# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0001133228-26-000928
**Filing Date:** 2026-1
**Character Count:** 106174
**Document Hash:** 442574b4c29768df1d1abad759c1d8a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000928.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001133228-26-000928

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 26571358

**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 Pennsylvania Municipal Income ETF (Series ID: S000094550)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000263083 | Franklin Pennsylvania Municipal Income ETF |  |

?xml version='1.0' encoding='ASCII'? 2025-12-169057875_FranklinPennsylvaniaMunicipalIncomeETF_SingleClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

&nbsp;&nbsp;&nbsp;&nbsp;**Putnam ETF Trust**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

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

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 Pennsylvania Municipal Income ETF**  | ![image](img448_202405131411777.jpg) |
| FTPA \| NYSE Arca, Inc. | ![image](img448_202405131411777.jpg) |
| Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img448_202405131411777.jpg) |
| ![image](img450_202407221332340.jpg) | ![image](img450_202407221332340.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Pennsylvania Municipal Income ETF (previously known as Putnam Pennsylvania Tax Exempt Income Fund) for the period June 1, 2025, 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.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Franklin Pennsylvania Municipal Income ETF | $39 | 0.76% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $82222988 |
| **Total Number of Portfolio Holdings** | 87 |
| **Portfolio Turnover Rate** | 11% |

---

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

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

![image](ts5911img003.jpg)

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

---

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

---

Franklin Pennsylvania Municipal Income ETF PAGE 1 48375-STSR-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.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

![](img55e242cb1.gif)

**Franklin**

**Pennsylvania Municipal Income ETF**

**(Formerly known as Putnam Pennsylvania Tax Exempt Income Fund)**

**Financial Statements and Other Important Information**

**Semi-Annual** \| November 30, 2025

![](img63008aa62.gif)

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_0f54e103-c1fd-4a5f-8fa6-f78906d5a8b9_SOI-Header-SOI-5149_1) | **1** |
| [Statement of Assets and Liabilities](#xx_0f54e103-c1fd-4a5f-8fa6-f78906d5a8b9_SAL-Header-SAL-5149_1) | **8** |
| [Statement of Operations](#xx_0f54e103-c1fd-4a5f-8fa6-f78906d5a8b9_SOP-Header-SOP-5149_1) | **9** |
| [Statements of Changes in Net Assets](#xx_0f54e103-c1fd-4a5f-8fa6-f78906d5a8b9_SOC-Header-SOC-5149_1) | **10** |
| [Financial Highlights](#xx_0f54e103-c1fd-4a5f-8fa6-f78906d5a8b9_FH-Header-Financialhighlights-5149_1) | **11** |
| [Notes to Financial Statements](#xx_0f54e103-c1fd-4a5f-8fa6-f78906d5a8b9_NTF-Header-Notestofinancialstatements-5149_1) | **12** |
| [Changes in and Disagreements with Accountants](#xx_0f54e103-c1fd-4a5f-8fa6-f78906d5a8b9_TSR-TOCTSRDisclosures-5149_1) | **23** |
| [Results of Meeting(s) of Shareholders](#xx_0f54e103-c1fd-4a5f-8fa6-f78906d5a8b9_TSR-TOCTSRDisclosures-5149_1) | **23** |
| [Remuneration Paid to Directors, Officers and Others](#xx_0f54e103-c1fd-4a5f-8fa6-f78906d5a8b9_TSR-TOCTSRDisclosures-5149_1) | **23** |
| [Board Approval of Management and Subadvisory](#xx_0f54e103-c1fd-4a5f-8fa6-f78906d5a8b9_BAMSA-TOC-Mgmtandsubadvisoryagreements-5149_1) [Agreements](#xx_0f54e103-c1fd-4a5f-8fa6-f78906d5a8b9_BAMSA-TOC-Mgmtandsubadvisoryagreements-5149_1) | **24** |

---

**franklintempleton.com**

Financial Statements and Other Important Information — Semi-Annual

------

Schedule of Investments (unaudited)

