# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0001133228-26-000920
**Filing Date:** 2026-1
**Character Count:** 177928
**Document Hash:** 5be98ee3040ad9f6a63c9f6927332abb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000920.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001133228-26-000920

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260128

**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:** 26571045

**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

### Franklin Short-Term Municipal Income ETF (Series ID: S000094554)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000263087 | Franklin Short-Term Municipal Income ETF |  |

?xml version='1.0' encoding='ASCII'? 2025-12-169057868_FranklinShort-TermMunicipalIncomeETF_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: **November 30**

Date of reporting period: **November 30, 2025**

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

---

| | |
|:---|:---|
| **Franklin Short-Term Municipal Income ETF**  | ![image](img448_202405131411777.jpg) |
| FTMS \| NYSE Arca, Inc. | ![image](img448_202405131411777.jpg) |
| Annual Shareholder Report \| November 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This annual shareholder report contains important information about Franklin Short-Term Municipal Income ETF (previously known as Putnam Short-Term Municipal Income Fund) for the period December 1, 2024, to November 30, 2025.

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>  |
| Franklin Short-Term Municipal Income ETF | $40 | 0.39% |

---

\* 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 November 30, 2025, Franklin Short-Term Municipal Income ETF returned 3.85%. The Fund compares its performance to the Bloomberg 3-year Municipal Bond Index, which returned 3.37% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in AAA and AA rated bonds |
| ↑ | Overweight allocation to bonds with no external credit rating |
| ↑ | Security selection in bonds with 10 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Security selection in muni bonds with two years to maturity |
| ↓ | Security selection in the gas forward and charter school sectors |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Short-Term Municipal Income ETF PAGE 1 48362-ATSR-0126

------

**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 –** **Single Class** 11/30/2015 — 11/30/2025

![image](ts5907img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Franklin Short-Term Municipal Income ETF (NAV)**  | 3.85 | 2.06 | 1.89 |
| **Bloomberg Municipal Bond Index**  | 2.64 | 0.91 | 2.41 |
| **Bloomberg 3-year Municipal Bond Index**  | 3.37 | 1.26 | 1.60 |

---

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

The Fund began offering Class R6 shares on 5/22/2018. Returns for periods before 5/22/2018 are based on the Fund's Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

The Fund acquired the assets and assumed the liabilities of a predecessor mutual fund after the market close on October 24, 2025. Performance shown for periods ending on or prior to October 24, 2025, is the performance of the R6 Class Shares of the predecessor mutual fund. Performance for the predecessor mutual fund has not been adjusted to reflect the Fund's shares' lower net expense ratio than that of the predecessor mutual fund's R6 Class Shares. Had the predecessor mutual fund been structured as an ETF, its performance may have differed.

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 November 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $165226019 |
| **Total Number of Portfolio Holdings** | 199 |
| **Total Management Fee Paid (based on a unitary fee)** | $290732 |
| **Portfolio Turnover Rate** | 37% |

---

Franklin Short-Term Municipal Income ETF PAGE 2 48362-ATSR-0126

------

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

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

![image](ts5907img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective May 30, 2025, the portfolio managers for the Fund primarily responsible for the day-to-day management of the Fund are Benjamin C. Barber, James Conn, Garrett L. Hamilton, Francisco Rivera and Daniel Workman.

Effective October 24, 2025, Putnam Short-Term Municipal Income Fund (the "Predecessor Fund") was converted into your Fund, Franklin Short-Term Municipal Income ETF (the "ETF"), which is a newly-organized series of Putnam ETF Trust. Pursuant to an Agreement and Plan of Reorganization approved by the Boards of the Predecessor Fund and the ETF, the reorganization of the Predecessor Fund consisted of (1) the transfer of substantially all of the Predecessor Fund's assets, subject to its liabilities, to the ETF in return for shares of the ETF; and (2) the distribution of the ETF shares to the Predecessor Fund's shareholders in complete liquidation of the Predecessor Fund. The ETF began trading on NYSE Arca, Inc. on October 27, 2025.

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by April 1, 2026,

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 |

---

Franklin Short-Term Municipal Income ETF PAGE 3 48362-ATSR-0126

------

&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;(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;(c) N/A

&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;(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 Gregory G. McGreevey 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 Gregory G. McGreevey and Manoj P. Singh as the Audit Committee's financial experts. Gregory G. McGreevey 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;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending November 30, 2024 and November 30, 2025 (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 $109,093 in November 30, 2024 and $92,532 in November 30, 2025.

&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 November 30, 2024 and $0 in November 30, 2025.

&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 $15,446 in November 30, 2024 and $25,744 in November 30, 2025. 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.

&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 November 30, 2024 and $0 in November 30, 2025.

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;(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;(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;(f) Not applicable.

&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 $1,744,072 in November 30, 2024 and $1,474,011 in November 30, 2025.

&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;(i) Not applicable.

&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.

![](imgc82676211.gif)

**Franklin**

**Short-Term Municipal Income ETF**

**(Formerly known as Putnam Short-Term Municipal Income Fund)**

**Financial Statements and Other Important Information**

**Annual** \| November 30, 2025

![](img587a461d2.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_f59d14d1-2cf3-4734-ac67-0c849f695de0_SOI-Header-SOI-5137_1) | **1** |
| [Statement of Assets and Liabilities](#xx_f59d14d1-2cf3-4734-ac67-0c849f695de0_SAL-Header-SAL-5137_1) | **16** |
| [Statement of Operations](#xx_f59d14d1-2cf3-4734-ac67-0c849f695de0_SOP-Header-SOP-5137_1) | **17** |
| [Statements of Changes in Net Assets](#xx_f59d14d1-2cf3-4734-ac67-0c849f695de0_SOC-Header-SOC-5137_1) | **18** |
| [Financial Highlights](#xx_f59d14d1-2cf3-4734-ac67-0c849f695de0_FH-Header-Financialhighlights-5137_1) | **19** |
| [Notes to Financial Statements](#xx_f59d14d1-2cf3-4734-ac67-0c849f695de0_NTF-Header-Notestofinancialstatements-5137_1) | **20** |
| [Report of Independent Registered Public Accounting](#xx_f59d14d1-2cf3-4734-ac67-0c849f695de0_RIRPAF-Header-Auditletter-5137_1) [Firm](#xx_f59d14d1-2cf3-4734-ac67-0c849f695de0_RIRPAF-Header-Auditletter-5137_1) | **32** |
| [Important Tax Information](#xx_f59d14d1-2cf3-4734-ac67-0c849f695de0_ITI-Header-Importanttaxinformation-5137_1) | **33** |
| [Changes in and Disagreements with Accountants](#xx_f59d14d1-2cf3-4734-ac67-0c849f695de0_TSR-TOCTSRDisclosures-5137_1) | **34** |
| [Results of Meeting(s) of Shareholders](#xx_f59d14d1-2cf3-4734-ac67-0c849f695de0_TSR-TOCTSRDisclosures-5137_1) | **34** |
| [Remuneration Paid to Directors, Officers and Others](#xx_f59d14d1-2cf3-4734-ac67-0c849f695de0_TSR-TOCTSRDisclosures-5137_1) | **34** |
| [Board Approval of Management and Subadvisory](#xx_f59d14d1-2cf3-4734-ac67-0c849f695de0_BAMSA-TOC-Mgmtandsubadvisoryagreements-5137_1) [Agreements](#xx_f59d14d1-2cf3-4734-ac67-0c849f695de0_BAMSA-TOC-Mgmtandsubadvisoryagreements-5137_1) | **35** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Annual

------

Schedule of Investments

November 30, 2025

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 92.8%** | **Municipal Bonds — 92.8%** | **Municipal Bonds — 92.8%** | **Municipal Bonds — 92.8%** | **Municipal Bonds — 92.8%** |
| Alabama — 4.2% | Alabama — 4.2% | Alabama — 4.2% | Alabama — 4.2% | Alabama — 4.2% |
| Southeast Energy Authority, AL, Commodity <br> Supply Revenue, Series A  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $537479<br> <sup>(a)(b)</sup><br>|
| Southeast Energy Authority, AL, Cooperative <br> District, Commodity Supply Revenue, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2040745<br> <sup>(a)(b)</sup><br>|
| Southeast Energy Authority, AL, Cooperative <br> District, Energy Supply Revenue, Series B  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1856870<br> <sup>(a)(b)</sup><br>|
| Water Works Board of the City of Birmingham, <br> AL, Revenue, Series 2024  | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2499977<br> <sup>(c)</sup><br>|
| Total Alabama | Total Alabama | Total Alabama | Total Alabama | &nbsp;&nbsp; 6935071 |
| Alaska — 1.0% | Alaska — 1.0% | Alaska — 1.0% | Alaska — 1.0% | Alaska — 1.0% |
| Alaska Industrial Development & Export <br> Authority Revenue, Tanana Chiefs Conference <br> Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1530000 | &nbsp;&nbsp; 1606250<br>|
| Arizona — 1.1% | Arizona — 1.1% | Arizona — 1.1% | Arizona — 1.1% | Arizona — 1.1% |
| Coconino County, AZ, Pollution Control Corp. <br> Revenue, Nevada Power Company Project, <br> Series B, Refunding  | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 751121<br> <sup>(a)(b)</sup><br>|
| Salt Verde, AZ, Financial Corp., Natural Gas <br> Revenue, Series 2007  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000<br>|
| Total Arizona | Total Arizona | Total Arizona | Total Arizona | &nbsp;&nbsp; 1751121 |
| California — 11.8% | California — 11.8% | California — 11.8% | California — 11.8% | California — 11.8% |
| California State Community Choice Financing <br> Authority Revenue, Clean Energy Project, Green <br> Bonds, Series G  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2100397<br> <sup>(a)(b)</sup><br>|
| California State Enterprise Development <br> Authority Revenue, First Tier, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101058<br>|
| California State Health Facilities Financing <br> Authority Revenue, Episcopal Communities & <br> Services, Initial Entrance Fees  | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1501265<br>|
| California State HFA Revenue, Series A-2, FHA  | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2502164<br> <sup>(a)(b)</sup><br>|
| California State MFA Revenue: |  |  |  |  |
| California Lutheran University, Series 2018, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 577986<br>|
| Humangood California Obligated Group, <br> Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 165997<br>|
| Palomar Health, COP, Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103150<br>|
| Palomar Health, COP, Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 120342<br>|
| Republic Services Inc. Project, Series A, <br> Refunding | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499914<br> <sup>(a)(b)(d)</sup><br>|

---

See Notes to Financial Statements.

