# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0001133228-25-014173
**Filing Date:** 2025-12
**Character Count:** 191595
**Document Hash:** 11006cff9352ba887a876457731b6d58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014173.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001133228-25-014173

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 251607448

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

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

## Series and Classes Contracts Data

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

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

?xml version='1.0' encoding='ASCII'? 2025-11-181014066_PutnamESGHighYieldETF_SingleClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-23643**

**Putnam ETF Trust**

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

Date of fiscal year end: **April 30**

Date of reporting period: **October 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Putnam ESG High Yield ETF**  | ![image](img448_202405131411777.jpg) |
| PHYD \| NYSE Arca, Inc. | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Putnam ESG High Yield ETF for the period May 1, 2025, to October 31, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Putnam ESG High Yield ETF | $28 | 0.53% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $218621671 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 327 |
| **Portfolio Turnover Rate** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5870img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img1988_202405161833219.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img1988_202405161833219.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img1988_202405161833219.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam ESG High Yield ETF PAGE 1 39495-STSR-1225

16.514.613.311.08.47.37.05.14.03.93.25.7 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

![](img96623de71.gif)

**Putnam**

**ESG High Yield ETF**

**Financial Statements and Other Important Information**

**Semi-Annual** \| October 31, 2025

![](img3087fc4c2.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_c1cb537e-1674-4d17-b924-75178bbe5e68_SOI-Header-SOI-5047_1) | **1** |
| [Statement of Assets and Liabilities](#xx_c1cb537e-1674-4d17-b924-75178bbe5e68_SAL-Header-SAL-5047_1) | **20** |
| [Statement of Operations](#xx_c1cb537e-1674-4d17-b924-75178bbe5e68_SOP-Header-SOP-5047_1) | **21** |
| [Statements of Changes in Net Assets](#xx_c1cb537e-1674-4d17-b924-75178bbe5e68_SOC-Header-SOC-5047_1) | **22** |
| [Financial Highlights](#xx_c1cb537e-1674-4d17-b924-75178bbe5e68_FH-Header-Financialhighlights-5047_1) | **23** |
| [Notes to Financial Statements](#xx_c1cb537e-1674-4d17-b924-75178bbe5e68_NTF-Header-Notestofinancialstatements-5047_1) | **24** |
| [Changes in and Disagreements with Accountants](#xx_c1cb537e-1674-4d17-b924-75178bbe5e68_TSR-TOCTSRDisclosures-5047_1) | **38** |
| [Results of Meeting(s) of Shareholders](#xx_c1cb537e-1674-4d17-b924-75178bbe5e68_TSR-TOCTSRDisclosures-5047_1) | **38** |
| [Remuneration Paid to Directors, Officers and Others](#xx_c1cb537e-1674-4d17-b924-75178bbe5e68_TSR-TOCTSRDisclosures-5047_1) | **38** |
| [Board Approval of Management and Subadvisory](#xx_c1cb537e-1674-4d17-b924-75178bbe5e68_BAMSA-TOC-Mgmtandsubadvisoryagreements-5047_1) [Agreements](#xx_c1cb537e-1674-4d17-b924-75178bbe5e68_BAMSA-TOC-Mgmtandsubadvisoryagreements-5047_1) | **39** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

October 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount†<br>| Value |
| **Corporate Bonds & Notes — 86.3%** | **Corporate Bonds & Notes — 86.3%** | **Corporate Bonds & Notes — 86.3%** | **Corporate Bonds & Notes — 86.3%** | **Corporate Bonds & Notes — 86.3%** |
| **Communication Services — 12.7%** | **Communication Services — 12.7%** | **Communication Services — 12.7%** | **Communication Services — 12.7%** | **Communication Services — 12.7%** |
| Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% | Diversified Telecommunication Services — 1.1% |
| Cogent Communications Group LLC/Cogent <br> Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp; $1319576<br> <sup>(a)</sup><br>|
| WULF Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp; 1039555<br> <sup>(a)</sup><br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 2359131 |
| Entertainment — 2.1% | Entertainment — 2.1% | Entertainment — 2.1% | Entertainment — 2.1% | Entertainment — 2.1% |
| Banijay Entertainment SAS, Senior Secured <br> Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1255000<br>| &nbsp;&nbsp; 1303499<br> <sup>(a)</sup><br>|
| Cinemark USA Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp; 522937<br> <sup>(a)</sup><br>|
| Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 202625<br> <sup>(a)</sup><br>|
| Go Daddy Operating Co. LLC/GD Finance Co. <br> Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp; 886445<br> <sup>(a)</sup><br>|
| Pinewood Finco PLC, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 3/27/30 | &nbsp;&nbsp; 640000 <br><sup>GBP</sup><br>| &nbsp;&nbsp; 850068<br> <sup>(b)</sup><br>|
| Warnermedia Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/15/42 | &nbsp;&nbsp; 915000<br>| &nbsp;&nbsp; 735486<br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 4501060 |
| Media — 8.7% | Media — 8.7% | Media — 8.7% | Media — 8.7% | Media — 8.7% |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 565000<br>| &nbsp;&nbsp; 558033<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 1770000<br>| &nbsp;&nbsp; 1684182<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 72487<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp; 806482<br> <sup>(a)</sup><br>|
| CCO Holdings LLC/CCO Holdings Capital <br> Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp; 622206<br> <sup>(a)</sup><br>|
| Clear Channel Outdoor Holdings Inc., Senior <br> Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 655000<br>| &nbsp;&nbsp; 650578<br> <sup>(a)</sup><br>|
| Clear Channel Outdoor Holdings Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp; 304280<br> <sup>(a)</sup><br>|
| Clear Channel Outdoor Holdings Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 889652<br> <sup>(a)</sup><br>|
| DirecTV Financing LLC, Senior Secured Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp; 637011<br> <sup>(a)</sup><br>|
| DirecTV Financing LLC/DirecTV Financing <br> Co-Obligor Inc., Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 76000<br>| &nbsp;&nbsp; 76051<br> <sup>(a)</sup><br>|
| DirecTV Financing LLC/DirecTV Financing <br> Co-Obligor Inc., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 368934<br> <sup>(a)</sup><br>|
| Discovery Communications LLC, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp; 624460<br>|
| EW Scripps Co., Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp; 1291091<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Media — continued | Media — continued | Media — continued | Media — continued | Media — continued |
| Gray Media Inc., Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 705000<br>| &nbsp;&nbsp; $709308<br> <sup>(a)</sup><br>|
| Gray Media Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp; 403321<br> <sup>(a)</sup><br>|
| Gray Media Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp; 421455<br> <sup>(a)</sup><br>|
| McGraw-Hill Education Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 705000<br>| &nbsp;&nbsp; 711196<br> <sup>(a)</sup><br>|
| McGraw-Hill Education Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp; 224710<br> <sup>(a)</sup><br>|
| McGraw-Hill Education Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp; 626597<br> <sup>(a)</sup><br>|
| News Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 64408<br> <sup>(a)</sup><br>|
| Nexstar Media Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; 790169<br> <sup>(a)</sup><br>|
| Nexstar Media Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp; 182239<br> <sup>(a)</sup><br>|
| Sinclair Television Group Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1440000<br>| &nbsp;&nbsp; 1469196<br> <sup>(a)</sup><br>|
| Sirius XM Radio LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp; 228548<br> <sup>(a)</sup><br>|
| Sirius XM Radio LLC, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 565000<br>| &nbsp;&nbsp; 566311<br> <sup>(a)</sup><br>|
| Sirius XM Radio LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp; 413204<br> <sup>(a)</sup><br>|
| Telenet Finance Luxembourg Notes Sarl, <br> Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 598779<br> <sup>(a)</sup><br>|
| Univision Communications Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 718510<br> <sup>(a)</sup><br>|
| Virgin Media Secured Finance PLC, Senior <br> Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp; 572086<br> <sup>(a)</sup><br>|
| VZ Secured Financing BV, Senior Secured <br> Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1235000<br>| &nbsp;&nbsp; 1122932<br> <sup>(a)</sup><br>|
| VZ Secured Financing BV, Senior Secured <br> Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp; 627366<br> <sup>(a)</sup><br>|
| Total Media | Total Media | Total Media | Total Media | &nbsp;&nbsp; 19035782 |
| Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% | Wireless Telecommunication Services — 0.8% |
| CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 166046<br> <sup>(a)</sup><br>|
| CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 483100<br> <sup>(a)</sup><br>|
| CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp; 363669<br> <sup>(a)</sup><br>|
| Iliad Holding SAS, Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp; 353495<br> <sup>(a)</sup><br>|
| Zegona Finance PLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 393000<br>| &nbsp;&nbsp; 418733<br> <sup>(a)</sup><br>|
| Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | &nbsp;&nbsp; 1785043 |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **27681016** |
| **Consumer Discretionary — 15.4%** | **Consumer Discretionary — 15.4%** | **Consumer Discretionary — 15.4%** | **Consumer Discretionary — 15.4%** | **Consumer Discretionary — 15.4%** |
| Automobile Components — 1.2% | Automobile Components — 1.2% | Automobile Components — 1.2% | Automobile Components — 1.2% | Automobile Components — 1.2% |
| Adient Global Holdings Ltd., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp; 825901<br> <sup>(a)</sup><br>|
| Adient Global Holdings Ltd., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 155206<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Automobile Components — continued | Automobile Components — continued | Automobile Components — continued | Automobile Components — continued | Automobile Components — continued |
| Clarios Global LP/Clarios US Finance Co., <br> Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp; $445419<br> <sup>(a)</sup><br>|
| Forvia SE, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp; 507636<br> <sup>(a)</sup><br>|
| IHO Verwaltungs GmbH, Senior Secured <br> Notes (7.750% Cash or 8.500% PIK) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 365000<br>| &nbsp;&nbsp; 378407<br> <sup>(a)(c)</sup><br>|
| IHO Verwaltungs GmbH, Senior Secured <br> Notes (8.000% Cash or 8.750% PIK) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 365000<br>| &nbsp;&nbsp; 380943<br> <sup>(a)(c)</sup><br>|
| Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 2693512 |
| Broadline Retail — 0.1% | Broadline Retail — 0.1% | Broadline Retail — 0.1% | Broadline Retail — 0.1% | Broadline Retail — 0.1% |
| Kohl's Corp., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp; 288173<br> <sup>(a)</sup><br>|
| Hotels, Restaurants & Leisure — 8.4% | Hotels, Restaurants & Leisure — 8.4% | Hotels, Restaurants & Leisure — 8.4% | Hotels, Restaurants & Leisure — 8.4% | Hotels, Restaurants & Leisure — 8.4% |
| 1011778 BC ULC/New Red Finance Inc., <br> Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp; 776473<br> <sup>(a)</sup><br>|
| Aramark Services Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 805000<br>| &nbsp;&nbsp; 804760<br> <sup>(a)</sup><br>|
| Boyd Gaming Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp; 1339446<br> <sup>(a)</sup><br>|
| Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp; 221243<br> <sup>(a)</sup><br>|
| Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp; 486968<br> <sup>(a)</sup><br>|
| Caesars Entertainment Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp; 499329<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 688832<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 121800<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp; 309195<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 515000<br>| &nbsp;&nbsp; 531516<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp; 539980<br> <sup>(a)</sup><br>|
| Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp; 242488<br> <sup>(a)</sup><br>|
| Churchill Downs Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp; 532212<br> <sup>(a)</sup><br>|
| Fertitta Entertainment LLC/Fertitta <br> Entertainment Finance Co. Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 935000<br>| &nbsp;&nbsp; 867435<br> <sup>(a)</sup><br>|
| Hilton Domestic Operating Co. Inc., Senior <br> Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp; 271831<br> <sup>(a)</sup><br>|
| Hilton Domestic Operating Co. Inc., Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp; 1274219<br> <sup>(a)</sup><br>|
| Hilton Worldwide Finance LLC/Hilton <br> Worldwide Finance Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 410554<br>|
| Light & Wonder International Inc., Senior <br> Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp; 533816<br> <sup>(a)</sup><br>|
| Light & Wonder International Inc., Senior <br> Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp; 327198<br> <sup>(a)</sup><br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 171234<br> <sup>(a)</sup><br>|
| NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp; 519234<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued | Hotels, Restaurants & Leisure — continued |
| Penn Entertainment Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; $339811<br> <sup>(a)</sup><br>|
| Rivers Enterprise Lender LLC/Rivers Enterprise <br> Lender Corp., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 393423<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 745000<br>| &nbsp;&nbsp; 759230<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 61936<br> <sup>(a)</sup><br>|
| Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 780000<br>| &nbsp;&nbsp; 801024<br> <sup>(a)</sup><br>|
| Scientific Games Holdings LP/Scientific <br> Games US FinCo Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 447982<br> <sup>(a)</sup><br>|
| Station Casinos LLC, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp; 345814<br> <sup>(a)</sup><br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp; 986155<br> <sup>(a)</sup><br>|
| Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 643223<br> <sup>(a)</sup><br>|
| Wynn Resorts Finance LLC/Wynn Resorts <br> Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1890000<br>| &nbsp;&nbsp; 2031056<br> <sup>(a)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 18279417 |
| Household Durables — 2.6% | Household Durables — 2.6% | Household Durables — 2.6% | Household Durables — 2.6% | Household Durables — 2.6% |
| Ashton Woods USA LLC/Ashton Woods <br> Finance Co., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; 662155<br> <sup>(a)</sup><br>|
| LGI Homes Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 707621<br> <sup>(a)</sup><br>|
| Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp; 282815<br> <sup>(a)</sup><br>|
| Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 361950<br>|
| Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp; 782275<br>|
| Taylor Morrison Communities Inc., Senior <br> Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 384071<br> <sup>(a)</sup><br>|
| Taylor Morrison Communities Inc., Senior <br> Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 165000<br>| &nbsp;&nbsp; 167528<br> <sup>(a)</sup><br>|
| Taylor Morrison Communities Inc., Senior <br> Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp; 1039533<br> <sup>(a)</sup><br>|
| TopBuild Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 685000<br>| &nbsp;&nbsp; 645628<br> <sup>(a)</sup><br>|
| Weekley Homes LLC/Weekley Finance Corp., <br> Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp; 645092<br> <sup>(a)</sup><br>|
| Total Household Durables | Total Household Durables | Total Household Durables | Total Household Durables | &nbsp;&nbsp; 5678668 |
| Specialty Retail — 1.4% | Specialty Retail — 1.4% | Specialty Retail — 1.4% | Specialty Retail — 1.4% | Specialty Retail — 1.4% |
| Bath & Body Works Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp; 994981<br>|
| PetSmart LLC/PetSmart Finance Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 385000<br>| &nbsp;&nbsp; 384981<br> <sup>(a)</sup><br>|
| Specialty Building Products Holdings LLC/SBP <br> Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 201433<br> <sup>(a)</sup><br>|
| Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 685000<br>| &nbsp;&nbsp; 710050<br> <sup>(a)</sup><br>|
| Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 765000<br>| &nbsp;&nbsp; 808897<br> <sup>(a)</sup><br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 3100342 |