November 30, 2025

 **Franklin Pennsylvania Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 92.9%** | **Municipal Bonds — 92.9%** | **Municipal Bonds — 92.9%** | **Municipal Bonds — 92.9%** | **Municipal Bonds — 92.9%** |
| Guam — 2.7% | Guam — 2.7% | Guam — 2.7% | Guam — 2.7% | Guam — 2.7% |
| Guam Government, GO, Series 2019  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; $515000 | &nbsp;&nbsp; $544031<br> <sup>(a)</sup><br>|
| Guam Government, Business Privilege Tax Revenue, <br> Series F, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1250520<br>|
| Guam Government, Hotel Occupancy Tax Revenue, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 444096<br>|
| Total Guam | Total Guam | Total Guam | Total Guam | &nbsp;&nbsp; 2238647 |
| Pennsylvania — 86.9% | Pennsylvania — 86.9% | Pennsylvania — 86.9% | Pennsylvania — 86.9% | Pennsylvania — 86.9% |
| Adams County, PA, General Authority Revenue, <br> Brethren Home Community Project, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 418490<br>|
| Allegheny County, PA, Airport Authority Revenue: |  |  |  |  |
| Series A, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/46 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 680490<br> <sup>(a)</sup><br>|
| Series A, AG | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1060131<br> <sup>(a)</sup><br>|
| Series B, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1051282<br>|
| Allegheny County, PA, HDA Revenue, Allegheny <br> Health Network Obligated Group Issue, Series A, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 1861149<br>|
| Allegheny County, PA, Highlands School District, <br> GO: |  |  |  |  |
| Series 2023, AG, State Aid Withholding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 508612<br>|
| Series 2023, AG, State Aid Withholding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/43 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 702718<br>|
| Allentown, PA, Commercial and Industrial <br> Development Authority Revenue, Education Facility <br> Lease, Executive Education Academy Charter School <br> Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 535656<br> <sup>(b)</sup><br>|
| Bellefonte, PA, Area School District, GO, Series A, <br> Refunding, State Aid Withholding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1045001<br>|
| Berks County, PA, IDA, Revenue, Delaware Valley <br> University Project, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 234935<br>|
| Bethlehem, PA, Redevelopment Authority Revenue, <br> Moravian University Project, Series 2024  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1531269<br>|
| Cheltenham Township, PA, IDA Revenue, Arcadia <br> University, Series 2024, Refunding  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 344718<br>|
| Chester County, PA, IDA Revenue: |  |  |  |  |
| Collegium Charter School Project, Series 2022, <br> Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/15/52 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 742231<br> <sup>(b)</sup><br>|
| Colleguim Charter School Project, Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 220977<br>|
| University Student Housing LLC Project, West <br> Chester University of Pennsylvania, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 923871<br>|

---

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Franklin Pennsylvania Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued |
| Commonwealth of Pennsylvania, Series C  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; $1235000 | &nbsp;&nbsp; $1226367<br>|
| Cumberland County, PA, Municipal Authority <br> Revenue, Asbury Pennsylvania Obligated Group, <br> Series 2019, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 473947<br>|
| Cumberland Valley, PA, School District, GO, Series <br> A, AG, State Aid Withholding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1578842<br>|
| Dallas Area, PA, Municipal Authority Revenue, <br> Misericordia University Project, Series 2014, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1230000 | &nbsp;&nbsp; 1230256<br>|
| Delaware County, PA, GO: |  |  |  |  |
| Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1044148<br>|
| Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1050008<br>|
| Delaware County, PA, Interboro School District, GO, <br> Series 2024, AG, State Aid Withholding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/15/63 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2413910<br>|
| Lackawanna County, PA, IDA Revenue, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1483519<br>|
| Lancaster County, PA, Convention Center Authority <br> Revenue, Hotel Room Rental Tax, County Guaranty, <br> Series B, Refunding, County GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 935353<br>|
| Lancaster County, PA, Hospital Authority Revenue: |  |  |  |  |
| Health Center, Landis Homes Retirement <br> Community Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 973119<br>|
| Masonic Villages Project, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1087037<br>|
| Masonic Villages Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 529130<br>|
| Moravian Manors Inc., Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 873128<br>|
| Moravian Manors, Inc. Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp; 1128071<br>|
| Saint Anne's Retirement Community, Incorporated <br> Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 432476<br>|
| Lancaster, PA, IDA Revenue: |  |  |  |  |
| Landis Homes Retirement Community Project, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 410053<br>|
| Landis Homes Retirement Community Project, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/56 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp; 821867<br>|
| Willow Valley Communities Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp; 1299328<br>|
| Lehigh County, PA, General Purpose Authority <br> Revenue, Muhlenberg College Project, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/54 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1608316<br>|
| Montgomery County, PA, IDA Revenue, Acts <br> Retirement-Life Communities, Inc. Obligated Group, <br> Series C  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 496229<br>|

---

See Notes to Financial Statements.

