# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000869392-25-001275
**Filing Date:** 2025-7
**Character Count:** 80606
**Document Hash:** bb25a49dee7e4aea0c1fca7126a57fa4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-25-001275.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0000869392-25-001275

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**PERIOD START**: 20250831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 251113471

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

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

## Series and Classes Contracts Data

### Putnam Sustainable Future ETF (Series ID: S000071711)

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

## Nport-Ex

------

---

| |
|:---|
| **Putnam Sustainable Future ETF** |
| **The fund's portfolio** |
| **5/31/25 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (97.4%)***<sup>(a)</sup>*** | **COMMON STOCKS (97.4%)***<sup>(a)</sup>*** | **COMMON STOCKS (97.4%)***<sup>(a)</sup>*** |
| | **Shares** | **Value** |
| **Beverages (1.8%)** | **Beverages (1.8%)** | **Beverages (1.8%)** |
| Keurig Dr Pepper, Inc. | 83116 | $2798516 |
| Vita Coco Co., Inc. (The)***<sup>(NON)</sup>*** | 101798 | 3622991 |
|  |  | **6421507** |
| **Biotechnology (4.9%)** | **Biotechnology (4.9%)** | **Biotechnology (4.9%)** |
| Alnylam Pharmaceuticals, Inc.***<sup>(NON)</sup>*** | 21922 | 6676564 |
| Argenx SE ADR (Netherlands)***<sup>(NON)</sup>*** | 3247 | 1861375 |
| Ascendis Pharma A/S ADR (Denmark)***<sup>(NON)</sup>*** | 14513 | 2363297 |
| BioMarin Pharmaceutical, Inc.***<sup>(NON)</sup>*** | 41713 | 2422274 |
| Regeneron Pharmaceuticals, Inc. | 5074 | 2487681 |
| Ultragenyx Pharmaceutical, Inc.***<sup>(NON)</sup>*** | 58764 | 1999739 |
|  |  | **17810930** |
| **Capital markets (5.6%)** | **Capital markets (5.6%)** | **Capital markets (5.6%)** |
| Coinbase Global, Inc. Class A***<sup>(NON)</sup>*** | 25271 | 6232334 |
| KKR & Co., Inc. | 32927 | 3999313 |
| MSCI, Inc. | 9438 | 5323221 |
| TPG, Inc. | 97433 | 4689450 |
|  |  | **20244318** |
| **Commercial services and supplies (3.8%)** | **Commercial services and supplies (3.8%)** | **Commercial services and supplies (3.8%)** |
| Casella Waste Systems, Inc. Class A***<sup>(NON)</sup>*** | 45672 | 5353215 |
| Cintas Corp. | 9337 | 2114831 |
| Republic Services, Inc. | 24155 | 6214840 |
|  |  | **13682886** |
| **Construction and engineering (1.9%)** | **Construction and engineering (1.9%)** | **Construction and engineering (1.9%)** |
| Quanta Services, Inc. | 20095 | 6883743 |
|  |  | **6883743** |
| **Consumer finance (1.2%)** | **Consumer finance (1.2%)** | **Consumer finance (1.2%)** |
| Capital One Financial Corp. | 23039 | 4357827 |
|  |  | **4357827** |
| **Consumer staples distribution and retail (1.7%)** | **Consumer staples distribution and retail (1.7%)** | **Consumer staples distribution and retail (1.7%)** |
| Sprouts Farmers Market, Inc.***<sup>(NON)</sup>*** | 35624 | 6157965 |
|  |  | **6157965** |
| **Containers and packaging (0.5%)** | **Containers and packaging (0.5%)** | **Containers and packaging (0.5%)** |
| Graphic Packaging Holding Co. | 73679 | 1637147 |
|  |  | **1637147** |
| **Diversified consumer services (3.1%)** | **Diversified consumer services (3.1%)** | **Diversified consumer services (3.1%)** |