---

See Notes to Financial Statements.

------

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Textiles, Apparel & Luxury Goods — 1.7% | Textiles, Apparel & Luxury Goods — 1.7% | Textiles, Apparel & Luxury Goods — 1.7% | Textiles, Apparel & Luxury Goods — 1.7% | Textiles, Apparel & Luxury Goods — 1.7% |
| Beach Acquisition Bidco LLC, Senior Notes <br> (10.000% Cash or 10.750% PIK) | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp; $1312922<br> <sup>(a)(c)</sup><br>|
| Crocs Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 404863<br> <sup>(a)</sup><br>|
| Crocs Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp; 376950<br> <sup>(a)</sup><br>|
| Hanesbrands Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp; 1066213<br> <sup>(a)</sup><br>|
| Levi Strauss & Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp; 547502<br> <sup>(a)</sup><br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 3708450 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **33748562** |
| **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** |
| Consumer Staples Distribution & Retail — 1.0% | Consumer Staples Distribution & Retail — 1.0% | Consumer Staples Distribution & Retail — 1.0% | Consumer Staples Distribution & Retail — 1.0% | Consumer Staples Distribution & Retail — 1.0% |
| Froneri Lux FinCo SARL, Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp; 404001<br> <sup>(a)</sup><br>|
| US Foods Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp; 1460082<br> <sup>(a)</sup><br>|
| US Foods Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 295000<br>| &nbsp;&nbsp; 299622<br> <sup>(a)</sup><br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 2163705 |
| Food Products — 0.8% | Food Products — 0.8% | Food Products — 0.8% | Food Products — 0.8% | Food Products — 0.8% |
| Chobani Holdco II LLC, Senior Notes (8.750% <br> Cash or 9.500% PIK) | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 163716<br>| &nbsp;&nbsp; 173834<br> <sup>(a)(c)</sup><br>|
| Chobani LLC/Chobani Finance Corp. Inc., <br> Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 1505000<br>| &nbsp;&nbsp; 1567089<br> <sup>(a)</sup><br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 1740923 |
| Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% |
| Energizer Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp; 422854<br> <sup>(a)</sup><br>|
| Personal Care Products — 1.2% | Personal Care Products — 1.2% | Personal Care Products — 1.2% | Personal Care Products — 1.2% | Personal Care Products — 1.2% |
| Coty Inc/HFC Prestige Products Inc./HFC <br> Prestige International US LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp; 1026502<br> <sup>(a)</sup><br>|
| Opal Bidco SAS, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp; 1546198<br> <sup>(a)</sup><br>|
| Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | &nbsp;&nbsp; 2572700 |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **6900182** |
| **Energy — 5.0%** | **Energy — 5.0%** | **Energy — 5.0%** | **Energy — 5.0%** | **Energy — 5.0%** |
| Energy Equipment & Services — 1.3% | Energy Equipment & Services — 1.3% | Energy Equipment & Services — 1.3% | Energy Equipment & Services — 1.3% | Energy Equipment & Services — 1.3% |
| Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 495000<br>| &nbsp;&nbsp; 514341<br> <sup>(a)</sup><br>|
| Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 515000<br>| &nbsp;&nbsp; 528077<br> <sup>(a)</sup><br>|
| Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 216397<br> <sup>(a)</sup><br>|
| Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 495000<br>| &nbsp;&nbsp; 470858<br> <sup>(a)</sup><br>|
| Transocean Aquila Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 90385<br>| &nbsp;&nbsp; 93149<br> <sup>(a)</sup><br>|
| Transocean International Ltd., Senior Secured <br> Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 126012<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Energy Equipment & Services — continued | Energy Equipment & Services — continued | Energy Equipment & Services — continued | Energy Equipment & Services — continued | Energy Equipment & Services — continued |
| Transocean International Ltd., Senior Secured <br> Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 95000<br>| &nbsp;&nbsp; $97927<br> <sup>(a)</sup><br>|
| Transocean Titan Financing Ltd., Senior <br> Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 255000<br>| &nbsp;&nbsp; 262218<br> <sup>(a)</sup><br>|
| Weatherford International Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 545000<br>| &nbsp;&nbsp; 557334<br> <sup>(a)</sup><br>|
| Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | &nbsp;&nbsp; 2866313 |
| Oil, Gas & Consumable Fuels — 3.7% | Oil, Gas & Consumable Fuels — 3.7% | Oil, Gas & Consumable Fuels — 3.7% | Oil, Gas & Consumable Fuels — 3.7% | Oil, Gas & Consumable Fuels — 3.7% |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, <br> Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp; 950453<br> <sup>(a)</sup><br>|
| Kinetik Holdings LP, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 1720000<br>| &nbsp;&nbsp; 1734163<br> <sup>(a)</sup><br>|
| SM Energy Co., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 335000<br>| &nbsp;&nbsp; 335527<br>|
| TGNR Intermediate Holdings LLC, Senior <br> Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp; 669408<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp; 285375<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp; 446969<br> <sup>(a)</sup><br>|
| Venture Global LNG Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp; 1517663<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 115000<br>| &nbsp;&nbsp; 126546<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp; 649815<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 115000<br>| &nbsp;&nbsp; 129847<br> <sup>(a)</sup><br>|
| Venture Global Plaquemines LNG LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 365000<br>| &nbsp;&nbsp; 386807<br> <sup>(a)</sup><br>|
| Vital Energy Inc., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp; 497337<br> <sup>(a)</sup><br>|
| Vnom Sub Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp; 435000<br> <sup>(a)</sup><br>|
| Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | Total Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 8164910 |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **11031223** |
| **Financials — 10.6%** | **Financials — 10.6%** | **Financials — 10.6%** | **Financials — 10.6%** | **Financials — 10.6%** |
| Capital Markets — 0.8% | Capital Markets — 0.8% | Capital Markets — 0.8% | Capital Markets — 0.8% | Capital Markets — 0.8% |
| Osaic Holdings Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 905000<br>| &nbsp;&nbsp; 929410<br> <sup>(a)</sup><br>|
| Osaic Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp; 325652<br> <sup>(a)</sup><br>|
| StoneX Escrow Issuer LLC, Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp; 559177<br> <sup>(a)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 1814239 |
| Consumer Finance — 3.1% | Consumer Finance — 3.1% | Consumer Finance — 3.1% | Consumer Finance — 3.1% | Consumer Finance — 3.1% |
| Ally Financial Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 444168<br>|

---

See Notes to Financial Statements.

------

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Consumer Finance — continued | Consumer Finance — continued | Consumer Finance — continued | Consumer Finance — continued | Consumer Finance — continued |
| Encore Capital Group Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; $399405<br> <sup>(a)</sup><br>|
| Encore Capital Group Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 985000<br>| &nbsp;&nbsp; 1038082<br> <sup>(a)</sup><br>|
| FirstCash Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1570000<br>| &nbsp;&nbsp; 1631038<br> <sup>(a)</sup><br>|
| OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 205000<br>| &nbsp;&nbsp; 203547<br>|
| OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp; 669080<br>|
| OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 362995<br>|
| OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp; 369530<br>|
| PRA Group Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 1610000<br>| &nbsp;&nbsp; 1635684<br> <sup>(a)</sup><br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 6753529 |
| Financial Services — 4.3% | Financial Services — 4.3% | Financial Services — 4.3% | Financial Services — 4.3% | Financial Services — 4.3% |
| Boost Newco Borrower LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp; 281730<br> <sup>(a)</sup><br>|
| CrossCountry Intermediate HoldCo LLC, Senior <br> Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp; 737646<br> <sup>(a)</sup><br>|
| Freedom Mortgage Corp., Senior Notes | &nbsp;&nbsp; 12.250% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 545000<br>| &nbsp;&nbsp; 607120<br> <sup>(a)</sup><br>|
| Freedom Mortgage Holdings LLC, Senior <br> Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp; 1231435<br> <sup>(a)</sup><br>|
| GGAM Finance Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 429685<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 1285000<br>| &nbsp;&nbsp; 1308690<br> <sup>(a)</sup><br>|
| Jane Street Group/JSG Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 395000<br>| &nbsp;&nbsp; 412356<br> <sup>(a)</sup><br>|
| Jefferson Capital Holdings LLC, Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 765000<br>| &nbsp;&nbsp; 806616<br> <sup>(a)</sup><br>|
| Jefferson Capital Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 735000<br>| &nbsp;&nbsp; 762651<br> <sup>(a)</sup><br>|
| PHH Escrow Issuer LLC/PHH Corp., Senior <br> Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 1570000<br>| &nbsp;&nbsp; 1577634<br> <sup>(a)</sup><br>|
| Rocket Cos. Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp; 441300<br> <sup>(a)</sup><br>|
| Rocket Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 834384<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 9431247 |
| Insurance — 2.0% | Insurance — 2.0% | Insurance — 2.0% | Insurance — 2.0% | Insurance — 2.0% |
| Acrisure LLC/Acrisure Finance Inc., Senior <br> Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp; 892967<br> <sup>(a)</sup><br>|
| Acrisure LLC/Acrisure Finance Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/6/30 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp; 652083<br> <sup>(a)</sup><br>|
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp; 718577<br> <sup>(a)</sup><br>|
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp; 650822<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Insurance — continued | Insurance — continued | Insurance — continued | Insurance — continued | Insurance — continued |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co-Issuer, Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp; $870826<br> <sup>(a)</sup><br>|
| Jones Deslauriers Insurance <br> Management Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 545000<br>| &nbsp;&nbsp; 572813<br> <sup>(a)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 4358088 |
| Mortgage Real Estate Investment Trusts (REITs) — 0.4% | Mortgage Real Estate Investment Trusts (REITs) — 0.4% | Mortgage Real Estate Investment Trusts (REITs) — 0.4% | Mortgage Real Estate Investment Trusts (REITs) — 0.4% | Mortgage Real Estate Investment Trusts (REITs) — 0.4% |
| Apollo Commercial Real Estate Finance Inc., <br> Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp; 809176<br> <sup>(a)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **23166279** |
| **Health Care — 7.7%** | **Health Care — 7.7%** | **Health Care — 7.7%** | **Health Care — 7.7%** | **Health Care — 7.7%** |
| Biotechnology — 1.4% | Biotechnology — 1.4% | Biotechnology — 1.4% | Biotechnology — 1.4% | Biotechnology — 1.4% |
| Grifols SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 1365000<br>| &nbsp;&nbsp; 1320864<br> <sup>(a)</sup><br>|
| Kedrion SpA, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp; 1760731<br> <sup>(a)</sup><br>|
| Total Biotechnology | Total Biotechnology | Total Biotechnology | Total Biotechnology | &nbsp;&nbsp; 3081595 |
| Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% |
| Bausch & Lomb Corp., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 165000<br>| &nbsp;&nbsp; 172631<br> <sup>(a)</sup><br>|
| Insulet Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp; 83428<br> <sup>(a)</sup><br>|
| Medline Borrower LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp; 468519<br> <sup>(a)</sup><br>|
| Medline Borrower LP, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp; 490826<br> <sup>(a)</sup><br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 1215404 |
| Health Care Providers & Services — 3.8% | Health Care Providers & Services — 3.8% | Health Care Providers & Services — 3.8% | Health Care Providers & Services — 3.8% | Health Care Providers & Services — 3.8% |
| CHS/Community Health Systems Inc., Secured <br> Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 375000<br>| &nbsp;&nbsp; 315462<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 1375000<br>| &nbsp;&nbsp; 1290131<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp; 658361<br> <sup>(a)</sup><br>|
| CHS/Community Health Systems Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp; 535319<br> <sup>(a)</sup><br>|
| Concentra Health Services Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 760000<br>| &nbsp;&nbsp; 793657<br> <sup>(a)</sup><br>|
| CVS Health Corp., Junior Subordinated Notes <br> (7.000% to 3/10/30 then 5 year Treasury <br> Constant Maturity Rate + 2.886%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/10/55 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp; 1020659<br> <sup>(d)</sup><br>|
| DaVita Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 251303<br> <sup>(a)</sup><br>|
| DaVita Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp; 1451814<br> <sup>(a)</sup><br>|
| DaVita Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 93393<br> <sup>(a)</sup><br>|
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp; 649725<br>|
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp; 415866<br>|
| Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 725000<br>| &nbsp;&nbsp; 739348<br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 8215038 |

