Putnam ETF Trust
12/29/2025 | Press release | Distributed by Public on 12/29/2025 12:01
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
Putnam ETF Trust
(Exact name of registrant as specified in charter)
100 Federal Street, Boston, Massachusetts 02110
(Address of principal executive offices) (Zip code)
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
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 292-1000
Date of fiscal year end: April 30
Date of reporting period: October 31, 2025
| ITEM 1. | REPORT TO STOCKHOLDERS. |
(a) The Report to Shareholders is filed herewith
|
Putnam PanAgora ESG International Equity ETF
|
|
|
PPIENYSE Arca, Inc.
|
Semi-Annual Shareholder Report | October 31, 2025
|
This semi-annual shareholder reportcontains important information about Putnam PanAgora ESG International Equity ETF for the period May 1, 2025, to October 31, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*,†
|
|
Putnam PanAgora ESG International Equity ETF
|
$26
|
0.49%
|
| * | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. |
| † | Annualized. |
KEY FUND STATISTICS (as of October 31, 2025)
|
Total Net Assets
|
$269,516,559
|
|
Total Number of Portfolio Holdings
|
123
|
|
Portfolio Turnover Rate
|
38%
|
WHAT DID THE FUND INVEST IN? (as of October 31, 2025)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
|
|
|
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
|
|
|
• prospectus • proxy voting information • financial information • holdings • tax information
|
| Putnam PanAgora ESG International Equity ETF | PAGE 1 | 39494-STSR-1225 |
(b) Not applicable
| 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. | SCHEDULE OF INVESTMENTS. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Putnam
PanAgora ESG International Equity ETF
PanAgora ESG International Equity ETF
Financial Statements and Other Important Information
Semi-Annual | October 31, 2025
Table of Contents
|
Schedule of Investments
|
1
|
|
Statement of Assets and Liabilities
|
8
|
|
Statement of Operations
|
9
|
|
Statements of Changes in Net Assets
|
10
|
|
Financial Highlights
|
11
|
|
Notes to Financial Statements
|
12
|
|
Changes in and Disagreements with Accountants
|
21
|
|
Results of Meeting(s) of Shareholders
|
21
|
|
Remuneration Paid to Directors, Officers and Others
|
21
|
|
Board Approval of Management and Subadvisory Agreements
|
22
|
franklintempleton.com
Financial Statements and Other Important Information - Semi-Annual
Schedule of Investments(unaudited) October 31, 2025
Putnam PanAgora ESG International Equity ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
Common Stocks - 99.4%
|
|||||
|
Communication Services - 4.2%
|
|||||
|
Diversified Telecommunication Services - 1.5%
|
|||||
|
Koninklijke KPN NV
|
288,226
|
$1,334,875
|
|||
|
Singapore Telecommunications Ltd.
|
223,700
|
730,428
|
|||
|
Telstra Group Ltd.
|
581,173
|
1,855,676
|
|||
|
Total Diversified Telecommunication Services
|
3,920,979
|
||||
|
Entertainment - 0.3%
|
|||||
|
Capcom Co. Ltd.
|
28,200
|
738,166
|
|||
|
Interactive Media & Services - 0.5%
|
|||||
|
LY Corp.
|
260,200
|
764,847
|
|||
|
Scout24 SE
|
5,906
|
682,117
(a)
|
|||
|
Total Interactive Media & Services
|
1,446,964
|
||||
|
Media - 0.8%
|
|||||
|
Informa PLC
|
170,658
|
2,169,743
|
|||
|
Wireless Telecommunication Services - 1.1%
|
|||||
|
KDDI Corp.
|
184,500
|
2,946,900
|
|||
|
|
|||||
|
Total Communication Services
|
11,222,752
|
||||
|
Consumer Discretionary - 9.6%
|
|||||
|
Automobile Components - 0.9%
|
|||||
|
Bridgestone Corp.
|
21,600
|
948,040
|
|||
|
Cie Generale des Etablissements Michelin SCA
|
46,393
|
1,480,720
|
|||
|
Total Automobile Components
|
2,428,760
|
||||
|
Automobiles - 0.3%
|
|||||
|
Mercedes-Benz Group AG
|
13,900
|
900,587
|
|||
|
Broadline Retail - 1.4%
|
|||||
|
Prosus NV
|
34,179
|
2,361,028
|
|||
|
Sea Ltd., ADR
|
9,288
|
1,451,250
*
|
|||
|
Total Broadline Retail
|
3,812,278
|
||||
|
Hotels, Restaurants & Leisure - 1.1%
|
|||||
|
Amadeus IT Group SA
|
29,289
|
2,238,961
|
|||
|
Aristocrat Leisure Ltd.
|
17,362
|
719,653
|
|||
|
Total Hotels, Restaurants & Leisure
|
2,958,614
|
||||
|
Household Durables - 3.6%
|
|||||
|
Sony Group Corp.
|
345,800
|
9,720,366
|
|||
|
Specialty Retail - 1.6%
|
|||||
|
Industria de Diseno Textil SA
|
23,961
|
1,322,933
|
|||
|
Kingfisher PLC
|
209,953
|
851,717
|
|||
|
Sanrio Co. Ltd.
|
25,800
|
1,198,174
|
|||
|
Zalando SE
|
30,212
|
844,827
*(a)
|
|||
|
Total Specialty Retail
|
4,217,651
|
||||
See Notes to Financial Statements.
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
1
Schedule of Investments(unaudited) (cont'd) October 31, 2025
Putnam PanAgora ESG International Equity ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Textiles, Apparel & Luxury Goods - 0.7%
|
|||||
|
Moncler SpA
|
15,850
|
$950,014
|
|||
|
Pandora A/S
|
7,129
|
954,649
|
|||
|
Total Textiles, Apparel & Luxury Goods
|
1,904,663
|
||||
|
|
|||||
|
Total Consumer Discretionary
|
25,942,919
|
||||
|
Consumer Staples - 7.3%
|
|||||
|
Consumer Staples Distribution & Retail - 4.1%
|
|||||
|
Kesko oyj, Class B Shares
|
45,748
|
964,985
|
|||
|
Koninklijke Ahold Delhaize NV
|
43,611
|
1,785,025
|
|||
|
MatsukiyoCocokara & Co.