| Bright Horizons Family Solutions, Inc.***<sup>(NON)</sup>*** | 32477 | 4196028 |
| Duolingo, Inc.***<sup>(NON)</sup>*** | 13194 | 6855734 |
|  |  | **11051762** |
| **Electric utilities (4.9%)** | **Electric utilities (4.9%)** | **Electric utilities (4.9%)** |
| Constellation Energy Corp. | 23343 | 7146459 |
| NextEra Energy, Inc. | 71451 | 5047299 |
| NRG Energy, Inc. | 34710 | 5411289 |
|  |  | **17605047** |
| **Electrical equipment (3.4%)** | **Electrical equipment (3.4%)** | **Electrical equipment (3.4%)** |
| GE Vernova, Inc. | 11976 | 5664408 |
| Vertiv Holdings Co. Class A | 62316 | 6725766 |
|  |  | **12390174** |
| **Electronic equipment, instruments, and components (1.3%)** | **Electronic equipment, instruments, and components (1.3%)** | **Electronic equipment, instruments, and components (1.3%)** |
| Trimble Inc.***<sup>(NON)</sup>*** | 66884 | 4766823 |
|  |  | **4766823** |
| **Financial services (4.2%)** | **Financial services (4.2%)** | **Financial services (4.2%)** |
| HA Sustainable Infrastructure Capital, Inc.***<sup>(R)</sup>*** | 187559 | 4698353 |
| Mastercard, Inc. Class A | 10351 | 6061546 |
| Toast, Inc. Class A***<sup>(NON)</sup>*** | 101493 | 4280975 |
|  |  | **15040874** |
| **Health care equipment and supplies (7.3%)** | **Health care equipment and supplies (7.3%)** | **Health care equipment and supplies (7.3%)** |
| Edwards Lifesciences Corp.***<sup>(NON)</sup>*** | 33086 | 2587987 |
| IDEXX Laboratories, Inc.***<sup>(NON)</sup>*** | 12280 | 6304061 |
| Intuitive Surgical, Inc.***<sup>(NON)</sup>*** | 5886 | 3251073 |
| Penumbra, Inc.***<sup>(NON)</sup>*** | 19081 | 5094055 |
| ResMed, Inc. | 24662 | 6037011 |
| Zimmer Biomet Holdings, Inc. | 36030 | 3320885 |
|  |  | **26595072** |
| **Health care technology (0.4%)** | **Health care technology (0.4%)** | **Health care technology (0.4%)** |
| Veeva Systems, Inc. Class A***<sup>(NON)</sup>*** | 5694 | 1592612 |
|  |  | **1592612** |
| **Hotels, restaurants, and leisure (4.3%)** | **Hotels, restaurants, and leisure (4.3%)** | **Hotels, restaurants, and leisure (4.3%)** |
| CAVA Group, Inc.***<sup>(NON)</sup>*** | 44556 | 3621066 |
| Chipotle Mexican Grill, Inc.***<sup>(NON)</sup>*** | 89720 | 4493178 |
| First Watch Restaurant Group, Inc.***<sup>(NON)</sup>*** | 248250 | 3832980 |
| Life Time Group Holdings, Inc.***<sup>(NON)</sup>*** | 122401 | 3500669 |
|  |  | **15447893** |
| **Household durables (0.7%)** | **Household durables (0.7%)** | **Household durables (0.7%)** |
| D.R. Horton, Inc. | 19892 | 2348450 |
|  |  | **2348450** |
| **Interactive media and services (1.5%)** | **Interactive media and services (1.5%)** | **Interactive media and services (1.5%)** |
| Pinterest, Inc. Class A***<sup>(NON)</sup>*** | 173248 | 5389745 |
|  |  | **5389745** |
| **IT Services (3.0%)** | **IT Services (3.0%)** | **IT Services (3.0%)** |
| Accenture PLC Class A | 12483 | 3954864 |
| Gartner, Inc.***<sup>(NON)</sup>*** | 15528 | 6776730 |
|  |  | **10731594** |
| **Leisure products (1.3%)** | **Leisure products (1.3%)** | **Leisure products (1.3%)** |
| Hasbro, Inc. | 70335 | 4692048 |
|  |  | **4692048** |
| **Life sciences tools and services (2.8%)** | **Life sciences tools and services (2.8%)** | **Life sciences tools and services (2.8%)** |
