Schedule of Investments (unaudited)
February 28, 2026
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 Franklin Massachusetts Municipal Income ETF

(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 94.1%
American Samoa — 0.4%
 
American Samoa EDA Revenue, Series A
5.000%
9/1/38
 $1,000,000
 $1,036,484
 (a)
California — 1.0%
 
Davis Joint, CA, USD, GO, Series 2020, BAM
3.000%
8/1/38
2,650,000
2,536,307
 
Guam — 3.0%
Guam Government, GO, Series 2019
5.000%
11/15/31
670,000
712,663
 (b)
Guam Government, Business Privilege Tax Revenue, Series F, Refunding
4.000%
1/1/42
3,000,000
2,987,397
 
Guam Government, Hotel Occupancy Tax Revenue, Series A, Refunding
5.000%
11/1/40
825,000
874,007
 
Guam Government, Waterworks Authority Revenue, Water and Wastewater
System, Series A
5.000%
1/1/50
1,500,000
1,530,992
 
Guam Port Authority Revenue:
Port Revenue Bonds, Series B
5.000%
7/1/29
400,000
417,235
 (b)
Port Revenue Bonds, Series B
5.000%
7/1/30
465,000
484,460
 (b)
Port Revenue Bonds, Series B
5.000%
7/1/34
200,000
206,567
 (b)
Port Revenue Bonds, Series B
5.000%
7/1/35
400,000
412,686
 (b)
Total Guam
7,626,007
Massachusetts — 88.3%
Brockton, MA, GO:
Qualified Public Safety Facility Bonds, State Aid Withholding
5.000%
8/1/39
3,245,000
3,589,517
 
Qualified Public Safety Facility Bonds, State Aid Withholding
5.000%
8/1/40
1,755,000
1,932,046
 
Lowell, MA, Collegiate Charter School Revenue, Series 2019
5.000%
6/15/54
1,620,000
1,547,025
 
Massachusetts Bay, MA, Transportation Authority Assessment Revenue,
Sustainable Green Bonds, Series A-2, Refunding
5.000%
7/1/52
3,365,000
3,509,408
 
Massachusetts Bay, MA, Transportation Authority, Senior Sales Tax Revenue:
Series A, Refunding
5.000%
7/1/48
1,050,000
1,119,402
 
Series A-2, Refunding
5.000%
7/1/44
2,400,000
2,456,380
 
Series B, Refunding
5.250%
7/1/55
2,500,000
2,687,133
 
Subordinated, Series A, Refunding
5.000%
7/1/44
1,000,000
1,106,814
 
Subordinated, Series A-2, Refunding
5.000%
7/1/46
4,475,000
4,554,196
 
Massachusetts State Clean Water Trust Revenue:
State Revolving Fund, Green Bonds, Series 25B
5.000%
2/1/41
400,000
448,185
 
State Revolving Fund, Green Bonds, Series 25B
5.000%
2/1/43
1,450,000
1,597,492
 
State Revolving Fund, Green Bonds, Series 27, Refunding
5.000%
2/1/43
2,000,000
2,280,047
 
State Revolving Fund, Green Bonds, Series 27, Refunding
5.000%
2/1/45
500,000
555,841
 
Massachusetts State DFA Revenue:
Baystate Medical Center Issue, Series N
5.000%
7/1/34
1,000,000
1,001,663
 
Bentley University Issue, Series 2016
5.000%
7/1/40
1,250,000
1,256,326
 
Bentley University Issue, Series 2025
5.000%
7/1/55
750,000
772,938
 
Bentley University Issue, Series A, Refunding
4.000%
7/1/37
1,000,000
1,035,733
 
Bentley University Issue, Series A, Refunding
4.000%
7/1/38
700,000
721,396
 
Bentley University Issue, Series A, Refunding
4.000%
7/1/39
1,400,000
1,434,117
 
Beth Israel Lahey Health Issue, Series K, Refunding
5.000%
7/1/33
665,000
714,309
 
