# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-26-014740
**Filing Date:** 2026-4
**Character Count:** 80199
**Document Hash:** dbad8d1c0301952d23e735745c658f32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014740.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000940400-26-014740

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**PERIOD START**: 20260531

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 26893168

**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

### Franklin Pennsylvania Municipal Income ETF (Series ID: S000094550)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000263083 | Franklin Pennsylvania Municipal Income ETF |  |

## Nport-Ex

Schedule of Investments (unaudited)

February 28, 2026

***If you need assistance accessing this content, please reach out to your sales representative or send an email to*** <u>accessibility@franklintempleton.com.</u>

 **Franklin Pennsylvania Municipal Income ETF**

&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; <br>(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 92.1%** | **Municipal Bonds — 92.1%** | **Municipal Bonds — 92.1%** | **Municipal Bonds — 92.1%** | **Municipal Bonds — 92.1%** |
| *Guam — 2.6%* | *Guam — 2.6%* | *Guam — 2.6%* | *Guam — 2.6%* | *Guam — 2.6%* |
| &nbsp;&nbsp;&nbsp; Guam Government, GO, Series 2019  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; $455000 | &nbsp;&nbsp;&nbsp; $483972<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Guam Government, Business Privilege Tax Revenue, Series F, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1294539<br>|
| &nbsp;&nbsp;&nbsp; Guam Government, Hotel Occupancy Tax Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 450246<br>|
| *Total Guam* | *Total Guam* | *Total Guam* | *Total Guam* | &nbsp;&nbsp; *2228757* |
| *Pennsylvania — 86.3%* | *Pennsylvania — 86.3%* | *Pennsylvania — 86.3%* | *Pennsylvania — 86.3%* | *Pennsylvania — 86.3%* |
| &nbsp;&nbsp;&nbsp; Adams County, PA, General Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brethren Home Community Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 98088<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brethren Home Community Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/59 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 387959<br>|
| &nbsp;&nbsp;&nbsp; Allegheny County, PA, Airport Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/46 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 703762<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1068711<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1048918<br>|
| &nbsp;&nbsp;&nbsp; Allegheny County, PA, HDA Revenue, Allegheny Health Network Obligated Group <br> Issue, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1910385<br>|
| &nbsp;&nbsp;&nbsp; Allegheny County, PA, Highlands School District, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, AG, State Aid Withholding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 516879<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, AG, State Aid Withholding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/43 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 714458<br>|
| &nbsp;&nbsp;&nbsp; Allentown, PA, Commercial and Industrial Development Authority Revenue, <br> Education Facility Lease, Executive Education Academy Charter School Project, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 544781<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bellefonte, PA, Area School District, GO, Series A, Refunding, State Aid Withholding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1045697<br>|
| &nbsp;&nbsp;&nbsp; Berks County, PA, IDA, Revenue, Delaware Valley University Project, Series B, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 241746<br>|
| &nbsp;&nbsp;&nbsp; Bethlehem, PA, Redevelopment Authority Revenue, Moravian University Project, <br> Series 2024  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1527445<br>|
| &nbsp;&nbsp;&nbsp; Cheltenham Township, PA, IDA Revenue, Arcadia University, Series 2024, Refunding  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 343063<br>|
| &nbsp;&nbsp;&nbsp; Chester County, PA, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collegium Charter School Project, Series 2022, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/15/52 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 750460<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colleguim Charter School Project, Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 225164<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Student Housing LLC Project, West Chester University of Pennsylvania, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 969873<br>|
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania, Series C  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp; 1249657<br>|
| &nbsp;&nbsp;&nbsp; Cumberland County, PA, Municipal Authority Revenue, Asbury Pennsylvania <br> Obligated Group, Series 2019, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 495001<br>|
| &nbsp;&nbsp;&nbsp; Cumberland Valley, PA, School District, GO, Series A, AG, State Aid Withholding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1606864<br>|
| &nbsp;&nbsp;&nbsp; Dallas Area, PA, Municipal Authority Revenue, Misericordia University Project, <br> Series 2014, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1230000 | &nbsp;&nbsp;&nbsp; 1230505<br>|
| &nbsp;&nbsp;&nbsp; Delaware County, PA, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1044854<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1065215<br>|
| &nbsp;&nbsp;&nbsp; Delaware County, PA, Interboro School District, GO, Series 2024, AG, State Aid <br> Withholding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/15/63 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2426295<br>|
| &nbsp;&nbsp;&nbsp; Lackawanna County, PA, IDA Revenue, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1496010<br>|
| &nbsp;&nbsp;&nbsp; Lancaster County, PA, Convention Center Authority Revenue, Hotel Room Rental Tax, <br> County Guaranty, Series B, Refunding, County GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 945638<br>|