|
59,000
|
1,069,090
|
|||
|
Tesco PLC
|
1,196,004
|
7,218,047
|
|||
|
Total Consumer Staples Distribution & Retail
|
11,037,147
|
||||
|
Food Products - 2.8%
|
|||||
|
Danone SA
|
41,212
|
3,642,531
|
|||
|
Kerry Group PLC, Class A Shares
|
11,011
|
1,003,924
|
|||
|
Mowi ASA
|
101,317
|
2,226,538
|
|||
|
Orkla ASA
|
64,428
|
653,233
|
|||
|
Total Food Products
|
7,526,226
|
||||
|
Household Products - 0.4%
|
|||||
|
Henkel AG & Co. KGaA
|
13,413
|
1,001,067
|
|||
|
|
|||||
|
Total Consumer Staples
|
19,564,440
|
||||
|
Energy - 2.7%
|
|||||
|
Oil, Gas & Consumable Fuels - 2.7%
|
|||||
|
ENEOS Holdings Inc.
|
129,800
|
819,346
|
|||
|
Shell PLC
|
145,552
|
5,444,751
|
|||
|
TotalEnergies SE
|
16,177
|
1,005,974
|
|||
|
|
|||||
|
Total Energy
|
7,270,071
|
||||
|
Financials - 24.3%
|
|||||
|
Banks - 12.6%
|
|||||
|
Bank Hapoalim BM
|
57,721
|
1,174,455
|
|||
|
Barclays PLC, ADR
|
213,958
|
4,597,957
|
|||
|
BOC Hong Kong Holdings Ltd.
|
226,908
|
1,114,895
|
|||
|
BPER Banca SpA
|
194,443
|
2,320,812
|
|||
|
Canadian Imperial Bank of Commerce
|
10,236
|
848,116
|
|||
|
Danske Bank A/S
|
35,879
|
1,602,080
|
|||
|
DBS Group Holdings Ltd.
|
51,500
|
2,133,832
|
|||
|
Intesa Sanpaolo SpA
|
1,454,948
|
9,351,208
|
|||
|
Japan Post Bank Co. Ltd.
|
69,600
|
780,409
|
|||
|
Mitsubishi UFJ Financial Group Inc.
|
209,400
|
3,165,933
|
|||
|
Skandinaviska Enskilda Banken AB, Class A Shares
|
86,826
|
1,657,876
|
|||
See Notes to Financial Statements.
2
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
Putnam PanAgora ESG International Equity ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Banks - continued
|
|||||
|
Sumitomo Mitsui Trust Group Inc.
|
73,600
|
$2,020,645
|
|||
|
UniCredit SpA
|
44,101
|
3,254,838
|
|||
|
Total Banks
|
34,023,056
|
||||
|
Capital Markets - 4.1%
|
|||||
|
3i Group PLC
|
135,046
|
7,806,035
|
|||
|
Deutsche Bank AG, Registered Shares
|
41,565
|
1,481,853
|
|||
|
Hong Kong Exchanges & Clearing Ltd.
|
34,400
|
1,875,265
|
|||
|
Total Capital Markets
|
11,163,153
|
||||
|
Financial Services - 0.7%
|
|||||
|
ORIX Corp.
|
59,000
|
1,439,491
|
|||
|
Sony Financial Group Inc.
|
362,800
|
365,837
*
|
|||
|
Total Financial Services
|
1,805,328
|
||||
|
Insurance - 6.9%
|
|||||
|
Aegon Ltd.
|
135,913
|
1,034,897
|
|||
|
Allianz SE, Registered Shares
|
11,256
|
4,517,627
|
|||
|
Aviva PLC
|
139,492
|
1,225,213
|
|||
|
AXA SA
|
33,206
|
1,440,284
|
|||
|
QBE Insurance Group Ltd.
|
168,788
|
2,191,090
|
|||
|
Sompo Holdings Inc.
|
47,100
|
1,438,887
|
|||
|
Swiss Re AG
|
29,193
|
5,318,041
|
|||
|
Talanx AG
|
5,279
|
641,951
|
|||
|
Unipol Assicurazioni SpA
|
36,321
|
793,977
|
|||
|
Total Insurance
|
18,601,967
|
||||
|
|
|||||
|
Total Financials
|
65,593,504
|
||||
|
Health Care - 11.3%
|
|||||
|
Biotechnology - 0.7%
|
|||||
|
Genmab A/S
|
3,191
|
905,248
*
|
|||
|
Swedish Orphan Biovitrum AB
|
25,123
|
865,266
*
|
|||
|
Total Biotechnology
|
1,770,514
|
||||
|
Health Care Equipment & Supplies - 3.1%
|
|||||
|
Alcon AG
|
44,068
|
3,274,640
|
|||
|
Convatec Group PLC
|
164,487
|
527,683
(a)
|
|||
|
EssilorLuxottica SA
|
6,261
|
2,289,872
|
|||
|
Smith & Nephew PLC
|
44,762
|
826,194
|
|||
|
Terumo Corp.
|
96,500
|
1,560,118
|
|||
|
Total Health Care Equipment & Supplies
|
8,478,507
|
||||
|
Health Care Providers & Services - 1.1%
|
|||||
|
Fresenius SE & Co. KGaA
|
50,743
|
2,925,616
|
|||
|
Life Sciences Tools & Services - 1.3%
|
|||||
|
ICON PLC
|
4,245
|
729,376
*
|
|||
See Notes to Financial Statements.
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
3
Schedule of Investments(unaudited) (cont'd) October 31, 2025
Putnam PanAgora ESG International Equity ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Life Sciences Tools & Services - continued
|
|||||
|
Lonza Group AG, Registered Shares
|
4,161
|
$2,865,519
|
|||
|
Total Life Sciences Tools & Services
|
3,594,895
|
||||
|
Pharmaceuticals - 5.1%
|
|||||
|
Daiichi Sankyo Co. Ltd.
|
62,100
|
1,478,456
|
|||
|
Novartis AG, Registered Shares
|
78,013
|
9,623,300
|
|||
|
Sanofi SA
|
25,917
|
2,616,895
|
|||
|
Total Pharmaceuticals
|
13,718,651
|
||||
|
|
|||||
|
Total Health Care
|
30,488,183
|
||||
|
Industrials - 19.9%
|
|||||
|
Building Products - 1.9%
|
|||||
|
Assa Abloy AB, Class B Shares
|
30,276
|
1,143,128
|
|||
|
Cie de Saint-Gobain SA
|
40,059
|
3,881,387
|
|||
|
Total Building Products
|
5,024,515
|
||||
|
Commercial Services & Supplies - 1.0%
|
|||||
|
Brambles Ltd.
