# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000928816-25-000754
**Filing Date:** 2025-6
**Character Count:** 236562
**Document Hash:** c1e52da5d96c9ba9c9d21ea5e3ece0d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928816-25-000754.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0000928816-25-000754

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 251082821

**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 PanAgora ESG Emerging Markets Equity ETF (Series ID: S000077300)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237597 | -            |  |

?xml version='1.0' encoding='ASCII'? 2025-05-12PTXV6_PutnamPanAgoraESGEmergingMarketsEquityETF_SingleClass_TSRAnnual

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

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

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

**FORM N-CSR** <br>

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

**MANAGEMENT INVESTMENT COMPANIES** <br>

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

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

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

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

<br> 100 Federal Street

<br> Boston, Massachusetts 02110

<br> Copy to: Bryan Chegwidden, Esq.

<br> Ropes & Gray LLP

<br> 1211 Avenue of the Americas

<br> New York, New York 10036

<br> James E. Thomas, Esq.

<br> Ropes & Gray LLP

<br> 800 Boylston Street

<br> Boston, Massachusetts 02199

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

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

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

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

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

<br> (b) Not applicable

------

---

| | |
|:---|:---|
| **Putnam PanAgora ESG Emerging Markets Equity ETF**  | ![image](i202406031207332.jpg) |
| PPEM \| NYSE Arca, Inc.  | ![image](i202406031207332.jpg) |
| Annual Shareholder Report \| April 30, 2025  | ![image](i202406031207332.jpg) |
| ![image](i202407221329492.jpg) | ![image](i202407221329492.jpg) |

---

This annual shareholder report contains important information about Putnam PanAgora ESG Emerging Markets Equity ETF for the period May 1, 2024, to April 30, 2025.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Putnam PanAgora ESG Emerging Markets Equity ETF | $63 | 0.60% |

---

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

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

For the twelve months ended April 30, 2025, Putnam PanAgora ESG Emerging Markets Equity ETF returned 10.08%. The Fund compares its performance to the MSCI Emerging Markets Index-NR, which returned 9.02% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Market intelligence and ESG factor composites, as all factors outperformed. |
| ↑ | Among countries, Taiwan was the top contributor. Within the country, an overweight position in Taiwan Semiconductor Manufacturing, a contract chipmaker, was one of the top performers. It was held overweight due to its high scores in short sell and momentum factors. The company's stock surged, driven by soaring demand for artificial intelligence (AI) chips, which resulted in record revenues and strong growth in AI-related hardware sales, which exceeded earnings expectations. |
| ↑ | Among sectors, materials was the top contributor. An overweight position in Gold Fields, a South African gold miner, was the top performer within the sector. The company saw its stock rise due to surging gold prices. The company's profits jumped, supported by strong market demand and production at its new Chilean mine. The company was held overweight due to its high scores in prediction and quality factors. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Management & governance factor composite detracted from performance. |
| ↓ | Among countries, South Korea was the top detractor. An overweight position in Kia was the top detractor as the automaker saw its stock fall, driven by lagged earnings and U.S. tariffs on imported cars, hurting investor confidence and raising concerns about profitability and competitiveness. The company was held overweight due to its high factor scores in value and short sell (not held at period-end). |
| ↓ | Among sectors, health care was the top detractor. An overweight in Dr Reddy's Laboratories, an Indian pharmaceutical company, was the top laggard in the sector. The decline of the stock was due to weak earnings, lower-than-expected margins, slow growth in India, and limited new product momentum in the U.S. amid tough generic drug competition. The company was held overweight due to its high scores in value, ESG score, and prediction factors. The Fund existed the position during reporting period. |

---

Putnam PanAgora ESG Emerging Markets Equity ETF PAGE 1 39493-ATSR-0625

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Putnam PanAgora ESG Emerging Markets Equity ETF**

1/19/2023 — 4/30/2025

![image](ts4057img003.jpg)

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

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/19/2023)** |
| **Putnam PanAgora ESG Emerging Markets Equity ETF (NAV)**  | 10.08 | 6.35 |
| **MSCI All Country World ex-U.S. Index-NR**  | 11.93 | 10.15 |
| **MSCI Emerging Markets Index-NR**  | 9.02 | 6.13 |

---

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

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

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

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

---

| | |
|:---|:---|
| **Total Net Assets** | $43168912 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 113 |
| **Total Management Fee Paid (based on a unitary fee)** | $201714 |
| **Portfolio Turnover Rate** | 90% |

---

\* Includes derivatives, if applicable.

Putnam PanAgora ESG Emerging Markets Equity ETF PAGE 2 39493-ATSR-0625

------

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

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

![image](ts4057img004.jpg)

Cash and Equivalents, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Holdings and allocations may vary over time.

**HOW HAS THE FUND CHANGED?**

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

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

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

funddocuments@putnam.com.

---

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

---

Putnam PanAgora ESG Emerging Markets Equity ETF PAGE 3 39493-ATSR-0625

1000097201037191159836104531109511422112031150710000101881067594631072611137117151176611894124661000095591036391029741105041101211407111781145231.518.015.210.34.23.43.23.02.42.11.61.51.31.10.50.40.3 ------

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

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

(c) N/A <br>

(d) N/A <br>

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

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

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

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

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

(a) Audit Fees. The aggregate fees billed in the last two fiscal years ending April 30, 2025 and April 30, 2024 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $22,411 in April 30, 2025 and $20,997 in April 30, 2024. <br>

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

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

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

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

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

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

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

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

<br> (f) Not applicable.

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

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

<br> (i) Not applicable

<br> (j) Not applicable

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

<br> Not applicable

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

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

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

![frontcoverartcoverlogo.jpg](image_001.jpg)

Putnam

PanAgora ESG Emerging Markets Equity ETF

Financial Statements and Other Important Information

Annual \| April 30, 2025

![frontcoverartcoverbar.jpg](image_002.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#page_1) | [1](#page_1) |
| [The fund's portfolio](#page_2) | [2](#page_2) |
| [Financial statements](#page_7) | [7](#page_7) |
| [Financial highlights](#page_10) | [10](#page_10) |
| [Notes to financial statements](#page_11) | [11](#page_11) |
| [Federal tax information](#page_15) | [15](#page_15) |
| [Changes in and disagreements with accountants](#page_16) | [16](#page_16) |
| [Results of any shareholder votes](#page_shrvote) | [16](#page_shrvote) |
| [Remuneration paid to directors, officers, and others](#page_remun) | [16](#page_remun) |
| [Board approval of management and subadvisory agreements](#page_bam) | [16](#page_bam) |

---

---

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

---

**Report of Independent Registered Public Accounting Firm**

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

Putnam PanAgora ESG Emerging Markets Equity ETF:

***Opinion on the Financial Statements***

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

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

June 16, 2025

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

PanAgora ESG Emerging Markets Equity ETF 1

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (99.7%)\*** | **Shares** | &nbsp;&nbsp;**Value** |
| **Aerospace and defense (1.9%)** |  |  |
| Bharat Electronics, Ltd. (India) | 225915 | &nbsp;&nbsp;&nbsp;&nbsp;$839924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**839924** |
| **Air freight and logistics (—%)** |  |  |
| Sinotrans, Ltd. Class A (China) | 13100 | &nbsp;&nbsp;&nbsp;&nbsp;8459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**8459** |
| **Automobiles (2.3%)** |  |  |
| Bajaj Auto, Ltd. (India) | 4663 | &nbsp;&nbsp;&nbsp;&nbsp;443208 |
| BYD Co., Ltd. Class H (China) | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;238666 |
| Hero MotoCorp, Ltd. (India) | 7268 | &nbsp;&nbsp;&nbsp;&nbsp;329265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1011139** |
| **Banks (15.7%)** |  |  |
| Abu Dhabi Commercial Bank PJSC (United Arab Emirates) | 217186 | &nbsp;&nbsp;&nbsp;&nbsp;688269 |
| Banco Santander Chile (Chile) | 2720417 | &nbsp;&nbsp;&nbsp;&nbsp;164479 |
| Bank Central Asia Tbk PT (Indonesia) | 1454200 | &nbsp;&nbsp;&nbsp;&nbsp;773091 |
| China Construction Bank Corp. Class H (China) | 607000 | &nbsp;&nbsp;&nbsp;&nbsp;499337 |
| E.Sun Financial Holding Co., Ltd. (Taiwan) | 793000 | &nbsp;&nbsp;&nbsp;&nbsp;701682 |
| Hana Financial Group, Inc. (South Korea) | 16425 | &nbsp;&nbsp;&nbsp;&nbsp;745278 |
| HDFC Bank, Ltd. (India) | 19859 | &nbsp;&nbsp;&nbsp;&nbsp;452496 |
| ICICI Bank, Ltd. (India) | 16050 | &nbsp;&nbsp;&nbsp;&nbsp;271098 |
| Industrial Bank Co., Ltd. Class A (China) | 90939 | &nbsp;&nbsp;&nbsp;&nbsp;261318 |
| Itau Unibanco Holding SA ADR (Brazil) | 91385 | &nbsp;&nbsp;&nbsp;&nbsp;576639 |
| KB Financial Group, Inc. (South Korea) | 9668 | &nbsp;&nbsp;&nbsp;&nbsp;613474 |
| Kotak Mahindra Bank, Ltd. (India) | 34295 | &nbsp;&nbsp;&nbsp;&nbsp;896347 |
| Moneta Money Bank AS (Czech Republic) | 8087 | &nbsp;&nbsp;&nbsp;&nbsp;49708 |
| Shanghai Pudong Development Bank Co., Ltd. Class A (China) | 72500 | &nbsp;&nbsp;&nbsp;&nbsp;109407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**6802623** |
| **Biotechnology (1.6%)** |  |  |
| Celltrion, Inc. (South Korea) | 5999 | &nbsp;&nbsp;&nbsp;&nbsp;680717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**680717** |
| **Broadline retail (6.5%)** |  |  |
| Alibaba Group Holding, Ltd. ADR (China) | 11042 | &nbsp;&nbsp;&nbsp;&nbsp;1318746 |
| Falabella SA (Chile) | 64410 | &nbsp;&nbsp;&nbsp;&nbsp;292470 |
| JD.com, Inc. ADR (China) | 7452 | &nbsp;&nbsp;&nbsp;&nbsp;243084 |
| Naspers, Ltd. Class N (South Africa) | 1294 | &nbsp;&nbsp;&nbsp;&nbsp;340333 |
| PDD Holdings, Inc. ADR (China) **<sup>†</sup>** | 3229 | &nbsp;&nbsp;&nbsp;&nbsp;340886 |
| Vipshop Holdings, Ltd. ADR (China) | 18558 | &nbsp;&nbsp;&nbsp;&nbsp;252760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2788279** |
| **Capital markets (0.4%)** |  |  |
| Guosen Securities Co., Ltd. Class A (China) | 19700 | &nbsp;&nbsp;&nbsp;&nbsp;29484 |
| Huatai Securities Co., Ltd. (China) | 44200 | &nbsp;&nbsp;&nbsp;&nbsp;65540 |
| Huatai Securities Co., Ltd. Class A (China) | 26300 | &nbsp;&nbsp;&nbsp;&nbsp;58120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**153144** |
| **Chemicals (0.9%)** |  |  |
| Hengli Petrochemical Co., Ltd. Class A (China) | 45300 | &nbsp;&nbsp;&nbsp;&nbsp;95368 |
| Pidilite Industries, Ltd. (India) | 7848 | &nbsp;&nbsp;&nbsp;&nbsp;281830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**377198** |
| **Consumer finance (0.5%)** |  |  |
| Qifu Technology, Inc. ADR (China) | 5654 | &nbsp;&nbsp;&nbsp;&nbsp;231984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**231984** |
| **Consumer staples distribution and retail (1.0%)** |  |  |
| Bid Corp., Ltd. (South Africa) | 17030 | &nbsp;&nbsp;&nbsp;&nbsp;428010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**428010** |
| **Distributors (0.2%)** |  |  |
| Zhejiang China Commodities City Group Co., Ltd. Class A (China) | 41000 | &nbsp;&nbsp;&nbsp;&nbsp;86541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**86541** |

