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Sustainable Retirement 2070 Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 257 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page 44 of the fund’s Statement of Additional Information (“SAI”). </div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) 0.0055 0.0025 0.1496 0.0057 0.1633 -0.1548 0.0085 0.0055 0.0100 0.1496 0.0057 0.1708 -0.1548 0.0160 0.0055 0.0050 0.1511 0.0057 0.1673 -0.1548 0.0125 0.0055 0.0025 0.1511 0.0057 0.1648 -0.1548 0.0100 0.0055 0 0.1511 0.0057 0.1623 -0.1548 0.0075 0.0055 0 0.1496 0.0057 0.1608 -0.1548 0.0060 0.0055 0 0.1486 0.0057 0.1598 -0.1548 0.0050 0.0055 0 0.1496 0.0057 0.1608 -0.1548 0.0060 Other expenses are estimated based on the expenses the fund expects to incur for the current fiscal year and include 4.50% of non-recurring costs related to commencement of the fund’s operations. Actual expenses may differ from estimates.Estimated amounts for current fiscal year. Actual expenses may differ from estimates. November 30, 2026 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. </div> 657 3510 263 3281 163 3281 127 3202 102 3147 77 3091 61 3056 51 3034 61 3056 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s portfolio turnover rate will be available after the fund completes its first fiscal year. </div> Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund is one of a series of target date funds that invest primarily in exchange-traded funds (“ETFs”) that focus on investments with positive sustainability or environmental, social, and governance (“ESG”) characteristics, referred to as underlying funds. The underlying funds include funds managed by the Investment Manager, as defined below, and funds managed by affiliated investment advisers. The fund’s asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2070 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in the underlying funds. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, the fund will invest in underlying funds (which, for purposes of this policy, include money market mutual funds advised by the Investment Manager or its affiliates) such that, in the aggregate, it has indirect exposure to investments that meet each underlying fund’s respective sustainability or ESG criteria and that represent at least 80% of the value of its net assets. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders. For purposes of the fund’s 80% policy, net assets include the amount of any borrowings for investment purposes. The Investment </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> Manager may not apply ESG or sustainability criteria to investments that are not subject to the fund’s 80% policy, and such investments may not meet the applicable ESG or sustainability criteria. Through its investments in underlying funds, the fund makes use of a range of ESG- and sustainability- oriented investment strategies and invests across a variety of asset classes. The ESG or sustainability criteria will differ across the underlying funds. These differences may arise both from differences in the underlying funds’ asset classes (such as the characteristics of non-U.S. versus U.S. issuers, or the structural differences (i.e., position in the capital structure) between equity and fixed-income investments) as well as from different managers’ styles. In implementing an underlying fund’s investment strategy, the portfolio managers of the underlying fund may apply and weigh different ESG criteria differently than the portfolio managers of the other underlying funds. There are also expected to be differences in how the portfolio managers of the underlying funds source ESG-related or sustainability-oriented research (e.g., proprietary versus third-party research) and/or their approach to selecting companies based on ESG or sustainability criteria. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the fund’s target date, as shown in the predetermined “glide path” in the chart under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Pending investment in underlying funds, the fund also expects to temporarily invest cash balances resulting from purchase activity by fund shareholders in Putnam Government Money Market Fund, a mutual fund sponsored by the Investment Manager, or in cash or cash equivalents. The fund also expects to invest a portion of its assets in Putnam Government Money Market Fund or in cash or cash equivalents in order to manage shareholder redemptions. The percentage of a fund invested in Putnam Government Money Market Fund is expected to vary over time and will depend on the level of purchase and redemption activity by fund shareholders. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2025 (taking into account any tactical adjustments described below) and its projected approximate allocations to those asset classes and underlying funds as of September 30, 2026. The table does not reflect temporary investments in Putnam Government Money Market Fund or in cash or cash equivalents. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one-year period beginning on September 30, 2025. The table also shows the approximate allocations of other Putnam Sustainable Retirement Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:96%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:24%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;">Underlying</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;">Fund*</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">Year</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#bfbfbf;text-align:center;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">2070 (your fund)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2065</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2060</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2055</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2050</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2045</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2040</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2035</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2030</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;text-align:center;">Maturity Fund</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam Sustainable Leaders ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style="vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">47.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">47.6%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">45.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">43.3%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">40.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">38.4%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">35.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">30.3%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">18.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">14.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">47.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">47.3%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">45.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">42.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">40.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">37.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">34.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">28.2%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">14.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam Sustainable Future ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style="vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">23.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">23.8%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">22.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">21.7%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">20.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">19.2%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">17.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">15.2%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">9.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">7.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">23.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">23.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">22.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">21.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">20.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">18.9%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">14.1%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">8.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">7.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam PanAgora ESG International Equity ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style="vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">17.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.8%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">17.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">16.2%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">15.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">14.2%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">11.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">9.1%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">5.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.2%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">17.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">16.1%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">15.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">13.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">11.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">8.5%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.2%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam PanAgora ESG Emerging Markets Equity ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style="vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">5.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.9%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">5.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.4%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">5.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.5%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">2.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">5.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.9%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.0%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam ESG Core Bond ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style="vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">3.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.3%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">5.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">9.7%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">13.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">16.1%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">24.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">35.4%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">53.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">51.7%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">3.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">6.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">10.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">13.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">26.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">38.6%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">54.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">51.7%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam ESG High Yield ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style="vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">1.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.1%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">2.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.2%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">4.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.9%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">4.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.3%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">7.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">16.9%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">1.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.2%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.9%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">8.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">16.9%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam ESG Ultra Short ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style="vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">1.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2.7%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">3.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.7%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">6.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">6.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.9%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">6.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">6.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Total Equity**</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style="vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">95.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">95.1%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">91.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">86.6%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">81.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">76.3%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">66.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">54.6%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">33.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">25.4%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">95.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">94.6%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">90.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">85.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">80.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">74.5%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">64.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">50.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">31.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">25.4%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Total Fixed Income**</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style="vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">4.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.9%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">8.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">13.4%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">18.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">23.7%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">33.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">45.4%</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;white-space:nowrap;text-align:center;">66.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">74.6%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#bfbfbf;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#bfbfbf;text-align:center;">4.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">9.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">14.3%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">19.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">25.5%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">35.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">49.2%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">68.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">74.6%</td> </tr> </table><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">* Due to rounding, allocations shown in the table above may not total 100%. In addition, because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">** Equity and fixed-income allocations are hypothetical estimates based on an assumption that each of Putnam Sustainable Leaders ETF, Putnam Sustainable Future ETF, Putnam PanAgora ESG International Equity ETF, and Putnam PanAgora ESG </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;"> Emerging Markets Equity ETF is equivalent to an equity investment and each of Putnam ESG Core Bond ETF, Putnam ESG High Yield ETF and Putnam ESG Ultra Short ETF is equivalent to a fixed-income investment. The investment managers of the underlying funds may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and consequently, actual allocations will vary. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager generally expects these changes (other than the tactical adjustments described below) to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable. The Investment Manager may also make tactical adjustments from time to time in the fund’s allocations to underlying funds in response to market conditions within a range of +/- 15% from the allocations to fixed-income and equity asset classes as presented in the fund’s glide path. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Sustainable Retirement Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in the prospectus beginning on page 190, and more information about the underlying funds (which are not offered by this prospectus) is included below and under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:12.5pt;font-family:arial;font-weight:bold;">Information about each underlying fund’s investment strategy </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Sustainable Leaders ETF (“Sustainable Leaders ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainable Leaders ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies that Putnam Investment Management, LLC (“Putnam Management”), Sustainable Leaders ETF’s investment manager, believes exhibit a commitment to financially material sustainable business practices. Sustainable Leaders ETF may also invest in non-U.S. companies. In evaluating investments for Sustainable Leaders ETF, Putnam Management views “financially material sustainable business practices” as business practices that it believes are reasonably likely to impact the financial condition or operating performance of a company and that relate to environmental, social, or corporate governance issues. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Sustainable Leaders ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Leaders ETF’s </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Sustainable Future ETF (“Sustainable Future ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainable Future ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies whose products and services Putnam Management, Sustainable Future ETF’s investment manager, believes provide solutions that directly contribute to sustainable social, environmental and economic development (Solutions Companies). </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Sustainable Future ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Future ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam PanAgora ESG International Equity ETF (“PanAgora International Equity ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">PanAgora International Equity ETF invests mainly in common stocks (growth or value stocks or both) of companies of any size outside the United States with a focus on companies that PanAgora International Equity ETF’s subadviser, PanAgora Asset Management, Inc. (“PanAgora”), believes offer attractive benchmark-relative returns and exhibit positive ESG metrics. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, PanAgora International Equity ETF invests at least 80% of its net assets in equity securities of companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora International Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam PanAgora ESG Emerging Markets Equity ETF (“PanAgora Emerging Markets Equity ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">PanAgora Emerging Markets Equity ETF invests mainly in common stocks (growth or value stocks or both) of emerging markets companies of any size with a focus on companies that PanAgora Emerging Markets Equity ETF’s subadviser, PanAgora, believes offer attractive benchmark-relative returns and exhibit positive ESG metrics. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, PanAgora Emerging Markets Equity ETF invests at least 80% of its net assets in equity securities of emerging markets companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora Emerging Markets Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG Core Bond ETF (“Core Bond ETF”) </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Core Bond ETF invests mainly in a diversified portfolio of investment-grade fixed-income securities with a focus on companies or issuers that Franklin Advisers, Inc. (“Franklin Advisers”), Core Bond ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Core Bond ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Core Bond ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG High Yield ETF (“High Yield ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">High Yield ETF invests mainly in bonds that are below investment grade in quality (sometimes referred to as “junk bonds”) with a focus on companies or issuers that Franklin Advisers, High Yield ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. High Yield ETF invests mainly in bonds that also have one or more of the following characteristics: (1) are obligations of U.S. companies or issuers and (2) have intermediate- to long-term maturities (three years or longer). </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, High Yield ETF invests at least 80% of the value of its net assets in fixed-income securities rated below investment grade that meet Franklin Advisers’ ESG criteria. For a further discussion of High Yield ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG Ultra Short ETF (“Ultra Short ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Ultra Short ETF invests in a diversified short duration portfolio of fixed-income securities comprised of investment-grade money market and other fixed-income securities, including U.S. dollar-denominated foreign securities of these types, with a focus on companies or issuers that Franklin Advisers, Ultra Short ETF’s investment manager, believes meet relevant ESG criteria, on a sector-specific basis. </div><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;">Under normal circumstances, Ultra Short ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Ultra Short ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainability and ESG investing risk: Investing in underlying funds with an ESG or sustainability focus may result in the fund having exposure to underlying funds that invest in certain types of companies, issuers, industries or sectors that the market may not favor. In evaluating an investment opportunity for the underlying funds, Franklin Advisers, Putnam Management or PanAgora may make investment decisions without the availability of optimal ESG-related data (which may be even less available with securitized debt instruments) or based on information and data that is incomplete or inaccurate. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainability and ESG metrics are not uniformly defined, and applying such metrics involves subjective assessments. Sustainability and ESG scorings and assessments of issuers can vary across third-party data providers and may change over time. Franklin Advisers, Putnam Management and PanAgora do not rely exclusively on third-party data providers in evaluating sustainability and ESG criteria for the underlying funds. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, particularly with respect to companies in emerging market countries, which may adversely impact the investment process. In addition, the business practices, products or services of issuers in which an underlying fund invests may change over time. As a result of these possibilities, among others, an underlying fund may temporarily hold securities that are inconsistent with the underlying fund’s ESG or sustainability investment criteria. Regulatory changes or interpretations regarding the definitions and/or use of ESG and/or sustainability criteria could have a material adverse effect on the underlying fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. The underlying funds do not restrict investments based solely on “negative screens”, and the underlying fixed-income funds do not restrict their fixed-income investments to “green bonds” (i.e., U.S. dollar-denominated bonds designated as “green” by the Climate Bonds Initiative). For the underlying funds that pursue fixed-income investment strategies, because fixed-income investments generally represent a promise to pay principal and interest by an issuer, and not an ownership interest, and may involve complex structures, ESG-related investment considerations may have a more limited impact on risk and return (or may have an impact over a different investment time horizon) relative to other asset classes, and this may be particularly true for shorter-term investments. In addition, holders of fixed-income investments do not typically have voting rights, unlike holders of equity investments who have the right to vote on issuer proposals. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Market risk: The effects of inflation may erode the value of an investment in an underlying fund over time. The value of investments in an underlying fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying fund’s portfolio holdings, may negatively impact the underlying fund’s performance, and may exacerbate other risks to which the underlying fund is subject. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Common stock risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> industries, such as increases in production costs. Growth investing risk: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Value investing risk: Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the underlying fund’s investment manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Small and midsize companies risk: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. </div> <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Industry or sector concentration risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): From time to time, an underlying fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the underlying fund more vulnerable to adverse developments affecting those industries or sectors. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Model and data risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): If the quantitative models or data that are used in managing an underlying fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the underlying fund may realize losses. Additionally, market movements are likely to change the risk levels and risk allocations of the underlying fund. Investments made based on quantitative models may perform differently from the market as a whole. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Foreign investments risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid. There may be less publicly-available information, or less reliable publicly-available information, about foreign companies (including information related to companies’ ESG practices), particularly with respect to emerging market companies, than publicly-available information regarding U.S. companies. As a result, the underlying fund’s investment manager’s ability to evaluate a foreign company, including with respect to its ESG or sustainability practices, may be more limited than its ability to evaluate a U.S. company. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Geographic focus risk (for PanAgora International Equity ETF and PanAgora Emerging Markets Equity ETF): If an underlying fund invests a substantial percentage of its assets in issuers located in a single country, a </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> small number of countries, or a particular geographic region, such as European and Asian countries, the underlying fund’s performance will likely be closely tied to the market, currency, political, economic, regulatory, geopolitical, and other conditions in such countries or region. These conditions could generally have a greater effect on the underlying fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Fixed income investments risk (for Core Bond ETF, High Yield ETF and Ultra Short ETF): The risks associated with fixed income investments include interest rate risk, which is the risk that the value of an underlying fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the underlying fund’s investments may default on payment of interest or principal. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The underlying fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The underlying fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. The underlying fund’s investments in mortgage-backed securities may make the underlying fund’s net asset value more susceptible to economic, market, political and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. During periods of difficult economic conditions, delinquencies and losses on commercial mortgage-backed investments in particular generally increase, including as a result of the effects of those conditions on commercial real estate markets, the ability of commercial tenants to make loan payments, and the ability of a property to attract and retain commercial tenants. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">High Yield ETF invests mostly in higher-yield, higher-risk debt investments that are rated below BBB or its equivalent at the time of purchase by any nationally recognized securities rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. High Yield ETF may invest up to 15% of High Yield ETF’s total assets in debt investments rated below CCC or its equivalent, at the time of purchase, by each rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. This includes investments in the lowest rating category of the rating agency. High Yield ETF will not necessarily sell an investment if its rating is reduced after Franklin </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> Advisers buys it. Investments rated below BBB or its equivalent are below-investment-grade in quality. This rating reflects a greater possibility that the issuers may be unable to make timely payments of interest and principal and thus default. If a default occurs, or is perceived as likely to occur, the value of the investment will usually be more volatile and is likely to fall. The value of a debt instrument may also be affected by changes in, or perceptions of, the financial condition of the issuer, borrower, counterparty, or other entity, or underlying collateral or assets, or changes in, or perceptions of, specific or general market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. A default or expected default could also make it difficult for the High Yield ETF to sell the investment at a price approximating the value Franklin Advisers had previously placed on it. Lower-rated debt usually has a more limited market than higher-rated debt, which may at times make it difficult for High Yield ETF to buy or sell certain debt instruments or to establish their fair values. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Derivatives risk (For all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the underlying fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures) and legal risk (e.g., insufficient legal documentation or contract enforceability issues). </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate loan risk (for High Yield ETF): To the extent an underlying fund holds floating rate loans, interest rate risk may be reduced but will not be eliminated. While floating rate loans are normally secured by specific collateral or assets of the issuer (so that holders of the loans, such as the underlying fund, will have a priority claim on those assets in the event of default or bankruptcy of the issuer), the value of collateral may be insufficient to meet the issuer’s obligations, and the underlying fund’s access to collateral may be limited by bankruptcy or other insolvency laws. The settlement period (the period between the execution of the trade and the delivery of cash to the purchaser) for floating rate loan transactions is typically longer than seven days, and it is possible that sale proceeds from floating rate loan transactions will not be available to meet redemption obligations. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate obligations risk (for Core Bond ETF and Ultra Short ETF): An underlying fund may purchase taxable floating rate notes for short-term cash management or other investment purposes. Floating rate notes are debt instruments that provide for periodic adjustments in the interest rate. The interest rate on these instruments may be reset daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating rate instrument may be based on a known lending rate, such as the Secured Overnight Financing Rate, and is reset whenever such rate is adjusted. Interest rate adjustments are designed to help stabilize the instrument’s price or maintain a fixed spread to a predetermined benchmark. While this feature may protect against a decline in the instrument’s market price when interest rates or benchmark rates rise, it lowers the underlying fund’s income when interest rates or benchmark rates fall. The underlying fund’s income from its floating rate investments also may increase if interest rates rise. Floating rate obligations are less effective than fixed rate instruments at locking in a particular yield. Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. The underlying fund’s ability to receive payments of principal and interest and other amounts in connection with loans held by it will depend primarily on the financial condition of the issuer. The failure by the underlying fund to receive scheduled interest or principal payments on a loan would adversely affect the income of the underlying fund and would likely reduce the value of its assets, which would be reflected in a reduction in the underlying fund’s net asset value. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate notes and bonds may have a stated maturity in excess of one year, but may have features that permit a holder to demand payment of principal plus accrued interest upon a specified number of days’ notice. Frequently, such obligations are secured by letters of credit or other credit support arrangements provided by banks. If these obligations are not secured by letters of credit or other credit support arrangements, the underlying fund’s right to demand payment will be dependent on the ability of the issuer to pay principal and interest on demand. In addition, these obligations frequently are not rated by credit rating organizations and may involve heightened risk of default by the issuer. The issuer of such obligations normally has a corresponding right, after a given period, to prepay in its discretion the outstanding principal of the obligation plus accrued interest upon a specific number of days’ notice to the holders. There is no assurance that the underlying fund will be able to reinvest the proceeds of any prepayment at the same interest rate or on the same terms as those of the original instrument. The absence of an active secondary market for floating rate notes could make it difficult for the underlying fund to dispose of the instruments, and the underlying fund could suffer a loss if the issuer defaults or during periods in which the underlying fund is not entitled to exercise its demand rights. When a reliable trading market for the floating rate instruments held by the underlying fund does not exist and the underlying fund may not demand payment of the principal amount of such instruments within seven days, the instruments may </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> be deemed illiquid and therefore subject to the underlying fund’s limitation on investments in illiquid securities. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Portfolio turnover rate: An underlying fund’s portfolio turnover rate measures how frequently the underlying fund buys and sells investments. A portfolio turnover rate of 100%, for example, would mean that the underlying fund sold and replaced securities valued at 100% of the underlying fund’s assets within a one-year period. From time to time the underlying fund may engage in frequent trading. Funds with high turnover may be more likely to realize capital gains that must be distributed to shareholders as taxable income. High turnover may also cause a fund to pay more brokerage commissions and other transaction costs (including imputed transaction costs), which may detract from performance. The underlying fund’s portfolio turnover rate and the amount of brokerage commissions it pays and transaction costs it incurs will vary over time based on market conditions. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Management and operational risk: There is no guarantee that the investment techniques, analyses, or judgments that the underlying fund’s investment manager applies in making investment decisions for the underlying fund will produce the intended outcome or that the investments selected for the underlying fund will perform as well as other securities that were not selected for the underlying fund. The underlying fund’s investment manager, or the underlying fund’s other service providers, may experience disruptions or operating errors that could negatively impact the underlying fund. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The underlying fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </div> An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Risks Related to Investing in ETFs: As ETFs, shares of the underlying funds are traded in the secondary market. Prior to trading in the secondary market, shares of the underlying funds are “created” at net asset value by market makers, large investors and institutions (collectively, “authorized participants”) only in creation units. A creation transaction generally takes place when an authorized participant deposits into an underlying fund a designated portfolio of securities, assets or other positions (a “creation basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, in exchange for a specified number of creation units. Similarly, shares of an underlying fund can be redeemed only in creation units, generally for a designated portfolio of securities, assets or other positions held by the underlying fund and an amount of cash (including any portion of such securities for which cash may be substituted), if any. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Fluctuation of net asset value and share price risk: Shares of an underlying fund may trade at a larger premium or discount to the underlying fund’s net asset value than shares of other ETFs. The net asset value of the underlying fund will generally fluctuate with changes in the market value of the underlying fund’s holdings. The underlying fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> the existence of extreme market volatility or potential lack of an active trading market for the underlying fund’s shares may result in the underlying fund’s shares trading significantly above (at a premium) or below (at a discount) net asset value or the intraday value of the underlying fund’s holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for underlying fund shares may become less liquid in response to deteriorating liquidity in the markets for the underlying fund’s underlying portfolio holdings. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Authorized participant concentration risk: Only an authorized participant may engage in creation and redemption transactions directly with an underlying fund. Your fund is not an authorized participant and can only purchase and sell underlying fund shares in the secondary market at market price or through an authorized participant. The underlying fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for underlying fund shares or underlying fund shares may trade at a discount (or premium) to net asset value and possibly face trading halts and/or de-listing. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Trading issues risk: Sustainable Leaders ETF and Sustainable Future ETF began trading publicly in May 2021, while PanAgora International Equity ETF, PanAgora Emerging Markets Equity ETF, Core Bond ETF, High Yield ETF, and Ultra Short ETF began trading publicly in January 2023. There can be no assurance that an active trading market will develop or be maintained or that the market for the underlying fund shares will operate as intended, which could lead to the underlying fund’s shares trading at wider spreads and larger premiums and discounts to net asset value than other actively managed ETFs. As a result, it may cost investors more to trade underlying fund shares than shares of other ETFs. There is no guarantee that the underlying fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in an underlying fund’s shares or to submit purchase and redemption orders for creation units. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The market prices of the underlying fund’s shares are expected to fluctuate, in some cases materially, in response to changes in the underlying fund’s net asset value, the intraday value of the underlying fund’s holdings and supply and demand for the fund’s shares. The investment manager cannot predict whether the underlying fund’s shares will trade above, below or at their net asset value or the intraday value of the underlying fund’s holdings. During periods, when an underlying fund is trading below its net asset value, investors may incur significant losses if they sell shares. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The securities held by the underlying fund may be traded in markets that close at a different time than the exchange on which the underlying fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> exchange and the corresponding premium or discount to the shares’ net asset value may widen. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Large shareholder transaction risk: An underlying fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the underlying fund. The underlying fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the underlying fund. Such shareholders may at times be considered to control the underlying fund. In addition, a large number of shareholders may collectively purchase or redeem underlying fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the underlying fund’s liquidity and net assets. These redemptions may also adversely affect the underlying fund’s performance if the underlying fund is forced to sell securities, which may also increase the underlying fund’s brokerage costs. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Cash transactions risk: Unlike certain ETFs, an underlying fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the underlying fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in the underlying fund’s shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Semi-transparent ETF risk (for Sustainable Leaders ETF and Sustainable Future ETF): Semi-transparent ETFs are different from traditional ETFs. Traditional ETFs disclose to the public what assets they hold each day. However, semi-transparent ETFs do not. This may create additional risks for an investment in a semi-transparent ETF, including that an investor may have to pay more money to trade semi-transparent ETF’s shares in light of the fact that a semi-transparent ETF will provide less information to traders, who tend to charge more for trades when they have less information. The price an investor pays to buy or sell an ETF’s shares on an exchange may not match the value of the ETF’s portfolio, and these price differences may be greater for semi-transparent ETFs compared to other ETFs because they provide less information to traders. These additional risks may be even greater in adverse or uncertain market conditions. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The differences between semi-transparent ETFs and other ETFs may also have advantages. By keeping certain information about a semi-transparent ETFs secret, a semi-transparent ETF may face less risk that other traders can predict or copy its investment strategy. This may improve a semi-transparent ETF’s performance. If other traders are able to copy or predict a semi-transparent ETF’s investment strategy, however, this may hurt a semi-transparent ETF’s performance. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Tracking Basket structure risk (for Sustainable Leaders ETF and Sustainable Future ETF): The semi-transparent ETFs, in which the fund invests are actively managed ETFs that operate pursuant to an exemptive </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> order from the Securities and Exchange Commission and do not publicly disclose their complete portfolio holdings each business day. Instead, each semi-transparent ETF publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the semi-transparent ETF but is not the semi-transparent ETF’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings and/or select securities from the universe from which the semi-transparent ETF’s investments are selected (“Strategy Components”); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the semi-transparent ETF invests; and (3) cash and cash equivalents. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">A semi-transparent ETF’s Tracking Basket structure may affect the price at which shares of the semi-transparent ETF trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of a semi-transparent ETF at or close to its NAV per share, there is a risk that market prices will vary significantly from NAV. A semi-transparent ETF, which trade on the basis of a published Tracking Basket, may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although a semi-transparent ETF seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking Basket to identify a semi-transparent ETF’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders, such as front running the semi-transparent ETF’s trades of portfolio securities. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Arbitrage risk (For Sustainable Leaders ETF and Sustainable Future ETF): Unlike ETFs that publicly disclose their complete portfolio holdings each business day, a semi-transparent ETF provides certain other information intended to allow market participants to estimate the value of positions in the semi-transparent ETF’s shares. Although this information is designed to facilitate arbitrage opportunities in a semi-transparent ETF’s shares to reduce bid/ask spreads and minimize discounts or premiums between the market price and net asset value of the semi-transparent ETF shares, there is no guarantee a semi-transparent ETF’s arbitrage mechanism will operate as intended and that the semi-transparent ETF will not experience wide bid/ask spreads and/or large discounts or premiums to net asset value. In addition, market participants may attempt to use the disclosed information to “reverse engineer”a semi-transparent ETF’s trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact a semi-transparent ETF’s performance. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Trading halt risk (for Sustainable Leaders ETF and Sustainable Future ETF): There may be circumstances where a security held in a semi-transparent ETF’s portfolio but not in the Tracking Basket does not have readily available market quotations. If the semi-transparent ETF’s investment </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> manager determines that such circumstance may affect the reliability of the Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in a semi-transparent ETF’s portfolio, will be publicly disclosed on the semi-transparent ETF’s website, and the semi-transparent ETF’s investment manager will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders. In addition, if securities representing 10% or more of a semi-transparent ETF’s portfolio do not have readily available market quotations, a semi-transparent ETF’s investment manager would promptly request the exchange to halt trading of a semi-transparent ETF, meaning that investors (including the fund) would not be able to trade their shares. Trading may also be halted in other circumstances, for example, due to market conditions. </div> Performance <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Because the fund does not have a full calendar year of performance, annual total return information is not available and therefore is not presented. You can obtain updated performance information at www.franklintempleton.com. The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </div> Because the fund does not have a full calendar year of performance, annual total return information is not available and therefore is not presented. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Fund summary Putnam Sustainable Retirement 2065 Fund Goal <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 249 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page 44 of the fund’s Statement of Additional Information (“SAI”). </div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) 0.0054 0.0025 0.1138 0.0057 0.1274 -0.1189 0.0085 0.0054 0.0100 0.1138 0.0057 0.1349 -0.1189 0.0160 0.0054 0.0050 0.1152 0.0057 0.1313 -0.1188 0.0125 0.0054 0.0025 0.1152 0.0057 0.1288 -0.1188 0.0100 0.0054 0 0.1152 0.0057 0.1263 -0.1188 0.0075 0.0054 0 0.1137 0.0057 0.1248 -0.1188 0.0060 0.0054 0 0.1127 0.0057 0.1238 -0.1188 0.0050 0.0054 0 0.1137 0.0057 0.1248 -0.1188 0.0060 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective September 30, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. November 30, 2028 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first three years of each period in the example take into account the expense reimbursement described above. Your actual costs may be higher or lower. </div> 657 831 3338 8093 263 505 3240 8202 163 505 3240 8202 127 396 3095 8142 102 318 2992 8037 77 240 2887 7929 61 192 2824 7863 51 160 2781 7816 61 192 2824 7863 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 37%. </div> 0.37 Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund is one of a series of target date funds that invest primarily in exchange-traded funds (“ETFs”) that focus on investments with positive sustainability or environmental, social, and governance (“ESG”) characteristics, referred to as underlying funds. The underlying funds include funds managed by the Investment Manager, as defined below, and funds managed by affiliated investment advisers. The fund’s asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2065 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in the underlying funds. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, the fund will invest in underlying funds (which, for purposes of this policy, include money market mutual funds advised by the Investment Manager or its affiliates) such that, in the aggregate, it has indirect exposure to investments that meet each underlying fund’s respective sustainability or ESG criteria and that represent at least 80% of the value of its net assets. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders. For purposes of the fund’s 80% policy, net assets include the amount of any borrowings for investment purposes. The Investment Manager may not apply ESG or sustainability criteria to investments that are not subject to the fund’s 80% policy, and such investments may not meet the applicable ESG or sustainability criteria. Through its investments in underlying funds, the fund makes use of a range of ESG- and sustainability- oriented investment strategies and invests across a variety of asset classes. The ESG </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> or sustainability criteria will differ across the underlying funds. These differences may arise both from differences in the underlying funds’ asset classes (such as the characteristics of non-U.S. versus U.S. issuers, or the structural differences (i.e., position in the capital structure) between equity and fixed-income investments) as well as from different managers’ styles. In implementing an underlying fund’s investment strategy, the portfolio managers of the underlying fund may apply and weigh different ESG criteria differently than the portfolio managers of the other underlying funds. There are also expected to be differences in how the portfolio managers of the underlying funds source ESG-related or sustainability-oriented research (e.g., proprietary versus third-party research) and/or their approach to selecting companies based on ESG or sustainability criteria. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the fund’s target date, as shown in the predetermined “glide path” in the chart under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Pending investment in underlying funds, the fund also expects to temporarily invest cash balances resulting from purchase activity by fund shareholders in Putnam Government Money Market Fund, a mutual fund sponsored by the Investment Manager, or in cash or cash equivalents. The fund also expects to invest a portion of its assets in Putnam Government Money Market Fund or in cash or cash equivalents in order to manage shareholder redemptions. The percentage of a fund invested in Putnam Government Money Market Fund is expected to vary over time and will depend on the level of purchase and redemption activity by fund shareholders. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2025 (taking into account any tactical adjustments described below) and its projected approximate allocations to those asset classes and underlying funds as of September 30, 2026. The table does not reflect temporary investments in Putnam Government Money Market Fund or in cash or cash equivalents. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one-year period beginning on September 30, 2025. The table also shows the approximate allocations of other Putnam Sustainable Retirement Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:24%;"></td> <td style="vertical-align:bottom;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:5%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;">Underlying Fund*</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> Year </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2070 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> 2065 (your fund)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2060 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2055 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2050 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2045 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2040 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2035 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2030 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"> Maturity Fund</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam Sustainable Leaders ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">47.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">47.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">45.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">43.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">40.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">38.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">35.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">30.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">18.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">14.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">47.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">47.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">45.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">42.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">40.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">37.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">34.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">28.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">14.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam Sustainable Future ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">23.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">23.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">22.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">21.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">20.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">19.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">15.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">9.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">7.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">23.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">23.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">22.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">21.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">20.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">18.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">14.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">8.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">7.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;">Putnam PanAgora ESG </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;">International Equity ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">17.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">16.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">15.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">14.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">11.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">9.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">4.2%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">17.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">16.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">15.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">13.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">11.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">8.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">4.2%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam PanAgora ESG Emerging Markets Equity ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">5.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">5.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam ESG Core Bond ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">3.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">9.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">13.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">16.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">24.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">35.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">53.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">51.7%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">3.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">6.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">10.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">13.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">26.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">38.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">54.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">51.7%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam ESG High Yield ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">1.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">7.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">16.9%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">1.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">8.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">16.9%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam ESG Ultra Short ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">6.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">6.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">6.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">6.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Total Equity**</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">95.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">95.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">91.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">86.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">81.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">76.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">66.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">54.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">33.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">25.4%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">95.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">94.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">90.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">85.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">80.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">74.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">64.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">50.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">31.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">25.4%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Total Fixed Income**</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">4.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">8.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">13.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">18.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">23.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">33.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">45.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">66.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">74.6%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">5.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">9.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">14.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">19.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">25.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">35.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">49.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">68.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">74.6%</td> </tr> </table><div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">* Due to rounding, allocations shown in the table above may not total 100%. In addition, because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">** Equity and fixed-income allocations are hypothetical estimates based on an assumption that each of Putnam Sustainable Leaders ETF, Putnam Sustainable Future ETF, Putnam PanAgora ESG International Equity ETF, and Putnam PanAgora ESG </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;"> Emerging Markets Equity ETF is equivalent to an equity investment and each of Putnam ESG Core Bond ETF, Putnam ESG High Yield ETF and Putnam ESG Ultra Short ETF is equivalent to a fixed-income investment. The investment managers of the underlying funds may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and consequently, actual allocations will vary. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager generally expects these changes (other than the tactical adjustments described below) to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable. The Investment Manager may also make tactical adjustments from time to time in the fund’s allocations to underlying funds in response to market conditions within a range of +/- 15% from the allocations to fixed-income and equity asset classes as presented in the fund’s glide path. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Sustainable Retirement Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in the prospectus beginning on page 190, and more information about the underlying funds (which are not offered by this prospectus) is included below and under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:12.5pt;font-family:arial;font-weight:bold;">Information about each underlying fund’s investment strategy </div><div style="margin-top:2pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Sustainable Leaders ETF (“Sustainable Leaders ETF”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainable Leaders ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies that Putnam Investment Management, LLC (“Putnam Management”), Sustainable Leaders ETF’s investment manager, believes exhibit a commitment to financially material sustainable business practices. Sustainable Leaders ETF may also invest in non-U.S. companies. In evaluating investments for Sustainable Leaders ETF, Putnam Management views “financially material sustainable business practices” as business practices that it believes are reasonably likely to impact the financial condition or operating performance of a company and that relate to environmental, social, or corporate governance issues. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Sustainable Leaders ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Leaders ETF’s </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Sustainable Future ETF (“Sustainable Future ETF”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainable Future ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies whose products and services Putnam Management, Sustainable Future ETF’s investment manager, believes provide solutions that directly contribute to sustainable social, environmental and economic development (Solutions Companies). </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Sustainable Future ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Future ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam PanAgora ESG International Equity ETF (“PanAgora International Equity ETF”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">PanAgora International Equity ETF invests mainly in common stocks (growth or value stocks or both) of companies of any size outside the United States with a focus on companies that PanAgora International Equity ETF’s subadviser, PanAgora Asset Management, Inc. (“PanAgora”), believes offer attractive benchmark-relative returns and exhibit positive ESG metrics. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, PanAgora International Equity ETF invests at least 80% of its net assets in equity securities of companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora International Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam PanAgora ESG Emerging Markets Equity ETF (“PanAgora Emerging Markets Equity ETF”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">PanAgora Emerging Markets Equity ETF invests mainly in common stocks (growth or value stocks or both) of emerging markets companies of any size with a focus on companies that PanAgora Emerging Markets Equity ETF’s subadviser, PanAgora, believes offer attractive benchmark-relative returns and exhibit positive ESG metrics. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, PanAgora Emerging Markets Equity ETF invests at least 80% of its net assets in equity securities of emerging markets companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora Emerging Markets Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG Core Bond ETF (“Core Bond ETF”) </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Core Bond ETF invests mainly in a diversified portfolio of investment-grade fixed-income securities with a focus on companies or issuers that Franklin Advisers, Inc. (“Franklin Advisers”), Core Bond ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Core Bond ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Core Bond ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG High Yield ETF (“High Yield ETF”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">High Yield ETF invests mainly in bonds that are below investment grade in quality (sometimes referred to as “junk bonds”) with a focus on companies or issuers that Franklin Advisers, High Yield ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. High Yield ETF invests mainly in bonds that also have one or more of the following characteristics: (1) are obligations of U.S. companies or issuers and (2) have intermediate- to long-term maturities (three years or longer). </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, High Yield ETF invests at least 80% of the value of its net assets in fixed-income securities rated below investment grade that meet Franklin Advisers’ ESG criteria. For a further discussion of High Yield ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG Ultra Short ETF (“Ultra Short ETF”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Ultra Short ETF invests in a diversified short duration portfolio of fixed-income securities comprised of investment-grade money market and other fixed-income securities, including U.S. dollar-denominated foreign securities of these types, with a focus on companies or issuers that Franklin Advisers, Ultra Short ETF’s investment manager, believes meet relevant ESG criteria, on a sector-specific basis. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Ultra Short ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Ultra Short ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainability and ESG investing risk: Investing in underlying funds with an ESG or sustainability focus may result in the fund having exposure to underlying funds that invest in certain types of companies, issuers, industries or sectors that the market may not favor. In evaluating an investment opportunity for the underlying funds, Franklin Advisers, Putnam Management or PanAgora may make investment decisions without the availability of optimal ESG-related data (which may be even less available with securitized debt instruments) or based on information and data that is incomplete or inaccurate. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainability and ESG metrics are not uniformly defined, and applying such metrics involves subjective assessments. Sustainability and ESG scorings and assessments of issuers can vary across third-party data providers and may change over time. Franklin Advisers, Putnam Management and PanAgora do not rely exclusively on third-party data providers in evaluating sustainability and ESG criteria for the underlying funds. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, particularly with respect to companies in emerging market countries, which may adversely impact the investment process. In addition, the business practices, products or services of issuers in which an underlying fund invests may change over time. As a result of these possibilities, among others, an underlying fund may temporarily hold securities that are inconsistent with the underlying fund’s ESG or sustainability investment criteria. Regulatory changes or interpretations regarding the definitions and/or use of ESG and/or sustainability criteria could have a material adverse effect on the underlying fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. The underlying funds do not restrict investments based solely on “negative screens”, and the underlying fixed-income funds do not restrict their fixed-income investments to “green bonds” (i.e., U.S. dollar-denominated bonds designated as “green” by the Climate Bonds Initiative). For the underlying funds that pursue fixed-income investment strategies, because fixed-income investments generally represent a promise to pay principal and interest by an issuer, and not an ownership interest, and may involve complex structures, ESG-related investment considerations may have a more limited impact on risk and return (or may have an impact over a different investment time horizon) relative to other asset classes, and this may be particularly true for shorter-term investments. In addition, holders of fixed-income investments do not typically have voting rights, unlike holders of equity investments who have the right to vote on issuer proposals. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Market risk: The effects of inflation may erode the value of an investment in an underlying fund over time. The value of investments in an underlying fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying fund’s portfolio holdings, may negatively impact the underlying fund’s performance, and may exacerbate other risks to which the underlying fund is subject. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Common stock risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">industries, such as increases in production costs. Growth investing risk: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Value investing risk: Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the underlying fund’s investment manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Small and midsize companies risk: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Industry or sector concentration risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): From time to time, an underlying fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the underlying fund more vulnerable to adverse developments affecting those industries or sectors. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Model and data risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): If the quantitative models or data that are used in managing an underlying fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the underlying fund may realize losses. Additionally, market movements are likely to change the risk levels and risk allocations of the underlying fund. Investments made based on quantitative models may perform differently from the market as a whole. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Foreign investments risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid. There may be less publicly-available information, or less reliable publicly-available information, about foreign companies (including information related to companies’ ESG practices), particularly with respect to emerging market companies, than publicly-available information regarding U.S. companies. As a result, the underlying fund’s investment manager’s ability to evaluate a foreign company, including with respect to its ESG or sustainability practices, may be more limited than its ability to evaluate a U.S. company. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Geographic focus risk (for PanAgora International Equity ETF and PanAgora Emerging Markets Equity ETF): If an underlying fund invests a substantial percentage of its assets in issuers located in a single country, a </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">small number of countries, or a particular geographic region, such as European and Asian countries, the underlying fund’s performance will likely be closely tied to the market, currency, political, economic, regulatory, geopolitical, and other conditions in such countries or region. These conditions could generally have a greater effect on the underlying fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Fixed income investments risk (for Core Bond ETF, High Yield ETF and Ultra Short ETF): The risks associated with fixed income investments include interest rate risk, which is the risk that the value of an underlying fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the underlying fund’s investments may default on payment of interest or principal. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The underlying fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The underlying fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. The underlying fund’s investments in mortgage-backed securities may make the underlying fund’s net asset value more susceptible to economic, market, political and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. During periods of difficult economic conditions, delinquencies and losses on commercial mortgage-backed investments in particular generally increase, including as a result of the effects of those conditions on commercial real estate markets, the ability of commercial tenants to make loan payments, and the ability of a property to attract and retain commercial tenants. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">High Yield ETF invests mostly in higher-yield, higher-risk debt investments that are rated below BBB or its equivalent at the time of purchase by any nationally recognized securities rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. High Yield ETF may invest up to 15% of High Yield ETF’s total assets in debt investments rated below CCC or its equivalent, at the time of purchase, by each rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. This includes investments in the lowest rating category of the rating agency. High Yield ETF will not necessarily sell an investment if its rating is reduced after Franklin </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> Advisers buys it. Investments rated below BBB or its equivalent are below-investment-grade in quality. This rating reflects a greater possibility that the issuers may be unable to make timely payments of interest and principal and thus default. If a default occurs, or is perceived as likely to occur, the value of the investment will usually be more volatile and is likely to fall. The value of a debt instrument may also be affected by changes in, or perceptions of, the financial condition of the issuer, borrower, counterparty, or other entity, or underlying collateral or assets, or changes in, or perceptions of, specific or general market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. A default or expected default could also make it difficult for the High Yield ETF to sell the investment at a price approximating the value Franklin Advisers had previously placed on it. Lower-rated debt usually has a more limited market than higher-rated debt, which may at times make it difficult for High Yield ETF to buy or sell certain debt instruments or to establish their fair values. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Derivatives risk (For all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the underlying fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures) and legal risk (e.g., insufficient legal documentation or contract enforceability issues). </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate loan risk (for High Yield ETF): To the extent an underlying fund holds floating rate loans, interest rate risk may be reduced but will not be eliminated. While floating rate loans are normally secured by specific collateral or assets of the issuer (so that holders of the loans, such as the underlying fund, will have a priority claim on those assets in the event of default or bankruptcy of the issuer), the value of collateral may be insufficient to meet the issuer’s obligations, and the underlying fund’s access to collateral may be limited by bankruptcy or other insolvency laws. The settlement period (the period between the execution of the trade and the delivery of cash to the purchaser) for floating rate loan transactions is typically longer than seven days, and it is possible that sale proceeds from floating rate loan transactions will not be available to meet redemption obligations. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate obligations risk (for Core Bond ETF and Ultra Short ETF): An underlying fund may purchase taxable floating rate notes for short-term cash management or other investment purposes. Floating rate notes are debt instruments that provide for periodic adjustments in the interest rate. The interest rate on these instruments may be reset daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating rate instrument may be based on a known lending rate, such as the Secured Overnight Financing Rate, and is reset whenever such rate is adjusted. Interest rate adjustments are designed to help stabilize the instrument’s price or maintain a fixed spread to a predetermined benchmark. While this feature may protect against a decline in the instrument’s market price when interest rates or benchmark rates rise, it lowers the underlying fund’s income when interest rates or benchmark rates fall. The underlying fund’s income from its floating rate investments also may increase if interest rates rise. Floating rate obligations are less effective than fixed rate instruments at locking in a particular yield. Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. The underlying fund’s ability to receive payments of principal and interest and other amounts in connection with loans held by it will depend primarily on the financial condition of the issuer. The failure by the underlying fund to receive scheduled interest or principal payments on a loan would adversely affect the income of the underlying fund and would likely reduce the value of its assets, which would be reflected in a reduction in the underlying fund’s net asset value. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate notes and bonds may have a stated maturity in excess of one year, but may have features that permit a holder to demand payment of principal plus accrued interest upon a specified number of days’ notice. Frequently, such obligations are secured by letters of credit or other credit support arrangements provided by banks. If these obligations are not secured by letters of credit or other credit support arrangements, the underlying fund’s right to demand payment will be dependent on the ability of the issuer to pay principal and interest on demand. In addition, these obligations frequently are not rated by credit rating organizations and may involve heightened risk of default by the issuer. The issuer of such obligations normally has a corresponding right, after a given period, to prepay in its discretion the outstanding principal of the obligation plus accrued interest upon a specific number of days’ notice to the holders. There is no assurance that the underlying fund will be able to reinvest the proceeds of any prepayment at the same interest rate or on the same terms as those of the original instrument. The absence of an active secondary market for floating rate notes could make it difficult for the underlying fund to dispose of the instruments, and the underlying fund could suffer a loss if the issuer defaults or during periods in which the underlying fund is not entitled to exercise its demand rights. When a reliable trading market for the floating rate instruments held by the underlying fund does not exist and the underlying fund may not demand payment of the principal amount of such instruments within seven days, the instruments may </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> be deemed illiquid and therefore subject to the underlying fund’s limitation on investments in illiquid securities. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Portfolio turnover rate: An underlying fund’s portfolio turnover rate measures how frequently the underlying fund buys and sells investments. A portfolio turnover rate of 100%, for example, would mean that the underlying fund sold and replaced securities valued at 100% of the underlying fund’s assets within a one-year period. From time to time the underlying fund may engage in frequent trading. Funds with high turnover may be more likely to realize capital gains that must be distributed to shareholders as taxable income. High turnover may also cause a fund to pay more brokerage commissions and other transaction costs (including imputed transaction costs), which may detract from performance. The underlying fund’s portfolio turnover rate and the amount of brokerage commissions it pays and transaction costs it incurs will vary over time based on market conditions. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Management and operational risk: There is no guarantee that the investment techniques, analyses, or judgments that the underlying fund’s investment manager applies in making investment decisions for the underlying fund will produce the intended outcome or that the investments selected for the underlying fund will perform as well as other securities that were not selected for the underlying fund. The underlying fund’s investment manager, or the underlying fund’s other service providers, may experience disruptions or operating errors that could negatively impact the underlying fund. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The underlying fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </div> An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Risks Related to Investing in ETFs: As ETFs, shares of the underlying funds are traded in the secondary market. Prior to trading in the secondary market, shares of the underlying funds are “created” at net asset value by market makers, large investors and institutions (collectively, “authorized participants”) only in creation units. A creation transaction generally takes place when an authorized participant deposits into an underlying fund a designated portfolio of securities, assets or other positions (a “creation basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, in exchange for a specified number of creation units. Similarly, shares of an underlying fund can be redeemed only in creation units, generally for a designated portfolio of securities, assets or other positions held by the underlying fund and an amount of cash (including any portion of such securities for which cash may be substituted), if any. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Fluctuation of net asset value and share price risk: Shares of an underlying fund may trade at a larger premium or discount to the underlying fund’s net asset value than shares of other ETFs. The net asset value of the underlying fund will generally fluctuate with changes in the market value of the underlying fund’s holdings. The underlying fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> the existence of extreme market volatility or potential lack of an active trading market for the underlying fund’s shares may result in the underlying fund’s shares trading significantly above (at a premium) or below (at a discount) net asset value or the intraday value of the underlying fund’s holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for underlying fund shares may become less liquid in response to deteriorating liquidity in the markets for the underlying fund’s underlying portfolio holdings. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Authorized participant concentration risk: Only an authorized participant may engage in creation and redemption transactions directly with an underlying fund. Your fund is not an authorized participant and can only purchase and sell underlying fund shares in the secondary market at market price or through an authorized participant. The underlying fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for underlying fund shares or underlying fund shares may trade at a discount (or premium) to net asset value and possibly face trading halts and/or de-listing. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Trading issues risk: Sustainable Leaders ETF and Sustainable Future ETF began trading publicly in May 2021, while PanAgora International Equity ETF, PanAgora Emerging Markets Equity ETF, Core Bond ETF, High Yield ETF, and Ultra Short ETF began trading publicly in January 2023. There can be no assurance that an active trading market will develop or be maintained or that the market for the underlying fund shares will operate as intended, which could lead to the underlying fund’s shares trading at wider spreads and larger premiums and discounts to net asset value than other actively managed ETFs. As a result, it may cost investors more to trade underlying fund shares than shares of other ETFs. There is no guarantee that the underlying fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in an underlying fund’s shares or to submit purchase and redemption orders for creation units. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The market prices of the underlying fund’s shares are expected to fluctuate, in some cases materially, in response to changes in the underlying fund’s net asset value, the intraday value of the underlying fund’s holdings and supply and demand for the fund’s shares. The investment manager cannot predict whether the underlying fund’s shares will trade above, below or at their net asset value or the intraday value of the underlying fund’s holdings. During periods, when an underlying fund is trading below its net asset value, investors may incur significant losses if they sell shares. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The securities held by the underlying fund may be traded in markets that close at a different time than the exchange on which the underlying fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> exchange and the corresponding premium or discount to the shares’ net asset value may widen. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Large shareholder transaction risk: An underlying fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the underlying fund. The underlying fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the underlying fund. Such shareholders may at times be considered to control the underlying fund. In addition, a large number of shareholders may collectively purchase or redeem underlying fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the underlying fund’s liquidity and net assets. These redemptions may also adversely affect the underlying fund’s performance if the underlying fund is forced to sell securities, which may also increase the underlying fund’s brokerage costs. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Cash transactions risk: Unlike certain ETFs, an underlying fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the underlying fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in the underlying fund’s shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Semi-transparent ETF risk (for Sustainable Leaders ETF and Sustainable Future ETF): Semi-transparent ETFs are different from traditional ETFs. Traditional ETFs disclose to the public what assets they hold each day. However, semi-transparent ETFs do not. This may create additional risks for an investment in a semi-transparent ETF, including that an investor may have to pay more money to trade semi-transparent ETF’s shares in light of the fact that a semi-transparent ETF will provide less information to traders, who tend to charge more for trades when they have less information. The price an investor pays to buy or sell an ETF’s shares on an exchange may not match the value of the ETF’s portfolio, and these price differences may be greater for semi-transparent ETFs compared to other ETFs because they provide less information to traders. These additional risks may be even greater in adverse or uncertain market conditions. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The differences between semi-transparent ETFs and other ETFs may also have advantages. By keeping certain information about a semi-transparent ETFs secret, a semi-transparent ETF may face less risk that other traders can predict or copy its investment strategy. This may improve a semi-transparent ETF’s performance. If other traders are able to copy or predict a semi-transparent ETF’s investment strategy, however, this may hurt a semi-transparent ETF’s performance. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Tracking Basket structure risk (for Sustainable Leaders ETF and Sustainable Future ETF): The semi-transparent ETFs, in which the fund invests are actively managed ETFs that operate pursuant to an exemptive </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> order from the Securities and Exchange Commission and do not publicly disclose their complete portfolio holdings each business day. Instead, each semi-transparent ETF publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the semi-transparent ETF but is not the semi-transparent ETF’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings and/or select securities from the universe from which the semi-transparent ETF’s investments are selected (“Strategy Components”); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the semi-transparent ETF invests; and (3) cash and cash equivalents. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">A semi-transparent ETF’s Tracking Basket structure may affect the price at which shares of the semi-transparent ETF trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of a semi-transparent ETF at or close to its NAV per share, there is a risk that market prices will vary significantly from NAV. A semi-transparent ETF, which trade on the basis of a published Tracking Basket, may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although a semi-transparent ETF seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking Basket to identify a semi-transparent ETF’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders, such as front running the semi-transparent ETF’s trades of portfolio securities. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Arbitrage risk (For Sustainable Leaders ETF and Sustainable Future ETF): Unlike ETFs that publicly disclose their complete portfolio holdings each business day, a semi-transparent ETF provides certain other information intended to allow market participants to estimate the value of positions in the semi-transparent ETF’s shares. Although this information is designed to facilitate arbitrage opportunities in a semi-transparent ETF’s shares to reduce bid/ask spreads and minimize discounts or premiums between the market price and net asset value of the semi-transparent ETF shares, there is no guarantee a semi-transparent ETF’s arbitrage mechanism will operate as intended and that the semi-transparent ETF will not experience wide bid/ask spreads and/or large discounts or premiums to net asset value. In addition, market participants may attempt to use the disclosed information to “reverse engineer”a semi-transparent ETF’s trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact a semi-transparent ETF’s performance. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Trading halt risk (for Sustainable Leaders ETF and Sustainable Future ETF): There may be circumstances where a security held in a semi-transparent ETF’s portfolio but not in the Tracking Basket does not have readily available market quotations. If the semi-transparent ETF’s investment </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> manager determines that such circumstance may affect the reliability of the Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in a semi-transparent ETF’s portfolio, will be publicly disclosed on the semi-transparent ETF’s website, and the semi-transparent ETF’s investment manager will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders. In addition, if securities representing 10% or more of a semi-transparent ETF’s portfolio do not have readily available market quotations, a semi-transparent ETF’s investment manager would promptly request the exchange to halt trading of a semi-transparent ETF, meaning that investors (including the fund) would not be able to trade their shares. Trading may also be halted in other circumstances, for example, due to market conditions. </div> Performance <div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2065 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Before February 10, 2023, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2065 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2065 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:84%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">Q4 2023</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">13.57</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">Q2 2022</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">-14.26</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 11.16%.</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> </tr> </table> Best Quarter: 2023-12-31 0.1357 Worst Quarter: 2022-06-30 -0.1426 2025-09-30 year-to-date return 0.1116 Average annual total returns after sales charges (for periods ended 12/31/24) 0.0983 0.0751 0.0887 0.0627 0.0647 0.0545 0.1460 0.0829 0.1606 0.0866 0.1633 0.0894 0.1660 0.0920 0.1679 0.0936 0.1688 0.0947 0.1678 0.0936 0.2381 0.0854 0.0125 -0.0219 0.1447 0.0845 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 2021-01-04 After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change. </div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Fund summary Putnam Sustainable Retirement 2060 Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 257 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page 44 of the fund’s Statement of Additional Information (“SAI”). </div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) 0.0053 0.0025 0.0035 0.0056 0.0169 -0.0084 0.0085 0.0053 0.0100 0.0035 0.0056 0.0244 -0.0084 0.0160 0.0053 0.0050 0.0050 0.0056 0.0209 -0.0084 0.0125 0.0053 0.0025 0.0050 0.0056 0.0184 -0.0084 0.0100 0.0053 0 0.0050 0.0056 0.0159 -0.0084 0.0075 0.0053 0 0.0035 0.0056 0.0144 -0.0084 0.0060 0.0053 0 0.0025 0.0056 0.0134 -0.0084 0.0050 0.0053 0 0.0035 0.0056 0.0144 -0.0084 0.0060 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective September 30, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. November 30, 2035 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. The example takes into account the expense reimbursement described above. Your actual costs may be higher or lower. </div> 657 831 1019 1563 263 505 871 1699 163 505 871 1699 127 396 686 1511 102 318 552 1224 77 240 417 930 61 192 335 750 51 160 279 629 61 192 335 750 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 20%. </div> 0.20 Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund is one of a series of target date funds that invest primarily in exchange-traded funds (“ETFs”) that focus on investments with positive sustainability or environmental, social, and governance (“ESG”) characteristics, referred to as underlying funds. The underlying funds include funds managed by the Investment Manager, as defined below, and funds managed by affiliated investment advisers. The fund’s asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2060 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in the underlying funds. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, the fund will invest in underlying funds (which, for purposes of this policy, include money market mutual funds advised by the Investment Manager or its affiliates) such that, in the aggregate, it has indirect exposure to investments that meet each underlying fund’s respective sustainability or ESG criteria and that represent at least 80% of the value of its net assets. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders. For purposes of the fund’s 80% policy, net assets include the amount of any borrowings for investment purposes. The Investment Manager may not apply ESG or sustainability criteria to investments that are not subject to the fund’s 80% policy, and such investments may not meet the applicable ESG or sustainability criteria. Through its investments in underlying funds, the fund makes use of a range of ESG- and sustainability- oriented investment strategies and invests across a variety of asset classes. The ESG </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> or sustainability criteria will differ across the underlying funds. These differences may arise both from differences in the underlying funds’ asset classes (such as the characteristics of non-U.S. versus U.S. issuers, or the structural differences (i.e., position in the capital structure) between equity and fixed-income investments) as well as from different managers’ styles. In implementing an underlying fund’s investment strategy, the portfolio managers of the underlying fund may apply and weigh different ESG criteria differently than the portfolio managers of the other underlying funds. There are also expected to be differences in how the portfolio managers of the underlying funds source ESG-related or sustainability-oriented research (e.g., proprietary versus third-party research) and/or their approach to selecting companies based on ESG or sustainability criteria. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the fund’s target date, as shown in the predetermined “glide path” in the chart under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Pending investment in underlying funds, the fund also expects to temporarily invest cash balances resulting from purchase activity by fund shareholders in Putnam Government Money Market Fund, a mutual fund sponsored by the Investment Manager, or in cash or cash equivalents. The fund also expects to invest a portion of its assets in Putnam Government Money Market Fund or in cash or cash equivalents in order to manage shareholder redemptions. The percentage of a fund invested in Putnam Government Money Market Fund is expected to vary over time and will depend on the level of purchase and redemption activity by fund shareholders. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2025 (taking into account any tactical adjustments described below) and its projected approximate allocations to those asset classes and underlying funds as of September 30, 2026. The table does not reflect temporary investments in Putnam Government Money Market Fund or in cash or cash equivalents. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one-year period beginning on September 30, 2025. The table also shows the approximate allocations of other Putnam Sustainable Retirement Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:98%;border-spacing:0px;margin-left:auto"> <tr style="visibility:hidden;line-height:0pt;color:white"> <td style="width:24%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;">Underlying Fund*</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">Year</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2070</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2065</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">2060</div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">(your</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">fund)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2055</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2050</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2045</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2040</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2035</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2030</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">Maturity</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">Fund</div> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Putnam Sustainable Leaders ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">47.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">47.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">45.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">43.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">40.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">38.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">35.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">30.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">18.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">14.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">47.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">47.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">45.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">42.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">40.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">37.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">34.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">28.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Putnam Sustainable Future ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">23.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">23.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">22.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">21.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">20.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">19.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">17.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">15.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">9.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">7.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">23.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">23.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">22.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">20.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Putnam PanAgora ESG International Equity ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">17.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">17.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">17.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">16.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">15.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">14.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">11.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">9.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">5.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">17.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">16.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Putnam PanAgora ESG Emerging Markets Equity ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">5.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">5.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">5.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">5.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">5.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">5.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Putnam ESG Core Bond ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">5.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">9.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">13.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">16.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">24.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">35.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">53.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">51.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">6.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">26.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">38.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">54.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">51.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Putnam ESG High Yield ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">1.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">1.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">2.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">3.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">5.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">7.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">16.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">2.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">16.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Putnam ESG Ultra Short ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">1.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">3.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">6.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">6.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Total Equity**</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">95.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">95.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">91.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">86.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">81.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">76.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">66.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">54.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">33.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">25.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">95.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">94.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">90.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">85.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">80.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">74.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">64.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">50.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">31.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">25.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Total Fixed Income**</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">8.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">13.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">18.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">23.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">33.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">45.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">66.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">74.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">9.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">19.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">25.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">35.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">49.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">68.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">74.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:18pt;margin-bottom:0pt;margin-left:3%;font-size:8pt;font-family:arial narrow;">* Due to rounding, allocations shown in the table above may not total 100%. In addition, because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages. </div><div style="margin-top:4pt;margin-bottom:0pt;margin-left:3%;font-size:8pt;font-family:arial narrow;">** Equity and fixed-income allocations are hypothetical estimates based on an assumption that each of Putnam Sustainable Leaders ETF, Putnam Sustainable Future ETF, Putnam PanAgora ESG International Equity ETF, and Putnam PanAgora ESG </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:3%;font-size:8pt;font-family:arial narrow;"> Emerging Markets Equity ETF is equivalent to an equity investment and each of Putnam ESG Core Bond ETF, Putnam ESG High Yield ETF and Putnam ESG Ultra Short ETF is equivalent to a fixed-income investment. The investment managers of the underlying funds may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and consequently, actual allocations will vary. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager generally expects these changes (other than the tactical adjustments described below) to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable. The Investment Manager may also make tactical adjustments from time to time in the fund’s allocations to underlying funds in response to market conditions within a range of +/- 15% from the allocations to fixed-income and equity asset classes as presented in the fund’s glide path. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Sustainable Retirement Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in the prospectus beginning on page 190, and more information about the underlying funds (which are not offered by this prospectus) is included below and under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:12.5pt;font-family:arial;font-weight:bold;">Information about each underlying fund’s investment strategy </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Sustainable Leaders ETF (“Sustainable Leaders ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainable Leaders ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies that Putnam Investment Management, LLC (“Putnam Management”), Sustainable Leaders ETF’s investment manager, believes exhibit a commitment to financially material sustainable business practices. Sustainable Leaders ETF may also invest in non-U.S. companies. In evaluating investments for Sustainable Leaders ETF, Putnam Management views “financially material sustainable business practices” as business practices that it believes are reasonably likely to impact the financial condition or operating performance of a company and that relate to environmental, social, or corporate governance issues. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Sustainable Leaders ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Leaders ETF’s </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Sustainable Future ETF (“Sustainable Future ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainable Future ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies whose products and services Putnam Management, Sustainable Future ETF’s investment manager, believes provide solutions that directly contribute to sustainable social, environmental and economic development (Solutions Companies). </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Sustainable Future ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Future ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam PanAgora ESG International Equity ETF (“PanAgora International Equity ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">PanAgora International Equity ETF invests mainly in common stocks (growth or value stocks or both) of companies of any size outside the United States with a focus on companies that PanAgora International Equity ETF’s subadviser, PanAgora Asset Management, Inc. (“PanAgora”), believes offer attractive benchmark-relative returns and exhibit positive ESG metrics. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, PanAgora International Equity ETF invests at least 80% of its net assets in equity securities of companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora International Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam PanAgora ESG Emerging Markets Equity ETF (“PanAgora Emerging Markets Equity ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">PanAgora Emerging Markets Equity ETF invests mainly in common stocks (growth or value stocks or both) of emerging markets companies of any size with a focus on companies that PanAgora Emerging Markets Equity ETF’s subadviser, PanAgora, believes offer attractive benchmark-relative returns and exhibit positive ESG metrics. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, PanAgora Emerging Markets Equity ETF invests at least 80% of its net assets in equity securities of emerging markets companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora Emerging Markets Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG Core Bond ETF (“Core Bond ETF”) </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Core Bond ETF invests mainly in a diversified portfolio of investment-grade fixed-income securities with a focus on companies or issuers that Franklin Advisers, Inc. (“Franklin Advisers”), Core Bond ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Core Bond ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Core Bond ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG High Yield ETF (“High Yield ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">High Yield ETF invests mainly in bonds that are below investment grade in quality (sometimes referred to as “junk bonds”) with a focus on companies or issuers that Franklin Advisers, High Yield ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. High Yield ETF invests mainly in bonds that also have one or more of the following characteristics: (1) are obligations of U.S. companies or issuers and (2) have intermediate- to long-term maturities (three years or longer). </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, High Yield ETF invests at least 80% of the value of its net assets in fixed-income securities rated below investment grade that meet Franklin Advisers’ ESG criteria. For a further discussion of High Yield ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG Ultra Short ETF (“Ultra Short ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Ultra Short ETF invests in a diversified short duration portfolio of fixed-income securities comprised of investment-grade money market and other fixed-income securities, including U.S. dollar-denominated foreign securities of these types, with a focus on companies or issuers that Franklin Advisers, Ultra Short ETF’s investment manager, believes meet relevant ESG criteria, on a sector-specific basis. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Ultra Short ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Ultra Short ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainability and ESG investing risk: Investing in underlying funds with an ESG or sustainability focus may result in the fund having exposure to underlying funds that invest in certain types of companies, issuers, industries or sectors that the market may not favor. In evaluating an investment opportunity for the underlying funds, Franklin Advisers, Putnam Management or PanAgora may make investment decisions without the availability of optimal ESG-related data (which may be even less available with securitized debt instruments) or based on information and data that is incomplete or inaccurate. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> Sustainability and ESG metrics are not uniformly defined, and applying such metrics involves subjective assessments. Sustainability and ESG scorings and assessments of issuers can vary across third-party data providers and may change over time. Franklin Advisers, Putnam Management and PanAgora do not rely exclusively on third-party data providers in evaluating sustainability and ESG criteria for the underlying funds. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, particularly with respect to companies in emerging market countries, which may adversely impact the investment process. In addition, the business practices, products or services of issuers in which an underlying fund invests may change over time. As a result of these possibilities, among others, an underlying fund may temporarily hold securities that are inconsistent with the underlying fund’s ESG or sustainability investment criteria. Regulatory changes or interpretations regarding the definitions and/or use of ESG and/or sustainability criteria could have a material adverse effect on the underlying fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. The underlying funds do not restrict investments based solely on “negative screens”, and the underlying fixed-income funds do not restrict their fixed-income investments to “green bonds” (i.e., U.S. dollar-denominated bonds designated as “green” by the Climate Bonds Initiative). For the underlying funds that pursue fixed-income investment strategies, because fixed-income investments generally represent a promise to pay principal and interest by an issuer, and not an ownership interest, and may involve complex structures, ESG-related investment considerations may have a more limited impact on risk and return (or may have an impact over a different investment time horizon) relative to other asset classes, and this may be particularly true for shorter-term investments. In addition, holders of fixed-income investments do not typically have voting rights, unlike holders of equity investments who have the right to vote on issuer proposals. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Market risk: The effects of inflation may erode the value of an investment in an underlying fund over time. The value of investments in an underlying fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying fund’s portfolio holdings, may negatively impact the underlying fund’s performance, and may exacerbate other risks to which the underlying fund is subject. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Common stock risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> industries, such as increases in production costs. Growth investing risk: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Value investing risk: Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the underlying fund’s investment manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Small and midsize companies risk: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. </div> <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Industry or sector concentration risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): From time to time, an underlying fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the underlying fund more vulnerable to adverse developments affecting those industries or sectors. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Model and data risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): If the quantitative models or data that are used in managing an underlying fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the underlying fund may realize losses. Additionally, market movements are likely to change the risk levels and risk allocations of the underlying fund. Investments made based on quantitative models may perform differently from the market as a whole. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Foreign investments risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid. There may be less publicly-available information, or less reliable publicly-available information, about foreign companies (including information related to companies’ ESG practices), particularly with respect to emerging market companies, than publicly-available information regarding U.S. companies. As a result, the underlying fund’s investment manager’s ability to evaluate a foreign company, including with respect to its ESG or sustainability practices, may be more limited than its ability to evaluate a U.S. company. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Geographic focus risk (for PanAgora International Equity ETF and PanAgora Emerging Markets Equity ETF): If an underlying fund invests a substantial percentage of its assets in issuers located in a single country, a </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> small number of countries, or a particular geographic region, such as European and Asian countries, the underlying fund’s performance will likely be closely tied to the market, currency, political, economic, regulatory, geopolitical, and other conditions in such countries or region. These conditions could generally have a greater effect on the underlying fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Fixed income investments risk (for Core Bond ETF, High Yield ETF and Ultra Short ETF): The risks associated with fixed income investments include interest rate risk, which is the risk that the value of an underlying fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the underlying fund’s investments may default on payment of interest or principal. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The underlying fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The underlying fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. The underlying fund’s investments in mortgage-backed securities may make the underlying fund’s net asset value more susceptible to economic, market, political and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. During periods of difficult economic conditions, delinquencies and losses on commercial mortgage-backed investments in particular generally increase, including as a result of the effects of those conditions on commercial real estate markets, the ability of commercial tenants to make loan payments, and the ability of a property to attract and retain commercial tenants. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">High Yield ETF invests mostly in higher-yield, higher-risk debt investments that are rated below BBB or its equivalent at the time of purchase by any nationally recognized securities rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. High Yield ETF may invest up to 15% of High Yield ETF’s total assets in debt investments rated below CCC or its equivalent, at the time of purchase, by each rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. This includes investments in the lowest rating category of the rating agency. High Yield ETF will not necessarily sell an investment if its rating is reduced after Franklin </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> Advisers buys it. Investments rated below BBB or its equivalent are below-investment-grade in quality. This rating reflects a greater possibility that the issuers may be unable to make timely payments of interest and principal and thus default. If a default occurs, or is perceived as likely to occur, the value of the investment will usually be more volatile and is likely to fall. The value of a debt instrument may also be affected by changes in, or perceptions of, the financial condition of the issuer, borrower, counterparty, or other entity, or underlying collateral or assets, or changes in, or perceptions of, specific or general market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. A default or expected default could also make it difficult for the High Yield ETF to sell the investment at a price approximating the value Franklin Advisers had previously placed on it. Lower-rated debt usually has a more limited market than higher-rated debt, which may at times make it difficult for High Yield ETF to buy or sell certain debt instruments or to establish their fair values. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Derivatives risk (For all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the underlying fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures) and legal risk (e.g., insufficient legal documentation or contract enforceability issues). </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate loan risk (for High Yield ETF): To the extent an underlying fund holds floating rate loans, interest rate risk may be reduced but will not be eliminated. While floating rate loans are normally secured by specific collateral or assets of the issuer (so that holders of the loans, such as the underlying fund, will have a priority claim on those assets in the event of default or bankruptcy of the issuer), the value of collateral may be insufficient to meet the issuer’s obligations, and the underlying fund’s access to collateral may be limited by bankruptcy or other insolvency laws. The settlement period (the period between the execution of the trade and the delivery of cash to the purchaser) for floating rate loan transactions is typically longer than seven days, and it is possible that sale proceeds from floating rate loan transactions will not be available to meet redemption obligations. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate obligations risk (for Core Bond ETF and Ultra Short ETF): An underlying fund may purchase taxable floating rate notes for short-term cash management or other investment purposes. Floating rate notes are debt instruments that provide for periodic adjustments in the interest rate. The interest rate on these instruments may be reset daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating rate instrument may be based on a known lending rate, such as the Secured Overnight Financing Rate, and is reset whenever such rate is adjusted. Interest rate adjustments are designed to help stabilize the instrument’s price or maintain a fixed spread to a predetermined benchmark. While this feature may protect against a decline in the instrument’s market price when interest rates or benchmark rates rise, it lowers the underlying fund’s income when interest rates or benchmark rates fall. The underlying fund’s income from its floating rate investments also may increase if interest rates rise. Floating rate obligations are less effective than fixed rate instruments at locking in a particular yield. Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. The underlying fund’s ability to receive payments of principal and interest and other amounts in connection with loans held by it will depend primarily on the financial condition of the issuer. The failure by the underlying fund to receive scheduled interest or principal payments on a loan would adversely affect the income of the underlying fund and would likely reduce the value of its assets, which would be reflected in a reduction in the underlying fund’s net asset value. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate notes and bonds may have a stated maturity in excess of one year, but may have features that permit a holder to demand payment of principal plus accrued interest upon a specified number of days’ notice. Frequently, such obligations are secured by letters of credit or other credit support arrangements provided by banks. If these obligations are not secured by letters of credit or other credit support arrangements, the underlying fund’s right to demand payment will be dependent on the ability of the issuer to pay principal and interest on demand. In addition, these obligations frequently are not rated by credit rating organizations and may involve heightened risk of default by the issuer. The issuer of such obligations normally has a corresponding right, after a given period, to prepay in its discretion the outstanding principal of the obligation plus accrued interest upon a specific number of days’ notice to the holders. There is no assurance that the underlying fund will be able to reinvest the proceeds of any prepayment at the same interest rate or on the same terms as those of the original instrument. The absence of an active secondary market for floating rate notes could make it difficult for the underlying fund to dispose of the instruments, and the underlying fund could suffer a loss if the issuer defaults or during periods in which the underlying fund is not entitled to exercise its demand rights. When a reliable trading market for the floating rate instruments held by the underlying fund does not exist and the underlying fund may not demand payment of the principal amount of such instruments within seven days, the instruments may </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> be deemed illiquid and therefore subject to the underlying fund’s limitation on investments in illiquid securities. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Portfolio turnover rate: An underlying fund’s portfolio turnover rate measures how frequently the underlying fund buys and sells investments. A portfolio turnover rate of 100%, for example, would mean that the underlying fund sold and replaced securities valued at 100% of the underlying fund’s assets within a one-year period. From time to time the underlying fund may engage in frequent trading. Funds with high turnover may be more likely to realize capital gains that must be distributed to shareholders as taxable income. High turnover may also cause a fund to pay more brokerage commissions and other transaction costs (including imputed transaction costs), which may detract from performance. The underlying fund’s portfolio turnover rate and the amount of brokerage commissions it pays and transaction costs it incurs will vary over time based on market conditions. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Management and operational risk: There is no guarantee that the investment techniques, analyses, or judgments that the underlying fund’s investment manager applies in making investment decisions for the underlying fund will produce the intended outcome or that the investments selected for the underlying fund will perform as well as other securities that were not selected for the underlying fund. The underlying fund’s investment manager, or the underlying fund’s other service providers, may experience disruptions or operating errors that could negatively impact the underlying fund. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The underlying fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </div> An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Risks Related to Investing in ETFs: As ETFs, shares of the underlying funds are traded in the secondary market. Prior to trading in the secondary market, shares of the underlying funds are “created” at net asset value by market makers, large investors and institutions (collectively, “authorized participants”) only in creation units. A creation transaction generally takes place when an authorized participant deposits into an underlying fund a designated portfolio of securities, assets or other positions (a “creation basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, in exchange for a specified number of creation units. Similarly, shares of an underlying fund can be redeemed only in creation units, generally for a designated portfolio of securities, assets or other positions held by the underlying fund and an amount of cash (including any portion of such securities for which cash may be substituted), if any. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Fluctuation of net asset value and share price risk: Shares of an underlying fund may trade at a larger premium or discount to the underlying fund’s net asset value than shares of other ETFs. The net asset value of the underlying fund will generally fluctuate with changes in the market value of the underlying fund’s holdings. The underlying fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> the existence of extreme market volatility or potential lack of an active trading market for the underlying fund’s shares may result in the underlying fund’s shares trading significantly above (at a premium) or below (at a discount) net asset value or the intraday value of the underlying fund’s holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for underlying fund shares may become less liquid in response to deteriorating liquidity in the markets for the underlying fund’s underlying portfolio holdings. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Authorized participant concentration risk: Only an authorized participant may engage in creation and redemption transactions directly with an underlying fund. Your fund is not an authorized participant and can only purchase and sell underlying fund shares in the secondary market at market price or through an authorized participant. The underlying fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for underlying fund shares or underlying fund shares may trade at a discount (or premium) to net asset value and possibly face trading halts and/or de-listing. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Trading issues risk: Sustainable Leaders ETF and Sustainable Future ETF began trading publicly in May 2021, while PanAgora International Equity ETF, PanAgora Emerging Markets Equity ETF, Core Bond ETF, High Yield ETF, and Ultra Short ETF began trading publicly in January 2023. There can be no assurance that an active trading market will develop or be maintained or that the market for the underlying fund shares will operate as intended, which could lead to the underlying fund’s shares trading at wider spreads and larger premiums and discounts to net asset value than other actively managed ETFs. As a result, it may cost investors more to trade underlying fund shares than shares of other ETFs. There is no guarantee that the underlying fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in an underlying fund’s shares or to submit purchase and redemption orders for creation units. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The market prices of the underlying fund’s shares are expected to fluctuate, in some cases materially, in response to changes in the underlying fund’s net asset value, the intraday value of the underlying fund’s holdings and supply and demand for the fund’s shares. The investment manager cannot predict whether the underlying fund’s shares will trade above, below or at their net asset value or the intraday value of the underlying fund’s holdings. During periods, when an underlying fund is trading below its net asset value, investors may incur significant losses if they sell shares. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The securities held by the underlying fund may be traded in markets that close at a different time than the exchange on which the underlying fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> exchange and the corresponding premium or discount to the shares’ net asset value may widen. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Large shareholder transaction risk: An underlying fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the underlying fund. The underlying fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the underlying fund. Such shareholders may at times be considered to control the underlying fund. In addition, a large number of shareholders may collectively purchase or redeem underlying fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the underlying fund’s liquidity and net assets. These redemptions may also adversely affect the underlying fund’s performance if the underlying fund is forced to sell securities, which may also increase the underlying fund’s brokerage costs. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Cash transactions risk: Unlike certain ETFs, an underlying fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the underlying fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in the underlying fund’s shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Semi-transparent ETF risk (for Sustainable Leaders ETF and Sustainable Future ETF): Semi-transparent ETFs are different from traditional ETFs. Traditional ETFs disclose to the public what assets they hold each day. However, semi-transparent ETFs do not. This may create additional risks for an investment in a semi-transparent ETF, including that an investor may have to pay more money to trade semi-transparent ETF’s shares in light of the fact that a semi-transparent ETF will provide less information to traders, who tend to charge more for trades when they have less information. The price an investor pays to buy or sell an ETF’s shares on an exchange may not match the value of the ETF’s portfolio, and these price differences may be greater for semi-transparent ETFs compared to other ETFs because they provide less information to traders. These additional risks may be even greater in adverse or uncertain market conditions. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The differences between semi-transparent ETFs and other ETFs may also have advantages. By keeping certain information about a semi-transparent ETFs secret, a semi-transparent ETF may face less risk that other traders can predict or copy its investment strategy. This may improve a semi-transparent ETF’s performance. If other traders are able to copy or predict a semi-transparent ETF’s investment strategy, however, this may hurt a semi-transparent ETF’s performance. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Tracking Basket structure risk (for Sustainable Leaders ETF and Sustainable Future ETF): The semi-transparent ETFs, in which the fund invests are actively managed ETFs that operate pursuant to an exemptive </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> order from the Securities and Exchange Commission and do not publicly disclose their complete portfolio holdings each business day. Instead, each semi-transparent ETF publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the semi-transparent ETF but is not the semi-transparent ETF’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings and/or select securities from the universe from which the semi-transparent ETF’s investments are selected (“Strategy Components”); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the semi-transparent ETF invests; and (3) cash and cash equivalents. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">A semi-transparent ETF’s Tracking Basket structure may affect the price at which shares of the semi-transparent ETF trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of a semi-transparent ETF at or close to its NAV per share, there is a risk that market prices will vary significantly from NAV. A semi-transparent ETF, which trade on the basis of a published Tracking Basket, may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although a semi-transparent ETF seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking Basket to identify a semi-transparent ETF’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders, such as front running the semi-transparent ETF’s trades of portfolio securities. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Arbitrage risk (For Sustainable Leaders ETF and Sustainable Future ETF): Unlike ETFs that publicly disclose their complete portfolio holdings each business day, a semi-transparent ETF provides certain other information intended to allow market participants to estimate the value of positions in the semi-transparent ETF’s shares. Although this information is designed to facilitate arbitrage opportunities in a semi-transparent ETF’s shares to reduce bid/ask spreads and minimize discounts or premiums between the market price and net asset value of the semi-transparent ETF shares, there is no guarantee a semi-transparent ETF’s arbitrage mechanism will operate as intended and that the semi-transparent ETF will not experience wide bid/ask spreads and/or large discounts or premiums to net asset value. In addition, market participants may attempt to use the disclosed information to “reverse engineer”a semi-transparent ETF’s trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact a semi-transparent ETF’s performance. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Trading halt risk (for Sustainable Leaders ETF and Sustainable Future ETF): There may be circumstances where a security held in a semi-transparent ETF’s portfolio but not in the Tracking Basket does not have readily available market quotations. If the semi-transparent ETF’s investment manager determines that such circumstance may affect the reliability of the Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in a semi-transparent ETF’s portfolio, will be publicly disclosed on the semi-transparent ETF’s website, and the semi-transparent ETF’s investment </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> manager will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders. In addition, if securities representing 10% or more of a semi-transparent ETF’s portfolio do not have readily available market quotations, a semi-transparent ETF’s investment manager would promptly request the exchange to halt trading of a semi-transparent ETF, meaning that investors (including the fund) would not be able to trade their shares. Trading may also be halted in other circumstances, for example, due to market conditions. </div> Performance <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2060 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Before February 10, 2023, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2060 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2060 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8.5pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:85%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">Q2 2020</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">18.50</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">Q1 2020</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">-19.62</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8.5pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 10.98%.</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.1850 Worst Quarter: 2020-03-31 -0.1962 2025-09-30 year-to-date return 0.1098 Average annual total returns after sales charges (for periods ended 12/31/24) 0.0919 0.0872 0.0839 0.0890 0.0727 0.0688 0.0558 0.0643 0.0623 0.1390 0.0918 0.0839 0.1534 0.0961 0.0876 0.1566 0.0987 0.0899 0.1592 0.1015 0.0926 0.1609 0.1030 0.0942 0.1621 0.1039 0.0946 0.1611 0.1029 0.0938 0.2381 0.1386 0.1358 0.2502 0.1453 0.1414 0.1363 0.0904 0.0947 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 2015-11-30 After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. </div><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Class C share performance reflects conversion to class A shares after eight years. </div><div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change. </div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Fund summary Putnam Sustainable Retirement 2055 Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 257 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page 44 of the fund’s Statement of Additional Information (“SAI”). </div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) 0.0052 0.0025 0.0023 0.0055 0.0155 -0.0070 0.0085 0.0052 0.0100 0.0023 0.0055 0.0230 -0.0070 0.0160 0.0052 0.0050 0.0038 0.0055 0.0195 -0.0070 0.0125 0.0052 0.0025 0.0038 0.0055 0.0170 -0.0070 0.0100 0.0052 0 0.0038 0.0055 0.0145 -0.0070 0.0075 0.0052 0 0.0023 0.0055 0.0130 -0.0070 0.0060 0.0052 0 0.0013 0.0055 0.0120 -0.0070 0.0050 0.0052 0 0.0023 0.0055 0.0130 -0.0070 0.0060 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective September 30, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. November 30, 2028 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first three years of each period in the example take into account the expense reimbursement described above. Your actual costs may be higher or lower. </div> 657 831 1173 2136 263 505 1028 2271 163 505 1028 2271 127 396 845 2093 102 318 713 1820 77 240 580 1542 61 192 499 1371 51 160 445 1256 61 192 499 1371 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 18%. </div> 0.18 Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund is one of a series of target date funds that invest primarily in exchange-traded funds (“ETFs”) that focus on investments with positive sustainability or environmental, social, and governance (“ESG”) characteristics, referred to as underlying funds. The underlying funds include funds managed by the Investment Manager, as defined below, and funds managed by affiliated investment advisers. The fund’s asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2055 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in the underlying funds. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, the fund will invest in underlying funds (which, for purposes of this policy, include money market mutual funds advised by the Investment Manager or its affiliates) such that, in the aggregate, it has indirect exposure to investments that meet each underlying fund’s respective sustainability or ESG criteria and that represent at least 80% of the value of its net assets. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders. For purposes of the fund’s 80% policy, net assets include the amount of any borrowings for investment purposes. The Investment Manager may not apply ESG or sustainability criteria to investments that are not subject to the fund’s 80% policy, and such investments may not meet the applicable ESG or sustainability criteria. Through its investments in underlying funds, the fund makes use of a range of ESG- and sustainability- oriented investment strategies and invests across a variety of asset classes. The ESG </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> or sustainability criteria will differ across the underlying funds. These differences may arise both from differences in the underlying funds’ asset classes (such as the characteristics of non-U.S. versus U.S. issuers, or the structural differences (i.e., position in the capital structure) between equity and fixed-income investments) as well as from different managers’ styles. In implementing an underlying fund’s investment strategy, the portfolio managers of the underlying fund may apply and weigh different ESG criteria differently than the portfolio managers of the other underlying funds. There are also expected to be differences in how the portfolio managers of the underlying funds source ESG-related or sustainability-oriented research (e.g., proprietary versus third-party research) and/or their approach to selecting companies based on ESG or sustainability criteria. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the fund’s target date, as shown in the predetermined “glide path” in the chart under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Pending investment in underlying funds, the fund also expects to temporarily invest cash balances resulting from purchase activity by fund shareholders in Putnam Government Money Market Fund, a mutual fund sponsored by the Investment Manager, or in cash or cash equivalents. The fund also expects to invest a portion of its assets in Putnam Government Money Market Fund or in cash or cash equivalents in order to manage shareholder redemptions. The percentage of a fund invested in Putnam Government Money Market Fund is expected to vary over time and will depend on the level of purchase and redemption activity by fund shareholders. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2025 (taking into account any tactical adjustments described below) and its projected approximate allocations to those asset classes and underlying funds as of September 30, 2026. The table does not reflect temporary investments in Putnam Government Money Market Fund or in cash or cash equivalents. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one-year period beginning on September 30, 2025. The table also shows the approximate allocations of other Putnam Sustainable Retirement Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:97%;border-spacing:0px;margin-left:auto"> <tr style="visibility:hidden;line-height:0pt;color:white"> <td style="width:24%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td>$</td> <td style="font-size:0pt;white-space:nowrap;"></td> <td style="vertical-align:bottom;width:2%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;">Underlying Fund*</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> Year </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2070 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2065 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"> 2060 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> 2055 (your</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">fund)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2050 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2045 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2040 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2035 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2030 </td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td colspan="3" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> Maturity Fund </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Putnam Sustainable Leaders ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">47.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">47.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">45.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">43.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">40.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">38.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">35.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">30.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">18.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">14.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">47.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">47.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">45.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">42.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">40.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">37.