| UNITED STATES SECURITIES AND EXCHANGE COMMISSION | ||
| Washington, D.C. 20549 | ||
FORM N-CSR | ||
| CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES | ||
| Investment Company Act file number: | (811-23643) |
| 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 fiscal year end: | April 30, 2023 |
| Date of reporting period: | January 19, 2023 (commencement of operations) – April 30, 2023 |
Item 1. Report to Stockholders: |
| The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940: | |||
Putnam PanAgora
ESG Emerging Markets
Equity ETF
Annual report
4 | 30 | 23
Message from the Trustees
June 13, 2023
Dear Shareholder:
Stocks and bonds have generally advanced since the start of the year despite market ups and downs. Inflation has fallen but remains a concern for the Federal Reserve. U.S. interest rates have risen to their highest level since 2007, which is putting pressure on corporate earnings and causing stress in the banking system.
Fortunately, a strong pulse of innovation in the broader economy is gaining investor attention. International markets are becoming increasingly dynamic, in part because China’s economy is reopening after years of pandemic-related restrictions.
While remaining alert to market risks, your investment team is finding new and attractive opportunities across sectors, industries, and global markets. This report offers an update about their efforts in managing your fund.
Thank you for investing with Putnam.
Data are historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Share price, principal value, and return will fluctuate, and you may have a gain or a loss when you sell your shares. Performance of fund shares assumes reinvestment of distributions and does not account for taxes. The fund return in the bar chart is at net asset value (NAV). See below and pages 7–8 for additional performance information, including fund returns at market price. For a portion of the period, the fund had expense limitations, without which the return would have been lower. Index results should be compared with fund performance at NAV. The short-term results of a relatively new fund are not necessarily indicative of its long-term prospects. To obtain the most recent month-end performance, please visit putnam.com or call 1-833-228-5577 (toll free).
All MSCI indices are provided by MSCI.
Lipper peer group median is provided by Lipper, a Refinitiv company.
This comparison shows your fund’s performance in the context of broad market indexes for the period from 1/19/23 (commencement of fund operations) to 4/30/23. See above and pages 7–8 for additional fund performance information. Index descriptions can be found on page 10.
All Bloomberg indices are provided by Bloomberg Index Services Limited.
All MSCI indices are provided by MSCI.
| 2 PanAgora ESG Emerging Markets Equity ETF |
Please describe investing conditions during the reporting period.
The global banking sector experienced turmoil in the first four months of calendar 2023. As several bank failures took place, some investors drew comparisons to the global financial crisis of 2008/2009.
On a micro level, we believe the collapse of Silicon Valley Bank, Signature Bank, Credit Suisse, and First Republic Bank, among others, was due to idiosyncratic factors. These banks operated with aggressive business models, inadequate internal controls, and a lack of appropriate hedging strategies, in our view.
On a macro level, banks have been challenged for a prolonged period. The U.S. Federal Reserve raised interest rates nine times from March 2022 to March 2023. During this time, short-term interest rates rose from near zero to a range of 4.75%–5.00%. Higher rates aim to tamp down inflation, but also cause the cost of borrowing to soar, which has negatively impacted the banking sector.
Against this backdrop, investors grew optimistic that global inflation was on the decline and the world’s central banks would ease their monetary tightening. Developed-market equity markets rallied. The S&P 500 Index returned
| PanAgora ESG Emerging Markets Equity ETF 3 |
Allocations are shown as a percentage of the fund’s net assets as of 4/30/23. Cash and net other assets, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Summary information may differ from the information in the portfolio schedule notes included in the financial statements due to the inclusion of derivative securities, any interest accruals, the exclusion of as-of trades, if any, and rounding. Holdings and allocations may vary over time. Due to rounding, percentages may not equal 100%.
This table shows the fund’s top 10 holdings by percentage of the fund’s net assets as of 4/30/23. Short-term investments and derivatives, if any, are excluded. Holdings may vary over time.
| 4 PanAgora ESG Emerging Markets Equity ETF |
7.43% for the reporting period. Most gains in the U.S. were from a handful of large-cap stocks. European equities also performed well. The MSCI Europe Index [ND] returned 7.26% for the period.
China’s economic reopening helped stocks gain momentum in late calendar 2022, but lost steam by the end of January 2023. Emerging market equities declined. The MSCI Emerging Markets Index [ND], the fund’s benchmark, returned –4.41% for the period. Smaller U.S. companies also posted losses on slowing global growth. The Russell 2000 Index returned –3.27% for the period.
How did the fund perform for the reporting period?
Putnam PanAgora ESG Emerging Markets Equity ETF returned –2.80%, net of fees, and outperformed the benchmark by 1.61%.
What strategies influenced fund performance relative to the benchmark during the reporting period?
The portfolio’s alpha model is heavily weighted in the top quintile of stocks within our investible universe, representing our strongest convictions. The alpha model performed well due to performance in both the top and bottom alpha names. The ESG [environmental, social, and governance] factor composite performed well, with Social being the top contributor. The Management & Governance and Market Intelligence factor composites also were additive to fund performance. In these composites, both top and bottom factor names were positive contributors.
Overall, the top contributor in the portfolio was an overweight position in ICICI Bank Ltd., which operates in India’s financials sector. This stock contributed 70 basis points to the fund’s total return. As of period-end, the portfolio had an overweight position in ICICI.
Overall, the top detractor in the portfolio was an overweight position in Infosys Ltd., which operates in India’s information technology [IT] sector. As of period-end, the portfolio had an overweight position in Infosys.
On a country basis, South Korea was the fund’s top detractor. Poor performance in South Korea’s industrials sector hindered performance, where an overweight position in Samsung C&T Corp. was the country’s top detractor. As of period-end, the majority of Samsung’s factor scores were positive. We have retained an overweight position in the portfolio.
Stock selection in China and Mexico delivered positive returns for the portfolio. In China, overweight positions in the IT and health care sectors were most additive. Within China’s IT sector, the fund’s overweight position in Lenovo Group was the top performer. Most factors were positive for Lenovo, and the portfolio retained an overweight position in Lenovo as of period-end.
Within China’s health care sector, the top performer was the portfolio’s overweight position in Sinopharm Group Co. All Sinopharm factor composites were positive for the period. The portfolio had an overweight position in the stock as of period-end. Strong performance in Mexico’s consumer staples sector also helped fund results. In this sector, an overweight position in Fomento Económico Mexicano SAB de CV was the top performer. As of period-end, the portfolio had an overweight position in Fomento due to its strong ESG factor composite scores.
What is your outlook and portfolio strategy for the coming months?
The fund seeks to generate an above-benchmark alpha return and an above-benchmark sustainability profile. Management deploys a systematic investment process that seeks to generate excess returns relative to the benchmark. Our investment team uses a
| PanAgora ESG Emerging Markets Equity ETF 5 |
bottom-up, quantitative-oriented approach to stock selection. This process seeks to quantify fundamental metrics that are predictive of a company’s business strengths and weaknesses.
Our research has shown that by incorporating a company’s attributes along certain sustainability dimensions, we can complement other fundamental metrics and enhance the alpha model. In addition to using quantitative ESG and sustainability factors to generate alpha, we utilize a proprietary portfolio construction methodology that optimizes both the return and ESG objectives. We believe this creates a superior sustainability profile for the fund.
