0001845809 2021-12-30 2021-12-30 0001845809 ETF:S000071709Member 2021-12-30 2021-12-30 0001845809 ETF:S000071709Member ETF:C000227195Member 2021-12-30 2021-12-30 0001845809 ETF:S000071710Member 2021-12-30 2021-12-30 0001845809 ETF:S000071710Member ETF:C000227196Member 2021-12-30 2021-12-30 0001845809 ETF:S000071711Member 2021-12-30 2021-12-30 0001845809 ETF:S000071711Member ETF:C000227197Member 2021-12-30 2021-12-30 0001845809 ETF:S000071712Member 2021-12-30 2021-12-30 0001845809 ETF:S000071712Member ETF:C000227198Member 2021-12-30 2021-12-30 iso4217:USD pure 0001845809 false 485BPOS Putnam ETF Trust N-1A 2020-12-31 ~ http://putnam.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact ETF_S000071709Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact ETF_S000071709Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact ETF_S000071710Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact ETF_S000071710Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact ETF_S000071711Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact ETF_S000071711Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact ETF_S000071712Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://putnam.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact ETF_S000071712Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ Investment objective <p id="xdx_A89_err--ObjectivePrimaryTextBlock_zUTBgeWjQrl2" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Putnam Focused Large Cap Growth ETF seeks capital appreciation. </p> Fees and expenses <p id="xdx_A82_err--ExpenseNarrativeTextBlock_zywMwgNcir7f" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </p> Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0055 0 0.0000 0.0055 Example <p id="xdx_A8D_err--ExpenseExampleNarrativeTextBlock_zkus47M2L7fk" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower. </p> 56 176 Portfolio turnover <p id="xdx_A80_err--PortfolioTurnoverTextBlock_z58CZYaOeQ03" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"><span style="-sec-ix-redline: true">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s portfolio turnover rate for the fiscal period May 25, 2021 (commencement of operations) through August 31, 2021 was <span id="xdx_90E_err--PortfolioTurnoverRate_dU_c20211230__20211230__dei--LegalEntityAxis__custom--S000071709Member_zO90nESswWK">15%</span></span>.</p> 0.15 Principal investment strategies <p id="xdx_A8C_err--StrategyNarrativeTextBlock_zKMZ3TEvSjB2" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"><span style="-sec-ix-redline: true">The fund invests mainly in common stocks of large U.S. companies, with a focus on growth stocks. Under normal circumstances, the fund invests at least 80% of the fund’s net assets in companies of a size similar to those in the Russell 1000 Growth Index. This policy may be changed only after 60 days’ notice to shareholders. Growth stocks are stocks of companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. As of September 30, 2021, the index was composed of companies having market capitalizations of between approximately $1.6 billion to $2.3 trillion. The fund’s investment manager, Putnam Investment Management, LLC (Putnam Management) may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments.</span></p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The fund is “non-diversified,” which means it may invest a greater percentage of its assets in fewer issuers than a “diversified” fund. The fund expects to invest in a limited number of issuers. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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 (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. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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 </p> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> </td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> Prospectus    3 </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> <p><br/> <br/> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> investors with an understanding of how similar the Tracking Basket is to the fund’s actual portfolio in percentage terms. </p> Principal investment risks <div id="xdx_A87_err--RiskNarrativeTextBlock_zERKmTFLnnU8"/> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Tracking Basket structure risk.</i> The fund’s Tracking Basket structure may affect the price at which shares of the fund trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the fund at or close to the fund’s NAV per share, there is a risk that market prices will vary significantly from NAV. ETFs trading on the basis of a published Tracking Basket may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although the fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking Basket to identify the fund’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the fund and its shareholders, such as front running the fund’s trades of portfolio securities. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Arbitrage risk.</i> Unlike ETFs that publicly disclose their complete portfolio holdings each business day, the fund provides certain other information intended to allow market participants to estimate the value of positions in fund shares. Although this information is designed to facilitate arbitrage opportunities in fund shares to reduce bid/ask spread and minimize discounts or premiums between the market price and NAV of fund shares, there is no guarantee the fund’s arbitrage mechanism will operate as intended and that the fund will not experience wide bid/ask spreads and/or large discount or premiums to NAV. In addition, market participants may attempt to use the disclosed information to “reverse engineer” the fund’s trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact the fund’s performance. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Fluctuation of NAV and share price risk.</i> Shares may trade at a larger premium or discount to the NAV than shares of other ETFs, including ETFs that make their daily holdings public. The NAV of the fund will generally fluctuate with changes in the market value of the fund’s holdings. The fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the fund’s shares may result in the fund’s shares trading significantly above (at a premium) or below (at a discount) to NAV. In addition, in stressed market conditions or periods of market disruption or volatility, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the fund’s underlying portfolio holdings. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Trading issues risk.