---

2 <br> PanAgora ESG Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (99.7%)\*** *cont.* | **Shares** | &nbsp;&nbsp;**Value** |
| **Diversified telecommunication services (3.2%)** |  |  |
| Orange Polska SA (Poland) | 8155 | &nbsp;&nbsp;&nbsp;&nbsp;$20923 |
| Saudi Telecom Co. (Saudi Arabia) | 77131 | &nbsp;&nbsp;&nbsp;&nbsp;978802 |
| Telefonica Brasil SA (Brazil) | 44800 | &nbsp;&nbsp;&nbsp;&nbsp;219376 |
| Telekom Malaysia Bhd (Malaysia) | 101300 | &nbsp;&nbsp;&nbsp;&nbsp;159638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1378739** |
| **Electric utilities (1.9%)** |  |  |
| Companhia Paranaense (Preference) (Brazil) | 41300 | &nbsp;&nbsp;&nbsp;&nbsp;83908 |
| Power Grid Corp. of India, Ltd. (India) | 207569 | &nbsp;&nbsp;&nbsp;&nbsp;755377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**839285** |
| **Electrical equipment (0.1%)** |  |  |
| Ningbo Sanxing Medical Electric Co., Ltd. Class A (China) | 6200 | &nbsp;&nbsp;&nbsp;&nbsp;21854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**21854** |
| **Electronic equipment, instruments, and components (1.9%)** |  |  |
| Delta Electronics, Inc. (Taiwan) | 65733 | &nbsp;&nbsp;&nbsp;&nbsp;685425 |
| Foxconn Industrial Internet Co., Ltd. Class A (China) | 39810 | &nbsp;&nbsp;&nbsp;&nbsp;98993 |
| Universal Scientific Industrial Shanghai Co., Ltd. Class A (China) | 18400 | &nbsp;&nbsp;&nbsp;&nbsp;35038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**819456** |
| **Entertainment (2.4%)** |  |  |
| 37 Interactive Entertainment Network Technology Group Co., Ltd. Class A (China) | 6600 | &nbsp;&nbsp;&nbsp;&nbsp;13804 |
| NetEase, Inc. ADR (China) | 9371 | &nbsp;&nbsp;&nbsp;&nbsp;1003259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1017063** |
| **Food products (3.6%)** |  |  |
| China Mengniu Dairy Co., Ltd. (China) | 167000 | &nbsp;&nbsp;&nbsp;&nbsp;418168 |
| Inner Mongolia Yili Industrial Group Co., Ltd. Class A (China) | 32201 | &nbsp;&nbsp;&nbsp;&nbsp;131947 |
| Marico, Ltd. (India) | 37622 | &nbsp;&nbsp;&nbsp;&nbsp;316375 |
| Uni-President Enterprises Corp. (Taiwan) | 291000 | &nbsp;&nbsp;&nbsp;&nbsp;698771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1565261** |
| **Gas utilities (0.5%)** |  |  |
| China Resources Gas Group, Ltd. (China) | 64200 | &nbsp;&nbsp;&nbsp;&nbsp;179630 |
| ENN Natural Gas Co., Ltd. (China) | 10100 | &nbsp;&nbsp;&nbsp;&nbsp;27479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**207109** |
| **Health care equipment and supplies (0.1%)** |  |  |
| Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A (China) | 8800 | &nbsp;&nbsp;&nbsp;&nbsp;41754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**41754** |
| **Health care providers and services (1.1%)** |  |  |
| Bangkok Dusit Medical Services PCL (Thailand) | 528200 | &nbsp;&nbsp;&nbsp;&nbsp;379488 |
| Shanghai Pharmaceuticals Holding Co., Ltd. Class H (China) | 80800 | &nbsp;&nbsp;&nbsp;&nbsp;110642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**490130** |
| **Hotels, restaurants, and leisure (1.0%)** |  |  |
| Meituan Class B (China) **<sup>†</sup>** | 26200 | &nbsp;&nbsp;&nbsp;&nbsp;440180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**440180** |
| **Household durables (0.7%)** |  |  |
| Coway Co., Ltd. (South Korea) | 4083 | &nbsp;&nbsp;&nbsp;&nbsp;251902 |
| Gree Electric Appliances, Inc. of Zhuhai Class A (China) | 8000 | &nbsp;&nbsp;&nbsp;&nbsp;50185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**302087** |
| **Industrial conglomerates (1.2%)** |  |  |
| Samsung C&T Corp. (South Korea) | 5531 | &nbsp;&nbsp;&nbsp;&nbsp;476254 |
| Sime Darby Bhd (Malaysia) | 109600 | &nbsp;&nbsp;&nbsp;&nbsp;52832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**529086** |
| **Insurance (5.0%)** |  |  |
| Co. for Cooperative Insurance (The) (Saudi Arabia) | 3939 | &nbsp;&nbsp;&nbsp;&nbsp;145759 |
| Fubon Financial Holding Co., Ltd. (Taiwan) | 203350 | &nbsp;&nbsp;&nbsp;&nbsp;535985 |
| People's Insurance Co. Group of China, Ltd. (The) (China) | 692000 | &nbsp;&nbsp;&nbsp;&nbsp;409547 |
| Powszechny Zaklad Ubezpieczen SA (Poland) | 41483 | &nbsp;&nbsp;&nbsp;&nbsp;645756 |
| Sanlam, Ltd. (South Africa) | 93483 | &nbsp;&nbsp;&nbsp;&nbsp;424666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2161713** |
| **Interactive media and services (6.2%)** |  |  |
| Kuaishou Technology 144A (China) **<sup>†</sup>** | 28500 | &nbsp;&nbsp;&nbsp;&nbsp;189618 |
| NAVER Corp. (South Korea) | 2786 | &nbsp;&nbsp;&nbsp;&nbsp;392960 |
| Tencent Holdings, Ltd. (China) | 33788 | &nbsp;&nbsp;&nbsp;&nbsp;2078967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2661545** |

---

PanAgora ESG Emerging Markets Equity ETF <br> 3

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (99.7%)\*** *cont.* | **Shares** | &nbsp;&nbsp;**Value** |
| **IT Services (4.6%)** |  |  |
| Arabian Internet & Communications Services Co. (Saudi Arabia) | 2049 | &nbsp;&nbsp;&nbsp;&nbsp;$156449 |
| HCL Technologies, Ltd. (India) | 37688 | &nbsp;&nbsp;&nbsp;&nbsp;699258 |
| Infosys, Ltd. ADR (India) | 49570 | &nbsp;&nbsp;&nbsp;&nbsp;872432 |
| Samsung SDS Co., Ltd. (South Korea) | 2990 | &nbsp;&nbsp;&nbsp;&nbsp;270078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1998217** |
| **Life sciences tools and services (0.5%)** |  |  |
| Wuxi Biologics Cayman, Inc. (China) **<sup>†</sup>** | 69500 | &nbsp;&nbsp;&nbsp;&nbsp;204317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**204317** |
| **Machinery (0.6%)** |  |  |
| Haitian International Holdings, Ltd. (China) | 53000 | &nbsp;&nbsp;&nbsp;&nbsp;122598 |
| Sany Heavy Industry Co., Ltd. Class A (China) | 44822 | &nbsp;&nbsp;&nbsp;&nbsp;116579 |
| Zhejiang Dingli Machinery Co., Ltd. Class A (China) | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;15565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**254742** |
| **Metals and mining (4.4%)** |  |  |
| Anglogold Ashanti PLC (United Kingdom) | 13335 | &nbsp;&nbsp;&nbsp;&nbsp;562204 |
| Baoshan Iron & Steel Co., Ltd. (China) | 41900 | &nbsp;&nbsp;&nbsp;&nbsp;39461 |
| CMOC Group, Ltd. Class H (China) | 372000 | &nbsp;&nbsp;&nbsp;&nbsp;292589 |
| CSN Mineracao SA (Brazil) | 55000 | &nbsp;&nbsp;&nbsp;&nbsp;59505 |
| Gold Fields, Ltd. ADR (South Africa) | 27385 | &nbsp;&nbsp;&nbsp;&nbsp;617258 |
| Grupo Mexico SAB de CV Class B (Mexico) | 55900 | &nbsp;&nbsp;&nbsp;&nbsp;290467 |
| Jiangxi Copper Co., Ltd. Class H (China) | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;6736 |
| Shandong Nanshan Aluminum Co., Ltd. Class A (China) | 92900 | &nbsp;&nbsp;&nbsp;&nbsp;46688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1914908** |
| **Oil, gas, and consumable fuels (1.6%)** |  |  |
| HD Hyundai Co., Ltd. (South Korea) | 3349 | &nbsp;&nbsp;&nbsp;&nbsp;185414 |
| Petronet LNG, Ltd. (India) | 34130 | &nbsp;&nbsp;&nbsp;&nbsp;126750 |
| PTT PCL NVDR (Thailand) | 357400 | &nbsp;&nbsp;&nbsp;&nbsp;331669 |
| Reliance Industries, Ltd. (India) | 1659 | &nbsp;&nbsp;&nbsp;&nbsp;27590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**671423** |
| **Pharmaceuticals (0.5%)** |  |  |
| China Resources Pharmaceutical Group, Ltd. (China) | 59000 | &nbsp;&nbsp;&nbsp;&nbsp;37276 |
| Kalbe Farma Tbk PT (Indonesia) | 1870000 | &nbsp;&nbsp;&nbsp;&nbsp;153768 |
| Yunnan Baiyao Group Co., Ltd. Class A (China) | 5100 | &nbsp;&nbsp;&nbsp;&nbsp;40215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**231259** |
| **Real estate management and development (5.2%)** |  |  |
| Aldar Properties PJSC (United Arab Emirates) **<sup>†</sup>** | 344609 | &nbsp;&nbsp;&nbsp;&nbsp;774961 |
| China Merchants Shekou Industrial Zone Holdings Co., Ltd. Class A (China) | 61200 | &nbsp;&nbsp;&nbsp;&nbsp;77102 |
| China Resources Land, Ltd. (China) | 206000 | &nbsp;&nbsp;&nbsp;&nbsp;697238 |
| KE Holdings, Inc. ADR (China) | 34225 | &nbsp;&nbsp;&nbsp;&nbsp;694768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2244069** |
| **Semiconductors and semiconductor equipment (9.6%)** |  |  |
| Realtek Semiconductor Corp. (Taiwan) | 34000 | &nbsp;&nbsp;&nbsp;&nbsp;557046 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 126760 | &nbsp;&nbsp;&nbsp;&nbsp;3598725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4155771** |
| **Specialty retail (2.3%)** |  |  |
| Pop Mart International Group, Ltd. (China) | 29800 | &nbsp;&nbsp;&nbsp;&nbsp;744654 |
| Vibra Energia SA (Brazil) | 71000 | &nbsp;&nbsp;&nbsp;&nbsp;235201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**979855** |
| **Technology hardware, storage, and peripherals (6.3%)** |  |  |
| Asustek Computer, Inc. (Taiwan) | 35394 | &nbsp;&nbsp;&nbsp;&nbsp;641857 |
| GRG Banking Equipment Co., Ltd. Class A (China) | 12500 | &nbsp;&nbsp;&nbsp;&nbsp;21238 |
| IEIT Systems Co., Ltd. Class A (China) | 8600 | &nbsp;&nbsp;&nbsp;&nbsp;60212 |
| Lenovo Group, Ltd. (China) | 441065 | &nbsp;&nbsp;&nbsp;&nbsp;511266 |
| Samsung Electronics Co., Ltd. (South Korea) | 20842 | &nbsp;&nbsp;&nbsp;&nbsp;813740 |
| Xiaomi Corp. Class B (China) **<sup>†</sup>** | 103600 | &nbsp;&nbsp;&nbsp;&nbsp;667237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2715550** |
| **Trading companies and distributors (0.2%)** |  |  |
| BOC Aviation, Ltd. (China) | 10100 | &nbsp;&nbsp;&nbsp;&nbsp;75858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**75858** |

---

4 <br> PanAgora ESG Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (99.7%)\*** *cont.* | **Shares** | &nbsp;&nbsp;**Value** |
| **Transportation infrastructure (0.9%)** |  |  |
| Grupo Aeroportuario del Sureste SAB de CV Class B (Mexico) | 11955 | &nbsp;&nbsp;&nbsp;&nbsp;$378704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**378704** |
| **Wireless telecommunication services (3.1%)** |  |  |
| America Movil SAB de CV (Mexico) | 439100 | &nbsp;&nbsp;&nbsp;&nbsp;378857 |
| Bharti Airtel, Ltd. (India) | 11985 | &nbsp;&nbsp;&nbsp;&nbsp;264501 |
| Far EasTone Telecommunications Co., Ltd. (Taiwan) | 126000 | &nbsp;&nbsp;&nbsp;&nbsp;337623 |
| PLDT, Inc. (Philippines) | 6065 | &nbsp;&nbsp;&nbsp;&nbsp;141160 |
| TIM SA/Brazil (Brazil) | 64300 | &nbsp;&nbsp;&nbsp;&nbsp;214705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1336846** |
| **Total common stocks (cost $39,521,436)** | **Total common stocks (cost $39,521,436)** | &nbsp;&nbsp;&nbsp;&nbsp;**$43044799** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (0.2%)\*** | **Shares** | &nbsp;&nbsp;**Value** |
| Putnam Government Money Market Fund Class P 4.10% **<sup>L</sup>** | 74420 | &nbsp;&nbsp;&nbsp;&nbsp;$74420 |
| **Total short-term investments (cost $74,420)** | **Total short-term investments (cost $74,420)** | &nbsp;&nbsp;&nbsp;&nbsp;**$74420** |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $39,595,856)** | &nbsp;&nbsp;&nbsp;&nbsp;**$43119219** |

---

---

| | |
|:---|:---|
| **Key to holding's abbreviations** | **Key to holding's abbreviations** |
| **ADR** | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. |
| **NVDR** | Non-voting Depository Receipts |
| **PJSC** | Public Joint Stock Company |

---

---

| | |
|:---|:---|
|  | **Notes to the fund's portfolio** |
|  | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2024 through April 30, 2025 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's investment manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., and references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures*. |
| **<sup>\*</sup>** | Percentages indicated are based on net assets of $43,168,912. |
| **<sup>†</sup>** | This security is non-income-producing. |
| **<sup>L</sup>** | Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. |

---

---

| |
|:---|
| **DIVERSIFICATION BY COUNTRY** |
| Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value): |

---

---

| | | | |
|:---|:---|:---|:---|
| China | 31.5% | Indonesia | 2.1% |
| Taiwan | 18.0 | Thailand | 1.6 |
| India | 15.3 | Poland | 1.5 |
| South Korea | 10.3 | United Kingdom | 1.3 |
| South Africa | 4.2 | Chile | 1.1 |
| United Arab Emirates | 3.4 | Malaysia | 0.5 |
| Brazil | 3.2 | Other | 0.6 |
| Saudi Arabia | 3.0 | **Total** | **100.0%** |
| Mexico | 2.4 |  |  |

---

PanAgora ESG Emerging Markets Equity ETF <br> 5

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** |
|  | <br>**Investments in securities:** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** |
|  | Common stocks\*: | | | |
|  | Communication services | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6394193 | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
|  | Consumer discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5608081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Consumer staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9349464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Health care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Information technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9688994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Real estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Total common stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43044799** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
|  | Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Totals by level** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$43119219** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** |
| \* | Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. |

---

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

6 <br> PanAgora ESG Emerging Markets Equity ETF

**Financial statements**

**Statement of assets and liabilities**

4/30/25

---

| | |
|:---|:---|
| **ASSETS** | |
| Investment in securities, at value (Note 1): |  |
| &nbsp;&nbsp;Unaffiliated issuers (identified cost $39,521,436) | $43044799 |
| &nbsp;&nbsp;Affiliated issuers (identified cost $74,420) (Note 5) | 74420 |
| Cash | 6447 |
| Foreign currency (cost $29,728) (Note 1) | 29947 |
| Dividends, interest and other receivables | 76239 |
| **Total assets** | **43231852** |
| **LIABILITIES** |  |
| Payable for compensation of Manager (Note 2) | 18988 |
| Payable for foreign capital gains taxes | 43952 |
| **Total liabilities** | **62940** |
| **Net assets** | **$43168912** |
| **Represented by** |  |
| Paid-in capital (Unlimited shares authorized) (Notes 1 and 4) | $40420809 |
| Total distributable earnings (Note 1) | 2748103 |
| **Total — Representing net assets applicable to capital shares outstanding** | **$43168912** |
| **COMPUTATION OF NET ASSET VALUE** |  |
| **Net asset value per share** ($43,168,912 divided by 1,975,000 shares) | $21.86 |

