# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-26-002524
**Filing Date:** 2026-1
**Character Count:** 58569
**Document Hash:** 1da45ea97dfd564311f12efe50ec91f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002524.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0000940400-26-002524

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251128

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260831

**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:** 26564353

**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 Sustainable Future ETF (Series ID: S000071711)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000227197 | -            |  |

## Nport-Ex

Schedule of Investments (unaudited)

November 30, 2025

 **Putnam Sustainable Future ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Communication Services — 3.2%** | **Communication Services — 3.2%** | **Communication Services — 3.2%** |
| *Entertainment — 1.4%* | *Entertainment — 1.4%* | *Entertainment — 1.4%* |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A Shares | &nbsp;&nbsp; 58549 | &nbsp;&nbsp;&nbsp; $*5,563,912*<br> \*<br>|
| *Interactive Media & Services — 1.2%* | *Interactive Media & Services — 1.2%* | *Interactive Media & Services — 1.2%* |
| &nbsp;&nbsp;&nbsp; Pinterest Inc., Class A Shares | &nbsp;&nbsp; 184444 | &nbsp;&nbsp;&nbsp; *4,817,677*<br> \*<br>|
| *Media — 0.6%* | *Media — 0.6%* | *Media — 0.6%* |
| &nbsp;&nbsp;&nbsp; Trade Desk Inc., Class A Shares | &nbsp;&nbsp; 52044 | &nbsp;&nbsp;&nbsp; *2,058,861*<br> \*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **12440450** |
| **Consumer Discretionary — 19.4%** | **Consumer Discretionary — 19.4%** | **Consumer Discretionary — 19.4%** |
| *Diversified Consumer Services — 2.1%* | *Diversified Consumer Services — 2.1%* | *Diversified Consumer Services — 2.1%* |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions Inc. | &nbsp;&nbsp; 63372 | &nbsp;&nbsp;&nbsp; 6,512,107<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Duolingo Inc. | &nbsp;&nbsp; 9713 | &nbsp;&nbsp;&nbsp; 1,859,165<br> \*<br>|
| *Total Diversified Consumer Services* | *Total Diversified Consumer Services* | &nbsp;&nbsp; *8371272* |
| *Hotels, Restaurants & Leisure — 9.8%* | *Hotels, Restaurants & Leisure — 9.8%* | *Hotels, Restaurants & Leisure — 9.8%* |
| &nbsp;&nbsp;&nbsp; Black Rock Coffee Bar Inc., Class A Shares | &nbsp;&nbsp; 238239 | &nbsp;&nbsp;&nbsp; 5,419,937<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Cava Group Inc. | &nbsp;&nbsp; 79412 | &nbsp;&nbsp;&nbsp; 3,882,453<br> \*<br>|
| &nbsp;&nbsp;&nbsp; First Watch Restaurant Group Inc. | &nbsp;&nbsp; 347590 | &nbsp;&nbsp;&nbsp; 6,451,271<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 38373 | &nbsp;&nbsp;&nbsp; 10937456<br>|
