# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0001193125-26-042241
**Filing Date:** 2026-2
**Character Count:** 125610
**Document Hash:** 54741792daaa5ddf793bf123b527529c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-042241.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001193125-26-042241

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**EFFECTIVENESS DATE**: 20260209

**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:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288406
- **FILM NUMBER:** 26610318

**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

**As filed with the U.S. Securities and Exchange Commission on February 9, 2026** 

**Securities Act File No. 333-288406** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-14** 

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** 

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| | |
|:---|:---|
| **Pre-Effective Amendment No.** | **[ ]** |
| **Post-Effective Amendment No. 3** | **[ X]** |

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**PUTNAM ETF TRUST** 

**(Exact Name of Registrant as Specified in Charter)** 

**100 Federal Street** 

**Boston, MA 02110** 

**(Address of Principal Executive Offices) (Zip Code)** 

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

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| | |
|:---|:---|
| **Name and address of agent for service:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Copy to:** |

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| | | |
|:---|:---|:---|
| **Alexander V. Kymn, Vice President** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Bryan Chegwidden, Esq.** | **James E. Thomas, Esq.** |
| **Putnam ETF Trust** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ropes & Gray LLP** | **Ropes & Gray LLP** |
| **100 Federal Street** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1211 Avenue of the Americas** | **800 Boylston Street** |
| **Boston, Massachusetts 02110** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New York, New York 10036** | **Boston, Massachusetts 02199** |

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This Post-Effective Amendment No. 3 will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1933, as amended.

An indefinite amount of the Registrant's securities have been registered under the Securities Act of 1933 pursuant to Rule 24f-2 under the Investment Company Act of 1940. In reliance upon such Rule, no filing fee is paid at this time.

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**PUTNAM ETF TRUST** 

**CONTENTS OF REGISTRATION STATEMENT** 

This Registration Statement contains the following papers and documents:

Cover Sheet

Contents of Registration Statement

Part A – Proxy Statement/Prospectus\*

Part B – Statement of Additional Information\*

Part C – Other Information

Signature Page

Exhibits\*

\* Incorporated by reference from the [Post-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-14 as filed with the Securities and Exchange Commission on August 6, 2025 (Form No. 333-288406) (the "Registration Statement").](http://www.sec.gov/Archives/edgar/data/1845809/000119312525174220/d91160dn14a.htm)

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**Explanatory Note** 

This Post-Effective Amendment No. 3 is being filed solely for the purpose of including in the Registration Statement on Form N-14 the opinions of Ropes & Gray LLP as to tax matters (Exhibit 12) in connection with the merger of each "Target Fund" listed in the table below with and into the corresponding "Acquiring ETF" listed in the table below.

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| | | |
|:---|:---|:---|
| **Target Fund** |  | **Acquiring ETF** |
| Putnam California Tax Exempt Income Fund |® | Franklin California Municipal Income ETF |
| Putnam Massachusetts Tax Exempt Income Fund |® | Franklin Massachusetts Municipal Income ETF |
| Putnam Minnesota Tax Exempt Income Fund |® | Franklin Minnesota Municipal Income ETF |
| Putnam New Jersey Tax Exempt Income Fund |® | Franklin New Jersey Municipal Income ETF |
| Putnam New York Tax Exempt Income Fund |® | Franklin New York Municipal Income ETF |
| Putnam Ohio Tax Exempt Income Fund |® | Franklin Ohio Municipal Income ETF |
| Putnam Pennsylvania Tax Exempt Income Fund |® | Franklin Pennsylvania Municipal Income ETF |
| Putnam Short-Term Municipal Income Fund |® | Franklin Short-Term Municipal Income ETF |
| Putnam Tax Exempt Income Fund |® | Franklin Municipal Income ETF |
| Putnam Tax-Free High Yield Fund |® | Franklin Municipal High Yield ETF |

---

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**PUTNAM ETF TRUST** 

**FORM N-14** 

**PART C** 

**OTHER INFORMATION** 

**Item 15.** **Indemnification** <br>

Reference is made to Article VII, sections 7.5 through 7.7, of the Registrant's Amended and Restated Agreement and Declaration of Trust, which is incorporated by reference to Post-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A under the Investment Company Act of 1940, as amended (File No. 811-23643). In addition, the Registrant maintains a trustees and officers liability insurance policy under which the Registrant and its trustees and officers are named insureds. Certain service providers to the Registrant also have contractually agreed to indemnify and hold harmless the trustees against liability arising in connection with the service provider's performance of services under the relevant agreement.

The Registrant has also agreed to contractually indemnify each Trustee. The agreement between the Registrant and each Trustee, in addition to delineating certain procedural aspects relating to indemnification and advancement of expenses to the fullest extent permitted by the Registrant's Amended and Restated Agreement and Declaration of Trust and Bylaws and the laws of state of Delaware, the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as now or hereafter in force, provides that the Registrant and each series of the Registrant shall indemnify and hold harmless the Trustee against any and all expenses actually and reasonably incurred by the Trustee in any proceeding arising out of or in connection with the Trustee's service to the Registrant, unless the Trustee has been adjudicated in a final adjudication on the merits to have engaged in certain disabling conduct.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Registrant's organizational instruments or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act of 1933, as amended, and, therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933, as amended, and will be governed by the final adjudication of such issue.

**Item 16. Exhibits** 

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| | |
|:---|:---|
|  (1)(a) | Certificate of Trust dated December 21, 2020 - [filed with initial Registration Statement on Form N-1A ("Initial Registration Statement") on February 17, 2021.](http://www.sec.gov/Archives/edgar/data/1845809/000092881621000211/b_etfcertoftrust.htm) |
|  (1)(b) | Amended and Restated Agreement and Declaration of Trust dated April 20, 2021– [Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement (No. 333-253222) filed on May 14, 2021.](http://www.sec.gov/Archives/edgar/data/1845809/000092881621000557/b_eftex99a2.htm) |
|  (1)(c) | Amended Schedule A to the Amended and Restated Declaration of Trust dated September 23, 2022 –[Incorporated by reference to Post-Effective Amendment No. 9 to the Registrant's Registration Statement (No. 333-253222) filed on September 28, 2022.](http://www.sec.gov/Archives/edgar/data/1845809/000092881622001051/b_etfex99a3.htm) |
| (2) | Amended and Restated Bylaws dated June 23, 2023 - [Incorporated by reference to Post-Effective Amendment No. 15 to the Registrant's Registration Statement (No. 333-253222) filed on August 24, 2023.](http://www.sec.gov/Archives/edgar/data/1845809/000092881623001253/b_etfex99b2.htm) |