---

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

Putnam PanAgora ESG Emerging Markets Equity ETF 7

**Statement of operations**

Year ended 4/30/25

---

| | |
|:---|:---|
| **Investment income** | |
| Dividends (net of foreign tax of $121,493) (including dividend income of $9,924 from investments in affiliated issuers) (Note 5) | $894828 |
| Interest | 23 |
| **Total investment income** | **894851** |
| **EXPENSES** |  |
| Compensation of Manager (Note 2) | 202371 |
| Fees waived and reimbursed by Manager (Note 2) | (657) |
| **Total expenses** | **201714** |
| **Net investment income** | **693137** |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;Securities from unaffiliated issuers (net of foreign tax of $42,657) (Notes 1 and 3) | 32321 |
| &nbsp;&nbsp;Foreign currency transactions (Note 1) | (52322) |
| **Total net realized loss** | **(20001)** |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Securities from unaffiliated issuers (net of increase decrease in deferred foreign taxes of $43,952) | 2459184 |
| &nbsp;&nbsp;Assets and liabilities in foreign currencies | 2004 |
| **Total change in net unrealized appreciation** | **2461188** |
| **Net gain on investments** | **2441187** |
| **Net increase in net assets resulting from operations** | **$3134324** |

---

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

8 Putnam PanAgora ESG Emerging Markets Equity ETF

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
| | **Year ended 4/30/25** | **Year ended 4/30/24** |
| **Increase in net assets** | | |
| **Operations** | | |
| Net investment income | $693137 | $441985 |
| Net realized loss on investments and foreign currency transactions | (20001) | (110498) |
| Change in net unrealized appreciation of investments and assets and liabilities in foreign currencies | 2461188 | 1221853 |
| **Net increase in net assets resulting from operations** | **3134324** | **1553340** |
| Distributions to shareholders (Note 1): |  |  |
| From ordinary income |  |  |
| Net investment income | (566445) | (407925) |
| Net realized short-term gain on investments | (124410) |  |
| From capital gain on investments |  |  |
| Net realized long-term gain on investments | (435435) |  |
| Proceeds from shares sold (Note 4) | 19239705 | 5492936 |
| Decrease from shares redeemed (Note 4) | (3214215) |  |
| Other capital (Note 4) | 22453 | 5493 |
| **Total increase in net assets** | **18055977** | **6643844** |
| **Net assets** |  |  |
| Beginning of year | 25112935 | 18469091 |
| **End of period** | **$43168912** | **$25112935** |
| **NUMBER OF FUND SHARES** |  |  |
| Shares outstanding at beginning of year | 1225000 | 950000 |
| Shares sold (Note 4) | 900000 | 275000 |
| Shares redeemed (Note 4) | (150000) |  |
| Shares outstanding at end of year | 1975000 | 1225000 |

---

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

Putnam PanAgora ESG Emerging Markets Equity ETF 9

**Financial highlights**

(For a common share outstanding throughout the period)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**PER-SHARE OPERATING PERFORMANCE** | | | |
| | <br>&nbsp;&nbsp;**Year ended 4/30/25** | <br>&nbsp;&nbsp;**Year ended 4/30/24** | <br>&nbsp;&nbsp;**For the period 1/19/23 (commencement of operations) to 4/30/23** |
| <br>&nbsp;&nbsp;**Net asset value, beginning of period** | &nbsp;&nbsp;**$20.50** | &nbsp;&nbsp;**$19.44** | &nbsp;&nbsp;**$20.00** |
| &nbsp;&nbsp;**Investment operations:** |  |  |  |
| &nbsp;&nbsp;Net investment income (loss)<sup>a</sup> | &nbsp;&nbsp;.45 | &nbsp;&nbsp;.42 | &nbsp;&nbsp;.08 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;(.67) |
| &nbsp;&nbsp;**Total from investment operations** | &nbsp;&nbsp;**2.03** | &nbsp;&nbsp;**1.44** | &nbsp;&nbsp;**(.59)** |
| &nbsp;&nbsp;**Less distributions:** |  |  |  |
| &nbsp;&nbsp;From net investment income | &nbsp;&nbsp;(.34) | &nbsp;&nbsp;(.39) | &nbsp;&nbsp;— |
| &nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;(.34) | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total distributions** | &nbsp;&nbsp;**(.68)** | &nbsp;&nbsp;**(.39)** | &nbsp;&nbsp;**—** |
| &nbsp;&nbsp;**Other capital** | &nbsp;&nbsp;**.01** | &nbsp;&nbsp;**.01** | &nbsp;&nbsp;**.03** |
| &nbsp;&nbsp;**Net asset value, end of period** | &nbsp;&nbsp;**$21.86** | &nbsp;&nbsp;**$20.50** | &nbsp;&nbsp;**$19.44** |
| &nbsp;&nbsp;**Total return at net asset value (%)<sup>b</sup>** | &nbsp;&nbsp;**10.08** | &nbsp;&nbsp;**7.54** | &nbsp;&nbsp;**(2.80)<sup>\*</sup>** |
| &nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA** |  |  |  |
| &nbsp;&nbsp;**Net assets, end of period (in thousands)** | &nbsp;&nbsp;**$43169** | &nbsp;&nbsp;**$25113** | &nbsp;&nbsp;**$18469** |
| &nbsp;&nbsp;Ratio of expenses to average net assets (%)<sup>c,d</sup> | &nbsp;&nbsp;.60 | &nbsp;&nbsp;.60 | &nbsp;&nbsp;.17**<sup>\*</sup>** |
| &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (%)<sup>d</sup> | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;2.16 | &nbsp;&nbsp;.41 <sup>\*</sup> |
| &nbsp;&nbsp;Portfolio turnover (%)<sup>e</sup> | &nbsp;&nbsp;90 | &nbsp;&nbsp;87 | &nbsp;&nbsp;45**<sup>\*</sup>** |

---

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

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

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

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

**<sup>d</sup>** Reflects waivers of certain fund expenses in connection with investments in Putnam Government Money Market Fund during the period. As a result of such waivers, the expenses of the fund reflect a reduction of the following amounts (Notes 2 and 5):

---

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

---

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

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

10 <br> PanAgora ESG Emerging Markets Equity ETF

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

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

---

| | |
|:---|:---|
| **References to** | **Represent** |
| **1940 Act** | Investment Company Act of 1940, as amended |
| **ESG** | Environmental, social and/or corporate governance |
| **ETF** | Exchange-traded fund |
| **Franklin Advisers** | Franklin Advisers, Inc., a direct wholly-owned subsidiary of Franklin Templeton |
| **Franklin Templeton** | Franklin Resources, Inc. |
| **Franklin Templeton Services** | Franklin Templeton Services, LLC, a wholly-owned subsidiary of Franklin Templeton |
| **JPMorgan** | JPMorgan Chase Bank, N.A. |
| **OTC** | Over-the-counter |
| **PanAgora** | PanAgora Asset Management, Inc., an affiliate of Putnam Management |
| **PSERV** | Putnam Investor Services, Inc., a wholly-owned subsidiary of Franklin Templeton |
| **Putnam Management** | Putnam Investment Management, LLC, the fund's investment manager, an indirect wholly-owned subsidiary of Franklin Templeton |
| **SEC** | Securities and Exchange Commission |
| **State Street** | State Street Bank and Trust Company |

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Putnam PanAgora ESG Emerging Markets Equity ETF (the fund) is a diversified, open-end series of Putnam ETF Trust (the Trust), a Delaware statutory trust organized under the 1940 Act. The fund is an actively managed ETF. The fund's investment objective is to seek long term capital appreciation. The fund invests mainly in common stocks (growth or value stocks or both) of emerging markets companies of any size with a focus on companies that the fund's subadvisor, PanAgora, believes offer attractive benchmark-relative returns and exhibit positive environmental, social and governance ESG metrics. In evaluating and selecting investments for the fund, PanAgora employs a proprietary framework using quantitative models that identify companies that offer above-market return potential based on their ESG metrics, together with other proprietary factors measuring a company's financial and operational health, and then construct a portfolio that integrates return potential and ESG metrics.

PanAgora uses advanced statistical and machine learning techniques, together with third-party and proprietary data sources, in evaluating companies' ESG metrics and return potential. Metrics designed to evaluate companies' environmental practices may include third-party or proprietary data sources, including those regarding a company's environmental footprint or its environmental efficiencies. Metrics designed to evaluate companies' social practices may include third-party or proprietary data sources, including those regarding board diversity levels at a company. Metrics designed to evaluate companies' governance practices may include third-party or proprietary data sources, including those regarding a company's compensation practices. The ESG metrics and information used in the portfolio construction process may change over time and may not be relevant to all companies that are eligible for investment by the fund.

In addition, the fund will not invest in securities of companies that PanAgora, based on third-party data, determines at the time of investment to have a category 5 controversy rating (an assessment of a company's involvement in incidents with negative ESG implications) or to be substantially engaged in Arctic drilling or in the thermal coal, palm oil, controversial weapons or tobacco industries (each, a "Restricted Company"). In addition, at the time of any periodic rebalancing of the fund's portfolio, the fund will dispose of its position in any security that, at that time, PanAgora determines to be a Restricted Company. Further, the fund will not purchase securities of any company that PanAgora, based on third-party data, determines at the time of investment to have a severe ESG risk rating (which measures a company's exposure to industry-specific material ESG risks and how well a company is managing those risks) or to be classified as non-compliant under the United Nations Global Compact principles (each, a "Benchmark- Constrained Company") if, immediately following such purchase, the fund would have an overweight position in the Benchmark-Constrained Company relative to its benchmark. In addition, at the time of any periodic rebalancing of the fund's portfolio, the fund will dispose of the overweight portion (relative to its benchmark) of its position in any security that, at that time, PanAgora determines to be a Benchmark-Constrained Company.

Under normal circumstances, the fund invests at least 80% of its net assets in equity securities of emerging markets companies that meet PanAgora's ESG criteria, as described above. PanAgora will assign each company an ESG rating using proprietary ESG scores. In order to meet PanAgora's ESG criteria, a company must have an ESG score above 0, reflecting more positive characteristics, and, on or after June 12, 2023, must also not be a Restricted Company or a Benchmark- Constrained Company. A negative ESG score indicates a lower (or worse) rating. PanAgora assigns companies an ESG score that ranges from –2 to +2, although the range of scores may change over time. This policy is non-fundamental and may be changed only after 60 days' notice to shareholders. PanAgora may not apply ESG criteria to investments that are not subject to the fund's 80% policy, and such investments may not meet PanAgora's ESG criteria.

Emerging markets include countries in the MSCI Emerging Market Index or countries that PanAgora considers to be emerging markets based on an evaluation of their level of economic development or the size and experience of their securities markets.

The fund's equity investments may include common stocks, preferred stocks, convertible securities, warrants, American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

PanAgora may consider, among other factors, a company's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. While PanAgora may consider independent third-party data as a part of its analytical process (and currently uses third-party data in applying certain of the fund's investment policies), the portfolio management team performs its own independent analysis of issuers, through its quantitative model and proprietary scoring system, and does not rely solely on third-party screens.

From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors. From time to time, the fund may invest a significant portion of its assets in companies in one or more related geographic regions, such as Asian or Pacific Basin countries.

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

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

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

**Note 1: Significant accounting policies** 

The fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

**Security valuation** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The

PanAgora ESG Emerging Markets Equity ETF <br> 11

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. When reliable prices are not readily available for equity securities, such as when the value of a security has been affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, on certain days the fund will fair value these securities as determined in accordance with procedures approved by the Trustees. This may include using an independent third-party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time). The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. These securities, which would generally be classified as level 1 securities, will be transferred to Level 2 on the fair value hierarchy when they are valued at fair value. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities.

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

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

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

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

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

**Foreign currency translation** The accounting records of the fund are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.

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

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

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

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

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

The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are

12 <br> PanAgora ESG Emerging Markets Equity ETF

earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset and other income on the fund's books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.

Pursuant to federal income tax regulations applicable to regulated investment companies, the fund has elected to defer certain capital losses of $310,361 recognized during the period between November 1, 2024 and April 30, 2025 to its fiscal year ending April 30, 2026.

**Distributions to shareholders** Distributions to shareholders from net investment income, if any, are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences from losses on wash sale transactions, foreign currency gains and losses, late year loss deferrals, foreign taxes paid on capital gains, realized gains and losses on passive foreign investment companies and unrealized gains and losses on passive foreign investment companies. Reclassifications are made to the fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. At the close of the reporting period, the fund reclassified $18,804 to increase undistributed net investment income and $18,804 to increase accumulated net realized loss.

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

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| | |
|:---|:---|
| Unrealized appreciation | $4121021 |
| Unrealized depreciation | (1370417) |
| Net unrealized appreciation | 2750604 |
| Undistributed ordinary income | 350995 |
| Post-October capital loss deferral | (310361) |
| Cost for federal income tax purposes | $40368615 |

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

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

The fund pays its investment manager an annual all-inclusive management fee of 0.60% based on the fund's average daily net assets computed and paid monthly. The management fee covers investment management services and all of the fund's organizational and other operating expenses with certain exceptions, including but not limited to: payments under distribution plans, interest, taxes, brokerage commissions and other transaction costs, fund proxy expenses, litigation expenses, extraordinary expenses and acquired fund fees and expenses.

The fund invests in Putnam Government Money Market Fund, an open-end management investment company managed by Franklin Advisers. Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund. During the reporting period, management fees paid were reduced by $657 relating to the fund's investment in Putnam Government Money Market Fund.

PanAgora is authorized by the Trustees to make investment decisions for the assets of the fund as determined by Putnam Management. Putnam Management (and not the fund) pays a quarterly sub-advisory fee to PanAgora for its services at an annual rate of 0.21% of the average net assets of the fund.

