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                <name>SARATOGA INVESTMENT CORP</name>
                <lei>54930023WJCWPAGSWE41</lei>
                <title>COMMON STOCK</title>
                <cusip>80349A208</cusip>
                <identifiers>
                    <isin value="US80349A2087"/>
                </identifiers>
                <balance>37087</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>875253.2</valUSD>
                <pctVal>1.134992127424</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BAIN CAPITAL SPECIALTY FINANCE INC</name>
                <lei>549300V2JL72R0EYBK64</lei>
                <title>COMMON STOCK</title>
                <cusip>05684B107</cusip>
                <identifiers>
                    <isin value="US05684B1070"/>
                </identifiers>
                <balance>181554</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>3019243.02</valUSD>
                <pctVal>3.915229397026</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BLUE OWL CAPITAL CORP</name>
                <lei>2549000BD79OOCPF2L94</lei>
                <title>COMMON STOCK</title>
                <cusip>69121K104</cusip>
                <identifiers>
                    <isin value="US69121K1043"/>
                </identifiers>
                <balance>619713</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>9853436.7</valUSD>
                <pctVal>12.777528928287</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CRESCENT CAPITAL BDC INC</name>
                <lei>549300VPIZMU6OEE0V68</lei>
                <title>COMMON STOCK</title>
                <cusip>225655109</cusip>
                <identifiers>
                    <isin value="US2256551092"/>
                </identifiers>
                <balance>161848</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>2804825.84</valUSD>
                <pctVal>3.637182071653</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>TRINITY CAPITAL INC</name>
                <lei>549300YGT4SBRQYDVU48</lei>
                <title>COMMON STOCK</title>
                <cusip>896442308</cusip>
                <identifiers>
                    <isin value="US8964423086"/>
                </identifiers>
                <balance>109832</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1666151.44</valUSD>
                <pctVal>2.160596233749</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>RUNWAY GROWTH FINANCE CORP</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>78163D100</cusip>
                <identifiers>
                    <isin value="US78163D1000"/>
                </identifiers>
                <balance>173286</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>2192067.9</valUSD>
                <pctVal>2.842582934035</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BLACKSTONE SECURED LENDING FUND</name>
                <lei>549300KM7KWQHVBNH962</lei>
                <title>COMMON STOCK</title>
                <cusip>09261X102</cusip>
                <identifiers>
                    <isin value="US09261X1028"/>
                </identifiers>
                <balance>261125</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>8275051.25</valUSD>
                <pctVal>10.730743998176</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CION INVESTMENT CORP</name>
                <lei>549300XN70JLF94XKX80</lei>
                <title>COMMON STOCK</title>
                <cusip>17259U204</cusip>
                <identifiers>
                    <isin value="US17259U2042"/>
                </identifiers>
                <balance>256916</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>2936549.88</valUSD>
                <pctVal>3.807996355328</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PALMER SQUARE CAPITAL BDC INC</name>
                <lei>N/A</lei>
                <title>COMMON STOCK</title>
                <cusip>69702V107</cusip>
                <identifiers>
                    <isin value="US69702V1070"/>
                </identifiers>
                <balance>99977</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>1639622.8</valUSD>
                <pctVal>2.126194991284</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>CAPITAL SOUTHWEST CORP</name>
                <lei>54930023YZ4YEJEDBO56</lei>
                <title>COMMON STOCK</title>
                <cusip>140501107</cusip>
                <identifiers>
                    <isin value="US1405011073"/>
                </identifiers>
                <balance>111581</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>2881021.42</valUSD>
                <pctVal>3.735989346444</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>MIDCAP FINANCIAL INVESTMENT CORP</name>
                <lei>5493005P14I7WFB3FW47</lei>
                <title>COMMON STOCK</title>
                <cusip>03761U502</cusip>
                <identifiers>
                    <isin value="US03761U5020"/>
                </identifiers>
                <balance>227513</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>3458197.6</valUSD>
                <pctVal>4.484447530244</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ARES CAPITAL CORP</name>
                <lei>WEQ82666OJYSI5GUAB47</lei>
                <title>COMMON STOCK</title>
                <cusip>04010L103</cusip>
                <identifiers>
                    <isin value="US04010L1035"/>
                </identifiers>
                <balance>440680</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>9082414.8</valUSD>
                <pctVal>11.777699637092</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>PUTNAM INVESTMENT FUNDS-PUTNAM GOVERNMENT MONEY MARKET FUND</name>
                <lei>549300SEUI2XMME8T893</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>74680A869</cusip>
                <identifiers>
                    <isin value="US74680A8696"/>
                </identifiers>
                <balance>351125</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>351125</valUSD>
                <pctVal>0.455324368699</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
        </invstOrSecs>
        <explntrNotes>
            <explntrNote note="For certain swaptions, if any, the value provided may include any unpaid or received premium and as a result may be a negative value." noteItem="C.2.c"/>
            <explntrNote note="Monthly total returns provided exclude any applicable sales loads or redemption fees. " noteItem="B.5.a"/>
            <explntrNote note="For total return swaps, interest rate swaps or spread swaps, if any, the mark to market payment may be either received or paid, depending on the change in value of the underlying index, basket or equity. For credit default swaps, if any, floating rate index related payments are only made upon the occurrence of a credit event on the reference obligation." noteItem="C.11.f.i.1"/>
            <explntrNote note="For total return swaps, interest rate swaps or spread swaps, if any, the mark to market payment may be either paid or received, depending on the change in value of the underlying index, basket or equity. For credit default swaps, if any, floating rate index related payments are only made upon the occurrence of a credit event on the reference obligation." noteItem="C.11.f.i.2"/>
        </explntrNotes>
        <signature>
            <ncom:dateSigned>2024-06-28</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam ETF Trust</ncom:nameOfApplicant>
            <ncom:signature>Janet C. Smith</ncom:signature>
            <ncom:signerName>Janet C. Smith</ncom:signerName>
            <ncom:title>Principal Financial Officer</ncom:title>
        </signature>
    </formData>
</edgarSubmission>
