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

(Percentages shown based on Fund net assets) 
Security
 
Rate
Maturity
Date
Face
Amount
Value
Municipal Bonds — 95.9%
Guam — 0.3%
Antonio B Won Pat, GU, International Airport Authority Revenue:
Series A, Refunding
5.125%
10/1/34
 $390,000
 $413,388
 (a)
Series A, Refunding
5.250%
10/1/36
680,000
719,319
 (a)
Series A, Refunding
5.375%
10/1/40
525,000
543,750
 (a)
Total Guam
1,676,457
New York — 93.8%
Albany, NY, Capital Resource Corp. Revenue:
Empire Commons Student Housing Inc., Series A, Refunding
5.000%
5/1/28
600,000
600,658
 
Empire Commons Student Housing Inc., Series A, Refunding
5.000%
5/1/29
1,090,000
1,091,053
 
Empire Commons Student Housing Inc., Series A, Refunding
5.000%
5/1/30
1,050,000
1,050,884
 
Empire Commons Student Housing Inc., Series A, Refunding
5.000%
5/1/31
1,500,000
1,501,135
 
Empire Commons Student Housing Inc., Series A, Refunding
5.000%
5/1/32
505,000
505,321
 
Kipp Capital Region Public Charter Schools Project, Series 2024
5.000%
6/1/64
2,600,000
2,370,429
 
Medical Center Hospital Project, Series A, Refunding
5.250%
5/1/50
1,000,000
1,031,193
 
Medical Center Hospital Project, Series A, Refunding
5.500%
5/1/55
650,000
676,098
 
Brookhaven, NY, Local Development Corp. Revenue:
Active Retirement Community Inc., Series 2016, Refunding
5.250%
11/1/36
1,200,000
1,202,252
 
Long Island Community Hospital Project, Series A, Refunding
4.000%
10/1/45
2,000,000
1,828,286
 
Broome County, NY, Local Development Corp. Revenue:
Good Shepherd Village at Endwell Inc. Project, Series 2021, Refunding
4.000%
7/1/41
2,690,000
2,440,589
 
United Health Services Hospitals Inc. Project, Series 2020, Refunding, AG
4.000%
4/1/40
1,350,000
1,274,957
 
Buffalo & Erie County, NY, Industrial Land Development Corp. Revenue:
D’Youville College Project, Series A, Refunding
4.000%
11/1/50
6,535,000
4,802,253
 
Orchard Park CCRC Inc. Project, Series 2015, Refunding
5.000%
11/15/30
500,000
500,653
 
Orchard Park CCRC Inc. Project, Series 2015, Refunding
5.000%
11/15/37
4,470,000
4,472,881
 
Build NYC Resource Corp., NY, Revenue:
Classical Charter Schools Project, Series A
4.500%
6/15/43
700,000
621,458
 
Classical Charter Schools Project, Series A
4.750%
6/15/53
850,000
728,062
 
Classical Charter Schools Project, Series A
4.750%
6/15/58
725,000
610,295
 
East Harlem Scholars Academy Charter School Project
5.750%
6/1/52
1,000,000
956,136
 (b)
Global Community Charter School Project, Series A
5.000%
6/15/42
850,000
765,176
 
Global Community Charter School Project, Series A
5.000%
6/15/52
1,520,000
1,267,808
 
Global Community Charter School Project, Series A
5.000%
6/15/57
1,300,000
1,054,703
 
Grand Concourse Academy Charter School Project, Series A
5.000%
7/1/42
550,000
532,611
 
Grand Concourse Academy Charter School Project, Series A
5.000%
7/1/52
1,425,000
1,307,323
 
Inwood Academy For Leadership Charter School Project, Series A
4.875%
5/1/31
285,000
286,020
 (b)
Inwood Academy For Leadership Charter School Project, Series A
5.125%
5/1/38
1,100,000
1,091,023
 (b)
Kipp NYC Public School Facilities, Canal West Project, Series 2022
5.250%
7/1/62
6,250,000
6,218,152
 
