (Italy) | 645000 | &nbsp;&nbsp;&nbsp;&nbsp;640778 |
| GFL Environmental, Inc. 144A sr. notes 6.75%, 1/15/31 (Canada) | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;1071973 |
| Madison IAQ, LLC 144A sr. unsec. notes 5.875%, 6/30/29 | 755000 | &nbsp;&nbsp;&nbsp;&nbsp;714987 |
| Manitowoc Co., Inc. (The) 144A company guaranty notes 9.25%, 10/1/31 | 240000 | &nbsp;&nbsp;&nbsp;&nbsp;243600 |
| Panther BF Aggregator 2 LP/Panther Finance Co., Inc. 144A company guaranty sr. unsec. notes 8.50%, 5/15/27 | 705000 | &nbsp;&nbsp;&nbsp;&nbsp;708912 |
| Ritchie Bros Holdings, Inc. 144A company guaranty sr. notes 6.75%, 3/15/28 | 85000 | &nbsp;&nbsp;&nbsp;&nbsp;86773 |
| Ritchie Bros Holdings, Inc. 144A company guaranty sr. unsec. unsub. notes 7.75%, 3/15/31 | 1115000 | &nbsp;&nbsp;&nbsp;&nbsp;1170453 |
| Spirit AeroSystems, Inc. company guaranty sr. unsec. unsub. notes 4.60%, 6/15/28 | 445000 | &nbsp;&nbsp;&nbsp;&nbsp;430667 |
| Spirit AeroSystems, Inc. 144A company guaranty sr. notes 9.75%, 11/15/30 | 915000 | &nbsp;&nbsp;&nbsp;&nbsp;1013963 |
| Spirit AeroSystems, Inc. 144A sr. unsub. notes 9.375%, 11/30/29 | 170000 | &nbsp;&nbsp;&nbsp;&nbsp;181123 |
| Terex Corp. 144A company guaranty sr. unsec. notes 5.00%, 5/15/29 | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;167566 |
| Terex Corp. 144A sr. unsec. notes 6.25%, 10/15/32 | 730000 | &nbsp;&nbsp;&nbsp;&nbsp;699430 |
| TransDigm, Inc. 144A company guaranty sr. notes 6.00%, perpetual maturity | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;449459 |
| Waste Pro USA, Inc. 144A sr. unsec. notes 7.00%, 2/1/33 | 440000 | &nbsp;&nbsp;&nbsp;&nbsp;450024 |

---

2 <br> ESG High Yield ETF

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (85.7%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Capital goods** *cont.* |  |  |
| WESCO Distribution, Inc. 144A company guaranty sr. unsec. notes 6.625%, 3/15/32 | $1605000 | &nbsp;&nbsp;&nbsp;&nbsp;$1634646 |
| WESCO Distribution, Inc. 144A company guaranty sr. unsec. notes 6.375%, 3/15/29 | 70000 | &nbsp;&nbsp;&nbsp;&nbsp;71012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**15935869** |
| **Chemicals (3.0%)** |  |  |
| Avient Corp. 144A sr. unsec. notes 6.25%, 11/1/31 | 805000 | &nbsp;&nbsp;&nbsp;&nbsp;797067 |
| Avient Corp. 144A sr. unsec. unsub. notes 7.125%, 8/1/30 | 370000 | &nbsp;&nbsp;&nbsp;&nbsp;377594 |
| Axalta Coating Systems, LLC 144A company guaranty sr. unsec. notes 3.375%, 2/15/29 | 535000 | &nbsp;&nbsp;&nbsp;&nbsp;496099 |
| Celanese US Holdings, LLC company guaranty sr. unsec. bonds 6.629%, 7/15/32 (Germany) | 715000 | &nbsp;&nbsp;&nbsp;&nbsp;703423 |
| Herens Holdco SARL 144A company guaranty sr. notes 4.75%, 5/15/28 (Luxembourg) | 670000 | &nbsp;&nbsp;&nbsp;&nbsp;585228 |
| Olympus Water US Holding Corp. 144A sr. notes 9.75%, 11/15/28 | 540000 | &nbsp;&nbsp;&nbsp;&nbsp;563332 |
| SCIH Salt Holdings, Inc. 144A sr. notes 4.875%, 5/1/28 | 665000 | &nbsp;&nbsp;&nbsp;&nbsp;637736 |
| SCIH Salt Holdings, Inc. 144A sr. unsec. notes 6.625%, 5/1/29 | 680000 | &nbsp;&nbsp;&nbsp;&nbsp;661262 |
| SCIL IV, LLC/SCIL USA Holdings, LLC 144A sr. notes 5.375%, 11/1/26 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;197578 |
| Vibrantz Technologies, Inc. 144A sr. unsec. notes 9.00%, 2/15/30 | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;303928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5323247** |
| **Commercial and consumer services (1.8%)** |  |  |
| Boost Newco Borrower, LLC 144A sr. notes 7.50%, 1/15/31 | 265000 | &nbsp;&nbsp;&nbsp;&nbsp;279892 |
| Iron Mountain, Inc. 144A company guaranty sr. unsec. sub. notes 6.25%, 1/15/33 | 870000 | &nbsp;&nbsp;&nbsp;&nbsp;869192 |
| Iron Mountain, Inc. 144A company guaranty sr. unsec. sub. notes 5.625%, 7/15/32 | 665000 | &nbsp;&nbsp;&nbsp;&nbsp;645607 |
| Prime Security Services Borrower, LLC/Prime Finance, Inc. 144A company guaranty notes 6.25%, 1/15/28 | 785000 | &nbsp;&nbsp;&nbsp;&nbsp;785205 |
| Shift4 Payments, LLC/Shift4 Payments Finance Sub, Inc. 144A company guaranty sr. unsec. notes 4.625%, 11/1/26 | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;641612 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3221508** |
| **Communication services (5.4%)** |  |  |
| CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 5.375%, 6/1/29 | 565000 | &nbsp;&nbsp;&nbsp;&nbsp;553363 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 4.75%, 3/1/30 | 1770000 | &nbsp;&nbsp;&nbsp;&nbsp;1672783 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. notes 4.25%, 2/1/31 | 80000 | &nbsp;&nbsp;&nbsp;&nbsp;72355 |
| CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. unsub. notes 4.75%, 2/1/32 | 890000 | &nbsp;&nbsp;&nbsp;&nbsp;806211 |
| Connect Finco SARL/Connect US Finco, LLC 144A sr. notes 9.00%, 9/15/29 (Luxembourg) | 950000 | &nbsp;&nbsp;&nbsp;&nbsp;889883 |
| CSC Holdings, LLC 144A company guaranty sr. unsec. notes 11.75%, 1/31/29 | 880000 | &nbsp;&nbsp;&nbsp;&nbsp;832518 |
| CSC Holdings, LLC 144A company guaranty sr. unsec. notes 11.25%, 5/15/28 | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;538054 |
| CSC Holdings, LLC 144A company guaranty sr. unsec. notes 5.375%, 2/1/28 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;174951 |
| DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc. 144A sr. notes 10.00%, 2/15/31 | 370000 | &nbsp;&nbsp;&nbsp;&nbsp;350664 |
| DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc. 144A sr. notes 5.875%, 8/15/27 | 185000 | &nbsp;&nbsp;&nbsp;&nbsp;178967 |
| Iliad Holding SASU 144A sr. notes 7.00%, 4/15/32 (France) | 345000 | &nbsp;&nbsp;&nbsp;&nbsp;350134 |
| Level 3 Financing, Inc. 144A company guaranty sr. notes 10.75%, 12/15/30 | 155000 | &nbsp;&nbsp;&nbsp;&nbsp;172376 |
| Level 3 Financing, Inc. 144A company guaranty sr. notes 10.50%, 5/15/30 | 495000 | &nbsp;&nbsp;&nbsp;&nbsp;537604 |
| SBA Communications Corp. sr. unsec. sub. notes 3.875%, 2/15/27 **<sup>R</sup>** | 490000 | &nbsp;&nbsp;&nbsp;&nbsp;479765 |
| Virgin Media Secured Finance PLC 144A company guaranty sr. sub. notes 4.50%, 8/15/30 (United Kingdom) | 615000 | &nbsp;&nbsp;&nbsp;&nbsp;553474 |
| VZ Secured Financing BV 144A sr. notes 5.00%, 1/15/32 (Netherlands) | 1005000 | &nbsp;&nbsp;&nbsp;&nbsp;877994 |
| Zegona Finance PLC 144A sr. notes 8.625%, 7/15/29 (United Kingdom) | 595000 | &nbsp;&nbsp;&nbsp;&nbsp;634469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9675565** |
| **Construction (2.7%)** |  |  |
| Arcosa, Inc. 144A company guaranty sr. unsec. notes 6.875%, 8/15/32 | 165000 | &nbsp;&nbsp;&nbsp;&nbsp;168289 |
| Beacon Roofing Supply, Inc. 144A sr. unsec. unsub. notes 4.125%, 5/15/29 | 1015000 | &nbsp;&nbsp;&nbsp;&nbsp;1024462 |
| Builders FirstSource, Inc. 144A company guaranty sr. unsec. bonds 6.375%, 6/15/32 | 620000 | &nbsp;&nbsp;&nbsp;&nbsp;624157 |
| Builders FirstSource, Inc. 144A sr. unsec. bonds 6.375%, 3/1/34 | 415000 | &nbsp;&nbsp;&nbsp;&nbsp;412421 |
| Quikrete Holdings, Inc. 144A sr. notes 6.375%, 3/1/32 | 315000 | &nbsp;&nbsp;&nbsp;&nbsp;317041 |
| Quikrete Holdings, Inc. 144A sr. unsec. notes 6.75%, 3/1/33 | 355000 | &nbsp;&nbsp;&nbsp;&nbsp;356639 |
| Standard Industries Solutions, Inc. 144A sr. unsec. notes 6.50%, 8/15/32 | 1260000 | &nbsp;&nbsp;&nbsp;&nbsp;1276813 |
| TopBuild Corp. 144A company guaranty sr. unsec. bonds 4.125%, 2/15/32 | 685000 | &nbsp;&nbsp;&nbsp;&nbsp;617056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4796878** |
| **Consumer finance (2.9%)** |  |  |
| Freedom Mortgage Holdings, LLC 144A sr. unsec. notes 8.375%, 4/1/32 | 710000 | &nbsp;&nbsp;&nbsp;&nbsp;695101 |
| GGAM Finance, Ltd. 144A company guaranty sr. unsec. notes 8.00%, 2/15/27 (Ireland) | 420000 | &nbsp;&nbsp;&nbsp;&nbsp;431571 |
| Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 7.125%, 2/1/32 | 420000 | &nbsp;&nbsp;&nbsp;&nbsp;436125 |
| Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.75%, 11/15/31 | 1140000 | &nbsp;&nbsp;&nbsp;&nbsp;1145444 |
| OneMain Finance Corp. company guaranty sr. unsec. notes 7.50%, 5/15/31 | 640000 | &nbsp;&nbsp;&nbsp;&nbsp;649705 |
| OneMain Finance Corp. company guaranty sr. unsec. sub. notes 7.125%, 11/15/31 | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;351799 |
| OneMain Finance Corp. company guaranty sr. unsec. unsub. notes 5.375%, 11/15/29 | 395000 | &nbsp;&nbsp;&nbsp;&nbsp;378088 |
| PHH Escrow Issuer, LLC/PHH Corp. 144A sr. unsec. notes 9.875%, 11/1/29 | 1095000 | &nbsp;&nbsp;&nbsp;&nbsp;1060343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5148176** |

