# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000869392-25-001356
**Filing Date:** 2025-9
**Character Count:** 51483
**Document Hash:** 6027247682eeeefdad86c09358d888ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-25-001356.hdr.sgml**: 20250910

**ACCESSION NUMBER**: 0000869392-25-001356

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250910

**DATE AS OF CHANGE**: 20250910

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 251306386

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

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

## Series and Classes Contracts Data

### Putnam Emerging Markets ex-China ETF (Series ID: S000077139)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237309 | -            |  |

## Nport-Ex

# Putnam Emerging Markets ex-China ETF

### The fund's portfolio
7/31/2025(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  COMMON STOCKS (95.2%)***<sup>(a)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Value |  |
|  <br>Automobiles (2.8%) |  |  |  |
|  Kia Corp. (South Korea) | 897 |  | &nbsp;&nbsp;&nbsp;&nbsp; $66169 |
|  Mahindra & Mahindra, Ltd. (India) | 9376 |  | &nbsp;&nbsp;&nbsp; 342839 |
|  |  |  | &nbsp;&nbsp;&nbsp; <br>409008 |
|  Banks (22.1%) |  |  |  |
|  Abu Dhabi Islamic Bank PJSC (United Arab Emirates) | 77922 |  | &nbsp;&nbsp;&nbsp; 512543 |
|  Al Rajhi Bank (Saudi Arabia)***<sup>(NON)</sup>*** | 16169  |  | &nbsp;&nbsp;&nbsp; 408417 |
|  Bank Central Asia Tbk PT (Indonesia) | 398900 |  | &nbsp;&nbsp;&nbsp; 200601 |
|  CTBC Financial Holding Co Ltd (Taiwan) | 68000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 93978 |
|  Grupo Financiero Banorte SAB de CV Class O (Mexico) | 22965 |  | &nbsp;&nbsp;&nbsp; 204658 |
|  ICICI Bank, Ltd. (India) | 34854 |  | &nbsp;&nbsp;&nbsp; 589423 |
|  Itau Unibanco Holding SA (Preference) (Brazil) | 45300 |  | &nbsp;&nbsp;&nbsp; 284442 |
|  KB Financial Group Inc (South Korea) | 3590 |  | &nbsp;&nbsp;&nbsp; 287086 |
|  National Bank of Greece SA (Greece) | 21661 |  | &nbsp;&nbsp;&nbsp; 303803 |
|  OTP Bank Nyrt (Hungary) | 2328 |  | &nbsp;&nbsp;&nbsp; 189303 |
|  Powszechna Kasa Oszczednosci Bank Polski SA (Poland) | 10534 |  | &nbsp;&nbsp;&nbsp; 231562 |
|  |  |  | <br>3305816 |
|  Broadline Retail (2.0%)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)***<sup>(NON)</sup>*** | <br>127 |  | &nbsp;&nbsp;&nbsp; <br>301484 |
|  |  |  | &nbsp;&nbsp;&nbsp; <br>301484 |
|  Capital Markets (1.6%) |  |  |  |
|  HDFC Asset Management Co., Ltd. (India) | 3639 |  | &nbsp;&nbsp;&nbsp; 234711 |
|  |  |  | &nbsp;&nbsp;&nbsp; <br>234711 |
|  Communications Equipment (2.0%) |  |  |  |
|  Accton Technology Corp. (Taiwan) | 10000 |  | &nbsp;&nbsp;&nbsp; 298853 |
|  |  |  | &nbsp;&nbsp;&nbsp; <br>298853 |
|  Construction & Engineering (1.8%) |  |  |  |
|  Gamuda Bhd (Malaysia) | 104900 |  | &nbsp;&nbsp;&nbsp; 127405 |
|  Hyundai Engineering & Construction Co,, Ltd. (South Korea) | 2729 |  | &nbsp;&nbsp;&nbsp; 132829 |
|  |  |  | &nbsp;&nbsp;&nbsp; 260234 |
|  Construction Materials (1.7%) |  |  |  |
|  UltraTech Cement, Ltd. (India) | 1849 |  | &nbsp;&nbsp;&nbsp; 258547 |
|  |  |  | &nbsp;&nbsp;&nbsp; 258547 |
|  Electric Utilities (1.8%) | 9873 |  | &nbsp;&nbsp;&nbsp; 274448 |
|  Korea Electric Power Corp. (South Korea) |  |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp; 274448 |
|  Electronic Equipment, Instruments & Components (1.7%) |  |  |  |
|  Elite Material Co., Ltd. (Taiwan) | 7000 |  | &nbsp;&nbsp;&nbsp; 259151 |
|  |  |  | &nbsp;&nbsp;&nbsp; 259151 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment (1.1%)<br> Sea, Ltd. ADR (Singapore)***<sup>(NON)</sup>*** | <br>1069 |  | &nbsp;&nbsp;&nbsp; <br>167459 |
|  |  |  | &nbsp;&nbsp;&nbsp; 167459 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Financial Services (0.8%)<br> Meritz Financial Group, Inc. (South Korea) | <br>1429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>119324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119324 |
| Health Care Providers & Services (1.6%) |  |  |
| Apollo Hospitals Enterprise, Ltd. (India) | 2829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242148 |
| Hotels, Restaurants & Leisure (3.4%)<br> Eternal Ltd. (India)***<sup>(NON)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>37438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>131548 |
| Indian Hotels Co., Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235082 |
| MakeMyTrip, Ltd. (India)***<sup>(NON)</sup>*** | 1412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498778 |
| Household Durables (1.3%)<br> Amber Enterprises India, Ltd. (India)***<sup>(NON)</sup>*** | <br>2104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>191272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191272 |
| Independent Power and Renewable Electricity Producers (1.8%) |  |  |
| NTPC, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>264149 |
| <br>Industrial Conglomerates (1.4%) |  |  |
| Samsung C&T Corp. (South Korea) | 1673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203274 |
| IT Services (1.2%) |  |  |
| Coforge Ltd. (India) | 8884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177297 |
| <br>Machinery 0.8%) |  |  |
| HD Hyundai Heavy Industries Co., Ltd. (South Korea) | 324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114596 |
| Metals & Mining (1.5%) |  |  |
| Anglogold Ashanti PLC. (United Kingdom) | 4874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220796 |
| Personal Care Products (1.2%) |  |  |
| Kolmar Korea Co., Ltd. (South Korea) | 2507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176256 |
| Professional Services (0.4%) |  |  |
| Benefit Systems SA (Poland)  | 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59879 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59879 |
| Real Estate Management & Development (1.9%) |  |  |
| Emaar Properties PJSC (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286603 |
| <br>Semiconductors & Semiconductor Equipment (20.8%)<br> MediaTek, Inc. (Taiwan)***<sup>(NON)</sup>*** | <br>7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>321300 |
| SK Hynix, Inc. (South Korea)***<sup>(NON)</sup>*** | 1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390489 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2370718 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3082507  |
| Specialty Retail (2.0%) |  |  |
| JUMBO SA (Greece) | 8808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297932 |