Manhattan College Project, Refunding
5.000%
8/1/47
1,000,000
912,391
 
New World Preparatory Charter School Project, Series A
4.000%
6/15/41
525,000
450,653
 (b)
New World Preparatory Charter School Project, Series A
4.000%
6/15/51
975,000
752,831
 (b)
New World Preparatory Charter School Project, Series A
4.000%
6/15/56
450,000
332,263
 (b)
Senior Airport Facilities, Trips Obligated Group, Series 2025
5.500%
7/1/55
1,000,000
1,020,378
 (a)
Seton Education Partners, Brilla Project, Series A
4.000%
11/1/31
1,265,000
1,245,485
 (b)
Seton Education Partners, Brilla Project, Series A
4.000%
11/1/41
1,780,000
1,522,655
 (b)
See Notes to Schedule of Investments.
1
Franklin New York Municipal Income ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Franklin New York Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
New York — continued
Seton Education Partners, Brilla Project, Series A
4.000%
11/1/51
 $700,000
 $541,493
 (b)
Success Academy Charter Schools Project, Series 2024
4.000%
9/1/44
1,050,000
942,800
 
The Children’s Aid Society Project
5.000%
7/1/45
2,500,000
2,398,196
 
The Children’s Aid Society Project
4.000%
7/1/49
1,000,000
854,144
 
Unity Preparatory Charter School of Brooklyn Project, Series A
5.250%
6/15/43
680,000
674,683
 (b)
Unity Preparatory Charter School of Brooklyn Project, Series A
5.500%
6/15/53
1,000,000
972,684
 (b)
Unity Preparatory Charter School of Brooklyn Project, Series A
5.500%
6/15/63
1,600,000
1,529,208
 (b)
Urban Resource Institute Project, Series A
5.500%
12/1/56
750,000
770,651
 
Clinton County, NY, Capital Resource Corp. Revenue:
CVES BOCES Project, Series 2025
4.500%
7/1/40
1,100,000
1,102,249
 (b)
CVES BOCES Project, Series 2025
4.750%
7/1/43
1,000,000
1,011,266
 (b)
CVES BOCES Project, Series 2025
5.000%
7/1/46
800,000
812,703
 (b)
Dutchess County, NY, Local Development Corp. Revenue:
Bard College Project, Series A, Refunding
5.000%
7/1/40
1,000,000
1,000,348
 
Bard College Project, Series A, Refunding
5.000%
7/1/45
3,400,000
3,322,520
 
Bard College Project, Series A, Refunding
5.000%
7/1/51
4,000,000
3,814,412
 
Culinary Institute of America Project, Series 2021, Refunding
4.000%
7/1/35
175,000
174,360
 
Culinary Institute of America Project, Series 2021, Refunding
4.000%
7/1/36
175,000
172,285
 
Culinary Institute of America Project, Series 2021, Refunding
4.000%
7/1/37
175,000
170,056
 
Culinary Institute of America Project, Series 2021, Refunding
4.000%
7/1/38
200,000
191,209
 
Culinary Institute of America Project, Series 2021, Refunding
4.000%
7/1/39
100,000
94,248
 
Culinary Institute of America Project, Series 2021, Refunding
4.000%
7/1/40
100,000
92,281
 
Culinary Institute of America Project, Series A-1, Refunding
5.000%
7/1/35
155,000
155,105
 
Marist College Project, Series 2022
5.000%
7/1/52
4,500,000
4,483,328
 
Erie County, NY, IDA Revenue, Westchester Park Preservation L.P. Project,
Series 2023, FNMA - Collateralized
4.250%
2/1/41
4,385,000
4,143,568
 
Genesee County, NY, Funding Corp. Revenue, Rochester Regional Health Energy
Projects, Series A
5.500%
12/1/55
1,500,000
1,533,893
 
Hempstead Town, NY, Local Development Corp. Revenue:
Adelphi University Project, Series 2019, Refunding
4.000%
2/1/39
1,000,000
919,600
 
Evergreen Charter School Project, Series A
5.250%
6/15/52
2,000,000
1,871,216
 
Molloy College Project, Series 2017, Refunding
5.000%
7/1/37
315,000
316,437
 
Molloy College Project, Series 2017, Refunding
5.000%
7/1/38
480,000
481,709
 
Molloy College Project, Series 2018
5.000%
7/1/38
865,000
871,687
 
Long Island, NY, Power Authority Electric System Revenue:
Series A, Refunding
3.000%
9/1/40
1,000,000
815,495
 
Series A, Refunding
5.000%
9/1/49
10,000,000
10,227,289
 
Series A, Refunding
5.250%
9/1/50
1,500,000
1,554,536
 
Monroe County, NY, Industrial Development Corp. Revenue:
Eugenio Maria De Hostos Charter School Project
5.000%
7/1/44
1,320,000
1,233,135
 (b)
Eugenio Maria De Hostos Charter School Project
5.000%
7/1/54
2,000,000
1,717,861
 (b)
Eugenio Maria De Hostos Charter School Project
5.000%
7/1/59
1,350,000
1,140,071
 (b)
Highland Hospital of Rochester Project, Refunding
4.000%
7/1/40
3,890,000
3,658,203
 