Beth Israel Lahey Health Issue, Series K, Refunding
5.000%
7/1/34
1,000,000
1,071,269
 
Beth Israel Lahey Health Issue, Series K, Refunding
5.000%
7/1/35
500,000
533,835
 
Beth Israel Lahey Health Issue, Series M
5.000%
7/1/34
2,500,000
2,897,274
 
Beth Israel Lahey Health Issue, Series N, Refunding
5.250%
7/1/45
2,250,000
2,454,851
 
See Notes to Schedule of Investments.
1
Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Franklin Massachusetts Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Massachusetts — continued
Boston Medical Center, Series G, Refunding
5.250%
7/1/48
 $2,205,000
 $2,248,325
 
Boston Medical Center, Sustainability Bonds, Series G, Refunding
5.250%
7/1/52
2,000,000
1,997,186
 
Boston University Issue, Series B-2
5.000%
10/1/48
2,500,000
2,663,956
 
Boston University Issue, Series F, Refunding
5.000%
10/1/48
3,075,000
3,245,134
 
Boston University, Series B-1
5.000%
10/1/46
2,500,000
2,514,527
 
Brandeis University, Series S-1, Refunding
5.000%
10/1/36
765,000
813,005
 
Broad Institute Inc., Refunding
5.000%
4/1/37
1,000,000
1,028,359
 
Brown University Health Obligated Group Issue, Series A
5.500%
8/15/50
4,000,000
4,218,239
 
Caregroup Issue, Series I, Refunding
5.000%
7/1/36
935,000
941,021
 
Caregroup Issue, Series I, Refunding
5.000%
7/1/38
500,000
502,808
 
Caregroup Issue, Series J-2
5.000%
7/1/32
2,765,000
2,918,984
 
Carleton-Willard Village Issue, Series 2019, Refunding
4.000%
12/1/42
485,000
475,675
 
Carleton-Willard Village Issue, Series 2019, Refunding
5.000%
12/1/42
525,000
536,302
 
CHF Merrimack, Inc. Issue, Series A
5.000%
7/1/54
1,200,000
1,180,365
 (a)
Dana-Farber Cancer Institute Issue, Series N
5.000%
12/1/36
1,100,000
1,115,977
 
Dexter Southfield Issue, Series 2015, Refunding
5.000%
5/1/41
2,000,000
2,001,078
 
Emerson College Issue, Series A, Refunding
5.000%
1/1/40
1,570,000
1,592,485
 
Fisher College Issue, Series 2017, Refunding
5.000%
4/1/37
835,000
844,018
 
Foxborough Regional Charter School, Series B, Refunding
5.000%
7/1/37
1,120,000
1,132,231
 
Harvard University Issue, Series A, Refunding
4.000%
7/15/36
2,000,000
2,002,248
 
Harvard University Issue, Series B, Refunding
5.000%
2/15/34
2,500,000
2,985,646
 
Lasell University Issue, Series 2021, Refunding
4.000%
7/1/40
2,160,000
2,035,261
 
Lasell University Issue, Series 2021, Refunding
4.000%
7/1/50
1,500,000
1,239,041
 
Lasell Village, Inc. Issue, Series 2025
5.250%
7/1/50
750,000
767,299
 
Lasell Village, Inc. Issue, Series 2025
5.250%
7/1/55
1,000,000
1,016,714
 
Linden Ponds, Inc. Facility, Series 2018
5.000%
11/15/38
2,100,000
2,165,061
 (a)
Loomis Communities Issue, Series 2021
4.000%
1/1/36
385,000
391,404
 
Loomis Communities Issue, Series 2021
4.000%
1/1/51
100,000
87,738
 
Loomis Communities Issue, Series 2022, Refunding
4.000%
1/1/31
1,000,000
1,028,542
 (a)
Loomis Communities Issue, Series 2022, Refunding
4.000%
1/1/36
395,000
401,570
 (a)
Loomis Communities Issue, Series 2022, Refunding
4.000%
1/1/51
520,000
456,236
 (a)
Mass General Brigham Issue, Series D, Refunding
5.000%
7/1/54
1,000,000
1,036,006
 