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

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

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

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

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| | | |
|:---|:---|:---|
| | **Cost of purchases** | **Proceeds from sales** |
| Investments in securities (Long-term) | $45649109 | $30078585 |
| U.S. government securities (Long-term) |  |  |
| **Total** | **$45649109** | **$30078585** |

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

**Note 4: Capital shares** 

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

At the close of the reporting period, the Putnam Sustainable Retirement Funds owned 98.5% of the outstanding shares of the fund.

**Note 5: Affiliated transactions** 

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of affiliate** | **Fair value as of 4/30/24** | **Purchase cost** | **Sale proceeds** | **Investment income** | **Shares outstanding and fair value as of 4/30/25** |
| **Short-term investments** | | | | | |
| Putnam Government Money Market Fund Class P **<sup>†</sup>** | $171450 | $11168024 | $11265054 | $9924 | $74420 |
| **Total Short-term investments** | **$171450** | **$11168024** | **$11265054** | **$9924** | **$74420** |
| **<sup>†</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund (Note 2). There were no realized or unrealized gains or losses during the period. | **<sup>†</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund (Note 2). There were no realized or unrealized gains or losses during the period. | **<sup>†</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund (Note 2). There were no realized or unrealized gains or losses during the period. | **<sup>†</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund (Note 2). There were no realized or unrealized gains or losses during the period. | **<sup>†</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund (Note 2). There were no realized or unrealized gains or losses during the period. | **<sup>†</sup>** Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund (Note 2). There were no realized or unrealized gains or losses during the period. |

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PanAgora ESG Emerging Markets Equity ETF <br> 13

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

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

Investing in companies or issuers that exhibit a commitment to ESG factors may result in the fund investing in certain types of companies or issuers that underperform the market as a whole. In evaluating an investment opportunity, Putnam Management may make investment decisions based on information and data that is incomplete or inaccurate. Due to changes in the products or services of the companies and issuers in which the fund invests, the fund may temporarily hold securities that are inconsistent with its ESG investment criteria.

**Note 7: New accounting pronouncement** 

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023–09 *, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures* . The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.

**Note 8: Operating segments** 

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

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

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

14 <br> PanAgora ESG Emerging Markets Equity ETF

**Federal tax information** (Unaudited)

Pursuant to <sup>§</sup>852 of the Internal Revenue Code, as amended, the fund hereby designates $479,065 as a capital gain dividend with respect to the taxable year ended April 30, 2025, or, if subsequently determined to be different, the net capital gain of such year.

For the reporting period, total interest and dividend income from foreign countries were $997,958 and taxes paid to foreign countries were $161,163.

For the reporting period, the fund hereby designates $597,605, or the maximum amount allowable, of its taxable ordinary income earned as qualified dividends taxed at the individual net capital gain rates.

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

PanAgora ESG Emerging Markets Equity ETF <br> 15

**Changes in and disagreements with accountants** 

Not applicable

**Results of any shareholder votes** 

Not applicable

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

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

**Board approval of management and subadvisory agreements** 

Not applicable

16 <br> PanAgora ESG Emerging Markets Equity ETF

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![backcoverartbackcoverlogo.jpg](image_003.jpg) |  |
|© 2025 Franklin Templeton. All rights reserved. | 39493-AFSOI&nbsp;&nbsp;&nbsp;&nbsp;6/25 |

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

<br> Included in Item 7 above.

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

<br> Included in Item 7 above.

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

<br> Included in Item 7 above.

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

<br> Included in Item 7 above.

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

<br> Not applicable

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

<br> Not Applicable

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

<br> Not applicable

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

<br> Not applicable

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

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

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

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

<br> Not Applicable

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

(a) No <br>

(b) No <br>

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

<br> (a)(1) The Code of Ethics of The Putnam Funds and Franklin Templeton are filed herewith. In addition, the Code of Ethics of PanAgora Asset Management, Inc. is filed herwith.

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

<br> [(a)(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are filed herewith:](c_xv6certifications.htm)

<br> [(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.](d_xv6nocertifications.htm)

<br> <u>SIGNATURES</u>

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

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

<br> By (Signature and Title):

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

<br> Jeffrey WhitePrincipal Accounting Officer

<br> Date: June 27, 2025

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

<br> By (Signature and Title):

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

<br> Jonathan S. HorwitzPrincipal Executive Officer

<br> Date: June 27, 2025

<br> By (Signature and Title):

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

<br> Jeffrey WhitePrincipal Financial Officer

<br> Date: June 27, 2025

------

## Ex-99.Code

**As of January 1, 2025**

**<br> PanAgora Asset Management, Inc.**

**Code of Ethics**

***Table of Contents***

 ****

Introduction 2

Compliance with Ethical Standards and Applicable Law 2

Conflicts of Interest 3

Confidentiality 4

Personal Trading 4

Insider Trading 4

Service on Boards Not Related to a PanAgora Investment 4

Outside Business of PanAgora Individuals 5

Business of Family of PanAgora Individuals 5

Gifts & Entertainment 5

Accommodation-Type Transactions 5

Political Contribution Policy 6

Questions 6

**EXHIBITS:**

Exhibit 1: Code of Ethics Acknowledgement

Exhibit 2: PanAgora Whistleblower Policy

Exhibit 3: PanAgora Personal Trading Policy

Exhibit 4: PanAgora Insider Trading Policy

Exhibit 5: PanAgora Gifts & Entertainment Policy

Exhibit 6: PanAgora Political Contribution Policy

***Introduction***

PanAgora's Board of Directors and Audit and Compliance Committee has delegated responsibility for the implementation and oversight of the firm's Code of Ethics to the Code of Ethics Oversight Committee, which is chaired by PanAgora's CEO, Bryan Belton. Day-to-day responsibility for maintenance and oversight of this Code of Ethics rests with PanAgora's Chief Compliance Officer ("CCO"), Marc Volpe.

This Code of Ethics may be revised at any time in PanAgora's sole discretion to reflect developments in relevant laws, approaches to questions of interpretation, and the application of practical experience, as well as new policies of PanAgora. This Code is intended to provide guidance to employees and certain consultants of PanAgora (each a "<u>PanAgora Individual</u>") regarding PanAgora's practices, standards and applicable legal standards. This Code of Ethics is not intended to alter perceptions of the legal standards that would otherwise exist in the absence of this Code.

This Code is to be distributed to all PanAgora Individuals when they join PanAgora, and annually thereafter, and additionally upon any amendment to the Code. Each PanAgora Individual shall submit to the CCO promptly after receipt of this Code (or any amendments thereto) an executed copy of the Code of Ethics Acknowledgement attached hereto (or similar acknowledgement provided via PanAgora's Code of Ethics reporting system) as <u>Exhibit 1</u> indicating that the PanAgora Individual has read and understood the Code.

While PanAgora actively monitors the investment activity and personal trades of PanAgora Individuals, it is the responsibility of PanAgora Individuals to ensure that they are not in real or apparent conflict with any applicable laws, this Code or any PanAgora policy. The CCO, together with the Code of Ethics Oversight Committee, is responsible for dealing with alleged violations. Ignorance of this Code, other PanAgora policies and/or applicable laws is not a valid reason for violation of these standards and will not protect those governed by it from the negative consequences of any such violations. If a PanAgora Individual is unsure about any aspect of any conduct (including, for example, the execution of transactions) whether for PanAgora, its clients or for himself or herself, he or she should ask the CCO for advice. If a PanAgora Individual is still uncertain, he or she must refrain from acting. PanAgora will discipline those PanAgora Individuals who violate this Code, other company policies or applicable laws.

***Compliance with Ethical Standards and Applicable Law***

**Standards of Conduct**

The operating principles of PanAgora require both personal and professional integrity. PanAgora Individuals are expected to professionally conduct all business activities in accordance with PanAgora policies and procedures, applicable law, and the highest ethical standards.

All PanAgora Individuals, however, not only must conform their conduct to applicable policies, laws and standards, but also must come forward when violations or irregularities that could jeopardize the integrity of PanAgora are observed.

**Reporting, Review and Investigation** 

All PanAgora Individuals who have concerns about possible breaches of ethics or relevant laws, or of any PanAgora policy governing compliance with ethics or relevant laws (or who have suggestions for improving this Code), should bring the matter promptly to the attention of the COO, the CCO, the CEO, or the General Counsel ("GC"). This includes possible breaches learned through direct observation as well as those learned through the report of another PanAgora Individual.

PanAgora's Whistleblower Policy, attached as <u>Exhibit 2</u> hereto, is to encourage and provide a process for PanAgora Individuals to lawfully report without fear of retaliation any knowledge or concerns about misconduct under, or violations of, applicable securities or related laws by a PanAgora Individual that have occurred, are ongoing, or about to occur. All reports of breaches of ethics, applicable laws, or any PanAgora policy will be subjected to review, and where appropriate, investigations will be conducted by the PanAgora Code of Ethics Oversight Committee.

Upon completion of any such investigation, the Code of Ethics Oversight Committee or a member or members thereof, will meet individually with PanAgora Individuals making the reports, as well as the PanAgora Individuals against whom the reports are made, to review the results of the investigations, and where actions are determined to be appropriate, to inform the parties of the steps that will be taken to address the situation. PanAgora will generally release information arising out of reports made under this Code, and any resulting investigations, only on a need-to-know basis. All PanAgora Individuals should be aware, however, that information will likely be shared among the Code of Ethics Oversight Committee, the CCO and relevant personnel in order for effective investigations to be conducted.

It is a violation of this Code for any PanAgora Individual to be subject to retaliation for reporting, truthfully and in good faith, violations of ethics or relevant laws or breaches of any PanAgora policies regarding compliance with ethical standards or relevant laws, or for cooperating with investigations under this Code. All who engage in such retaliatory actions will be subject to disciplinary action, which may include termination of employment or association with PanAgora. In connection with the foregoing, all PanAgora employees are subject to the terms of PanAgora's Whistleblower Policy, attached hereto as <u>Exhibit 2</u>.

***Conflicts Of Interest***

As a condition of employment or any consulting arrangement, as applicable, PanAgora Individuals at all times shall act in a manner consistent with their fiduciary responsibilities to PanAgora and its clients and shall exercise care that no detriment results to PanAgora or any clients thereof from conflicts between PanAgora Individual interests and those of PanAgora or its clients. All PanAgora Individuals, at all times, shall also seek to avoid the appearance of conflicts of interest.

For purposes of this statement, PanAgora Individuals are considered to have conflicts of interest when they, or any of their Family or Associates (each as defined below), either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. have, to the knowledge of the PanAgora Individual, an existing or potential
financial or other interest which impairs their independence of judgment in the discharge of responsibilities to PanAgora or its clients;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. may, to the knowledge of the PanAgora Individual, receive a material financial or other benefit (other
than the official compensation and benefits afforded to PanAgora Individuals) from knowledge of confidential, proprietary, or material
nonpublic information (please see PanAgora Insider Trading Policy, attached as <u>Exhibit 3</u>, for more information on what constitutes
material nonpublic information).

The "<u>Family</u>" of a PanAgora Individual includes spouses, parents, siblings, children, and, if living in the same household, other relatives. "<u>Associate(s)</u>" of a PanAgora Individual includes any person, trust, organization or enterprise of, in or with which such PanAgora Individual or any of their Family:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) is a director, officer, employee, member, partner or trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) has a financial interest that represents five percent or more of their assets or any interest that enables
them, acting alone or in conjunction with others, to exercise control or to influence policy significantly; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) has
any other association that could cause them to wish to benefit such person.

All PanAgora Individuals are responsible for promptly reporting any conflicts of interest, or potential conflicts of interest, to the CCO.

***Confidentiality***

All PanAgora Individuals must sign upon commencement of their employment or consulting arrangement with PanAgora a letter agreement confirming that they will not at any time disclose to any unauthorized person or otherwise use any Confidential Information for any reason other than the business of PanAgora and its affiliates or as required by law. "Confidential Information" means any and all information of PanAgora and its affiliates that is not generally available to the public, and as more particularly defined in each PanAgora Individual's Confidentiality Agreement.

***Personal Trading***

All PanAgora Individuals shall act in accordance with the PanAgora Personal Trading Policy attached hereto as <u>Exhibit 3</u>.

***Insider Trading***

All PanAgora Individuals shall act in accordance with the PanAgora Insider Trading Policy attached hereto as <u>Exhibit 4</u>.

***Service On Boards Not Related To A PanAgora Investment***

PanAgora Individuals may serve on boards of directors, boards of trustees, investment committees or other similar decision-making bodies of entities that are not investments of PanAgora only where there is no real or apparent conflict with PanAgora or any of the clients or funds managed by PanAgora. PanAgora Individuals are encouraged to provide non-compensated service to charitable organizations. However, such service must not materially interfere with the PanAgora Individual's responsibilities to PanAgora and must comply with the provisions of this Code of Ethics, including, but not limited to, the PanAgora Political Contribution Policy (attached hereto as <u>Exhibit 6</u>).

Every PanAgora Individual must notify the CCO of his or her membership on any board of directors, board of trustees, investment committee or other similar decision-making body of an entity.

If at any time subsequent to accepting these roles, the possibility of a conflict develops, they should immediately be reported to the CCO. PanAgora may require that PanAgora Individuals resign from such positions if they are determined by the CCO to be in conflict, or to have the appearance of a conflict, with PanAgora's or its clients' interests. All compensation received from serving as board members or similar functions must be reported to the CCO.

***Outside Business of PanAgora Individuals***

PanAgora Individuals (with the exception of consultants) may not, without prior written approval of the CCO (or relevant department head), conduct any outside business or other remunerative activities during their employment or consultancy with PanAgora, other than investing for their own or related accounts.

All such outside business activity must be disclosed by PanAgora Individuals in the Initial Holdings Report and Annual Holdings Report submitted pursuant to the PanAgora Personal Trading Policy, and from time to time each time a PanAgora Individual proposes to engage in an outside business.

***Business of Family of PanAgora Individuals***

All PanAgora Individuals shall provide, upon request, information as to the employment of their Family.

***Gifts & Entertainment***

All PanAgora Individuals must act in accordance with the PanAgora Gifts & Entertainment Policy attached hereto as <u>Exhibit 5</u>.

