ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:

Level 1: Valuations based on quoted prices for identical securities in active markets.

Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.

The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:


		Valuation inputs
Investments in securities:	Level 1	Level 2	Level 3
Investment companies	$29,326,889	$—	$—
Short-term investments	49,416	—	—
Totals by level	$29,376,305	$—	$—

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


BDC Income ETF 17

Statement of assets and liabilities 4/30/23


ASSETS
Investment in securities, at value (Note 1):
Unaffiliated issuers (identified cost $29,529,052)	$29,326,889
Affiliated issuers (identified cost $49,416) (Note 6)	49,416
Interest and other receivables	91
Total assets	29,376,396

LIABILITIES
Payable for compensation of Manager (Note 2)	17,463
Total liabilities	17,463

Net assets	$29,358,933

REPRESENTED BY
Paid-in capital (Unlimited shares authorized) (Notes 1, 4 and 5)	$29,616,977
Total distributable earnings (Note 1)	(258,044)
Total — Representing net assets applicable to capital shares outstanding	$29,358,933

COMPUTATION OF NET ASSET VALUE
Net asset value per share
($29,358,933 divided by 1,050,000 shares)	$27.96

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

18 BDC Income ETF

Statement of operations
For the period 9/29/22 (commencement of operations) to 4/30/23


INVESTMENT INCOME
Dividends	$993,210
Interest (including interest income of $878 from investments in affiliated issuers) (Note 6)	878
Total investment income	994,088

EXPENSES
Compensation of Manager (Note 2)	66,422
Other	4,014
Fees waived and reimbursed by Manager (Note 2)	(86)
Total expenses	70,350

Net investment income	923,738

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Securities from unaffiliated issuers (Notes 1 and 3)	(45,019)
Total net realized loss	(45,019)
Change in net unrealized appreciation (depreciation) on:
Securities from unaffiliated issuers	(202,163)
Total change in net unrealized depreciation	(202,163)

Net loss on investments	(247,182)

Net increase in net assets resulting from operations	$676,556

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

BDC Income ETF 19

Statement of changes in net assets


	For the period
	9/29/22
	(commencement
	of operations)
INCREASE IN NET ASSETS	to 4/30/23
Operations
Net investment income	$923,738
Net realized loss on investments	(45,019)
Change in net unrealized depreciation of investments	(202,163)
Net increase in net assets resulting from operations	676,556
Distributions to shareholders (Note 1):
From ordinary income
Net investment income	(923,738)
Net realized short-term gain on investments	(3,745)
From net realized long-term gain on investments	(7,117)
Proceeds from shares sold (Note 4)	26,491,977
Decrease from shares redeemed (Note 4)	—
Total increase in net assets	26,233,933

NET ASSETS
Beginning of period (Note 5)	3,125,000
End of period	$29,358,933

NUMBER OF FUND SHARES
Shares outstanding at beginning of period (Note 5)	125,000
Shares sold (Note 4)	925,000
Shares redeemed (Note 4)	—
Shares outstanding at end of period	1,050,000

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

20 BDC Income ETF

Financial highlights
(For a common share outstanding throughout the period)


PER-SHARE OPERATING PERFORMANCE
	For the period
	9/29/22
	(commencement
	of operations)
	to 4/30/23
Net asset value, beginning of period	$25.00
Investment operations:
Net investment income (loss)^a	1.73
Net realized and unrealized
gain (loss) on investments	2.88
Total from investment operations	4.61
Less distributions:
From net investment income	(1.60)
From net realized gain on investments	(.05)
Total distributions	(1.65)
Net asset value, end of period	$27.96
Total return at net asset value (%)^b	18.71 ^*

RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(in thousands)	$29,359
Ratio of expenses to average
net assets (%)^c,d,e	.47^*
Ratio of net investment income
(loss) to average net assets (%)^d	6.12^*
Portfolio turnover (%)^f	29^*

^*Not annualized.

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

^bTotal return assumes dividend reinvestment.

^cExcludes acquired fund fees and expenses, if any.

^dReflects waivers of certain fund expenses in connection with investments in Putnam Government Money Market Fund during the period. As a result of such waivers, the expenses of the fund reflect a reduction of less than 0.01% as a percentage of average net assets (Note 2).