We believe that ESG investment opportunities available to the fund will continue to be strong. Governments, activists, and consumers continue to gauge the sustainability of ESG strategies, in our view. We believe our method of finding opportunities that focus on ESG policies and investor return are positioned to thrive.
Thank you both for your time and insights today.
Past performance is not a guarantee of future results.
The opinions expressed in this report represent the current, good faith views of the author(s) at the time of publication, are provided for limited purposes, are not definitive investment advice, and should not be relied on as such. The information presented in this report has been developed internally and/or obtained from sources believed to be reliable; however, PanAgora Asset Management, Inc. [PanAgora] does not guarantee the accuracy, adequacy, or completeness of such information. Predictions, opinions, and other information contained in this report are subject to change continually and without notice of any kind and may no longer be true after the date indicated. As with any investment, there is a potential for profit as well as the possibility of loss.
Any forward-looking statements speak only as of the date they are made, and PanAgora assumes no duty to and does not undertake to update forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Actual results could differ materially from those anticipated in forward-looking statements.
| 6 PanAgora ESG Emerging Markets Equity ETF |
Your fund’s performance
This section shows your fund’s performance, price, and distribution information for the period from January 19, 2023 (commencement of fund operations) through April 30, 2023, the end of its fiscal year. We also include performance information as of the most recent calendar quarter-end. Performance should always be considered in light of a fund’s investment strategy. Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate, and you may have a gain or a loss when you sell your shares. For the most recent month-end performance, please visit putnam.com or call 1-833-228-5577 (toll free).
Fund performance Total return for the period ended 4/30/23
| Life of fund | |
| (since 1/19/23) | |
| Net asset value | –2.80% |
| Market price | –2.72 |
Performance assumes reinvestment of distributions and does not account for taxes. The short-term results of a relatively new fund are not necessarily indicative of its long-term prospects.
Performance includes the deduction of management fees.
For a portion of the period, the fund had expense limitations, without which returns would have been lower.
Comparative index returns For the period ended 4/30/23
| Life of fund | |
| (since 1/19/23) | |
| MSCI Emerging Markets Index (ND) | –4.41% |
| Lipper Emerging Markets Funds category median* | –3.40 |
Index and Lipper results should be compared with fund performance at net asset value.
All MSCI indices are provided by MSCI.
Lipper peer group median is provided by Lipper, a Refinitiv company.
* Over the life-of-fund period ended 4/30/23, there were 827 funds in this Lipper category.
Past performance does not indicate future results.
All MSCI indices are provided by MSCI.
| PanAgora ESG Emerging Markets Equity ETF 7 |
Fund price and distribution information For the period ended 4/30/23
| Share value | Net asset value | Market price |
| 1/19/23* | $20.00 | $20.00 |
| 4/30/23 | 19.44 | 19.46 |
The classification of distributions, if any, is an estimate. Final distribution information will appear on your year-end tax forms.
* Inception date of the ETF.
The fund made no distributions during the period.
Fund performance as of most recent calendar quarter
Total return for the period ended 3/31/23
| Life of fund | |
| (since 1/19/23) | |
| Net asset value | –2.13% |
| Market price | –2.29 |
See the discussion following the fund performance table on page 7 for information about the calculation of fund performance.
As an investor, you pay ongoing expenses, such as management fees, and other expenses (with certain exceptions). In the most recent six-month period, your fund’s expenses were limited; had expenses not been limited, they would have been higher. Using the following information, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You may also pay brokerage commissions in connection with your purchase or sale of shares of the fund, which are not shown in this section and would have resulted in higher total expenses. The expenses shown in the example also do not reflect transaction costs, which would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial representative.
Expense ratios
| Estimated total annual operating expenses for the fiscal year ended 4/30/23* | 0.60% |
| Annualized expense ratio for the period from 1/19/23 (commencement of operations) | |
| to 4/30/23† | 0.60% |
Estimated fiscal year expense information in this table is taken from the most recent prospectus, is subject to change, and may differ from that shown for the annualized expense ratio and in the financial highlights of this report.
Expenses are shown as a percentage of average net assets.
* Based on estimated amounts for the current fiscal year.
† Expense ratio is for the fund’s most recent fiscal period. As a result of this, the ratio may differ from the expense ratio in the financial highlights.
| 8 PanAgora ESG Emerging Markets Equity ETF |
Expenses per $1,000
The following table shows the expenses you would have paid on a $1,000 investment in the fund from 1/19/23 (commencement of operations) to 4/30/23. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
| Expenses paid per $1,000*† | $1.65 |
| Ending value (after expenses) | $972.00 |
* Expenses are calculated using the fund’s annualized expense ratio, which represents the ongoing expenses as a percentage of average net assets for the period from 1/19/23 (commencement of operations) to 4/30/23.
† Expenses are calculated by multiplying the expense ratio by the average account value for the period; then multiplying the result by the number of days in the period (102); and then dividing that result by the number of days in the year (365).
Estimate the expenses you paid
To estimate the ongoing expenses you paid for the period from 1/19/23 (commencement of operations) to 4/30/23, use the following calculation method. To find the value of your investment on 1/19/23, call 1-833-228-5577.
Compare expenses using the SEC’s method
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the following table shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total costs) of investing in the fund with those of other funds. All shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
| Expenses paid per $1,000*† | $3.01 |
| Ending value (after expenses) | $1,021.82 |
* Expenses are calculated using the fund’s annualized expense ratio, which represents the ongoing expenses as a percentage of average net assets for the period from 1/19/23 (commencement of operations) to 4/30/23.
† Expenses are calculated by multiplying the expense ratio by the average account value for the six-month period; then multiplying the result by the number of days in the six-month period (181); and then dividing that result by the number of days in the year (365).
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Comparative index definitions
Bloomberg U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed income securities.
ICE BofA (Intercontinental Exchange Bank of America) U.S. 3-Month Treasury Bill Index is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.
MSCI Emerging Markets Index (ND) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. Calculated with net dividends (ND), this total return index reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
MSCI Europe Index (ND) is an unmanaged index of Western European equity securities. Calculated with net dividends (ND), this total return index reflects the reinvestment of dividends after the deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
Russell 2000® Index is an unmanaged index composed of approximately 2,000 of the smallest companies in the Russell 3000® Index as measured by their market capitalization.
S&P 500® Index is an unmanaged index of common stock performance.
Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Certain information contained herein (the “Information”) is sourced from/copyright of MSCI Inc., MSCI ESG Research LLC, or their affiliates (“MSCI”), or information providers (together the “MSCI Parties”) and may have been used to calculate scores, signals, or other indicators. The Information is for internal use only and may not be reproduced or disseminated in whole or part without prior written permission. The Information may not be used for, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product, trading strategy, or index, nor should it be taken as an indication or guarantee of any future performance. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user assumes the entire risk of any use it may make or permit to be made of the Information. No MSCI Party warrants or guarantees the originality, accuracy, and/or completeness of the Information, and each expressly disclaims all express or implied warranties. No MSCI Party shall have any liability for any errors or omissions in connection with any Information herein, or any liability for any direct, indirect, special, punitive, consequential, or any other damages (including lost profits) even if notified of the possibility of such damages.