Mass General Brigham Issue, Series F
5.000%
7/1/46
750,000
809,685
 
MCPHS University Issue, Series H, Refunding
5.000%
7/1/37
450,000
450,625
 
Merrimack College Issue, Series 2022
5.000%
7/1/52
1,000,000
972,903
 
Merrimack College Issue, Series B
4.000%
7/1/42
450,000
413,370
 
Merrimack College Issue, Series B
4.000%
7/1/50
1,825,000
1,505,737
 
Middlesex School Issue, Series 2024
4.250%
7/1/54
1,600,000
1,509,453
 
Milford Regional Medical Center Issue, Series G, Refunding
5.000%
7/15/46
1,000,000
1,115,489
 (c)
Newbridge Charles Inc., Refunding
5.000%
10/1/37
1,000,000
1,015,336
 (a)
Northeastern University Issue, Refunding
5.000%
10/1/44
2,000,000
2,159,396
 
Olin College Issue, Series F, Refunding
5.000%
11/1/42
950,000
1,043,342
 
Olin College Issue, Series F, Refunding
4.125%
11/1/43
1,250,000
1,259,807
 
Orchard Cove Obligation, Refunding
5.000%
10/1/39
250,000
257,429
 
Orchard Cove Obligation, Refunding
5.000%
10/1/49
700,000
701,537
 
SABIS International Charter School Issue, Series 2015, Refunding
5.000%
4/15/33
750,000
750,340
 
See Notes to Schedule of Investments.
2
Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report
 Franklin Massachusetts Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Massachusetts — continued
Salem Community Corporation Issue, Series 2022, Refunding
5.000%
1/1/30
 $465,000
 $482,273
 
Salem Community Corporation Issue, Series 2022, Refunding
5.000%
1/1/31
980,000
1,023,425
 
Series B, Refunding, AG
0.000%
1/1/28
2,000,000
1,912,878
 
Series B, Refunding, AG
0.000%
1/1/29
2,000,000
1,864,491
 
Series H, Refunding, AG
5.250%
10/1/33
1,100,000
1,148,885
 
Seven Hills Foundation and Affiliates Issue, Series 2025, Refunding
6.000%
9/1/50
750,000
818,401
 
Seven Hills Foundation and Affiliates Issue, Series 2025, Refunding
6.000%
9/1/55
500,000
542,376
 
Simmons University Issue, Series N, Refunding
5.000%
10/1/43
1,750,000
1,578,902
 
Social Bonds, Series C
4.000%
11/1/51
1,335,000
1,203,789
 
South Shore Hospital Issue, Refunding, Series I
5.000%
7/1/32
1,600,000
1,606,261
 
Southcoast Health System Obligated Group Issue, Series G, Refunding
5.000%
7/1/38
300,000
322,481
 
Southcoast Health System Obligated Group Issue, Series G, Refunding
5.000%
7/1/39
350,000
374,245
 
Southcoast Health System, Series G, Refunding
4.000%
7/1/46
1,850,000
1,617,244
 
Southcoast Health System, Series G, Refunding
5.000%
7/1/50
2,000,000
2,005,831
 
Springfield College Issue, Series A
4.000%
6/1/56
1,000,000
757,278
 
Suffolk University Issue, Series 2021
4.000%
7/1/51
4,070,000
3,421,656
 
Suffolk University, Series 2021, AG-Credit Reinsurance
4.000%
7/1/51
2,000,000
1,777,503
 
Suffolk University, Series A, Refunding, AG-Credit Reinsurance
4.000%
7/1/45
1,700,000
1,623,301
 
Tufts University Issue, Series Q, Refunding
5.000%
8/15/38
500,000
500,331
 
Tufts University Student Housing Project, Series 2025
5.250%
6/1/55
1,000,000
1,047,807
 
