# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0001133228-26-009594
**Filing Date:** 2026-6
**Character Count:** 141548
**Document Hash:** b2b4f67af323517d485d54007dfbf573
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-009594.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001133228-26-009594

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**EFFECTIVENESS DATE**: 20260625

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 261121071

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

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

## Series and Classes Contracts Data

### Putnam ESG Ultra Short ETF (Series ID: S000077299)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237596 | -            |  |

?xml version='1.0' encoding='ASCII'? 2026-05-191014068_PutnamESGUltraShortETF_SingleClass_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

**Putnam ETF Trust**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

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

Date of reporting period: **April 30, 2026**

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

| | |
|:---|:---|
| **Putnam ESG Ultra Short ETF**  | ![image](img448_202405131411777.jpg) |
| PULT \| NYSE Arca, Inc.  | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| April 30, 2026  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Putnam ESG Ultra Short ETF for the period May 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Putnam ESG Ultra Short ETF | $26 | 0.25% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended April 30, 2026, Putnam ESG Ultra Short ETF returned 4.58%. The Fund compares its performance to the ICE BofA U.S. Treasury Bill Index, which returned 4.05% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Iinvestment-grade corporate credit exposure was the largest contributor to performance. For the majority of the period, corporate credit spreads tightened. Additionally, issuer selection in the banking sector, the largest sector allocation within the Fund, was additive. |
| ↑ | Allocation to commercial paper also contributed to outperformance. The Fund keeps a balance of short-maturity commercial paper for liquidity purposes and as a source of returns. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Yield curve exposures detracted from performance particularly in early 2026, as interest rates were volatile amidst heightened geopolitical tensions. |

---

Putnam ESG Ultra Short ETF PAGE 1 39497-ATSR-0626

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Putnam ESG Ultra Short ETF** 1/19/2023 — 4/30/2026

![image](ts7342img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2026

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(1/19/2023)** |
| **Putnam ESG Ultra Short ETF (NAV)**  | 4.58 | 5.35 |
| **Bloomberg U.S. Aggregate Index**  | 4.06 | 3.15 |
| **ICE BofA U.S. Treasury Bill Index**  | 4.05 | 4.77 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/exchange-traded-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $42935686 |
| **Total Number of Portfolio Holdings** | 166 |
| **Total Management Fee Paid (based on a unitary fee)** | $396099 |
| **Portfolio Turnover Rate** | 57% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7342img004.jpg)

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

Putnam ESG Ultra Short ETF PAGE 2 39497-ATSR-0626

------

**HOW HAS THE FUND CHANGED?**

At a meeting held on March 26, 2026, the Board of Trustees of Putnam ETF Trust, on behalf of the Fund, approved a plan to liquidate and dissolve the Fund, upon recommendation by Putnam Investment Management, LLC, the Fund's investment adviser.

The liquidation of the Fund is expected to occur on or about June 16, 2026 (the "Liquidation Date"), although the Fund may make dispositions of portfolio holdings prior to the Liquidation Date.

Effective as of the close of business on May 19, 2026, the Fund will no longer accept orders for the purchase of creation units, and effective as of the close of business on June 9, 2026, the Fund will no longer accept redemption orders. Trading for the Fund on NYSE Arca, Inc. will be suspended prior to market open on June 10, 2026.

When the Funds are in the process of liquidating their portfolios, which is anticipated to commence prior to June 10, 2026, the Funds will hold cash and securities that may not be consistent with the Funds' investment objectives and strategies.

This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or ETFs-Product@franklintempleton.com.

---

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

---

Putnam ESG Ultra Short ETF PAGE 3 39497-ATSR-0626

100001011810399107391107911344116411186310000100499433990210428106961107011130100001011310375106511094011181114241163327.46.03.23.12.32.21.91.51.31.30.449.4 ------

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

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Warren Lowell and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Warren Lowell and Manoj P. Singh as the Audit Committee's financial experts. Warren Lowell and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending April 30, 2025 and April 30, 2026 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $153,203 in April 30, 2025 and $164,798 in April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in April 30, 2025 and $0 in April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $26,747 in April 30, 2025 and $26,747 in April 30, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in April 30, 2025 and $0 in April 30, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund's investment manager and certain of its affiliates of the fund's independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $664,363 in April 30, 2025 and $1,474,011 in April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

![](imgf651d64a1.gif)

**Putnam**

**ESG Ultra Short ETF**

**Financial Statements and Other Important Information**

**Annual** \| April 30, 2026

![](img36d79e852.gif)

**If you need assistance accessing this content, please reach out to your sales representative or send an email to** accessibility@franklintempleton.com**.**

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_520dc136-11c3-4315-9d27-1de67acb6242_SOI-Header-SOI-5048_1) | **1** |
| [Statement of Assets and Liabilities](#xx_520dc136-11c3-4315-9d27-1de67acb6242_SAL-Header-SAL-5048_1) | **10** |
| [Statement of Operations](#xx_520dc136-11c3-4315-9d27-1de67acb6242_SOP-Header-SOP-5048_1) | **11** |
| [Statements of Changes in Net Assets](#xx_520dc136-11c3-4315-9d27-1de67acb6242_SOC-Header-SOC-5048_1) | **12** |
| [Financial Highlights](#xx_520dc136-11c3-4315-9d27-1de67acb6242_FH-Header-Financialhighlights-5048_1) | **13** |
| [Notes to Financial Statements](#xx_520dc136-11c3-4315-9d27-1de67acb6242_NTF-Header-Notestofinancialstatements-5048_1) | **14** |
| [Report of Independent Registered Public Accounting](#xx_520dc136-11c3-4315-9d27-1de67acb6242_RIRPAF-Header-Auditletter-5048_1) [Firm](#xx_520dc136-11c3-4315-9d27-1de67acb6242_RIRPAF-Header-Auditletter-5048_1) | **23** |
| [Important Tax Information](#xx_520dc136-11c3-4315-9d27-1de67acb6242_ITI-Header-Importanttaxinformation-5048_1) | **24** |
| [Changes in and Disagreements with Accountants](#xx_520dc136-11c3-4315-9d27-1de67acb6242_TSR-TOCTSRDisclosures-5048_1) | **25** |
| [Results of Meeting(s) of Shareholders](#xx_520dc136-11c3-4315-9d27-1de67acb6242_TSR-TOCTSRDisclosures-5048_1) | **25** |
| [Remuneration Paid to Directors, Officers and Others](#xx_520dc136-11c3-4315-9d27-1de67acb6242_TSR-TOCTSRDisclosures-5048_1) | **25** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedule of Investments

