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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Direct Lending</name>
        <lei>549300QEX22T2J8IB029</lei>
        <title>Morgan Stanley Direct Lending Fund</title>
        <cusip>61774A103</cusip>
        <identifiers>
          <isin value="US61774A1034"/>
          <ticker value="MSDL"/>
        </identifiers>
        <balance>378203.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6126888.60000000</valUSD>
        <pctVal>2.426063179636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SLR Investment Corp</name>
        <lei>BJOT6DX9ML6BR3Z0O636</lei>
        <title>SLR Investment Corp</title>
        <cusip>83413U100</cusip>
        <identifiers>
          <isin value="US83413U1007"/>
          <ticker value="SLRC"/>
        </identifiers>
        <balance>434010.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6510150.00000000</valUSD>
        <pctVal>2.577823139939</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blue Owl Capital Corp</name>
        <lei>2549000BD79OOCPF2L94</lei>
        <title>Blue Owl Capital Corp</title>
        <cusip>69121K104</cusip>
        <identifiers>
          <isin value="US69121K1043"/>
          <ticker value="OBDC"/>
        </identifiers>
        <balance>1569093.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18829116.00000000</valUSD>
        <pctVal>7.455762298781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock TCP Capital Corp</name>
        <lei>549300JU1XG1HF56J989</lei>
        <title>BlackRock TCP Capital Corp</title>
        <cusip>09259E108</cusip>
        <identifiers>
          <isin value="US09259E1082"/>
          <ticker value="TCPC"/>
        </identifiers>
        <balance>325161.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1684333.98000000</valUSD>
        <pctVal>0.666945478833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Mountain Finance Corp</name>
        <lei>549300L1MPTT1H7SES77</lei>
        <title>New Mountain Finance Corp</title>
        <cusip>647551100</cusip>
        <identifiers>
          <isin value="US6475511001"/>
          <ticker value="NMFC"/>
        </identifiers>
        <balance>306574.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2639602.14000000</valUSD>
        <pctVal>1.045202871934</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trinity Capital Inc</name>
        <lei>549300YGT4SBRQYDVU48</lei>
        <title>Trinity Capital Inc</title>
        <cusip>896442308</cusip>
        <identifiers>
          <isin value="US8964423086"/>
          <ticker value="TRIN"/>
        </identifiers>
        <balance>658105.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11075907.15000000</valUSD>
        <pctVal>4.385725328463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Blackstone Secured Lending Fun</name>
        <lei>549300KM7KWQHVBNH962</lei>
        <title>Blackstone Secured Lending Fund</title>
        <cusip>09261X102</cusip>
        <identifiers>
          <isin value="US09261X1028"/>
          <ticker value="BXSL"/>
        </identifiers>
        <balance>607192.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15580546.72000000</valUSD>
        <pctVal>6.169426797804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sixth Street Specialty Lending</name>
        <lei>549300TX61566GJWCN05</lei>
        <title>Sixth Street Specialty Lending Inc</title>
        <cusip>83012A109</cusip>
        <identifiers>
          <isin value="US83012A1097"/>
          <ticker value="TSLX"/>
        </identifiers>
        <balance>581084.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12754793.80000000</valUSD>
        <pctVal>5.050513828836</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hercules Capital Inc</name>
        <lei>549300UJ5OC256GR2B73</lei>
        <title>Hercules Capital Inc</title>
        <cusip>427096508</cusip>
        <identifiers>
          <isin value="US4270965084"/>
          <ticker value="HTGC"/>
        </identifiers>
        <balance>994038.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18419524.14000000</valUSD>
        <pctVal>7.293576270097</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Crescent Capital BDC Inc</name>
        <lei>549300VPIZMU6OEE0V68</lei>
        <title>Crescent Capital BDC Inc</title>
        <cusip>225655109</cusip>
        <identifiers>
          <isin value="US2256551092"/>
          <ticker value="CCAP"/>
        </identifiers>
        <balance>461842.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6645906.38000000</valUSD>
        <pctVal>2.631578573802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MidCap Financial Investment Co</name>
        <lei>5493005P14I7WFB3FW47</lei>
        <title>MidCap Financial Investment Corp</title>
        <cusip>03761U502</cusip>
        <identifiers>
          <isin value="US03761U5020"/>
          <ticker value="MFIC"/>
        </identifiers>
        <balance>408034.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4565900.46000000</valUSD>
        <pctVal>1.807958934963</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barings BDC Inc</name>
        <lei>549300GSF4KFZP6ONG49</lei>
        <title>Barings BDC Inc</title>
        <cusip>06759L103</cusip>
        <identifiers>
          <isin value="US06759L1035"/>
          <ticker value="BBDC"/>
        </identifiers>
        <balance>897922.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8162110.98000000</valUSD>
        <pctVal>3.231949886715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capital Southwest Corp</name>
        <lei>54930023YZ4YEJEDBO56</lei>
        <title>Capital Southwest Corp</title>
        <cusip>140501107</cusip>
        <identifiers>
          <isin value="US1405011073"/>
          <ticker value="CSWC"/>
        </identifiers>
        <balance>267324.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6266074.56000000</valUSD>
        <pctVal>2.481176623788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fidus Investment Corp</name>
        <lei>549300836CRWCROFBC02</lei>
        <title>Fidus Investment Corp</title>
        <cusip>316500107</cusip>
        <identifiers>
          <isin value="US3165001070"/>
          <ticker value="FDUS"/>
        </identifiers>
        <balance>183772.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3544961.88000000</valUSD>
        <pctVal>1.403698035293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FS KKR Capital Corp</name>
        <lei>549300TYRSI1T21B1360</lei>
        <title>FS KKR Capital Corp</title>
        <cusip>302635206</cusip>
        <identifiers>
          <isin value="US3026352068"/>
          <ticker value="FSK"/>
        </identifiers>
        <balance>1150571.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15866374.09000000</valUSD>
        <pctVal>6.282605819550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kayne Anderson BDC Inc</name>
        <lei>213800L27Z3YODNCUQ03</lei>
        <title>Kayne Anderson BDC Inc</title>
        <cusip>48662X105</cusip>
        <identifiers>
          <isin value="US48662X1054"/>
          <ticker value="KBDC"/>
        </identifiers>
        <balance>650891.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9223125.47000000</valUSD>
        <pctVal>3.652079638585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Golub Capital BDC Inc</name>
        <lei>2549005WE0QLGK9APF78</lei>
        <title>Golub Capital BDC Inc</title>
        <cusip>38173M102</cusip>
        <identifiers>
          <isin value="US38173M1027"/>
          <ticker value="GBDC"/>
        </identifiers>
        <balance>610650.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8176603.50000000</valUSD>
        <pctVal>3.237688487732</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bain Capital Specialty Finance</name>
        <lei>549300V2JL72R0EYBK64</lei>
        <title>Bain Capital Specialty Finance Inc</title>
        <cusip>05684B107</cusip>
        <identifiers>
          <isin value="US05684B1070"/>
          <ticker value="BCSF"/>
        </identifiers>
        <balance>497046.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6546095.82000000</valUSD>
        <pctVal>2.592056601009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Main Street Capital Corp</name>
        <lei>5493001FS9QJLJNF3E20</lei>
        <title>Main Street Capital Corp</title>
        <cusip>56035L104</cusip>
        <identifiers>
          <isin value="US56035L1044"/>
          <ticker value="MAIN"/>
        </identifiers>
        <balance>307489.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19617798.20000000</valUSD>
        <pctVal>7.768056673752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>



    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer Controller, US Fund Administration and Oversight</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