***Accommodation-Type Transactions***

As a condition of employment or consultancy, as applicable, PanAgora Individuals shall not engage, whether for their own accounts or on the account of PanAgora, in accommodation-type transactions designed to help third parties violate applicable laws, including tax regulations. PanAgora Individuals who suspect that they have received proposals for inappropriate accommodation-type transactions should report the situation to the CCO.

***Political Contributions***

All PanAgora Individuals to whom the PanAgora Political Contribution Policy (attached hereto as <u>Exhibit 6</u>) applies must act in accordance therewith.

***Questions***

Questions and reporting under this Code should be directed to the CCO.

**Exhibit 1**

**Acknowledgement**

I, the undersigned employee of, or consultant to PanAgora Asset Management, Inc. ("<u>PanAgora</u>"), hereby certify that I have read and understood PanAgora's Code of Ethics dated as of January 1, 2025 and that I will conduct myself and my activities in accordance and compliance with the requirements and standards described therein.

I understand and acknowledge that PanAgora may take disciplinary action, including suspending or terminating me from PanAgora for failure to comply with the policies set forth in the above-referenced Code of Ethics.

<u> </u>

Signature

<u> </u>

Please print name

<u> </u>

Date

**As of January 1, 2025**

**PanAgora Asset Management, Inc.**

**("PanAgora")**

**Whistleblower Policy**

PanAgora is committed to maintaining the highest business and personal ethical standards as well as to complying with all applicable securities laws, the Commodities Exchange Act (the "**CEA**"), and the regulations thereunder. Ethical business behavior is expected of every Person working at PanAgora whether an employee or independent contractor (each, a "PanAgora Person"). A "Whistleblower" is defined as a person who works at PanAgora and who submits to PanAgora or to the U.S. Securities Exchange Commission ("**SEC**") or Commodity Futures Trading Commission ("**CFTC**"), a lawful complaint or allegation of misconduct under, or a violation of, applicable securities laws or the CEA that has occurred, is ongoing, or is about to occur.

The objective of this Whistleblower Policy is to encourage and provide a process for PanAgora Persons to lawfully report without fear of retaliation any knowledge or concerns about misconduct under, or violations of, applicable securities laws or the CEA by a PanAgora Person that have occurred, are ongoing, or about to occur. PanAgora Persons may also report such matters directly to the CFTC or the SEC. <u>With respect to the subject matter hereof, in the event of any conflict between this Whistleblower Policy and the confidentiality agreements signed by all PanAgora Persons (the "**NDAs**"), the confidentiality provisions of PanAgora's fund investment documents, or any similar PanAgora documents, the terms of this Whistleblower Policy shall govern. For clarity, nothing in the NDAs prohibit PanAgora Persons from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the U.S. Department of Justice, U.S. SEC, the CFTC, the U.S. Congress, or any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. PanAgora Persons do not need the prior authorization of PanAgora to make any such reports or disclosures and are not required to notify PanAgora that they have made such reports or disclosures.</u> 

The process for filing a formal complaint under this Policy at PanAgora is set forth below.

**<u>Reporting/Filing a Whistleblower Complaint at PanAgora</u>**

A PanAgora Person with concerns about misconduct or violations of the law at PanAgora shall report such matters to the Chief Compliance Officer (the "**CCO**") or to PanAgora's **Code of Ethics Oversight Committee**. They may be, but need not be, made anonymously. It may also be, but is not required to be, submitted on a confidential basis. In the case of confidential submissions, PanAgora will make commercially reasonable efforts to protect the complainant's identity, and all reports will be kept confidential, to the extent possible, consistent with the need to conduct a thorough and effective investigation to comply with applicable law and to participate in relevant investigative, administrative or judicial proceedings.

**<u>Ethics Line</u>**

PanAgora has access to a formal Ethics Line as an additional mechanism for a PanAgora Person to report an impropriety or conduct that is not in line with the company's value system. The Ethics Line is authorized to receive complaints or questions confidentially about alleged acts, omissions,

improprieties, and broader systemic problems within the organization. The Ethics Line is available on an anonymous basis by calling 1-888-475-4210 or via the following url:

https://secure.ethicspoint.com/domain/media/en/gui/49934

**<u>Reporting/Filing a Whistleblower Complaint with the SEC or the CFTC</u>**

As noted above, a PanAgora Person with concerns about misconduct or violations of law at PanAgora may also report such matters directly to the SEC or the CFTC in accordance with applicable securities laws or the CEA.

**<u>Acting Lawfully</u>**

Whistleblowers shall act lawfully and shall not make false or misleading accusations when reporting any misconduct or violation pursuant to this Policy. Any PanAgora Person who knowingly and willfully makes any false, fictitious, or fraudulent statement or representation or uses any false writing or document knowing the writing or document contains any false, or fraudulent statement or entry, will not be protected by this Policy and may be subject to disciplinary action, up to and including termination of such PanAgora Person's position at PanAgora.

**<u>Review and Investigation</u>**

The CCO shall bring any matters reported under this policy to the immediate attention of the Code of Ethics Oversight Committee, who is responsible for the oversight, receipt, review, investigation, resolution and retention of all matters reported to PanAgora pursuant to this Policy. PanAgora may retain independent legal counsel, accountants, external auditors, and/or other professional advisors and may involve one or more PanAgora Persons, all in an effort to assist in and/or conduct the investigations and the analysis of the results of the investigations.

Upon receipt of a lawful complaint under this Policy, the Code of Ethics Oversight Committee will conduct an initial review and assessment of the complaint in a timely manner. Upon completion of the initial assessment, it will be determined what the scope of the investigation will be. Depending on the nature of the complaint made, the investigation will be monitored by the Code of Ethics Oversight Committee and such other PanAgora Persons and/or professional advisors as deemed necessary.

**<u>No Retaliation</u>**

PanAgora shall not retaliate or tolerate retaliation, whether direct or indirect, by any PanAgora Person against any PanAgora Person or group of PanAgora Persons who lawfully make(s) a Whistleblower complaint to, or provides assistance in connection with the investigation of, a Whistleblower complaint to PanAgora or the SEC or the CFTC.

No PanAgora Person shall suffer retaliatory consequences as a result of a lawful Whistleblower complaint. Retaliatory consequences are defined as discharge, demotion, suspension, threats,

harassment, directly or indirectly, or discrimination in any other manner, as a result of a lawful act done by the Whistleblower.

Any PanAgora Person who retaliates against a PanAgora Person (or group of PanAgora Persons) who has lawfully submitted a Whistleblower complaint pursuant to this Policy, shall be subject to disciplinary action, up to and including termination of employment or association with PanAgora.

**\*\*\***

**This Policy is intended solely for the use of PanAgora in the management of its business and operations in compliance with applicable law. It is not intended to, and shall not under any circumstances, create any right or expectation in or on the part of any person, including without limitation any client or any interest holder in any client.**

**As of January 1, 2025**

**PANAGORA ASSET MANAGEMENT, INC.**

**("PANAGORA")**

**PERSONAL TRADING POLICY**

All PanAgora employees and certain other persons, included related persons (as set forth below) or consultants (each, an "Access Person"), whether working at PanAgora's premises or elsewhere, are subject to this Personal Trading Policy (the "Policy"). This Policy limits employees' personal securities transactions to guard against situations that could create an actual or apparent conflict of interest or facilitate the misuse of PanAgora's confidential information. As a result, the personal securities transactions of all PanAgora employees must comply with the Pre-Clearance Requirements and Reporting Requirements described below. The requirements of this Policy apply to the purchase or sale of securities within an Access Person's personal account or an account as to which the Access Person has a beneficial ownership.<sup>1</sup>

This Policy also applies to transactions by or on behalf of the employee's related persons, which include immediate family members (i.e., children, siblings, parents) residing in the same household and transactions executed in accounts over which the employee has sufficient influence to cause a transaction to be executed (i.e., trusts, investment clubs, etc.). Such individuals shall be included in the definition of Access Person as used in this Policy. While PanAgora will monitor the investment activity and personal trades of individual employees, it is ultimately the responsibility of each employee to ensure that he/she complies with this Policy.

**Policy Management Tool**

In order to facilitate implementation of this Policy and streamline the collection of required information, PanAgora has implemented the FIS Employee Compliance Manager (formerly Protegent Personal Trading Assistant, referred to hereafter as "ECM"). ECM can be accessed via a browser at the following url: https://panagora.okta.com/

**Pre-Clearance Requirements**

No PanAgora Access Person may purchase or sell a security in which he or she has Beneficial Ownership (as defined within this Policy) unless such transaction has been pre-cleared by the CCO or his or her designee. Personal trading requests of the CCO must be pre-cleared by a separate member of PanAgora's Code of Ethics Committee. All pre-clearance requests must be submitted to PanAgora using the ECM system. Requests will be approved or denied within 24 hours of receipt by the CCO or his or her designee. A pre-clearance is valid only for the day it is obtained; however, trades in securities listed on Asian or European stock exchanges, however, may be executed within one business day after pre-clearance is obtained. Pre-clearance is required for transactions involving all securities other than transactions involving the following (exceptions are identified with an asterisk\*):

· Money market instruments and open-end mutual funds (\*reporting is only required
for open-end mutual funds advised or sub-advised by PanAgora);

<u> </u>

<sup>1</sup> "Beneficial ownership" includes ownership by any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect financial interest in an account.

· Broad-Based<sup>2</sup>
exchange traded funds ("ETFs") or exchange traded notes ("ETNs") (\*pre-clearance and reporting is required for
ALL ETFs or ETNs advised or sub-advised by PanAgora as described in the paragraph entitled "PanAgora Managed ETFs/ETNs" within
the "Special Trading Rules" section);

· Transactions involving foreign currencies;

· Options contracts or futures contracts that reference a Broad-Based index;

· Direct obligations of the Government of the United States (i.e. U.S. Treasury
bonds, notes and EE savings bonds);

· Bankers' acceptances, bank certificates of deposit, commercial paper
and high-quality short-term debt instruments, including repurchase agreements;

· Transactions in 529 Plan accounts;

· Transactions that are the result of an automatic dividend reinvestment plan;

· Cryptocurrencies (\*reporting may be required as stated in the "Cryptocurrencies"
section); and

· Any security purchased in an account over which the Access Person does not
have discretion, so long as the conditions indicated in the "Discretionary Brokerage Arrangements" section\*.

All securities not specifically exempted in the section above require pre-clearance and reporting under this Policy. This includes, but is not limited to, the following:

· Any type or class of equity or debt security, including corporate bonds
and municipal bonds;

· Any rights relating to a security, such as warrants and convertible securities;

· Closed-end mutual funds;

· ETFs or ETNs that are managed by PanAgora or that are not Broad-Based;

· Commodity derivatives, including commodity futures contracts; and

· Any security purchased through a private placement, including in a company,
limited liability company, partnership or limited partnership.

Throughout this Policy, securities that are designated above as either (i) subject to pre-clearance or (ii) not subject to pre-clearance but for which reporting is required shall be referred to as "Reportable Securities"

**PanAgora Pre-Clearance Approval Considerations**

All requests for pre-clearance are reviewed by a member of PanAgora's compliance department. Requests will be reviewed to determine whether: (i) any orders to purchase or sell such security in a client account have been entered into PanAgora's order management system or is on PanAgora's Considered List<sup>3</sup>, and (ii) the security is on PanAgora's restricted list<sup>4</sup>. If any of the immediately preceding conditions is satisfied, or if the transaction would violate any of the Special Trading Rules specified below, the request will generally be denied, unless the Large/Mid-Cap Exemption is satisfied. Please note that the rules/exemptions spelled out below apply separately to PanAgora

<u> </u>

<sup>2</sup> Broad-Based funds shall include those funds that contain exposure to no fewer than 10 underlying issuers. All other funds shall be subject to pre-clearance.

<sup>3</sup> The Considered List is a systematically generated list of securities that have a high near-term probability of being transacted in a PanAgora client portfolio.

<sup>4</sup> PanAgora's Code of Ethics restricted list shall include stock of Power Corporation of Canada and Great-West Lifeco Inc., as well as any other securities as determined by the CCO from time to time.

Access Persons who are Investment Professionals and those that are not. The term "Investment Professional" shall refer to any PanAgora employee who serves in an analyst, portfolio manager, director, or Chief Investment Officer role and has a direct or indirect reporting relationship to a Chief Investment Officer.

<u>Large/Mid-Cap Exemption</u>

If a Security seeking to be traded is in the process of being traded in a client account, or is on PanAgora's Considered List, and has a market capitalization (defined as outstanding shares multiplied by current price per share) of: (i) at least $2 billion if the Access Person seeking pre-clearance is not an Investment Professional, or (ii) at least $10 billion if the Access Person seeking pre-clearance is an Investment Professional, the Access Person will generally be approved to trade up to 1,000 shares of the security. For Investment Professionals, use of this exemption limits trading to a total of 1,000 shares of any single security over a 30-day period. In other words, while an Investment Professional may receive pre-clearance under this exemption for any given security many times over a 30-day period, the total number of shares traded during such period may not exceed 1,000 shares. For a fixed income security, the Large/Mid-Cap Exemption will generally allow the purchase of up to $100,000 principal amount over any consecutive 30-day period.

<u>Special Trading Rules</u>

The following Special Trading Rules shall apply to all Access Person transactions subject to pre-clearance (rules that only apply to Investment Professionals are designated with an asterisk):

***60-Day Short Term Rule*** - Access Persons may not sell a security at a profit within 60 days of purchase or buy a security at a price below that which the same security was sold within a period of 60 days.

***Excessive Trading Rule*** – In order to discourage excessive personal trading by PanAgora Access Persons, this Policy prohibits Access Persons from entering into more than 10 transactions in securities subject to pre-clearance in any given quarter. Excessive trading within PanAgora sub-advised open-end mutual funds is also prohibited. This rule applies to all trades in all accounts by an individual Access Person, in aggregate, including transactions made by any of the Access Person's family members that are subject to this Policy. For the purpose of calculating the number of trades in any quarter, trading the same security in the same direction (buy or sell) over a period of five business days will be counted as one transaction.

***7-Day Rule\**** - Before any Investment Professional places an order to buy a Security for any PanAgora client portfolio that is managed by that Investment Professional's team, he or she must sell that security or related derivative security if he or she has purchased it in a personal account within the preceding seven calendar days. This rule does not apply to transactions that are eligible for the Large/Mid-Cap Exemption.