---

See Notes to Schedule of Investments.

------

Franklin Pennsylvania Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin Pennsylvania Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* |
| &nbsp;&nbsp;&nbsp; Lancaster County, PA, Hospital Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Center, Landis Homes Retirement Community Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $1000000<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masonic Villages Project, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1104177<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masonic Villages Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp; 540547<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moravian Manors Inc. Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp; 1181105<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moravian Manors Inc. Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 893371<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint Anne's Retirement Community, Incorporated Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 452247<br>|
| &nbsp;&nbsp;&nbsp; Lancaster, PA, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landis Homes Retirement Community Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 420347<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landis Homes Retirement Community Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/56 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp; 840927<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willow Valley Communities Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 1315017<br>|
| &nbsp;&nbsp;&nbsp; Lehigh County, PA, General Purpose Authority Revenue, Muhlenberg College Project, <br> Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/54 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1605175<br>|
| &nbsp;&nbsp;&nbsp; Montgomery County, PA, IDA Revenue, Acts Retirement-Life Communities, Inc. <br> Obligated Group, Series C  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 534868<br>|
| &nbsp;&nbsp;&nbsp; Montgomery County, PA, IDA, School Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germantown Academy Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 401661<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germantown Academy Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 555422<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germantown Academy Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/51 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 674984<br>|
| &nbsp;&nbsp;&nbsp; Pennsbury School District, Bucks County, PA, GO, State Aid Withholding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1065210<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas Jefferson University, Fixed Rate Revenue Bonds, Series B2, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1050726<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Pennsylvania Health Systems, Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1032823<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Pennsylvania Health Systems, Series 2025, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1088475<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Properties Inc. Student Housing Project, Series A, Refunding, | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp; 730105<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Senior Living Project, Series B-1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 507897<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project, <br> Series 2022, AG | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/31/62 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 422335<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, The Pennsylvania Rapid Bridge Replacement Project, <br> Series 2015 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/34 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 251257<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Private Activity, UPMC Revenue Bonds, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1628606<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority Solid Waste <br> Disposal Revenue, Procter & Gamble Paper Products Co. 2001  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp; 1310430<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority, Sewage Sludge <br> Disposal Revenue, Philadelphia Biosolids Facility, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 668132<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Financing Authority Revenue, Guaranteed Revenue Bonds, Penn <br> Hills Project, Series B, Refunding, AMBAC, Municipal Government GTD  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 951294<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State HFA Revenue, Single Family Mortgage Revenue Bonds, Series <br> 150A, Refunding  | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1068755<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Oil Franchise Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1181366<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 1880675<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 325950<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1068780<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp; 1693413<br>|

---

See Notes to Schedule of Investments.