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| | |
|:---|:---|
| (3) | Not applicable. |
| (4) | Form of Agreement and Plan of Reorganization – included as Appendix A to Part A hereof. |
|  (5)(a) | Portions of Agreement and Declaration of Trust Relating to Shareholders' Rights – [Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement (No. 333-253222) filed on May 14, 2021.](http://www.sec.gov/Archives/edgar/data/1845809/000092881621000557/c_etfex99c1.htm) |
|  (5)(b) | Portions of Bylaws Relating to Shareholders' Rights - [Incorporated by reference to Post-Effective Amendment No. 15 to the Registrant's Registration Statement (No. 333-253222) filed on August 24, 2023.](http://www.sec.gov/Archives/edgar/data/1845809/000092881623001253/c_etfex99c.htm) |
|  (6)(a) | Management Contract with Franklin Advisers, Inc. ("FAV") for Franklin California Municipal Income ETF, Franklin Massachusetts Municipal Income ETF, Franklin Minnesota Municipal Income ETF, Franklin Municipal High Yield ETF, Franklin Municipal Income ETF, Franklin New Jersey Municipal Income ETF, Franklin New York Municipal Income ETF, Franklin Ohio Municipal Income ETF, Franklin Pennsylvania Municipal Income ETF, and Franklin Short-Term Municipal Income ETF - [Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-288406) under the Securities Act of 1933 filed on August 6, 2025.](http://www.sec.gov/Archives/edgar/data/1845809/000119312525174220/d91160dex996a.htm) |
|  (6)(b) | Sub-Advisory Agreement between FAV and Franklin Templeton Investment Management Limited ("FTIML") - [Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-288406) under the Securities Act of 1933 filed on August 6, 2025.](http://www.sec.gov/Archives/edgar/data/1845809/000119312525174220/d91160dex996b.htm) |
|  (6)(c) | Subadvisory Agreement between FAV and Putnam Investment Management, LLC ("PIM") - [Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-288406) under the Securities Act of 1933 filed on August 6, 2025.](http://www.sec.gov/Archives/edgar/data/1845809/000119312525174220/d91160dex996c.htm) |
|  (7)(a) | Amended and Restated Distributor's Contract with Franklin Distributors, LLC dated August 2, 2024. –[Incorporated by reference to Post-Effective Amendment No. 22 to the Registrant's Registration Statement (No. 333-253222) filed on December 27, 2024.](http://www.sec.gov/Archives/edgar/data/1845809/000092881624002123/c_etfex99e1.htm) |
|  (7)(b) | Form of Authorized Participant Agreement - [Incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement (No. 333-253222) filed on August 27, 2024.](http://www.sec.gov/Archives/edgar/data/1845809/000092881624001264/g_pea19ex99e2.htm) |
| (8) | Not applicable |
|  (9)(a) | Master Custodian Agreement with State Street Bank and Trust Company dated January 1, 2007; Appendix A dated December 30, 2020 –[Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement (No. 333-253222) filed on May 14, 2021.](http://www.sec.gov/Archives/edgar/data/1845809/000092881621000557/i_etfex99g1.htm) |
|  (9)(b) | Amendment to Master Custodian Agreement with State Street Bank and Trust Company dated August 1, 2013 –[Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement (No. 333-253222) filed on May 14, 2021.](http://www.sec.gov/Archives/edgar/data/1845809/000092881621000557/a_nf76stixmod1.htm) |
|  (9)(c) | Amendment to Master Custodian Agreement with State Street Bank and Trust Company dated June 25, 2020 –[Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement (No. 333-253222) filed on May 14, 2021.](http://www.sec.gov/Archives/edgar/data/1845809/000092881621000557/a_nf76stixmod2.htm) |
|  (9)(d) | Amendment to Master Custodian Agreement with State Street Bank and Trust Company dated April 1, 2021 –[Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement (No. 333-253222) filed on May 14, 2021.](http://www.sec.gov/Archives/edgar/data/1845809/000092881621000557/j_etfex99g4.htm) |
|  (9)(e) | Amendment to Master Custodian Agreement with State Street Bank and Trust Company dated |

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| | |
|:---|:---|
|  | June 25, 2021 –[Incorporated by reference to Post-Effective Amendment No. 3 to the Registrant's Registration Statement (No. 333-253222) filed on May 23, 2022.](http://www.sec.gov/Archives/edgar/data/1845809/000092881622000573/c_ex99g5.htm) |
|  (9)(f) | Amendment to Master Custodian Agreement with State Street Bank and Trust Company dated September 23, 2022 –[Incorporated by reference to Post-Effective Amendment No. 9 to the Registrant's Registration Statement (No. 333-253222) filed on September 28, 2022.](http://www.sec.gov/Archives/edgar/data/1845809/000092881622001051/g_etfexg6.htm) |
|  (9)(g) | Amendment to Master Custodian Agreement with State Street Bank and Trust Company dated January 18, 2023 –[Incorporated by reference to Post-Effective Amendment No. 14 to the Registrant's Registration Statement (No. 333-253222) filed on January 18, 2023.](http://www.sec.gov/Archives/edgar/data/1845809/000092881623000041/e_esgetfex99g7.htm) |
|  (9)(h) | Amendment to Master Custodian Agreement with State Street Bank and Trust Company dated July 2, 2024 –[Incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement (No. 333-253222) filed on August 27, 2024.](http://www.sec.gov/Archives/edgar/data/1845809/000092881624001264/h_pea19ex99g8.htm) |
| (10) | 12b-1 Distribution Plan and Agreement dated April 20, 2021 –[Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement (No. 333-253222) filed on May 14, 2021.](http://www.sec.gov/Archives/edgar/data/1845809/000092881621000557/p_etfex99m.htm) |
| (11) | Opinion and consent of Morris, Nichols, Arsht & Tunnell LLP as to the legality of the securities being registered – [Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-288406) under the Securities Act of 1933 filed on August 6, 2025.](http://www.sec.gov/Archives/edgar/data/1845809/000119312525174220/d91160dex9911.htm) |
|  (12)(a) | [Opinion and consent of Ropes & Gray LLP as to tax matters for Putnam California Tax Exempt Income Fund and Franklin California Municipal Income ETF is filed herewith.](d52595dex9912a.htm) |
|  (12)(b) | [Opinion and consent of Ropes & Gray LLP as to tax matters for Putnam Massachusetts Tax Exempt Income Fund and Franklin Massachusetts Municipal Income ETF is filed herewith.](d52595dex9912b.htm) |
|  (12)(c) | [Opinion and consent of Ropes & Gray LLP as to tax matters for Putnam Minnesota Tax Exempt Income Fund and Franklin Minnesota Municipal Income ETF is filed herewith.](d52595dex9912c.htm) |
|  (12)(d) | [Opinion and consent of Ropes & Gray LLP as to tax matters for Putnam New Jersey Tax Exempt Income Fund and Franklin New Jersey Municipal Income ETF is filed herewith.](d52595dex9912d.htm) |
|  (12)(e) | [Opinion and consent of Ropes & Gray LLP as to tax matters for Putnam New York Tax Exempt Income Fund and Franklin New York Municipal Income ETF is filed herewith.](d52595dex9912e.htm) |
|  (12)(f) | [Opinion and consent of Ropes & Gray LLP as to tax matters for Putnam Ohio Tax Exempt Income Fund and Franklin Ohio Municipal Income ETF is filed herewith.](d52595dex9912f.htm) |
|  (12)(g) | [Opinion and consent of Ropes & Gray LLP as to tax matters for Putnam Pennsylvania Tax Exempt Income Fund and Franklin Pennsylvania Municipal Income ETF is filed herewith.](d52595dex9912g.htm) |
|  (12)(h) | [Opinion and consent of Ropes & Gray LLP as to tax matters for Putnam Short-Term Municipal Income Fund and Franklin Short-Term Municipal Income ETF is filed herewith.](d52595dex9912h.htm) |
|  (12)(i) | [Opinion and consent of Ropes & Gray LLP as to tax matters for Putnam Tax Exempt Income Fund and Franklin Municipal Income ETF is filed herewith.](d52595dex9912i.htm) |
|  (12)(j) | [Opinion and consent of Ropes & Gray LLP as to tax matters for Putnam Tax-Free High Yield Fund and Franklin Municipal High Yield ETF is filed herewith.](d52595dex9912j.htm) |
|  (13)(a) | Transfer Agency and Service Agreement with State Street Bank and Trust Company dated April 1, |

