2026-06-189057875_FranklinPennsylvaniaMunicipalIncomeETF_SingleClass


Franklin Pennsylvania Municipal Income ETF
FTPA \| NYSE Arca, Inc.
Annual Shareholder Report \| May 31, 2026

This annual shareholder report contains important information about Franklin Pennsylvania Municipal Income ETF (previously known as Putnam Pennsylvania Tax Exempt Income Fund) for the period June 1, 2025, to May 31, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*
Franklin Pennsylvania Municipal Income ETF	$57	0.55%

*	Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended May 31, 2026, Franklin Pennsylvania Municipal Income ETF returned 7.91%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 6.67% for the same period.

PERFORMANCE HIGHLIGHTS


Top contributors to performance:
↑	Overweight to bonds with 10 years or more to maturity
↑	Selection in BBB rated bonds
↑	Overweight to bonds with no external credit rating


Top detractors from performance:
↓	Selection in AA rated bonds
↓	Underweight to bonds with two- to five-years to maturity

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Franklin Pennsylvania Municipal Income ETF 5/31/2016 — 5/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended May 31, 2026


	1 Year	5 Year	10 Year
Franklin Pennsylvania Municipal Income ETF (NAV)	7.91	1.04	2.32
Bloomberg Municipal Bond Index	6.67	0.92	2.21

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 5/22/2018. Returns for periods before 5/22/2018 are based on the Fund’s Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

The Fund acquired the assets and assumed the liabilities of a predecessor mutual fund after the market close on November 7, 2025. Performance shown for periods ending on or prior to November 7, 2025, is the performance of the R6 Class Shares of the predecessor mutual fund. Performance for the predecessor mutual fund has not been adjusted to reflect the Fund’s shares’ lower net expense ratio than that of the predecessor mutual fund’s R6 Class Shares. Had the predecessor mutual fund been structured as an ETF, its performance may have differed.

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.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of May 31, 2026)


Total Net Assets	$99,507,489
Total Number of Portfolio Holdings	111
Total Management Fee Paid (based on a unitary fee)	$329,119
Portfolio Turnover Rate	35%

HOW HAS THE FUND CHANGED?

Effective June 30, 2026, the portfolio managers primarily responsible for the day-to-day management of the Fund are John Bonelli, Michael Conn, Garrett L. Hamilton, CFA and Christopher Sperry, CFA.

Effective November 7, 2025, Putnam Pennsylvania Tax Exempt Income Fund (the “Predecessor Fund”) was converted into your Fund, Franklin Pennsylvania Municipal Income ETF (the “ETF”), which is a newly organized series of Putnam ETF Trust. Pursuant to an Agreement and Plan of Reorganization approved by the Boards of the Predecessor Fund and the ETF, the reorganization of the Predecessor Fund consisted of (1) the transfer of substantially all of the Predecessor Fund’s assets, subject to its liabilities, to the ETF in return for shares of the ETF; and (2) the distribution of the ETF shares to the Predecessor Fund’s shareholders in complete liquidation of the Predecessor Fund. The ETF began trading on NYSE Arca, Inc. on November 10, 2025.

This is a summary of certain changes to the Fund since June 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 October 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
ETFs-Product@franklintempleton.com.


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

The Board of Trustees of the Registrant has determined that Warren Lowell and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as “audit committee financial experts,” and has designated Warren Lowell and Manoj P. Singh as the Audit Committee’s financial experts. Warren Lowell and Manoj P. Singh are “independent” Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

(a) Audit Fees. The aggregate fees billed in the last two fiscal years ending May 31, 2025 and May 31, 2026 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $209,795 in May 31, 2025 and $202,444 in May 31, 2026.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in May 31, 2025 and $0 in May 31, 2026.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $63,810 in May 31, 2025 and $63,810 in May 31, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (“Service Affiliates”) during the Reporting Periods that required pre-approval by the Audit Committee.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in May 31, 2025 and $0 in May 31, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund’s investment manager and certain of its affiliates of the fund’s independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund’s investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $489,647 in May 31, 2025 and $1,474,011 in May 31, 2026.

(h) Yes. The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor’s independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

Schedule of Investments

May 31, 2026

Franklin Pennsylvania Municipal Income ETF

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Municipal Bonds — 95.3%
Guam — 2.2%
Guam Government, GO, Series 2019	5.000%	11/15/31	$455,000	$474,743 (a)
Guam Government, Business Privilege Tax Revenue, Series F, Refunding	4.000%	1/1/42	1,300,000	1,260,502
Guam Government, Hotel Occupancy Tax Revenue, Series A, Refunding	5.000%	11/1/40	425,000	442,895
Total Guam				2,178,140
Pennsylvania — 90.4%
Adams County, PA, General Authority Revenue:
Brethren Home Community Project, Series A, Refunding	5.000%	6/1/54	100,000	97,390
Brethren Home Community Project, Series A, Refunding	5.000%	6/1/59	400,000	385,937
Allegheny County, PA, Airport Authority Revenue:
Series A, AG	4.000%	1/1/46	750,000	695,005 (a)
Series A, AG	5.500%	1/1/50	1,000,000	1,058,602 (a)
Series B, AG	5.250%	1/1/53	1,000,000	1,037,836
Allegheny County, PA, HDA Revenue, Allegheny Health Network Obligated Group, Series A, Refunding	4.000%	4/1/44	2,000,000	1,859,696
Allegheny County, PA, Highlands School District, GO:
Series 2023, AG, State Aid Withholding	4.000%	4/15/40	500,000	507,914
Series 2023, AG, State Aid Withholding	4.000%	4/15/43	700,000	706,209
Allentown, PA, Commercial & IDA Revenue, Education Facility Lease, Executive Education Academy Charter School Project, Refunding	5.000%	7/1/45	550,000	536,824 (b)
Bellefonte, PA, Area School District, GO, Series A, Refunding, State Aid Withholding	5.000%	5/15/48	1,000,000	1,037,123
Berks County, PA, IDA, Revenue, Delaware Valley University Project, Series B, Refunding	5.000%	11/1/42	250,000	234,852
Bethlehem, PA, Redevelopment Authority Revenue, Moravian University Project, Series 2024	5.500%	10/1/54	1,500,000	1,516,454
Bucks County, PA, Bensalem Township School District, GO, Series A, Refunding, BAM, State Aid Withholding	5.000%	6/1/38	1,000,000	1,097,065
Butler County, PA, Butler Area School District, GO, Series B, AG, State Aid Withholding	5.000%	10/1/37	425,000	469,136 (c)
Cheltenham Township, PA, IDA Revenue, Arcadia University, Series 2024, Refunding	5.750%	4/1/54	350,000	336,940