---

ESG High Yield ETF <br> 3

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (85.7%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Consumer staples (7.9%)** |  |  |
| 1011778 BC ULC/New Red Finance, Inc. 144A bonds 4.00%, 10/15/30 (Canada) | $820000 | &nbsp;&nbsp;&nbsp;&nbsp;$747272 |
| 1011778 BC ULC/New Red Finance, Inc. 144A company guaranty sr. sub. notes 6.125%, 6/15/29 (Canada) | 130000 | &nbsp;&nbsp;&nbsp;&nbsp;132211 |
| Aramark Services, Inc. 144A company guaranty sr. unsec. notes 5.00%, 2/1/28 | 625000 | &nbsp;&nbsp;&nbsp;&nbsp;615615 |
| CDW, LLC/CDW Finance Corp. company guaranty sr. unsec. notes 3.25%, 2/15/29 | 325000 | &nbsp;&nbsp;&nbsp;&nbsp;303037 |
| Chobani Holdco, LLC 144A sr. unsec. notes 8.75%, 10/1/29 **<sup>‡‡</sup>** | 156293 | &nbsp;&nbsp;&nbsp;&nbsp;166010 |
| Chobani, LLC/Chobani Finance Corp., Inc. 144A sr. unsec. notes 7.625%, 7/1/29 | 1240000 | &nbsp;&nbsp;&nbsp;&nbsp;1300321 |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US, LLC 144A company guaranty sr. notes 4.75%, 1/15/29 | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;1001530 |
| Energizer Holdings, Inc. 144A company guaranty sr. unsec. sub. notes 4.375%, 3/31/29 | 440000 | &nbsp;&nbsp;&nbsp;&nbsp;411117 |
| Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc. 144A company guaranty sr. unsec. notes 6.75%, 1/15/30 | 935000 | &nbsp;&nbsp;&nbsp;&nbsp;819058 |
| Gates Corp./DE 144A Company guaranty sr. unsec. notes 6.875%, 7/1/29 | 45000 | &nbsp;&nbsp;&nbsp;&nbsp;45715 |
| Go Daddy Operating Co, LLC/GD Finance Co., Inc. 144A company guaranty sr. unsec. notes 3.50%, 3/1/29 | 635000 | &nbsp;&nbsp;&nbsp;&nbsp;592368 |
| Herc Holdings, Inc. 144A company guaranty sr. unsec. notes 6.625%, 6/15/29 | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;593440 |
| Herc Holdings, Inc. 144A company guaranty sr. unsec. notes 5.50%, 7/15/27 | 825000 | &nbsp;&nbsp;&nbsp;&nbsp;816533 |
| Opal Bidco SAS 144A sr. notes 6.50%, 3/31/32 (France) | 1130000 | &nbsp;&nbsp;&nbsp;&nbsp;1131189 |
| United Rentals North America, Inc. 144A company guaranty sr. unsec. notes 6.125%, 3/15/34 | 1365000 | &nbsp;&nbsp;&nbsp;&nbsp;1381429 |
| US Foods, Inc. 144A company guaranty sr. unsec. notes 7.25%, 1/15/32 | 1390000 | &nbsp;&nbsp;&nbsp;&nbsp;1455830 |
| US Foods, Inc. 144A sr. unsec. notes 5.75%, 4/15/33 | 295000 | &nbsp;&nbsp;&nbsp;&nbsp;289692 |
| VM Consolidated, Inc. 144A company guaranty sr. unsec. notes 5.50%, 4/15/29 | 1355000 | &nbsp;&nbsp;&nbsp;&nbsp;1308166 |
| Wayfair, LLC 144A company guaranty sr. sub. notes 7.75%, 9/15/30 | 455000 | &nbsp;&nbsp;&nbsp;&nbsp;416247 |
| Wayfair, LLC 144A company guaranty sr. sub. notes 7.25%, 10/31/29 | 685000 | &nbsp;&nbsp;&nbsp;&nbsp;627389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**14154169** |
| **Energy (5.9%)** |  |  |
| Civitas Resources, Inc. 144A company guaranty sr. unsec. notes 8.375%, 7/1/28 | 140000 | &nbsp;&nbsp;&nbsp;&nbsp;137717 |
| Civitas Resources, Inc. 144A company guaranty sr. unsec. unsub. notes 8.75%, 7/1/31 | 415000 | &nbsp;&nbsp;&nbsp;&nbsp;394988 |
| CQP Holdco LP/BIP-V Chinook Holdco, LLC 144A sr. sub. notes 5.50%, 6/15/31 | 565000 | &nbsp;&nbsp;&nbsp;&nbsp;542783 |
| Encino Acquisition Partners Holdings, LLC 144A company guaranty sr. unsec. notes 8.50%, 5/1/28 | 520000 | &nbsp;&nbsp;&nbsp;&nbsp;520836 |
| Encino Acquisition Partners Holdings, LLC 144A sr. unsec. notes 8.75%, 5/1/31 | 330000 | &nbsp;&nbsp;&nbsp;&nbsp;336439 |
| Expand Energy Corp. company guaranty sr. unsec. notes 5.375%, 3/15/30 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;248444 |
| Kinetik Holdings LP 144A company guaranty sr. unsec. notes 5.875%, 6/15/30 | 1390000 | &nbsp;&nbsp;&nbsp;&nbsp;1359524 |
| Kodiak Gas Services, LLC 144A company guaranty sr. unsec. notes 7.25%, 2/15/29 | 420000 | &nbsp;&nbsp;&nbsp;&nbsp;426960 |
| Matador Resources Co. 144A company guaranty sr. unsec. notes 6.25%, 4/15/33 | 80000 | &nbsp;&nbsp;&nbsp;&nbsp;75712 |
| Nabors Industries, Inc. 144A company guaranty sr. unsec. notes 8.875%, 8/15/31 | 495000 | &nbsp;&nbsp;&nbsp;&nbsp;336374 |
| Nabors Industries, Inc. 144A company guaranty sr. unsec. notes 7.375%, 5/15/27 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;283123 |
| Precision Drilling Corp. 144A company guaranty sr. unsec. notes 7.125%, 1/15/26 (Canada) | 108000 | &nbsp;&nbsp;&nbsp;&nbsp;107727 |
| Precision Drilling Corp. 144A company guaranty sr. unsec. notes 6.875%, 1/15/29 (Canada) | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;234702 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp. 144A sr. unsec. notes 7.875%, 11/1/28 | 655000 | &nbsp;&nbsp;&nbsp;&nbsp;673781 |
| SM Energy Co. sr. unsec. unsub. notes 6.75%, 9/15/26 | 335000 | &nbsp;&nbsp;&nbsp;&nbsp;332256 |
| TGNR Intermediate Holdings, LLC 144A sr. unsec. notes 5.50%, 10/15/29 | 690000 | &nbsp;&nbsp;&nbsp;&nbsp;634770 |
| Transocean Aquila, Ltd. 144A company guaranty sr. notes 8.00%, 9/30/28 | 101923 | &nbsp;&nbsp;&nbsp;&nbsp;100602 |
| Transocean Poseidon, Ltd. 144A company guaranty sr. notes 6.875%, 2/1/27 | 115500 | &nbsp;&nbsp;&nbsp;&nbsp;114755 |
| Transocean Titan Financing, Ltd. 144A company guaranty sr. notes 8.375%, 2/1/28 (Cayman Islands) | 285000 | &nbsp;&nbsp;&nbsp;&nbsp;282588 |
| Transocean, Inc. 144A company guaranty sr. notes 8.75%, 2/15/30 | 128000 | &nbsp;&nbsp;&nbsp;&nbsp;125219 |
| Venture Global LNG, Inc. 144A sr. notes 9.875%, 2/1/32 | 1320000 | &nbsp;&nbsp;&nbsp;&nbsp;1341105 |
| Venture Global LNG, Inc. 144A sr. notes 9.50%, 2/1/29 | 265000 | &nbsp;&nbsp;&nbsp;&nbsp;274767 |
| Venture Global LNG, Inc. 144A sr. notes 8.375%, 6/1/31 | 435000 | &nbsp;&nbsp;&nbsp;&nbsp;419899 |
| Venture Global Plaquemines LNG, LLC 144A company guaranty sr. notes 7.75%, 5/1/35 | 115000 | &nbsp;&nbsp;&nbsp;&nbsp;118187 |
| Venture Global Plaquemines LNG, LLC 144A company guaranty sr. notes 7.50%, 5/1/33 | 115000 | &nbsp;&nbsp;&nbsp;&nbsp;118073 |
| Viper Energy, Inc. 144A sr. unsec. sub. notes 7.375%, 11/1/31 | 670000 | &nbsp;&nbsp;&nbsp;&nbsp;696171 |
| Viper Energy, Inc. 144A sr. unsec. sub. notes 5.375%, 11/1/27 | 435000 | &nbsp;&nbsp;&nbsp;&nbsp;433087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**10670589** |
| **Entertainment (2.4%)** |  |  |
| Churchill Downs, Inc. 144A sr. unsec. notes 5.75%, 4/1/30 | 530000 | &nbsp;&nbsp;&nbsp;&nbsp;518844 |
| Cinemark USA, Inc. 144A company guaranty sr. unsec. notes 5.25%, 7/15/28 | 525000 | &nbsp;&nbsp;&nbsp;&nbsp;515976 |
| NCL Corp., Ltd. 144A company guaranty sr. notes 8.125%, 1/15/29 | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;183385 |
| NCL Corp., Ltd. 144A sr. unsec. notes 6.75%, 2/1/32 | 310000 | &nbsp;&nbsp;&nbsp;&nbsp;302909 |
| NCL Corp., Ltd. 144A sr. unsec. unsub. notes 7.75%, 2/15/29 | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;165270 |
| Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 6.25%, 3/15/32 | 60000 | &nbsp;&nbsp;&nbsp;&nbsp;60950 |
| Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 6.00%, 2/1/33 | 605000 | &nbsp;&nbsp;&nbsp;&nbsp;607083 |
| Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 5.625%, 9/30/31 | 745000 | &nbsp;&nbsp;&nbsp;&nbsp;739825 |

---

4 <br> ESG High Yield ETF

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (85.7%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Entertainment** *cont.* |  |  |
| Royal Caribbean Cruises, Ltd. 144A sr. unsec. notes 5.50%, 8/31/26 | $275000 | &nbsp;&nbsp;&nbsp;&nbsp;$275318 |
| Six Flags Entertainment Corp. 144A company guaranty sr. unsec. notes 7.25%, 5/15/31 | 655000 | &nbsp;&nbsp;&nbsp;&nbsp;664522 |
| Six Flags Entertainment Corp./Six Flags Theme Parks, Inc. 144A company guaranty sr. notes 6.625%, 5/1/32 | 275000 | &nbsp;&nbsp;&nbsp;&nbsp;277694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4311776** |
| **Financial (3.0%)** |  |  |
| Ally Financial, Inc. company guaranty sr. unsec. notes 8.00%, 11/1/31 | 390000 | &nbsp;&nbsp;&nbsp;&nbsp;432108 |
| Encore Capital Group, Inc. 144A company guaranty sr. notes 9.25%, 4/1/29 | 380000 | &nbsp;&nbsp;&nbsp;&nbsp;401599 |
| Encore Capital Group, Inc. 144A company guaranty sr. notes 8.50%, 5/15/30 | 800000 | &nbsp;&nbsp;&nbsp;&nbsp;830717 |
| Jane Street Group/JSG Finance, Inc. 144A sr. notes 6.75%, 5/1/33 | 35000 | &nbsp;&nbsp;&nbsp;&nbsp;35191 |
| Jane Street Group/JSG Finance, Inc. 144A sr. notes 6.125%, 11/1/32 | 1285000 | &nbsp;&nbsp;&nbsp;&nbsp;1264144 |
| Jefferson Capital Holdings, LLC 144A sr. unsec. notes 9.50%, 2/15/29 | 765000 | &nbsp;&nbsp;&nbsp;&nbsp;802628 |
| Jefferson Capital Holdings, LLC 144A sr. unsec. notes 8.25%, 5/15/30 | 360000 | &nbsp;&nbsp;&nbsp;&nbsp;362738 |
| PRA Group, Inc. 144A company guaranty sr. unsec. notes 8.875%, 1/31/30 | 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;1268290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5397415** |
| **Forest products and packaging (2.5%)** |  |  |
| Boise Cascade Co. 144A company guaranty sr. unsec. notes 4.875%, 7/1/30 | 1865000 | &nbsp;&nbsp;&nbsp;&nbsp;1763109 |
| Graphic Packaging International, LLC 144A company guaranty sr. unsec. notes 3.75%, 2/1/30 | 1140000 | &nbsp;&nbsp;&nbsp;&nbsp;1048882 |
| Mauser Packaging Solutions Holding Co. 144A sr. bonds 7.875%, 4/15/27 | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;1054085 |
| Mercer International, Inc. sr. unsec. notes 5.125%, 2/1/29 (Canada) | 485000 | &nbsp;&nbsp;&nbsp;&nbsp;399575 |
| Mercer International, Inc. 144A sr. unsec. notes 12.875%, 10/1/28 (Canada) | 275000 | &nbsp;&nbsp;&nbsp;&nbsp;281338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4546989** |
| **Gaming and lottery (4.5%)** |  |  |
| Boyd Gaming Corp. 144A sr. unsec. bonds 4.75%, 6/15/31 | 1390000 | &nbsp;&nbsp;&nbsp;&nbsp;1297273 |
| Caesars Entertainment, Inc. 144A company guaranty sr. notes 6.50%, 2/15/32 | 55000 | &nbsp;&nbsp;&nbsp;&nbsp;55336 |
| Caesars Entertainment, Inc. 144A sr. notes 7.00%, 2/15/30 | 975000 | &nbsp;&nbsp;&nbsp;&nbsp;998662 |
| Caesars Entertainment, Inc. 144A sr. unsec. notes 6.00%, 10/15/32 | 510000 | &nbsp;&nbsp;&nbsp;&nbsp;481118 |
| Caesars Entertainment, Inc. 144A sr. unsec. notes 4.625%, 10/15/29 | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;979619 |
| Light & Wonder International, Inc. 144A company guaranty sr. unsec. notes 7.50%, 9/1/31 | 315000 | &nbsp;&nbsp;&nbsp;&nbsp;323886 |
| Light & Wonder International, Inc. 144A company guaranty sr. unsec. notes 7.25%, 11/15/29 | 520000 | &nbsp;&nbsp;&nbsp;&nbsp;530664 |
| Penn Entertainment, Inc. 144A sr. unsec. notes 5.625%, 1/15/27 | 340000 | &nbsp;&nbsp;&nbsp;&nbsp;334886 |
| Scientific Games Holdings LP/Scientific Games US FinCo., Inc. 144A sr. unsec. notes 6.625%, 3/1/30 | 490000 | &nbsp;&nbsp;&nbsp;&nbsp;466958 |
| Station Casinos, LLC 144A company guaranty sr. unsec. sub. notes 6.625%, 3/15/32 | 340000 | &nbsp;&nbsp;&nbsp;&nbsp;338346 |
| Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A company guaranty sr. unsec. bonds 5.125%, 10/1/29 | 310000 | &nbsp;&nbsp;&nbsp;&nbsp;299224 |
| Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A company guaranty sr. unsec. unsub. notes 7.125%, 2/15/31 | 1890000 | &nbsp;&nbsp;&nbsp;&nbsp;1951622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**8057594** |
| **Health care (7.2%)** |  |  |
| AthenaHealth Group, Inc. 144A sr. unsec. notes 6.50%, 2/15/30 | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;1004652 |
| Bausch & Lomb Escrow Corp. 144A sr. notes 8.375%, 10/1/28 (Canada) | 165000 | &nbsp;&nbsp;&nbsp;&nbsp;171608 |
| Centene Corp. sr. unsec. bonds 3.00%, 10/15/30 | 165000 | &nbsp;&nbsp;&nbsp;&nbsp;145061 |
| CHS/Community Health Systems, Inc. 144A company guaranty notes 6.125%, 4/1/30 | 375000 | &nbsp;&nbsp;&nbsp;&nbsp;256076 |
| CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 10.875%, 1/15/32 | 610000 | &nbsp;&nbsp;&nbsp;&nbsp;630592 |
| CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 5.625%, 3/15/27 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;244013 |
| CHS/Community Health Systems, Inc. 144A sr. notes 5.25%, 5/15/30 | 1030000 | &nbsp;&nbsp;&nbsp;&nbsp;879715 |
| Concentra Escrow Issuer Corp. 144A sr. unsec. notes 6.875%, 7/15/32 | 610000 | &nbsp;&nbsp;&nbsp;&nbsp;625278 |
| CVS Health Corp. jr. unsec. sub. bonds 7.00%, 3/10/55 | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;709834 |
| DaVita Inc. 144A company guaranty sr. unsec. notes 6.875%, 9/1/32 | 995000 | &nbsp;&nbsp;&nbsp;&nbsp;1005349 |
| DaVita Inc. 144A company guaranty sr. unsec. sub. notes 4.625%, 6/1/30 | 260000 | &nbsp;&nbsp;&nbsp;&nbsp;242020 |
| Endo Finance Holdings, Inc. 144A sr. notes 8.50%, 4/15/31 | 195000 | &nbsp;&nbsp;&nbsp;&nbsp;202992 |
| Grifols, S.A. 144A company guaranty sr. unsec. notes 4.75%, 10/15/28 (Spain) | 950000 | &nbsp;&nbsp;&nbsp;&nbsp;885249 |
| Insulet Corp. 144A sr. unsec. notes 6.50%, 4/1/33 | 155000 | &nbsp;&nbsp;&nbsp;&nbsp;158261 |
| Kedrion SpA 144A company guaranty sr. notes 6.50%, 9/1/29 (Italy) | 1440000 | &nbsp;&nbsp;&nbsp;&nbsp;1381507 |
| Medline Borrower LP 144A sr. notes 3.875%, 4/1/29 | 505000 | &nbsp;&nbsp;&nbsp;&nbsp;471581 |
| Medline Borrower LP 144A sr. unsec. notes 5.25%, 10/1/29 | 470000 | &nbsp;&nbsp;&nbsp;&nbsp;446790 |
| Tenet Healthcare Corp. company guaranty sr. notes 5.125%, 11/1/27 | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;645123 |
| Tenet Healthcare Corp. company guaranty sr. notes 4.25%, 6/1/29 | 425000 | &nbsp;&nbsp;&nbsp;&nbsp;405223 |
| Tenet Healthcare Corp. company guaranty sr. unsub. notes 6.125%, 6/15/30 | 725000 | &nbsp;&nbsp;&nbsp;&nbsp;728392 |
| Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. unsub. notes 8.125%, 9/15/31 (Israel) | 855000 | &nbsp;&nbsp;&nbsp;&nbsp;942412 |
| Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. unsub. notes 7.875%, 9/15/29 (Israel) | 785000 | &nbsp;&nbsp;&nbsp;&nbsp;842394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**13024122** |