|
169,971
|
2,764,731
|
|||
|
Construction & Engineering - 3.3%
|
|||||
|
Eiffage SA
|
13,999
|
1,721,706
|
|||
|
Stantec Inc.
|
6,029
|
667,658
|
|||
|
Vinci SA
|
48,680
|
6,503,266
|
|||
|
Total Construction & Engineering
|
8,892,630
|
||||
|
Electrical Equipment - 1.6%
|
|||||
|
Legrand SA
|
10,013
|
1,725,452
|
|||
|
Schneider Electric SE
|
9,010
|
2,555,841
|
|||
|
Total Electrical Equipment
|
4,281,293
|
||||
|
Industrial Conglomerates - 2.4%
|
|||||
|
Hitachi Ltd.
|
54,500
|
1,880,676
|
|||
|
Siemens AG, Registered Shares
|
16,779
|
4,749,015
|
|||
|
Total Industrial Conglomerates
|
6,629,691
|
||||
|
Machinery - 3.8%
|
|||||
|
FANUC Corp.
|
159,600
|
5,083,878
|
|||
|
GEA Group AG
|
12,995
|
928,679
|
|||
|
IMI PLC
|
25,545
|
801,376
|
|||
|
Komatsu Ltd.
|
32,800
|
1,099,505
|
|||
|
Sandvik AB
|
78,043
|
2,369,980
|
|||
|
Total Machinery
|
10,283,418
|
||||
|
Professional Services - 1.1%
|
|||||
|
Experian PLC
|
18,760
|
874,158
|
|||
|
RELX PLC
|
47,781
|
2,107,185
|
|||
|
Total Professional Services
|
2,981,343
|
||||
See Notes to Financial Statements.
4
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
Putnam PanAgora ESG International Equity ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Trading Companies & Distributors - 4.5%
|
|||||
|
AerCap Holdings NV
|
10,693
|
$1,392,656
|
|||
|
ITOCHU Corp.
|
99,200
|
5,748,850
|
|||
|
Mitsubishi Corp.
|
80,300
|
1,934,161
|
|||
|
Mitsui & Co. Ltd.
|
124,900
|
3,081,369
|
|||
|
Total Trading Companies & Distributors
|
12,157,036
|
||||
|
Transportation Infrastructure - 0.3%
|
|||||
|
Getlink SE
|
39,872
|
727,523
|
|||
|
|
|||||
|
Total Industrials
|
53,742,180
|
||||
|
Information Technology - 10.3%
|
|||||
|
Communications Equipment - 0.7%
|
|||||
|
Nokia oyj, ADR
|
282,935
|
1,955,081
|
|||
|
Electronic Equipment, Instruments & Components - 0.6%
|
|||||
|
Murata Manufacturing Co. Ltd.
|
70,600
|
1,553,924
|
|||
|
IT Services - 4.3%
|
|||||
|
Capgemini SE
|
18,279
|
2,812,750
|
|||
|
NEC Corp.
|
237,600
|
8,661,585
|
|||
|
Total IT Services
|
11,474,335
|
||||
|
Semiconductors & Semiconductor Equipment - 3.9%
|
|||||
|
ASML Holding NV, Registered Shares
|
7,982
|
8,454,774
|
|||
|
Infineon Technologies AG
|
23,152
|
915,868
|
|||
|
Renesas Electronics Corp.
|
81,700
|
1,013,099
|
|||
|
Total Semiconductors & Semiconductor Equipment
|
10,383,741
|
||||
|
Software - 0.8%
|
|||||
|
Sage Group PLC
|
84,188
|
1,271,321
|
|||
|
SAP SE, ADR
|
3,892
|
1,011,959
|
|||
|
Total Software
|
2,283,280
|
||||
|
|
|||||
|
Total Information Technology
|
27,650,361
|
||||
|
Materials - 5.7%
|
|||||
|
Chemicals - 0.2%
|
|||||
|
Nutrien Ltd.
|
11,906
|
648,461
|
|||
|
Construction Materials - 0.9%
|
|||||
|
CRH PLC
|
6,640
|
790,824
|
|||
|
Holcim AG
|
18,229
|
1,615,976
|
|||
|
Total Construction Materials
|
2,406,800
|
||||
|
Metals & Mining - 4.2%
|
|||||
|
BHP Group Ltd.
|
120,585
|
3,428,151
|
|||
|
Boliden AB
|
57,226
|
2,584,138
*
|
|||
|
Northern Star Resources Ltd.
|
151,103
|
2,433,109
|
|||
|
Rio Tinto PLC, ADR
|
20,907
|
1,499,869
|
|||
See Notes to Financial Statements.
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
5
Schedule of Investments(unaudited) (cont'd) October 31, 2025
Putnam PanAgora ESG International Equity ETF
(Percentages shown based on Fund net assets)
|
Security
|
|
|
|
Shares
|
Value
|
|
|
|||||
|
Metals & Mining - continued
|
|||||
|
South32 Ltd.
|
620,795
|
$1,287,610
|
|||
|
Total Metals & Mining
|
11,232,877
|
||||
|
Paper & Forest Products - 0.4%
|
|||||
|
UPM-Kymmene oyj
|
35,837
|
961,639
|
|||
|
|
|||||
|
Total Materials
|
15,249,777
|
||||
|
Real Estate - 1.3%
|
|||||
|
Diversified REITs - 0.3%
|
|||||
|
CapitaLand Integrated Commercial Trust
|
530,608
|
966,150
|
|||
|
Industrial REITs - 0.3%
|
|||||
|
CapitaLand Ascendas REIT
|
343,900
|
745,081
|
|||
|
Real Estate Management & Development - 0.4%
|
|||||
|
Daito Trust Construction Co. Ltd.
