Schedule of Investments (unaudited)
January 31, 2026
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 Putnam ESG Core Bond ETF

(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
U.S. Government & Agency Obligations — 42.4%
U.S. Government Obligations — 42.4%
U.S. Treasury Bonds
6.250%
5/15/30
 $10,640,000
 $11,685,297
 
U.S. Treasury Bonds
4.375%
11/15/39
200,000
196,516
 
U.S. Treasury Bonds
4.625%
2/15/40
15,140,000
15,241,131
 
U.S. Treasury Bonds
4.625%
11/15/45
2,240,000
2,178,925
 
U.S. Treasury Bonds
3.375%
11/15/48
18,670,000
14,720,857
 
U.S. Treasury Bonds
2.375%
5/15/51
7,790,000
4,892,789
 
U.S. Treasury Bonds
2.250%
2/15/52
6,910,000
4,177,446
 
U.S. Treasury Bonds
2.875%
5/15/52
20,690,000
14,401,372
 
U.S. Treasury Bonds
3.000%
8/15/52
8,130,000
5,799,612
 
U.S. Treasury Bonds
4.000%
11/15/52
27,500,000
23,748,828
 
U.S. Treasury Bonds
3.625%
2/15/53
1,420,000
1,144,487
 
U.S. Treasury Bonds
4.625%
11/15/55
2,260,000
2,166,422
 
U.S. Treasury Notes
0.500%
2/28/26
24,780,000
24,722,552
 
U.S. Treasury Notes
2.500%
2/28/26
2,530,000
2,527,701
 
U.S. Treasury Notes
2.375%
5/15/27
10,000
9,856
 
U.S. Treasury Notes
2.625%
5/31/27
15,130,000
14,952,695
 
U.S. Treasury Notes
3.750%
6/30/27
6,480,000
6,499,744
 
U.S. Treasury Notes
3.625%
8/31/27
13,380,000
13,398,816
 
U.S. Treasury Notes
1.875%
2/28/29
14,710,000
13,971,052
 
U.S. Treasury Notes
2.375%
3/31/29
5,690,000
5,478,736
 
U.S. Treasury Notes
4.625%
4/30/29
20,650,000
21,270,307
 
U.S. Treasury Notes
3.250%
6/30/29
39,750,000
39,241,479
 
U.S. Treasury Notes
4.000%
2/15/34
3,510,000
3,481,618
 
U.S. Treasury Notes
4.375%
5/15/34
23,520,000
23,905,416
 
U.S. Treasury Notes
3.875%
8/15/34
16,410,000
16,071,864
 
U.S. Treasury Notes
4.250%
11/15/34
73,330,000
73,678,031
 
U.S. Treasury Notes
4.625%
2/15/35
19,360,000
19,973,319
 
U.S. Treasury Notes
4.250%
8/15/35
6,200,000
6,206,297
 
 
Total U.S. Government & Agency Obligations (Cost — $390,239,930)
385,743,165
Mortgage-Backed Securities — 29.2%
FHLMC — 1.4%
Federal Home Loan Mortgage Corp. (FHLMC)
3.000%
5/1/35-
3/1/52
1,817,107
1,681,653
 
Federal Home Loan Mortgage Corp. (FHLMC)
2.000%
8/1/35-
1/1/52
5,558,038
4,914,166
 
Federal Home Loan Mortgage Corp. (FHLMC)
2.500%
1/1/52-
5/1/52
2,234,121
1,931,531
 
Federal Home Loan Mortgage Corp. (FHLMC)
4.000%
4/1/52
286,051
 
275,046
 
Federal Home Loan Mortgage Corp. (FHLMC)
3.500%
7/1/52
1,051,658
 
975,722
 
Federal Home Loan Mortgage Corp. (FHLMC)
4.500%
8/1/52
427,889
 
421,937
 
Federal Home Loan Mortgage Corp. (FHLMC)
5.500%
9/1/52-
5/1/53
1,824,215
1,875,641
 
Federal Home Loan Mortgage Corp. (FHLMC)
5.000%
3/1/53
771,046
 
781,489
 
Federal Home Loan Mortgage Corp. (FHLMC)
6.000%
5/1/53
208,233
 
215,144
 
See Notes to Schedule of Investments.
1
Putnam ESG Core Bond ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
FHLMC — continued
Federal Home Loan Mortgage Corp. (FHLMC)
6.500%
5/1/53
 $18,204
 
 $18,848
 
Total FHLMC
13,091,177
FNMA — 21.8%
Federal National Mortgage Association (FNMA)
3.000%
11/1/32-
4/1/52
7,062,712
6,300,439
 
Federal National Mortgage Association (FNMA)
2.000%
5/1/36-
4/1/52
23,906,696
19,766,552
 
Federal National Mortgage Association (FNMA)
1.500%
7/1/36
1,807,696
 
1,640,080
 
Federal National Mortgage Association (FNMA)
2.500%
7/1/36-
5/1/52
18,971,245
16,455,095
 
Federal National Mortgage Association (FNMA)
1.500%
2/1/41
2,000,000
 
1,805,682
 (a)
Federal National Mortgage Association (FNMA)
2.000%
2/1/41-
2/1/56
16,300,000
13,373,853
 (a)
Federal National Mortgage Association (FNMA)
4.500%
2/1/41
300,000
 
300,297
 (a)
Federal National Mortgage Association (FNMA)
5.000%
2/1/41-
2/1/56
6,700,000
6,724,856
 (a)
Federal National Mortgage Association (FNMA)
5.500%
4/1/50
246,319
 
253,854
 
Federal National Mortgage Association (FNMA)
3.500%
7/1/50-
10/1/56
8,270,523
7,668,988
 
Federal National Mortgage Association (FNMA)
4.000%
6/1/52-
5/1/53
3,232,767
3,142,429
 
Federal National Mortgage Association (FNMA)
4.500%
7/1/52-
11/1/52
2,563,419
2,525,059
 
Federal National Mortgage Association (FNMA)
5.000%
10/1/52-
2/1/53
1,763,114
1,777,682
 
Federal National Mortgage Association (FNMA)
6.000%
4/1/53-
5/1/54
4,414,559
4,607,176
 
Federal National Mortgage Association (FNMA)
6.500%
4/1/53-
7/1/54
1,283,882
1,336,710
 
Federal National Mortgage Association (FNMA)
2.500%
2/1/56
10,250,000
 
8,702,099
 (a)
Federal National Mortgage Association (FNMA)
3.000%
2/1/56
6,100,000
 
5,407,647
 (a)
Federal National Mortgage Association (FNMA)
3.500%
2/1/56
1,000,000
 
925,067
 (a)
Federal National Mortgage Association (FNMA)
5.500%
2/1/56
61,150,000
 
62,010,182
 (a)
Federal National Mortgage Association (FNMA)
6.000%
2/1/56
16,100,000
 
16,488,584
 (a)
Federal National Mortgage Association (FNMA)
6.500%
2/1/56
10,500,000
 
10,874,883
 (a)
Federal National Mortgage Association (FNMA)
4.000%
3/1/56
5,750,000
 
5,486,134
 (a)
Total FNMA
197,573,348
GNMA — 6.0%
Government National Mortgage Association (GNMA) II
3.000%
3/20/43-
1/20/54
5,579,398
5,065,876
 
Government National Mortgage Association (GNMA) II
4.000%
2/20/48
1,567,144
 
1,510,903
 
Government National Mortgage Association (GNMA) II
2.000%
2/20/51-
7/20/51
5,251,935
4,374,755
 
Government National Mortgage Association (GNMA) II
2.500%
4/20/51-
2/20/53
11,581,385
10,054,755
 
Government National Mortgage Association (GNMA) II
3.500%
1/20/52-
3/20/52
3,328,818
3,086,275
 
See Notes to Schedule of Investments.
2
Putnam ESG Core Bond ETF 2026 Quarterly Report
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
GNMA — continued
Government National Mortgage Association (GNMA) II
4.500%
9/20/52-
12/20/54
 $4,420,328
 $4,340,088
 
Government National Mortgage Association (GNMA) II
5.500%
9/20/52-
6/20/54
3,624,460
3,704,678
 
Government National Mortgage Association (GNMA) II
5.000%
10/20/52
1,239,100
 
1,245,107
 
Government National Mortgage Association (GNMA) II
6.000%
2/20/53-
7/20/54
4,426,225
4,594,491
 
Government National Mortgage Association (GNMA) II
6.500%
11/20/53
1,186,289
 
1,240,322
 
Government National Mortgage Association (GNMA) II
2.000%
2/1/56
3,000,000
 
2,495,806
 (a)
Government National Mortgage Association (GNMA) II
3.500%
2/1/56
1,400,000
 