---

ESG High Yield ETF <br> 5

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (85.7%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Homebuilding (1.8%)** |  |  |
| Anywhere Real Estate Group, LLC/Anywhere Co-Issuer Corp. 144A company guaranty notes 7.00%, 4/15/30 | $427000 | &nbsp;&nbsp;&nbsp;&nbsp;$379226 |
| LGI Homes, Inc. 144A company guaranty sr. unsec. notes 8.75%, 12/15/28 | 680000 | &nbsp;&nbsp;&nbsp;&nbsp;687092 |
| Taylor Morrison Communities, Inc. 144A company guaranty sr. unsec. notes 5.875%, 6/15/27 | 380000 | &nbsp;&nbsp;&nbsp;&nbsp;382192 |
| Taylor Morrison Communities, Inc. 144A sr. unsec. bonds 5.125%, 8/1/30 | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;1008616 |
| Taylor Morrison Communities, Inc. 144A sr. unsec. notes 5.75%, 1/15/28 | 165000 | &nbsp;&nbsp;&nbsp;&nbsp;165223 |
| Weekley Homes, LLC/Weekley Finance Corp. 144A sr. unsec. notes 4.875%, 9/15/28 | 660000 | &nbsp;&nbsp;&nbsp;&nbsp;617943 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3240292** |
| **Insurance (2.6%)** |  |  |
| Acrisure, LLC/Acrisure Finance, Inc. 144A sr. notes 7.50%, 11/6/30 | 630000 | &nbsp;&nbsp;&nbsp;&nbsp;642320 |
| Acrisure, LLC/Acrisure Finance, Inc. 144A sr. unsec. notes 8.50%, 6/15/29 | 655000 | &nbsp;&nbsp;&nbsp;&nbsp;677321 |
| Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer 144A sr. notes 7.00%, 1/15/31 | 840000 | &nbsp;&nbsp;&nbsp;&nbsp;853354 |
| Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer 144A sr. unsec. notes 7.375%, 10/1/32 | 130000 | &nbsp;&nbsp;&nbsp;&nbsp;131536 |
| Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer 144A sr. unsec. notes 5.875%, 11/1/29 | 720000 | &nbsp;&nbsp;&nbsp;&nbsp;695726 |
| HUB International, Ltd. 144A sr. notes 7.25%, 6/15/30 | 830000 | &nbsp;&nbsp;&nbsp;&nbsp;861468 |
| Jones Deslauriers Insurance Management, Inc. 144A sr. notes 8.50%, 3/15/30 (Canada) | 375000 | &nbsp;&nbsp;&nbsp;&nbsp;395910 |
| Jones Deslauriers Insurance Management, Inc. 144A sr. unsec. notes 10.50%, 12/15/30 (Canada) | 475000 | &nbsp;&nbsp;&nbsp;&nbsp;511401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4769036** |
| **Investment banking/Brokerage (0.1%)** |  |  |
| Aretec Group, Inc. 144A company guaranty sr. sub. notes 10.00%, 8/15/30 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;134750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**134750** |
| **Lodging/Tourism (1.9%)** |  |  |
| Carnival Corp. 144A company guaranty sr. notes 7.00%, 8/15/29 | 80000 | &nbsp;&nbsp;&nbsp;&nbsp;83516 |
| Carnival Corp. 144A company guaranty sr. unsec. sub. notes 6.125%, 2/15/33 | 235000 | &nbsp;&nbsp;&nbsp;&nbsp;233160 |
| Carnival Corp. 144A company guaranty sr. unsec. unsub. notes 6.00%, 5/1/29 | 120000 | &nbsp;&nbsp;&nbsp;&nbsp;119421 |
| Carnival Corp. 144A sr. unsec. notes 5.75%, 3/15/30 | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;298102 |
| Carnival Corp. 144A sr. unsec. notes 5.75%, 3/1/27 | 685000 | &nbsp;&nbsp;&nbsp;&nbsp;683093 |
| Hilton Domestic Operating Co., Inc. company guaranty sr. unsec. bonds 4.875%, 1/15/30 | 240000 | &nbsp;&nbsp;&nbsp;&nbsp;235395 |
| Hilton Worldwide Finance, LLC/Hilton Worldwide Finance Corp. company guaranty sr. unsec. notes 4.875%, 4/1/27 | 410000 | &nbsp;&nbsp;&nbsp;&nbsp;408805 |
| Viking Cruises, Ltd. 144A sr. unsec. notes 9.125%, 7/15/31 | 435000 | &nbsp;&nbsp;&nbsp;&nbsp;465465 |
| Viking Cruises, Ltd. 144A sr. unsec. notes 7.00%, 2/15/29 | 980000 | &nbsp;&nbsp;&nbsp;&nbsp;984433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3511390** |
| **Metals (3.0%)** |  |  |
| Commercial Metals Co. sr. unsec. notes 4.375%, 3/15/32 | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;318431 |
| Constellium SE 144A company guaranty sr. unsec. unsub. notes 6.375%, 8/15/32 (France) | 405000 | &nbsp;&nbsp;&nbsp;&nbsp;398998 |
| Constellium SE 144A sr. unsec. notes 5.625%, 6/15/28 (France) | 970000 | &nbsp;&nbsp;&nbsp;&nbsp;955415 |
| FMG Resources August 2006 Pty, Ltd. 144A sr. unsec. notes 6.125%, 4/15/32 (Australia) | 995000 | &nbsp;&nbsp;&nbsp;&nbsp;981511 |
| Novelis Corp. 144A company guaranty sr. unsec. bonds 3.875%, 8/15/31 | 1225000 | &nbsp;&nbsp;&nbsp;&nbsp;1058463 |
| Novelis Corp. 144A company guaranty sr. unsec. notes 6.875%, 1/30/30 | 360000 | &nbsp;&nbsp;&nbsp;&nbsp;365570 |
| Novelis Corp. 144A company guaranty sr. unsec. notes 4.75%, 1/30/30 | 930000 | &nbsp;&nbsp;&nbsp;&nbsp;865743 |
| TMS International Corp./DE 144A sr. unsec. notes 6.25%, 4/15/29 | 390000 | &nbsp;&nbsp;&nbsp;&nbsp;361403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5305534** |
| **Publishing (2.1%)** |  |  |
| McGraw-Hill Education, Inc. 144A sr. notes 7.375%, 9/1/31 | 520000 | &nbsp;&nbsp;&nbsp;&nbsp;531874 |
| McGraw-Hill Education, Inc. 144A sr. notes 5.75%, 8/1/28 | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;220644 |
| McGraw-Hill Education, Inc. 144A sr. unsec. notes 8.00%, 8/1/29 | 530000 | &nbsp;&nbsp;&nbsp;&nbsp;525652 |
| News Corp. 144A company guaranty sr. unsec. unsub. bonds 5.125%, 2/15/32 | 65000 | &nbsp;&nbsp;&nbsp;&nbsp;62067 |
| News Corp. 144A sr. unsec. notes 3.875%, 5/15/29 | 955000 | &nbsp;&nbsp;&nbsp;&nbsp;899687 |
| RR Donnelley & Sons Co. 144A sr. notes 9.50%, 8/1/29 | 1540000 | &nbsp;&nbsp;&nbsp;&nbsp;1468030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3707954** |
| **Real estate (1.6%)** |  |  |
| Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A company guaranty sr. unsec. unsub. notes 5.25%, 10/1/25 **<sup>R</sup>** | 80000 | &nbsp;&nbsp;&nbsp;&nbsp;79706 |
| Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A sr. unsec. notes 4.25%, 2/1/27 **<sup>R</sup>** | 345000 | &nbsp;&nbsp;&nbsp;&nbsp;336436 |
| MPT Operating Partnership LP/MPT Finance Corp. 144A company guaranty sr. notes 8.50%, 2/15/32 | 925000 | &nbsp;&nbsp;&nbsp;&nbsp;940543 |
| RHP Hotel Properties LP/RHP Finance Corp. 144A company guaranty sr. unsec. sub. notes 7.25%, 7/15/28 | 255000 | &nbsp;&nbsp;&nbsp;&nbsp;262270 |
| RHP Hotel Properties LP/RHP Finance Corp. 144A company guaranty sr. unsec. sub. notes 6.50%, 4/1/32 | 1070000 | &nbsp;&nbsp;&nbsp;&nbsp;1067494 |
| XHR LP 144A company guaranty sr. unsec. notes 6.625%, 5/15/30 | 145000 | &nbsp;&nbsp;&nbsp;&nbsp;143011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2829460** |

---

6 <br> ESG High Yield ETF

---

| | | |
|:---|:---|:---|
| **CORPORATE BONDS AND NOTES (85.7%)\*** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Retail (1.9%)** |  |  |
| Bath & Body Works, Inc. company guaranty sr. unsec. sub. bonds 6.875%, 11/1/35 | $950000 | &nbsp;&nbsp;&nbsp;&nbsp;$951870 |
| Crocs, Inc. 144A company guaranty sr. unsec. notes 4.25%, 3/15/29 | 420000 | &nbsp;&nbsp;&nbsp;&nbsp;390266 |
| Crocs, Inc. 144A company guaranty sr. unsec. notes 4.125%, 8/15/31 | 305000 | &nbsp;&nbsp;&nbsp;&nbsp;266996 |
| FirstCash, Inc. 144A sr. unsec. notes 6.875%, 3/1/32 (Mexico) | 1105000 | &nbsp;&nbsp;&nbsp;&nbsp;1131931 |
| PetSmart, Inc./PetSmart Finance Corp. 144A company guaranty sr. unsec. notes 7.75%, 2/15/29 | 530000 | &nbsp;&nbsp;&nbsp;&nbsp;494424 |
| Specialty Building Products Holdings, LLC/SBP Finance Corp. 144A sr. notes 7.75%, 10/15/29 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;188204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3423691** |
| **Technology (4.9%)** |  |  |
| Ahead DB Holdings, LLC 144A company guaranty sr. unsec. notes 6.625%, 5/1/28 | 675000 | &nbsp;&nbsp;&nbsp;&nbsp;653634 |
| Cloud Software Group, Inc. 144A notes 9.00%, 9/30/29 | 445000 | &nbsp;&nbsp;&nbsp;&nbsp;448796 |
| Cloud Software Group, Inc. 144A sr. notes 6.50%, 3/31/29 | 735000 | &nbsp;&nbsp;&nbsp;&nbsp;735962 |
| CommScope, LLC 144A company guaranty sr. unsec. notes 7.125%, perpetual maturity | 510000 | &nbsp;&nbsp;&nbsp;&nbsp;433820 |
| Fortress Intermediate 3, Inc. 144A sr. notes 7.50%, 6/1/31 | 430000 | &nbsp;&nbsp;&nbsp;&nbsp;440095 |
| Gartner, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 10/1/30 | 355000 | &nbsp;&nbsp;&nbsp;&nbsp;327124 |
| Imola Merger Corp. 144A sr. notes 4.75%, 5/15/29 | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;573720 |
| McAfee Corp. 144A sr. unsec. notes 7.375%, 2/15/30 | 1305000 | &nbsp;&nbsp;&nbsp;&nbsp;1128593 |
| ON Semiconductor Corp. 144A company guaranty sr. unsec. notes 3.875%, 9/1/28 | 475000 | &nbsp;&nbsp;&nbsp;&nbsp;449567 |
| Rocket Software, Inc. 144A sr. unsec. notes 6.50%, 2/15/29 | 525000 | &nbsp;&nbsp;&nbsp;&nbsp;501994 |
| Seagate HDD Cayman company guaranty sr. unsec. notes 3.125%, 7/15/29 (Cayman Islands) | 545000 | &nbsp;&nbsp;&nbsp;&nbsp;490309 |
| Snap, Inc. 144A company guaranty sr. unsec. notes 6.875%, 3/1/33 | 1105000 | &nbsp;&nbsp;&nbsp;&nbsp;1104536 |
| TTM Technologies, Inc. 144A company guaranty sr. unsec. notes 4.00%, 3/1/29 | 930000 | &nbsp;&nbsp;&nbsp;&nbsp;865486 |
| UKG, Inc. 144A sr. notes 6.875%, 2/1/31 | 715000 | &nbsp;&nbsp;&nbsp;&nbsp;736274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**8889910** |
| **Textiles (0.8%)** |  |  |
| Hanesbrands, Inc. 144A company guaranty sr. unsec. unsub. notes 9.00%, perpetual maturity | 840000 | &nbsp;&nbsp;&nbsp;&nbsp;871232 |
| Levi Strauss & Co. 144A sr. unsec. sub. bonds 3.50%, 3/1/31 | 590000 | &nbsp;&nbsp;&nbsp;&nbsp;517742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1388974** |
| **Transportation (0.5%)** |  |  |
| Watco Cos., LLC/Watco Finance Corp. 144A sr. unsec. notes 7.125%, 8/1/32 | 940000 | &nbsp;&nbsp;&nbsp;&nbsp;938870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**938870** |
| **Utilities and power (2.3%)** |  |  |
| California Buyer, Ltd./Atlantica Sustainable Infrastructure PLC 144A sr. unsec. notes 6.375%, 2/15/32 (United Kingdom) | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;442404 |
| Calpine Corp. 144A sr. unsec. notes 5.00%, 2/1/31 | 335000 | &nbsp;&nbsp;&nbsp;&nbsp;322501 |
| Electricite De France SA 144A jr. unsec. sub. FRB 9.125%, perpetual maturity (France) | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;224195 |
| NRG Energy, Inc. 144A jr. unsec. sub. FRB 10.25%, perpetual maturity | 380000 | &nbsp;&nbsp;&nbsp;&nbsp;416667 |
| PG&E Corp. jr. unsec. sub. bonds 7.375%, 3/15/55 | 235000 | &nbsp;&nbsp;&nbsp;&nbsp;228723 |
| PG&E Corp. sr. sub. notes 5.25%, 7/1/30 | 955000 | &nbsp;&nbsp;&nbsp;&nbsp;920879 |
| Vistra Operations Co., LLC 144A company guaranty sr. unsec. notes 6.875%, 4/15/32 | 795000 | &nbsp;&nbsp;&nbsp;&nbsp;824092 |
| Vistra Operations Co., LLC 144A sr. unsec. notes 7.75%, 10/15/31 | 670000 | &nbsp;&nbsp;&nbsp;&nbsp;708895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4088356** |
| **Total corporate bonds and notes (cost $153,555,691)** | **Total corporate bonds and notes (cost $153,555,691)** | &nbsp;&nbsp;&nbsp;&nbsp;**$154059364** |

---

---

| | | |
|:---|:---|:---|
| **SENIOR LOANS (6.3%)\*c** | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Basic materials (0.7%)** |  |  |
| Klockner-Pentaplast of America, Inc. bank term loan FRN (CME Term SOFR 6 Month + 4.73%), 9.227%, 2/4/26 | $281724 | &nbsp;&nbsp;&nbsp;&nbsp;$254890 |
| Nouryon USA, LLC bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.25%), 7.553%, 4/3/28 | 566584 | &nbsp;&nbsp;&nbsp;&nbsp;563751 |
| Nouryon USA, LLC bank term loan FRN Ser. B2, (CME Term SOFR 3 Month + 3.25%), 7.554%, 4/3/28 | 103692 | &nbsp;&nbsp;&nbsp;&nbsp;103174 |
| Vibrantz Technologies, Inc. bank term loan FRN (CME Term SOFR 3 Month + 4.25%), 8.642%, 4/23/29 | 366271 | &nbsp;&nbsp;&nbsp;&nbsp;329100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1250915** |
| **Capital goods (1.0%)** |  |  |
| Clarios Global LP bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.75%), 7.072%, 1/14/32 | 254165 | &nbsp;&nbsp;&nbsp;&nbsp;249612 |
| DexKo Global, Inc. bank term loan FRN (CME Term SOFR 3 Month + 3.75%), 8.186%, 10/4/28 | 143887 | &nbsp;&nbsp;&nbsp;&nbsp;133222 |
| Filtration Group Corp. bank term loan FRN Class B, (CME Term SOFR 1 Month + 3.00%), 7.322%, 12/26/28 | 180000 | &nbsp;&nbsp;&nbsp;&nbsp;180049 |
| Madison IAQ, LLC bank term loan FRN (CME Term SOFR 1 Month + 2.50%), 6.762%, 6/15/28 | 565501 | &nbsp;&nbsp;&nbsp;&nbsp;561155 |
| TransDigm, Inc. bank term loan FRN Ser. L, (CME Term SOFR 1 Month + 2.50%), 6.799%, 1/5/32 | 786050 | &nbsp;&nbsp;&nbsp;&nbsp;778968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1903006** |
| **Communication services (0.5%)** |  |  |
| Connect Finco SARL bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.50%), 8.822%, 9/13/29 | 366300 | &nbsp;&nbsp;&nbsp;&nbsp;330130 |
| DIRECTV Financing, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 5.25%), 9.791%, 8/2/29 | 512362 | &nbsp;&nbsp;&nbsp;&nbsp;497186 |
| Viasat, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month Plus CSA + 4.50%), 8.936%, 2/24/29 | 59239 | &nbsp;&nbsp;&nbsp;&nbsp;55742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**883058** |

