# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-26-002522
**Filing Date:** 2026-1
**Character Count:** 43667
**Document Hash:** fb7e8d989733d78de580b1c017e5377b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002522.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0000940400-26-002522

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251128

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260831

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 26564351

**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 Focused Large Cap Value ETF (Series ID: S000071710)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000227196 | -            |  |

## Nport-Ex

Schedule of Investments (unaudited)

November 30, 2025

 **Putnam Focused Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 97.4%** | **Common Stocks — 97.4%** | **Common Stocks — 97.4%** |
| **Communication Services — 5.5%** | **Communication Services — 5.5%** | **Communication Services — 5.5%** |
| *Interactive Media & Services — 3.7%* | *Interactive Media & Services — 3.7%* | *Interactive Media & Services — 3.7%* |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., Class A Shares | &nbsp;&nbsp; 708975 | &nbsp;&nbsp;&nbsp; $*226999615*<br>|
| *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Inc., Class A Shares | &nbsp;&nbsp; 147229 | &nbsp;&nbsp;&nbsp; *29,463,467*<br> \*<br>|
| *Wireless Telecommunication Services — 1.3%* | *Wireless Telecommunication Services — 1.3%* | *Wireless Telecommunication Services — 1.3%* |
| &nbsp;&nbsp;&nbsp; T-Mobile US Inc. | &nbsp;&nbsp; 369153 | &nbsp;&nbsp;&nbsp; *77156669*<br>|
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **333619751** |
| **Consumer Discretionary — 10.0%** | **Consumer Discretionary — 10.0%** | **Consumer Discretionary — 10.0%** |
| *Automobiles — 2.4%* | *Automobiles — 2.4%* | *Automobiles — 2.4%* |
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp; 1984251 | &nbsp;&nbsp;&nbsp; *145882133*<br>|
| *Broadline Retail — 2.8%* | *Broadline Retail — 2.8%* | *Broadline Retail — 2.8%* |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc. | &nbsp;&nbsp; 708508 | &nbsp;&nbsp;&nbsp; *165,238,236*<br> \*<br>|
| *Hotels, Restaurants & Leisure — 2.8%* | *Hotels, Restaurants & Leisure — 2.8%* | *Hotels, Restaurants & Leisure — 2.8%* |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 588465 | &nbsp;&nbsp;&nbsp; *167730179*<br>|
| *Household Durables — 2.0%* | *Household Durables — 2.0%* | *Household Durables — 2.0%* |
| &nbsp;&nbsp;&nbsp; PulteGroup Inc. | &nbsp;&nbsp; 956312 | &nbsp;&nbsp;&nbsp; *121633323*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **600483871** |
| **Consumer Staples — 10.6%** | **Consumer Staples — 10.6%** | **Consumer Staples — 10.6%** |
| *Beverages — 2.9%* | *Beverages — 2.9%* | *Beverages — 2.9%* |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | &nbsp;&nbsp; 2359677 | &nbsp;&nbsp;&nbsp; *172539582*<br>|
| *Consumer Staples Distribution & Retail — 5.1%* | *Consumer Staples Distribution & Retail — 5.1%* | *Consumer Staples Distribution & Retail — 5.1%* |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings Inc. | &nbsp;&nbsp; 767663 | &nbsp;&nbsp;&nbsp; 68,498,570<br> \*<br>|
| &nbsp;&nbsp;&nbsp; Walmart Inc. | &nbsp;&nbsp; 2140320 | &nbsp;&nbsp;&nbsp; 236526763<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *305025333* |
| *Tobacco — 2.6%* | *Tobacco — 2.6%* | *Tobacco — 2.6%* |
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc. | &nbsp;&nbsp; 1007685 | &nbsp;&nbsp;&nbsp; *158690234*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **636255149** |
| **Energy — 6.4%** | **Energy — 6.4%** | **Energy — 6.4%** |
| *Oil, Gas & Consumable Fuels — 6.4%* | *Oil, Gas & Consumable Fuels — 6.4%* | *Oil, Gas & Consumable Fuels — 6.4%* |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp; 1105063 | &nbsp;&nbsp;&nbsp; 98008037<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 1693231 | &nbsp;&nbsp;&nbsp; 196279338<br>|
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | &nbsp;&nbsp; 515685 | &nbsp;&nbsp;&nbsp; 91152481<br>|
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **385439856** |
| **Financials — 19.2%** | **Financials — 19.2%** | **Financials — 19.2%** |
| *Banks — 7.0%* | *Banks — 7.0%* | *Banks — 7.0%* |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 3302246 | &nbsp;&nbsp;&nbsp; 177165498<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc. | &nbsp;&nbsp; 2361374 | &nbsp;&nbsp;&nbsp; 244638346<br>|
| *Total Banks* | *Total Banks* | &nbsp;&nbsp; *421803844* |
| *Capital Markets — 5.5%* | *Capital Markets — 5.5%* | *Capital Markets — 5.5%* |
| &nbsp;&nbsp;&nbsp; Blackrock Inc. | &nbsp;&nbsp; 75826 | &nbsp;&nbsp;&nbsp; 79412570<br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | &nbsp;&nbsp; 1493455 | &nbsp;&nbsp;&nbsp; 138488082<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc. | &nbsp;&nbsp; 135267 | &nbsp;&nbsp;&nbsp; 111735953<br>|
| *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *329636605* |
| *Consumer Finance — 2.5%* | *Consumer Finance — 2.5%* | *Consumer Finance — 2.5%* |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp; 698662 | &nbsp;&nbsp;&nbsp; *153055884*<br>|