^eIncludes one-time proxy cost of 0.03%.

^fPortfolio turnover excludes securities received or delivered in-kind, if any.

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

BDC Income ETF 21

Notes to financial statements 4/30/23

Within the following Notes to financial statements, references to “ETF” represent exchange-traded fund, references to “State Street” represent State Street Bank and Trust Company, references to “the SEC” represent the Securities and Exchange Commission, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. Additionally, references to “OTC”, if any, represent over-the-counter and references to “ESG”, if any, represent environmental, social and governance. Unless otherwise noted, the “reporting period” represents the period from September 29, 2022 (commencement of operations) through April 30, 2023.

Putnam BDC Income ETF (the fund) is a non-diversified, open-end series of Putnam ETF Trust (the Trust), a Delaware statutory trust organized under the Investment Company Act of 1940, as amended. The fund is an actively managed ETF. The fund’s investment objective is to seek current income. The fund invests mainly in exchange-traded business development companies (“BDCs”). To qualify as a BDC, a company must be organized under the laws of, and have its principal place of business in, the United States, be registered with the SEC and have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). BDCs are vehicles whose principal business is to invest in, lend capital to or provide services to privately-held U.S. companies or thinly traded U.S. public companies. Putnam Management will seek BDC investments that contribute to stability of dividend income and return potential. In selecting investments, Putnam Management expects to evaluate a BDC’s credit performance and risk level, potential changes in earnings and dividend levels, the impact of changes in interest rates on the BDC, and differences among BDCs in leverage and balance sheet structures. Given that the fund will invest in BDCs, a significant portion of its assets will have exposure to the financials sector. Putnam Management may consider, among other factors, a BDC’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends, capital policies, and overall market conditions when deciding whether to buy or sell investments. Under normal circumstances, the fund invests at least 80% of the value of its net assets in BDCs. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders. The fund is “non-diversified,” which means it may invest a greater percentage of its assets in fewer issuers than a “diversified” fund.

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

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

Under the fund’s Amended and Restated Agreement and Declaration of Trust, any claims asserted against or on behalf of the Putnam Funds, including claims against Trustees and Officers, must be brought in courts of the State of Delaware.

Note 1: Significant accounting policies

The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

Security valuation Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.

22 BDC Income ETF

Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.

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

Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities.

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

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

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

Interest income, net of any applicable withholding taxes, if any, is recorded on the accrual basis. Amortization and accretion of premiums and discounts on debt securities, if any, is recorded on the accrual basis.

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

Lines of credit The fund participates, along with other Putnam funds, in a $320 million syndicated unsecured committed line of credit, provided by State Street ($160 million) and JPMorgan Chase Bank, N.A. ($160 million), and a $235.5 million unsecured uncommitted line of credit, provided by State Street. Between October 14, 2022 and May 2, 2023, the fund participated, along with other Putnam funds, in a $100 million unsecured committed line of credit and a $235.5 million unsecured uncommitted line of credit, both provided by State Street. Borrowings may be made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest is charged to the fund based on the fund’s borrowing at a rate equal to 1.25% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the committed line

BDC Income ETF 23

of credit and 1.30% plus the higher of (1) the Federal Funds rate and (2) the Overnight Bank Funding Rate for the uncommitted line of credit. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit has been paid by the participating funds and a $75,000 fee has been paid by the participating funds to State Street as agent of the syndicated committed line of credit. In addition, a commitment fee of 0.21% per annum on any unutilized portion of the committed line of credit is allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.

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

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

Distributions to shareholders Distributions to shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences from losses on wash sale transactions, from a redesignation of taxable distributions and from a basis adjustment due to deemed distributions. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. At the close of the reporting period, the fund required no such reclassifications.

Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:


Unrealized appreciation	$769,913
Unrealized depreciation	(1,038,601)
Net unrealized depreciation	(268,688)
Undistributed long-term gains	12,367
Undistributed short-term gains	—
Cost for federal income tax purposes	$29,644,993

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

Note 2: Management fee, administrative services and other transactions

The fund pays the Manager an annual all-inclusive management fee of 0.75% based on the fund’s average daily net assets computed and paid monthly. The management fee covers investment management services and all of the fund’s organizational and other operating expenses with certain exceptions, including but not limited to: payments under distribution plans, interest and borrowing expenses, taxes, brokerage commissions and other transaction costs, fund proxy expenses, litigation expenses, extraordinary expenses and acquired fund fees and expenses. All costs related to organization and offering of the Trust were borne by the Manager.