---

ESG High Yield ETF <br> 7

---

| | | |
|:---|:---|:---|
| **SENIOR LOANS (6.3%)\*c** *cont.* | **Principal amount** | &nbsp;&nbsp;**Value** |
| **Consumer cyclicals (1.2%)** |  |  |
| Clear Channel Outdoor Holdings, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.00%), 8.436%, 8/21/28 | $453351 | &nbsp;&nbsp;&nbsp;&nbsp;$440997 |
| Crocs, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.25%), 6.549%, 2/20/29 | 82143 | &nbsp;&nbsp;&nbsp;&nbsp;82436 |
| EMRLD Borrower LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 2.50%), 6.799%, 6/18/31 | 333325 | &nbsp;&nbsp;&nbsp;&nbsp;329923 |
| Fertitta Entertainment, LLC/NV bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.50%), 7.822%, 1/27/29 | 420300 | &nbsp;&nbsp;&nbsp;&nbsp;410450 |
| PetSmart, LLC bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 8.172%, 1/29/28 | 647302 | &nbsp;&nbsp;&nbsp;&nbsp;639884 |
| Scientific Games Holdings LP bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 7.285%, 4/4/29 | 173684 | &nbsp;&nbsp;&nbsp;&nbsp;172382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2076072** |
| **Consumer staples (0.1%)** |  |  |
| IRB Holding Corp. bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.50%), 6.822%, 3/10/28 | 182412 | &nbsp;&nbsp;&nbsp;&nbsp;181286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**181286** |
| **Financials (0.2%)** |  |  |
| Apollo Commercial Real Estate Finance, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 3.50%), 7.936%, 3/11/28 | 468779 | &nbsp;&nbsp;&nbsp;&nbsp;464091 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**464091** |
| **Health care (0.6%)** |  |  |
| Endo Finance Holdings, Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.00%), 8.322%, 4/23/31 | 791925 | &nbsp;&nbsp;&nbsp;&nbsp;769157 |
| Medline Borrower LP bank term loan FRN Class B, (CME Term SOFR 1 Month + 2.25%), 6.572%, 10/23/28 | 251860 | &nbsp;&nbsp;&nbsp;&nbsp;250456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1019613** |
| **Technology (1.6%)** |  |  |
| Cloud Software Group, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 7.799%, 3/29/29 | 461662 | &nbsp;&nbsp;&nbsp;&nbsp;456782 |
| CommScope, LLC bank term loan FRN (CME Term SOFR 1 Month + 5.50%), 9.578%, 12/17/29 | 360000 | &nbsp;&nbsp;&nbsp;&nbsp;354262 |
| Fortress Intermediate 3, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 8.072%, 5/8/31 | 602875 | &nbsp;&nbsp;&nbsp;&nbsp;591571 |
| Idera, Inc. bank term loan FRN (CME Term SOFR 1 Month + 3.50%), 7.776%, 3/2/28 | 312638 | &nbsp;&nbsp;&nbsp;&nbsp;285380 |
| Proofpoint, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 7.322%, 8/31/28 | 495530 | &nbsp;&nbsp;&nbsp;&nbsp;493147 |
| Rocket Software, Inc. bank term loan FRN (CME Term SOFR 1 Month + 4.25%), 8.572%, 10/5/28 | 406199 | &nbsp;&nbsp;&nbsp;&nbsp;403997 |
| UKG, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 7.32%, 1/31/31 | 282447 | &nbsp;&nbsp;&nbsp;&nbsp;281806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2866945** |
| **Transportation (0.4%)** |  |  |
| American Airlines, Inc. bank term loan FRN (CME Term SOFR 1 Month + 2.25%), 6.507%, 6/4/29 | 138600 | &nbsp;&nbsp;&nbsp;&nbsp;134991 |
| American Airlines, Inc. bank term loan FRN Ser. B, (CME Term SOFR 3 Month + 2.25%), 6.52%, 4/20/28 | 590098 | &nbsp;&nbsp;&nbsp;&nbsp;578901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**713892** |
| **Total senior loans (cost $11,579,052)** | **Total senior loans (cost $11,579,052)** | &nbsp;&nbsp;&nbsp;&nbsp;**$11358878** |

---

---

| | | |
|:---|:---|:---|
| **CONVERTIBLE PREFERRED STOCKS (0.6%)\*** | **Shares** | &nbsp;&nbsp;**Value** |
| Apollo Global Management, Inc. $3.38 cv. pfd. | 4299 | &nbsp;&nbsp;&nbsp;&nbsp;$310044 |
| Boeing Co. (The) $3.00 cv. pfd. | 9929 | &nbsp;&nbsp;&nbsp;&nbsp;609442 |
| PG&E Corp. $3.00 cv. pfd. | 5278 | &nbsp;&nbsp;&nbsp;&nbsp;229540 |
| **Total convertible preferred stocks (cost $1,035,087)** | **Total convertible preferred stocks (cost $1,035,087)** | &nbsp;&nbsp;&nbsp;&nbsp;**$1149026** |

---

---

| | | |
|:---|:---|:---|
| **CONVERTIBLE BONDS AND NOTES (0.4%)\*** | **Principal amount** | &nbsp;&nbsp;**Value** |
| Chefs' Warehouse, Inc. (The) cv. sr. unsec. unsub. notes 2.375%, 12/15/28 | $65000 | &nbsp;&nbsp;&nbsp;&nbsp;$93626 |
| Guidewire Software, Inc. 144A cv. sr. unsec. notes 1.25%, 11/1/29 | 402000 | &nbsp;&nbsp;&nbsp;&nbsp;443004 |
| Wrangler Holdco Corp. 144A company guaranty cv. sr. notes unsec. sub. 6.625%, 4/1/32 | 140000 | &nbsp;&nbsp;&nbsp;&nbsp;143857 |
| **Total convertible bonds and notes (cost $639,017)** | **Total convertible bonds and notes (cost $639,017)** | &nbsp;&nbsp;&nbsp;&nbsp;**$680487** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (5.3%)\*** | **Shares** | &nbsp;&nbsp;**Value** |
| Putnam Government Money Market Fund Class P 4.10% **<sup>L</sup>** | 9487953 | &nbsp;&nbsp;&nbsp;&nbsp;$9487953 |
| **Total short-term investments (cost $9,487,953)** | **Total short-term investments (cost $9,487,953)** | &nbsp;&nbsp;&nbsp;&nbsp;**$9487953** |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $176,296,800)** | &nbsp;&nbsp;&nbsp;&nbsp;**$176735708** |

---

8 <br> ESG High Yield ETF

---

| | |
|:---|:---|
| **Key to holding's abbreviations** | **Key to holding's abbreviations** |
| **bp** | Basis Points |
| **CME** | Chicago Mercantile Exchange |
| **FRB** | Floating Rate Bonds: The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. |
| **FRN** | Floating Rate Notes: The rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. |
| **SOFR** | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
|  | **Notes to the fund's portfolio** |
|  | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2024 through April 30, 2025 (the reporting period). Within the following notes to the portfolio, references to "Franklin Advisers" represent Franklin Advisers, Inc., the fund's investment manager, a direct wholly-owned subsidiary of Franklin Resources, Inc., and references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures*. |
| **<sup>\*</sup>** | Percentages indicated are based on net assets of $179,674,656. |
| **<sup>‡‡</sup>** | Income may be received in cash or additional securities at the discretion of the issuer. The rate shown in parenthesis is the rate paid in kind, if applicable. |
| **<sup>c</sup>** | Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for senior loans are the current interest rates at the close of the reporting period. Senior loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown (Notes 1 and 7). |
| **<sup>L</sup>** | Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. |
| **<sup>R</sup>** | Real Estate Investment Trust. |
|  | Debt obligations are considered secured unless otherwise indicated. |
|  | 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
|  | The dates shown on debt obligations are the original maturity dates. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 4/30/25** | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 4/30/25** | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 4/30/25** | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 4/30/25** | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 4/30/25** | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 4/30/25** | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 4/30/25** | **CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 4/30/25** |
|  | **Referenced debt**\* | **Rating**\*\*\* | &nbsp;&nbsp;**Upfront premium received (paid)**\*\* | **Notional amount** | **Value** | **Termination date** | **Payments received by fund** | **Unrealized depreciation** |
|  | CDX NA HY Series 44 Index | B+/P | $(177231) | &nbsp;&nbsp;&nbsp;&nbsp;$3675000 | &nbsp;&nbsp;&nbsp;&nbsp;$132987 | 6/20/30 | 500 bp — Quarterly | $(28931) |
|  | **Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(177231)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(177231)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(28931)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(28931)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(28931)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(28931)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(28931)** |
| \* | Payments related to the referenced debt are made upon a credit default event. | Payments related to the referenced debt are made upon a credit default event. | Payments related to the referenced debt are made upon a credit default event. | Payments related to the referenced debt are made upon a credit default event. | Payments related to the referenced debt are made upon a credit default event. | Payments related to the referenced debt are made upon a credit default event. | Payments related to the referenced debt are made upon a credit default event. | Payments related to the referenced debt are made upon a credit default event. |
| \*\* | Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. | Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. | Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. | Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. | Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. | Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. | Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. | Upfront premium is based on the difference between the original spread on issue and the market spread on day of execution. |
| \*\*\* | Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at April 30, 2025. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. | Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at April 30, 2025. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. | Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at April 30, 2025. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. | Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at April 30, 2025. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. | Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at April 30, 2025. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. | Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at April 30, 2025. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. | Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at April 30, 2025. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. | Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody's, Standard & Poor's or Fitch ratings are believed to be the most recent ratings available at April 30, 2025. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. |

---

---

| |
|:---|
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: |
| Level 1: Valuations based on quoted prices for identical securities in active markets. |
| Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
| Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement. |
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** |
| **Investments in securities:** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** |
| Convertible bonds and notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$680487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Convertible preferred stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Corporate bonds and notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154059364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Senior loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11358878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9487953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Totals by level** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$10636979** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$166098729** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** |
| **Other financial instruments:** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** |
| Credit default contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$148300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Totals by level** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$148300** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

The accompanying notes are an integral part of these financial statements.

ESG High Yield ETF <br> 9

**Financial statements**

**Statement of assets and liabilities**

4/30/25

---

| | |
|:---|:---|
| **ASSETS** | |
| Investment in securities, at value (Note 1): |  |
| &nbsp;&nbsp;Unaffiliated issuers (identified cost $166,808,847) | $167247755 |
| &nbsp;&nbsp;Affiliated issuers (identified cost $9,487,953) (Note 5) | 9487953 |
| Cash | 42452 |
| Interest and other receivables | 2817240 |
| Receivable for shares of the fund sold | 1265299 |
| Deposits with broker (Note 1) | 320825 |
| Receivable from broker (Note 1) | 256 |
| **Total assets** | **181181780** |
| **LIABILITIES** |  |
| Payable for investments purchased | 1422581 |
| Payable for compensation of Manager (Note 2) | 78102 |
| Payable for variation margin on centrally cleared swap contracts (Note 1) | 6441 |
| **Total liabilities** | **1507124** |
| **Net assets** | **$179674656** |
| **Represented by** |  |
| Paid-in capital (Unlimited shares authorized) (Notes 1 and 4) | $178739371 |
| Total distributable earnings (Note 1) | 935285 |
| **Total — Representing net assets applicable to capital shares outstanding** | **$179674656** |
| **COMPUTATION OF NET ASSET VALUE** |  |
| **Net asset value per share** ($179,674,656 divided by 3,550,000 shares) | $50.61 |

---

The accompanying notes are an integral part of these financial statements.

10 ESG High Yield ETF

**Statement of operations**

Year ended 4/30/25

---

| | |
|:---|:---|
| **Investment income** | |
| Interest | $10683494 |
| Dividends (including dividend income of $495,447 from investments in affiliated issuers) (Note 5) | 550840 |
| **Total investment income** | **11234334** |
| **EXPENSES** |  |
| Compensation of Manager (Note 2) | 877944 |
| Fees waived and reimbursed by Manager (Note 2) | (28870) |
| **Total expenses** | **849074** |
| **Net investment income** | **10385260** |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;Securities from unaffiliated issuers (Notes 1 and 3) | 423470 |
| &nbsp;&nbsp;Swap contracts (Note 1) | 239178 |
| **Total net realized gain** | **662648** |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Securities from unaffiliated issuers | 203430 |
| &nbsp;&nbsp;Swap contracts | 2868 |
| **Total change in net unrealized appreciation** | **206298** |
| **Net gain on investments** | **868946** |
| **Net increase in net assets resulting from operations** | **$11254206** |

---

The accompanying notes are an integral part of these financial statements.

ESG High Yield ETF 11

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
| | **Year ended 4/30/25** | **Year ended 4/30/24** |
| **Increase in net assets** | | |
| **Operations** | | |
| Net investment income | $10385260 | $7617208 |
| Net realized gain on investments | 662648 | 224449 |
| Change in net unrealized appreciation of investments | 206298 | 118077 |
| **Net increase in net assets resulting from operations** | **11254206** | **7959734** |
| Distributions to shareholders (Note 1): |  |  |
| From ordinary income |  |  |
| Net investment income | (10371038) | (8253931) |
| From return of capital |  | (38853) |
| Proceeds from shares sold (Note 4) | 52483973 | 22733979 |
| Decrease from shares redeemed (Note 4) | (1236614) |  |
| Other capital (Note 4) | 209821 | 90936 |
| **Total increase in net assets** | **52340348** | **22491865** |
| **Net assets** |  |  |
| Beginning of year | 127334308 | 104842443 |
| **End of Year** | **$179674656** | **$127334308** |
| **Number of fund shares** |  |  |
| Shares outstanding at beginning of year | 2550000 | 2100000 |
| Shares sold (Note 4) | 1025000 | 450000 |
| Shares redeemed (Note 4) | (25000) |  |
| Shares outstanding at end of year | 3550000 | 2550000 |

---

The accompanying notes are an integral part of these financial statements.

12 ESG High Yield ETF

**Financial highlights**

(For a common share outstanding throughout the period)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**PER-SHARE OPERATING PERFORMANCE** | | | |
| | <br>&nbsp;&nbsp;**Year ended 4/30/25** | <br>&nbsp;&nbsp;**Year ended 4/30/24** | <br>&nbsp;&nbsp;**For the period 1/19/23 (commencement of operations) to 4/30/23** |
| <br>&nbsp;&nbsp;**Net asset value, beginning of period** | &nbsp;&nbsp;**$49.94** | &nbsp;&nbsp;**$49.92** | &nbsp;&nbsp;**$50.00** |
| &nbsp;&nbsp;**Investment operations:** |  |  |  |
| &nbsp;&nbsp;Net investment income (loss)<sup>a</sup> | &nbsp;&nbsp;3.32 | &nbsp;&nbsp;3.45 | &nbsp;&nbsp;.93 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;.60 | &nbsp;&nbsp;.29 | &nbsp;&nbsp;(.53) |
| &nbsp;&nbsp;**Total from investment operations** | &nbsp;&nbsp;**3.92** | &nbsp;&nbsp;**3.74** | &nbsp;&nbsp;**.40** |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |
| &nbsp;&nbsp;From net investment income | &nbsp;&nbsp;(3.32) | &nbsp;&nbsp;(3.74) | &nbsp;&nbsp;(.54) |
| &nbsp;&nbsp;From return of capital | &nbsp;&nbsp;— | &nbsp;&nbsp;(.02) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total distributions** | &nbsp;&nbsp;**(3.32)** | &nbsp;&nbsp;**(3.76)** | &nbsp;&nbsp;**(.54)** |
| &nbsp;&nbsp;**Other capital** | &nbsp;&nbsp;**.07** | &nbsp;&nbsp;**.04** | &nbsp;&nbsp;**.06** |
| &nbsp;&nbsp;**Net asset value, end of period** | &nbsp;&nbsp;**$50.61** | &nbsp;&nbsp;**$49.94** | &nbsp;&nbsp;**$49.92** |
| &nbsp;&nbsp;**Total return at net asset value (%) <sup>b</sup>** | &nbsp;&nbsp;**8.16** | &nbsp;&nbsp;**7.87** | &nbsp;&nbsp;**0.93 <sup>\*</sup>** |
| &nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA** |  |  |  |
| &nbsp;&nbsp;**Net assets, end of period (in thousands)** | &nbsp;&nbsp;**$179675** | &nbsp;&nbsp;**$127334** | &nbsp;&nbsp;**$104842** |
| &nbsp;&nbsp;Ratio of expenses to average net assets (%)<sup>c,d</sup> | &nbsp;&nbsp;.53 | &nbsp;&nbsp;.53 | &nbsp;&nbsp;.15**<sup>\*</sup>** |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (%)<sup>d</sup> | &nbsp;&nbsp;6.51 | &nbsp;&nbsp;6.93 | &nbsp;&nbsp;1.88**<sup>\*</sup>** |
| &nbsp;&nbsp;Portfolio turnover (%)<sup>e</sup> | &nbsp;&nbsp;36 | &nbsp;&nbsp;47 | &nbsp;&nbsp;10**<sup>\*</sup>** |

---

**<sup>\*</sup>** Not annualized.

**<sup>a</sup>** Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

**<sup>b</sup>** Total return assumes dividend reinvestment.

**<sup>c</sup>** Excludes acquired fund fees and expenses, if any.

**<sup>d</sup>** Reflects waivers of certain fund expenses in connection with investments in Putnam Government Money Market Fund during the period (Note 2). As a result of such waivers, the expenses of the fund reflect a reduction of the following amounts:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Percentage of average netassets** |
| &nbsp;&nbsp;April 30, 2025 | &nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;April 30, 2024 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;April 30, 2023 | &nbsp;&nbsp;<0.01 |

---

**<sup>e</sup>** Portfolio turnover excludes securities received or delivered in-kind.

The accompanying notes are an integral part of these financial statements.