***Blackout Rule\**** - No Investment Professional shall: (i) sell any security or related derivative security until seven calendar days have elapsed since the most recent purchase of that Security or related derivative Security by any PanAgora client portfolio managed by that Investment

Professional's team; or (ii) purchase any security or related derivative security until seven calendar days have elapsed since the most recent sale of that security or related derivative security from any PanAgora Client portfolio managed by that Investment Professional's team. This rule does not apply to transactions that are eligible for the Large/Mid-Cap Exemption.

***Contra Trading Rule\**** - Unless the transaction is eligible for the Large/Mid-Cap Exemption, no Investment Professional shall, without prior approval, sell a security held in any PanAgora client portfolio that is managed by that Investment Professional's team. Exceptions to this rule are available with the advanced written approval of the CIO of that Investment Professional's team as well as the CCO.

***PanAgora Managed ETFs/ETNs*** – All transactions by Access Persons involving ETFs or ETNs managed or subadvised by PanAgora require pre-clearance. In order to mitigate any apparent or actual conflicts of interest involving the timing of transactions, trading by PanAgora Access Persons will be limited to the first trading day of each month. In order to trade, Access Persons must seek pre-clearance at least five business days prior to the intended trading date which, as set forth above, must be the first trading day of the next month. Pre-clearance can be sought via ECM or by e-mailing a member of the Compliance department using the #PAM_PTA@panagora.com e-mail address.

**Reporting Requirements**

In order to ensure that PanAgora can effectively monitor Access Person trading under this Policy, Access Persons must, within 10 days of commencing employment at PanAgora, provide via ECM, the following information (such information, the "Initial Holdings Report<sup>5</sup>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
list of firms/brokerage accounts through which the Access Person holds, or has the ability to hold, securities, including Reportable
Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
list of holdings of Reportable Securities contained within the accounts listed above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
list of all securities governed by the policy not held in the brokerage accounts reported above (i.e. investments in hedge funds, private
equity funds, private placements, etc.).

At the time the Initial Holdings Report is submitted, the Access Person must also provide PanAgora with access to account information for all brokerage accounts included in the Initial Holdings Report via ECM electronic data feed<sup>6</sup>. The Initial Holdings Report must be current as of a date no more than 45 days prior to the date the person becomes subject to this Policy (i.e. the person becomes an "Access Person" as defined in Rule 204A-1). PanAgora reserves the right to require that any brokerage accounts opened by an Access Person after joining PanAgora be with a brokerage firm that has the ability to deliver information via electronic data feed to ECM.

<u> </u>

<sup>5</sup> The Initial Holdings Report must contain the following information in order to comply with Rule 204A-1 of the Advisers Act: (i) The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each reportable security in which the access person has any direct or indirect beneficial ownership; (ii) The name of any broker, dealer or bank with which the access person maintains an account in which any securities are held for the access person's direct or indirect benefit; and (iii) The date the access person submits the report.

<sup>6</sup> For accounts held with brokers where a ECM electronic feed is not available, the Access Person must arrange to have duplicate copies of account statements sent directly to PanAgora.

<u>Annual Reporting</u>

Annually, within 15 days of the end of the calendar year, all Access Persons must complete a holdings certification through ECM. The information in the certification must contain the same information that is in the Initial Holdings Report (described above) and must be current as of no more than 45 days prior to the date of provision, generally as of December 31.

<u>Quarterly Reporting</u>

Within 30 days of the end of each calendar quarter, all Access Persons must complete a certification through ECM which reports all transactions involving Reportable Securities<sup>7</sup>. Any private securities transactions (which may need to be manually entered into ECM) must also be included on the certification. If no securities transactions were conducted during the relevant quarter, a certification must be completed stating this fact.

**Discretionary Brokerage Arrangements**

A transaction does not need to be pre-cleared if it takes place in an account over which the Access Person does not have discretion. Accounts that will be considered for this exclusion are only those for which the Access Person's broker or investment advisor has complete discretion (a "Discretionary Account") and the following conditions are met: (i) the Access Person certifies annually in writing that he or she has no direct or indirect influence over the transactions in the Discretionary Account and is not aware of the transactions in the Discretionary Account prior to their execution; and (ii) holdings and transactions in the Discretionary Account are included in the Access Person's quarterly and annual certifications described elsewhere in this Policy.

**Cryptocurrencies**

Any PanAgora Access Person who holds or wishes to purchase, acquire or sell any asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, virtual currencies, cryptocurrencies, digital "coins" or "tokens" ("Digital Assets"), should consult with the CCO as to whether such Digital Asset would be considered a security for purposes of this policy. A Digital Asset is likely to be considered a security if it is offered and sold as an investment contract. The CCO utilizes the Framework for "Investment Contract" Analysis of Digital Assets published by the SEC's Strategic Hub for Innovation and Financial Technology in analyzing if a Digital Asset would be considered a security for purposes of this Policy. If the CCO determines that such Digital Asset should be considered a security, the Digital Asset will be subject to the reporting requirements of this Policy. However, since PanAgora does not trade Digital Assets for client accounts, Access Persons do not need to preclear Digital Assets prior to

<u> </u>

<sup>7</sup> The quarterly transaction certification must contain the following in order to comply with Rule 204A-1 of the Advisers Act: (i) The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each reportable security involved; (ii) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); (iii) The price of the security at which the transaction was effected; (iv) The name of the broker, dealer or bank with or through which the transaction was effected; and (v) The date the report is submitted.

transacting, unless the transaction is part of an initial coin offering ("ICO"), participation in which is prohibited under this Policy.

**Prohibited Transactions**

PanAgora Access Persons are prohibited from entering into the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Short Selling* – Access Persons are prohibited from entering into short sale transactions in their personal accounts. This prohibition
does not prevent access persons from using inverse ETFs in order to obtain short exposure to a Broad Based index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *IPO Participation* – Access Persons are prohibited from participating in initial public offering ("IPO") transactions
(including ICO transactions). Participation in other types of limited offerings (such as hedge funds, private equity funds, and similar
private placements) is permitted subject to pre-clearance as indicated elsewhere in this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Good until Cancelled Orders* – Access Persons are prohibited from entering into Good Until Cancelled Orders because all pre-clearance
approvals obtained under this Policy are contingent upon the execution of the transaction on the day of approval. Orders that are good
until cancelled have a high probability of violating this requirement.

**Required Reversals**

PanAgora maintains the right to require any employee, consultant or related person of any of the foregoing to reverse, at such person's own expense, a transaction which is deemed by PanAgora to be in conflict with this Policy.

**All PanAgora Access Persons subject to this Policy will trade at their own risk, as this Policy may prevent an Access Person from disposing of an investment when desired. Violations of this Policy are subject to possible sanctions (including disgorgement of any gains), prohibitions on personal trading, and/or termination of employment or consulting arrangement. PanAgora expects all employees and consultants to comply with the spirit of this Policy as well as the specific rules contained in the Policy. All employees and consultants must report promptly to the CCO any violations of the PanAgora Personal Trading Policy of which they become aware.**

**\*\*\***

**This Policy is intended solely for the use of PanAgora in the management of its business and operations in compliance with applicable law. It is not intended to, and shall not under any circumstances, create any right or expectation in or on the part of any person, including without limitation any client or any interest holder in any client.**

**As of January 1, 2025**

**PANAGORA ASSET MANAGEMENT, INC.**

**("PANAGORA")**

**INSIDER TRADING POLICY**

**Governing Law:** Section 10(b) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), Rule 10b-5 promulgated under the Exchange Act ("**SEC Rule 10b-5**"), Sections 204A and 206 of the Investment Advisers act of 1940, as amended (the "**Advisers Act**"), Rule 204A-1 of the Advisers Act, Section 21A of the Exchange Act, Section 20(a) of the Exchange Act, and Section 20(d) of the Exchange Act.

Other than a prohibition on trading ahead of customer orders, the Commodity Exchange Act (the "CEA"), Commodities Futures Trading Commission ("CFTC") regulations, and National Futures Association ("NFA") and exchange rules do not generally prohibit trading futures based on material, non-public information. Insider trading and other forms of trading based on material, non-public information that are violations of SEC Rule 10b-5 would also be violations of NFA Compliance Rule 2-37(a).The term "insider trading" is not defined in the federal securities law, but has developed in the case law and SEC enforcement decisions to refer to certain illegal trading while a person is in possession of material nonpublic information (referred to herein as "**MNPI**", and further described below). **General Rule.** PanAgora and PanAgora Employees (defined below) are forbidden from engaging in, or helping others engage in, insider trading, whether for the account of PanAgora, their own accounts or any other account. More specifically, PanAgora Employees are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading
in, or participating in any investment decision making process with respect to, securities while in possession of related MNPI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Improperly
communicating MNPI to others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recommending
the purchase or sale of securities while in possession of related MNPI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing
substantial assistance to someone who is engaged in any of the above activities.

In general these restrictions shall last until the MNPI has been publicly disclosed to and absorbed by the relevant trading markets. This Policy applies to any employee of PanAgora (a "**PanAgora Employee**" or "**Employee**"). In addition, the General Counsel may determine, in his/her sole discretion, that any other person who provides investment advice on behalf of PanAgora and is subject to PanAgora's supervision or control is to be treated for purposes of this Policy no different than a PanAgora Employee, provided that such person: (i) has access to nonpublic information; or (ii) is involved in making securities recommendations to PanAgora Clients (defined as any separately managed account, pooled investment vehicle or other entity advised by PanAgora).

**What is Material Nonpublic Information?** Information must be both "material" and "nonpublic" for there to be insider trading liability.

"Material Information" is generally considered information for which there is a substantial likelihood that a reasonable investor would consider the information important, but not necessarily determinative, in making investment decisions, or information whose possession would be reasonably certain to have a material effect on the price of a "security" (see below).

Information is considered "nonpublic" until it has been broadly disclosed to investors in the marketplace and absorbed by trading markets. Broad disclosure may include, for example, the inclusion of the information in a report filed with the SEC, or in a publication of general circulation such as, without limitation, Dow Jones, Reuters, Bloomberg, or The Wall Street Journal.

As noted above, MNPI can relate to any company issuing securities as well as to any other confidential information, including "market information" concerning securities trading by another person.

**Types of MNPI.** There are several different types of MNPI that may come into the possession of a PanAgora Employee. These prominently include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· PanAgora's own trading information, i.e., buy and sell recommendations,
plans and open orders generated by PanAgora's investment professionals and investment models. PanAgora's general policies on confidentiality
require that this information be disclosed outside the firm only in connection with actual orders or otherwise on a need-to-know basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Information that comes to a PanAgora Employee through fiduciary relationships
or relationships of trust and confidence, such as directorships, consulting relationships and certain business relationships. In general,
PanAgora does not use consultants which may provide or purport to provide MNPI. Also, PanAgora does not generally expect to receive confidential
information of any sort from the dealers and brokers with whom it trades. Notwithstanding the foregoing, there may be situations in which
information communicated by a consultant or a dealer might be regarded as having been communicated in trust and confidence under the particular
circumstances of the communication, including claims of confidentiality made by the communicating party or circumstances under which the
communication could be characterized as a "tip". If a PanAgora Employee has any concern that information may have been received
in a communication that might be regarded as MNPI, whether in knowing breach of a duty of trust or confidence or not, the Employee should
immediately review the matter with PanAgora's General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In the context of a PanAgora Employee's trading for his or her own
account, it is also possible that the PanAgora Employee will encounter MNPI. Trading on the basis of this information is prohibited. <u>See also</u> PanAgora's Personal Trading Policy. The inappropriate disclosure of such information is also prohibited, both under applicable
law and, in the case of information of which you were aware as a result of your association with PanAgora, by the confidentiality agreements
between PanAgora and each PanAgora Employee.

**Types of Insider Trading.** Insider trading law has developed well beyond imposing liability only on true corporate insiders. Because of this complicated development, it is necessary to understand the different types of insider trading.

 

*"Classic" Insider Trading*. In the classic case, true corporate insiders (officers, directors, controlling shareholders) who are in possession of MNPI commit insider trading when they breach

their duty to either publicly disclose that information or refrain from trading. The classic case also reaches "temporary insiders" who are lawyers, investment bankers, accountants and other persons who enjoy a confidential relationship with an issuer. PanAgora would be considered a temporary insider of an entity it advises or for which it performs other services, because PanAgora Clients expect PanAgora to keep any information disclosed to it confidential.

 

*Liability for Tippers and Tippees*. Growing out of the classic theory is the concept of insider trading liability for "tippers" - insiders who communicate MNPI, directly or indirectly through a chain of tips, to others who trade (friends, relations, business associates, "ring" members, etc.) - and "tippees" - persons who know or should know that they have received an improper tip, directly or through a chain of tips.

 

*Misappropriation*. In addition to the classic theory, the other major theory of insider trading is misappropriation. Under this theory, trades by any person who breaches a duty of trust or confidence in obtaining MNPI or in trading, or who knows or should know that information constituting MNPI has been communicated to him or her directly or indirectly through a chain, as a result of a breach of someone else's duty of trust or confidence, constitute insider trading.

It is important to note that, under the misappropriation theory, the MNPI in question does not need to be from, or concern, an issuer of securities. The information can relate to steps taken or planned by a third party. Thus, confidential information about another person's trading plans for the issuer's security (often referred to as "market information") or plans to propose a merger transaction to the issuer can constitute MNPI even though the issuer itself is not aware of the information.

 

*The Special Case of Tender Offers*. Nonpublic information about a proposed or pending tender offer represents an especially sensitive category of market information. Trading while in possession of MNPI concerning a tender offer where the trader knows or has reason to know that the information is nonpublic and has come directly or indirectly from the target, bidder or their directors, officers or certain other agents, can be a violation of law even in the absence of a breach of duty. Such violations are commonly thought of as a form of insider trading but are in fact dealt with separately in another section of related law (Section 14(e) of the Exchange Act and Rule 14e-3 thereunder).