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">34.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">28.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Putnam Sustainable Future ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">23.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">23.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">22.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">21.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">20.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">19.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">17.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">15.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">9.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">7.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">23.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">23.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">22.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">21.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">20.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">18.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">7.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Putnam PanAgora ESG International Equity ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">17.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">17.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">17.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">16.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">15.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">14.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">11.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">9.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">5.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">17.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">16.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">15.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">11.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Putnam PanAgora ESG Emerging Markets Equity ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">5.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">5.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">5.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">5.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">5.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">5.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Putnam ESG Core Bond ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">5.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">9.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">13.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">16.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">24.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">35.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">53.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">51.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">6.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">10.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">13.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">17.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">26.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">38.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">54.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">51.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Putnam ESG High Yield ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">1.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">1.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">2.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">3.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">5.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">7.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">16.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">2.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">8.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">16.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Putnam ESG Ultra Short ETF</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">1.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">3.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">6.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">6.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">0.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">1.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">3.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">6.0%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Total Equity**</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">95.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">95.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">91.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">86.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">81.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">76.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">66.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">54.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">33.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">25.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">95.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">94.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">90.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">85.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">80.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">74.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">64.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">50.8%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">31.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">25.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td rowspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0.13em;text-indent:0.13em;font-size:8pt;font-family:arial narrow;">Total Fixed Income**</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">2025</td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">4.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">8.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">13.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">18.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">23.7%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">33.1%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">45.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">66.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">74.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">2026</td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">4.9%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">5.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;text-align:right;">9.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">14.3%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">19.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">25.5%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">35.4%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">49.2%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">68.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right;">74.6%</td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom;"> </td> </tr> </table><div style="margin-top:18pt;margin-bottom:0pt;margin-left:3%;font-size:8pt;font-family:arial narrow;">* Due to rounding, allocations shown in the table above may not total 100%. In addition, because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages. </div><div style="margin-top:4pt;margin-bottom:0pt;margin-left:3%;font-size:8pt;font-family:arial narrow;">** Equity and fixed-income allocations are hypothetical estimates based on an assumption that each of Putnam Sustainable Leaders ETF, Putnam Sustainable Future ETF, Putnam PanAgora ESG International Equity ETF, and Putnam PanAgora ESG </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial narrow;"> Emerging Markets Equity ETF is equivalent to an equity investment and each of Putnam ESG Core Bond ETF, Putnam ESG High Yield ETF and Putnam ESG Ultra Short ETF is equivalent to a fixed-income investment. The investment managers of the underlying funds may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and consequently, actual allocations will vary. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager generally expects these changes (other than the tactical adjustments described below) to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable. The Investment Manager may also make tactical adjustments from time to time in the fund’s allocations to underlying funds in response to market conditions within a range of +/- 15% from the allocations to fixed-income and equity asset classes as presented in the fund’s glide path. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Sustainable Retirement Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in the prospectus beginning on page 190, and more information about the underlying funds (which are not offered by this prospectus) is included below and under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:12.5pt;font-family:arial;font-weight:bold;">Information about each underlying fund’s investment strategy </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Sustainable Leaders ETF (“Sustainable Leaders ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainable Leaders ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies that Putnam Investment Management, LLC (“Putnam Management”), Sustainable Leaders ETF’s investment manager, believes exhibit a commitment to financially material sustainable business practices. Sustainable Leaders ETF may also invest in non-U.S. companies. In evaluating investments for Sustainable Leaders ETF, Putnam Management views “financially material sustainable business practices” as business practices that it believes are reasonably likely to impact the financial condition or operating performance of a company and that relate to environmental, social, or corporate governance issues. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Sustainable Leaders ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Leaders ETF’s </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Sustainable Future ETF (“Sustainable Future ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainable Future ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies whose products and services Putnam Management, Sustainable Future ETF’s investment manager, believes provide solutions that directly contribute to sustainable social, environmental and economic development (Solutions Companies). </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Sustainable Future ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Future ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam PanAgora ESG International Equity ETF (“PanAgora International Equity ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">PanAgora International Equity ETF invests mainly in common stocks (growth or value stocks or both) of companies of any size outside the United States with a focus on companies that PanAgora International Equity ETF’s subadviser, PanAgora Asset Management, Inc. (“PanAgora”), believes offer attractive benchmark-relative returns and exhibit positive ESG metrics. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, PanAgora International Equity ETF invests at least 80% of its net assets in equity securities of companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora International Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam PanAgora ESG Emerging Markets Equity ETF (“PanAgora Emerging Markets Equity ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">PanAgora Emerging Markets Equity ETF invests mainly in common stocks (growth or value stocks or both) of emerging markets companies of any size with a focus on companies that PanAgora Emerging Markets Equity ETF’s subadviser, PanAgora, believes offer attractive benchmark-relative returns and exhibit positive ESG metrics. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, PanAgora Emerging Markets Equity ETF invests at least 80% of its net assets in equity securities of emerging markets companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora Emerging Markets Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG Core Bond ETF (“Core Bond ETF”) </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Core Bond ETF invests mainly in a diversified portfolio of investment-grade fixed-income securities with a focus on companies or issuers that Franklin Advisers, Inc. (“Franklin Advisers”), Core Bond ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Core Bond ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Core Bond ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG High Yield ETF (“High Yield ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">High Yield ETF invests mainly in bonds that are below investment grade in quality (sometimes referred to as “junk bonds”) with a focus on companies or issuers that Franklin Advisers, High Yield ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. High Yield ETF invests mainly in bonds that also have one or more of the following characteristics: (1) are obligations of U.S. companies or issuers and (2) have intermediate- to long-term maturities (three years or longer). </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, High Yield ETF invests at least 80% of the value of its net assets in fixed-income securities rated below investment grade that meet Franklin Advisers’ ESG criteria. For a further discussion of High Yield ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG Ultra Short ETF (“Ultra Short ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Ultra Short ETF invests in a diversified short duration portfolio of fixed-income securities comprised of investment-grade money market and other fixed-income securities, including U.S. dollar-denominated foreign securities of these types, with a focus on companies or issuers that Franklin Advisers, Ultra Short ETF’s investment manager, believes meet relevant ESG criteria, on a sector-specific basis. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Ultra Short ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Ultra Short ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainability and ESG investing risk: Investing in underlying funds with an ESG or sustainability focus may result in the fund having exposure to underlying funds that invest in certain types of companies, issuers, industries or sectors that the market may not favor. In evaluating an investment opportunity for the underlying funds, Franklin Advisers, Putnam Management or PanAgora may make investment decisions without the availability of optimal ESG-related data (which may be even less available with securitized debt instruments) or based on information and data that is incomplete or inaccurate. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> Sustainability and ESG metrics are not uniformly defined, and applying such metrics involves subjective assessments. Sustainability and ESG scorings and assessments of issuers can vary across third-party data providers and may change over time. Franklin Advisers, Putnam Management and PanAgora do not rely exclusively on third-party data providers in evaluating sustainability and ESG criteria for the underlying funds. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, particularly with respect to companies in emerging market countries, which may adversely impact the investment process. In addition, the business practices, products or services of issuers in which an underlying fund invests may change over time. As a result of these possibilities, among others, an underlying fund may temporarily hold securities that are inconsistent with the underlying fund’s ESG or sustainability investment criteria. Regulatory changes or interpretations regarding the definitions and/or use of ESG and/or sustainability criteria could have a material adverse effect on the underlying fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. The underlying funds do not restrict investments based solely on “negative screens”, and the underlying fixed-income funds do not restrict their fixed-income investments to “green bonds” (i.e., U.S. dollar-denominated bonds designated as “green” by the Climate Bonds Initiative). For the underlying funds that pursue fixed-income investment strategies, because fixed-income investments generally represent a promise to pay principal and interest by an issuer, and not an ownership interest, and may involve complex structures, ESG-related investment considerations may have a more limited impact on risk and return (or may have an impact over a different investment time horizon) relative to other asset classes, and this may be particularly true for shorter-term investments. In addition, holders of fixed-income investments do not typically have voting rights, unlike holders of equity investments who have the right to vote on issuer proposals. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Market risk: The effects of inflation may erode the value of an investment in an underlying fund over time. The value of investments in an underlying fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying fund’s portfolio holdings, may negatively impact the underlying fund’s performance, and may exacerbate other risks to which the underlying fund is subject. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Common stock risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> industries, such as increases in production costs. Growth investing risk: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Value investing risk: Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the underlying fund’s investment manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Small and midsize companies risk: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. </div> <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Industry or sector concentration risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): From time to time, an underlying fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the underlying fund more vulnerable to adverse developments affecting those industries or sectors. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Model and data risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): If the quantitative models or data that are used in managing an underlying fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the underlying fund may realize losses. Additionally, market movements are likely to change the risk levels and risk allocations of the underlying fund. Investments made based on quantitative models may perform differently from the market as a whole. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Foreign investments risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid. There may be less publicly-available information, or less reliable publicly-available information, about foreign companies (including information related to companies’ ESG practices), particularly with respect to emerging market companies, than publicly-available information regarding U.S. companies. As a result, the underlying fund’s investment manager’s ability to evaluate a foreign company, including with respect to its ESG or sustainability practices, may be more limited than its ability to evaluate a U.S. company. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Geographic focus risk (for PanAgora International Equity ETF and PanAgora Emerging Markets Equity ETF): If an underlying fund invests a substantial percentage of its assets in issuers located in a single country, a </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> small number of countries, or a particular geographic region, such as European and Asian countries, the underlying fund’s performance will likely be closely tied to the market, currency, political, economic, regulatory, geopolitical, and other conditions in such countries or region. These conditions could generally have a greater effect on the underlying fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Fixed income investments risk (for Core Bond ETF, High Yield ETF and Ultra Short ETF): The risks associated with fixed income investments include interest rate risk, which is the risk that the value of an underlying fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the underlying fund’s investments may default on payment of interest or principal. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The underlying fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The underlying fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. The underlying fund’s investments in mortgage-backed securities may make the underlying fund’s net asset value more susceptible to economic, market, political and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. During periods of difficult economic conditions, delinquencies and losses on commercial mortgage-backed investments in particular generally increase, including as a result of the effects of those conditions on commercial real estate markets, the ability of commercial tenants to make loan payments, and the ability of a property to attract and retain commercial tenants. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">High Yield ETF invests mostly in higher-yield, higher-risk debt investments that are rated below BBB or its equivalent at the time of purchase by any nationally recognized securities rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. High Yield ETF may invest up to 15% of High Yield ETF’s total assets in debt investments rated below CCC or its equivalent, at the time of purchase, by each rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. This includes investments in the lowest rating category of the rating agency. High Yield ETF will not necessarily sell an investment if its rating is reduced after Franklin </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> Advisers buys it. Investments rated below BBB or its equivalent are below-investment-grade in quality. This rating reflects a greater possibility that the issuers may be unable to make timely payments of interest and principal and thus default. If a default occurs, or is perceived as likely to occur, the value of the investment will usually be more volatile and is likely to fall. The value of a debt instrument may also be affected by changes in, or perceptions of, the financial condition of the issuer, borrower, counterparty, or other entity, or underlying collateral or assets, or changes in, or perceptions of, specific or general market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. A default or expected default could also make it difficult for the High Yield ETF to sell the investment at a price approximating the value Franklin Advisers had previously placed on it. Lower-rated debt usually has a more limited market than higher-rated debt, which may at times make it difficult for High Yield ETF to buy or sell certain debt instruments or to establish their fair values. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Derivatives risk (For all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the underlying fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures) and legal risk (e.g., insufficient legal documentation or contract enforceability issues). </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate loan risk (for High Yield ETF): To the extent an underlying fund holds floating rate loans, interest rate risk may be reduced but will not be eliminated. While floating rate loans are normally secured by specific collateral or assets of the issuer (so that holders of the loans, such as the underlying fund, will have a priority claim on those assets in the event of default or bankruptcy of the issuer), the value of collateral may be insufficient to meet the issuer’s obligations, and the underlying fund’s access to collateral may be limited by bankruptcy or other insolvency laws. The settlement period (the period between the execution of the trade and the delivery of cash to the purchaser) for floating rate loan transactions is typically longer than seven days, and it is possible that sale proceeds from floating rate loan transactions will not be available to meet redemption obligations. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate obligations risk (for Core Bond ETF and Ultra Short ETF): An underlying fund may purchase taxable floating rate notes for short-term cash management or other investment purposes. Floating rate notes are debt instruments that provide for periodic adjustments in the interest rate. The interest rate on these instruments may be reset daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating rate instrument may be based on a known lending rate, such as the Secured Overnight Financing Rate, and is reset whenever such rate is adjusted. Interest rate adjustments are designed to help stabilize the instrument’s price or maintain a fixed spread to a predetermined benchmark. While this feature may protect against a decline in the instrument’s market price when interest rates or benchmark rates rise, it lowers the underlying fund’s income when interest rates or benchmark rates fall. The underlying fund’s income from its floating rate investments also may increase if interest rates rise. Floating rate obligations are less effective than fixed rate instruments at locking in a particular yield. Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. The underlying fund’s ability to receive payments of principal and interest and other amounts in connection with loans held by it will depend primarily on the financial condition of the issuer. The failure by the underlying fund to receive scheduled interest or principal payments on a loan would adversely affect the income of the underlying fund and would likely reduce the value of its assets, which would be reflected in a reduction in the underlying fund’s net asset value. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate notes and bonds may have a stated maturity in excess of one year, but may have features that permit a holder to demand payment of principal plus accrued interest upon a specified number of days’ notice. Frequently, such obligations are secured by letters of credit or other credit support arrangements provided by banks. If these obligations are not secured by letters of credit or other credit support arrangements, the underlying fund’s right to demand payment will be dependent on the ability of the issuer to pay principal and interest on demand. In addition, these obligations frequently are not rated by credit rating organizations and may involve heightened risk of default by the issuer. The issuer of such obligations normally has a corresponding right, after a given period, to prepay in its discretion the outstanding principal of the obligation plus accrued interest upon a specific number of days’ notice to the holders. There is no assurance that the underlying fund will be able to reinvest the proceeds of any prepayment at the same interest rate or on the same terms as those of the original instrument. The absence of an active secondary market for floating rate notes could make it difficult for the underlying fund to dispose of the instruments, and the underlying fund could suffer a loss if the issuer defaults or during periods in which the underlying fund is not entitled to exercise its demand rights. When a reliable trading market for the floating rate instruments held by the underlying fund does not exist and the underlying fund may not demand payment of the principal amount of such instruments within seven days, the instruments may </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> be deemed illiquid and therefore subject to the underlying fund’s limitation on investments in illiquid securities. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Portfolio turnover rate: An underlying fund’s portfolio turnover rate measures how frequently the underlying fund buys and sells investments. A portfolio turnover rate of 100%, for example, would mean that the underlying fund sold and replaced securities valued at 100% of the underlying fund’s assets within a one-year period. From time to time the underlying fund may engage in frequent trading. Funds with high turnover may be more likely to realize capital gains that must be distributed to shareholders as taxable income. High turnover may also cause a fund to pay more brokerage commissions and other transaction costs (including imputed transaction costs), which may detract from performance. The underlying fund’s portfolio turnover rate and the amount of brokerage commissions it pays and transaction costs it incurs will vary over time based on market conditions. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Management and operational risk: There is no guarantee that the investment techniques, analyses, or judgments that the underlying fund’s investment manager applies in making investment decisions for the underlying fund will produce the intended outcome or that the investments selected for the underlying fund will perform as well as other securities that were not selected for the underlying fund. The underlying fund’s investment manager, or the underlying fund’s other service providers, may experience disruptions or operating errors that could negatively impact the underlying fund. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The underlying fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </div> An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Risks Related to Investing in ETFs: As ETFs, shares of the underlying funds are traded in the secondary market. Prior to trading in the secondary market, shares of the underlying funds are “created” at net asset value by market makers, large investors and institutions (collectively, “authorized participants”) only in creation units. A creation transaction generally takes place when an authorized participant deposits into an underlying fund a designated portfolio of securities, assets or other positions (a “creation basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, in exchange for a specified number of creation units. Similarly, shares of an underlying fund can be redeemed only in creation units, generally for a designated portfolio of securities, assets or other positions held by the underlying fund and an amount of cash (including any portion of such securities for which cash may be substituted), if any. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Fluctuation of net asset value and share price risk: Shares of an underlying fund may trade at a larger premium or discount to the underlying fund’s net asset value than shares of other ETFs. The net asset value of the underlying fund will generally fluctuate with changes in the market value of the underlying fund’s holdings. The underlying fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> the existence of extreme market volatility or potential lack of an active trading market for the underlying fund’s shares may result in the underlying fund’s shares trading significantly above (at a premium) or below (at a discount) net asset value or the intraday value of the underlying fund’s holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for underlying fund shares may become less liquid in response to deteriorating liquidity in the markets for the underlying fund’s underlying portfolio holdings. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Authorized participant concentration risk: Only an authorized participant may engage in creation and redemption transactions directly with an underlying fund. Your fund is not an authorized participant and can only purchase and sell underlying fund shares in the secondary market at market price or through an authorized participant. The underlying fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for underlying fund shares or underlying fund shares may trade at a discount (or premium) to net asset value and possibly face trading halts and/or de-listing. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Trading issues risk: Sustainable Leaders ETF and Sustainable Future ETF began trading publicly in May 2021, while PanAgora International Equity ETF, PanAgora Emerging Markets Equity ETF, Core Bond ETF, High Yield ETF, and Ultra Short ETF began trading publicly in January 2023. There can be no assurance that an active trading market will develop or be maintained or that the market for the underlying fund shares will operate as intended, which could lead to the underlying fund’s shares trading at wider spreads and larger premiums and discounts to net asset value than other actively managed ETFs. As a result, it may cost investors more to trade underlying fund shares than shares of other ETFs. There is no guarantee that the underlying fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in an underlying fund’s shares or to submit purchase and redemption orders for creation units. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The market prices of the underlying fund’s shares are expected to fluctuate, in some cases materially, in response to changes in the underlying fund’s net asset value, the intraday value of the underlying fund’s holdings and supply and demand for the fund’s shares. The investment manager cannot predict whether the underlying fund’s shares will trade above, below or at their net asset value or the intraday value of the underlying fund’s holdings. During periods, when an underlying fund is trading below its net asset value, investors may incur significant losses if they sell shares. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The securities held by the underlying fund may be traded in markets that close at a different time than the exchange on which the underlying fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> exchange and the corresponding premium or discount to the shares’ net asset value may widen. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Large shareholder transaction risk: An underlying fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the underlying fund. The underlying fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the underlying fund. Such shareholders may at times be considered to control the underlying fund. In addition, a large number of shareholders may collectively purchase or redeem underlying fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the underlying fund’s liquidity and net assets. These redemptions may also adversely affect the underlying fund’s performance if the underlying fund is forced to sell securities, which may also increase the underlying fund’s brokerage costs. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Cash transactions risk: Unlike certain ETFs, an underlying fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the underlying fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in the underlying fund’s shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Semi-transparent ETF risk (for Sustainable Leaders ETF and Sustainable Future ETF): Semi-transparent ETFs are different from traditional ETFs. Traditional ETFs disclose to the public what assets they hold each day. However, semi-transparent ETFs do not. This may create additional risks for an investment in a semi-transparent ETF, including that an investor may have to pay more money to trade semi-transparent ETF’s shares in light of the fact that a semi-transparent ETF will provide less information to traders, who tend to charge more for trades when they have less information. The price an investor pays to buy or sell an ETF’s shares on an exchange may not match the value of the ETF’s portfolio, and these price differences may be greater for semi-transparent ETFs compared to other ETFs because they provide less information to traders. These additional risks may be even greater in adverse or uncertain market conditions. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The differences between semi-transparent ETFs and other ETFs may also have advantages. By keeping certain information about a semi-transparent ETFs secret, a semi-transparent ETF may face less risk that other traders can predict or copy its investment strategy. This may improve a semi-transparent ETF’s performance. If other traders are able to copy or predict a semi-transparent ETF’s investment strategy, however, this may hurt a semi-transparent ETF’s performance. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Tracking Basket structure risk (for Sustainable Leaders ETF and Sustainable Future ETF): Thesemi-transparent ETFs, in which the fund invests are actively managed ETFs that operate pursuant to an exemptive </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> order from the Securities and Exchange Commission and do not publicly disclose their complete portfolio holdings each business day. Instead, each semi-transparent ETF publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the semi-transparent ETF but is not the semi-transparent ETF’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings and/or select securities from the universe from which the semi-transparent ETF’s investments are selected (“Strategy Components”); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the semi-transparent ETF invests; and (3) cash and cash equivalents. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">A semi-transparent ETF’s Tracking Basket structure may affect the price at which shares of the semi-transparent ETF trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of a semi-transparent ETF at or close to its NAV per share, there is a risk that market prices will vary significantly from NAV. A semi-transparent ETF, which trade on the basis of a published Tracking Basket, may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although a semi-transparent ETF seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking Basket to identify a semi-transparent ETF’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders, such as front running the semi-transparent ETF’s trades of portfolio securities. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Arbitrage risk (For Sustainable Leaders ETF and Sustainable Future ETF): Unlike ETFs that publicly disclose their complete portfolio holdings each business day, a semi-transparent ETF provides certain other information intended to allow market participants to estimate the value of positions in the semi-transparent ETF’s shares. Although this information is designed to facilitate arbitrage opportunities in a semi-transparent ETF’s shares to reduce bid/ask spreads and minimize discounts or premiums between the market price and net asset value of the semi-transparent ETF shares, there is no guarantee a semi-transparent ETF’s arbitrage mechanism will operate as intended and that the semi-transparent ETF will not experience wide bid/ask spreads and/or large discounts or premiums to net asset value. In addition, market participants may attempt to use the disclosed information to “reverse engineer”a semi-transparent ETF’s trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact a semi-transparent ETF’s performance. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Trading halt risk (for Sustainable Leaders ETF and Sustainable Future ETF): There may be circumstances where a security held in a semi-transparent ETF’s portfolio but not in the Tracking Basket does not have readily available market quotations. If the semi-transparent ETF’s investment </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> manager determines that such circumstance may affect the reliability of the Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in a semi-transparent ETF’s portfolio, will be publicly disclosed on the semi-transparent ETF’s website, and the semi-transparent ETF’s investment manager will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders. In addition, if securities representing 10% or more of a semi-transparent ETF’s portfolio do not have readily available market quotations, a semi-transparent ETF’s investment manager would promptly request the exchange to halt trading of a semi-transparent ETF, meaning that investors (including the fund) would not be able to trade their shares. Trading may also be halted in other circumstances, for example, due to market conditions. </div> Performance <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2055 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Before February 10, 2023, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2055 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2055 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:82%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">Q2 2020</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"> 17.84%</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">Q1 2020</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">-19.09%</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 10.68%.</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.1784 Worst Quarter: 2020-03-31 -0.1909 2025-09-30 year-to-date return 0.1068 Average annual total returns after sales charges (for periods ended 12/31/24) 0.0866 0.0826 0.0754 0.0830 0.0683 0.0583 0.0524 0.0609 0.0547 0.1352 0.0875 0.0754 0.1486 0.0915 0.0785 0.1515 0.0942 0.0808 0.1546 0.0970 0.0836 0.1571 0.0986 0.0851 0.1572 0.0994 0.0855 0.1560 0.0983 0.0845 0.2381 0.1386 0.1255 0.0125 -0.0033 0.0135 0.1346 0.0882 0.0854 After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. <div style="margin-top:18pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Class C share performance reflects conversion to class A shares after eight years. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change. </div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Fund summary Putnam Sustainable Retirement 2050 Fund Goal <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.</div> Fees and expenses <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 257 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page 44 of the fund’s Statement of Additional Information (“SAI”). </div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses you pay each year as a percentage of the value of your investment) 0.0051 0.0025 0.0018 0.0055 0.0149 -0.0064 0.0085 0.0051 0.0100 0.0018 0.0055 0.0224 -0.0064 0.0160 0.0051 0.0050 0.0034 0.0055 0.0190 -0.0065 0.0125 0.0051 0.0025 0.0033 0.0055 0.0164 -0.0064 0.0100 0.0051 0 0.0033 0.0055 0.0139 -0.0064 0.0075 0.0051 0 0.0019 0.0055 0.0125 -0.0065 0.0060 0.0051 0 0.0008 0.0055 0.0114 -0.0064 0.0050 0.0051 0 0.0018 0.0055 0.0124 -0.0064 0.0060 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective September 30, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. November 30, 2028 Example <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first three years of each period in the example take into account the expense reimbursement described above. Your actual costs may be higher or lower.</div> 657 831 1159 2087 263 505 1014 2222 163 505 1014 2222 127 396 833 2051 102 318 700 1771 77 240 566 1490 61 192 487 1328 51 160 431 1203 61 192 485 1320 Portfolio turnover <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 18%.</div> 0.18 Investments, risks, and performance Investments <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund is one of a series of target date funds that invest primarily in exchange-traded funds (“ETFs”) that focus on investments with positive sustainability or environmental, social, and governance (“ESG”) characteristics, referred to as underlying funds. The underlying funds include funds managed by the Investment Manager, as defined below, and funds managed by affiliated investment advisers. The fund’s asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2050 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in the underlying funds.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, the fund will invest in underlying funds (which, for purposes of this policy, include money market mutual funds advised by the Investment Manager or its affiliates) such that, in the aggregate, it has indirect exposure to investments that meet each underlying fund’s respective sustainability or ESG criteria and that represent at least 80% of the value of its net assets. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders. For purposes of the fund’s 80% policy, net assets include the amount of any borrowings for investment purposes. The Investment Manager may not apply ESG or sustainability criteria to investments that are not subject to the fund’s 80% policy, and such investments may not meet the applicable ESG or sustainability criteria. Through its investments in underlying funds, the fund makes use of a range of ESG- and sustainability- oriented investment strategies and invests across a variety of asset classes. The ESG</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">or sustainability criteria will differ across the underlying funds. These differences may arise both from differences in the underlying funds’ asset classes (such as the characteristics of non-U.S. versus U.S. issuers, or the structural differences (i.e., position in the capital structure) between equity and fixed-income investments) as well as from different managers’ styles. In implementing an underlying fund’s investment strategy, the portfolio managers of the underlying fund may apply and weigh different ESG criteria differently than the portfolio managers of the other underlying funds. There are also expected to be differences in how the portfolio managers of the underlying funds source ESG-related or sustainability-oriented research (e.g., proprietary versus third-party research) and/or their approach to selecting companies based on ESG or sustainability criteria.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund’s target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the fund’s target date, as shown in the predetermined “glide path” in the chart under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div> <div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Pending investment in underlying funds, the fund also expects to temporarily invest cash balances resulting from purchase activity by fund shareholders in Putnam Government Money Market Fund, a mutual fund sponsored by the Investment Manager, or in cash or cash equivalents. The fund also expects to invest a portion of its assets in Putnam Government Money Market Fund or in cash or cash equivalents in order to manage shareholder redemptions. The percentage of a fund invested in Putnam Government Money Market Fund is expected to vary over time and will depend on the level of purchase and redemption activity by fund shareholders.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2025 (taking into account any tactical adjustments described below) and its projected approximate allocations to those asset classes and underlying funds as of September 30, 2026. The table does not reflect temporary investments in Putnam Government Money Market Fund or in cash or cash equivalents. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one-year period beginning on September 30, 2025. The table also shows the approximate allocations of other Putnam Sustainable Retirement Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 98%; border-spacing: 0px; margin-left: auto;"> <tr> <td style="width: 34%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 16pt;"></td> <td></td> <td></td> <td style="width: 16pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 33pt;"></td> <td></td> <td></td> <td style="width: 33pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; padding-left: 8pt; vertical-align: bottom;">Underlying Fund*</td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> Year </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2070 </td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2065 </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2060 </td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2055 </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial narrow; font-weight: bold; text-align: center;"> 2050 </div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial narrow; font-weight: bold; text-align: center;"> (your </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial narrow; font-weight: bold; text-align: center;"> fund) </div> </td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2045 </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2040 </td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2035 </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2030 </td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> Maturity Fund </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Putnam Sustainable Leaders ETF</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">47.6%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">47.6%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">45.8%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">43.3%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">40.7%</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">38.4%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">35.2%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">30.3%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">18.6%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">14.1%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">47.6%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">47.3%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">45.3%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">42.8%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">40.2%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">37.8%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">34.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">28.2%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">17.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">14.1%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Putnam Sustainable Future ETF</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">23.8%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">23.8%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">22.9%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">21.7%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">20.4%</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">19.2%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">17.6%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">15.2%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">9.3%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">7.1%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">23.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">23.7%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">22.7%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">21.4%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">20.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">18.9%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">17.2%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">14.1%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">8.7%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">7.1%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Putnam PanAgora ESG International Equity ETF</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">17.8%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">17.8%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">17.2%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">16.2%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">15.3%</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">14.2%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">11.9%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">9.1%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">5.6%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">4.2%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">17.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">17.7%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">17.0%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">16.1%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">15.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">13.8%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">11.3%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">8.5%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">5.3%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">4.2%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Putnam PanAgora ESG Emerging Markets Equity ETF</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">5.9%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">5.9%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">5.7%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">5.4%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">5.1%</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">4.5%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">2.2%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">0.0%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">0.0%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">0.0%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">5.9%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">5.9%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">5.7%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">5.4%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">5.0%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">4.0%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">1.7%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">0.0%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">0.0%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">0.0%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Putnam ESG Core Bond ETF</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">3.3%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">3.3%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">5.9%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">9.7%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">13.0%</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">16.1%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">24.8%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">35.4%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">53.4%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">51.7%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">3.3%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">3.7%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">6.6%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">10.4%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">13.6%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">17.8%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">26.9%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">38.6%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">54.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">51.7%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Putnam ESG High Yield ETF</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">1.1%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">1.1%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">2.0%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">3.2%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">4.3%</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">4.9%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">4.8%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">5.3%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">7.1%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">16.9%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">1.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">1.2%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">2.2%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">3.4%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">4.6%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">4.9%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">4.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">5.7%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">8.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">16.9%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Putnam ESG Ultra Short ETF</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">0.5%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">0.5%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">0.5%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">0.5%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">1.2%</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">2.7%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">3.5%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">4.7%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">6.0%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">6.0%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">0.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">0.5%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">0.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">0.5%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">1.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">2.8%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">3.7%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">4.9%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">6.0%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">6.0%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Total Equity**</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">95.1%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">95.1%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">91.6%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">86.6%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">81.5%</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">76.3%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">66.9%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">54.6%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">33.5%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">25.4%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">95.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">94.6%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">90.7%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">85.7%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">80.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">74.5%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">64.6%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">50.8%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">31.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">25.4%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Total Fixed Income**</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">4.9%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">4.9%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">8.4%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">13.4%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">18.5%</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">23.7%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">33.1%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">45.4%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">66.5%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center;">74.6%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt; background-color: #d9d9d9;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">4.9%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">5.4%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">9.3%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">14.3%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">19.6%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">25.5%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">35.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">49.2%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">68.6%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: center;">74.6%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> </table> <div style="margin-top: 24pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial;">* Due to rounding, allocations shown in the table above may not total 100%. In addition, because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial;">** Equity and fixed-income allocations are hypothetical estimates based on an assumption that each of Putnam Sustainable Leaders ETF, Putnam Sustainable Future ETF, Putnam PanAgora ESG International Equity ETF, and Putnam PanAgora ESG</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial;">Emerging Markets Equity ETF is equivalent to an equity investment and each of Putnam ESG Core Bond ETF, Putnam ESG High Yield ETF and Putnam ESG Ultra Short ETF is equivalent to a fixed-income investment. The investment managers of the underlying funds may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and consequently, actual allocations will vary.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager generally expects these changes (other than the tactical adjustments described below) to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable. The Investment Manager may also make tactical adjustments from time to time in the fund’s allocations to underlying funds in response to market conditions within a range of +/- 15% from the allocations to fixed-income and equity asset classes as presented in the fund’s glide path.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Sustainable Retirement Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in the prospectus beginning on page 190, and more information about the underlying funds (which are not offered by this prospectus) is included below and under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 12.5pt; font-family: arial; font-weight: bold;">Information about each underlying fund’s investment strategy</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam Sustainable Leaders ETF (“Sustainable Leaders ETF”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sustainable Leaders ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies that Putnam Investment Management, LLC (“Putnam Management”), Sustainable Leaders ETF’s investment manager, believes exhibit a commitment to financially material sustainable business practices. Sustainable Leaders ETF may also invest in non-U.S. companies. In evaluating investments for Sustainable Leaders ETF, Putnam Management views “financially material sustainable business practices” as business practices that it believes are reasonably likely to impact the financial condition or operating performance of a company and that relate to environmental, social, or corporate governance issues.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, Sustainable Leaders ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Leaders ETF’s </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"> investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam Sustainable Future ETF (“Sustainable Future ETF”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sustainable Future ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies whose products and services Putnam Management, Sustainable Future ETF’s investment manager, believes provide solutions that directly contribute to sustainable social, environmental and economic development (Solutions Companies).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, Sustainable Future ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Future ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam PanAgora ESG International Equity ETF (“PanAgora International Equity ETF”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">PanAgora International Equity ETF invests mainly in common stocks (growth or value stocks or both) of companies of any size outside the United States with a focus on companies that PanAgora International Equity ETF’s subadviser, PanAgora Asset Management, Inc. (“PanAgora”), believes offer attractive benchmark-relative returns and exhibit positive ESG metrics.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, PanAgora International Equity ETF invests at least 80% of its net assets in equity securities of companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora International Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam PanAgora ESG Emerging Markets Equity ETF (“PanAgora Emerging Markets Equity ETF”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">PanAgora Emerging Markets Equity ETF invests mainly in common stocks (growth or value stocks or both) of emerging markets companies of any size with a focus on companies that PanAgora Emerging Markets Equity ETF’s subadviser, PanAgora, believes offer attractive benchmark-relative returns and exhibit positive ESG metrics.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, PanAgora Emerging Markets Equity ETF invests at least 80% of its net assets in equity securities of emerging markets companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora Emerging Markets Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam ESG Core Bond ETF (“Core Bond ETF”)</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Core Bond ETF invests mainly in a diversified portfolio of investment-grade fixed-income securities with a focus on companies or issuers that Franklin Advisers, Inc. (“Franklin Advisers”), Core Bond ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, Core Bond ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Core Bond ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam ESG High Yield ETF (“High Yield ETF”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">High Yield ETF invests mainly in bonds that are below investment grade in quality (sometimes referred to as “junk bonds”) with a focus on companies or issuers that Franklin Advisers, High Yield ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. High Yield ETF invests mainly in bonds that also have one or more of the following characteristics: (1) are obligations of U.S. companies or issuers and (2) have intermediate- to long-term maturities (three years or longer).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, High Yield ETF invests at least 80% of the value of its net assets in fixed-income securities rated below investment grade that meet Franklin Advisers’ ESG criteria. For a further discussion of High Yield ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam ESG Ultra Short ETF (“Ultra Short ETF”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Ultra Short ETF invests in a diversified short duration portfolio of fixed-income securities comprised of investment-grade money market and other fixed-income securities, including U.S. dollar-denominated foreign securities of these types, with a focus on companies or issuers that Franklin Advisers, Ultra Short ETF’s investment manager, believes meet relevant ESG criteria, on a sector-specific basis.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, Ultra Short ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Ultra Short ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> It is important to understand that you can lose money by investing in the fund. <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sustainability and ESG investing risk: Investing in underlying funds with an ESG or sustainability focus may result in the fund having exposure to underlying funds that invest in certain types of companies, issuers, industries or sectors that the market may not favor. In evaluating an investment opportunity for the underlying funds, Franklin Advisers, Putnam Management or PanAgora may make investment decisions without the availability of optimal ESG-related data (which may be even less available with securitized debt instruments) or based on information and data that is incomplete or inaccurate. </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sustainability and ESG metrics are not uniformly defined, and applying such metrics involves subjective assessments. Sustainability and ESG scorings and assessments of issuers can vary across third-party data providers and may change over time. Franklin Advisers, Putnam Management and PanAgora do not rely exclusively on third-party data providers in evaluating sustainability and ESG criteria for the underlying funds. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, particularly with respect to companies in emerging market countries, which may adversely impact the investment process. In addition, the business practices, products or services of issuers in which an underlying fund invests may change over time. As a result of these possibilities, among others, an underlying fund may temporarily hold securities that are inconsistent with the underlying fund’s ESG or sustainability investment criteria. Regulatory changes or interpretations regarding the definitions and/or use of ESG and/or sustainability criteria could have a material adverse effect on the underlying fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. The underlying funds do not restrict investments based solely on “negative screens”, and the underlying fixed-income funds do not restrict their fixed- income investments to “green bonds” (i.e., U.S. dollar-denominated bonds designated as “green” by the Climate Bonds Initiative). For the underlying funds that pursue fixed-income investment strategies, because fixed-income investments generally represent a promise to pay principal and interest by an issuer, and not an ownership interest, and may involve complex structures, ESG-related investment considerations may have a more limited impact on risk and return (or may have an impact over a different investment time horizon) relative to other asset classes, and this may be particularly true for shorter-term investments. In addition, holders of fixed-income investments do not typically have voting rights, unlike holders of equity investments who have the right to vote on issuer proposals.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Market risk: The effects of inflation may erode the value of an investment in an underlying fund over time. The value of investments in an underlying fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying fund’s portfolio holdings, may negatively impact the underlying fund’s performance, and may exacerbate other risks to which the underlying fund is subject.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Common stock risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">industries, such as increases in production costs. Growth investing risk: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Value investing risk: Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the underlying fund’s investment manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Small and midsize companies risk: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. </div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Industry or sector concentration risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): From time to time, an underlying fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the underlying fund more vulnerable to adverse developments affecting those industries or sectors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Model and data risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): If the quantitative models or data that are used in managing an underlying fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the underlying fund may realize losses. Additionally, market movements are likely to change the risk levels and risk allocations of the underlying fund. Investments made based on quantitative models may perform differently from the market as a whole. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Foreign investments risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid. There may be less publicly-available information, or less reliable publicly-available information, about foreign companies (including information related to companies’ ESG practices), particularly with respect to emerging market companies, than publicly-available information regarding U.S. companies. As a result, the underlying fund’s investment manager’s ability to evaluate a foreign company, including with respect to its ESG or sustainability practices, may be more limited than its ability to evaluate a U.S. company. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Geographic focus risk (for PanAgora International Equity ETF and PanAgora Emerging Markets Equity ETF): If an underlying fund invests a substantial percentage of its assets in issuers located in a single country, a</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">small number of countries, or a particular geographic region, such as European and Asian countries, the underlying fund’s performance will likely be closely tied to the market, currency, political, economic, regulatory, geopolitical, and other conditions in such countries or region. These conditions could generally have a greater effect on the underlying fund than they would on a more geographically diversified fund, which may result in greater losses and volatility.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Fixed income investments risk (for Core Bond ETF, High Yield ETF and Ultra Short ETF): The risks associated with fixed income investments include interest rate risk, which is the risk that the value of an underlying fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the underlying fund’s investments may default on payment of interest or principal. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The underlying fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The underlying fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. The underlying fund’s investments in mortgage-backed securities may make the underlying fund’s net asset value more susceptible to economic, market, political and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. During periods of difficult economic conditions, delinquencies and losses on commercial mortgage-backed investments in particular generally increase, including as a result of the effects of those conditions on commercial real estate markets, the ability of commercial tenants to make loan payments, and the ability of a property to attract and retain commercial tenants.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">High Yield ETF invests mostly in higher-yield, higher-risk debt investments that are rated below BBB or its equivalent at the time of purchase by any nationally recognized securities rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. High Yield ETF may invest up to 15% of High Yield ETF’s total assets in debt investments rated below CCC or its equivalent, at the time of purchase, by each rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. This includes investments in the lowest rating category of the rating agency. High Yield ETF will not necessarily sell an investment if its rating is reduced after Franklin</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Advisers buys it. Investments rated below BBB or its equivalent are below-investment-grade in quality. This rating reflects a greater possibility that the issuers may be unable to make timely payments of interest and principal and thus default. If a default occurs, or is perceived as likely to occur, the value of the investment will usually be more volatile and is likely to fall. The value of a debt instrument may also be affected by changes in, or perceptions of, the financial condition of the issuer, borrower, counterparty, or other entity, or underlying collateral or assets, or changes in, or perceptions of, specific or general market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. A default or expected default could also make it difficult for the High Yield ETF to sell the investment at a price approximating the value Franklin Advisers had previously placed on it. Lower-rated debt usually has a more limited market than higher-rated debt, which may at times make it difficult for High Yield ETF to buy or sell certain debt instruments or to establish their fair values.