------

Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

------

 **Franklin Pennsylvania Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued |
| Montgomery County, PA, IDA, School Revenue: |  |  |  |  |
| Germantown Academy Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; $425000 | &nbsp;&nbsp; $389947<br>|
| Germantown Academy Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 549143<br>|
| Germantown Academy Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/51 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 676498<br>|
| Pennsbury School District, Bucks County, PA, GO, <br> State Aid Withholding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1056747<br>|
| Pennsylvania State HEFA Revenue: |  |  |  |  |
| Thomas Jefferson University, Fixed Rate Revenue <br> Bonds, Series B2, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1064551<br>|
| University of Pennsylvania Health Systems, <br> Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1036576<br>|
| University of Pennsylvania Health Systems, <br> Series 2025, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1092739<br>|
| University Properties Inc. Student Housing <br> Project, Series A, Refunding, | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp; 719456<br>|
| Pennsylvania State Economic Development <br> Financing Authority Revenue: |  |  |  |  |
| Presbyterian Senior Living Project, Series B-1 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502867<br>|
| Tax-Exempt Private Activity, The Penndot Major <br> Bridges Package One Project, Series 2022, AG | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/31/62 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 425051<br> <sup>(a)</sup><br>|
| Tax-Exempt Private Activity, The Pennsylvania <br> Rapid Bridge Replacement Project, Series 2015 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/34 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251570<br> <sup>(a)</sup><br>|
| Tax-Exempt Private Activity, UPMC Revenue <br> Bonds, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/39 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1610181<br>|
| Pennsylvania State Economic Development <br> Financing Authority Solid Waste Disposal Revenue, <br> Procter & Gamble Paper Products Co. 2001  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 1155000 | &nbsp;&nbsp; 1286743<br> <sup>(a)</sup><br>|
| Pennsylvania State Economic Development <br> Financing Authority, Sewage Sludge Disposal <br> Revenue, Philadelphia Biosolids Facility, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 661436<br>|
| Pennsylvania State Financing Authority Revenue, <br> Guaranteed Revenue Bonds, Penn Hills Project, <br> Series B, Refunding, AMBAC, Municipal <br> Government GTD  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 936866<br>|
| Pennsylvania State HFA Revenue, Single Family <br> Mortgage Revenue Bonds, Series 150A, Refunding  | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1042001<br>|

---

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Franklin Pennsylvania Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued |
| Pennsylvania State Turnpike Commission Oil <br> Franchise Tax Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; $1100000 | &nbsp;&nbsp; $1186174<br>|
| Series C | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/38 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 1800356<br>|
| Pennsylvania State Turnpike Commission Revenue: |  |  |  |  |
| Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1075132<br>|
| Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 1580000 | &nbsp;&nbsp; 1703730<br>|
| Subordinated, Series A | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1016669<br>|
| Philadelphia, PA, Airport Revenue: |  |  |  |  |
| Series 2021, Refunding, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 295531<br> <sup>(a)</sup><br>|
| Series 2021, Refunding, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 387508<br> <sup>(a)</sup><br>|
| Philadelphia, PA, Authority for IDR: |  |  |  |  |
| Charter School Revenue, A String Theory Charter <br> School Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 996293<br> <sup>(b)</sup><br>|
| Charter School Revenue, Mast Community <br> Charter School Ii Project, Series 2020 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp; 625270<br>|
| Charter School Revenue, West Project, <br> Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp; 1194112<br>|
| Multi-Family Housing Revenue, University Square <br> Apartments Project, Tax Exempt, Class 3, <br> Series 2017 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 306687<br> <sup>(b)(c)</sup><br>|
| University Of The Sciences Revenue Bonds, <br> Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 981083<br>|
| University Revenue Bonds, Saint Joseph's <br> University Project, Series 2022 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/60 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1046780<br>|
| Philadelphia, PA, Gas Works Revenue, 1998 General <br> Ordinance, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2524913<br>|
| Philadelphia, PA, Housing Authority Revenue: |  |  |  |  |
| GTD Revenue Bonds, PHADC Acquisition <br> Program, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 529852<br>|
| GTD Revenue Bonds, PHADC Acquisition <br> Program, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 523697<br>|
| Philadelphia, PA, Redevelopment Authority <br> Revenue, City Service Agreement Revenue Bonds, <br> Tax-Exempt Bonds, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1338506<br>|
| Pittsburgh School District & Allegheny County, PA, <br> GO, Series 2021, State Aid Withholding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 995000 | &nbsp;&nbsp; 914104<br>|
| Pittsburgh, Commonwealth, PA, GO, Capital <br> Improvement Bonds, Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 423444<br>|

---

See Notes to Financial Statements.