Rochester Regional Health Project, Refunding
4.000%
12/1/46
1,250,000
1,047,388
 
St. John Fisher University Project, Refunding
5.250%
6/1/49
635,000
656,819
 
St. John Fisher University Project, Refunding
5.250%
6/1/54
850,000
865,483
 
See Notes to Schedule of Investments.
2
Franklin New York Municipal Income ETF 2026 Quarterly Report
 Franklin New York Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
New York — continued
The Rochester General Hospital Project
5.000%
12/1/35
 $600,000
 $600,812
 
The Rochester General Hospital Project
5.000%
12/1/46
3,000,000
2,886,566
 
True North Rochester Preparatory Charter School Project
5.000%
6/1/59
4,120,000
3,843,073
 (b)
MTA, NY, Dedicated Tax Fund Revenue:
Green Bonds, Series A, Refunding
5.000%
11/15/49
1,000,000
1,023,148
 
Green Bonds, Series A, Refunding
5.250%
11/15/54
5,000,000
5,162,327
 
MTA, NY, Transportation Revenue:
Green Bonds, Series A, Refunding
5.250%
11/15/55
1,000,000
1,016,114
 
Green Bonds, Series A-1
4.000%
11/15/47
3,000,000
2,618,387
 
Green Bonds, Series C, Refunding, BAM
5.000%
11/15/44
5,000,000
5,109,867
 
Green Bonds, Series D-2
4.000%
11/15/47
2,000,000
1,761,520
 
Nassau County, NY, Local Economic Assistance Corp. Revenue, Roosevelt
Children’s Academy Charter School Project
5.000%
7/1/55
2,750,000
2,198,622
 
New York City, NY, GO:
Series A
5.000%
8/1/46
1,450,000
1,482,572
 
Series A
5.000%
8/1/47
5,300,000
5,432,593
 
Series A
5.000%
8/1/52
750,000
753,689
 
Series C
5.000%
8/1/42
5,350,000
5,468,620
 
Series C
5.250%
3/1/53
5,835,000
5,964,755
 
Subseries A-1
4.000%
8/1/42
3,500,000
3,218,061
 
Subseries B-1
5.250%
10/1/43
1,500,000
1,567,828
 
Subseries B-1
5.250%
10/1/47
4,800,000
4,952,596
 
Subseries C-1
5.250%
9/1/46
5,000,000
5,206,568
 
Subseries G-1
5.250%
2/1/53
350,000
358,947
 
New York City, NY, HDC, MFH Revenue:
Series F-1, FHA
2.500%
11/1/51
5,480,000
3,408,521
 
Series F-1, FHA
2.600%
11/1/56
4,000,000
2,384,661
 
Sustainable Development Bonds, Refunding, FHA
2.450%
11/1/45
4,020,000
2,721,280
 
Sustainable Development Bonds, Series A
3.050%
11/1/42
3,195,000
2,629,257
 
Sustainable Development Bonds, Series A
4.950%
11/1/58
2,000,000
1,943,029
 
Sustainable Development Bonds, Series A-1, FHA
4.750%
11/1/54
3,000,000
2,802,073
 
Sustainable Development Bonds, Series B-1, HUD Section 8
4.750%
11/1/54
2,750,000
2,568,567
 
Sustainable Development Bonds, Series C-1, Refunding
2.500%
11/1/51
5,000,000
3,109,964
 
Sustainable Development Bonds, Series C-1, Refunding
2.600%
11/1/56
1,660,000
1,004,660
 
Sustainable Development Bonds, Series I-1
2.700%
11/1/55
7,000,000
4,386,144
 
Sustainable Development Bonds, Series I-1
2.800%
11/1/60
3,000,000
1,838,585
 
Sustainable Development, Green Bonds, Series D-1B, Refunding, FHA
2.400%
11/1/50
5,000,000
3,160,649
 
New York City, NY, HDC, Multi-Family Mortgage Revenue, Tax-Exempt Bonds,
Series F
5.250%
12/15/43
2,650,000
2,716,080
 
New York City, NY, Health & Hospital Corp. Revenue, Health Systems, Series A,
Refunding
4.000%
2/15/48
880,000
791,933
 
New York City, NY, Municipal Water Finance Authority, Water & Sewer System
Revenue:
Second General Resolution Fiscal 2023, Series AA, Subseries AA-1
5.250%
6/15/52
1,000,000
1,022,995
 
