# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0001133228-26-006947
**Filing Date:** 2026-4
**Character Count:** 68970
**Document Hash:** b40fef1f3c153653c5e3ebcb737bc51e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-006947.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001133228-26-006947

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260428

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 26907487

**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 Sustainable Leaders ETF (Series ID: S000071712)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000227198 | -            |  |

?xml version='1.0' encoding='ASCII'? 2026-03-181014062_PutnamSustainableLeadersETF_SingleClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

 **Putnam ETF Trust**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

Date of fiscal year end: **August 31**

Date of reporting period: **February 28, 2026**

ITEM 1. REPORT TO STOCKHOLDERS.

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

---

| | |
|:---|:---|
| ![image](img448_202405131411777.jpg) | ![image](img411319_202509231542383.jpg) |
| **Putnam Sustainable Leaders ETF**  | **Putnam Sustainable Leaders ETF**  |
| PLDR \| NYSE Arca, Inc.  | Semi-Annual Shareholder Report \| February 28, 2026  |
| ![image](img450_202407221332340.jpg) |  |

---

This semi-annual shareholder report contains important information about Putnam Sustainable Leaders ETF for the period September 1, 2025, to February 28, 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.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Putnam Sustainable Leaders ETF | $30 | 0.59% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $7195156 |
| **Total Number of Portfolio Holdings** | 55 |
| **Portfolio Turnover Rate** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6664img004.jpg)

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

---

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

---

Putnam Sustainable Leaders ETF PAGE 1 39435-STSR-0426

31.212.312.211.610.39.35.73.21.61.61.0 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

![](img33da95651.gif)

**Putnam**

**Sustainable Leaders ETF**

**Financial Statements and Other Important Information**

**Semi-Annual** \| February 28, 2026

![](imgda4e7da82.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_cc958cc2-196d-46a4-9a19-b90164e41c81_SOI-Header-SOI-5054_1) | **1** |
| [Statement of Assets and Liabilities](#xx_cc958cc2-196d-46a4-9a19-b90164e41c81_SAL-Header-SAL-5054_1) | **5** |
| [Statement of Operations](#xx_cc958cc2-196d-46a4-9a19-b90164e41c81_SOP-Header-SOP-5054_1) | **6** |
| [Statements of Changes in Net Assets](#xx_cc958cc2-196d-46a4-9a19-b90164e41c81_SOC-Header-SOC-5054_1) | **7** |
| [Financial Highlights](#xx_cc958cc2-196d-46a4-9a19-b90164e41c81_FH-Header-Financialhighlights-5054_1) | **8** |
| [Notes to Financial Statements](#xx_cc958cc2-196d-46a4-9a19-b90164e41c81_NTF-Header-Notestofinancialstatements-5054_1) | **9** |
| [Changes in and Disagreements with Accountants](#xx_cc958cc2-196d-46a4-9a19-b90164e41c81_TSR-TOCTSRDisclosures-5054_1) | **18** |
| [Results of Meeting(s) of Shareholders](#xx_cc958cc2-196d-46a4-9a19-b90164e41c81_TSR-TOCTSRDisclosures-5054_1) | **18** |
| [Remuneration Paid to Directors, Officers and Others](#xx_cc958cc2-196d-46a4-9a19-b90164e41c81_TSR-TOCTSRDisclosures-5054_1) | **18** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

