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N-1A
PUTNAM ETF TRUST
2026-09-24
Fund summary
Goal
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund seeks capital appreciation.</div>
Fees and expenses
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span></div>
Annual Fund Operating Expenses(expenses you pay each year as a percentage of the value of your investment)
0.0035
0.0000
0.0000
0.0035
Other expenses are based on estimated expenses for the current fiscal year
Example
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same (except that any applicable fee waiver or expense reimbursement is reflected only through its expiration date). Your actual costs may be higher or lower.</div>
36
112
Portfolio turnover
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s portfolio turnover rate will be available after the fund completes its first fiscal year. The turnover rate of the Predecessor Fund (as defined below) in the fiscal year ended August 31, 2025 was 31%.</div>
0.31
Investments, risks, and performance Principal investment strategies
<div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund invests mainly in equity securities (growth or value stocks or both) of large and midsize companies that the Investment Manager, as defined below, believes have favorable investment potential. The Investment Manager may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes, if any) in equity securities of companies located in the United States. The fund considers a company to be located in the United States if the company’s securities trade in the United States, the company is headquartered or organized in the United States or the company derives a majority of its revenues or profits in the United States. Equity securities include common stocks, preferred stocks, convertible securities, warrants, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). This policy may be changed only after 60 days’ notice to shareholders.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund is “non‑diversified,” which means it may invest a greater percentage of its assets in fewer issuers than a “diversified” fund. The fund expects to invest in a limited number of issuers.</div>
The fund invests mainly in equity securities (growth or value stocks or both) of large and midsize companies that the Investment Manager, as defined below, believes have favorable investment potential. The Investment Manager may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments.
Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes, if any) in equity securities of companies located in the United States.
The fund considers a company to be located in the United States if the company’s securities trade in the United States, the company is headquartered or organized in the United States or the company derives a majority of its revenues or profits in the United States. Equity securities include common stocks, preferred stocks, convertible securities, warrants, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).
<div style="margin-top: 4pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">It is important to understand that you can lose money by investing in the fund.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Market risk: </span>The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Common stock risk: </span>Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. Companies whose stocks the Investment Manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund will be more susceptible to these risks than other funds because it concentrates its investments in a limited number of issuers or sectors, and the fund may perform poorly as a result of adverse developments affecting those issuers or sectors. These risks are generally greater for small and midsize companies.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Industry or sector concentration risk: </span>From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. For example, the fund may invest a significant portion of its assets in companies in the information technology sector that may be significantly affected by technological obsolescence or innovation, short product cycles, falling prices and profits, competitive pressures and general market conditions.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Non‑diversified risk:</span> As a non‑diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. Moreover, the gains and losses on a single investment may have a greater impact on the fund’s net asset value and may make the fund more volatile than more diversified funds.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Large shareholder transaction risk: </span>The<span style="font-weight: bold;"> </span>fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the fund. The fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. In addition, a large number of shareholders may collectively purchase or redeem fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the fund’s liquidity and net assets. These redemptions may also adversely affect the fund’s performance if the fund is forced to sell securities, which may also increase the fund’s brokerage costs.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Cybersecurity risk:</span> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or customer data (including private shareholder information), or proprietary information, cause the fund, the Investment Manager, authorized participants and listing exchanges and/or their service providers (including, but not limited to, fund accountants, custodians, sub‑custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent fund investors from purchasing or redeeming shares or receiving distributions. The fund and the Investment Manager have limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the fund and/or the Investment Manager. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Because technology continues to evolve rapidly, including through developments in artificial intelligence and machine learning, new methods of carrying out cyber-attacks continue to emerge. As a result, certain cybersecurity risks may not yet be identified and some cyber-attacks may not be detected promptly, which may limit the fund’s ability to anticipate, prepare for or respond effectively to a cybersecurity incident. Like other funds and business enterprises, the fund, the Investment Manager and their service providers are subject to the risk of cybersecurity incidents from time to time. The rapid development and increasingly widespread use of artificial intelligence technologies may increase the sophistication and effectiveness of cyber attacks, which may exacerbate these risks.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Management and operational risk: </span>There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments selected for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div>