The fund invests in Putnam Government Money Market Fund, an open-end management investment company managed by Putnam Management. Management fees paid by the fund are reduced by an amount equal to the management fees paid by Putnam Government Money Market Fund with respect to assets invested by the fund in Putnam Government Money Market Fund. During the reporting period, management fees paid were reduced by $86 relating to the fund’s investment in Putnam Government Money Market Fund.

24 BDC Income ETF

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

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

Note 3: Purchases and sales of securities

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


	Cost of purchases	Proceeds from sales
Investments in securities (Long-term)	$8,252,524	$4,838,463
U.S. government securities (Long-term)	—	—
Total	$8,252,524	$4,838,463

Portfolio securities received or delivered through in-kind transactions were $26,279,877 and no monies, respectively.

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

Note 4: Capital shares

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

At the close of the reporting period, Putnam Investment Holdings, LLC owned 800,000 shares of the fund (76.19% of shares outstanding), valued at $22,368,000.

Note 5: Initial capitalization and offering of shares

The fund was established as a series of the Trust on May 10, 2022. The fund had no operations other than those related to organizational matters, including the initial capital contribution of $3,125,000 by Putnam Investment Holdings, LLC and the issuance of 125,000 shares on September 29, 2022.

BDC Income ETF 25

Note 6: Affiliated transactions

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


	Fair value as				Shares
	of 9/29/22				outstanding
	(commence-				and fair
	ment of	Purchase	Sale	Investment	value as
Name of affiliate	operations)	cost	proceeds	income	of 4/30/23
Short-term investments
Putnam Government
Money Market Fund^***	$—	$1,162,538	$1,113,122	$878	$49,416
Total Short-term
investments	$—	$1,162,538	$1,113,122	$878	$49,416

^***Management fees incurred through investment in Putnam Government Money Market Fund have been waived by the fund (Note 2). There were no realized or unrealized gains or losses during the period.

Note 7: Market, credit and other risks

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default.

Note 8: Subsequent event

On May 31, 2023, Franklin Resources, Inc. (“Franklin Resources”) and Great-West Lifeco Inc., the parent company of Putnam U.S. Holdings I, LLC (“Putnam Holdings”), announced that they have entered into a definitive agreement for a subsidiary of Franklin Resources to acquire Putnam Holdings in a stock and cash transaction.

As part of this transaction, Putnam Management, a wholly owned subsidiary of Putnam Holdings and investment manager to the Putnam family of funds (the “Putnam Funds”), would become an indirect wholly owned subsidiary of Franklin Resources.

The transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these conditions, the transaction is currently expected to be consummated in the fourth quarter of 2023.

Under the Investment Company Act of 1940, as amended, consummation of the transaction will result in the automatic termination of the investment management contract between each Putnam Fund and Putnam Management and any related sub-management and sub-advisory contracts, where applicable. Therefore, the Board of Trustees of the Putnam Funds will be asked to approve a new investment management contract between each Putnam Fund and Putnam Management (and new sub-management and sub-advisory contracts, if applicable). If approved by the Board of Trustees, the new investment management contract will be presented to the shareholders of each Putnam Fund for their approval.

26 BDC Income ETF

Federal tax information (Unaudited)

Pursuant to §852 of the Internal Revenue Code, as amended, the fund hereby designates $21,432 as a capital gain dividend with respect to the taxable year ended April 30, 2023, or, if subsequently determined to be different, the net capital gain of such year.

The Form 1099 that will be mailed to you in January 2024 will show the tax status of all distributions paid to your account in calendar 2023.