ESG High Yield ETF <br> 13

**Notes to financial statements** 4/30/25

Unless otherwise noted, the "reporting period" represents the period from May 1, 2024 through April 30, 2025. The following table defines commonly used references within the Notes to financial statements:

---

| | |
|:---|:---|
| **References to** | **Represent** |
| **1940 Act** | Investment Company Act of 1940, as amended |
| **ESG** | Environmental, social and/or corporate governance |
| **ETF** | Exchange-traded fund |
| **Franklin Advisers** | Franklin Advisers, Inc., a direct wholly-owned subsidiary of Franklin Templeton, and the fund's investment manager for periods on or after July 15, 2024 |
| **Franklin Templeton** | Franklin Resources, Inc. |
| **Franklin Templeton Services** | Franklin Templeton Services, LLC, a wholly-owned subsidiary of Franklin Templeton |
| **FTIML** | Franklin Templeton Investment Management Limited |
| **JPMorgan** | JPMorgan Chase Bank, N.A. |
| **OTC** | Over-the-counter |
| **PIL** | Putnam Investments Limited, an indirect wholly-owned subsidiary of Franklin Templeton |
| **Putnam Management** | Putnam Investment Management, LLC, an indirect wholly-owned subsidiary of Franklin Templeton, and the fund's investment manager for periods prior to July 15, 2024 |
| **SEC** | Securities and Exchange Commission |
| **State Street** | State Street Bank and Trust Company |

---

Putnam ESG High Yield ETF (the fund) is a diversified, open-end series of Putnam ETF Trust (the Trust), a Delaware statutory trust organized under the 1940 Act. The fund is an actively managed ETF. The fund's investment objective is to seek high current income. Capital growth is a secondary goal when consistent with achieving high current income.

The fund invests mainly in bonds that are below investment grade in quality (sometimes referred to as "junk bonds") with a focus on companies or issuers that the fund's investment manager, believes meet relevant environmental, social or governance ("ESG") criteria on a sector-specific basis ("ESG criteria"). The fund invests mainly in bonds that also have one or more of the following characteristics: (1) are obligations of U.S. companies or issuers and (2) have intermediate- to long-term maturities (three years or longer). The fund invests with a focus on companies or issuers that the fund's investment manager believes meet relevant environmental, social or governance ("ESG") criteria on a sector-specific basis ("ESG criteria"). The fund may consider, among other factors, a company's or issuer's ESG criteria (as described below), credit, interest rate, liquidity and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.

Under normal circumstances, the fund invests at least 80% of the value of its net assets in fixed-income securities rated below investment grade that meet Franklin Advisers' ESG criteria. This policy is non-fundamental and may be changed only after 60 days' notice to shareholders. Franklin Advisers may not apply ESG criteria to investments that are not subject to the fund's 80% policy and such investments may not meet Franklin Advisers' ESG criteria.

In evaluating investments for the fund, Franklin Advisers identifies relevant ESG criteria on a sector-specific basis using an internally developed materiality map, which is informed by the ESG issues identified by the Sustainability Accounting Standards Board as material to companies or issuers within a particular industry. A materiality map provides a guide to understanding which ESG criteria are more or less important for a given sector or subsector; it includes those ESG criteria that may be reasonably likely to influence investment decision-making. Franklin Advisers constructs the materiality map by evaluating the significance of specified ESG criteria (i.e., board structure and composition, diversity, equity and inclusion, or climate change risk, among others) in specific industries (i.e., consumer, healthcare, financials, etc.), subsectors, or countries. Franklin Advisers then categorizes the relevance of each ESG criteria for each industry, subsector, or country. As part of this analysis, Franklin Advisers may utilize metrics and information such as emissions data, carbon intensity, sources of energy used for operations, water use and re-use, water generation, waste diversion from landfill, employee safety and diversity data, supplier audits, product safety, board composition, and incentive compensation structures. After evaluating these criteria, Franklin Advisers will assign each company or issuer, as applicable, a proprietary ESG rating ranging from 1 to 4 (1 indicating the highest (best) ESG rating and 4 indicating the lowest (worst) ESG rating). In order to meet Franklin Advisers' ESG criteria for purposes of the above-referenced non-fundamental investment policy, a company or issuer must be rated 2 or 1 by Franklin Advisers. While Franklin Advisers may consider independent third-party data as a part of its analytical process, the portfolio management team performs its own independent analysis of issuers and does not rely solely on third-party screens.

The fund's approach to ESG investing incorporates fundamental research together with consideration of ESG criteria which may include, but are not limited to, those included in the following descriptions. Environmental criteria include, for example, a company's or issuer's carbon intensity and use of resources like water or minerals. ESG measures in this area might include plans to reduce waste, increase recycling, raise the proportion of energy supply from renewable sources, or improve product design to be less resource intensive. Social criteria include, for example, labor practices and supply chain management. ESG measures in this area might include programs to improve employee well-being, commitment to workplace equality and diversity, or improved stewardship of supplier relationships and working conditions. Corporate governance criteria include, for example, board composition and executive compensation, as well as bondholders' rights. ESG measures in this area might include improvements in board independence or diversity, or alignment of management incentives with the company's or issuer's strategic ESG objectives.

Franklin Advisers uses a sector-specific approach in evaluating investments. In the corporate credit sector, Franklin Advisers combines fundamental analysis with relevant ESG insights with a forward-looking perspective. Franklin Advisers believes that this approach contributes to a more nuanced assessment of an issuer's credit profile, which offers potential opportunity to limit tail risk in credit portfolios (i.e., the risk that the price of a portfolio may decrease by more than three standard deviations from its current price) and ratings volatility.

Franklin Advisers evaluates ESG considerations using independent third-party data (where available), and also uses company or issuer disclosures and public data sources. Franklin Advisers believes that ESG considerations are best analyzed in combination with a company's or issuer's fundamentals, including a company's or issuer's industry, location, strategic position, and key relationships.

In addition to bonds, the fund may also invest in other fixed-income instruments, including bank loans. In addition to the main investment strategies described above, the fund may make other types of investments, such as investments in equity securities, asset-backed, hybrid and structured bonds and notes, preferred securities that would be characterized as debt securities under applicable accounting standards and tax laws, and assignments of and participations in fixed and floating rate bank loans. The fund may also use derivatives, such as futures, options, certain foreign currency transactions and swap contracts, for both hedging and non-hedging purposes.

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund's management team expects the risk of material loss to be remote.

The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, transfer agent and custodian, who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's Agreement and Declaration of Trust, any claims asserted by a shareholder against or on behalf of the Trust (or its series), including claims against Trustees and Officers, must be brought in courts of the State of Delaware.

**Note 1: Significant accounting policies** 

The fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity

14 <br> ESG High Yield ETF

with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

**Security valuation** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees.

Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* (ASC 820). If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at the average of the last reported bid and ask prices, the "mid price" (prior to July 22, 2024, the most recent bid price was used), and is generally categorized as a Level 2 security.

Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.

Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund's investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.

Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. When reliable prices are not readily available for equity securities, such as when the value of a security has been affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, on certain days the fund will fair value these securities as determined in accordance with procedures approved by the Trustees. This may include using an independent third-party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time). The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. These securities, which would generally be classified as level 1 securities, will be transferred to Level 2 on the fair value hierarchy when they are valued at fair value. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.

To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund's investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund's investment manager, which has been designated as valuation designee pursuant to Rule 2a–5 under the 1940 Act, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.

To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

**Security transactions and related investment income** Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.

Interest income, net of any applicable withholding taxes, if any, is recorded on the accrual basis. Amortization and accretion of premiums and discounts on debt securities, if any, is recorded on the accrual basis.

Dividend income, net of any applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.

The fund may have earned certain fees in connection with its senior loan purchasing activities. These fees, if any, are treated as market discount and are amortized into income in the Statement of operations.

**Credit default contracts** The fund entered into OTC and/or centrally cleared credit default contracts for hedging credit risk, for gaining liquid exposure to individual names and for hedging market risk.

In OTC and centrally cleared credit default contracts, the protection buyer typically makes a periodic stream of payments to a counterparty, the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or all other equally ranked obligations of the reference entity. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. For OTC credit default contracts, an upfront payment received by the fund is recorded as a liability on the fund's books. An upfront payment made by the fund is recorded as an asset on the fund's books. Centrally cleared credit default contracts provide the same rights to the protection buyer and seller except the payments between parties, including upfront premiums, are settled through a central clearing agent through variation margin payments. Upfront and periodic payments received or paid by the fund for OTC and centrally cleared credit default contracts are recorded as realized gains or losses at the reset date or close of the contract. The OTC and centrally cleared credit default contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change in value of OTC credit default contracts is recorded as an unrealized gain or loss. Daily fluctuations in the value of centrally cleared credit default contracts are recorded in variation margin on the Statement of assets and liabilities and recorded as unrealized gain or loss. Upon the occurrence of a credit event, the difference between the par value and fair value of the reference obligation, net of any proportional amount of the upfront payment, is recorded as a realized gain or loss.

In addition to bearing the risk that the credit event will occur, the fund could be exposed to market risk due to unfavorable changes in interest rates or in the price of the underlying security or index or the possibility that the fund may be unable to close out its position at the same time or at the same price as if it had purchased the underlying reference obligations. In certain circumstances, the fund may enter into offsetting OTC and centrally cleared credit default contracts which would mitigate its risk of loss. Risks of loss may exceed amounts recognized on the Statement of assets and liabilities. The fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk may be mitigated for OTC credit default contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared credit default contracts through the daily exchange of variation margin. Counterparty risk is further mitigated with respect to centrally cleared credit default swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Where the fund is a seller of protection, the maximum potential amount of future payments the fund may be required to make is equal to the notional amount.

OTC and centrally cleared credit default contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund's portfolio.

ESG High Yield ETF <br> 15

At the close of the reporting period, the fund has deposited cash valued at $320,825 in a segregated account to cover margin requirements on open centrally cleared credit default contracts.

**Master agreements** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral pledged to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, are presented in the fund's portfolio.

Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty.

With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity.

At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements **.** 

**Lines of credit** Effective January 31, 2025, the fund, together with other U.S. registered and foreign investment funds (collectively, Borrowers) managed by an affiliate of Franklin Templeton, are borrowers in a joint syndicated senior unsecured credit facility totaling $2.995 billion (Global Credit Facility) which matures on January 30, 2026. This Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests.

Under the terms of the Global Credit Facility, the fund shall, in addition to interest charged on any borrowings made by the fund and other costs incurred by the fund, pay their share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon their relative share of the aggregate net assets of all of the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in Other expenses in the Statements of operations. During the reporting period, the fund did not use the Global Credit Facility.

Prior to January 31, 2025, the fund participated, along with other Putnam funds, in a $320 million syndicated unsecured committed line of credit, provided by State Street ($160 million) and JPMorgan ($160 million), and a $235.5 million unsecured uncommitted line of credit, provided by State Street. Borrowings may have been made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest was charged to the fund based on the fund's borrowings. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit was paid by the participating funds and a $75,000 fee was paid by the participating funds to State Street as agent of the syndicated committed line of credit. In addition, a commitment fee of 0.21% per annum on any unutilized portion of the committed line of credit was allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.

**Federal taxes** It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.

The fund is subject to the provisions of Accounting Standards Codification 740 *Income Taxes* (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

**Distributions to shareholders** Distributions to shareholders from net investment income, if any, are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences from income on swap contracts. Reclassifications are made to the fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. At the close of the reporting period, the fund reclassified $259,304 to increase undistributed net investment income and $259,304 to decrease accumulated net realized gain.

Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:

---

| | |
|:---|:---|
| Unrealized appreciation | $2525453 |
| Unrealized depreciation | (2097399) |
| Net unrealized appreciation | 428054 |
| Undistributed ordinary income | 276394 |
| Undistributed long-term gains | 230837 |
| Cost for federal income tax purposes | $176455954 |

---

**Expenses of the Trust** Expenses directly charged or attributable to any fund will be paid from the assets of that fund. Generally, expenses of the Trust will be allocated among and charged to the assets of each fund on a basis that the Trustees deem fair and equitable, which may be based on the relative assets of each fund or the nature of the services performed and relative applicability to each fund.

**Note 2: Management fee, administrative services and other transactions** 

Effective July 15, 2024, Putnam Management transferred its management contract with the fund to Franklin Advisers. As a result of the transfer, Franklin Advisers replaced Putnam Management as the investment adviser of the fund. In connection with the transfer, the fund's portfolio managers, along with supporting research analysts and certain other investment staff of Putnam Management, also became employees of Franklin Advisers.

In addition, Putnam Management transferred to Franklin Advisers the sub-management contract between Putnam Management and PIL in respect of the fund.

The fund pays its investment manager an annual all-inclusive management fee of 0.55% based on the fund's average daily net assets computed and paid monthly. The management fee covers investment management services and all of the fund's organizational and other operating expenses with certain exceptions, including but not limited to: payments under distribution plans, interest, taxes, brokerage commissions and other transaction costs, fund proxy expenses, litigation expenses, extraordinary expenses and acquired fund fees and expenses.

The fund invests in Putnam Government Money Market Fund, an open-end management investment company managed by Franklin Advisers. Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund. During the reporting period, management fees paid were reduced by $28,870 relating to the fund's investment in Putnam Government Money Market Fund.

Effective July 15, 2024, Franklin Advisers retained Putnam Management as a sub-advisor for the fund pursuant to a new sub-advisory agreement. Pursuant to the agreement, Putnam Management provides certain advisory and related services to the fund. Franklin Advisers pays a monthly fee to Putnam Management based on the costs of Putnam Management in providing these services to the fund, which may include a mark-up not to exceed 15% over such costs.

Effective November 1, 2024, FTIML is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Franklin Advisers from time to time. FTIML did not manage any portion of the assets of the fund during the reporting period. If Franklin Advisers were to engage the services of FTIML, Franklin Advisers (and not the fund) would pay a monthly sub-management fee to FTIML

16 <br> ESG High Yield ETF

for its services at an annual rate of 0.20% of the average net assets of the portion of the fund managed by FTIML.

Prior to November 1, 2024, PIL was authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Franklin Advisers from time to time. PIL did not manage any portion of the assets of the fund during the reporting period. If Franklin Advisers had engaged the services of PIL, Franklin Advisers (and not the fund) would have paid a quarterly sub-management fee to PIL for its services at an annual rate of 0.20% of the average net assets of the portion of the fund managed by PIL. Effective November 1, 2024, PIL merged into FTIML, and PIL investment professionals became employees of FTIML.

Effective June 1, 2024, Franklin Templeton Services provides certain administrative services to the fund. The fee for those services is paid by the fund's investment manager based on the costs incurred by Franklin Templeton Services and is not an additional expense of the fund.

The fund has adopted a distribution and service plan pursuant to Rule 12b–1 under the 1940 Act that authorizes the fund to pay distribution fees in connection with the sale and distribution of its shares and service fees in connection with the provision of ongoing shareholder support services. No Rule 12b–1 fees are currently paid by the fund.

**Note 3: Purchases and sales of securities** 

During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| | **Cost of purchases** | **Proceeds from sales** |
| Investments in securities (Long-term) | $106898464 | $52914450 |
| U.S. government securities (Long-term) |  |  |
| **Total** | **$106898464** | **$52914450** |

---

The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund's transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund's total cost of purchases and/or total proceeds from sales.

**Note 4: Capital shares** 

Shares of the fund are listed and traded on NYSE Arca, Inc., and individual fund shares may only be bought and sold in the secondary market through a broker or dealer at market price. These transactions, which do not involve the fund, are made at market prices that may vary throughout the day, rather than at net asset value (NAV). Shares of the fund may trade at a price greater than the fund's NAV (premium) or less than the fund's NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling fund shares in the secondary market (the "bid-ask spread"). The fund will issue and redeem shares in large blocks of 25,000 shares called "Creation Units" on a continuous basis, at NAV, with authorized participants who have entered into agreements with the fund's distributor. The fund will generally issue and redeem Creation Units in return for a designated portfolio of securities (and an amount of cash) that the fund specifies each day. The fund generally imposes a transaction fee on investors purchasing or redeeming Creation Units. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the fund for certain transaction costs and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in Other capital in the Statement of changes in net assets.