UMass Boston Student Housing Project
5.000%
10/1/41
1,000,000
1,002,588
 
UMass Memorial Health Care Obligated Group Issue, Series K, Refunding
5.000%
7/1/38
1,000,000
1,011,158
 
UMass Memorial Health Care Obligated Group Issue, Series N-1, Refunding
4.500%
7/1/54
3,700,000
3,520,685
 
Wellforce Issue, Series A, Refunding
5.000%
7/1/44
500,000
500,888
 
Wellforce Issue, Series C, Refunding, AG
4.000%
10/1/45
4,705,000
4,405,957
 
Wentworth Institute of Technology Issue
5.000%
10/1/37
655,000
658,023
 
WGBH Educational Foundation, Series A, AMBAC
5.750%
1/1/42
5,000,000
6,030,832
 
Wheaton College Issue, Series I
5.000%
1/1/53
3,000,000
2,858,662
 
Woods Hole Oceanographic Institution Issue, Series 2018, Refunding
5.000%
6/1/32
660,000
697,001
 
Woods Hole Oceanographic Institution Issue, Series 2018, Refunding
5.000%
6/1/33
900,000
949,263
 
Woods Hole Oceanographic Institution Issue, Series 2018, Refunding
5.000%
6/1/34
1,000,000
1,053,264
 
Massachusetts State EFA Revenue:
Series 2014
5.000%
1/1/27
2,750,000
2,752,951
 (b)
Series B
5.500%
7/1/55
1,000,000
1,040,320
 (b)
Massachusetts State HFA Revenue:
Series A, Refunding
3.250%
12/1/27
1,265,000
1,265,474
 
Series A, Refunding
5.100%
12/1/30
590,000
590,666
 (b)
Sustainability Bonds, Series B-1
2.875%
12/1/51
2,000,000
1,432,416
 
Sustainability Bonds, Series C-1
3.100%
12/1/44
2,500,000
2,162,339
 
Sustainability Bonds, Series C-1
3.300%
12/1/59
5,625,000
4,169,709
 
Massachusetts State Municipal Wholesale Electric Co. Revenue:
Cotton Solar Project Issue, Green Bonds, Series A
5.000%
7/1/38
425,000
482,704
 
Cotton Solar Project Issue, Green Bonds, Series A
5.000%
7/1/39
450,000
505,670
 
Cotton Solar Project Issue, Green Bonds, Series A
5.000%
7/1/40
470,000
524,407
 
Cotton Solar Project Issue, Green Bonds, Series A
5.000%
7/1/41
490,000
544,774
 
Cotton Solar Project Issue, Green Bonds, Series A
5.000%
7/1/44
1,650,000
1,784,163
 
See Notes to Schedule of Investments.
3
Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Franklin Massachusetts Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Massachusetts — continued
Massachusetts State Port Authority Revenue:
Bosfuel Project, Series A, Refunding
5.000%
7/1/26
 $115,000
 $115,887
 (b)
Bosfuel Project, Series A, Refunding
5.000%
7/1/28
210,000
221,582
 (b)
Bosfuel Project, Series A, Refunding
5.000%
7/1/37
820,000
864,293
 (b)
Bosfuel Project, Series A, Refunding
4.000%
7/1/44
3,500,000
3,402,483
 (b)
Green Bonds, Series A
5.000%
7/1/30
1,200,000
1,317,096
 (b)
Green Bonds, Series A
5.000%
7/1/31
1,000,000
1,116,075
 (b)
Series A, Refunding
5.000%
7/1/40
2,500,000
2,616,077
 (b)
Series A, Refunding
5.000%
7/1/42
1,275,000
1,287,990
 (b)
Massachusetts State School Building Authority Revenue:
Series A
5.000%
2/15/44
1,035,000
1,087,691
 