| &nbsp;&nbsp;&nbsp; Life Time Group Holdings Inc. | &nbsp;&nbsp; 161771 | &nbsp;&nbsp;&nbsp; 4,516,646<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Viking Holdings Ltd. | &nbsp;&nbsp; 109501 | &nbsp;&nbsp;&nbsp; 7,312,477<br> \*<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *38520240* |
| *Household Durables — 1.8%* | *Household Durables — 1.8%* | *Household Durables — 1.8%* |
| &nbsp;&nbsp;&nbsp; DR Horton Inc. | &nbsp;&nbsp; 24068 | &nbsp;&nbsp;&nbsp; 3827052<br>|
| &nbsp;&nbsp;&nbsp; SharkNinja Inc. | &nbsp;&nbsp; 32261 | &nbsp;&nbsp;&nbsp; 3,147,706<br> \*<br>|
| *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *6974758* |
| *Leisure Products — 1.2%* | *Leisure Products — 1.2%* | *Leisure Products — 1.2%* |
| &nbsp;&nbsp;&nbsp; Hasbro Inc. | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; *4956000*<br>|
| *Specialty Retail — 1.4%* | *Specialty Retail — 1.4%* | *Specialty Retail — 1.4%* |
| &nbsp;&nbsp;&nbsp; Ulta Beauty Inc. | &nbsp;&nbsp; 10344 | &nbsp;&nbsp;&nbsp; *5,573,658*<br> \*<br>|
| *Textiles, Apparel & Luxury Goods — 3.1%* | *Textiles, Apparel & Luxury Goods — 3.1%* | *Textiles, Apparel & Luxury Goods — 3.1%* |
| &nbsp;&nbsp;&nbsp; Birkenstock Holding PLC | &nbsp;&nbsp; 151896 | &nbsp;&nbsp;&nbsp; 6,581,654<br> \*<br>|
| &nbsp;&nbsp;&nbsp; On Holding AG, Class A Shares | &nbsp;&nbsp; 128733 | &nbsp;&nbsp;&nbsp; 5,662,964<br> \*<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *12244618* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **76640546** |
| **Consumer Staples — 3.6%** | **Consumer Staples — 3.6%** | **Consumer Staples — 3.6%** |
| *Beverages — 2.3%* | *Beverages — 2.3%* | *Beverages — 2.3%* |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper Inc. | &nbsp;&nbsp; 206267 | &nbsp;&nbsp;&nbsp; 5754849<br>|
| &nbsp;&nbsp;&nbsp; Vita Coco Co. Inc. | &nbsp;&nbsp; 63555 | &nbsp;&nbsp;&nbsp; 3,394,473<br> \*<br>|
| *Total Beverages* | *Total Beverages* | &nbsp;&nbsp; *9149322* |
| *Consumer Staples Distribution & Retail — 1.3%* | *Consumer Staples Distribution & Retail — 1.3%* | *Consumer Staples Distribution & Retail — 1.3%* |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market Inc. | &nbsp;&nbsp; 62047 | &nbsp;&nbsp;&nbsp; *5,200,159*<br> \*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **14349481** |
| **Financials — 9.1%** | **Financials — 9.1%** | **Financials — 9.1%** |
| *Capital Markets — 3.7%* | *Capital Markets — 3.7%* | *Capital Markets — 3.7%* |
| &nbsp;&nbsp;&nbsp; Coinbase Global Inc., Class A Shares | &nbsp;&nbsp; 10454 | &nbsp;&nbsp;&nbsp; 2,852,060<br> \*<br>|
| &nbsp;&nbsp;&nbsp; KKR & Co. Inc. | &nbsp;&nbsp; 43251 | &nbsp;&nbsp;&nbsp; 5290030<br>|