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| | |
|:---|:---|
|  | 2021 –[Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement (No. 333-253222) filed on May 14, 2021.](http://www.sec.gov/Archives/edgar/data/1845809/000092881621000557/k_etfex99h1.htm) |
|  (13)(b) | Amendment to Transfer Agent Agreement with State Street Bank and Trust Company dated September 23, 2022 –[Incorporated by reference to Post-Effective Amendment No. 9 to the Registrant's Registration Statement (No. 333-253222) filed on September 28, 2022.](http://www.sec.gov/Archives/edgar/data/1845809/000092881622001051/h_etfexh2.htm) |
|  (13)(c) | Amendment to Transfer Agent Agreement with State Street Bank and Trust Company dated January 18, 2023 –[Incorporated by reference to Post-Effective Amendment No. 14 to the Registrant's Registration Statement (No. 333-253222) filed on January 18, 2023.](http://www.sec.gov/Archives/edgar/data/1845809/000092881623000041/f_esgetfex99h3.htm) |
|  (13)(d) | Master Sub-Accounting Services Agreement between Putnam Investment Management, LLC and State Street Bank and Trust Company dated January 1, 2007; Appendix A amended as of July 24, 2017 –[Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement (No. 333-253222) filed on May 14, 2021.](http://www.sec.gov/Archives/edgar/data/1845809/000092881621000557/a_ssbacctgmod3.htm) |
|  (13)(e) | Amendment to Master Sub-Accounting Services Agreement between Putnam Investment Management, LLC and State Street Bank and Trust Company dated August 1, 2013 –[Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement (No. 333-253222) filed on May 14, 2021.](http://www.sec.gov/Archives/edgar/data/1845809/000092881621000557/a_nf77stixmod1.htm) |
|  (13)(f) | Amendment to Master Sub-Accounting Services Agreement between Putnam Investment Management, LLC and State Street Bank and Trust Company dated April 1, 2021 –[Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement (No. 333-253222) filed on May 14, 2021.](http://www.sec.gov/Archives/edgar/data/1845809/000092881621000557/l_etfex99h4.htm) |
|  (13)(g) | Amendment to Master Sub-Accounting Services Agreement between Putnam Investment Management, LLC and State Street Bank and Trust Company dated June 25, 2021 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/868648/000092881621001210/a_nf77sitxmod2.htm) |
|  (13)(h) | Amendment to Master Sub-Accounting Agreement between Putnam Investment Management, LLC and State Street Bank and Trust Company dated September 23, 2022 –[Incorporated by reference to Post-Effective Amendment No. 9 to the Registrant's Registration Statement (No. 333-253222) filed on September 28, 2022.](http://www.sec.gov/Archives/edgar/data/1845809/000092881622001051/i_etfexh7.htm) |
|  (13)(i) | Amendment to Master Sub-Accounting Services Agreement between Putnam Investment Management, LLC and State Street Bank and Trust Company dated January 18, 2023 –[Incorporated by reference to Post-Effective Amendment No. 14 to the Registrant's Registration Statement (No. 333-253222) filed on January 18, 2023.](http://www.sec.gov/Archives/edgar/data/1845809/000092881623000041/g_esgetfex99h9.htm) |
|  (13)(j) | Amendment to Master Sub-Accounting Services Agreement between Putnam Investment Management, LLC and State Street Bank and Trust Company dated July 2, 2024 –[Incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement (No. 333-253222) filed on August 27, 2024.](http://www.sec.gov/Archives/edgar/data/1845809/000092881624001264/i_pea19ex99h10.htm) |
|  (13)(k) | Credit Agreement with State Street Bank and Trust Company and certain other lenders dated September 24, 2015 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/868648/000092881615001430/a_modcmmtd1.htm) |
|  (13)(l) | Joinder Agreement No. 1 to Credit Agreement with State Street Bank and Trust Company and certain other lenders dated August 29, 2016 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/81259/000092881616003887/a_joincmtdmod.htm) |

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| | |
|:---|:---|
|  (13)(m) | Amendment No. 1 to Credit Agreement with State Street Bank and Trust Company dated September 22, 2016 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/792288/000092881617002097/a_amndcmtdmod.htm) |
|  (13)(n) | Amendment No. 2 to Credit Agreement with State Street Bank and Trust Company, dated September 21, 2017 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/719712/000092881618000707/a_amndcmtdmod1.htm) |
|  (13)(o) | Amendment No. 3 to Credit Agreement with State Street Bank and Trust Company, dated September 20, 2018 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/719712/000092881619000567/a_amndcmtdmod2.htm) |
|  (13)(p) | Amendment No. 4 to Credit Agreement with State Street Bank and Trust Company, dated September 19, 2019 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/822671/000092881620000223/a_amndcmtdmod3.htm) |
|  (13)(q) | Amendment No. 5 to Credit Agreement with State Street Bank and Trust Company, dated October 18, 2019 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/81251/000092881620000174/amndcmtdmod4.htm) |
|  (13)(r) | Amendment No. 6 and Consent No. 3 to Credit Agreement with State Street Bank and Trust Company, dated August 27, 2020 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/868648/000092881621001210/a_amndcmtdmod5.htm) |
|  (13)(s) | Amendment No. 7 to Credit Agreement with State Street Bank and Trust Company, dated October 16, 2020 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/868648/000092881621001210/a_amndcmtdmod6.htm) |
|  (13)(t) | Amendment No. 8 to Credit Agreement with State Street Bank and Trust Company, dated October 15, 2021 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/932101/000092881621001266/d_amndcmtdmod7.htm) |
|  (13)(u) | Amendment No. 9 to Credit Agreement with State Street Bank and Trust Company, dated October 14, 2022 –[Incorporated by reference to Post-Effective Amendment No. 13 to the Registrant's Registration Statement (No. 333-253222) filed on December 27, 2022.](http://www.sec.gov/Archives/edgar/data/1845809/000092881622001332/a_amndcmtdmod8.htm) |
|  (13)(v) | Amendment No. 10 to Credit Agreement with State Street Bank and Trust Company dated May 2, 2023 –[Incorporated by reference to Post-Effective Amendment No. 15 to the Registrant's Registration Statement (No. 333-253222) filed on August 24, 2023.](http://www.sec.gov/Archives/edgar/data/1845809/000092881623001253/a_amndcmtdmod9.htm) |
|  (13)(w) | Amendment No. 11 and Consent No. 6 to Credit Agreement with State Street Bank and Trust Company dated December 7, 2023 [– Incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement (No. 333-253222) filed on August 27, 2024.](http://www.sec.gov/Archives/edgar/data/1005942/000092881623001261/a_amndunctdmod10.htm) |
|  (13)(x) | Amendment No. 12 to Credit Agreement with State Street Bank and Trust Company dated April 30, 2024 –[Incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement (No. 333-253222) filed on August 27, 2024.](http://www.sec.gov/Archives/edgar/data/932101/000092881624000734/c_amndcmtdmod11.htm) |
|  (13)(y) | Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company dated September 24, 2015 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/0001845809/000092881621001365/c_moduncmmtd1.htm) |
|  (13)(z) | First Amendment to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company dated August 29, 2016 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/932101/000092881616003881/a_amndunctdmod.htm) |

