Semi-Annual Report by Investment Company (Form N-CSRS)

	UNITED STATES

	SECURITIES AND EXCHANGE COMMISSION

	Washington, D.C. 20549

	FORM N-CSR

	CERTIFIED SHAREHOLDER REPORT OF REGISTERED

	MANAGEMENT INVESTMENT COMPANIES

	Investment Company Act file number:	(811-23643)

	Exact name of registrant as specified in charter:	Putnam ETF Trust

	Address of principal executive offices:	100 Federal Street, Boston, Massachusetts 02110

	Name and address of agent for service:	Stephen Tate, Vice President

		100 Federal Street

		Boston, Massachusetts 02110

	Copy to:	Bryan Chegwidden, Esq.

		Ropes & Gray LLP

		1211 Avenue of the Americas

		New York, New York 10036

		James E. Thomas, Esq.

		Ropes & Gray LLP

		800 Boylston Street

		Boston, Massachusetts 02199

	Registrant's telephone number, including area code:	(617) 292-1000

	Date of fiscal year end:	August 31, 2025

	Date of reporting period:	September 1, 2024 - February 28, 2025

	Item 1. Report to Stockholders:

	The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:

	Item 2. Code of Ethics:

	Not applicable

	Item 3. Audit Committee Financial Expert:

	Not applicable

	Item 4. Principal Accountant Fees and Services:

	Not applicable

	Item 5. Audit Committee of Listed Registrants

	Not applicable

	Item 6. Investments:

	The registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements and Other Important Information in Item 7 below.

	Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Putnam
Focused Large Cap Growth ETF

Financial Statements and Other Important Information

Semi-Annual | February 28, 2025

Table of Contents

The fund's portfolio	1
Financial statements	3
Financial highlights	6
Notes to financial statements	7
Changes in and disagreements with accountants	10
Results of any shareholder votes	10
Remuneration paid to directors, officers, and others	10
Board approval of management and subadvisory agreements	11

Financial Statements and Other Important Information-Semi-Annual

franklintempleton.com

The fund's portfolio 2/28/25 (Unaudited)

	COMMON STOCKS (96.5%)*	Shares	Value
	Aerospace and defense (1.0%)
	TransDigm Group, Inc.	494	$675,397
			675,397
	Automobiles (3.0%)
	Tesla, Inc. †	6,854	2,008,085
			2,008,085
	Broadline retail (9.1%)
	Amazon.com, Inc. †	28,738	6,100,503
			6,100,503
	Building products (1.3%)
	Trane Technologies PLC	2,469	873,285
			873,285
	Chemicals (1.3%)
	Sherwin-Williams Co. (The)	2,448	886,837
			886,837
	Commercial services and supplies (2.5%)
	Copart, Inc. †	14,195	777,886
	Waste Connections, Inc.	4,939	937,225
			1,715,111
	Entertainment (6.2%)
	Live Nation Entertainment, Inc. †	5,434	779,018
	Netflix, Inc. †	1,946	1,908,170
	Spotify Technology SA (Sweden) †	2,427	1,475,640
			4,162,828
	Financial services (6.2%)
	Mastercard, Inc. Class A	4,408	2,540,374
	Visa, Inc. Class A	4,445	1,612,246
			4,152,620
	Health care equipment and supplies (2.7%)
	IDEXX Laboratories, Inc. †	986	430,990
	Intuitive Surgical, Inc. †	2,429	1,392,181
			1,823,171
	Hotels, restaurants, and leisure (3.8%)
	Chipotle Mexican Grill, Inc. †	16,458	888,238
	DraftKings, Inc. Class A †	15,345	673,032
	Starbucks Corp.	8,778	1,016,580
			2,577,850
	Interactive media and services (10.0%)
	Alphabet, Inc. Class A	20,344	3,464,176
	Meta Platforms, Inc. Class A	4,859	3,246,784
			6,710,960
	IT Services (0.9%)
	Accenture PLC Class A	1,823	635,316
			635,316
	Pharmaceuticals (3.7%)
	Eli Lilly and Co.	2,720	2,504,114
			2,504,114
	Semiconductors and semiconductor equipment (14.9%)
	Broadcom, Inc.	16,302	3,251,108
	NVIDIA Corp.	54,477	6,805,267
			10,056,375
	Software (18.1%)
	Cadence Design Systems, Inc. †	4,365	1,093,433
	Microsoft Corp.	18,509	7,347,888
	Oracle Corp.	8,272	1,373,648
	Salesforce, Inc.	4,869	1,450,232
	ServiceNow, Inc. †	978	909,305
			12,174,506