------

Franklin Pennsylvania Municipal Income ETF 2026 Quarterly Report

------

 **Franklin Pennsylvania Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series A | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $1015438<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 301431<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 402204<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for IDR: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Revenue, A String Theory Charter School Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1007926<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Revenue, Mast Community Charter School Ii Project, Series 2020 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp; 631406<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Revenue, West Project, Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp; 1265042<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Family Housing Revenue, University Square Apartments Project, Tax <br> Exempt, Class 3, Series 2017 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 306052<br> <sup>(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Revenue Bonds, Saint Joseph's University Project, Series 2022 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/60 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1045218<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Gas Works Revenue, 1998 General Ordinance, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2530850<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Housing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTD Revenue Bonds, PHADC Acquisition Program, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 540567<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GTD Revenue Bonds, PHADC Acquisition Program, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 528364<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joseph's University, Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp; 510589<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joseph's University, Series 2017, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp; 505303<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Redevelopment Authority Revenue, City Service Agreement <br> Revenue Bonds, Tax-Exempt Bonds, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1359260<br>|
| &nbsp;&nbsp;&nbsp; Pittsburgh School District & Allegheny County, PA, GO, Series 2021, State Aid <br> Withholding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp; 946044<br>|
| &nbsp;&nbsp;&nbsp; Pittsburgh, Commonwealth, PA, GO, Capital Improvement Bonds, Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 427052<br>|
| &nbsp;&nbsp;&nbsp; Pittsburgh, PA, Water and Sewer Authority, Sewer System Revenue, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 710585<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority Revenue, Asset Improvement <br> Program, Series 2022  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1831080<br>|
| &nbsp;&nbsp;&nbsp; West Cornwall Township, PA, Municipal Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lebanon Valley Brethren Home Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp; 366691<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lebanon Valley Brethren Home Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp; 486339<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lebanon Valley Brethren Home Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/46 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; 459006<br>|
| &nbsp;&nbsp;&nbsp; Wilkes-Barre Area, PA, School District, GO, Series 2019, BAM, State Aid <br> Withholding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/59 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2025188<br>|
| &nbsp;&nbsp;&nbsp; Wilkes-Barre, PA, Finance Authority Revenue, Wilkes University Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1227348<br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *73532488* |
| *Puerto Rico — 1.0%* | *Puerto Rico — 1.0%* | *Puerto Rico — 1.0%* | *Puerto Rico — 1.0%* | *Puerto Rico — 1.0%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 350723<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 485287<br>|
| *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | &nbsp;&nbsp; *836010* |
| *South Carolina — 0.8%* | *South Carolina — 0.8%* | *South Carolina — 0.8%* | *South Carolina — 0.8%* | *South Carolina — 0.8%* |
| &nbsp;&nbsp;&nbsp; South Carolina State Jobs, EDA Hospital Facilities Revenue, Bon Secours Mercy <br> Health Inc., Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp; *687693*<br>|
| *Texas — 0.2%* | *Texas — 0.2%* | *Texas — 0.2%* | *Texas — 0.2%* | *Texas — 0.2%* |
| &nbsp;&nbsp;&nbsp; Beaumont, TX, Housing Authority Revenue, Residential Development Senior Lien, <br> Series A | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; *200743*<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Pennsylvania Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin Pennsylvania Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *U.S. Virgin Islands — 0.4%* | *U.S. Virgin Islands — 0.4%* | *U.S. Virgin Islands — 0.4%* | *U.S. Virgin Islands — 0.4%* | *U.S. Virgin Islands — 0.4%* |
| &nbsp;&nbsp;&nbsp; U.S. Virgin Islands Matching Fund Special Purpose Securitization Corp. Revenue, <br> Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; $320000 | &nbsp;&nbsp;&nbsp; $*338005*<br>|
| *Washington — 0.8%* | *Washington — 0.8%* | *Washington — 0.8%* | *Washington — 0.8%* | *Washington — 0.8%* |
| &nbsp;&nbsp;&nbsp; Grays Harbor County, WA, Public Hospital District No 1 Revenue, Summit Pacific <br> Medical Center, Series 2023, Refunding | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; *675748*<br>|
| **Total Investments before Short-Term Investments (Cost — $78,334,333)** | **Total Investments before Short-Term Investments (Cost — $78,334,333)** | **Total Investments before Short-Term Investments (Cost — $78,334,333)** | **Total Investments before Short-Term Investments (Cost — $78,334,333)** | &nbsp;&nbsp; **78499444** |
|  |  |  | Shares |  |
| **Short-Term Investments — 8.1%** | **Short-Term Investments — 8.1%** | **Short-Term Investments — 8.1%** | **Short-Term Investments — 8.1%** | **Short-Term Investments — 8.1%** |
| **Money Market Funds — 7.4%** | **Money Market Funds — 7.4%** | **Money Market Funds — 7.4%** | **Money Market Funds — 7.4%** | **Money Market Funds — 7.4%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares (Cost — $6,274,962)  | &nbsp;&nbsp; 3.450% |  | &nbsp;&nbsp; 6274962<br>| &nbsp;&nbsp;&nbsp;&nbsp; **6274962**<br> <sup>(e)(f)</sup><br>|
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** |
| *Pennsylvania — 0.7%* | *Pennsylvania — 0.7%* | *Pennsylvania — 0.7%* | *Pennsylvania — 0.7%* | *Pennsylvania — 0.7%* |
| &nbsp;&nbsp;&nbsp; Allegheny, PA, County Higher Education Building Authority Revenue, Carnegie <br> Mellon University, Series C, Refunding, SPA - Bank of New York Mellon <br> (Cost — $620,000) | &nbsp;&nbsp; 1.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; $620000 | &nbsp;&nbsp;&nbsp;&nbsp; **620000**<br> <sup>(g)(h)</sup><br>|
| **Total Short-Term Investments (Cost — $6,894,962)** | **Total Short-Term Investments (Cost — $6,894,962)** | **Total Short-Term Investments (Cost — $6,894,962)** | **Total Short-Term Investments (Cost — $6,894,962)** | &nbsp;&nbsp; **6894962** |
| **Total Investments — 100.2% (Cost — $85,229,295)** | **Total Investments — 100.2% (Cost — $85,229,295)** | **Total Investments — 100.2% (Cost — $85,229,295)** | **Total Investments — 100.2% (Cost — $85,229,295)** | &nbsp;&nbsp; **85394406** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.2)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.2)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.2)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.2)% | &nbsp;&nbsp;&nbsp; (150815)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$85243591** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT").

