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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIXTH STREET SPECIALTY LENDING INC</name>
        <lei>549300TX61566GJWCN05</lei>
        <title>SIXTH STREET SPECIALTY LENDING INC COM</title>
        <cusip>83012A109</cusip>
        <identifiers>
          <isin value="US83012A1097"/>
          <ticker value="TSLX"/>
        </identifiers>
        <balance>710232.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12187581.12000000</valUSD>
        <pctVal>4.305429010144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSC INCOME FUND INC</name>
        <lei>254900XHQK9DKZDIPC91</lei>
        <title>MSC INCOME FUND INC COM</title>
        <cusip>55374X208</cusip>
        <identifiers>
          <isin value="US55374X2080"/>
          <ticker value="MSIF"/>
        </identifiers>
        <balance>805772.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9016588.68000000</valUSD>
        <pctVal>3.185232745791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIDCAP FINANCIAL INVESTMENT CORP</name>
        <lei>5493005P14I7WFB3FW47</lei>
        <title>MIDCAP FINANCIAL INVESTMENT CORP COM NEW</title>
        <cusip>03761U502</cusip>
        <identifiers>
          <isin value="US03761U5020"/>
          <ticker value="MFIC"/>
        </identifiers>
        <balance>456393.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4363117.08000000</valUSD>
        <pctVal>1.541330528669</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</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 TECHNOLOGY FINANCE CORP</name>
        <lei>254900G5EZJSOD3UKL16</lei>
        <title>BLUE OWL TECHNOLOGY FINANCE CORP COMMON STOCK</title>
        <cusip>095924106</cusip>
        <identifiers>
          <isin value="US0959241060"/>
          <ticker value="OTF"/>
        </identifiers>
        <balance>2873222.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28559826.68000000</valUSD>
        <pctVal>10.08914772357</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PUTNAM INVESTMENT FUNDS</name>
        <lei>549300SRAF55EHI5J317</lei>
        <title>PUTNAM INVESTMENT FUNDS GOVT MMKT P</title>
        <cusip>74680A869</cusip>
        <identifiers>
          <isin value="US74680A8696"/>
          <ticker value="PGLXX"/>
        </identifiers>
        <balance>743922.57000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>743922.57000000</valUSD>
        <pctVal>0.262800779140</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</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 COM</title>
        <cusip>140501107</cusip>
        <identifiers>
          <isin value="US1405011073"/>
          <ticker value="CSWC"/>
        </identifiers>
        <balance>383554.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9048038.86000000</valUSD>
        <pctVal>3.196342950187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY DIRECT LENDING FUND</name>
        <lei>549300QEX22T2J8IB029</lei>
        <title>MORGAN STANLEY DIRECT LENDING FUND COM SHS</title>
        <cusip>61774A103</cusip>
        <identifiers>
          <isin value="US61774A1034"/>
          <ticker value="MSDL"/>
        </identifiers>
        <balance>471831.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6893450.91000000</valUSD>
        <pctVal>2.435205414076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</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 COM</title>
        <cusip>69121K104</cusip>
        <identifiers>
          <isin value="US69121K1043"/>
          <ticker value="OBDC"/>
        </identifiers>
        <balance>2833163.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30456502.25000000</valUSD>
        <pctVal>10.75917419901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</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 COM</title>
        <cusip>83413U100</cusip>
        <identifiers>
          <isin value="US83413U1007"/>
          <ticker value="SLRC"/>
        </identifiers>
        <balance>545818.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6866390.44000000</valUSD>
        <pctVal>2.425645934519</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</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 COM</title>
        <cusip>06759L103</cusip>
        <identifiers>
          <isin value="US06759L1035"/>
          <ticker value="BBDC"/>
        </identifiers>
        <balance>1411762.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11647036.50000000</valUSD>
        <pctVal>4.114474261592</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</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 COM</title>
        <cusip>896442308</cusip>
        <identifiers>
          <isin value="US8964423086"/>
          <ticker value="TRIN"/>
        </identifiers>
        <balance>774811.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13597933.05000000</valUSD>
        <pctVal>4.803655036633</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</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 COM</title>
        <cusip>316500107</cusip>
        <identifiers>
          <isin value="US3165001070"/>
          <ticker value="FDUS"/>
        </identifiers>
        <balance>219256.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4328113.44000000</valUSD>
        <pctVal>1.528965016133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</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 COM</title>
        <cusip>302635206</cusip>
        <identifiers>
          <isin value="US3026352068"/>
          <ticker value="FSK"/>
        </identifiers>
        <balance>796170.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8415516.90000000</valUSD>
        <pctVal>2.972895953665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</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 COM SHS</title>
        <cusip>48662X105</cusip>
        <identifiers>
          <isin value="US48662X1054"/>
          <ticker value="KBDC"/>
        </identifiers>
        <balance>806003.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10719839.90000000</valUSD>
        <pctVal>3.786929435392</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</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 COM</title>
        <cusip>38173M102</cusip>
        <identifiers>
          <isin value="US38173M1027"/>
          <ticker value="GBDC"/>
        </identifiers>
        <balance>1664458.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21354996.14000000</valUSD>
        <pctVal>7.543943214604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAIN CAPITAL SPECIALTY FINANCE INC</name>
        <lei>549300V2JL72R0EYBK64</lei>
        <title>BAIN CAPITAL SPECIALTY FINANCE INC COM STK</title>
        <cusip>05684B107</cusip>
        <identifiers>
          <isin value="US05684B1070"/>
          <ticker value="BCSF"/>
        </identifiers>
        <balance>665474.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8265187.08000000</valUSD>
        <pctVal>2.919789897447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLACKSTONE SECURED LENDING FUND</name>
        <lei>549300KM7KWQHVBNH962</lei>
        <title>BLACKSTONE SECURED LENDING FUND COMMON STOCK</title>
        <cusip>09261X102</cusip>
        <identifiers>
          <isin value="US09261X1028"/>
          <ticker value="BXSL"/>
        </identifiers>
        <balance>529378.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12228631.80000000</valUSD>
        <pctVal>4.319930721912</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</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>2026-09-25</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>