Focused Large Cap Growth ETF

1

	COMMON STOCKS (96.5%)* cont.	Shares	Value
	Specialized REITs (1.0%)
	American Tower Corp. R	3,227	$663,536
			663,536
	Technology hardware, storage, and peripherals (10.8%)
	Apple, Inc.	30,191	7,301,391
			7,301,391
	Total common stocks (cost $43,307,337)		$65,021,885

	SHORT-TERM INVESTMENTS (3.4%)*	Shares	Value
	Putnam Government Money Market Fund Class P 4.08% L	2,312,399	$2,312,399
	Total short-term investments (cost $2,312,399)		$2,312,399

	TOTAL INVESTMENTS
	Total investments (cost $45,619,736)	$67,334,284

	Notes to the fund's portfolio
	Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from September 1, 2024 through February 28, 2025 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's investment manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., and references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures.
*	Percentages indicated are based on net assets of $67,368,259.
†	This security is non-income-producing.
L	Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
R	Real Estate Investment Trust.

	ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:
	Level 1: Valuations based on quoted prices for identical securities in active markets.
	Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
	Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
	The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:

		Valuation inputs
	Investments in securities:	Level 1	Level 2	Level 3
	Common stocks*:
	Communication services	$10,873,788	$-	$-
	Consumer discretionary	10,686,438	-	-
	Financials	4,152,620	-	-
	Health care	4,327,285	-	-
	Industrials	3,263,793	-	-
	Information technology	30,167,588	-	-
	Materials	886,837	-	-
	Real estate	663,536	-	-
	Total common stocks	65,021,885	-	-
	Short-term investments	2,312,399	-	-
	Totals by level	$67,334,284	$-	$-
*	Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.

The accompanying notes are an integral part of these financial statements.

2

Focused Large Cap Growth ETF

Financial statements

Statement of assets and liabilities

2/28/25 (Unaudited)

ASSETS
Investment in securities, at value (Note 1):
Unaffiliated issuers (identified cost $43,307,337)	$65,021,885
Affiliated issuers (identified cost $2,312,399) (Note 5)	2,312,399
Dividends and other receivables	29,724
Receivable for investments sold	33,184
Total assets	67,397,192
LIABILITIES
Payable for compensation of Manager (Note 2)	28,933
Total liabilities	28,933
Net assets	$67,368,259
Represented by
Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)	$45,872,474
Total distributable earnings (Note 1)	21,495,785
Total - Representing net assets applicable to capital shares outstanding	$67,368,259
COMPUTATION OF NET ASSET VALUE
Net asset value per share ($67,368,259 divided by 1,775,000 shares)	$37.95

The accompanying notes are an integral part of these financial statements.

Focused Large Cap Growth ETF

3

Statement of operations

Six months ended 2/28/25 (Unaudited)

Investment income
Dividends (net of foreign tax of $467) (including dividend income of $31,873 from investments in affiliated issuers) (Note 5)	$209,615
Total investment income	209,615
EXPENSES
Compensation of Manager (Note 2)	182,726
Fees waived and reimbursed by Manager (Note 2)	(1,966)
Total expenses	180,760
Net investment income	28,855
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Securities from unaffiliated issuers (Notes 1 and 3)	(291,426)
Securities from in-kind transactions (Notes 1 and 3)	2,260,234
Total net realized gain	1,968,808
Change in net unrealized appreciation (depreciation) on:
Securities from unaffiliated issuers	3,126,683
Total change in net unrealized appreciation	3,126,683
Net gain on investments	5,095,491
Net increase in net assets resulting from operations	$5,124,346

The accompanying notes are an integral part of these financial statements.