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Schedule of Investments (cont’d)

May 31, 2026

Franklin Pennsylvania Municipal Income ETF

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Pennsylvania — continued
Chester County, PA, Downingtown Area School District, GO, Series B, State Aid Withholding	5.000%	11/1/42	$1,000,000	$1,087,499 (c)
Chester County, PA, GO, Series B, Refunding	5.000%	7/15/36	750,000	840,564
Chester County, PA, IDA Revenue:
Collegium Charter School Project, Series 2022, Refunding	6.000%	10/15/52	750,000	737,371 (b)
Colleguim Charter School Project, Series A	5.125%	10/15/37	225,000	219,703
University Student Housing LLC Project, West Chester University of Pennsylvania, Series A	5.000%	8/1/45	1,000,000	965,263
Commonwealth of Pennsylvania, GO:
Series 2026	5.000%	4/1/41	1,000,000	1,118,644
Series C	4.000%	9/1/43	1,235,000	1,231,502
Cumberland County, PA, Municipal Authority Revenue, Asbury Pennsylvania Obligated Group, Series 2019, Refunding	5.000%	1/1/45	500,000	492,707
Cumberland Valley, PA, School District, GO, Series A, AG, State Aid Withholding	5.000%	11/15/44	1,500,000	1,591,755
Dallas Area, PA, Municipal Authority Revenue, Misericordia University Project, Series 2014, Refunding	5.000%	5/1/29	945,000	945,278
Dauphin County, PA, Central Dauphin School District, GO, Series A, State Aid Withholding	5.000%	2/1/46	1,100,000	1,155,952
Delaware County, PA, GO:
Series 2024	5.000%	8/1/48	1,000,000	1,035,963
Series 2025	5.000%	8/1/49	1,000,000	1,054,062
Delaware County, PA, Interboro School District, GO, Series 2024, AG, State Aid Withholding	5.500%	8/15/63	2,250,000	2,402,051
Delaware County, PA, Marple Newtown School District, GO:
Series A, Refunding, State Aid Withholding	5.000%	6/1/42	720,000	798,404 (c)
Series A, Refunding, State Aid Withholding	5.000%	6/1/46	750,000	806,779 (c)
Lackawanna County, PA, IDA Revenue, Refunding	4.000%	11/1/40	1,500,000	1,424,876
Lancaster County, PA, Convention Center Authority Revenue, Hotel Room Rental Tax, County Guaranty, Series B, Refunding, County GTD	4.000%	5/1/49	1,000,000	919,647
Lancaster County, PA, Hospital Authority Revenue:
Health Center, Landis Homes Retirement Community Project, Refunding	5.000%	7/1/45	1,000,000	999,982
Masonic Villages Project, Refunding	5.125%	11/1/38	1,000,000	1,076,345
Masonic Villages Project, Series A, Refunding	5.000%	11/1/35	470,000	521,298

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Franklin Pennsylvania Municipal Income ETF

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Pennsylvania — continued
Moravian Manors Inc. Project, Series A	5.000%	6/15/44	$1,235,000	$1,175,664
Moravian Manors Inc. Project, Series A	5.000%	6/15/49	1,000,000	888,222
Saint Anne’s Retirement Community, Incorporated Project, Refunding	5.000%	3/1/45	500,000	468,092
Lancaster County, PA, Municipal Authority Revenue, Luthercare Project, Series A, Refunding	5.000%	12/1/55	500,000	490,357
Lancaster, PA, IDA Revenue:
Landis Homes Retirement Community Project, Refunding	4.000%	7/1/51	500,000	412,589
Landis Homes Retirement Community Project, Refunding	4.000%	7/1/56	1,030,000	819,950
Willow Valley Communities Project	4.000%	12/1/49	1,550,000	1,297,367
Lebanon County, PA, Cornwall Lebanon School District, GO, Series 2026, State Aid Withholding	5.000%	2/15/42	550,000	592,099 (c)
Lehigh County, PA, General Purpose Authority Revenue, Muhlenberg College Project, Refunding	5.250%	2/1/54	1,600,000	1,543,912
Montgomery and Bucks Counties, PA, North Penn School District, GO, Series 2026, State Aid Withholding	5.000%	3/1/51	1,500,000	1,562,433
Montgomery County, PA, IDA Revenue, Acts Retirement-Life Communities, Inc. Obligated Group, Series C	4.000%	11/15/43	550,000	527,779
Montgomery County, PA, IDA, School Revenue:
Germantown Academy Project, Series A, Refunding	4.000%	10/1/41	425,000	398,087
Germantown Academy Project, Series A, Refunding	4.000%	10/1/46	625,000	550,099
Germantown Academy Project, Series A, Refunding	4.000%	10/1/51	800,000	665,717
Montgomery County, PA, Norristown Area School District, GO, Series A, State Aid Withholding	5.000%	10/1/48	350,000	363,082 (c)
Pennsbury School District, Bucks County, PA, GO, State Aid Withholding	5.000%	8/1/44	1,000,000	1,054,968
Pennsylvania State HEFA Revenue:
Thomas Jefferson University, Fixed Rate Revenue Bonds, Series B2, Refunding	5.500%	11/1/54	1,000,000	1,038,635
University of Pennsylvania Health Systems, Series 2025, Refunding	5.000%	8/15/55	1,000,000	1,038,024
University of Pennsylvania Health Systems, Series 2025, Refunding	5.500%	8/15/55	1,000,000	1,073,820