April 30, 2026

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 50.4%** | **Corporate Bonds & Notes — 50.4%** | **Corporate Bonds & Notes — 50.4%** | **Corporate Bonds & Notes — 50.4%** | **Corporate Bonds & Notes — 50.4%** |
| **Communication Services — 1.3%** | **Communication Services — 1.3%** | **Communication Services — 1.3%** | **Communication Services — 1.3%** | **Communication Services — 1.3%** |
| Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% | Diversified Telecommunication Services — 0.8% |
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; $132000<br>| &nbsp;&nbsp; $131662<br>|
| AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 210021<br>|
| Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | Total Diversified Telecommunication Services | &nbsp;&nbsp; 341683 |
| Entertainment — 0.4% | Entertainment — 0.4% | Entertainment — 0.4% | Entertainment — 0.4% | Entertainment — 0.4% |
| Netflix Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 25048<br>|
| Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 146000<br>| &nbsp;&nbsp; 151600<br>|
| Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | &nbsp;&nbsp; 176648 |
| Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% | Interactive Media & Services — 0.1% |
| Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 33000<br>| &nbsp;&nbsp; 32782<br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **551113** |
| **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** |
| Automobiles — 3.1% | Automobiles — 3.1% | Automobiles — 3.1% | Automobiles — 3.1% | Automobiles — 3.1% |
| American Honda Finance Corp., Senior Notes <br> (SOFR + 0.620%) | &nbsp;&nbsp; 4.274% | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp; 75067<br> <sup>(a)</sup><br>|
| American Honda Finance Corp., Senior Notes <br> (SOFR + 0.650%) | &nbsp;&nbsp; 4.314% | &nbsp;&nbsp; 5/20/26 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 170033<br> <sup>(a)</sup><br>|
| BMW US Capital LLC, Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp; 150732<br> <sup>(b)</sup><br>|
| General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 6/10/26 | &nbsp;&nbsp; 112000<br>| &nbsp;&nbsp; 111656<br>|
| Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 50221<br> <sup>(b)</sup><br>|
| Hyundai Capital America, Senior Notes (SOFR + <br> 1.030%) | &nbsp;&nbsp; 4.681% | &nbsp;&nbsp; 9/24/27 | &nbsp;&nbsp; 114000<br>| &nbsp;&nbsp; 114482<br> <sup>(a)(b)</sup><br>|
| Hyundai Capital America, Senior Notes (SOFR + <br> 1.040%) | &nbsp;&nbsp; 4.691% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 111000<br>| &nbsp;&nbsp; 111400<br> <sup>(a)(b)</sup><br>|
| Hyundai Capital America, Senior Notes (SOFR + <br> 1.040%) | &nbsp;&nbsp; 4.691% | &nbsp;&nbsp; 6/24/27 | &nbsp;&nbsp; 78000<br>| &nbsp;&nbsp; 78304<br> <sup>(a)(b)</sup><br>|
| Toyota Motor Credit Corp., Senior Notes (SOFR + <br> 0.720%) | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/5/28 | &nbsp;&nbsp; 239000<br>| &nbsp;&nbsp; 239972<br> <sup>(a)</sup><br>|
| Volkswagen Group of America Finance LLC, Senior <br> Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp; 246000<br>| &nbsp;&nbsp; 246347<br> <sup>(b)</sup><br>|
| Total Automobiles | Total Automobiles | Total Automobiles | Total Automobiles | &nbsp;&nbsp; 1348214 |
| Hotels, Restaurants & Leisure — 1.4% | Hotels, Restaurants & Leisure — 1.4% | Hotels, Restaurants & Leisure — 1.4% | Hotels, Restaurants & Leisure — 1.4% | Hotels, Restaurants & Leisure — 1.4% |
| Hyatt Hotels Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/30/27 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 312783<br>|
| Marriott International Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 175000<br>| &nbsp;&nbsp; 174714<br>|
| Marriott International Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 95000<br>| &nbsp;&nbsp; 94391<br>|
| Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | &nbsp;&nbsp; 581888 |
| Household Durables — 0.7% | Household Durables — 0.7% | Household Durables — 0.7% | Household Durables — 0.7% | Household Durables — 0.7% |
| Lennar Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 302000<br>| &nbsp;&nbsp; 302172<br>|

---

See Notes to Financial Statements.

Putnam ESG Ultra Short ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

April 30, 2026

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% |
| Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; $60000<br>| &nbsp;&nbsp; $59614<br>|
| Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 258000<br>| &nbsp;&nbsp; 256066<br>|
| Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | &nbsp;&nbsp; 315680 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2547954** |
| **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** |
| Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% |
| Alimentation Couche-Tard Inc., Senior Notes | &nbsp;&nbsp; 4.148% | &nbsp;&nbsp; 9/29/28 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 159026<br> <sup>(b)</sup><br>|
| Kroger Co., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp; 54641<br>|
| Target Corp., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 128000<br>| &nbsp;&nbsp; 128620<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 342287 |
| Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% | Food Products — 1.0% |
| Mars Inc., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 176000<br>| &nbsp;&nbsp; 176660<br> <sup>(b)</sup><br>|
| Mondelez International Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/6/28 | &nbsp;&nbsp; 244000<br>| &nbsp;&nbsp; 243713<br>|
| Total Food Products | Total Food Products | Total Food Products | Total Food Products | &nbsp;&nbsp; 420373 |
| Tobacco — 0.4% | Tobacco — 0.4% | Tobacco — 0.4% | Tobacco — 0.4% | Tobacco — 0.4% |
| Cargill Inc., Senior Notes (SOFR + 0.610%) | &nbsp;&nbsp; 4.275% | &nbsp;&nbsp; 2/11/28 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 170366<br> <sup>(a)(b)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **933026** |
| **Energy — 1.3%** | **Energy — 1.3%** | **Energy — 1.3%** | **Energy — 1.3%** | **Energy — 1.3%** |
| Oil, Gas & Consumable Fuels — 1.3% | Oil, Gas & Consumable Fuels — 1.3% | Oil, Gas & Consumable Fuels — 1.3% | Oil, Gas & Consumable Fuels — 1.3% | Oil, Gas & Consumable Fuels — 1.3% |
| Chevron USA Inc., Senior Notes (SOFR + 0.470%) | &nbsp;&nbsp; 4.129% | &nbsp;&nbsp; 2/26/28 | &nbsp;&nbsp; 148000<br>| &nbsp;&nbsp; 148327<br> <sup>(a)</sup><br>|
| Chevron USA Inc., Senior Notes (SOFR + 0.570%) | &nbsp;&nbsp; 4.235% | &nbsp;&nbsp; 8/13/28 | &nbsp;&nbsp; 115000<br>| &nbsp;&nbsp; 115361<br> <sup>(a)</sup><br>|
| Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 6/20/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60049<br>|
| ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 164000<br>| &nbsp;&nbsp; 164862<br>|
| Phillips 66 Co., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp; 54868<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **543467** |
| **Financials — 27.3%** | **Financials — 27.3%** | **Financials — 27.3%** | **Financials — 27.3%** | **Financials — 27.3%** |
| Banks — 14.7% | Banks — 14.7% | Banks — 14.7% | Banks — 14.7% | Banks — 14.7% |
| Bank of America Corp., Senior Notes (SOFR + <br> 0.830%) | &nbsp;&nbsp; 4.478% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 321000<br>| &nbsp;&nbsp; 321561<br> <sup>(a)</sup><br>|
| Bank of America Corp., Subordinated Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/22/26 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 40010<br>|
| Bank of Montreal, Senior Notes (SOFR + 0.860%) | &nbsp;&nbsp; 4.508% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 237000<br>| &nbsp;&nbsp; 237545<br> <sup>(a)</sup><br>|
| Bank of Nova Scotia, Senior Notes (SOFR + <br> 0.730%) | &nbsp;&nbsp; 4.399% | &nbsp;&nbsp; 2/2/30 | &nbsp;&nbsp; 154000<br>| &nbsp;&nbsp; 153769<br> <sup>(a)</sup><br>|
| Bank of Nova Scotia, Senior Notes (SOFR + <br> 0.890%) | &nbsp;&nbsp; 4.554% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp; 100191<br> <sup>(a)</sup><br>|
| Barclays PLC, Senior Notes (6.496% to 9/13/26 <br> then SOFR + 1.880%) | &nbsp;&nbsp; 6.496% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 261911<br> <sup>(a)</sup><br>|
| BNP Paribas SA, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/16/27 | &nbsp;&nbsp; 234000<br>| &nbsp;&nbsp; 230781<br> <sup>(b)</sup><br>|
| BNP Paribas SA, Senior Notes (SOFR + 1.430%) | &nbsp;&nbsp; 5.095% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp; 266888<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

