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

(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 94.5%
Guam — 0.9%
Guam Government, GO, Series 2019
5.000%
11/15/31
 $335,000
 $346,356
 (a)
Guam Government, Business Privilege Tax Revenue, Series F, Refunding
4.000%
1/1/42
1,300,000
1,196,157
 
Guam Government, Waterworks Authority Revenue, Water and Wastewater
System, Series A
5.000%
1/1/50
1,000,000
1,007,189
 
Total Guam
2,549,702
Minnesota — 91.2%
Anoka-Hennepin, MN, ISD No 11, GO, School Building Bonds, Series A, SD Credit
Program
3.000%
2/1/45
4,100,000
3,121,679
 
Apple Valley, MN, Revenue, Orchard Path Phase II Project, Series 2021
4.000%
9/1/61
400,000
301,693
 
Aurora, MN, ISD No 2711, GO, School Building Bonds, CAB, Series B, SD Credit
Program
0.000%
2/1/29
940,000
853,646
 
Baytown Township, MN, Charter School Lease Revenue:
St. Croix Preparatory Academy Project, Series A, Refunding
4.000%
8/1/36
300,000
277,614
 
St. Croix Preparatory Academy Project, Series A, Refunding
4.000%
8/1/41
1,550,000
1,323,570
 
Bethel, MN, Revenue, Spectrum High School Project, Series A, Refunding
4.250%
7/1/47
895,000
763,087
 
Bloomington, MN, GO:
Capital Improvement Plan Bonds, Series E
4.000%
2/1/44
200,000
186,885
 
Capital Improvement Plan Bonds, Series E
4.000%
2/1/45
745,000
692,003
 
Brainerd, MN, GO:
Series A
4.125%
2/1/44
680,000
647,332
 
Series A
4.125%
2/1/45
530,000
502,285
 
Series A
4.250%
2/1/46
345,000
330,961
 
Brooklyn Park, MN, GO, Series A
4.000%
2/1/44
1,000,000
929,549
 
Central Minnesota Region, Municipal Power Agency Revenue:
Graceworks Lutheran Services, Series 2017, Refunding, AG
3.000%
1/1/36
300,000
275,639
 
Southeast Twin Cities Transmission Project, Series 2021, Refunding, AG
3.000%
1/1/34
780,000
738,621
 
Southeast Twin Cities Transmission Project, Series 2021, Refunding, AG
3.000%
1/1/35
375,000
348,284
 
Southeast Twin Cities Transmission Project, Series 2021, Refunding, AG
3.000%
1/1/37
300,000
270,882
 
Southeast Twin Cities Transmission Project, Series 2021, Refunding, AG
4.000%
1/1/42
340,000
325,782
 
Chaska, MN, EDA Revenue, Lease Obligation, Series A, Refunding
4.625%
2/1/56
2,000,000
1,919,610
 
Chisholm, MN, ISD No 695, GO, School Building Bonds, CAB, Series A, SD Credit
Program
0.000%
2/1/34
525,000
396,349
 
Cologne, MN, Charter School Lease Revenue, Academy Project, Series A
5.000%
7/1/34
345,000
344,986
 
Dakota County, MN, Community Development Agency Revenue, City Apartments
Project, Series 2024, FNMA - Collateralized
4.200%
5/1/43
1,550,000
1,417,176
 
Deephaven, MN, Revenue, Eagle Ridge Academy Project, Series A, Refunding
5.250%
7/1/40
500,000
500,090
 
Duluth, MN, EDA Revenue:
Benedictine Health System, Series A, Refunding
4.000%
7/1/36
250,000
232,220
 
Benedictine Health System, Series A, Refunding
4.000%
7/1/41
930,000
791,802
 
Health Care Facilities, Essentia Health Obligated Group, Series A, Refunding
5.000%
2/15/43
2,000,000
2,012,118
 
Health Care Facilities, Essentia Health Obligated Group, Series A, Refunding
5.000%
2/15/48
2,255,000
2,239,322
 
Health Care Facilities, Essentia Health Obligated Group, Series A, Refunding
5.250%
2/15/58
1,000,000
1,001,340
 
St. Luke’s Hospital of Duluth Obligated Group, Series A, Refunding
4.000%
6/15/38
375,000
369,740
 
St. Luke’s Hospital of Duluth Obligated Group, Series A, Refunding
4.000%
6/15/39
225,000
220,046
 