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Schedule of Investments (cont’d)

May 31, 2026

Franklin Pennsylvania Municipal Income ETF

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Pennsylvania — continued
University Properties Inc. Student Housing Project, Series A, Refunding	5.000%	7/1/35	$730,000	$709,694
Pennsylvania State Economic Development Financing Authority Revenue:
Presbyterian Senior Living Project, Series B-1	5.250%	7/1/49	500,000	506,347
Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project, Series 2022, AG	5.750%	12/31/62	400,000	420,410 (a)
Tax-Exempt Private Activity, The Pennsylvania Rapid Bridge Replacement Project, Series 2015	5.000%	12/31/34	250,000	250,202 (a)
Tax-Exempt Private Activity, UPMC Revenue Bonds, Series A, Refunding	5.000%	2/15/39	1,500,000	1,592,450
UPMC Revenue Bonds, Series A, Refunding	5.250%	12/15/51	1,500,000	1,567,401
Pennsylvania State Economic Development Financing Authority Solid Waste Disposal Revenue, Procter & Gamble Paper Products Co. 2001	5.375%	3/1/31	1,155,000	1,276,963 (a)
Pennsylvania State Economic Development Financing Authority, Sewage Sludge Disposal Revenue, Philadelphia Biosolids Facility, Refunding	4.000%	1/1/29	650,000	660,271
Pennsylvania State Financing Authority Revenue, Guaranteed Revenue Bonds, Penn Hills Project, Series B, Refunding, AMBAC, Municipal Government GTD	0.000%	12/1/27	1,000,000	951,873
Pennsylvania State HFA Revenue, Single Family Mortgage Revenue Bonds, Series 150A, Refunding	4.900%	10/1/40	1,000,000	1,046,885
Pennsylvania State Higher Education Assistance Agency, Revenue, Series A	4.250%	6/1/47	1,100,000	1,092,422 (a)(c)
Pennsylvania State Higher EFA Revenue, Drexel University, Series 2026, Refunding	5.000%	5/1/36	1,000,000	1,088,230
Pennsylvania State Turnpike Commission Oil Franchise Tax Revenue:
Series A	5.250%	12/1/53	1,100,000	1,172,218
Series C	0.000%	12/1/38	3,000,000	1,812,451
Pennsylvania State Turnpike Commission Revenue:
Series 2026, Refunding	5.000%	6/1/39	250,000	281,000
Series A	5.000%	12/1/46	300,000	322,212
Series A	5.250%	12/1/55	1,000,000	1,061,064
Series B	5.250%	12/1/55	1,580,000	1,680,808
Subordinated, Series A	4.750%	12/1/37	1,000,000	1,006,961
Philadelphia School District, PA, GO, Series A, State Aid Withholding	5.500%	9/1/51	1,000,000	1,083,907 (c)

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Franklin Pennsylvania Municipal Income ETF

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Pennsylvania — continued
Philadelphia, PA, Airport Revenue:
Series 2021, Refunding, AG	4.000%	7/1/40	$300,000	$295,702 (a)
Series 2021, Refunding, AG	4.000%	7/1/41	400,000	390,729 (a)
Philadelphia, PA, Authority for IDR:
Charter School Revenue, A String Theory Charter School Project, Refunding	5.000%	6/15/40	1,000,000	1,002,241 (b)
Charter School Revenue, Mast Community Charter School Ii Project, Series 2020	5.000%	8/1/40	615,000	623,455
Charter School Revenue, West Project, Series 2019	5.000%	6/15/50	1,375,000	1,259,106
Multi-Family Housing Revenue, University Square Apartments Project, Tax Exempt, Class 3, Series 2017	5.250%	12/1/47	300,000	303,334 (b)(d)
St. Joseph’s University, Series 2017	5.000%	11/1/47	495,000	505,236 (d)
St. Joseph’s University, Series 2017, Unrefunded	5.000%	11/1/47	505,000	505,052
University Revenue Bonds, Saint Joseph’s University Project, Series 2022	5.500%	11/1/60	1,000,000	1,035,173
Philadelphia, PA, Gas Works Revenue, 1998 General Ordinance, Refunding	5.000%	8/1/47	2,500,000	2,520,538
Philadelphia, PA, Housing Authority Revenue:
GTD Revenue Bonds, PHADC Acquisition Program, Series A	5.250%	3/1/43	500,000	535,884
GTD Revenue Bonds, PHADC Acquisition Program, Series A	5.250%	3/1/45	500,000	523,847
Philadelphia, PA, Redevelopment Authority Revenue:
City Service Agreement Revenue Bonds, Tax- Exempt Bonds, Series B	5.000%	9/1/43	1,250,000	1,335,413
City Service Agreement Revenue Bonds, Tax- Exempt Bonds, Series B	5.000%	11/1/43	1,000,000	1,090,311
Pittsburgh School District & Allegheny County, PA, GO, Series 2021, State Aid Withholding	3.000%	9/1/38	995,000	882,075
Pittsburgh, Commonwealth, PA, GO, Capital Improvement Bonds, Series 2024	5.000%	9/1/44	400,000	423,848
Pittsburgh, PA, Water and Sewer Authority, Sewer System Revenue, Series A, Refunding	5.000%	9/1/45	650,000	701,336
Southeastern Pennsylvania Transportation Authority Revenue, Asset Improvement Program, Series 2022	5.250%	6/1/52	1,750,000	1,830,138
Union County, PA, HEFA Revenue, Bucknell University, Series A	5.000%	10/1/34	1,000,000	1,133,252

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Schedule of Investments (cont’d)