Series AA
5.250%
6/15/53
10,000,000
10,276,878
 
Series AA-1
5.000%
6/15/48
2,090,000
2,138,707
 
See Notes to Schedule of Investments.
3
Franklin New York Municipal Income ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Franklin New York Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
New York — continued
Series BB
5.250%
6/15/55
 $7,500,000
 $7,702,457
 
Series BB-1, Refunding
3.000%
6/15/44
1,000,000
777,992
 
Series DD, Refunding
5.250%
6/15/47
4,000,000
4,167,505
 
New York City, NY, TFA, Building Aid Revenue, Series S-2, Refunding, State Aid
Withholding
5.000%
7/15/43
750,000
793,624
 
New York City, NY, TFA, Future Tax Secured Revenue:
Series B
5.000%
5/1/40
2,000,000
2,099,474
 
Series B
5.000%
5/1/43
2,150,000
2,219,736
 
Series C
5.000%
5/1/46
3,500,000
3,577,168
 
Series D
5.500%
11/1/45
10,000,000
10,697,352
 
Series F-1
5.250%
2/1/53
5,000,000
5,118,672
 
Subordinate, Series C-1
4.000%
5/1/40
2,500,000
2,345,916
 
Subordinated, Series B, Subseries B-1
5.500%
11/1/54
1,250,000
1,316,959
 
Subordinated, Series I
5.500%
11/1/54
1,300,000
1,369,637
 
Subseries A-1
5.000%
5/1/45
4,000,000
4,097,531
 
Subseries C-1
4.000%
5/1/39
5,000,000
4,790,703
 
New York Counties Tobacco Trust II, Tobacco Settlement Revenue, Series 2001
5.750%
6/1/43
630,000
642,723
 
New York Counties Tobacco Trust IV, Tobacco Settlement Revenue, Series A,
Refunding
5.000%
6/1/38
6,855,000
5,934,094
 
New York Counties Tobacco Trust VI, Tobacco Settlement Revenue:
Series B, Refunding
5.000%
6/1/36
265,000
265,123
 
Series B, Refunding
5.000%
6/1/41
250,000
250,067
 
Series C, Refunding
5.000%
6/1/45
1,000,000
863,974
 
New York State Convention Center Development Corp. Revenue:
Senior Lien, Hotel Unit Fee Secured, Series A
0.000%
11/15/50
7,000,000
2,108,728
 
Senior Lien, Hotel Unit Fee Secured, Series A, Refunding
5.000%
11/15/45
800,000
841,327
 
New York State Dormitory Authority Revenue:
Barnard College, Series A, Refunding
5.000%
7/1/55
1,000,000
1,000,910
 
General Purpose Bonds, Series A, Unrefunded
5.250%
3/15/52
3,000,000
3,082,501
 
Iona College, Series 2022, Refunding
5.000%
7/1/31
625,000
662,306
 
Iona College, Series 2022, Refunding
5.000%
7/1/32
525,000
558,938
 
Iona College, Series 2022, Refunding
5.000%
7/1/42
225,000
225,359
 
Iona College, Series A
5.000%
7/1/51
350,000
336,086
 
New York Institute of Technology, Series 2024
5.000%
7/1/43
770,000
775,203
 
New York Institute of Technology, Series 2024
5.000%
7/1/44
700,000
703,228
 
New York Institute of Technology, Series 2024
5.250%
7/1/49
2,300,000
2,306,223
 
New York Institute of Technology, Series 2024
5.250%
7/1/54
2,900,000
2,859,611
 
New York University, Series 2011, AMBAC
5.500%
7/1/40
6,000,000
6,673,436
 
New York University, Series A, Refunding
5.250%
7/1/55
1,000,000
1,032,907
 
Northwell Healthcare Inc., Series A, Refunding
4.000%
5/1/45
10,000,000
9,070,823
 
Northwell Healthcare Inc., Series A, Refunding
4.000%
5/1/54
5,000,000
4,169,566
 
Northwell Healthcare Inc., Series A, Refunding
5.250%
5/1/54
1,500,000
1,516,716
 
Pace York University, Series A
5.500%
5/1/49
875,000
889,347
 
Pace York University, Series A
5.500%
5/1/56
1,750,000
1,760,578
 
Personal Income Tax, General Purpose Bonds, Series A, Refunding
5.000%
3/15/53
3,500,000
3,541,715
 