**What Instruments are Covered by the Prohibition on Insider Trading?** Traditionally, insider trading law applies to all transactions in "securities," including stocks, bonds and warrants issued by both public companies and private companies ("issuers"). The law has been extended to apply to any purchase or sale of a put, call, straddle, option, privilege or security-based swap agreement with respect to a security, regardless of whether the issuer is a party to such derivative position. At least one court has held that security-based swap agreements can include certain credit default swaps.

Certain types of derivatives, including futures and "swaps" (as opposed to "security-based swaps"), are regulated by the CFTC under the CEA. This would include, for example, futures and swaps referencing physical commodities, indices, interest rates, or foreign currencies. While the CEA contains specific prohibitions on willful deception, it has traditionally placed less emphasis on the prohibition of insider trading in favor of price discovery in the market. Importantly,

however, the Dodd-Frank Act of 2010 calls for more coordinated regulation of the different financial instruments regulated by the SEC and the CFTC and establishes general anti-fraud principles which may come to be applied more broadly to all or a portion of the range of financial instruments in which PanAgora may invest.

PanAgora seeks to avoid association with insider trading under existing or potentially emerging law. For this reason, references to "security" in this policy are deemed to refer to all financial instruments in which PanAgora trades, including, for example, swaps, etc.

**What are the Potential Penalties for Insider Trading?** Penalties for trading on the basis of MNPI or communicating the same to another party in violation of applicable laws are severe, for both individuals and their employers (like PanAgora) involved in such unlawful conduct. Persons may be subject to some or all of the penalties below, even if they may not personally benefit from the violation. Such penalties are in addition to significant reputational damage to individuals and their employers that can arise from mere allegations of such violations. Penalties may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• civil
injunctions (such as a lifetime bar from the investment industry for individuals and their employers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disgorgement
of profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• jail
sentences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fines
for persons who committed the violations of up to three times the profit gained or loss avoided; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fines
for the employer or other "controlling person" of up to the greater of $1,000,000 or three times the amount of the profit
gained or loss avoided.

**Procedures to Implement PanAgora's Insider Trading Policy.** The following procedures have been established to aid in detecting and preventing insider trading. All PanAgora Employees must follow these procedures or potentially risk serious sanctions, including dismissal, substantial personal liability and criminal penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Disclosure of All Relevant Fiduciary Relationships,* PanAgora Employees must disclose positions as directors or trustees of any entities. The
Chief Compliance Officer, consulting with the General Counsel, will consider whether any such service by a PanAgora Employee shall require
the securities of any entity to be added to the "Restricted List" (see below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Report of Possible Receipt of MNPI*. PanAgora Employees who believe that they may have received MNPI shall, in addition to refraining from
trading in the related securities, immediately notify the Chief Compliance Officer and/or General Counsel of such receipt and otherwise
refrain from disseminating such information within or outside the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Requirement to " <u>Ask First</u>.*" As noted above, there can be difficult judgment calls in the area of insider trading, including
with respect to the questions of whether information is material and nonpublic, and whether it has been received, directly or indirectly,
in breach of a duty of trust or confidence. **Given the complexity of the issues in this area, PanAgora has adopted a procedure of " <u>Ask First</u> ": if a PanAgora Employee has any question as to the propriety of any possible action that can be construed as a violation of the rules regarding insider trading, such question must first be discussed with** 

**PanAgora's General Counsel and/or Chief Compliance Officer and no one else except those persons expressly designated by the General Counsel before engaging in any conduct which may result in a violation of laws or PanAgora policies governing insider trading.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Evaluation of Possible MNPI by the General Counsel.* The General Counsel shall consider whether potential MNPI received by a PanAgora Employee
is in fact material and nonpublic, in light of the standards described above, and may have been communicated in breach of a duty of trust
or confidence or through a chain of communications involving such a breach.

In the event that the General Counsel believes that a PanAgora Employee has received MNPI in breach of a duty of trust or confidence or through a chain of communications involving such a breach, the General Counsel and/or Chief Compliance Officer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Restriction on Trading*. Immediately instruct the relevant PanAgora Employees not to purchase or sell related securities on behalf of PanAgora,
any client of PanAgora or any other person, including themselves, until the General Counsel instructs otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Restriction on Communication*. Immediately instruct the relevant PanAgora Employees not to communicate the information to any person inside or
outside PanAgora, until the General Counsel instructs otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Restricted List*. Place the related securities on the "**Restricted List** ". The Chief Compliance Officer will establish and maintain
an up-to-date restricted list of securities in which neither PanAgora transactions nor personal transactions of PanAgora and Employees
will be maintained (the "Restricted List"). In general, the Restricted List will include entities about which PanAgora possesses
MNPI. Securities on the Restricted List shall be held in strict confidence by persons within PanAgora knowing the contents of the Restricted
List and shall not be disclosed under any circumstances to persons outside of PanAgora. The presence of a security on the Restricted
List shall be disclosed within PanAgora only on a need-to-know basis in connection with placement of PanAgora trades through the trading
desk or preclearance of personal trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Restricted Access to MNPI*. MNPI in a PanAgora Employee's possession other than information originating within PanAgora may not be communicated
to anyone, including persons within PanAgora (except as provided above). Additionally, care should be taken that such information is
kept secure. For example, where appropriate, physical files containing MNPI should be sealed, and access to computer files containing
MNPI should be encrypted, password protected or otherwise protected, secured and restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *MNPI Not Sought*. PanAgora does not and PanAgora Employees shall not, seek to obtain MNPI. Information should never be sought under circumstances
which would result in breaches of a confidence or other fiduciary relationships or relationship of trust or confidence. Information obtained
as a result of ordinary investment analysis, including direct inquiry of persons authorized to speak to investors on behalf of a corporate
or

government issuer, generally is not presumed to involve a breach of trust or confidence. However, if PanAgora Employees have any doubt about the circumstances or substance of any communication, they should promptly discuss the matter with the General Counsel before taking action.

Further, PanAgora does not, and PanAgora Employees shall not, allocate brokerage with a view to receiving MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consultant Use*. Any arrangement to obtain information from a third-party providing investment analysis that is not generally available to market
participants for a fee must first be approved by the General Counsel. The General Counsel will evaluate the proposed consultant's
sources and methods for obtaining information in deciding whether to approve the arrangement. Notwithstanding any such approval, PanAgora
Employees shall continue to evaluate any information received from consultants and refer any questions concerning possible receipt of
MNPI to the General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Alternative Data*. As a quantitative asset manager, the primary input to PanAgora's research process is data procured from third parties.
The risk of violation of this Policy stemming from the use of conventional data, such as security reference, pricing and fundamental
data, is low. However, the emerging use of so-called "alternative data" by PanAgora and other investment advisers introduces
additional risk. Notably, risk may be introduced where providers of alternative data do so without compliance policies and procedures
that are reasonably designed to ensure that data does not contain MNPI or violate contractual or other legal obligations. In response
to this heightened risk, PanAgora has established a diligence process that shall be applied to certain data providers that the firm may
do business with. Any investment professional that wishes to subscribe to a new data service, must consult with PanAgora's legal
and compliance department to ensure that any required diligence can be performed prior to use of such data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Professional Standards of Conduct*. PanAgora procedures for handling MNPI are rooted in PanAgora's general standards for professional and
ethical conduct. These standards dictate for example, that sensitive PanAgora business, of any type, should not be discussed in public
places, such as elevators, trains and/or airplanes, where it might be overheard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Other Procedures*. From time to time, if appropriate, the General Counsel may designate specific procedures to be followed in connection
with the handling of certain information, including the use of code names for sensitive projects, special document controls, and procedures
for outside contacts and third-party confidentiality.

**This Policy is intended solely for the use of PanAgora in the management of its business and operations in compliance with applicable law. It is not intended to, and shall not under any circumstances, create any right or expectation in or on the part of any person, including without limitation any client or any interest holder in any client.**

**As of January 1, 2025**

**PanAgora Asset Management, Inc. ("PanAgora")**

**Gifts and Entertainment Policy**

**<u>Gifts Policy</u>**

Other than as permitted under this policy, no "**PanAgora Individual**" (defined as employees and certain consultants of PanAgora) shall accept anything of material value<sup>8</sup> from any broker-dealer, financial institution, corporation or other entity, any existing or prospective supplier of goods or services with a business relationship to PanAgora, any Client, prospective Client, investor or prospective investor in any PanAgora Client, or any company or other entity whose securities are held in or are being considered as investments for any other PanAgora Client accounts. The term "**Client**" refers to any separately managed account or investment fund for which PanAgora is the investment manager or investment adviser. Included are gifts, favors, preferential treatment, special arrangements, or access to special events. Also, gifts may not be so frequent that they could reasonably be regarded by others as improper or comprising a pattern of gifts.

This is intended to be a statement of general principle. While more specific guidelines are set out below, those guidelines should be read and applied in a manner consistent with this general principle.

**<u>Foreign Corrupt Practices Act</u>**

The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona-fide travel costs for certain legitimate business purposes. However the availability of these exceptions is limited and is dependent on the relevant facts and circumstances.

Civil and criminal penalties for violating the FCPA can be severe. PanAgora Individuals must comply with the spirit and the letter of the FCPA at all times. The provisions of this Policy are designed to ensure compliance with the FCPA and similar laws.

**Gifts to a PanAgora Individual May Not Exceed $100.** A PanAgora Individual may not accept gifts exceeding $100 in value or with an aggregate value of more than $100 in any year from any one source, i.e., individual, entity or firm doing business or seeking to do business with PanAgora (a "**Service Provider**"). Any PanAgora Individual who is offered or receives an item exceeding $100 in value by a Service Provider is prohibited from accepting such gift and must report the details to the CCO, and, if necessary, return the gift. <u>Please note</u>: Any entertainment event where the host is not in attendance is treated as a gift and is subject to the $100 per year limit and per source limit.

<u> </u>

<sup>8</sup> While this reference to anything "of material value" is broadly intended to refer to a tangible gift, it is intentionally broad in that this policy is intended to refer to anything of material value that may be conveyed to a PanAgora employee or to a third party. For example, this could refer to a loan granted on more favorable terms than available in the market or to access to preferable brokerage terms. When in doubt as to whether an arrangement could be construed as a gift under this policy, please consult PanAgora's CCO or a member of the compliance or legal team.

**Gifts Must be Reported.** Any PanAgora Individual who is offered or receives a gift exceeding $100 in value from a Service Provider must report the item to the CCO or his designee for return and record keeping. Any PanAgora Individual who receives a gift below the $100 threshold must report the item in the ECM system as soon as practicable, but no later than 20 business days following receipt; provided, however, that no reporting is required for *de minimis* gifts below $25 in value. Compliance will monitor to ensure that PanAgora Individuals are not in receipt of gifts that in total exceed the $100 threshold from a single source in a year. Failure to report a gift will be treated as a violation of the Code of Ethics.

**Gifts to a Department/Group May Not Exceed $250.** Gifts that are comprised of items such as cookies, candies, fruit or other items typically shared among a department/group may be accepted if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The value of such gift is reasonably thought to be $250 or less: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such gift is in fact put in a central location so that it may be shared
by all personnel of PanAgora or a department or group thereof (e.g., the trading group, operations group, the IT group, etc.).

**No Gifts May be Given to Clients, Potential Clients, Investors or Potential Investors in Clients without Pre-Approval.** To ensure that any PanAgora gifts given by a PanAgora Individual, in his or her capacity as such, are appropriate, and not in violation of the FCPA and other similar laws, all gifts to be given to any Client, potential client, investor or potential investor in any fund or other investment vehicle managed by PanAgora must receive prior written approval of the CCO or the designee thereof. Additionally, copies of all receipts for such gifts must be submitted to the CCO, who shall maintain a log and shall record such gifts in the books and records of PanAgora.

**Gifts to Service Providers.** With respect to the giving of gifts to any Service Provider, any PanAgora Individual who desires to offer or give a gift exceeding $100 in value must obtain prior written approval from the CCO. Any PanAgora Individual who desires to offer or give a gift below the $100 threshold must report the item in the ECM system as soon as practicable, but no later than 20 business days following the giving of such gift; provided, however, that no reporting is required for *de minimis* gifts below $25 in value.

Any entertainment event provided to or given by a PanAgora Individual where the host is not in attendance is treated as a gift and is subject to the $100 per year per source limit detailed above.

**<u>Entertainment Policy</u>**

Entertainment may not be accepted by a PanAgora Individual (or family member or friend thereof, in such capacity) from any Service Provider if such entertainment would cause, or reasonably could be viewed as having the likely effect of causing, the PanAgora Individual to act in a manner inconsistent with the best interests of PanAgora or any Client of PanAgora. PanAgora's Entertainment Policy is designed to permit reasonable, ordinary business entertainment, but prohibit any events which may be perceived as extravagant or involving lavish expenditures.

This is intended to be a statement of general principle. While more specific guidelines are set out below, those guidelines should be read and applied in a manner consistent with this general principle.

**Definition of Entertainment**. Typically, entertainment involves a PanAgora Individual's attendance (and/or the attendance of one or more of the PanAgora Individual's family members or friends) at a sporting, cultural, social or other event with a representative of a Service Provider. Thus, for example, attending a baseball game with an employee of a Service Provider or being taken out to dinner by an employee of a Service Provider would each constitute "entertainment".

<u>Please Note</u>: tickets, dinners and other similar items will be considered a "gift" (and not "entertainment") if a representative of the Service Provider will not be accompanying the PanAgora Individual to the event. Please consult the Gifts Policy with respect to limitations on gifts.

**Permissible Entertainment.** In general, entertainment that is customary, reasonable occasional and appropriate will be permitted, provided that it is appropriate for the business relationship that is intended to be furthered by the entertainment. Any PanAgora Individual attending any gatherings or entertainment event must disclose a meal or entertainment to Compliance in the ECM system within 20 business days of the event. Failure to report entertainment will be treated as a violation of the Code of Ethics.

**Entertainment Requiring Reporting*.*** Occasional lunches, dinners, cocktail parties, or comparable gatherings conducted for business purposes are permitted without pre-clearance. For example, occasional attendance at group functions sponsored by sell-side firms or related Service Providers is permitted where the function relates to investments or other business activity. Attendance must be reported to Compliance, although it may be after the fact, and should be as soon as reasonably practicable with receipts, when possible, or good faith estimates, otherwise. Occasional attendance at these functions is not required to be counted against the limits described below. Meals and entertainment that are part of the regular program at an investment conference (i.e., open to all participants) are not subject to the limits. Meals that are part of a meeting and/or a conference do not require reporting. In the discretion of the CCO, the CCO may assign a value to seminar/conference-related meals equal to a reasonable estimate of their value, as it is generally impractical to obtain from the Service Provider a per-head breakdown of costs and expenses.