|
57,000
|
1,063,919
|
|||
|
Retail REITs - 0.3%
|
|||||
|
Klepierre SA
|
18,476
|
705,762
|
|||
|
|
|||||
|
Total Real Estate
|
3,480,912
|
||||
|
Utilities - 2.8%
|
|||||
|
Electric Utilities - 1.6%
|
|||||
|
EDP SA
|
263,711
|
1,310,096
|
|||
|
Endesa SA
|
24,249
|
868,984
|
|||
|
Fortum oyj
|
103,015
|
2,296,436
|
|||
|
Total Electric Utilities
|
4,475,516
|
||||
|
Multi-Utilities - 1.2%
|
|||||
|
National Grid PLC
|
209,375
|
3,135,637
|
|||
|
|
|||||
|
Total Utilities
|
7,611,153
|
||||
|
Total Investments before Short-Term Investments (Cost - $218,641,026)
|
267,816,252
|
||||
|
|
|
Rate
|
|
|
|
|
Short-Term Investments - 0.1%
|
|||||
|
Putnam Government Money Market Fund, Class P Shares
(Cost - $291,291)
|
3.920%
|
291,291
|
291,291
(b)(c)
|
||
|
Total Investments - 99.5% (Cost - $218,932,317)
|
268,107,543
|
||||
|
Other Assets in Excess of Liabilities - 0.5%
|
1,409,016
|
||||
|
Total Net Assets - 100.0%
|
$269,516,559
|
||||
See Notes to Financial Statements.
6
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
Putnam PanAgora ESG International Equity ETF
|
*
|
Non-income producing security.
|
|
(a)
|
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in
transactions that are exempt from registration, normally to qualified institutional buyers. This security has been
deemed liquid pursuant to guidelines approved by the Board of Trustees.
|
|
(b)
|
Rate shown is one-day yield as of the end of the reporting period.
|
|
(c)
|
In this instance, as defined in the Investment Company Act of 1940, 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 October 31, 2025, the total market value of investments in Affiliated
Companies was $291,291 and the cost was $291,291 (Note 6).
|
|
Abbreviation(s) used in this schedule:
|
||
|
ADR
|
-
|
American Depositary Receipts
|
|
REIT
|
-
|
Real Estate Investment Trust
|
See Notes to Financial Statements.
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
7
Statement of Assets and Liabilities(unaudited) October 31, 2025
|
Assets:
|
|
|
Investments in unaffiliated securities, at value (Cost - $218,641,026)
|
$267,816,252
|
|
Investments in affiliated securities, at value (Cost - $291,291)
|
291,291
|
|
Foreign currency, at value (Cost - $132,936)
|
132,083
|
|
Dividends receivable from unaffiliated investments
|
1,323,560
|
|
European Union tax reclaims receivable (Note 1)
|
63,608
|
|
Dividends receivable from affiliated investments
|
1,029
|
|
Total Assets
|
269,627,823
|
|
Liabilities:
|
|
|
Investment management fee payable
|
111,264
|
|
Total Liabilities
|
111,264
|
|
Total Net Assets
|
$269,516,559
|
|
Net Assets:
|
|
|
Paid-in capital
|
$204,212,959
|
|
Total distributable earnings (loss)
|
65,303,600
|
|
Total Net Assets
|
$269,516,559
|
|
Shares Outstanding
|
9,475,000
|
|
Net Asset Value
|
$28.45
|
See Notes to Financial Statements.
8
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
Statement of Operations (unaudited) For the Six Months Ended October 31, 2025
|
Investment Income:
|
|
|
Dividends from unaffiliated investments
|
$4,399,317
|
|
Dividends from affiliated investments
|
2,431
|
|
European Union tax reclaims (Note 1)
|
5,762
|
|
Less: Foreign taxes withheld
|
(385,096
)
|
|
Total Investment Income
|
4,022,414
|
|
Expenses:
|
|
|
Investment management fee (Note 2)
|
623,056
|
|
Total Expenses
|
623,056
|
|
Less: Fee waivers and/or expense reimbursements (Note 2)
|
(918
)
|
|
Net Expenses
|
622,138
|
|
Net Investment Income
|
3,400,276
|
|
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
(Notes 1 and 3):
|
|
|
Net Realized Gain From:
|
|
|
Investment transactions in unaffiliated securities
|
12,679,209
|
|
Foreign currency transactions
|
4,523
|
|
Net Realized Gain
|
12,683,732
|
|
Change in Net Unrealized Appreciation (Depreciation) From:
|
|
|
Investments in unaffiliated securities
|
17,021,587
|
|
Foreign currencies
|
(32,841
)
|
|
Change in Net Unrealized Appreciation (Depreciation)
|
16,988,746
|
|
Net Gain on Investments and Foreign Currency Transactions
|
29,672,478
|
|
Increase in Net Assets From Operations
|
$33,072,754
|
See Notes to Financial Statements.
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
9
Statements of Changes in Net Assets
|
For the Six Months Ended October 31, 2025 (unaudited)
and the Year Ended April 30, 2025
|
October 31
|
April 30
|
|
Operations:
|
||
|
Net investment income
|
$3,400,276
|
$4,651,865
|
|
Net realized gain
|
12,683,732
|
9,965,870
|
|
Change in net unrealized appreciation (depreciation)
|
16,988,746
|
19,315,716
|
|
Increase in Net Assets From Operations
|
33,072,754
|
33,933,451
|
|
Distributions to Shareholders From (Note 1):
|
||
|
Total distributable earnings
|
-
|
(10,081,680
)
|
|
Decrease in Net Assets From Distributions to Shareholders
|
-
|
(10,081,680
)
|
|
Fund Share Transactions (Note 5):
|
||
|
Net proceeds from sale of shares (650,000 and 3,325,000 shares issued,
respectively)
|
17,434,163
|
77,380,111
|
|
Cost of shares repurchased (575,000 and 1,225,000 shares repurchased,
respectively)
|
(15,363,343
)
|
(29,146,164
)
|
|
Increase in Net Assets From Fund Share Transactions
|
2,070,820
|
48,233,947
|
|
Increase in Net Assets
|
35,143,574
|
72,085,718
|
|
Net Assets:
|
||
|
Beginning of period
|
234,372,985
|
162,287,267
|
|
End of period
|
$269,516,559
|
$234,372,985
|
See Notes to Financial Statements.