---

See Notes to Financial Statements.

------

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Health Care Technology — 0.5% | Health Care Technology — 0.5% | Health Care Technology — 0.5% | Health Care Technology — 0.5% | Health Care Technology — 0.5% |
| AthenaHealth Group Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; $1028872<br> <sup>(a)</sup><br>|
| Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% |
| IQVIA Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp; 1273090<br> <sup>(a)</sup><br>|
| Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% | Pharmaceuticals — 0.9% |
| Endo Finance Holdings Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 195000<br>| &nbsp;&nbsp; 206929<br> <sup>(a)</sup><br>|
| Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 785000<br>| &nbsp;&nbsp; 859297<br>|
| Teva Pharmaceutical Finance Netherlands III <br> BV, Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 855000<br>| &nbsp;&nbsp; 981105<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 2047331 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **16861330** |
| **Industrials — 13.7%** | **Industrials — 13.7%** | **Industrials — 13.7%** | **Industrials — 13.7%** | **Industrials — 13.7%** |
| Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% |
| ATI Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp; 1398969<br>|
| Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp; 339748<br> <sup>(a)</sup><br>|
| Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 405000<br>| &nbsp;&nbsp; 419623<br> <sup>(a)</sup><br>|
| Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 210228<br> <sup>(a)</sup><br>|
| Efesto Bidco SpA Efesto US LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 845000<br>| &nbsp;&nbsp; 844324<br> <sup>(a)</sup><br>|
| Imola Merger Corp., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 591939<br> <sup>(a)</sup><br>|
| Spirit AeroSystems Inc., Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 915000<br>| &nbsp;&nbsp; 1006426<br> <sup>(a)</sup><br>|
| Spirit AeroSystems Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp; 448591<br>|
| Spirit AeroSystems Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 178742<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp; 457606<br> <sup>(a)</sup><br>|
| TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp; 149963<br> <sup>(a)</sup><br>|
| TransDigm Inc., Subordinated Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/31/34 | &nbsp;&nbsp; 705000<br>| &nbsp;&nbsp; 731101<br> <sup>(a)</sup><br>|
| Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | &nbsp;&nbsp; 6777260 |
| Building Products — 1.5% | Building Products — 1.5% | Building Products — 1.5% | Building Products — 1.5% | Building Products — 1.5% |
| Builders FirstSource Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 755000<br>| &nbsp;&nbsp; 782839<br> <sup>(a)</sup><br>|
| Builders FirstSource Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp; 578161<br> <sup>(a)</sup><br>|
| Miter Brands Acquisition Holdco Inc./MIWD <br> Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp; 518674<br> <sup>(a)</sup><br>|
| MIWD Holdco II LLC/MIWD Finance Corp., <br> Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 405000<br>| &nbsp;&nbsp; 393984<br> <sup>(a)</sup><br>|
| Quikrete Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 755000<br>| &nbsp;&nbsp; 786293<br> <sup>(a)</sup><br>|
| Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp; 326961<br> <sup>(a)</sup><br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 3386912 |

---

See Notes to Financial Statements.

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Commercial Services & Supplies — 2.9% | Commercial Services & Supplies — 2.9% | Commercial Services & Supplies — 2.9% | Commercial Services & Supplies — 2.9% | Commercial Services & Supplies — 2.9% |
| Clean Harbors Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 1215000<br>| &nbsp;&nbsp; $1245871<br> <sup>(a)</sup><br>|
| GFL Environmental Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp; 1267325<br> <sup>(a)</sup><br>|
| RB Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 1115000<br>| &nbsp;&nbsp; 1165040<br> <sup>(a)</sup><br>|
| RR Donnelley & Sons Co., Senior Secured <br> Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1725000<br>| &nbsp;&nbsp; 1770143<br> <sup>(a)</sup><br>|
| Waste Pro USA Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 625155<br> <sup>(a)</sup><br>|
| Wrangler Holdco Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 295000<br>| &nbsp;&nbsp; 308548<br> <sup>(a)</sup><br>|
| Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | &nbsp;&nbsp; 6382082 |
| Construction & Engineering — 0.7% | Construction & Engineering — 0.7% | Construction & Engineering — 0.7% | Construction & Engineering — 0.7% | Construction & Engineering — 0.7% |
| Arcosa Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp; 1135054<br> <sup>(a)</sup><br>|
| Aretec Group Inc., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 125000<br>| &nbsp;&nbsp; 136163<br> <sup>(a)</sup><br>|
| JH North America Holdings Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp; 56131<br> <sup>(a)</sup><br>|
| JH North America Holdings Inc., Senior <br> Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 7/31/32 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp; 246319<br> <sup>(a)</sup><br>|
| Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | &nbsp;&nbsp; 1573667 |
| Electrical Equipment — 0.8% | Electrical Equipment — 0.8% | Electrical Equipment — 0.8% | Electrical Equipment — 0.8% | Electrical Equipment — 0.8% |
| WESCO Distribution Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 72410<br> <sup>(a)</sup><br>|
| WESCO Distribution Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 1605000<br>| &nbsp;&nbsp; 1679552<br> <sup>(a)</sup><br>|
| Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | &nbsp;&nbsp; 1751962 |
| Ground Transportation — 0.6% | Ground Transportation — 0.6% | Ground Transportation — 0.6% | Ground Transportation — 0.6% | Ground Transportation — 0.6% |
| Watco Cos. LLC/Watco Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp; 1348028<br> <sup>(a)</sup><br>|
| Machinery — 0.6% | Machinery — 0.6% | Machinery — 0.6% | Machinery — 0.6% | Machinery — 0.6% |
| Chart Industries Inc., Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 135000<br>| &nbsp;&nbsp; 145043<br> <sup>(a)</sup><br>|
| Terex Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 175000<br>| &nbsp;&nbsp; 171913<br> <sup>(a)</sup><br>|
| Terex Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 905000<br>| &nbsp;&nbsp; 918859<br> <sup>(a)</sup><br>|
| Total Machinery | Total Machinery | Total Machinery | Total Machinery | &nbsp;&nbsp; 1235815 |
| Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% |
| CACI International Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp; 832776<br> <sup>(a)</sup><br>|
| Trading Companies & Distributors — 2.7% | Trading Companies & Distributors — 2.7% | Trading Companies & Distributors — 2.7% | Trading Companies & Distributors — 2.7% | Trading Companies & Distributors — 2.7% |
| Boise Cascade Co., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 1865000<br>| &nbsp;&nbsp; 1841704<br> <sup>(a)</sup><br>|
| Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp; 825359<br> <sup>(a)</sup><br>|
| Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp; 620149<br> <sup>(a)</sup><br>|
| QXO Building Products Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 1205000<br>| &nbsp;&nbsp; 1250492<br> <sup>(a)</sup><br>|
| United Rentals North America Inc., Senior <br> Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 1365000<br>| &nbsp;&nbsp; 1426066<br> <sup>(a)</sup><br>|
| Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | &nbsp;&nbsp; 5963770 |

---

See Notes to Financial Statements.

------

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Transportation Infrastructure — 0.4% | Transportation Infrastructure — 0.4% | Transportation Infrastructure — 0.4% | Transportation Infrastructure — 0.4% | Transportation Infrastructure — 0.4% |
| Beacon Mobility Corp., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp; $802378<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **30054650** |
| **Information Technology — 4.7%** | **Information Technology — 4.7%** | **Information Technology — 4.7%** | **Information Technology — 4.7%** | **Information Technology — 4.7%** |
| Communications Equipment — 1.2% | Communications Equipment — 1.2% | Communications Equipment — 1.2% | Communications Equipment — 1.2% | Communications Equipment — 1.2% |
| CommScope LLC, Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp; 648386<br> <sup>(a)</sup><br>|
| Connect Finco SARL/Connect US Finco LLC, <br> Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 1385000<br>| &nbsp;&nbsp; 1468327<br> <sup>(a)</sup><br>|
| Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp; 436910<br> <sup>(a)</sup><br>|
| Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 2553623 |
| Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% |
| TTM Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp; 899037<br> <sup>(a)</sup><br>|
| IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% |
| CDW LLC/CDW Finance Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 325000<br>| &nbsp;&nbsp; 311671<br>|
| Gartner Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 355000<br>| &nbsp;&nbsp; 335979<br> <sup>(a)</sup><br>|
| Total IT Services | Total IT Services | Total IT Services | Total IT Services | &nbsp;&nbsp; 647650 |
| Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% | Semiconductors & Semiconductor Equipment — 0.6% |
| ON Semiconductor Corp., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp; 693475<br> <sup>(a)</sup><br>|
| Qnity Electronics Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 205642<br> <sup>(a)</sup><br>|
| Qnity Electronics Inc., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp; 463592<br> <sup>(a)</sup><br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 1362709 |
| Software — 1.4% | Software — 1.4% | Software — 1.4% | Software — 1.4% | Software — 1.4% |
| Cloud Software Group Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp; 766044<br> <sup>(a)</sup><br>|
| Cloud Software Group Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 495000<br>| &nbsp;&nbsp; 499046<br> <sup>(a)</sup><br>|
| McAfee Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 715000<br>| &nbsp;&nbsp; 655498<br> <sup>(a)</sup><br>|
| Rocket Software Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp; 510630<br> <sup>(a)</sup><br>|
| UKG Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 715000<br>| &nbsp;&nbsp; 736541<br> <sup>(a)</sup><br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 3167759 |
| Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% | Technology Hardware, Storage & Peripherals — 0.8% |
| Fortress Intermediate 3 Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp; 657714<br> <sup>(a)</sup><br>|
| Seagate Data Storage Technology Pte Ltd., <br> Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 545000<br>| &nbsp;&nbsp; 481693<br> <sup>(a)</sup><br>|
| Seagate Data Storage Technology Pte Ltd., <br> Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp; 518660<br> <sup>(a)</sup><br>|
| Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | Total Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 1658067 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **10288845** |

---

See Notes to Financial Statements.