------

Putnam ESG Ultra Short ETF 2026 Annual Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| CaixaBank SA, Senior Notes (6.684% to 9/13/26 <br> then SOFR + 2.080%) | &nbsp;&nbsp; 6.684% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; $433000<br>| &nbsp;&nbsp; $436549<br> <sup>(a)(b)</sup><br>|
| Canadian Imperial Bank of Commerce, Senior <br> Notes (SOFR + 0.940%) | &nbsp;&nbsp; 4.591% | &nbsp;&nbsp; 6/28/27 | &nbsp;&nbsp; 161000<br>| &nbsp;&nbsp; 161841<br> <sup>(a)</sup><br>|
| Canadian Imperial Bank of Commerce, Senior <br> Notes (SOFR + 1.030%) | &nbsp;&nbsp; 4.681% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp; 185978<br> <sup>(a)</sup><br>|
| Commonwealth Bank of Australia, Senior Notes <br> (SOFR + 0.460%) | &nbsp;&nbsp; 4.118% | &nbsp;&nbsp; 11/27/26 | &nbsp;&nbsp; 73000<br>| &nbsp;&nbsp; 73073<br> <sup>(a)(b)</sup><br>|
| Commonwealth Bank of Australia, Senior Notes <br> (SOFR + 0.640%) | &nbsp;&nbsp; 4.293% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 130486<br> <sup>(a)(b)</sup><br>|
| Fifth Third Bancorp, Senior Notes (6.361% to <br> 10/27/27 then SOFR + 2.192%) | &nbsp;&nbsp; 6.361% | &nbsp;&nbsp; 10/27/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 112915<br> <sup>(a)</sup><br>|
| Goldman Sachs Bank USA, Senior Notes (5.414% <br> to 5/21/26 then SOFR + 0.750%) | &nbsp;&nbsp; 5.414% | &nbsp;&nbsp; 5/21/27 | &nbsp;&nbsp; 241000<br>| &nbsp;&nbsp; 241126<br> <sup>(a)</sup><br>|
| Huntington Bancshares Inc., Senior Notes (4.443% <br> to 8/4/27 then SOFR + 1.970%) | &nbsp;&nbsp; 4.443% | &nbsp;&nbsp; 8/4/28 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp; 54946<br> <sup>(a)</sup><br>|
| ING Groep NV, Senior Notes (SOFR + 1.010%) | &nbsp;&nbsp; 4.661% | &nbsp;&nbsp; 3/25/29 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp; 260835<br> <sup>(a)</sup><br>|
| JPMorgan Chase & Co., Senior Notes (4.505% to <br> 10/22/27 then SOFR + 0.860%) | &nbsp;&nbsp; 4.505% | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; 264000<br>| &nbsp;&nbsp; 264352<br> <sup>(a)</sup><br>|
| Lloyds Banking Group PLC, Senior Notes (5.462% <br> to 1/5/27 then 1 year Treasury Constant Maturity <br> Rate + 1.375%) | &nbsp;&nbsp; 5.462% | &nbsp;&nbsp; 1/5/28 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 211426<br> <sup>(a)</sup><br>|
| Macquarie Bank Ltd., Senior Notes (SOFR + <br> 0.740%) | &nbsp;&nbsp; 4.393% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 175000<br>| &nbsp;&nbsp; 175783<br> <sup>(a)(b)</sup><br>|
| Mitsubishi UFJ Financial Group Inc., Senior Notes <br> (4.080% to 4/19/27 then 1 year Treasury Constant <br> Maturity Rate + 1.300%) | &nbsp;&nbsp; 4.080% | &nbsp;&nbsp; 4/19/28 | &nbsp;&nbsp; 245000<br>| &nbsp;&nbsp; 244343<br> <sup>(a)</sup><br>|
| National Bank of Canada, Senior Notes (5.600% to <br> 7/2/26 then SOFR + 1.036%) | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/2/27 | &nbsp;&nbsp; 355000<br>| &nbsp;&nbsp; 355721<br> <sup>(a)</sup><br>|
| PNC Financial Services Group Inc., Senior Notes <br> (5.102% to 7/23/26 then SOFR + 0.796%) | &nbsp;&nbsp; 5.102% | &nbsp;&nbsp; 7/23/27 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 90134<br> <sup>(a)</sup><br>|
| PNC Financial Services Group Inc., Senior Notes <br> (SOFR + 0.620%) | &nbsp;&nbsp; 4.268% | &nbsp;&nbsp; 1/26/29 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp; 144947<br> <sup>(a)</sup><br>|
| Royal Bank of Canada, Senior Notes (SOFR + <br> 0.720%) | &nbsp;&nbsp; 4.369% | &nbsp;&nbsp; 10/18/27 | &nbsp;&nbsp; 182000<br>| &nbsp;&nbsp; 182233<br> <sup>(a)</sup><br>|
| Societe Generale SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/19/27 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp; 352613<br> <sup>(b)</sup><br>|
| Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 5.523% | &nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp; 122913<br>|
| Toronto-Dominion Bank, Senior Notes (SOFR + <br> 1.080%) | &nbsp;&nbsp; 4.730% | &nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp; 230422<br> <sup>(a)</sup><br>|
| Wells Fargo & Co., Senior Notes (SOFR + 1.370%) | &nbsp;&nbsp; 5.018% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 304000<br>| &nbsp;&nbsp; 307736<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Putnam ESG Ultra Short ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