| ICON PLC (Ireland)***<sup>(NON)</sup>*** | 21313 | 2776658 |
| Mettler-Toledo International, Inc.***<sup>(NON)</sup>*** | 3450 | 3986544 |
| Thermo Fisher Scientific, Inc. | 8626 | 3474725 |
|  |  | **10237927** |
| **Machinery (3.3%)** | **Machinery (3.3%)** | **Machinery (3.3%)** |
| Federal Signal Corp. | 57445 | 5403851 |
| Xylem, Inc./NY | 53080 | 6690203 |
|  |  | **12094054** |
| **Media (1.5%)** | **Media (1.5%)** | **Media (1.5%)** |
| Trade Desk, Inc. (The) Class A***<sup>(NON)</sup>*** | 69726 | 5244790 |
|  |  | **5244790** |
| **Professional services (3.6%)** | **Professional services (3.6%)** | **Professional services (3.6%)** |
| Planet Labs PBC***<sup>(NON)</sup>*** | 508583 | 1952959 |
| Verisk Analytics, Inc. | 34710 | 10903799 |
|  |  | **12856758** |
| **Real estate management and development (1.1%)** | **Real estate management and development (1.1%)** | **Real estate management and development (1.1%)** |
| FirstService Corp. (Canada) | 21719 | 3809404 |
|  |  | **3809404** |
| **Semiconductors and semiconductor equipment (5.1%)** | **Semiconductors and semiconductor equipment (5.1%)** | **Semiconductors and semiconductor equipment (5.1%)** |
| Applied Materials, Inc. | 17355 | 2720396 |
| ASML Holding NV (NY Reg Shares) (Netherlands) | 4668 | 3439242 |
| Broadcom, Inc. | 14412 | 3488713 |
| First Solar, Inc.***<sup>(NON)</sup>*** | 15731 | 2486756 |
| Marvell Technology, Inc. | 70436 | 4239543 |
| Qualcomm, Inc. | 16137 | 2343092 |
|  |  | **18717742** |
| **Software (18.8%)** | **Software (18.8%)** | **Software (18.8%)** |
| AppLovin Corp. Class A***<sup>(NON)</sup>*** | 32274 | 12683679 |
| Cadence Design Systems, Inc.***<sup>(NON)</sup>*** | 10758 | 3088299 |
| CrowdStrike Holdings, Inc. Class A***<sup>(NON)</sup>*** | 7002 | 3300533 |
| Datadog, Inc. Class A***<sup>(NON)</sup>*** | 69726 | 8219301 |
| DocuSign, Inc.***<sup>(NON)</sup>*** | 39277 | 3480335 |
| GitLab, Inc. Class A***<sup>(NON)</sup>*** | 83833 | 3815240 |
| Guidewire Software, Inc.***<sup>(NON)</sup>*** | 22430 | 4822899 |
| HubSpot, Inc.***<sup>(NON)</sup>*** | 10453 | 6166225 |
| Roper Technologies, Inc. | 10047 | 5729503 |
| Samsara, Inc. Class A***<sup>(NON)</sup>*** | 67290 | 3131677 |
| ServiceNow, Inc.***<sup>(NON)</sup>*** | 6799 | 6874401 |
| ServiceTitan, Inc. Class A***<sup>(NON)</sup>*** | 21653 | 2396338 |
| Vertex, Inc. Class A***<sup>(NON)</sup>*** | 111097 | 4396108 |
|  |  | **68104538** |
| **Specialized REITs (0.5%)** | **Specialized REITs (0.5%)** | **Specialized REITs (0.5%)** |
| American Tower Corp.***<sup>(R)</sup>*** | 8322 | 1786317 |
|  |  | **1786317** |
| **Technology hardware, storage, and peripherals (1.5%)** | **Technology hardware, storage, and peripherals (1.5%)** | **Technology hardware, storage, and peripherals (1.5%)** |
| Seagate Technology Holdings PLC | 45658 | 5384905 |
|  |  | **5384905** |
| **Textiles, apparel, and luxury goods (2.4%)** | **Textiles, apparel, and luxury goods (2.4%)** | **Textiles, apparel, and luxury goods (2.4%)** |
| Lululemon Athletica, Inc.***<sup>(NON)</sup>*** | 12326 | 3903274 |
| On Holding AG Class A (Switzerland)***<sup>(NON)</sup>*** | 82818 | 4918561 |
|  |  | **8821835** |
| **Total common stocks (cost $316,157,160)** |  | **$351906687** |