May 31, 2026

Franklin Pennsylvania Municipal Income ETF

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Pennsylvania — continued
West Cornwall Township, PA, Municipal Authority Revenue:
Lebanon Valley Brethren Home Project, Series A, Refunding	4.000%	11/15/36	$365,000	$361,003
Lebanon Valley Brethren Home Project, Series A, Refunding	4.000%	11/15/41	505,000	482,300
Lebanon Valley Brethren Home Project, Series A, Refunding	4.000%	11/15/46	525,000	465,547
Wilkes-Barre Area, PA, School District, GO, Series 2019, BAM, State Aid Withholding	5.000%	4/15/59	2,000,000	2,014,520
Wilkes-Barre, PA, Finance Authority Revenue, Wilkes University Project, Refunding	4.000%	3/1/42	1,400,000	1,195,434
Total Pennsylvania				89,962,767
Puerto Rico — 0.8%
Puerto Rico Commonwealth, GO:
Restructured, Series A-1	4.000%	7/1/37	350,000	345,985
Restructured, Series A-1	4.000%	7/1/41	500,000	476,545
Total Puerto Rico				822,530
South Carolina — 0.7%
South Carolina State Jobs - EDA Revenue, Bon Secours Mercy Health Inc., Series A, Refunding	4.000%	12/1/44	730,000	693,515
Texas — 0.2%
Beaumont, TX, Housing Authority Revenue, Residential Development Senior Lien, Series A	6.500%	7/1/55	200,000	199,946 (b)
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	320,000	336,961
Washington — 0.7%
Grays Harbor County, WA, Public Hospital District No 1 Revenue, Summit Pacific Medical Center, Series 2023, Refunding	6.750%	12/1/44	600,000	666,380
Total Investments before Short-Term Investments (Cost — $95,685,950)				94,860,239
			Shares
Short-Term Investments — 9.9%
Money Market Funds — 7.3%
Putnam Government Money Market Fund, Class P Shares (Cost — $7,288,407)	3.410%		7,288,407	7,288,407 (e)(f)

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Franklin Pennsylvania Municipal Income ETF

(Percentages shown based on Fund net assets)

Security	Rate	Maturity Date	Face Amount	Value
Municipal Bonds — 2.6%
Pennsylvania — 2.6%
Allegheny, PA, County Higher Education Building Authority Revenue, Carnegie Mellon University, Series C, Refunding, SPA - Bank of New York Mellon	2.100%	12/1/37	$1,620,000	$1,620,000 (g)(h)
Philadelphia, PA, Authority for IDR, The Children’s Hospital of Philadelphia Project, Series B-2, SPA - JPMorgan Chase & Co.	2.820%	7/1/54	900,000	900,000 (g)(h)
Total Pennsylvania				2,520,000

Total Short-Term Investments (Cost — $9,808,407)				9,808,407
Total Investments — 105.2% (Cost — $105,494,357)				104,668,646
Liabilities in Excess of Other Assets — (5.2)%				(5,161,157 )
Total Net Assets — 100.0%				$99,507,489

(a)	Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
(b)	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.
(c)	Securities traded on a when-issued or delayed delivery basis.
(d)	Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.
(e)	Rate shown is one-day yield as of the end of the reporting period.
(f)	In this instance, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), 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 May 31, 2026, the total market value of investments in Affiliated Companies was $7,288,407 and the cost was $7,288,407 (Note 6).
(g)	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.
(h)	Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Schedule of Investments (cont’d)

May 31, 2026

Franklin Pennsylvania Municipal Income ETF

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
EDA	—	Economic Development Authority
EFA	—	Educational Facilities Authority
GO	—	General Obligation
GTD	—	Guaranteed
HDA	—	Housing Development Authority
HEFA	—	Health & Educational Facilities Authority
HFA	—	Housing Finance Agency
IDA	—	Industrial Development Authority
IDR	—	Industrial Development Revenue
SPA	—	Standby Bond Purchase Agreement — Insured Bonds
UPMC	—	University of Pittsburgh Medical Center

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Statement of Assets and Liabilities

May 31, 2026

Assets:
Investments in unaffiliated securities, at value (Cost — $98,205,950)	$97,380,239
Investments in affiliated securities, at value (Cost — $7,288,407)	7,288,407
Interest receivable	1,155,512
Dividends receivable from affiliated investments	19,990
Total Assets	105,844,148
Liabilities:
Payable for securities purchased	6,260,599
Investment management fee payable	27,065
Trustees’ fees payable	17,060
Administration fee payable	411
Accrued expenses	31,524
Total Liabilities	6,336,659
Total Net Assets	$99,507,489
Net Assets:
Paid-in capital	$104,521,094
Total distributable earnings (loss)	(5,013,605 )
Total Net Assets	$99,507,489
Shares Outstanding	11,439,166
Net Asset Value	$8.70

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Statement of Operations

For the Year Ended May 31, 2026(a)

Investment Income:
Interest	$3,633,561
Dividends from affiliated investments	152,665
Total Investment Income	3,786,226
Expenses:
Investment management fee (Note 2)	337,304
Service and/or distribution fees (Note 2)	96,165
Transfer agent fees (Note 2)	29,526
Registration fees	20,046
Shareholder reports	6,309
Audit and tax fees	5,285
Legal fees	5,097
Trustees’ fees	1,427
Administration fees (Note 2)	773
Miscellaneous expenses	4,383
Total Expenses	506,315
Less: Fee waivers and/or expense reimbursements (Note 2)	(8,185 )
Expense reductions (Note 2)	(4,272 )
Net Expenses	493,858
Net Investment Income	3,292,368
Realized and Unrealized Gain (Loss) on Investments (Notes 1 and 3):
Net Realized Loss From Unaffiliated Investment Transactions	(407,073 )
Change in Net Unrealized Appreciation (Depreciation) From Unaffiliated Investments	3,953,642
Net Gain on Investments	3,546,569
Increase in Net Assets From Operations	$6,838,937

(a)	Effective after the market close on November 7, 2025, the Fund’s predecessor mutual fund, Putnam Pennsylvania Tax Exempt Income Fund, reorganized into this Fund (the “Reorganization”). See Note 1 in the Notes to Financial Statements for additional information about the Reorganization.