April 30, 2026

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Banks — continued | Banks — continued | Banks — continued | Banks — continued | Banks — continued |
| Westpac Banking Corp., Senior Notes (SOFR + <br> 0.460%) | &nbsp;&nbsp; 4.109% | &nbsp;&nbsp; 10/20/26 | &nbsp;&nbsp; $350000<br>| &nbsp;&nbsp; $350333<br> <sup>(a)</sup><br>|
| Total Banks | Total Banks | Total Banks | Total Banks | &nbsp;&nbsp; 6303361 |
| Capital Markets — 2.4% | Capital Markets — 2.4% | Capital Markets — 2.4% | Capital Markets — 2.4% | Capital Markets — 2.4% |
| Bank of New York Mellon Corp., Senior Notes <br> (4.441% to 6/9/27 then SOFR + 0.680%) | &nbsp;&nbsp; 4.441% | &nbsp;&nbsp; 6/9/28 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 90206<br> <sup>(a)</sup><br>|
| Bank of New York Mellon Corp., Senior Notes <br> (SOFR + 0.830%) | &nbsp;&nbsp; 4.479% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 128000<br>| &nbsp;&nbsp; 128191<br> <sup>(a)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 1/26/27 | &nbsp;&nbsp; 51000<br>| &nbsp;&nbsp; 50898<br>|
| Goldman Sachs Group Inc., Senior Notes (SOFR + <br> 0.710%) | &nbsp;&nbsp; 4.359% | &nbsp;&nbsp; 1/21/29 | &nbsp;&nbsp; 135000<br>| &nbsp;&nbsp; 134777<br> <sup>(a)</sup><br>|
| Goldman Sachs Group Inc., Senior Notes (SOFR + <br> 1.290%) | &nbsp;&nbsp; 4.938% | &nbsp;&nbsp; 4/23/28 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp; 110718<br> <sup>(a)</sup><br>|
| Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 85000<br>| &nbsp;&nbsp; 84315<br>|
| Morgan Stanley, Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.568% | &nbsp;&nbsp; 10/18/29 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 190217<br> <sup>(a)</sup><br>|
| Morgan Stanley, Senior Notes (SOFR + 1.020%) | &nbsp;&nbsp; 4.671% | &nbsp;&nbsp; 4/13/28 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp; 65214<br> <sup>(a)</sup><br>|
| State Street Corp., Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.288% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 52000<br>| &nbsp;&nbsp; 52093<br> <sup>(a)</sup><br>|
| State Street Corp., Senior Notes (SOFR + 0.845%) | &nbsp;&nbsp; 4.511% | &nbsp;&nbsp; 8/3/26 | &nbsp;&nbsp; 42000<br>| &nbsp;&nbsp; 42052<br> <sup>(a)</sup><br>|
| State Street Corp., Senior Notes (SOFR + 0.950%) | &nbsp;&nbsp; 4.598% | &nbsp;&nbsp; 4/24/28 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp; 70324<br> <sup>(a)</sup><br>|
| Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 1019005 |
| Consumer Finance — 0.8% | Consumer Finance — 0.8% | Consumer Finance — 0.8% | Consumer Finance — 0.8% | Consumer Finance — 0.8% |
| American Express Co., Senior Notes (SOFR + <br> 0.930%) | &nbsp;&nbsp; 4.578% | &nbsp;&nbsp; 7/26/28 | &nbsp;&nbsp; 94000<br>| &nbsp;&nbsp; 94453<br> <sup>(a)</sup><br>|
| American Express Co., Senior Notes (SOFR + <br> 1.260%) | &nbsp;&nbsp; 4.908% | &nbsp;&nbsp; 4/25/29 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp; 141574<br> <sup>(a)</sup><br>|
| Capital One Financial Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/9/27 | &nbsp;&nbsp; 108000<br>| &nbsp;&nbsp; 107599<br>|
| Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | Total Consumer Finance | &nbsp;&nbsp; 343626 |
| Financial Services — 3.3% | Financial Services — 3.3% | Financial Services — 3.3% | Financial Services — 3.3% | Financial Services — 3.3% |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp; 211302<br>|
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/29/28 | &nbsp;&nbsp; 205000<br>| &nbsp;&nbsp; 197592<br>|
| Caterpillar Financial Services Corp., Senior Notes <br> (SOFR + 0.580%) | &nbsp;&nbsp; 4.244% | &nbsp;&nbsp; 11/14/28 | &nbsp;&nbsp; 191000<br>| &nbsp;&nbsp; 191113<br> <sup>(a)</sup><br>|
| Caterpillar Financial Services Corp., Senior Notes <br> (SOFR + 0.690%) | &nbsp;&nbsp; 4.341% | &nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp; 45000<br>| &nbsp;&nbsp; 45093<br> <sup>(a)</sup><br>|
| Mizuho Markets Cayman LP, Senior Notes (SOFR + <br> 0.520%) | &nbsp;&nbsp; 4.173% | &nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp; 175000<br>| &nbsp;&nbsp; 175113<br> <sup>(a)(b)</sup><br>|
| Mizuho Markets Cayman LP, Senior Notes (SOFR + <br> 0.520%) | &nbsp;&nbsp; 4.171% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 205000<br>| &nbsp;&nbsp; 205119<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

------

Putnam ESG Ultra Short ETF 2026 Annual Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Financial Services — continued | Financial Services — continued | Financial Services — continued | Financial Services — continued | Financial Services — continued |
| Nationwide Building Society, Senior Notes <br> (6.557% to 10/18/26 then SOFR + 1.910%) | &nbsp;&nbsp; 6.557% | &nbsp;&nbsp; 10/18/27 | &nbsp;&nbsp; $299000<br>| &nbsp;&nbsp; $302046<br> <sup>(a)(b)</sup><br>|
| PayPal Holdings Inc., Senior Notes (SOFR + <br> 0.670%) | &nbsp;&nbsp; 4.325% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 95000<br>| &nbsp;&nbsp; 95183<br> <sup>(a)</sup><br>|
| Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | &nbsp;&nbsp; 1422561 |
| Insurance — 6.1% | Insurance — 6.1% | Insurance — 6.1% | Insurance — 6.1% | Insurance — 6.1% |
| AEGON Funding Co. LLC, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/16/27 | &nbsp;&nbsp; 251000<br>| &nbsp;&nbsp; 253149<br> <sup>(b)</sup><br>|
| Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 143000<br>| &nbsp;&nbsp; 143464<br>|
| Athene Global Funding, Secured Notes | &nbsp;&nbsp; 5.349% | &nbsp;&nbsp; 7/9/27 | &nbsp;&nbsp; 132000<br>| &nbsp;&nbsp; 132738<br> <sup>(b)</sup><br>|
| Athene Global Funding, Senior Secured Notes | &nbsp;&nbsp; 4.860% | &nbsp;&nbsp; 8/27/26 | &nbsp;&nbsp; 165000<br>| &nbsp;&nbsp; 165252<br> <sup>(b)</sup><br>|
| Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/23/26 | &nbsp;&nbsp; 155000<br>| &nbsp;&nbsp; 155336<br>|
| CNO Global Funding, Secured Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 10/7/26 | &nbsp;&nbsp; 247000<br>| &nbsp;&nbsp; 244339<br> <sup>(b)</sup><br>|
| CNO Global Funding, Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 12/10/27 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60211<br> <sup>(b)</sup><br>|
| Corebridge Global Funding, Secured Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 6/24/26 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp; 170308<br> <sup>(b)</sup><br>|
| Corebridge Global Funding, Senior Secured Notes <br> (SOFR + 1.300%) | &nbsp;&nbsp; 4.951% | &nbsp;&nbsp; 9/25/26 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp; 160525<br> <sup>(a)(b)</sup><br>|
| Marsh & McLennan Cos. Inc., Senior Notes (SOFR <br> + 0.700%) | &nbsp;&nbsp; 4.365% | &nbsp;&nbsp; 11/8/27 | &nbsp;&nbsp; 94000<br>| &nbsp;&nbsp; 94104<br> <sup>(a)</sup><br>|
| Metropolitan Life Global Funding I, Secured Notes <br> (SOFR + 0.700%) | &nbsp;&nbsp; 4.359% | &nbsp;&nbsp; 8/25/28 | &nbsp;&nbsp; 156000<br>| &nbsp;&nbsp; 156071<br> <sup>(a)(b)</sup><br>|
| Mutual of Omaha Cos. Global Funding, Secured <br> Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 115000<br>| &nbsp;&nbsp; 115443<br> <sup>(b)</sup><br>|
| New York Life Global Funding, Senior Secured <br> Notes (SOFR + 0.880%) | &nbsp;&nbsp; 4.528% | &nbsp;&nbsp; 4/25/28 | &nbsp;&nbsp; 168000<br>| &nbsp;&nbsp; 169251<br> <sup>(a)(b)</sup><br>|
| Northwestern Mutual Global Funding, Secured <br> Notes | &nbsp;&nbsp; 5.070% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 54000<br>| &nbsp;&nbsp; 54518<br> <sup>(b)</sup><br>|
| Northwestern Mutual Global Funding, Secured <br> Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.319% | &nbsp;&nbsp; 8/25/28 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp; 145242<br> <sup>(a)(b)</sup><br>|
| Pacific Life Global Funding II, Secured Notes (SOFR <br> + 0.850%) | &nbsp;&nbsp; 4.516% | &nbsp;&nbsp; 2/5/27 | &nbsp;&nbsp; 41000<br>| &nbsp;&nbsp; 41141<br> <sup>(a)(b)</sup><br>|
| Pacific Life Global Funding II, Secured Notes (SOFR <br> + 1.050%) | &nbsp;&nbsp; 4.698% | &nbsp;&nbsp; 7/28/26 | &nbsp;&nbsp; 135000<br>| &nbsp;&nbsp; 135319<br> <sup>(a)(b)</sup><br>|
| Principal Life Global Funding II, Secured Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 8/19/27 | &nbsp;&nbsp; 42000<br>| &nbsp;&nbsp; 42119<br> <sup>(b)</sup><br>|
| Principal Life Global Funding II, Secured Notes <br> (SOFR + 0.810%) | &nbsp;&nbsp; 4.474% | &nbsp;&nbsp; 8/18/28 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp; 190060<br> <sup>(a)(b)</sup><br>|
| Total Insurance | Total Insurance | Total Insurance | Total Insurance | &nbsp;&nbsp; 2628590 |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **11717143** |
| **Health Care — 3.2%** | **Health Care — 3.2%** | **Health Care — 3.2%** | **Health Care — 3.2%** | **Health Care — 3.2%** |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 45000<br>| &nbsp;&nbsp; 44722<br>|

---

See Notes to Financial Statements.

