# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0001193125-25-192914
**Filing Date:** 2025-9
**Character Count:** 23876
**Document Hash:** d9d58839438a932385fe10f582616a3c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-192914.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001193125-25-192914

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250829

**EFFECTIVENESS DATE**: 20250902

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-253222
- **FILM NUMBER:** 251282212

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

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

## Series and Classes Contracts Data

### Putnam BDC Income ETF (Series ID: S000077137)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237307 | -            |  |

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| | |
|:---|:---|
| ![LOGO](g939516g01g01.jpg) | ![LOGO](g939516g01g02.jpg) |

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## Putnam

## BDC Income ETF

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| | |
|:---|:---|
| **Summary Prospectus** | September 1, 2025 |

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| | |
|:---|:---|
|  **Fund Symbol:** PBDC | **Principal U.S. Listing Exchange:** NYSE Arca, Inc.  |

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Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, statement of additional information, reports to shareholders and other information about the fund online at www.franklintempleton.com/prospectus. You can also get this information at no cost by calling 1-800-225-1581 or by sending an e-mail request to funddocuments@putnam.com.

The fund's [prospectus and statement of additional information](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1845809/000119312525187238/d842776d485bpos.htm), both dated September 1, 2025, as may be supplemented, are all incorporated by reference into this Summary Prospectus.

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**Goal** 

The fund seeks current income.

**Fees and expenses** 

The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Annual Fund Operating Expenses** 

**(expenses you pay each year as a percentage of the value of your investment)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Management<br>fees**<br>| **Distribution<br>and service (12b-1) fees**<br>| **Other<br>expenses**<br>| **Acquired<br>fund fees<br>and**<br> **expenses**<br>| **Total annual fund<br>operating expenses<sup>1</sup>**<br>|
| <br> 0.75%<br>|  | <br> 0.00%<br>| <br> 12.74%<br>| <br> 13.49%<br>|

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<sup>1</sup> Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund's financial highlights tables, which reflect the fund's operating expenses and do not include acquired fund fees and expenses.

**Example** 

The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund's operating expenses remain the same. Your actual costs may be higher or lower.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year**<br>| **3 years**<br>| **5 years**<br>| **10 years**<br>|
|  <br> BDC Income ETF<br>| <br> $1292<br>| <br> $3556<br>| <br> $5451<br>| <br> $8949<br>|

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**Portfolio turnover** 

The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund's shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund's turnover rate in the most recent fiscal year was 31%.

**Investments, risks, and performance** 

**Principal investment strategies** 

The fund invests mainly in exchange-traded business development companies ("BDCs"). To qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the Securities and Exchange Commission (the "SEC") and have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "1940 Act"). BDCs are vehicles whose principal business is to invest in, lend capital to or provide services to privately-held U.S. companies or thinly traded U.S. public companies. The Investment Manager, as defined below, will seek BDC investments that contribute to stability of dividend income and return potential. In selecting investments, the Investment Manager expects to evaluate a BDC's credit performance and risk level, potential changes in earnings and dividend levels, the impact of changes in interest rates on the BDC, and differences among BDCs in leverage and balance sheet structures. Given that the fund will invest primarily in BDCs and a significant portion of BDCs have exposure to the financials sector, a significant portion of the fund's assets will have exposure to the financials sector.

The Investment Manager may consider, among other factors, a BDC's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends, and capital policies, as well as overall market conditions, when deciding whether to buy or sell investments.

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Under normal circumstances, the fund invests at least 80% of the value of its net assets in BDCs. This policy is non-fundamental and may be changed only after 60 days' notice to shareholders.

The fund may invest up to 20% of its assets in real estate investment trusts ("REITs"), including mortgage REITs. A REIT pools investors' funds for investment primarily in income-producing real estate properties or real estate-related loans (such as mortgages). The real estate properties in which REITs invest typically include properties such as office buildings, retail and industrial facilities, hotels, apartment buildings and healthcare facilities. The fund will limit its investments in REITs to publicly-traded REITs listed on national securities exchanges.

The fund is "non-diversified," which means it may invest a greater percentage of its assets in fewer issuers than a "diversified" fund. The fund expects to invest in a limited number of issuers.

**Risks** 

It is important to understand that you can lose money by investing in the fund.