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

Schedule of Investments (cont'd)

November 30, 2025

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| California — continued | California — continued | California — continued | California — continued | California — continued |
| California State University Revenue, Series B-2, <br> Refunding  | &nbsp;&nbsp; 0.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp; $1955419<br> <sup>(a)(b)</sup><br>|
| Fontana, CA, Community Facilities District No. <br> 109, Special Tax Revenue: |  |  |  |  |
| Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp; 252344<br>|
| Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 264967<br>|
| Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 283183<br>|
| Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/34 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 436948<br>|
| Freddie Mac Multifamily Certificates Revenue: |  |  |  |  |
| Series 2019 | &nbsp;&nbsp; 2.543% | &nbsp;&nbsp; 6/25/37 | &nbsp;&nbsp; 920740 | &nbsp;&nbsp; 815996<br>|
| Series A | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 11/25/33 | &nbsp;&nbsp; 450877 | &nbsp;&nbsp; 438232<br>|
| Los Angeles, CA, Department of Water & Power, <br> Power System Revenue: |  |  |  |  |
| Series 2018, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp; 1290774<br>|
| Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1045863<br>|
| Oro Grande, CA, Elementary School District <br> Revenue, COP, Series 2020, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 2095000 | &nbsp;&nbsp; 2121587<br>|
| San Bernardino County, CA, School Facilities <br> Improvement District No. 2, GO, CAB  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 881038<br>|
| Sanjose, CA, Multifamily Housing Revenue, <br> Parkmoor, Series F-2, HUD Section 8  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2019567<br> <sup>(a)(b)</sup><br>|
| Total California | Total California | Total California | Total California | &nbsp;&nbsp; 19478191 |
| Colorado — 1.0% | Colorado — 1.0% | Colorado — 1.0% | Colorado — 1.0% | Colorado — 1.0% |
| Colorado State Health Facilities Authority <br> Revenue, Commonspirit Health Initiatives, <br> Series B-2  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003111<br> <sup>(a)(b)</sup><br>|
| Southern Ute Indian Tribe Reservation, CO, GO, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 575407<br> <sup>(c)</sup><br>|
| Total Colorado | Total Colorado | Total Colorado | Total Colorado | &nbsp;&nbsp; 1578518 |
| Connecticut — 0.6% | Connecticut — 0.6% | Connecticut — 0.6% | Connecticut — 0.6% | Connecticut — 0.6% |
| Connecticut State HEFA Revenue, Yale <br> University Issue, Series A | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 2/10/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999357<br> <sup>(a)(b)</sup><br>|
| District of Columbia — 1.2% | District of Columbia — 1.2% | District of Columbia — 1.2% | District of Columbia — 1.2% | District of Columbia — 1.2% |
| District of Columbia Revenue: |  |  |  |  |
| Georgetown University, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/3/35 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 848890<br> <sup>(a)(b)</sup><br>|
| International School Issue, Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 307156<br>|
| Metropolitan Washington, DC, Airports <br> Authority Aviation Revenue: |  |  |  |  |
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 229272<br> <sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| District of Columbia — continued | District of Columbia — continued | District of Columbia — continued | District of Columbia — continued | District of Columbia — continued |
| Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $522548<br> <sup>(d)</sup><br>|
| Total District of Columbia | Total District of Columbia | Total District of Columbia | Total District of Columbia | &nbsp;&nbsp; 1907866 |
| Florida — 8.2% | Florida — 8.2% | Florida — 8.2% | Florida — 8.2% | Florida — 8.2% |
| Alachua County, FL, Health Facilities Authority <br> Revenue, Oak Hammock, University of Florida, <br> Inc. Project, Series B-3  | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250392<br>|
| Broward County, FL, HFA Revenue, St. Joseph <br> Manor II, Series 2023, HUD Section 8  | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 999334<br> <sup>(a)(b)</sup><br>|
| East Nassau, FL, Stewardship District, Special <br> Assessment Revenue, Series 2025  | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 1605000 | &nbsp;&nbsp; 1610185<br>|
| Florida, FL, HFC Revenue: |  |  |  |  |
| Homeowner Mortgage Revenue, Series 2022, <br> GNMA / FNMA / FHLMC | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 1580000 | &nbsp;&nbsp; 1573517<br>|
| Northside Transit Village III, Series B, GNMA <br> - Collateralized | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 2295000 | &nbsp;&nbsp; 2302296<br> <sup>(a)(b)</sup><br>|
| Lakewood Ranch Stewardship District, FL, <br> Special Assessment Revenue: |  |  |  |  |
| Lakewood Ranch Southeast Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 297443<br>|
| Taylor Ranch Project | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 147972<br>|
| Miami-Dade County, FL, Aviation Revenue, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1358441<br> <sup>(d)</sup><br>|
| Parkside Trails Community Development District <br> Revenue, FL, Special Assessment Bonds, <br> Series 2025  | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 285195<br>|
| Pinellas County, FL, IDA Revenue, Drs. Kiran & <br> Pallavi Patel 2017 Foundation For Global <br> Understanding Inc., Project, Series 2019  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 362166<br>|
| Polk County, FL, HFA, Multi-Family Housing <br> Revenue Bonds, Episcopal Catholic Apartments, <br> Series 2023, HUD Section 8  | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3014413<br> <sup>(a)(b)</sup><br>|
| St. Johns County, FL, IDA Revenue, Senior Living <br> Revenue Bonds, Vicars Landing Project, Series <br> A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197038<br>|
| Volusia County, FL, Educational Facilities <br> Authority Educational Facilities Revenue: |  |  |  |  |
| Embry-Riddle Aeronautical University, Inc. <br> Project, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 132693<br>|
| Embry-Riddle Aeronautical University, Inc. <br> Project, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 216428<br>|

---

See Notes to Financial Statements.

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

Schedule of Investments (cont'd)

November 30, 2025

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Florida — continued | Florida — continued | Florida — continued | Florida — continued | Florida — continued |
| Westview, FL, South Community Development <br> District, Special Assessment Revenue, <br> Assessment Area One Project, Series 2025  | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $501378<br> <sup>(c)</sup><br>|
| Windsor Cay, FL, Community Development <br> District, Special Assessment Revenue, <br> Assessment Area Two Project, Series 2025  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 240317<br> <sup>(c)(e)</sup><br>|
| Total Florida | Total Florida | Total Florida | Total Florida | &nbsp;&nbsp; 13489208 |
| Georgia — 2.5% | Georgia — 2.5% | Georgia — 2.5% | Georgia — 2.5% | Georgia — 2.5% |
| Cobb-Marietta Counties, GA, Coliseum & Exhibit <br> Hall Authority Revenue: |  |  |  |  |
| Cobb Galleria Centre Project, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 104355<br>|
| Cobb Galleria Centre Project, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106692<br>|
| DeKalb County, GA, Housing Authority Revenue, <br> Series 2024  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp; 784986<br>|
| Development Authority of Monroe County, GA, <br> Revenue, Georgia Power Company Plant Scherer <br> Project  | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501141<br> <sup>(a)(b)</sup><br>|
| Main Street Natural Gas Inc., GA, GAS Project <br> Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1011593<br> <sup>(a)(b)</sup><br>|
| Series C | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1020147<br> <sup>(a)(b)</sup><br>|
| Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 539923<br> <sup>(a)(b)</sup><br>|
| Total Georgia | Total Georgia | Total Georgia | Total Georgia | &nbsp;&nbsp; 4068837 |
| Guam — 0.2% | Guam — 0.2% | Guam — 0.2% | Guam — 0.2% | Guam — 0.2% |
| Guam Government, Waterworks Authority <br> Revenue, Water and Wastewater System, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 295418<br>|
| Hawaii — 0.3% | Hawaii — 0.3% | Hawaii — 0.3% | Hawaii — 0.3% | Hawaii — 0.3% |
| Honolulu County, HI, Revenue, Maunakea Tower <br> Apartments, Series 2023, HUD Section 8 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp; 539543<br> <sup>(a)(b)</sup><br>|
| Idaho — 0.2% | Idaho — 0.2% | Idaho — 0.2% | Idaho — 0.2% | Idaho — 0.2% |
| Idaho Housing & Finance Association Revenue, <br> ID, Idaho Housing & Finance Association <br> Revenue, Series H, GNMA - Collateralized | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/21/46 | &nbsp;&nbsp; 379650 | &nbsp;&nbsp; 343497<br>|
| Illinois — 1.8% | Illinois — 1.8% | Illinois — 1.8% | Illinois — 1.8% | Illinois — 1.8% |
| Cook & Du Page County, IL, Combined School <br> District No. 113A, GO, Lemont Bromberek, <br> Series 2021  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 709634<br>|
| Illinois State Finance Authority Revenue, <br> Series 2019, Refunding (SOFR x 0.700 + 1.150%) | &nbsp;&nbsp; 3.985% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp; 480301<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Illinois — continued | Illinois — continued | Illinois — continued | Illinois — continued | Illinois — continued |
| Illinois State, GO, Series A  | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; $1800000 | &nbsp;&nbsp; $1802447<br>|
| Total Illinois | Total Illinois | Total Illinois | Total Illinois | &nbsp;&nbsp; 2992382 |
| Indiana — 2.5% | Indiana — 2.5% | Indiana — 2.5% | Indiana — 2.5% | Indiana — 2.5% |
| Indiana State Finance Authority Revenue: |  |  |  |  |
| Ascension Senior Credit Group, Series A-1, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1249710<br> <sup>(e)</sup><br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp; 774776<br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp; 824323<br>|
| Whiting, IN, Environmental Facilities Revenue, <br> BP Products North America Inc. Project, Series <br> A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1313964<br> <sup>(a)(b)(d)</sup><br>|
| Total Indiana | Total Indiana | Total Indiana | Total Indiana | &nbsp;&nbsp; 4162773 |
| Kentucky — 6.0% | Kentucky — 6.0% | Kentucky — 6.0% | Kentucky — 6.0% | Kentucky — 6.0% |
| Kentucky Public Energy Authority, Gas Supply <br> Revenue, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 806957<br> <sup>(a)(b)</sup><br>|
| Kentucky State PEA, Gas Supply Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp; 1042355<br> <sup>(a)(b)</sup><br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 537686<br>|
| Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1039737<br>|
| Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1065837<br> <sup>(a)(b)</sup><br>|
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2093561<br>|
| Owen County, KY Water Facilities Revenue, <br> Kentucky-American Water Company Project, <br> Series 2020, Refunding  | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2295113<br> <sup>(a)(b)</sup><br>|
| Trimble County, KY, Environmental Facilities <br> Revenue, Louisville Gas and Electric Company <br> Project, Series A  | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1007758<br> <sup>(a)(b)(d)</sup><br>|
| Total Kentucky | Total Kentucky | Total Kentucky | Total Kentucky | &nbsp;&nbsp; 9889004 |
| Louisiana — 2.8% | Louisiana — 2.8% | Louisiana — 2.8% | Louisiana — 2.8% | Louisiana — 2.8% |
| Louisiana State Offshore Terminal Authority <br> Revenue, Deep Water Port Bonds, Series A, <br> Refunding  | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1527415<br> <sup>(a)(b)</sup><br>|
| Louisiana State PFA, Hospital Revenue, Ochsner <br> Clinic Foundation Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1082397<br>|
| St. John the Baptist Parish, LA, State Revenue, <br> Marathon Oil Corp. Project, Series C, Refunding  | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 7/3/28 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2004893<br> <sup>(a)(b)</sup><br>|
| Total Louisiana | Total Louisiana | Total Louisiana | Total Louisiana | &nbsp;&nbsp; 4614705 |
| Maine — 0.3% | Maine — 0.3% | Maine — 0.3% | Maine — 0.3% | Maine — 0.3% |
| Maine State, ME, Housing Authority Revenue, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 532470<br>|