See Notes to Schedule of Investments.
4
Franklin New York Municipal Income ETF 2026 Quarterly Report
 Franklin New York Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
New York — continued
School Districts Financial Program Bonds, Series C, Unrefunded, AG, State Aid
Withholding
5.000%
10/1/31
 $20,000
 $20,037
 
School Districts Financial Program Bonds, Series C, Unrefunded, AG, State Aid
Withholding
5.125%
10/1/36
40,000
40,070
 
School Districts Financing Program Bonds, Series A, State Aid Withholding
5.000%
10/1/51
1,000,000
1,016,424
 
St. Joseph’s College, Series 2021
4.000%
7/1/35
800,000
717,528
 
St. Joseph’s College, Series 2021
4.000%
7/1/40
200,000
162,808
 
St. Joseph’s College, Series 2021
5.000%
7/1/51
1,775,000
1,451,893
 
St. Joseph’s College, Series A, Refunding
4.000%
7/1/34
740,000
674,602
 
The New School, Series A, Refunding
5.000%
7/1/40
900,000
905,913
 
Wagner College, Series 2022, Refunding
5.000%
7/1/36
730,000
649,319
 
Wagner College, Series 2022, Refunding
5.000%
7/1/38
840,000
728,200
 
White Plains Hospital, Series 2024
5.250%
10/1/49
2,200,000
2,222,071
 
New York State Dormitory Authority, Mount Sinai Obligated Group Revenue,
Series 2025
5.250%
7/1/50
3,000,000
2,968,093
 
New York State Dormitory Authority, Sales Tax Revenue:
Series A
5.000%
3/15/54
5,000,000
5,049,394
 
Series B, Refunding
5.000%
3/15/51
2,500,000
2,537,241
 
New York State Dormitory Authority, State Personal Income Tax Revenue:
Bidding Group 5, Series A, Refunding
3.000%
3/15/38
1,320,000
1,146,752
 
Series A, Refunding
5.000%
3/15/55
5,240,000
5,273,458
 
Tax-Exempt Bonds, Series B, Refunding
5.000%
2/15/39
5,000
5,112
 (c)
Tax-Exempt Bonds, Series B, Refunding
5.000%
2/15/41
10,000
10,225
 (c)
New York State Energy Finance Development Corp. Revenue, Series 2025
5.000%
12/1/33
2,400,000
2,452,308
 (d)(e)
New York State Energy Research & Development Authority Pollution Control
Revenue:
New York State Electric & Gas Corp. Project, Series C, Refunding
4.000%
4/1/34
3,600,000
3,660,902
 
New York State Electric & Gas Corp. Project, Series D, Refunding
3.500%
10/1/29
5,000,000
5,013,736
 
New York State Environmental Facilities Corp., Solid Water Disposal Facility
Revenue, Casella Waste Systems Inc. Project
5.125%
9/3/30
1,000,000
1,043,102
 (a)(b)(d)(e)
New York State HFA Revenue, 325 Kent Avenue Housing, Series A, Refunding,
FNMA - Collateralized
3.950%
1/1/35
5,000,000
5,001,911
 (d)(e)
New York State Liberty Development Corp. Revenue:
1 World Trade Center Project, Series 2021, Refunding
3.000%
2/15/42
1,500,000
1,195,423
 
1 World Trade Center Project, Series 2021, Refunding
2.750%
2/15/44
8,250,000
6,083,491
 
3 World Trade Center Project, Class 1, Refunding
5.000%
11/15/44
13,975,000
13,995,251
 (b)
3 World Trade Center Project, Class 2, Refunding
5.150%
11/15/34
515,000
515,812
 (b)
7 World Trade Center Project, Class 3, Refunding
3.500%
9/15/52
3,000,000
2,233,770
 
Goldman Sachs Headquarters
5.500%
10/1/37
4,010,000
4,540,140
 
Tax-Exempt Bonds, 4 World Trade Center Project, Green Bonds, Refunding
3.000%
11/15/51
7,120,000
4,828,656
 
Tax-Exempt Bonds, 7 World Trade Center Project, Green Bonds, Refunding
3.000%
9/15/43
23,340,000
18,375,428
 
Tax-Exempt Bonds, 7 World Trade Center Project, Green Bonds, Refunding
3.125%
9/15/50
3,075,000
2,200,111
 
New York State Liberty Development Corp., Second Priority Liberty Revenue, Bank
of America Tower at One Bryant Park Project, Class 3, Refunding
2.800%
9/15/69
5,500,000
5,180,235
 
New York State Thruway Authority General Revenue:
Junior Indebtedness Obligations, Junior Lien, Series A, Refunding
5.000%
1/1/51
1,000,000
1,016,175
 