**Risk of investing in business development companies ("BDCs"):** BDCs generally invest in less mature U.S. private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. While the BDCs in which the fund invests are expected to generate income in the form of dividends, certain BDCs during certain periods of time may not generate dividend income. The fund will indirectly bear its proportionate share of any management fees and other operating expenses incurred by the BDCs and of any performance-based or incentive fees payable by the BDCs in which it invests, in addition to the fund's management fee and any other expenses paid by the fund. A BDC's incentive fee may be very high, vary from year to year and be payable even if the value of the BDC's portfolio declines in a given time period. The use of leverage by BDCs magnifies gains and losses on amounts invested and increases the risks associated with investing in BDCs. A BDC may make investments with a larger amount of risk of volatility and loss of principal than other investment options and may also be highly speculative and aggressive. Certain BDCs may also be difficult to value since many of the assets of BDCs do not have readily ascertainable market values. Therefore, such assets are most often recorded at fair value in accordance with valuation procedures adopted by such companies, which may potentially result in material differences between a BDC's net asset value per share and its market value.

**Risk of fund of funds restrictions:** The fund intends to rely on Section 12(d)(1)(F) of the 1940 Act in making investments in BDCs. A fund relying on Section 12(d)(1)(F) may acquire shares of a BDC provided that, immediately after purchase, not more than 3% of the outstanding voting securities of the BDC are owned by the fund and all affiliated persons of the fund, subject to certain conditions. The 3% limit could constrain the fund from investing in a particular BDC in an amount that would be considered desirable from an investment standpoint. Section 12(d)(1)(F)'s conditions include a requirement either to seek instructions from the fund's security holders with regard to the voting of all proxies with respect to the BDC and to vote such proxies only in accordance with such instructions, or to vote the shares held by the fund in the same proportion as the vote of all other holders of the BDC. This requirement could limit the fund's ability to support or oppose BDC shareholder voting matters. If the fund seeks to invest in a BDC above the 3% limit in Section 12(d)(1)(F), the fund would need to rely on Rule 12d1-4 under the 1940 Act, the SEC's fund of funds rule.

**Risk of investing in the financials sector:** The fund will be sensitive to, and its performance will depend to a greater extent on, the overall condition of the financials sector. Companies in the financials sector may be subject to extensive government regulation that affects the scope of their activities. The profitability of companies in the financials sector may be adversely affected by increases in interest rates, by loan losses, which usually increase in economic downturns, and by credit rating downgrades. In addition, the financials sector is undergoing numerous changes, including continuing consolidations, development of new products and structures and changes to its regulatory framework.

**Fluctuation of net asset value and share price risk:** Shares may trade at a larger premium or discount to the fund's net asset value than shares of other ETFs. The net asset value of the fund will generally fluctuate with changes in the market value of the fund's holdings. The fund's shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the fund's shares may result in the fund's shares trading significantly above (at a premium) or below (at a discount) net asset value or the intraday value of the fund's holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for fund shares may become less liquid in response to deteriorating liquidity in the markets for the fund's underlying portfolio holdings.

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**Trading issues risk:** There is no guarantee that the fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in the fund's shares or to submit purchase and redemption orders for creation units. The market prices of the fund's shares are expected to fluctuate, in some cases materially, in response to changes in the fund's net asset value, the intraday value of the fund's holdings and supply and demand for the fund's shares. The Investment Manager cannot predict whether the fund's shares will trade above, below or at their net asset value or the intraday value of the fund's holdings. During such periods, investors may incur significant losses if they sell shares.

The securities held by the fund may be traded in markets that close at a different time than the exchange on which the fund's shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the exchange and the corresponding premium or discount to the shares' net asset value may widen.

**Large shareholder transaction risk:** The fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the fund. The fund may be an investment option for mutual funds that are managed by the Investment Manager, as defined below, and its affiliates as "funds of funds." Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. In addition, a large number of shareholders may collectively purchase or redeem fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the fund's liquidity and net assets. These redemptions may also adversely affect the fund's performance if the fund is forced to sell securities, which may also increase the fund's brokerage costs.

**Authorized participant concentration risk:** Only an authorized participant may engage in creation and redemption transactions directly with the fund. The fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for fund shares or fund shares may trade at a discount (or premium) to net asset value and possibly face trading halts and/or de-listing.

**Cash transactions risk:** Unlike certain ETFs, the fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in the fund's shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.

**Market risk:** The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings, may negatively impact the fund's performance, and may exacerbate other risks to which the fund is subject.

**Common stock risk:** The fund will invest in common stocks issued by BDCs. Common stock represents an ownership interest in a company. The value of a company's stock, including a BDC, may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company's products or services. A stock's value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs.

**Small and midsize companies risk:** Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies.

**Industry or sector concentration risk:** From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. BDCs, as financial services companies, may be affected by the availability and cost of capital; changes in interest rates; insurance claims activity; industry consolidation; reduced

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profitability from limitations on loans; proprietary trading; interest rates and fees charged as a result of extensive government regulations; and general market conditions.