---

See Notes to Financial Statements.

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

Schedule of Investments (cont'd)

November 30, 2025

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Maryland — 0.1% | Maryland — 0.1% | Maryland — 0.1% | Maryland — 0.1% | Maryland — 0.1% |
| Maryland State Health & Higher EFA Revenue, <br> Stevenson University Project, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; $200000 | &nbsp;&nbsp; $209528<br>|
| Massachusetts — 1.5% | Massachusetts — 1.5% | Massachusetts — 1.5% | Massachusetts — 1.5% | Massachusetts — 1.5% |
| Massachusetts State DFA Revenue: |  |  |  |  |
| CHF Merrimack Inc., Merrimack College <br> Student Housing Project | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 458162<br> <sup>(c)</sup><br>|
| Emerson College Issue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 1025730<br>|
| Quincy, MA, GO, BAN, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/24/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1014912<br>|
| Total Massachusetts | Total Massachusetts | Total Massachusetts | Total Massachusetts | &nbsp;&nbsp; 2498804 |
| Michigan — 0.9% | Michigan — 0.9% | Michigan — 0.9% | Michigan — 0.9% | Michigan — 0.9% |
| Detroit, MI, Downtown Development Tax <br> Increment Revenue, Series 2024, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 890000 | &nbsp;&nbsp; 930361<br>|
| Detroit, MI, GO, Unlimited Tax, Series B  | &nbsp;&nbsp; 6.844% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 302583<br>|
| Flint Hospital Building Authority Revenue, MI, <br> Hurley Medical Centre, Series B, Unrefunded  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 319760<br>|
| Total Michigan | Total Michigan | Total Michigan | Total Michigan | &nbsp;&nbsp; 1552704 |
| Minnesota — 1.0% | Minnesota — 1.0% | Minnesota — 1.0% | Minnesota — 1.0% | Minnesota — 1.0% |
| Minneapolis, MN, Health Care System Revenue, <br> Fairview Health Services, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp; 851339<br>|
| Northern Municipal Power Agency Revenue, <br> MN, Minnesota Electric System, Series 2023  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 255448<br>|
| Wadena, MN, Revenue: |  |  |  |  |
| Cancer Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 198676<br>|
| Cancer Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 408661<br>|
| Total Minnesota | Total Minnesota | Total Minnesota | Total Minnesota | &nbsp;&nbsp; 1714124 |
| Missouri — 1.5% | Missouri — 1.5% | Missouri — 1.5% | Missouri — 1.5% | Missouri — 1.5% |
| Kansas City, MO, IDA, Airport System Revenue: |  |  |  |  |
| Kansas City International Airport Terminal <br> Modernization Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502186<br> <sup>(d)</sup><br>|
| Kansas City International Airport Terminal <br> Modernization Project, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1052859<br> <sup>(d)</sup><br>|
| Missouri State HEFA Revenue, University of <br> Health Sciences and Pharmacy in St. Louis <br> Educational Facilities, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502428<br>|

---

See Notes to Financial Statements.

------

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Missouri — continued | Missouri — continued | Missouri — continued | Missouri — continued | Missouri — continued |
| Poplar Bluff Regional Transportation <br> Development District Revenue, MO, <br> Transportation Sales Tax Refunding and <br> Improvement Revenue Bonds, Series B, <br> Refunding  | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; $345000 | &nbsp;&nbsp; $342797<br>|
| Total Missouri | Total Missouri | Total Missouri | Total Missouri | &nbsp;&nbsp; 2400270 |
| Montana — 1.0% | Montana — 1.0% | Montana — 1.0% | Montana — 1.0% | Montana — 1.0% |
| Forsyth, MT, Revenue, Northwestern <br> Corporation Colstrip Project, Series 2023, <br> Refunding  | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1320344<br>|
| Montana State Board of Housing Revenue: |  |  |  |  |
| Aspen Village Apartments Project | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 399057<br> <sup>(a)(b)</sup><br>|
| Federally Insured or Guaranteed Mortgage <br> Loans, Series A, Refunding, HUD | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000<br> <sup>(d)</sup><br>|
| Total Montana | Total Montana | Total Montana | Total Montana | &nbsp;&nbsp; 1724401 |
| Nebraska — 0.6% | Nebraska — 0.6% | Nebraska — 0.6% | Nebraska — 0.6% | Nebraska — 0.6% |
| Central Plains Energy Project, NE, Gas Project <br> Revenue, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1062948<br>|
| Nevada — 0.9% | Nevada — 0.9% | Nevada — 0.9% | Nevada — 0.9% | Nevada — 0.9% |
| Clark County, NV, Department of Aviation <br> Revenue, Airport System Revenues, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506107<br> <sup>(d)</sup><br>|
| Humboldt County, NV, Revenue, Sierra Pacific <br> Power Company Projects, Series B, Refunding  | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1011783<br>|
| Total Nevada | Total Nevada | Total Nevada | Total Nevada | &nbsp;&nbsp; 1517890 |
| New Hampshire — 0.3% | New Hampshire — 0.3% | New Hampshire — 0.3% | New Hampshire — 0.3% | New Hampshire — 0.3% |
| New Hampshire Municipal Bond Bank Revenue, <br> Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 520348<br>|
| New Jersey — 1.5% | New Jersey — 1.5% | New Jersey — 1.5% | New Jersey — 1.5% | New Jersey — 1.5% |
| New Jersey State EDA Revenue, New Jersey <br> American Water Company Inc. Project, <br> Refunding  | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 12/3/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 471811<br> <sup>(a)(b)(d)</sup><br>|
| New Jersey State Higher Education, Student <br> Assistance Authority Revenue, Series B, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1030722<br> <sup>(d)</sup><br>|
| Newark, NJ, The County of Essex New Jersey <br> Anticipation Notes, GO, Series B, Refunding  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/7/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005796<br>|
| Total New Jersey | Total New Jersey | Total New Jersey | Total New Jersey | &nbsp;&nbsp; 2508329 |

---

See Notes to Financial Statements.

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

Schedule of Investments (cont'd)

November 30, 2025

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| New Mexico — 1.2% | New Mexico — 1.2% | New Mexico — 1.2% | New Mexico — 1.2% | New Mexico — 1.2% |
| Farmington, NM, Revenue, Public Service <br> Company of New Mexico San Juan Project, <br> Series B, Refunding  | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1012226<br> <sup>(a)(b)</sup><br>|
| New Mexico Mortgage Finance Authority <br> Revenue, Multi-Family Housing, Sante Fe <br> Apartments And Sangre De Cristo Project, HUD <br> Section 8  | &nbsp;&nbsp; 3.730% | &nbsp;&nbsp; 2/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000<br> <sup>(a)(b)</sup><br>|
| Total New Mexico | Total New Mexico | Total New Mexico | Total New Mexico | &nbsp;&nbsp; 2012226 |
| New York — 3.6% | New York — 3.6% | New York — 3.6% | New York — 3.6% | New York — 3.6% |
| Long Island, NY, Power Authority Electric <br> System Revenue, Series B, Refunding  | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 197395<br> <sup>(a)(b)</sup><br>|
| Monroe County, NY, Industrial Development <br> Corp. Revenue, Eugenio Maria De Hostos <br> Charter School Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp; 855051<br> <sup>(c)</sup><br>|
| MTA, NY, Transportation Revenue, Green Bonds, <br> Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 510806<br>|
| New York State Dormitory Authority Revenue: |  |  |  |  |
| New York University | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76177<br>|
| Pace York University, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 180168<br>|
| Pace York University, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 312892<br>|
| Pace York University, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 238304<br>|
| St. Joseph's College, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200402<br>|
| St. Joseph's College, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75758<br>|
| St. Joseph's College, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76013<br>|
| New York State Energy Finance Development <br> Corp., Revenue, Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1876762<br> <sup>(a)(b)</sup><br>|
| New York State Transportation Development <br> Corp., Special Facilities Revenue: |  |  |  |  |
| John F. Kennedy International Airport New <br> Terminal One Project, Green Bonds, <br> Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1117435<br> <sup>(d)</sup><br>|
| John F. Kennedy International Airport <br> Terminal Four Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 225000<br> <sup>(d)</sup><br>|
| Total New York | Total New York | Total New York | Total New York | &nbsp;&nbsp; 5942163 |
| North Carolina — 0.5% | North Carolina — 0.5% | North Carolina — 0.5% | North Carolina — 0.5% | North Carolina — 0.5% |
| North Carolina State Medical Care Commission, <br> Retirement Facilities First Mortgage Revenue: |  |  |  |  |
| UMRH Project, Series B-1 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250092<br>|
| UMRH Project, Series B-2 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500131<br>|
| Total North Carolina | Total North Carolina | Total North Carolina | Total North Carolina | &nbsp;&nbsp; 750223 |

---

See Notes to Financial Statements.