BDC Income ETF 27

Shareholder meeting results (Unaudited)

January 11, 2023 special meeting

At the meeting, each of the nominees for Trustees was elected, with all funds of the Trust voting together as a single class, as follows:


	Votes for	Votes against	Votes withheld
Liaquat Ahamed	4,484,567	—	444,547
Barbara M. Baumann	4,422,414	—	506,700
Katinka Domotorffy	4,649,758	—	279,356
Catharine Bond Hill	4,715,090	—	214,024
Kenneth R. Leibler	4,908,146	—	20,968
Jennifer Williams Murphy	4,797,806	—	131,308
Marie Pillai	4,374,937	—	554,177
George Putnam III	4,908,051	—	21,063
Robert L. Reynolds	4,908,146	—	20,968
Manoj P. Singh	4,355,772	—	573,342
Mona K. Sutphen	4,634,643	—	294,471

All tabulations are rounded to the nearest whole number.

28 BDC Income ETF

BDC Income ETF 29

^*Mr. Reynolds is an “interested person” (as defined in the Investment Company Act of 1940) of the fund and Putnam Investments. He is President and Chief Executive Officer of Putnam Investments, as well as the President of your fund and each of the other Putnam funds.

The address of each Trustee is 100 Federal Street, Boston, MA 02110.

As of April 30, 2023, there were 88 mutual funds, 4 closed-end funds, and 12 exchange-traded funds in the Putnam funds complex. Each Trustee serves as Trustee of all funds in the Putnam funds complex.

Each Trustee serves for an indefinite term, until his or her resignation, retirement at age 75, removal, or death.

30 BDC Income ETF

Officers
In addition to Robert L. Reynolds, the other officers of the fund are shown below:


James F. Clark (Born 1974)	Alan G. McCormack (Born 1964)
Vice President and Chief Compliance Officer	Vice President and Derivatives Risk Manager
Since 2016	Since 2022
Chief Compliance Officer and Chief Risk Officer,	Head of Quantitative Equities and Risk,
Putnam Investments, and Chief Compliance Officer,	Putnam Investments
Putnam Management
	Denere P. Poulack (Born 1968)
Michael J. Higgins (Born 1976)	Assistant Vice President, Assistant Clerk,
Vice President, Treasurer, and Clerk	and Assistant Treasurer
Since 2010	Since 2004

Jonathan S. Horwitz (Born 1955)	Janet C. Smith (Born 1965)
Executive Vice President, Principal Executive Officer,	Vice President, Principal Financial Officer, Principal
and Compliance Liaison	Accounting Officer, and Assistant Treasurer
Since 2004	Since 2007
	Head of Fund Administration Services,
Richard T. Kircher (Born 1962)	Putnam Investments and Putnam Management
Vice President and BSA Compliance Officer
Since 2019	Stephen J. Tate (Born 1974)
Assistant Director, Operational Compliance, Putnam	Vice President and Chief Legal Officer
Investments and Putnam Retail Management	Since 2021
	General Counsel, Putnam Investments,
Martin Lemaire (Born 1984)	Putnam Management, and Putnam Retail Management
Vice President and Derivatives Risk Manager
Since 2022	Mark C. Trenchard (Born 1962)
Risk Manager and Risk Analyst, Putnam Investments	Vice President
	Since 2002
Susan G. Malloy (Born 1957)	Director of Operational Compliance, Putnam
Vice President and Assistant Treasurer	Investments and Putnam Retail Management
Since 2007
Head of Accounting and Middle Office Services,
Putnam Investments and Putnam Management

The principal occupations of the officers for the past five years have been with the employers as shown above, although in some cases they have held different positions with such employers. The address of each officer is 100 Federal Street, Boston, MA 02110.

BDC Income ETF 31

This page left blank intentionally.

32 BDC Income ETF

Fund information

Founded over 85 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage funds across income, value, blend, growth, sustainable, and asset allocation categories.