**Non-diversified risk:** As a non-diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. Moreover, the gains and losses on a single investment may have a greater impact on the fund's net asset value and may make the fund more volatile than more diversified funds.

**Real estate investment trust ("REIT") risk:** Investments in REITs are subject to the risks associated with direct ownership in real estate, including economic downturns that have an adverse effect on real estate markets. Mortgage REITs may be affected by the risk of borrower default, the likelihood of which is increased for mortgage REITs that invest in sub-prime mortgages. REITs, and mortgage REITs in particular, are also subject to interest rate risk. In addition, since REITs depend on payment under their mortgage loans and leases to generate cash to make distributions to their shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.

**Management and operational risk:** There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund's other service providers, may experience disruptions or operating errors that could negatively impact the fund.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

**Performance** 

The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund's performance from year to year. The table shows the average annual total returns of the fund and also compares the fund's performance with the average annual total returns of a broad measure of market performance and an additional index with characteristics relevant to the fund. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com.

*The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.* 

Annual total returns

![LOGO](g939516g07g07.jpg)

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| | | |
|:---|:---|:---|
|  <br> Best Quarter:<br>| <br> Q2 2023<br>| <br> 8.36%<br>|
|  <br> Worst Quarter:<br>| <br> Q3 2024<br>| <br> -0.26%<br>|
|  <br> As of June 30, 2025, the fund's year-to-date return was 0.86%.<br>|  |  |

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**Average annual total returns** 

(for periods ended 12/31/24)

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| | | |
|:---|:---|:---|
| **BDC Income**<br> **ETF**<br>| **1 year** | **Since <br>Inception<sup>1</sup>**  |
|  Return before<br> taxes | 19.33% | 27.58% |
|  Return after<br> taxes on<br> distributions | 14.88% | 22.39% |
|  Return after<br> taxes on<br> distributions<br> and sales of<br> fund shares | 11.31% | 19.10% |
|  Russell 3000<br> Index (no<br> deduction for<br> fees,<br> expenses or<br> taxes) | 23.81% | 24.79% |
|  S&P BDC<br> Index (no<br> deduction for<br> fees,<br> expenses or<br> taxes) | 16.61% | 25.52% |

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<sup>1.</sup> Since inception September 29, 2022.

After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.

Important data provider notices and terms are available at <u>www.franklintempletondatasources.com</u>. All data is subject to change.

**Your fund's management** 

**Investment Manager** 

Putnam Investment Management, LLC ("Putnam Management" or the "Investment Manager")

**Sub-advisors** 

Franklin Advisers, Inc. ("Franklin Advisers")

Franklin Templeton Investment Management Limited ("FTIML")

**Portfolio manager** 

**Michael Petro, CFA** 

Portfolio Manager of Putnam Management and portfolio manager of the fund since 2022.

**Purchase and sale of fund shares** 

Shares of the fund are listed and traded on an exchange, and individual fund shares may only be bought and sold in the secondary market through a broker or dealer at market price. These transactions, which do not involve the fund, are made at market prices that may vary throughout the day, rather than at net asset value. Shares of the fund may trade at a price greater than the fund's net asset value (premium) or less than the fund's net asset value (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling fund shares in the secondary market (the "bid-ask spread"). Recent information, including information regarding the fund's net asset value, market price, premiums and discounts, and bid-ask spread, is available at www.franklintempleton.com.

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**Tax information** 

The fund's distributions will be taxed as ordinary income or capital gains unless you hold the shares through a tax-advantaged arrangement, in which case you will generally be taxed only upon withdrawal of monies from the arrangement.

**Financial intermediary compensation** 

If you purchase the fund through a broker/dealer or other financial intermediary (such as a bank or financial professional), the fund and its related companies may pay that intermediary for the sale of fund shares and related services. Please bear in mind that these payments may create a conflict of interest by influencing the broker/dealer or other intermediary to recommend the fund over another investment. Ask your advisor or visit your advisor's website for more information.

**Information about the Summary Prospectus, Prospectus, and SAI** 

The summary prospectus, prospectus, and SAI for a fund provide information concerning the fund. The summary prospectus, prospectus, and SAI are updated at least annually and any information provided in a summary prospectus, prospectus, or SAI can be changed without a shareholder vote unless specifically stated otherwise. The summary prospectus, prospectus, and the SAI are not contracts between the fund and its shareholders and do not give rise to any contractual rights or obligations or any shareholder rights other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**Additional information, including current performance, is available at <u>www.franklintempleton.com</u>, by calling 1-800-225-1581, or by e-mailing Putnam at <u>funddocuments@putnam.com</u>.** 

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![LOGO](g939516g33m01.jpg)