10
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
Financial Highlights
|
For a share of beneficial interest outstanding throughout each year ended April 30,
unless otherwise noted:
|
||||
|
|
20251,2
|
20251
|
20241
|
20231,3
|
|
Net asset value, beginning of period
|
$24.93
|
$22.23
|
$20.84
|
$20.00
|
|
Income from operations:
|
||||
|
Net investment income
|
0.36
|
0.54
|
0.52
|
0.35
|
|
Net realized and unrealized gain
|
3.16
|
3.29
|
1.58
|
0.49
|
|
Total income from operations
|
3.52
|
3.83
|
2.10
|
0.84
|
|
Less distributions from:
|
||||
|
Net investment income
|
-
|
(0.81
)
|
(0.71
)
|
-
|
|
Net realized gains
|
-
|
(0.32
)
|
-
|
-
|
|
Total distributions
|
-
|
(1.13
)
|
(0.71
)
|
-
|
|
Net asset value, end of period
|
$28.45
|
$24.93
|
$22.23
|
$20.84
|
|
Total return, based on NAV4
|
14.40
%
|
17.87
%
|
10.22
%
|
4.20
%5
|
|
Net assets, end of period (millions)
|
$270
|
$234
|
$162
|
$129
|
|
Ratios to average net assets:
|
||||
|
Gross expenses
|
0.49
%6
|
0.49
%
|
0.49
%
|
0.14
%5
|
|
Net expenses7,8
|
0.49
6
|
0.49
|
0.49
|
0.14
5
|
|
Net investment income
|
2.67
6
|
2.28
|
2.44
|
1.73
5
|
|
Portfolio turnover rate9
|
38
%
|
66
%
|
111
%
|
42
%5
|
|
1
|
Per share amounts have been calculated using the average shares method.
|
|
2
|
For the six months ended October 31, 2025 (unaudited).
|
|
3
|
For the period January 19, 2023 (inception date) to April 30, 2023.
|
|
4
|
Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or
expense reimbursements, the total return would have been lower. The total return calculation assumes that
distributions are reinvested at NAV. Past performance is no guarantee of future results. Total returns for periods of
less than one year are not annualized.
|
|
5
|
Not annualized.
|
|
6
|
Annualized.
|
|
7
|
The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management
fee payable in connection with any investment in an affiliated money market fund.
|
|
8
|
Reflects fee waivers and/or expense reimbursements.
|
|
9
|
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
|
See Notes to Financial Statements.
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
11
Notes to Financial Statements(unaudited)
1. Organization and significant accounting policies
Putnam PanAgora ESG International Equity 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 net asset value ("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 seeks long-term capital appreciation.
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. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ. Subsequent events have been evaluated through the date the financial statements were issued.
(a) Investment valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. 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,
12
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
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. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (Eastern Time). 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.
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
13
Notes to Financial Statements(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
|
|
Common Stocks†
|
$267,816,252
|
-
|
-
|
$267,816,252
|
|
Short-Term Investments†
|
291,291
|
-
|
-
|
291,291
|
|
Total Investments
|
$268,107,543
|
-
|
-
|
$268,107,543
|
|
†
|
See Schedule of Investments for additional detailed categorizations.
|
(b) Foreign currency translation. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.
14
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
(c) Foreign investment risks. The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.
(d) Security transactions and investment income. Security transactions are accounted for on a trade date basis. Interest income (including interest income from payment-in-kind securities) is recorded on the accrual basis. Amortization of premiums and accretion of discounts on debt securities are recorded to interest income over the lives of the respective securities, except for premiums on certain callable debt securities, which are amortized to the earliest call date. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
15
Notes to Financial Statements(unaudited) (cont'd)
(e) REIT distributions. The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Fund to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Fund's records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.
(f) Distributions to shareholders. Distributions from net investment income and distributions of net realized gains, if any, are declared at least quarterly. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.
(g) Federal and other taxes. It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Fund's financial statements.
Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of April 30, 2025, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for the prior three fiscal years are subject to examination by the Internal Revenue Service and state departments of revenue.
Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.
As a result of several court cases, in certain countries across the European Union, the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries ("EU reclaims"). Income recognized, if any, for EU reclaims is reflected as European Union tax reclaims in the Statement of Operations and any related receivable is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected as European Union tax reclaim contingent fees in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns.
16
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
(h) Reclassification. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.
2. Investment management agreementand other transactions with affiliates
Putnam Investment Management, LLC ("Putnam Management") is the Fund's investment manager and PanAgora Asset Management, Inc. ("PanAgora") is the Fund's subadviser. Putnam Management is an indirect, wholly-owned subsidiary of Franklin Resources, Inc. ("Franklin Resources").
The Fund pays its investment manager an annual all-inclusive management fee of 0.49% based on the Fund's average daily net assets computed daily 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.
Putnam Management has retained PanAgora as a subadviser for the Fund pursuant to a subadvisory agreement. Pursuant to the agreement, PanAgora is authorized by the Trustees to make investment decisions for the assets of the Fund as determined by Putnam Management. Putnam Management pays a quarterly sub-advisory fee to PanAgora for its services at an annual rate of 0.17% of the average net assets of the Fund.
Under an agreement with Advisers, Franklin Templeton Services, LLC ("Franklin Templeton Services"), provides administrative services to the Fund. The fee is paid by Advisers based on the costs incurred by Franklin Templeton Services and is not an additional expense of the Fund.
The Fund invests in Putnam Government Money Market Fund, an open-end management investment company managed by Advisers. The manager has agreed to waive the Fund's management fee to an extent sufficient to offset the net management fee payable in connection with any investment in an affiliated money market fund (the "affiliated money market fund waiver").
During the six months ended October 31, 2025, fees waived and/or expenses reimbursed amounted to $918, all of which was an affiliated money market fund waiver.
Franklin Distributors, LLC ("Franklin Distributors") serves as the distributor of Creation Units for the Fund on an agency basis. Franklin Distributors is an indirect, wholly-owned broker-dealersubsidiary of Franklin Resources.
The Board has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan, the Fund is authorized to pay service and/or distribution fees calculated at an
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
17
Notes to Financial Statements(unaudited) (cont'd)
annual rate of up to 0.25% of its average daily net assets. No service and/or distribution fees are currently paid by the Fund, and there are no current plans to impose these fees.
All officers and one Trustee of the Trust are employees of Franklin Resources or its affiliates and do not receive compensation from the Trust.