---

See Notes to Schedule of Investments.

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Putnam Focused Large Cap Value ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Putnam Focused Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Financial Services — 1.5%* | *Financial Services — 1.5%* | *Financial Services — 1.5%* |
| &nbsp;&nbsp;&nbsp; Apollo Global Management Inc. | &nbsp;&nbsp; 675720 | &nbsp;&nbsp;&nbsp; $*89093682*<br>|
| *Insurance — 2.7%* | *Insurance — 2.7%* | *Insurance — 2.7%* |
| &nbsp;&nbsp;&nbsp; American International Group Inc. | &nbsp;&nbsp; 2121010 | &nbsp;&nbsp;&nbsp; *161536122*<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **1155126137** |
| **Health Care — 14.2%** | **Health Care — 14.2%** | **Health Care — 14.2%** |
| *Biotechnology — 1.8%* | *Biotechnology — 1.8%* | *Biotechnology — 1.8%* |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 142073 | &nbsp;&nbsp;&nbsp; *110843934*<br>|
| *Health Care Providers & Services — 4.8%* | *Health Care Providers & Services — 4.8%* | *Health Care Providers & Services — 4.8%* |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp; 220903 | &nbsp;&nbsp;&nbsp; 194642051<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc. | &nbsp;&nbsp; 285380 | &nbsp;&nbsp;&nbsp; 94109763<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *288751814* |
| *Life Sciences Tools & Services — 2.9%* | *Life Sciences Tools & Services — 2.9%* | *Life Sciences Tools & Services — 2.9%* |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 293434 | &nbsp;&nbsp;&nbsp; *173369610*<br>|
| *Pharmaceuticals — 4.7%* | *Pharmaceuticals — 4.7%* | *Pharmaceuticals — 4.7%* |
| &nbsp;&nbsp;&nbsp; AstraZeneca PLC, ADR | &nbsp;&nbsp; 1327052 | &nbsp;&nbsp;&nbsp; 123044262<br>|
| &nbsp;&nbsp;&nbsp; Novo Nordisk A/S, ADR | &nbsp;&nbsp; 1220428 | &nbsp;&nbsp;&nbsp; 60228122<br>|
| &nbsp;&nbsp;&nbsp; Sanofi SA, ADR | &nbsp;&nbsp; 1950514 | &nbsp;&nbsp;&nbsp; 97291638<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *280564022* |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **853529380** |
| **Industrials — 10.8%** | **Industrials — 10.8%** | **Industrials — 10.8%** |
| *Aerospace & Defense — 2.0%* | *Aerospace & Defense — 2.0%* | *Aerospace & Defense — 2.0%* |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | &nbsp;&nbsp; 213458 | &nbsp;&nbsp;&nbsp; *122151340*<br>|