<sup>(b)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. 

<sup>(c)</sup> Securities traded on a when-issued or delayed delivery basis.

<sup>(d)</sup> Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.

<sup>(e)</sup> Rate shown is one-day yield as of the end of the reporting period. 

<sup>(f)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At February 28, 2026, the total market value of investments in Affiliated Companies was $6,274,962 and the cost was $6,274,962 (Note 2). 

<sup>(g)</sup> Variable rate demand obligations ("VRDOs") have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's Short-term Obligation Rate Transparency System. 

<sup>(h)</sup> Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedule of Investments.

------

Franklin Pennsylvania Municipal Income ETF 2026 Quarterly Report

------

 **Franklin Pennsylvania Municipal Income ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| AMBAC |  | American Municipal Bond Assurance Corporation — Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| EDA |  | Economic Development Authority |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HDA |  | Housing Development Authority |
| HEFA |  | Health & Educational Facilities Authority |
| HFA |  | Housing Finance Agency |
| IDA |  | Industrial Development Authority |
| IDR |  | Industrial Development Revenue |
| SPA |  | Standby Bond Purchase Agreement — Insured Bonds |
| UPMC |  | University of Pittsburgh Medical Center |

---

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

------

Franklin Pennsylvania Municipal Income ETF 2026 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Franklin Pennsylvania Municipal Income ETF (the "Fund") is a separate diversified investment series of Putnam ETF Trust (the "Trust"). The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Fund is an actively managed exchange-traded fund ("ETF"). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on NAV, shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund's distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NYSE Arca, Inc. The market price for the Fund's shares may be different from the Fund's NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund seeks as high a level of current income exempt from federal income tax and Pennsylvania State personal income tax as the Fund's investment manager believes is consistent with preservation of capital.

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"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly 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, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger

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Franklin Pennsylvania Municipal Income ETF 2026 Quarterly Report

------

proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets carried at fair value: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Municipal Bonds† | &nbsp;&nbsp; — | &nbsp;&nbsp; $78499444 | &nbsp;&nbsp; — | &nbsp;&nbsp; $78499444 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $6274962 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6274962 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 620000 |
| Total Short-Term Investments | &nbsp;&nbsp; 6274962 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6894962 |
| **Total Investments** | &nbsp;&nbsp; **$6274962** | &nbsp;&nbsp; **$79119444** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$85394406** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedule of Investments for additional detailed categorizations.