Junior Indebtedness Obligations, Junior Lien, Series B, Refunding
4.000%
1/1/41
3,000,000
2,773,826
 
See Notes to Schedule of Investments.
5
Franklin New York Municipal Income ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Franklin New York Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
New York — continued
Junior Indebtedness Obligations, Junior Lien, Series B, Refunding
4.000%
1/1/45
 $6,000,000
 $5,513,920
 
New York State Transportation Development Corp., Special Facilities Revenue:
American Airlines Inc., John F. Kennedy International Airport Project,
Series 2021, Refunding
3.000%
8/1/31
1,630,000
1,564,468
 (a)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.000%
1/1/36
5,000,000
5,063,131
 (a)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.625%
4/1/40
2,900,000
3,055,153
 (a)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project
5.000%
10/1/40
5,000,000
5,076,449
 (a)
Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment
Project, Series 202
5.000%
10/1/35
750,000
777,674
 (a)
John F. Kennedy International Airport New Terminal Four Project, Series 2022
5.000%
12/1/34
2,500,000
2,658,453
 (a)
John F. Kennedy International Airport New Terminal One Project, Green Bonds
6.000%
6/30/54
5,700,000
5,851,443
 (a)
John F. Kennedy International Airport New Terminal One Project, Green Bonds,
Series 2024
5.500%
6/30/60
2,750,000
2,763,542
 (a)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series 2025, Refunding
5.500%
12/31/60
2,250,000
2,255,572
 (a)
John F. Kennedy International Airport Terminal Six Redevelopment Project,
Green Bonds, Series A, Refunding, AG
5.250%
12/31/54
1,500,000
1,512,352
 (a)
LaGuardia Airport Terminal B Redevelopment Project, Series A
5.000%
7/1/46
3,500,000
3,449,427
 (a)
New York State Urban Development Corp. Revenue, Series A
5.000%
3/15/45
10,000,000
10,389,853
 
Oneida County, NY, Local Development Corp. Revenue:
Mohawk Valley Health System Project, Series A, AG
4.000%
12/1/46
4,000,000
3,551,929
 
Mohawk Valley Health System Project, Series A, Refunding, AG
4.000%
12/1/35
1,000,000
996,311
 
Mohawk Valley Health System Project, Series A, Refunding, AG
4.000%
12/1/36
1,250,000
1,232,934
 
Mohawk Valley Health System Project, Series A, Refunding, AG
4.000%
12/1/37
1,000,000
974,216
 
Mohawk Valley Health System Project, Series A, Refunding, AG
4.000%
12/1/38
1,250,000
1,201,008
 
Oneida Indian Nation of New York, NY, Tax Exempt Bonds
6.000%
9/1/43
1,200,000
1,272,743
 (b)
Onondaga Civic Development Corp. Revenue:
Le Moyne College Project, Series 2015
5.000%
7/1/34
445,000
445,298
 
Le Moyne College Project, Series 2018, Refunding
5.000%
1/1/43
740,000
735,535
 
Le Moyne College Project, Series 2021
4.000%
7/1/38
150,000
140,777
 
Le Moyne College Project, Series 2021
4.000%
7/1/41
215,000
189,380
 
Le Moyne College Project, Series 2021
5.000%
7/1/46
450,000
437,489
 
Le Moyne College Project, Series 2021
5.000%
7/1/51
700,000
656,550
 
Le Moyne College Project, Series 2022, Refunding
4.000%
7/1/34
300,000
297,219
 
Le Moyne College Project, Series 2022, Refunding
4.000%
7/1/36
325,000
314,608
 
Le Moyne College Project, Series 2022, Refunding
4.000%
7/1/39
450,000
415,462
 
Le Moyne College Project, Series 2022, Refunding
4.000%
7/1/42
525,000
457,726
 
Le Moyne College Project, Series B, Refunding
4.000%
7/1/36
425,000
411,410
 
Le Moyne College Project, Series B, Refunding
4.000%
7/1/39
825,000
761,681
 
Le Moyne College Project, Series B, Refunding
4.000%
7/1/40
300,000
270,621
 
Syracuse University Project, Series 2025
5.500%
12/1/56
1,000,000
1,062,573
 
Port Authority of New York & New Jersey Revenue:
Consolidated Series 217
4.000%
11/1/39
3,250,000
3,214,265
 