------

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| North Dakota — 0.9% | North Dakota — 0.9% | North Dakota — 0.9% | North Dakota — 0.9% | North Dakota — 0.9% |
| Cass County, ND, Joint Water Resource District <br> Revenue, Series A, Refunding, County GTD  | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1000479<br>|
| Horace, ND, GO, Temporary Improvement Bonds, <br> Series B, Refunding  | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500163<br>|
| Total North Dakota | Total North Dakota | Total North Dakota | Total North Dakota | &nbsp;&nbsp; 1500642 |
| Ohio — 5.3% | Ohio — 5.3% | Ohio — 5.3% | Ohio — 5.3% | Ohio — 5.3% |
| Akron Bath & Copley Joint Township Hospital <br> District Revenue, Ohio Hospital Facilities, <br> Summa Health Obligated Group, Series 2020, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 188536<br>|
| American Municipal Power Inc., OH, Revenue, <br> Wapakoneta Project, Series 2025, Refunding, <br> BAN  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1005455<br>|
| Cleveland, OH, Department of Public Utilities <br> Division of Public Power Revenue, Series A, <br> Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 728984<br>|
| Columbus-Franklin County, OH, Finance <br> Authority Revenue, Landmark on Scioto, <br> Series 2025  | &nbsp;&nbsp; 3.190% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000786<br> <sup>(a)(b)</sup><br>|
| Dayton-Montgomery County, OH, Port Authority <br> Revenue, Regional Stem Schools Inc. Project, <br> Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 401986<br>|
| Lancaster, OH, Port Authority, Gas Supply <br> Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1335566<br> <sup>(a)(b)</sup><br>|
| Ohio HFA, Multi-Family Housing Revenue, <br> Series 2025  | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 504541<br> <sup>(a)(b)</sup><br>|
| Ohio Higher Educational Facility Commission <br> Revenue: |  |  |  |  |
| Ashtabula County Medical Center Obligated <br> Group, Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100117<br>|
| The Cleveland Institute of Music 2022 Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp; 440334<br>|
| Ohio State Air Quality Development Authority <br> Revenue, Duke Energy Corp. Project, Series B, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506624<br> <sup>(a)(b)</sup><br>|
| State of Ohio Tax-Exempt Private Activity <br> Revenue, Portsmouth Gateway Group LLC, <br> Portsmouth Bypass Project, Series 2015  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp; 940000 | &nbsp;&nbsp; 941064<br> <sup>(d)</sup><br>|
| Youngstown State, OH, University Revenue, <br> General Receipts Bonds, Series 2016, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 1535000 | &nbsp;&nbsp; 1566896<br>|
| Total Ohio | Total Ohio | Total Ohio | Total Ohio | &nbsp;&nbsp; 8720889 |

---

See Notes to Financial Statements.

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

Schedule of Investments (cont'd)

November 30, 2025

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Pennsylvania — 2.4% | Pennsylvania — 2.4% | Pennsylvania — 2.4% | Pennsylvania — 2.4% | Pennsylvania — 2.4% |
| Chester County, PA, IDA Revenue, Avon Grove <br> Charter School, Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; $800000 | &nbsp;&nbsp; $806895<br>|
| Pennsylvania State Economic Development <br> Financing Authority Revenue, Tax-Exempt <br> Private Activity, The Penndot Major Bridges <br> Package One Project, Series 2022  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/29 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 288177<br> <sup>(d)</sup><br>|
| Pennsylvania State HFA Revenue: |  |  |  |  |
| Single Family Mortgage Revenue Bonds, <br> Series 135A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/51 | &nbsp;&nbsp; 1005000 | &nbsp;&nbsp; 995923<br>|
| Single Family Mortgage Revenue Bonds, <br> Series 149A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 271984<br>|
| Single Family Mortgage Revenue Bonds, <br> Series 149A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254352<br>|
| Pennsylvania State Turnpike Commission <br> Revenue, Subordinated, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1019450<br>|
| Philadelphia, PA, Authority for IDR, Charter <br> School Revenue, West Project, Series 2019  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 298754<br>|
| Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | &nbsp;&nbsp; 3935535 |
| Puerto Rico — 0.6% | Puerto Rico — 0.6% | Puerto Rico — 0.6% | Puerto Rico — 0.6% | Puerto Rico — 0.6% |
| Puerto Rico Commonwealth, GO: |  |  |  |  |
| Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1023003<br>|
| Subseries CW | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; 11730 | &nbsp;&nbsp; 6848<br> <sup>(b)</sup><br>|
| Total Puerto Rico | Total Puerto Rico | Total Puerto Rico | Total Puerto Rico | &nbsp;&nbsp; 1029851 |
| South Carolina — 0.5% | South Carolina — 0.5% | South Carolina — 0.5% | South Carolina — 0.5% | South Carolina — 0.5% |
| Lancaster County, SC, Special Assessment <br> Revenue, Series 2025  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400511<br> <sup>(c)</sup><br>|
| South Carolina, SC, Public Service Authority <br> Revenue: |  |  |  |  |
| Tax Exempt, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 355000<br>|
| Tax Exempt, Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/25 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150000<br>|
| Total South Carolina | Total South Carolina | Total South Carolina | Total South Carolina | &nbsp;&nbsp; 905511 |
| South Dakota — 0.9% | South Dakota — 0.9% | South Dakota — 0.9% | South Dakota — 0.9% | South Dakota — 0.9% |
| South Dakota HEFA Revenue, Westhills Village <br> Retirement Community Issue, Series B-2 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1491786<br>|
| Tennessee — 3.8% | Tennessee — 3.8% | Tennessee — 3.8% | Tennessee — 3.8% | Tennessee — 3.8% |
| Knoxville's Community Development Corp., TN, <br> Revenue: |  |  |  |  |
| Grosvenor Square Project, Series 2022, HUD <br> Section 8 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3008349<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

------

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Tennessee — continued | Tennessee — continued | Tennessee — continued | Tennessee — continued | Tennessee — continued |
| Willow Place Project, Series 2022, HUD <br> Section 8 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; $1750000 | &nbsp;&nbsp; $1754790<br> <sup>(a)(b)</sup><br>|
| Metropolitan Nashville, TN, Airport Authority <br> Revenue, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50576<br> <sup>(d)</sup><br>|
| Tennergy Corp., TN, Gas Supply Revenue, Series <br> A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1528546<br> <sup>(a)(b)</sup><br>|
| Total Tennessee | Total Tennessee | Total Tennessee | Total Tennessee | &nbsp;&nbsp; 6342261 |
| Texas — 9.4% | Texas — 9.4% | Texas — 9.4% | Texas — 9.4% | Texas — 9.4% |
| Forney, TX, Independent School District, GO: |  |  |  |  |
| School Building Bonds, Series 2025, <br> Refunding, PSF - GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152503<br>|
| School Building Bonds, Series 2025, <br> Refunding, PSF - GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 519411<br>|
| Fort Bend, TX, Independent School District, GO, <br> Unlimited Tax, School Building Bonds, Series A, <br> Refunding, PSF - GTD  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1016829<br>|
| Galveston, TX, Wharves & Terminal Revenue: |  |  |  |  |
| First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 518676<br> <sup>(d)</sup><br>|
| First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 367782<br> <sup>(d)</sup><br>|
| First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 532468<br> <sup>(d)</sup><br>|
| First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1075777<br> <sup>(d)</sup><br>|
| Harris County, TX, Revenue, Senior Lien, Toll <br> Road, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/36 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1102308<br>|
| Hidalgo County, TX, GO: |  |  |  |  |
| Limited Tax Bonds, Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 304689<br>|
| Limited Tax Bonds, Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103712<br>|
| Houston, TX, Airport System Revenue, Series A, <br> Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1013320<br> <sup>(d)</sup><br>|
| Houston, TX, HFC Revenue, Summerdale <br> Apartments, Series 2023  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 605357<br> <sup>(a)(b)</sup><br>|
| Lavon, TX, Special Assessment Revenue, Trails <br> of Lavon Public Improvement District Project  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 142000 | &nbsp;&nbsp; 143767<br> <sup>(c)</sup><br>|
| North Texas Tollway Authority Revenue, System <br> First Tier, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1502903<br>|
| Pflugerville, TX, GO, Travis Williamson and Hays <br> Counties, Combination Tax And Ltd. Revenue <br> Certificates of Obligation, Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1014963<br>|
| Prosper ISD, TX, GO, Collin and Denton <br> Counties, Adjustable Rate Unlimited Tax School <br> Building Bonds, Series B, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1008907<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements.

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

Schedule of Investments (cont'd)

November 30, 2025

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Texas — continued | Texas — continued | Texas — continued | Texas — continued | Texas — continued |
| San Antonio ISD, TX, GO, Unlimited Tax School <br> Building, Series 2025, Refunding, PSF - GTD  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; $750000 | &nbsp;&nbsp; $762833<br>|
| Sherman Independent School District, TX, GO, <br> Unlimited Tax School Building Bonds, <br> Series 2025, PSF - GTD  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 527525<br>|
| Tarrant County, TX, Cultural Education Facilities <br> Finance Corp., Hospital Revenue, Baylor Scott & <br> White Health Project, Series E  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 653856<br> <sup>(a)(b)</sup><br>|
| Tarrant County, TX, Cultural Education Facilities <br> Finance Corp., Texas Health Resources System <br> Revenue, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1719008<br> <sup>(a)(b)</sup><br>|
| Texas State Affordable Housing Corp. Revenue, <br> Single Family Mortgage Revenue Bonds, Series <br> A, GNMA - Collateralized  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20298<br>|
| Trophy Club Public Improvement District No. 1, <br> TX, Special Assessment Revenue, Town of <br> Trophy Club, Series 2025, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 112689<br>|
| University of North Texas System Revenue, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp; 827633<br>|
| Total Texas | Total Texas | Total Texas | Total Texas | &nbsp;&nbsp; 15607214 |
| U.S. Virgin Islands — 0.9% | U.S. Virgin Islands — 0.9% | U.S. Virgin Islands — 0.9% | U.S. Virgin Islands — 0.9% | U.S. Virgin Islands — 0.9% |
| U.S. Virgin Islands Matching Fund Special <br> Purpose Securitization Corp., Revenue, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1044016<br>|
| Virgin Islands Transportation & Infrastructure <br> Corp. Revenue: |  |  |  |  |
| Grant Anticipation Revenue Bonds, Federal <br> Highway Grant Anticipation Revenue Loan <br> Note, Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202473<br>|
| Grant Anticipation Revenue Bonds, Federal <br> Highway Grant Anticipation Revenue Loan <br> Note, Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 164351<br>|
| Total U.S. Virgin Islands | Total U.S. Virgin Islands | Total U.S. Virgin Islands | Total U.S. Virgin Islands | &nbsp;&nbsp; 1410840 |
| Utah — 1.6% | Utah — 1.6% | Utah — 1.6% | Utah — 1.6% | Utah — 1.6% |
| Downtown Revitalization Public Infrastructure <br> District Revenue, UT: |  |  |  |  |
| First Lien Sales Tax, Seg Redevelopment <br> Project, Series A, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101108<br>|
| First Lien Sales Tax, Seg Redevelopment <br> Project, Series A, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 231931<br>|

---

See Notes to Financial Statements.