St. Luke’s Hospital of Duluth Obligated Group, Series A, Refunding
3.000%
6/15/44
825,000
668,549
 
See Notes to Schedule of Investments.
1
Franklin Minnesota Municipal Income ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Franklin Minnesota Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Minnesota — continued
Duluth, MN, GO, Series H
4.250%
2/1/55
 $960,000
 $877,570
 
Duluth, MN, ISD No 709, COP:
Series A, Refunding
4.000%
3/1/32
1,355,000
1,363,635
 (b)
Series B, Refunding, SD Credit Program
5.000%
2/1/27
370,000
373,345
 
Forest Lake, MN, Charter School Lease Revenue, Lakes International Language
Academy Project, Series A, Refunding
5.500%
8/1/36
250,000
250,154
 
Fridley, MN, MFH Revenue, Village Green Apartments Project, Series 2018,
FNMA - Collateralized
3.750%
11/1/34
1,799,408
1,736,337
 
Fulda, MN, ISD No 505, GO, School Building Bonds, Series A, SD Credit Program
4.250%
2/1/41
1,470,000
1,449,231
 (c)
Gibbon, MN, ISD No 2365, GO, School Building Bonds, Series A, SD Credit
Program
5.000%
2/1/48
1,850,000
1,891,777
 
Ham Lake, MN, Charter School Lease Revenue:
Davinci Academy Project, Series A
5.000%
7/1/47
500,000
412,006
 
Series A
5.000%
11/1/36
250,000
250,052
 
Hastings, MN, ISD No 200, GO, School Building Bonds, CAB, Series A, SD Credit
Program
0.000%
2/1/30
1,000,000
891,592
 
Hennepin County, MN, Regional Railroad Authority, GO:
Limited Tax Bonds, Series A
5.000%
12/1/35
3,000,000
3,110,392
 
Sales Tax Revenue, Series C
5.000%
12/15/35
3,000,000
3,169,842
 
Independence, MN, Revenue, Global Academy Project, Series A, Refunding
4.000%
7/1/51
650,000
495,320
 
Lake Crystal, MN, Public Utilities Commission Electric Revenue:
Series A, BAM
5.000%
12/1/50
310,000
314,183
 
Series A, BAM
5.000%
12/1/55
350,000
354,240
 
Mankato, MN, ISD No 77, GO, Area Public Schools, Facilities Maintenance
Bonds, Blue Earth, Le Sueur and Nicollet Counties, Series A, SD Credit Program
4.000%
2/1/41
1,450,000
1,418,379
 
Maple Grove, MN, Hospital Corp, Health Care Facilities Revenue:
Series 2017, Refunding
5.000%
5/1/30
850,000
854,735
 
Series 2017, Refunding
5.000%
5/1/31
500,000
502,393
 
Series 2017, Refunding
5.000%
5/1/32
500,000
502,086
 
Series 2017, Refunding
4.000%
5/1/37
1,000,000
942,746
 
Martin County West ISD No 2448, MN, GO, School Building Bonds, Series A, SD
Credit Program
4.000%
2/1/43
4,495,000
4,283,709
 
Minneapolis, MN, GO:
Series 2022
4.000%
12/1/37
4,450,000
4,453,714
 
Series 2022
4.000%
12/1/38
4,450,000
4,426,500
 
Minneapolis, MN, Heath Care System Revenue:
Allina Health System
4.000%
11/15/40
4,510,000
4,173,803
 
Series A
5.000%
11/15/28
2,000,000
2,081,685
 (d)(e)
Series A, Refunding
5.000%
11/15/34
2,230,000
2,277,764
 
Series A, Refunding
4.000%
11/15/38
500,000
474,373
 
Minneapolis, MN, Multifamily Tax-Exempt Revenue, Mortgage-Backed Bonds,
14th and Central, LLLP Project, FNMA - Collateralized
2.350%
2/1/38
4,470,790
3,516,644
 
Minneapolis, MN, Revenue:
YMCA of the Greater Twin Cities Project, Series 2016
4.000%
6/1/27
100,000
100,126
 
YMCA of the Greater Twin Cities Project, Series 2016
4.000%
6/1/31
100,000
100,078
 
Minneapolis, MN, Special SD No 1, GO:
Series A, SD Credit Program
5.000%
2/1/29
3,200,000
3,372,732
 