| *Air Freight & Logistics — 2.0%* | *Air Freight & Logistics — 2.0%* | *Air Freight & Logistics — 2.0%* |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | &nbsp;&nbsp; 441628 | &nbsp;&nbsp;&nbsp; *121748007*<br>|
| *Building Products — 1.9%* | *Building Products — 1.9%* | *Building Products — 1.9%* |
| &nbsp;&nbsp;&nbsp; Johnson Controls International PLC | &nbsp;&nbsp; 997350 | &nbsp;&nbsp;&nbsp; *116001779*<br>|
| *Machinery — 1.5%* | *Machinery — 1.5%* | *Machinery — 1.5%* |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand Inc. | &nbsp;&nbsp; 1105301 | &nbsp;&nbsp;&nbsp; *88799882*<br>|
| *Passenger Airlines — 2.4%* | *Passenger Airlines — 2.4%* | *Passenger Airlines — 2.4%* |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | &nbsp;&nbsp; 4072586 | &nbsp;&nbsp;&nbsp; *141766719*<br>|
| *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* | *Trading Companies & Distributors — 1.0%* |
| &nbsp;&nbsp;&nbsp; United Rentals Inc. | &nbsp;&nbsp; 73747 | &nbsp;&nbsp;&nbsp; *60117079*<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **650584806** |
| **Information Technology — 10.0%** | **Information Technology — 10.0%** | **Information Technology — 10.0%** |
| *Communications Equipment — 3.7%* | *Communications Equipment — 3.7%* | *Communications Equipment — 3.7%* |
| &nbsp;&nbsp;&nbsp; Cisco Systems Inc. | &nbsp;&nbsp; 2911832 | &nbsp;&nbsp;&nbsp; *224036354*<br>|
| *Semiconductors & Semiconductor Equipment — 1.4%* | *Semiconductors & Semiconductor Equipment — 1.4%* | *Semiconductors & Semiconductor Equipment — 1.4%* |
| &nbsp;&nbsp;&nbsp; QUALCOMM Inc. | &nbsp;&nbsp; 515593 | &nbsp;&nbsp;&nbsp; *86666027*<br>|
| *Software — 2.9%* | *Software — 2.9%* | *Software — 2.9%* |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp; 355195 | &nbsp;&nbsp;&nbsp; *174759492*<br>|
| *Technology Hardware, Storage & Peripherals — 2.0%* | *Technology Hardware, Storage & Peripherals — 2.0%* | *Technology Hardware, Storage & Peripherals — 2.0%* |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | &nbsp;&nbsp; 422723 | &nbsp;&nbsp;&nbsp; *116963227*<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **602425100** |
| **Materials — 3.6%** | **Materials — 3.6%** | **Materials — 3.6%** |
| *Chemicals — 1.6%* | *Chemicals — 1.6%* | *Chemicals — 1.6%* |
| &nbsp;&nbsp;&nbsp; Corteva Inc. | &nbsp;&nbsp; 1420673 | &nbsp;&nbsp;&nbsp; *95852808*<br>|

---

See Notes to Schedule of Investments.

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Putnam Focused Large Cap Value ETF 2025 Quarterly Report