------

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Utah — continued | Utah — continued | Utah — continued | Utah — continued | Utah — continued |
| Second Lien Sales Tax, Seg Redevelopment <br> Project, Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; $255000 | &nbsp;&nbsp; $257698<br>|
| Second Lien Sales Tax, Seg Redevelopment <br> Project, Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 103121<br>|
| Second Lien Sales Tax, Seg Redevelopment <br> Project, Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105176<br>|
| Second Lien Sales Tax, Seg Redevelopment <br> Project, Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107180<br>|
| Salt Lake City, UT, Airport Revenue, Salt Lake <br> City International Airport, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 515493<br> <sup>(d)</sup><br>|
| Utah Infrastructure Agency Tax-Exempt <br> Telecommunications Revenue: |  |  |  |  |
| Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 467292<br>|
| Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 526523<br>|
| Series 2021 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 248811<br>|
| Total Utah | Total Utah | Total Utah | Total Utah | &nbsp;&nbsp; 2664333 |
| Virginia — 1.0% | Virginia — 1.0% | Virginia — 1.0% | Virginia — 1.0% | Virginia — 1.0% |
| Virginia Public School Authority School <br> Financing Revenue, Series B, Unrefunded, State <br> Intercept Program | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 1585000 | &nbsp;&nbsp; 1585160<br>|
| Washington — 4.1% | Washington — 4.1% | Washington — 4.1% | Washington — 4.1% | Washington — 4.1% |
| Grays Harbor County, WA, Public Hospital <br> District No. 1 Revenue, Summit Pacific Medical <br> Center, Series 2023, Refunding  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 671399<br>|
| King County, WA, Housing Authority Revenue, <br> Birch Creek Apartments Project, County GTD  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2504728<br>|
| Port of Seattle, WA, Intermediate Lien Revenue: |  |  |  |  |
| Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1028056<br> <sup>(d)</sup><br>|
| Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1576311<br> <sup>(d)</sup><br>|
| Washington State HFC, Non-Profit Housing <br> Revenue: |  |  |  |  |
| Blakeley and Laurel Villages Portfolio, Series <br> A, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 664366<br> <sup>(c)</sup><br>|
| Blakeley and Laurel Villages Portfolio, Series <br> A, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 320709<br> <sup>(c)</sup><br>|
| Total Washington | Total Washington | Total Washington | Total Washington | &nbsp;&nbsp; 6765569 |
| Wisconsin — 1.1% | Wisconsin — 1.1% | Wisconsin — 1.1% | Wisconsin — 1.1% | Wisconsin — 1.1% |
| Dane County, WI, GO, Series A  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500140<br>|

---

See Notes to Financial Statements.

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

Schedule of Investments (cont'd)

November 30, 2025

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Wisconsin — continued | Wisconsin — continued | Wisconsin — continued | Wisconsin — continued | Wisconsin — continued |
| Wisconsin State HEFA Revenue, Hospital <br> Sisters Credit Group, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp; $263838<br>|
| Total Wisconsin | Total Wisconsin | Total Wisconsin | Total Wisconsin | &nbsp;&nbsp; 1763978 |
| **Total Investments before Short-Term Investments (Cost — $151,951,633)** | **Total Investments before Short-Term Investments (Cost — $151,951,633)** | **Total Investments before Short-Term Investments (Cost — $151,951,633)** | **Total Investments before Short-Term Investments (Cost — $151,951,633)** | &nbsp;&nbsp; **153321738** |
|  |  |  | Shares |  |
| **Short-Term Investments — 6.8%** | **Short-Term Investments — 6.8%** | **Short-Term Investments — 6.8%** | **Short-Term Investments — 6.8%** | **Short-Term Investments — 6.8%** |
| Putnam Government Money Market Fund, <br> Class P Shares (Cost — $11,312,253)  | &nbsp;&nbsp; 3.780% |  | &nbsp;&nbsp; 11312253<br>| &nbsp;&nbsp; **11312253**<br> <sup>(f)(g)</sup><br>|
| **Total Investments — 99.6% (Cost — $163,263,886)** | **Total Investments — 99.6% (Cost — $163,263,886)** | **Total Investments — 99.6% (Cost — $163,263,886)** | **Total Investments — 99.6% (Cost — $163,263,886)** | &nbsp;&nbsp; **164633991** |
| Other Assets in Excess of Liabilities — 0.4% | Other Assets in Excess of Liabilities — 0.4% | Other Assets in Excess of Liabilities — 0.4% | Other Assets in Excess of Liabilities — 0.4% | &nbsp;&nbsp; 592028 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$165226019** |

---

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

<sup>(a)</sup> Maturity date shown represents the mandatory tender date.

<sup>(b)</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>(c)</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>(d)</sup> Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT"). 

<sup>(e)</sup> Securities traded on a when-issued or delayed delivery basis.

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

<sup>(g)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At November 30, 2025, the total market value of investments in Affiliated Companies was $11,312,253 and the cost was $11,312,253 (Note 6). 

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

See Notes to Financial Statements.

------

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

 **Franklin Short-Term Municipal Income ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| BAM | —  | Build America Mutual — Insured Bonds |
| BAN | —  | Bond Anticipation Notes |
| CAB | —  | Capital Appreciation Bonds |
| COP | —  | Certificates of Participation |
| DFA | —  | Development Finance Agency |
| EDA | —  | Economic Development Authority |
| EFA | —  | Educational Facilities Authority |
| FHA | —  | Federal Housing Administration — Insured Bonds |
| FHLMC | —  | Federal Home Loan Mortgage Corporation |
| FNMA | —  | Federal National Mortgage Association |
| GNMA | —  | Government National Mortgage Association |
| GO | —  | General Obligation |
| GTD | —  | Guaranteed |
| HEFA | —  | Health & Educational Facilities Authority |
| HFA | —  | Housing Finance Agency |
| HFC | —  | Housing Finance Commission |
| HUD | —  | Housing & Urban Development |
| IDA | —  | Industrial Development Authority |
| IDR | —  | Industrial Development Revenue |
| ISD | —  | Independent School District |
| MFA | —  | Municipal Finance Authority |
| MTA | —  | Metropolitan Transportation Authority |
| PEA | —  | Public Energy Authority |
| PFA | —  | Public Facilities Authority |
| PSF | —  | Permanent School Fund |
| SOFR | —  | Secured Overnight Financing Rate |

---

See Notes to Financial Statements.

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

Statement of Assets and Liabilities

November 30, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $151,951,633) | &nbsp;&nbsp; $153321738 |
| Investments in affiliated securities, at value (Cost — $11,312,253) | &nbsp;&nbsp; 11312253 |
| Interest receivable | &nbsp;&nbsp; 2133507 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 20530 |
| **Total Assets** | &nbsp;&nbsp; **166788028** |
| **Liabilities:** |  |
| Payable for securities purchased | &nbsp;&nbsp; 1488972 |
| Investment management fee payable | &nbsp;&nbsp; 29463 |
| Trustees' fees payable | &nbsp;&nbsp; 982 |
| Administration fee payable | &nbsp;&nbsp; 467 |
| Service and/or distribution fees payable | &nbsp;&nbsp; 99 |
| Accrued expenses | &nbsp;&nbsp; 42026 |
| **Total Liabilities** | &nbsp;&nbsp; **1562009** |
| **Total Net Assets** | &nbsp;&nbsp; **$165226019** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $163037486 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; 2188533 |
| **Total Net Assets** | &nbsp;&nbsp; **$165226019** |
| **Shares Outstanding** | &nbsp;&nbsp; 16589161 |
| **Net Asset Value** | &nbsp;&nbsp; $9.96 |

---

See Notes to Financial Statements.

------

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

Statement of Operations

For the Year Ended November 30, 2025<sup>(a)</sup>

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $6093495 |
| Dividends from affiliated investments | &nbsp;&nbsp; 281972 |
| **Total Investment Income** | &nbsp;&nbsp; **6375467** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 429124 |
| Transfer agent fees  | &nbsp;&nbsp; 128303 |
| Registration fees | &nbsp;&nbsp; 108196 |
| Service and/or distribution fees (Note 2)  | &nbsp;&nbsp; 68955 |
| Shareholder reports | &nbsp;&nbsp; 20034 |
| Legal fees | &nbsp;&nbsp; 11368 |
| Trustees' fees | &nbsp;&nbsp; 6037 |
| Audit and tax fees | &nbsp;&nbsp; 5355 |
| Custody fees | &nbsp;&nbsp; 4139 |
| Administration fees (Note 2) | &nbsp;&nbsp; 2763 |
| Interest expense  | &nbsp;&nbsp; 1305 |
| Miscellaneous expenses  | &nbsp;&nbsp; 4895 |
| **Total Expenses** | &nbsp;&nbsp; **790474** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (138392)<br>|
| Expense reductions (Note 2)  | &nbsp;&nbsp; (565)<br>|
| **Net Expenses** | &nbsp;&nbsp; **651517** |
| **Net Investment Income** | &nbsp;&nbsp; **5723950** |
| **Realized and Unrealized Gain on Investments (Notes 1 and 3):** | **Realized and Unrealized Gain on Investments (Notes 1 and 3):** |
| **Net Realized Gain From Unaffiliated Investment Transactions**  | &nbsp;&nbsp; **52241** |
| **Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated** <br> **Investments** <br>| &nbsp;&nbsp; **471037** |
| **Net Gain on Investments**  | &nbsp;&nbsp; **523278** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$6247228** |

---

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

<sup>(a)</sup> Effective after the market close on October 24, 2025, the Fund's predecessor mutual fund, Putnam Short-Term Municipal Income Fund, reorganized into this Fund (the "Reorganization"). See Note 1 in the Notes to Financial Statements for additional information about the Reorganization. 