3. Investments
During the six months ended October 31, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding in-kind transactions and short-term investments) were as follows:
|
Purchases
|
$102,551,340
|
|
Sales
|
96,537,635
|
During the six months ended October 31, 2025, in-kind transactions (Note 5) were as follows:
|
Contributions
|
$1,235,382
|
|
Redemptions
|
1,270,108
|
|
Realized gain (loss)*
|
350,801
|
|
*
|
Net realized gains on redemptions in-kind are not taxable to the remaining shareholders of the Fund.
|
The in-kind contributions and in-kind redemptions shown in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. This table represents the accumulation of the Fund's daily net shareholder transactions while the Statements of Changes in Net Assets reflects gross shareholder transactions including any cash component of the transactions.
At October 31, 2025, the aggregate cost of investments and the aggregate gross unrealized appreciation and depreciation of investments for federal income tax purposes were substantially as follows:
|
|
Cost
|
Gross
Unrealized
Appreciation
|
Gross
Unrealized
Depreciation
|
Net
Unrealized
Appreciation
|
|
Securities
|
$223,442,804
|
$49,202,844
|
$(4,538,105)
|
$44,664,739
|
4. Derivative instruments and hedging activities
During the six months ended October 31, 2025, the Fund did not invest in derivative instruments.
5. Fund share transactions
At October 31, 2025, the Trust had an unlimited number of shares of beneficial interest authorized without par value. Fund shares are issued and redeemed by the Fund only in Creation Units or Creation Unit aggregations, where 25,000 shares of the Fund constitute a Creation Unit. Such transactions are generally on an in-kind basis, with a separate cash
18
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
payment, which is a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Transactions in capital shares of the Fund are disclosed in detail in the Statements of Changes in Net Assets. Authorized Participants are subject to standard creation and redemption transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Such transactions fees are treated as increases in capital and are disclosed in the Fund's Statements of Changes in Net Assets. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable fee.
6. 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 six months ended October 31, 2025. The following transactions were effected in such company for the six months ended October 31, 2025.
|
|
Affiliate
Value at
April 30,
2025
|
Purchased
|
Sold
|
||
|
Cost
|
Shares
|
Proceeds
|
Shares
|
||
|
Putnam
Government
Money Market
Fund, Class P
Shares
|
$2,499,018
|
$18,755,967
|
18,755,967
|
$20,963,694
|
20,963,694
|
|
(cont'd)
|
Realized
Gain (Loss)
|
Dividend
Income
|
Net Increase
(Decrease) in
Unrealized
Appreciation
(Depreciation)
|
Affiliate
Value at
October 31,
2025
|
|
Putnam Government
Money Market Fund,
Class P Shares
|
-
|
$2,431
|
-
|
$291,291
|
7. Redemption facility
The Fund, together with other U.S. registered and foreign investment funds (collectively, the "Borrowers") managed by Franklin Resources or its affiliates, is a borrower in a joint syndicated senior unsecured credit facility totaling $2.995 billion (the "Global Credit Facility"). The 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. Unless renewed, the Global Credit Facility will terminate on January 30, 2026.
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 its share of
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
19
Notes to Financial Statements(unaudited) (cont'd)
fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. The Fund did not utilize the Global Credit Facility during the six months ended October 31, 2025.
8. Recent accounting pronouncement
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.
9. Operating segments
The Fund operates as a single operating segment, which is an investment portfolio. A management group assigned to the Fund within the Fund's investment manager serves as the Chief Operating Decision Maker ("CODM") and is responsible for evaluating the Fund's operating results and allocating resources in accordance with the Fund's investment strategy. 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 Financial Statements. The Fund's Schedule of Investments 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.
20
Putnam PanAgora ESG International Equity ETF 2025 Semi-Annual Report
|
Changes in and Disagreements with Accountants
|
For the period covered by this report
|
|
Not applicable.
|
|
|
Results of Meeting(s) of Shareholders
|
For the period covered by this report
|
|
Not applicable.
|
|
|
Remuneration Paid to Directors, Officers and Others
|
For the period covered by this report
|
|
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.
|
|
Putnam PanAgora ESG International Equity ETF
21
Board Approval of Management and Subadvisory Agreements (unaudited)
Consideration of your fund's management and sub-advisory contracts
At their meeting on June 27, 2025, the Board of Trustees ("Board" or the "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 and exchange-traded funds (collectively, the "funds") (the "Independent Trustees") approved the continuance of a management contract with Putnam Investment Management, LLC (the "Advisor") and a subadvisory agreement between the Advisor and PanAgora Asset Management, Inc. ("PanAgora" or the "Subadvisor") (collectively, the "Management Contracts"). Though previously an affiliate of your fund's Advisor, PanAgora is no longer an affiliate of the Advisor following the consummation of the transaction in 2024 whereby Franklin Resources, Inc. (together with its subsidiaries, "Franklin Templeton") acquired the Advisor and certain of its affiliates (other than PanAgora).
General conclusions
The Board oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund's management contract with the Advisor and the sub-advisory contract with respect to your fund between the Advisor and the Subadvisor. The Board, with the assistance of its Contract Committee, requests and evaluates all information it deems reasonably necessary under the circumstances in connection with its annual contract review. The Contract Committee consists solely of Independent Trustees.
At the outset of the review process, the Board's independent staff and independent legal counsel, as defined in Rule 0-1(a)(6) under the 1940 Act (their "independent legal counsel"), considered any possible changes to the annual contract review materials furnished to the Contract Committee in prior years and, as applicable, identified those changes to the Advisor. Following these discussions and in consultation with the Contract Committee, the Independent Trustees' independent legal counsel submitted an initial request that (1) the Advisor and (2) PanAgora, each furnish specified information, together with any additional information the Advisor and/or PanAgora considered relevant, to the Contract Committee. Over the course of several months ending in June 2025, the Contract Committee met on multiple occasions with representatives of the Advisor and PanAgora, and separately in executive session, to consider the information that the Advisor and PanAgora, as applicable, provided, including information provided in response to supplemental requests submitted by independent legal counsel. Throughout this process, the Contract Committee was assisted by the Board's independent staff and by independent legal counsel.
At the Board's June 2025 meeting, the Contract Committee met in executive session to discuss and consider its recommendations with respect to the continuance of the Management Contracts. At that meeting, the Contract Committee also met in executive session with the other Independent Trustees to review a summary of the process
22
Putnam PanAgora ESG International Equity ETF
undertaken by the Contract Committee and key information that the Contract Committee considered in the course of its review. The Contract Committee then presented its written report, which summarized the key factors that the Committee had considered and set forth its recommendations. The Contract Committee recommended, and the Independent Trustees approved, the continuance of your fund's Management Contracts, effective July 1, 2025.