ICE Data Indices, LLC (“ICE BofA”), used with permission. ICE BofA permits use of the ICE BofA indices and related data on an “as is” basis; makes no warranties regarding same; does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofA indices or any data included in, related to, or derived therefrom; assumes no liability in connection with the use of the foregoing; and does not sponsor, endorse, or recommend Putnam Investments, or any of its products or services.
Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.
Lipper, a Refinitiv company, is a third-party industry-ranking entity that ranks funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund’s category assignment at its discretion. Lipper category medians reflect performance trends for funds within a category.
| 10 PanAgora ESG Emerging Markets Equity ETF |
Other information for shareholders
Important notice regarding delivery of shareholder documents
In accordance with Securities and Exchange Commission (SEC) regulations, Putnam sends a single notice of internet availability, or a single printed copy, of annual and semiannual shareholder reports, prospectuses, and proxy statements to Putnam shareholders who share the same address, unless a shareholder requests otherwise. If you prefer to receive your own copy of these documents, please call Putnam at 1-800-225-1581 or, for exchange-traded funds only, 1-833-228-5577. We will begin sending individual copies within 30 days.
Proxy voting
Putnam is committed to managing our funds in the best interests of our shareholders. The Putnam funds’ proxy voting guidelines and procedures are available in the Individual Investors section of putnam.com and on the SEC’s website, www.sec.gov. If you have questions about finding forms on the SEC’s website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds’ proxy voting guidelines and procedures at no charge by calling Putnam’s Shareholder Services at 1-800-225-1581 or, for exchange-traded funds only, 1-833-228-5577.
Fund portfolio holdings
The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the fund’s Form N-PORT on the SEC’s website at www.sec.gov.
Trustee and employee fund ownership
Putnam employees and members of the Board of Trustees place their faith, confidence, and, most importantly, investment dollars in Putnam funds. As of April 30, 2023, Putnam employees had approximately $467,000,000 and the Trustees had approximately $66,000,000 invested in Putnam funds. These amounts include investments by the Trustees’ and employees’ immediate family members as well as investments through retirement and deferred compensation plans.
| PanAgora ESG Emerging Markets Equity ETF 11 |
Important notice regarding Putnam’s privacy policy
In order to conduct business with our shareholders, we must obtain certain personal information such as account holders’ names, addresses, Social Security numbers, and dates of birth. Using this information, we are able to maintain accurate records of accounts and transactions.
It is our policy to protect the confidentiality of our shareholder information, whether or not a shareholder currently owns shares of our funds. In particular, it is our policy not to sell information about you or your accounts to outside marketing firms. We have safeguards in place designed to prevent unauthorized access to our computer systems and procedures to protect personal information from unauthorized use.
Under certain circumstances, we must share account information with outside vendors who provide services to us, such as mailings and proxy solicitations. In these cases, the service providers enter into confidentiality agreements with us, and we provide only the information necessary to process transactions and perform other services related to your account. Finally, it is our policy to share account information with your financial representative, if you’ve listed one on your Putnam account.
| 12 PanAgora ESG Emerging Markets Equity ETF |
Audited financial statements
These sections of the report, as well as the accompanying Notes, preceded by the Report of Independent Registered Public Accounting Firm, constitute the fund’s audited financial statements.
The fund’s portfolio lists all the fund’s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.
Statement of assets and liabilities shows how the fund’s net assets and share price are determined. All investment and non-investment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share, which is calculated separately for each class of shares. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)
Statement of operations shows the fund’s net investment gain or loss. This is done by first adding up all the fund’s earnings — from dividends and interest income — and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings — as well as any unrealized gains or losses over the period — is added to or subtracted from the net investment result to determine the fund’s net gain or loss for the fiscal period.
Statement of changes in net assets shows how the fund’s net assets were affected by the fund’s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund’s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned.
Financial highlights provide an overview of the fund’s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover (not required for money market funds) in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlights table also includes the current reporting period.
| PanAgora ESG Emerging Markets Equity ETF 13 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Putnam ETF Trust and Shareholders of
Putnam PanAgora ESG Emerging Markets Equity ETF:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the fund’s portfolio, of Putnam PanAgora ESG Emerging Markets Equity ETF (one of the funds constituting Putnam ETF Trust, referred to hereafter as the “Fund”) as of April 30, 2023, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period January 19, 2023 (commencement of operations) through April 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2023, and the results of its operations, changes in its net assets, and the financial highlights for the period January 19, 2023 (commencement of operations) through April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian and transfer agent. We believe that our audit provides a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