Putnam ESG Ultra Short ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

April 30, 2026

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Health Care Providers & Services — 1.3% | Health Care Providers & Services — 1.3% | Health Care Providers & Services — 1.3% | Health Care Providers & Services — 1.3% | Health Care Providers & Services — 1.3% |
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; $207000<br>| &nbsp;&nbsp; $206738<br>|
| CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 221000<br>| &nbsp;&nbsp; 220184<br>|
| UnitedHealth Group Inc., Senior Notes (SOFR + <br> 0.500%) | &nbsp;&nbsp; 4.151% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 141000<br>| &nbsp;&nbsp; 141082<br> <sup>(a)</sup><br>|
| Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | &nbsp;&nbsp; 568004 |
| Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% | Life Sciences Tools & Services — 0.3% |
| Illumina Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 9/9/26 | &nbsp;&nbsp; 97000<br>| &nbsp;&nbsp; 97065<br>|
| Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% | Pharmaceuticals — 1.5% |
| Eli Lilly & Co., Senior Notes (SOFR + 0.530%) | &nbsp;&nbsp; 4.181% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp; 310921<br> <sup>(a)</sup><br>|
| Merck & Co. Inc., Senior Notes (SOFR + 0.570%) | &nbsp;&nbsp; 4.223% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp; 145300<br> <sup>(a)</sup><br>|
| Novartis Capital Corp., Senior Notes (SOFR + <br> 0.520%) | &nbsp;&nbsp; 4.186% | &nbsp;&nbsp; 11/5/28 | &nbsp;&nbsp; 115000<br>| &nbsp;&nbsp; 115479<br> <sup>(a)</sup><br>|
| Pfizer Inc., Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.164% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp; 75217<br> <sup>(a)</sup><br>|
| Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 646917 |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1356708** |
| **Industrials — 1.9%** | **Industrials — 1.9%** | **Industrials — 1.9%** | **Industrials — 1.9%** | **Industrials — 1.9%** |
| Building Products — 0.7% | Building Products — 0.7% | Building Products — 0.7% | Building Products — 0.7% | Building Products — 0.7% |
| Owens Corning, Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 161000<br>| &nbsp;&nbsp; 160488<br>|
| Owens Corning, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 115000<br>| &nbsp;&nbsp; 116433<br>|
| Total Building Products | Total Building Products | Total Building Products | Total Building Products | &nbsp;&nbsp; 276921 |
| Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% | Commercial Services & Supplies — 0.3% |
| Veralto Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp; 146000<br>| &nbsp;&nbsp; 146483<br>|
| Machinery — 0.5% | Machinery — 0.5% | Machinery — 0.5% | Machinery — 0.5% | Machinery — 0.5% |
| John Deere Capital Corp., Senior Notes (SOFR + <br> 0.600%) | &nbsp;&nbsp; 4.255% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 207000<br>| &nbsp;&nbsp; 207546<br> <sup>(a)</sup><br>|
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| Sumisho Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/25/26 | &nbsp;&nbsp; 182000<br>| &nbsp;&nbsp; 182237<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **813187** |
| **Information Technology — 1.5%** | **Information Technology — 1.5%** | **Information Technology — 1.5%** | **Information Technology — 1.5%** | **Information Technology — 1.5%** |
| Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% |
| Amphenol Corp., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 130000<br>| &nbsp;&nbsp; 129287<br>|
| Amphenol Corp., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp; 145360<br>|
| Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 274647 |
| Semiconductors & Semiconductor Equipment — 0.5% | Semiconductors & Semiconductor Equipment — 0.5% | Semiconductors & Semiconductor Equipment — 0.5% | Semiconductors & Semiconductor Equipment — 0.5% | Semiconductors & Semiconductor Equipment — 0.5% |
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/12/27 | &nbsp;&nbsp; 155000<br>| &nbsp;&nbsp; 156739<br>|
| Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 47000<br>| &nbsp;&nbsp; 47545<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 204284 |
| Software — 0.4% | Software — 0.4% | Software — 0.4% | Software — 0.4% | Software — 0.4% |
| Oracle Corp., Senior Notes (SOFR + 0.760%) | &nbsp;&nbsp; 4.429% | &nbsp;&nbsp; 8/3/28 | &nbsp;&nbsp; 155000<br>| &nbsp;&nbsp; 152223<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

------

Putnam ESG Ultra Short ETF 2026 Annual Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Software — continued | Software — continued | Software — continued | Software — continued | Software — continued |
| Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; $30000<br>| &nbsp;&nbsp; $30119<br>|
| Total Software | Total Software | Total Software | Total Software | &nbsp;&nbsp; 182342 |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **661273** |
| **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% |
| Rio Tinto Finance USA PLC, Senior Notes (SOFR + <br> 0.840%) | &nbsp;&nbsp; 4.493% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 95000<br>| &nbsp;&nbsp; 95353<br> <sup>(a)</sup><br>|
| Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% | Paper & Forest Products — 0.2% |
| Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 54000<br>| &nbsp;&nbsp; 53933<br> <sup>(b)</sup><br>|
| Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 30000<br>| &nbsp;&nbsp; 30034<br> <sup>(b)</sup><br>|
| Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | &nbsp;&nbsp; 83967 |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **179320** |
| **Real Estate — 2.3%** | **Real Estate — 2.3%** | **Real Estate — 2.3%** | **Real Estate — 2.3%** | **Real Estate — 2.3%** |
| Diversified REITs — 0.9% | Diversified REITs — 0.9% | Diversified REITs — 0.9% | Diversified REITs — 0.9% | Diversified REITs — 0.9% |
| American Tower Corp., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp; 89517<br>|
| Realty Income Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 279000<br>| &nbsp;&nbsp; 279063<br>|
| Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | Total Diversified REITs | &nbsp;&nbsp; 368580 |
| Office REITs — 0.4% | Office REITs — 0.4% | Office REITs — 0.4% | Office REITs — 0.4% | Office REITs — 0.4% |
| Boston Properties LP, Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 168000<br>| &nbsp;&nbsp; 166919<br>|
| Residential REITs — 0.6% | Residential REITs — 0.6% | Residential REITs — 0.6% | Residential REITs — 0.6% | Residential REITs — 0.6% |
| Camden Property Trust, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 11/3/26 | &nbsp;&nbsp; 276000<br>| &nbsp;&nbsp; 277967<br>|
| Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% |
| American Tower Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 47000<br>| &nbsp;&nbsp; 46822<br>|
| Public Storage Operating Co., Senior Notes (SOFR <br> + 0.700%) | &nbsp;&nbsp; 4.351% | &nbsp;&nbsp; 4/16/27 | &nbsp;&nbsp; 125000<br>| &nbsp;&nbsp; 125234<br> <sup>(a)</sup><br>|
| Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | Total Specialized REITs | &nbsp;&nbsp; 172056 |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **985522** |
| **Utilities — 3.1%** | **Utilities — 3.1%** | **Utilities — 3.1%** | **Utilities — 3.1%** | **Utilities — 3.1%** |
| Electric Utilities — 2.0% | Electric Utilities — 2.0% | Electric Utilities — 2.0% | Electric Utilities — 2.0% | Electric Utilities — 2.0% |
| Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 1/8/28 | &nbsp;&nbsp; 125000<br>| &nbsp;&nbsp; 124047<br>|
| Constellation Energy Generation LLC, Senior Notes <br> (SOFR + 0.600%) | &nbsp;&nbsp; 4.249% | &nbsp;&nbsp; 1/8/28 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp; 74937<br> <sup>(a)</sup><br>|
| Eversource Energy, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 212000<br>| &nbsp;&nbsp; 212045<br>|
| Georgia Power Co., Senior Notes (SOFR + 0.280%) | &nbsp;&nbsp; 3.933% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 50000<br>| &nbsp;&nbsp; 49951<br> <sup>(a)</sup><br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 165000<br>| &nbsp;&nbsp; 163889<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.685% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 25000<br>| &nbsp;&nbsp; 25118<br>|
| NextEra Energy Capital Holdings Inc., Senior Notes <br> (SOFR + 0.800%) | &nbsp;&nbsp; 4.467% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp; 145615<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements.