Other entertainment events, such as, sporting events, theater, movies, concerts, or other forms of entertainment <u>conducted for business purposes</u>, are permitted only under the following conditions:

a) The host must be present for the event.

b) The value of the entertainment event provided to the PanAgora Individual may not exceed $250 (per participating individual), not including the value of any meals that may be provided to the PanAgora Individual before or after the event. If the value of the entertainment provided exceeds the $250 limit, the event must be pre-cleared by a member of PanAgora's compliance department in advance.

**Entertainment Source Limitations.** A PanAgora Individual may not accept entertainment events under this provision more than six times a year and not more than two times in any year from any single source.

**Exceptions**. All exceptions must be approved in advance by written request to the CCO.

**No Entertainment May be Provided to Clients, Potential Clients, Investors or Potential Investors in Clients without Pre-Approval.** Because the provision of entertainment would likely constitute "things of value" under FCPA and similar laws, all entertainment provided to any Client, potential client, investor or potential investor in any fund or other investment vehicle managed by PanAgora must receive prior written approval of the CCO or the designee thereof. Additionally, copies of all receipts from such events must be submitted to the CCO, who shall maintain a log and shall record such events in the books and records of PanAgora.

**Specific Prohibitions.**

1. Any entertainment event attendance which would reflect badly on PanAgora as a firm of the highest fiduciary and ethical standards. For example, events involving adult entertainment or gambling must be avoided;

2. PanAgora must pay directly (or reimburse the sponsor) for the cost of any travel or lodging, and, in some cases, reasonable out-of-pocket costs for meals when entertainment involves travel such as attendance at a seminar or conference, and a PanAgora Individual must get approval to attend from their supervisor in advance. Non-reimbursed payment by a third party of the cost of transportation to a location outside the PanAgora Individual's metropolitan area, lodging while in another location, and any meals not specifically approved by the CCO, are prohibited; and

3. No PanAgora Individual may solicit any gift or entertainment from any person, even if the gift or entertainment, if unsolicited, would be permitted.

**When in Doubt – Check with Compliance.** As with any of the provisions of PanAgora's Code of Ethics, a sincere belief by the PanAgora Individual that he/she was acting in accordance with the requirements of this Policy will not satisfy his/her obligations under the Policy. Therefore, a PanAgora Individual who is in doubt concerning the propriety of any gift or entertainment should seek a prior written determination from the CCO.

**\*\*\***

**This Policy is intended solely for the use of PanAgora in the management of its business and operations in compliance with applicable law. It is not intended to, and shall not under any circumstances, create any right or expectation in or on the part of any person, including without limitation any client or any interest holder in any client.**

**As of January 1, 2025**

**PanAgora Asset Management, Inc. ("PanAgora")**

**Political Contribution Policy**

**<u>Overview</u>**

Rule 206(4)-5 of the Investment Advisers Act of 1940 (the "**Rule**") prohibits an investment adviser, among other things, from receiving compensation for providing advisory services to a Government Entity (as defined below) for two years after the adviser or its employees make a Contribution (as defined below) to certain elected officials or candidates of such entity. Contributions to certain elected officials or candidates for political office made by PanAgora or its employees may affect PanAgora's ability to provide investment advisory services for compensation to Government Entity clients, including pension plans and employees, in certain jurisdictions.

The Rule may also affect PanAgora's ability to provide investment advisory services for compensation if PanAgora or any of its Covered Associates (as defined below) coordinates or solicits any person or political action committee (PAC) to make any Contribution to an "**Official**" (defined as any person who is a holder of, or a candidate or successful candidate for, elective office of any Government Entity) to whom PanAgora is providing or seeking to provide investment advisory services, or to a political party.

Under the Rule, a "**Covered Associate**" of an investment adviser is defined as: (i) any general partner, managing member or executive officer, or other individual with a similar status or function; (ii) any employee who communicates, directly or indirectly, with a Government Entity on behalf of PanAgora for the purpose of obtaining or retaining advisory services , and any person who supervises, directly or indirectly, such employee; and (iii) any political action committee controlled by the investment adviser or by any of its Covered Associates. For purposes of this Policy, the Chief Compliance Officer may designate one or more individuals as "Covered Associates" if such individuals' current or contemplated activities on behalf of PanAgora are reasonably likely to cause him or her to become a "Covered Associate." PanAgora reserves the right to exclude from the definition of "Covered Associate" any individual it determines not to be a "covered association" within the meaning of the Rule.

Under the Rule, a "**Contribution**" is any gift, subscription, loan, advance or deposit of money or anything of value<sup>9</sup> made for (i) The purpose of influencing any election for Federal, State or local office; (ii) Payment of debt incurred in connection with any such election; or (iii) Transition or inaugural expenses of the successful candidate for State or local office.

Under the Rule, a "**Government Entity**" is any State or political subdivision of a State, including: (i) Any agency, authority, or instrumentality of the State or political subdivision; (ii) A pool of assets sponsored or established by the State or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to a "defined benefit plan" as defined in section 414(j) of the Internal Revenue Code (26 U.S.C. 414(j)), or a State general fund; (iii) A plan or

<u> </u>

<sup>9</sup> This shall include, for example, volunteer work or hosting an event for an Official of a Government Entity. For the avoidance of doubt, any paid or volunteer work to assist an Official or Government Entity shall constitute a contribution subject to preclearance under this Policy.

program of a government entity; and (iv) Officers, agents, or employees of the State or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity.

The Rule does not apply to Contributions of $350 or less, per election, to any Government Entity for whom the contributor is allowed to vote, or to Contributions of $150 or less, per election to any other Government Entity. Such *de minimis* thresholds will generally be available to any PanAgora employee seeking pre-clearance under this Policy.

**<u>Policy</u>**

*<u>Corporate Contributions</u>*

PanAgora will not make corporate Contributions that are prohibited under applicable law. In addition to complying with applicable law, the Chief Compliance Officer must approve, in advance, any proposed Contribution by PanAgora.

To ensure that PanAgora is in compliance with these laws and as a matter of policy, all employees must comply with the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No
corporate assets (including the PanAgora name), funds, facilities, or personnel may be used to benefit any candidate, campaign, political
party, or political committee, including in connection with a fundraiser, without prior approval by the Chief Compliance Officer or his
or her designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
employees anticipate causing any corporate funds or assets (such as corporate facilities or personnel) to be used in connection with
their volunteer activity, they must obtain pre-approval, as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees
should not seek or approve reimbursement from PanAgora for any Contribution expenses without fully understanding these requirements.
Any Contribution for which an employee seeks reimbursement from PanAgora is considered a Contribution by PanAgora and is subject to these
requirements.

*<u>Employee Contributions</u>*

If an employee chooses to participate in the political process, he or she must do so as an individual, not as a representative of PanAgora.

Prior to making any Contribution to an elected official, a candidate for office, a political party or a PAC, all employees of PanAgora must obtain prior approval from PanAgora's Chief Compliance Officer. This policy and preclearance requirement also apply to contributions made by any immediate family member (i.e. spouse, child, sibling, parent) of a PanAgora employee who resides in the same household as the employee.

For any jurisdiction, in no case shall an employee of PanAgora direct a Contribution of a family member or use other means to indirectly make a Contribution requiring pre-clearance under this Policy if made directly by the employee. Furthermore, Covered Associates may not coordinate or solicit Contributions by other persons or PACs to Officials of Government Entities, and may not

direct other individuals, including PanAgora employees, to make Contributions that would be prohibited under this Policy.

*<u>Other Provisions</u>*

In addition to the pre-clearance requirements noted above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior
to their retention, any person who is hired by PanAgora must disclose all political contributions made in the past two years that fall
under the purview of this Policy. All employees will be asked to regularly certify as to their compliance with this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In
addition to the above disclosure, PanAgora shall require regular certifications to be made by all employees as to their compliance with
this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With
respect to any political contributions made in violation of this Policy, PanAgora's Chief Compliance Officer shall have the right
to request that an employee request a refund of the amount contributed in order to allow PanAgora to rely on the Rule's so-called
"Returned Contribution" exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
CCO shall maintain a log of all violations of this Policy, including any remedial actions taken. This and all other recordkeeping requirements
of the Rule are addressed in PanAgora's Record Retention Policy contained in the firm's Compliance Manual.

While the general topic of using third-party solicitors is covered by a separate compliance policy, the proposed use of a non-affiliated third-party solicitor or placement agent by PanAgora to solicit government business on behalf of PanAgora must be approved in advance by PanAgora's Chief Compliance Officer.

*<u>Gifts to Public Officials</u>*

Employees must obtain pre-approval from the Chief Compliance Officer prior to providing any gift, including meals, entertainment, transportation and lodging, to any Official or employee of a Government Entity. There are certain *de minimis exceptions* for business meals and entertainment provided to Officials or employees of a Government Entity in connection with PanAgora's business. These exceptions to the pre-clearance requirement do not apply to any gift that is intended, or that may be perceived to be intended, to influence any election for federal, state or local office, to defray the expenses or retire the debt of any election campaign, or to pay for inaugural expenses.

**\*\*\***

**This Policy is intended solely for the use of PanAgora in the management of its business and operations in compliance with applicable law. It is not intended to, and shall not under any circumstances, create any right or expectation in or on the part of any person, including without limitation any client or any interest holder in any client.**

## Ex-99.Cert

<br> <u>Certifications</u>

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

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

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

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

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

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

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

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

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

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

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

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

<br> Date: June 26, 2025

/s/ Jonathan S. Horwitz <br>

<br> _______________________

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

<br> <u>Certifications</u>

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

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

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

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

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

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

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

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

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

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

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

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

<br> Date: June 26, 2025

/s/ Jeffrey White <br>

<br> _______________________

<br> Jeffrey White<br>Principal Financial Officer

<br> Attachment A

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

<br> Putnam BDC Income ETF

<br> Putnam BioRevolution ETF

<br> Putnam Core Bond Fund

<br> Putnam Emerging Markets ex-China ETF

<br> Putnam ESG Core Bond ETF

<br> Putnam ESG High Yield ETF

<br> Putnam ESG Ultra Short ETF

<br> Putnam Large Cap Value Fund

<br> Putnam PanAgora ESG Emerging Markets Equity ETF

<br> Putnam PanAgora ESG International Equity ETF

## Exhibit 99.906

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

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

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

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

<br> Date: June 26, 2025

/s/ Jonathan S. Horwitz <br>

<br> ______________________

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

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

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

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

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

<br> Date: June 26, 2025

/s/ Jeffrey White <br>

<br> ______________________

<br> Jeffrey White<br>Principal Financial Officer

<br> Attachment A

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

<br> Putnam BDC Income ETF

<br> Putnam BioRevolution ETF

<br> Putnam Core Bond Fund

<br> Putnam Emerging Markets ex-China ETF

<br> Putnam ESG Core Bond ETF

<br> Putnam ESG High Yield ETF

<br> Putnam ESG Ultra Short ETF

<br> Putnam Large Cap Value Fund

<br> Putnam PanAgora ESG Emerging Markets Equity ETF

<br> Putnam PanAgora ESG International Equity ETF

## Ex-99.Code

[GRAPHIC OMITTED: FRANKLIN TEMPLETON LOGO]

[GRAPHIC OMITTED: STOCK MARKET GRAPH] <br>

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

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

**Revised March 4, 2024**

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

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 **

 ****

 

 

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

**Franklin Templeton**

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

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**SECTION 1. PURPOSE OF THE POLICY**

1.1 Scope and Purpose of the Policy

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

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

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

1.2 Statement of Principles

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

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

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

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

1.3 Prohibited Activities

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

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

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

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

**Franklin Templeton**

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

---

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

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

1.4 Monitoring of the Policy and Additional Information

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

**SECTION 2. PERSONAL INVESTMENTS**

2.1 Statement on Covered Employee Investments

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

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

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

2.2 Categories of Persons Subject to the Policy

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

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

**Franklin Templeton**

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

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

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

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

2.3 Accounts and Transactions Covered by the Policy

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

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

2.4 Prohibited Transactions

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

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

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

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

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

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

**Pledged Securities**

**Franklin Templeton**

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

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

**Trading in Shares of the FT Funds**

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

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

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

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

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

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

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

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

2.5 Additional Prohibitions and Requirements for Access Persons and Portfolio Persons

**Initial Public Offerings**

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

**Franklin Templeton**

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

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

**Short Sales of Securities**

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

**Short Swing Rule**

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

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

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

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

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

2.6 Reporting Requirements

**All Accounts**

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

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

**Non-Discretionary Accounts**

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

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

**Discretionary Accounts**

**Franklin Templeton**

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

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

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

2.7 Pre-Clearance Requirements

**Securities Transactions**

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

**Private Investments and Limited Offerings**

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

**Discretionary Accounts**

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

**Exemptions from Pre-Clearance**

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

**"Intent" Is Important**

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

2.8 Requirements for Independent Directors

**Pre-clearance and Reporting Requirements**

**Franklin Templeton**

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

**Initial and Annual Acknowledgment Reports**

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

**SECTION 3. INSIDER TRADING**

3.1 Policy on Insider Trading

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

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

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

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

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

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

**Franklin Templeton**

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

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

**SECTION 4. RELATED POLICIES AND REQUIREMENTS**

4.1 Statement on Other Policies and Requirements

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

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

5.1 Code of Ethics Committee; Reporting to FT Fund Boards

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

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

5.2 Violations of the Policy

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

5.3 Waivers of the Policy

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

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

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

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

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

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

**Franklin Templeton**

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5.4 Reporting Violations

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

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

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

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

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

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

**Franklin Templeton**

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**Appendix**

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

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

**Franklin Templeton**

## Ex-99.Code

**THE PUTNAM FUNDS**

<u>Code of Ethics</u>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

III. <u>Miscellaneous</u> 

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

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

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

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

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

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

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

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

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

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

As revised June 28, 2024.