See Notes to Financial Statements.

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Years Ended November 30, | 2025<sup>(a)</sup> <br>| 2024 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $5723950 | $5612034 |
| Net realized gain  | &nbsp;&nbsp; 52241 | 256816 |
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 471037 | 1013370 |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **6247228** | **6882220** |
| **Distributions to Shareholders From (Note 1):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (5037201)<br>| (5531052)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(5037201)**<br>| **(5531052)**<br>|
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (24,666,085 and 8,353,362 shares issued, <br>respectively) <br>| &nbsp;&nbsp; 244438637 | 82356519 |
| Reinvestment of distributions (506,455 and 561,587 shares issued, <br> respectively)<br>| &nbsp;&nbsp; 5005296 | 5525276 |
| Cost of shares repurchased (24,305,632 and 9,023,898 shares repurchased, <br>respectively) <br>| &nbsp;&nbsp; (241074402)<br>| (88980462)<br>|
| **Increase (Decrease) in Net Assets From Fund Share** <br> **Transactions**<br>| &nbsp;&nbsp; **8369531** | **(1098667)**<br>|
| **Increase in Net Assets** | &nbsp;&nbsp; **9579558** | **252501** |
| **Net Assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 155646461 | 155393960 |
| **End of year** | &nbsp;&nbsp; **$165226019** | **$155646461** |

---

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

<sup>(a)</sup> Effective after the market close on October 24, 2025, the Fund's predecessor mutual fund, Putnam Short-Term Municipal Income Fund, reorganized into this Fund (the "Reorganization"). See Note 1 in the Notes to Financial Statements for additional information about the Reorganization. 

See Notes to Financial Statements.

------

Franklin Short-Term Municipal Income ETF 2025 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 November 30:** | **For a share of beneficial interest outstanding throughout each year ended November 30:** | **For a share of beneficial interest outstanding throughout each year ended November 30:** | **For a share of beneficial interest outstanding throughout each year ended November 30:** | **For a share of beneficial interest outstanding throughout each year ended November 30:** | **For a share of beneficial interest outstanding throughout each year ended November 30:** |
|  | 2025<sup>12</sup> <br>| 2024<sup>1</sup> <br>| 2023<sup>1</sup> <br>| 2022<sup>1</sup> <br>| 2021<sup>1</sup> <br>|
| **Net asset value, beginning of year** | $9.89 | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $10.15 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |
| Net investment income | 0.34 | 0.34 | 0.28 | 0.13 | 0.09 |
| Net realized and unrealized gain (loss) | 0.03 | 0.07 | 0.05 | &nbsp;&nbsp; (0.37)<br>| 0.04 |
| **Total income (loss) from operations** | **0.37** | **0.41** | **0.33** | &nbsp;&nbsp; **(0.24)** | **0.13** |
| **Less distributions from:** |  |  |  |  |  |
| Net investment income | (0.30)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net realized gains |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.02)<br>|
| **Total distributions** | **(0.30)**<br>| &nbsp;&nbsp; **(0.33)**<br>| &nbsp;&nbsp; **(0.28)**<br>| &nbsp;&nbsp; **(0.17)**<br>| &nbsp;&nbsp; **(0.11)**<br>|
| **Net asset value, end of year** | $9.96 | &nbsp;&nbsp; $9.89 | &nbsp;&nbsp; $9.81 | &nbsp;&nbsp; $9.76 | &nbsp;&nbsp; $10.17 |
| **Total return, based on NAV**<sup>3,4</sup> <br>| **3.85%**<br>| **4.30%**<br>| **3.40%**<br>| &nbsp;&nbsp; **(2.36)%**<br>| **1.27%**<br>|
| **Net assets, end of year (000s)** | $165226 | &nbsp;&nbsp; $5025 | &nbsp;&nbsp; $5313 | &nbsp;&nbsp; $4940 | &nbsp;&nbsp; $2715 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |
| Gross expenses<sup>5</sup> <br>| 0.47<br> %<br>| 0.44<br> %<br>| 0.53<br> %<br>| 0.63<br> %<br>| 0.65<br> %<br>|
| Net expenses<sup>5,6,7</sup> <br>| 0.39 | 0.33 | 0.33 | 0.33 | 0.33 |
| Net investment income<sup>5</sup> <br>| 3.42 | 3.44 | 2.90 | 1.44 | 0.91 |
| **Portfolio turnover rate** | **37%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **38%**<br>| &nbsp;&nbsp; **39%**<br>| &nbsp;&nbsp; **54%**<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> Effective after the market close on October 24, 2025, the Fund's predecessor mutual fund, Putnam Short-Term Municipal Income Fund, reorganized into this Fund (the "Reorganization"). See Note 1 in the Notes to Financial Statements for additional information about the Reorganization. 

<sup>3</sup> The Fund adopted the performance of the predecessor mutual fund as the result of the Reorganization. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to October 24, 2025, are those of the predecessor mutual fund. The predecessor mutual fund's performance is represented by the performance of the predecessor mutual fund's Class R6 Shares. Had the predecessor mutual fund been structured as an ETF, its performance may have differed. 

<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. 

<sup>5</sup> Ratio includes the impact of expense reductions. In the absence of these expense reductions, the gross and net expense ratios and the net investment income would be unchanged. 

<sup>6</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>7</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

Notes to Financial Statements

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

**1. Organization and significant accounting policies** 

Franklin Short-Term Municipal Income 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 adopted the performance of the Putnam Short-Term Municipal Income Fund (the "predecessor mutual fund") as the result of a reorganization of the predecessor mutual fund into the Fund (the "Reorganization") that was effective after the market close on October 24, 2025. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ended on or prior to October 24, 2025 are those of the predecessor mutual fund. The predecessor mutual fund's performance is represented by the performance of the predecessor mutual fund's Class R6 Shares.

Prior to the Fund's listing on October 27, 2025, the net asset value ("NAV") performance of Class R6 of the predecessor mutual fund is used as a proxy for the Fund's market price returns. Had the predecessor mutual fund have been structured as an ETF, its performance may have differed.

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 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 as high a level of current income exempt from federal income tax as is consistent with preservation of capital.

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

------

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

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 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. 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

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

Notes to Financial Statements (cont'd)

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 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 |
| Municipal Bonds† | &nbsp;&nbsp; — | &nbsp;&nbsp; $153321738 | &nbsp;&nbsp; — | &nbsp;&nbsp; $153321738 |

---

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Franklin Short-Term Municipal Income ETF 2025 Annual Report

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** | **ASSETS (cont'd)** |
| 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 |
| Short-Term Investments† | &nbsp;&nbsp; $11312253 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $11312253 |
| **Total Investments** | &nbsp;&nbsp; **$11312253** | &nbsp;&nbsp; **$153321738** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$164633991** |

---

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

† See
 Schedule of Investments for additional detailed categorizations.

**(b) Securities traded on a when-issued and delayed delivery basis.** The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

**(c) 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. 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.

**(d) Insurance.** The scheduled payments of interest and principal for each insured municipal security in the Trust are insured by either a new issue insurance policy or a secondary insurance policy. Some municipal securities in the Fund are secured by collateral guaranteed by an agency of the U.S. government. Depending on the type of coverage, premiums for insurance are either added to the cost basis of the security or paid by a third party.

Insurance companies typically insure municipal bonds that tend to be of very high quality with the majority of underlying municipal bonds rated A or better. However, an event involving an insurer could have an adverse effect on the value of the securities insured by that insurance company. There can be no assurance the insurer will be able to fulfill its obligations under the terms of the policy.

**(e) Distributions to shareholders.** Distributions from net investment income of the Fund, if any, are declared and paid monthly, and distributions of net realized gains, if any, are declared at least annually. The Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from federal and certain state income taxes, to

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

Notes to Financial Statements (cont'd)

retain such tax-exempt status when distributed to shareholders. 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.

For the period December 1, 2024 through October 24, 2025, the predecessor mutual fund declared distributions from net investment income daily and paid monthly to shareholders of record. Distributions of net realized capital gains, if any, were declared at least annually.

**(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 (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 November 30, 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.

**(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>|
| (a) | &nbsp;&nbsp; $(47000) | &nbsp;&nbsp; $47000 |

---

<sup>(a)</sup>

Reclassifications are due to distributions paid in connection with the redemption of Fund shares.

**(h) Guarantees and indemnifications.** Under the Fund's organizational documents, its officers and trustees are indemnified by the Fund against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.

**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.

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Franklin Short-Term Municipal Income ETF 2025 Annual Report

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Effective after the market close on October 24, 2025, the Fund pays its investment manager an annual all-inclusive management fee of 0.20% 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.

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").

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.

For the period December 1, 2024 through October 24, 2025, the predecessor mutual fund paid Advisers a management fee (based on the predecessor mutual fund's average net assets and computed daily and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of all open-end mutual funds sponsored by Putnam

Franklin Short-Term Municipal Income ETF 2025 Annual Report

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Notes to Financial Statements (cont'd)

Management (including open-end funds managed by affiliates of Putnam Management that have been deemed to be sponsored by Putnam Management for this purpose) (excluding net assets of such funds that are invested in, or that are invested in by, other such funds to the extent necessary to avoid "double counting" of those assets). Such annual rates may vary as follows:

Average Daily Net Assets

First $5 billion

Next $5 billion

Next $10 billion

Next $10 billion

Next $50 billion

Next $50 billion

Next $100 billion

Over $230 billion

Annual Rate

0.440%

0.390%

0.340%

0.290%

0.240%

0.220%

0.210%

0.205%

For the year ended November 30, 2025, the annualized gross effective investment management fee rate was 0.257% of the Fund's average daily net assets.&nbsp;&nbsp;&nbsp;&nbsp;

For the period December 1, 2024 through October 24, 2025, Advisers had contractually agreed, through March 30, 2027, to waive fees and/or reimburse the predecessor mutual fund's expenses to the extent necessary to limit the cumulative expenses of the predecessor mutual fund, exclusive of brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the predecessor mutual fund's investor servicing contract, investment management contract and distribution plans, on a fiscal year-to-date basis to an annual rate of 0.20% of the predecessor mutual fund's average net assets over such fiscal year-to-date period.