1,282,766
 (a)
Government National Mortgage Association (GNMA) II
4.000%
2/1/56
1,750,000
 
1,655,139
 (a)
Government National Mortgage Association (GNMA) II
5.000%
2/1/56
4,940,000
 
4,939,983
 (a)
Government National Mortgage Association (GNMA) II
5.500%
2/1/56
5,000,000
 
5,055,396
 (a)
Total GNMA
54,646,340
 
Total Mortgage-Backed Securities (Cost — $264,493,404)
265,310,865
Corporate Bonds & Notes — 29.0%
Communication Services — 2.6%
Diversified Telecommunication Services — 0.2%
AT&T Inc., Senior Notes
5.125%
4/30/36
455,000
 
453,308
 (b)
Verizon Communications Inc., Senior Notes
4.750%
1/15/33
700,000
 
700,404
 
Verizon Communications Inc., Senior Notes
5.875%
11/30/55
315,000
 
311,170
 
Total Diversified Telecommunication Services
1,464,882
Entertainment — 0.2%
Netflix Inc., Senior Notes
5.375%
11/15/29
1,502,000
 
1,565,729
 (c)
Media — 0.6%
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
5.850%
12/1/35
480,000
 
477,926
 
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
3.500%
6/1/41
435,000
 
311,536
 
Charter Communications Operating LLC/Charter Communications Operating
Capital Corp., Senior Secured Notes
4.800%
3/1/50
366,000
 
277,577
 
Omnicom Group Inc., Senior Notes
2.400%
3/1/31
361,000
 
325,100
 
Paramount Global, Senior Notes
4.200%
6/1/29
483,000
 
470,130
 
Paramount Global, Senior Notes
4.950%
1/15/31
1,350,000
 
1,292,002
 
Time Warner Cable Enterprises LLC, Senior Secured Notes
8.375%
7/15/33
2,076,000
 
2,388,126
 
Total Media
5,542,397
Wireless Telecommunication Services — 1.6%
Rogers Communications Inc., Senior Notes
5.000%
2/15/29
800,000
 
816,516
 
Rogers Communications Inc., Senior Notes
3.800%
3/15/32
1,056,000
 
1,000,933
 
Rogers Communications Inc., Subordinated Notes (7.000% to 4/15/30 then 5
year Treasury Constant Maturity Rate + 2.653%)
7.000%
4/15/55
1,080,000
 
1,120,740
 (d)
Rogers Communications Inc., Subordinated Notes (7.125% to 4/15/35 then 5
year Treasury Constant Maturity Rate + 2.620%)
7.125%
4/15/55
540,000
 
566,503
 (d)
Sprint Capital Corp., Senior Notes
6.875%
11/15/28
3,802,000
 
4,079,750
 
T-Mobile USA Inc., Senior Notes
3.750%
4/15/27
605,000
 
603,578
 
T-Mobile USA Inc., Senior Notes
2.050%
2/15/28
655,000
 
630,316
 
T-Mobile USA Inc., Senior Notes
3.375%
4/15/29
590,000
 
576,064
 
See Notes to Schedule of Investments.
3
Putnam ESG Core Bond ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Wireless Telecommunication Services — continued
T-Mobile USA Inc., Senior Notes
3.875%
4/15/30
 $3,122,000
 
 $3,069,442
 
T-Mobile USA Inc., Senior Notes
5.000%
2/15/36
860,000
 
851,587
 
T-Mobile USA Inc., Senior Notes
3.300%
2/15/51
1,947,000
 
1,297,754
 
Total Wireless Telecommunication Services
14,613,183
 
Total Communication Services
23,186,191
Consumer Discretionary — 2.3%
Automobiles — 0.6%
Ford Motor Credit Co. LLC, Senior Notes
4.125%
8/17/27
1,000,000
 
995,459
 
General Motors Financial Co. Inc., Senior Notes
4.200%
10/27/28
280,000
 
280,777
 
General Motors Financial Co. Inc., Senior Notes
5.800%
1/7/29
570,000
 
594,480
 
General Motors Financial Co. Inc., Senior Notes
4.900%
10/6/29
412,000
 
418,733
 
General Motors Financial Co. Inc., Senior Notes
5.450%
9/6/34
420,000
 
426,712
 
Hyundai Capital America, Senior Notes
6.500%
1/16/29
635,000
 
673,643
 (c)
Hyundai Capital America, Senior Notes
5.350%
3/19/29
221,000
 
227,832
 (c)
Hyundai Capital America, Senior Notes
6.375%
4/8/30
521,000
 
556,941
 (c)
Hyundai Capital America, Senior Notes
5.400%
1/8/31
186,000
 
192,940
 (c)
Hyundai Capital America, Senior Notes
5.400%
6/23/32
790,000
 
821,195
 (c)
Total Automobiles
5,188,712
Hotels, Restaurants & Leisure — 1.0%
Carnival Corp., Senior Notes
5.125%
5/1/29
1,160,000
 
1,174,141
 (c)
Carnival Corp., Senior Notes
5.750%
3/15/30
1,181,000
 
1,216,695
 (c)
Carnival Corp., Senior Notes
5.750%
8/1/32
2,205,000
 
2,267,344
 (c)
Carnival Corp., Senior Secured Notes
4.000%
8/1/28
2,293,000
 
2,270,421
 (c)
GLP Capital LP/GLP Financing II Inc., Senior Notes
6.750%
12/1/33
845,000
 
916,162
 
Hyatt Hotels Corp., Senior Notes
5.250%
6/30/29
585,000
 
603,327
 
Hyatt Hotels Corp., Senior Notes
5.375%
12/15/31
395,000
 
407,112
 
Las Vegas Sands Corp., Senior Notes
3.500%
8/18/26
343,000
 
341,516
 
Total Hotels, Restaurants & Leisure
9,196,718
Household Durables — 0.2%
DR Horton Inc., Senior Notes
5.000%
10/15/34
845,000
 
852,405
 
Toll Brothers Finance Corp., Senior Notes
4.350%
2/15/28
112,000
 
112,614
 
Toll Brothers Finance Corp., Senior Notes
3.800%
11/1/29
635,000
 
626,674
 
Total Household Durables
1,591,693
Leisure Products — 0.3%
Brunswick Corp., Senior Notes
5.850%
3/18/29
1,270,000
 
1,321,544
 
Brunswick Corp., Senior Notes
2.400%
8/18/31
1,003,000
 
884,647
 
Total Leisure Products
2,206,191
Specialty Retail — 0.1%
Bath & Body Works Inc., Senior Notes
6.875%
11/1/35
95,000
 
96,172
 
Dick’s Sporting Goods Inc., Senior Notes
3.150%
1/15/32
680,000
 
627,201
 
Dick’s Sporting Goods Inc., Senior Notes
4.100%
1/15/52
645,000
 
472,011
 
Total Specialty Retail
1,195,384
Textiles, Apparel & Luxury Goods — 0.1%
Tapestry Inc., Senior Notes
5.100%
3/11/30
444,000
 
455,510
 
Tapestry Inc., Senior Notes
3.050%
3/15/32
208,000
 
189,595
 
See Notes to Schedule of Investments.
4
Putnam ESG Core Bond ETF 2026 Quarterly Report
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Textiles, Apparel & Luxury Goods — continued
Tapestry Inc., Senior Notes
5.500%
3/11/35
 $541,000
 
 $552,074
 
Total Textiles, Apparel & Luxury Goods
1,197,179
 
Total Consumer Discretionary
20,575,877
Consumer Staples — 1.8%
Consumer Staples Distribution & Retail — 0.3%
7-Eleven Inc., Senior Notes
1.300%
2/10/28
1,578,000
 
1,494,074
 (c)
7-Eleven Inc., Senior Notes
1.800%
2/10/31
206,000
 
181,011
 (c)
Alimentation Couche-Tard Inc., Senior Notes
3.550%
7/26/27
445,000
 
442,069
 (c)
Alimentation Couche-Tard Inc., Senior Notes
2.950%
1/25/30
750,000
 
712,631
 (c)
Total Consumer Staples Distribution & Retail
2,829,785
Food Products — 0.9%
JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings,
Senior Notes
5.950%
4/20/35
2,250,000
 