In considering the continuance of the Management Contracts, the Board took into account a number of factors, including:
• That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds, the costs incurred by the Advisor and PanAgora in providing services to the fund and the application of certain reductions and waivers noted below;
• That the fee schedule in effect for your fund represented an appropriate sharing between fund shareholders, the Advisor and PanAgora of any economies of scale that may exist in the management of the fund at current asset levels;
• That the funds benefited, and were expected to continue to benefit, from Franklin Templeton's large retail and institutional global distribution capabilities and significant network of intermediary relationships, which may provide additional opportunities for the funds to increase assets and reduce the impact of expenses by spreading them over a larger asset base; and
• The financial strength, reputation, experience and resources of Franklin Templeton and its investment advisory subsidiaries.
These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
Management fee schedules and total expenses
The Trustees reviewed the management fee schedules in effect for all funds, including fee levels and any breakpoints. The Trustees also reviewed the total expenses of each fund, recognizing that in most cases management fees represented the major, but not the sole, determinant of total costs to fund shareholders. (Two mutual funds and each of the exchange-traded funds (one of which is your fund) have implemented (or, in the case of ten municipal income funds that are converting into exchange-traded funds, will implement) so-called "all-in" or unitary management fees covering substantially all routine fund operating costs.)
Putnam PanAgora ESG International Equity ETF
23
Board Approval of Management and Subadvisory Agreements (unaudited) (cont'd)
In reviewing fees and expenses, the Trustees generally focus their attention on material changes in circumstances - for example, changes in assets under management, changes in a fund's investment strategy, changes in the Advisor's operating costs or profitability, or changes in competitive practices in the fund industry - that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not indicate that changes to the management fee schedule for your fund would be appropriate at this time.
Under its management contract, your fund pays a management fee at a fixed rate of 49 basis points to the Advisor. The Advisor is obligated to pay, out of the management fee, all of the fund's organizational and other operating expenses with limited exceptions, which include fees, if any payable under the fund's distribution plan, interest, taxes, brokerage commissions and other transaction costs, fund proxy expenses, litigation expenses, extraordinary expenses and acquired fund fees and expenses.
As in the past, the Trustees also focused on the competitiveness of each fund's total expense ratio. The Trustees noted that the exchange-traded funds are subject to unitary management fees, as noted above, and that none of the exchange-traded funds have a contractual expense limitation at present.
The Trustees reviewed comparative fee and expense information for a custom group of competitive funds selected by Broadridge Financial Solutions, Inc. ("Broadridge"). This comparative information included your fund's percentile ranking for total expenses (excluding any applicable 12b-1 fees), which provides a general indication of your fund's relative standing. In the custom peer group, your fund ranked in the first quintile in total expenses (excluding any applicable 12b-1 fees) as of December 31, 2024. (Total expenses reflect the fees and expenses borne directly by the fund and the competitive funds included in the custom Lipper peer groups, as well as any underlying funds' net fees and expenses.) The first quintile represents the least expensive funds and the fifth quintile the most expensive funds. The fee and expense data reported by Broadridge as of December 31, 2024 reflected the most recent fiscal year-end data available in Broadridge's database at that time.
In connection with their review of fund management fees and total expenses, the Trustees also reviewed the costs of the services provided and the profits realized by the Advisor and its affiliates and PanAgora from their contractual relationships with the funds. In this regard, the Trustees reviewed an analysis of the revenues, expenses and profitability of the Advisor and its affiliates, allocated on a fund-by-fund basis, with respect to (as applicable) the funds' management, distribution and investor servicing contracts. For each fund, the analysis presented information about revenues, expenses and profitability in 2024 for each of the applicable agreements separately and for the agreements taken together on a combined basis. The Trustees concluded that, at current asset levels, the fee schedules in
24
Putnam PanAgora ESG International Equity ETF
place for each of the funds, including the fee schedule for your fund, represented reasonable compensation for the services being provided and represented an appropriate sharing between fund shareholders and the Advisor and PanAgora of any economies of scale as may exist in the management of the funds at that time.
The information examined by the Trustees in connection with their annual contract review for the funds included information regarding services provided and fees charged by the Advisor and certain affiliates to other clients in similar asset categories, including other 1940 Act funds advised by the Advisor but overseen by a board of trustees other than the Board, sub-advised U.S. mutual funds, exchange-traded funds, other U.S. products (such as collective investment trusts, private funds, and separately managed and institutional accounts), non-U.S. funds, and other non-U.S. products. This information included, for products that are managed by the same portfolio team in a similar asset category to those of the funds, comparisons of the fees charged to other clients, by category, with fees charged to the funds, as well as a detailed assessment of the differences in the services provided to these clients as compared to the services provided to the funds. The Trustees observed that the differences in fee rates between these clients and the funds are by no means uniform when examined by individual asset classes, suggesting that differences in the pricing of investment management services to these types of clients may reflect, among other things, historical competitive forces operating in separate marketplaces, the characteristics of different clients, the particulars of different fee structures, factors unique to specific market segments, and the distinct risks and costs associated with providing services to different clients. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for 1940 Act-registered funds than for other clients, and the Trustees also considered the differences between the services that the Advisor provides to the funds and those that it provides to its other clients. The Trustees did not rely on these fee comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.
Investment performance
The quality of the investment process provided by the Advisor and PanAgora represented a major factor in the Trustees' evaluation of the quality of services provided by the Advisor and PanAgora under your fund's management contracts. The Trustees were assisted in their review of the Advisor's and PanAgora's investment process and performance by the work of the investment oversight committees of the Trustees and the full Board, which meet on a regular basis with individual portfolio managers and with senior investment management of the Advisor throughout the year. The Trustees concluded that the Advisor and PanAgora generally provide a high-quality investment process - based on the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to them and in general the Advisor's ability to attract and retain high-quality
Putnam PanAgora ESG International Equity ETF
25
Board Approval of Management and Subadvisory Agreements (unaudited) (cont'd)
personnel - but also recognized that this does not guarantee favorable investment results for every fund in every time period.