See Notes to Schedule of Investments.
2
Franklin Minnesota Municipal Income ETF 2026 Quarterly Report
 Franklin Minnesota Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Minnesota — continued
Series A, SD Credit Program
4.000%
2/1/35
 $1,590,000
 $1,605,249
 
Minneapolis, MN, Student Housing Revenue, Riverton Community Housing
Project
5.000%
8/1/53
500,000
452,028
 
Minneapolis-St. Paul, MN, Metropolitan Airports Commission Revenue:
Series C
5.000%
1/1/36
825,000
829,392
 
Series C
5.000%
1/1/37
825,000
828,874
 
Subordinated, Series A, Refunding
5.000%
1/1/35
900,000
980,938
 
Subordinated, Series A, Refunding
4.250%
1/1/52
2,375,000
2,185,053
 
Subordinated, Series A, Refunding
5.000%
1/1/52
2,000,000
2,010,225
 
Minneapolis-St. Paul, MN, Metropolitan Council, GO, Wastewater Revenue
Bonds:
Series C
4.000%
3/1/36
2,790,000
2,844,413
 
Series C
4.000%
3/1/37
2,905,000
2,943,485
 
Series C
4.000%
3/1/38
3,025,000
3,045,607
 
Minnesota State Agricultural & Economic Development Board, Health Care
Facilities Revenue:
HealthPartners Obligated Group
5.000%
1/1/44
1,615,000
1,644,932
 
HealthPartners Obligated Group
5.250%
1/1/54
2,500,000
2,529,090
 
Minnesota State Agricultural & Economic Development Board, Health Care
System Revenue, Fairview Health Services, Series A, Refunding
5.000%
11/15/42
3,295,000
3,403,073
 
Minnesota State HFA Revenue:
Homeownership Finance Bonds, GNMA and FNMA Pass-Through Program,
Series B, GNMA / FNMA / FHLMC
2.250%
12/1/42
69,458
59,873
 
Homeownership Finance Bonds, Mortgage-Backed Securities Pass-Through
Program, Series I, GNMA / FNMA / FHLMC
2.800%
12/1/47
127,263
111,537
 
Rental Housing Bonds, Series D-1
4.950%
8/1/45
165,000
166,175
 
Rental Housing Bonds, Series D-1
5.100%
8/1/55
100,000
100,649
 
Rental Housing Bonds, Series D-1
5.150%
8/1/67
445,000
446,743
 
Rental Housing Bonds, Series D-2, HUD Section 8
3.100%
10/1/28
725,000
725,058
 
State Appropriation Bonds, Housing Infrastructure, Series C
4.000%
8/1/39
1,000,000
982,134
 
Minnesota State Higher EFA Revenue:
Bethel University, Refunding
5.000%
5/1/47
1,000,000
850,023
 
Carleton College
5.000%
3/1/37
500,000
538,706
 
Carleton College
5.000%
3/1/38
475,000
508,507
 
Carleton College
5.000%
3/1/39
1,010,000
1,072,552
 
Carleton College
5.000%
3/1/53
2,750,000
2,784,168
 
Carleton College, Refunding
3.000%
3/1/30
1,850,000
1,822,664
 
Carleton College, Refunding
4.000%
3/1/37
500,000
489,654
 
College of Saint Benedict, Refunding
4.000%
3/1/36
410,000
384,738
 
College of Saint Benedict, Series 8-K
5.000%
3/1/37
1,000,000
1,000,082
 
College of Saint Benedict, Series 8-K
4.000%
3/1/43
1,000,000
844,080
 
College of St. Scholastica, Inc., Refunding
4.000%
12/1/40
1,500,000
1,301,779
 
Macalester College, Refunding
3.000%
3/1/40
360,000
299,222
 
Macalester College, Refunding
3.000%
3/1/43
325,000
256,307
 
Macalester College, Refunding
4.000%
3/1/48
1,000,000
896,129
 
Saint John’s University
4.000%
10/1/33
475,000
480,578
 
Saint John’s University
4.000%
10/1/34
175,000
176,315
 
See Notes to Schedule of Investments.
3
Franklin Minnesota Municipal Income ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Franklin Minnesota Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Minnesota — continued
Saint John’s University
4.000%
10/1/35
 $170,000
 $170,512
 