June 13, 2023
We have served as the auditor of one or more investment companies in the Putnam Investments family of funds since at least 1957. We have not been able to determine the specific year we began serving as auditor.
| 14 PanAgora ESG Emerging Markets Equity ETF |
| The fund’s portfolio 4/30/23 | ||
| COMMON STOCKS (99.7%)* | Shares | Value |
| Automobile components (1.3%) | ||
| Hyundai Mobis Co., Ltd. (South Korea) | 1,444 | $235,705 |
| 235,705 | ||
| Banks (17.4%) | ||
| Absa Group, Ltd. (South Africa) | 18,263 | 177,606 |
| Abu Dhabi Commercial Bank PJSC (United Arab Emirates) | 56,676 | 136,129 |
| Abu Dhabi Islamic Bank PJSC (United Arab Emirates) † | 26,319 | 81,510 |
| Agricultural Bank of China, Ltd. Class H (China) | 300,000 | 115,646 |
| Akbank TAS (Turkey) | 85,131 | 70,148 |
| Banco de Chile (Chile) | 941,017 | 100,193 |
| Bank Central Asia Tbk PT (Indonesia) | 344,300 | 212,808 |
| China Construction Bank Corp. Class H (China) | 240,000 | 161,015 |
| First Financial Holding Co., Ltd. (Taiwan) | 141,000 | 124,626 |
| Grupo Financiero Banorte SAB de CV Class O (Mexico) | 22,000 | 190,664 |
| Hana Financial Group, Inc. (South Korea) | 6,415 | 201,611 |
| ICICI Bank, Ltd. ADR (India) | 64,129 | 1,458,929 |
| Metropolitan Bank & Trust Co. (Philippines) | 32,530 | 34,442 |
| Santander Bank Polska SA (Poland) | 684 | 55,708 |
| Saudi Investment Bank (The) (Saudi Arabia) | 10,250 | 44,898 |
| Yapi ve Kredi Bankasi AS (Turkey) | 58,888 | 28,628 |
| 3,194,561 | ||
| Beverages (5.0%) | ||
| Ambev SA ADR (Brazil) | 109,805 | 307,454 |
| Arca Continental SAB de CV (Mexico) | 11,400 | 108,899 |
| Coca-Cola Femsa SAB de CV ADR (Mexico) | 1,159 | 97,843 |
| Fomento Economico Mexicano SAB de CV ADR (Mexico) | 3,428 | 332,585 |
| Kweichow Moutai Co., Ltd. Class A (China) | 300 | 76,552 |
| 923,333 | ||
| Biotechnology (1.5%) | ||
| Celltrion, Inc. (South Korea) | 2,345 | 282,730 |
| 282,730 | ||
| Broadline retail (5.5%) | ||
| Alibaba Group Holding, Ltd. ADR (China) † | 6,855 | 580,550 |
| JD.com, Inc. ADR (China) | 3,055 | 109,125 |
| Naspers, Ltd. Class N (South Africa) | 669 | 119,492 |
| Pinduoduo, Inc. ADR (China) † | 993 | 67,673 |
| Vipshop Holdings, Ltd. ADR (China) † | 9,414 | 147,800 |
| 1,024,640 | ||
| Capital markets (1.0%) | ||
| CITIC Securities Co., Ltd. (China) | 64,500 | 135,671 |
| Huatai Securities Co., Ltd. (China) | 44,200 | 57,101 |
| 192,772 | ||
| Chemicals (0.6%) | ||
| Sociedad Quimica y Minera de Chile SA ADR (Chile) | 1,736 | 117,145 |
| 117,145 | ||
| Communications equipment (0.5%) | ||
| ZTE Corp. Class H (China) | 30,400 | 97,980 |
| 97,980 |
PanAgora ESG Emerging Markets Equity ETF 15 | |
| COMMON STOCKS (99.7%)* cont. | Shares | Value |
| Consumer staples distribution and retail (0.7%) | ||
| Raia Drogasil SA (Brazil) | 24,000 | $126,453 |
| 126,453 | ||
| Diversified telecommunication services (3.7%) | ||
| Chunghwa Telecom Co., Ltd. (Taiwan) | 18,420 | 76,238 |
| Emirates Telecommunications Group Co. PJSC (United Arab Emirates) | 40,919 | 267,595 |
| Orange Polska SA (Poland) | 8,155 | 14,230 |
| Telkom Indonesia Persero Tbk PT (Indonesia) | 1,155,200 | 333,864 |
| 691,927 | ||
| Electric utilities (0.5%) | ||
| Cia Energetica de Minas Gerais (Brazil) | 38,000 | 94,090 |
| 94,090 | ||
| Electrical equipment (0.4%) | ||
| Voltronic Power Technology Corp. (Taiwan) | 731 | 41,924 |
| Zhefu Holding Group Co., Ltd. Class A (China) | 47,300 | 26,115 |
| 68,039 | ||
| Electronic equipment, instruments, and components (2.0%) | ||
| AAC Technologies Holdings, Inc. (China) † | 21,255 | 44,901 |
| Delta Electronics, Inc. (Taiwan) | 30,000 | 294,774 |
| Foxconn Industrial Internet Co., Ltd. Class A (China) | 11,800 | 27,513 |
| 367,188 | ||
| Energy equipment and services (0.5%) | ||
| Offshore Oil Engineering Co., Ltd. Class A (China) | 93,100 | 90,495 |
| 90,495 | ||
| Entertainment (1.5%) | ||
| NetEase, Inc. ADR (China) | 3,141 | 279,957 |
| 279,957 | ||
| Financial services (0.5%) | ||
| Yuanta Financial Holding Co., Ltd. (Taiwan) | 127,000 | 93,721 |
| 93,721 | ||
| Food products (3.5%) | ||
| China Mengniu Dairy Co., Ltd. (China) | 40,220 | 162,154 |
| Grupo Bimbo SAB de CV Class A (Mexico) | 31,900 | 171,214 |
| Nestle Malaysia Bhd (Malaysia) | 1,847 | 56,089 |
| PPB Group Bhd (Malaysia) | 17,500 | 63,819 |
| Uni-President Enterprises Corp. (Taiwan) | 55,000 | 132,007 |
| Universal Robina Corp. (Philippines) | 24,620 | 65,459 |
| 650,742 | ||
| Gas utilities (1.4%) | ||
| ENN Energy Holdings, Ltd. (China) | 18,530 | 253,734 |
| 253,734 | ||
| Health care providers and services (3.0%) | ||
| Bangkok Dusit Medical Services PCL (Thailand) | 234,800 | 201,612 |
| Celltrion Healthcare Co., Ltd. (South Korea) | 1,608 | 83,880 |
| Dr. Sulaiman Al Habib Medical Services Group Co. (Saudi Arabia) | 1,974 | 151,258 |
| Sinopharm Group Co., Ltd. Class H (China) | 33,600 | 119,040 |
| 555,790 | ||
| Hotels, restaurants, and leisure (2.5%) | ||
| Meituan Class B (China) † | 15,300 | 261,114 |
| Yum China Holdings, Inc. (China) | 3,299 | 201,833 |
| 462,947 |
16 PanAgora ESG Emerging Markets Equity ETF | |
| COMMON STOCKS (99.7%)* cont. | Shares | Value |
| Household durables (0.2%) | ||
| LG Electronics, Inc. (South Korea) | 406 | $33,341 |
| 33,341 | ||
| Industrial conglomerates (0.9%) | ||
| Samsung C&T Corp. (South Korea) | 1,999 | 164,292 |
| 164,292 | ||
| Insurance (5.8%) | ||
| China Life Insurance Co., Ltd. Class H (China) | 141,540 | 271,573 |
| China Pacific Insurance Group Co., Ltd. Class H (China) | 35,200 | 105,308 |
| People’s Insurance Co. Group of China, Ltd. (The) (China) | 198,000 | 77,880 |
| PICC Property & Casualty Co., Ltd. Class H (China) | 90,000 | 108,685 |
| Ping An Insurance Group Co. of China, Ltd. Class H (China) | 55,302 | 403,011 |
| Samsung Fire & Marine Insurance Co., Ltd. (South Korea) | 639 | 107,678 |
| 1,074,135 | ||
| Interactive media and services (4.5%) | ||
| Baidu, Inc. ADR (China) † | 449 | 54,154 |
| Tencent Holdings, Ltd. (China) | 17,488 | 773,621 |
| 827,775 | ||
| IT Services (4.4%) | ||
| Elm Co. (Saudi Arabia) | 515 | 60,889 |
| Infosys, Ltd. ADR (India) | 43,297 | 672,835 |
| Samsung SDS Co., Ltd. (South Korea) | 905 | 79,653 |
| 813,377 | ||
| Life sciences tools and services (0.4%) | ||
| Wuxi Biologics Cayman, Inc. (China) † | 10,899 | 65,196 |
| 65,196 | ||
| Machinery (0.8%) | ||