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Materials — 6.7%** | **Materials — 6.7%** | **Materials — 6.7%** | **Materials — 6.7%** | **Materials — 6.7%** |
| Chemicals — 1.2% | Chemicals — 1.2% | Chemicals — 1.2% | Chemicals — 1.2% | Chemicals — 1.2% |
| Avient Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 805000<br>| &nbsp;&nbsp; $822562<br> <sup>(a)</sup><br>|
| SCIH Salt Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp; 674585<br> <sup>(a)</sup><br>|
| SCIH Salt Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 665000<br>| &nbsp;&nbsp; 658165<br> <sup>(a)</sup><br>|
| SCIL IV LLC/SCIL USA Holdings LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 199776<br> <sup>(a)</sup><br>|
| Vibrantz Technologies Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 355000<br>| &nbsp;&nbsp; 190009<br> <sup>(a)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 2545097 |
| Construction Materials — 1.4% | Construction Materials — 1.4% | Construction Materials — 1.4% | Construction Materials — 1.4% | Construction Materials — 1.4% |
| American Builders & Contractors Supply Co. <br> Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp; 687556<br> <sup>(a)</sup><br>|
| Cemex SAB de CV, Subordinated Notes <br> (7.200% to 9/10/30 then 5 year Treasury <br> Constant Maturity Rate + 3.520%) | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 6/10/30 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp; 504497<br> <sup>(a)(d)(e)</sup><br>|
| Standard Building Solutions Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp; 1296555<br> <sup>(a)</sup><br>|
| Standard Building Solutions Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp; 571557<br> <sup>(a)</sup><br>|
| Total Construction Materials | Total Construction Materials | Total Construction Materials | Total Construction Materials | &nbsp;&nbsp; 3060165 |
| Containers & Packaging — 1.2% | Containers & Packaging — 1.2% | Containers & Packaging — 1.2% | Containers & Packaging — 1.2% | Containers & Packaging — 1.2% |
| Ardagh Metal Packaging Finance USA LLC/<br> Ardagh Metal Packaging Finance PLC, Senior <br> Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 575000<br>| &nbsp;&nbsp; 536544<br> <sup>(a)</sup><br>|
| Graphic Packaging International LLC, Senior <br> Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp; 1071751<br> <sup>(a)</sup><br>|
| Mauser Packaging Solutions Holding Co., <br> Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp; 1054071<br> <sup>(a)</sup><br>|
| Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 2662366 |
| Metals & Mining — 2.7% | Metals & Mining — 2.7% | Metals & Mining — 2.7% | Metals & Mining — 2.7% | Metals & Mining — 2.7% |
| Big River Steel LLC/BRS Finance Corp., Senior <br> Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp; 265634<br> <sup>(a)</sup><br>|
| Commercial Metals Co., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 331053<br>|
| Constellium SE, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp; 968571<br> <sup>(a)</sup><br>|
| Constellium SE, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 405000<br>| &nbsp;&nbsp; 416961<br> <sup>(a)</sup><br>|
| Fortescue Treasury Pty Ltd., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 995000<br>| &nbsp;&nbsp; 1038993<br> <sup>(a)</sup><br>|
| Novelis Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp; 899532<br> <sup>(a)</sup><br>|
| Novelis Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp; 373934<br> <sup>(a)</sup><br>|
| Novelis Corp., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 1225000<br>| &nbsp;&nbsp; 1123386<br> <sup>(a)</sup><br>|
| TMS International Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp; 383261<br> <sup>(a)</sup><br>|
| Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | Total Metals & Mining | &nbsp;&nbsp; 5801325 |
| Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% |
| Mercer International Inc., Senior Notes | &nbsp;&nbsp; 12.875% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp; 228662<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Paper & Forest Products — continued | Paper & Forest Products — continued | Paper & Forest Products — continued | Paper & Forest Products — continued | Paper & Forest Products — continued |
| Mercer International Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp; $314081<br>|
| Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 542743 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **14611696** |
| **Real Estate — 3.5%** | **Real Estate — 3.5%** | **Real Estate — 3.5%** | **Real Estate — 3.5%** | **Real Estate — 3.5%** |
| Diversified REITs — 0.6% | Diversified REITs — 0.6% | Diversified REITs — 0.6% | Diversified REITs — 0.6% | Diversified REITs — 0.6% |
| MPT Operating Partnership LP/MPT Finance <br> Corp., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 1325000<br>| &nbsp;&nbsp; 1389472<br> <sup>(a)</sup><br>|
| Hotel & Resort REITs — 0.8% | Hotel & Resort REITs — 0.8% | Hotel & Resort REITs — 0.8% | Hotel & Resort REITs — 0.8% | Hotel & Resort REITs — 0.8% |
| RHP Hotel Properties LP/RHP Finance Corp., <br> Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 255000<br>| &nbsp;&nbsp; 263115<br> <sup>(a)</sup><br>|
| RHP Hotel Properties LP/RHP Finance Corp., <br> Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp; 1101707<br> <sup>(a)</sup><br>|
| RHP Hotel Properties LP/RHP Finance Corp., <br> Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp; 278870<br> <sup>(a)</sup><br>|
| XHR LP, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp; 148186<br> <sup>(a)</sup><br>|
| Total Hotel & Resort REITs | Total Hotel & Resort REITs | Total Hotel & Resort REITs | Total Hotel & Resort REITs | &nbsp;&nbsp; 1791878 |
| Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% |
| Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp., Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 427000<br>| &nbsp;&nbsp; 430435<br> <sup>(a)</sup><br>|
| Specialized REITs — 1.9% | Specialized REITs — 1.9% | Specialized REITs — 1.9% | Specialized REITs — 1.9% | Specialized REITs — 1.9% |
| Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 665000<br>| &nbsp;&nbsp; 665415<br> <sup>(a)</sup><br>|
| Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp; 890555<br> <sup>(a)</sup><br>|
| Millrose Properties Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1435000<br>| &nbsp;&nbsp; 1454933<br> <sup>(a)</sup><br>|
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 285000<br>| &nbsp;&nbsp; 275552<br> <sup>(a)</sup><br>|
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp; 264301<br> <sup>(a)</sup><br>|
| SBA Communications Corp., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp; 484825<br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 4035581 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **7647366** |
| **Utilities — 3.1%** | **Utilities — 3.1%** | **Utilities — 3.1%** | **Utilities — 3.1%** | **Utilities — 3.1%** |
| Electric Utilities — 2.4% | Electric Utilities — 2.4% | Electric Utilities — 2.4% | Electric Utilities — 2.4% | Electric Utilities — 2.4% |
| Electricite de France SA, Junior Subordinated <br> Notes (9.125% to 6/15/33 then 5 year <br> Treasury Constant Maturity Rate + 5.411%) | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 231814<br> <sup>(a)(d)(e)</sup><br>|
| NRG Energy Inc., Junior Subordinated Notes <br> (10.250% to 3/15/28 then 5 year Treasury <br> Constant Maturity Rate + 5.920%) | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp; 418155<br> <sup>(a)(d)(e)</sup><br>|

---

See Notes to Financial Statements.

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| PG&E Corp., Junior Subordinated Notes <br> (7.375% to 3/15/30 then 5 year Treasury <br> Constant Maturity Rate + 3.883%) | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp; $242028<br> <sup>(d)</sup><br>|
| PG&E Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 955000<br>| &nbsp;&nbsp; 945670<br>|
| Talen Energy Supply LLC, Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp; 913206<br> <sup>(a)</sup><br>|
| Talen Energy Supply LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp; 922332<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp; 711502<br> <sup>(a)</sup><br>|
| Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 795000<br>| &nbsp;&nbsp; 835629<br> <sup>(a)</sup><br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 5220336 |
| Independent Power and Renewable Electricity Producers — 0.7% | Independent Power and Renewable Electricity Producers — 0.7% | Independent Power and Renewable Electricity Producers — 0.7% | Independent Power and Renewable Electricity Producers — 0.7% | Independent Power and Renewable Electricity Producers — 0.7% |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp; 1142429<br> <sup>(a)</sup><br>|
| Calpine Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 335000<br>| &nbsp;&nbsp; 335810<br> <sup>(a)</sup><br>|
| Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | Total Independent Power and Renewable Electricity Producers | &nbsp;&nbsp; 1478239 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **6698575** |
| **Total Corporate Bonds & Notes (Cost — $184,405,297)** | **Total Corporate Bonds & Notes (Cost — $184,405,297)** | **Total Corporate Bonds & Notes (Cost — $184,405,297)** | **Total Corporate Bonds & Notes (Cost — $184,405,297)** | &nbsp;&nbsp; **188689724** |
| **Senior Loans — 4.8%** | **Senior Loans — 4.8%** | **Senior Loans — 4.8%** | **Senior Loans — 4.8%** | **Senior Loans — 4.8%** |
| **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** |
| Media — 0.5% | Media — 0.5% | Media — 0.5% | Media — 0.5% | Media — 0.5% |
| Clear Channel Outdoor Holdings Inc., 2024 <br> Refinancing Term Loan (1 mo. Term SOFR + <br> 4.000%) | 8.079% | &nbsp;&nbsp; 8/21/28 | &nbsp;&nbsp; 583351<br>| &nbsp;&nbsp; 585192<br> <sup>(d)(f)(g)(h)</sup><br>|
| DirecTV Financing LLC, 2024 Term Loan B (3 <br> mo. Term SOFR + 5.512%) | 9.352% | &nbsp;&nbsp; 8/2/29 | &nbsp;&nbsp; 486383<br>| &nbsp;&nbsp; 487803<br> <sup>(d)(f)(g)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1072995** |
| **Consumer Discretionary — 0.8%** | **Consumer Discretionary — 0.8%** | **Consumer Discretionary — 0.8%** | **Consumer Discretionary — 0.8%** | **Consumer Discretionary — 0.8%** |
| Automobile Components — 0.5% | Automobile Components — 0.5% | Automobile Components — 0.5% | Automobile Components — 0.5% | Automobile Components — 0.5% |
| Clarios Global LP, Amendment No. 6 Dollar <br> Term Loan (1 mo. Term SOFR + 2.750%) | 6.715% | &nbsp;&nbsp; 1/28/32 | &nbsp;&nbsp; 524165<br>| &nbsp;&nbsp; 526458<br> <sup>(d)(f)(g)</sup><br>|
| DexKo Global Inc., First Lien Closing Date <br> Dollar Term Loan (1 mo. Term SOFR + 3.864%) | 7.829% | &nbsp;&nbsp; 10/4/28 | &nbsp;&nbsp; 537125<br>| &nbsp;&nbsp; 529984<br> <sup>(d)(f)(g)</sup><br>|
| Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | &nbsp;&nbsp; 1056442 |
| Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% | Hotels, Restaurants & Leisure — 0.3% |
| Fertitta Entertainment LLC, Initial Term Loan B <br> (1 mo. Term SOFR + 3.250%) | 7.215% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 418133<br>| &nbsp;&nbsp; 418240<br> <sup>(d)(f)(g)</sup><br>|
| Scientific Games Holdings LP, 2024 <br> Refinancing Dollar Term Loan (3 mo. Term <br> SOFR + 3.000%) | 6.934% | &nbsp;&nbsp; 4/4/29 | &nbsp;&nbsp; 172812<br>| &nbsp;&nbsp; 170997<br> <sup>(d)(f)(g)</sup><br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 589237 |

---

See Notes to Financial Statements.