4	Focused Large Cap Growth ETF

Statement of changes in net assets 

	Six months ended 2/28/25*	Year ended 8/31/24
Increase in net assets
Operations
Net investment income	$28,855	$53,951
Net realized gain on investments and foreign currency transactions	1,968,808	1,947,319
Change in net unrealized appreciation of investments	3,126,683	13,009,436
Net increase in net assets resulting from operations	5,124,346	15,010,706
Distributions to shareholders (Note 1):
From ordinary income
Net investment income	(58,043)	(84,010)
Proceeds from shares sold (Note 4)	9,278,281	21,999,707
Decrease from shares redeemed (Note 4)	(9,099,623)	(9,963,556)
Other capital (Note 4)	550	-
Total increase in net assets	5,245,511	26,962,847
Net assets
Beginning of period	62,122,748	35,159,901
End of period	$67,368,259	$62,122,748
Number of fund shares
Shares outstanding at beginning of period	1,775,000	1,325,001
Shares sold (Note 4)	250,000	750,000
Shares redeemed (Note 4)	(250,000)	(300,001)
Shares outstanding at end of period	1,775,000	1,775,000
*Unaudited.

The accompanying notes are an integral part of these financial statements.

Focused Large Cap Growth ETF

5

Financial highlights

(For a common share outstanding throughout the period)

PER-SHARE OPERATING PERFORMANCE
	Six months ended 2/28/25**	Year ended 8/31/24	Year ended 8/31/23	Year ended 8/31/22	For the period 5/25/21 (commencement of operations) to 8/31/21
Net asset value, beginning of period	$35.00	$26.54	$22.14	$28.86	$25.00
Investment operations:
Net investment income (loss)a	.02	.03	.06	(.01)	(.01)h
Net realized and unrealized gain (loss) on investments	2.96	8.48	4.36	(6.71)	3.87
Total from investment operations	2.98	8.51	4.42	(6.72)	3.86
Less distributions:
From net investment income	(.03)	(.05)	(.02)	-	-
Total distributions	(.03)	(.05)	(.02)	-	-
Other capital	- e	-	-	-	-
Net asset value, end of period	$37.95	$35.00	$26.54	$22.14	$28.86
Total return at net asset value (%)b	8.53*	32.13	20.01	(23.28)	15.44*
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$67,368	$62,123	$35,160	$10,517	$10,823
Ratio of expenses to average net assets (%)c	.27*f	.55f	.56f,g	.55	.15*
Ratio of net investment income (loss) to average net assets (%)	.04*f	.10f	.24f	(.02)	(.03)*h
Portfolio turnover (%)d	4*	25	45	52	15*

*	Not annualized.

**	Unaudited.

a	Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

b	Total return assumes dividend reinvestment.

c	Excludes acquired fund fees and expenses, if any.

d	Portfolio turnover excludes securities received or delivered in-kind.

e	Amount represents less than $0.01 per share.

f	Reflects waivers of certain fund expenses in connection with investments in Putnam Government Money Market Fund during the period. As a result of such waivers, the expenses of the fund reflect a reduction of the following amounts (Notes 2 and 5):

	Percentage of average net assets
February 28, 2025	<0.01%
August 31, 2024	<0.01
August 31, 2023	0.01

g	Includes one-time proxy cost of 0.02%.

h	Reflects a dividend received by the fund from a single issuer which amounted to the following amounts:

	Per share	Percentage of average net assets
August 31, 2021	$0.01	0.02%

The accompanying notes are an integral part of these financial statements.

6

Focused Large Cap Growth ETF

Notes to financial statements 2/28/25 (Unaudited)

Unless otherwise noted, the "reporting period" represents the period from September 1, 2024 through February 28, 2025. The following table defines commonly used references within the Notes to financial statements:

References to	Represent
1940 Act	Investment Company Act of 1940, as amended
ETF	Exchange-traded fund
Franklin Advisers	Franklin Advisers, Inc., a direct wholly-owned subsidiary of Franklin Templeton
Franklin Templeton	Franklin Resources, Inc.
Franklin Templeton Services	Franklin Templeton Services, LLC, a wholly-owned subsidiary of Franklin Templeton
FTIML	Franklin Templeton Investment Management Limited
JPMorgan	JPMorgan Chase Bank, N.A.
OTC	Over-the-counter
PIL	Putnam Investments Limited, an indirect wholly-owned subsidiary of Franklin Templeton
Putnam Management	Putnam Investment Management, LLC, the fund's investment manager, an indirect wholly-owned subsidiary of Franklin Templeton
SEC	Securities and Exchange Commission
State Street	State Street Bank and Trust Company