| Doosan Bobcat, Inc. (South Korea) | 1,565 | 60,078 |
| Weichai Power Co., Ltd. Class H (China) | 63,371 | 93,703 |
| 153,781 | ||
| Metals and mining (4.6%) | ||
| Anglo American Platinum, Ltd. (South Africa) | 1,345 | 79,962 |
| CMOC Group, Ltd. Class H (China) | 189,000 | 115,803 |
| Eregli Demir ve Celik Fabrikalari TAS (Turkey) † | 19,413 | 33,043 |
| Gerdau SA ADR (Brazil) | 29,513 | 147,270 |
| Gold Fields, Ltd. ADR (South Africa) | 21,523 | 334,898 |
| Grupo Mexico SAB de CV Class B (Mexico) | 22,000 | 107,593 |
| Zijin Mining Group Co., Ltd. Class H (China) | 17,607 | 29,574 |
| 848,143 | ||
| Oil, gas, and consumable fuels (0.9%) | ||
| Empresas Copec SA (Chile) | 10,443 | 72,664 |
| MOL Hungarian Oil & Gas PLC (Hungary) | 8,827 | 71,548 |
| Turkiye Petrol Rafinerileri AS (Turkey) | 6,916 | 23,547 |
| 167,759 | ||
| Paper and forest products (0.2%) | ||
| Nine Dragons Paper Holdings, Ltd. (China) | 46,000 | 31,867 |
| 31,867 |
PanAgora ESG Emerging Markets Equity ETF 17 | |
| COMMON STOCKS (99.7%)* cont. | Shares | Value |
| Pharmaceuticals (2.4%) | ||
| China Medical System Holdings, Ltd. (China) | 38,000 | $63,101 |
| Dr. Reddy’s Laboratories, Ltd. ADR (India) | 4,895 | 295,952 |
| Kalbe Farma Tbk PT (Indonesia) | 567,000 | 82,070 |
| 441,123 | ||
| Real estate management and development (1.9%) | ||
| Aldar Properties PJSC (United Arab Emirates) | 85,809 | 126,359 |
| China Resources Land, Ltd. (China) | 18,472 | 86,128 |
| Land & Houses PCL (Thailand) | 231,800 | 66,666 |
| NEPI Rockcastle NV (Netherlands) | 12,259 | 74,061 |
| 353,214 | ||
| Semiconductors and semiconductor equipment (9.5%) | ||
| ASE Technology Holding Co., Ltd. ADR (Taiwan) | 22,261 | 152,710 |
| MediaTek, Inc. (Taiwan) | 14,851 | 322,749 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR (Taiwan) | 15,093 | 1,272,340 |
| 1,747,799 | ||
| Specialty retail (1.6%) | ||
| Abu Dhabi National Oil Co. for Distribution PJSC (United Arab Emirates) | 68,374 | 81,748 |
| Chow Tai Fook Jewellery Group, Ltd. (Hong Kong) | 50,400 | 101,274 |
| Home Product Center PCL (Thailand) | 161,900 | 66,478 |
| Jarir Marketing Co. (Saudi Arabia) | 1,247 | 54,360 |
| 303,860 | ||
| Technology hardware, storage, and peripherals (6.8%) | ||
| Lenovo Group, Ltd. (China) | 177,065 | 181,651 |
| Lite-On Technology Corp. (Taiwan) | 21,864 | 52,432 |
| Samsung Electronics Co., Ltd. (South Korea) | 19,075 | 939,795 |
| Xiaomi Corp. Class B (China) † | 51,800 | 73,483 |
| 1,247,361 | ||
| Transportation infrastructure (0.7%) | ||
| CCR SA (Brazil) | 25,800 | 70,192 |
| Jiangsu Expressway Co., Ltd. Class H (China) | 38,944 | 39,460 |
| Zhejiang Expressway Co., Ltd. Class H (China) | 26,000 | 21,556 |
| 131,208 | ||
| Wireless telecommunication services (1.1%) | ||
| Mobile Telecommunications Co. Saudi Arabia (Saudi Arabia) † | 8,790 | 35,199 |
| SK Telecom Co., Ltd. (South Korea) | 349 | 12,428 |
| Taiwan Mobile Co., Ltd. (Taiwan) | 22,893 | 77,284 |
| TIM SA/Brazil (Brazil) | 25,800 | 72,417 |
| 197,328 | ||
| Total common stocks (cost $18,607,481) | $18,405,508 | |
| UNITS (0.1%)* | Units | Value |
| Digital Telecommunications Infrastructure fund (Thailand) | 33,400 | $12,422 |
| Total units (cost $13,175) | $12,422 | |
| SHORT-TERM INVESTMENTS (0.1%)* | Shares | Value | |
| Putnam Government Money Market Fund Class P 4.40% L | 9,539 | $9,539 | |
| Total short-term investments (cost $9,539) | $9,539 | ||
| TOTAL INVESTMENTS | ||
| Total investments (cost $18,630,195) | $18,427,469 | |
18 PanAgora ESG Emerging Markets Equity ETF | |
| Key to holding’s abbreviations | |||
| ADR | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. | ||
| PJSC | Public Joint Stock 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 January 19, 2023 (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 $18,469,091. | ||
| † | This security is non-income-producing. | ||
| 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. | ||
| DIVERSIFICATION BY COUNTRY | ||||
| Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value): | ||||
| China | 30.5% | Thailand | 1.9% | |
| Taiwan | 14.3 | Saudi Arabia | 1.9 | |
| India | 13.2 | Chile | 1.6 | |
| South Korea | 11.9 | Turkey | 0.8 | |
| Mexico | 5.5 | Malaysia | 0.7 | |
| Brazil | 4.4 | Hong Kong | 0.5 | |
| South Africa | 3.9 | Philippines | 0.5 | |
| United Arab Emirates | 3.8 | Other | 1.2 | |
| Indonesia | 3.4 | Total | 100.0% | |
PanAgora ESG Emerging Markets Equity ETF 19 | |
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 |
| Common stocks*: | |||
| Communication services | $406,528 | $1,590,459 | $— |
| Consumer discretionary | 1,106,981 | 953,512 | — |
| Consumer staples | 1,144,448 | 556,080 | — |
| Energy | 72,664 | 185,590 | — |
| Financials | 1,749,786 | 2,805,403 | — |
| Health care | 295,952 | 1,048,887 | — |
| Industrials | 70,192 | 447,128 | — |
| Information technology | 2,097,885 | 2,175,820 | — |
| Materials | 706,906 | 290,249 | — |
| Real estate | — | 353,214 | — |
| Utilities | 94,090 | 253,734 | — |
| Total common stocks | 7,745,432 | 10,660,076 | — |
| Units | 12,422 | — | — |
| Short-term investments | 9,539 | — | — |
| Totals by level | $7,767,393 | $10,660,076 | $— |
| * Common stock classifications are presented at the sector level, which may differ from the fund’s portfolio presentation. | |||
The accompanying notes are an integral part of these financial statements.
20 PanAgora ESG Emerging Markets Equity ETF | |
Statement of assets and liabilities 4/30/23
| ASSETS | |
| Investment in securities, at value (Note 1): | |
| Unaffiliated issuers (identified cost $18,620,656) | $18,417,930 |
| Affiliated issuers (identified cost $9,539) (Note 6) | 9,539 |
| Foreign currency (cost $29,097) (Note 1) | 29,107 |
| Dividends, interest and other receivables | 21,623 |
| Total assets | 18,478,199 |
| LIABILITIES | |
| Payable for compensation of Manager (Note 2) | 9,108 |
| Total liabilities | 9,108 |
| Net assets | $18,469,091 |
| REPRESENTED BY | |
| Paid-in capital (Unlimited shares authorized) (Notes 1, 4 and 5) | $18,874,437 |
| Total distributable earnings (Note 1) | (405,346) |
| Total — Representing net assets applicable to capital shares outstanding | $18,469,091 |
| COMPUTATION OF NET ASSET VALUE | |
| Net asset value per share ($18,469,091 divided by 950,000 shares) | $19.44 |
The accompanying notes are an integral part of these financial statements.