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Statements of Changes in Net Assets

For the Years Ended May 31,	2026(a)	2025
Operations:
Net investment income	$3,292,368	$3,257,060
Net realized loss	(407,073 )	(712,673 )
Change in net unrealized appreciation (depreciation)	3,953,642	(563,142 )
Increase in Net Assets From Operations	6,838,937	1,981,245
Distributions to Shareholders From (Note 1):
Total distributable earnings	(2,927,482 )	(3,228,220 )
Decrease in Net Assets From Distributions to Shareholders	(2,927,482 )	(3,228,220 )
Fund Share Transactions (Note 5):
Net proceeds from sale of shares (12,656,504 and 1,092,513 shares issued, respectively)	109,235,063	9,377,896
Reinvestment of distributions (151,182 and 341,353 shares issued, respectively)	1,272,278	2,937,327
Cost of shares repurchased (12,998,919 and 2,014,958 shares repurchased, respectively)	(111,784,366 )	(17,351,916 )
Decrease in Net Assets From Fund Share Transactions	(1,277,025 )	(5,036,693 )
Increase (Decrease) in Net Assets	2,634,430	(6,283,668 )
Net Assets:
Beginning of year	96,873,059	103,156,727
End of year	$99,507,489	$96,873,059

(a)	Effective after the market close on November 7, 2025, the Fund’s predecessor mutual fund, Putnam Pennsylvania Tax Exempt Income Fund, reorganized into this Fund (the “Reorganization”). See Note 1 in the Notes to Financial Statements for additional information about the Reorganization.

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Financial Highlights

For a share of beneficial interest outstanding throughout each year ended May 31:
	20261,2	20251	20241	20231	20221
Net asset value, beginning of year	$8.34	$8.46	$8.42	$8.74	$9.63
Income (loss) from operations:
Net investment income	0.31	0.30	0.27	0.25	0.22
Net realized and unrealized gain (loss)	0.34	(0.12 )	0.04	(0.32 )	(0.89 )
Total income (loss) from operations	0.65	0.18	0.31	(0.07)	(0.67)
Less distributions from:
Net investment income	(0.29 )	(0.30 )	(0.27 )	(0.25 )	(0.22 )
Total distributions	(0.29 )	(0.30 )	(0.27 )	(0.25 )	(0.22 )
Net asset value, end of year	$8.70	$8.34	$8.46	$8.42	$8.74
Total return, based on NAV3,4	7.91 %	2.01 %	3.75 %	(0.80 )%	(7.05 )%
Net assets, end of year (000s)	$99,507	$591	$813	$848	$886
Ratios to average net assets:
Gross expenses	0.57 %	0.59 %	0.61 %	0.59 %	0.56 %
Net expenses5,6,7	0.55	0.59	0.61	0.59	0.56
Net investment income6	3.69	3.46	3.21	2.91	2.40
Portfolio turnover rate	35 %	11 %	22 %	19 %	21 %

1	Per share amounts have been calculated using the average shares method.
2	Effective after the market close on November 7, 2025, the Fund’s predecessor mutual fund, Putnam Pennsylvania Tax Exempt Income Fund, reorganized into this Fund (the “Reorganization”). See Note 1 in the Notes to Financial Statements for additional information about the Reorganization.
3	The Fund adopted the performance of the predecessor mutual fund as the result of the Reorganization. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ending on or prior to November 7, 2025, are those of the predecessor mutual fund. The predecessor mutual fund’s performance is represented by the performance of the predecessor mutual fund’s Class R6 Shares. Had the predecessor mutual fund been structured as an ETF, its performance may have differed.
4	Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. The total return calculation assumes that distributions are reinvested at NAV. Past performance is no guarantee of future results.
5	The manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund.
6	Ratio includes the impact of expense reductions. In the absence of these expense reductions, the net expense ratio and the net investment income ratio would not have changed for the years ended May 31, 2026, 2025, 2024, 2023 and 2022.
7	Reflects fee waivers and/or expense reimbursements.

See Notes to Financial Statements.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Notes to Financial Statements

1. Organization and significant accounting policies

Franklin Pennsylvania 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 adopted the performance of the Putnam Pennsylvania Tax Exempt Income Fund (the “predecessor mutual fund”) as the result of a reorganization of the predecessor mutual fund into the Fund (the “Reorganization”) that was effective after the market close on November 7, 2025. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ended on or prior to November 7, 2025, are those of the predecessor mutual fund. The predecessor mutual fund’s performance is represented by the performance of the predecessor mutual fund’s Class R6 Shares.
Prior to the Fund’s listing on November 10, 2025, the net asset value (“NAV”) performance of Class R6 of the predecessor mutual fund is used as a proxy for the Fund’s market price returns. Had the predecessor mutual fund been structured as an ETF, its performance may have differed.

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 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. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Notes to Financial Statements (cont’d)

resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.

(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. 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

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

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 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 carried at fair value:

ASSETS
Description	Quoted Prices (Level 1)	Other Significant Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Municipal Bonds†	—	$94,860,239	—	$94,860,239
Short-Term Investments†:
Money Market Funds	$7,288,407	—	—	7,288,407
Municipal Bonds	—	2,520,000	—	2,520,000
Total Short-Term Investments	7,288,407	2,520,000	—	9,808,407
Total Investments	$7,288,407	$97,380,239	—	$104,668,646

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Notes to Financial Statements (cont’d)

†	See Schedule of Investments for additional detailed categorizations.

(b) Securities traded on a when-issued and delayed delivery basis. The Fund may trade securities on a when-issued or delayed delivery basis. In when-issued and delayed delivery transactions, the securities are purchased or sold by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield to the Fund at the time of entering into the transaction.

Purchasing such securities involves risk of loss if the value of the securities declines prior to settlement. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

(c) Fund concentration. Since the Fund invests primarily in obligations of issuers within Pennsylvania, it is subject to possible risks associated with economic, political, credit or legal developments or industrial or regional matters specifically affecting Pennsylvania.

(d) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

(e) Insurance. The scheduled payments of interest and principal for each insured municipal security in the Trust are insured by either a new issue insurance policy or a secondary insurance policy. Some municipal securities in the Fund are secured by collateral guaranteed by an agency of the U.S. government. Depending on the type of coverage, premiums for insurance are either added to the cost basis of the security or paid by a third party.

