Putnam Sustainable Leaders ETF
The fund's portfolio
11/30/22 (Unaudited)


COMMON STOCKS (98.3%)(a)
        Shares Value
Automobiles (1.2%)
General Motors Co. 1,640 $66,518

66,518
Banks (3.4%)
Bank of America Corp. 3,892 147,312
First Republic Bank/CA 369 47,088

194,400
Biotechnology (4.0%)
Amgen, Inc. 490 140,336
Regeneron Pharmaceuticals, Inc.(NON) 121 90,956

231,292
Capital markets (4.5%)
Charles Schwab Corp. (The) 1,319 108,870
KKR & Co., Inc. 1,724 89,510
TPG, Inc. 1,832 61,006

259,386
Chemicals (3.3%)
Eastman Chemical Co. 653 56,563
Ginkgo Bioworks Holdings, Inc.(NON) 6,810 13,552
Linde PLC 355 119,450

189,565
Electric utilities (4.0%)
Constellation Energy Corp. 1,272 122,265
NextEra Energy, Inc. 1,244 105,367

227,632
Entertainment (1.6%)
Walt Disney Co. (The)(NON) 956 93,564

93,564
Equity real estate investment trusts (REITs) (2.9%)
American Tower Corp.(R) 449 99,341
Boston Properties, Inc.(R) 894 64,440

163,781
Food and staples retailing (3.2%)
Walmart, Inc. 1,216 185,343

185,343
Food products (2.0%)
McCormick & Co., Inc. (non-voting shares) 1,369 116,611

116,611
Health-care equipment and supplies (3.3%)
Boston Scientific Corp.(NON) 2,746 124,311
Cooper Cos., Inc. (The) 210 66,434

190,745
Health-care providers and services (3.0%)
UnitedHealth Group, Inc. 317 173,640

173,640
Hotels, restaurants, and leisure (5.3%)
Chipotle Mexican Grill, Inc.(NON) 57 92,737
Hilton Worldwide Holdings, Inc. 948 135,204
Starbucks Corp. 789 80,636

308,577
Independent power and renewable electricity producers (1.2%)
AES Corp. (The) 2,395 69,263

69,263
Internet and direct marketing retail (3.1%)
Amazon.com, Inc.(NON) 1,830 176,668

176,668
IT Services (2.9%)
PayPal Holdings, Inc.(NON) 531 41,636
Visa, Inc. Class A 585 126,945

168,581
Life sciences tools and services (3.8%)
Danaher Corp. 412 112,645
Thermo Fisher Scientific, Inc. 185 103,641

216,286
Machinery (6.3%)
Deere & Co. 259 114,219
Fortive Corp. 1,663 112,336
Ingersoll Rand, Inc. 2,498 134,817

361,372
Multiline retail (1.7%)
Dollar General Corp. 385 98,437

98,437
Personal products (1.1%)
Unilever PLC ADR (United Kingdom) 1,203 60,607

60,607
Pharmaceuticals (5.1%)
Eli Lilly and Co. 468 173,665
Merck & Co., Inc. 1,087 119,700

293,365
Road and rail (1.7%)
Union Pacific Corp. 441 95,887

95,887
Semiconductors and semiconductor equipment (5.2%)
Advanced Micro Devices, Inc.(NON) 401 31,130
Applied Materials, Inc. 728 79,789
ASML Holding NV (NY Reg Shares) (Netherlands) 133 80,880
NVIDIA Corp. 626 105,938

297,737
Software (14.7%)
Adobe, Inc.(NON) 300 103,479
Intuit, Inc. 150 61,139
Microsoft Corp. 1,812 462,311
Roper Technologies, Inc. 269 118,061
salesforce.com, Inc.(NON) 615 98,554

843,544
Specialty retail (1.3%)
Home Depot, Inc. (The) 224 72,574

72,574
Technology hardware, storage, and peripherals (6.8%)
Apple, Inc. 2,623 388,283

388,283
Textiles, apparel, and luxury goods (0.7%)
Levi Strauss & Co. Class A 2,427 40,118

40,118
Wireless telecommunication services (1.0%)
T-Mobile US, Inc.(NON) 395 59,827

59,827

Total common stocks (cost $5,803,507) $5,643,603









SHORT-TERM INVESTMENTS (1.6%)(a)
        Shares Value
State Street Institutional U.S. Government Money Market Fund, Investor Class 3.58% 92,881 $92,881

Total short-term investments (cost $92,881) $92,881
TOTAL INVESTMENTS

Total investments (cost $5,896,388) $5,736,484













Key to holding's abbreviations
ADR American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank.
Notes to the fund's portfolio
Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from September 1, 2022 through November 30, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $5,739,589.
(NON) This security is non-income-producing.
(R) Real Estate Investment Trust.
For investments in State Street Institutional U.S. Government Money Market Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.









ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:
  Valuation inputs
Investments in securities: Level 1 Level 2 Level 3
Common stocks*:
Communication services $153,391 $— $—
Consumer discretionary 762,892
Consumer staples 362,561
Financials 453,786
Health care 1,105,328
Industrials 457,259
Information technology 1,698,145
Materials 189,565
Real estate 163,781
Utilities 296,895



Total common stocks 5,643,603
short-term investments 92,881



Totals by level $5,736,484 $— $—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com