| PanAgora ESG Emerging Markets Equity ETF 21 |
Statement of operations For the period 1/19/23 (commencement of operations) to 4/30/23
| INVESTMENT INCOME | |
| Dividends (net of foreign tax of $11,025) | $83,861 |
| Interest (including interest income of $213 from investments in affiliated issuers) (Note 6) | 232 |
| Total investment income | 84,093 |
| EXPENSES | |
| Compensation of Manager (Note 2) | 24,573 |
| Fees waived and reimbursed by Manager (Note 2) | (24) |
| Total expenses | 24,549 |
| Net investment income | 59,544 |
| REALIZED AND UNREALIZED GAIN (LOSS) | |
| Net realized gain (loss) on: | |
| Securities from unaffiliated issuers (Notes 1 and 3) | (269,625) |
| Foreign currency transactions (Note 1) | 7,549 |
| Total net realized loss | (262,076) |
| Change in net unrealized appreciation (depreciation) on: | |
| Securities from unaffiliated issuers | (202,726) |
| Assets and liabilities in foreign currencies | (88) |
| Total change in net unrealized depreciation | (202,814) |
| Net loss on investments | (464,890) |
| Net decrease in net assets resulting from operations | $(405,346) |
The accompanying notes are an integral part of these financial statements.
| 22 PanAgora ESG Emerging Markets Equity ETF |
Statement of changes in net assets
| For the period | |
| 1/19/23 | |
| (commencement | |
| of operations) | |
| INCREASE IN NET ASSETS | to 4/30/23 |
| Operations | |
| Net investment income | $59,544 |
| Net realized loss on investments | |
| and foreign currency transactions | (262,076) |
| Change in net unrealized depreciation of investments | |
| and assets and liabilities in foreign currencies | (202,814) |
| Net decrease in net assets resulting from operations | (405,346) |
| Proceeds from shares sold (Note 4) | 18,741,756 |
| Decrease from shares redeemed (Note 4) | (1,887,949) |
| Other capital (Note 4) | 20,630 |
| Total increase in net assets | 16,469,091 |
| NET ASSETS | |
| Beginning of period (Note 5) | 2,000,000 |
| End of period | $18,469,091 |
| NUMBER OF FUND SHARES | |
| Shares outstanding at beginning of period (Note 5) | 100,000 |
| Shares sold (Note 4) | 950,000 |
| Shares redeemed (Note 4) | (100,000) |
| Shares outstanding at end of period | 950,000 |
The accompanying notes are an integral part of these financial statements.
| PanAgora ESG Emerging Markets Equity ETF 23 |
Financial highlights
(For a common share outstanding throughout the period)
| PER-SHARE OPERATING PERFORMANCE | |
| For the period | |
| 1/19/23 | |
| (commencement | |
| of operations) | |
| to 4/30/23 | |
| Net asset value, beginning of period | $20.00 |
| Investment operations: | |
| Net investment income (loss)a | .08 |
| Net realized and unrealized | |
| gain (loss) on investments | (.67) |
| Total from investment operations | (.59) |
| Less distributions: | |
| From net investment income | — |
| Total distributions | — |
| Other capital | .03 |
| Net asset value, end of period | $19.44 |
| Total return at net asset value (%)b | (2.80)* |
| RATIOS AND SUPPLEMENTAL DATA | |
| Net assets, end of period (in thousands) | $18,469 |
| Ratio of expenses to average | |
| net assets (%)c,d | .17* |
| Ratio of net investment income | |
| (loss) to average net assets (%)d | .41* |
| Portfolio turnover (%)e | 45* |
* Not annualized.
a Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.
b Total return assumes dividend reinvestment.
c Excludes acquired fund fees and expenses, if any.
d Reflects 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).
e Portfolio turnover excludes securities received or delivered in-kind, if any.
The accompanying notes are an integral part of these financial statements.
| 24 PanAgora ESG Emerging Markets Equity ETF |
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 January 19, 2023 (commencement of operations) through April 30, 2023.
Putnam PanAgora ESG Emerging Markets Equity ETF (the fund) is a 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 long term capital appreciation.
The fund invests mainly in common stocks (growth or value stocks or both) of emerging markets companies of any size with a focus on companies that the fund’s subadviser, PanAgora Asset Management, Inc. (“PanAgora”), believes offer attractive benchmark-relative returns and exhibit positive environmental, social and governance (“ESG”) metrics. In evaluating and selecting investments for the fund, PanAgora employs a proprietary framework using quantitative models that identify companies that offer above-market return potential based on their ESG metrics, together with other proprietary factors measuring a company’s financial and operational health, and then construct a portfolio that integrates return potential and ESG metrics.
PanAgora uses advanced statistical and machine learning techniques, together with third-party and proprietary data sources, in evaluating companies’ ESG metrics and return potential. Metrics designed to evaluate companies’ environmental practices may include third-party or proprietary data sources, including those regarding a company’s environmental footprint or its environmental efficiencies. Metrics designed to evaluate companies’ social practices may include third-party or proprietary data sources, including those regarding board diversity levels at a company. Metrics designed to evaluate companies’ governance practices may include third-party or proprietary data sources, including those regarding a company’s compensation practices. The ESG metrics and information used in the portfolio construction process may change over time and may not be relevant to all companies that are eligible for investment by the fund.
In addition, the fund will not invest in securities of companies that PanAgora, based on third-party data, determines at the time of investment to have a category 5 controversy rating (an assessment of a company’s involvement in incidents with negative ESG implications) or to be substantially engaged in Arctic drilling or in the thermal coal, palm oil, controversial weapons or tobacco industries (each, a “Restricted Company”). In addition, at the time of any periodic rebalancing of the fund’s portfolio, the fund will dispose of its position in any security that, at that time, PanAgora determines to be a Restricted Company. Further, the fund will not purchase securities of any company that PanAgora, based on third-party data, determines at the time of investment to have a severe ESG risk rating (which measures a company’s exposure to industry-specific material ESG risks and how well a company is managing those risks) or to be classified as non-compliant under the United Nations Global Compact principles (each, a “Benchmark-Constrained Company”) if, immediately following such purchase, the fund would have an overweight position in the Benchmark-Constrained Company relative to its benchmark. In addition, at the time of any periodic rebalancing of the fund’s portfolio, the fund will dispose of the overweight portion (relative to its benchmark) of its position in any security that, at that time, PanAgora determines to be a Benchmark-Constrained Company.
Under normal circumstances, the fund invests at least 80% of its net assets in equity securities of emerging markets companies that meet PanAgora’s ESG criteria. PanAgora will assign each company an ESG rating using proprietary ESG scores. In order to meet PanAgora’s ESG criteria, a company must have an ESG score above 0, reflecting more positive characteristics, and, on or after June 12, 2023, must also not be a Restricted Company or a Benchmark-Constrained Company. A negative ESG score indicates a lower (or worse) rating. PanAgora assigns companies an ESG score that ranges from –2 to +2, although the range of scores may change over time. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders. PanAgora may not apply ESG criteria to investments that are not subject to the fund’s 80% policy, and such investments may not meet PanAgora’s ESG criteria.
Emerging markets include countries in the MSCI Emerging Market Index or countries that PanAgora considers to be emerging markets based on an evaluation of their level of economic development or the size and experience of their securities markets.
| PanAgora ESG Emerging Markets Equity ETF 25 |
The fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants, American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).
PanAgora 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. While PanAgora may consider independent third-party data as a part of its analytical process (and currently uses third-party data in applying certain of the fund’s investment policies), the portfolio management team performs its own independent analysis of issuers, through its quantitative model and proprietary scoring system, and does not rely solely on third-party screens.