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| | |
|:---|:---|
|  (13)(aa) | Second Amendment to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company dated September 22, 2016 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/792288/000092881617002097/a_amndunctdmod1.htm) |
|  (13)(bb) | Third Amendment to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company, dated September 21, 2017 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/719712/000092881618000707/a_amndunctdmod2.htm) |
|  (13)(cc) | Fourth Amendment to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company dated September 20, 2018 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/719712/000092881619000567/a_amndunctdmod3.htm) |
|  (13)(dd) | Fifth Amendment to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company dated September 19, 2019 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/822671/000092881620000223/a_amndunctdmod4.htm) |
|  (13)(ee) | Sixth Amendment to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company, dated October 18, 2019 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/822671/000092881620000223/a_amndunctdmod5.htm) |
|  (13)(ff) | Seventh Amendment and Consent to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company, dated August 27, 2020 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/868648/000092881621001210/a_amndunctdmod6.htm) |
|  (13)(gg) | Eighth Amendment to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company, dated October 16, 2020 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/868648/000092881621001210/a_amndunctdmod7.htm) |
|  (13)(hh) | Ninth Amendment Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company, dated October 15, 2021 –[Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-253222) filed on December 28, 2021.](http://www.sec.gov/Archives/edgar/data/932101/000092881621001266/e_amndunctdmod8.htm) |
|  (13)(ii) | Tenth Amendment to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company, dated October 14, 2022 –[Incorporated by reference to Post-Effective Amendment No. 13 to the Registrant's Registration Statement (No. 333-253222) filed on December 27, 2022.](http://www.sec.gov/Archives/edgar/data/1845809/000092881622001332/a_amndunctdmod9.htm) |
|  (13)(jj) | Eleventh Amendment to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company dated May 2, 2023 –[Incorporated by reference to Post-Effective Amendment No. 15 to the Registrant's Registration Statement (No. 333-253222) filed on August 24, 2023.](http://www.sec.gov/Archives/edgar/data/1845809/000092881623001253/a_amndunctdmod10.htm) |
|  (13)(kk) | Amendment No. 12 and Consent No. 4 to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company dated December 7, 2023 –[Incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement (No. 333-253222) filed on August 27, 2024.](http://www.sec.gov/Archives/edgar/data/787836/000092881624000507/a_amndunctdmod11.htm) |

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------

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| | |
|:---|:---|
|  (13)(ll) | Thirteenth Amendment to Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company dated April 30, 2024 –[Incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement (No. 333-253222) filed on August 27, 2024.](http://www.sec.gov/Archives/edgar/data/932101/000092881624000734/d_amndunctdmod12.htm) |
|  (13)(mm) | Form of Indemnification Agreement. –[Incorporated by reference to Post-Effective Amendment No. 22 to the Registrant's Registration Statement (No. 333-253222) filed on December 27, 2024.](http://www.sec.gov/Archives/edgar/data/1845809/000092881624002123/d_etfex99h39i.htm) |
|  (13)(nn) | Schedule of Indemnification Agreements conforming in all material respects to the Form of Indemnification Agreement filed as Exhibit (13)(mm) but which have not been filed as exhibits to the Registrant's Registration Statement in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended –[Incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement (No. 333-253222) filed on August 27, 2024.](http://www.sec.gov/Archives/edgar/data/1845809/000092881624001264/j_pea19ex99h39ii.htm) |
|  (13)(oo) | Expense Limitation Agreement with PIM and FAV dated July 1, 2024. –[Incorporated by reference to Post-Effective Amendment No. 22 to the Registrant's Registration Statement (No. 333-253222) filed on December 27, 2024.](http://www.sec.gov/Archives/edgar/data/868648/000092881624001677/a_exlmtpifamod1.htm) |
|  (13)(pp) | Subcontract for Fund Administrative Services between FAV and Franklin Templeton Services, LLC dated July 15, 2024 –[Incorporated by reference to Post-Effective Amendment No. 22 to the Registrant's Registration Statement (No. 333-253222) filed on December 27, 2024.](http://www.sec.gov/Archives/edgar/data/1845809/000092881624002123/e_etfex99h41.htm) |
|  (14)(a) | Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm, for Putnam Short-Term Municipal Income Fund – [Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-288406) under the Securities Act of 1933 filed on August 6, 2025.](http://www.sec.gov/Archives/edgar/data/1845809/000119312525174220/d91160dex9914a.htm) |
|  (14)(b) | Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm, for Putnam New York Tax Exempt Income Fund – [Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-288406) under the Securities Act of 1933 filed on August 6, 2025.](http://www.sec.gov/Archives/edgar/data/1845809/000119312525174220/d91160dex9914b.htm) |
|  (14)(c) | Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm, for Putnam Massachusetts Tax Exempt Income Fund and Putnam Ohio Tax Exempt Income Fund – [Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-288406) under the Securities Act of 1933 filed on August 6, 2025.](http://www.sec.gov/Archives/edgar/data/1845809/000119312525174220/d91160dex9914c.htm) |
|  (14)(d) | Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm, for Putnam New Jersey Tax Exempt Income Fund, Putnam Minnesota Tax Exempt Income Fund, and Putnam Pennsylvania Tax Exempt Income Fund – [Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-288406) under the Securities Act of 1933 filed on August 6, 2025.](http://www.sec.gov/Archives/edgar/data/1845809/000119312525174220/d91160dex9914d.htm) |
|  (14)(e) | Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm, for Putnam Tax-Free High Yield Fund – [Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-288406) under the Securities Act of 1933 filed on August 6, 2025.](http://www.sec.gov/Archives/edgar/data/1845809/000119312525174220/d91160dex9914e.htm) |
|  (14)(f) | Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm, for Putnam California Tax Exempt Income Fund and Putnam Tax Exempt Income Fund – [Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-288406) under the Securities Act of 1933 filed on August 6, 2025.](http://www.sec.gov/Archives/edgar/data/1845809/000119312525174220/d91160dex9914f.htm) |

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(15) Not applicable.

(16) Power of Attorney - [Incorporated by reference to Post-Effective Amendment No. 2 to the Registrant's Registration Statement (No. 333-288406) under the Securities Act of 1933 filed on August 6, 2025.](http://www.sec.gov/Archives/edgar/data/1845809/000119312525174220/d91160dex9916.htm)

**Item 17. Undertakings** 

(1) The undersigned Registrant agrees that, prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) under the Securities Act of 1933, as amended (the "1933 Act"), the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3) The undersigned Registrant agrees to file an opinion of counsel supporting the tax consequences of the proposed reorganization as an amendment to this registration statement within a reasonable time after receipt of such opinion.

------

**SIGNATURES** 

As required by the Securities Act of 1933, as amended, this Registration Statement has been signed on behalf of the Registrant, in the City of Boston and The Commonwealth of Massachusetts on the 9th day of February, 2026.

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| | |
|:---|:---|
| **Putnam ETF Trust** | **Putnam ETF Trust** |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Name: | Jonathan S. Horwitz |
| Title: | Executive Vice President, Principal Executive Officer<br> and Compliance Liaison |

---

As required by the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

---

| | |
|:---|:---|
| Signature | Title |
| Barbara M. Baumann\* | Chair, Board of Trustees |
| Robert L. Reynolds\* | President and Trustee |
| Jonathan S. Horwitz\* | Executive Vice President, Principal Executive |
|  | Officer and Compliance Liaison |
| Michael J. Higgins\* | Vice President, Treasurer, and Clerk |
| Jeffrey W. White\* | Vice President, Principal Financial Officer, |
|  | Principal Accounting Officer and Assistant Treasurer |
| Liaquat Ahamed\* | Trustee |

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------

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| | |
|:---|:---|
| Katinka Domotorffy\* | Trustee |
| Catharine Bond Hill\* | Trustee |
| Gregory G. McGreevey\* | Trustee |
| Jennifer Williams Murphy\* | Trustee |
| Marie Pillai\* | Trustee |
| George Putnam III\* | Trustee |
| Manoj P. Singh\* | Trustee |
| Mona K. Sutphen\* | Trustee |
| Jane E. Trust\* | Trustee |
|  | \* By: /s/ Jonathan S. Horwitz, as Attorney-in-Fact pursuant to Power of Attorney filed with the Post-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-14 on August 6, 2025. |
|  | February 9, 2026 |

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## Ex-99.(12)(A)

Exhibit 12(a)

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| | |
|:---|:---|
| ![LOGO](g52595g0206091008159.jpg)  | <br> ROPES & GRAY LLP<br>PRUDENTIAL TOWER<br>800 BOYLSTON STREET<br>BOSTON, MA 02199-3600<br>WWW.ROPESGRAY.COM |

---

October 27, 2025

Putnam California Tax Exempt Income Fund

100 Federal Street

Boston, MA 02110

Franklin California Municipal Income ETF

Putnam ETF Trust

100 Federal Street

Boston, MA 02110

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated October 24, 2025, by and among (i) Putnam ETF Trust, a Delaware statutory trust ("Acquiring Trust"), on behalf of one of its series, Franklin California Municipal Income ETF ("Acquiring Fund"), (ii) Putnam California Tax Exempt Income Fund, a Massachusetts business trust ("Acquired Fund"), and (iii) for purposes of Section 5(a) of the Agreement only, Franklin Advisers, Inc. ("Investment Manager"). The Agreement describes a proposed transaction (the "Reorganization") to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Acquiring Fund Shares") and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Acquiring Fund Shares received by Acquired Fund will be distributed by Acquired Fund to its stockholders in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Sections 8(f) and 9(h) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each stockholder's option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code").