---

See Notes to Schedule of Investments.

------

Putnam Sustainable Future ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Putnam Sustainable Future ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; TPG Inc. | &nbsp;&nbsp; 110318 | &nbsp;&nbsp;&nbsp; $6517588<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *14659678* |
| *Consumer Finance — 1.4%* | *Consumer Finance — 1.4%* | *Consumer Finance — 1.4%* |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp; 24957 | &nbsp;&nbsp;&nbsp; *5467330*<br>|
| *Financial Services — 3.4%* | *Financial Services — 3.4%* | *Financial Services — 3.4%* |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital Inc. | &nbsp;&nbsp; 134661 | &nbsp;&nbsp;&nbsp; 4626952<br>|
| &nbsp;&nbsp;&nbsp; Mastercard Inc., Class A Shares | &nbsp;&nbsp; 9353 | &nbsp;&nbsp;&nbsp; 5149107<br>|
| &nbsp;&nbsp;&nbsp; Toast Inc., Class A Shares | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; 3,760,900<br> \*<br>|
| *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *13536959* |
| *Insurance — 0.6%* | *Insurance — 0.6%* | *Insurance — 0.6%* |
| &nbsp;&nbsp;&nbsp; Aon PLC, Class A Shares | &nbsp;&nbsp; 5931 | &nbsp;&nbsp;&nbsp; *2099099*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **35763066** |
| **Health Care — 18.6%** | **Health Care — 18.6%** | **Health Care — 18.6%** |
| *Biotechnology — 5.3%* | *Biotechnology — 5.3%* | *Biotechnology — 5.3%* |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp; 19964 | &nbsp;&nbsp;&nbsp; 9,008,356<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Argenx SE, ADR | &nbsp;&nbsp; 3829 | &nbsp;&nbsp;&nbsp; 3,491,971<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Ascendis Pharma A/S, ADR | &nbsp;&nbsp; 20551 | &nbsp;&nbsp;&nbsp; 4,363,594<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 5485 | &nbsp;&nbsp;&nbsp; 4279342<br>|
| *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *21143263* |
| *Health Care Equipment & Supplies — 8.0%* | *Health Care Equipment & Supplies — 8.0%* | *Health Care Equipment & Supplies — 8.0%* |
| &nbsp;&nbsp;&nbsp; Dexcom Inc. | &nbsp;&nbsp; 117472 | &nbsp;&nbsp;&nbsp; 7,455,948<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. | &nbsp;&nbsp; 54617 | &nbsp;&nbsp;&nbsp; 4,733,655<br> \*<br>|
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories Inc. | &nbsp;&nbsp; 12201 | &nbsp;&nbsp;&nbsp; 9,185,889<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Penumbra Inc. | &nbsp;&nbsp; 20666 | &nbsp;&nbsp;&nbsp; 6,058,651<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ResMed Inc. | &nbsp;&nbsp; 15517 | &nbsp;&nbsp;&nbsp; 3969714<br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *31403857* |
| *Health Care Technology — 1.1%* | *Health Care Technology — 1.1%* | *Health Care Technology — 1.1%* |
| &nbsp;&nbsp;&nbsp; Veeva Systems Inc., Class A Shares | &nbsp;&nbsp; 18045 | &nbsp;&nbsp;&nbsp; *4,336,033*<br> \*<br>|
| *Life Sciences Tools & Services — 4.2%* | *Life Sciences Tools & Services — 4.2%* | *Life Sciences Tools & Services — 4.2%* |
| &nbsp;&nbsp;&nbsp; ICON PLC | &nbsp;&nbsp; 27816 | &nbsp;&nbsp;&nbsp; 5,145,960<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International Inc. | &nbsp;&nbsp; 3734 | &nbsp;&nbsp;&nbsp; 5,514,073<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 9735 | &nbsp;&nbsp;&nbsp; 5751730<br>|
| *Total Life Sciences Tools & Services* | *Total Life Sciences Tools & Services* | &nbsp;&nbsp; *16411763* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **73294916** |
| **Industrials — 19.2%** | **Industrials — 19.2%** | **Industrials — 19.2%** |
| *Air Freight & Logistics — 0.9%* | *Air Freight & Logistics — 0.9%* | *Air Freight & Logistics — 0.9%* |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide Inc. | &nbsp;&nbsp; 22076 | &nbsp;&nbsp;&nbsp; *3507214*<br>|
| *Building Products — 1.6%* | *Building Products — 1.6%* | *Building Products — 1.6%* |
| &nbsp;&nbsp;&nbsp; Allegion PLC | &nbsp;&nbsp; 19188 | &nbsp;&nbsp;&nbsp; 3185784<br>|
| &nbsp;&nbsp;&nbsp; Trane Technologies PLC | &nbsp;&nbsp; 7330 | &nbsp;&nbsp;&nbsp; 3089448<br>|
| *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *6275232* |
| *Commercial Services & Supplies — 2.2%* | *Commercial Services & Supplies — 2.2%* | *Commercial Services & Supplies — 2.2%* |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems Inc., Class A Shares | &nbsp;&nbsp; 41375 | &nbsp;&nbsp;&nbsp; 3,988,137<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Republic Services Inc. | &nbsp;&nbsp; 21537 | &nbsp;&nbsp;&nbsp; 4674821<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *8662958* |
| *Construction & Engineering — 2.7%* | *Construction & Engineering — 2.7%* | *Construction & Engineering — 2.7%* |
| &nbsp;&nbsp;&nbsp; Quanta Services Inc. | &nbsp;&nbsp; 23305 | &nbsp;&nbsp;&nbsp; *10834028*<br>|

---

See Notes to Schedule of Investments.

