Schedule of Investments (unaudited)
August 31, 2026
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 Franklin New Jersey Municipal Income ETF

(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 92.9%
American Samoa — 0.3%
 
American Samoa EDA Revenue, Series A
5.000%
9/1/38
 $500,000
 $499,859
 (a)
California — 0.7%
 
Davis Joint, CA, USD, GO, Series 2020, BAM
3.000%
8/1/38
1,400,000
1,240,424
 
Delaware — 2.0%
Delaware River & Bay Authority, DE, Revenue:
Series 2022, Refunding
5.000%
1/1/38
410,000
434,119
 
Series 2022, Refunding
5.000%
1/1/40
1,865,000
1,954,929
 
Series A
5.000%
1/1/49
1,000,000
1,023,291
 
Total Delaware
3,412,339
Guam — 2.8%
Antonio B Won Pat, GU, International Airport Authority Revenue:
Series A
5.000%
10/1/34
100,000
105,720
 (b)
Series A
5.250%
10/1/35
100,000
107,057
 (b)
Series A
5.250%
10/1/37
175,000
185,005
 (b)
Series A
5.250%
10/1/38
200,000
209,718
 (b)
Series A
5.250%
10/1/40
200,000
206,313
 (b)
Series A, Refunding
5.250%
10/1/35
265,000
281,712
 (b)
Guam Government, Business Privilege Tax Revenue, Series F, Refunding
4.000%
1/1/42
1,400,000
1,288,169
 
Guam Government, Hotel Occupancy Tax Revenue, Series A, Refunding
5.000%
11/1/40
450,000
457,437
 
Guam Government, Waterworks Authority Revenue:
Water and Wastewater System, Series A
5.250%
7/1/50
600,000
604,943
 
Water and Wastewater System, Series A
5.500%
7/1/55
900,000
918,465
 
Water and Wastewater System, Series A, Refunding
5.000%
1/1/46
535,000
538,550
 
Total Guam
4,903,089
Missouri — 0.8%
 
Kansas City, MO, IDA, Airport System Revenue, Kansas City International
Airport Terminal Modernization Project, Series A
4.000%
3/1/45
1,520,000
1,359,870
 (b)
New Jersey — 74.6%
Atlantic City, NJ, GO:
Series A, Refunding, BAM, State Aid Withholding
5.000%
3/1/42
1,000,000
1,002,676
 
Series B, AG, State Aid Withholding
5.000%
3/1/37
1,000,000
1,005,413
 
Atlantic County, NJ, Improvement Authority Revenue:
Atlantic City Campus Phase II Project, Series A, AG
4.000%
7/1/47
750,000
699,930
 
Atlantic City Campus Phase II Project, Series A, AG
4.000%
7/1/53
600,000
538,450
 
Camden County, NJ, Improvement Authority Revenue:
Camden Prep High School Project, Series 2022
5.000%
7/15/42
1,180,000
1,148,820
 (a)
Cooper Norcross Academy, Series 2022
6.000%
6/15/62
1,000,000
1,022,934
 
County Capital Program, Series B, Refunding, County GTD
5.000%
1/15/38
475,000
516,753
 
County Capital Program, Series B, Refunding, County GTD
5.000%
1/15/39
250,000
269,050
 
County Capital Program, Series B, Refunding, County GTD
5.000%
1/15/40
200,000
213,433
 
Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue:
Series A, Refunding, AG
5.000%
11/1/40
1,285,000
1,337,561
 
Series A, Refunding, AG
5.000%
11/1/41
1,100,000
1,141,342
 
Series A, Refunding, AG
5.000%
11/1/42
1,340,000
1,386,536
 
Series B, AG
5.000%
11/1/38
200,000
211,725
 
See Notes to Schedule of Investments.
1
Franklin New Jersey Municipal Income ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Franklin New Jersey Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
New Jersey — continued
Essex County, NJ, Improvement Authority Revenue:
North Star Academy Charter School of Newark Inc., Series 2020
4.000%
7/15/40
 $825,000
 $737,582
 (a)
North Star Academy Charter School of Newark Inc., Series A, Refunding
5.000%
7/15/54
500,000
468,165
 (a)
North Star Academy Charter School of Newark Inc., Series A, Refunding
5.000%
7/15/64
775,000
707,654
 (a)
The Friends of Team Charter Schools Inc., Series 2021
4.000%
6/15/56
1,500,000
1,211,083
 