Putnam Focused Large Cap Growth ETF (the fund) is a non-diversified, open-end series of Putnam ETF Trust (the Trust), a Delaware statutory trust organized under the 1940 Act. The fund is an actively managed ETF that operates pursuant to an exemptive order from the SEC. The fund's investment objective is to seek capital appreciation. The fund invests mainly in common stocks of large U.S. companies, with a focus on growth stocks. Under normal circumstances, the fund's investment manager invests at least 80% of the fund's net assets in companies of a size similar to those in the Russell 1000 Growth Index (the "Index"). This policy may be changed only after 60 days' notice to shareholders. Growth stocks are stocks of companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. As of September 30, 2024, the Index was composed of companies having market capitalizations of between approximately $1.8 billion to $3.5 trillion. The fund's investment manager may consider, among other factors, a company's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. The fund is "non-diversified," which means it may invest a greater percentage of its assets in fewer issuers than a "diversified" fund. The fund expects to invest in a limited number of issuers.

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund's management team expects the risk of material loss to be remote.

The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, transfer agent and custodian, who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the Trust's Agreement and Declaration of Trust, any claims asserted by a shareholder against or on behalf of the Trust (or its series), including claims against Trustees and Officers, must be brought in courts of the State of Delaware.

Note 1: Significant accounting policies

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) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

Security valuation Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund's investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund's administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees.

Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at the average of the last reported bid and ask prices, the "mid price", and is generally categorized as a Level 2 security. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities.

Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.

To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund's investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund's investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the 1940 Act, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.

To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.

Dividend income, net of any applicable withholding taxes, if any, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.

Foreign currency translation The accounting records of the fund are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations

Focused Large Cap Growth ETF

7

arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.

Lines of credit Effective January 31, 2025, the fund, together with other U.S. registered and foreign investment funds (collectively, Borrowers) managed by an affiliate of Franklin Templeton, are borrowers in a joint syndicated senior unsecured credit facility totaling $2.995 billion (Global Credit Facility) which matures on January 30, 2026. This Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests.

Under the terms of the Global Credit Facility, the fund shall, in addition to interest charged on any borrowings made by the fund and other costs incurred by the fund, pay their share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon their relative share of the aggregate net assets of all of the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in Other expenses in the Statements of operations. During the reporting period, the fund did not use the Global Credit Facility.

Prior to January 31, 2025, the fund participated, along with other Putnam funds, in a $320 million syndicated unsecured committed line of credit, provided by State Street ($160 million) and JPMorgan ($160 million), and a $235.5 million unsecured uncommitted line of credit, provided by State Street. Borrowings may have been made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest was charged to the fund based on the fund's borrowings. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit was paid by the participating funds and a $75,000 fee was paid by the participating funds to State Street as agent of the syndicated committed line of credit. In addition, a commitment fee of 0.21% per annum on any unutilized portion of the committed line of credit was allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.

Federal taxes It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.

The fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset and other income on the fund's books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.

Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred for an unlimited period and the carry forwards will retain their character as either short-term or long-term capital losses. At August 31, 2024, the fund had the following capital loss carryovers available, to the extent allowed by the Code, to offset future net capital gain, if any:

Loss carryover
Short-term	Long-term	Total
$1,492,340	$559,430	$2,051,770

Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The aggregate identified cost on a tax basis is $45,738,129, resulting in gross unrealized appreciation and depreciation of $21,797,867 and $201,712, respectively, or net unrealized appreciation of $21,596,155.

Distributions to shareholders Distributions to shareholders from net investment income, if any, are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund's fiscal year. Reclassifications are made to the fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.