------

Putnam Sustainable Future ETF 2025 Quarterly Report

------

 **Putnam Sustainable Future ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Electrical Equipment — 4.9%* | *Electrical Equipment — 4.9%* | *Electrical Equipment — 4.9%* |
| &nbsp;&nbsp;&nbsp; GE Vernova Inc. | &nbsp;&nbsp; 8574 | &nbsp;&nbsp;&nbsp; $5142428<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A Shares | &nbsp;&nbsp; 78651 | &nbsp;&nbsp;&nbsp; 14135944<br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *19278372* |
| *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* | *Ground Transportation — 0.8%* |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 41821 | &nbsp;&nbsp;&nbsp; *3034950*<br>|
| *Machinery — 3.2%* | *Machinery — 3.2%* | *Machinery — 3.2%* |
| &nbsp;&nbsp;&nbsp; Federal Signal Corp. | &nbsp;&nbsp; 50622 | &nbsp;&nbsp;&nbsp; 5770908<br>|
| &nbsp;&nbsp;&nbsp; Xylem Inc. | &nbsp;&nbsp; 50233 | &nbsp;&nbsp;&nbsp; 7066276<br>|
| *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *12837184* |
| *Professional Services — 2.9%* | *Professional Services — 2.9%* | *Professional Services — 2.9%* |
| &nbsp;&nbsp;&nbsp; Planet Labs PBC | &nbsp;&nbsp; 276174 | &nbsp;&nbsp;&nbsp; 3,286,471<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Verisk Analytics Inc. | &nbsp;&nbsp; 35834 | &nbsp;&nbsp;&nbsp; 8065158<br>|
| *Total Professional Services* | *Total Professional Services* | &nbsp;&nbsp; *11351629* |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **75781567** |
| **Information Technology — 19.0%** | **Information Technology — 19.0%** | **Information Technology — 19.0%** |
| *Electronic Equipment, Instruments & Components — 1.5%* | *Electronic Equipment, Instruments & Components — 1.5%* | *Electronic Equipment, Instruments & Components — 1.5%* |
| &nbsp;&nbsp;&nbsp; Trimble Inc. | &nbsp;&nbsp; 72510 | &nbsp;&nbsp;&nbsp; *5,903,764*<br> \*<br>|
| *IT Services — 1.4%* | *IT Services — 1.4%* | *IT Services — 1.4%* |
| &nbsp;&nbsp;&nbsp; Accenture PLC, Class A Shares | &nbsp;&nbsp; 13542 | &nbsp;&nbsp;&nbsp; 3385500<br>|
| &nbsp;&nbsp;&nbsp; Snowflake Inc., Class A Shares | &nbsp;&nbsp; 7723 | &nbsp;&nbsp;&nbsp; 1,940,327<br> \*<br>|
| *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *5325827* |
| *Semiconductors & Semiconductor Equipment — 4.4%* | *Semiconductors & Semiconductor Equipment — 4.4%* | *Semiconductors & Semiconductor Equipment — 4.4%* |
| &nbsp;&nbsp;&nbsp; ASML Holding NV, Registered Shares | &nbsp;&nbsp; 5637 | &nbsp;&nbsp;&nbsp; 5975220<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc. | &nbsp;&nbsp; 17229 | &nbsp;&nbsp;&nbsp; 6942598<br>|
| &nbsp;&nbsp;&nbsp; Marvell Technology Inc. | &nbsp;&nbsp; 48638 | &nbsp;&nbsp;&nbsp; 4348237<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *17266055* |
| *Software — 10.3%* | *Software — 10.3%* | *Software — 10.3%* |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems Inc. | &nbsp;&nbsp; 11688 | &nbsp;&nbsp;&nbsp; 3,644,786<br> \*<br>|
| &nbsp;&nbsp;&nbsp; CrowdStrike Holdings Inc., Class A Shares | &nbsp;&nbsp; 3732 | &nbsp;&nbsp;&nbsp; 1,900,185<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Datadog Inc., Class A Shares | &nbsp;&nbsp; 69850 | &nbsp;&nbsp;&nbsp; 11,176,698<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Gitlab Inc., Class A Shares | &nbsp;&nbsp; 90880 | &nbsp;&nbsp;&nbsp; 3,731,533<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Guidewire Software Inc. | &nbsp;&nbsp; 21115 | &nbsp;&nbsp;&nbsp; 4,560,418<br> \*<br>|
| &nbsp;&nbsp;&nbsp; HubSpot Inc. | &nbsp;&nbsp; 9260 | &nbsp;&nbsp;&nbsp; 3,401,383<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Roper Technologies Inc. | &nbsp;&nbsp; 7809 | &nbsp;&nbsp;&nbsp; 3484532<br>|
| &nbsp;&nbsp;&nbsp; ServiceNow Inc. | &nbsp;&nbsp; 6603 | &nbsp;&nbsp;&nbsp; 5,364,343<br> \*<br>|
| &nbsp;&nbsp;&nbsp; ServiceTitan Inc., Class A Shares | &nbsp;&nbsp; 38771 | &nbsp;&nbsp;&nbsp; 3,464,577<br> \*<br>|
| *Total Software* | *Total Software* | &nbsp;&nbsp; *40728455* |
| *Technology Hardware, Storage & Peripherals — 1.4%* | *Technology Hardware, Storage & Peripherals — 1.4%* | *Technology Hardware, Storage & Peripherals — 1.4%* |
| &nbsp;&nbsp;&nbsp; Pure Storage Inc., Class A Shares | &nbsp;&nbsp; 63190 | &nbsp;&nbsp;&nbsp; *5,621,382*<br> \*<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **74845483** |
| **Real Estate — 0.9%** | **Real Estate — 0.9%** | **Real Estate — 0.9%** |
| *Real Estate Management & Development — 0.9%* | *Real Estate Management & Development — 0.9%* | *Real Estate Management & Development — 0.9%* |
| &nbsp;&nbsp;&nbsp; FirstService Corp. | &nbsp;&nbsp; 23551 | &nbsp;&nbsp;&nbsp; **3693974**<br>|
| **Utilities — 5.9%** | **Utilities — 5.9%** | **Utilities — 5.9%** |
| *Electric Utilities — 3.5%* | *Electric Utilities — 3.5%* | *Electric Utilities — 3.5%* |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | &nbsp;&nbsp; 14196 | &nbsp;&nbsp;&nbsp; 5172455<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Inc. | &nbsp;&nbsp; 24241 | &nbsp;&nbsp;&nbsp; 2091756<br>|