------

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Textiles, Apparel & Luxury Goods — 0.0%†† | Textiles, Apparel & Luxury Goods — 0.0%†† | Textiles, Apparel & Luxury Goods — 0.0%†† | Textiles, Apparel & Luxury Goods — 0.0%†† | Textiles, Apparel & Luxury Goods — 0.0%†† |
| Crocs Inc., 2024 Refinancing Term Loan (3 mo. <br> Term SOFR + 2.250%) | 6.252% | &nbsp;&nbsp; 2/20/29 | &nbsp;&nbsp; 82143<br>| &nbsp;&nbsp; $82776<br> <sup>(d)(f)(g)</sup><br>|
| Skechers U.S.A. Inc., Term Loan B1 (3 mo. <br> Term SOFR + 3.250%) | 7.308% | &nbsp;&nbsp; 9/12/32 | &nbsp;&nbsp; 24515<br>| &nbsp;&nbsp; 24679<br> <sup>(d)(f)(g)</sup><br>|
| Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 107455 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **1753134** |
| **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** | **Consumer Staples — 0.3%** |
| Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% |
| Froneri International Ltd., Term Loan Facility <br> B6 (3 mo. Term SOFR + 2.500%)  | 6.372% | &nbsp;&nbsp; 8/2/32 | &nbsp;&nbsp; 629070<br>| &nbsp;&nbsp; **629498**<br> <sup>(d)(f)(g)</sup><br>|
| **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| Mortgage Real Estate Investment Trusts (REITs) — 0.1% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% | Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| Apollo Commercial Real Estate Finance Inc., <br> Initial Term Loan (1 mo. Term SOFR + 3.250%)  | 7.282% | &nbsp;&nbsp; 6/13/30 | &nbsp;&nbsp; 147630<br>| &nbsp;&nbsp; **148415**<br> <sup>(d)(f)(g)</sup><br>|
| **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** |
| Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% |
| Bausch & Lomb Corp., Third Amendment Term <br> Loan (1 mo. Term SOFR + 4.250%) | 8.215% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 248016<br>| &nbsp;&nbsp; 249876<br> <sup>(d)(f)(g)</sup><br>|
| Medline Borrower LP, 2028 Refinancing Term <br> Loan (1 mo. Term SOFR + 2.000%) | 5.965% | &nbsp;&nbsp; 10/23/28 | &nbsp;&nbsp; 244181<br>| &nbsp;&nbsp; 244649<br> <sup>(d)(f)(g)</sup><br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 494525 |
| Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% | Pharmaceuticals — 0.4% |
| Endo Finance Holdings Inc., Term Loan B (1 <br> mo. Term SOFR + 4.000%)  | 7.965% | &nbsp;&nbsp; 4/23/31 | &nbsp;&nbsp; 787946<br>| &nbsp;&nbsp; 784498<br> <sup>(d)(f)(g)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1279023** |
| **Industrials — 0.4%** | **Industrials — 0.4%** | **Industrials — 0.4%** | **Industrials — 0.4%** | **Industrials — 0.4%** |
| Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% |
| TransDigm Inc., Term Loan L (3 mo. Term SOFR <br> + 2.500%)  | 6.502% | &nbsp;&nbsp; 1/19/32 | &nbsp;&nbsp; 782100<br>| &nbsp;&nbsp; 783496<br> <sup>(d)(f)(g)</sup><br>|
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Filtration Group Corp., 2025 Incremental <br> Dollar Term Loan (1 mo. Term SOFR + 2.750%)  | 6.715% | &nbsp;&nbsp; 10/23/28 | &nbsp;&nbsp; 179535<br>| &nbsp;&nbsp; 180451<br> <sup>(d)(f)(g)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **963947** |
| **Information Technology — 1.7%** | **Information Technology — 1.7%** | **Information Technology — 1.7%** | **Information Technology — 1.7%** | **Information Technology — 1.7%** |
| Communications Equipment — 0.5% | Communications Equipment — 0.5% | Communications Equipment — 0.5% | Communications Equipment — 0.5% | Communications Equipment — 0.5% |
| CommScope Inc., Initial Term Loan | —  | &nbsp;&nbsp; 12/17/29 | &nbsp;&nbsp; 555000<br>| &nbsp;&nbsp; 560761<br> <sup>(h)</sup><br>|
| Connect US Finco LLC, Amendment No. 4 Term <br> Loan (1 mo. Term SOFR + 4.500%) | 8.465% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 529576<br>| &nbsp;&nbsp; 528070<br> <sup>(d)(f)(g)</sup><br>|

---

See Notes to Financial Statements.

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| Communications Equipment — continued | Communications Equipment — continued | Communications Equipment — continued | Communications Equipment — continued | Communications Equipment — continued |
| Viasat Inc., Initial Term Loan (1 mo. Term SOFR <br> + 4.614%) | 8.579% | &nbsp;&nbsp; 3/2/29 | &nbsp;&nbsp; 58934<br>| &nbsp;&nbsp; $58602<br> <sup>(d)(f)(g)</sup><br>|
| Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | &nbsp;&nbsp; 1147433 |
| Software — 0.9% | Software — 0.9% | Software — 0.9% | Software — 0.9% | Software — 0.9% |
| Cloud Software Group Inc., New Initial Dollar <br> Term Loan B (3 mo. Term SOFR + 3.250%) | 7.252% | &nbsp;&nbsp; 8/13/32 | &nbsp;&nbsp; 278567<br>| &nbsp;&nbsp; 278895<br> <sup>(d)(f)(g)</sup><br>|
| Flash Charm Inc., 2024 Term Loan B2 (3 mo. <br> Term SOFR + 3.500%) | 7.796% | &nbsp;&nbsp; 3/2/28 | &nbsp;&nbsp; 311053<br>| &nbsp;&nbsp; 278781<br> <sup>(d)(f)(g)</sup><br>|
| Proofpoint Inc., 2024 Refinancing Term Loan (1 <br> mo. Term SOFR + 3.000%) | 6.965% | &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 493028<br>| &nbsp;&nbsp; 496050<br> <sup>(d)(f)(g)</sup><br>|
| Rocket Software Inc., Term Loan (1 mo. Term <br> SOFR + 3.750%) | 7.715% | &nbsp;&nbsp; 11/28/28 | &nbsp;&nbsp; 404165<br>| &nbsp;&nbsp; 403118<br> <sup>(d)(f)(g)</sup><br>|
| UKG Inc., Term Loan B (3 mo. Term SOFR + <br> 2.500%) | 6.338% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 456736<br>| &nbsp;&nbsp; 457200<br> <sup>(d)(f)(g)</sup><br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 1914044 |
| Technology Hardware, Storage & Peripherals — 0.3% | Technology Hardware, Storage & Peripherals — 0.3% | Technology Hardware, Storage & Peripherals — 0.3% | Technology Hardware, Storage & Peripherals — 0.3% | Technology Hardware, Storage & Peripherals — 0.3% |
| Fortress Intermediate 3 Inc., 2025 Term Loan B <br> (1 mo. Term SOFR + 3.000%)  | 7.106% | &nbsp;&nbsp; 6/27/31 | &nbsp;&nbsp; 601360<br>| &nbsp;&nbsp; 603615<br> <sup>(d)(f)(g)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **3665092** |
| **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| Chemicals — 0.4% | Chemicals — 0.4% | Chemicals — 0.4% | Chemicals — 0.4% | Chemicals — 0.4% |
| Nouryon Finance BV, 2024 Dollar Term Loan <br> B1 (3 mo. Term SOFR + 3.250%) | 7.036% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; 563717<br>| &nbsp;&nbsp; 564069<br> <sup>(d)(f)(g)</sup><br>|
| Nouryon Finance BV, 2024 Dollar Term Loan <br> B2 (3 mo. Term SOFR + 3.250%) | 7.162% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; 103172<br>| &nbsp;&nbsp; 103221<br> <sup>(d)(f)(g)</sup><br>|
| Vibrantz Technologies Inc., Initial Term Loan (3 <br> mo. Term SOFR + 4.400%) | 8.327% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 215086<br>| &nbsp;&nbsp; 167934<br> <sup>(d)(f)(g)</sup><br>|
| Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | &nbsp;&nbsp; 835224 |
| Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† | Containers & Packaging — 0.0%†† |
| Kleopatra Finco SARL, USD Term Loan Facility <br> B (1 mo. Term SOFR + 10.000%) | 13.991% | &nbsp;&nbsp; 10/27/25 | &nbsp;&nbsp; 30368<br>| &nbsp;&nbsp; 27078<br> <sup>(d)(f)(g)(i)(j)</sup><br>|
| Klockner Pentaplast of America Inc., USD <br> Term Loan Facility B (6 mo. Term SOFR + <br> 4.975%) | 9.019% | &nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp; 280991<br>| &nbsp;&nbsp; 124164<br> <sup>(d)(f)(g)</sup><br>|
| Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | &nbsp;&nbsp; 151242 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **986466** |
| **Total Senior Loans (Cost — $10,665,803)** | **Total Senior Loans (Cost — $10,665,803)** | **Total Senior Loans (Cost — $10,665,803)** | **Total Senior Loans (Cost — $10,665,803)** | &nbsp;&nbsp; **10498570** |

---

See Notes to Financial Statements.

------

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount†<br>| Value |
| **Convertible Bonds & Notes — 1.3%** | **Convertible Bonds & Notes — 1.3%** | **Convertible Bonds & Notes — 1.3%** | **Convertible Bonds & Notes — 1.3%** | **Convertible Bonds & Notes — 1.3%** |
| **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** |
| Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% |
| Chefs' Warehouse Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 382000<br>| &nbsp;&nbsp; $564673<br>|
| Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% | Food Products — 0.2% |
| Post Holdings Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 448000<br>| &nbsp;&nbsp; 493248<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1057921** |
| **Information Technology — 0.5%** | **Information Technology — 0.5%** | **Information Technology — 0.5%** | **Information Technology — 0.5%** | **Information Technology — 0.5%** |
| Software — 0.2% | Software — 0.2% | Software — 0.2% | Software — 0.2% | Software — 0.2% |
| Guidewire Software Inc., Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 402000<br>| &nbsp;&nbsp; 474963<br> <sup>(a)</sup><br>|
| Technology Hardware, Storage & Peripherals — 0.3% | Technology Hardware, Storage & Peripherals — 0.3% | Technology Hardware, Storage & Peripherals — 0.3% | Technology Hardware, Storage & Peripherals — 0.3% | Technology Hardware, Storage & Peripherals — 0.3% |
| Seagate HDD Cayman, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp; 626475<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **1101438** |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% |
| Welltower OP LLC, Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 313000<br>| &nbsp;&nbsp; **596891**<br> <sup>(a)</sup><br>|
| **Total Convertible Bonds & Notes (Cost — $2,288,618)** | **Total Convertible Bonds & Notes (Cost — $2,288,618)** | **Total Convertible Bonds & Notes (Cost — $2,288,618)** | **Total Convertible Bonds & Notes (Cost — $2,288,618)** | &nbsp;&nbsp; **2756250** |
|  |  |  | Shares |  |
| **Convertible Preferred Stocks — 0.6%** | **Convertible Preferred Stocks — 0.6%** | **Convertible Preferred Stocks — 0.6%** | **Convertible Preferred Stocks — 0.6%** | **Convertible Preferred Stocks — 0.6%** |
| **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** | **Financials — 0.2%** |
| Financial Services — 0.2% | Financial Services — 0.2% | Financial Services — 0.2% | Financial Services — 0.2% | Financial Services — 0.2% |
| Apollo Global Management Inc. | &nbsp;&nbsp; 6.750% |  | &nbsp;&nbsp; 6905 | &nbsp;&nbsp; **451173**<br>|
| **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% | Aerospace & Defense — 0.3% |
| Boeing Co. | &nbsp;&nbsp; 6.000% |  | &nbsp;&nbsp; 9929 | &nbsp;&nbsp; **642605**<br>|
| **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** | **Utilities — 0.1%** |
| Electric Utilities — 0.1% | Electric Utilities — 0.1% | Electric Utilities — 0.1% | Electric Utilities — 0.1% | Electric Utilities — 0.1% |
| NextEra Energy Inc. | &nbsp;&nbsp; 7.299% |  | &nbsp;&nbsp; 3869 | &nbsp;&nbsp; **203238**<br>|
| **Total Convertible Preferred Stocks (Cost — $1,157,927)** | **Total Convertible Preferred Stocks (Cost — $1,157,927)** | **Total Convertible Preferred Stocks (Cost — $1,157,927)** | **Total Convertible Preferred Stocks (Cost — $1,157,927)** | &nbsp;&nbsp; **1297016** |
| **Total Investments before Short-Term Investments (Cost — $198,517,645)** | **Total Investments before Short-Term Investments (Cost — $198,517,645)** | **Total Investments before Short-Term Investments (Cost — $198,517,645)** | **Total Investments before Short-Term Investments (Cost — $198,517,645)** | &nbsp;&nbsp; **203241560** |
| **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** |
| Putnam Government Money Market Fund, <br> Class P Shares (Cost — $12,383,734)  | &nbsp;&nbsp; 3.920% |  | &nbsp;&nbsp; 12383734<br>| &nbsp;&nbsp; **12383734**<br> <sup>(k)(l)</sup><br>|
| **Total Investments — 98.6% (Cost — $210,901,379)** | **Total Investments — 98.6% (Cost — $210,901,379)** | **Total Investments — 98.6% (Cost — $210,901,379)** | **Total Investments — 98.6% (Cost — $210,901,379)** | &nbsp;&nbsp; **215625294** |
| Other Assets in Excess of Liabilities — 1.4% | Other Assets in Excess of Liabilities — 1.4% | Other Assets in Excess of Liabilities — 1.4% | Other Assets in Excess of Liabilities — 1.4% | &nbsp;&nbsp; 2996377 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$218621671** |

---

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

See Notes to Financial Statements.