Expenses of the Trust Expenses directly charged or attributable to any fund will be paid from the assets of that fund. Generally, expenses of the Trust will be allocated among and charged to the assets of each fund on a basis that the Trustees deem fair and equitable, which may be based on the relative assets of each fund or the nature of the services performed and relative applicability to each fund.

Note 2: Management fee, administrative services and other transactions

The fund pays its investment manager an annual all-inclusive management fee of 0.55% based on the fund's average daily net assets computed and paid monthly. The management fee covers investment management services and all of the fund's organizational and other operating expenses with certain exceptions, including but not limited to: payments under distribution plans, interest, taxes, brokerage commissions and other transaction costs, fund proxy expenses, litigation expenses, extraordinary expenses and acquired fund fees and expenses.

For the reporting period, the management fee represented an effective rate (excluding the impact from any expense waivers in effect) of 0.273% of the fund's average net assets.

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

The fund invests in Putnam Government Money Market Fund, an open-end management investment company managed by Franklin Advisers. Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund. During the reporting period, management fees paid were reduced by $1,966 relating to the fund's investment in Putnam Government Money Market Fund.

Effective November 1, 2024, FTIML is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. FTIML did not manage any portion of the assets of the fund during the reporting period. If Putnam Management were to engage the services of FTIML, Putnam Management (and not the fund) would pay a monthly sub-management fee to FTIML for its services at an annual rate of 0.25% of the average net assets of the portion of the fund managed by FTIML.

8

Focused Large Cap Growth ETF

Prior to November 1, 2024, PIL was authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. PIL did not manage any portion of the assets of the fund during the reporting period. If Putnam Management had engaged the services of PIL, Putnam Management (and not the fund) would have paid a quarterly sub-management fee to PIL for its services at an annual rate of 0.25% of the average net assets of the portion of the fund managed by PIL. Effective November 1, 2024, PIL merged into FTIML, and PIL investment professionals became employees of FTIML.

Franklin Templeton Services provides certain administrative services to the fund. The fee for those services is paid by the fund's investment manager based on the costs incurred by Franklin Templeton Services and is not an additional expense of the fund.

The fund has adopted a distribution and service plan pursuant to Rule 12b-1 under the 1940 Act that authorizes the fund to pay distribution fees in connection with the sale and distribution of its shares and service fees in connection with the provision of ongoing shareholder support services. No Rule 12b-1 fees are currently paid by the fund.

Note 3: Purchases and sales of securities

During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments and in-kind transactions, were as follows:

	Cost of purchases	Proceeds from sales
Investments in securities (Long-term)	$6,833,827	$2,499,144
U.S. government securities (Long-term)	-	-
Total	$6,833,827	$2,499,144

Portfolio securities received or delivered through in-kind transactions were $731,316 and $6,358,266, respectively.

The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund's transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund's total cost of purchases and/or total proceeds from sales.

Note 4: Capital shares

Shares of the fund are listed and traded on NYSE Arca, Inc., and individual fund shares may only be bought and sold in the secondary market through a broker or dealer at market price. These transactions, which do not involve the fund, are made at market prices that may vary throughout the day, rather than at net asset value (NAV). Shares of the fund may trade at a price greater than the fund's NAV (premium) or less than the fund's NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling fund shares in the secondary market (the "bid-ask spread"). The fund will issue and redeem shares in large blocks of 25,000 shares called "Creation Units" on a continuous basis, at NAV, with authorized participants who have entered into agreements with the fund's distributor. The fund will generally issue and redeem Creation Units in return for a designated portfolio of securities (and an amount of cash) that the fund specifies each day. The fund generally imposes a transaction fee on investors purchasing or redeeming Creation Units. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the fund for certain transaction costs and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in Other capital in the Statement of changes in net assets.

At the close of the reporting period, Franklin Templeton owned 734,000 shares of the fund (41.35% of shares outstanding), valued at $27,855,300.

Note 5: Affiliated transactions

Transactions during the reporting period with any company which is under common ownership or control were as follows:

Name of affiliate	Fair value as of 8/31/24	Purchase cost	Sale proceeds	Investment income	Shares outstanding and fair value as of 2/28/25
Short-term investments
Putnam Government Money Market Fund Class P †	$905,587	$5,442,164	$4,035,352	$31,873	$2,312,399
Total Short-term investments	$905,587	$5,442,164	$4,035,352	$31,873	$2,312,399
† Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund (Note 2). There were no realized or unrealized gains or losses during the period.