Advisers had also contractually agreed to waive fees (and, to the extent necessary, bear other expenses) of the predecessor mutual fund through March 30, 2027, to the extent that total expenses of the predecessor mutual fund (excluding brokerage,interest, taxes, investment-related expenses, payments under distribution plans, extraordinary expenses, payments under the predecessor mutual fund's investor servicing contract and acquired fund fees and expenses, but including payments under the predecessor mutual fund's investment management contract) would exceed an annual rate of 0.28% of the Fund's average net assets.

The predecessor mutual fund had entered into arrangements with Putnam Investor Services, Inc. and its custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the predecessor mutual fund's transfer agent and custodian fees, respectively. During the December 1, 2024 through October 24, 2025, the fees were reduced as noted in the Statement of Operations. Effective March 10, 2025, earned credits on custodian fees, if any, are recognized as income.

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Franklin Short-Term Municipal Income ETF 2025 Annual Report

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During the year ended November 30, 2025, fees waived and/or expenses reimbursed amounted to $138,392, which included an affiliated money market fund waiver of $1,841.

Front-end sales charges and contingent deferred sales charges ("CDSC") do not represent expenses of the Fund. These charges are deducted from the proceeds of sales of fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. Effective July 21, 2025, any front-end sales charges applicable to the purchase of Fund shares or contingent deferred sales charges applicable to the redemption of Fund shares were waived. For the period December 1, 2024 through October 24, 2025, Franklin Distributors has advised the Fund of the following commission transactions related to the sales and redemptions of the Fund's shares for the period:

---

| | |
|:---|:---|
|  | Class A Shares |
| Sales charges | &nbsp;&nbsp; $1497 |
| CDSCs | &nbsp;&nbsp; 27 |

---

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 November 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $65083589 |
| Sales | &nbsp;&nbsp; 57619923 |

---

At November 30, 2025, 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>Appreciation<br>|
| Securities | &nbsp;&nbsp; $163083527 | &nbsp;&nbsp; $1706014 | &nbsp;&nbsp; $(155550) | &nbsp;&nbsp; $1550464 |

---

**4. Derivative instruments and hedging activities**

During the year ended November 30, 2025, the Fund did not invest in derivative instruments.

**5. Fund share transactions**

At November 30, 2025, 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 50,000 shares of the Fund constitute a

Franklin Short-Term Municipal Income ETF 2025 Annual Report

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Notes to Financial Statements (cont'd)

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>November 30, 2025 | Year Ended <br>November 30, 2025 | Year Ended <br>November 30, 2024 | Year Ended <br>November 30, 2024 |
|  | Shares | Amount | Shares | Amount |
| **Class A Shares**<sup>1</sup> <br>|  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 2052455 | &nbsp;&nbsp;&nbsp; $20247401 | &nbsp;&nbsp;&nbsp; 2942881 | &nbsp;&nbsp;&nbsp; $28996534 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 76083 | &nbsp;&nbsp;&nbsp; 752073 | &nbsp;&nbsp;&nbsp; 106826 | &nbsp;&nbsp;&nbsp; 1053292 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (5041409)<br>| &nbsp;&nbsp;&nbsp; (49940456)<br>| &nbsp;&nbsp;&nbsp; (3554877)<br>| &nbsp;&nbsp;&nbsp; (35029220)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(2912871)**<br>| &nbsp;&nbsp;&nbsp; **$(28940982)**<br>| &nbsp;&nbsp;&nbsp; **(505170)**<br>| &nbsp;&nbsp;&nbsp; **$(4979394)**<br>|
| **Class C Shares**<sup>1</sup> <br>|  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 211452 | &nbsp;&nbsp;&nbsp; $2080522 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 1602 | &nbsp;&nbsp;&nbsp; 15813 | &nbsp;&nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp; $6840 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (241454)<br>| &nbsp;&nbsp;&nbsp; (2391009)<br>| &nbsp;&nbsp;&nbsp; (7054)<br>| &nbsp;&nbsp;&nbsp; (69174)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(28400)**<br>| &nbsp;&nbsp;&nbsp; **$(294674)**<br>| &nbsp;&nbsp;&nbsp; **(6357)**<br>| &nbsp;&nbsp;&nbsp; **$(62334)**<br>|
| **Total Fund (Previously Class R6** <br> **Shares)**<sup>2</sup> <br>|  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 16487264 | &nbsp;&nbsp;&nbsp; $163816935 | &nbsp;&nbsp;&nbsp; 160201 | &nbsp;&nbsp;&nbsp; $1579210 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 25403 | &nbsp;&nbsp;&nbsp; 251093 | &nbsp;&nbsp;&nbsp; 17208 | &nbsp;&nbsp;&nbsp; 169125 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (431356)<br>| &nbsp;&nbsp;&nbsp; (4284619)<br>| &nbsp;&nbsp;&nbsp; (211174)<br>| &nbsp;&nbsp;&nbsp; (2080935)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **16081311** | &nbsp;&nbsp;&nbsp; **$159783409** | &nbsp;&nbsp;&nbsp; **(33765)**<br>| &nbsp;&nbsp;&nbsp; **$(332600)**<br>|
| **Class Y Shares**<sup>1</sup> <br>|  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 5914914 | &nbsp;&nbsp;&nbsp; $58293779 | &nbsp;&nbsp;&nbsp; 5250280 | &nbsp;&nbsp;&nbsp; $51780775 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 403367 | &nbsp;&nbsp;&nbsp; 3986317 | &nbsp;&nbsp;&nbsp; 436856 | &nbsp;&nbsp;&nbsp; 4296019 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (18591413)<br>| &nbsp;&nbsp;&nbsp; (184458318)<br>| &nbsp;&nbsp;&nbsp; (5250793)<br>| &nbsp;&nbsp;&nbsp; (51801133)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **(12273132)**<br>| &nbsp;&nbsp;&nbsp; **$(122178222)**<br>| &nbsp;&nbsp;&nbsp; **436343** | &nbsp;&nbsp;&nbsp; **$4275661** |

---

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

<sup>1</sup> Shares of the class of the predecessor mutual fund was converted into Class R6 Shares as a part of the Reorganization. Such conversion of shares into Class R6 Shares is included under "Shares repurchased". 

<sup>2</sup> Effective after the market close on October 24, 2025, the predecessor mutual fund, reorganized into this Fund (the "Reorganization"). The predecessor mutual fund's Class R6 Shares' performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to the Reorganization reflects that of the predecessor mutual fund's Class R6 Shares. Shares of the other classes of the predecessor mutual fund were converted into Class R6 Shares as a part of the Reorganization. Such conversion of the other classes of shares into Class R6 Shares is included under "Shares sold". 

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Franklin Short-Term Municipal Income ETF 2025 Annual Report

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

**6. Transactions with affiliated companies**

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 year ended November 30, 2025. The following transactions were effected in such company for the year ended November 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>November 30, <br>2024 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>November 30, <br>2024 | Cost | Shares | Proceeds | Shares |
| Putnam <br> Government <br> Money Market <br> Fund, Class P <br> Shares<br>|  | $19915463 | 19915463 | $8603210 | 8603210 |
| Putnam Short Term <br> Investment Fund, <br> Class P Shares<br>| $2600107 | 81645431 | 81645431 | 84245538 | 84245538 |
|  | **$2600107** | **$101560894** |  | **$92848748** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>November 30, <br>2025<br>|
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>|  | $18084 |  | $11312253 |
| Putnam Short Term <br> Investment Fund, <br> Class P Shares<br>|  | 263888 |  |  |
|  | **—** | **$281972** | **—** | **$11312253** |

---

**7. Redemption facility**

Effective January 31, 2025, the Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, is 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. Unless renewed, the Global Credit Facility will terminate on January 30, 2026.

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

Franklin Short-Term Municipal Income ETF 2025 Annual Report

------

Notes to Financial Statements (cont'd)

the Global Credit Facility. The Fund did not utilize the Global Credit Facility during the year ended November 30, 2025.

Prior to January 31, 2025, the Fund participated, along with other Putnam Funds, in a $320 million syndicated unsecured committed line of credit, provided by State Street ($160 million) and JPMorgan ($160 million), and a $235.5 million unsecured uncommitted line of credit, provided by State Street. Borrowings may have been made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest was charged to the Fund based on the Fund's borrowings. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit was paid by the participating Funds and a $75,000 fee was paid by the participating Funds to State Street as agent of the syndicated committed line of credit. In addition, a commitment fee of 0.21% per annum on any unutilized portion of the committed line of credit was allocated to the participating Funds based on their relative net assets and paid quarterly. During the reporting period, the Fund had no borrowings against these arrangements.

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

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

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| **Distributions paid from:** |  |  |
| Tax-exempt income | &nbsp;&nbsp; $4706921 | &nbsp;&nbsp; $5163863 |
| Ordinary income | &nbsp;&nbsp; 330280 | &nbsp;&nbsp; 367189 |
| **Total distributions paid** | &nbsp;&nbsp; **$5037201** | &nbsp;&nbsp; **$5531052** |

---

As of November 30, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income — net | &nbsp;&nbsp; $638066 |
| Other book/tax temporary differences<sup>(a)</sup> <br>| &nbsp;&nbsp; 3 |
| Unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp; 1550464 |
| **Total distributable earnings (loss) — net** | &nbsp;&nbsp; **$2188533** |

---

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

<sup>(a)</sup> Other book/tax temporary differences are attributable to book/tax differences in the timing of the deductibility of various expenses. 

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to amortization and accretion. 

**9. 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.

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Franklin Short-Term Municipal Income ETF 2025 Annual Report

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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.

Franklin Short-Term Municipal Income ETF 2025 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 Franklin Short-Term Municipal Income ETF**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Franklin Short-Term Municipal Income ETF (one of the funds constituting Putnam ETF Trust, referred to hereafter as the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statements of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (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 November 30, 2025, 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 November 30, 2025 and the financial highlights for each of the five years in the period ended November 30, 2025 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 November 30, 2025 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.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 23, 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.