---

See Notes to Schedule of Investments.

------

Putnam Sustainable Future ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Putnam Sustainable Future ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; NRG Energy Inc. | &nbsp;&nbsp;&nbsp; NRG Energy Inc. | &nbsp;&nbsp; 37590 | &nbsp;&nbsp;&nbsp; $6371129<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *13635340* |
| *Independent Power and Renewable Electricity Producers — 2.4%* | *Independent Power and Renewable Electricity Producers — 2.4%* | *Independent Power and Renewable Electricity Producers — 2.4%* | *Independent Power and Renewable Electricity Producers — 2.4%* |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | &nbsp;&nbsp;&nbsp; Vistra Corp. | &nbsp;&nbsp; 53156 | &nbsp;&nbsp;&nbsp; *9507482*<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **23142822** |
| **Total Investments before Short-Term Investments (Cost — $352,409,978)** | **Total Investments before Short-Term Investments (Cost — $352,409,978)** | **Total Investments before Short-Term Investments (Cost — $352,409,978)** | &nbsp;&nbsp; **389952305** |
|  | Rate |  |  |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares (Cost — $2,930,231)  | &nbsp;&nbsp; 3.780% | &nbsp;&nbsp; 2930231<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2930231**<br> <sup>(a)(b)</sup><br>|
| **Total Investments — 99.6% (Cost — $355,340,209)** | **Total Investments — 99.6% (Cost — $355,340,209)** | **Total Investments — 99.6% (Cost — $355,340,209)** | &nbsp;&nbsp; **392882536** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.4% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.4% | &nbsp;&nbsp;&nbsp; 1577172 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$394459708** |

---

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

\* Non-income producing security.

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

<sup>(b)</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 November 30, 2025, the total market value of investments in Affiliated Companies was $2,930,231 and the cost was $2,930,231 (Note 2). 

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ADR |  | American Depositary Receipts |

---

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.

------

Putnam Sustainable Future ETF 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Putnam Sustainable Future 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 net asset value ("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 long-term capital appreciation.