Social Bonds, Series A
5.000%
2/15/55
500,000
524,323
 
Social Bonds, Series B, Refunding
5.000%
2/15/38
500,000
591,673
 
Massachusetts State Transportation Fund Revenue:
Rail Enhancement & Accelerated Bridge Programs, Series A
5.000%
6/1/48
2,095,000
2,138,737
 
Rail Enhancement Program, Green Bonds, Series A
5.000%
6/1/50
3,900,000
4,049,845
 
Rail Enhancement Program, Series A
5.000%
6/1/55
3,685,000
3,877,509
 
Massachusetts State, GO:
Consolidated Loan, Series A
5.000%
1/1/49
3,000,000
3,087,563
 
Consolidated Loan, Series A
5.000%
1/1/54
5,000,000
5,228,683
 
Consolidated Loan, Series C
5.000%
10/1/52
2,000,000
2,081,828
 
Consolidated Loan, Series C
5.250%
10/1/52
2,500,000
2,651,037
 
Consolidated Loan, Series C
5.000%
6/1/53
5,000,000
5,271,587
 
Consolidated Loan, Series D
5.000%
9/1/49
2,000,000
2,083,908
 
Consolidated Loan, Series E
5.000%
11/1/48
2,015,000
2,121,355
 
MWRA General Revenue, Green Bonds, Series B, Refunding
5.250%
8/1/48
1,215,000
1,309,445
 
North Reading, MA, GO, Municipal Purpose Loan, Series 2012, Refunding
5.000%
5/15/35
3,750,000
3,757,811
 
Quincy, MA, GO:
Municipal Purpose Loan, Series C
4.000%
9/15/40
325,000
336,671
 
Municipal Purpose Loan, Series C
4.000%
9/15/41
300,000
309,869
 
Municipal Purpose Loan, Series C
4.000%
9/15/42
275,000
281,029
 
University of Massachusetts, MA, Building Authority Project Revenue:
Senior Lien, Series 2015-1, Refunding
5.000%
11/1/40
885,000
886,096
 
Senior Lien, Series 2020-1, Refunding
5.000%
11/1/45
1,070,000
1,112,664
 
Senior Lien, Series 2022-1
5.000%
11/1/41
2,365,000
2,591,668
 
Senior Lien, Series 2022-1
5.000%
11/1/52
635,000
654,732
 
Total Massachusetts
225,374,566
Puerto Rico — 0.3%
 
Puerto Rico Commonwealth, GO, Restructured, Series A-1
4.000%
7/1/37
750,000
751,550
 
Texas — 0.2%
 
Beaumont, TX, Housing Authority Revenue, Residential Development Senior Lien,
Series A
6.500%
7/1/55
475,000
476,765
 (a)
U.S. Virgin Islands — 0.3%
 
U.S. Virgin Islands Matching Fund Special Purpose Securitization Corp. Revenue,
Series A, Refunding
5.000%
10/1/30
640,000
676,009
 
See Notes to Schedule of Investments.
4
Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report
 Franklin Massachusetts Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
Washington — 0.6%
Grays Harbor County, WA, Public Hospital District No 1 Revenue, Summit Pacific
Medical Center, Series 2023, Refunding
6.750%
12/1/44
 $1,300,000
 $1,464,120
 
Total Investments before Short-Term Investments (Cost — $239,461,648)
239,941,808
 
 
 
 
Shares
 
Short-Term Investments — 4.9%
Money Market Funds — 4.5%
Putnam Government Money Market Fund, Class P Shares (Cost — $11,524,530)  
3.450%
11,524,530
 
11,524,530
 (d)(e)
 
 
 
Maturity
Date
Face
Amount
 
Municipal Bonds — 0.4%
Massachusetts — 0.4%
Massachusetts State DFA Revenue, Children Hospital Issue, Series U-1,
Refunding, LOC - TD Bank N.A. (Cost — $1,000,000)
0.950%
3/1/48
 $1,000,000
1,000,000
 (f)(g)
 