Putnam ESG Ultra Short ETF 2026 Annual Report

------

Schedule of Investments (cont'd)

April 30, 2026

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued | Electric Utilities — continued |
| Wisconsin Electric Power Co., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; $75000<br>| &nbsp;&nbsp; $74338<br>|
| Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | Total Electric Utilities | &nbsp;&nbsp; 869940 |
| Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% | Gas Utilities — 0.1% |
| Southern Co. Gas Capital Corp., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 40000<br>| &nbsp;&nbsp; 39669<br>|
| Multi-Utilities — 1.0% | Multi-Utilities — 1.0% | Multi-Utilities — 1.0% | Multi-Utilities — 1.0% | Multi-Utilities — 1.0% |
| Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp; 55197<br>|
| DTE Energy Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 236000<br>| &nbsp;&nbsp; 237506<br>|
| DTE Energy Co., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp; 60484<br>|
| WEC Energy Group Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 9/12/26 | &nbsp;&nbsp; 74000<br>| &nbsp;&nbsp; 74298<br>|
| Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | &nbsp;&nbsp; 427485 |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **1337094** |
| **Total Investments before Short-Term Investments (Cost — $21,632,632)** | **Total Investments before Short-Term Investments (Cost — $21,632,632)** | **Total Investments before Short-Term Investments (Cost — $21,632,632)** | **Total Investments before Short-Term Investments (Cost — $21,632,632)** | &nbsp;&nbsp; **21625807** |
|  |  |  | Shares |  |
| **Short-Term Investments — 49.1%** | **Short-Term Investments — 49.1%** | **Short-Term Investments — 49.1%** | **Short-Term Investments — 49.1%** | **Short-Term Investments — 49.1%** |
| **Money Market Funds — 32.4%** | **Money Market Funds — 32.4%** | **Money Market Funds — 32.4%** | **Money Market Funds — 32.4%** | **Money Market Funds — 32.4%** |
| Putnam Government Money Market Fund, Class P <br> Shares (Cost — $13,933,411)  | &nbsp;&nbsp; 3.420% |  | &nbsp;&nbsp; 13933411<br>| &nbsp;&nbsp; **13933411**<br> <sup>(c)(d)</sup><br>|
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Commercial Paper — 16.7%** | **Commercial Paper — 16.7%** |  |  |  |
| AES Corp. | &nbsp;&nbsp; 4.161% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; $255000 | &nbsp;&nbsp; 254971<br> <sup>(e)</sup><br>|
| Agree LP | &nbsp;&nbsp; 4.287% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 399954<br> <sup>(e)</sup><br>|
| Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 4.013% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249973<br> <sup>(e)</sup><br>|
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 4.173% | &nbsp;&nbsp; 5/21/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249413<br> <sup>(e)</sup><br>|
| AvalonBay Communities Inc. | &nbsp;&nbsp; 4.101% | &nbsp;&nbsp; 5/6/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249835<br> <sup>(e)</sup><br>|
| AvalonBay Communities Inc. | &nbsp;&nbsp; 4.105% | &nbsp;&nbsp; 5/12/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249669<br> <sup>(e)</sup><br>|
| Bunge Ltd. Finance Corp. | &nbsp;&nbsp; 4.151% | &nbsp;&nbsp; 5/11/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 399510<br> <sup>(e)</sup><br>|
| Energy Transfer LP | &nbsp;&nbsp; 4.131% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 399956<br> <sup>(e)</sup><br>|
| Extra Space Storage LP | &nbsp;&nbsp; 4.106% | &nbsp;&nbsp; 5/8/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249780<br> <sup>(e)</sup><br>|
| General Motors Co. | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/5/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249866<br> <sup>(e)</sup><br>|
| General Motors Co. | &nbsp;&nbsp; 4.136% | &nbsp;&nbsp; 6/3/26 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 343700<br> <sup>(e)</sup><br>|
| Macquarie Bank Ltd. | &nbsp;&nbsp; 0.473% | &nbsp;&nbsp; 5/14/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250029<br> <sup>(e)</sup><br>|
| Mid-America Apartments LP | &nbsp;&nbsp; 4.093% | &nbsp;&nbsp; 5/5/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499725<br> <sup>(e)</sup><br>|
| NiSource Inc. | &nbsp;&nbsp; 4.098% | &nbsp;&nbsp; 5/7/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 249807<br> <sup>(e)</sup><br>|
| O'Reilly Automotive Inc. | &nbsp;&nbsp; 4.063% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499945<br> <sup>(e)</sup><br>|
| Ryder System Inc. | &nbsp;&nbsp; 4.135% | &nbsp;&nbsp; 5/14/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 399379<br> <sup>(e)</sup><br>|
| Schwab Charles Corp. | &nbsp;&nbsp; 3.817% | &nbsp;&nbsp; 5/8/26 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp; 504586<br> <sup>(e)</sup><br>|

---

See Notes to Financial Statements.

------

Putnam ESG Ultra Short ETF 2026 Annual Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Commercial Paper — continued** | **Commercial Paper — continued** |  |  |  |
| Sumitomo Mitsui Trust Bank Ltd. | &nbsp;&nbsp; 4.030% | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; $575000 | &nbsp;&nbsp; $575526<br> <sup>(e)</sup><br>|
| Targa Resources Corp. | &nbsp;&nbsp; 4.173% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 399955<br> <sup>(e)</sup><br>|
| Vulcan Materials Co. | &nbsp;&nbsp; 4.101% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499945<br> <sup>(e)</sup><br>|
| **Total Commercial Paper (Cost — $7,175,543)** | **Total Commercial Paper (Cost — $7,175,543)** | **Total Commercial Paper (Cost — $7,175,543)** | **Total Commercial Paper (Cost — $7,175,543)** | &nbsp;&nbsp; **7175524** |
| **Total Short-Term Investments (Cost — $21,108,954)** | **Total Short-Term Investments (Cost — $21,108,954)** | **Total Short-Term Investments (Cost — $21,108,954)** | **Total Short-Term Investments (Cost — $21,108,954)** | &nbsp;&nbsp; **21108935** |
| **Total Investments — 99.5% (Cost — $42,741,586)** | **Total Investments — 99.5% (Cost — $42,741,586)** | **Total Investments — 99.5% (Cost — $42,741,586)** | **Total Investments — 99.5% (Cost — $42,741,586)** | &nbsp;&nbsp; **42734742** |
| Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp; 200944 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$42935686** |

---

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

<sup>(a)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>(b)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. 

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

<sup>(d)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At April 30, 2026, the total market value of investments in Affiliated Companies was $13,933,411 and the cost was $13,933,411 (Note 6). 

<sup>(e)</sup> Rate shown represents yield-to-maturity.

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| DAC |  | Designated Activity Company |
| SOFR | —  | Secured Overnight Financing Rate |

---

See Notes to Financial Statements.