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.** Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. 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. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (Eastern Time). 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

------

Putnam Sustainable Future ETF 2025 Quarterly Report

------

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

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 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 |
| Common Stocks† | &nbsp;&nbsp; $389952305 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $389952305 |
| Short-Term Investments† | &nbsp;&nbsp; 2930231 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2930231 |
| **Total Investments** | &nbsp;&nbsp; **$392882536** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$392882536** |

---

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

† See Schedule of Investments for additional detailed categorizations.

**2. Transactions with affiliated company**

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 November 30, 2025. The following transactions were effected in such company for the period ended November 30, 2025. <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>August 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>August 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>| $6977442 | $44002473 | 44002473 | $48049684 | 48049684 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>November 30, <br>2025<br>|
| Putnam Government Money <br> Market Fund, Class P Shares<br>|  | $54882 |  | $2930231 |

---

------

Putnam Sustainable Future ETF 2025 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:** Putnam Sustainable Future ETF

- **b. EDGAR series identifier (if any):** S000071711

- **c. LEI of Series:** 549300D5SWQ6IG0LO281

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-28

**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:** $395958060.98

**Total Liabilities:** $200803.23

**Net Assets:** $395757257.75

**Cash Not Reported:** $4.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227197 | 1.61%                | 0.00%                | 0.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-780054.69              | $6690693.53                                |
| Month 2  | $8837610.99              | $-8813668.34                               |
| Month 3  | $-557927.27              | $1318240.12                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Trimble Inc                         | Trimble Inc                               | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     72383 | NS      | $5893423.86   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                           | Argenx SE                                 | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |      3823 | NS      | $3486499.54   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Government Money Market Fund | Putnam Government Money Market Fund       | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | RF                | US        |   2930231 | NS      | $2930230.83   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc            | Crowdstrike Holdings Inc                  | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      3732 | NS      | $1900185.12   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                         | Vistra Corp                               | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     53051 | NS      | $9488701.86   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc        | Thermo Fisher Scientific Inc              | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      9717 | NS      | $5741095.11   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc              | Roper Technologies Inc                    | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      7798 | NS      | $3479623.56   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                  | Vertiv Holdings Co                        | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     78534 | NS      | $14114915.82  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The                  | Trade Desk Inc/The                        | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     51944 | NS      | $2054904.64   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc       | Hilton Worldwide Holdings Inc             | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     38333 | NS      | $10926054.99  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I      | First Watch Restaurant Group Inc          | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    346999 | NS      | $6440301.44   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceTitan Inc                    | ServiceTitan Inc                          | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38702 | NS      | $3458410.72   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                   | Veeva Systems Inc                         | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     18021 | NS      | $4330266.09   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc                 | Quanta Services Inc                       | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |     23285 | NS      | $10824730.80  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                      | ServiceNow Inc                            | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      6590 | NS      | $5353781.90   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                          | Dexcom Inc                                | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |    117254 | NS      | $7442111.38   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                             | Aon PLC                                   | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | GB        |      5931 | NS      | $2099099.52   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc           | Casella Waste Systems Inc                 | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     41299 | NS      | $3980810.61   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutio      | Bright Horizons Family Solutions Inc      | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63267 | NS      | $6501316.92   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc              | IDEXX Laboratories Inc                    | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     12192 | NS      | $9179112.96   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                         | ROBLOX Corp                               | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58434 | NS      | $5552983.02   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                          | ResMed Inc                                | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |     15486 | NS      | $3961783.38   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc          | Sprouts Farmers Market Inc                | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |     61949 | NS      | $5191945.69   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                       | Accenture PLC                             | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     13515 | NS      | $3378750.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Cava Group Inc                      | Cava Group Inc                            | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79352 | NS      | $3879519.28   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Rock Coffee Bar Inc           | Black Rock Coffee Bar Inc                 | CUSIP: 092244102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    238239 | NS      | $5419937.25   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc          | Cadence Design Systems Inc                | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     11665 | NS      | $3637613.60   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                            | ICON PLC                                  | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     27789 | NS      | $5140965.