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Derivatives risk (For all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the underlying fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures) and legal risk (e.g., insufficient legal documentation or contract enforceability issues).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Floating rate loan risk (for High Yield ETF): To the extent an underlying fund holds floating rate loans, interest rate risk may be reduced but will not be eliminated. While floating rate loans are normally secured by specific collateral or assets of the issuer (so that holders of the loans, such as the underlying fund, will have a priority claim on those assets in the event of default or bankruptcy of the issuer), the value of collateral may be insufficient to meet the issuer’s obligations, and the underlying fund’s access to collateral may be limited by bankruptcy or other insolvency laws. The settlement period (the period between the execution of the trade and the delivery of cash to the purchaser) for floating rate loan transactions is typically longer than seven days, and it is possible that sale proceeds from floating rate loan transactions will not be available to meet redemption obligations. </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Floating rate obligations risk (for Core Bond ETF and Ultra Short ETF): An underlying fund may purchase taxable floating rate notes for short-term cash management or other investment purposes. Floating rate notes are debt instruments that provide for periodic adjustments in the interest rate. The interest rate on these instruments may be reset daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating rate instrument may be based on a known lending rate, such as the Secured Overnight Financing Rate, and is reset whenever such rate is adjusted. Interest rate adjustments are designed to help stabilize the instrument’s price or maintain a fixed spread to a predetermined benchmark. While this feature may protect against a decline in the instrument’s market price when interest rates or benchmark rates rise, it lowers the underlying fund’s income when interest rates or benchmark rates fall. The underlying fund’s income from its floating rate investments also may increase if interest rates rise. Floating rate obligations are less effective than fixed rate instruments at locking in a particular yield. Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. The underlying fund’s ability to receive payments of principal and interest and other amounts in connection with loans held by it will depend primarily on the financial condition of the issuer. The failure by the underlying fund to receive scheduled interest or principal payments on a loan would adversely affect the income of the underlying fund and would likely reduce the value of its assets, which would be reflected in a reduction in the underlying fund’s net asset value.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Floating rate notes and bonds may have a stated maturity in excess of one year, but may have features that permit a holder to demand payment of principal plus accrued interest upon a specified number of days’ notice. Frequently, such obligations are secured by letters of credit or other credit support arrangements provided by banks. If these obligations are not secured by letters of credit or other credit support arrangements, the underlying fund’s right to demand payment will be dependent on the ability of the issuer to pay principal and interest on demand. In addition, these obligations frequently are not rated by credit rating organizations and may involve heightened risk of default by the issuer. The issuer of such obligations normally has a corresponding right, after a given period, to prepay in its discretion the outstanding principal of the obligation plus accrued interest upon a specific number of days’ notice to the holders. There is no assurance that the underlying fund will be able to reinvest the proceeds of any prepayment at the same interest rate or on the same terms as those of the original instrument. The absence of an active secondary market for floating rate notes could make it difficult for the underlying fund to dispose of the instruments, and the underlying fund could suffer a loss if the issuer defaults or during periods in which the underlying fund is not entitled to exercise its demand rights. When a reliable trading market for the floating rate instruments held by the underlying fund does not exist and the underlying fund may not demand payment of the principal amount of such instruments within seven days, the instruments may</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">be deemed illiquid and therefore subject to the underlying fund’s limitation on investments in illiquid securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Portfolio turnover rate: An underlying fund’s portfolio turnover rate measures how frequently the underlying fund buys and sells investments. A portfolio turnover rate of 100%, for example, would mean that the underlying fund sold and replaced securities valued at 100% of the underlying fund’s assets within a one-year period. From time to time the underlying fund may engage in frequent trading. Funds with high turnover may be more likely to realize capital gains that must be distributed to shareholders as taxable income. High turnover may also cause a fund to pay more brokerage commissions and other transaction costs (including imputed transaction costs), which may detract from performance. The underlying fund’s portfolio turnover rate and the amount of brokerage commissions it pays and transaction costs it incurs will vary over time based on market conditions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Management and operational risk: There is no guarantee that the investment techniques, analyses, or judgments that the underlying fund’s investment manager applies in making investment decisions for the underlying fund will produce the intended outcome or that the investments selected for the underlying fund will perform as well as other securities that were not selected for the underlying fund. The underlying fund’s investment manager, or the underlying fund’s other service providers, may experience disruptions or operating errors that could negatively impact the underlying fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The underlying fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Risks Related to Investing in ETFs: As ETFs, shares of the underlying funds are traded in the secondary market. Prior to trading in the secondary market, shares of the underlying funds are “created” at net asset value by market makers, large investors and institutions (collectively, “authorized participants”) only in creation units. A creation transaction generally takes place when an authorized participant deposits into an underlying fund a designated portfolio of securities, assets or other positions (a “creation basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, in exchange for a specified number of creation units. Similarly, shares of an underlying fund can be redeemed only in creation units, generally for a designated portfolio of securities, assets or other positions held by the underlying fund and an amount of cash (including any portion of such securities for which cash may be substituted), if any.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Fluctuation of net asset value and share price risk: Shares of an underlying fund may trade at a larger premium or discount to the underlying fund’s net asset value than shares of other ETFs. The net asset value of the underlying fund will generally fluctuate with changes in the market value of the underlying fund’s holdings. The underlying fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">the existence of extreme market volatility or potential lack of an active trading market for the underlying fund’s shares may result in the underlying fund’s shares trading significantly above (at a premium) or below (at a discount) net asset value or the intraday value of the underlying fund’s holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for underlying fund shares may become less liquid in response to deteriorating liquidity in the markets for the underlying fund’s underlying portfolio holdings.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Authorized participant concentration risk: Only an authorized participant may engage in creation and redemption transactions directly with an underlying fund. Your fund is not an authorized participant and can only purchase and sell underlying fund shares in the secondary market at market price or through an authorized participant. The underlying fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for underlying fund shares or underlying fund shares may trade at a discount (or premium) to net asset value and possibly face trading halts and/or de-listing.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Trading issues risk: Sustainable Leaders ETF and Sustainable Future ETF began trading publicly in May 2021, while PanAgora International Equity ETF, PanAgora Emerging Markets Equity ETF, Core Bond ETF, High Yield ETF, and Ultra Short ETF began trading publicly in January 2023. There can be no assurance that an active trading market will develop or be maintained or that the market for the underlying fund shares will operate as intended, which could lead to the underlying fund’s shares trading at wider spreads and larger premiums and discounts to net asset value than other actively managed ETFs. As a result, it may cost investors more to trade underlying fund shares than shares of other ETFs. There is no guarantee that the underlying fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in an underlying fund’s shares or to submit purchase and redemption orders for creation units.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The market prices of the underlying fund’s shares are expected to fluctuate, in some cases materially, in response to changes in the underlying fund’s net asset value, the intraday value of the underlying fund’s holdings and supply and demand for the fund’s shares. The investment manager cannot predict whether the underlying fund’s shares will trade above, below or at their net asset value or the intraday value of the underlying fund’s holdings. During periods, when an underlying fund is trading below its net asset value, investors may incur significant losses if they sell shares.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The securities held by the underlying fund may be traded in markets that close at a different time than the exchange on which the underlying fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">exchange and the corresponding premium or discount to the shares’ net asset value may widen.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Large shareholder transaction risk: An underlying fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the underlying fund. The underlying fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the underlying fund. Such shareholders may at times be considered to control the underlying fund. In addition, a large number of shareholders may collectively purchase or redeem underlying fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the underlying fund’s liquidity and net assets. These redemptions may also adversely affect the underlying fund’s performance if the underlying fund is forced to sell securities, which may also increase the underlying fund’s brokerage costs.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Cash transactions risk: Unlike certain ETFs, an underlying fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the underlying fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in the underlying fund’s shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Semi-transparent ETF risk (for Sustainable Leaders ETF and Sustainable Future ETF): Semi-transparent ETFs are different from traditional ETFs. Traditional ETFs disclose to the public what assets they hold each day. However, semi-transparent ETFs do not. This may create additional risks for an investment in a semi-transparent ETF, including that an investor may have to pay more money to trade semi-transparent ETF’s shares in light of the fact that a semi-transparent ETF will provide less information to traders, who tend to charge more for trades when they have less information. The price an investor pays to buy or sell an ETF’s shares on an exchange may not match the value of the ETF’s portfolio, and these price differences may be greater for semi-transparent ETFs compared to other ETFs because they provide less information to traders. These additional risks may be even greater in adverse or uncertain market conditions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The differences between semi-transparent ETFs and other ETFs may also have advantages. By keeping certain information about a semi-transparent ETFs secret, a semi-transparent ETF may face less risk that other traders can predict or copy its investment strategy. This may improve a semi-transparent ETF’s performance. If other traders are able to copy or predict a semi-transparent ETF’s investment strategy, however, this may hurt a semi-transparent ETF’s performance.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Tracking Basket structure risk (for Sustainable Leaders ETF and Sustainable Future ETF): Thesemi-transparent ETFs, in which the fund invests are actively managed ETFs that operate pursuant to an exemptive</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">order from the Securities and Exchange Commission and do not publicly disclose their complete portfolio holdings each business day. Instead, each semi-transparent ETF publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the semi-transparent ETF but is not the semi-transparent ETF’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings and/or select securities from the universe from which the semi-transparent ETF’s investments are selected (“Strategy Components”); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the semi-transparent ETF invests; and (3) cash and cash equivalents.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">A semi-transparent ETF’s Tracking Basket structure may affect the price at which shares of the semi-transparent ETF trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of a semi-transparent ETF at or close to its NAV per share, there is a risk that market prices will vary significantly from NAV. A semi-transparent ETF, which trade on the basis of a published Tracking Basket, may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although a semi-transparent ETF seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking Basket to identify a semi-transparent ETF’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders, such as front running the semi-transparent ETF’s trades of portfolio securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Arbitrage risk (For Sustainable Leaders ETF and Sustainable Future ETF): Unlike ETFs that publicly disclose their complete portfolio holdings each business day, a semi-transparent ETF provides certain other information intended to allow market participants to estimate the value of positions in the semi-transparent ETF’s shares. Although this information is designed to facilitate arbitrage opportunities in a semi-transparent ETF’s shares to reduce bid/ask spreads and minimize discounts or premiums between the market price and net asset value of the semi-transparent ETF shares, there is no guarantee a semi-transparent ETF’s arbitrage mechanism will operate as intended and that the semi-transparent ETF will not experience wide bid/ask spreads and/or large discounts or premiums to net asset value. In addition, market participants may attempt to use the disclosed information to “reverse engineer”a semi-transparent ETF’s trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact a semi-transparent ETF’s performance.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Trading halt risk (for Sustainable Leaders ETF and Sustainable Future ETF): There may be circumstances where a security held in a semi-transparent ETF’s portfolio but not in the Tracking Basket does not have readily available market quotations. If the semi-transparent ETF’s investment</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">manager determines that such circumstance may affect the reliability of the Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in a semi-transparent ETF’s portfolio, will be publicly disclosed on the semi-transparent ETF’s website, and the semi-transparent ETF’s investment manager will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders. In addition, if securities representing 10% or more of a semi-transparent ETF’s portfolio do not have readily available market quotations, a semi-transparent ETF’s investment manager would promptly request the exchange to halt trading of a semi-transparent ETF, meaning that investors (including the fund) would not be able to trade their shares. Trading may also be halted in other circumstances, for example, due to market conditions.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2050 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Before February 10, 2023, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown.</div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2050 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2050 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 77%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Best Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;">Q2 2020</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;"> 16.93%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Worst Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;">Q1 2020</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;">-18.33%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt; background-color: #cceeff;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 10.28%.</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.1693 Worst Quarter: 2020-03-31 -0.1833 2025-09-30 year-to-date return 0.1028 Average annual total returns after sales charges(for periods ended 12/31/24) 0.0820 0.0778 0.0724 0.0778 0.0629 0.0571 0.0498 0.0568 0.0532 0.1293 0.0826 0.0724 0.1433 0.0869 0.0755 0.1462 0.0893 0.0778 0.1488 0.0919 0.0805 0.1511 0.0938 0.0820 0.1522 0.0946 0.0824 0.1509 0.0935 0.0815 0.2381 0.1386 0.1255 0.0125 -0.0033 0.0135 0.1359 0.0885 0.0849 After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. <div style="margin-top: 18pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Class C share performance reflects conversion to class A shares after eight years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change. </div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Fund summary Putnam Sustainable Retirement 2045 Fund Goal <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial;">The fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.</div> Fees and expenses <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 257 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page 44 of the fund’s Statement of Additional Information (“SAI”). </div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses you pay each year as a percentage of the value of your investment) 0.0050 0.0025 0.0018 0.0053 0.0146 -0.0061 0.0085 0.0050 0.0100 0.0018 0.0053 0.0221 -0.0061 0.0160 0.0050 0.0050 0.0033 0.0053 0.0186 -0.0061 0.0125 0.0050 0.0025 0.0033 0.0053 0.0161 -0.0061 0.0100 0.0050 0 0.0033 0.0053 0.0136 -0.0061 0.0075 0.0050 0 0.0018 0.0053 0.0121 -0.0061 0.0060 0.0050 0 0.0008 0.0053 0.0111 -0.0061 0.0050 0.0050 0 0.0018 0.0053 0.0121 -0.0061 0.0060 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective September 30, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. November 30, 2028 Example <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first three years of each period in the example take into account the expense reimbursement described above. Your actual costs may be higher or lower.</div> 657 831 1153 2064 263 505 1008 2199 163 505 1008 2199 127 396 825 2019 102 318 692 1746 77 240 560 1467 61 192 478 1293 51 160 423 1175 61 192 478 1293 Portfolio turnover <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 19%.</div> 0.19 Investments, risks, and performance Investments <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial;">The fund is one of a series of target date funds that invest primarily in exchange-traded funds (“ETFs”) that focus on investments with positive sustainability or environmental, social, and governance (“ESG”) characteristics, referred to as underlying funds. The underlying funds include funds managed by the Investment Manager, as defined below, and funds managed by affiliated investment advisers. The fund’s asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2045 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in the underlying funds.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial;">Under normal circumstances, the fund will invest in underlying funds (which, for purposes of this policy, include money market mutual funds advised by the Investment Manager or its affiliates) such that, in the aggregate, it has indirect exposure to investments that meet each underlying fund’s respective sustainability or ESG criteria and that represent at least 80% of the value of its net assets. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders. For purposes of the fund’s 80% policy, net assets include the amount of any borrowings for investment purposes. The Investment Manager may not apply ESG or sustainability criteria to investments that are not subject to the fund’s 80% policy, and such investments may not meet the applicable ESG or sustainability criteria. Through its investments in underlying funds, the fund makes use of a range of ESG- and sustainability- oriented investment strategies and invests across a variety of asset classes. The ESG</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">or sustainability criteria will differ across the underlying funds. These differences may arise both from differences in the underlying funds’ asset classes (such as the characteristics of non-U.S. versus U.S. issuers, or the structural differences (i.e., position in the capital structure) between equity and fixed-income investments) as well as from different managers’ styles. In implementing an underlying fund’s investment strategy, the portfolio managers of the underlying fund may apply and weigh different ESG criteria differently than the portfolio managers of the other underlying funds. There are also expected to be differences in how the portfolio managers of the underlying funds source ESG-related or sustainability-oriented research (e.g., proprietary versus third-party research) and/or their approach to selecting companies based on ESG or sustainability criteria.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund’s target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the fund’s target date, as shown in the predetermined “glide path” in the chart under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Pending investment in underlying funds, the fund also expects to temporarily invest cash balances resulting from purchase activity by fund shareholders in Putnam Government Money Market Fund, a mutual fund sponsored by the Investment Manager, or in cash or cash equivalents. The fund also expects to invest a portion of its assets in Putnam Government Money Market Fund or in cash or cash equivalents in order to manage shareholder redemptions. The percentage of a fund invested in Putnam Government Money Market Fund is expected to vary over time and will depend on the level of purchase and redemption activity by fund shareholders.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2025 (taking into account any tactical adjustments described below) and its projected approximate allocations to those asset classes and underlying funds as of September 30, 2026. The table does not reflect temporary investments in Putnam Government Money Market Fund or in cash or cash equivalents. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one-year period beginning on September 30, 2025. The table also shows the approximate allocations of other Putnam Sustainable Retirement Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 98%; border-spacing: 0px; margin-left: auto;"> <tr> <td style="width: 35%;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 51pt;"></td> <td></td> <td></td> <td style="width: 51pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 15pt;"></td> <td></td> <td></td> <td style="width: 15pt;"></td> <td style="vertical-align: bottom; width: 2%;"></td> <td style="width: 33pt;"></td> <td></td> <td></td> <td style="width: 33pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; padding-left: 8pt; vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial narrow; font-weight: bold;">Underlying</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial narrow; font-weight: bold;">Fund*</div> </td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> Year </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2070 </td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2065 </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2060 </td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2055 </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2050 </td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; background-color: #d9d9d9; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial narrow; font-weight: bold; text-align: center;"> 2045 (your fund) </div> </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2040 </td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2035 </td> <td style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> 2030 </td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom;"> </td> <td colspan="4" style="border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 1.00pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"> Maturity Fund </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Putnam Sustainable Leaders ETF</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">47.6%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">47.6%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">45.8%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">43.3%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">40.7%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">38.4%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">35.2%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">30.3%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">18.6%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">14.1%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">47.6%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">47.3%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">45.3%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">42.8%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">40.2%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">37.8%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">34.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">28.2%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">17.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">14.1%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Putnam Sustainable Future ETF</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">23.8%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">23.8%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">22.9%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">21.7%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">20.4%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">19.2%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">17.6%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">15.2%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">9.3%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">7.1%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">23.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">23.7%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">22.7%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">21.4%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">20.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">18.9%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">17.2%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">14.1%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.7%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.1%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Putnam PanAgora ESG International Equity ETF</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">17.8%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">17.8%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">17.2%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">16.2%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">15.3%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">14.2%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">11.9%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">9.1%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">5.6%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">4.2%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">17.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">17.7%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">17.0%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">16.1%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">15.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">13.8%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">11.3%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.5%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.3%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.2%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Putnam PanAgora ESG Emerging Markets Equity ETF</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">5.9%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">5.9%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">5.7%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">5.4%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">5.1%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">4.5%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.2%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.0%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.0%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.0%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.9%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.9%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.7%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.4%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.0%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">4.0%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.7%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.0%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.0%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.0%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Putnam ESG Core Bond ETF</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.3%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.3%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">5.9%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">9.7%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">13.0%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">16.1%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">24.8%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">35.4%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">53.4%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">51.7%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">3.3%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">3.7%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.6%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.4%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.6%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">17.8%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">26.9%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">38.6%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">54.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">51.7%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Putnam ESG High Yield ETF</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.1%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.1%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2.0%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.2%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">4.3%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">4.9%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">4.8%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">5.3%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">7.1%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">16.9%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.2%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.2%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">3.4%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.6%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">4.9%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.8%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.7%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">16.9%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Putnam ESG Ultra Short ETF</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">1.2%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">2.7%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">3.5%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">4.7%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">6.0%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">6.0%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">2.8%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">3.7%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.9%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.0%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.0%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Total Equity**</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">95.1%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">95.1%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">91.6%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">86.6%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">81.5%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">76.3%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">66.9%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">54.6%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">33.5%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">25.4%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">95.1%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">94.6%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">90.7%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">85.7%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">80.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">74.5%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">64.6%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">50.8%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">31.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">25.4%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial narrow;">Total Fixed Income**</div> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">4.9%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">4.9%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">8.4%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">13.4%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">18.5%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">23.7%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">33.1%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">45.4%</td> <td style="border-right: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">66.5%</td> <td style="white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">74.6%</td> <td style="border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="5" style="height: 1.5pt;"></td> <td colspan="5" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.9%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.4%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">9.3%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">14.3%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">19.6%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">25.5%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">35.4%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">49.2%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">68.6%</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"></td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">74.6%</td> <td style="padding-bottom: 2pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"></td> </tr> </table> <div style="margin-top: 18pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial narrow;">* Due to rounding, allocations shown in the table above may not total 100%. In addition, because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial narrow;">** Equity and fixed-income allocations are hypothetical estimates based on an assumption that each of Putnam Sustainable Leaders ETF, Putnam Sustainable Future ETF, Putnam PanAgora ESG International Equity ETF, and Putnam PanAgora ESG</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial narrow;">Emerging Markets Equity ETF is equivalent to an equity investment and each of Putnam ESG Core Bond ETF, Putnam ESG High Yield ETF and Putnam ESG Ultra Short ETF is equivalent to a fixed-income investment. The investment managers of the underlying funds may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and consequently, actual allocations will vary.