From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors. From time to time, the fund may invest a significant portion of its assets in companies in one or more related geographic regions, such as Asian or Pacific Basin countries.
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.
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
| 26 PanAgora ESG Emerging Markets Equity ETF |
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. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. 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.
Foreign currency translation The accounting records of the fund are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.
Lines of credit Effective May 2, 2023, 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. 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 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
| PanAgora ESG Emerging Markets Equity ETF 27 |
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.
The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset on the fund’s books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.
Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred for an unlimited period and the carry forwards will retain their character as either short-term or long-term capital losses. At April 30, 2023, the fund had the following capital loss carryovers available, to the extent allowed by the Code, to offset future net capital gain, if any:
| Loss carryover | ||
| Short-term | Long-term | Total |
| $155,629 | $— | $155,629 |
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 and foreign currency gains and losses. 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 reclassified $7,549 to increase undistributed net investment income and $7,549 to increase accumulated net realized loss.
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 | $752,311 |
| Unrealized depreciation | (1,069,033) |
| Net unrealized depreciation | (316,722) |
| Undistributed ordinary income | 67,093 |
| Capital loss carryforward | (155,629) |
| Cost for federal income tax purposes | $18,744,191 |
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.
| 28 PanAgora ESG Emerging Markets Equity ETF |
Note 2: Management fee, administrative services and other transactions
The fund pays the Manager an annual all-inclusive management fee of 0.60% 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 $24 relating to the fund’s investment in Putnam Government Money Market Fund.
PanAgora, an affiliate of Putnam Management, is authorized by the Trustees to make investment decisions for the assets of the fund as determined by Putnam Management. Putnam Management (and not the fund) pays a quarterly sub-advisory fee to PanAgora for its services at an annual rate of 0.21% of the average net assets of the fund.
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, were as follows:
| Cost of purchases | Proceeds from sales | |
| Investments in securities (Long-term) | $25,326,795 | $6,436,511 |
| U.S. government securities (Long-term) | — | — |
| Total | $25,326,795 | $6,436,511 |
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.
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 $2,000,000 by Putnam Investment Holdings, LLC and the issuance of 100,000 shares on January 19, 2023.
| PanAgora ESG Emerging Markets Equity ETF 29 |
Note 6: Affiliated transactions
Transactions during the reporting period with any company which is under common ownership or control were as follows:
| Shares | |||||
| outstanding | |||||
| and fair | |||||
| Fair value as | Purchase | Sale | Investment | value as | |
| Name of affiliate | of 1/19/23 | cost | proceeds | income | of 4/30/23 |
| Short-term investments | |||||
| Putnam Government | |||||
| Money Market Fund* | $— | $1,259,058 | $1,249,519 | $213 | $9,539 |
| Total Short-term | |||||
| investments | $— | $1,259,058 | $1,249,519 | $213 | $9,539 |
* 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. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations.
Investing in companies or issuers that exhibit a commitment to ESG factors may result in the fund investing in certain types of companies or issuers that underperform the market as a whole. In evaluating an investment opportunity, Putnam Management may make investment decisions based on information and data that is incomplete or inaccurate. Due to changes in the products or services of the companies and issuers in which the fund invests, the fund may temporarily hold securities that are inconsistent with its ESG investment criteria.
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.
| 30 PanAgora ESG Emerging Markets Equity ETF |
Federal tax information (Unaudited)
For the reporting period, the fund hereby designates 90.22%, or the maximum amount allowable, of its taxable ordinary income distributions as qualified dividends taxed at the individual net capital gain rates.
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.
| PanAgora ESG Emerging Markets Equity ETF 31 |
| 32 PanAgora ESG Emerging Markets Equity ETF |
* 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.
| PanAgora ESG Emerging Markets Equity ETF 33 |
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.
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| PanAgora ESG Emerging Markets Equity ETF 35 |
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| 36 PanAgora ESG Emerging Markets Equity 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 |
| PanAgora Asset Management, Inc. | Marie Pillai | |
| One International Place, 24th Floor | George Putnam III | Susan G. Malloy |
| Boston, MA 02110 | 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: |
| (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 |
PanAgora Asset Management, Inc.
Code of Ethics
Table of Contents
| Introduction | 2 |
| Compliance with Ethical Standards and Applicable Law | 2 |
| Conflicts of Interest | 3 |
| Confidentiality | 4 |
| Personal Trading | 4 |
| Insider Trading | 4 |
| Service on Boards Not Related to a PanAgora Investment | 4 |
| Outside Business of PanAgora Individuals | 5 |
| Business of Family of PanAgora Individuals | 5 |
| Gifts & Entertainment | 5 |
| Accommodation-Type Transactions | 5 |
| Political Contribution Policy | 6 |
| Questions | 6 |
EXHIBITS:
Exhibit 1: Code of Ethics Acknowledgement
Exhibit 2: PanAgora Whistleblower Policy
Exhibit 3: PanAgora Personal Trading Policy
Exhibit 4: PanAgora Insider Trading Policy
Exhibit 5: PanAgora Gifts & Entertainment Policy
Exhibit 6: PanAgora Political Contribution Policy
Introduction
PanAgora’s Board of Directors and Audit and Compliance Committee has delegated responsibility for the implementation and oversight of the firm’s Code of Ethics to the Code of Ethics Oversight Committee, which is chaired by PanAgora’s CEO, Eric Sorensen. Day-to-day responsibility for maintenance and oversight of this Code of Ethics rests with PanAgora’s Chief Compliance Officer (“CCO”), Marc Volpe.
This Code of Ethics may be revised at any time in PanAgora's sole discretion to reflect developments in relevant laws, approaches to questions of interpretation, and the application of practical experience, as well as new policies of PanAgora. This Code is intended to provide guidance to employees and certain consultants of PanAgora (each a "PanAgora Individual") regarding PanAgora's practices, standards and applicable legal standards. This Code of Ethics is not intended to alter perceptions of the legal standards that would otherwise exist in the absence of this Code.
This Code is to be distributed to all PanAgora Individuals when they join PanAgora, and annually thereafter, and additionally upon any amendment to the Code. Each PanAgora Individual shall submit to the CCO promptly after receipt of this Code (or any amendments thereto) an executed copy of the Code of Ethics Acknowledgement attached hereto as Exhibit 1 indicating that the PanAgora Individual has read and understood the Code.
While PanAgora actively monitors the investment activity and personal trades of PanAgora Individuals, it is the responsibility of PanAgora Individuals to ensure that they are not in real or apparent conflict with any applicable laws, this Code or any PanAgora policy. The CCO, together with the Code of Ethics Oversight Committee, is responsible for dealing with alleged violations. Ignorance of this Code, other PanAgora policies and/or applicable laws is not a valid reason for violation of these standards and will not protect those governed by it from the negative consequences of any such violations. If a PanAgora Individual is unsure about any aspect of any conduct (including, for example, the execution of transactions) whether for PanAgora, its clients or for himself or herself, he or she should ask the CCO for advice. If a PanAgora Individual is still uncertain, he or she must refrain from acting. PanAgora will discipline those PanAgora Individuals who violate this Code, other company policies or applicable laws.
Compliance with Ethical Standards and Applicable Law
Standards of Conduct
The operating principles of PanAgora require both personal and professional integrity. PanAgora Individuals are expected to professionally conduct all business activities in accordance with PanAgora policies and procedures, applicable law, and the highest ethical standards.