The Trustees considered that, in the aggregate, peer-relative and benchmark-relative fund performance was strong in 2024 against a constructive yet complex investing environment. The S&P 500 was up 25% in 2024, but significant concentration of returns among large cap and technology stocks and periods of volatility posed challenges in the market. The Bloomberg Aggregate fixed income index was up slightly over 1% amidst many moving pieces, with the Federal Reserve cutting the Effective Federal Funds rate from 5.25% at year-end 2023 to 4.25% at year-end 2024, with three cuts in the latter part of the year, while also trying to manage inflation concerns. Ten-year Treasury yields ended 2024 at 4.6% up from 3.9% at year-end 2023. Corporate earnings and employment figures continued to generally show strength during the year, while geopolitical tensions were closely watched.
For the one-year period ended December 31, 2024, the Trustees noted that the funds, on an asset-weighted basis, ranked in the 27th percentile of their peers as determined by Lipper Inc. ("Lipper") and, on an asset-weighted basis, outperformed their benchmarks by 3.0% gross of fees over the one-year period. The Committee also noted that the funds' aggregate performance over longer-term periods continued to be strong, with the funds, on an asset-weighted basis, ranking in the 20th, 22nd and 20th percentiles of their Lipper peers over the three-year, five-year and ten-year periods ended December 31, 2024, respectively. The Trustees further noted that the funds, in the aggregate, outperformed their benchmarks on a gross basis for each of the three-year, five-year and ten-year periods. The Trustees also considered the Morningstar Inc. ratings assigned to the funds and that 52 funds were rated four or five stars at the end of 2024, which represented an increase of seven funds year-over-year. The Trustees also considered that 25 funds were five-star rated at the end of 2024, which was also a year-over-year increase of seven funds.
The Board noted, however, the disappointing investment performance of some funds for periods ended December 31, 2024 and considered information provided by the Advisor regarding the factors contributing to the underperformance and, where relevant, actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor the performance of those funds.
For purposes of the Trustees' evaluation of the funds' investment performance, the Trustees generally focus on a competitive industry ranking of each fund's total net return over a one-year,three-year and five-year period. For a number of funds with relatively unique investment mandates for which the Advisor informed the Trustees that meaningful competitive performance rankings are not considered to be available, the Trustees evaluated performance based on their total gross and net returns and comparisons of those returns to the returns of selected investment benchmarks.
26
Putnam PanAgora ESG International Equity ETF
In the case of your fund, the Trustees considered information about your fund's total return and its performance relative to its benchmark over the one-year period ended December 31, 2024 and over the period from the fund's commencement of operations on January 19, 2023 through December 31, 2024. Your fund's class A shares' return, net of fees and expenses, was positive and exceeded the return of its benchmark over both periods. (When considering performance information, shareholders should be mindful that past performance is not a guarantee of future results.)
The Trustees noted that the Advisor had made internal promotions and other portfolio management assignment changes in 2024 to strengthen its investment teams providing services to the funds.
Brokerage and soft-dollar allocations
The Trustees considered various potential benefits that the Advisor and PanAgora may receive in connection with the services they provide under the management contract with your fund. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that are expected to be useful to PanAgora in managing the assets of the fund and of other clients. Subject to policies approved by the Trustees, soft dollars generated by these means may be used to acquire brokerage and research services (including proprietary executing broker research, third-party research and market data) that enhance PanAgora's investment capabilities and supplement PanAgora's internal research efforts. The Trustees indicated their continued intent to monitor regulatory and industry developments in this area with the assistance of their Contract Committee. In addition, with the assistance of their Contract Committee, the Trustees indicated their continued intent to monitor the allocation of the funds' brokerage in order to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.
Putnam PanAgora ESG International Equity ETF
27
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Putnam
PanAgora ESG International Equity ETF
Trustees
Liaquat Ahamed
Barbara M. Baumann
Chair
Katinka Domotorffy
Catharine Bond Hill
Gregory G. McGreevey
Jennifer Williams Murphy
Marie Pillai
George Putnam III
Robert L. Reynolds
Manoj P. Singh
Mona K. Sutphen
Jane Trust
Investment manager
Putnam Investment Management, LLC
Subadviser
PanAgora Asset Management, Inc.
Distributor
Franklin Distributors, LLC
Custodian
The Bank of New York Mellon
Transfer agent
The Bank of New York Mellon
240 Greenwich Street New York, NY 10286
240 Greenwich Street New York, NY 10286
Independent registered public accounting firm
PricewaterhouseCoopers LLP Boston, MA
Putnam PanAgora ESG International Equity ETF
The Fund is a separate investment series of Putnam ETF Trust, a Delaware statutory trust.
Putnam PanAgora ESG International Equity ETF
Putnam Investments
100 Federal Street
Boston, MA 02110
Putnam Investments
100 Federal Street
Boston, MA 02110
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Forms N-PORT are available on the SEC's website at www.sec.gov. To obtain information on Form N-PORT, shareholders can call the Fund at 1-800-225-1581.
Information on how the Fund voted proxies relating to portfolio securities during the prior 12-month period ended June 30th of each year and a description of the policies and procedures that the Fund uses to determine how to vote proxies related to portfolio transactions are available (1) without charge, upon request, by calling the Fund at 1-800-225-1581, (2) at www.franklintempleton.com and (3) on the SEC's website at www.sec.gov.
This report is submitted for the general information of the shareholders of Putnam PanAgora ESG International Equity ETF. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a current prospectus.
Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. Theprospectus contains this and other important information about the Fund. Please read theprospectuscarefully before investing.
www.franklintempleton.com
© 2025 Franklin Distributors, LLC, Member FINRA/SIPC. All rights reserved.
39494-SFSOI 12/25
© 2025 Franklin Templeton. All rights reserved.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
| ITEM 16. | CONTROLS AND PROCEDURES. |
| (a) | The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934. |
| (b) | During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's oversight. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Not applicable.
Exhibit 99.CODE ETH
Exhibit 99.CERT
Exhibit 99.906CERT
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, there unto duly authorized.
Putnam ETF Trust
| By: | /s/ Jonathan S. Horwitz | |
| Jonathan S. Horwitz | ||
| Principal Executive Officer | ||
| Date: | December 29, 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: | /s/ Jonathan S. Horwitz | |
| Jonathan S. Horwitz | ||
| Principal Executive Officer | ||
| Date: | December 29, 2025 | |
| By: | /s/ Jeffrey White | |
| Jeffrey White | ||
| Principal Financial Officer | ||
| Date: | December 29, 2025 |
Putnam ETF Trust published this content on December 29, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on December 29, 2025 at 18:01 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]