---

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| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (2.6%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (2.6%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (2.6%)***<sup>(a)</sup>*** |
| | **Shares** | **Value** |
| Putnam Government Money Market Fund Class P 4.03%***<sup>(AFF)</sup>*** | 9255439 | $9255439 |
| **Total short-term investments (cost $9,255,439)** |  | **$9255439** |
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $325,412,599)** |  | **$361162126** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ***Key to holding's abbreviations*** | ***Key to holding's abbreviations*** | ***Key to holding's abbreviations*** | ***Key to holding's abbreviations*** | ***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. | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. |
|  | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **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 September 1, 2024 through May 31, 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., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from September 1, 2024 through May 31, 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., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from September 1, 2024 through May 31, 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., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from September 1, 2024 through May 31, 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., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from September 1, 2024 through May 31, 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., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from September 1, 2024 through May 31, 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., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. |
|  | Putnam Sustainable Future 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 that operates pursuant to an exemptive order from the SEC. | Putnam Sustainable Future 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 that operates pursuant to an exemptive order from the SEC. | Putnam Sustainable Future 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 that operates pursuant to an exemptive order from the SEC. | Putnam Sustainable Future 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 that operates pursuant to an exemptive order from the SEC. | Putnam Sustainable Future 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 that operates pursuant to an exemptive order from the SEC. | Putnam Sustainable Future 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 that operates pursuant to an exemptive order from the SEC. |
|  | 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 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 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 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 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 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. |
| ***<sup>(a)</sup>*** | Percentages indicated are based on net assets of $361,146,495. | Percentages indicated are based on net assets of $361,146,495. | Percentages indicated are based on net assets of $361,146,495. | Percentages indicated are based on net assets of $361,146,495. | Percentages indicated are based on net assets of $361,146,495. | Percentages indicated are based on net assets of $361,146,495. |
| ***<sup>(NON)</sup>*** | This security is non-income-producing. | This security is non-income-producing. | This security is non-income-producing. | This security is non-income-producing. | This security is non-income-producing. | This security is non-income-producing. |
| ***<sup>(AFF)</sup>*** | Affiliated company. For investments in Putnam Government Money Market Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Government Money Market Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Government Money Market Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Government Money Market Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Government Money Market Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Government Money Market Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Name of affiliate** | **Fair value<br>as of<br>8/31/24** | **Purchase<br>cost** | **Sale<br>proceeds** | **Investment<br>income** | **Shares outstanding<br>and fair<br>value as of<br>5/31/25** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-term investments** |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Putnam Government Money Market Fund Class P† | $11698047 | $107252168 | $109694776 | $232649 | $9255439 |
|  | **Total Short-term investments** | **$11698047** | **$107252168** | **$109694776** | **$232649** | **$9255439** |
|  | † 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. There were no realized or unrealized gains or losses during the period. | † 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. There were no realized or unrealized gains or losses during the period. | † 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. There were no realized or unrealized gains or losses during the period. | † 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. There were no realized or unrealized gains or losses during the period. | † 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. There were no realized or unrealized gains or losses during the period. | † 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. There were no realized or unrealized gains or losses during the period. |
| ***<sup>(R)</sup>*** | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. |
|  | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. |
|  | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under 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", and is generally categorized as a Level 2 security. 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. | 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 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", and is generally categorized as a Level 2 security. 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. | 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 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", and is generally categorized as a Level 2 security. 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. | 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 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", and is generally categorized as a Level 2 security. 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. | 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 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", and is generally categorized as a Level 2 security. 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. | 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 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", and is generally categorized as a Level 2 security. 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. |
|  | 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. | 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. | 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. | 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. | 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. | 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. |
|  | 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 Investment Company Act of 1940, 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 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 Investment Company Act of 1940, 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 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 Investment Company Act of 1940, 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 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 Investment Company Act of 1940, 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 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 Investment Company Act of 1940, 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 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 Investment Company Act of 1940, 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. | 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. | 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. | 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. | 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. | 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. |

---

------

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| | | | |
|:---|:---|:---|:---|
| 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: | 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: | 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: | 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: |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. |
| &nbsp;&nbsp;&nbsp;&nbsp;**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. | &nbsp;&nbsp;&nbsp;&nbsp;**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. | &nbsp;&nbsp;&nbsp;&nbsp;**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. | &nbsp;&nbsp;&nbsp;&nbsp;**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. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**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: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Investments in securities:** | **Level 1** | **Level 2** | **Level 3** |
| **Common stocks\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication services | &nbsp;&nbsp;&nbsp;&nbsp;$10634535 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | &nbsp;&nbsp;&nbsp;&nbsp;42361988 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | &nbsp;&nbsp;&nbsp;&nbsp;12579472 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;39643019 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Health care | &nbsp;&nbsp;&nbsp;&nbsp;56236541 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;57907615 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Information technology | &nbsp;&nbsp;&nbsp;&nbsp;107705602 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;1637147 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate | &nbsp;&nbsp;&nbsp;&nbsp;5595721 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;17605047 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total common stocks** | **351906687** | **—** | **—** |
| Short-term investments | 9255439 |  |  |
| **Totals by level** | **$361162126** | **$—** | **$—** |
| \* 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. |
| For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 100 FEDERAL STREET