At the close of the reporting period, the Putnam Sustainable Retirement Funds owned 99.1% of the outstanding shares of the fund.

**Note 5: Affiliated transactions** 

Transactions during the reporting period with any company which is under common ownership or control were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of affiliate** | **Fair value as of 4/30/24** | **Purchase cost** | **Sale proceeds** | **Investment income** | **Shares outstanding and fair value as of 4/30/25** |
| **Short-term investments** | | | | | |
| Putnam Government Money Market Fund Class P **<sup>†</sup>** | $12229418 | $64931442 | $67672907 | $495447 | $9487953 |
| **Total Short-term investments** | **$12229418** | **$64931442** | **$67672907** | **$495447** | **$9487953** |
| **<sup>†</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund (Note 2). There were no realized or unrealized gains or losses during the period. | **<sup>†</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund (Note 2). There were no realized or unrealized gains or losses during the period. | **<sup>†</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund (Note 2). There were no realized or unrealized gains or losses during the period. | **<sup>†</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund (Note 2). There were no realized or unrealized gains or losses during the period. | **<sup>†</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund (Note 2). There were no realized or unrealized gains or losses during the period. | **<sup>†</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund (Note 2). There were no realized or unrealized gains or losses during the period. |

---

**Note 6: Market, credit and other risks** 

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. The fund may invest in higher-yielding, lower-rated bonds that may have a higher rate of default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations.

Investing in 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, Franklin Advisers 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.

**Note 7: Senior loan commitments** 

Senior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or more after the trade date, which from time to time can delay the actual investment of available cash balances; interest income is accrued based on the terms of the securities. Senior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder's portion of the loan. When the fund invests in a loan or participation, the fund is subject to the risk that an intermediate participant between the fund and the borrower will fail to meet its obligations to the fund, in addition to the risk that the borrower under the loan may default on its obligations.

**Note 8: Summary of derivative activity** 

The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was based on an average of the holdings at the end of ?each fiscal quarter:

---

| | |
|:---|:---|
| Centrally cleared credit default contracts (notional) | $4800000 |

---

ESG High Yield ETF <br> 17

The following is a summary of the fair value of derivative instruments as of the close of the reporting period:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair value of derivative instruments as of the close of the reporting period** | **Fair value of derivative instruments as of the close of the reporting period** | **Fair value of derivative instruments as of the close of the reporting period** | **Fair value of derivative instruments as of the close of the reporting period** | **Fair value of derivative instruments as of the close of the reporting period** |
| | **Asset derivatives** | **Asset derivatives** | **Liability derivatives** | **Liability derivatives** |
| **Derivatives not accounted for as hedging instruments under ASC 815** | **Statement of assets and liabilities location** | **Fair value** | **Statement of assets and liabilities location** | **Fair value** |
| Credit contracts | Receivables, Net assets — Unrealized appreciation | $148300 **<sup>\*</sup>** | Payables, Net assets — Unrealized depreciation | $— |
| **Total** |  | **$148300** |  | **$—** |
| **<sup>\*</sup>** Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the fund's portfolio. Only current day's variation margin is reported within the Statement of assets and liabilities. | **<sup>\*</sup>** Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the fund's portfolio. Only current day's variation margin is reported within the Statement of assets and liabilities. | **<sup>\*</sup>** Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the fund's portfolio. Only current day's variation margin is reported within the Statement of assets and liabilities. | **<sup>\*</sup>** Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the fund's portfolio. Only current day's variation margin is reported within the Statement of assets and liabilities. | **<sup>\*</sup>** Includes cumulative appreciation/depreciation of centrally cleared swaps as reported in the fund's portfolio. Only current day's variation margin is reported within the Statement of assets and liabilities. |

---

The following is a summary of realized and change in unrealized gains or losses of derivative instruments in the Statement of operations for the reporting period (Note 1):

---

| | | |
|:---|:---|:---|
| **Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments** | **Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments** | **Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments** |
| **Derivatives not accounted for as hedging instruments under ASC 815** | **Swaps** | **Total** |
| Credit contracts | $239178 | $239178 |
| **Total** | **$239178** | **$239178** |

---

---

| | | |
|:---|:---|:---|
| **Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments** | **Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments** | **Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments** |
| **Derivatives not accounted for as hedging instruments under ASC 815** | **Swaps** | **Total** |
| Credit contracts | $2868 | $2868 |
| **Total** | **$2868** | **$2868** |

---

**Note 9: Offsetting of financial and derivative assets and liabilities** 

The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions or borrowing transactions associated with securities sold short, if any, see Note 1. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to the master netting agreements in the Statement of assets and liabilities.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Barclays Capital, Inc. (clearing broker)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Assets:** |  |  |
| &nbsp;&nbsp;Centrally cleared credit default contracts **<sup>§</sup>** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** |
| &nbsp;&nbsp;**Liabilities:** |  |  |
| &nbsp;&nbsp;Centrally cleared credit default contracts **<sup>§</sup>** | &nbsp;&nbsp;6441 | &nbsp;&nbsp;6441 |
| &nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;**$6441** | &nbsp;&nbsp;**$6441** |
| &nbsp;&nbsp;**Total Financial and Derivative Net Assets** | &nbsp;&nbsp;**$(6441)** | &nbsp;&nbsp;**$(6441)** |
| &nbsp;&nbsp;Total collateral received (pledged) **<sup>†##</sup>** | &nbsp;&nbsp;$— |  |
| &nbsp;&nbsp;Net amount | &nbsp;&nbsp;$(6441) |  |
| &nbsp;&nbsp;*Controlled collateral received (including TBA commitments)* **<sup>\*\*</sup>** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;*Uncontrolled collateral received* | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;*Collateral (pledged) (including TBA commitments)* **<sup>\*\*</sup>** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

---

| | |
|:---|:---|
| **<sup>\*\*</sup>** | Included with Investments in securities on the Statement of assets and liabilities. |
| **<sup>†</sup>** | Additional collateral may be required from certain brokers based on individual agreements. |
| **<sup>##</sup>** | Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements. |
| **<sup>§</sup>** | Includes current day's variation margin only as reported on the Statement of assets and liabilities, which is not collateralized. Cumulative appreciation/(depreciation) for centrally cleared swap contracts is represented in the tables listed after the fund's portfolio. Collateral pledged for initial margin on centrally cleared swap contracts, which is not included in the table above, amounted to $320,825. |

---

**Note 10: Operating segments** 

The fund has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023–07, *Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures.* The update is limited to disclosure requirements and does not impact the fund's financial position or results of operations.

The fund operates as a single operating segment, which is an investment portfolio. The fund's investment manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of assets and liabilities and the Statement of operations, along with the related notes to the financial statements. The fund's portfolio provides details of the fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial highlights.

18 <br> ESG High Yield ETF

**Federal tax information** (Unaudited)

Pursuant to <sup>§</sup>852 of the Internal Revenue Code, as amended, the fund hereby designates $253,921 as a capital gain dividend with respect to the taxable year ended April 30, 2025, or, if subsequently determined to be different, the net capital gain of such year.

The fund designated $55,393 of income eligible as qualifying for the dividends received deduction for corporations.

For the reporting period, the fund hereby designates $55,393, or the maximum amount allowable, of its taxable ordinary income earned as qualified dividends taxed at the individual net capital gain rates.

For the reporting period, the fund hereby designates $9,555,981, or the maximum amount allowable by law, as interest income eligible to be treated as Section 163(j) interest dividends.

The Form 1099 that will be mailed to you in January 2026 will show the tax status of all distributions paid to your account in calendar 2025.

ESG High Yield ETF <br> 19

**Changes in and disagreements with accountants** 

Not applicable

**Results of any shareholder votes** 

Not applicable

**Remuneration paid to directors, officers, and others** 

Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the fund.

**Board approval of management and subadvisory agreements** 

Not applicable

20 <br> ESG High Yield ETF

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![backcoverartbackcoverlogo.jpg](image_003.jpg) |  |
|© 2025 Franklin Templeton. All rights reserved. | 39495-AFSOI&nbsp;&nbsp;&nbsp;&nbsp;6/25 |

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<br> <u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>

<br> Included in Item 7 above.

<br> <u>Item 9. Proxy Disclosure for Open-End Management Investment Companies.</u>

<br> Included in Item 7 above.

<br> <u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>

<br> Included in Item 7 above.

<br> <u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>

<br> Included in Item 7 above.

<br> <u>Item 12. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:</u>

<br> Not applicable

<br> <u>Item 13. Portfolio Managers of Closed-End Investment Companies</u>

<br> Not Applicable

<br> <u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:</u>

<br> Not applicable

<u>Item 15. Submission of Matters to a Vote of Security Holders:</u> <br>

<br> Not applicable

<br> <u>Item 16. Controls and Procedures:</u>

(a) The registrant's [principal/chief executive officer] and [principal/chief financial officer] have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934. . <br>

(b)There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's internal control over financial reporting. <br>

<br> <u>Item 17. Disclosures of Securities Lending Activities for Closed-End Investment Companies:</u>

<br> Not Applicable

<br> <u>Item 18. Recovery of Erroneously Awarded Compensation.</u>

(a) No <br>

(b) No <br>

<br> <u>Item 19. Exhibits:</u>

<br> (a)(1) The Code of Ethics of The Putnam Funds and Franklin Templeton are filed herewith.

<br> (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

<br> [(a)(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are filed herewith:](b_xv8certifications.htm)

<br> [(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.](c_xv8nocertifications.htm)

<br> <u>SIGNATURES</u>

<br> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<br> <u>Putnam ETF Trust</u>

<br> By (Signature and Title):

<u>/s/ Jeffrey White</u> <br>

<br> Jeffrey WhitePrincipal Accounting Officer

<br> Date: June 27, 2025

<br> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

<br> By (Signature and Title):

<u>/s/ Jonathan S. Horwitz</u> <br>

<br> Jonathan S. HorwitzPrincipal Executive Officer

<br> Date: June 27, 2025

<br> By (Signature and Title):

<u>/s/ Jeffrey White</u> <br>

<br> Jeffrey WhitePrincipal Financial Officer

<br> Date: June 27, 2025

------

## Ex-99.Cert

<br> <u>Certifications</u>

<br> I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:

<br> 1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report; <br>

3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report; <br>

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: <br>

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; <br>

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; <br>

<br> c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and <br>

<br> 5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):

<br> a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and

<br> b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.

<br> Date: June 26, 2025

/s/ Jonathan S. Horwitz <br>

<br> _______________________

<br> Jonathan S. Horwitz<br>Principal Executive Officer

<br> <u>Certifications</u>

<br> I, Jeffrey White, the Principal Financial Officer of the funds listed on Attachment A, certify that:

<br> 1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:

2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report; <br>

3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report; <br>

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: <br>

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; <br>

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; <br>

<br> c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by the registrant's report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and <br>

<br> 5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):

<br> a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and

<br> b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.

<br> Date: June 26, 2025

/s/ Jeffrey White <br>

<br> _______________________

<br> Jeffrey White<br>Principal Financial Officer

<br> Attachment A

<br> Period (s) ended April 30, 2025

<br> Putnam BDC Income ETF

<br> Putnam BioRevolution ETF

<br> Putnam Core Bond Fund

<br> Putnam Emerging Markets ex-China ETF

<br> Putnam ESG Core Bond ETF

<br> Putnam ESG High Yield ETF

<br> Putnam ESG Ultra Short ETF

<br> Putnam Large Cap Value Fund

<br> Putnam PanAgora ESG Emerging Markets Equity ETF

<br> Putnam PanAgora ESG International Equity ETF

## Exhibit 99.906

<br> <u>Section 906 Certifications</u>

<br> I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:

<br> 1. The form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

<br> 2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2025, fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

<br> Date: June 26, 2025

/s/ Jonathan S. Horwitz <br>

<br> ______________________

<br> Jonathan S. Horwitz<br>Principal Executive Officer

<br> <u>Section 906 Certifications</u>

<br> I, Jeffrey White, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:

<br> 1. The form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

<br> 2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2025, fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

<br> Date: June 26, 2025

/s/ Jeffrey White <br>

<br> ______________________

<br> Jeffrey White<br>Principal Financial Officer

<br> Attachment A

<br> Period (s) ended April 30, 2025

<br> Putnam BDC Income ETF

<br> Putnam BioRevolution ETF

<br> Putnam Core Bond Fund

<br> Putnam Emerging Markets ex-China ETF

<br> Putnam ESG Core Bond ETF

<br> Putnam ESG High Yield ETF

<br> Putnam ESG Ultra Short ETF

<br> Putnam Large Cap Value Fund

<br> Putnam PanAgora ESG Emerging Markets Equity ETF

<br> Putnam PanAgora ESG International Equity ETF

## Ex-99.Code

[GRAPHIC OMITTED: FRANKLIN TEMPLETON LOGO]

[GRAPHIC OMITTED: STOCK MARKET GRAPH] <br>

**Personal Investments and Insider Trading Policy ("the policy")** <br>

<br> (This Policy serves as a code of ethics adopted pursuant to Rule 17j-1 under the<br> Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisers Act of 1940)

**Revised March 4, 2024**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SECTION 1. PURPOSE OF THE POLICY** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Scope and Purpose of the Policy | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Statement of Principles | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Prohibited Activities | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Monitoring of the Policy and Additional Information | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SECTION 2. PERSONAL INVESTMENTS** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Statement on Covered Employee Investments | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Categories of Persons Subject to the Policy | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Accounts and Transactions Covered by the Policy | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Prohibited Transactions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Additional Prohibitions and Requirements for Access Persons and Portfolio Persons | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Reporting Requirements | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Pre-Clearance Requirements | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Requirements for Independent Directors | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SECTION 3. INSIDER TRADING** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Policy on Insider Trading | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SECTION 4. RELATED POLICIES AND REQUIREMENTS** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Statement on Other Policies and Requirements | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SECTION 5. ADMINISTRATION OF THE POLICY, WAIVERS & REPORTING VIOLATIONS** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Code of Ethics Committee; Reporting to FT Fund Boards | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Violations of the Policy | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Waivers of the Policy | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Reporting Violations | 10 |

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 **

 ****

 

 

***This document is the proprietary product of Franklin Templeton. Any unauthorized use, reproduction or transfer of this document is strictly prohibited. Franklin Templeton <sup>©</sup> 2024. All Rights Reserved.***

**Franklin Templeton**

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| **Personal investments and insider trading policy** | March 2024 2 |

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**SECTION 1. PURPOSE OF THE POLICY**

1.1 Scope and Purpose of the Policy

The Franklin Templeton Personal Investments and Insider Trading Policy (the "Policy") applies to the personal investment activities of all Covered Employees (as defined in section 2.2 of the Policy) of Franklin Resources, Inc. ("FRI") and all of its subsidiaries (collectively, "Franklin Templeton").

Franklin Templeton provides services to the funds that are advised or sub-advised by a Franklin Templeton investment adviser (the "FT Funds") and other client accounts ("Client Accounts"). Thus, for purposes of this Policy, "FT Fund" includes all open-end and closed-end funds within the Franklin Templeton Group of Funds, as well as any other fund that is advised or sub-advised by a Franklin Templeton investment adviser, such as the Putnam Funds.

The purpose of the Policy is to summarize the values, principles and business practices that guide Franklin Templeton's business conduct and to establish a set of principles to guide Covered Employees regarding the conduct expected of them when managing their personal investments.

1.2 Statement of Principles

All Covered Employees are required to conduct themselves in a lawful, honest and ethical manner in their business practices and to maintain an environment that fosters fairness, respect and integrity.

Franklin Templeton's policy is that the interests of the FT Funds and Client Accounts are paramount and come before the interests of any employee. Information concerning the securities, which include derivatives, such as futures, options and swaps, holdings and financial circumstances of the FT Funds and Client Accounts, as well as the identity of certain Client Accounts, is confidential and Covered Employees are required to safeguard this information.