Consolidated Series 217
5.000%
11/1/44
2,700,000
2,790,547
 
See Notes to Schedule of Investments.
6
Franklin New York Municipal Income ETF 2026 Quarterly Report
 Franklin New York Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
New York — continued
Consolidated Series 217, Refunding
5.000%
1/15/47
 $3,000,000
 $3,109,212
 
Consolidated Series 250, Refunding
5.250%
10/15/51
1,250,000
1,315,725
 
Poughkeepsie, Dutchess County, NY, GO, Public Improvement Bonds, Series 2019,
Refunding
5.000%
6/1/31
490,000
490,475
 
Southold Local Development Corp. Revenue, Peconic Landing at Southold, Inc.
Project, Series 2015
5.000%
12/1/45
2,250,000
2,227,982
 
Suffolk Regional Off-Track Betting Corp., NY, Revenue, Tax-Exempt, GO
6.000%
12/1/53
3,000,000
3,040,873
 
Syracuse Regional Airport Authority, NY, Revenue, Series 2021, Refunding
5.000%
7/1/33
750,000
787,928
 (a)
Tompkins County Development Corp. Revenue, Continuing Care Retirement
Community Revenue Bonds, Kendal at Ithaca, Inc. Project, Series A, Refunding
5.000%
7/1/44
2,570,000
2,570,568
 
Triborough Bridge & Tunnel Authority, NY, Revenue:
CAB, Refunding, Series B, Refunding
0.000%
11/15/32
3,900,000
3,151,081
 
General-MTA Bridges & Tunnels, Series A
5.250%
11/15/54
1,000,000
1,033,762
 
MTA Bridges & Tunnels, Senior Lien, Subseries A-1, Refunding
5.000%
11/15/56
2,535,000
2,567,630
 
Payroll Mobility Tax Senior Lien Bonds, Series C, Refunding
5.250%
5/15/52
5,500,000
5,647,513
 
Payroll Mobility Tax, Senior Lien, Series D-2
5.500%
5/15/52
3,250,000
3,390,605
 
Real Estate Transfer Tax Revenue Bonds, Series A
5.500%
12/1/59
5,000,000
5,228,608
 
Troy, NY, Capital Resource Corp. Revenue:
Rensselaer Polytechnic Institute Project, Series A, Refunding
5.000%
9/1/34
2,000,000
2,087,680
 
Rensselaer Polytechnic Institute Project, Series A, Refunding
5.000%
9/1/39
2,725,000
2,781,293
 
TSASC, Inc., Tobacco Settlement Bonds Revenue, Senior Lien, Series A,
Refunding
5.000%
6/1/41
5,000,000
5,021,556
 
Utility Debt Securitization Authority Revenue, Restructuring Bonds, Series 2023,
Refunding
5.000%
12/15/40
4,000,000
4,340,968
 
Westchester County, NY, IDA Revenue, Armory Plaza Housing, L.P. Project,
Series 2023, FNMA - Collateralized HUD Section 8
4.300%
5/1/41
3,152,000
2,922,695
 (d)(e)
Westchester County, NY, Local Development Corp. Revenue:
Kendal on Hudson Project, Series B, Refunding
5.000%
1/1/32
500,000
523,753
 
Kendal on Hudson Project, Series B, Refunding
5.000%
1/1/37
525,000
545,280
 
Kendal on Hudson Project, Series B, Refunding
5.000%
1/1/41
600,000
611,548
 
New York Blood Center Project, Series 2024
5.000%
7/1/38
1,000,000
1,044,494
 
Purchase Housing Corp. II Project
5.000%
6/1/42
1,235,000
1,182,082
 
Purchase Senior Learning Community Inc. Project, Series A, Refunding
5.000%
7/1/56
2,205,000
1,939,217
 (b)
Westchester, NY, Tobacco Asset Securitization Corp. Revenue, Series B,
Refunding
5.000%
6/1/41
1,250,000
1,256,696
 
Yonkers EDC Revenue:
La Martine-Warburton LLC, Charter School of Educational Excellence Project,
Series A
5.000%
10/15/39
545,000
526,325
 
La Martine-Warburton LLC, Charter School of Educational Excellence Project,
Series A
5.000%
10/15/49
665,000
592,132
 
La Martine-Warburton LLC, Charter School of Educational Excellence Project,
Series A
5.000%
10/15/54
505,000
435,680
 
Total New York
555,860,044
Puerto Rico — 1.0%
Cofina Class 2 Trust, Tax Exempt Class, Series 2047
0.000%
8/1/47
1,496,871
494,381
 
Puerto Rico Commonwealth, GO:
Restructured, Series A-1
4.000%
7/1/37
2,750,000
2,667,422
 