2,366,640
 
Kellanova, Senior Notes
7.450%
4/1/31
139,000
 
159,518
 
Kellanova, Senior Notes
4.500%
4/1/46
109,000
 
96,220
 
Kraft Heinz Foods Co., Senior Notes
5.000%
6/4/42
1,060,000
 
967,405
 
Mars Inc., Senior Notes
4.650%
4/20/31
72,000
 
73,493
 (c)
Mars Inc., Senior Notes
5.000%
3/1/32
120,000
 
123,347
 (c)
Mars Inc., Senior Notes
5.200%
3/1/35
700,000
 
716,945
 (c)
Mars Inc., Senior Notes
5.650%
5/1/45
2,170,000
 
2,190,155
 (c)
Mars Inc., Senior Notes
5.700%
5/1/55
905,000
 
902,629
 (c)
Mars Inc., Senior Notes
5.800%
5/1/65
220,000
 
220,927
 (c)
Pilgrim’s Pride Corp., Senior Notes
3.500%
3/1/32
285,000
 
263,628
 
Total Food Products
8,080,907
Personal Care Products — 0.2%
Kenvue Inc., Senior Notes
4.850%
5/22/32
360,000
 
367,649
 
Kenvue Inc., Senior Notes
4.900%
3/22/33
1,268,000
 
1,291,460
 
Total Personal Care Products
1,659,109
Tobacco — 0.4%
BAT Capital Corp., Senior Notes
4.625%
3/22/33
1,055,000
 
1,045,787
 
BAT Capital Corp., Senior Notes
4.390%
8/15/37
566,000
 
519,856
 
Philip Morris International Inc., Senior Notes
4.375%
4/30/30
580,000
 
583,622
 
Philip Morris International Inc., Senior Notes
4.750%
11/1/31
1,935,000
 
1,971,958
 
Total Tobacco
4,121,223
 
Total Consumer Staples
16,691,024
Energy — 1.4%
Oil, Gas & Consumable Fuels — 1.4%
Aker BP ASA, Senior Notes
5.800%
10/1/54
547,000
 
504,485
 (c)
Canadian Natural Resources Ltd., Senior Notes
5.000%
12/15/29
271,000
 
278,471
 
Canadian Natural Resources Ltd., Senior Notes
7.200%
1/15/32
840,000
 
941,288
 
Cheniere Energy Partners LP, Senior Notes
4.500%
10/1/29
615,000
 
617,595
 
Cheniere Energy Partners LP, Senior Notes
3.250%
1/31/32
1,073,000
 
990,534
 
Columbia Pipelines Operating Co. LLC, Senior Notes
5.927%
8/15/30
400,000
 
424,214
 (c)
DT Midstream Inc., Senior Notes
5.800%
12/15/34
970,000
 
1,007,149
 (c)
Eastern Energy Gas Holdings LLC, Senior Notes
5.800%
1/15/35
744,000
 
786,347
 
Eastern Energy Gas Holdings LLC, Senior Notes
5.650%
10/15/54
286,000
 
278,582
 
See Notes to Schedule of Investments.
5
Putnam ESG Core Bond ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Oil, Gas & Consumable Fuels — continued
Kinder Morgan Inc., Senior Notes
7.750%
1/15/32
 $910,000
 
 $1,058,035
 
ONEOK Inc., Senior Notes
4.750%
10/15/31
825,000
 
828,949
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior
Notes
5.000%
1/15/28
830,000
 
831,092
 
Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior
Notes
4.875%
2/1/31
392,000
 
395,762
 
Transcontinental Gas Pipe Line Co. LLC, Senior Notes
5.100%
3/15/36
510,000
 
512,159
 (c)
Venture Global Calcasieu Pass LLC, Senior Secured Notes
6.250%
1/15/30
1,690,000
 
1,732,779
 (c)
Viper Energy Partners LLC, Senior Notes
4.900%
8/1/30
500,000
 
506,588
 
Viper Energy Partners LLC, Senior Notes
5.700%
8/1/35
486,000
 
495,049
 
Williams Cos. Inc., Senior Notes
5.600%
3/15/35
664,000
 
690,063
 
 
Total Energy
12,879,141
Financials — 9.2%
Banks — 4.8%
Australia & New Zealand Banking Group Ltd., Subordinated Notes (2.570% to
11/25/30 then 5 year Treasury Constant Maturity Rate + 1.700%)
2.570%
11/25/35
765,000
 
691,196
 (c)(d)
Banco Santander SA, Subordinated Notes
6.921%
8/8/33
400,000
 
441,161
 
Bank of America Corp., Senior Notes (2.496% to 2/13/30 then 3 mo. Term
SOFR + 1.252%)
2.496%
2/13/31
727,000
 
677,863
 (d)
Bank of America Corp., Subordinated Notes
4.183%
11/25/27
4,698,000
 
4,704,651
 
Bank of America Corp., Subordinated Notes (3.846% to 3/8/32 then 5 year
Treasury Constant Maturity Rate + 2.000%)
3.846%
3/8/37
2,125,000
 
1,995,479
 (d)
Bank of America Corp., Subordinated Notes (5.425% to 8/15/34 then SOFR +
1.913%)
5.425%
8/15/35
1,165,000
 
1,183,591
 (d)
Banque Federative du Credit Mutuel SA, Senior Notes
4.541%
1/15/31
715,000
 
713,539
 (c)
Barclays PLC, Senior Notes (5.367% to 2/25/30 then SOFR + 1.230%)
5.367%
2/25/31
840,000
 
867,427
 (d)
BNP Paribas SA, Subordinated Notes
4.375%
5/12/26
1,105,000
 
1,104,770
 (c)
BPCE SA, Subordinated Notes (3.648% to 1/14/32 then 5 year Treasury
Constant Maturity Rate + 1.900%)
3.648%
1/14/37
790,000
 
727,494
 (c)(d)
CaixaBank SA, Senior Notes (4.634% to 7/3/28 then SOFR + 1.140%)
4.634%
7/3/29
1,400,000
 
1,415,051
 (c)(d)
Citigroup Inc., Junior Subordinated Notes (6.625% to 2/15/31 then 5 year
Treasury Constant Maturity Rate + 3.001%)
6.625%
2/15/31
755,000
 
769,061
 (d)(e)
Citigroup Inc., Junior Subordinated Notes (6.875% to 8/15/30 then 5 year
Treasury Constant Maturity Rate + 2.890%)
6.875%
8/15/30
1,530,000
 
1,564,037
 (d)(e)
Citigroup Inc., Senior Notes (4.503% to 9/11/30 then SOFR + 1.171%)
4.503%
9/11/31
3,705,000
 
3,709,184
 (d)
Commonwealth Bank of Australia, Subordinated Notes
2.688%
3/11/31
535,000
 
487,577
 (c)
Commonwealth Bank of Australia, Subordinated Notes
5.837%
3/13/34
875,000
 
920,507
 (c)
Fifth Third Bancorp, Senior Notes (4.895% to 9/6/29 then SOFR + 1.486%)
4.895%
9/6/30
185,000
 
188,249
 (d)
Fifth Third Bancorp, Senior Notes (6.339% to 7/27/28 then SOFR + 2.340%)
6.339%
7/27/29
590,000
 
620,564
 (d)
First-Citizens Bank & Trust Co., Subordinated Notes
6.125%
3/9/28
3,060,000
 
3,167,742
 
ING Groep NV, Senior Notes (6.083% to 9/11/26 then SOFR + 1.560%)
6.083%
9/11/27
730,000
 
739,006
 (d)
JPMorgan Chase & Co., Junior Subordinated Notes (3 mo. Term SOFR +
1.262%)
5.113%
5/15/47
361,000
 
325,411
 (d)
JPMorgan Chase & Co., Senior Notes (4.323% to 4/26/27 then SOFR +
1.560%)
4.323%
4/26/28
3,147,000
 
3,160,011
 (d)
JPMorgan Chase & Co., Senior Notes (5.140% to 1/24/30 then SOFR +
1.010%)
5.140%
1/24/31
1,128,000
 
1,164,094
 (d)
See Notes to Schedule of Investments.
6
Putnam ESG Core Bond ETF 2026 Quarterly Report
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Banks — continued
JPMorgan Chase & Co., Senior Notes (5.502% to 1/24/35 then SOFR +
1.315%)
5.502%
1/24/36
 $442,000
 
 $459,869
 (d)
JPMorgan Chase & Co., Subordinated Notes (2.956% to 5/13/30 then 3 mo.
Term SOFR + 2.515%)
2.956%
5/13/31
6,137,000
 
5,785,436
 (d)
JPMorgan Chase & Co., Subordinated Notes (5.576% to 7/23/35 then SOFR +
1.635%)
5.576%
7/23/36
345,000
 
354,569
 (d)
JPMorgan Chase & Co., Subordinated Notes (5.717% to 9/14/32 then SOFR +
2.580%)
5.717%
9/14/33
361,000
 
381,047
 (d)
Lloyds Banking Group PLC, Subordinated Notes (3.369% to 12/14/41 then 5
year Treasury Constant Maturity Rate + 1.500%)
3.369%
12/14/46
895,000
 