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab Inc                          | Gitlab Inc                                | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |     90849 | NS      | $3730259.94   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding Plc             | Birkenstock Holding Plc                   | CUSIP: 000000000<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | GB        |    151687 | NS      | $6572597.71   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                        | Xylem Inc/NY                              | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |     50196 | NS      | $7061071.32   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                      | GE Vernova Inc                            | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      8567 | NS      | $5138229.59   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc              | Marvell Technology Inc                    | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48549 | NS      | $4340280.60   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                  | NextEra Energy Inc                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     24241 | NS      | $2091755.89   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                        | Broadcom Inc                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     20862 | NS      | $8406551.52   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp           | Constellation Energy Corp                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     14168 | NS      | $5162252.48   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc              | Guidewire Software Inc                    | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     21089 | NS      | $4554802.22   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc       | Regeneron Pharmaceuticals Inc             | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      5480 | NS      | $4275441.20   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                      | NRG Energy Inc                            | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     37565 | NS      | $6366891.85   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp          | Capital One Financial Corp                | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     24933 | NS      | $5462072.31   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage Inc                    | Pure Storage Inc                          | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |     63157 | NS      | $5618446.72   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc               | Republic Services Inc                     | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     21494 | NS      | $4665487.64   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc        | Life Time Group Holdings Inc              | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    161516 | NS      | $4509526.72   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp                 | Federal Signal Corp                       | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     50525 | NS      | $5759850.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Duolingo Inc                        | Duolingo Inc                              | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9704 | NS      | $1857442.64   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                           | Toast Inc                                 | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |    109838 | NS      | $3755361.22   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Labs PBC                     | Planet Labs PBC                           | CUSIP: 72703X106<br>LEI: 254900Q7PVI3HTQBRB44 | Long             | EC               | CORP              | US        |    275694 | NS      | $3280758.60   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc                | Verisk Analytics Inc                      | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     35807 | NS      | $8059081.49   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                     | Ulta Beauty Inc                           | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |     10324 | NS      | $5562880.92   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                       | Snowflake Inc                             | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      7723 | NS      | $1940326.52   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc         | Alnylam Pharmaceuticals Inc               | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     19947 | NS      | $9000684.81   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure       | HA Sustainable Infrastructure Capital Inc | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |    134524 | NS      | $4622244.64   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc           | CH Robinson Worldwide Inc                 | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |     22076 | NS      | $3507214.12   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                       | Pinterest Inc                             | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    184089 | NS      | $4808404.68   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                         | HubSpot Inc                               | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      9227 | NS      | $3389261.64   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc                        | Penumbra Inc                              | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |     20649 | NS      | $6053667.33   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                        | KKR & Co Inc                              | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     43166 | NS      | $5279633.46   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                     | ASML Holding NV                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      5623 | NS      | $5960380.00   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                       | On Holding AG                             | CUSIP: 000000000<br>LEI: 506700FB3467B9W95526 | Long             | EC               | CORP              | CH        |    128510 | NS      | $5653154.90   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Vita Coco Co Inc/The                | Vita Coco Co Inc/The                      | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |     63486 | NS      | $3390787.26   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp                   | FirstService Corp                         | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     23506 | NS      | $3686916.10   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                       | DR Horton Inc                             | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     24054 | NS      | $3824826.54   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                 | Coinbase Global Inc                       | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |     10434 | NS      | $2846603.88   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Holdings Ltd                 | Viking Holdings Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    109399 | NS      | $7305665.22   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SharkNinja Inc                      | SharkNinja Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32252 | NS      | $3146827.64   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                          | Hasbro Inc                                | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     59971 | NS      | $4953604.60   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International I      | Mettler-Toledo International Inc          | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      3734 | NS      | $5514072.48   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                        | Allegion plc                              | CUSIP: 000000000<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |     19150 | NS      | $3179474.50   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC              | Trane Technologies PLC                    | CUSIP: 000000000<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      7330 | NS      | $3089448.40   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                | Keurig Dr Pepper Inc                      | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    206050 | NS      | $5748795.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City L      | Canadian Pacific Kansas City Ltd          | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     41738 | NS      | $3028926.66   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                      | Mastercard Inc                            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      9335 | NS      | $5139197.55   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp           | Edwards Lifesciences Corp                 | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     54590 | NS      | $4731315.30   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                         | Datadog Inc                               | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |     69747 | NS      | $11160217.47  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                 | Ascendis Pharma A/S                       | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     20533 | NS      | $4359771.89   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG Inc                             | TPG Inc                                   | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |    110167 | NS      | $6508666.36   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-27

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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