An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Fluctuation of net asset value and share price risk:</span> Shares may trade at a larger premium or discount to the fund’s net asset value than shares of other ETFs. The net asset value of the fund will generally fluctuate with changes in the market value of the fund’s holdings. The fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the fund’s shares may result in the fund’s shares trading significantly above (at a premium) or below (at a discount) net asset value or the intraday value of the fund’s holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for fund shares may become less liquid in response to deteriorating liquidity in the markets for the fund’s underlying portfolio holdings.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Trading issues risk:</span> The fund has no public trading history. There can be no assurance that an active trading market will develop or be maintained or that the market for fund shares will operate as intended, which could lead to the fund’s shares trading at wider spreads and larger premiums and discounts to net asset value than other actively managed ETFs. As a result, it may cost investors more to trade fund shares than shares of other ETFs. There is no guarantee that the fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in the fund’s shares or to submit purchase and redemption orders for creation units.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The market prices of the fund’s shares are expected to fluctuate, in some cases materially, in response to changes in the fund’s net asset value, the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">intraday value of the fund’s holdings and supply and demand for the fund’s shares. The Investment Manager cannot predict whether the fund’s shares will trade above, below or at their net asset value or the intraday value of the fund’s holdings. During periods when the fund is trading below its net asset value, investors may incur significant losses if they sell shares.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The securities held by the fund may be traded in markets that close at a different time than the exchange on which the fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid‑ask spreads on the exchange and the corresponding premium or discount to the shares’ net asset value may widen.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Authorized participant concentration risk:</span> Only an authorized participant may engage in creation and redemption transactions directly with the fund. The fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for fund shares or fund shares may trade at a discount (or premium) to net asset value and possibly face trading halts and/or delisting.</div>
Performance
<div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund has not commenced operations as of the date of this prospectus. Simultaneous with the fund’s commencement of operations, which is anticipated to occur on or about September 28, 2026, the fund will acquire the assets and assume the liabilities of the Putnam Focused Equity Fund (the “Predecessor Fund”) in a reorganization (the “Reorganization”). As a result of the Reorganization, the fund will adopt the performance and financial history of the Predecessor Fund’s Class R6 shares.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The accompanying bar chart and table provide some indication of the risks of investing in the Predecessor Fund. The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6). The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund, and the Linked S&P 500 Index, which represents the performance of the MSCI World Industries Index-NR through June 23, 2019, and the performance of the S&P 500 Index thereafter. Before June 24, 2019, the Predecessor Fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. The fund has the same investment goal and substantially similar strategies as the Predecessor Fund, and the performance of the Predecessor Fund’s Class R6 shares shown below has not been adjusted to reflect the lower net expense ratio attributable to the fund. As a result, the performance returns of the fund</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">for the periods shown would have been different than those of the Predecessor Fund’s Class R6 shares. Had the Predecessor Fund been structured as an ETF, its performance may have differed.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;"><span style="font-style: italic;">The fund’s (and Predecessor Fund’s) past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </span></div>
The fund has not commenced operations as of the date of this prospectus.
The bar chart shows changes in the Predecessor Fund’s performance from year to year (represented by the performance of the Predecessor Fund’s Class R6). The table shows the average annual total returns of the Predecessor Fund and also compares the Predecessor Fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund, and the Linked S&P 500 Index, which represents the performance of the MSCI World Industries Index-NR through June 23, 2019, and the performance of the S&P 500 Index thereafter.
www.franklintempleton.com
The fund’s (and Predecessor Fund’s) past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.
Annual total returns for class R6 shares
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<td style="border-top: 0.75pt solid #999999; border-bottom: 0.75pt solid #999999; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">Best Quarter:</div> </td>
<td style="border-top: 0.75pt solid #999999; border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #999999; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #999999; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: bottom; text-align: right;">Q2 2020</td>
<td style="border-top: 0.75pt solid #999999; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #999999; border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #999999; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-top: 0.75pt solid #999999; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: bottom; text-align: right;">23.13</td>
<td style="border-top: 0.75pt solid #999999; border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
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<td style="border-bottom: 0.75pt solid #999999; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">Worst Quarter:</div> </td>
<td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: bottom; text-align: right;">Q1 2020</td>
<td style="border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: bottom; text-align: right;">-21.59</td>
<td style="border-bottom: 0.75pt solid #999999; white-space: nowrap; vertical-align: bottom;">% </td> </tr>
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<td style="border-bottom: 0.75pt solid #999999; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">As of June 30, 2026, the year‑to‑date return was 9.34%</div> </td>
<td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td>
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<td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td>
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<td style="border-bottom: 0.75pt solid #999999; vertical-align: bottom;"> </td> </tr> </table>
Best Quarter:
2020-06-30
0.2313
Worst Quarter:
2020-03-31
-0.2159
2026-06-30
year‑to‑date return
0.0934
Average annual total returns(for periods ended 12/31/25)
0.1965
0.1519
0.1468
0.1755
0.1316
0.1311
0.1309
0.1161
0.1175
0.1715
0.1315
0.1429
0.1788
0.1442
0.1482
0.1788
0.1442
0.1398
<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">After‑tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. These</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">after‑tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax‑advantaged arrangement.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">Important data provider notices and terms are available at <span style="font-family: arial; font-size: 8pt; color: #467886;"><span style="text-decoration: underline;">www.franklintempletondatasources.com</span></span><span style="font-family: arial;">. Such information is subject to change. </span></div>
After‑tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes.
Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. These after‑tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax‑advantaged arrangement.
Performance for class R6 shares prior to their inception (5/22/18) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it been adjusted, returns would have been higher.
Other expenses are based on estimated expenses for the current fiscal year