666,878
 (d)
PNC Financial Services Group Inc., Senior Notes (5.373% to 7/21/35 then
SOFR + 1.417%)
5.373%
7/21/36
235,000
 
240,703
 (d)
PNC Financial Services Group Inc., Subordinated Notes (4.626% to 6/6/32
then SOFR + 1.850%)
4.626%
6/6/33
2,212,000
 
2,193,609
 (d)
Truist Bank, Subordinated Notes (4.632% to 9/17/29 then 5 year Treasury
Constant Maturity Rate + 1.150%)
4.632%
9/17/29
475,000
 
478,135
 (d)
Truist Financial Corp., Senior Notes (5.711% to 1/24/34 then SOFR + 1.922%)
5.711%
1/24/35
765,000
 
801,486
 (d)
US Bancorp, Subordinated Notes (2.491% to 11/3/31 then 5 year Treasury
Constant Maturity Rate + 0.950%)
2.491%
11/3/36
722,000
 
632,259
 (d)
Westpac Banking Corp., Subordinated Notes
4.421%
7/24/39
239,000
 
221,044
 
Westpac Banking Corp., Subordinated Notes
2.963%
11/16/40
239,000
 
182,793
 
Total Banks
43,735,493
Capital Markets — 2.3%
Ares Capital Corp., Senior Notes
7.000%
1/15/27
720,000
 
739,441
 
Blackstone Private Credit Fund, Senior Notes
3.250%
3/15/27
513,000
 
505,310
 
Cipher Compute LLC, Senior Secured Notes
7.125%
11/15/30
1,935,000
 
1,996,264
 (c)
Daimler Truck Finance North America LLC, Senior Notes
5.125%
9/25/27
1,430,000
 
1,454,837
 (c)
Goldman Sachs Group Inc., Junior Subordinated Notes (3.650% to 8/10/26
then 5 year Treasury Constant Maturity Rate + 2.915%)
3.650%
8/10/26
183,000
 
182,077
 (d)(e)
Goldman Sachs Group Inc., Senior Notes (4.153% to 10/21/28 then SOFR +
0.900%)
4.153%
10/21/29
1,006,000
 
1,005,582
 (d)
Goldman Sachs Group Inc., Senior Notes (4.223% to 5/1/28 then 3 mo. Term
SOFR + 1.563%)
4.223%
5/1/29
1,343,000
 
1,346,340
 (d)
Goldman Sachs Group Inc., Senior Notes (5.065% to 1/21/36 then SOFR +
1.190%)
5.065%
1/21/37
355,000
 
353,615
 (d)
Intercontinental Exchange Inc., Senior Notes
4.350%
6/15/29
132,000
 
133,380
 
Intercontinental Exchange Inc., Senior Notes
1.850%
9/15/32
1,683,000
 
1,435,328
 
Jefferies Financial Group Inc., Senior Notes
4.500%
9/15/26
1,180,000
 
1,183,424
 
KKR Group Finance Co. VI LLC, Senior Notes
3.750%
7/1/29
861,000
 
845,590
 (c)
Moody’s Corp., Senior Notes
3.250%
1/15/28
478,000
 
472,011
 
Morgan Stanley, Senior Notes (4.133% to 10/18/28 then SOFR + 0.913%)
4.133%
10/18/29
600,000
 
599,654
 (d)
Morgan Stanley, Senior Notes (4.493% to 1/16/31 then SOFR + 0.950%)
4.493%
1/16/32
535,000
 
534,765
 (d)
Morgan Stanley, Senior Notes (4.994% to 4/12/28 then SOFR + 1.380%)
4.994%
4/12/29
1,445,000
 
1,471,716
 (d)
Morgan Stanley, Senior Notes (5.073% to 1/30/36 then SOFR + 1.184%)
5.073%
1/30/37
545,000
 
543,098
 (b)(d)
Morgan Stanley, Subordinated Notes
4.350%
9/8/26
3,467,000
 
3,476,967
 
Morgan Stanley, Subordinated Notes (5.942% to 2/7/34 then 5 year Treasury
Constant Maturity Rate + 1.800%)
5.942%
2/7/39
580,000
 
607,153
 (d)
See Notes to Schedule of Investments.
7
Putnam ESG Core Bond ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Capital Markets — continued
Morgan Stanley, Subordinated Notes (5.948% to 1/19/33 then 5 year Treasury
Constant Maturity Rate + 2.430%)
5.948%
1/19/38
 $194,000
 
 $202,981
 (d)
MSCI Inc., Senior Notes
3.625%
9/1/30
1,591,000
 
1,521,746
 (c)
Nasdaq Inc., Senior Notes
5.550%
2/15/34
116,000
 
121,292
 
UBS Group AG, Senior Notes (1.305% to 2/2/26 then SOFR + 0.980%)
1.305%
2/2/27
250,000
 
250,000
 (c)(d)
Total Capital Markets
20,982,571
Consumer Finance — 0.2%
Ally Financial Inc., Senior Notes
8.000%
11/1/31
244,000
 
276,754
 
Capital One Financial Corp., Senior Notes (4.493% to 9/11/30 then SOFR +
1.250%)
4.493%
9/11/31
915,000
 
909,201
 (d)
Total Consumer Finance
1,185,955
Financial Services — 0.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes
4.875%
4/1/28
485,000
 
492,939
 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes
4.125%
2/28/29
245,000
 
244,200
 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes
4.625%
9/10/29
150,000
 
151,596
 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes
3.300%
1/30/32
1,795,000
 
1,661,175
 
Corebridge Financial Inc., Senior Notes
3.850%
4/5/29
483,000
 
478,210
 
Jane Street Group/JSG Finance Inc., Senior Secured Notes
6.750%
5/1/33
1,380,000
 
1,436,040
 (c)
LPL Holdings Inc., Senior Notes
6.750%
11/17/28
393,000
 
418,158
 
LPL Holdings Inc., Senior Notes
4.000%
3/15/29
1,490,000
 
1,469,806
 (c)
LPL Holdings Inc., Senior Notes
5.200%
3/15/30
784,000
 
802,135
 
Macquarie Airfinance Holdings Ltd., Senior Notes
5.150%
3/17/30
488,000
 
494,593
 (c)
Macquarie Airfinance Holdings Ltd., Senior Notes
6.500%
3/26/31
608,000
 
650,918
 (c)
Total Financial Services
8,299,770
Insurance — 1.0%
Arthur J Gallagher & Co., Senior Notes
4.850%
12/15/29
455,000
 
465,690
 
Athene Global Funding, Secured Notes
5.526%
7/11/31
1,000,000
 
1,026,963
 (c)
Athene Global Funding, Secured Notes
5.322%
11/13/31
635,000
 
646,337
 (c)
Athene Global Funding, Senior Secured Notes
5.543%
8/22/35
610,000
 
611,971
 (c)
Athene Holding Ltd., Senior Notes
5.875%
1/15/34
342,000
 
355,213
 
Athene Holding Ltd., Senior Notes
6.250%
4/1/54
295,000
 
287,415
 
Brown & Brown Inc., Senior Notes
4.900%
6/23/30
863,000
 
876,483
 
Brown & Brown Inc., Senior Notes
5.250%
6/23/32
311,000
 
317,372
 
Brown & Brown Inc., Senior Notes
5.550%
6/23/35
415,000
 
424,836
 
CNA Financial Corp., Senior Notes
5.125%
2/15/34
465,000
 
467,925
 
CNO Global Funding, Secured Notes
2.650%
1/6/29
773,000
 
739,507
 (c)
CNO Global Funding, Secured Notes
4.950%
9/9/29
956,000
 
972,400
 (c)
F&G Annuities & Life Inc., Senior Notes
6.500%
6/4/29
585,000
 
608,203
 
Fairfax Financial Holdings Ltd., Senior Notes
4.850%
4/17/28
390,000
 
395,686
 
Metropolitan Life Global Funding I, Senior Secured Notes
2.950%
4/9/30
960,000
 
913,267
 (c)
Total Insurance
9,109,268
 
Total Financials
83,313,057
Health Care — 2.1%
Biotechnology — 0.2%
Amgen Inc., Senior Notes
5.250%
3/2/30
949,000
 
984,891
 
Amgen Inc., Senior Notes
5.650%
3/2/53
504,000
 
496,435
 
See Notes to Schedule of Investments.
8
Putnam ESG Core Bond ETF 2026 Quarterly Report
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Biotechnology — continued
Amgen Inc., Senior Notes
5.750%
3/2/63
 $565,000
 