Investment Manager	Trustees	Richard T. Kircher
Putnam Investment	Kenneth R. Leibler, Chair	Vice President and
Management, LLC	Barbara M. Baumann, Vice Chair	BSA Compliance Officer
100 Federal Street	Liaquat Ahamed
Boston, MA 02110	Katinka Domotorffy	Martin Lemaire
	Catharine Bond Hill	Vice President and
Investment Sub-Advisor	Jennifer Williams Murphy	Derivatives Risk Manager
Putnam Investments Limited	Marie Pillai
16 St James’s Street	George Putnam III	Susan G. Malloy
London, England SW1A 1ER	Robert L. Reynolds	Vice President and
	Manoj P. Singh	Assistant Treasurer
Distribution Services	Mona K. Sutphen
Foreside Fund Services, LLC		Alan G. McCormack
Three Canal Plaza, Suite 100	Officers	Vice President and
Portland, ME 04101	Robert L. Reynolds	Derivatives Risk Manager
	President
Custodian		Denere P. Poulack
State Street Bank	James F. Clark	Assistant Vice President,
and Trust Company	Vice President, Chief Compliance	Assistant Clerk, and
	Officer, and Chief Risk Officer	Assistant Treasurer
Legal Counsel
Ropes & Gray LLP	Michael J. Higgins	Janet C. Smith
	Vice President, Treasurer,	Vice President,
Independent Registered	and Clerk	Principal Financial Officer,
Public Accounting Firm		Principal Accounting Officer,
PricewaterhouseCoopers LLP	Jonathan S. Horwitz	and Assistant Treasurer
	Executive Vice President,
	Principal Executive Officer,	Stephen J. Tate
	and Compliance Liaison	Vice President and
		Chief Legal Officer

		Mark C. Trenchard
		Vice President

Call 1-833-228-5577 (toll free) Monday through Friday between 9:00 a.m. and 5:00 p.m. Eastern Time or visit putnam.com anytime for up-to-date information about the fund’s NAV.


	Item 2. Code of Ethics:

(a) The fund’s principal executive, financial and accounting officers are employees of Putnam Investment Management, LLC, the Fund’s investment manager. As such they are subject to a comprehensive Code of Ethics adopted and administered by Putnam Investments which is designed to protect the interests of the firm and its clients. The Fund has adopted a Code of Ethics which incorporates the Code of Ethics of Putnam Investments with respect to all of its officers and Trustees who are employees of Putnam Investment Management, LLC. For this reason, the Fund has not adopted a separate code of ethics governing its principal executive, financial and accounting officers.

(c) In January 2023, the Code of Ethics of Putnam Investments and Code of Ethics of Putnam Funds were amended. The key changes to the Putnam Investments Code of Ethics are as follows: (i) Prohibition on investments in a single stock ETFs and (ii) Revision to the 7-day blackout rule for Analysts. The key change to the Putnam Funds Code of Ethics was that the provisions of the Code of Ethics for employees of PanAgora Asset Management, inc. and any of its subsidiaries are excluded from the Putnam Funds’ Code of Ethics.


	Item 3. Audit Committee Financial Expert:

The Funds’ Audit, Compliance and Risk Committee is comprised solely of Trustees who are “independent” (as such term has been defined by the Securities and Exchange Commission (“SEC”) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the “Regulations”)). The Trustees believe that each member of the Audit, Compliance and Risk Committee also possesses a combination of knowledge and experience with respect to financial accounting matters, as well as other attributes, that qualifies him or her for service on the Committee. In addition, the Trustees have determined that each of Dr. Hill, Ms. Murphy and Mr. Singh qualifies as an “audit committee financial expert” (as such term has been defined by the Regulations) based on their review of his or her pertinent experience and education.The SEC has stated, and the funds’ amended and restated agreement and Declaration of Trust provides, that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Audit, Compliance and Risk Committee and the Board of Trustees in the absence of such designation or identification.


	Item 4. Principal Accountant Fees and Services:


	The following table presents fees billed in each of the last two fiscal years for services rendered to the fund by the fund’s independent auditor:


Fiscal year ended	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees


April 30, 2023	$20,034	$ —	$2,226	$ —


	For the fiscal year ended April 30, 2023, the fund’s independent auditor billed aggregate non-audit fees in the amount of $244,237 to the fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund.


	Audit Fees represent fees billed for the fund’s fiscal year relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.


	Audit-Related Fees represent fees billed in the fund’s fiscal year for services traditionally performed by the fund’s auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.


	Tax Fees represent fees billed in the fund’s fiscal year for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.


	Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds’ independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.


	The following table presents fees billed by the fund’s independent auditor for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2–01 of Regulation S-X.