Total Short-Term Investments (Cost — $12,524,530)
12,524,530
Total Investments — 99.0% (Cost — $251,986,178)
252,466,338
Other Assets in Excess of Liabilities — 1.0%
2,671,903
Total Net Assets — 100.0%
$255,138,241
 
(a)
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.
(b)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
(c)
Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.
(d)
Rate shown is one-day yield as of the end of the reporting period.
(e)
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 February 28, 2026, the total market value of
investments in Affiliated Companies was $11,524,530 and the cost was $11,524,530 (Note 2).
(f)
Variable rate demand obligations (“VRDOs”) have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no
more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the
remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official
documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index. The
SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board’s
Short-term Obligation Rate Transparency System.
(g)
Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.
 
Abbreviation(s) used in this schedule:
AG
—
Assured Guaranty — Insured Bonds
AMBAC
—
American Municipal Bond Assurance Corporation — Insured Bonds
BAM
—
Build America Mutual — Insured Bonds
DFA
—
Development Finance Agency
EDA
—
Economic Development Authority
EFA
—
Educational Facilities Authority
GO
—
General Obligation
HFA
—
Housing Finance Agency
LOC
—
Letter of Credit
MWRA
—
Massachusetts Water Resources Authority
USD
—
Unified School District
See Notes to Schedule of Investments.
5
Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
February 28, 2026
 Franklin Massachusetts Municipal Income ETF
At February 28, 2026, the Fund had the following open futures contracts:  
 
 
 
Number of
Contracts
 
Expiration
Date
 
Notional
Amount
 
Market
Value
 
Unrealized
Depreciation
Contracts to Sell:
U.S. Treasury Ultra Long-Term Bonds
81
6/26
 $9,769,249
 $9,849,094
 $(79,845)
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.
6
Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Franklin Massachusetts Municipal Income ETF (the “Fund”) is a separate diversified investment series of Putnam ETF Trust (the “Trust”). The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The Fund is an actively managed exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on NAV, shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund’s distributor (“Authorized Participants”). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.
Shares of the Fund are listed and traded at market prices on NYSE Arca, Inc. The market price for the Fund’s shares may be different from the Fund’s NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof (“Creation Units”). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.
The Fund seeks as high a level of current income exempt from federal income tax and Massachusetts personal income tax as is consistent with preservation of capital.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies 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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. 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
7
Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.
The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.
GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
•
Level 1 — unadjusted quoted prices in active markets for identical investments
•
Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities carried at fair value:
 
ASSETS
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Municipal Bonds†
—
 $239,941,808
—
 $239,941,808
Short-Term Investments†:
Money Market Funds
 $11,524,530
—
—
11,524,530
Municipal Bonds
—
1,000,000
—
1,000,000
Total Short-Term Investments
11,524,530
1,000,000
—
12,524,530
Total Investments
$11,524,530
$240,941,808
—
$252,466,338
LIABILITIES
Description
Quoted Prices
(Level 1)
Other Significant
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Other Financial Instruments:
Futures Contracts††
 $79,845
—
—
 $79,845
 
†
See Schedule of Investments for additional detailed categorizations.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
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 February 28, 2026. The following transactions were
8
Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report
effected in such company for the period ended February 28, 2026.
 
 
Affiliate
Value at

May 31,
2025
Purchased
Sold
Cost
Shares
Proceeds
Shares
Putnam Government
Money Market Fund,
Class P Shares
—
 $23,420,007
23,420,007
 $11,895,477
11,895,477
Putnam Short Term
Investment Fund, Class P
Shares
 $7,170,408
44,277,624
44,277,624
51,448,032
51,448,032
 
$7,170,408
$67,697,631
$63,343,509

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
February 28,
2026
Putnam Government Money
Market Fund, Class P Shares
—
 $83,039
—
 $11,524,530
Putnam Short Term Investment
Fund, Class P Shares
—
136,702
—
—
 
—
$219,741
—
$11,524,530
9
Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report