---

---

| | | |
|:---|:---|:---|
|  Technology Hardware, Storage & Peripherals (5.4%)<br> Asia Vital Components Co., Ltd. (Taiwan) | <br>9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>278315 |
|  Samsung Electronics Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796361 |
|  <br>Transportation Infrastructure (1.5%) |  |  |
|  International Container Terminal Services, Inc. (Philippines) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218730 |
|  <br>Water Utilities (1.6%) |  |  |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233214 |
|  <br>Wireless Telecommunication Services (8.0%) |  |  |
|  Bharti Airtel, Ltd. (India)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361275 |
|  Etihad Etisalat Co (Saudi Arabia)***<sup>(NON)</sup>*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166236 |
|  Far EasTone Telecommunications Co., Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117702 |
|  MTN Group Ltd. (South Africa)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233633 |
|  TIM SA/Brazil (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1186232  |
|  Total Common Stocks (Cost $11,299,852) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14139058  |

---

#### SHORT-TERM INVESTMENTS (3.1%)  ***<sup>(a)</sup>*** 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value |
|  Putnam Government Money Market Fund Class P 4.08%***<sup>(AFF)</sup>*** | 457133  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $457133  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total short-term investments (cost $457,133) TOTAL INVESTMENTS<br> Total Investments (cost $11,756,984) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $457133 <br>$14596191  |

---

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

Notes to the fund's portfolio

Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2025 through July 31, 2025 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's investment manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., and references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures.