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Putnam ESG High Yield ETF**

---

| | |
|:---|:---|
| † | Face amount denominated in U.S. dollars, unless otherwise noted. |
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in <br> transactions that are exempt from registration, normally to qualified institutional buyers. This security has been <br> deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(b)</sup> | Security is exempt from registration under Regulation S of the Securities Act of 1933. Regulation S applies to <br> securities offerings that are made outside of the United States and do not involve direct selling efforts in the <br> United States. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees.<br>|
| <sup>(c)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest <br> payments in cash or additional securities. <br>|
| <sup>(d)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate <br> securities are not based on a published reference rate and spread but are determined by the issuer or agent and <br> are based on current market conditions. These securities do not indicate a reference rate and spread in their <br> description above.<br>|
| <sup>(e)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(f)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to <br> multiple contracts under the same loan.<br>|
| <sup>(g)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval <br> from the agent bank and/or borrower prior to the disposition of a senior loan. <br>|
| <sup>(h)</sup> | All or a portion of this loan has not settled as of October 31, 2025. Interest rates are not effective until settlement <br> date. Interest rates shown, if any, are for the settled portion of the loan.<br>|
| <sup>(i)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(j)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(k)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(l)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund <br> ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common <br> ownership or control with the Fund. At October 31, 2025, the total market value of investments in Affiliated <br> Companies was $12,383,734 and the cost was $12,383,734 (Note 6).<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| DAC |  | Designated Activity Company |
| GBP | —  | British Pound |
| PIK | —  | Payment-In-Kind |
| SOFR | —  | Secured Overnight Financing Rate |
| USD | —  | United States Dollar |

---

At October 31, 2025, the Fund had the following open swap contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| Termination <br>Date<br>| Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| Market <br>Value<sup>3</sup> <br>| Upfront <br>Premiums <br>Paid <br>(Received)<br>| Unrealized <br>Depreciation<br>|
| Markit CDX.NA.HY.45 Index | $3675000 | 12/20/30 | 5.000% quarterly | **$267031** | **$281667** | **$(14636)** |

---

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

See Notes to Financial Statements.

------

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

 **Putnam ESG High Yield ETF**

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap <br> agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the <br> swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) <br> pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a <br> buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and <br> credit indices serve as an indicator of the current status of the payment/performance risk and represent the <br> likelihood of an expected loss (or profit) for the credit derivative had the notional amount of the swap agreement <br> been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy <br> protection), when compared to the notional amount of the swap, represent a deterioration of the referenced <br> entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under <br> the terms of the agreement.<br>|
| † | Percentage shown is an annual percentage rate. |

---

See Notes to Financial Statements.

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

October 31, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $198,517,645) | &nbsp;&nbsp; $203241560 |
| Investments in affiliated securities, at value (Cost — $12,383,734) | &nbsp;&nbsp; 12383734 |
| Cash | &nbsp;&nbsp; 180111 |
| Interest receivable | &nbsp;&nbsp; 3146034 |
| Deposits with brokers for centrally cleared swap contracts | &nbsp;&nbsp; 297736 |
| Receivable for securities sold  | &nbsp;&nbsp; 116272 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 38515 |
| Principal paydown receivable | &nbsp;&nbsp; 792 |
| **Total Assets** | &nbsp;&nbsp; **219404754** |
| **Liabilities:** |  |
| Payable for securities purchased | &nbsp;&nbsp; 681275 |
| Investment management fee payable | &nbsp;&nbsp; 98237 |
| Payable to brokers — net variation margin on centrally cleared swap contracts | &nbsp;&nbsp; 3571 |
| **Total Liabilities** | &nbsp;&nbsp; **783083** |
| **Total Net Assets** | &nbsp;&nbsp; **$218621671** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $212476732 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 6144939 |
| **Total Net Assets** | &nbsp;&nbsp; **$218621671** |
| **Shares Outstanding** | &nbsp;&nbsp; 4200000 |
| **Net Asset Value** | &nbsp;&nbsp; $52.05 |

---

See Notes to Financial Statements.

------

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

Statement of Operations (unaudited)

For the Six Months Ended October 31, 2025

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $6498861 |
| Dividends from affiliated investments | &nbsp;&nbsp; 262389 |
| Dividends from unaffiliated investments | &nbsp;&nbsp; 39325 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (1476)<br>|
| **Total Investment Income** | &nbsp;&nbsp; **6799099** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 565593 |
| **Total Expenses** | &nbsp;&nbsp; **565593** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (17517)<br>|
| **Net Expenses** | &nbsp;&nbsp; **548076** |
| **Net Investment Income** | &nbsp;&nbsp; **6251023** |
| **Realized and Unrealized Gain (Loss) on Investments, Swap Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** | **Realized and Unrealized Gain (Loss) on Investments, Swap Contracts and Foreign Currency** <br> **Transactions (Notes 1, 3 and 4):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 764622 |
| Swap contracts | &nbsp;&nbsp; 185845 |
| Foreign currency transactions | &nbsp;&nbsp; (623)<br>|
| **Net Realized Gain**  | &nbsp;&nbsp; **949844** |
| Change in Net Unrealized Appreciation (Depreciation) From: |  |
| Investments in unaffiliated securities | &nbsp;&nbsp; 4285007 |
| Swap contracts | &nbsp;&nbsp; 14295 |
| Foreign currencies | &nbsp;&nbsp; (84)<br>|
| **Change in Net Unrealized Appreciation (Depreciation)**  | &nbsp;&nbsp; **4299218** |
| **Net Gain on Investments, Swap Contracts and Foreign Currency Transactions**  | &nbsp;&nbsp; **5249062** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$11500085** |

---

See Notes to Financial Statements.

Putnam ESG High Yield ETF 2025 Semi-Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended October 31, 2025 (unaudited) <br>and the Year Ended April 30, 2025<br>| October 31 | April 30 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $6251023 | $10385260 |
| Net realized gain  | &nbsp;&nbsp; 949844 | 662648 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 4299218 | 206298 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **11500085** | **11254206** |
| **Distributions to Shareholders From (Note 1):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (6290431)<br>| (10371038)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(6290431)**<br>| **(10371038)**<br>|
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (650,000 and 1,025,000 shares issued, <br> respectively) <br>| &nbsp;&nbsp; 33737361 | 52693794 |
| Cost of shares repurchased (0 and 25,000 shares repurchased, respectively)  | &nbsp;&nbsp; — | (1236614)<br>|
| **Increase in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **33737361** | **51457180** |
| **Increase in Net Assets** | &nbsp;&nbsp; **38947015** | **52340348** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 179674656 | 127334308 |
| **End of period** | &nbsp;&nbsp; **$218621671** | **$179674656** |

---

See Notes to Financial Statements.

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Putnam ESG High Yield ETF 2025 Semi-Annual Report

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Financial Highlights

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended April 30, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended April 30, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended April 30, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended April 30, unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended April 30, unless otherwise noted:** |
|  | 2025<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>13</sup> <br>|
| **Net asset value, beginning of period** | $50.61 | &nbsp;&nbsp; $49.94 | &nbsp;&nbsp; $49.92 | &nbsp;&nbsp; $50.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |
| Net investment income | 1.59 | 3.32 | 3.45 | 0.93 |
| Net realized and unrealized gain (loss) | 1.44 | 0.67 | 0.33 | &nbsp;&nbsp; (0.47)<br>|
| **Total income from operations** | **3.03** | **3.99** | **3.78** | **0.46** |
| **Less distributions from:** |  |  |  |  |
| Net investment income | (1.59)<br>| &nbsp;&nbsp; (3.32)<br>| &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (0.54)<br>|
| Return of capital |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — |
| **Total distributions** | **(1.59)**<br>| &nbsp;&nbsp; **(3.32)**<br>| &nbsp;&nbsp; **(3.76)**<br>| &nbsp;&nbsp; **(0.54)**<br>|
| **Net asset value, end of period** | $52.05 | &nbsp;&nbsp; $50.61 | &nbsp;&nbsp; $49.94 | &nbsp;&nbsp; $49.92 |
| **Total return, based on NAV**<sup>4</sup> <br>| **6.34%**<br>| **8.16%**<br>| **7.87%**<br>| **0.93%** <br><sup>5</sup><br>|
| **Net assets, end of period (millions)** | $219 | &nbsp;&nbsp; $180 | &nbsp;&nbsp; $127 | &nbsp;&nbsp; $105 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |
| Gross expenses | 0.55 %<sup>6</sup><br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.15 %<sup>5</sup><br>|
| Net expenses<sup>7,8</sup> <br>| 0.53 <br><sup>6</sup><br>| 0.53 | 0.53 | 0.15 <br><sup>5</sup><br>|
| Net investment income | 6.08 <br><sup>6</sup><br>| 6.51 | 6.93 | 1.88 <br><sup>5</sup><br>|
| **Portfolio turnover rate** | **25%**<br>| &nbsp;&nbsp; **36%** <br><sup>9</sup><br>| &nbsp;&nbsp; **47%** <br><sup>9</sup><br>| &nbsp;&nbsp; **10%** <br><sup>5,9</sup><br>|

---

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

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> For the six months ended October 31, 2025 (unaudited).

<sup>3</sup> For the period January 19, 2023 (inception date) to April 30, 2023.

<sup>4</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>8</sup> Reflects fee waivers and/or expense reimbursements.

<sup>9</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. 

See Notes to Financial Statements.

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Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

The Fund seeks high current income. Capital growth is a secondary goal when consistent with achieving high current income.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and

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methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

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

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

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Notes to Financial Statements (unaudited) (cont'd)

similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $188689724 | &nbsp;&nbsp; — | &nbsp;&nbsp; $188689724 |
| Senior Loans: |  |  |  |  |
| Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 959388 | &nbsp;&nbsp; $27078 | &nbsp;&nbsp; 986466 |
| Other Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 9512104 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9512104 |
| Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 2756250 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2756250 |
| Convertible Preferred Stocks | &nbsp;&nbsp; $1297016 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1297016 |
| Total Long-Term Investments | &nbsp;&nbsp; 1297016 | &nbsp;&nbsp; 201917466 | &nbsp;&nbsp; 27078 | &nbsp;&nbsp; 203241560 |

---

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Putnam ESG High Yield ETF 2025 Semi-Annual Report

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| Description | Quoted Prices<br> (Level 1)<br>| Other Significant<br> Observable Inputs<br> (Level 2)<br>| Significant<br> Unobservable<br> Inputs<br> (Level 3)<br>| Total |
| Short-Term Investments† | &nbsp;&nbsp; $12383734 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $12383734 |
| **Total Investments** | &nbsp;&nbsp; **$13680750** | &nbsp;&nbsp; **$201917466** | &nbsp;&nbsp; **$27078** | &nbsp;&nbsp; **$215625294** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| Centrally Cleared Credit <br> Default Swaps on Credit <br> Indices — Sell Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $14636 | &nbsp;&nbsp; — | &nbsp;&nbsp; $14636 |

---

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

† See Schedule of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

**(b) Swap agreements.** The Fund invests in swaps for the purpose of managing its exposure to interest rate, credit or market risk, or for other purposes. The use of swaps involves risks that are different from those associated with other portfolio transactions. Swap agreements are privately negotiated in the over-the-counter market and may be entered into as a bilateral contract ("OTC Swaps") or centrally cleared ("Centrally Cleared Swaps"). Unlike Centrally Cleared Swaps, the Fund has credit exposure to the counterparties of OTC Swaps.

In a Centrally Cleared Swap, immediately following execution of the swap, the swap agreement is submitted to a clearinghouse or central counterparty (the "CCP") and the CCP becomes the ultimate counterparty of the swap agreement. The Fund is required to interface with the CCP through a broker, acting in an agency capacity. All payments are settled with the CCP through the broker. Upon entering into a Centrally Cleared Swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities.

Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of Centrally Cleared Swaps, if any, is recorded as a net receivable or payable for variation margin on the Statement of Assets and Liabilities. Gains or losses are realized upon termination of the swap agreement. Collateral, in the form of restricted cash or securities, may be required to be held in segregated accounts with the Fund's custodian in compliance with the terms of the swap contracts. Securities posted as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is identified on the Statement of Assets and Liabilities. Risks may exceed amounts recorded in the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure

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Notes to Financial Statements (unaudited) (cont'd)

of the counterparties to perform under the contracts' terms, and the possible lack of liquidity with respect to the swap agreements.

OTC Swap payments received or made at the beginning of the measurement period are reflected as a premium or deposit, respectively, on the Statement of Assets and Liabilities. These upfront payments are amortized over the life of the swap and are recognized as realized gain or loss in the Statement of Operations. Net periodic payments received or paid by the Fund are recognized as a realized gain or loss in the Statement of Operations.