Fiscal year ended	Audit-Related Fees	Tax Fees	All Other Fees	Total Non-Audit Fees

April 30, 2023	$ —	$242,011	$ —	$ —


	Item 5. Audit Committee of Listed Registrants


	Not applicable


	Item 6. Schedule of Investments:


	The registrant’s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.


	Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:


	Not applicable


	Item 8. Portfolio Managers of Closed-End Investment Companies


	Not Applicable


	Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:


	Not applicable


	Item 10. Submission of Matters to a Vote of Security Holders:


	Not applicable


	Item 11. Controls and Procedures:

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


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


	Item 12. Disclosures of Securities Lending Activities for Closed-End Management Investment Companies:


	Not Applicable


	Item 13. Exhibits:


	(a)(1) The Code of Ethics of The Putnam Funds, which incorporates the Code of Ethics of Putnam Investments, is filed herewith.


	(a)(2) Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.


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


	SIGNATURES


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


	Putnam ETF Trust


	By (Signature and Title):


	/s/ Janet C. Smith Janet C. Smith Principal Accounting Officer


	Date: June 28, 2023


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


	By (Signature and Title):


	/s/ Jonathan S. Horwitz Jonathan S. Horwitz Principal Executive Officer


	Date: June 28, 2023


	By (Signature and Title):


	/s/ Janet C. Smith Janet C. Smith Principal Financial Officer


	Date: June 28, 2023

EX-99.CERT 2 b_xw5certifications.htm CERTIFICATIONS b_xw5certifications.htm


	Certifications
	I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:
	1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:
	2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;
	3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;
	4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;
	b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and
	d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by the registrant’s report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
	5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):
	a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and
	b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.
	Date: June 28, 2023
	/s/ Jonathan S. Horwitz
	_______________________
	Jonathan S. Horwitz
	Principal Executive Officer
	Certifications
	I, Janet C. Smith, the Principal Financial Officer of the funds listed on Attachment A, certify that:
	1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:
	2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;
	3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;
	4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
	a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;
	b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and
	d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by the registrant’s report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
	5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions):
	a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and
	b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting.
	Date: June 28, 2023
	/s/ Janet C. Smith
	_______________________
	Janet C. Smith
	Principal Financial Officer
	Attachment A
	Period (s) ended April 30, 2023
	Putnam BDC Income ETF
	Putnam BioRevolution ETF
	Putnam Convertible Securities Fund
	Putnam Core Equity Fund
	Putnam Core Bond Fund
	Putnam ESG Core Bond ETF
	Putnam ESG High Yield ETF
	Putnam ESG Ultra Short ETF
	Putnam Focused International Equity Fund
	Putnam Global Income Trust
	Putnam Income Fund
	Putnam Large Cap Value Fund
	Putnam Managed Municipal Income Trust
	Putnam Municipal Opportunities Trust
	Putnam PanAgora ESG Emerging Markets Equity ETF
	Putnam PanAgora ESG International Equity ETF
	Putnam Short Duration Bond Fund
	Putnam Sustainable Future Fund

EX-99.906 CERT 3 c_xw5noscertification.htm 906 CERTIFICATIONS c_xw5noscertification.htm


	Section 906 Certifications
	I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:
	1. The form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2023 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2023 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.
	Date: June 28, 2023
	/s/ Jonathan S. Horwitz
	______________________
	Jonathan S. Horwitz
	Principal Executive Officer
	Section 906 Certifications
	I, Janet C. Smith, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:
	1. The form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2023 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
	2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2023 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.
	Date: June 28, 2023
	/s/ Janet C. Smith
	______________________
	Janet C. Smith
	Principal Financial Officer
	Attachment A
	Period (s) ended April 30, 2023
	Putnam BDC Income ETF
	Putnam BioRevolution ETF
	Putnam Convertible Securities Fund
	Putnam Core Equity Fund
	Putnam Core Bond Fund
	Putnam ESG Core Bond ETF
	Putnam ESG High Yield ETF
	Putnam ESG Ultra Short ETF
	Putnam Focused International Equity Fund
	Putnam Global Income Trust
	Putnam Income Fund
	Putnam Large Cap Value Fund
	Putnam Managed Municipal Income Trust
	Putnam Municipal Opportunities Trust
	Putnam PanAgora ESG Emerging Markets Equity ETF
	Putnam PanAgora ESG International Equity ETF
	Putnam Short Duration Bond Fund
	Putnam Sustainable Future Fund