The personal investment activities of Covered Employees must be conducted in a manner to avoid actual or potential conflicts of interest with the FT Funds and Client Accounts. In particular, to the extent that a Covered Employee learns of an investment opportunity because of his or her position with Franklin Templeton (e.g., internal or third party research, Franklin Templeton or company sponsored conferences, or communications with company officers), the Covered Employee must give preference to the FT Funds or Client Accounts.

Personal transactions in a security may not be executed, regardless of quantity, if the Covered Employee has access to information regarding, or knowledge or even a presumed knowledge of, FT Fund or Client Account activity in such security, including proposed activity and recommendations.

1.3 Prohibited Activities

Covered Employees generally are prohibited from engaging or participating in any activity that has the potential to cause harm to an FT Fund or Client Account. Examples of prohibited activities include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making investment decisions, changes in research ratings and trading decisions other than exclusively
for the benefit of, and in the best interest of, the FT Funds or Client Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking, delaying or omitting to take any action with respect to any research recommendation, report
or rating or any investment or trading decision for an FT Fund or Client Account in order to avoid economic injury to themselves or anyone
other than the FT Funds or Client Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchasing or selling a security on the basis of knowledge of a possible trade by or for an FT Fund
or Client Account with the intent of personally profiting from, or avoiding a loss with respect to, personal holdings in the same or related
securities;

**Franklin Templeton**

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|:---|:---|
| **Personal investments and insider trading policy** | March 2024 3 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revealing to any other person (except in the normal course of the Covered Employee's duties on
behalf of an<br>
FT Fund or Client Account) any information regarding securities transactions by any FT Fund or Client Account or the consideration by
any FT Fund or Client Account of any such securities transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit
on an FT Fund or Client Account or engaging in any manipulative practice with respect to any FT Fund or Client Account.

1.4 Monitoring of the Policy and Additional Information

Questions regarding the Policy and related requirements should be directed to the Code of Ethics Department located in San Mateo, CA. The Code of Ethics Department can be reached by e-mail at lpreclear@franklintempleton.com. The Code of Ethics Department uses PTA, <u>http://coeprod/pta/index.jsp</u>, an automated transaction pre-clearance system, to manage the oversight of personal investments. Administration of the Policy is the responsibility of the Code of Ethics Committee.

**SECTION 2. PERSONAL INVESTMENTS**

2.1 Statement on Covered Employee Investments

Franklin Templeton recognizes the importance to Covered Employees of managing their own financial resources. However, because of the potential conflicts of interest inherent in its business, Franklin Templeton has implemented this Policy with regard to personal investments of Covered Employees. This Policy is designed to minimize these conflicts and help ensure that Franklin Templeton focuses on meeting its duties as a fiduciary to the FT Funds or Client Accounts.

Covered Employees should be aware that their ability to invest in certain securities and to liquidate those positions may be severely restricted under this Policy due to trading by the FT Funds or Client Accounts, including during times of market volatility. Therefore, as a general matter, Franklin Templeton encourages Covered Employees to exercise caution when investing in individual securities, particularly in situations where a Covered Employee wishes to invest in securities held or likely to be held by the FT Funds or Client Accounts.

Franklin Templeton also discourages Covered Employees from engaging in a pattern of securities transactions that is so excessively frequent as to potentially impact the Covered Employee's ability to carry out their assigned responsibilities, increases the possibility of potential conflicts or violates the Policy or the FT Funds' prospectuses.

2.2 Categories of Persons Subject to the Policy

All persons subject to the Policy are assigned to the following categories based on their access to information regarding, or involvement in, investment activities. In limited circumstances, certain affiliates of FRI may adopt separate policies or codes of ethics governing personal trading to address the specific features of their investment activities and operations. Persons subject to other personal trading policies or codes of ethics adopted by Franklin Templeton or its affiliates generally are exempt from this Policy. Please consult the Code of Ethics Department if you have any questions about how this Policy applies to you.

**Covered Employees:** Covered Employees are: (1) partners, officers, directors (or persons occupying a similar status or having similar functions) and employees (including certain designated temporary employees or consultants) of any Franklin Templeton investment adviser, as well as any other persons who provide advice on behalf of any Franklin Templeton investment adviser and are subject to the supervision and control of that investment adviser; (2) Access Persons, as defined below; and (3) Independent directors of FT Funds within the Franklin Templeton Group of Funds and independent directors of Franklin Templeton investment advisers (collectively, "Independent Directors").

**Franklin Templeton**

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|:---|:---|
| **Personal investments and insider trading policy** | March 2024 4 |

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**Access Persons:** Access Persons are those who have access to non-public information regarding FT Funds' or Client Accounts' securities transactions; or have access to recommendations that are non-public; or have access to non-public information regarding the portfolio holdings of the FT Funds or Client Accounts.

**Portfolio Persons:** Portfolio Persons, a subset of Access Persons, are those who, in connection with their regular functions or duties, make or participate in the decision to purchase or sell a security by an FT Fund or Client Account or if his or her functions relate to the making of any recommendations about those purchases or sales.

Please see the Appendix to this Policy for a table indicating how the provisions of the Policy apply to each category of persons. In addition, please see section 2.8 of the Policy for a description of the requirements for Independent Directors.

2.3 Accounts and Transactions Covered by the Policy

The Policy covers two types of securities accounts and transactions: (1) those in which Covered Employees have or share investment control, and (2) those in which Covered Employees have direct or indirect beneficial ownership. Generally, a person has a beneficial ownership in a security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the security. "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in a security means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the security. Covered Employees are presumed to have a pecuniary interest in securities held by members of their immediate family or domestic partners sharing the same household.

Certain types of securities and investments are exempt from the Policy. These include, but are not limited to, direct obligations of the U.S. government, money market instruments, and registered open-end funds other than the FT Funds. Cryptocurrencies and digital assets must be precleared and are reportable only, (1) by members of those investment teams investing in cryptocurrencies, or any FT employee involved in trading or the creation and redemption process for any FT digital currency Fund or account, and (2) for the cryptocurrencies in which they are investing on behalf of clients or funds, and (3) those involved in the creation and redemption process for any FT digital currency ETF must also preclear their investments in FT digital Funds. Please consult the Code of Ethics Department for further information about specific types of securities that are exempt from the Policy.

2.4 Prohibited Transactions

**Trading that Conflicts with FT Funds or Client Accounts**

Covered Employees are prohibited from any trading activity that conflicts with the FT Funds' or Client Accounts' trading activity. Examples of prohibited trading activity include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "front running" or trading ahead of an FT Fund or Client Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading parallel to or against an FT Fund or Client Account.

**Short Sales of Securities Issued by Franklin Resources and FT Sponsored Closed-end Funds and Exchange Traded Funds (ETFs)**

Covered Employees are prohibited from effecting short sales, including "short sales against the box," of securities issued by FRI, or any FT sponsored closed-end funds or FT exchange traded funds (ETFs). This prohibition includes economically equivalent transactions such as call or put options, swap transactions or other derivatives that would result in having a net short exposure to FRI or any closed-end fund or ETF sponsored or advised by Franklin Templeton.

**Pledged Securities**

**Franklin Templeton**

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|:---|:---|
| **Personal investments and insider trading policy** | March 2024 5 |

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Directors and Executive Officers are also prohibited from pledging, hypothecating or otherwise encumbering securities issued by Franklin Resources as described in greater detail in the FRI Code of Ethics and Business Conduct.

**Trading in Shares of the FT Funds**

A Covered Employee is prohibited from buying or selling shares of an FT Fund while in possession of material non-public information about the FT Fund. Specifically, Covered Employees are prohibited from taking personal advantage of their non-public knowledge of recent or impending investment activities of FT Funds or the FT Funds' investment advisers or any other non-public information that a reasonable investor would likely consider important in making his or her investment decisions, including information that may have a material effect on an FT Fund's share price or net asset value.

In addition, Covered Employees must keep confidential at all times non-public information they may obtain about an FT Fund, including but not limited to information such as portfolio holdings, pricing or valuation of an FT Fund's portfolio holdings, recent or impending securities transactions by an FT Fund, changes related to an FT Fund's investment adviser, offerings of new FT Funds, changes to investment minimums, FT Fund closures or liquidations, changes to investment personnel, FT Fund flow activity, and information on current or prospective FT Fund shareholders.

Please consult your local Legal or Compliance department if you have any questions about materiality, confidentiality, or any other concerns before trading on or sharing non-public information relating to FT Funds.

**Special Provision Relating to Ownership of Putnam Funds**

Employees of Putnam Investment Management, LLC, The Putnam Advisory Company LLC, Putnam Investments Limited and of the principal underwriter of the Putnam open-end U.S. mutual funds (currently Putnam Retail Management Limited Partnership) (collectively, the "Putman Entities") must hold shares of Putnam open-end U.S. mutual funds through the Putnam transfer agent (Putnam Investor Services, Inc.) and all transactions must be executed through Putnam Retail Management as dealer of record. Holding Putnam mutual fund shares in discretionary accounts is prohibited. This requirement does not apply to shares of Putnam mutual funds owned in retirement accounts or other accounts required to be held through third-party administrators.

**Short-Term Trading in Open-end FT Funds**

Franklin Templeton discourages short-term or excessive trading, often referred to as "market timing," in shares of the open-end FT Funds. Covered Employees must be familiar with the "Frequent Trading Policy" or its equivalent described in the prospectus of each open-end FT Fund in which they invest and must not engage in trading activity that might violate the purpose or intent of such policy. Accordingly, all Covered Employees must comply with the purpose and intent of each open-end FT Fund's Frequent Trading Policy or its equivalent and must not engage in any short-term trading (if the relevant FT Fund has adopted a policy regarding short-term trading) or excessive trading in open-end FT Funds.

For open-end FT Funds within the Franklin Templeton Group of Funds, including FT Funds purchased through a 401(k) plan, trading activity by Covered Employees is monitored and any trading patterns or behaviors that may constitute short-term or excessive trading is reported to the Code of Ethics Department. These reports will include descriptions of any actions taken and any sanctions or penalties imposed in response to such trading activity. This policy does not apply to purchases and sales of money market funds.

2.5 Additional Prohibitions and Requirements for Access Persons and Portfolio Persons

**Initial Public Offerings**

Access Persons are prohibited from investing in securities sold in an initial public offering or a secondary offering<br> (including Initial Coin Offerings ("ICOs")) by an issuer except for offerings of securities made by closed-end FT Funds advised or sub-advised by Franklin Templeton. However, IPOs may be permissible in certain circumstances

**Franklin Templeton**

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|:---|:---|
| **Personal investments and insider trading policy** | March 2024 6 |

---

or jurisdictions. Please contact the Code of Ethics department or your local Compliance Officer in advance of executing any IPO.

**Short Sales of Securities**

Portfolio Persons are prohibited from selling short any security held by the FT Funds, including "short sales against the box." This prohibition also applies to effecting economically equivalent transactions, including, but not limited to, sales of uncovered call options, sales of put options while not owning the underlying security, and short sales of bonds that are convertible into equity positions, swaps or other derivatives where the security is held by FT Funds.

**Short Swing Rule**

Portfolio Persons are subject to a short swing rule whereby they cannot sell shares of a security at a price higher than any price paid within the prior 60 calendar days or buy a security at a price below any price which they sold it within the past 60 calendar days, including transactions in derivatives and transactions that may occur in margin and option accounts. Any profits made must be disgorged. Please consult the Code of Ethics Department for any exemptions and how profits are calculated.

**Disclosure of Interest in Securities or Private Investments**

Portfolio Persons are required to disclose any interest they have in the securities of an issuer or direct investment in any company if they are involved in either analysis or investment decisions related to the issuer or company. Portfolio Persons must re-disclose any such interest if they participate in later recommendations or investment decisions related to the issuer or company.

Portfolio Persons must also disclose any personal transactions they are contemplating in the securities referenced above, any position they hold with the issuer and any proposed business relationship between the issuer and the Portfolio Person or any party in which the Portfolio Person has an interest.

The disclosures above must be made to their Chief Investment Officer and /or Director of Research.

2.6 Reporting Requirements

**All Accounts**

All Covered Employees must complete an Initial Code of Ethics Certification no later than 10 calendar days after the date the person is notified by a member of the Human Resources Department of the requirement to do so. Additionally, by **February 15<sup>th</sup>** of each subsequent year they must complete an annual certification that they have complied with and will comply with the Policy.

Access Persons must also file an Initial Broker Accounts Certification and Initial Holdings Certification no later than 10 calendar days after the date the person is notified by a member of the Human Resources Department of the requirement to do so. Additionally, by **February 15<sup>th</sup>** of each subsequent year, Access Persons must file a then current **annual** report of all personal securities accounts and securities holdings and must certify that they have complied with and will comply with the Policy.

**Non-Discretionary Accounts**

On a **quarterly** basis, and no later than 30 calendar days after the end of each calendar quarter, every Access Person must report all transactions in securities covered by this Policy, except for those executed through an Automatic Investment Plan or that would duplicate information already provided in broker confirmations or statements sent to the Code of Ethics Department directly from the broker.

No later than 30 calendar days after the calendar quarter, Access Persons must report any account established in which any securities were held during that calendar quarter.

**Discretionary Accounts**

**Franklin Templeton**

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| **Personal investments and insider trading policy** | March 2024 7 |

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Reporting of transactions is not required for discretionary accounts. A discretionary account is managed by a non-affiliated third party (registered broker-dealer, a registered investment adviser, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion.

The Access Person must certify initially and annually thereafter that they do not have investment control of the discretionary account other than the right to terminate. If the Access Person makes or participates in an investment decision for an account that has been reported as a discretionary account, any transactions related to that investment decision must be pre-cleared. If there is any uncertainty about whether a particular account would be deemed discretionary for purposes of the Policy, please consult the Code of Ethics Department.

2.7 Pre-Clearance Requirements

**Securities Transactions**

Access Persons must obtain pre-clearance from the Code of Ethics Department before buying or selling any security (other than those not requiring pre-clearance, a full list of which is available from the Code of Ethics Department) and are always prohibited from executing transactions in a security if aware that the FT Funds or Client Accounts are active or contemplate being active in the security (even if the transactions have been pre-cleared). Pre-clearance requests should be submitted via PTA.

**Private Investments and Limited Offerings**

Access Persons must obtain pre-clearance from the Code of Ethics Department before investing in a private placement or purchasing other securities in a limited offering. For example, investments in private or unregistered funds (i.e., hedge funds) are required to be pre-cleared under the Policy.

**Discretionary Accounts**

Transactions in discretionary accounts do not need to be pre-cleared if satisfactory evidence has been provided to the Code of Ethics Department that sole investment discretion has been granted to an investment manager. If the Access Person makes or participates in an investment decision for an account that has been reported as a discretionary account, any transactions related to that investment decision must be pre-cleared.

**Exemptions from Pre-Clearance**

Certain types of securities and transactions are exempt from pre-clearance requirements. Examples of these types of securities and transactions include, but are not limited to, shares issued by FRI; shares of open-end Funds and ETFs (including FT open-ended Funds and ETFs) and closed-end funds (not including FT sponsored closed-end Funds which must be precleared); certain government obligations and transactions effected pursuant to dividend reinvestment plans. In addition, transactions in small quantities of securities (e.g., in the case of equity securities, 500 shares within a 30 calendar day period) are not required to be pre-cleared. Please consult the Code of Ethics Department for further information about the types of securities and transactions that are exempt from the pre-clearance requirements of the Policy.

**"Intent" Is Important**

While pre-clearance of Access Persons' transactions is a cornerstone of Franklin Templeton's compliance efforts, it cannot detect inappropriate or illegal transactions where the intent conflicts with the principles of the Policy. Thus, the fact that a proposed transaction received pre-clearance is not a defense against a charge of violating the Policy or the securities laws. For example, even if an Access Person received pre-clearance for a transaction, that transaction might constitute front-running if it occurred shortly before a transaction by an FT Fund or Client Account that the Access Person was aware of. In cases like this, the intent may not be evident when a particular transaction request is analyzed for pre-clearance.