Gloucester County, NJ, Improvement Authority Revenue:
Rowan University Projects, BAM
5.000%
7/1/54
3,000,000
3,024,385
 
Rowan University Projects, Refunding
5.000%
7/1/44
225,000
237,671
 
Hudson County, NJ, Improvement Authority Revenue:
Hudson County Courthouse Project, Series 2020
3.000%
10/1/35
3,500,000
3,239,291
 
Series 2019, Refunding, County GTD
4.000%
1/1/35
800,000
805,669
 
Jersey City Municipal Utilities Authority, NJ, Sewer Revenue:
Series D, Refunding, BAM
5.000%
10/15/51
1,500,000
1,554,325
 
Series D, Refunding, BAM
5.000%
10/15/56
1,150,000
1,182,017
 
Series E, Refunding, BAM, Municipal Government GTD
5.750%
10/15/55
750,000
810,251
 
Middlesex County, NJ, Improvement Authority Revenue:
Health and Life Science Exchange H-3 Project, Series 2026
5.950%
6/1/61
500,000
507,247
 (a)
Health and Life Science Exchange H-3 Project, Series 2026
7.125%
6/1/61
500,000
505,554
 (a)
Monmouth County, NJ, Improvement Authority Revenue:
Refunding
5.000%
12/1/40
500,000
536,530
 
Refunding
5.000%
12/1/42
500,000
532,422
 
New Jersey State EDA Revenue:
Foundation Academy Charter School Project, Series A
5.000%
7/1/38
300,000
300,016
 
Foundation Academy Charter School Project, Series A
5.000%
7/1/50
1,000,000
917,596
 
Middlesex Water Company Project
4.000%
8/1/59
1,000,000
822,836
 (b)
Natural Gas Facilities Revenue, Series C, Refunding
3.750%
4/1/33
250,000
249,397
 (b)(c)(d)
New Jersey Transit Corp. Project, Series B, Refunding
5.000%
11/1/26
1,000,000
1,003,858
 
North Star Academy Charter School of Newark Inc. Project
5.000%
7/15/47
1,000,000
960,704
 
Portal North Bridge Project, Series A
5.250%
11/1/42
1,350,000
1,417,598
 
Provident Group-Montclair Properties LLC, Montclair State University Student
Housing Project, Refunding, AG
5.000%
6/1/37
1,750,000
1,766,858
 
School Facilities Construction, Series AAA
5.000%
6/15/36
550,000
553,982
 (e)
School Facilities Construction, Series MMM, Refunding
4.000%
6/15/35
1,000,000
1,003,202
 
School Facilities Construction, Series MMM, Refunding
4.000%
6/15/36
1,500,000
1,498,590
 
School Facilities Construction, Series SSS, Refunding
5.250%
6/15/39
1,250,000
1,349,957
 
Special Facility, Port Newark Container Terminal LLC Project, Refunding
5.000%
10/1/37
1,800,000
1,814,058
 (b)
Special Facility, Port Newark Container Terminal LLC Project, Refunding
5.000%
10/1/47
2,015,000
2,004,581
 (b)
The Seeing Eye Inc. Project, Refunding
5.000%
6/1/32
1,500,000
1,529,798
 
Umm Energy Partners LLC Project, Series A
4.750%
6/15/32
1,000,000
1,000,170
 (b)
New Jersey State EFA Revenue:
College of New Jersey, Series G, Unrefunded
5.000%
7/1/30
616,000
616,945
 