 $552,813
 
Total Biotechnology
2,034,139
Health Care Equipment & Supplies — 0.2%
GE HealthCare Technologies Inc., Senior Notes
4.800%
8/14/29
960,000
 
979,776
 
Medline Borrower LP, Senior Secured Notes
3.875%
4/1/29
820,000
 
802,374
 (c)
Total Health Care Equipment & Supplies
1,782,150
Health Care Providers & Services — 0.6%
CVS Health Corp., Junior Subordinated Notes (7.000% to 3/10/30 then 5 year
Treasury Constant Maturity Rate + 2.886%)
7.000%
3/10/55
520,000
 
544,487
 (d)
CVS Health Corp., Senior Notes
1.875%
2/28/31
345,000
 
303,912
 
CVS Health Corp., Senior Notes
4.780%
3/25/38
1,133,000
 
1,063,924
 
HCA Inc., Senior Notes
4.500%
2/15/27
488,000
 
489,095
 
HCA Inc., Senior Notes
3.625%
3/15/32
210,000
 
198,217
 
HCA Inc., Senior Notes
4.600%
11/15/32
465,000
 
460,806
 
HCA Inc., Senior Notes
5.600%
4/1/34
455,000
 
472,776
 
HCA Inc., Senior Notes
6.000%
4/1/54
600,000
 
595,743
 
Humana Inc., Senior Notes
5.750%
3/1/28
605,000
 
622,905
 
Icon Investments Six DAC, Senior Secured Notes
5.809%
5/8/27
425,000
 
433,099
 
Icon Investments Six DAC, Senior Secured Notes
5.849%
5/8/29
200,000
 
208,636
 
Total Health Care Providers & Services
5,393,600
Life Sciences Tools & Services — 0.1%
Illumina Inc., Senior Notes
4.650%
9/9/26
469,000
 
470,248
 
Pharmaceuticals — 1.0%
Merck & Co. Inc., Senior Notes
4.450%
12/4/32
245,000
 
245,676
 
Merck & Co. Inc., Senior Notes
4.750%
12/4/35
395,000
 
391,773
 
Novartis Capital Corp., Senior Notes
4.100%
11/5/30
1,775,000
 
1,775,507
 
Pfizer Investment Enterprises Pte Ltd., Senior Notes
4.450%
5/19/28
857,000
 
866,142
 
Pfizer Investment Enterprises Pte Ltd., Senior Notes
4.750%
5/19/33
538,000
 
543,582
 
Pfizer Investment Enterprises Pte Ltd., Senior Notes
5.300%
5/19/53
550,000
 
522,005
 
Royalty Pharma PLC, Senior Notes
5.400%
9/2/34
430,000
 
440,548
 
Royalty Pharma PLC, Senior Notes
5.200%
9/25/35
1,450,000
 
1,458,086
 
Teva Pharmaceutical Finance Netherlands III BV, Senior Notes
4.100%
10/1/46
95,000
 
72,911
 
Wyeth LLC, Senior Notes
5.950%
4/1/37
170,000
 
182,868
 
Zoetis Inc., Senior Notes
2.000%
5/15/30
966,000
 
884,786
 
Zoetis Inc., Senior Notes
5.000%
8/17/35
1,980,000
 
1,994,441
 
Total Pharmaceuticals
9,378,325
 
Total Health Care
19,058,462
Industrials — 2.7%
Aerospace & Defense — 1.4%
Avolon Holdings Funding Ltd., Senior Notes
5.750%
11/15/29
2,319,000
 
2,410,344
 (c)
Avolon Holdings Funding Ltd., Senior Notes
4.900%
10/10/30
1,005,000
 
1,011,354
 (c)
BAE Systems PLC, Senior Notes
5.300%
3/26/34
1,270,000
 
1,314,259
 (c)
Boeing Co., Senior Notes
2.700%
2/1/27
944,000
 
932,876
 
Boeing Co., Senior Notes
2.950%
2/1/30
797,000
 
756,899
 
Boeing Co., Senior Notes
3.600%
5/1/34
321,000
 
292,307
 
Boeing Co., Senior Notes
3.250%
2/1/35
1,658,000
 
1,451,848
 
See Notes to Schedule of Investments.
9
Putnam ESG Core Bond ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Aerospace & Defense — continued
Boeing Co., Senior Notes
3.500%
3/1/39
 $1,045,000
 
 $857,441
 
Boeing Co., Senior Notes
6.875%
3/15/39
635,000
 
717,465
 
Boeing Co., Senior Notes
3.900%
5/1/49
2,083,000
 
1,557,747
 
Boeing Co., Senior Notes
3.950%
8/1/59
535,000
 
379,228
 
Howmet Aerospace Inc., Senior Notes
3.000%
1/15/29
693,000
 
674,235
 
Howmet Aerospace Inc., Senior Notes
4.550%
11/15/32
235,000
 
236,201
 
Howmet Aerospace Inc., Senior Notes
5.950%
2/1/37
413,000
 
447,500
 
Total Aerospace & Defense
13,039,704
Building Products — 0.0%††
Carlisle Cos. Inc., Senior Notes
5.250%
9/15/35
390,000
 
397,331
 
Commercial Services & Supplies — 0.3%
Republic Services Inc., Senior Notes
5.000%
11/15/29
1,335,000
 
1,379,332
 
Waste Connections Inc., Senior Notes
5.000%
3/1/34
1,349,000
 
1,373,122
 
Total Commercial Services & Supplies
2,752,454
Ground Transportation — 0.3%
Burlington Northern Santa Fe LLC, Senior Notes
5.550%
3/15/56
455,000
 
450,430
 
Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Notes
4.400%
7/1/27
1,285,000
 
1,289,791
 (c)
Ryder System Inc., Senior Notes
4.950%
9/1/29
860,000
 
879,699
 
Total Ground Transportation
2,619,920
Machinery — 0.3%
Oshkosh Corp., Senior Notes
4.600%
5/15/28
740,000
 
746,993
 
Vertiv Group Corp., Senior Secured Notes
4.125%
11/15/28
1,623,000
 
1,599,345
 (c)
Total Machinery
2,346,338
Trading Companies & Distributors — 0.4%
Aircastle Ltd./Aircastle Ireland DAC, Senior Notes
5.250%
3/15/30
490,000
 
501,487
 (c)
Ashtead Capital Inc., Senior Notes
4.375%
8/15/27
675,000
 
674,105
 (c)
Ashtead Capital Inc., Senior Notes
5.950%
10/15/33
570,000
 
601,219
 (c)
Aviation Capital Group LLC, Senior Notes
5.375%
7/15/29
845,000
 
868,637
 (c)
Aviation Capital Group LLC, Senior Notes
5.125%
4/10/30
990,000
 
1,006,453
 (c)
Total Trading Companies & Distributors
3,651,901
 
Total Industrials
24,807,648
Information Technology — 1.9%
Communications Equipment — 0.2%
Motorola Solutions Inc., Senior Notes
4.850%
8/15/30
217,000
 
221,488
 
Motorola Solutions Inc., Senior Notes
2.300%
11/15/30
1,160,000
 
1,053,173
 
Motorola Solutions Inc., Senior Notes
5.200%
8/15/32
738,000
 
761,821
 
Total Communications Equipment
2,036,482
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp., Senior Notes
4.400%
2/15/33
950,000
 
939,379
 
IT Services — 0.1%
S&P Global Inc., Senior Notes
2.500%
12/1/29
478,000
 
452,233
 
Semiconductors & Semiconductor Equipment — 1.1%
Analog Devices Inc., Senior Notes
5.050%
4/1/34
700,000
 
722,200
 
Broadcom Inc., Senior Notes
5.050%
7/12/29
755,000
 
777,978
 
Broadcom Inc., Senior Notes
5.000%
4/15/30
1,093,000
 
1,126,203
 
Broadcom Inc., Senior Notes
4.150%
11/15/30
361,000
 
359,183
 
See Notes to Schedule of Investments.
10
Putnam ESG Core Bond ETF 2026 Quarterly Report
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Semiconductors & Semiconductor Equipment — continued
Broadcom Inc., Senior Notes
4.950%
1/15/36
 $425,000
 
 $424,744
 
Broadcom Inc., Senior Notes
4.926%
5/15/37
1,008,000
 
993,175
 (c)
Broadcom Inc., Senior Notes
5.700%
1/15/56
65,000
 
65,548
 
Foundry JV Holdco LLC, Senior Secured Notes
5.500%
1/25/31
1,105,000
 
1,145,068
 (c)
Foundry JV Holdco LLC, Senior Secured Notes
6.150%
1/25/32
334,000
 