Saint John’s University
4.000%
10/1/39
425,000
404,043
 
Series A
5.000%
5/1/46
750,000
513,547
 
St. Catherine University
5.000%
10/1/43
600,000
584,240
 
St. Catherine University
5.125%
10/1/48
750,000
726,549
 
St. Catherine University, Refunding
4.000%
10/1/36
920,000
872,760
 
St. Catherine University, Refunding
4.000%
10/1/37
580,000
541,863
 
St. Catherine University, Refunding
5.000%
10/1/45
300,000
287,856
 
St. Olaf College
3.000%
10/1/38
2,000,000
1,703,996
 
St. Olaf College
4.000%
10/1/46
5,100,000
4,571,661
 
St. Olaf College, Series 8N, Refunding
4.000%
10/1/26
85,000
85,071
 
University of St. Thomas
5.000%
10/1/40
1,000,000
1,017,019
 
University of St. Thomas, Series A
5.000%
10/1/49
1,825,000
1,830,618
 
University of St. Thomas, Series A
4.125%
10/1/53
2,325,000
2,020,843
 
University of St. Thomas, Series A, Refunding
4.000%
10/1/34
400,000
400,870
 
University of St. Thomas, Series A, Refunding
4.000%
10/1/35
400,000
400,366
 
Minnesota State Municipal Gas Agency Revenue, Minnesota Community Energy,
Gas Project, Series A
5.000%
9/1/35
6,165,000
6,336,245
 
Minnesota State Municipal Power Agency Electric Revenue:
Refunding
5.000%
10/1/33
250,000
250,364
 
Series 2016
5.000%
10/1/47
3,930,000
3,929,688
 
Series 2026, Refunding
5.000%
10/1/28
1,700,000
1,777,666
 (c)
Series 2026, Refunding
5.000%
10/1/34
1,950,000
2,178,924
 (c)
Minnesota State Office of Higher Education Revenue, Student Loan Program
4.000%
11/1/37
200,000
199,554
 (a)
Minnesota State, COP:
State Office Building Project, Series 2023
5.000%
11/1/40
3,500,000
3,680,938
 
State Office Building Project, Series 2023
5.000%
11/1/41
3,000,000
3,151,718
 
Minnesota State, GO, Series A
5.000%
8/1/44
4,345,000
4,579,246
 
Minnetonka, MN, ISD No 276, GO:
School Building Bonds, CAB, Series E, SD Credit Program
0.000%
2/1/38
650,000
406,948
 (c)
School Building Bonds, CAB, Series E, SD Credit Program
0.000%
2/1/39
1,000,000
592,133
 (c)
Montevideo, MN, ISD No 129, GO, School Building Bonds, Series A, SD Credit
Program
4.000%
2/1/40
1,000,000
977,091
 
Moorhead, MN, Education Facilities Revenue, The Concordia College Corp.
Project, Refunding
5.000%
12/1/40
500,000
490,713
 
Mounds View, MN, MFH Revenue, Sibley Park/Sibley Court Project
3.375%
3/1/28
1,500,000
1,503,076
 (d)(e)
Mountain Lake, MN, Electric Revenue:
Series A, AG
4.875%
12/1/55
170,000
164,735
 
Series B, AG
5.000%
12/1/37
300,000
320,815
 
Series B, AG
5.000%
12/1/40
160,000
166,766
 
Series B, AG
5.000%
12/1/42
200,000
207,635
 
Series B, AG
5.000%
12/1/45
200,000
205,708
 
Series B, AG
5.000%
12/1/50
535,000
537,243
 
Series B, AG
5.000%
12/1/54
650,000
647,348
 
Northern Municipal Power Agency, MN, Electric System Revenue:
Series 2017, Refunding
5.000%
1/1/31
200,000
201,377
 
See Notes to Schedule of Investments.
4
Franklin Minnesota Municipal Income ETF 2026 Quarterly Report
 Franklin Minnesota Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Minnesota — continued
Series 2017, Refunding
5.000%
1/1/32
 $215,000
 $216,396
 
Series 2017, Refunding
5.000%
1/1/33
235,000
236,446
 
Series 2017, Refunding
5.000%
1/1/34
210,000
211,187
 
Series 2017, Refunding
5.000%
1/1/35
170,000
170,902
 
Series 2017, Refunding
5.000%
1/1/36
180,000
180,890
 
Series 2023, AG
5.000%
1/1/39
250,000
259,856
 
Series 2023, AG
5.000%
1/1/41
515,000
529,540
 
Oakdale, MN, Housing & Health Care Facilities Revenue, Ebenezer Obligated
Group, Series A, Refunding
5.750%
12/1/55
500,000
499,142
 