Higher Education Capital Improvement Fund, Series A
5.250%
9/1/53
3,100,000
3,183,678
 
Kean University Issue, Series B, Refunding, BAM
5.000%
7/1/42
500,000
534,463
 
Kean University Issue, Series B, Refunding, BAM
5.000%
7/1/51
2,500,000
2,585,768
 
Kean University Issue, Series B, Refunding, BAM
5.250%
7/1/56
1,000,000
1,046,922
 
Princeton University, Series A-2
5.000%
3/1/43
1,500,000
1,594,811
 
See Notes to Schedule of Investments.
2
Franklin New Jersey Municipal Income ETF 2026 Quarterly Report
 Franklin New Jersey Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
New Jersey — continued
Seton Hall University, Series C, AG
4.000%
7/1/50
 $250,000
 $226,513
 
Stevens Institute of Technology, Green Bonds, Series A
4.000%
7/1/50
3,000,000
2,533,416
 
Stevens Institute of Technology, Series A, Refunding
5.000%
7/1/35
1,200,000
1,212,536
 
The William Paterson University of New Jersey, AG
5.000%
7/1/32
175,000
187,242
 
The William Paterson University of New Jersey, AG
5.000%
7/1/33
225,000
239,698
 
The William Paterson University of New Jersey, AG
3.000%
7/1/34
125,000
116,095
 
The William Paterson University of New Jersey, AG
3.000%
7/1/35
200,000
182,127
 
The William Paterson University of New Jersey, AG
4.000%
7/1/38
265,000
262,636
 
The William Paterson University of New Jersey, AG
3.000%
7/1/40
275,000
223,681
 
New Jersey State Environmental Infrastructure Revenue:
Green Bonds, Series A-1
5.000%
9/1/51
1,300,000
1,359,461
 
Green Bonds, Series A-2
5.000%
9/1/52
500,000
513,057
 
New Jersey State Health Care Facilities Financing Authority Revenue:
Inspira Health Obligated Group
5.000%
7/1/42
1,000,000
1,006,831
 
Inspira Health Obligated Group, Series A, Refunding
5.250%
7/1/54
3,130,000
3,246,938
 
Princeton Healthcare System, Series A, Refunding
5.000%
7/1/39
1,080,000
1,080,480
 
RWJ Barnabas Health Obligated Group
3.000%
7/1/51
1,750,000
1,240,089
 
RWJ Barnabas Health Obligated Group, Series A
5.000%
7/1/41
1,500,000
1,579,445
 
RWJ Barnabas Health Obligated Group, Series A
5.250%
7/1/54
1,135,000
1,169,894
 
RWJ Barnabas Health Obligation Group, Series A, Refunding
5.500%
7/1/38
1,250,000
1,427,111
 
Series A, Unrefunded
5.000%
7/1/27
5,000
5,009
 
St. Joseph’s Healthcare System Obligated Group, Refunding
5.000%
7/1/41
2,015,000
2,015,289
 
Valley Health System Obligated Group
4.000%
7/1/36
1,000,000
996,582
 
Valley Health System Obligated Group
4.000%
7/1/38
1,000,000
976,550
 
New Jersey State Higher Education, Student Assistance Authority Revenue:
Series 1A, Refunding
5.000%
12/1/35
1,500,000
1,599,684
 (b)
Series 1C, Refunding
5.500%
12/1/55
1,500,000
1,503,357
 (b)
Series A, Refunding
4.250%
12/1/46
1,000,000
969,608
 (b)
Series B, Refunding
5.250%
12/1/56
1,300,000
1,246,452
 (b)
New Jersey State Housing & Mortgage Finance Agency, MFH Revenue:
Series A, FNMA - Collateralized
4.550%
5/1/41
745,000
721,779
 
Series A-1, GNMA - Collateralized HUD Section 8
5.000%
1/20/66
1,875,000
1,787,644
 
Sustainable Bonds, Series D-1, GNMA / FNMA / FHLMC
5.100%
11/1/45
500,000
508,265
 