All PanAgora Individuals, however, not only must conform their conduct to applicable policies, laws and standards, but also must come forward when violations or irregularities that could jeopardize the integrity of PanAgora are observed.
Reporting, Review and Investigation
All PanAgora Individuals who have concerns about possible breaches of ethics or relevant laws, or of any PanAgora policy governing compliance with ethics or relevant laws (or who have suggestions for improving this Code), should bring the matter promptly to the attention of the COO, the CCO, the CEO, or the General Counsel (“GC”). This includes possible breaches learned through direct observation as well as those learned through the report of another PanAgora Individual
All reports of breaches of ethics, applicable laws, or any PanAgora policy will be subjected to review, and where appropriate, investigations will be conducted by the PanAgora Code of Ethics Oversight Committee.
Upon completion of any such investigation, the Code of Ethics Oversight Committee or a member or members thereof, will meet individually with PanAgora Individuals making the reports, as well as the PanAgora Individuals against whom the reports are made, to review the results of the investigations, and where actions are determined to be appropriate, to inform the parties of the steps that will be taken to address the situation. PanAgora will generally release information arising out of reports made under this Code, and any resulting investigations, only on a need-to-know basis. All PanAgora Individuals should be aware, however, that information will likely be shared among the Code of Ethics Oversight Committee, the CCO and relevant personnel in order for effective investigations to be conducted.
It is a violation of this Code for any PanAgora Individual to be subject to retaliation for reporting, truthfully and in good faith, violations of ethics or relevant laws or breaches of any PanAgora policies regarding compliance with ethical standards or relevant laws, or for cooperating with investigations under this Code. All who engage in such retaliatory actions will be subject to disciplinary action, which may include termination of employment or association with PanAgora. In connection with the foregoing, all PanAgora employees are subject to the terms of PanAgora’s Whistleblower Policy, attached hereto as Exhibit 2.
Conflicts Of Interest
As a condition of employment or any consulting arrangement, as applicable, PanAgora Individuals at all times shall act in a manner consistent with their fiduciary responsibilities to PanAgora and its clients and shall exercise care that no detriment results to PanAgora or any clients thereof from conflicts between PanAgora Individual interests and those of PanAgora or its clients. All PanAgora Individuals, at all times, shall also seek to avoid the appearance of conflicts of interest.
For purposes of this statement, PanAgora Individuals are considered to have conflicts of interest when they, or any of their Family or Associates (each as defined below), either:
| 1. | have, to the knowledge of the PanAgora Individual, an existing or potential financial or other interest which impairs their independence of judgment in the discharge of responsibilities to PanAgora or its clients; or |
| 2. | may, to the knowledge of the PanAgora Individual, receive a material financial or other benefit (other than the official compensation and benefits afforded to PanAgora Individuals) from knowledge of confidential, proprietary, or material nonpublic information (please see PanAgora Insider Trading Policy, attached as Exhibit 3, for more information on what constitutes material nonpublic information). |
The "Family" of a PanAgora Individual includes spouses, parents, siblings, children, and, if living in the same household, other relatives. "Associate(s)" of a PanAgora Individual includes any person, trust, organization or enterprise of, in or with which such PanAgora Individual or any of their Family:
| a) | is a director, officer, employee, member, partner or trustee; or |
| b) | has a financial interest that represents five percent or more of their assets or any interest that enables them, acting alone or in conjunction with others, to exercise control or to influence policy significantly; or |
| c) | has any other association that could cause them to wish to benefit such person. |
All PanAgora Individuals are responsible for promptly reporting any conflicts of interest, or potential conflicts of interest, to the CCO.
Confidentiality
All PanAgora Individuals must sign upon commencement of their employment or consulting arrangement with PanAgora a letter agreement confirming that they will not at any time disclose to any unauthorized person or otherwise use any Confidential Information for any reason other than the business of PanAgora and its affiliates or as required by law. "Confidential Information" means any and all information of PanAgora and its affiliates that is not generally available to the public, and as more particularly defined in each PanAgora Individual’s Confidentiality Agreement.
Personal Trading
All PanAgora Individuals shall act in accordance with the PanAgora Personal Trading Policy attached hereto as Exhibit 3.
Insider Trading
All PanAgora Individuals shall act in accordance with the PanAgora Insider Trading Policy attached hereto as Exhibit 4.
Service On Boards Not Related To A PanAgora Investment
PanAgora Individuals may serve on boards of directors, boards of trustees, investment committees or other similar decision-making bodies of entities that are not investments of PanAgora only
where there is no real or apparent conflict with PanAgora or any of the clients or funds managed by PanAgora. PanAgora Individuals are encouraged to provide non-compensated service to charitable organizations. However, such service must not materially interfere with the PanAgora Individual's responsibilities to PanAgora and must comply with the provisions of this Code of Ethics, including, but not limited to, the PanAgora Political Contribution Policy (attached hereto as Exhibit 6).
Every PanAgora Individual must notify the CCO of his or her membership on any board of directors, board of trustees, investment committee or other similar decision-making body of an entity.
If at any time subsequent to accepting these roles, the possibility of a conflict develops, they should immediately be reported to the CCO. PanAgora may require that PanAgora Individuals resign from such positions if they are determined by the CCO to be in conflict, or to have the appearance of a conflict, with PanAgora's or its clients' interests. All compensation received from serving as board members or similar functions must be reported to the CCO.
Outside Business of PanAgora Individuals
PanAgora Individuals (with the exception of consultants) may not, without prior written approval of the CCO (or relevant department head), conduct any outside business or other remunerative activities during their employment or consultancy with PanAgora, other than investing for their own or related accounts.
All such outside business activity must be disclosed by PanAgora Individuals in the Initial Holdings Report and Annual Holdings Report submitted pursuant to the PanAgora Personal Trading Policy, and from time to time each time a PanAgora Individual proposes to engage in an outside business.
Business of Family of PanAgora Individuals
All PanAgora Individuals shall provide, upon request, information as to the employment of their Family.
Gifts & Entertainment
All PanAgora Individuals must act in accordance with the PanAgora Gifts & Entertainment Policy attached hereto as Exhibit 5.
Accommodation-Type Transactions
As a condition of employment or consultancy, as applicable, PanAgora Individuals shall not engage, whether for their own accounts or on the account of PanAgora, in accommodation-type transactions designed to help third parties violate applicable laws, including tax regulations.
PanAgora Individuals who suspect that they have received proposals for inappropriate accommodation-type transactions should report the situation to the CCO.
Political Contributions
All PanAgora Individuals to whom the PanAgora Political Contribution Policy (attached hereto as Exhibit 6) applies must act in accordance therewith.
Questions
Questions and reporting under this Code should be directed to the CCO.
Exhibit 1
Acknowledgement
I, the undersigned employee of, or consultant to PanAgora Asset Management, Inc. ("PanAgora"), hereby certify that I have read and understood PanAgora's Code of Ethics dated as of January 1, 2023 and that I will conduct myself and my activities in accordance and compliance with the requirements and standards described therein.
I understand and acknowledge that PanAgora may take disciplinary action, including suspending or terminating me from PanAgora for failure to comply with the policies set forth in the above-referenced Code of Ethics.
Signature
Please print name
Date
| 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 |
| 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 |