355,881
 (c)
Foundry JV Holdco LLC, Senior Secured Notes
5.900%
1/25/33
390,000
 
409,395
 (c)
Foundry JV Holdco LLC, Senior Secured Notes
6.400%
1/25/38
455,000
 
487,668
 (c)
Intel Corp., Senior Notes
4.150%
8/5/32
1,440,000
 
1,396,908
 
Marvell Technology Inc., Senior Notes
5.750%
2/15/29
583,000
 
607,774
 
Marvell Technology Inc., Senior Notes
4.750%
7/15/30
55,000
 
55,716
 
Marvell Technology Inc., Senior Notes
5.950%
9/15/33
582,000
 
620,198
 
Total Semiconductors & Semiconductor Equipment
9,547,639
Software — 0.3%
Microsoft Corp., Senior Notes
3.500%
2/12/35
610,000
 
571,482
 
Oracle Corp., Senior Notes
4.450%
9/26/30
500,000
 
488,248
 
Oracle Corp., Senior Notes
4.800%
9/26/32
670,000
 
648,904
 
Oracle Corp., Senior Notes
3.650%
3/25/41
363,000
 
265,101
 
Synopsys Inc., Senior Notes
5.150%
4/1/35
860,000
 
872,120
 
Synopsys Inc., Senior Notes
5.700%
4/1/55
65,000
 
64,168
 
Total Software
2,910,023
Technology Hardware, Storage & Peripherals — 0.1%
Hewlett Packard Enterprise Co., Senior Notes
4.550%
10/15/29
456,000
 
459,437
 
Hewlett Packard Enterprise Co., Senior Notes
4.850%
10/15/31
530,000
 
534,663
 
Total Technology Hardware, Storage & Peripherals
994,100
 
Total Information Technology
16,879,856
Materials — 0.5%
Chemicals — 0.1%
FMC Corp., Subordinated Notes (8.450% to 11/1/30 then 5 year Treasury
Constant Maturity Rate + 4.366%)
8.450%
11/1/55
1,110,000
 
891,113
 (d)
Containers & Packaging — 0.3%
AptarGroup Inc., Senior Notes
4.750%
3/30/31
1,825,000
 
1,836,986
 
Berry Global Inc., Senior Secured Notes
4.875%
7/15/26
27,000
 
27,016
 (c)
WestRock MWV LLC, Senior Notes
8.200%
1/15/30
920,000
 
1,045,920
 
Total Containers & Packaging
2,909,922
Paper & Forest Products — 0.1%
Georgia-Pacific LLC, Senior Notes
4.950%
6/30/32
935,000
 
962,276
 (c)
 
Total Materials
4,763,311
Real Estate — 1.0%
Diversified REITs — 0.3%
VICI Properties LP, Senior Notes
4.750%
2/15/28
1,098,000
 
1,109,329
 
VICI Properties LP, Senior Notes
5.750%
4/1/34
225,000
 
232,230
 
VICI Properties LP/VICI Note Co. Inc., Senior Notes
3.750%
2/15/27
122,000
 
121,329
 (c)
VICI Properties LP/VICI Note Co. Inc., Senior Notes
4.500%
1/15/28
810,000
 
812,667
 (c)
VICI Properties LP/VICI Note Co. Inc., Senior Notes
3.875%
2/15/29
785,000
 
772,065
 (c)
Total Diversified REITs
3,047,620
See Notes to Schedule of Investments.
11
Putnam ESG Core Bond ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Specialized REITs — 0.7%
American Tower Corp., Senior Notes
2.900%
1/15/30
 $2,751,000
 
 $2,614,115
 
American Tower Corp., Senior Notes
2.700%
4/15/31
661,000
 
607,983
 
American Tower Corp., Senior Notes
4.700%
12/15/32
305,000
 
305,362
 
Crown Castle Inc., Senior Notes
3.650%
9/1/27
605,000
 
600,945
 
Crown Castle Inc., Senior Notes
3.800%
2/15/28
610,000
 
606,229
 
Crown Castle Inc., Senior Notes
4.900%
9/1/29
435,000
 
442,759
 
EPR Properties, Senior Notes
4.500%
6/1/27
188,000
 
188,347
 
Equinix Inc., Senior Notes
3.200%
11/18/29
600,000
 
577,777
 
Total Specialized REITs
5,943,517
 
Total Real Estate
8,991,137
Utilities — 3.5%
Electric Utilities — 3.1%
American Electric Power Co. Inc., Junior Subordinated Notes (5.800% to
3/15/31 then 5 year Treasury Constant Maturity Rate + 2.128%)
5.800%
3/15/56
1,130,000
 
1,130,468
 (d)
American Electric Power Co. Inc., Junior Subordinated Notes (6.050% to
3/15/36 then 5 year Treasury Constant Maturity Rate + 1.940%)
6.050%
3/15/56
375,000
 
372,515
 (d)
Constellation Energy Generation LLC, Senior Notes
5.600%
3/1/28
1,365,000
 
1,407,701
 
Constellation Energy Generation LLC, Senior Notes
4.400%
1/15/31
385,000
 
384,204
 
Constellation Energy Generation LLC, Senior Notes
6.500%
10/1/53
854,000
 
924,961
 
Constellation Energy Generation LLC, Senior Notes
5.750%
3/15/54
700,000
 
691,002
 
DTE Electric Co., Senior Secured Bonds
5.250%
5/15/35
680,000
 
697,209
 
Duke Energy Corp., Senior Notes
4.850%
1/5/29
100,000
 
102,156
 
Duke Energy Corp., Senior Notes
5.750%
9/15/33
992,000
 
1,051,250
 
Duke Energy Corp., Senior Notes
5.800%
6/15/54
708,000
 
700,771
 
Duke Energy Ohio Inc., First Mortgage Bonds
3.650%
2/1/29
417,000
 
413,488
 
Electricite de France SA, Senior Notes
5.650%
4/22/29
700,000
 
730,774
 (c)
Enel Finance International NV, Senior Notes
4.375%
9/30/30
955,000
 
953,106
 (c)
Exelon Corp., Senior Notes
5.150%
3/15/29
1,345,000
 
1,384,343
 
Exelon Corp., Senior Notes
5.625%
6/15/35
685,000
 
714,988
 
FirstEnergy Transmission LLC, Senior Notes
4.550%
1/15/30
460,000
 
462,842
 
Florida Power & Light Co., First Mortgage Bonds
3.950%
3/1/48
854,000
 
680,631
 
Georgia Power Co., Senior Notes
4.950%
5/17/33
715,000
 
730,202
 
Georgia Power Co., Senior Notes
5.250%
3/15/34
530,000
 
546,683
 
NextEra Energy Capital Holdings Inc., Senior Notes
5.300%
3/15/32
1,275,000
 
1,324,793
 
NextEra Energy Capital Holdings Inc., Senior Notes
5.900%
3/15/55
385,000
 
387,551
 
Oncor Electric Delivery Co. LLC, Senior Secured Notes
4.950%
9/15/52
1,060,000
 
943,628
 
Pacific Gas and Electric Co., First Mortgage Bonds
3.300%
12/1/27
500,000
 
493,232
 
Pacific Gas and Electric Co., First Mortgage Bonds
5.550%
5/15/29
340,000
 
351,312
 
Pacific Gas and Electric Co., First Mortgage Bonds
5.900%
6/15/32
500,000
 
526,374
 
Pacific Gas and Electric Co., First Mortgage Bonds
6.950%
3/15/34
145,000
 
160,778
 
Pacific Gas and Electric Co., First Mortgage Bonds
4.950%
7/1/50
500,000
 
424,282
 
Pacific Gas and Electric Co., First Mortgage Bonds
6.750%
1/15/53
710,000
 
757,123
 
Southern Co., Senior Notes
5.500%
3/15/29
115,000
 
119,471
 
Southern Co., Senior Notes
5.700%
3/15/34
695,000
 
730,611
 
Southern Co. Gas Capital Corp., Senior Notes
4.950%
9/15/34
520,000
 
520,978
 
Southern Power Co., Senior Notes
4.250%
10/1/30
200,000
 
199,572
 
See Notes to Schedule of Investments.
12
Putnam ESG Core Bond ETF 2026 Quarterly Report
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Electric Utilities — continued
Southern Power Co., Senior Notes
4.900%
10/1/35
 $360,000
 
 $353,899
 
Virginia Electric and Power Co., Senior Notes
5.050%
8/15/34
725,000
 
735,446
 
Virginia Electric and Power Co., Senior Notes
4.900%
9/15/35
1,095,000
 
1,088,852
 
Vistra Operations Co. LLC, Senior Secured Notes
3.700%
1/30/27
2,495,000
 
2,487,565
 (c)
Vistra Operations Co. LLC, Senior Secured Notes
4.600%
10/15/30
625,000
 