Osakis, MN, ISD No 213, GO:
School Building, Tax Abatement and Facilities Maintenance Bonds, Series A,
SD Credit Program
4.000%
2/1/40
240,000
233,064
 
School Building, Tax Abatement and Facilities Maintenance Bonds, Series A,
SD Credit Program
4.000%
2/1/41
400,000
381,201
 
School Building, Tax Abatement and Facilities Maintenance Bonds, Series A,
SD Credit Program
4.000%
2/1/43
840,000
787,510
 
School Building, Tax Abatement and Facilities Maintenance Bonds, Series A,
SD Credit Program
4.250%
2/1/46
395,000
377,250
 
Ramsey County, MN, GO, Capital Improvement Plan, Series A
3.375%
2/1/39
580,000
522,690
 
Ramsey, MN, Charter School Lease Revenue, Pact Charter School Project, Series
A, Refunding
5.000%
6/1/32
600,000
602,370
 
Regents of the University of Minnesota, MN, GO:
Series A
5.000%
9/1/40
1,460,000
1,474,642
 
Series A
5.000%
9/1/42
1,410,000
1,422,077
 
Rice County, MN, GO, Public Safety Center Bonds, Series A, Minnesota State
Credit Enhancement Program
4.000%
2/1/48
2,000,000
1,821,393
 
Richfield, MN, ISD No 280, GO, School Building Bonds, Series A, SD Credit
Program
4.000%
2/1/36
1,500,000
1,501,617
 
Rochester, MN, Health Care Facilities Revenue:
Mayo Clinic, Series 2018
4.000%
11/15/48
1,500,000
1,390,517
 
Mayo Clinic, Series 2022, Refunding
4.000%
11/15/39
1,125,000
1,102,220
 
Mayo Clinic, Series A
4.375%
11/15/53
2,000,000
1,855,708
 
Mayo Clinic, Series B, Refunding
5.000%
11/15/36
500,000
558,907
 
Rochester, MN, ISD No 535, GO:
Facilities Maintenance Bonds, Series A, SD Credit Program
4.000%
2/1/32
1,805,000
1,858,479
 
Facilities Maintenance Bonds, Series A, SD Credit Program
4.000%
2/1/37
4,960,000
4,977,188
 
Facilities Maintenance Bonds, Series A, SD Credit Program
4.000%
2/1/38
5,955,000
5,954,219
 
Facilities Maintenance Bonds, Series A, SD Credit Program
4.000%
2/1/42
1,000,000
964,796
 
Sartell-St. Stephen, MN, ISD No 748, GO, School Building Bonds, CAB, Series B,
SD Credit Program
0.000%
2/1/34
700,000
511,246
 
Sauk Rapids-Rice, MN, ISD No 47, GO:
School Building Bonds, Series A, SD Credit Program
5.000%
2/1/33
1,365,000
1,513,876
 
School Building Bonds, Series A, SD Credit Program
5.000%
2/1/34
1,335,000
1,492,315
 
School Building Bonds, Series A, SD Credit Program
5.000%
2/1/35
985,000
1,091,420
 
School Building Bonds, Series A, SD Credit Program
4.000%
2/1/41
395,000
387,224
 
Shakopee, MN, ISD No 720, GO, Facilities Maintenance Bonds, CAB, Series C, SD
Credit Program
0.000%
2/1/30
3,355,000
2,968,233
 
See Notes to Schedule of Investments.
5
Franklin Minnesota Municipal Income ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Franklin Minnesota Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Minnesota — continued
South Washington County, MN, ISD, No 833, GO:
Facilities Maintenance Bonds, Series A, Refunding, SD Credit Program
4.000%
2/1/44
 $2,000,000
 $1,823,365
 
Facilities Maintenance Bonds, Series A, Refunding, SD Credit Program
4.000%
2/1/46
2,000,000
1,856,160
 
Southern Minnesota Municipal Power Agency Revenue, Power Supply System,
Series A
5.000%
1/1/47
1,815,000
1,829,028
 
