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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <name>LIBERTY UNION HIGH SCHOOL DISTRICT (CA)</name>
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        <name>SAN FRANCISCO CALIF BAY AREA RAPID TRAN DIST</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
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        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <title>CA CASGEN 5 09/01/2040</title>
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      </invstOrSec>
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        <name>LONG BEACH UNIFIED SCHOOL DISTRICT (CA)</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CALIFORNIA MUN FIN AUTH</name>
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        <cusip>13051AAR9</cusip>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <name>SAN DIEGO CALIF HSG AUTH</name>
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        <name>CALIFORNIA COMMUNITY HOUSING AGENCY</name>
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          <isin value="US13013FAF18"/>
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        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>CALIFORNIA COMMUNITY COLLEGE FINANCING (CA)</name>
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          <isin value="US13012RAU32"/>
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      <invstOrSec>
        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
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        <cusip>13032USL3</cusip>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-09-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>CHABOT LAS POSITAS COMMUNITY COLLEGE DISTRICT (CA)</name>
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        <cusip>15722TKU4</cusip>
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          <isin value="US15722TKU42"/>
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        <valUSD>7423081.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CA CASGEN 5.25 12/01/2056</title>
        <cusip>13080SML5</cusip>
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          <isin value="US13080SML50"/>
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        <balance>2000000.00000000</balance>
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        <valUSD>2000129.40000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-12-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>FEDERAL HOME LN MTG CORP MULTIFAMILY VAR RATE CTFS RELATING TO MUN SECS</name>
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        <title>CA FEDMFH 2.35 12/15/2035</title>
        <cusip>31350ACU0</cusip>
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        <balance>900000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2035-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>TEMECULA CALIF PUB FING AUTH</name>
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        <cusip>87972YJE7</cusip>
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          <isin value="US87972YJE77"/>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
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        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASFIN 4 10/01/2044</title>
        <cusip>13048VLA4</cusip>
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        <name>CALIFORNIA HEALTH FACS FING AUTH</name>
        <lei>5493007RI8BUDOGHZ546</lei>
        <title>CA CASMED 5.25 11/15/2053</title>
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        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>CA CASFIN 5 08/15/2054</title>
        <cusip>13049SGC2</cusip>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>CA CASGEN 5 06/01/2039</title>
        <cusip>13080SWN0</cusip>
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        <valUSD>1205498.16000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RIVERSIDE CALIF UNI SCH DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <name>CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY (CA)</name>
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          <isin value="US13054WAC10"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-11-21</maturityDt>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <cusip>13051ABH0</cusip>
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          <isin value="US13051ABH05"/>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <title>CA CASFIN 5 08/15/2059</title>
        <cusip>13049SGD0</cusip>
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        <name>CALIFORNIA SCHOOL FINANCE AUTHORITY (CA)</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>LINCOLN CALIF</name>
        <lei>N/A</lei>
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          <isin value="US533042LV75"/>
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        <balance>650000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>ROSEVILLE CALIF</name>
        <lei>549300OH100KESVPND17</lei>
        <title>CA ROSGEN 5 09/01/2053</title>
        <cusip>7778705C6</cusip>
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          <isin value="US7778705C63"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>CALIFORNIA COMMUNITY HOUSING AGENCY</name>
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          <isin value="US13013FAR55"/>
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        <balance>1100000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>CALIFORNIA ST ENTERPRISE DEV AUTH</name>
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        <cusip>13069BAR7</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <cusip>13048VWS3</cusip>
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          <isin value="US13048VWS32"/>
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          <maturityDt>2041-10-01</maturityDt>
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        <name>IMPERIAL CALIF CMNTY COLLEGE DIST</name>
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          <isin value="US452641LL59"/>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
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        <name>ROSEVILLE CALIF</name>
        <lei>549300OH100KESVPND17</lei>
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        <name>CALIFORNIA SCH FIN AUTH</name>
        <lei>N/A</lei>
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        <name>IMPERIAL IRR DIST CALIF</name>
        <lei>549300WHWX5TZ5O15D48</lei>
        <title>CA IMRPWR 5 11/01/2050</title>
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        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <cusip>130489AB3</cusip>
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        <name>CALIFORNIA CMNTY CHOICE FING AUTH</name>
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        <name>RIVERSIDE CALIF UNI SCH DIST</name>
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        <name>CMFA SPECIAL FINANCE AGENCY VIII (CA)</name>
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        <name>CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY (CA)</name>
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        <name>EASTERN CALIF MUN WTR DIST</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OAKLAND CALIF</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CALIFORNIA MUN FIN AUTH</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>IRVINE UNIFIED SCHOOL DISTRICT (CA)</name>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <name>TEMESCAL VY CALIF WTR DIST</name>
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        <name>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</name>
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        <name>MONTEBELLO UNIFIED SCHOOL DISTRICT (CA)</name>
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        <name>CALIFORNIA MUN FIN AUTH</name>
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        <name>CALIFORNIA COMMUNITY COLLEGE FINANCING (CA)</name>
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        <name>RIVER ISLANDS PUBLIC FINANCING AUTHORITY (CA)</name>
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        <cusip>76827QKX0</cusip>
        <identifiers>
          <isin value="US76827QKX06"/>
        </identifiers>
        <balance>1650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1572486.30000000</valUSD>
        <pctVal>0.267975332479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <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>2026-05-21</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>
</edgarSubmission>