Acquiring Fund is a series of Acquiring Trust, which is registered under the 1940 Act as an open-end management investment company. Acquiring Fund operates as an exchange-traded fund; shares of Acquiring Fund are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

------

Putnam California Tax Exempt Income Fund October 27, 2025 <br> Franklin California Municipal Income ETF

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated August 6, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the "Representation Letters") representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)
of the Code, and Acquiring Fund and Acquired Fund each will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain or loss upon the transfer
of Acquired Fund's assets to Acquiring Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Acquiring Fund Shares by Acquired Fund to its
stockholders in liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, Acquired Fund stockholders will not recognize any gain or loss upon the
exchange of their Acquired Fund shares for Acquiring Fund Shares in the Reorganization (except with respect to cash received by such Acquired Fund stockholders in redemption of shares or fractional shares prior to the Reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis of Acquiring Fund Shares an Acquired Fund
stockholder receives in the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund stockholder's holding period for the
Acquiring Fund Shares received in the Reorganization will be determined by including the period during which such stockholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged therefor, provided
that the stockholder held those Acquired Fund shares as capital assets;

------

Putnam California Tax Exempt Income Fund October 27, 2025 <br> Franklin California Municipal Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss upon the receipt of the
assets of Acquired Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, Acquiring Fund's tax basis in the assets of Acquired Fund
transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund's tax basis immediately prior to the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(2) of the Code, the holding period in the hands of Acquiring Fund of each Acquired
Fund asset transferred to Acquiring Fund in the Reorganization will include the period during which such asset was held or treated for federal income tax purposes as held by Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Acquiring Fund will succeed to and take into account the items of Acquired Fund described in
Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

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| |
|:---|
| Very truly yours, |
| <u>/s/ Ropes & Gray LLP</u> |
| Ropes & Gray LLP |

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## Ex-99.(12)(B)

Exhibit 12(b)

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| | |
|:---|:---|
| ![LOGO](g52595g0206091008159.jpg)  | <br> ROPES & GRAY LLP<br>PRUDENTIAL TOWER<br>800 BOYLSTON STREET<br>BOSTON, MA 02199-3600<br>WWW.ROPESGRAY.COM |

---

November 10, 2025

Putnam Massachusetts Tax Exempt Income Fund

100 Federal Street

Boston, MA 02110

Franklin Massachusetts Municipal Income ETF

Putnam ETF Trust

100 Federal Street

Boston, MA 02110

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated October 24, 2025, by and among (i) Putnam ETF Trust, a Delaware statutory trust ("Acquiring Trust"), on behalf of one of its series, Franklin Massachusetts Municipal Income ETF ("Acquiring Fund"), (ii) Putnam Massachusetts Tax Exempt Income Fund, a Massachusetts business trust ("Acquired Fund"), and (iii) for purposes of Section 5(a) of the Agreement only, Franklin Advisers, Inc. ("Investment Manager"). The Agreement describes a proposed transaction (the "Reorganization") to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Acquiring Fund Shares") and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Acquiring Fund Shares received by Acquired Fund will be distributed by Acquired Fund to its stockholders in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Sections 8(f) and 9(h) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each stockholder's option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code").

Acquiring Fund is a series of Acquiring Trust, which is registered under the 1940 Act as an open-end management investment company. Acquiring Fund operates as an exchange-traded fund; shares of Acquiring Fund are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

------

Putnam Massachusetts Tax Exempt Income Fund November 10, 2025 <br> Franklin Massachusetts Municipal Income ETF

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated August 6, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the "Representation Letters") representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)
of the Code, and Acquiring Fund and Acquired Fund each will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain or loss upon the transfer
of Acquired Fund's assets to Acquiring Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Acquiring Fund Shares by Acquired Fund to its
stockholders in liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, Acquired Fund stockholders will not recognize any gain or loss upon the
exchange of their Acquired Fund shares for Acquiring Fund Shares in the Reorganization (except with respect to cash received by such Acquired Fund stockholders in redemption of shares or fractional shares prior to the Reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis of Acquiring Fund Shares an Acquired Fund
stockholder receives in the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund stockholder's holding period for the
Acquiring Fund Shares received in the Reorganization will be determined by including the period during which such stockholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged therefor, provided
that the stockholder held those Acquired Fund shares as capital assets;

------

Putnam Massachusetts Tax Exempt Income Fund November 10, 2025 <br> Franklin Massachusetts Municipal Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss upon the receipt of the
assets of Acquired Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, Acquiring Fund's tax basis in the assets of Acquired Fund
transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund's tax basis immediately prior to the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(2) of the Code, the holding period in the hands of Acquiring Fund of each Acquired
Fund asset transferred to Acquiring Fund in the Reorganization will include the period during which such asset was held or treated for federal income tax purposes as held by Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Acquiring Fund will succeed to and take into account the items of Acquired Fund described in
Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

---

| |
|:---|
| Very truly yours, |
| <u>/s/ Ropes & Gray LLP</u> |
| Ropes & Gray LLP |

---

## Ex-99.(12)(C)

Exhibit 12(c)

---

| | |
|:---|:---|
| ![LOGO](g52595g0206091008159.jpg)  | <br> ROPES & GRAY LLP<br>PRUDENTIAL TOWER<br>800 BOYLSTON STREET<br>BOSTON, MA 02199-3600<br>WWW.ROPESGRAY.COM |

---

November 10, 2025

Putnam Minnesota Tax Exempt Income Fund

100 Federal Street

Boston, MA 02110

Franklin Minnesota Municipal Income ETF

Putnam ETF Trust

100 Federal Street

Boston, MA 02110

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated October 24, 2025, by and among (i) Putnam ETF Trust, a Delaware statutory trust ("Acquiring Trust"), on behalf of one of its series, Franklin Minnesota Municipal Income ETF ("Acquiring Fund"), (ii) Putnam Minnesota Tax Exempt Income Fund, a Massachusetts business trust ("Acquired Fund"), and (iii) for purposes of Section 5(a) of the Agreement only, Franklin Advisers, Inc. ("Investment Manager"). The Agreement describes a proposed transaction (the "Reorganization") to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Acquiring Fund Shares") and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Acquiring Fund Shares received by Acquired Fund will be distributed by Acquired Fund to its stockholders in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Sections 8(f) and 9(h) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each stockholder's option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code").

