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You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </div> Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) 0.0049 0.0000 0.0001 -0.0001 0.0049 Management fees have been restated to reflect the reduced management fee effective July 1, 2025. September 14, 2026 Example <div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. </div> 50 159 278 628 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate for the fiscal year ended August 31, 2024 was 25%. </div> 0.25 Principal investment strategies <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund invests mainly in common stocks of large U.S. companies, with a focus on growth stocks. Under normal circumstances, the fund invests at least 80% of the fund’s net assets in companies of a size similar to those in the Russell 1000 Growth Index (the “Index”). This policy may be changed only after 60 days’ notice to shareholders. Growth stocks are stocks of companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. As of July 31, 2025, the Index was composed of companies having market capitalizations of between approximately $1.0 billion to $4.3 trillion. The fund’s investment manager, Putnam Investment Management, LLC (“Putnam Management” or the “Investment Manager”) may consider, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund is “non-diversified,” which means it may invest a greater percentage of its assets in fewer issuers than a “diversified” fund. The fund expects to invest in a limited number of issuers. </div> <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Fluctuation of NAV and share price risk.</span></span> Shares may trade at a larger premium or discount to the NAV than shares of other ETFs. The NAV of the fund will generally fluctuate with changes in the market value of the fund’s holdings. The fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the fund’s shares may result in the fund’s shares trading significantly above (at a premium) or below (at a discount) to NAV or the intraday value of the fund’s holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for the fund’s shares may become less liquid in response to deteriorating liquidity in the markets for the fund’s underlying portfolio holdings. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Trading issues risk.</span></span> The fund, has a limited public trading history. There can be no assurance that an active trading market will develop or be maintained or that the market for fund shares will operate as intended, which could lead to the fund’s shares trading at wider spreads and larger premiums and discounts to NAV than other actively managed ETFs, particularly during periods of market disruption or volatility. As a result, it may cost investors more to trade fund shares than shares of other ETFs. There is no guarantee that the fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in the fund’s shares or to submit purchase and redemption orders for creation units. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The market prices of the fund’s shares are expected to fluctuate, in some cases materially, in response to changes in the fund’s NAV, the intraday value of the fund’s holdings and supply and demand for the fund’s shares. The Investment Manager cannot predict whether the fund’s shares will trade above, below or at their NAV or the intraday value of the fund’s holdings. During such periods, investors may incur significant losses if they sell shares. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The securities held by the fund may be traded in markets that close at a different time than the exchange on which the fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the exchange and the corresponding premium or discount to the shares’ NAV may widen. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Large shareholder transaction risk.</span></span> The fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates. Additionally, other investors from time to time may make substantial investments in the fund. Such shareholders may at times be considered to control the fund. Dispositions of a large number of shares by these shareholders may adversely affect the fund’s liquidity and net assets to the extent such transactions are executed directly with the fund in the form of redemptions through an authorized participant, rather than executed in the secondary market. These redemptions may also force the fund to sell securities, which may increase the fund’s brokerage costs. In addition, fund returns may be adversely affected if the fund holds a portion of its assets in liquid, cash-like investments in connection with or in anticipation of shareholder redemptions. To the extent these large shareholders transact in shares of the fund on the secondary market, such transactions may account for a large percentage of the trading volume on the exchange and may, therefore, have a material effect (upward or downward), on the market price of the fund’s shares. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Authorized participant concentration risk.</span></span> Only an authorized participant may engage in creation and redemption transactions directly with the fund. The fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/ or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> diminished trading market for fund shares or fund shares may trade at a discount (or premium) to NAV and possibly face trading halts and/or de-listing. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Market risk.</span></span> The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings, may negatively impact the fund’s performance, and may exacerbate other risks to which the fund is subject. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Common stock risk.</span></span> Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Growth investing risk.</span></span> Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Industry or sector concentration risk.</span></span> From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. For example, the fund may invest a significant portion of its assets in companies in the information technology sector that may be significantly affected by technological obsolescence or innovation, short product cycles, falling prices and profits, competitive pressures and general market conditions. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Non-diversified risk.</span></span> As a non-diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. Moreover, the gains and losses on a single investment may have a greater impact on the fund’s NAV and may make the fund more volatile than more diversified funds. </div> <div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"><span style="font-weight:bold"><span style="font-style:italic">Management and operational risk.</span></span> There is no guarantee that the investment techniques, analyses, or judgments that the Investment Manager applies in making investment decisions for the fund will produce the intended outcome or that the investments the Investment Manager selects for the fund will perform as well as other securities that were not selected for the fund. The Investment Manager, or the fund’s other service providers, may experience disruptions or operating errors that could negatively impact the fund. The fund may not achieve its goal, and it is not intended to be a complete investment program. </div> An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is important to understand that you can lose money by investing in the fund. Performance <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at <span style="font-family:arial;font-size:9pt;color:#0563c1"><span style="text-decoration:underline">www.franklintempleton.com</span></span><span style="font-family:arial">. </span></div> The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. Please remember that past performance is not necessarily an indication of future results. www.franklintempleton.com Annual total returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:26%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:58%;"></td> <td style="vertical-align:bottom;width:4%;"></td> <td style="width:13%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">Best Quarter:</div> </td> <td style=" BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;text-align:right;">Q4 2023</td> <td style=" BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-TOP:0.75pt solid #bfbfbf; BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right;">15.77% </td> </tr> <tr style="font-size:1pt"> <td style="height:0.75pt;"></td> <td colspan="2" style="height:0.75pt;"></td> <td colspan="2" style="height:0.75pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:10pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;text-align:right;"><span style="font-size:8.5pt">Q2 2022</span></td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;text-align:right;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8.5pt;font-family:arial;text-align:right;">-22.26% </div> </td> </tr> <tr style="font-size:1pt"> <td colspan="5" style="height:0.75pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td colspan="5" style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">As of June 30, 2025, the fund’s year-to-date return was 5.95%.</div> </td> </tr> </table> Best Quarter: 2023-12-31 0.1577 Worst Quarter: 2022-06-30 -0.2226 2025-06-30 year-to-date return 0.0595 Average annual total returns (for periods ended 12/31/24) 0.3393 0.1307 0.3390 0.1302 0.2010 0.1029 0.2381 0.1019 0.3336 0.1433 2021-05-25 2021-05-25 2021-05-25 2021-05-25 2021-05-25 <div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. </div><div style="margin-top:8pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell <sup style="font-size:75%;vertical-align:top">®</sup> is a trademark of Frank Russell Company. </div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Since inception May 25, 2021. The table above compares the fund’s returns to the performance of two indexes: (i) the Russell 3000 Index, a broad measure of market performance, and (ii) the Russell 1000 Growth Index, an additional index that the Investment Manager believes more closely reflects the fund’s principal investment objective and strategies. Management fees have been restated to reflect the reduced management fee effective July 1, 2025. Consequently, the total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights. The Investment Manager (as defined below) has agreed to reduce its fees by an amount equal to the management fees paid by Franklin Templeton affiliated funds with respect to assets the fund invests in such affiliated funds. This arrangement cannot be terminated prior to September 14, 2026 without approval of the Board of Trustees.