</i> The fund has no public trading history and will operate differently from other actively managed ETFs that publish their portfolio holdings on a daily basis. There can be no assurance that an active trading market will develop or be maintained or that the market for fund shares will operate as intended, which could lead to the </td> </tr> </table> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> 4    Prospectus</td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> <p><br/> <br/> </p> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> </td> <td> fund’s shares trading at wider spreads and larger premiums and discounts to NAV than other actively managed ETFs that publish their portfolio holdings on a daily basis, particularly during periods of market disruption or volatility. As a result, it may cost investors more to trade fund shares than shares of other ETFs. There is no guarantee that the fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in the fund’s shares or to submit purchase and redemption orders for creation units. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Trading halt risk.</i> There may be circumstances where a security held in the fund’s portfolio but not in the Tracking Basket does not have readily available market quotations. If Putnam Management determines that such circumstance may affect the reliability of the Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in the fund’s portfolio, will be publicly disclosed on the fund’s website and Putnam Management will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm the fund and its shareholders. In addition, if securities representing 10% or more of the fund’s portfolio do not have readily available market quotations, Putnam Management would promptly request the exchange to halt trading on the fund, meaning that investors would not be able to trade their shares. Trading may also be halted in other circumstances, for example, due to market conditions. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"><span style="-sec-ix-redline: true">•</span></td> <td><span style="-sec-ix-redline: true"><i>Large shareholder risk. </i>Certain accounts or affiliates of Putnam Management, including other funds advised by Putnam Management or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets to the extent such transactions are executed directly with the fund in the form of redemptions through an authorized participant, rather than executed in the secondary market. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs. To the extent these large shareholders transact in shares of the fund on the secondary market, such transactions may account for a large percentage of the trading volume on the exchange and may, therefore, have a material effect (upward or downward), on the market price of the fund’s shares.</span></td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Authorized participant concentration risk.</i> The fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/ or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for fund shares or fund shares may trade at a discount (or premium) to NAV and possibly face trading halts and/or de-listing. This risk may be heightened due to the fact that the fund has a novel and unique structure and does not disclose its portfolio holdings daily, unlike certain other actively managed ETFs, and could be greater during market disruptions or periods of volatility. </td> </tr> </table> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> </td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> Prospectus    5 </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> <p><br/> <br/> </p> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"><span style="-sec-ix-redline: true">•</span></td> <td><span style="-sec-ix-redline: true"><i>Market risk.</i> The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. The novel coronavirus (COVID-19) pandemic and efforts to contain its spread are likely to negatively affect the value, volatility, and liquidity of the securities and other assets in which the fund invests and exacerbate other risks that apply to the fund. These effects could negatively impact the fund’s performance and lead to losses on your investment in the fund. Companies whose stocks we believe are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor.</span></td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> •</td> <td> <i>Common stock risk.</i> Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> •</td> <td> <i>Growth investing risk.</i> Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> •</td> <td> <i>Industry or sector concentration risk.</i> From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> •</td> <td> <i>Non-Diversified risk.</i> <span id="xdx_906_err--RiskNondiversifiedStatus_dU_c20211230__20211230__dei--LegalEntityAxis__custom--S000071709Member_zSkR2cljUw24">As a non-diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds.</span> </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> •</td> <td> <i>Management and operational risk.</i> There is no guarantee that the investment techniques, analyses, or judgments that Putnam Management applies in making investment decisions for the fund will produce the intended outcome or that the investments Putnam Management selects for the fund will perform as well as other securities that were not selected for the fund. Putnam Management, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The fund may not achieve its goal, and it is not intended to be a complete investment program. </td> </tr> </table> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> <span id="xdx_908_err--RiskNotInsuredDepositoryInstitution_dU_c20211230__20211230__dei--LegalEntityAxis__custom--S000071709Member_zZRYeyTXUpV5">An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_909_err--RiskLoseMoney_dU_c20211230__20211230__dei--LegalEntityAxis__custom--S000071709Member_zCZnkI2Pcg8h">It is important to understand that you can lose money by investing in the fund. </span></p> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> 6    Prospectus</td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt"> </div> <p><br/> <br/> </p> As a non-diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. Performance <p id="xdx_A81_err--PerformanceNarrativeTextBlock_z3f5ihfYCrb1" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Performance information will be available after the fund completes a full calendar year of operation.