Note 6: Market, credit and other risks

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations.

Note 7: Operating segments

The fund has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The update is limited to disclosure requirements and does not impact the fund's financial position or results of operations.

The fund operates as a single operating segment, which is an investment portfolio. The fund's investment manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of assets and liabilities and the Statement of operations, along with the related notes to the financial statements. The fund's portfolio provides details of the fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial highlights.

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Changes in and disagreements with accountants

Not applicable

Results of any shareholder votes

Not applicable

Remuneration paid to directors, officers, and others

Not applicable. Remuneration paid to directors, officers, and others is included as part of the all-inclusive management fee and not paid directly by the fund.

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Board approval of management and subadvisory agreements (Unaudited)

At its meeting on September 27, 2024, the Board of Trustees of your fund, including all of the Trustees who are not "interested persons" (as this term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Putnam mutual funds, closed-end funds and exchange-traded funds (collectively, the "funds") (the "Independent Trustees"), approved a new Sub-Advisory Agreement with respect to your fund (the "New FTIML Sub-Advisory Agreement") between Putnam Investment Management, LLC ("Putnam Management") and its affiliate, Franklin Templeton Investment Management Limited ("FTIML"). Putnam Management and FTIML are each direct or indirect, wholly-owned subsidiaries of Franklin Resources, Inc. ("Franklin Templeton"). (Because FTIML is an affiliate of Putnam Management and Putnam Management remains fully responsible for all services provided by FTIML, the Trustees did not attempt to evaluate FTIML as a separate entity.)

The Board of Trustees, with the assistance of its Contract Committee (which consists solely of Independent Trustees) and its independent legal counsel (as that term is defined in Rule 0-1(a)(6)(i) under the 1940 Act), requested and evaluated all information it deemed reasonably necessary under the circumstances in connection with its review of the New FTIML Sub-Advisory Agreement. At its September 2024 meeting, the Contract Committee met with representatives of Putnam Management and Franklin Templeton, and separately in executive session, to consider the information provided. At the September 2024 Board of Trustees' meetings, the Contract Committee also met in executive session with the other Independent Trustees to discuss its observations and recommendations. Throughout this process, the Contract Committee was assisted by the members of the Board of Trustees' independent staff and by independent legal counsel for the Independent Trustees.

Considerations in connection with the Trustees' approval of the New FTIML Sub-Advisory Agreement

The Trustees considered the proposed New FTIML Sub-Advisory Agreement in connection with the planned November 1, 2024 merger (the "Merger") of Putnam Investments Limited ("PIL"), an affiliate of Putnam Management and a sub-adviser to your fund prior to the Merger, with and into FTIML. The Trustees considered that, in connection with the Merger, PIL investment professionals would become employees of FTIML, and, upon consummation of the Merger, PIL would cease to exist as a separate legal entity. The Trustees noted that Franklin Templeton viewed the Merger as a further step in the integration of the legacy Putnam and Franklin Templeton organizations, offering potential operational efficiencies and enhanced investment resources for the funds. The Trustees also considered, among other factors, that:

• The Merger and the New FTIML Sub-Advisory Agreement would not result in any reduction or material change in the nature or the level of the sub-advisory services provided to the funds;

• The PIL portfolio managers who are responsible for the day-to-day management of the applicable funds would be the same immediately prior to, and immediately after, the Merger, and these investment personnel would have access to the same research and other resources to support their respective investment advisory functions and operate under the same conditions both immediately before and after the Merger;

• Despite a change in the sub-advisory fee structure for certain funds, the New FTIML Sub-Advisory Agreement would not result in an increase in the advisory fee rates payable by each fund, as Putnam Management would be responsible for overseeing the investment advisory services provided to the applicable funds by FTIML under the New FTIML Sub-Advisory Agreement and would compensate FTIML for such services out of the fees it receives under each fund's Management Contract with Putnam Management (each, a "Current Management Contract"); and

• The terms of the New FTIML Sub-Advisory Agreement were substantially similar to those under the sub-management contract between Putnam Management and PIL with respect to the fund (the "PIL Sub-Management Contract"). 1

The Trustees also considered that, prior to the Merger, counsel to Putnam Management and FTIML had provided a legal opinion that the Merger and the appointment of FTIML as sub-adviser to the funds would not result in an "assignment" under the 1940 Act of the PIL Sub-Management Contract and that the New FTIML Sub-Advisory Agreement did not require shareholder approval.