Putnam Emerging Markets Ex-China ETF (the fund) is a non-diversified, open-end series of Putnam ETF Trust (the Trust), a Delaware statutory trust organized under the 1940 Act. The fund is an actively managed ETF.

The fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Percentages indicated are based on net assets of $14,854,376. (NON) This security is non-income-producing.

&nbsp;&nbsp;&nbsp;&nbsp;(AFF) Affiliated company. For investments in Putnam Government Money Market Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>Name of affiliate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Value as of 4/30/25 | <br>Purchase Cost | &nbsp;&nbsp;&nbsp; <br>Sale proceeds | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding and fair value as of 7/31/25 |
| Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments | Short-term investments |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Putnam Government Money Market Fund Class P 4.08%† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $237771  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3881868  | &nbsp;&nbsp;&nbsp;&nbsp; $3662507  | &nbsp;&nbsp;&nbsp;&nbsp; $4058 | &nbsp;&nbsp;&nbsp;&nbsp; $457133  |
| Total Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $237771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3881868 | &nbsp;&nbsp;&nbsp;&nbsp; $3662507 | &nbsp;&nbsp;&nbsp;&nbsp; $4058 | &nbsp;&nbsp;&nbsp;&nbsp; $457133 |
| <br>† Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund. There were no realized or unrealized gains or losses during the period. |  |  |  |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Diversification By Country  | &nbsp;&nbsp;&nbsp;&nbsp; Diversification By Country  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value): | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value): |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 21.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 15.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; United states | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippines | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 0.9 |

---

Total 100%

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

Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at the average of the last reported bid and ask prices, the"mid price", and is generally categorized as a Level 2 security.

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

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

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

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

ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:

Level 1: Valuations based on quoted prices for identical securities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.

The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:

Valuation Inputs

Investments in securities: Level 1 Level 2 Level 3 Common stocks\*:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1353691  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1698474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3659850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4614168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771811 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; $- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |
| &nbsp;&nbsp;&nbsp;&nbsp; - | - | &nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; - | - | &nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; - | - | &nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; - | - | &nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; - | - | &nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; - | - | &nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; - | - | &nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; - | - | &nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; - | - | &nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp; - | - | &nbsp;&nbsp;&nbsp; - |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Total common stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14139058  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457133 |

---

---

| | |
|:---|:---|
| $- | $- |
| - | - |

---

-

---

| | | | |
|:---|:---|:---|:---|
| Totals by level<br>\* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio  | &nbsp;&nbsp;&nbsp;&nbsp; $14596191 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- |
| presentation. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or<br> annual shareholder report  |  |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

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

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

- **a. Name of Series:** Putnam Emerging Markets ex-China ETF

- **b. EDGAR series identifier (if any):** S000077139

- **c. LEI of Series:** 549300O5GUFQ0IEIQS09

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $14945908.86

**Total Liabilities:** $91181.86

**Net Assets:** $14853530.67

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237309 | 0.89%                | 7.64%                | 4.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $164705.99               | $-57770.91                                 |
| Month 2  | $64805.51                | $858885.31                                 |
| Month 3  | $-13038.17               | $359869.96                                 |