Acquiring Fund is a series of Acquiring Trust, which is registered under the 1940 Act as an open-end management investment company. Acquiring Fund operates as an exchange-traded fund; shares of Acquiring Fund are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

------

Putnam Minnesota Tax Exempt Income Fund November 10, 2025 <br> Franklin Minnesota Municipal Income ETF

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated August 6, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the "Representation Letters") representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)
of the Code, and Acquiring Fund and Acquired Fund each will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain or loss upon the transfer
of Acquired Fund's assets to Acquiring Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Acquiring Fund Shares by Acquired Fund to its
stockholders in liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, Acquired Fund stockholders will not recognize any gain or loss upon the
exchange of their Acquired Fund shares for Acquiring Fund Shares in the Reorganization (except with respect to cash received by such Acquired Fund stockholders in redemption of shares or fractional shares prior to the Reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis of Acquiring Fund Shares an Acquired Fund
stockholder receives in the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund stockholder's holding period for the
Acquiring Fund Shares received in the Reorganization will be determined by including the period during which such stockholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged therefor, provided
that the stockholder held those Acquired Fund shares as capital assets;

------

Putnam Minnesota Tax Exempt Income Fund November 10, 2025 <br> Franklin Minnesota Municipal Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss upon the receipt of the
assets of Acquired Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, Acquiring Fund's tax basis in the assets of Acquired Fund
transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund's tax basis immediately prior to the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(2) of the Code, the holding period in the hands of Acquiring Fund of each Acquired
Fund asset transferred to Acquiring Fund in the Reorganization will include the period during which such asset was held or treated for federal income tax purposes as held by Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Acquiring Fund will succeed to and take into account the items of Acquired Fund described in
Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

---

| |
|:---|
| Very truly yours, |
| <u>/s/ Ropes & Gray LLP</u> |
| Ropes & Gray LLP |

---

## Ex-99.(12)(D)

Exhibit 12(d)

---

| | |
|:---|:---|
| ![LOGO](g52595g0206091008159.jpg)  | <br> ROPES & GRAY LLP<br>PRUDENTIAL TOWER<br>800 BOYLSTON STREET<br>BOSTON, MA 02199-3600<br>WWW.ROPESGRAY.COM |

---

November 10, 2025

Putnam New Jersey Tax Exempt Income Fund

100 Federal Street

Boston, MA 02110

Franklin New Jersey Municipal Income ETF

Putnam ETF Trust

100 Federal Street

Boston, MA 02110

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated October 24, 2025, by and among (i) Putnam ETF Trust, a Delaware statutory trust ("Acquiring Trust"), on behalf of one of its series, Franklin New Jersey Municipal Income ETF ("Acquiring Fund"), (ii) Putnam New Jersey Tax Exempt Income Fund, a Massachusetts business trust ("Acquired Fund"), and (iii) for purposes of Section 5(a) of the Agreement only, Franklin Advisers, Inc. ("Investment Manager"). The Agreement describes a proposed transaction (the "Reorganization") to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Acquiring Fund Shares") and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Acquiring Fund Shares received by Acquired Fund will be distributed by Acquired Fund to its stockholders in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Sections 8(f) and 9(h) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each stockholder's option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code").

Acquiring Fund is a series of Acquiring Trust, which is registered under the 1940 Act as an open-end management investment company. Acquiring Fund operates as an exchange-traded fund; shares of Acquiring Fund are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

------

Putnam New Jersey Tax Exempt Income Fund November 10, 2025 <br> Franklin New Jersey Municipal Income ETF

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated August 6, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the "Representation Letters") representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)
of the Code, and Acquiring Fund and Acquired Fund each will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain or loss upon the transfer
of Acquired Fund's assets to Acquiring Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Acquiring Fund Shares by Acquired Fund to its
stockholders in liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, Acquired Fund stockholders will not recognize any gain or loss upon the
exchange of their Acquired Fund shares for Acquiring Fund Shares in the Reorganization (except with respect to cash received by such Acquired Fund stockholders in redemption of shares or fractional shares prior to the Reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis of Acquiring Fund Shares an Acquired Fund
stockholder receives in the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund stockholder's holding period for the
Acquiring Fund Shares received in the Reorganization will be determined by including the period during which such stockholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged therefor, provided
that the stockholder held those Acquired Fund shares as capital assets;

------

Putnam New Jersey Tax Exempt Income Fund November 10, 2025 <br> Franklin New Jersey Municipal Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss upon the receipt of the
assets of Acquired Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, Acquiring Fund's tax basis in the assets of Acquired Fund
transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund's tax basis immediately prior to the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(2) of the Code, the holding period in the hands of Acquiring Fund of each Acquired
Fund asset transferred to Acquiring Fund in the Reorganization will include the period during which such asset was held or treated for federal income tax purposes as held by Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Acquiring Fund will succeed to and take into account the items of Acquired Fund described in
Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

---

| |
|:---|
| Very truly yours, |
| <u>/s/ Ropes & Gray LLP</u> |
| Ropes & Gray LLP |

---

## Ex-99.(12)(E)

Exhibit 12(e)

---

| | |
|:---|:---|
| ![LOGO](g52595g0206091008159.jpg)  | <br> ROPES & GRAY LLP<br>PRUDENTIAL TOWER<br>800 BOYLSTON STREET<br>BOSTON, MA 02199-3600<br>WWW.ROPESGRAY.COM |

---

October 27, 2025

Putnam New York Tax Exempt Income Fund

100 Federal Street

Boston, MA 02110

Franklin New York Municipal Income ETF

Putnam ETF Trust

100 Federal Street

Boston, MA 02110

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated October 24, 2025, by and among (i) Putnam ETF Trust, a Delaware statutory trust ("Acquiring Trust"), on behalf of one of its series, Franklin New York Municipal Income ETF ("Acquiring Fund"), (ii) Putnam New York Tax Exempt Income Fund, a Massachusetts business trust ("Acquired Fund"), and (iii) for purposes of Section 5(a) of the Agreement only, Franklin Advisers, Inc. ("Investment Manager"). The Agreement describes a proposed transaction (the "Reorganization") to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Acquiring Fund Shares") and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Acquiring Fund Shares received by Acquired Fund will be distributed by Acquired Fund to its stockholders in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Sections 8(f) and 9(h) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each stockholder's option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code").

Acquiring Fund is a series of Acquiring Trust, which is registered under the 1940 Act as an open-end management investment company. Acquiring Fund operates as an exchange-traded fund; shares of Acquiring Fund are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

------

Putnam New York Tax Exempt Income Fund October 27, 2025 <br> Franklin New York Municipal Income ETF

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated August 6, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the "Representation Letters") representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)
of the Code, and Acquiring Fund and Acquired Fund each will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain or loss upon the transfer
of Acquired Fund's assets to Acquiring Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Acquiring Fund Shares by Acquired Fund to its
stockholders in liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, Acquired Fund stockholders will not recognize any gain or loss upon the
exchange of their Acquired Fund shares for Acquiring Fund Shares in the Reorganization (except with respect to cash received by such Acquired Fund stockholders in redemption of shares or fractional shares prior to the Reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis of Acquiring Fund Shares an Acquired Fund
stockholder receives in the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund stockholder's holding period for the
Acquiring Fund Shares received in the Reorganization will be determined by including the period during which such stockholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged therefor, provided
that the stockholder held those Acquired Fund shares as capital assets;

------

Putnam New York Tax Exempt Income Fund October 27, 2025 <br> Franklin New York Municipal Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss upon the receipt of the
assets of Acquired Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, Acquiring Fund's tax basis in the assets of Acquired Fund
transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund's tax basis immediately prior to the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(2) of the Code, the holding period in the hands of Acquiring Fund of each Acquired
Fund asset transferred to Acquiring Fund in the Reorganization will include the period during which such asset was held or treated for federal income tax purposes as held by Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Acquiring Fund will succeed to and take into account the items of Acquired Fund described in
Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

---

| |
|:---|
| Very truly yours, |
| <u>/s/ Ropes & Gray LLP</u> |
| Ropes & Gray LLP |

---

## Ex-99.(12)(F)

Exhibit 12(f)

---

| | |
|:---|:---|
| ![LOGO](g52595g0206091008159.jpg)  | <br> ROPES & GRAY LLP<br>PRUDENTIAL TOWER<br>800 BOYLSTON STREET<br>BOSTON, MA 02199-3600<br>WWW.ROPESGRAY.COM |

---

November 10, 2025

Putnam Ohio Tax Exempt Income Fund

100 Federal Street

Boston, MA 02110

Franklin Ohio Municipal Income ETF

Putnam ETF Trust

100 Federal Street

Boston, MA 02110

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated October 24, 2025, by and among (i) Putnam ETF Trust, a Delaware statutory trust ("Acquiring Trust"), on behalf of one of its series, Franklin Ohio Municipal Income ETF ("Acquiring Fund"), (ii) Putnam Ohio Tax Exempt Income Fund, a Massachusetts business trust ("Acquired Fund"), and (iii) for purposes of Section 5(a) of the Agreement only, Franklin Advisers, Inc. ("Investment Manager"). The Agreement describes a proposed transaction (the "Reorganization") to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Acquiring Fund Shares") and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Acquiring Fund Shares received by Acquired Fund will be distributed by Acquired Fund to its stockholders in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Sections 8(f) and 9(h) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each stockholder's option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code").