February 28, 2026

 **Putnam Sustainable Leaders ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 96.7%** | **Common Stocks — 96.7%** | **Common Stocks — 96.7%** |
| **Communication Services — 11.8%** | **Communication Services — 11.8%** | **Communication Services — 11.8%** |
| Entertainment — 2.7% | Entertainment — 2.7% | Entertainment — 2.7% |
| Liberty Media Corp.-Liberty Formula One, Class C Shares | &nbsp;&nbsp; 559 | &nbsp;&nbsp; $51,199<br> \*<br>|
| Netflix Inc. | &nbsp;&nbsp; 944 | &nbsp;&nbsp; 90,851<br> \*<br>|
| Walt Disney Co. | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 56201<br>|
| Total Entertainment | Total Entertainment | &nbsp;&nbsp; 198251 |
| Interactive Media & Services — 9.1% | Interactive Media & Services — 9.1% | Interactive Media & Services — 9.1% |
| Alphabet Inc., Class A Shares | &nbsp;&nbsp; 1429 | &nbsp;&nbsp; 445505<br>|
| Meta Platforms Inc., Class A Shares | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 206769<br>|
| Total Interactive Media & Services | Total Interactive Media & Services | &nbsp;&nbsp; 652274 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **850525** |
| **Consumer Discretionary — 11.9%** | **Consumer Discretionary — 11.9%** | **Consumer Discretionary — 11.9%** |
| Automobiles — 1.8% | Automobiles — 1.8% | Automobiles — 1.8% |
| Tesla Inc. | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 126,791<br> \*<br>|
| Broadline Retail — 4.8% | Broadline Retail — 4.8% | Broadline Retail — 4.8% |
| Amazon.com Inc. | &nbsp;&nbsp; 1661 | &nbsp;&nbsp; 348,810<br> \*<br>|
| Hotels, Restaurants & Leisure — 1.5% | Hotels, Restaurants & Leisure — 1.5% | Hotels, Restaurants & Leisure — 1.5% |
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 105070<br>|
| Household Durables — 1.2% | Household Durables — 1.2% | Household Durables — 1.2% |
| DR Horton Inc. | &nbsp;&nbsp; 542 | &nbsp;&nbsp; 86931<br>|
| Specialty Retail — 1.7% | Specialty Retail — 1.7% | Specialty Retail — 1.7% |
| Home Depot Inc. | &nbsp;&nbsp; 331 | &nbsp;&nbsp; 126018<br>|
| Textiles, Apparel & Luxury Goods — 0.9% | Textiles, Apparel & Luxury Goods — 0.9% | Textiles, Apparel & Luxury Goods — 0.9% |
| On Holding AG, Class A Shares | &nbsp;&nbsp; 1392 | &nbsp;&nbsp; 64,700<br> \*<br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **858320** |
| **Consumer Staples — 5.5%** | **Consumer Staples — 5.5%** | **Consumer Staples — 5.5%** |
| Beverages — 1.2% | Beverages — 1.2% | Beverages — 1.2% |
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 2863 | &nbsp;&nbsp; 86692<br>|
| Consumer Staples Distribution & Retail — 2.7% | Consumer Staples Distribution & Retail — 2.7% | Consumer Staples Distribution & Retail — 2.7% |
| Costco Wholesale Corp. | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 101079<br>|
| Walmart Inc. | &nbsp;&nbsp; 749 | &nbsp;&nbsp; 95835<br>|
| Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | &nbsp;&nbsp; 196914 |
| Personal Care Products — 1.6% | Personal Care Products — 1.6% | Personal Care Products — 1.6% |
| Unilever PLC, ADR | &nbsp;&nbsp; 1548 | &nbsp;&nbsp; 114196<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **397802** |
| **Energy — 0.9%** | **Energy — 0.9%** | **Energy — 0.9%** |
| Energy Equipment & Services — 0.9% | Energy Equipment & Services — 0.9% | Energy Equipment & Services — 0.9% |
| Baker Hughes Co. | &nbsp;&nbsp; 1039 | &nbsp;&nbsp; **67805**<br>|

---

See Notes to Financial Statements.

Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Putnam Sustainable Leaders ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Financials — 11.2%** | **Financials — 11.2%** | **Financials — 11.2%** |
| Banks — 3.9% | Banks — 3.9% | Banks — 3.9% |
| Bank of America Corp. | &nbsp;&nbsp; 2544 | &nbsp;&nbsp; $126767<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 151952<br>|
| Total Banks | Total Banks | &nbsp;&nbsp; 278719 |
| Capital Markets — 2.0% | Capital Markets — 2.0% | Capital Markets — 2.0% |
| KKR & Co. Inc. | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 75843<br>|
| TPG Inc. | &nbsp;&nbsp; 1559 | &nbsp;&nbsp; 67692<br>|
| Total Capital Markets | Total Capital Markets | &nbsp;&nbsp; 143535 |
| Consumer Finance — 1.4% | Consumer Finance — 1.4% | Consumer Finance — 1.4% |
| Capital One Financial Corp. | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 100363<br>|
| Financial Services — 3.2% | Financial Services — 3.2% | Financial Services — 3.2% |
| Mastercard Inc., Class A Shares | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 128268<br>|
| Visa Inc., Class A Shares | &nbsp;&nbsp; 328 | &nbsp;&nbsp; 105006<br>|
| Total Financial Services | Total Financial Services | &nbsp;&nbsp; 233274 |
| Insurance — 0.7% | Insurance — 0.7% | Insurance — 0.7% |
| Aon PLC, Class A Shares | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 53340<br>|
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **809231** |
| **Health Care — 10.0%** | **Health Care — 10.0%** | **Health Care — 10.0%** |
| Biotechnology — 1.8% | Biotechnology — 1.8% | Biotechnology — 1.8% |
| AbbVie Inc. | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 127644<br>|
| Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% | Health Care Equipment & Supplies — 1.8% |
| Becton Dickinson & Co. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 59297<br>|
| Boston Scientific Corp. | &nbsp;&nbsp; 897 | &nbsp;&nbsp; 68,935<br> \*<br>|
| Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | &nbsp;&nbsp; 128232 |
| Life Sciences Tools & Services — 2.5% | Life Sciences Tools & Services — 2.5% | Life Sciences Tools & Services — 2.5% |
| Mettler-Toledo International Inc. | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 75,168<br> \*<br>|
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 91715<br>|
| Waters Corp. | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 14,692<br> \*<br>|
| Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | &nbsp;&nbsp; 181575 |
| Pharmaceuticals — 3.9% | Pharmaceuticals — 3.9% | Pharmaceuticals — 3.9% |
| AstraZeneca PLC | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 97555<br>|
| Eli Lilly & Co. | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 181994<br>|
| Total Pharmaceuticals | Total Pharmaceuticals | &nbsp;&nbsp; 279549 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **717000** |
| **Industrials — 9.0%** | **Industrials — 9.0%** | **Industrials — 9.0%** |
| Building Products — 1.8% | Building Products — 1.8% | Building Products — 1.8% |
| Allegion PLC | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 59948<br>|
| Trane Technologies PLC | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 70735<br>|
| Total Building Products | Total Building Products | &nbsp;&nbsp; 130683 |

---

See Notes to Financial Statements.

------

Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

------

 **Putnam Sustainable Leaders ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| Commercial Services & Supplies — 1.1% | Commercial Services & Supplies — 1.1% | Commercial Services & Supplies — 1.1% |
| Republic Services Inc. | &nbsp;&nbsp; 356 | &nbsp;&nbsp; $81524<br>|
| Ground Transportation — 1.2% | Ground Transportation — 1.2% | Ground Transportation — 1.2% |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 967 | &nbsp;&nbsp; 84699<br>|
| Machinery — 4.0% | Machinery — 4.0% | Machinery — 4.0% |
| Fortive Corp. | &nbsp;&nbsp; 1362 | &nbsp;&nbsp; 80630<br>|
| Ingersoll Rand Inc. | &nbsp;&nbsp; 1243 | &nbsp;&nbsp; 117016<br>|
| Otis Worldwide Corp. | &nbsp;&nbsp; 926 | &nbsp;&nbsp; 85711<br>|
| Total Machinery | Total Machinery | &nbsp;&nbsp; 283357 |
| Trading Companies & Distributors — 0.9% | Trading Companies & Distributors — 0.9% | Trading Companies & Distributors — 0.9% |
| United Rentals Inc. | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 66360<br>|
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **646623** |
| **Information Technology — 30.1%** | **Information Technology — 30.1%** | **Information Technology — 30.1%** |
| Semiconductors & Semiconductor Equipment — 15.3% | Semiconductors & Semiconductor Equipment — 15.3% | Semiconductors & Semiconductor Equipment — 15.3% |
| Advanced Micro Devices Inc. | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 67,070<br> \*<br>|
| Analog Devices Inc. | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 39137<br>|
| ASML Holding NV, Registered Shares | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 72528<br>|
| Broadcom Inc. | &nbsp;&nbsp; 806 | &nbsp;&nbsp; 257557<br>|
| Lam Research Corp. | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 74845<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 3316 | &nbsp;&nbsp; 587562<br>|
| Total Semiconductors & Semiconductor Equipment | Total Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 1098699 |
| Software — 6.6% | Software — 6.6% | Software — 6.6% |
| Cadence Design Systems Inc. | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 58,773<br> \*<br>|
| Microsoft Corp. | &nbsp;&nbsp; 848 | &nbsp;&nbsp; 333043<br>|
| Roper Technologies Inc. | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 84635<br>|
| Total Software | Total Software | &nbsp;&nbsp; 476451 |
| Technology Hardware, Storage & Peripherals — 8.2% | Technology Hardware, Storage & Peripherals — 8.2% | Technology Hardware, Storage & Peripherals — 8.2% |
| Apple Inc. | &nbsp;&nbsp; 2247 | &nbsp;&nbsp; 593613<br>|
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2168763** |
| **Materials — 1.6%** | **Materials — 1.6%** | **Materials — 1.6%** |
| Chemicals — 1.6% | Chemicals — 1.6% | Chemicals — 1.6% |
| Linde PLC | &nbsp;&nbsp; 221 | &nbsp;&nbsp; **112286**<br>|
| **Real Estate — 1.6%** | **Real Estate — 1.6%** | **Real Estate — 1.6%** |
| Industrial REITs — 1.0% | Industrial REITs — 1.0% | Industrial REITs — 1.0% |
| Prologis Inc. | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 69717<br>|
| Office REITs — 0.6% | Office REITs — 0.6% | Office REITs — 0.6% |
| BXP Inc. | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 42148<br>|
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **111865** |

---

See Notes to Financial Statements.

Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Putnam Sustainable Leaders ETF**

(Percentages shown based on Fund net assets)

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Utilities — 3.1%** | **Utilities — 3.1%** | **Utilities — 3.1%** |
| Electric Utilities — 3.1% | Electric Utilities — 3.1% | Electric Utilities — 3.1% |
| Constellation Energy Corp. | &nbsp;&nbsp; 309 | &nbsp;&nbsp; $101933<br>|
| NextEra Energy Inc. | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 118619<br>|
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **220552** |
| **Total Investments — 96.7% (Cost — $7,073,378)** | **Total Investments — 96.7% (Cost — $7,073,378)** | &nbsp;&nbsp; **6960772** |
| Other Assets in Excess of Liabilities — 3.3% | Other Assets in Excess of Liabilities — 3.3% | &nbsp;&nbsp; 234384 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$7195156** |

---

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

\* Non-income producing security.

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

---

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

---

See Notes to Financial Statements.

------

Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

February 28, 2026

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost — $7,073,378) | &nbsp;&nbsp; $6960772 |
| Cash | &nbsp;&nbsp; 143831 |
| Dividends receivable from unaffiliated investments | &nbsp;&nbsp; 494348 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 20662 |
| **Total Assets** | &nbsp;&nbsp; **7619613** |
| **Liabilities:** |  |
| Investment management fee payable | &nbsp;&nbsp; 312114 |
| Payable for securities purchased | &nbsp;&nbsp; 112343 |
| **Total Liabilities** | &nbsp;&nbsp; **424457** |
| **Total Net Assets** | &nbsp;&nbsp; **$7195156** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $(109525089)<br>|
| Total distributable earnings (loss)  | &nbsp;&nbsp; 116720245 |
| **Total Net Assets** | &nbsp;&nbsp; **$7195156** |
| **Shares Outstanding** | &nbsp;&nbsp; 200000 |
| **Net Asset Value** | &nbsp;&nbsp; $35.98 |

---

See Notes to Financial Statements.

Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

------

Statement of Operations (unaudited)

For the Six Months Ended February 28, 2026

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividends from unaffiliated investments | &nbsp;&nbsp; $3496987 |
| Dividends from affiliated investments | &nbsp;&nbsp; 269958 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (24934)<br>|
| **Total Investment Income** | &nbsp;&nbsp; **3742011** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 2360865 |
| **Total Expenses** | &nbsp;&nbsp; **2360865** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (19478)<br>|
| **Net Expenses** | &nbsp;&nbsp; **2341387** |
| **Net Investment Income** | &nbsp;&nbsp; **1400624** |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions** <br>**(Notes 1 and 3):** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions** <br>**(Notes 1 and 3):** |
| Net Realized Gain (Loss) From: |  |
| Investment transactions in unaffiliated securities | &nbsp;&nbsp; 165017935 |
| Foreign currency transactions | &nbsp;&nbsp; (54)<br>|
| **Net Realized Gain**  | &nbsp;&nbsp; **165017881** |
| **Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated** <br> **Investments** <br>| &nbsp;&nbsp; **(134043425)**<br>|
| **Net Gain on Investments and Foreign Currency Transactions**  | &nbsp;&nbsp; **30974456** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$32375080** |

---

See Notes to Financial Statements.