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Franklin Short-Term Municipal Income ETF 2025 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 November 30, 2025:

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

---

| | | |
|:---|:---|:---|
|  | **Pursuant to:** | **Amount Reported** |
| Exempt-Interest Dividends Distributed | §852(b)(5)(A) | $4706921 |
| Short-Term Capital Gain Dividends Distributed | §871(k)(2)(C) | $60345 |
| Section 163(j) Interest Earned | §163(j) | $107945 |

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Franklin Short-Term Municipal Income 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. |

---

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Franklin Short-Term Municipal Income ETF

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Board Approval of Management and

Subadvisory Agreements (unaudited)

**Consideration of your fund's initial management and sub-advisory contracts**

At their meeting on May 16, 2025 (the "Meeting"), the Board of Trustees ("Board" or the "Trustees") of your fund (which is a New ETF, as defined below), including all of the Trustees who are not "interested persons" (as this term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Putnam mutual funds and exchange-traded funds (collectively, the "Putnam Funds") (the "Independent Trustees"), approved the initial management contract with Franklin Advisers, Inc. (the "Advisor"), an initial sub-advisory contract between the Advisor and Franklin Templeton Investment Management Limited ("FTIML"), and an initial sub-advisory contract between the Advisor and Putnam Investment Management, LLC ("Putnam Management" and together with FTIML, the "Subadvisors") (collectively, the "Management Contracts"). The Advisor, FTIML, and Putnam Management are each direct or indirect, wholly-owned subsidiaries of Franklin Resources, Inc. (together with its subsidiaries, "Franklin Templeton").

At the Meeting and in connection with the approval of the Management Contracts, the Trustees approved the creation of ten new exchange-traded funds, including your fund (the "New ETFs" and each, a "New ETF"), and the acquisition of assets and assumption of liabilities of ten Putnam mutual funds (the "Converted Funds" and each, a "Converted

Fund") by the corresponding New ETF in the chart below (each, a "Merger").

---

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

---

**General conclusions**

The Board oversees the management of the Putnam Funds and, as required by law, determines whether to approve the Putnam Funds' management contracts, including with respect to your New ETF's initial management contract with the Advisor and the initial sub-advisory contracts with respect to your New ETF between the Advisor and each Subadvisor. Because the Subadvisors are affiliates of the Advisor and the Advisor remains fully responsible for all services to be provided by the Subadvisors, the Trustees did not attempt to evaluate the Subadvisors as separate entities. All references to the Advisor describing the Board's considerations should be deemed to include references to the applicable Subadvisor as necessary or appropriate in the context. The Board, with the assistance of its

Franklin Short-Term Municipal Income ETF

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Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

Contract Committee, requested and evaluated all information it deemed reasonably necessary under the circumstances in connection with its initial contract review. The Contract Committee consists solely of Independent Trustees.

The Board's independent staff and independent legal counsel, as defined in Rule 0-1(a)(6) under the 1940 Act, assisted the Board and the Contract Committee as part of the initial contract review process. As part of this process, the Board and the Contract Committee considered, where applicable, information provided by the Advisor as part of the annual contract review process for the other Putnam Funds, including the Converted Funds. The Contract Committee met with representatives of the Advisor, and separately in executive session, to consider the information that the Advisor provided regarding the New ETFs. The Contract Committee recommended, and the Independent Trustees approved, your New ETF's Management Contracts.

Before approving the Management Contracts, the Board took into account a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That its merger would differentiate your New ETF from other, larger municipal bond mutual fund offerings in the Franklin Templeton fund complex and that there would be greater potential to grow assets (and avoid potential asset loss, which would increase shareholder expenses) by offering the current municipal mutual fund strategies as exchange-traded funds in categories where there is no affiliated offering (and more limited current external competition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That your New ETF would be subject to a unitary management fee structure, whereby the Advisor would bear substantially all operating expenses of the New ETF, and that your New ETF would have a lower management fee and lower total expense ratio than the Converted Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That your New ETF would have the same investment goal, investment strategies, policies, and restrictions as those of the Converted Fund and would be managed by the same portfolio management team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That the fee schedule to be in effect for your New ETF would represent reasonable compensation in light of the nature and quality of the services to be provided to the fund, the fees to be paid by competitive funds, and the costs to be incurred by the Advisor in providing services to the fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That the fee schedule to be in effect for your New ETF would represent an appropriate sharing between fund shareholders and the Advisor of any economies of scale that may exist in the management of the New ETF at expected asset levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• That the New ETFs would benefit from Franklin Templeton's large retail and institutional global distribution capabilities and significant network of intermediary

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Franklin Short-Term Municipal Income ETF

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relationships, which may provide additional opportunities for the New ETFs to increase assets and reduce the impact of expenses by spreading them over a larger asset base; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The financial strength, reputation, experience and resources of Franklin Templeton and its investment advisory subsidiaries.

These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.

**Management fee schedules and total expenses**

The Trustees reviewed the management fee schedules to be in effect for each New ETF. The Trustees also reviewed the anticipated total expenses of each New ETF, recognizing that the New ETFs have implemented so-called "all-in" or unitary management fees covering substantially all routine fund operating costs.

Under its Management Contract, your New ETF pays a management fee at a fixed rate of 20 basis points to the Advisor. The Advisor is obligated to pay, out of the management fee, all of the New ETF's organizational and other operating expenses with limited exceptions, which include fees, if any, payable under the New ETF's distribution plan, interest, taxes, brokerage commissions and other transaction costs, fund proxy expenses, litigation expenses, extraordinary expenses and acquired fund fees and expenses.

The Trustees reviewed comparative fee and expense information for a custom group of competitive funds selected by management from an unaffiliated third-party database containing comparable funds. This comparative information included your New ETF's anticipated total expenses in comparison to the median total expenses (excluding any applicable 12b-1 fees) of this peer group, which provides a general indication of your New ETF's relative standing. The peer group for your New ETF was comprised of actively managed exchange-traded funds, which included your New ETF and 14 other Short Municipal Debt Funds. The Trustees noted that the anticipated total expenses (excluding any applicable 12b-1 fees) for your New ETF were less than the median of its custom peer group.

As the Advisor could not report any financial results from its relationship with the New ETFs because the New ETFs had not commenced investment operations, the Board could not evaluate the Advisor's profitability with respect to the New ETFs. The Trustees concluded that, at current asset levels, the fee schedules in place for each of the New ETFs, including the fee schedule for your New ETF, represented reasonable compensation for the services to be provided and were expected to represent an appropriate sharing between fund

Franklin Short-Term Municipal Income ETF

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Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

shareholders and the Advisor of any economies of scale as may exist in the management of the funds at that time.

The information examined by the Trustees in connection with their initial contract review for the New ETFs included information regarding services provided and fees charged by the Advisor and certain affiliates to certain of their other clients. The Trustees did not rely on these fee comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.

**Investment performance**

In light of the fact that the New ETF had not yet commenced operations, the Trustees reviewed the historical investment performance of the Converted Fund. The Trustees noted that, following each Merger, each New ETF would be the accounting survivor of, and assume the historical performance of, its corresponding Converted Fund. The Trustees also noted that the New ETF will be able to maintain the Converted Fund's performance track record, which will assist in marketing and distribution efforts.For purposes of the Trustees' evaluation of the Converted Funds' investment performance, the Trustees generally focused on a competitive industry ranking of each Converted Fund's total net return over a one-year, three-year and five-year period. In the case of your New ETF's corresponding Converted Fund, the Trustees considered that its class A share cumulative total return performance at net asset value was in the following quartiles of its Lipper peer group (Lipper Short Municipal Debt Funds) for the one-year, three-year and five-year periods ended December 31, 2024 (the first quartile representing the best-performing funds and the fourth

quartile the worst-performing funds):

<u> One-year period </u> <u> Three-year period </u> <u> Five-year period </u> <br> <u> 3rd </u> <u> 2nd </u> <u> 2nd </u>

Over the one-year, three-year and five-year periods ended December 31, 2024, there were 134, 122 and 113 funds, respectively, in your New ETF's corresponding Converted Fund's Lipper peer group. (When considering performance information, shareholders should be mindful that past performance is not a guarantee of future results.)

The Trustees noted that each Converted Fund and its corresponding New ETF would have identical investment goals and seek those goals by employing identical investment strategies. The Trustees considered that each Converted Fund and its corresponding New ETF would have the same investment manager, noting the Advisor's representation that it would be able to manage the Converted Funds' investment strategies equally effectively in an ETF structure. The Trustees also noted that each Converted Fund and its corresponding New ETF have the same portfolio management team, and that the same individuals responsible for the day-to-day portfolio management of each Converted Fund will be responsible for the day-to-day portfolio management of its corresponding New ETF.

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Franklin Short-Term Municipal Income ETF

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**Brokerage and soft-dollar allocations**

The Trustees considered various potential benefits that the Advisor may receive in connection with the services to be provided under the management contract with your New ETF. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a New ETF for brokerage may be used to acquire research services that are expected to be useful to the Advisor in managing the assets of the New ETF and of other clients. Subject to policies approved by the Trustees, soft dollars generated by these means may be used to acquire brokerage and research services (including proprietary executing broker research, third-party research and market data) that enhance the Advisor's investment capabilities and supplement the Advisor's internal research efforts. The Trustees indicated their continued intent to monitor regulatory and industry developments in this area with the assistance of their Contract Committee. In addition, with the assistance of their Contract Committee, the Trustees indicated their continued intent to monitor the allocation of the New ETFs' brokerage in order to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process. Your New ETF is not expected to generate a significant amount of soft-dollar credits.

Franklin Short-Term Municipal Income ETF

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Franklin

Short-Term Municipal Income 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**

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

**Franklin Short-Term Municipal Income ETF**

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

Franklin Short-Term Municipal Income 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 Franklin Short-Term Municipal Income 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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![](img3e5ebcbc3.jpg)

**48362-AFSOI 1/26**© 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 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 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) Code of Ethics attached hereto.](fstmie-efp21913_ex99codeeth.htm)

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.](fstmie-efp21913_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.](fstmie-efp21913_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: | January 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: | January 27, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | January 27, 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: | January 27, 2026 |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz | Jonathan S. Horwitz |
| Principal Executive Officer | 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: | January 27, 2026 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Principal Financial Officer | 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 **November 30, 2025** (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: January 27, 2026 | Date: January 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.