Acquiring Fund is a series of Acquiring Trust, which is registered under the 1940 Act as an open-end management investment company. Acquiring Fund operates as an exchange-traded fund; shares of Acquiring Fund are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

------

Putnam Ohio Tax Exempt Income Fund November 10, 2025 <br> Franklin Ohio Municipal Income ETF

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated August 6, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the "Representation Letters") representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)
of the Code, and Acquiring Fund and Acquired Fund each will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain or loss upon the transfer
of Acquired Fund's assets to Acquiring Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Acquiring Fund Shares by Acquired Fund to its
stockholders in liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, Acquired Fund stockholders will not recognize any gain or loss upon the
exchange of their Acquired Fund shares for Acquiring Fund Shares in the Reorganization (except with respect to cash received by such Acquired Fund stockholders in redemption of shares or fractional shares prior to the Reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis of Acquiring Fund Shares an Acquired Fund
stockholder receives in the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund stockholder's holding period for the
Acquiring Fund Shares received in the Reorganization will be determined by including the period during which such stockholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged therefor, provided
that the stockholder held those Acquired Fund shares as capital assets;

------

Putnam Ohio Tax Exempt Income Fund November 10, 2025 <br> Franklin Ohio Municipal Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss upon the receipt of the
assets of Acquired Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, Acquiring Fund's tax basis in the assets of Acquired Fund
transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund's tax basis immediately prior to the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(2) of the Code, the holding period in the hands of Acquiring Fund of each Acquired
Fund asset transferred to Acquiring Fund in the Reorganization will include the period during which such asset was held or treated for federal income tax purposes as held by Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Acquiring Fund will succeed to and take into account the items of Acquired Fund described in
Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

---

| |
|:---|
| Very truly yours, |
| <u>/s/ Ropes & Gray LLP</u> |
| Ropes & Gray LLP |

---

## Ex-99.(12)(G)

Exhibit 12(g)

---

| | |
|:---|:---|
| ![LOGO](g52595g0206091008159.jpg)  | <br> ROPES & GRAY LLP<br>PRUDENTIAL TOWER<br>800 BOYLSTON STREET<br>BOSTON, MA 02199-3600<br>WWW.ROPESGRAY.COM |

---

November 10, 2025

Putnam Pennsylvania Tax Exempt Income Fund

100 Federal Street

Boston, MA 02110

Franklin Pennsylvania Municipal Income ETF

Putnam ETF Trust

100 Federal Street

Boston, MA 02110

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated October 24, 2025, by and among (i) Putnam ETF Trust, a Delaware statutory trust ("Acquiring Trust"), on behalf of one of its series, Franklin Pennsylvania Municipal Income ETF ("Acquiring Fund"), (ii) Putnam Pennsylvania Tax Exempt Income Fund, a Massachusetts business trust ("Acquired Fund"), and (iii) for purposes of Section 5(a) of the Agreement only, Franklin Advisers, Inc. ("Investment Manager"). The Agreement describes a proposed transaction (the "Reorganization") to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Acquiring Fund Shares") and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Acquiring Fund Shares received by Acquired Fund will be distributed by Acquired Fund to its stockholders in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Sections 8(f) and 9(h) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each stockholder's option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code").

Acquiring Fund is a series of Acquiring Trust, which is registered under the 1940 Act as an open-end management investment company. Acquiring Fund operates as an exchange-traded fund; shares of Acquiring Fund are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

------

Putnam Pennsylvania Tax Exempt Income Fund November 10, 2025 <br> Franklin Pennsylvania Municipal Income ETF

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated August 6, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the "Representation Letters") representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)
of the Code, and Acquiring Fund and Acquired Fund each will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain or loss upon the transfer
of Acquired Fund's assets to Acquiring Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Acquiring Fund Shares by Acquired Fund to its
stockholders in liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, Acquired Fund stockholders will not recognize any gain or loss upon the
exchange of their Acquired Fund shares for Acquiring Fund Shares in the Reorganization (except with respect to cash received by such Acquired Fund stockholders in redemption of shares or fractional shares prior to the Reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis of Acquiring Fund Shares an Acquired Fund
stockholder receives in the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund stockholder's holding period for the
Acquiring Fund Shares received in the Reorganization will be determined by including the period during which such stockholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged therefor, provided
that the stockholder held those Acquired Fund shares as capital assets;

------

Putnam Pennsylvania Tax Exempt Income Fund November 10, 2025 <br> Franklin Pennsylvania Municipal Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss upon the receipt of the
assets of Acquired Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, Acquiring Fund's tax basis in the assets of Acquired Fund
transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund's tax basis immediately prior to the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(2) of the Code, the holding period in the hands of Acquiring Fund of each Acquired
Fund asset transferred to Acquiring Fund in the Reorganization will include the period during which such asset was held or treated for federal income tax purposes as held by Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Acquiring Fund will succeed to and take into account the items of Acquired Fund described in
Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

---

| |
|:---|
| Very truly yours, |
| <u>/s/ Ropes & Gray LLP</u> |
| Ropes & Gray LLP |

---

## Ex-99.(12)(H)

Exhibit 12(h)

---

| | |
|:---|:---|
| ![LOGO](g52595g0206091008159.jpg)  | <br> ROPES & GRAY LLP<br>PRUDENTIAL TOWER<br>800 BOYLSTON STREET<br>BOSTON, MA 02199-3600<br>WWW.ROPESGRAY.COM |

---

October 27, 2025

Putnam Short-Term Municipal Income Fund

Putnam Funds Trust

100 Federal Street

Boston, MA 02110

Franklin Short-Term Municipal Income ETF

Putnam ETF Trust

100 Federal Street

Boston, MA 02110

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated October 24, 2025, by and among (i) Putnam ETF Trust, a Delaware statutory trust ("Acquiring Trust"), on behalf of one of its series, Franklin Short-Term Municipal Income ETF ("Acquiring Fund"), (ii) Putnam Funds Trust, a Massachusetts business trust ("Acquired Trust"), on behalf of its series, Putnam Short-Term Municipal Income Fund ("Acquired Fund"), and (iii) for purposes of Section 5(a) of the Agreement only, Franklin Advisers, Inc. ("Investment Manager"). The Agreement describes a proposed transaction (the "Reorganization") to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Acquiring Fund Shares") and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Acquiring Fund Shares received by Acquired Fund will be distributed by Acquired Fund to its stockholders in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Sections 8(f) and 9(h) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is series of Acquired Trust, which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each stockholder's option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code").