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 1-800-225-1581

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

- **a. Name of Series:** Putnam Sustainable Future ETF

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

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

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $364798747.65

**Total Liabilities:** $3041140.55

**Net Assets:** $361757607.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227197 | 8.28%                | 2.19%                | -8.61%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $51506.09                | $27135788.83                               |
| Month 2  | $-11163404.46            | $17991797.37                               |
| Month 3  | $-3736213.79             | $-24245693.14                              |

### Schedule of Portfolio Investments

| Name                                                        | Title               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CASELLA WASTE SYSTEMS INC                                   | COMMON STOCK        | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     45749 | NS      | $5362240.29   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOMARIN PHARMACEUTICAL INC                                 | COMMON STOCK        | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     41784 | NS      | $2426396.88   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SEAGATE TECHNOLOGY HOLDINGS PLC                             | COMMON STOCK        | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | US        |     45658 | NS      | $5384904.52   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAPHIC PACKAGING HOLDING CO                                | COMMON STOCK        | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73804 | NS      | $1639924.88   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                                              | COMMON STOCK        | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     34769 | NS      | $5420487.10   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS INC                                 | COMMON STOCK        | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     21959 | NS      | $6687833.04   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIPOTLE MEXICAN GRILL INC                                  | COMMON STOCK        | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     89872 | NS      | $4500789.76   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC                                              | COMMON STOCK        | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     10369 | NS      | $6072086.40   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST SOLAR INC                                             | COMMON STOCK        | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |     15758 | NS      | $2491024.64   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC                                                    | COMMON STOCK        | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      9454 | NS      | $5332245.08   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC                                        | COMMON STOCK        | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     83257 | NS      | $2803263.19   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISK ANALYTICS INC                                        | COMMON STOCK        | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     34769 | NS      | $10922333.66  | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR  AND  CO INC                                            | COMMON STOCK        | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     32983 | NS      | $4006115.18   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| XYLEM INC/NY                                                | COMMON STOCK        | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |     53170 | NS      | $6701546.80   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| GUIDEWIRE SOFTWARE INC                                      | COMMON STOCK        | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |     22468 | NS      | $4831069.36   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW INC                                              | COMMON STOCK        | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      6811 | NS      | $6886533.99   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHT HORIZONS FAMILY SOLUTIONS INC                        | COMMON STOCK        | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32532 | NS      | $4203134.40   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HA SUSTAINABLE INFRASTRUCTURE CAPITAL INC                   | COMMON STOCK        | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |    187877 | NS      | $4706318.85   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SPROUTS FARMERS MARKET INC                                  | COMMON STOCK        | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |     35684 | NS      | $6168336.24   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYSTEMS INC                                           | COMMON STOCK        | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      5704 | NS      | $1595408.80   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTRAGENYX PHARMACEUTICAL INC                               | COMMON STOCK        | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     58864 | NS      | $2003141.92   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBSPOT INC                                                 | COMMON STOCK        | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |     10471 | NS      | $6176842.90   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PENUMBRA INC                                                | COMMON STOCK        | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |     19113 | NS      | $5102597.61   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADE DESK INC/THE                                          | COMMON STOCK        | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     69844 | NS      | $5253665.68   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                                                | COMMON STOCK        | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     14436 | NS      | $3494522.52   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| DOCUSIGN INC                                                | COMMON STOCK        | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |     39344 | NS      | $3486271.84   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| PINTEREST INC                                               | COMMON STOCK        | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    173542 | NS      | $5398891.62   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS INC                                    | COMMON STOCK        | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      7014 | NS      | $3306189.18   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG INC                                                 | COMMON STOCK        | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |     69844 | NS      | $8233210.72   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTIV HOLDINGS CO                                          | COMMON STOCK        | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     62422 | NS      | $6737206.46   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX INC                                                  | COMMON STOCK        | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |    111285 | NS      | $4403547.45   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TOAST INC                                                   | COMMON STOCK        | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |    101665 | NS      | $4288229.70   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORP                                               | COMMON STOCK        | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |     32329 | NS      | $12705297.00  | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| COINBASE GLOBAL INC                                         | COMMON STOCK        | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |     25314 | NS      | $6242938.68   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY INC                                      | COMMON STOCK        | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70555 | NS      | $4246705.45   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DUOLINGO INC                                                | COMMON STOCK        | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13216 | NS      | $6867165.76   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| GITLAB INC                                                  | COMMON STOCK        | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |     83975 | NS      | $3821702.25   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| VITA COCO CO INC/THE                                        | COMMON