New Jersey State Housing & Mortgage Finance Agency, Single Family Housing
Revenue:
Series A, Refunding
4.500%
10/1/48
270,000
273,102
 
Sustainable Bonds, Series M
5.050%
10/1/45
490,000
493,607
 
New Jersey State Institute of Technology, GO:
Series A, Refunding, BAM
5.000%
7/1/44
500,000
532,331
 
Series A, Refunding, BAM
5.250%
7/1/55
750,000
784,670
 
New Jersey State Transportation Trust Fund Authority Revenue:
Transportation Program, Series A
0.000%
12/15/33
2,500,000
1,918,181
 
Transportation Program, Series A, Refunding
5.000%
12/15/34
1,000,000
1,034,130
 
Transportation Program, Series AA
5.250%
6/15/41
2,000,000
2,002,469
 
Transportation Program, Series AA
5.000%
6/15/50
1,000,000
1,016,771
 
Transportation Program, Series AA
5.000%
6/15/55
1,250,000
1,260,249
 
See Notes to Schedule of Investments.
3
Franklin New Jersey Municipal Income ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Franklin New Jersey Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
New Jersey — continued
Transportation Program, Series AA, Refunding
4.250%
6/15/44
 $1,000,000
 $946,759
 
Transportation Program, Series CC
5.250%
6/15/50
5,000,000
5,178,500
 
Transportation Program, Series CC
5.500%
6/15/50
500,000
572,398
 (e)
New Jersey State Turnpike Authority Revenue:
Series A
5.250%
1/1/50
1,000,000
1,045,162
 
Series A
5.250%
1/1/55
1,250,000
1,302,193
 
Series A-1
5.000%
1/1/46
1,000,000
1,046,096
 
Series B
5.250%
1/1/49
1,500,000
1,562,450
 
Series B
4.125%
1/1/54
1,000,000
925,463
 
Series C, Refunding
5.000%
1/1/42
1,000,000
1,049,884
 
Series C, Refunding
5.000%
1/1/45
1,500,000
1,557,535
 
New Jersey State, GO:
COVID-19 Emergency Bonds, Series A
3.000%
6/1/32
2,000,000
1,959,347
 
COVID-19 Emergency Bonds, Series A
4.000%
6/1/32
1,000,000
1,047,197
 
North Bergen Township Municipal Authority, NJ, Revenue:
Series 2007, Refunding, NATL
0.000%
12/15/26
1,000,000
991,281
 
Series 2007, Refunding, NATL
0.000%
12/15/27
1,005,000
965,545
 
Passaic County, NJ, Improvement Authority Revenue:
Community Charter School of Paterson Project, Series A
5.000%
1/1/60
215,000
192,596
 
Paterson Arts and Science Charter School Project, Series 2023
5.250%
7/1/43
870,000
864,837
 
Paterson Charter School for Science and Technology Inc. Project
4.125%
7/1/33
120,000
120,847
 
Paterson Charter School for Science and Technology Inc. Project
4.500%
7/1/40
200,000
191,865
 
Paterson Charter School for Science and Technology Inc. Project
5.000%
7/1/44
125,000
122,289
 
Salem County, NJ, Improvement Authority, City GTD Revenue:
Finlaw State Office Building Project, Series 2021, Refunding, AG, Municipal
Government GTD
4.000%
8/15/37
525,000
501,606
 
Finlaw State Office Building Project, Series 2021, Refunding, AG, Municipal
Government GTD
4.000%
8/15/42
350,000
318,302
 
Finlaw State Office Building Project, Series 2021, Refunding, AG, Municipal
Government GTD
4.000%
8/15/48
400,000
349,898
 