Putnam ESG Ultra Short ETF 2026 Annual Report

------

Statement of Assets and Liabilities

April 30, 2026

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $28,808,175) | &nbsp;&nbsp; $28801331 |
| Investments in affiliated securities, at value (Cost — $13,933,411) | &nbsp;&nbsp; 13933411 |
| Cash | &nbsp;&nbsp; 189 |
| Interest receivable | &nbsp;&nbsp; 195290 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 13303 |
| **Total Assets** | &nbsp;&nbsp; **42943524** |
| **Liabilities:** |  |
| Investment management fee payable | &nbsp;&nbsp; 7838 |
| **Total Liabilities** | &nbsp;&nbsp; **7838** |
| **Total Net Assets** | &nbsp;&nbsp; **$42935686** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $42737036 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 198650 |
| **Total Net Assets** | &nbsp;&nbsp; **$42935686** |
| **Shares Outstanding** | &nbsp;&nbsp; 850000 |
| **Net Asset Value** | &nbsp;&nbsp; $50.51 |

---

See Notes to Financial Statements.

------

Putnam ESG Ultra Short ETF 2026 Annual Report

------

Statement of Operations

For the Year Ended April 30, 2026

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $7534540 |
| Dividends from affiliated investments | &nbsp;&nbsp; 97970 |
| **Total Investment Income** | &nbsp;&nbsp; **7632510** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 402967 |
| **Total Expenses** | &nbsp;&nbsp; **402967** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (6868)<br>|
| **Net Expenses** | &nbsp;&nbsp; **396099** |
| **Net Investment Income** | &nbsp;&nbsp; **7236411** |
| **Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):** | **Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):** |
| **Net Realized Gain From Unaffiliated Investment Transactions**  | &nbsp;&nbsp; **629010** |
| **Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated** <br> **Investments** <br>| &nbsp;&nbsp; **(338147)**<br>|
| **Net Gain on Investments**  | &nbsp;&nbsp; **290863** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$7527274** |

---

See Notes to Financial Statements.

Putnam ESG Ultra Short ETF 2026 Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Years Ended April 30, | 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $7236411 | $5441110 |
| Net realized gain  | &nbsp;&nbsp; 629010 | 70853 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (338147)<br>| 328188 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **7527274** | **5840151** |
| **Distributions to Shareholders From (Note 1):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (7673566)<br>| (5260078)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(7673566)**<br>| **(5260078)**<br>|
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (1,200,000 and 1,475,000 shares issued, <br> respectively) <br>| &nbsp;&nbsp; 60866685 | 74389774 |
| Cost of shares repurchased (3,475,000 and 0 shares repurchased, <br> respectively) <br>| &nbsp;&nbsp; (175847620)<br>|  |
| **Increase (Decrease) in Net Assets From Fund Share** <br> **Transactions**<br>| &nbsp;&nbsp; **(114980935)**<br>| **74389774** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **(115127227)**<br>| **74969847** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 158062913 | 83093066 |
| **End of year** | &nbsp;&nbsp; **$42935686** | **$158062913** |

---

See Notes to Financial Statements.

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Putnam ESG Ultra Short ETF 2026 Annual Report

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Financial Highlights

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended April 30,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended April 30,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended April 30,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended April 30,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended April 30,** <br>**unless otherwise noted:** |
|  | 2026<sup>1</sup>  | 2025<sup>1</sup>  | 2024<sup>1</sup>  | 2023<sup>12</sup>  |
| **Net asset value, beginning of year** | $50.58 | &nbsp;&nbsp; $50.36 | &nbsp;&nbsp; $50.21 | &nbsp;&nbsp; $50.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |
| Net investment income | 2.27 | 2.57 | 2.73 | 0.71 |
| Net realized and unrealized gain (loss) | (0.01)<br>| 0.20 | 0.26 | &nbsp;&nbsp; (0.12)<br>|
| **Total income from operations** | **2.26** | **2.77** | **2.99** | **0.59** |
| **Less distributions from:** |  |  |  |  |
| Net investment income | (2.32)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp; (0.38)<br>|
| Net realized gains | (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total distributions**  | **(2.33)**<br>| &nbsp;&nbsp; **(2.55)**<br>| &nbsp;&nbsp; **(2.84)**<br>| &nbsp;&nbsp; **(0.38)**<br>|
| **Net asset value, end of year** | $50.51 | &nbsp;&nbsp; $50.58 | &nbsp;&nbsp; $50.36 | &nbsp;&nbsp; $50.21 |
| **Total return, based on NAV**<sup>3</sup>  | **4.58%**<br>| **5.63%**<br>| **6.14%**<br>| **1.18%** <br> <sup>4</sup><br>|
| **Net assets, end of year (000s)** | $42936 | &nbsp;&nbsp; $158063 | &nbsp;&nbsp; $83093 | &nbsp;&nbsp; $125536 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |
| Gross expenses | 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.07 <br> %<sup>4</sup><br>|
| Net expenses<sup>5,6</sup>  | 0.25 | 0.25 | 0.25 | 0.07 <br> <sup>4</sup><br>|
| Net investment income | 4.49 | 5.08 | 5.44 | 1.41 <br> <sup>4</sup><br>|
| **Portfolio turnover rate**<sup>7</sup>  | **57%**<br>| &nbsp;&nbsp; **48%**<br>| &nbsp;&nbsp; **84%**<br>| &nbsp;&nbsp; **26%** <br> <sup>4</sup><br>|

---

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

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

<sup>2</sup> For the period January 19, 2023 (inception date) to April 30, 2023.

<sup>3</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>4</sup> Not annualized.

<sup>5</sup> The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund. 

<sup>6</sup> Reflects fee waivers and/or expense reimbursements.

<sup>7</sup> Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions. 

See Notes to Financial Statements.

Putnam ESG Ultra Short ETF 2026 Annual Report

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Notes to Financial Statements

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

**1. Organization and significant accounting policies** 

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

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

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

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

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit

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Putnam ESG Ultra Short ETF 2026 Annual Report

------

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

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

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

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market

Putnam ESG Ultra Short ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | Quoted Prices <br>(Level 1)<br>| Other Significant <br>Observable Inputs <br>(Level 2)<br>| Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Corporate Bonds & Notes† | &nbsp;&nbsp; — | &nbsp;&nbsp; $21625807 | &nbsp;&nbsp; — | &nbsp;&nbsp; $21625807 |
| Short-Term Investments†: |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $13933411 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13933411 |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 7175524 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7175524 |
| Total Short-Term Investments | &nbsp;&nbsp; 13933411 | &nbsp;&nbsp; 7175524 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21108935 |
| **Total Investments** | &nbsp;&nbsp; **$13933411** | &nbsp;&nbsp; **$28801331** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$42734742** |

---

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

† See
 Schedule of Investments for additional detailed categorizations.

**(b) Credit and market risk.** Investments in securities that are collateralized by real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the

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Putnam ESG Ultra Short ETF 2026 Annual Report

------

value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

**(c) Foreign investment risks.** The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

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

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

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

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of April 30, 2026, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

Putnam ESG Ultra Short ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

In some cases, the Fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as a dividend receivable in the Statement of Assets and Liabilities and dividend income in the Statement of Operations. In many cases, however, the Fund may not receive such amounts for an extended period of time, depending on the country of investment.

**(g) Reclassification.** GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the following reclassifications have been made:

---

| | |
|:---|:---|
| Total Distributable <br>Earnings (Loss)<br>| Paid-in <br>Capital<br>|
| &nbsp;&nbsp; $(584795) | &nbsp;&nbsp; $584795 |

---

<sup>(a)</sup>

Reclassifications are due to book/tax differences in the treatment of an in-kind distribution of securities.