GRAPHIC 4 bdcincomeetfx1x1.jpg GRAPHIC begin 644 bdcincomeetfx1x1.jpg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

__9 end EX-99.CODE ETH 18 a_picoemod5.htm a_picoemod5

February 2023

Putnam’s Code of Ethics

[GRAPHIC OMITTED: PUTNAM INVESTMENTS LOGO]


	Life of fund
	(since 9/29/22)
Net asset value	18.71%
Market price	18.69


	Life of fund
	(since 9/29/22)
S&P BDC Index	19.16%
Lipper Financial Services Funds category median^*	4.41


Distributions
Number	2
Income	$1.596224
Capital gains
Long-term gains	0.031632
Short-term gains	0.016644
Total	$1.644500
Share value	Net asset value	Market price
9/29/22^*	$25.00	$25.00
4/30/23	27.96	27.95
Current rate (end of period)	Net asset value	Market price
Current dividend rate¹	10.42%	10.43%
Current 30-day SEC yield²	9.78	—


	Life of fund
	(since 9/29/22)
Net asset value	17.69%
Market price	17.67



Estimated total annual operating expenses for the fiscal year ended 4/30/23^*	10.61%
Annualized expense ratio for the six-month period ended 4/30/23†#	0.80%


	CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES


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


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


	Name and address of agent for service:	Stephen Tate, Vice President 100 Federal Street Boston, Massachusetts 02110


	Copy to:	Bryan Chegwidden, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, New York 10036


		James E. Thomas, Esq. Ropes & Gray LLP 800 Boylston Street Boston, Massachusetts 02199


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


	Date of reporting period:	September 29, 2022 (commencement of operations) – April 30, 2023


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


Message from the Trustees	1
Interview with your fund’s portfolio manager	3
Your fund’s performance	7
Your fund’s expenses	9
Comparative index definitions	11
Other information for shareholders	12
Important notice regarding Putnam’s privacy policy	13
Audited financial statements	14
Report of Independent Registered Public Accounting Firm	15
Federal tax information	27
Shareholder meeting results	28
About the Trustees	29
Officers	31


	UNITED STATES SECURITIES AND EXCHANGE COMMISSION


	Washington, D.C. 20549


	FORM N-CSR


	Investment Company Act file number:	(811-23643)



Expenses paid per $1,000^*†	$4.10
Ending value (after expenses)	$1,069.10



Expenses paid per $1,000^*†	$4.01
Ending value (after expenses)	$1,020.83


INVESTMENT COMPANIES (99.9%)*	Shares	Value
Ares Capital Corp.	164,305	$3,036,356
Bain Capital Specialty Finance, Inc.	59,753	699,708
Barings BDC, Inc.	130,109	991,431
Blackstone Secured Lending Fund	145,873	3,763,523
Capital Southwest Corp.	52,462	951,136
Carlyle Secured Lending, Inc.	64,460	906,952
CION Investment Corp.	136,328	1,292,389
Crescent Capital BDC, Inc.	38,499	542,836
Fidus Investment Corp.	27,822	521,663
FS KKR Capital Corp.	88,368	1,662,202
Golub Capital BDC, Inc.	197,945	2,668,299
Hercules Capital, Inc.	116,308	1,539,918
Main Street Capital Corp.	41,786	1,693,169
Oaktree Specialty Lending Corp.	41,831	789,769
Owl Rock Capital Corp.	336,072	4,362,215
Runway Growth Finance Corp.	114,372	1,342,727
Saratoga Investment Corp.	31,516	770,251
Sixth Street Specialty Lending, Inc.	83,473	1,525,886
WhiteHorse Finance, Inc.	22,168	266,459
Total investment companies (cost $29,529,052)		$29,326,889


SHORT-TERM INVESTMENTS (0.2%)*	Shares	Value
Putnam Government Money Market Fund Class P 4.40% ^L	49,416	$49,416
Total short-term investments (cost $49,416)		$49,416


TOTAL INVESTMENTS
Total investments (cost $29,578,468)	$29,376,305


Key to holding’s abbreviations
BDC	Business Development Company


Notes to the fund’s portfolio
	Unless noted otherwise, the notes to the fund’s portfolio are for the close of the fund’s reporting period, which ran from September 29, 2022 (commencement of operations) through April 30, 2023 (the reporting period). Within the following notes to the portfolio, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures.
^*	Percentages indicated are based on net assets of $29,358,933.
^L	Affiliated company (Note 6). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.