The Fund's maximum exposure in the event of a defined credit event on a credit default swap to sell protection is the notional amount. As of October 31, 2025, the total notional value of all credit default swaps to sell protection was $3,675,000. This amount would be offset by the value of the swap's reference entity, upfront premiums received on the swap and any amounts received from the settlement of a credit default swap where the Fund bought protection for the same referenced security/entity.

For average notional amounts of swaps held during the six months ended October 31, 2025, see Note 4.

**<u>Credit default swaps</u>**

The Fund enters into credit default swap ("CDS") contracts for investment purposes, to manage its credit risk or to add leverage. CDS agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically corporate or sovereign issuers, on a specified obligation, or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index. The Fund may use a CDS to provide protection against defaults of the issuers (i.e., to reduce risk where the Fund has exposure to an issuer) or to take an active long or short position with respect to the likelihood of a particular issuer's default. As a seller of protection, the Fund generally receives an upfront payment or a stream of payments throughout the term of the swap, provided that there is no credit event. If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the maximum potential amount of future payments (undiscounted) that the Fund could be required to make under a CDS agreement would be an amount equal to the notional amount of the agreement. These amounts of potential payments will be partially offset by any recovery of values from the respective referenced obligations. As a seller of protection, the Fund effectively adds leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied spreads are the theoretical prices a lender receives for credit default protection. When spreads rise, market perceived credit risk rises and when spreads fall, market

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perceived credit risk falls. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Credit spreads utilized in determining the period end market value of CDS agreements on corporate or sovereign issues are disclosed in the Schedule of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for credit derivatives. For CDS agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, particularly in relation to the notional amount of the contract as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk.

The Fund's maximum risk of loss from counterparty risk, as the protection buyer, is the fair value of the contract (this risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty). As the protection seller, the Fund's maximum risk is the notional amount of the contract. CDS are considered to have credit risk-related contingent features since they require payment by the protection seller to the protection buyer upon the occurrence of a defined credit event.

Entering into a CDS agreement involves, to varying degrees, elements of credit, market and documentation risk in excess of the related amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreement, and that there will be unfavorable changes in net interest rates.

**(c) Loan participations.** The Fund may invest in loans arranged through private negotiation between one or more financial institutions. The Fund's investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement related to the loan, or any rights of offset against the borrower and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation.

The Fund assumes the credit risk of the borrower, the lender that is selling the participation and any other persons interpositioned between the Fund and the borrower. In the event of the insolvency of the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower.

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Notes to Financial Statements (unaudited) (cont'd)

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

**(d) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

**(e) Credit and market risk.** The Fund invests in high-yield instruments that are subject to certain credit and market risks. The yields of high-yield obligations reflect, among other things, perceived credit and market risks. The Fund's investments in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk related to timely and ultimate payment of interest and principal, greater market price volatility and less liquid secondary market trading.

Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

**(f) Foreign investment risks.** The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign

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currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(g) Counterparty risk and credit-risk-related contingent features of derivative instruments.** The Fund may invest in certain securities or engage in other transactions where the Fund is exposed to counterparty credit risk in addition to broader market risks. The Fund may invest in securities of issuers, which may also be considered counterparties as trading partners in other transactions. This may increase the risk of loss in the event of default or bankruptcy by the counterparty or if the counterparty otherwise fails to meet its contractual obligations. The Fund's subadviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment and (iii) requiring collateral from the counterparty for certain transactions. Market events and changes in overall economic conditions may impact the assessment of such counterparty risk by the subadviser. In addition, declines in the values of underlying collateral received may expose the Fund to increased risk of loss.

With exchange traded and centrally cleared derivatives, there is less counterparty risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default of the clearing broker or clearinghouse.

The Fund has entered into master agreements, such as an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement, with certain of its derivative counterparties that govern over-the-counter ("OTC") derivatives and provide for general obligations, representations, agreements, collateral posting terms, netting provisions in the event of default or termination and credit related contingent features. The credit related contingent features include, but are not limited to, a percentage decrease in the Fund net assets or net asset value per share over a specified period of time. If these credit related contingent features were triggered, the derivatives counterparty could terminate the positions and demand payment or require additional collateral.

Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. However, absent an event

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Notes to Financial Statements (unaudited) (cont'd)

of default by the counterparty or a termination of the agreement, the terms of the ISDA Master Agreements do not result in an offset of reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities across transactions between the Fund and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction.

Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for OTC traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

As of October 31, 2025, the Fund did not have any open OTC derivative transactions with credit related contingent features in a net liability position.

**(h) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(i) Distributions to shareholders.** Distributions from net investment income and distributions of net realized gains, if any, are declared at least monthly. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

**(j) Federal and other taxes.** It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of April 30, 2025, no provision for income tax is

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required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

**(k) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

**2. Investment management agreement and other transactions with affiliates**

Franklin Advisers, Inc. ("Advisers") is the Fund's investment manager. Putnam Investment Management, LLC ("Putnam Management") and Franklin Templeton Investment Management Limited ("FTIML") are the Fund's subadvisers. Advisers and Putnam Management are direct and indirect wholly-owned subsidiaries, respectively, of Franklin Resources, Inc. ("Franklin Resources"). FTIML is an indirect subsidiary of Franklin Resources.

The Fund pays its investment manager an annual all-inclusive management fee of 0.55% based on the Fund's average daily net assets computed daily 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.

Advisers has retained Putnam Management as a subadviser for the Fund pursuant to a subadvisory agreement. Pursuant to the agreement, Putnam Management provides certain advisory and related services to the Fund. Advisers pays a monthly fee to Putnam Management based on the costs of Putnam Management in providing these services to the Fund, which may include a mark-up not to exceed 15% over such costs.

FTIML is authorized by the Trustees to manage a separate portion of the assets of the Fund as determined by Advisers from time to time. FTIML did not manage any portion of the assets of the Fund during the reporting period. If Advisers were to engage the services of FTIML, Advisers (and not the Fund) would pay a monthly sub-management fee to FTIML for its services at an annual rate of 0.20% of the average net assets of the portion of the Fund managed by FTIML.

Under an agreement with Advisers, Franklin Templeton Services, LLC ("Franklin Templeton Services"), provides administrative services to the Fund. The fee is paid by Advisers based on the costs incurred by Franklin Templeton Services and is not an additional expense of the Fund.

Putnam ESG High Yield ETF 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

The Fund invests in Putnam Government Money Market Fund, an open-end management investment company managed by Advisers. The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver").

During the six months ended October 31, 2025, fees waived and/or expenses reimbursed amounted to $17,517, all of which was an affiliated money market fund waiver.

Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.

The Fund has adopted a Trustee Fee Deferral Plan (the "Deferral Plan") which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable from July 1, 1995 through December 31, 2023. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

**3. Investments**

During the six months ended October 31, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $77343689 |
| Sales | &nbsp;&nbsp; 46674632 |

---

At October 31, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost/Premiums <br>Paid (Received)<br>| Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Appreciation <br>(Depreciation)<br>|
| Securities | &nbsp;&nbsp; $210912232 | &nbsp;&nbsp; $5798552 | &nbsp;&nbsp; $(1085490) | &nbsp;&nbsp; $4713062 |
| Swap contracts | &nbsp;&nbsp; 281667 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14636) | &nbsp;&nbsp; (14636) |

---

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Putnam ESG High Yield ETF 2025 Semi-Annual Report

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

**4. Derivative instruments and hedging activities** 

Below is a table, grouped by derivative type, that provides information about the fair value and the location of derivatives within the Statement of Assets and Liabilities at October 31, 2025.

---

| | |
|:---|:---|
| **LIABILITY DERIVATIVES**<sup>1</sup>  | **LIABILITY DERIVATIVES**<sup>1</sup>  |
|  | Credit <br>Risk<br>|
| Centrally cleared swap contracts<sup>2</sup> <br>| &nbsp;&nbsp; $14636 |

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

<sup>1</sup> Generally, the balance sheet location for asset derivatives is receivables/net unrealized appreciation and for liability derivatives is payables/net unrealized depreciation. 

<sup>2</sup> Includes cumulative unrealized appreciation (depreciation) of centrally cleared swap contracts as reported in the Schedule of Investments. Only net variation margin is reported within the receivables and/or payables on the Statement of Assets and Liabilities. 

The following tables provide information about the effect of derivatives and hedging activities on the Fund's Statement of Operations for the six months ended October 31, 2025. The first table provides additional detail about the amounts and sources of gains (losses) realized on derivatives during the period. The second table provides additional information about the change in net unrealized appreciation (depreciation) resulting from the Fund's derivatives and hedging activities during the period.

---

| | |
|:---|:---|
| **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** | **AMOUNT OF NET REALIZED GAIN (LOSS) ON DERIVATIVES RECOGNIZED** |
|  | Credit <br>Risk<br>|
| Swap contracts | &nbsp;&nbsp; $185845 |

---

---

| | |
|:---|:---|
| **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** | **CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVES RECOGNIZED** |
|  | Credit <br>Risk<br>|
| Swap contracts | &nbsp;&nbsp; $14295 |

---

During the six months ended October 31, 2025, the volume of derivative activity for the Fund was as follows:

---

| | |
|:---|:---|
|  | Average Notional <br>Balance\*\*<br>|
| Credit default swap contracts (sell protection) | &nbsp;&nbsp; $3675000 |

---

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

\*\* Based on the average of the notional amounts at each month-end during the period.

**5. Fund share transactions**

At October 31, 2025, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 25,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash

Putnam ESG High Yield ETF 2025 Semi-Annual Report

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Notes to Financial Statements (unaudited) (cont'd)

payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Fund's Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the six months ended October 31, 2025. The following transactions were effected in such company for the six months ended October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>April 30, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>April 30, <br>2025 | Cost | Shares | Proceeds | Shares |
| Putnam <br> Government <br> Money Market <br> Fund, Class P <br> Shares<br>| $9487953 | $51356079 | 51356079 | $48460298 | 48460298 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>October 31, <br>2025<br>|
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>|  | $262389 |  | $12383734 |

---

**7. Redemption facility**

The Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The 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. Unless renewed, the Global Credit Facility will terminate on January 30, 2026.

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 its share of

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Putnam ESG High Yield ETF 2025 Semi-Annual Report

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fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. The Fund did not utilize the Global Credit Facility during the six months ended October 31, 2025.

**8. Recent 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.

**9. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Fund within the Fund's investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. 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 Financial Statements. The Fund's Schedule of Investments 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.

Putnam ESG High Yield ETF 2025 Semi-Annual Report

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

---

| | |
|:---|:---|
| **Changes in and Disagreements with Accountants** | For the period covered by this report |
| Not applicable. |  |
| **Results of Meeting(s) of Shareholders** | For the period covered by this report |
| Not applicable. |  |
| **Remuneration Paid to Directors, Officers and Others** | For the period covered by this report |
| Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. | Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive <br> management fee and not paid directly by the Fund. |

---

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Putnam ESG High Yield ETF

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Board Approval of Management and

Subadvisory Agreements (unaudited)

**Consideration of your fund's management and sub-advisory contracts**

At their meeting on June 27, 2025, the Board of Trustees ("Board" or the "Trustees") of your fund, including all of the Trustees who are not "interested persons" (as this term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Putnam mutual funds and exchange-traded funds (collectively, the "funds") (the "Independent Trustees") approved the continuance of a management contract with Franklin Advisers, Inc. (the "Advisor"), a subadvisory agreement between the Advisor and Franklin Templeton Investment Management Limited ("FTIML"), and a subadvisory agreement between the Advisor and Putnam Investment Management, LLC ("Putnam Management" and together with FTIML, the "Subadvisors") (collectively, the "Management Contracts"). The Advisor, FTIML, and Putnam Management are each direct or indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (together with its subsidiaries, "Franklin Templeton").

**General conclusions**

The Board oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund's management contract with the Advisor and the sub-advisory contract with respect to your fund between the Advisor and each Subadvisor. Because the Subadvisors are affiliates of the Advisor and the Advisor remains fully responsible for all services provided by the Subadvisors, the Trustees did not attempt to evaluate the Subadvisors as separate entities. All references to the Advisor describing the Board's considerations should be deemed to include references to the applicable Subadvisor as necessary or appropriate in the context. The Board, with the assistance of its Contract Committee, requests and evaluates all information it deems reasonably necessary under the circumstances in connection with its annual contract review. The Contract Committee consists solely of Independent Trustees.