South Jersey Port Corp., NJ, Subordinated Marine Terminal Revenue:
Series B
5.000%
1/1/34
65,000
65,965
 (b)
Series B
5.000%
1/1/37
175,000
176,792
 (b)
Series B
5.000%
1/1/42
225,000
225,589
 (b)
Series B
5.000%
1/1/48
875,000
866,751
 (b)
South Jersey Transportation Authority, NJ, Transportation System Revenue:
Series A
5.000%
11/1/45
950,000
965,580
 
Series A
5.250%
11/1/52
2,500,000
2,559,151
 
Series A, Refunding, BAM
4.000%
11/1/39
1,700,000
1,642,258
 
Series A, Refunding, BAM
5.000%
11/1/39
1,000,000
1,066,812
 
Sussex County Municipal Utilities Authority, NJ, Wastewater Facilities Revenue,
Series B, AG, County GTD
0.000%
12/1/30
1,500,000
1,308,126
 
Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding
5.000%
6/1/36
1,500,000
1,528,992
 
Township of Piscataway, NJ, GO, General Improvement Bonds, Refunding
2.000%
10/15/35
650,000
529,696
 
Township of Union County, NJ, GO, Series 2022, Refunding
2.000%
1/15/32
1,120,000
999,941
 
See Notes to Schedule of Investments.
4
Franklin New Jersey Municipal Income ETF 2026 Quarterly Report
 Franklin New Jersey Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
 
New Jersey — continued
Union County, NJ, Improvement Authority Revenue, City of Plainfield-Park
Madison Redevelopment Project, Series A, Refunding
5.000%
3/1/34
 $750,000
 $802,924
 
Total New Jersey
129,313,863
New York — 5.6%
Monroe County, NY, IDR, Series A, FNMA - HUD Section 8
4.720%
1/1/44
600,000
571,733
 
Port Authority of New York & New Jersey Revenue:
Consolidated Series 207, Refunding
5.000%
9/15/29
550,000
565,204
 (b)
Consolidated Series 217
5.000%
11/1/44
2,000,000
2,067,071
 
Consolidated Series 248, Refunding
5.000%
1/15/55
1,000,000
1,022,032
 
Consolidated Series 250, Refunding
5.250%
10/15/51
500,000
526,290
 
Consolidated Series 93
6.125%
6/1/94
5,000,000
5,009,127
 
Total New York
9,761,457
Pennsylvania — 1.9%
Delaware River Joint Toll Bridge Commission, PA & NJ, Bridge System Revenue:
Series A
5.000%
7/1/44
500,000
512,430
 
Series A
5.250%
7/1/51
2,600,000
2,740,234
 
Total Pennsylvania
3,252,664
Puerto Rico — 1.7%
Municipality of San Juan Puerto Rico, GO, Series A
5.250%
7/1/41
190,000
199,125
 
Puerto Rico Commonwealth, GO:
Restructured, Series A-1
4.000%
7/1/37
850,000
824,476
 
Restructured, Series A-1
4.000%
7/1/41
500,000
464,410
 
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured, Series
A-1
4.750%
7/1/53
1,500,000
1,419,425
 
Total Puerto Rico
2,907,436
Texas — 2.3%
Bastrop, TX, ISD, GO, Unlimited Tax, School Building Bonds, Series 2023, PSF -
GTD
5.000%
2/15/53
2,600,000
2,623,504
 
Beaumont, TX, Housing Authority Revenue, Residential Development Senior
Lien, Series A
6.500%
7/1/55
300,000
292,491
 (a)
Texas State Water Development Board, State Water Implementation Revenue
Fund for Texas Revenue, Series 2022
5.000%
10/15/57
1,100,000
1,114,323
 
Total Texas
4,030,318
U.S. Virgin Islands — 0.2%
U.S. Virgin Islands Matching Fund Special Purpose Securitization Corp. Revenue,
Series A, Refunding
5.000%
10/1/30
330,000
343,145
 
Total Investments before Short-Term Investments (Cost — $165,150,111)
161,024,464
 
 
 
 
Shares
 
Short-Term Investments — 5.9%
Money Market Funds — 4.8%
Putnam Government Money Market Fund, Class P Shares (Cost — $8,338,978)  
3.420%
8,338,978
 
