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
Sustainable Leaders ETF

Financial Statements and Other Important Information

Semi-Annual | February 28, 2025

Table of Contents

The fund's portfolio	1
Financial statements	4
Financial highlights	7
Notes to financial statements	8
Changes in and disagreements with accountants	12
Results of any shareholder votes	12
Remuneration paid to directors, officers, and others	12
Board approval of management and subadvisory agreements	13

Financial Statements and Other Important Information-Semi-Annual

franklintempleton.com

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

	COMMON STOCKS (97.3%)*	Shares	Value
	Automobiles (1.7%)
	Tesla, Inc. †	40,052	$11,734,435
			11,734,435
	Banks (4.9%)
	Bank of America Corp.	369,444	17,031,368
	JPMorgan Chase & Co.	63,916	16,915,369
			33,946,737
	Biotechnology (0.7%)
	Regeneron Pharmaceuticals, Inc. †	6,689	4,673,872
			4,673,872
	Broadline retail (4.4%)
	Amazon.com, Inc. †	144,928	30,765,316
			30,765,316
	Capital markets (2.2%)
	KKR & Co., Inc.	46,613	6,320,257
	MSCI, Inc.	4,049	2,390,975
	TPG, Inc.	127,044	7,007,747
			15,718,979
	Chemicals (2.3%)
	Eastman Chemical Co.	87,305	8,542,794
	Linde PLC	16,557	7,732,947
			16,275,741
	Construction materials (1.2%)
	CRH PLC	78,859	8,084,625
			8,084,625
	Consumer finance (1.9%)
	Capital One Financial Corp.	65,409	13,117,775
			13,117,775
	Consumer staples distribution and retail (3.4%)
	Kroger Co. (The)	125,217	8,116,566
	Walmart, Inc.	157,855	15,566,082
			23,682,648
	Containers and packaging (0.9%)
	Ball Corp.	117,126	6,171,369
			6,171,369
	Electric utilities (2.8%)
	Constellation Energy Corp.	38,141	9,556,037
	NextEra Energy, Inc.	142,537	10,001,821
			19,557,858
	Entertainment (1.4%)
	Walt Disney Co. (The)	84,303	9,593,681
			9,593,681
	Financial services (2.6%)
	Mastercard, Inc. Class A	31,300	18,038,503
			18,038,503
	Food products (0.5%)
	Campbell's Co. (The)	83,113	3,329,507
			3,329,507
	Ground transportation (0.5%)
	Canadian Pacific Kansas City, Ltd. (Canada)	47,406	3,693,876
			3,693,876
	Health care equipment and supplies (4.9%)
	Boston Scientific Corp. †	145,689	15,121,061
	Intuitive Surgical, Inc. †	21,426	12,280,312
	Medtronic PLC	77,097	7,094,466
			34,495,839

Sustainable Leaders ETF

1

	COMMON STOCKS (97.3%)* cont.	Shares	Value
	Hotels, restaurants, and leisure (5.1%)
	Chipotle Mexican Grill, Inc. †	147,675	$7,970,020
	Hilton Worldwide Holdings, Inc.	47,412	12,562,284
	Starbucks Corp.	70,396	8,152,561
	Viking Holdings, Ltd. (Bermuda) †	137,633	6,620,147
			35,305,012
	Industrial REITs (1.6%)
	Prologis, Inc. R	90,153	11,171,760
			11,171,760
	IT Services (1.0%)
	Accenture PLC Class A	19,704	6,866,844
			6,866,844
	Life sciences tools and services (2.5%)
	Mettler-Toledo International, Inc. †	5,721	7,281,231
	Thermo Fisher Scientific, Inc.	19,774	10,459,655
			17,740,886
	Machinery (4.6%)
	Fortive Corp.	161,945	12,881,105
	Ingersoll Rand, Inc.	96,360	8,169,401
	Otis Worldwide Corp.	111,694	11,144,827
			32,195,333
	Personal care products (1.4%)
	Unilever PLC ADR (United Kingdom)	175,402	9,927,753
			9,927,753
	Pharmaceuticals (4.8%)
	AstraZeneca PLC ADR (United Kingdom)	101,678	7,748,880
	Eli Lilly and Co.	19,258	17,729,493
	GSK PLC ADR (United Kingdom)	108,907	4,093,814
	Sanofi ADR (France)	77,418	4,216,958
			33,789,145
	Real estate management and development (0.6%)
	FirstService Corp. (Canada)	24,512	4,324,652
			4,324,652
	Semiconductors and semiconductor equipment (12.2%)
	Analog Devices, Inc.	24,512	5,639,231
	Applied Materials, Inc.	34,015	5,376,751
	ASML Holding NV (NY Reg Shares) (Netherlands)	5,263	3,731,888
	Broadcom, Inc.	96,840	19,312,801
	Marvell Technology, Inc.	50,209	4,610,190
	NVIDIA Corp.	300,990	37,599,671
	Qualcomm, Inc.	54,785	8,610,558
			84,881,090
	Software (14.3%)
	Cadence Design Systems, Inc. †	31,577	7,910,039
	Microsoft Corp.	133,945	53,174,826
	Roper Technologies, Inc.	24,691	14,431,890
	Salesforce, Inc.	45,134	13,443,162
	ServiceNow, Inc. †	6,979	6,488,795
	Synopsys, Inc. †	8,533	3,901,970
			99,350,682
	Specialty retail (2.0%)
	Home Depot, Inc. (The)	35,309	14,003,549
			14,003,549
	Technology hardware, storage, and peripherals (10.5%)
	Apple, Inc.	271,886	65,752,910
	Seagate Technology Holdings PLC	73,135	7,453,188
			73,206,098
	Textiles, apparel, and luxury goods (0.4%)
	On Holding AG Class A (Switzerland) †	55,926	2,711,292
			2,711,292
	Total common stocks (cost $571,609,841)		$678,354,857