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

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

The Fund pays its investment manager an annual all-inclusive management fee of 0.25% based on the Fund's average daily net assets computed daily and paid monthly. The management fee covers investment management services and all of the Fund's organizational and other operating expenses with certain exceptions, including but not limited to: payments under distribution plans, interest, taxes, brokerage commissions and other transaction costs, fund proxy expenses, litigation expenses, extraordinary expenses and acquired fund fees and expenses.

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

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

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Putnam ESG Ultra Short ETF 2026 Annual Report

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

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

During the year ended April 30, 2026, fees waived and/or expenses reimbursed amounted to $6,868, all of which was an affiliated money market fund waiver.

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

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

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

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

**3. Investments**

During the year ended April 30, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) and U.S. Government & Agency Obligations were as follows:

---

| | | |
|:---|:---|:---|
|  | Investments | U.S. Government & <br>Agency Obligations<br>|
| Purchases | &nbsp;&nbsp; $89978494 | &nbsp;&nbsp; — |
| Sales | &nbsp;&nbsp; 60568563 | &nbsp;&nbsp; $2688000 |

---

During the year ended April 30, 2026, in-kind transactions (Note 5) were as follows:

---

| | |
|:---|:---|
| Contributions | &nbsp;&nbsp; $1259408 |
| Redemptions | &nbsp;&nbsp; 117750803 |
| Realized gain (loss)\* | &nbsp;&nbsp; 584795 |

---

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

\* Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Fund.

Putnam ESG Ultra Short ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

The in-kind contributions and in-kind redemptions shown in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of the Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.

At April 30, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $42741586 | &nbsp;&nbsp; $28449 | &nbsp;&nbsp; $(35293) | &nbsp;&nbsp; $(6844) |

---

**4. Derivative instruments and hedging activities**

During the year ended April 30, 2026, the Fund did not invest in derivative instruments.

**5. Fund share transactions**

At April 30, 2026, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 25,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Fund's Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for

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Putnam ESG Ultra Short ETF 2026 Annual Report

------

all or some portion of the year ended April 30, 2026. The following transactions were effected in such company for the year ended April 30, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>April 30, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>April 30, <br>2025 | Cost | Shares | Proceeds | Shares |
| Putnam <br> Government <br> Money Market <br> Fund, Class P <br> Shares<br>| $945191 | $136954999 | 136954999 | $123966779 | 123966779 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>April 30, <br>2026<br>|
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>|  | $97970 |  | $13933411 |

---

**7. Redemption facility**

The Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, was a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests.

Under the terms of the Global Credit Facility, the Fund shall, in addition to interest charged on any borrowings made by the Fund and other costs incurred by the Fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. The Fund did not utilize the Global Credit Facility during the year ended April 30, 2026.

**8. Income tax information and distributions to shareholders**

The tax character of distributions paid during the fiscal years ended April 30, was as follows:

---

| | | |
|:---|:---|:---|
|  | 2026 | 2025 |
| **Distributions paid from:** |  |  |
| Ordinary income | &nbsp;&nbsp; $7652234 | &nbsp;&nbsp; $5260078 |
| Net long-term capital gains | &nbsp;&nbsp; 21332 | &nbsp;&nbsp; — |
| **Total distributions paid** | &nbsp;&nbsp; **$7673566** | &nbsp;&nbsp; **$5260078** |

---

Putnam ESG Ultra Short ETF 2026 Annual Report

------

Notes to Financial Statements (cont'd)

As of April 30, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income — net | &nbsp;&nbsp; $174533 |
| Undistributed long-term capital gains — net | &nbsp;&nbsp; 30961 |
| Total undistributed earnings | &nbsp;&nbsp; $205494 |
| Unrealized appreciation (depreciation) | &nbsp;&nbsp; (6844) |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$198650** |

---

**9. Plan of liquidation**

On March 26, 2026, the Board of the Trust approved a plan to liquidate and dissolve the Fund. The Fund liquidated on June 16, 2026.

**10. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Fund within the Fund's investment manager serve as the Chief Operating Decision Maker ("CODM") and are responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund's Schedule of Investments provides details of the Fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

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Putnam ESG Ultra Short ETF 2026 Annual Report

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Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of Putnam ETF Trust and Shareholders of Putnam ESG Ultra Short ETF**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Putnam ESG Ultra Short ETF (one of the funds constituting Putnam ETF Trust, referred to hereafter as the "Fund") as of April 30, 2026, the related statement of operations for the year ended April 30, 2026, the statements of changes in net assets for each of the two years in the period ended April 30, 2026, including the related notes, and the financial highlights for each of the three years in the period ended April 30, 2026 and for the period January 19, 2023 (inception date) to April 30, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2026, and the financial highlights for each of the three years in the period ended April 30, 2026 and for the period January 19, 2023 (inception date) to April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Subsequent Event**

As discussed in Note 9 to the financial statements, the Board of the Trust approved a plan to liquidate and dissolve the Fund on March 26, 2026. The Fund liquidated on June 16, 2026.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

June 17, 2026

We have served as the auditor of one or more investment companies in the Putnam Funds family of funds since at least 1957. We have not been able to determine the specific year we began serving as auditor.

Putnam ESG Ultra Short ETF 2026 Annual Report

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Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended April 30, 2026:

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

---

| | | |
|:---|:---|:---|
|  | **Pursuant to:** | **Amount Reported** |
| Long-Term Capital Gain Dividends Distributed | §852(b)(3)(C) | $21332 |
| Short-Term Capital Gain Dividends Distributed | §871(k)(2)(C) | $47115 |
| Section 163(j) Interest Earned | §163(j) | $7293718 |
| Interest Earned from Federal Obligations | Note (1) | $117248 |

---

Note (1) - The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. Shareholders are advised to consult with their tax advisors to determine if any portion of the dividends received is exempt from state income taxes.

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Putnam ESG Ultra Short ETF

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

---

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

---

Putnam ESG Ultra Short ETF

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Putnam

ESG Ultra Short ETF

**Trustees**

Liaquat Ahamed

Barbara M. Baumann

Chair

Jonathan de St. Paer\*

Katinka Domotorffy

Catharine Bond Hill

Gregory G. McGreevey

Jennifer Williams Murphy

Marie Pillai

Warren Lowell Putnam\*

George Putnam III

Robert L. Reynolds

Manoj P. Singh

Mona K. Sutphen

Kenneth Yutaka Tanji\*

Jane Trust

**Investment manager**

Franklin Advisers, Inc.

**Subadvisers**

Putnam Investment Management, LLC

Franklin Templeton Investment Management Limited

**Distributor**

Franklin Distributors, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP Boston, MA

\*

Effective March 1, 2026, Messrs. de St. Paer, Putnam and Tanji became Trustees of the Fund.

**Putnam ESG Ultra Short ETF**

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

Putnam ESG Ultra Short ETF

Putnam Investments

100 Federal Street

Boston, MA 02110

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

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

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

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

www.franklintempleton.com© 2026 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.

------

![](img975965d93.jpg)

**39497-AFSOI 6/26**© 2026 Franklin Templeton. All rights reserved.

------

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

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

---

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

---

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

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and
 Item 19(a)(3) will include the designations "principal executive officer" and "principal financial officer" in
 the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the
 Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required
 designation.

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

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

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

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](peuse-efp25187_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](peuse-efp25187_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](peuse-efp25187_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Putnam ETF Trust**

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | June 25, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | June 25, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | June 25, 2026 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self-regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

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

I, Jonathan S. Horwitz, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

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

---

| |
|:---|
| Date: June 25, 2026 |
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

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

I, Jeffrey White, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

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

---

| |
|:---|
| Date: June 25, 2026 |
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **April 30, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

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

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam ETF Trust | Putnam ETF Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: June 25, 2026 | Date: June 25, 2026 |

---

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