623,351
 (c)
Vistra Operations Co. LLC, Senior Secured Notes
6.950%
10/15/33
129,000
 
143,107
 (c)
Vistra Operations Co. LLC, Senior Secured Notes
5.250%
10/15/35
345,000
 
341,798
 (c)
Xcel Energy Inc., Senior Notes
5.600%
4/15/35
1,155,000
 
1,194,025
 
Total Electric Utilities
27,987,042
Independent Power and Renewable Electricity Producers — 0.1%
Alexander Funding Trust II, Senior Secured Notes
7.467%
7/31/28
525,000
 
559,200
 (c)
Puget Sound Energy Inc., First Mortgage Bonds
5.448%
6/1/53
445,000
 
429,667
 
Total Independent Power and Renewable Electricity Producers
988,867
Multi-Utilities — 0.3%
Dominion Energy Inc., Junior Subordinated Notes (6.200% to 2/15/36 then 5
year Treasury Constant Maturity Rate + 2.006%)
6.200%
2/15/56
550,000
 
552,144
 (d)
DTE Energy Co., Senior Notes
5.850%
6/1/34
618,000
 
657,375
 
NiSource Inc., Senior Notes
5.200%
7/1/29
925,000
 
954,311
 
Northern States Power Co., First Mortgage Bonds
5.050%
5/15/35
415,000
 
421,947
 
Sempra, Senior Notes
5.500%
8/1/33
380,000
 
395,708
 
Total Multi-Utilities
2,981,485
 
Total Utilities
31,957,394
Total Corporate Bonds & Notes (Cost — $257,739,234)
263,103,098
Collateralized Mortgage Obligations(f) — 5.4%
Banc of America Commercial Mortgage Trust, 2015-UBS7 AS
3.989%
9/15/48
280,539
 
279,973
 (d)
BANK, 2019-BN18 A2
3.474%
5/15/62
814,000
 
796,478
 
BANK, 2020-BN28 XA, IO
1.759%
3/15/63
10,145,586
 
656,682
 (d)
BANK5, 2025-5YR18 XA, IO
1.048%
12/15/58
25,929,922
 
1,160,271
 (d)
Barclays Commercial Mortgage Trust, 2019-C3 A2
3.438%
5/15/52
380,565
 
375,990
 
Barclays Commercial Mortgage Trust, 2019-C5 C
3.710%
11/15/52
1,344,000
 
1,215,394
 
BBCMS Mortgage Trust, 2023-C20 XB, IO
0.588%
7/15/56
47,686,000
 
1,596,775
 (d)
BBCMS Mortgage Trust, 2023-C21 A3
6.296%
9/15/56
797,000
 
848,089
 (d)
Benchmark Mortgage Trust, 2019-B13 A2
2.889%
8/15/57
2,368,768
 
2,291,722
 
Benchmark Mortgage Trust, 2020-B20 XA, IO
1.523%
10/15/53
9,173,543
 
439,611
 (d)
Benchmark Mortgage Trust, 2020-B21 XA, IO
1.414%
12/17/53
19,489,202
 
1,027,081
 (d)
Benchmark Mortgage Trust, 2025-V18 XA, IO
1.258%
10/15/58
6,890,870
 
357,325
 (c)(d)
BX Trust, 2025-VOLT A (1 mo. Term SOFR + 1.700%)
5.380%
12/15/44
543,000
 
545,886
 (c)(d)
CD Mortgage Trust, 2017-CD4 B
3.947%
5/10/50
844,000
 
810,253
 (d)
CD Mortgage Trust, 2018-CD7 A4
4.279%
8/15/51
672,000
 
668,047
 
Citigroup Commercial Mortgage Trust, 2016-C3 A4
3.154%
11/15/49
1,366,000
 
1,354,320
 
Citigroup Commercial Mortgage Trust, 2016-P4 AS
3.075%
7/10/49
2,394,000
 
2,354,078
 
Citigroup Commercial Mortgage Trust, 2016-P6 A5
3.720%
12/10/49
501,000
 
493,293
 (d)
Citigroup Commercial Mortgage Trust, 2016-P6 B
4.148%
12/10/49
1,216,000
 
1,141,046
 (d)
CGMS Commercial Mortgage Trust, 2017-B1 AS
3.711%
8/15/50
547,000
 
537,555
 (d)
Citigroup Commercial Mortgage Trust, 2020-GC46 A2
2.708%
2/15/53
668,700
 
642,617
 
Commercial Mortgage Trust, 2014-CR15 B
3.884%
2/10/47
236,077
 
232,602
 (d)
See Notes to Schedule of Investments.
13
Putnam ESG Core Bond ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Collateralized Mortgage Obligations(f) — continued
Commercial Mortgage Trust, 2015-CR26 B
4.613%
10/10/48
 $903,697
 
 $892,731
 (d)
Commercial Mortgage Trust, 2017-COR2 C
4.587%
9/10/50
578,000
 
553,994
 (d)
Commercial Mortgage Trust, 2018-COR3 AM
4.367%
5/10/51
42,000
 
39,232
 (d)
CSAIL Commercial Mortgage Trust, 2016-C6 AS
3.346%
1/15/49
534,000
 
530,775
 
CSAIL Commercial Mortgage Trust, 2017-CX10 A3
3.398%
11/15/50
387,971
 
387,359
 
CSAIL Commercial Mortgage Trust, 2019-C15 XA, IO
0.987%
3/15/52
13,838,494
 
322,758
 (d)
CSAIL Commercial Mortgage Trust, 2019-C18 A2
2.845%
12/15/52
814,882
 
796,919
 
CSAIL Commercial Mortgage Trust, 2020-C19 XA, IO
1.085%
3/15/53
962,863
 
32,325
 (d)
CSMC Trust, 2016-NXSR AS
4.049%
12/15/49
708,000
 
697,153
 (d)
GS Mortgage Securities Trust, 2019-GC42 A2
2.933%
9/10/52
910,052
 
888,458
 
JPMBB Commercial Mortgage Securities Trust, 2014-C23 B
4.536%
9/15/47
1,628,645
 
1,602,387
 (d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2013-C10 C
4.205%
12/15/47
85,243
 
82,753
 (d)
JPMorgan Chase Commercial Mortgage Securities Trust, 2019-COR5 A2
3.150%
6/13/52
296,298
 
293,922
 
Morgan Stanley Bank of America Merrill Lynch Trust, 2013-C9 B
3.708%
5/15/46
870,518
 
847,934
 (d)
Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C22 B
3.883%
4/15/48
823,000
 
776,992
 (d)
Morgan Stanley Bank of America Merrill Lynch Trust, 2016-C32 AS
3.994%
12/15/49
1,504,000
 
1,490,761
 (d)
Morgan Stanley Capital I Trust, 2016-UB12 AS
3.778%
12/15/49
1,227,000
 
1,184,560
 (d)
Morgan Stanley Capital I Trust, 2018-L1 C
4.800%
10/15/51
1,265,000
 
1,172,535
 (d)
Station Place Securitization Trust, 2025-1 A (1 mo. Term SOFR + 0.900%)
4.851%
7/23/26
2,562,000
 
2,593,274
 (c)(d)
Station Place Securitization Trust, 2025-3 A (1 mo. Term SOFR + 0.900%)
4.573%
9/23/26
2,750,000
 
2,745,215
 (c)(d)
Station Place Securitization Trust, 2025-7 A (1 mo. Term SOFR + 0.900%)
4.573%
11/24/26
3,016,000
 
3,023,443
 (c)(d)
UBS Commercial Mortgage Trust, 2017-C1 A4
3.460%
6/15/50
852,000
 
843,812
 
UBS Commercial Mortgage Trust, 2018-C14 A4
4.448%
12/15/51
756,000
 
759,150
 
Wells Fargo Commercial Mortgage Trust, 2015-LC20 C
4.056%
4/15/50
278,295
 
275,629
 (d)
Wells Fargo Commercial Mortgage Trust, 2017-C39 B
4.025%
9/15/50
1,870,000
 
1,780,775
 
Wells Fargo Commercial Mortgage Trust, 2019-C49 B
4.546%
3/15/52
2,118,000
 
2,069,252
 
Wells Fargo Commercial Mortgage Trust, 2020-C56 B
3.610%
6/15/53
1,304,000
 
1,184,877
 (d)
Wells Fargo Commercial Mortgage Trust, 2020-C57 C
4.023%
8/15/53
29,000
 
26,488
 (d)
Wells Fargo Commercial Mortgage Trust, 2025-5C3 XA, IO
0.814%
1/15/58
10,535,035
 