------

Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

------

 **Franklin Pennsylvania Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued | Pennsylvania — continued |
| Southeastern Pennsylvania Transportation Authority <br> Revenue, Asset Improvement Program, Series 2022  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/52 | &nbsp;&nbsp; $1750000 | &nbsp;&nbsp; $1833875<br>|
| West Cornwall Township, PA, Municipal Authority <br> Revenue: |  |  |  |  |
| Lebanon Valley Brethren Home Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 355025<br>|
| Lebanon Valley Brethren Home Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp; 462371<br>|
| Lebanon Valley Brethren Home Project, Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/46 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 442974<br>|
| Wilkes-Barre Area, PA, School District, GO, <br> Series 2019, BAM, State Aid Withholding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/59 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2025915<br>|
| Wilkes-Barre, PA, Finance Authority Revenue, <br> Wilkes University Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1190516<br>|
| Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | Total Pennsylvania | &nbsp;&nbsp; 71439523 |
| Puerto Rico — 1.0% | Puerto Rico — 1.0% | Puerto Rico — 1.0% | Puerto Rico — 1.0% | Puerto Rico — 1.0% |
| Puerto Rico Commonwealth, GO: |  |  |  |  |
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 336498<br>|
| Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 462351<br>|
| Total Puerto Rico | Total Puerto Rico | Total Puerto Rico | Total Puerto Rico | &nbsp;&nbsp; 798849 |
| South Carolina — 0.8% | South Carolina — 0.8% | South Carolina — 0.8% | South Carolina — 0.8% | South Carolina — 0.8% |
| South Carolina State Jobs-EDA Hospital Facilities <br> Revenue, Bon Secours Mercy Health Inc., Series A, <br> Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp; 684861<br>|
| Texas — 0.3% | Texas — 0.3% | Texas — 0.3% | Texas — 0.3% | Texas — 0.3% |
| Beaumont, TX, Housing Authority Revenue, <br> Residential Development Senior Lien, Series A | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 198554<br> <sup>(b)</sup><br>|
| U.S. Virgin Islands — 0.4% | U.S. Virgin Islands — 0.4% | U.S. Virgin Islands — 0.4% | U.S. Virgin Islands — 0.4% | U.S. Virgin Islands — 0.4% |
| U.S. Virgin Islands Matching Fund Special Purpose <br> Securitization Corp., Revenue, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 334085<br>|
| Washington — 0.8% | Washington — 0.8% | Washington — 0.8% | Washington — 0.8% | Washington — 0.8% |
| Grays Harbor County, WA, Public Hospital District <br> No 1 Revenue, Summit Pacific Medical Center, <br> Series 2023, Refunding | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 668677<br>|
| **Total Investments before Short-Term Investments (Cost — $77,482,689)** | **Total Investments before Short-Term Investments (Cost — $77,482,689)** | **Total Investments before Short-Term Investments (Cost — $77,482,689)** | **Total Investments before Short-Term Investments (Cost — $77,482,689)** | &nbsp;&nbsp; **76363196** |

---

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

------

Schedule of Investments (unaudited) (cont'd)

November 30, 2025

 **Franklin Pennsylvania Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate |  | Shares | Value |
| **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** |
| **Money Market Funds — 5.2%** | **Money Market Funds — 5.2%** | **Money Market Funds — 5.2%** | **Money Market Funds — 5.2%** | **Money Market Funds — 5.2%** |
| Putnam Government Money Market Fund, Class P <br> Shares (Cost — $4,315,966)  | &nbsp;&nbsp; 3.780% |  | &nbsp;&nbsp; 4315966<br>| &nbsp;&nbsp; **$4315966**<br> <sup>(d)(e)</sup><br>|
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Municipal Bonds — 0.8%** | **Municipal Bonds — 0.8%** | **Municipal Bonds — 0.8%** | **Municipal Bonds — 0.8%** | **Municipal Bonds — 0.8%** |
| Pennsylvania — 0.8% | Pennsylvania — 0.8% | Pennsylvania — 0.8% | Pennsylvania — 0.8% | Pennsylvania — 0.8% |
| Allegheny, PA, County Higher Education Building <br> Authority Revenue, Carnegie Mellon University, <br> Series C, Refunding, SPA - Bank of New York Mellon <br> (Cost — $620,000) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; $620000 | &nbsp;&nbsp; **620000**<br> <sup>(f)(g)</sup><br>|
| **Total Short-Term Investments (Cost — $4,935,966)** | **Total Short-Term Investments (Cost — $4,935,966)** | **Total Short-Term Investments (Cost — $4,935,966)** | **Total Short-Term Investments (Cost — $4,935,966)** | &nbsp;&nbsp; **4935966** |
| **Total Investments — 98.9% (Cost — $82,418,655)** | **Total Investments — 98.9% (Cost — $82,418,655)** | **Total Investments — 98.9% (Cost — $82,418,655)** | **Total Investments — 98.9% (Cost — $82,418,655)** | &nbsp;&nbsp; **81299162** |
| Other Assets in Excess of Liabilities — 1.1% | Other Assets in Excess of Liabilities — 1.1% | Other Assets in Excess of Liabilities — 1.1% | Other Assets in Excess of Liabilities — 1.1% | &nbsp;&nbsp; 923826 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$82222988** |

---

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

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

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

<sup>(c)</sup> Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities. 

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

<sup>(e)</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 $4,315,966 and the cost was $4,315,966 (Note 6). 

<sup>(f)</sup> Variable rate demand obligations ("VRDOs") have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's Short-term Obligation Rate Transparency System. 

<sup>(g)</sup> Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

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

See Notes to Financial Statements.