</p> Investment objective <p id="xdx_A8D_err--ObjectivePrimaryTextBlock_zjwsZ78QGJHa" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Putnam Focused Large Cap Value ETF seeks capital growth and current income. </p> Fees and expenses <p id="xdx_A81_err--ExpenseNarrativeTextBlock_zpF9X2smV4tf" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </p> Annual fund operating expenses expenses you pay each year as a percentage of the value of your investment) 0.0055 0 0.0000 0.0055 Example <p id="xdx_A89_err--ExpenseExampleNarrativeTextBlock_zVjnJYUlhXLe" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower. </p> 56 176 Portfolio turnover <p id="xdx_A8E_err--PortfolioTurnoverTextBlock_zLy2AziV9eB7" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"><span style="-sec-ix-redline: true">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s portfolio turnover rate for the fiscal period May 25, 2021 (commencement of operations) through August 31, 2021 was <span id="xdx_908_err--PortfolioTurnoverRate_dU_c20211230__20211230__dei--LegalEntityAxis__custom--S000071710Member_zUmLUQ0wQ5fk">27%</span></span>.</p> 0.27 Principal investment strategies <p id="xdx_A86_err--StrategyNarrativeTextBlock_zXea1r7bZ54l" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"><span style="-sec-ix-redline: true">The fund invests mainly in common stocks of U.S. companies, with a focus on value stocks that offer the potential for capital growth, current income, or both. Under normal circumstances, the fund invests at least 80% of the fund’s net assets in large-cap companies, which, for purposes of this policy, are of a size similar to those in the Russell 1000 Value Index. This policy may be changed only after 60 days’ notice to shareholders. As of September 30, 2021, the index was composed of companies having market capitalizations of between approximately $1.6 billion to $1.8 trillion. The fund may also invest in midsize companies. Value stocks are issued by companies that the fund’s investment manager, Putnam Investment Management, LLC (Putnam Management) believes are currently undervalued by the market. If Putnam Management is correct and other investors ultimately recognize the value of the company, the price of its stock may rise. Putnam Management may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments.</span></p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The fund is “non-diversified,” which means it may invest a greater percentage of its assets in fewer issuers than a “diversified” fund. The fund expects to invest in a limited number of issuers. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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 (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. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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 </p> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> </td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> Prospectus    3 </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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. </p> Principal investment risks <div id="xdx_A80_err--RiskNarrativeTextBlock_z83UgdaCkBu2"/> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Tracking Basket structure risk.</i> The fund’s Tracking Basket structure may affect the price at which shares of the fund trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the fund at or close to the fund’s NAV per share, there is a risk that market prices will vary significantly from NAV. ETFs trading on the basis of a published Tracking Basket may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although the fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking Basket to identify the fund’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the fund and its shareholders, such as front running the fund’s trades of portfolio securities. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Arbitrage risk.</i> Unlike ETFs that publicly disclose their complete portfolio holdings each business day, the fund provides certain other information intended to allow market participants to estimate the value of positions in fund shares. Although this information is designed to facilitate arbitrage opportunities in fund shares to reduce bid/ask spread and minimize discounts or premiums between the market price and NAV of fund shares, there is no guarantee the fund’s arbitrage mechanism will operate as intended and that the fund will not experience wide bid/ask spreads and/or large discount or premiums to NAV. In addition, market participants may attempt to use the disclosed information to “reverse engineer” the fund’s trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact the fund’s performance. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Fluctuation of NAV and share price risk.</i> Shares may trade at a larger premium or discount to the NAV than shares of other ETFs, including ETFs that make their daily holdings public. The NAV of the fund will generally fluctuate with changes in the market value of the fund’s holdings. The fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the fund’s shares may result in the fund’s shares trading significantly above (at a premium) or below (at a discount) to NAV. In addition, in stressed market conditions or periods of market disruption or volatility, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the fund’s underlying portfolio holdings. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Trading issues risk.</i> The fund has no public trading history and will operate differently from other actively managed ETFs that publish their portfolio holdings on a daily basis. There can be no assurance that an active trading market will develop or be maintained or that the market for fund shares will operate as intended, which could lead to the </td> </tr> </table> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> 4    Prospectus</td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> </td> <td> fund’s shares trading at wider spreads and larger premiums and discounts to NAV than other actively managed ETFs that publish their portfolio holdings on a daily basis, particularly during periods of market disruption or volatility. As a result, it may cost investors more to trade fund shares than shares of other ETFs. There is no guarantee that the fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in the fund’s shares or to submit purchase and redemption orders for creation units. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Trading halt risk.