### Schedule of Portfolio Investments

| Name                                                        | Title               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SEA LTD                                                     | COMMON STOCK - ADR  | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |      1069 | NS      | $167458.85    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AL RAJHI BANK                                               | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 558600BQZS4Y1DTU8589       | Long             | EC               | CORP              | SA        |     16169 | NS      | $408416.93    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| KB FINANCIAL GROUP INC                                      | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 529900TKE4MXG3Q6GW86       | Long             | EC               | CORP              | KR        |      3590 | NS      | $287086.10    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MAKEMYTRIP LTD                                              | ORDINARY SHARES     | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | IN        |      1412 | NS      | $132149.08    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| MERITZ FINANCIAL GROUP INC                                  | ORDINARY SHARES     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      1429 | NS      | $119323.77    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| KOLMAR KOREA CO LTD                                         | ORDINARY SHARES     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      2507 | NS      | $176256.49    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG C AND T CORP                                        | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 988400GFRE4IDFPE9E64       | Long             | EC               | CORP              | KR        |      1673 | NS      | $203274.08    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCADOLIBRE INC                                            | ORDINARY SHARES     | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       127 | NS      | $301484.03    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ETIHAD ETISALAT CO                                          | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 2549007BA9ABDE3HVK79       | Long             | EC               | CORP              | SA        |     10189 | NS      | $166235.72    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ABU DHABI ISLAMIC BANK PJSC                                 | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 5493006DOLY8O98XHD74       | Long             | EC               | CORP              | AE        |     77922 | NS      | $512542.85    | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BENEFIT SYSTEMS SA                                          | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 2594007UY43JEUOLID52       | Long             | EC               | CORP              | PL        |        83 | NS      | $75302.53     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AMBER ENTERPRISES INDIA LTD                                 | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 3358009JZU4XT3666G06       | Long             | EC               | CORP              | IN        |      2104 | NS      | $191272.18    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC ASSET MANAGEMENT CO LTD                                | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 3358002FLK8AK8WSEP31       | Long             | EC               | CORP              | IN        |      3639 | NS      | $234710.54    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| TIM SA/BRAZIL                                               | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 529900QI0CH1DN5ZCS77       | Long             | EC               | CORP              | BR        |     83111 | NS      | $307386.99    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ETERNAL LTD                                                 | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 335800T4VOF9ETHF8W59       | Long             | EC               | CORP              | IN        |     37438 | NS      | $131547.73    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| HD HYUNDAI HEAVY INDUSTRIES CO LTD                          | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 988400CAR8W9URQLGF30       | Long             | EC               | CORP              | KR        |       324 | NS      | $114596.19    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                                       | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | GB        |      4874 | NS      | $220795.91    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD                   | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 549300KB6NK5SBD14S87       | Long             | EC               | CORP              | TW        |     61000 | NS      | $2370717.82   | 15.96%            |  |  |  | No            |                  1 | On Loan: No      |
| GAMUDA BHD                                                  | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 254900RW4N94L9KA9137       | Long             | EC               | CORP              | MY        |    104900 | NS      | $127404.92    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| KOREA ELECTRIC POWER CORP                                   | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 988400QG33WS7JEIV602       | Long             | EC               | CORP              | KR        |      9873 | NS      | $274447.76    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG ELECTRONICS CO LTD                                  | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     10062 | NS      | $518046.44    | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| MTN GROUP LTD                                               | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               | CORP              | ZA        |     27753 | NS      | $233633.30    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SK HYNIX INC                                                | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |      1980 | NS      | $390488.90    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP BANK NYRT                                               | ORDINARY SHARES     | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |      2328 | NS      | $189302.66    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO SABESP      | ORDINARY SHARES     | CUSIP: P2R268136<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |     12057 | NS      | $233214.04    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPO FINANCIERO BANORTE SAB DE CV                          | ORDINARY SHARES     | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     22965 | NS      | $204658.14    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL BANK OF GREECE SA                                  | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 5UMCZOEYKCVFAW8ZLO05       | Long             | EC               | CORP              | GR        |     21661 | NS      | $303802.92    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JUMBO SA                                                    | ORDINARY SHARES     | CUSIP: X4114P111<br>LEI: 549300TGIVUUMY40MZ05 | Long             | EC               | CORP              | GR        |      8808 | NS      | $297931.94    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCTON TECHNOLOGY CORP                                      | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 529900M1YRZ0GWMDF920       | Long             | EC               | CORP              | TW        |     10000 | NS      | $298852.50    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MAHINDRA  AND  MAHINDRA LTD                                 | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 3358003B573EV4KB4Z02       | Long             | EC               | CORP              | IN        |      9376 | NS      | $342838.97    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI BANK LTD                                              | ORDINARY SHARES     | CUSIP: Y38574110<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     34854 | NS      | $589422.97    | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| INDIAN HOTELS CO LTD/THE                                    | ORDINARY SHARES     | CUSIP: Y3925F121<br>LEI: 33580076CH5SBY5HWA22 | Long             | EC               | CORP              | IN        |     27800 | NS      | $235081.55    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO HOSPITALS ENTERPRISE LTD                             | ORDINARY SHARES     | CUSIP: Y0187F112<br>LEI: 3358005YT7JQCWYLTG43 | Long             | EC               | CORP              | IN        |      2829 | NS      | $242147.77    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ELITE MATERIAL CO LTD                                       | ORDINARY SHARES     | CUSIP: Y2290G102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      7000 | NS      | $259150.68    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK CENTRAL ASIA TBK PT                                    | ORDINARY SHARES     | CUSIP: Y7123P104<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    442800 | NS      | $222678.21    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDIATEK INC                                                | ORDINARY SHARES     | CUSIP: Y5945U103<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |      7000 | NS      | $321299.94    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HYUNDAI ENGINEERING  AND  CONSTRUCTION CO LTD               | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 988400CEQG9N710HN313       | Long             | EC               | CORP              | KR        |      2729 | NS      | $132829.18    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL CONTAINER TERMINAL SERVICES INC               | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 254900FU1MWK0I0Q4J61       | Long             | EC               | CORP              | PH        |     30450 | NS      | $233859.34    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| KIA CORP                                                    | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |      1290 | NS      | $95159.36     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| FAR EASTONE TELECOMMUNICATIONS                              | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 529900L7W7BWDLVZL253       | Long             | EC               | CORP              | TW        |     43000 | NS      | $117701.65    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| BHARTI AIRTEL LTD                                           | ORDINARY SHARES     | CUSIP: Y0885K108<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |     16532 | NS      | $361274.65    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CTBC FINANCIAL HOLDING CO LTD                               | ORDINARY SHARES     | CUSIP: Y15093100<br>LEI: 549300IWDYIFW6JXM387 | Long             | EC               | CORP              | TW        |     68000 | NS      | $93977.72     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ASIA VITAL COMPONENTS CO LTD                                | ORDINARY SHARES     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |      9000 | NS      | $278314.77    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTRATECH CEMENT LTD                                        | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 335800PC9O9B4BQHG814       | Long             | EC               | CORP              | IN        |      1849 | NS      | $258547.08    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NTPC LTD                                                    | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 335800Q4TRGJXNLVMB81       | Long             | EC               | CORP              | IN        |     69227 | NS      | $264149.03    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA                 | ORDINARY SHARES     | CUSIP: N/A<br>LEI: P4GTT6GF1W40CVIMFR43       | Long             | EC               | CORP              | PL        |     10534 | NS      | $231562.20    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| COFORGE LTD                                                 | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 3358004YL9JGBNP4KF72       | Long             | EC               | CORP              | IN        |      8884 | NS      | $177297.15    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| EMAAR PROPERTIES PJSC                                       | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 254900YWYEXYXK1BMP81       | Long             | EC               | CORP              | AE        |     69030 | NS      | $286603.10    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ITAU UNIBANCO HOLDING SA                                    | PREFERRED           | CUSIP: N/A<br>LEI: 5493002W2IVG62O3ZJ94       | Long             | EP               | CORP              | BR        |     45300 | NS      | $284442.14    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| PUTNAM INVESTMENT FUNDS-PUTNAM GOVERNMENT MONEY MARKET FUND | SHORT TERM INV FUND | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | PF                | US        |    457133 | NS      | $457132.54    | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-10

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Kevin R Blatchford

**Title:** Assistant Treasurer