Insurance companies typically insure municipal bonds that tend to be of very high quality with the majority of underlying municipal bonds rated A or better. However, an event involving an insurer could have an adverse effect on the value of the securities insured by that insurance company. There can be no assurance the insurer will be able to fulfill its obligations under the terms of the policy.

(f) Distributions to shareholders. Distributions from net investment income of the Fund, if any, are declared and paid monthly, and distributions of net realized gains, if any, are declared at least annually. The Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from federal and certain state income taxes, to retain such tax-exempt status when distributed to shareholders. Distributions to

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

For the period June 1, 2025 through November 7, 2025, the predecessor mutual fund declared distributions from net investment income daily and paid monthly to shareholders of record. Distributions of net realized capital gains, if any, were declared at least annually.

(g) Federal and other taxes. It is the Fund’s policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund’s financial statements.

Management has analyzed the Fund’s tax positions taken on income tax returns for all open tax years and has concluded that as of May 31, 2026, no provision for income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.

(h) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. During the current year, the following reclassifications have been made:

	Total Distributable Earnings (Loss)	Paid-in Capital
(a)	$(197,870)	$197,870

(a)

Reclassifications are due to bond discounts and premiums.

(i) Guarantees and indemnifications. Under the Fund’s organizational documents, its officers and trustees are indemnified by the Fund against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund expects the risk of loss to be remote.

2. Investment management agreement and other transactions with affiliates

Franklin Advisers, Inc. (“Advisers”) is the Fund’s investment manager. Putnam Investment Management, LLC (“Putnam Management”) and Franklin Templeton Investment Management Limited (“FTIML”) are the Fund’s subadvisers. Advisers and Putnam Management are direct and indirect wholly-owned subsidiaries, respectively, of Franklin Resources, Inc. (“Franklin Resources”). FTIML is an indirect subsidiary of Franklin Resources.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Notes to Financial Statements (cont’d)

Effective after the market close on November 7, 2025, the Fund pays its investment manager an annual all-inclusive unified management fee of 0.35% based on the Fund’s average daily net assets computed daily and paid monthly. The management fee covers investment management services and all of the Fund’s organizational and other operating expenses with certain exceptions, including but not limited to: payments under distribution plans, interest, taxes, brokerage commissions and other transaction costs, fund proxy expenses, litigation expenses, extraordinary expenses and acquired fund fees and expenses.

Advisers has retained Putnam Management as a subadviser for the Fund pursuant to a subadvisory agreement. Pursuant to the agreement, Putnam Management provides certain advisory and related services to the Fund. Advisers pays a monthly fee to Putnam Management based on the costs of Putnam Management in providing these services to the Fund, which may include a mark-up not to exceed 15% over such costs.

FTIML is authorized by the Trustees to manage a separate portion of the assets of the Fund as determined by Advisers from time to time. FTIML did not manage any portion of the assets of the Fund during the reporting period. If Advisers were to engage the services of FTIML, Advisers (and not the Fund) would pay a monthly sub-management fee to FTIML for its services at an annual rate of 0.20% of the average net assets of the portion of the Fund assets managed by FTIML.

Under an agreement with Advisers, Franklin Templeton Services, LLC (“Franklin Templeton Services”), provides administrative services to the Fund. The fee is paid by Advisers based on the costs incurred by Franklin Templeton Services and is not an additional expense of the Fund.

The Fund invests in Putnam Government Money Market Fund, an open-end management investment company managed by Advisers. The manager has agreed to waive the Fund’s management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the “affiliated money market fund waiver”).

Franklin Distributors, LLC (“Franklin Distributors”) serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealer subsidiary of Franklin Resources.

The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.

For the period June 1, 2025 through November 7, 2025, the predecessor mutual fund had adopted distribution plans (“the Plans”) with respect to the following share classes pursuant to Rule 12b -1 under the 1940 Act. The purpose of the Plans was to compensate

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Franklin Distributors for services provided and expenses incurred in distributing shares of the predecessor mutual fund. The Plans provided payments by the predecessor mutual fund to Franklin Distributors at an annual rate of up to the following amounts (Maximum %) of the average net assets attributable to each class. The Trustees had approved payment by the predecessor mutual fund at the following annual rate (Approved %) of the average net assets attributable to each class.

Share Class	Maximum %	Approved %	Service and/or Distribution Fees
Class A	0.35%	0.25%	$85,335
Class C	1.00%	1.00%	10,830
Total			$96,165

For the period June 1, 2025 through November 7, 2025, Putnam Investor Services, Inc. (“PSERV”), an affiliate of Advisers, provided investor servicing agent functions to the predecessor mutual fund. PSERV received fees for investor servicing for Class A, Class C and Class Y Shares that included (1) a per account fee for each direct and underlying non-defined contribution account (retail account) of the predecessor mutual fund; (2) a specified rate of the predecessor mutual fund’s assets attributable to defined contribution plan accounts; and (3) a specified rate based on the average net assets in retail accounts. PSERV had agreed that the aggregate investor servicing fees for each fund’s retail and defined contribution accounts for these share classes would not exceed an annual rate of 0.25% of the predecessor mutual fund’s average assets attributable to such accounts. Class R6 Shares paid a monthly fee based on the average net assets of Class R6 shares at an annual rate of 0.05%.

Share Class	Transfer Agent Fees
Class A	$24,513
Class C	782
Class R6	127
Class Y	4,104
Total	$29,526

For the period June 1, 2025 through November 7, 2025, the predecessor mutual fund paid Advisers a management fee (based on the predecessor mutual fund’s average net assets and computed daily and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of all open-end mutual funds sponsored by Putnam Management (including open-end funds managed by affiliates of Putnam Management that have been deemed to be sponsored by Putnam Management for this purpose) (excluding net assets of such funds that are invested in, or that are invested in by, other such funds to the extent necessary to avoid “double counting” of those assets). Such annual rates may vary as follows:

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Notes to Financial Statements (cont’d)

Average Daily Net Assets
First $5 billion
Next $5 billion
Next $10 billion
Next $10 billion
Next $50 billion
Next $50 billion
Next $100 billion
Over $230 billion

Annual Rate
0.590%
0.540%
0.490%
0.440%
0.390%
0.370%
0.360%
0.355%

For the year ended May 31, 2026, the annualized gross effective investment management fee rate was 0.378% of the Fund’s average daily net assets.