------

Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended February 28, 2026 (unaudited) <br>and the Year Ended August 31, 2025<br>| 2026 | 2025 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $1400624 | $3400314 |
| Net realized gain  | &nbsp;&nbsp; 165017881 | 25320044 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; (134043425)<br>| 3899496 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **32375080** | **32619854** |
| **Distributions to Shareholders From (Note 1):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (3190344)<br>| (2607375)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(3190344)**<br>| **(2607375)**<br>|
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (6,200,000 and 13,275,000 shares <br> issued, respectively) <br>| &nbsp;&nbsp; 226626163 | 442569381 |
| Cost of shares repurchased (27,750,000 and 8,975,000 shares <br> repurchased, respectively) <br>| &nbsp;&nbsp; (1004231537)<br>| (294485363)<br>|
| **Increase (Decrease) in Net Assets From Fund Share** <br> **Transactions**<br>| &nbsp;&nbsp; **(777605374)**<br>| **148084018** |
| **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **(748420638)**<br>| **178096497** |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 755615794 | 577519297 |
| **End of period** | &nbsp;&nbsp; **$7195156** | **$755615794** |

---

See Notes to Financial Statements.

Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

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Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended August 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended August 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended August 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended August 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended August 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended August 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended August 31,** <br>**unless otherwise noted:** |
|  | 2026<sup>12</sup> <br>| 2025<sup>1</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>13</sup> <br>|
| **Net asset value, beginning of period** | $34.74 | &nbsp;&nbsp; $33.10 | &nbsp;&nbsp; $25.22 | &nbsp;&nbsp; $21.98 | &nbsp;&nbsp; $27.44 | &nbsp;&nbsp; $25.00 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income | 0.06 | 0.17 | 0.14 | 0.19 | 0.13 | 0.03 |
| Net realized and unrealized gain (loss) | 1.32 | 1.60 | 7.89 | 3.18 | &nbsp;&nbsp; (5.48)<br>| 2.41 |
| **Total income (loss) from** <br> **operations**<br>| **1.38** | **1.77** | **8.03** | **3.37** | &nbsp;&nbsp; **(5.35)** | **2.44** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — |
| **Total distributions** | **(0.14)**<br>| &nbsp;&nbsp; **(0.13)**<br>| &nbsp;&nbsp; **(0.15)**<br>| &nbsp;&nbsp; **(0.13)**<br>| &nbsp;&nbsp; **(0.11)**<br>| &nbsp;&nbsp; **—** |
| **Net asset value, end of period** | $35.98 | &nbsp;&nbsp; $34.74 | &nbsp;&nbsp; $33.10 | &nbsp;&nbsp; $25.22 | &nbsp;&nbsp; $21.98 | &nbsp;&nbsp; $27.44 |
| **Total return, based on NAV**<sup>4</sup> <br>| **3.93%**<br>| **5.34%**<br>| **32.02%**<br>| **15.44%**<br>| &nbsp;&nbsp; **(19.58)%**<br>| **9.76%** <br><sup>5</sup><br>|
| **Net assets, end of period (000s)** | $7195 | &nbsp;&nbsp; $755616 | &nbsp;&nbsp; $577519 | &nbsp;&nbsp; $376402 | &nbsp;&nbsp; $6044 | &nbsp;&nbsp; $7545 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses | 0.59 %<sup>6</sup><br>| 0.59<br> %<br>| 0.59<br> %<br>| 0.58<br> %<br>| 0.59<br> %<br>| 0.16 %<sup>5</sup><br>|
| Net expenses | 0.59 <br><sup>678</sup><br>| 0.58 <br><sup>78</sup><br>| 0.59 <br><sup>78</sup><br>| 0.58 <br><sup>78</sup><br>| 0.59 | 0.16 <br><sup>5</sup><br>|
| Net investment income | 0.35 <br><sup>6</sup><br>| 0.50 | 0.48 | 0.81 | 0.53 | 0.11 <br><sup>5</sup><br>|
| **Portfolio turnover rate**<sup>9</sup> <br>| **12%**<br>| &nbsp;&nbsp; **45%**<br>| &nbsp;&nbsp; **32%**<br>| &nbsp;&nbsp; **43%**<br>| &nbsp;&nbsp; **40%**<br>| &nbsp;&nbsp; **14%** <br><sup>5</sup><br>|

---

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

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

<sup>2</sup> For the six months ended February 28, 2026 (unaudited).

<sup>3</sup> For the period May 25, 2021 (inception date) to August 31, 2021.

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

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

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

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

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

See Notes to Financial Statements.

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Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

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Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

The Fund seeks long-term capital appreciation.

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.** Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services,

Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

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

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

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

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

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Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 |
| Common Stocks† | &nbsp;&nbsp; $6960772 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $6960772 |

---

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

† See
 Schedule of Investments for additional detailed categorizations.

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

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from

Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

------

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

changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

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

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

**(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) REIT distributions.** The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Fund is generally comprised of net investment income, capital

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Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

------

gains, and return of capital. It is the policy of the Fund to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Fund's records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

**(f) Distributions to shareholders.** Distributions from net investment income and 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.