2

Sustainable Leaders ETF

	SHORT-TERM INVESTMENTS (2.1%)*	Shares	Value
	Putnam Government Money Market Fund Class P 4.08% L	14,892,389	$14,892,389
	Total short-term investments (cost $14,892,389)		$14,892,389

	TOTAL INVESTMENTS
	Total investments (cost $586,502,230)	$693,247,246

	Key to holding's abbreviations
	ADR	American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank.

	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 $696,991,825.
†	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	$9,593,681	$-	$-
	Consumer discretionary	94,519,604	-	-
	Consumer staples	36,939,908	-	-
	Financials	80,821,994	-	-
	Health care	90,699,742	-	-
	Industrials	35,889,209	-	-
	Information technology	264,304,714	-	-
	Materials	30,531,735	-	-
	Real estate	15,496,412	-	-
	Utilities	19,557,858	-	-
	Total common stocks	678,354,857	-	-
	Short-term investments	14,892,389	-	-
	Totals by level	$693,247,246	$-	$-
*	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.

Sustainable Leaders ETF

3

Financial statements

Statement of assets and liabilities

2/28/25 (Unaudited)

ASSETS
Investment in securities, at value, including of securities on loan (Note 1):
Unaffiliated issuers (identified cost $571,609,841)	$678,354,857
Affiliated issuers (identified cost $14,892,389) (Note 5)	14,892,389
Receivable for investments sold	3,334,466
Dividends, interest and other receivables	726,830
Total assets	697,308,542
LIABILITIES
Payable for compensation of Manager (Note 2)	316,717
Total liabilities	316,717
Net assets	$696,991,825
Represented by
Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)	$573,219,500
Total distributable earnings (Note 1)	123,772,325
Total - Representing net assets applicable to capital shares outstanding	$696,991,825
COMPUTATION OF NET ASSET VALUE
Net asset value per share ($696,991,825 divided by 20,875,000 shares)	$33.39

*	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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

4	Sustainable Leaders ETF

Statement of operations

Six months ended 2/28/25 (Unaudited)

Investment income
Dividends (net of foreign tax of ) (including dividend income of $276,940 from investments in affiliated issuers) (Note 5)	3,201,938
Total investment income	3,201,938
EXPENSES
Compensation of Manager (Note 2)	1,948,491
Fees waived and reimbursed by Manager (Note 2)	(17,121)
Total expenses	1,931,370
Net expenses	1,931,370
Net investment income	1,270,568
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Securities from unaffiliated issuers (Notes 1 and 3)	(9,548,091)
Foreign currency transactions (Note 1)	(225)
Securities from in-kind transactions (Notes 1 and 3)	36,951,965
Total net realized gain	27,403,649
Change in net unrealized appreciation (depreciation) on:
Securities from unaffiliated issuers	(23,286,307)
Total change in net unrealized depreciation	(23,286,307)
Net gain on investments	4,117,342
Net increase in net assets resulting from operations	$5,387,910