</i> There may be circumstances where a security held in the fund’s portfolio but not in the Tracking Basket does not have readily available market quotations. If Putnam Management determines that such circumstance may affect the reliability of the Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in the fund’s portfolio, will be publicly disclosed on the fund’s website and Putnam Management will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm the fund and its shareholders. In addition, if securities representing 10% or more of the fund’s portfolio do not have readily available market quotations, Putnam Management would promptly request the exchange to halt trading on the fund, meaning that investors would not be able to trade their shares. Trading may also be halted in other circumstances, for example, due to market conditions. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"><span style="-sec-ix-redline: true">•</span></td> <td><span style="-sec-ix-redline: true"><i>Large shareholder risk.</i> Certain accounts or affiliates of Putnam Management, including other funds advised by Putnam Management or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets to the extent such transactions are executed directly with the fund in the form of redemptions through an authorized participant, rather than executed in the secondary market. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs. To the extent these large shareholders transact in shares of the fund on the secondary market, such transactions may account for a large percentage of the trading volume on the exchange and may, therefore, have a material effect (upward or downward), on the market price of the fund’s shares.</span></td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Authorized participant concentration risk.</i> The fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/ or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for fund shares or fund shares may trade at a discount (or premium) to NAV and possibly face trading halts and/or de-listing. This risk may be heightened due to the fact that the fund has a novel and unique structure and does not disclose its portfolio holdings daily, unlike certain other actively managed ETFs, and could be greater during market disruptions or periods of volatility. </td> </tr> </table> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> </td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> Prospectus    5 </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"><span style="-sec-ix-redline: true">•</span></td> <td><span style="-sec-ix-redline: true"><i>Market risk.</i> The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. The novel coronavirus (COVID-19) pandemic and efforts to contain its spread are likely to negatively affect the value, volatility, and liquidity of the securities and other assets in which the fund invests and exacerbate other risks that apply to the fund. These effects could negatively impact the fund’s performance and lead to losses on your investment in the fund.</span></td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> •</td> <td> <i>Common stock risk.</i> Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"><span style="-sec-ix-redline: true">•</span></td> <td><span style="-sec-ix-redline: true"><i>Value investing risk.</i> Companies whose stocks Putnam Management believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. Companies whose stocks we believe are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor.</span></td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"><span style="-sec-ix-redline: true">•</span></td> <td><span style="-sec-ix-redline: true"><i>Small and midsize companies risk.</i> Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies.</span></td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> •</td> <td> <i> Non-Diversified risk.</i> <span id="xdx_906_err--RiskNondiversifiedStatus_dU_c20211230__20211230__dei--LegalEntityAxis__custom--S000071710Member_zn1cszoQyyZc">As a non-diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds.</span> </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> •</td> <td> <i>Management and operational risk.</i> There is no guarantee that the investment techniques, analyses, or judgments that Putnam Management applies in making investment decisions for the fund will produce the intended outcome or that the investments Putnam Management selects for the fund will perform as well as other securities that were not selected for the fund. Putnam Management, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The fund may not achieve its goal, and it is not intended to be a complete investment program. </td> </tr> </table> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> <span id="xdx_908_err--RiskNotInsuredDepositoryInstitution_dU_c20211230__20211230__dei--LegalEntityAxis__custom--S000071710Member_zmvKJ8Jnuzj5">An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_902_err--RiskLoseMoney_dU_c20211230__20211230__dei--LegalEntityAxis__custom--S000071710Member_zNYljCJzKK7l">It is important to understand that you can lose money by investing in the fund. </span></p> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> 6    Prospectus</td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p> <br/> <br/> </p> As a non-diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. Performance <p id="xdx_A8D_err--PerformanceNarrativeTextBlock_zK69S5ym44R7" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Performance information will be available after the fund completes a full calendar year of operation. </p> Investment objective <p id="xdx_A80_err--ObjectivePrimaryTextBlock_zO5KdQXkAnXd" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Putnam Sustainable Future ETF seeks long-term capital appreciation. </p> Fees and expenses <p id="xdx_A8F_err--ExpenseNarrativeTextBlock_zkkbDWCwspR9" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </p> Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0064 0 0.0000 0.0064 Example <p id="xdx_A8E_err--ExpenseExampleNarrativeTextBlock_ztMojWugnR7g" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower. </p> 65 205 Portfolio turnover <p id="xdx_A83_err--PortfolioTurnoverTextBlock_zv8Gbo6vZQGb" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"><span style="-sec-ix-redline: true">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s portfolio turnover rate for the fiscal period May 25, 2021 (commencement of operations) through August 31, 2021 was <span id="xdx_903_err--PortfolioTurnoverRate_dU_c20211230__20211230__dei--LegalEntityAxis__custom--S000071711Member_zehv1P8oPhk9">20%</span></span>.</p> 0.20 Principal investment strategies <p id="xdx_A83_err--StrategyNarrativeTextBlock_zjKIrCzjKZik" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"><span style="-sec-ix-redline: true">The fund invests mainly in common stocks of U.S. companies of any size, with a focus on companies whose products and services Putnam Investment Management, LLC (Putnam Management) believes provide solutions that directly contribute to sustainable social, environmental and economic development (Impact Companies). Stocks of this type of company 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. Putnam Management may consider, among other factors, a company’s impact on sustainable environmental, social and economic development (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.