8,338,978
 (f)(g)
See Notes to Schedule of Investments.
5
Franklin New Jersey Municipal Income ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Franklin New Jersey Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 1.1%
New Jersey — 1.1%
New Jersey State Health Care Facilities Financing Authority Revenue, Series C,
LOC - JPMorgan Chase & Co. (Cost — $1,885,000)
2.400%
7/1/43
 $1,885,000
 $1,885,000
 (h)(i)
 
Total Short-Term Investments (Cost — $10,223,978)
10,223,978
Total Investments — 98.8% (Cost — $175,374,089)
171,248,442
Other Assets in Excess of Liabilities — 1.2%
2,132,667
Total Net Assets — 100.0%
$173,381,109
 
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from
registration, normally to qualified institutional buyers.
(b)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
(c)
Maturity date shown represents the mandatory tender date.
(d)
Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published
reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a
reference rate and spread in their description above.
(e)
Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.
(f)
Rate shown is one-day yield as of the end of the reporting period.
(g)
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 August 31, 2026,
the total market value of investments in Affiliated Companies was $8,338,978 and the cost was $8,338,978 (Note 2).
(h)
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.
(i)
Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.
 
Abbreviation(s) used in this schedule:
AG
—
Assured Guaranty — Insured Bonds
BAM
—
Build America Mutual — Insured Bonds
EDA
—
Economic Development Authority
EFA
—
Educational Facilities Authority
FHLMC
—
Federal Home Loan Mortgage Corporation
FNMA
—
Federal National Mortgage Association
GNMA
—
Government National Mortgage Association
GO
—
General Obligation
GTD
—
Guaranteed
HUD
—
Housing & Urban Development
IDA
—
Industrial Development Authority
IDR
—
Industrial Development Revenue
ISD
—
Independent School District
LOC
—
Letter of Credit
MFH
—
Multi-Family Housing
NATL
—
National Public Finance Guarantee Corporation — Insured Bonds
PSF
—
Permanent School Fund
USD
—
Unified School District
This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.
See Notes to Schedule of Investments.
6
Franklin New Jersey Municipal Income ETF 2026 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Franklin New Jersey Municipal Income ETF (the “Fund”) is a separate diversified investment series of Putnam ETF Trust (the “Trust”). The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The Fund is an actively managed exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on NAV, shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund’s distributor (“Authorized Participants”). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.
Shares of the Fund are listed and traded at market prices on NYSE Arca, Inc. The market price for the Fund’s shares may be different from the Fund’s NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof (“Creation Units”). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.
The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.
(a) Investment valuation. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees (the “Board”).
Pursuant to policies adopted by the Board, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger 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.
7
Franklin New Jersey Municipal Income ETF 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)
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†
—
 $161,024,464
—
 $161,024,464
Short-Term Investments†:
Money Market Funds
 $8,338,978
—
—
8,338,978
Municipal Bonds
—
1,885,000
—
1,885,000
Total Short-Term Investments
8,338,978
1,885,000
—
10,223,978
Total Investments
$8,338,978
$162,909,464
—
$171,248,442
 
†
See Schedule of Investments for additional detailed categorizations.
2. Transactions with affiliated companies
As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended August 31, 2026. The following transactions were effected in such company for the period ended August 31, 2026.
 
 
Affiliate
Value at

May 31,
2026
Purchased
Sold
Cost
Shares
Proceeds
Shares
Putnam Government
Money Market Fund,
Class P Shares
 $8,457,759
 $21,736,669
21,736,669
 $21,855,450
21,855,450

 
(cont’d)
Realized
Gain (Loss)
Dividend
Income
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
Affiliate
Value at
August 31,
2026
Putnam Government Money
Market Fund, Class P Shares
—
 $66,398
—
 $8,338,978
8
Franklin New Jersey Municipal Income ETF 2026 Quarterly Report