See Notes to Schedule of Investments.
7
Franklin New York Municipal Income ETF 2026 Quarterly Report
Schedule of Investments (unaudited) (cont’d)
August 31, 2026
 Franklin New York Municipal Income ETF
(Percentages shown based on Fund net assets)
Security
 
Rate
Maturity
Date
Face
Amount
Value
Puerto Rico — continued
Restructured, Series A-1
4.000%
7/1/41
 $3,200,000
 $2,972,221
 
Total Puerto Rico
6,134,024
Washington — 0.8%
Grays Harbor County, WA, Public Hospital District No 1 Revenue, Summit Pacific
Medical Center, Series 2023, Refunding
6.750%
12/1/44
4,300,000
4,644,718
 
 
Total Municipal Bonds (Cost — $585,543,051)
568,315,243
Municipal Bonds Deposited in Tender Option Bond Trust(f) — 1.7%
District of Columbia — 1.7%
Metropolitan Washington, DC, Transit Authority, Dedicated Tax Revenue, Second
Lien, Series A (Cost — $10,397,660)
5.000%
5/1/48
10,000,000
10,124,161
 
Total Investments before Short-Term Investments (Cost — $595,940,711)
578,439,404
 
 
 
 
Shares
 
Short-Term Investments — 2.2%
Putnam Government Money Market Fund, Class P Shares (Cost — $12,922,709)  
3.420%
12,922,709
 
12,922,709
 (g)(h)
Total Investments — 99.8% (Cost — $608,863,420)
591,362,113
TOB Floating Rate Notes — (1.1)%
(6,665,000
)
Other Assets in Excess of Other Liabilities — 1.3%
7,828,205
Total Net Assets — 100.0%
$592,525,318
 
(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)
Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.
(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)
Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond (“TOB”) trust..
(g)
Rate shown is one-day yield as of the end of the reporting period.
(h)
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 $12,922,709 and the cost was $12,922,709 (Note 2).
 
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
CAB
—
Capital Appreciation Bonds
EDC
—
Economic Development Corporation
FHA
—
Federal Housing Administration — Insured Bonds
FNMA
—
Federal National Mortgage Association
GO
—
General Obligation
HDC
—
Housing Development Corporation
HFA
—
Housing Finance Agency
HUD
—
Housing & Urban Development
IDA
—
Industrial Development Authority
MFH
—
Multi-Family Housing
MTA
—
Metropolitan Transportation Authority
TFA
—
Transitional Finance Authority
See Notes to Schedule of Investments.
8
Franklin New York Municipal Income ETF 2026 Quarterly Report
 Franklin New York Municipal Income ETF
At August 31, 2026, the Fund had the following open futures contracts:  
 
 
 
Number of
Contracts
 
Expiration
Date
 
Notional
Amount
 
Market
Value
 
Unrealized
Appreciation
Contracts to Sell:
U.S. Treasury Ultra Long-Term Bonds
74
12/26
 $8,239,236
 $8,142,312
 $96,924
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.
9
Franklin New York Municipal Income ETF 2026 Quarterly Report
Notes to Schedule of Investments (unaudited)
1. Organization and significant accounting policies
Franklin New York 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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. 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
10
Franklin New York Municipal Income ETF 2026 Quarterly Report
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
Long-Term Investments†:
Municipal Bonds
—
 $568,315,243
—
 $568,315,243
Municipal Bonds Deposited in Tender Option Bond Trust
—
10,124,161
—
10,124,161
Total Long-Term Investments
—
578,439,404
—
578,439,404
Short-Term Investments†
 $12,922,709
—
—
12,922,709
Total Investments
$12,922,709
$578,439,404
—
$591,362,113
Other Financial Instruments:
Futures Contracts††
 $96,924
—
—
 $96,924
Total
$13,019,633
$578,439,404
—
$591,459,037
 
†
See Schedule of Investments for additional detailed categorizations.
††
Reflects the unrealized appreciation (depreciation) of the instruments.
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

November 30,
2025
Purchased
Sold
Cost
Shares
Proceeds
Shares
Putnam Government
Money Market Fund,
Class P Shares
 $15,555,073
 $137,371,696
137,371,696
 $140,004,060
140,004,060
11
Franklin New York Municipal Income ETF 2026 Quarterly Report
Notes to Schedule of Investments (unaudited) (cont’d)

 
(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
—
 $489,166
—
 $12,922,709
12
Franklin New York Municipal Income ETF 2026 Quarterly Report