In addition, the Trustees considered that, in connection with their review of your fund's Current Management Contract and the PIL Sub-Management Contract over the course of several months ending in June 2023, they had considered information regarding the nature, extent and quality of the services provided to the fund, the fund's performance, the fund's management fees and expense ratios, the profitability of Putnam Management and its affiliates in providing services to the fund, whether there had been economies of scale with respect to the management of the fund and other benefits received by Putnam Management and its affiliates as a result of their relationships with the fund. Because, other than the parties to the contract, the revised sub-advisory fee structure for certain funds, and certain other non-substantive changes to contractual terms, the New FTIML Sub-Advisory Agreement was substantially similar to the PIL Sub-Management Contract, the Trustees relied to a considerable extent on their previous approval of the PIL Sub-Management Contract in connection with their consideration of the New FTIML Sub-Advisory Agreement.

The Trustees also considered information received as part of the review process ending in June 2024 in connection with their consideration of a new Sub-Advisory Agreement for your fund (the "Franklin Advisers Sub-Advisory Agreement") between Putnam Management and Franklin Advisers, Inc., an affiliate of Putnam Management and FTIML, including updated information regarding the profitability of Putnam Management and its affiliates, potential economies of scale, other benefits received by Putnam Management and its affiliates as a result of their relationships with the funds, and the performance and expenses of the funds. The Trustees also considered other information received in connection with their review of the Franklin Advisers Sub-Advisory Agreement, including certain performance information for Franklin Templeton's fixed income and investment solutions investment strategies and information regarding the revenues, expenses and profitability of Franklin Templeton's global investment management business and its U.S. registered investment company business, which included the financial results of FTIML.

1 The New PIL Sub-Management Contract was operative until the effective date of the Merger, November 1, 2024, and was replaced by the New FTIML Sub-Advisory Agreement effective as of that date.

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Board of Trustees' Conclusions

After considering the factors described above, as well as other factors, the Board of Trustees, including all of the Independent Trustees, concluded that the fees payable under the New FTIML Sub-Advisory Agreement represented reasonable compensation in light of the nature and quality of the services that would be provided to the funds, and determined to approve the New FTIML Sub-Advisory Agreement for your fund. These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor.

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© 2025 Franklin Templeton. All rights reserved.		39433-SFSOI 4/25

	Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

	Included in Item 7 above.

	Item 9. Proxy Disclosure for Open-End Management Investment Companies.

	Included in Item 7 above.

	Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

	Included in Item 7 above.

	Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

	Included in Item 7 above.

	Item 12. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:

	Not applicable

	Item 13. Portfolio Managers of Closed-End Investment Companies

	Not Applicable

	Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:

	Not applicable

	Item 15. Submission of Matters to a Vote of Security Holders:

	Not applicable

	Item 16. Controls and Procedures:

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

	(b) Changes in internal control over financial reporting: Not applicable

	Item 17. Disclosures of Securities Lending Activities for Closed-End Investment Companies:

	Not Applicable

	Item 18. Recovery of Erroneously Awarded Compensation.

	Not Applicable

	Item 19. Exhibits:

	(a)(1) Not applicable

	(a)(2) Not applicable

	(a)(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are filed herewith.

	(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.

	SIGNATURES

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

	Putnam ETF Trust

	By (Signature and Title):

	/s/ Jeffrey White

	Jeffrey White Principal Accounting Officer

	Date: April 28, 2025

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

	By (Signature and Title):

	/s/ Jonathan S. Horwitz

	Jonathan S. Horwitz Principal Executive Officer

	Date: April 28, 2025

	By (Signature and Title):

	/s/ Jeffrey White

	Jeffrey White Principal Financial Officer

	Date: April 28, 2025