STOCK        | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |    101970 | NS      | $3629112.30   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PLANET LABS PBC                                             | COMMON STOCK        | CUSIP: 72703X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    509445 | NS      | $1956268.80   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST WATCH RESTAURANT GROUP INC                            | COMMON STOCK        | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    248671 | NS      | $3839480.24   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LIFE TIME GROUP HOLDINGS INC                                | COMMON STOCK        | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    122608 | NS      | $3506588.80   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG INC                                                     | COMMON STOCK        | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |     97598 | NS      | $4697391.74   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORP                                   | COMMON STOCK        | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     23383 | NS      | $7158705.45   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSARA INC                                                 | COMMON STOCK        | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67404 | NS      | $3136982.16   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CAVA GROUP INC                                              | COMMON STOCK        | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44631 | NS      | $3627161.37   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA INC                                              | COMMON STOCK        | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     11996 | NS      | $5673868.08   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICETITAN INC                                            | COMMON STOCK        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     21690 | NS      | $2400432.30   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| RESMED INC                                                  | COMMON STOCK        | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |     24704 | NS      | $6047292.16   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| DR HORTON INC                                               | COMMON STOCK        | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     19926 | NS      | $2352463.56   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                                  | COMMON STOCK        | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     23078 | NS      | $4365203.70   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                      | COMMON STOCK        | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     10064 | NS      | $5739197.28   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CINTAS CORP                                                 | COMMON STOCK        | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9353 | NS      | $2118454.50   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| GARTNER INC                                                 | COMMON STOCK        | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     15554 | NS      | $6788076.68   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| HASBRO INC                                                  | COMMON STOCK        | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     70454 | NS      | $4699986.34   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS INC                                  | COMMON STOCK        | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     36091 | NS      | $3326507.47   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC SERVICES INC                                       | COMMON STOCK        | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     24196 | NS      | $6225388.84   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX LABORATORIES INC                                      | COMMON STOCK        | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |     12301 | NS      | $6314841.36   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYSTEMS INC                                  | COMMON STOCK        | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     10776 | NS      | $3093466.32   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INC                                                | COMMON STOCK        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     16164 | NS      | $2347012.80   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL SIGNAL CORP                                         | COMMON STOCK        | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     57542 | NS      | $5412975.94   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                                         | COMMON STOCK        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      8336 | NS      | $1789322.40   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC                                | COMMON STOCK        | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      8641 | NS      | $3480767.62   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| EDWARDS LIFESCIENCES CORP                                   | COMMON STOCK        | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     33142 | NS      | $2592367.24   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC                                          | COMMON STOCK        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     71572 | NS      | $5055846.08   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS INC                               | COMMON STOCK        | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      5083 | NS      | $2492093.24   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| METTLER-TOLEDO INTERNATIONAL INC                            | COMMON STOCK        | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      3456 | NS      | $3993477.12   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES INC                                         | COMMON STOCK        | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |     20129 | NS      | $6895390.24   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIMBLE INC                                                 | COMMON STOCK        | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     66997 | NS      | $4774876.19   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL INC                                      | COMMON STOCK        | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      5896 | NS      | $3256596.64   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS INC                                       | COMMON STOCK        | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     17384 | NS      | $2724942.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENDIS PHARMA A/S                                         | COMMON STOCK - ADR  | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     14538 | NS      | $2367367.92   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML HOLDING NV                                             | COMMON STOCK - ADR  | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      4676 | NS      | $3445136.52   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ARGENX SE                                                   | COMMON STOCK - ADR  | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |      3253 | NS      | $1864814.78   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC                                     | ORDINARY SHARES     | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |     12347 | NS      | $3909924.49   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ON HOLDING AG                                               | ORDINARY SHARES     | CUSIP: H5919C104<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     82958 | NS      | $4926875.62   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTSERVICE CORP                                           | ORDINARY SHARES     | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     21756 | NS      | $3815893.62   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PLC                                               | ORDINARY SHARES     | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     12504 | NS      | $3961517.28   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                                                    | ORDINARY SHARES     | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     21349 | NS      | $2781347.72   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PUTNAM INVESTMENT FUNDS-PUTNAM GOVERNMENT MONEY MARKET FUND | SHORT TERM INV FUND | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | PF                | US        |   9255439 | NS      | $9255439.00   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-09

**Name of Applicant:** Putnam ETF Trust

**Signature:** Kevin R Blatchford

**Name of Signer:** Kevin R Blatchford

**Title:** Assistant Treasurer