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 **Putnam Focused Large Cap Value ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| *Metals & Mining — 2.0%* | *Metals & Mining — 2.0%* | *Metals & Mining — 2.0%* | *Metals & Mining — 2.0%* |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp; Freeport-McMoRan Inc. | &nbsp;&nbsp; 2871788 | &nbsp;&nbsp;&nbsp; $*123429448*<br>|
| **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **219282256** |
| **Real Estate — 2.0%** | **Real Estate — 2.0%** | **Real Estate — 2.0%** | **Real Estate — 2.0%** |
| *Industrial REITs — 2.0%* | *Industrial REITs — 2.0%* | *Industrial REITs — 2.0%* | *Industrial REITs — 2.0%* |
| &nbsp;&nbsp;&nbsp; Prologis Inc. | &nbsp;&nbsp;&nbsp; Prologis Inc. | &nbsp;&nbsp; 941085 | &nbsp;&nbsp;&nbsp; **120957655**<br>|
| **Utilities — 5.1%** | **Utilities — 5.1%** | **Utilities — 5.1%** | **Utilities — 5.1%** |
| *Electric Utilities — 5.1%* | *Electric Utilities — 5.1%* | *Electric Utilities — 5.1%* | *Electric Utilities — 5.1%* |
| &nbsp;&nbsp;&nbsp; NextEra Energy Inc. | &nbsp;&nbsp;&nbsp; NextEra Energy Inc. | &nbsp;&nbsp; 1526003 | &nbsp;&nbsp;&nbsp; 131678799<br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc. | &nbsp;&nbsp;&nbsp; NRG Energy Inc. | &nbsp;&nbsp; 420007 | &nbsp;&nbsp;&nbsp; 71186986<br>|
| &nbsp;&nbsp;&nbsp; PPL Corp. | &nbsp;&nbsp;&nbsp; PPL Corp. | &nbsp;&nbsp; 2742098 | &nbsp;&nbsp;&nbsp; 101183416<br>|
| **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **304049201** |
| **Total Investments before Short-Term Investments (Cost — $5,185,265,317)** | **Total Investments before Short-Term Investments (Cost — $5,185,265,317)** | **Total Investments before Short-Term Investments (Cost — $5,185,265,317)** | &nbsp;&nbsp; **5861753162** |
|  | Rate |  |  |
| **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares (Cost — $153,108,070)  | &nbsp;&nbsp; 3.780% | &nbsp;&nbsp; 153108070<br>| &nbsp;&nbsp;&nbsp;&nbsp; **153108070**<br> <sup>(a)(b)</sup><br>|
| **Total Investments — 99.9% (Cost — $5,338,373,387)** | **Total Investments — 99.9% (Cost — $5,338,373,387)** | **Total Investments — 99.9% (Cost — $5,338,373,387)** | &nbsp;&nbsp; **6014861232** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.1% | &nbsp;&nbsp;&nbsp; 3557537 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$6018418769** |

---

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

\* Non-income producing security.

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

<sup>(b)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At November 30, 2025, the total market value of investments in Affiliated Companies was $153,108,070 and the cost was $153,108,070 (Note 2). 

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

---

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

---

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

See Notes to Schedule of Investments.

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Putnam Focused Large Cap Value ETF 2025 Quarterly Report

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Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Putnam Focused Large Cap Value ETF (the "Fund") is a separate non-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 currently operating as a diversified Fund. In the future, the Fund may operate as a non-diversified Fund to the extent permitted by applicable law. Under current law, shareholder approval would be required before the Fund could operate as a non-diversified Fund.

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 capital growth and 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.

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

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

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it

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Putnam Focused Large Cap Value ETF 2025 Quarterly Report

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Common Stocks† | &nbsp;&nbsp; $5861753162 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $5861753162 |
| Short-Term Investments† | &nbsp;&nbsp; 153108070 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 153108070 |
| **Total Investments** | &nbsp;&nbsp; **$6014861232** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$6014861232** |

---

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

† See Schedule of Investments for additional detailed categorizations.

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended November 30, 2025. The following transactions were effected in such company for the period ended November 30, 2025. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>August 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>August 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>| $95653031 | $146233999 | 146233999 | $88778960 | 88778960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>November 30, <br>2025<br>|
| Putnam Government Money <br> Market Fund, Class P Shares<br>|  | $1145737 |  | $153108070 |

---

------

Putnam Focused Large Cap Value ETF 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Putnam Focused Large Cap Value ETF

- **b. EDGAR series identifier (if any):** S000071710

- **c. LEI of Series:** 549300I6YUFRH81I6G12

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $6016466399.05

**Total Liabilities:** $2518181.62

**Net Assets:** $6013948217.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227196 | 1.62%                | 1.51%                | 3.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5565618.73              | $58467975.38                               |
| Month 2  | $33463343.90             | $37227792.51                               |
| Month 3  | $-4903811.57             | $207450133.99                              |