**2. Transactions with affiliated companies**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended February 28, 2026. The following transactions were effected in such company for the period ended February 28, 2026. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>|  | $9708340 | 9708340 | $3433378 | 3433378 |
| Putnam Short Term <br> Investment Fund, Class P <br> Shares<br>| $1892381 | 25152335 | 25152335 | 27044716 | 27044716 |
|  | **$1892381** | **$34860675** |  | **$30478094** |  |

---

------

Franklin Pennsylvania Municipal Income ETF 2026 Quarterly Report

------

Notes to Schedule of Investments (unaudited) (cont'd)

&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; <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>February 28, <br>2026<br>|
| Putnam Government Money <br> Market Fund, Class P Shares<br>|  | $34895 |  | $6274962 |
| Putnam Short Term Investment <br> Fund, Class P Shares<br>|  | 50906 |  |  |
|  | **—** | **$85801** | **—** | **$6274962** |

---

------

Franklin Pennsylvania Municipal Income ETF 2026 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Putnam ETF Trust

- **b. Investment Company Act file number:** 811-23643

- **c. CIK number of Registrant:** 0001845809

- **d. LEI of Registrant:** 549300EMFKH8ETCKNO35

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Franklin Pennsylvania Municipal Income ETF

- **b. EDGAR series identifier (if any):** S000094550

- **c. LEI of Series:** 254900U9V1W8B86LIO90

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2026-02-28

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $86344088.17

**Total Liabilities:** $1100499.02

**Net Assets:** $85243589.15

**Delayed Delivery Securities:** $1030170.50

**Cash Not Reported:** $1.12

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 41.98799000 | **1-Year:** 1049.95023000 | **5-Year:** 11521.50973000 | **10-Year:** 45620.49170000 | **30-Year:** 1390.29292000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 110.18744000 | **5-Year:** 1933.99107000 | **10-Year:** 2219.67632000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000263083 | 0.24%                | 0.58%                | 1.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-34375.26               | $-122464.25                                |
| Month 2  | $-3486.28                | $239374.18                                 |
| Month 3  | $0.00                    | $1102167.91                                |