</span></p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"><span style="-sec-ix-redline: true">Putnam Management’s approach to sustainable investing incorporates fundamental research together with consideration of sustainable environmental, social and economic development impact. Putnam Management believes that companies whose products and services produce positive environmental, social and economic development impact also often demonstrate potential for strong financial growth. 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 a proprietary sustainability solutions map that links to the United Nations Sustainable Development Goals (SDGs). 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. In selecting each investment Putnam Management considers the extent to which a company’s products or services may provide solutions to forward-looking sustainability needs, creating positive impact in environmental, social and economic development areas. Environmental impacts may include, for example, reduction of carbon emissions and improved water quality. Social impacts may include, for example, improvements in employee well-being, supplier standards, or access to products, information, or security. Economic development impacts may include, for example, stakeholder analysis and shared value</span></p> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> </td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> Prospectus    3 </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"><span style="-sec-ix-redline: true">approaches to business practices, access to economic opportunity, or improvements in operational effectiveness or efficiency.</span></p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left">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 (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.</p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left">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.</p> Principal investment risks <div id="xdx_A8F_err--RiskNarrativeTextBlock_zUcuLkD50lI6"/> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Tracking Basket structure risk.</i> The fund’s Tracking Basket structure may affect the price at which shares of the fund trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the fund at or close to the fund’s NAV per share, there is a risk that market prices will vary significantly from NAV. ETFs trading on the basis of a published Tracking Basket may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although the fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking Basket to identify the fund’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the fund and its shareholders, such as front running the fund’s trades of portfolio securities. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"><span style="-sec-ix-redline: true">•</span></td> <td><span style="-sec-ix-redline: true"><i>Arbitrage risk.</i> Unlike ETFs that publicly disclose their complete portfolio holdings each business day, the fund provides certain other information intended to allow market participants to estimate the value of positions in fund shares. Although this information is designed to facilitate arbitrage opportunities in fund shares to reduce bid/ask spread and minimize discounts or premiums between the market price and NAV of fund shares, there is no guarantee the fund’s arbitrage mechanism will operate as intended and that the fund will not experience wide bid/ask spreads and/or large discount or premiums to NAV. In addition, market participants may attempt to use</span></td> </tr> </table> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> 4    Prospectus</td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"/> <td><span style="-sec-ix-redline: true">the disclosed information to “reverse engineer” the fund’s trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact the fund’s performance.</span></td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Fluctuation of NAV and share price risk.</i> Shares may trade at a larger premium or discount to the NAV than shares of other ETFs, including ETFs that make their daily holdings public. The NAV of the fund will generally fluctuate with changes in the market value of the fund’s holdings. The fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the fund’s shares may result in the fund’s shares trading significantly above (at a premium) or below (at a discount) to NAV. In addition, in stressed market conditions or periods of market disruption or volatility, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the fund’s underlying portfolio holdings. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Trading issues risk.</i> The fund has no public trading history and will operate differently from other actively managed ETFs that publish their portfolio holdings on a daily basis. There can be no assurance that an active trading market will develop or be maintained or that the market for fund shares will operate as intended, which could lead to the fund’s shares trading at wider spreads and larger premiums and discounts to NAV than other actively managed ETFs that publish their portfolio holdings on a daily basis, particularly during periods of market disruption or volatility. As a result, it may cost investors more to trade fund shares than shares of other ETFs. There is no guarantee that the fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in the fund’s shares or to submit purchase and redemption orders for creation units. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Trading halt risk.</i> There may be circumstances where a security held in the fund’s portfolio but not in the Tracking Basket does not have readily available market quotations. If Putnam Management determines that such circumstance may affect the reliability of the Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in the fund’s portfolio, will be publicly disclosed on the fund’s website and Putnam Management will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm the fund and its shareholders. In addition, if securities representing 10% or more of the fund’s portfolio do not have readily available market quotations, Putnam Management would promptly request the exchange to halt trading on the fund, meaning that investors would not be able to trade their shares. Trading may also be halted in other circumstances, for example, due to market conditions. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"><span style="-sec-ix-redline: true">•</span></td> <td><span style="-sec-ix-redline: true"><i>Large shareholder risk.</i> Certain accounts or affiliates of Putnam Management, including other funds advised by Putnam Management or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets to the extent such transactions are executed directly with the fund in the form of redemptions</span></td> </tr> </table> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> </td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> Prospectus    5</td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"/> <td><span style="-sec-ix-redline: true">through an authorized participant, rather than executed in the secondary market. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs. To the extent these large shareholders transact in shares of the fund on the secondary market, such transactions may account for a large percentage of the trading volume on the exchange and may, therefore, have a material effect (upward or downward), on the market price of the fund’s shares.</span></td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> •</td> <td> <i>Authorized participant concentration risk.</i> The fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/ or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for fund shares or fund shares may trade at a discount (or premium) to NAV and possibly face trading halts and/or de-listing. This risk may be heightened due to the fact that the fund has a novel and unique structure and does not disclose its portfolio holdings daily, unlike certain other actively managed ETFs, and could be greater during market disruptions or periods of volatility. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"><span style="-sec-ix-redline: true">•</span></td> <td><span style="-sec-ix-redline: true"><i>Market risk.</i> The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. The novel coronavirus (COVID-19) pandemic and efforts to contain its spread are likely to negatively affect the value, volatility, and liquidity of the securities and other assets in which the fund invests and exacerbate other risks that apply to the fund. These effects could negatively impact the fund’s performance and lead to losses on your investment in the fund. Companies whose stocks we believe are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor.</span></td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> •</td> <td> <i>Common stock risk.</i> Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> •</td> <td> <i>Growth investing risk.</i> Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> •</td> <td> <i>Small and midsize companies risk.</i> Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> •</td> <td> <i>Industry or sector concentration risk.</i> From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. </td> </tr> </table> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> 6    Prospectus</td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"><span style="-sec-ix-redline: true">•</span></td> <td><span style="-sec-ix-redline: true"><i>Sustainable investing risk – Impact Companies.</i> Investing with a focus on Impact Companies, whose products and services may provide solutions that directly impact sustainable environmental, social and economic development, 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. Sustainability and ESG metrics are not uniformly defined and applying such metrics involves subjective assessments. Sustainability and ESG scorings and assessments of issuers can vary across third-party data providers and may change over time. In addition, an Impact Company’s business practices, products or services may change over time. As a result of these possibilities, among others, the fund may temporarily hold securities that are inconsistent with the fund’s sustainable investment criteria. Regulatory changes or interpretations regarding the definitions and/or use of ESG or other sustainability criteria could have a material adverse effect on the fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds, such as the fund, whose strategies include ESG or other sustainability criteria.</span></td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> •</td> <td> <i>Management and operational risk.</i> There is no guarantee that the investment techniques, analyses, or judgments that Putnam Management applies in making investment decisions for the fund will produce the intended outcome or that the investments Putnam Management selects for the fund will perform as well as other securities that were not selected for the fund. Putnam Management, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The fund may not achieve its goal, and it is not intended to be a complete investment program. </td> </tr> </table> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> <span id="xdx_904_err--RiskNotInsuredDepositoryInstitution_dU_c20211230__20211230__dei--LegalEntityAxis__custom--S000071711Member_zOjKWVPZJr45">An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_902_err--RiskLoseMoney_dU_c20211230__20211230__dei--LegalEntityAxis__custom--S000071711Member_zNQLFvQ5ryUh">It is important to understand that you can lose money by investing in the fund. </span></p> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. Performance <p id="xdx_A84_err--PerformanceNarrativeTextBlock_zVdcKcezEB4" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Performance information will be available after the fund completes a full calendar year of operation. </p> Investment objective <p id="xdx_A82_err--ObjectivePrimaryTextBlock_zR77DeXKuEr4" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Putnam Sustainable Leaders ETF seeks long-term capital appreciation. </p> Fees and expenses <p id="xdx_A86_err--ExpenseNarrativeTextBlock_zfNN8SJOzBGd" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </p> Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0059 0 0.0000 0.0059 Example <p id="xdx_A89_err--ExpenseExampleNarrativeTextBlock_z1bcbI3JzCsl" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower. </p> 60 189 Portfolio turnover <p id="xdx_A8A_err--PortfolioTurnoverTextBlock_z06G3N3vkG3i" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"><span style="-sec-ix-redline: true">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s portfolio turnover rate for the fiscal period May 25, 2021 (commencement of operations) through August 31, 2021 was <span id="xdx_907_err--PortfolioTurnoverRate_dU_c20211230__20211230__dei--LegalEntityAxis__custom--S000071712Member_z8oNXOPvIEAj">14%</span></span>.