### Schedule of Portfolio Investments

| Name                                | Title                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ConocoPhillips                      | ConocoPhillips                      | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |   1104547 | NS      | $97962273.43  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                      | Amazon.com Inc                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    707976 | NS      | $165114162.72 | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc              | UnitedHealth Group Inc              | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    285196 | NS      | $94049084.92  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                | Bank of America Corp                | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   3300106 | NS      | $177050686.90 | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                  | NextEra Energy Inc                  | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |   1524775 | NS      | $131572834.75 | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc       | Regeneron Pharmaceuticals Inc       | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |    141961 | NS      | $110756552.59 | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                      | NRG Energy Inc                      | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |    419739 | NS      | $71141563.11  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                   | General Motors Co                   | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |   1982767 | NS      | $145773029.84 | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp          | Capital One Financial Corp          | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    698042 | NS      | $152920060.94 | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International      | Johnson Controls International plc  | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |    996854 | NS      | $115944088.74 | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                  | Valero Energy Corp                  | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |    515277 | NS      | $91080362.52  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                       | Citigroup Inc                       | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |   2359354 | NS      | $244429074.40 | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                     | AstraZeneca PLC                     | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |   1325884 | NS      | $122935964.48 | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                   | Cisco Systems Inc                   | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |   2909788 | NS      | $223879088.72 | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Putnam Government Money Market Fund | Putnam Government Money Market Fund | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | RF                | US        | 153108070 | NS      | $153108069.62 | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                  | United Rentals Inc                  | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     73683 | NS      | $60064907.94  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc        | Thermo Fisher Scientific Inc        | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    293238 | NS      | $173253807.54 | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                           | Sanofi SA                           | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |   1949110 | NS      | $97221606.80  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc       | Hilton Worldwide Holdings Inc       | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |    588081 | NS      | $167620727.43 | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PL      | Seagate Technology Holdings PLC     | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | US        |    422379 | NS      | $116868045.51 | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                    | Novo Nordisk A/S                    | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |   1219348 | NS      | $60174823.80  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                  | Ingersoll Rand Inc                  | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |   1104593 | NS      | $88743001.62  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp               | Northrop Grumman Corp               | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |    213270 | NS      | $122043757.50 | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                    | Coca-Cola Co/The                    | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |   2358585 | NS      | $172459735.20 | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In      | Philip Morris International Inc     | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |   1006921 | NS      | $158569919.08 | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                      | PulteGroup Inc                      | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    955464 | NS      | $121525466.16 | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                       | McKesson Corp                       | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |    220731 | NS      | $194490498.72 | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                         | Corteva Inc                         | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |   1419765 | NS      | $95791544.55  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc          | Charter Communications Inc          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |    147101 | NS      | $29437852.12  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The         | Goldman Sachs Group Inc/The         | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |    135159 | NS      | $111646740.36 | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                    | Exxon Mobil Corp                    | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   1691871 | NS      | $196121686.32 | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                          | FedEx Corp                          | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |    441348 | NS      | $121670816.64 | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                            | PPL Corp                            | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |   2739634 | NS      | $101092494.60 | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I      | BJ's Wholesale Club Holdings Inc    | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |    766967 | NS      | $68436465.41  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc        | Apollo Global Management Inc        | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |    675120 | NS      | $89014572.00  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The             | Charles Schwab Corp/The             | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |   1492215 | NS      | $138373096.95 | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                        | Prologis Inc                        | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    940365 | NS      | $120865113.45 | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                | Freeport-McMoRan Inc                | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |   2869448 | NS      | $123328875.04 | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                       | Blackrock Inc                       | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     75758 | NS      | $79341353.40  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co               | Southwest Airlines Co               | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |   4069682 | NS      | $141665630.42 | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I      | American International Group Inc    | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |   2119914 | NS      | $161452650.24 | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                        | Alphabet Inc                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    708615 | NS      | $226884350.70 | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                         | Walmart Inc                         | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |   2138760 | NS      | $236354367.60 | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                     | T-Mobile US Inc                     | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |    368845 | NS      | $77092293.45  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                        | QUALCOMM Inc                        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    515177 | NS      | $86596101.93  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                      | Microsoft Corp                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    354955 | NS      | $174641409.55 | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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