**Designated Index Information**

- **Index Name:** BTMNTR Index

- **Index Identifier:** BM10506

### Schedule of Portfolio Investments

| Name                                                 | Title                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WILKES-BARRE PA AREA SCH DIST                        | PA WILSCD 5 04/15/2059              | CUSIP: 968261NS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025188.40   | 2.38%             | 2059-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                             | PA PASSFH 4.9 10/01/2040            | CUSIP: 70879QZ30<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068755.30   | 1.25%             | 2040-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                                      | PA PAS 4 09/01/2043                 | CUSIP: 70914P2S0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1249657.35   | 1.47%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH                  | PA PASDEV 5.75 12/31/2062           | CUSIP: 70868YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $422335.12    | 0.50%             | 2062-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT                                            | GU GMSFAC 5 11/15/2031              | CUSIP: 40065BCQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $483972.58    | 0.57%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT AUTH                          | PA ALLAPT 4 01/01/2046              | CUSIP: 01728LFH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $703761.45    | 0.83%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST CORNWALL TWP PA MUN AUTH                        | PA WCOFAC 4 11/15/2041              | CUSIP: 95235TAS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $486339.04    | 0.57%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH                 | PA PASHGR 5.5 11/01/2054            | CUSIP: 70917TSA0<br>LEI: DB1TWPCZX5RK7VR27A68 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050726.20   | 1.23%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT                                            | GU GMSGEN 5 11/01/2040              | CUSIP: 40065KAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $450245.81    | 0.53%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY PA GEN AUTH                               | PA ADMGEN 5 06/01/2054              | CUSIP: 006114AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98088.26     | 0.12%             | 2054-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPIKE COMMISSION (PA)                | PA PASTRN 5.25 12/01/2053           | CUSIP: 709230AT3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1181365.57   | 1.39%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH                  | PA PASDEV 5.25 07/01/2049           | CUSIP: 70869PPB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507896.55    | 0.60%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH                 | PA PASHGR 5 07/01/2035              | CUSIP: 709181CA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $730105.12    | 0.86%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Putnam Investment Fund.                              | Putnam Investment Fund. GOVT MMKT P | CUSIP: 74680A869<br>LEI: 549300SRAF55EHI5J317 | Long             | STIV             | RF                | US        |   6274962 | PA      | $6274962.18   | 7.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PITTSBURGH PA WTR & SWR AUTH                         | PA PITUTL 5 09/01/2045              | CUSIP: 725304D30<br>LEI: 54930034DVH6W22T1E86 | Long             | DBT              | MUN               | US        |    650000 | PA      | $710584.55    | 0.83%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                          | PA LANMED 5 11/01/2035              | CUSIP: 514045Z30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $540546.62    | 0.63%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTERBORO SCH DIST PA                                | PA INTSCD 5.5 08/15/2063            | CUSIP: 458436YP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2426294.48   | 2.85%             | 2063-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GRAYS HARBOR COUNTY PUBLIC UTILITY DISTRICT N.1 (WA) | WA GRHMED 6.75 12/01/2044           | CUSIP: 389526AG9<br>LEI: TBI9VVSY0W0HBJJJJM65 | Long             | DBT              | MUN               | US        |    600000 | PA      | $675747.72    | 0.79%             | 2044-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUN AUTH                          | PA CUMGEN 5 01/01/2045              | CUSIP: 230614PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $495001.20    | 0.58%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH                        | PA CHEDEV 5 08/01/2045              | CUSIP: 16559PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969873.40    | 1.14%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA INDL DEV AUTH                           | PA LANMED 4 07/01/2051              | CUSIP: 51434NAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $420347.35    | 0.49%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND VALLEY PA SCH DIST                        | PA CMVSCD 5 11/15/2044              | CUSIP: 230822TW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1606863.90   | 1.89%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA HSG AUTH                             | PA PHIHSG 5.25 03/01/2043           | CUSIP: 71783TAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $540567.45    | 0.63%             | 2043-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA HSG AUTH                             | PA PHIHSG 5.25 03/01/2045           | CUSIP: 71783TAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528363.85    | 0.62%             | 2045-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH                  | PA PASDEV 5 12/31/2034              | CUSIP: 70869PHV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251256.63    | 0.29%             | 2034-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AUTH                     | PA MONDEV 4 10/01/2046              | CUSIP: 613609L38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $555421.88    | 0.65%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUTH                      | PA ALLMED 4 04/01/2044              | CUSIP: 01728A3Z7<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1910385.20   | 2.24%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HIGHER ED BLDG AUTH                | PA ALLHGR 12/01/2037                | CUSIP: 01728RES4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $620000.00    | 0.73%             | 2037-12-01      | Variable      | 1.55%                 | No            |                  2 | On Loan: No      |