St. Cloud, MN, Health Care Revenue:
Centracare Health System, Series 2019, Refunding
4.000%
5/1/49
2,505,000
2,178,589
 
Centracare Health System, Series 2024, Refunding
5.000%
5/1/54
6,335,000
6,304,859
 
Centracare Health System, Series 2026, Refunding
5.000%
5/1/36
1,000,000
1,090,060
 
St. Paul, MN, Housing & Redevelopment Authority Revenue:
Children’s Health Care, Series 2025
5.000%
8/15/44
500,000
514,394
 
Community of Peace Academy Project, Series A, Refunding
5.000%
12/1/37
500,000
499,973
 
Fairview Health Services, Series A, Refunding
4.000%
11/15/36
1,000,000
969,019
 
Fairview Health Services, Series A, Refunding
4.000%
11/15/37
1,000,000
955,838
 
Hmong College Prep Academy Project, Series A, Refunding
5.000%
9/1/55
2,500,000
2,260,284
 
Nova Classical Academy Project, Series 2016, Refunding
4.000%
9/1/36
450,000
426,388
 
Nova Classical Academy Project, Series 2021, Refunding
2.000%
9/1/26
80,000
80,000
 
Nova Classical Academy Project, Series 2025, Refunding
5.500%
9/1/55
425,000
409,039
 
Nova Classical Academy Project, Series 2025, Refunding
5.625%
9/1/65
1,000,000
956,554
 
Series A, Refunding
4.000%
10/1/33
650,000
647,295
 
Twin Cities German Immersion School Project, Series A
5.000%
7/1/33
370,000
370,137
 
Twin Cities German Immersion School Project, Series A, Refunding
6.125%
7/1/65
500,000
480,230
 
St. Paul, MN, Port Authority District Energy Revenue:
Series 2023-3
4.750%
10/1/43
1,000,000
995,485
 
Series 2024-1
5.000%
10/1/44
1,800,000
1,851,695
 
St. Paul, MN, Port Authority Lease Revenue, Regions Hospital Parking Ramp
Project, Series 2007-1
5.000%
8/1/36
555,000
555,186
 
Stearns County, MN, GO, Sales Tax Revenue Bonds, Series A
4.375%
12/1/55
1,000,000
942,271
 
Stillwater, MN, ISD, No 834, GO, School Building and Facilities Maintenance
Bonds, Series A, SD Credit Program
4.000%
2/1/44
1,500,000
1,391,486
 
Virginia, MN, Northland Learning Center No 6076, COP:
Series A
3.375%
4/1/30
400,000
393,049
 
Series A
4.875%
4/1/46
1,000,000
951,493
 
Wadena, MN, Revenue:
Cancer Center Project, Series A
5.000%
12/1/31
395,000
422,977
 
Cancer Center Project, Series A
5.000%
12/1/32
365,000
393,375
 
Cancer Center Project, Series A
5.000%
12/1/33
385,000
416,980
 
Cancer Center Project, Series A
5.000%
12/1/34
455,000
496,888
 
Cancer Center Project, Series A
5.000%
12/1/45
1,900,000
1,945,254
 
Waite Park, MN, GO, Series A
5.000%
12/15/50
2,095,000
2,140,060
 
Warren, MN, Warren-Alvarado-Oslo, ISD No 2176, GO:
School Building Bonds, Series A, SD Credit Program
3.250%
2/1/36
625,000
592,224
 
School Building Bonds, Series A, SD Credit Program
3.500%
2/1/39
1,300,000
1,207,019
 
School Building Bonds, Series A, SD Credit Program
3.625%
2/1/40
1,120,000
1,026,788
 
Wayzata, MN, ISD No 284, GO:
School Building Bonds, Series B, SD Credit Program
5.000%
2/1/38
3,345,000
3,612,056
 (c)
See Notes to Schedule of Investments.
6
Franklin Minnesota Municipal Income ETF 2026 Quarterly Report
 Franklin Minnesota Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Minnesota — continued
School Building Bonds, Series B, SD Credit Program
5.000%
2/1/39
 $5,395,000
 $5,777,116
 (c)
Western Minnesota Municipal Power Agency, Power Supply Revenue, Series A
5.000%
1/1/49
3,500,000
3,520,196
 
Winona, MN, ISD No 861, GO, Facilities Maintenance Bonds, Series A, SD Credit
Program
4.000%
2/1/31
1,075,000
1,110,241
 