Acquiring Fund is a series of Acquiring Trust, which is registered under the 1940 Act as an open-end management investment company. Acquiring Fund operates as an exchange-traded fund; shares of Acquiring Fund are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

------

Putnam Short-Term Municipal Income Fund October 27, 2025 <br> Franklin Short-Term Municipal Income ETF

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated August 6, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the "Representation Letters") representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)
of the Code, and Acquiring Fund and Acquired Fund each will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain or loss upon the transfer
of Acquired Fund's assets to Acquiring Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Acquiring Fund Shares by Acquired Fund to its
stockholders in liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, Acquired Fund stockholders will not recognize any gain or loss upon the
exchange of their Acquired Fund shares for Acquiring Fund Shares in the Reorganization (except with respect to cash received by such Acquired Fund stockholders in redemption of shares or fractional shares prior to the Reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis of Acquiring Fund Shares an Acquired Fund
stockholder receives in the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund stockholder's holding period for the
Acquiring Fund Shares received in the Reorganization will be determined by including the period during which such stockholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged therefor, provided
that the stockholder held those Acquired Fund shares as capital assets;

------

Putnam Short-Term Municipal Income Fund October 27, 2025 <br> Franklin Short-Term Municipal Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss upon the receipt of the
assets of Acquired Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, Acquiring Fund's tax basis in the assets of Acquired Fund
transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund's tax basis immediately prior to the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(2) of the Code, the holding period in the hands of Acquiring Fund of each Acquired
Fund asset transferred to Acquiring Fund in the Reorganization will include the period during which such asset was held or treated for federal income tax purposes as held by Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Acquiring Fund will succeed to and take into account the items of Acquired Fund described in
Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

---

| |
|:---|
| Very truly yours, |
| <u>/s/ Ropes & Gray LLP</u> |
| Ropes & Gray LLP |

---

## Ex-99.(12)(I)

Exhibit 12(i)

---

| | |
|:---|:---|
| ![LOGO](g52595g0206091008159.jpg)  | <br> ROPES & GRAY LLP<br>PRUDENTIAL TOWER<br>800 BOYLSTON STREET<br>BOSTON, MA 02199-3600<br>WWW.ROPESGRAY.COM |

---

October 27, 2025

Putnam Tax-Exempt Income Fund

100 Federal Street

Boston, MA 02110

Franklin Municipal Income ETF

Putnam ETF Trust

100 Federal Street

Boston, MA 02110

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated October 24, 2025, by and among (i) Putnam ETF Trust, a Delaware statutory trust ("Acquiring Trust"), on behalf of one of its series, Franklin Municipal Income ETF ("Acquiring Fund"), (ii) Putnam Tax-Exempt Income Fund, a Massachusetts business trust ("Acquired Fund"), and (iii) for purposes of Section 5(a) of the Agreement only, Franklin Advisers, Inc. ("Investment Manager"). The Agreement describes a proposed transaction (the "Reorganization") to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Acquiring Fund Shares") and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Acquiring Fund Shares received by Acquired Fund will be distributed by Acquired Fund to its stockholders in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Sections 8(f) and 9(h) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each stockholder's option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code").

Acquiring Fund is a series of Acquiring Trust, which is registered under the 1940 Act as an open-end management investment company. Acquiring Fund operates as an exchange-traded fund; shares of Acquiring Fund are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

------

Putnam Tax-Exempt Income Fund October 27, 2025 <br> Franklin Municipal Income ETF

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated August 6, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the "Representation Letters") representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)
of the Code, and Acquiring Fund and Acquired Fund each will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain or loss upon the transfer
of Acquired Fund's assets to Acquiring Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Acquiring Fund Shares by Acquired Fund to its
stockholders in liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, Acquired Fund stockholders will not recognize any gain or loss upon the
exchange of their Acquired Fund shares for Acquiring Fund Shares in the Reorganization (except with respect to cash received by such Acquired Fund stockholders in redemption of shares or fractional shares prior to the Reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis of Acquiring Fund Shares an Acquired Fund
stockholder receives in the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund stockholder's holding period for the
Acquiring Fund Shares received in the Reorganization will be determined by including the period during which such stockholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged therefor, provided
that the stockholder held those Acquired Fund shares as capital assets;

------

Putnam Tax-Exempt Income Fund October 27, 2025 <br> Franklin Municipal Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss upon the receipt of the
assets of Acquired Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, Acquiring Fund's tax basis in the assets of Acquired Fund
transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund's tax basis immediately prior to the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(2) of the Code, the holding period in the hands of Acquiring Fund of each Acquired
Fund asset transferred to Acquiring Fund in the Reorganization will include the period during which such asset was held or treated for federal income tax purposes as held by Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Acquiring Fund will succeed to and take into account the items of Acquired Fund described in
Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

---

| |
|:---|
| Very truly yours, |
| <u>/s/ Ropes & Gray LLP</u> |
| Ropes & Gray LLP |

---

## Ex-99.(12)(J)

Exhibit 12(j)

---

| | |
|:---|:---|
| ![LOGO](g52595g0206091008159.jpg)  | <br> ROPES & GRAY LLP<br>PRUDENTIAL TOWER<br>800 BOYLSTON STREET<br>BOSTON, MA 02199-3600<br>WWW.ROPESGRAY.COM |

---

October 27, 2025

Putnam Tax Free High Yield Fund

Putnam Tax-Free Income Trust

100 Federal Street

Boston, MA 02110

Franklin Municipal High Yield ETF

Putnam ETF Trust

100 Federal Street

Boston, MA 02110

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated October 24, 2025, by and among (i) Putnam ETF Trust, a Delaware statutory trust ("Acquiring Trust"), on behalf of one of its series, Franklin Municipal High Yield ETF ("Acquiring Fund"), (ii) Putnam Funds Trust, a Massachusetts business trust ("Acquired Trust"), on behalf of its series, Putnam Tax Free High Yield Fund ("Acquired Fund"), and (iii) for purposes of Section 5(a) of the Agreement only, Franklin Advisers, Inc. ("Investment Manager"). The Agreement describes a proposed transaction (the "Reorganization") to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Acquiring Fund Shares") and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Acquiring Fund Shares received by Acquired Fund will be distributed by Acquired Fund to its stockholders in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Sections 8(f) and 9(h) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is series of Acquired Trust, which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each stockholder's option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code").

Acquiring Fund is a series of Acquiring Trust, which is registered under the 1940 Act as an open-end management investment company. Acquiring Fund operates as an exchange-traded fund; shares of Acquiring Fund are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

------

Putnam Tax Free High Yield Fund October 27, 2025 <br> Franklin Municipal High Yield ETF

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated August 6, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the "Representation Letters") representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)
of the Code, and Acquiring Fund and Acquired Fund each will be "a party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Sections 361 and 357(a) of the Code, Acquired Fund will not recognize gain or loss upon the transfer
of Acquired Fund's assets to Acquiring Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Acquiring Fund Shares by Acquired Fund to its
stockholders in liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, Acquired Fund stockholders will not recognize any gain or loss upon the
exchange of their Acquired Fund shares for Acquiring Fund Shares in the Reorganization (except with respect to cash received by such Acquired Fund stockholders in redemption of shares or fractional shares prior to the Reorganization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate tax basis of Acquiring Fund Shares an Acquired Fund
stockholder receives in the Reorganization will be the same as the aggregate tax basis of the Acquired Fund shares exchanged therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired Fund stockholder's holding period for the
Acquiring Fund Shares received in the Reorganization will be determined by including the period during which such stockholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged therefor, provided
that the stockholder held those Acquired Fund shares as capital assets;

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Putnam Tax Free High Yield Fund October 27, 2025 <br> Franklin Municipal High Yield ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 1032 of the Code, Acquiring Fund will not recognize gain or loss upon the receipt of the
assets of Acquired Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, Acquiring Fund's tax basis in the assets of Acquired Fund
transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund's tax basis immediately prior to the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(2) of the Code, the holding period in the hands of Acquiring Fund of each Acquired
Fund asset transferred to Acquiring Fund in the Reorganization will include the period during which such asset was held or treated for federal income tax purposes as held by Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Acquiring Fund will succeed to and take into account the items of Acquired Fund described in
Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

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|:---|
| Very truly yours, |
| <u>/s/ Ropes & Gray LLP</u> |
| Ropes & Gray LLP |

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