For the period June 1, 2025 through November 7, 2025, Advisers had contractually agreed, through September 30, 2026, to waive fees and/or reimburse the predecessor mutual fund’s expenses to the extent necessary to limit the cumulative expenses of the predecessor mutual fund, exclusive of brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the predecessor mutual fund’s investor servicing contract, investment management contract and distribution plans, on a fiscal year-to-date basis to an annual rate of 0.20% of the predecessor mutual fund’s average net assets over such fiscal year-to-date period.

The predecessor mutual fund had entered into an arrangement with Putnam Investor Services, Inc. whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the predecessor mutual fund’s transfer agent fees. During the period June 1, 2025 through November 7, 2025, the fees were reduced as noted in the Statement of Operations.

During the year ended May 31, 2026, fees waived and/or expenses reimbursed amounted to $8,185, all of which was an affiliated money market fund waiver.

Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. These charges are deducted from the proceeds of sales of fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. Effective July 21, 2025, any front-end sales charges applicable to the purchase of Fund shares or contingent deferred sales charges applicable to the redemption of Fund shares were waived. For the period June 1, 2025 through November 7, 2025, Franklin Distributors has advised the Fund of the following commission transactions related to the sales and redemptions of the Fund’s shares for the period:

	Class A Shares	Class C Shares
Sales charges	$600	—
CDSCs	—	$55

The Fund has adopted a Trustee Fee Deferral Plan (the “Deferral Plan”) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable from July 1, 1995

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

through December 31, 2023. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.

All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.

3. Investments

During the year ended May 31, 2026, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

Purchases	$30,327,802
Sales	30,692,199

At May 31, 2026, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:

	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
Securities	$105,553,685	$1,844,502	$(2,729,541)	$(885,039)

4. Derivative instruments and hedging activities

During the year ended May 31, 2026, the Fund did not invest in derivative instruments.

5. Fund share transactions

At May 31, 2026, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 50,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Fund’s Statements of Changes in Net Assets. Creations and redemptions for cash

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Notes to Financial Statements (cont’d)

(when cash creations and redemptions are available or specified) may be subject to an additional variable fee.

	Year Ended May 31, 2026		Year Ended May 31, 2025
	Shares	Amount	Shares	Amount
Class A Shares1
Shares sold2	150,044	$1,253,488	492,489	$4,245,508
Shares issued on reinvestment	123,524	1,039,202	289,022	2,486,642
Shares repurchased	(10,109,404 )	(86,890,932 )	(1,353,719 )	(11,667,317 )
Net decrease	(9,835,836 )	$(84,598,242 )	(572,208 )	$(4,935,167 )
Class B Shares3
Shares sold	—	—	—	—
Shares issued on reinvestment	—	—	8	$73
Shares repurchased	—	—	(2,713 )	(23,274 )
Net decrease	—	—	(2,705 )	$(23,301 )
Class C Shares1
Shares sold	3,201	$26,881	13,486	$115,746
Shares issued on reinvestment	3,271	27,512	8,691	74,860
Shares repurchased2	(347,581 )	(2,976,742 )	(111,557 )	(966,292 )
Net decrease	(341,109 )	$(2,922,349 )	(89,380 )	$(775,686 )
Total Fund (Previously Class R6 Shares)4
Shares sold	12,225,559	$105,633,103	21,415	$185,772
Shares issued on reinvestment	912	7,690	2,653	22,911
Shares repurchased	(858,149 )	(7,396,321 )	(49,307 )	(422,533 )
Net increase (decrease)	11,368,322	$98,244,472	(25,239 )	$(213,850 )
Class Y Shares1
Shares sold	277,700	$2,321,591	565,123	$4,830,870
Shares issued on reinvestment	23,475	197,874	40,979	352,841
Shares repurchased	(1,683,785 )	(14,520,371 )	(497,662 )	(4,272,400 )
Net increase (decrease)	(1,382,610 )	$(12,000,906 )	108,440	$911,311

1	Shares of the class of the predecessor mutual fund was converted into Class R6 Shares as a part of the Reorganization. Such conversion of shares into Class R6 Shares is included under “Shares repurchased”.
2	May include a portion of Class C Shares that were automatically converted to Class A Shares.
3	Effective September 5, 2024, the Fund has terminated its Class B Shares.
4	Effective after the market close on November 7, 2025, the predecessor mutual fund, reorganized into this Fund (the “Reorganization”). The predecessor mutual fund’s Class R6 Shares’ performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to the Reorganization reflects that of the predecessor mutual fund’s Class R6 Shares. Shares of the other classes of the predecessor mutual fund were converted into Class R6 Shares as a part of the Reorganization. Such conversion of the other classes of shares into Class R6 Shares is included under “Shares sold”.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

6. 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 year ended May 31, 2026. The following transactions were effected in such company for the year ended May 31, 2026.

	Affiliate Value at May 31, 2025	Purchased		Sold
	Affiliate Value at May 31, 2025	Cost	Shares	Proceeds	Shares
Money Market Funds:
Putnam Government Money Market Fund, Class P Shares	—	$26,248,239	26,248,239	$18,959,832	18,959,832
Putnam Short Term Investment Fund, Class P Shares	$1,892,381	25,152,335	25,152,335	27,044,716	27,044,716
Total	$1,892,381	$51,400,574		$46,004,548

(cont’d)	Realized Gain (Loss)	Dividend Income	Net Increase (Decrease) in Unrealized Appreciation (Depreciation)	Affiliate Value at May 31, 2026
Money Market Funds:
Putnam Government Money Market Fund, Class P Shares	—	$101,759	—	$7,288,407
Putnam Short Term Investment Fund, Class P Shares	—	50,906	—	—
	—	$152,665	—	$7,288,407

7. Redemption facility

Prior to the Reorganization, the predecessor mutual fund, together with other U.S. registered and foreign investment funds (collectively, the “Borrowers”) managed by Franklin Resources or its affiliates, was a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the “Global Credit Facility”). The Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests.