310,193
 (d)
Wells Fargo Commercial Mortgage Trust, 2025-5C4 XA, IO
1.121%
5/15/58
16,224,997
 
686,163
 (d)
 
Total Collateralized Mortgage Obligations (Cost — $46,431,911)
48,716,907
Asset-Backed Securities — 3.9%
CarMax Auto Owner Trust, 2024-3 A3
4.890%
7/16/29
1,320,000
 
1,335,752
 
CarMax Auto Owner Trust, 2025-2 A2A
4.590%
7/17/28
1,377,899
 
1,382,337
 
Chase Auto Owner Trust, 2024-3A A3
5.220%
7/25/29
4,207,035
 
4,255,567
 (c)
Ford Credit Auto Owner Trust, 2024-B A3
5.100%
4/15/29
4,311,000
 
4,363,819
 
GM Financial Consumer Automobile Receivables Trust, 2023-1 A3
4.660%
2/16/28
1,045,002
 
1,047,765
 
GM Financial Consumer Automobile Receivables Trust, 2024-1 A3
4.850%
12/18/28
957,140
 
963,534
 
Harley-Davidson Motorcycle Trust, 2024-B A3
4.310%
7/16/29
2,298,000
 
2,306,901
 
Honda Auto Receivables Owner Trust, 2023-1 A3
5.040%
4/21/27
485,050
 
486,035
 
Honda Auto Receivables Owner Trust, 2023-2 A3
4.930%
11/15/27
483,239
 
485,362
 
Honda Auto Receivables Owner Trust, 2023-4 A3
5.670%
6/21/28
532,439
 
538,186
 
Honda Auto Receivables Owner Trust, 2025-4 A2A
4.040%
6/15/28
1,101,000
 
1,103,990
 
Hyundai Auto Receivables Trust, 2023-A A3
4.580%
4/15/27
525,577
 
525,914
 
Hyundai Auto Receivables Trust, 2023-B A3
5.480%
4/17/28
2,014,584
 
2,028,204
 
Hyundai Auto Receivables Trust, 2025-C A2B (30 Day Average SOFR + 0.350%)
4.057%
7/17/28
3,355,000
 
3,358,165
 (d)
See Notes to Schedule of Investments.
14
Putnam ESG Core Bond ETF 2026 Quarterly Report
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Asset-Backed Securities — continued
Nissan Auto Receivables Owner Trust, 2025-A A3
4.490%
12/17/29
 $1,600,000
 
 $1,619,878
 
Nissan Auto Receivables Owner Trust, 2025-B A2A
4.000%
7/17/28
615,000
 
615,858
 
OCCU Auto Receivables Trust, 2025-1A A3
4.810%
11/15/29
1,953,000
 
1,970,212
 (c)
Toyota Auto Receivables Owner Trust, 2022-C A3
3.760%
4/15/27
478,909
 
478,590
 
Toyota Auto Receivables Owner Trust, 2024-A A3
4.830%
10/16/28
3,131,638
 
3,152,426
 
Toyota Auto Receivables Owner Trust, 2026-A A3
3.860%
9/16/30
1,195,000
 
1,197,236
 
USB Auto Owner Trust, 2025-1A A3
4.490%
6/17/30
1,216,000
 
1,225,795
 (c)
World Omni Auto Receivables Trust, 2025-C A3
4.080%
11/15/30
1,263,000
 
1,269,022
 
 
Total Asset-Backed Securities (Cost — $35,483,842)
35,710,548
 
 
 
 
Shares
 
Investments in Underlying Funds — 2.0%
Franklin Templeton ETF Trust — Franklin Ultra Short Bond ETF
(Cost — $18,212,877)
731,980
 
18,369,038
 (g)
Total Investments before Short-Term Investments (Cost — $1,012,601,198)
1,016,953,621
 
 
Rate
 
 
 
Short-Term Investments — 3.5%
Putnam Government Money Market Fund, Class P Shares
(Cost — $32,026,631)  
3.430%
32,026,631
 
32,026,631
 (g)(h)
Total Investments — 115.4% (Cost — $1,044,627,829)
1,048,980,252
Liabilities in Excess of Other Assets — (15.4)%
(140,333,773
)
Total Net Assets — 100.0%
$908,646,479
 
††
Represents less than 0.1%.
(a)
This security is traded on a to-be-announced (“TBA”) basis. At January 31, 2026, the Fund held TBA securities with a total cost of $147,536,297.
(b)
Securities traded on a when-issued or delayed delivery basis.
(c)
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.
(d)
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
(e)
Security has no maturity date. The date shown represents the next call date.
(f)
Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct
payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or
more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.
(g)
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 January 31, 2026, the total market value of
investments in Affiliated Companies was $50,395,669 and the cost was $50,239,508 (Note 2).
(h)
Rate shown is one-day yield as of the end of the reporting period.
 
Abbreviation(s) used in this schedule:
CD
—
Certificate of Deposit
DAC
—
Designated Activity Company
ETF
—
Exchange-Traded Fund
IO
—
Interest Only
SOFR
—
Secured Overnight Financing Rate
See Notes to Schedule of Investments.
15
Putnam ESG Core Bond ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
January 31, 2026
 Putnam ESG Core Bond ETF
(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Securities Sold Short — (2.6)%
Mortgage-Backed Securities — (2.6)%
FNMA — (0.6)%
Federal National Mortgage Association (FNMA)
3.000%
2/1/41
 $(600,000
)
 $(576,298
) (a)
Federal National Mortgage Association (FNMA)
4.500%
2/1/56
(5,000,000
)
(4,899,255
) (a)
Total FNMA
(5,475,553
)
GNMA — (2.0)%
Government National Mortgage Association (GNMA)
2.500%
2/1/56
(3,600,000
)
(3,118,784
) (a)
Government National Mortgage Association (GNMA)
6.000%
2/1/56
(15,000,000
)
(15,345,423
) (a)
Total GNMA
(18,464,207
)
 
Total Securities Sold Short (Proceeds — $(23,904,680))
$(23,939,760
)
 
(a)
This security is traded on a to-be-announced (“TBA”) basis and is part of a mortgage dollar roll agreement.
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
16
Putnam ESG Core Bond ETF 2026 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Putnam ESG Core Bond ETF (the “Fund”) is a separate diversified investment series of Putnam ETF Trust (the “Trust”). The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The Fund is an actively managed exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund’s distributor (“Authorized Participants”). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.
Shares of the Fund are listed and traded at market prices on NYSE Arca, Inc. The market price for the Fund’s shares may be different from the Fund’s NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof (“Creation Units”). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.
The Fund seeks high current income consistent with what Franklin Advisers, Inc. believes to be prudent risk.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(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. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees (the “Board”).  
Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger
17
Putnam ESG Core Bond ETF 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Long-Term Investments†:
U.S. Government & Agency Obligations
—
 $385,743,165
—
 $385,743,165
Mortgage-Backed Securities
—
265,310,865
—
265,310,865
Corporate Bonds & Notes
—
263,103,098
—
263,103,098
Collateralized Mortgage Obligations
—
48,716,907
—
48,716,907
Asset-Backed Securities
—
35,710,548
—
35,710,548
Investments in Underlying Funds
 $18,369,038
—
—
18,369,038
Total Long-Term Investments
18,369,038
998,584,583
—
1,016,953,621
Short-Term Investments†
32,026,631
—
—
32,026,631
Total Investments
$50,395,669
$998,584,583
—
$1,048,980,252
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Securities Sold Short†
Mortgage-Backed Securities
—
 $23,939,760
—
 $23,939,760
 
†
See Schedule of Investments for additional detailed categorizations.
2. 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 period ended January 31, 2026. The following transactions were
18
Putnam ESG Core Bond ETF 2026 Quarterly Report
effected in such company for the period ended January 31, 2026.
 
 
Affiliate
Value at

April 30,
2025
Purchased
Sold
Cost
Shares
Proceeds
Shares
Franklin Templeton ETF
Trust — Franklin Ultra
Short Bond ETF
 $11,257,741
 $7,006,860
281,400
—
—
Putnam Government
Money Market Fund,
Class P Shares
40,880,678
234,580,244
234,580,244
 $243,434,291
243,434,291
 
$52,138,419
$241,587,104
$243,434,291

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
January 31,
2026
Franklin Templeton ETF Trust
— Franklin Ultra Short Bond
ETF
—
 $607,848
 $104,437
 $18,369,038
Putnam Government Money
Market Fund, Class P Shares
—
1,076,625
—
32,026,631
 
—
$1,684,473
$104,437
$50,395,669
19
Putnam ESG Core Bond ETF 2026 Quarterly Report