</p> 0.14 Principal investment strategies <p id="xdx_A8F_err--StrategyNarrativeTextBlock_zZW3D4QfrBCg" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"><span style="-sec-ix-redline: true">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 “financial 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. 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 and 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.</span></p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"><span style="-sec-ix-redline: true">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 a proprietary materiality map that is informed by the sustainability issues identified as material by the Sustainability Accounting Standards Board. 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. In selecting each investment, the fund’s investment manager, Putnam Management,</span></p> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> </td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> Prospectus    3 </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"><span style="-sec-ix-redline: true">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:</span></p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> (1) Materiality. The company is focused on sustainability issues that are relevant to long term business success. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> (2) Creativity and proactiveness. The company’s sustainability characteristics go beyond compliance to demonstrate heightened commitment. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> (3) Transparency. The company’s goals are specific, with candid and consistent progress reporting. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> (4) Impact. The sustainability characteristics create benefits that are meaningful both at the company and more broadly. </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"><span style="-sec-ix-redline: true">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 (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.</span></p> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> 4    Prospectus</td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> 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. </p> Principal investment risks <div id="xdx_A88_err--RiskNarrativeTextBlock_zmHSoMvBIxfa"/> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Tracking Basket structure risk.</i> The fund’s Tracking Basket structure may affect the price at which shares of the fund trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the fund at or close to the fund’s NAV per share, there is a risk that market prices will vary significantly from NAV. ETFs trading on the basis of a published Tracking Basket may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although the fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking Basket to identify the fund’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the fund and its shareholders, such as front running the fund’s trades of portfolio securities. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Arbitrage risk.</i> Unlike ETFs that publicly disclose their complete portfolio holdings each business day, the fund provides certain other information intended to allow market participants to estimate the value of positions in fund shares. Although this information is designed to facilitate arbitrage opportunities in fund shares to reduce bid/ask spread and minimize discounts or premiums between the market price and NAV of fund shares, there is no guarantee the fund’s arbitrage mechanism will operate as intended and that the fund will not experience wide bid/ask spreads and/or large discount or premiums to NAV. In addition, market participants may attempt to use the disclosed information to “reverse engineer” the fund’s trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact the fund’s performance. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Fluctuation of NAV and share price risk.</i> Shares may trade at a larger premium or discount to the NAV than shares of other ETFs, including ETFs that make their daily holdings public. The NAV of the fund will generally fluctuate with changes in the market value of the fund’s holdings. The fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the fund’s shares may result in the fund’s shares trading significantly above (at a premium) or below (at a discount) to NAV. In addition, in stressed market conditions or periods of market disruption or volatility, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the fund’s underlying portfolio holdings. </td> </tr> </table> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> </td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> Prospectus    5 </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/> <br/> </p> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Trading issues risk.</i> The fund has no public trading history and will operate differently from other actively managed ETFs that publish their portfolio holdings on a daily basis. There can be no assurance that an active trading market will develop or be maintained or that the market for fund shares will operate as intended, which could lead to the fund’s shares trading at wider spreads and larger premiums and discounts to NAV than other actively managed ETFs that publish their portfolio holdings on a daily basis, particularly during periods of market disruption or volatility. As a result, it may cost investors more to trade fund shares than shares of other ETFs. There is no guarantee that the fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in the fund’s shares or to submit purchase and redemption orders for creation units. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Trading halt risk.</i> There may be circumstances where a security held in the fund’s portfolio but not in the Tracking Basket does not have readily available market quotations. If Putnam Management determines that such circumstance may affect the reliability of the Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in the fund’s portfolio, will be publicly disclosed on the fund’s website and Putnam Management will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm the fund and its shareholders. In addition, if securities representing 10% or more of the fund’s portfolio do not have readily available market quotations, Putnam Management would promptly request the exchange to halt trading on the fund, meaning that investors would not be able to trade their shares. Trading may also be halted in other circumstances, for example, due to market conditions. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"><span style="-sec-ix-redline: true">•</span></td> <td><span style="-sec-ix-redline: true"><i>Large shareholder risk.</i> Certain accounts or affiliates of Putnam Management, including other funds advised by Putnam Management or third parties, may from time to time own (beneficially or of record) or control a substantial amount of the fund’s shares, including through seed capital arrangements. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets to the extent such transactions are executed directly with the fund in the form of redemptions through an authorized participant, rather than executed in the secondary market. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs. To the extent these large shareholders transact in shares of the fund on the secondary market, such transactions may account for a large percentage of the trading volume on the exchange and may, therefore, have a material effect (upward or downward), on the market price of the fund’s shares.</span></td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Authorized participant concentration risk.</i> The fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/ or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for fund shares or fund shares may trade at a discount (or premium) to NAV and possibly face trading halts and/or de-listing. This risk may be heightened due to the fact that the fund has a novel and unique </td> </tr> </table> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> 6    Prospectus</td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/></p> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> </td> <td>structure and does not disclose its portfolio holdings daily, unlike certain other actively managed ETFs, and could be greater during market disruptions or periods of volatility. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"><span style="-sec-ix-redline: true">•</span></td> <td><span style="-sec-ix-redline: true"><i>Market risk.</i> The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. The novel coronavirus (COVID-19) pandemic and efforts to contain its spread are likely to negatively affect the value, volatility, and liquidity of the securities and other assets in which the fund invests and exacerbate other risks that apply to the fund. These effects could negatively impact the fund’s performance and lead to losses on your investment in the fund. Companies whose stocks we believe are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor.</span></td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Common stock risk.</i> Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Growth investing risk.</i> Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Small and midsize companies risk.</i> Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Industry or sector concentration risk.</i> From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. </td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"><span style="-sec-ix-redline: true">•</span></td> <td><span style="-sec-ix-redline: true"><i>Sustainable investing risk.</i> Investing with a focus on companies that exhibit a commitment to sustainable 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. Sustainability and ESG metrics are not uniformly defined and applying such metrics involves subjective assessments. Sustainability and ESG scorings and assessments of issuers can vary across third-party data providers and may change over time. In addition, a company’s business practices, products or services may change over time. As a result of these possibilities, among others, the fund may temporarily hold securities that are inconsistent with the fund’s sustainable investment criteria. Regulatory changes or interpretations regarding the definitions and/or use of ESG or other sustainability</span></td> </tr> </table> <table style="font: 12px Arial, Helvetica, Sans-Serif; margin: 36px 0 0 18px; width: 97%"> <tr> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: left; width: 50%"> </td> <td style="color: #000000; font-style: normal; font-variant: normal; font-weight: 300; line-height: 0.93; text-align: right; width: 50%"> Prospectus    7 </td> </tr> </table> <p> <br/> <br/> </p> <div style="border-top: Black 1pt solid; margin: 18pt auto; font-size: 1pt; margin-top: 0; margin-bottom: 0"> </div> <p><br/></p> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"/> <td><span style="-sec-ix-redline: true">criteria could have a material adverse effect on the fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective, as well as the ability of certain classes of investors to invest in funds, such as the fund, whose strategies include ESG or other sustainability criteria.</span></td> </tr> </table> <table style="font: 300 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 6px 0px 0px 10px; width: 90%"> <tr style="vertical-align: top"> <td style="font: 300 14pt Arial, Helvetica, Sans-Serif; color: #000000; text-align: right; vertical-align: top; width: 25px; padding-right: 1px"> • </td> <td> <i>Management and operational risk.</i> There is no guarantee that the investment techniques, analyses, or judgments that Putnam Management applies in making investment decisions for the fund will produce the intended outcome or that the investments Putnam Management selects for the fund will perform as well as other securities that were not selected for the fund. Putnam Management, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The fund may not achieve its goal, and it is not intended to be a complete investment program. </td> </tr> </table> <p style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> <span id="xdx_905_err--RiskNotInsuredDepositoryInstitution_dU_c20211230__20211230__dei--LegalEntityAxis__custom--S000071712Member_zmb1zYdAUoS">An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_90C_err--RiskLoseMoney_dU_c20211230__20211230__dei--LegalEntityAxis__custom--S000071712Member_z2tllG3y1zsj">It is important to understand that you can lose money by investing in the fund. </span></p> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. Performance <p id="xdx_A8C_err--PerformanceNarrativeTextBlock_zfYDh4giTIw1" style="font: 10pt/1.5 Arial, Helvetica, Sans-Serif; margin: 0px 42px 9px; color: #000000; font-weight: 300; text-align: left"> Performance information will be available after the fund completes a full calendar year of operation. </p> Other expenses are based on estimated amounts for the current fiscal year. Other expenses are based on estimated amounts for the current fiscal year. Other expenses are based on estimated amounts for the current fiscal year.