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

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of August 31, 2025, 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.

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

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

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

Putnam Investment Management, LLC ("Putnam Management") is the Fund's investment manager. Franklin Advisers, Inc. ("Advisers") 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 0.59% based on the Fund's average daily net assets computed 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

Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

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

distribution plans, interest, taxes, brokerage commissions and other transaction costs, fund proxy expenses, litigation expenses, extraordinary expenses and acquired fund fees and expenses.

Putnam Management has retained Advisers as a subadviser for the Fund pursuant to a subadvisory agreement. Pursuant to the agreement, Advisers provides certain advisory and related services to the Fund. Putnam Management pays a monthly fee to Advisers based on the costs of Advisers 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 Putnam Management from time to time. FTIML did not manage any portion of the assets of the Fund during the reporting period. If Putnam Management were to engage the services of FTIML, Putnam Management (and not the Fund) would pay a monthly sub-management fee to FTIML for its services at an annual rate of 0.25% of the average net assets of the portion of the Fund assets managed by FTIML.

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

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

During the six months ended February 28, 2026, fees waived and/or expenses reimbursed amounted to $19,478, 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.

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Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

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

**3. Investments**

During the six months ended February 28, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $250025344 |
| Sales | &nbsp;&nbsp; 86487521 |

---

During the six months ended February 28, 2026, in-kind transactions (Note 5) were as follows:

---

| | |
|:---|:---|
| Contributions | &nbsp;&nbsp; $35457672 |
| Redemptions | &nbsp;&nbsp; 963655599 |
| Realized gain (loss)\* | &nbsp;&nbsp; 180983505 |

---

&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.

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 February 28, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $16942587 | &nbsp;&nbsp; $338354 | &nbsp;&nbsp; $(10320169) | &nbsp;&nbsp; $(9981815) |

---

**4. Derivative instruments and hedging activities**

During the six months ended February 28, 2026, the Fund did not invest in derivative instruments.

**5. Fund share transactions**

At February 28, 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

Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

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

Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Fund's Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

**6. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the six months ended February 28, 2026. The following transactions were effected in such company for the six months ended February 28, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>August 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>August 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Putnam <br> Government <br> Money Market <br> Fund, Class P <br> Shares<br>| $14269559 | $146515543 | 146515543 | $160785102 | 160785102 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (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>February 28, <br>2026<br>|
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>|  | $269958 |  |  |

---

**7. Deferred capital losses**

As of August 31, 2025, the Fund had deferred capital losses of $38,807,998, which have no expiration date, that will be available to offset future taxable capital gains.

**8. Plan of liquidation**

On March 26, 2026, the Board of the Trust approved a plan to liquidate and dissolve the Fund. The Fund is expected to liquidate on or about June 2, 2026.

**9. Operating segments**

The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment

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Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

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strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

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

Putnam Sustainable Leaders ETF 2026 Semi-Annual Report

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

---

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

---

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Putnam Sustainable Leaders ETF

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Putnam

Sustainable Leaders ETF

**Trustees**

Liaquat Ahamed

Barbara M. Baumann

Chair

Katinka Domotorffy

Catharine Bond Hill

Gregory G. McGreevey

Jennifer Williams Murphy

Marie Pillai

George Putnam III

Robert L. Reynolds

Manoj P. Singh

Mona K. Sutphen

Jane Trust

**Investment manager**

Putnam Investment Management, LLC

**Subadvisers**

Franklin Advisers, Inc.

Franklin Templeton Investment Management Limited

**Distributor**

Franklin Distributors, LLC

**Custodian**

The Bank of New York Mellon

**Transfer agent**

The Bank of New York Mellon

240 Greenwich Street New York, NY 10286

**Independent registered public accounting firm**

PricewaterhouseCoopers LLP Boston, MA

**Putnam Sustainable Leaders ETF**

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

Putnam Sustainable Leaders 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 Sustainable Leaders 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.

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![](img1c4858d83.jpg)

**39435-SFSOI 4/26**© 2026 Franklin Templeton. All rights reserved.

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

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have
 concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes
 the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b)
 under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

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

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

ITEM 19. EXHIBITS.

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

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pflge-efp23693_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pflge-efp23693_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**

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| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | April 27, 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: | April 27, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | April 27, 2026 |

---

## 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: April 27, 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: April 27, 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;1. The Registrant's periodic report on Form N-CSR for the period ended **February 28, 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;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: April 27, 2026 | Date: April 27, 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.