------

Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

------

 **Franklin Pennsylvania 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 |
| AMBAC | —  | American Municipal Bond Assurance Corporation — Insured Bonds |
| BAM | —  | Build America Mutual — Insured Bonds |
| EDA | —  | Economic Development Authority |
| GO | —  | General Obligation |
| GTD | —  | Guaranteed |
| HDA | —  | Housing Development Authority |
| HEFA | —  | Health & Educational Facilities Authority |
| HFA | —  | Housing Finance Agency |
| IDA | —  | Industrial Development Authority |
| IDR | —  | Industrial Development Revenue |
| SPA | —  | Standby Bond Purchase Agreement — Insured Bonds |
| UPMC | —  | University of Pittsburgh Medical Center |

---

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

------

Statement of Assets and Liabilities (unaudited)

November 30, 2025

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

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value (Cost — $78,102,689) | &nbsp;&nbsp; $76983196 |
| Investments in affiliated securities, at value (Cost — $4,315,966) | &nbsp;&nbsp; 4315966 |
| Interest receivable | &nbsp;&nbsp; 992886 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp; 8875 |
| **Total Assets** | &nbsp;&nbsp; **82300923** |
| **Liabilities:** |  |
| Investment management fee payable | &nbsp;&nbsp; 23599 |
| Trustees' fees payable | &nbsp;&nbsp; 17060 |
| Shareholder reports payable | &nbsp;&nbsp; 15554 |
| Transfer agent fees payable | &nbsp;&nbsp; 12901 |
| Service and/or distribution fees payable | &nbsp;&nbsp; 4657 |
| Administration fee payable | &nbsp;&nbsp; 411 |
| Accrued expenses | &nbsp;&nbsp; 3753 |
| **Total Liabilities** | &nbsp;&nbsp; **77935** |
| **Total Net Assets** | &nbsp;&nbsp; **$82222988** |
| **Net Assets:** |  |
| Paid-in capital | &nbsp;&nbsp; $87454509 |
| Total distributable earnings (loss)  | &nbsp;&nbsp; (5231521)<br>|
| **Total Net Assets** | &nbsp;&nbsp; **$82222988** |
| **Shares Outstanding** | &nbsp;&nbsp; 9489166 |
| **Net Asset Value** | &nbsp;&nbsp; $8.66 |

---

See Notes to Financial Statements.

------

Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

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Statement of Operations (unaudited)

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

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

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Interest | &nbsp;&nbsp; $1901928 |
| Dividends from affiliated investments | &nbsp;&nbsp; 59078 |
| **Total Investment Income** | &nbsp;&nbsp; **1961006** |
| **Expenses:** |  |
| Investment management fee (Note 2) | &nbsp;&nbsp; 185005 |
| Service and/or distribution fees (Note 2)  | &nbsp;&nbsp; 96165 |
| Transfer agent fees  | &nbsp;&nbsp; 29526 |
| Registration fees | &nbsp;&nbsp; 20046 |
| Shareholder reports | &nbsp;&nbsp; 6309 |
| Audit and tax fees | &nbsp;&nbsp; 5285 |
| Legal fees | &nbsp;&nbsp; 5097 |
| Trustees' fees | &nbsp;&nbsp; 1427 |
| Administration fees (Note 2) | &nbsp;&nbsp; 773 |
| Custody fees | &nbsp;&nbsp; (201)<br>|
| Miscellaneous expenses  | &nbsp;&nbsp; 4584 |
| **Total Expenses** | &nbsp;&nbsp; **354016** |
| Less: Fee waivers and/or expense reimbursements (Note 2) | &nbsp;&nbsp; (574)<br>|
| Expense reductions (Note 2)  | &nbsp;&nbsp; (4337)<br>|
| **Net Expenses** | &nbsp;&nbsp; **349105** |
| **Net Investment Income** | &nbsp;&nbsp; **1611901** |
| **Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):** | **Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):** |
| **Net Realized Loss From Unaffiliated Investment Transactions**  | &nbsp;&nbsp; **(370650)**<br>|
| **Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated** <br> **Investments** <br>| &nbsp;&nbsp; **3659860** |
| **Net Gain on Investments**  | &nbsp;&nbsp; **3289210** |
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **$4901111** |

---

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

<sup>(a)</sup> Effective after the market close on November 7, 2025, the Fund's predecessor mutual fund, Putnam Pennsylvania Tax Exempt 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 Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
| For the Six Months Ended November 30, 2025 (unaudited) <br>and the Year Ended May 31, 2025<br>| November 30<sup>(a)</sup> <br>| May 31 |
| **Operations:** |  |  |
| Net investment income  | &nbsp;&nbsp; $1611901 | $3257060 |
| Net realized loss  | &nbsp;&nbsp; (370650)<br>| (712673)<br>|
| Change in net unrealized appreciation (depreciation)  | &nbsp;&nbsp; 3659860 | (563142)<br>|
| **Increase in Net Assets From Operations** | &nbsp;&nbsp; **4901111** | **1981245** |
| **Distributions to Shareholders From (Note 1):** |  |  |
| Total distributable earnings | &nbsp;&nbsp; (1405442)<br>| (3228220)<br>|
| **Decrease in Net Assets From Distributions to Shareholders** | &nbsp;&nbsp; **(1405442)**<br>| **(3228220)**<br>|
| **Fund Share Transactions (Note 5):** |  |  |
| Net proceeds from sale of shares (9,829,998 and 1,092,513 shares issued, <br>respectively) <br>| &nbsp;&nbsp; 84824067 | 9377896 |
| Reinvestment of distributions (177,689 and 341,353 shares issued, <br> respectively)<br>| &nbsp;&nbsp; 1486564 | 2937327 |
| Cost of shares repurchased (12,148,919 and 2,014,958 shares <br> repurchased, <br>respectively) <br>| &nbsp;&nbsp; (104456371)<br>| (17351916)<br>|
| **Decrease in Net Assets From Fund Share Transactions** | &nbsp;&nbsp; **(18145740)**<br>| **(5036693)**<br>|
| **Decrease in Net Assets** | &nbsp;&nbsp; **(14650071)**<br>| **(6283668)**<br>|
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 96873059 | 103156727 |
| **End of period** | &nbsp;&nbsp; **$82222988** | **$96873059** |

