Shareholder Report
Apr. 30, 2026
USD ($)
$ / shares
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)
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Fund Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment*
|
|
Putnam BDC Income ETF
|
$75
|
0.75%
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HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended April 30, 2026, Putnam BDC Income ETF returned 0.13%. The Fund compares its performance to the S&P BDC Index, which returned -1.87% for the same period.
PERFORMANCE HIGHLIGHTS
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Top contributors to performance:
|
|
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↑
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Underweight position in FS KKR Capital, which provides customized credit solutions.
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|
↑
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Overweight position in Trinity Capital, which specializes in private credit.
|
|
↑
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Overweight position in Suro Capital, a venture capital firm.
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|
Top detractors from performance:
|
|
|
↓
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Overweight position in Blue Owl Technology Finance, which specializes in technology-related debt and equity investments.
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↓
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Not owning Gladstone Investment, which provides debt and equity financing.
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|
↓
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Not owning Goldman Sachs BDC, which provides tailored financing solutions.
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AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended April 30, 2026
|
|
1 Year
|
Since Inception
(9/29/2022) |
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Putnam BDC Income ETF (NAV)
|
0.13
|
14.62
|
|
Russell 3000 Index
|
31.01
|
21.32
|
|
S&P BDC Index
|
-1.87
|
11.22
|
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/exchange-traded-funds.
https://www.franklintempleton.com/investments/options/exchange-traded-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of April 30, 2026)
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Total Net Assets
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$278,063,558
|
|
Total Number of Portfolio Holdings
|
24
|
|
Total Management Fee Paid (based on a unitary fee)
|
$1,794,881
|
|
Portfolio Turnover Rate
|
38%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition* (% of Total Investments)
HOW HAS THE FUND CHANGED?
Effective September 25, 2025, the Fund’s prospectus and summary prospectus disclosure regarding the Fund’s non-diversified status was deleted to reflect that the Fund is currently operating as a diversified fund. Under a new non-fundamental investment policy adopted by the Trustees, the Fund may not and will not: (A) With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the Fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies. (B) With respect to 75% of its total assets, acquire more than 10% of the outstanding voting securities of any issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies. Under current law, shareholder approval would be required for the Fund to resume operating as a non-diversified fund.
In connection with the Fund’s transition to operating as a diversified fund, ‘Non-diversified risk’ has been removed from the Fund’s principal risks.
This is a summary of certain changes to the Fund since May 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by September 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
ETFs-Product@franklintempleton.com.
ETFs-Product@franklintempleton.com.
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