| PITTSBURGH PA SCH DIST                               | PA PITSCD 3 09/01/2038              | CUSIP: 725277RF6<br>LEI: 549300DCE2NGMJO6P377 | Long             | DBT              | MUN               | US        |    995000 | PA      | $946043.51    | 1.11%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BEAUMONT TEX HSG AUTH                                | TX BEAHSG 6.5 07/01/2055            | CUSIP: 07451AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200743.10    | 0.24%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                          | PA LANMED 5 07/01/2045              | CUSIP: 514045J20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999999.80    | 1.17%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT AUTH                          | PA ALLAPT 5.5 01/01/2050            | CUSIP: 01728LKY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068711.20   | 1.25%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH                  | PA PASMED 5 02/15/2039              | CUSIP: 70870JEB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1628605.50   | 1.91%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA REDEV AUTH                           | PA PHIDEV 5 09/01/2043              | CUSIP: 717868HY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1359259.63   | 1.59%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST CORNWALL TWP PA MUN AUTH                        | PA WCOFAC 4 11/15/2036              | CUSIP: 95235TAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $366690.97    | 0.43%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WILKES-BARRE PA FIN AUTH UNIV                        | PA WILGEN 4 03/01/2042              | CUSIP: 968254CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1227348.22   | 1.44%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HIGHLANDS PA SCH DIST                                | PA HIGSCD 4 04/15/2040              | CUSIP: 431095MY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516878.95    | 0.61%             | 2040-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEASTERN PA TRANSN AUTH PA                       | PA SEPTRN 5.25 06/01/2052           | CUSIP: 842039FR5<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1831079.60   | 2.15%             | 2052-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH                                 | PA PHIDEV 5 06/15/2050              | CUSIP: 71781XGA5<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1265042.35   | 1.48%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS CNTY PA GEN AUTH                               | PA ADMGEN 5 06/01/2059              | CUSIP: 006114AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $387959.04    | 0.46%             | 2059-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSBURY PA SCH DIST                                | PA PBYSCD 5 08/01/2044              | CUSIP: 708553B84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065210.20   | 1.25%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH                 | PA PASHGR 5 08/15/2055              | CUSIP: 70917TTV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032823.10   | 1.21%             | 2055-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                          | PA LANMED 5 03/01/2045              | CUSIP: 514045V67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $452247.00    | 0.53%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA INDL DEV AUTH                           | PA LANDEV 4 12/01/2049              | CUSIP: 514349CZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1315016.90   | 1.54%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BETHLEHEM PA REDEV AUTH                              | PA BTHHGR 5.5 10/01/2054            | CUSIP: 087470BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1527444.45   | 1.79%             | 2054-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH                                 | PA PHIDEV 5 11/01/2047              | CUSIP: 71781XHG1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    505000 | PA      | $505302.85    | 0.59%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                            | PA PASTRN 5 12/01/2046              | CUSIP: 709225TR7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    300000 | PA      | $325950.45    | 0.38%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                            | PA PASTRN 5.25 12/01/2055           | CUSIP: 709225QR0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1693412.56   | 1.99%             | 2055-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MATCHING FD SPL PURP SECURITIZATION CORP VIRGIN IS   | VI MFCFAC 5 10/01/2030              | CUSIP: 57665NAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $338004.74    | 0.40%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS PA AREA MUN AUTH                              | PA DLSGEN 5 05/01/2029              | CUSIP: 235171AL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1230504.79   | 1.44%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH                        | PA CHEDEV 5.12 10/15/2037           | CUSIP: 165588DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225164.00    | 0.26%             | 2037-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURP AUTH                         | PA LEHGEN 5.25 02/01/2054           | CUSIP: 52480RGN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1605175.04   | 1.88%             | 2054-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA (PA), CITY OF                           | PA PHIUTL 5 08/01/2047              | CUSIP: 71783MAZ8<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2530849.50   | 2.97%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AUTH                     | PA MONDEV 4 10/01/2051              | CUSIP: 613609L46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $674984.32    | 0.79%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH                  | PA PASUTL 4 01/01/2029              | CUSIP: 70870FAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $668132.34    | 0.78%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE CNTY PA                                     | PA DEL 5 08/01/2049                 | CUSIP: 246001D57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065215.20   | 1.25%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO COMWLTH                                  | PR PRC 4 07/01/2041                 | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $485286.70    | 0.57%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA (PA), CITY OF                           | PA PHIAPT 4 07/01/2041              | CUSIP: 717817XX3<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |    400000 | PA      | $402204.36    | 0.47%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH                  | PA PASDEV 5.38 03/01/2031           | CUSIP: 708692AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1310430.43   | 1.54%             | 2031-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH                                 | PA PHIDEV 5.5 11/01/2060            | CUSIP: 71780TBM4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045218.40   | 1.23%             | 2060-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BELLEFONTE PA AREA SCH DIST                          | PA BLFSCD 5 05/15/2048              | CUSIP: 078764LT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045697.00   | 1.23%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA CONVENTION CTR AUTH                | PA LANFAC 4 05/01/2049              | CUSIP: 514042BC3<br>LEI: 549300F347A3TMO7B762 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $945637.80    | 1.11%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT AUTH                          | PA ALLAPT 5.25 01/01/2053           | CUSIP: 01728LJA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048918.10   | 1.23%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH                                 | PA PHIEDU 5 06/15/2040              | CUSIP: 71780CAZ3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007925.60   | 1.18%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HIGHER EDL FACS AUTH                 | PA PASHGR 5.5 08/15/2055            | CUSIP: 70917TTU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088475.10   | 1.28%             | 2055-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA INDL DEV AUTH                           | PA LANMED 4 07/01/2056              | CUSIP: 51434NAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $840927.43    | 0.99%             | 2056-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AUTH                     | PA MONDEV 4 10/01/2041              | CUSIP: 613609L20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $401660.91    | 0.47%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURGH PA                                        | PA PIT 5 09/01/2044                 | CUSIP: 725209SQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $427052.44    | 0.50%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                            | PA PASTRN 5.25 12/01/2055           | CUSIP: 709225NY8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068779.60   | 1.25%             | 2055-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LACKAWANNA CNTY PA INDL DEV AUTH                     | PA LACDEV 4 11/01/2040              | CUSIP: 505493AY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1496010.30   | 1.75%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST FIN AUTH                             | PA PASGEN 0 12/01/2027              | CUSIP: 70915CEF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951294.40    | 1.12%             | 2027-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                          | PA LANMED 5 06/15/2049              | CUSIP: 51404PAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893370.70    | 1.05%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH                                 | PA PHIMFH 5.25 12/01/2047           | CUSIP: 717908AL1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    300000 | PA      | $306052.32    | 0.36%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH                | SC SCSMED 4 12/01/2044              | CUSIP: 83703EMQ5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    730000 | PA      | $687692.63    | 0.81%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE CNTY PA                                     | PA DEL 5 08/01/2048                 | CUSIP: 246001A68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044854.10   | 1.23%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST CORNWALL TWP PA MUN AUTH                        | PA WCOFAC 4 11/15/2046              | CUSIP: 95235TAT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $459005.98    | 0.54%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPIKE COMMISSION (PA)                | PA PASTRN 0 12/01/2038              | CUSIP: 709221SB2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1880675.40   | 2.21%             | 2038-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                          | PA LANMED 5 06/15/2044              | CUSIP: 51404PAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1181104.48   | 1.39%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA COML & INDL DEV AUTH                    | PA ALTDEV 5 07/01/2045              | CUSIP: 01843AAL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $544781.44    | 0.64%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH                        | PA CHEDEV 6 10/15/2052              | CUSIP: 165588FN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750459.90    | 0.88%             | 2052-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT                                            | GU GMSGEN 4 01/01/2042              | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1294538.83   | 1.52%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO COMWLTH                                  | PR PRC 4 07/01/2037                 | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350723.21    | 0.41%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                      | PA PHIAPT 4 07/01/2040              | CUSIP: 717817XW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301431.12    | 0.35%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH                                 | PA PHIEDU 5 08/01/2040              | CUSIP: 71780CAJ9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    615000 | PA      | $631406.23    | 0.74%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                            | PA PASTRN 4.75 12/01/2037           | CUSIP: 709224DX4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015437.70   | 1.19%             | 2037-12-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH                                 | PA PHIDEV 5 11/01/2047              | CUSIP: 71781XHE6<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    495000 | PA      | $510588.99    | 0.60%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHELTENHAM TWP PA INDL DEV AUTH                      | PA CHDDEV 5.75 04/01/2054           | CUSIP: 163492AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $343062.76    | 0.40%             | 2054-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BUCKS CNTY PA INDL DEV AUTH                          | PA BUCHGR 5 11/01/2042              | CUSIP: 118618AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $241746.28    | 0.28%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HIGHLANDS PA SCH DIST                                | PA HIGSCD 4 04/15/2043              | CUSIP: 431095MZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $714457.66    | 0.84%             | 2043-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AUTH                     | PA MONDEV 4 11/15/2043              | CUSIP: 61360PCL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $534867.74    | 0.63%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH                          | PA LANMED 5.12 11/01/2038           | CUSIP: 514045X81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104177.20   | 1.30%             | 2038-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-24

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer Controller, US Fund Administration and Oversight