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

Sustainable Leaders ETF

5

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	$1,270,568	$2,231,666
Net realized gain on investments and foreign currency transactions	27,403,649	44,525,736
Change in net unrealized appreciation (depreciation) of investments and assets and liabilities in foreign currencies	(23,286,307)	89,493,217
Net increase in net assets resulting from operations	5,387,910	136,250,619
Distributions to shareholders (Note 1):
From ordinary income
Net investment income	(2,607,375)	(2,315,690)
Proceeds from shares sold (Note 4)	267,200,682	234,937,875
Decrease from shares redeemed (Note 4)	(150,510,730)	(167,755,045)
Other capital (Note 4)	2,041	-
Total increase in net assets	119,472,528	201,117,759
Net assets
Beginning of period	577,519,297	376,401,538
End of period	$696,991,825	$577,519,297
Number of fund shares
Shares outstanding at beginning of period	17,450,000	14,925,001
Shares sold (Note 4)	7,875,000	8,025,000
Shares redeemed (Note 4)	(4,450,000)	(5,500,001)
Shares outstanding at end of period	20,875,000	17,450,000
*Unaudited.

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

6	Sustainable Leaders ETF

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	$33.10	$25.22	$21.98	$27.44	$25.00
Investment operations:
Net investment income (loss)a	.06	.14	.19	.13	.03
Net realized and unrealized gain (loss) on investments	.36	7.89	3.18	(5.48)	2.41
Total from investment operations	.42	8.03	3.37	(5.35)	2.44
Less distributions:
From net investment income	(.13)	(.15)	(.13)	(.11)	-
Total distributions	(.13)	(.15)	(.13)	(.11)	-
Net asset value, end of period	$33.39	$33.10	$25.22	$21.98	$27.44
Total return at net asset value (%)b	1.24	32.02	15.44	(19.58)	9.76*
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in thousands)	$696,992	$577,519	$376,402	$6,044	$7,545
Ratio of expenses to average net assets (%)c	.29*e	.59e	.58e	.59	.16*
Ratio of net investment income (loss) to average net assets (%)	.19*e	.48e	.81e	.53	.11*
Portfolio turnover (%)d	20*	32	43	40	14*

*	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	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 as a percentage of average netassets (Note 2):

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

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

Sustainable Leaders ETF

7

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
ESG	Environmental, social and/or corporate governance
ETF	Exchange-traded fund
Franklin Advisers	Franklin Advisers, Inc., a direct wholly-owned subsidiary of Franklin Templeton
Franklin Templeton	Franklin Resources, Inc.
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
Putnam Retail Management	Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Franklin Templeton
SEC	Securities and Exchange Commission
State Street	State Street Bank and Trust Company

Putnam Sustainable Leaders ETF (the fund) is a 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 long-term capital appreciation. The fund invests mainly in common stocks of U.S. companies of any size, with a focus on companies that Putnam Investment Management, LLC (Putnam Management) believes exhibit a commitment to financially material sustainable business practices. In evaluating investments for the fund, Putnam Management views "financially material sustainable business practices" as business practices that it believes are reasonably likely to impact the financial condition or operating performance of a company and that relate to environmental, social, or corporate governance issues. Putnam Management identifies relevant environmental, social, or corporate governance issues on a sector-specific basis using an internally developed materiality map, which is informed by the sustainability issues identified by the Sustainability Accounting Standards Board as material to companies within a particular industry. A materiality map provides a guide to understanding which ESG criteria are more or less important for a given sector or subsector; it includes those ESG criteria that may be reasonably likely to influence investment decision-making. Putnam Management constructs the materiality map by evaluating the significance of specified ESG criteria (i.e., board structure and composition, diversity, equity and inclusion, or climate change risk, among others) in specific industries (i.e., consumer, healthcare, financials, etc.), subsectors, or countries. Putnam Management then categorizes the relevance of these ESG criteria for each industry, subsector, or country. As part of this analysis, Putnam Management may utilize metrics and information such as emissions data, carbon intensity, sources of energy used for operations, water use and re-use, water generation, waste diversion from landfill, employee safety and diversity data, supplier audits, product safety, board composition, and incentive compensation structures. Stocks of companies that exhibit a commitment to financially material sustainable business practices are typically, but not always, considered to be growth stocks. Growth stocks are stocks of companies whose revenues, earnings, or cash flows 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. The fund may consider, among other factors, a company's sustainable business practices (as described below), 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. Under normal circumstances, the fund invests at least 80% of the value of its net assets in securities that meet Putnam Management's sustainability criteria. These criteria are based on the proprietary materiality map described above. In applying these criteria, Putnam Management will assign each company a proprietary environmental, social and/or corporate governance (ESG) rating ranging from 1 to 4 (1 indicating the highest (best) ESG rating and 4 indicating the lowest (worst) ESG rating). In order to meet Putnam Management's sustainability criteria for purposes of this investment policy, a company must be rated 2 or 1 by Putnam Management. This policy is non-fundamental and may be changed only after 60 days' notice to shareholders. Putnam Management may not apply sustainability criteria to investments that are not subject to the fund's 80% policy, and such investments may not meet Putnam Management's sustainability criteria. In selecting each investment, the fund's investment manager, Putnam Management, focuses on companies that have a demonstrated commitment to sustainable business practices in areas that are relevant and material to their long-term financial returns and risk profiles. Putnam Management believes that companies that have exhibited such a commitment also often demonstrate potential for strong financial growth. This commitment may be reflected through ESG policies, practices, or outcomes. The fund's approach to sustainable investing incorporates fundamental research together with consideration of ESG factors. Environmental factors include, for example, a company's carbon intensity and use of resources like water or minerals. Sustainability measures in this area might include plans to reduce waste, increase recycling, raise the proportion of energy supply from renewable sources, or improve product design to be less resource intensive. Social factors include, for example, labor practices and supply chain management. Sustainability measures in this area might include programs to improve employee well-being, commitment to workplace equality and diversity, or improved stewardship of supplier relationships and working conditions. Corporate governance factors include, for example, board composition and executive compensation. Sustainability measures in this area might include improvements in board independence or diversity, or alignment of management incentives with the company's strategic sustainability objectives. The integrated approach of the fund combines analysis of the growing body of ESG data and deep fundamental analysis and looks for companies that demonstrate leadership, beyond compliance, on relevant sustainability issues. The characteristics that Putnam Management may use when considering sustainability leadership include:

(1) Materiality. The company is focused on sustainability issues that are relevant to long term business success.

(2) Creativity and proactiveness. The company's sustainability characteristics go beyond compliance to demonstrate heightened commitment.

(3) Transparency. The company's goals are specific, with candid and consistent progress reporting.

(4) Impact. The sustainability characteristics create benefits that are meaningful both at the company and more broadly.

The fund is an actively managed ETF that operates pursuant to an exemptive order from the Securities and Exchange Commission (Order) and does not publicly disclose its complete portfolio holdings each business day. Instead, the fund publishes each business day on its website a "Tracking Basket," which is designed to closely track the daily performance of the fund but is not the fund's actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings and/or select securities from the universe from which the fund's investments are selected (Strategy Components); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the fund invests (Representative ETFs); and (3) cash and cash equivalents. For additional information regarding the Tracking Basket, see " Additional information about the fund - Tracking basket structure " in the prospectus.

The fund also publishes each business day on its website the "Tracking Basket Weight Overlap," which is the percentage weight overlap between the holdings of the prior business day's Tracking Basket compared to the holdings of the fund that formed the basis for the fund's calculation of net asset value per share (NAV) at the end of the prior business day. The Tracking Basket Weight Overlap is designed to provide investors with an understanding of how similar the Tracking Basket is to the fund's actual portfolio in percentage terms.

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

8

Sustainable Leaders ETF

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.

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.

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
$7,893,120	$1,448,002	$9,341,122

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 $587,683,895, resulting in gross unrealized appreciation and depreciation of $122,706,730 and $17,143,379, respectively, or net unrealized appreciation of $105,563,351.

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

Sustainable Leaders ETF

9

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 0.59% 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 .293% 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 $17,121 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.

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)	$229,934,963	$126,577,709
U.S. government securities (Long-term)	-	-
Total	$229,934,963	$126,577,709

Portfolio securities received or delivered through in-kind transactions were $136,588,302 and $134,365,243, 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, the Putnam Sustainable Retirement Funds owned 99.0% of the outstanding shares of the fund.

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 †	$8,579,196	$102,989,752	$96,676,559	$276,940	$14,892,389
Total Short-term investments	$8,579,196	$102,989,752	$96,676,559	$276,940	$14,892,389
† 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.

10

Sustainable Leaders ETF

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.

Investing with a focus on companies that exhibit a commitment to sustainable business practices may result in the fund investing in certain types of companies, industries or sectors that the market may not favor. In evaluating an investment opportunity, Putnam Management may make investment decisions based on information and data that is incomplete or inaccurate. Due to changes in the products or services of the companies and issuers in which the fund invests, the fund may temporarily hold securities that are inconsistent with its sustainable investment criteria.

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.

Sustainable Leaders ETF

11

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.

12

Sustainable Leaders ETF

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.

Sustainable Leaders ETF

13

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.

14

Sustainable Leaders ETF

© 2025 Franklin Templeton. All rights reserved.		39435-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