Under the terms of the Global Credit Facility, a participating fund shall, in addition to interest charged on any borrowings made by the fund and other costs incurred by the fund, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Notes to Financial Statements (cont’d)

unused portion of the Global Credit Facility. The predecessor mutual fund did not utilize the Global Credit Facility during the year ended May 31, 2026. Effective upon the Reorganization, the Fund is not a participant in the Global Credit Facility and has no related rights or obligations under the facility.

8. Income tax information and distributions to shareholders

The tax character of distributions paid during the fiscal years ended May 31, was as follows:

	2026	2025
Distributions paid from:
Tax-exempt income	$2,803,250	$3,141,677
Ordinary income	124,232	86,543
Total distributions paid	$2,927,482	$3,228,220

As of May 31, 2026, the components of distributable earnings (loss) on a tax basis were as follows:

Undistributed tax-exempt income — net	$446,940
Deferred capital losses*	(4,575,504)
Unrealized appreciation (depreciation)(a)	(885,041)
Total distributable earnings (loss) — net	$(5,013,605)

*	These capital losses have been deferred in the current year as either short-term or long-term losses. The losses will be deemed to occur on the first day of the next taxable year in the same character as they were originally deferred and will be available to offset future taxable capital gains.
(a)	The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable to tax straddles and bond discounts and premiums.

9. Operating segments

The Fund operates as a single operating segment, which is an investment portfolio. The portfolio managers assigned to the Fund within the Fund’s investment manager serve as the Chief Operating Decision Maker (“CODM”) and are responsible for evaluating the Fund’s operating results and allocating resources in accordance with the Fund’s investment strategy. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of Assets and Liabilities and the Statement of Operations, along with the related Notes to Financial Statements. The Fund’s Schedule of Investments provides details of the Fund’s investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Putnam ETF Trust and Shareholders of Franklin Pennsylvania Municipal Income ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Franklin Pennsylvania Municipal Income ETF (one of the funds constituting Putnam ETF Trust, referred to hereafter as the “Fund”) as of May 31, 2026, the related statement of operations for the year ended May 31, 2026, the statement of changes in net assets for each of the two years in the period ended May 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2026 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2026 and the financial highlights for each of the five years in the period ended May 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts
July 20, 2026

We have served as the auditor of one or more investment companies in the Putnam Funds family of funds since at least 1957. We have not been able to determine the specific year we began serving as auditor.

Franklin Pennsylvania Municipal Income ETF 2026 Annual Report

Important Tax Information (unaudited)

By mid-February, tax information related to a shareholder’s proportionate share of distributions paid during the preceding calendar year will be received, if applicable. Please also refer to www.franklintempleton.com for per share tax information related to any distributions paid during the preceding calendar year. Shareholders are advised to consult with their tax advisors for further information on the treatment of these amounts on their tax returns.

The following tax information for the Fund is required to be furnished to shareholders with respect to income earned and distributions paid during its fiscal year.

The Fund hereby reports the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended May 31, 2026:

	Pursuant to:	Amount Reported
Exempt-Interest Dividends Distributed	§852(b)(5)(A)	$2,803,250
Section 163(j) Interest Earned	§163(j)	$124,232

Franklin Pennsylvania Municipal Income ETF

Franklin

Pennsylvania Municipal Income ETF

Trustees

Liaquat Ahamed

Barbara M. Baumann

Chair

Jonathan de St. Paer*

Katinka Domotorffy

Catharine Bond Hill

Gregory G. McGreevey

Jennifer Williams Murphy

Marie Pillai

Warren Lowell Putnam*

George Putnam III

Robert L. Reynolds

Manoj P. Singh

Mona K. Sutphen

Kenneth Yutaka Tanji*

Jane Trust

Investment manager

Franklin Advisers, Inc.

Subadvisers

Putnam Investment Management, LLC

Franklin Templeton Investment Management Limited

Distributor

Franklin Distributors, LLC

Custodian

The Bank of New York Mellon

Transfer agent

The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Independent registered public accounting firm

PricewaterhouseCoopers LLP Boston, MA

Effective March 1, 2026, Messrs. de St. Paer, Putnam and Tanji became Trustees of the Fund.

Franklin Pennsylvania Municipal Income ETF

The Fund is a separate investment series of Putnam ETF Trust, a Delaware statutory trust.

Franklin Pennsylvania Municipal Income ETF
Putnam Investments
100 Federal Street
Boston, MA 02110

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 1-800-225-1581.

Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 1-800-225-1581, (2) at www.franklintempleton.com and (3) on the SEC’s website at www.sec.gov.

This report is submitted for the general information of the shareholders of Franklin Pennsylvania Municipal Income ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.

Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the Fund. Please read the prospectus carefully before investing.

www.franklintempleton.com

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Changes in and Disagreements with Accountants	For the period covered by this report
Not applicable.
Results of Meeting(s) of Shareholders	For the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers and Others	For the period covered by this report
Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the Fund.

Putnam ETF Trust

By:	/s/ Jonathan S. Horwitz
	Jonathan S. Horwitz
	Principal Executive Officer

Date:	July 24, 2026

By:	/s/ Jonathan S. Horwitz
	Jonathan S. Horwitz
	Principal Executive Officer

Date:	July 24, 2026

By:	/s/ Jeffrey White
	Jeffrey White
	Principal Financial Officer

Date:	July 24, 2026

	(a)	Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

	(b)	Not applicable.

	(a)	The Registrants acknowledge the Staff’s comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations “principal executive officer” and “principal financial officer” in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory’s actual title with respect to the Funds alongside the required designation.

	(b)	During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.