Wright County, MN, COP, Series A
3.000%
12/1/39
1,050,000
887,290
 
Wright County, MN, GO:
Capital Improvement Bonds, Series A
3.300%
12/1/35
2,050,000
1,962,467
 
Capital Improvement Bonds, Series A
3.450%
12/1/37
1,680,000
1,580,740
 
Total Minnesota
260,539,849
New Jersey — 0.1%
 
New Jersey State EDA Revenue, Private Activity-The Goethals Bridge
Replacement Project
5.375%
1/1/43
260,000
260,204
 (a)
Ohio — 0.1%
 
Warren County, OH, Healthcare Facilities Revenue, Otterbein Homes Obligated
Group, Series 2016, Refunding
5.000%
7/1/40
250,000
250,066
 
Puerto Rico — 1.9%
Puerto Rico Commonwealth, GO, Restructured, Series A-1
4.000%
7/1/37
500,000
484,986
 
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured, Series
A-2
4.329%
7/1/40
5,000,000
4,894,097
 
Total Puerto Rico
5,379,083
Washington — 0.3%
Grays Harbor County, WA, Public Hospital District No 1 Revenue, Summit Pacific
Medical Center, Series 2023, Refunding
6.750%
12/1/44
1,000,000
1,080,167
 
Total Investments before Short-Term Investments (Cost — $277,503,383)
270,059,071
 
 
 
 
Shares
 
Short-Term Investments — 10.7%
Money Market Funds — 8.8%
Putnam Government Money Market Fund, Class P Shares (Cost — $25,036,132)  
3.420%
25,036,132
 
25,036,132
 (f)(g)
 
 
 
Maturity
Date
Face
Amount
 
Municipal Bonds — 1.9%
Minnesota — 1.9%
Minnesota State HFA Revenue, Residential Housing Finance Bonds, Series F,
Refunding, GNMA / FNMA / FHLMC, SPA - Royal Bank of Canada
2.300%
1/1/41
 $2,000,000
2,000,000
 (h)(i)
Rochester, MN, Health Care Facilities Revenue:
Mayo Clinic, Series B, Refunding
2.000%
11/15/38
2,000,000
2,000,000
 (h)(i)
Mayo Clinic, Series B, Refunding, SPA - Northern Trust Co.
2.100%
11/15/38
1,500,000
1,500,000
 (h)(i)
 
Total Municipal Bonds (Cost — $5,500,000)
5,500,000
 
Total Short-Term Investments (Cost — $30,536,132)
30,536,132
Total Investments — 105.2% (Cost — $308,039,515)
300,595,203
Liabilities in Excess of Other Assets — (5.2)%
(14,857,517
)
Total Net Assets — 100.0%
$285,737,686
 
See Notes to Schedule of Investments.
7
Franklin Minnesota Municipal Income ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Franklin Minnesota Municipal Income ETF
(a)
Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax (“AMT”).
(b)
Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.
(c)
Securities traded on a when-issued or delayed delivery basis.
(d)
Maturity date shown represents the mandatory tender date.
(e)
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.
(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 $25,036,132 and the cost was $25,036,132 (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
CAB
—
Capital Appreciation Bonds
COP
—
Certificates of Participation
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
HFA
—
Housing Finance Agency
HUD
—
Housing & Urban Development
ISD
—
Independent School District
MFH
—
Multi-Family Housing
SD
—
School District
SPA
—
Standby Bond Purchase Agreement — Insured Bonds
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.
8
Franklin Minnesota Municipal Income ETF 2026 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Franklin Minnesota 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.
9
Franklin Minnesota 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†
—
 $270,059,071
—
 $270,059,071
Short-Term Investments†:
Money Market Funds
 $25,036,132
—
—
25,036,132
Municipal Bonds
—
5,500,000
—
5,500,000
Total Short-Term Investments
25,036,132
5,500,000
—
30,536,132
Total Investments
$25,036,132
$275,559,071
—
$300,595,203
 
†
See Schedule of Investments for additional detailed categorizations.
2. Transactions with affiliated company
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
 $14,721,946
 $41,650,034
41,650,034
 $31,335,848
31,335,848

 
(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
—
 $66,357
—
 $25,036,132
10
Franklin Minnesota Municipal Income ETF 2026 Quarterly Report