---

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

<sup>(a)</sup> Effective after the market close on November 7, 2025, the Fund's predecessor mutual fund, Putnam Pennsylvania Tax Exempt 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 Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

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Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** | **For a share of beneficial interest outstanding throughout each year ended May 31,** <br>**unless otherwise noted:** |
|  | 2025<sup>123</sup> <br>| 2025<sup>1</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 period** | $8.34 | &nbsp;&nbsp; $8.46 | &nbsp;&nbsp; $8.42 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $9.23 |
| **Income (loss) from operations:** | **Income (loss) from operations:** |  |  |  |  |  |
| Net investment income (loss) | 0.15 | 0.30 | 0.27 | 0.25 | 0.22 | 0.23 |
| Net realized and unrealized gain (loss) | 0.31 | &nbsp;&nbsp; (0.12)<br>| 0.04 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.89)<br>| 0.40 |
| **Total income (loss) from operations** | **0.46** | **0.18** | **0.31** | &nbsp;&nbsp; **(0.07)** | &nbsp;&nbsp; **(0.67)** | **0.63** |
| **Less distributions from:** |  |  |  |  |  |  |
| Net investment income | (0.14)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Total distributions** | **(0.14)**<br>| &nbsp;&nbsp; **(0.30)**<br>| &nbsp;&nbsp; **(0.27)**<br>| &nbsp;&nbsp; **(0.25)**<br>| &nbsp;&nbsp; **(0.22)**<br>| &nbsp;&nbsp; **(0.23)**<br>|
| **Net asset value, end of period** | $8.66 | &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; $8.46 | &nbsp;&nbsp; $8.42 | &nbsp;&nbsp; $8.74 | &nbsp;&nbsp; $9.63 |
| **Total return, based on NAV**<sup>4,5</sup> <br>| **5.52%**<br>| **2.01%**<br>| **3.75%**<br>| &nbsp;&nbsp; **(0.80)%**<br>| &nbsp;&nbsp; **(7.05)%**<br>| **6.89%**<br>|
| **Net assets, end of period (000s)** | $82223 | &nbsp;&nbsp; $591 | &nbsp;&nbsp; $813 | &nbsp;&nbsp; $848 | &nbsp;&nbsp; $886 | &nbsp;&nbsp; $298 |
| **Ratios to average net assets:** | **Ratios to average net assets:** |  |  |  |  |  |
| Gross expenses<sup>6</sup> <br>| 0.77 %<sup>7</sup><br>| 0.59<br> %<br>| 0.61<br> %<br>| 0.59<br> %<br>| 0.56<br> %<br>| 0.57<br> %<br>|
| Net expenses<sup>6,8,9</sup> <br>| 0.76 <br><sup>7</sup><br>| 0.59 | 0.61 | 0.59 | 0.56 | 0.57 |
| Net investment income<sup>6</sup> <br>| 3.51 <br><sup>7</sup><br>| 3.46 | 3.21 | 2.91 | 2.40 | 2.43 |
| **Portfolio turnover rate** | **11%**<br>| &nbsp;&nbsp; **11%**<br>| &nbsp;&nbsp; **22%**<br>| &nbsp;&nbsp; **19%**<br>| &nbsp;&nbsp; **21%**<br>| &nbsp;&nbsp; **12%**<br>|

---

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

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

<sup>2</sup> For the six months ended November 30, 2025 (unaudited).

<sup>3</sup> Effective after the market close on November 7, 2025, the Fund's predecessor mutual fund, Putnam Pennsylvania Tax Exempt Income Fund, reorganized into this Fund (the "Reorganization"). See Note 1 in the Notes to Financial Statements for additional information about the Reorganization. 

<sup>4</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 November 7, 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>5</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of less than one year are not annualized. 

<sup>6</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 ratio would have been 0.76%, 0.75% and 3.52%, respectively, for the period ended November 30, 2025, and would not have changed for the years ended May 31, 2025, 2024, 2023, 2022 and 2021. 