2.8 Requirements for Independent Directors

**Pre-clearance and Reporting Requirements**

**Franklin Templeton**

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|:---|:---|
| **Personal investments and insider trading policy** | March 2024 8 |

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Unless covered by a separate policy, an Independent Director is subject to the pre-clearance and transaction reporting requirements of the Policy only if such Independent Director, at the time of his or her transaction, knew or should have known that, during the 15 calendar day period before or after the date of the Independent Director's transaction, the security was purchased or sold or considered for purchase or sale by an FT Fund or Client Account. The pre-clearance and reporting requirements of the Policy do not apply to securities transactions conducted in an account where an Independent Director has granted full investment discretion to a brokerage firm, bank or investment adviser or conducted in a trust account in which the trustee has full investment discretion. Independent Directors are not required to disclose any securities holdings or brokerage accounts, including brokerage accounts where he/she has granted discretionary authority to a brokerage firm, bank or investment adviser.

**Initial and Annual Acknowledgment Reports**

An Independent Director must complete and return an executed Acknowledgment Form to the Code of Ethics Department no later than 10 calendar days after the date the person becomes an Independent Director. Independent Directors will be asked to certify by **February 15<sup>th</sup>** of each year that they have complied with and will comply with the Policy by filing the Acknowledgment Form with the Code of Ethics Department.

**SECTION 3. INSIDER TRADING**

3.1 Policy on Insider Trading

Insider trading, or trading on material non-public information, is against the law and penalties are severe, both for individuals involved in such unlawful conduct and their employers. No Covered Employee may (1) trade, either personally or on behalf of the FT Funds or Client Accounts, while in possession of material non-public information, or (2) communicate material non-public information to others.

Material non-public information may be obtained by many means, both in connection with a Covered Employee's job functions (e.g., from meetings with company executives or consultations with expert networks) or independent of the Covered Employee's employment or relationship with Franklin Templeton (e.g., from friends or relatives).

Before trading for themselves or others (including FT Funds and Client Accounts) in the securities of a company about which a Covered Employee potentially may have material non-public information, the Covered Employee should consider the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First, is the information material? Information is considered material if there is a substantial likelihood
that a reasonable investor would consider the information to be important in making his or her investment decision, or if it is reasonably
certain to have a substantial effect on the price of the company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second, is the information non-public? Information is non-public until it has been effectively communicated
to the marketplace. For example, information in a report filed with the U.S. Securities and Exchange Commission, or that appears in a
publication of general circulation (e.g., The Wall Street Journal or Reuters) would be considered public. If the information has been
obtained from someone who is betraying an obligation not to share the information (e.g., a company insider), that information is very
likely to be non-public.

If, after consideration of these questions, the Covered Employee believes that the information that they have about a company may be material and non-public, or if the Covered Employee has questions as to whether the information is material or non-public, he or she must report the matter immediately to Trading Desk Compliance/IC, the designated Compliance Officer or Legal Department. In addition, the Covered Employee must not purchase or sell any securities issued by such company on behalf of themselves or others (including on behalf of any FT Fund or Client Account), or communicate the information inside or outside Franklin Templeton.

**Franklin Templeton**

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|:---|:---|
| **Personal investments and insider trading policy** | March 2024 9 |

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Trading Desk Compliance/IC or the Compliance Officer will promptly contact the Legal Department for advice. After review of the facts, the Legal Department, Trading Desk Compliance/IC or the Compliance Officer will provide instructions to the Covered Employee. If the information in the Covered Employee's possession is determined to be material and non-public, the Covered Employee is required to keep the information confidential and secure. Those securities for which the Covered Employee has material non-public information will be placed on restricted trading lists for a timeframe determined by the Compliance Officer.

**SECTION 4. RELATED POLICIES AND REQUIREMENTS**

4.1 Statement on Other Policies and Requirements

In addition to the Policy, Covered Employees are required to observe the applicable policies and procedures prescribed in the *Code of Ethics and Business Conduct*, the policies contained in the U.S. and non-U.S. employee handbooks (as applicable), and various other policies adopted by Franklin Templeton.

**SECTION 5. ADMINISTRATION OF THE POLICY, WAIVERS & REPORTING VIOLATIONS**

5.1 Code of Ethics Committee; Reporting to FT Fund Boards

The Code of Ethics Committee is responsible for the administration of the Policy and provides oversight of compliance with the personal trading requirements of the Policy. Among other things, the Committee has the authority and responsibility to review the Policy periodically, review sanction guidelines for violations of the Policy and review trading violations and waivers granted.

At least annually, the FT Fund Boards who have adopted this policy will be provided with a report describing any issues arising under the Policy if requested. FT Fund Boards may require more frequent reporting, including detailing all violations of the Policy.

5.2 Violations of the Policy

A Covered Employee that violates this Policy will be sanctioned in a manner commensurate with the violation. Prescribed sanctions range from warning memos for a first time failure to pre-clear a transaction to the immediate sale of positions, disgorgement of profits, personal trading suspensions and other sanctions, up to and including termination and reporting to regulatory authorities for more serious violations*.*

5.3 Waivers of the Policy

The Chief Compliance Officer of the relevant investment adviser, or primary regional officer, may, in his or her discretion, waive compliance by any Covered Employee with the provisions of the Policy, if he or she finds that such a waiver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is necessary to alleviate undue hardship or in view of unforeseen circumstances or is otherwise appropriate
under all the relevant facts and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) will not be inconsistent with the purposes and objectives of the Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) will not adversely affect the interests of the FT Funds or Client Accounts or the interests of Franklin
Templeton; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) will not result in a transaction or conduct that would violate provisions of applicable laws or regulations.

Any waiver will be in writing, will contain a statement of the basis for it, and any waivers granted by the Chief Compliance Officer of the relevant investment adviser, or primary regional officer, will be reported to the SVP of Regulatory Compliance.

**Franklin Templeton**

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| **Personal investments and insider trading policy** | March 2024 10 |

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5.4 Reporting Violations

Covered Employees are required to report violations of the Policy or the related Procedures, whether by themselves or by others.

Franklin Templeton is dedicated to providing Covered Employees with the means and opportunity to report violations of the Policy or the related Procedures, or other instances of wrongdoing, or any concerns they may have regarding ethical violations or accounting, internal control or auditing matters, including fraud. Several means are provided by which reports to the Compliance and Ethics Hotline can be made including:

Online at: https://franklintempleton.ethicspoint.com

U.S., U.S. Territories or Canada can call toll-free 1-800-648-7932

All other countries can call collect at 704-540-0139

Franklin Templeton will not allow retaliation against any Covered Employee who has submitted a report of a violation of the Policy or the related Procedures in good faith.

**Franklin Templeton**

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|:---|:---|
| **Personal investments and insider trading policy** | March 2024 11 |

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**Appendix**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Covered Employees** | **Access Persons** | **Portfolio Persons** | **Independent Directors** |
| **Prohibited Activities (Section 1.3)** | X | X | X | X |
| **Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** | **Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** | **Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** | **Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** | **Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** |
| &nbsp;&nbsp;&nbsp;Prohibition on Trading Activity that Conflicts with FT Funds or Client Accounts | X | X | X | X |
| &nbsp;&nbsp;&nbsp;Prohibition on Short Sales of FRI and Closed-end FT Funds | X | X | X | X |
| &nbsp;&nbsp;&nbsp;Trading in Shares of the FT Funds When in Possession of Material Non-Public Information | X | X | X | X |
| &nbsp;&nbsp;&nbsp;Short-Term Trading in Open-end FT Funds | X | X | X | X |
| &nbsp;&nbsp;&nbsp;Prohibition on Investments in Initial Public Offerings |  | X | X |  |
| &nbsp;&nbsp;&nbsp;Prohibition on Short Sales of All Securities |  |  | X |  |
| &nbsp;&nbsp;&nbsp;Short Swing Rule |  |  | X |  |
| &nbsp;&nbsp;&nbsp;Disclosure of Interest in Securities |  |  | X |  |
| **Reporting Requirements (Section 2.6)** | **Reporting Requirements (Section 2.6)** | **Reporting Requirements (Section 2.6)** | **Reporting Requirements (Section 2.6)** | **Reporting Requirements (Section 2.6)** |
| &nbsp;&nbsp;&nbsp;Initial Certification/Acknowledgment | X | X | X | X |
| &nbsp;&nbsp;&nbsp;Initial Disclosure of Accounts and Holdings |  | X | X |  |
| &nbsp;&nbsp;&nbsp;Annual Disclosure of Accounts and Holdings |  | X | X |  |
| &nbsp;&nbsp;&nbsp;Annual Certification of Compliance | X | X | X | X |
| &nbsp;&nbsp;&nbsp;Quarterly Disclosure of Transactions |  | X | X | X\* |
| &nbsp;&nbsp;&nbsp;Quarterly Disclosure of New Accounts |  | X | X |  |
| **Pre-Clearance Requirements (Section 2.7)** |  | X | X | X\* |
| **Insider Trading (Section 3)** | X | X | X | X |
| **Requirement to Report Violations (Section 5.4)** | X | X | X | X |

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<br> \*Only applicable if the Independent Director, at the time of his or her transaction, knew or should have known that, during the 15 calendar day period before or after the date of the Independent Director's transaction, the security was purchased or sold or considered for purchase or sale by an FT Fund or Client Account.

**Franklin Templeton**

## Ex-99.Code

**THE PUTNAM FUNDS**

<u>Code of Ethics</u>

Each of The Putnam Funds (the "Funds") has determined to adopt this Code of Ethics with respect to certain activities by officers and Trustees of the Funds which might be deemed to create possible conflicts of interest and to establish reporting requirements and enforcement procedures with respect to such activities.

I. <u>Rules Applicable to Officers and Trustees Affiliated with Putnam Investment Management, LLC or Franklin Resources, Inc. or any of its other Subsidiaries</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Incorporation of Adviser's Code of Ethics</u>. The provisions, other than Section 2.8, of the
Franklin Templeton Personal Investments and Insider Trading Policy for employees of Franklin Resources, Inc. and all of its subsidiaries
(the "Franklin Code of Ethics"), which is attached as Appendix A hereto, are hereby incorporated herein as the Funds'
Code of Ethics applicable to officers and Trustees of the Funds who are employees of the Funds or officers, directors or employees of
Putnam Investment Management, LLC or Franklin Resources, Inc. or any of its other subsidiaries . A violation of the Franklin Code of Ethics
shall constitute a violation of the Funds' Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Reports</u>. Officers and Trustees of each of the Funds who are made subject to the Franklin Code of
Ethics pursuant to the preceding paragraph shall file the reports required by the Franklin Code of Ethics. A report filed in accordance
with the Franklin Code of Ethics shall be deemed to be filed with each of the Funds of which the reporting individual is an officer or
Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Review and Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Funds' Chief Compliance Officer shall cause the reported personal securities transactions to
be compared with completed and contemplated portfolio transactions of each of the Funds to determine whether a violation of this Code
may have occurred. Before making any determination that a violation has been committed by any person, the Funds' Chief Compliance
Officer shall give such person an opportunity to supply additional explanatory material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Funds' Chief Compliance Officer determines that a violation of any provision of this Code
has or may have occurred, he shall submit his written determination, together with any additional explanatory material, to the Audit,
Compliance and Risk Committee of the Funds at its next meeting when Code of Ethics matters are discussed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Sanctions</u>. In addition to reporting violations of this Code to the Audit, Compliance and Risk Committee
of the Funds as provided in Section I-C(2), the Funds' Chief Compliance Officer shall also report to such Committee any sanctions
imposed with respect to such violations.

II. <u>Rules Applicable to Unaffiliated Trustees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "Beneficial ownership" shall be interpreted in the same manner as it would be in determining
whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Control" means the power to exercise a controlling influence over the management or policies
of a company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "Covered Person" means an affiliated person of the Fund, who is not made subject to the Franklin
Code of Ethics pursuant to Part I hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) "Interested Trustee" means a Trustee of a Fund who is an "interested person" of
the Fund within the meaning of the Investment Company Act of 1940, as amended (the "Investment Company Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "Purchase or sale of a security" includes, among other things, the writing of an option to
purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "Security" shall have the same meaning as that set forth in Section 2(a)(36) of the Investment
Company Act (in effect, all securities) except that it shall not include securities issued by the Government of the United States or an
agency thereof, bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt investments,
including repurchase agreements, and shares of registered open-end investment companies, but shall include any security convertible into
or exchangeable for a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) "Security Held or to be Acquired by a Fund" means: (i) any security, as defined herein, which,
within the most recent 15 days: (A) is or has been held by the Fund, or (B) is being or has been considered by the Fund or its investment
adviser for purchase by the Fund, and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a security
described in (i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) "Unaffiliated Trustee" means a Trustee who is not made subject to the Franklin Code of Ethics
pursuant to Part I hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Prohibited Actions</u>. No Covered Person, in connection with the purchase or sale, directly or indirectly,
by such Covered Person of a security held or to be acquired by the Fund, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in
order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Engage in any act, practice or course of business that operates or would operate as a fraud or deceit
on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Engage in any manipulative practice with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Every Unaffiliated Trustee of a Fund shall file with the Funds' Compliance Liaison a report containing
the information described in Section II-C(2) of this Code with respect to purchases or sales of any security in which such Unaffiliated
Trustee has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, if such Trustee, at the time of that
transaction, knew or, in the ordinary course of fulfilling his or her official duties as a Trustee of the Fund, should have known that,
during the 15-day period immediately preceding or after the date of the transaction by the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such security was or is to be purchased or sold by the Fund or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such security was or is being considered for purchase or sale by the Fund;

<u>provided</u>, <u>however</u>, that an Unaffiliated Trustee shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Every report shall be made not later than 10 days after the end of the calendar quarter in which the transaction
to which the report relates was effected, and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The date of the transaction, the title, the number of shares, the interest rate and maturity date (if
applicable) and the principal amount of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The date that the report is submitted by each Unaffiliated Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any such report may contain a statement that the report shall not be construed as an admission by the
person making such report that he has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding anything to the contrary contained herein, an Unaffiliated Trustee who is an "interested
person" of the Funds shall file the reports required by Rule 17j-1(d)(1) under the Investment Company Act with the Funds'
Chief Compliance Officer. Such reports shall be reviewed by such Officer as provided in Section I-C(1) and any related violations shall
be reported to the Audit, Compliance and Risk Committee as provided in Section I-C(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Review and Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Compliance Liaison of the Funds, in consultation with the Funds' Chief Compliance Officer, shall
cause the reported personal securities transactions that he receives pursuant to Section II-C(1) to be compared with completed and contemplated
portfolio transactions of the Funds to determine whether any prohibited action listed in Section II-B may have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Before making any determination that a violation of this Code has occurred, the Compliance Liaison shall
give the person involved an opportunity to supply additional information regarding the transaction in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Sanctions</u>. If the Compliance Liaison determines that a violation of this Code has occurred, he
shall so advise the Funds' Audit, Compliance and Risk Committee, and provide the Committee with a report of the matter, including
any additional information supplied by such person. The Committee may impose such sanctions as it deems appropriate.

III. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Amendments to the Franklin Code of Ethics</u>. Any amendment to the Franklin Code of Ethics shall be
deemed an amendment to Section 1-A of this Code effective 30 days after written notice of such amendment shall have been received by the
Chair of the Funds, unless the Trustees of the Funds expressly determine that such amendment shall become effective at an earlier or later
date or shall not be adopted or shall be adopted only in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Records</u>. The Funds shall maintain records in the manner and to the extent set forth below, which
records may be maintained in any manner permitted under the Investment Company Act and shall be available for examination by representatives
of the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A copy of this Code and any other code which is, or at any time within the past five years has been, in
effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A record of any violation of this Code and of any action taken as a result of such violation shall be
preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation
occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A copy of each report made by an officer or Trustee pursuant to this Code shall be preserved for a period
of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A list of all persons who are, or within the past five years have been, required to make reports pursuant
to this Code shall be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) To the extent any record required to be kept by this section is also required to be kept by pursuant to
the Franklin Code of Ethics, the Funds' Chief Compliance Officer shall maintain or cause to be maintained such record on behalf
of the Funds as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Confidentiality</u>. All reports of securities transactions and any other information filed with any
Fund pursuant to this Code shall be treated as confidential, but are subject to review as provided herein and by personnel of the Securities
and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Interpretation of Provisions</u>. The Trustees may from time to time adopt such interpretations of
this Code as they deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Delegation by Chair</u>. The Chair of the Funds may from time to time delegate any or all of his or
her responsibilities under this Code, either generally or as to specific instances, to such officer or Trustee of the Funds as he or she
may designate.

As revised June 28, 2024.