Definitions		6
Section 1 —Personal Securities Rules for All Employees		8
1.1.	Pre-clearance Requirements	8
1.2.	Restricted List	9
1.3.	Prohibited Transactions	10
1.4.	Policy Regarding Frequency of Personal Trading	10
Section 2 —Putnam Mutual Funds, Closed-End Funds, and Exchange-Traded Funds		11
2.1.	Holding Putnam Mutual Fund Shares at Putnam	11
2.2.	Putnam Mutual Funds —Linked Accounts	11
2.3.	Putnam —Closed-End Funds	11
2.4.	Putnam Exchange-Traded Funds	11
Section 3 —Additional Rules for Access Persons and Certain Investment Professionals		12
3.1.	60-Day Short-Term Rule —All Access Persons	12
3.2.	7-Day Pre-Trade Rule (Portfolio Managers and Analysts)	12
3.3.	7-Day Post-Trade Rule (Portfolio Managers and Analysts)	13
3.4.	Contra-Trading Rule (Portfolio Managers)	14
3.5.	No Personal Benefit (Portfolio Managers and Analysts)	14
Section 4 —Reporting Requirements		15
4.1.	Brokerage/Securities Accounts —Initial and Annual Requirements	15
4.2.	Separate Provisions for Brokerage/Securities Accounts That Are Professionally Managed
	(Discretionary) Accounts —Initial and Annual Requirements	15
4.3.	Account Confirmations and Statements	16
4.4.	Approved Brokers —U.S. Employees Only	16
Section 5 —Additional Reporting, Certification, and Training Requirements		17
5.1.	Initial/Annual Holdings Report —Access Persons Only	17
5.2.	Initial holdings report	17
5.3.	Annual holdings report	17
5.4.	Quarterly Transaction Report —Access Persons Only	17
5.5.	Annual Certification —All Employees	17
5.6.	Training Requirements —All Employees	18
5.7.	Maintenance and Distribution of the Code of Ethics	18
5.8.	Procedures and Timeliness	18


Section 6 —General Ethics Rules for All Employees		19
6.1.	Conflicts of Interest	19
6.2.	Outside Business Activities	19
6.3.	Charitable or Non-profit Roles/Role as Trustee or Fiduciary Outside Putnam Investments	20
6.4.	Service As a Public Official	20
6.5.	Family Members’ Conflict Policy	20
6.6.	CFA Institute Code of Ethics and Standards of Professional Conduct	21
6.7.	Business Ethics, Ombuds, and Hotlines	21
Section 7 —Material, Non-Public Information and Insider Trading		22
7.1.	Material, Non-Public Information and Insider Trading	22
7.2.	Reporting and Restrictions	22
7.3.	Special Provisions Applicable to Putnam Affiliates	22
7.4.	Putnam Equity Plan, TH Lee Funds, and Putnam Hedge Funds	23
7.5.	PIL Employees	23
Section 8 —Sanctions		24
Section 9 — Procedures for Determinations and Exemptions		25
Appendix		26


» Investor Services Group	» Defined Contribution Investment Only Group
» Accounting and Middle Offices Services Group	» Global Distribution Division (including Putnam Retail
» Marketing and Corporate Communications	Management, Putnam Global Institutional
Division	Management, and Japan businesses)


Code of Ethics Officer	James Clark	617-760-8939
Deputy Code of Ethics Officer	Akiko Lindholm	617-760-2177
Sr. Compliance Specialist	Dana Scribner-Shea	617-760-7182


Putnam Investments \| 100 Federal Street \| Boston, MA02110 \| putnam.com	HR104 332638 1/23