<sup>7</sup> Annualized.

<sup>8</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>9</sup> Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

------

Notes to Financial Statements (unaudited)

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

**1. Organization and significant accounting policies** 

Franklin Pennsylvania 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 Pennsylvania Tax Exempt 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 November 7, 2025. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ended on or prior to November 7, 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 November 10, 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 and Pennsylvania State personal income tax as the Fund's investment manager believes 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 –

------

Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

------

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

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

Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

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

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

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

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Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

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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; $76363196 | &nbsp;&nbsp; — | &nbsp;&nbsp; $76363196 |
| Short-Term Investments†: |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $4315966 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4315966 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 620000 |
| Total Short-Term Investments | &nbsp;&nbsp; 4315966 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4935966 |
| **Total Investments** | &nbsp;&nbsp; **$4315966** | &nbsp;&nbsp; **$76983196** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$81299162** |

---

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

† See
 Schedule of Investments for additional detailed categorizations.

**(b) Fund concentration.** Since the Fund invests primarily in obligations of issuers within Pennsylvania, it is subject to possible risks associated with economic, political, credit or legal developments or industrial or regional matters specifically affecting Pennsylvania.

**(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

Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

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

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 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 June 1, 2025 through November 7, 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 May 31, 2025, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

**(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.

**(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.

Effective after the market close on November 7, 2025, the Fund pays its investment manager an annual all-inclusive management fee of 0.35% based on the Fund's average

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Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

------

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 June 1, 2025 through November 7, 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 Management (including open-end funds managed by affiliates of Putnam Management that

Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

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

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

0.590%

0.540%

0.490%

0.440%

0.390%

0.370%

0.360%

0.355%

For the six months ended November 30, 2025, the annualized gross effective investment management fee rate was 0.403% of the Fund's average daily net assets.

For the period June 1, 2025 through November 7, 2025, Advisers had contractually agreed, through September 30, 2026, 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.

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 June 1, 2025 through November 7, 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.

During the six months ended November 30, 2025, fees waived and/or expenses reimbursed amounted to $574, all of which was an affiliated money market fund waiver.

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 June 1, 2025 through November 7, 2025, Franklin Distributors

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Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

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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 | Class C Shares |
| Sales charges | &nbsp;&nbsp; $600 | &nbsp;&nbsp; — |
| CDSCs | &nbsp;&nbsp; — | &nbsp;&nbsp; $55 |

---

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

---

| | |
|:---|:---|
| Purchases | &nbsp;&nbsp; $9395078 |
| Sales | &nbsp;&nbsp; 29968515 |

---

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 substantially as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Cost | Gross <br>Unrealized <br>Appreciation<br>| Gross <br>Unrealized <br>Depreciation<br>| Net <br>Unrealized <br>Depreciation<br>|
| Securities | &nbsp;&nbsp; $82489332 | &nbsp;&nbsp; $1725617 | &nbsp;&nbsp; $(2915787) | &nbsp;&nbsp; $(1190170) |

---

**4. Derivative instruments and hedging activities**

During the six months 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 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

Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

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

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>November 30, 2025 | Six Months Ended <br>November 30, 2025 | Year Ended <br>May 31, 2025 | Year Ended <br>May 31, 2025 |
|  | Shares | Amount | Shares | Amount |
| **Class A Shares**<sup>1</sup> <br>|  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 123537 | &nbsp;&nbsp;&nbsp; $1039202 | &nbsp;&nbsp;&nbsp; 492489 | &nbsp;&nbsp;&nbsp; $4245508 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 150031 | &nbsp;&nbsp;&nbsp; 1253488 | &nbsp;&nbsp;&nbsp; 289022 | &nbsp;&nbsp;&nbsp; 2486642 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (10109404)<br>| &nbsp;&nbsp;&nbsp; (86890932)<br>| &nbsp;&nbsp;&nbsp; (1353719)<br>| &nbsp;&nbsp;&nbsp; (11667317)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(9835836)**<br>| &nbsp;&nbsp;&nbsp; **$(84598242)**<br>| &nbsp;&nbsp;&nbsp; **(572208)**<br>| &nbsp;&nbsp;&nbsp; **$(4935167)**<br>|
| **Class B Shares**<sup>1,2</sup> <br>|  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; $73 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2713)<br>| &nbsp;&nbsp;&nbsp; (23274)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **(2705)**<br>| &nbsp;&nbsp;&nbsp; **$(23301)**<br>|
| **Class C Shares**<sup>1</sup> <br>|  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 3202 | &nbsp;&nbsp;&nbsp; $26881 | &nbsp;&nbsp;&nbsp; 13486 | &nbsp;&nbsp;&nbsp; $115746 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 3271 | &nbsp;&nbsp;&nbsp; 27512 | &nbsp;&nbsp;&nbsp; 8691 | &nbsp;&nbsp;&nbsp; 74860 |
| Shares repurchased<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; (347581)<br>| &nbsp;&nbsp;&nbsp; (2976742)<br>| &nbsp;&nbsp;&nbsp; (111557)<br>| &nbsp;&nbsp;&nbsp; (966292)<br>|
| **Net decrease** | &nbsp;&nbsp;&nbsp; **(341108)**<br>| &nbsp;&nbsp;&nbsp; **$(2922349)**<br>| &nbsp;&nbsp;&nbsp; **(89380)**<br>| &nbsp;&nbsp;&nbsp; **$(775686)**<br>|
| **Total Fund (Previously Class R6** <br> **Shares)**<sup>4</sup> <br>|  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 9425559 | &nbsp;&nbsp;&nbsp; $81436393 | &nbsp;&nbsp;&nbsp; 21415 | &nbsp;&nbsp;&nbsp; $185772 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 912 | &nbsp;&nbsp;&nbsp; 7690 | &nbsp;&nbsp;&nbsp; 2653 | &nbsp;&nbsp;&nbsp; 22911 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (8149)<br>| &nbsp;&nbsp;&nbsp; (68326)<br>| &nbsp;&nbsp;&nbsp; (49307)<br>| &nbsp;&nbsp;&nbsp; (422533)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **9418322** | &nbsp;&nbsp;&nbsp; **$81375757** | &nbsp;&nbsp;&nbsp; **(25239)**<br>| &nbsp;&nbsp;&nbsp; **$(213850)**<br>|
| **Class Y Shares**<sup>1</sup> <br>|  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp; 277700 | &nbsp;&nbsp;&nbsp; $2321591 | &nbsp;&nbsp;&nbsp; 565123 | &nbsp;&nbsp;&nbsp; $4830870 |
| Shares issued on reinvestment | &nbsp;&nbsp;&nbsp; 23475 | &nbsp;&nbsp;&nbsp; 197874 | &nbsp;&nbsp;&nbsp; 40979 | &nbsp;&nbsp;&nbsp; 352841 |
| Shares repurchased | &nbsp;&nbsp;&nbsp; (1683785)<br>| &nbsp;&nbsp;&nbsp; (14520371)<br>| &nbsp;&nbsp;&nbsp; (497662)<br>| &nbsp;&nbsp;&nbsp; (4272400)<br>|
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp; **(1382610)**<br>| &nbsp;&nbsp;&nbsp; **$(12000906)**<br>| &nbsp;&nbsp;&nbsp; **108440** | &nbsp;&nbsp;&nbsp; **$911311** |

---

&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 September 5, 2024, the Fund has terminated its Class B Shares.

<sup>3</sup> May include a portion of Class C Shares that were automatically converted to Class A Shares.

<sup>4</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 Pennsylvania Municipal Income ETF 2025 Semi-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 six months ended November 30, 2025. The following transactions were effected in such company for the six months ended November 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>May 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>May 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Putnam <br> Government <br> Money Market <br> Fund, Class P <br> Shares<br>|  | $4392363 | 4392363 | $76397 | 76397 |
| Putnam Short Term <br> Investment Fund, <br> Class P Shares<br>| $1892381 | 25152335 | 25152335 | 27044716 | 27044716 |
|  | **$1892381** | **$29544698** |  | **$27121113** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (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>|  | $8172 |  | $4315966 |
| Putnam Short Term <br> Investment Fund, <br> Class P Shares<br>|  | 50906 |  |  |
|  | **—** | **$59078** | **—** | **$4315966** |

---

**7. Redemption facility**

The Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, 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 Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

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

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

**8. Operating segments**

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

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

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Franklin Pennsylvania Municipal Income ETF 2025 Semi-Annual Report

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

---

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

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Franklin Pennsylvania 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 |

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**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

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Franklin Pennsylvania Municipal Income ETF

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

Franklin Pennsylvania Municipal Income ETF

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Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

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;• 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 35 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.

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 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

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Franklin Pennsylvania Municipal Income ETF

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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 Pennsylvania 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> 2nd </u> <u> 2nd </u> <u> 2nd </u>

Over the one-year, three-year and five-year periods ended December 31, 2024, there were 47, 47 and 46 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.

**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

Franklin Pennsylvania Municipal Income ETF

------

Board Approval of Management and

Subadvisory Agreements (unaudited) (cont'd)

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.

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Franklin Pennsylvania Municipal Income ETF

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Franklin

Pennsylvania 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 Pennsylvania Municipal Income ETF**

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

Franklin Pennsylvania 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 Pennsylvania 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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![](img086fda0b3.jpg)

**48375-SFSOI 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 EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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

---

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

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

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

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

ITEM 19. EXHIBITS.

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

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](petfp-efp21856_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.](petfp-efp21856_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

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

**Putnam ETF Trust**

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| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | 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.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

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| |
|:---|
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

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

I, Jeffrey White, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: January 27, 2026

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

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

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **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.

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| | |
|:---|:---|
| **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 |

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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.