At the outset of the review process, the Board's independent staff and independent legal counsel, as defined in Rule 0-1(a)(6) under the 1940 Act (their "independent legal counsel"), considered any possible changes to the annual contract review materials furnished to the Contract Committee in prior years and, as applicable, identified those changes to the Advisor. Following these discussions and in consultation with the Contract Committee, the Independent Trustees' independent legal counsel submitted an initial request that the Advisor and its affiliates furnish specified information, together with any additional information the Advisor considered relevant, to the Contract Committee. Over the course of several months ending in June 2025, the Contract Committee met on a number of occasions with representatives of the Advisor, and separately in executive session, to consider the information that the Advisor provided, including information provided in response to supplemental requests submitted by independent legal counsel. Throughout this process, the Contract Committee was assisted by the Board's independent staff and by independent legal counsel.

Putnam ESG High Yield ETF

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Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

At the Board's June 2025 meeting, the Contract Committee met in executive session to discuss and consider its recommendations with respect to the continuance of the Management Contracts. At that meeting, the Contract Committee also met in executive session with the other Independent Trustees to review a summary of the process undertaken by the Contract Committee and key information that the Contract Committee considered in the course of its review. The Contract Committee then presented its written report, which summarized the key factors that the Committee had considered and set forth its recommendations. The Contract Committee recommended, and the Independent Trustees approved, the continuance of your fund's Management Contracts, effective July 1, 2025.

In considering the continuance of the Management Contracts, the Board took into account a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;• That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds, the costs incurred by the Advisor in providing services to the fund and the application of certain reductions and waivers noted below;

&nbsp;&nbsp;&nbsp;&nbsp;• That the fee schedule in effect for your fund represented an appropriate sharing between fund shareholders and the Advisor of any economies of scale that may exist in the management of the fund at current asset levels;

&nbsp;&nbsp;&nbsp;&nbsp;• That the funds benefited, and were expected to continue to benefit, from Franklin Templeton's large retail and institutional global distribution capabilities and significant network of intermediary relationships, which may provide additional opportunities for the funds to increase assets and reduce the impact of expenses by spreading them over a larger asset base; and

&nbsp;&nbsp;&nbsp;&nbsp;• The financial strength, reputation, experience and resources of Franklin Templeton and its investment advisory subsidiaries.

These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

**Management fee schedules and total expenses**

The Trustees reviewed the management fee schedules in effect for all funds, including fee levels and any breakpoints. The Trustees also reviewed the total expenses of each fund, recognizing that in most cases management fees represented the major, but not the sole, determinant of total costs to fund shareholders. (Two mutual funds and each of the exchange-traded funds (one of which is your fund) have implemented (or, in the case of ten

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Putnam ESG High Yield ETF

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municipal income funds that are converting into exchange-traded funds, will implement) so-called "all-in" or unitary management fees covering substantially all routine fund operating costs.)

In reviewing fees and expenses, the Trustees generally focus their attention on material changes in circumstances — for example, changes in assets under management, changes in a fund's investment strategy, changes in the Advisor's operating costs or profitability, or changes in competitive practices in the fund industry — that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not indicate that changes to the management fee schedule for your fund would be appropriate at this time.

Under its management contract, your fund pays a management fee at a fixed rate of 55 basis points to the Advisor. The Advisor is obligated to pay, out of the management fee, all of the fund's organizational and other operating expenses with limited exceptions, which include fees, if any payable under the fund's distribution plan, interest, taxes, brokerage commissions and other transaction costs, fund proxy expenses, litigation expenses, extraordinary expenses and acquired fund fees and expenses.

As in the past, the Trustees also focused on the competitiveness of each fund's total expense ratio. The Trustees noted that the exchange-traded funds are subject to unitary management fees, as noted above, and that none of the exchange-traded funds have a contractual expense limitation at present.

The Trustees reviewed comparative fee and expense information for a custom group of competitive funds selected by Broadridge Financial Solutions, Inc. ("Broadridge"). This comparative information included your fund's percentile ranking for total expenses (excluding any applicable 12b-1 fees), which provides a general indication of your fund's relative standing. In the custom peer group, your fund ranked in the fifth quintile in total expenses (excluding any applicable 12b-1 fees) as of December 31, 2024. (Total expenses reflect the fees and expenses borne directly by the fund and the competitive funds included in the custom Lipper peer groups, as well as any underlying funds' net fees and expenses.) The first quintile represents the least expensive funds and the fifth quintile the most expensive funds. The fee and expense data reported by Broadridge as of December 31, 2024 reflected the most recent fiscal year-end data available in Broadridge's database at that time.

In connection with their review of fund management fees and total expenses, the Trustees also reviewed the costs of the services provided and the profits realized by the Advisor and its affiliates from their contractual relationships with the funds. This information included trends in revenues, expenses and profitability of the Advisor and its affiliates relating to the investment management, investor servicing and distribution services provided to the funds,

Putnam ESG High Yield ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

as applicable. In this regard, the Trustees also reviewed an analysis of the revenues, expenses and profitability of the Advisor and its affiliates, allocated on a fund-by-fund basis, with respect to (as applicable) the funds' management, distribution and investor servicing contracts. For each fund, the analysis presented information about revenues, expenses and profitability in 2024 for each of the applicable agreements separately and for the agreements taken together on a combined basis. The Trustees concluded that, at current asset levels, the fee schedules in place for each of the funds, including the fee schedule for your fund, represented reasonable compensation for the services being provided and represented an appropriate sharing between fund shareholders and the Advisor of any economies of scale as may exist in the management of the funds at that time.

The information examined by the Trustees in connection with their annual contract review for the funds included information regarding services provided and fees charged by the Advisor and certain affiliates to other clients in similar asset categories, including other 1940 Act funds advised by the Advisor but overseen by a board of trustees other than the Board, sub-advised U.S. mutual funds, exchange-traded funds, other U.S. products (such as collective investment trusts, private funds, and separately managed and institutional accounts), non-U.S. funds, and other non-U.S. products. This information included, for products that are managed by the same portfolio team in a similar asset category to those of the funds, comparisons of the fees charged to other clients, by category, with fees charged to the funds, as well as a detailed assessment of the differences in the services provided to these clients as compared to the services provided to the funds. The Trustees observed that the differences in fee rates between these clients and the funds are by no means uniform when examined by individual asset classes, suggesting that differences in the pricing of investment management services to these types of clients may reflect, among other things, historical competitive forces operating in separate marketplaces, the characteristics of different clients, the particulars of different fee structures, factors unique to specific market segments, and the distinct risks and costs associated with providing services to different clients. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for 1940 Act-registered funds than for other clients, and the Trustees also considered the differences between the services that the Advisor provides to the funds and those that it provides to its other clients. The Trustees did not rely on these fee comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.

**Investment performance**

The quality of the investment process provided by the Advisor represented a major factor in the Trustees' evaluation of the quality of services provided by the Advisor under your fund's Management Contracts. The Trustees were assisted in their review of the Advisor's investment process and performance by the work of the investment oversight committees of the Trustees and the full Board, which meet on a regular basis with individual portfolio

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Putnam ESG High Yield ETF

------

managers and with senior investment management of the Advisor throughout the year. The Trustees concluded that the Advisor generally provides a high-quality investment process — based on the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to them and in general the Advisor's ability to attract and retain high-quality personnel — but also recognized that this does not guarantee favorable investment results for every fund in every time period.

The Trustees considered that, in the aggregate, peer-relative and benchmark-relative fund performance was strong in 2024 against a constructive yet complex investing environment. The S&P 500 was up 25% in 2024, but significant concentration of returns among large cap and technology stocks and periods of volatility posed challenges in the market. The Bloomberg Aggregate fixed income index was up slightly over 1% amidst many moving pieces, with the Federal Reserve cutting the Effective Federal Funds rate from 5.25% at year-end 2023 to 4.25% at year-end 2024, with three cuts in the latter part of the year, while also trying to manage inflation concerns. Ten-year Treasury yields ended 2024 at 4.6% up from 3.9% at year-end 2023. Corporate earnings and employment figures continued to generally show strength during the year, while geopolitical tensions were closely watched.

For the one-year period ended December 31, 2024, the Trustees noted that the funds, on an asset-weighted basis, ranked in the 27th percentile of their peers as determined by Lipper Inc. ("Lipper") and, on an asset-weighted basis, outperformed their benchmarks by 3.0% gross of fees over the one-year period. The Committee also noted that the funds' aggregate performance over longer-term periods continued to be strong, with the funds, on an asset-weighted basis, ranking in the 20th, 22nd and 20th percentiles of their Lipper peers over the three-year, five-year and ten-year periods ended December 31, 2024, respectively. The Trustees further noted that the funds, in the aggregate, outperformed their benchmarks on a gross basis for each of the three-year, five-year and ten-year periods. The Trustees also considered the Morningstar Inc. ratings assigned to the funds and that 52 funds were rated four or five stars at the end of 2024, which represented an increase of seven funds year-over-year. The Trustees also considered that 25 funds were five-star rated at the end of 2024, which was also a year-over-year increase of seven funds.

The Board noted, however, the disappointing investment performance of some funds for periods ended December 31, 2024 and considered information provided by the Advisor regarding the factors contributing to the underperformance and, where relevant, actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor the performance of those funds.

For purposes of the Trustees' evaluation of the funds' investment performance, the Trustees generally focus on a competitive industry ranking of each fund's total net return over a one-year, three-year and five-year period. For a number of funds with relatively unique

Putnam ESG High Yield ETF

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Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

investment mandates for which the Advisor informed the Trustees that meaningful competitive performance rankings are not considered to be available, the Trustees evaluated performance based on their total gross and net returns and comparisons of those returns to the returns of selected investment benchmarks.

In the case of your fund, the Trustees considered information about your fund's total return and its performance relative to its benchmark over the one-year period ended December 31, 2024 and over the period from the fund's commencement of operations on January 19, 2023 through December 31, 2024. Your fund's class A shares' return, net of fees and expenses, was positive but trailed the return of its benchmark over both periods. (When considering performance information, shareholders should be mindful that past performance is not a guarantee of future results.)

The Trustees noted that the Advisor had made internal promotions and other portfolio management assignment changes in 2024 to strengthen its investment teams providing services to the funds.

**Brokerage and soft-dollar allocations**

The Trustees considered various potential benefits that the Advisor may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that are expected to be useful to the Advisor in managing the assets of the fund and of other clients. Subject to policies approved by the Trustees, soft dollars generated by these means may be used to acquire brokerage and research services (including proprietary executing broker research, third-party research and market data) that enhance the Advisor's investment capabilities and supplement the Advisor's internal research efforts. The Trustees indicated their continued intent to monitor regulatory and industry developments in this area with the assistance of their Contract Committee. In addition, with the assistance of their Contract Committee, the Trustees indicated their continued intent to monitor the allocation of the funds' brokerage in order to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.

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Putnam ESG High Yield ETF

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Putnam

ESG High Yield ETF

**Trustees**

Liaquat Ahamed

Barbara M. Baumann

Chair

Katinka Domotorffy

Catharine Bond Hill

Gregory G. McGreevey

Jennifer Williams Murphy

Marie Pillai

George Putnam III

Robert L. Reynolds

Manoj P. Singh

Mona K. Sutphen

Jane Trust

**Investment manager**

Franklin Advisers, Inc.

**Subadvisers**

Putnam Investment Management, LLC

Franklin Templeton Investment Management Limited

**Distributor**

Franklin Distributors, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP Boston, MA

**Putnam ESG High Yield ETF**

The Fund is a separate investment series of Putnam ETF Trust, a Delaware statutory trust.

Putnam ESG High Yield ETF

Putnam Investments

100 Federal Street

Boston, MA 02110

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 1-800-225-1581.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 1-800-225-1581, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.

This report is submitted for the general information of the shareholders of Putnam ESG High Yield ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

**Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.**

www.franklintempleton.com© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

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![](img93213a493.jpg)

**39495-SFSOI 12/25**© 2025 Franklin Templeton. All rights reserved.

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

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There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new
 third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin
 Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pehye-efp20700_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pehye-efp20700_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

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, there unto duly authorized.

---

| | |
|:---|:---|
| **Putnam ETF Trust** | **Putnam ETF Trust** |
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | December 29, 2025 |

---

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.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | December 29, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | December 29, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam ETF Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement 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 this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this 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 this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 this report is being prepared;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 this report based on such evaluation; and

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | December 29, 2025 |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz | Jonathan S. Horwitz |
| Principal Executive Officer | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam ETF Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement 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 this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, 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 this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 this report is being prepared;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 this report
based on such evaluation; and

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | December 29, 2025 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Principal Financial Officer | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam ETF Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **October 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam ETF Trust | Putnam ETF Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: December 29, 2025 | Date: December 29, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.