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager generally expects these changes (other than the tactical adjustments described below) to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable. The Investment Manager may also make tactical adjustments from time to time in the fund’s allocations to underlying funds in response to market conditions within a range of +/- 15% from the allocations to fixed-income and equity asset classes as presented in the fund’s glide path.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Sustainable Retirement Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in the prospectus beginning on page 190, and more information about the underlying funds (which are not offered by this prospectus) is included below and under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 12.5pt; font-family: arial; font-weight: bold;">Information about each underlying fund’s investment strategy</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam Sustainable Leaders ETF (“Sustainable Leaders ETF”)</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sustainable Leaders ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies that Putnam Investment Management, LLC (“Putnam Management”), Sustainable Leaders ETF’s investment manager, believes exhibit a commitment to financially material sustainable business practices. Sustainable Leaders ETF may also invest in non-U.S. companies. In evaluating investments for Sustainable Leaders ETF, Putnam Management views “financially material sustainable business practices” as business practices that it believes are reasonably likely to impact the financial condition or operating performance of a company and that relate to environmental, social, or corporate governance issues.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, Sustainable Leaders ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Leaders ETF’s</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam Sustainable Future ETF (“Sustainable Future ETF”)</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sustainable Future ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies whose products and services Putnam Management, Sustainable Future ETF’s investment manager, believes provide solutions that directly contribute to sustainable social, environmental and economic development (Solutions Companies).</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, Sustainable Future ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Future ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam PanAgora ESG International Equity ETF (“PanAgora International Equity ETF”)</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">PanAgora International Equity ETF invests mainly in common stocks (growth or value stocks or both) of companies of any size outside the United States with a focus on companies that PanAgora International Equity ETF’s subadviser, PanAgora Asset Management, Inc. (“PanAgora”), believes offer attractive benchmark-relative returns and exhibit positive ESG metrics.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, PanAgora International Equity ETF invests at least 80% of its net assets in equity securities of companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora International Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam PanAgora ESG Emerging Markets Equity ETF (“PanAgora Emerging Markets Equity ETF”)</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">PanAgora Emerging Markets Equity ETF invests mainly in common stocks (growth or value stocks or both) of emerging markets companies of any size with a focus on companies that PanAgora Emerging Markets Equity ETF’s subadviser, PanAgora, believes offer attractive benchmark-relative returns and exhibit positive ESG metrics.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, PanAgora Emerging Markets Equity ETF invests at least 80% of its net assets in equity securities of emerging markets companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora Emerging Markets Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam ESG Core Bond ETF (“Core Bond ETF”)</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Core Bond ETF invests mainly in a diversified portfolio of investment-grade fixed-income securities with a focus on companies or issuers that Franklin Advisers, Inc. (“Franklin Advisers”), Core Bond ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, Core Bond ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Core Bond ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam ESG High Yield ETF (“High Yield ETF”)</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">High Yield ETF invests mainly in bonds that are below investment grade in quality (sometimes referred to as “junk bonds”) with a focus on companies or issuers that Franklin Advisers, High Yield ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. High Yield ETF invests mainly in bonds that also have one or more of the following characteristics: (1) are obligations of U.S. companies or issuers and (2) have intermediate- to long-term maturities (three years or longer).</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, High Yield ETF invests at least 80% of the value of its net assets in fixed-income securities rated below investment grade that meet Franklin Advisers’ ESG criteria. For a further discussion of High Yield ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam ESG Ultra Short ETF (“Ultra Short ETF”)</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Ultra Short ETF invests in a diversified short duration portfolio of fixed-income securities comprised of investment-grade money market and other fixed-income securities, including U.S. dollar-denominated foreign securities of these types, with a focus on companies or issuers that Franklin Advisers, Ultra Short ETF’s investment manager, believes meet relevant ESG criteria, on a sector-specific basis.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, Ultra Short ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Ultra Short ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> It is important to understand that you can lose money by investing in the fund. <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sustainability and ESG investing risk: Investing in underlying funds with an ESG or sustainability focus may result in the fund having exposure to underlying funds that invest in certain types of companies, issuers, industries or sectors that the market may not favor. In evaluating an investment opportunity for the underlying funds, Franklin Advisers, Putnam Management or PanAgora may make investment decisions without the availability of optimal ESG-related data (which may be even less available with securitized debt instruments) or based on information and data that is incomplete or inaccurate.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sustainability and ESG metrics are not uniformly defined, and applying such metrics involves subjective assessments. Sustainability and ESG scorings and assessments of issuers can vary across third-party data providers and may change over time. Franklin Advisers, Putnam Management and PanAgora do not rely exclusively on third-party data providers in evaluating sustainability and ESG criteria for the underlying funds. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, particularly with respect to companies in emerging market countries, which may adversely impact the investment process. In addition, the business practices, products or services of issuers in which an underlying fund invests may change over time. As a result of these possibilities, among others, an underlying fund may temporarily hold securities that are inconsistent with the underlying fund’s ESG or sustainability investment criteria. Regulatory changes or interpretations regarding the definitions and/or use of ESG and/or sustainability criteria could have a material adverse effect on the underlying fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. The underlying funds do not restrict investments based solely on “negative screens”, and the underlying fixed-income funds do not restrict their fixed-income investments to “green bonds” (i.e., U.S. dollar-denominated bonds designated as “green” by the Climate Bonds Initiative). For the underlying funds that pursue fixed-income investment strategies, because fixed-income investments generally represent a promise to pay principal and interest by an issuer, and not an ownership interest, and may involve complex structures, ESG-related investment considerations may have a more limited impact on risk and return (or may have an impact over a different investment time horizon) relative to other asset classes, and this may be particularly true for shorter-term investments. In addition, holders of fixed-income investments do not typically have voting rights, unlike holders of equity investments who have the right to vote on issuer proposals.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Market risk: The effects of inflation may erode the value of an investment in an underlying fund over time. The value of investments in an underlying fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying fund’s portfolio holdings, may negatively impact the underlying fund’s performance, and may exacerbate other risks to which the underlying fund is subject.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Common stock risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">industries, such as increases in production costs. Growth investing risk: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial;">Value investing risk: Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the underlying fund’s investment manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial;">Small and midsize companies risk: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial;">Industry or sector concentration risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): From time to time, an underlying fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the underlying fund more vulnerable to adverse developments affecting those industries or sectors. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Model and data risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): If the quantitative models or data that are used in managing an underlying fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the underlying fund may realize losses. Additionally, market movements are likely to change the risk levels and risk allocations of the underlying fund. Investments made based on quantitative models may perform differently from the market as a whole. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Foreign investments risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid. There may be less publicly-available information, or less reliable publicly-available information, about foreign companies (including information related to companies’ ESG practices), particularly with respect to emerging market companies, than publicly-available information regarding U.S. companies. As a result, the underlying fund’s investment manager’s ability to evaluate a foreign company, including with respect to its ESG or sustainability practices, may be more limited than its ability to evaluate a U.S. company. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Geographic focus risk (for PanAgora International Equity ETF and PanAgora Emerging Markets Equity ETF): If an underlying fund invests a substantial percentage of its assets in issuers located in a single country, a</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">small number of countries, or a particular geographic region, such as European and Asian countries, the underlying fund’s performance will likely be closely tied to the market, currency, political, economic, regulatory, geopolitical, and other conditions in such countries or region. These conditions could generally have a greater effect on the underlying fund than they would on a more geographically diversified fund, which may result in greater losses and volatility.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Fixed income investments risk (for Core Bond ETF, High Yield ETF and Ultra Short ETF): The risks associated with fixed income investments include interest rate risk, which is the risk that the value of an underlying fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the underlying fund’s investments may default on payment of interest or principal. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The underlying fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The underlying fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. The underlying fund’s investments in mortgage-backed securities may make the underlying fund’s net asset value more susceptible to economic, market, political and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. During periods of difficult economic conditions, delinquencies and losses on commercial mortgage-backed investments in particular generally increase, including as a result of the effects of those conditions on commercial real estate markets, the ability of commercial tenants to make loan payments, and the ability of a property to attract and retain commercial tenants.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">High Yield ETF invests mostly in higher-yield, higher-risk debt investments that are rated below BBB or its equivalent at the time of purchase by any nationally recognized securities rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. High Yield ETF may invest up to 15% of High Yield ETF’s total assets in debt investments rated below CCC or its equivalent, at the time of purchase, by each rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. This includes investments in the lowest rating category of the rating agency. High Yield ETF will not necessarily sell an investment if its rating is reduced after Franklin</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Advisers buys it. Investments rated below BBB or its equivalent are below-investment-grade in quality. This rating reflects a greater possibility that the issuers may be unable to make timely payments of interest and principal and thus default. If a default occurs, or is perceived as likely to occur, the value of the investment will usually be more volatile and is likely to fall. The value of a debt instrument may also be affected by changes in, or perceptions of, the financial condition of the issuer, borrower, counterparty, or other entity, or underlying collateral or assets, or changes in, or perceptions of, specific or general market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. A default or expected default could also make it difficult for the High Yield ETF to sell the investment at a price approximating the value Franklin Advisers had previously placed on it. Lower-rated debt usually has a more limited market than higher-rated debt, which may at times make it difficult for High Yield ETF to buy or sell certain debt instruments or to establish their fair values.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Derivatives risk (For all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the underlying fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures) and legal risk (e.g., insufficient legal documentation or contract enforceability issues).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Floating rate loan risk (for High Yield ETF): To the extent an underlying fund holds floating rate loans, interest rate risk may be reduced but will not be eliminated. While floating rate loans are normally secured by specific collateral or assets of the issuer (so that holders of the loans, such as the underlying fund, will have a priority claim on those assets in the event of default or bankruptcy of the issuer), the value of collateral may be insufficient to meet the issuer’s obligations, and the underlying fund’s access to collateral may be limited by bankruptcy or other insolvency laws. The settlement period (the period between the execution of the trade and the delivery of cash to the purchaser) for floating rate loan transactions is typically longer than seven days, and it is possible that sale proceeds from floating rate loan transactions will not be available to meet redemption obligations.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Floating rate obligations risk (for Core Bond ETF and Ultra Short ETF): An underlying fund may purchase taxable floating rate notes for short-term cash management or other investment purposes. Floating rate notes are debt instruments that provide for periodic adjustments in the interest rate. The interest rate on these instruments may be reset daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating rate instrument may be based on a known lending rate, such as the Secured Overnight Financing Rate, and is reset whenever such rate is adjusted. Interest rate adjustments are designed to help stabilize the instrument’s price or maintain a fixed spread to a predetermined benchmark. While this feature may protect against a decline in the instrument’s market price when interest rates or benchmark rates rise, it lowers the underlying fund’s income when interest rates or benchmark rates fall. The underlying fund’s income from its floating rate investments also may increase if interest rates rise. Floating rate obligations are less effective than fixed rate instruments at locking in a particular yield. Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. The underlying fund’s ability to receive payments of principal and interest and other amounts in connection with loans held by it will depend primarily on the financial condition of the issuer. The failure by the underlying fund to receive scheduled interest or principal payments on a loan would adversely affect the income of the underlying fund and would likely reduce the value of its assets, which would be reflected in a reduction in the underlying fund’s net asset value.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Floating rate notes and bonds may have a stated maturity in excess of one year, but may have features that permit a holder to demand payment of principal plus accrued interest upon a specified number of days’ notice. Frequently, such obligations are secured by letters of credit or other credit support arrangements provided by banks. If these obligations are not secured by letters of credit or other credit support arrangements, the underlying fund’s right to demand payment will be dependent on the ability of the issuer to pay principal and interest on demand. In addition, these obligations frequently are not rated by credit rating organizations and may involve heightened risk of default by the issuer. The issuer of such obligations normally has a corresponding right, after a given period, to prepay in its discretion the outstanding principal of the obligation plus accrued interest upon a specific number of days’ notice to the holders. There is no assurance that the underlying fund will be able to reinvest the proceeds of any prepayment at the same interest rate or on the same terms as those of the original instrument. The absence of an active secondary market for floating rate notes could make it difficult for the underlying fund to dispose of the instruments, and the underlying fund could suffer a loss if the issuer defaults or during periods in which the underlying fund is not entitled to exercise its demand rights. When a reliable trading market for the floating rate instruments held by the underlying fund does not exist and the underlying fund may not demand payment of the principal amount of such instruments within seven days, the instruments may</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">be deemed illiquid and therefore subject to the underlying fund’s limitation on investments in illiquid securities.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Portfolio turnover rate: An underlying fund’s portfolio turnover rate measures how frequently the underlying fund buys and sells investments. A portfolio turnover rate of 100%, for example, would mean that the underlying fund sold and replaced securities valued at 100% of the underlying fund’s assets within a one-year period. From time to time the underlying fund may engage in frequent trading. Funds with high turnover may be more likely to realize capital gains that must be distributed to shareholders as taxable income. High turnover may also cause a fund to pay more brokerage commissions and other transaction costs (including imputed transaction costs), which may detract from performance. The underlying fund’s portfolio turnover rate and the amount of brokerage commissions it pays and transaction costs it incurs will vary over time based on market conditions.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Management and operational risk: There is no guarantee that the investment techniques, analyses, or judgments that the underlying fund’s investment manager applies in making investment decisions for the underlying fund will produce the intended outcome or that the investments selected for the underlying fund will perform as well as other securities that were not selected for the underlying fund. The underlying fund’s investment manager, or the underlying fund’s other service providers, may experience disruptions or operating errors that could negatively impact the underlying fund.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The underlying fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Risks Related to Investing in ETFs: As ETFs, shares of the underlying funds are traded in the secondary market. Prior to trading in the secondary market, shares of the underlying funds are “created” at net asset value by market makers, large investors and institutions (collectively, “authorized participants”) only in creation units. A creation transaction generally takes place when an authorized participant deposits into an underlying fund a designated portfolio of securities, assets or other positions (a “creation basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, in exchange for a specified number of creation units. Similarly, shares of an underlying fund can be redeemed only in creation units, generally for a designated portfolio of securities, assets or other positions held by the underlying fund and an amount of cash (including any portion of such securities for which cash may be substituted), if any.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Fluctuation of net asset value and share price risk: Shares of an underlying fund may trade at a larger premium or discount to the underlying fund’s net asset value than shares of other ETFs. The net asset value of the underlying fund will generally fluctuate with changes in the market value of the underlying fund’s holdings. The underlying fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions,</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">the existence of extreme market volatility or potential lack of an active trading market for the underlying fund’s shares may result in the underlying fund’s shares trading significantly above (at a premium) or below (at a discount) net asset value or the intraday value of the underlying fund’s holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for underlying fund shares may become less liquid in response to deteriorating liquidity in the markets for the underlying fund’s underlying portfolio holdings.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Authorized participant concentration risk: Only an authorized participant may engage in creation and redemption transactions directly with an underlying fund. Your fund is not an authorized participant and can only purchase and sell underlying fund shares in the secondary market at market price or through an authorized participant. The underlying fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for underlying fund shares or underlying fund shares may trade at a discount (or premium) to net asset value and possibly face trading halts and/or de-listing.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Trading issues risk: Sustainable Leaders ETF and Sustainable Future ETF began trading publicly in May 2021, while PanAgora International Equity ETF, PanAgora Emerging Markets Equity ETF, Core Bond ETF, High Yield ETF, and Ultra Short ETF began trading publicly in January 2023. There can be no assurance that an active trading market will develop or be maintained or that the market for the underlying fund shares will operate as intended, which could lead to the underlying fund’s shares trading at wider spreads and larger premiums and discounts to net asset value than other actively managed ETFs. As a result, it may cost investors more to trade underlying fund shares than shares of other ETFs. There is no guarantee that the underlying fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in an underlying fund’s shares or to submit purchase and redemption orders for creation units.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The market prices of the underlying fund’s shares are expected to fluctuate, in some cases materially, in response to changes in the underlying fund’s net asset value, the intraday value of the underlying fund’s holdings and supply and demand for the fund’s shares. The investment manager cannot predict whether the underlying fund’s shares will trade above, below or at their net asset value or the intraday value of the underlying fund’s holdings. During periods, when an underlying fund is trading below its net asset value, investors may incur significant losses if they sell shares.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The securities held by the underlying fund may be traded in markets that close at a different time than the exchange on which the underlying fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">exchange and the corresponding premium or discount to the shares’ net asset value may widen.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Large shareholder transaction risk: An underlying fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the underlying fund. The underlying fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the underlying fund. Such shareholders may at times be considered to control the underlying fund. In addition, a large number of shareholders may collectively purchase or redeem underlying fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the underlying fund’s liquidity and net assets. These redemptions may also adversely affect the underlying fund’s performance if the underlying fund is forced to sell securities, which may also increase the underlying fund’s brokerage costs.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Cash transactions risk: Unlike certain ETFs, an underlying fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the underlying fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in the underlying fund’s shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Semi-transparent ETF risk (for Sustainable Leaders ETF and Sustainable Future ETF): Semi-transparent ETFs are different from traditional ETFs. Traditional ETFs disclose to the public what assets they hold each day. However, semi-transparent ETFs do not. This may create additional risks for an investment in a semi-transparent ETF, including that an investor may have to pay more money to trade semi-transparent ETF’s shares in light of the fact that a semi-transparent ETF will provide less information to traders, who tend to charge more for trades when they have less information. The price an investor pays to buy or sell an ETF’s shares on an exchange may not match the value of the ETF’s portfolio, and these price differences may be greater for semi-transparent ETFs compared to other ETFs because they provide less information to traders. These additional risks may be even greater in adverse or uncertain market conditions.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The differences between semi-transparent ETFs and other ETFs may also have advantages. By keeping certain information about a semi-transparent ETFs secret, a semi-transparent ETF may face less risk that other traders can predict or copy its investment strategy. This may improve a semi-transparent ETF’s performance. If other traders are able to copy or predict a semi-transparent ETF’s investment strategy, however, this may hurt a semi-transparent ETF’s performance.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Tracking Basket structure risk (for Sustainable Leaders ETF and Sustainable Future ETF): Thesemi-transparent ETFs, in which the fund invests are actively managed ETFs that operate pursuant to an exemptive</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">order from the Securities and Exchange Commission and do not publicly disclose their complete portfolio holdings each business day. Instead, each semi-transparent ETF publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the semi-transparent ETF but is not the semi-transparent ETF’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings and/or select securities from the universe from which the semi-transparent ETF’s investments are selected (“Strategy Components”); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the semi-transparent ETF invests; and (3) cash and cash equivalents.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">A semi-transparent ETF’s Tracking Basket structure may affect the price at which shares of the semi-transparent ETF trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of a semi-transparent ETF at or close to its NAV per share, there is a risk that market prices will vary significantly from NAV. A semi-transparent ETF, which trade on the basis of a published Tracking Basket, may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although a semi-transparent ETF seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking Basket to identify a semi-transparent ETF’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders, such as front running the semi-transparent ETF’s trades of portfolio securities.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Arbitrage risk (For Sustainable Leaders ETF and Sustainable Future ETF): Unlike ETFs that publicly disclose their complete portfolio holdings each business day, a semi-transparent ETF provides certain other information intended to allow market participants to estimate the value of positions in the semi-transparent ETF’s shares. Although this information is designed to facilitate arbitrage opportunities in a semi-transparent ETF’s shares to reduce bid/ask spreads and minimize discounts or premiums between the market price and net asset value of the semi-transparent ETF shares, there is no guarantee a semi-transparent ETF’s arbitrage mechanism will operate as intended and that the semi-transparent ETF will not experience wide bid/ask spreads and/or large discounts or premiums to net asset value. In addition, market participants may attempt to use the disclosed information to “reverse engineer”a semi-transparent ETF’s trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact a semi-transparent ETF’s performance. </div> <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Trading halt risk (for Sustainable Leaders ETF and Sustainable Future ETF): There may be circumstances where a security held in a semi-transparent ETF’s portfolio but not in the Tracking Basket does not have readily available market quotations. If the semi-transparent ETF’s investment </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">manager determines that such circumstance may affect the reliability of the Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in a semi-transparent ETF’s portfolio, will be publicly disclosed on the semi-transparent ETF’s website, and the semi-transparent ETF’s investment manager will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders. In addition, if securities representing 10% or more of a semi-transparent ETF’s portfolio do not have readily available market quotations, a semi-transparent ETF’s investment manager would promptly request the exchange to halt trading of a semi-transparent ETF, meaning that investors (including the fund) would not be able to trade their shares. Trading may also be halted in other circumstances, for example, due to market conditions. </div> Performance <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2045 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Before February 10, 2023, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com.</div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </div> <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown.</div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2045 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2045 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 84%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt; background-color: #cceeff;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial narrow;">Best Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;">Q2 2020</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;">15.40%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial narrow;">Worst Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;">Q1 2020</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;">-17.12%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt; background-color: #cceeff;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 9.74%.</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.1540 Worst Quarter: 2020-03-31 -0.1712 2025-09-30 year-to-date return 0.0974 Average annual total returns after sales charges(for periods ended 12/31/24) 0.0761 0.0716 0.0683 0.0694 0.0534 0.0515 0.0463 0.0505 0.0490 0.1236 0.0762 0.0682 0.1375 0.0803 0.0713 0.1400 0.0831 0.0737 0.1433 0.0858 0.0764 0.1447 0.0872 0.0778 0.1462 0.0881 0.0782 0.1445 0.0872 0.0774 0.2381 0.1386 0.1255 0.0125 -0.0033 0.0135 0.1284 0.0841 0.0819 After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. <div style="margin-top: 18pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Class C share performance reflects conversion to class A shares after eight years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change. </div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Fund summary Putnam Sustainable Retirement 2040 Fund Goal <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date.</div> Fees and expenses <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 257 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page 44 of the fund’s Statement of Additional Information (“SAI”). </div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses you pay each year as a percentage of the value of your investment) 0.0049 0.0025 0.0017 0.0051 0.0142 -0.0057 0.0085 0.0049 0.0100 0.0017 0.0051 0.0217 -0.0057 0.0160 0.0049 0.0050 0.0031 0.0051 0.0181 -0.0056 0.0125 0.0049 0.0025 0.0032 0.0051 0.0157 -0.0057 0.0100 0.0049 0 0.0032 0.0051 0.0132 -0.0057 0.0075 0.0049 0 0.0017 0.0051 0.0117 -0.0057 0.0060 0.0049 0 0.0007 0.0051 0.0107 -0.0057 0.0050 0.0049 0 0.0017 0.0051 0.0117 -0.0057 0.0060 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective September 30, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. November 30, 2028 Example <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first three years of each period in the example take into account the expense reimbursement described above. Your actual costs may be higher or lower.</div> 657 831 1144 2030 263 505 998 2166 163 505 998 2166 127 396 813 1979 102 318 684 1714 77 240 550 1431 61 192 469 1259 51 160 414 1141 61 192 469 1259 Portfolio turnover <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 17%.</div> 0.17 Investments, risks, and performance Investments <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund is one of a series of target date funds that invest primarily in exchange-traded funds (“ETFs”) that focus on investments with positive sustainability or environmental, social, and governance (“ESG”) characteristics, referred to as underlying funds. The underlying funds include funds managed by the Investment Manager, as defined below, and funds managed by affiliated investment advisers. The fund’s asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2040 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in the underlying funds.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, the fund will invest in underlying funds (which, for purposes of this policy, include money market mutual funds advised by the Investment Manager or its affiliates) such that, in the aggregate, it has indirect exposure to investments that meet each underlying fund’s respective sustainability or ESG criteria and that represent at least 80% of the value of its net assets. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders. For purposes of the fund’s 80% policy, net assets include the amount of any borrowings for investment purposes. The Investment Manager may not apply ESG or sustainability criteria to investments that are not subject to the fund’s 80% policy, and such investments may not meet the applicable ESG or sustainability criteria. Through its investments in underlying funds, the fund makes use of a range of ESG- and sustainability- oriented investment strategies and invests across a variety of asset classes. The ESG</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"> or sustainability criteria will differ across the underlying funds. These differences may arise both from differences in the underlying funds’ asset classes (such as the characteristics of non-U.S. versus U.S. issuers, or the structural differences (i.e., position in the capital structure) between equity and fixed-income investments) as well as from different managers’ styles. In implementing an underlying fund’s investment strategy, the portfolio managers of the underlying fund may apply and weigh different ESG criteria differently than the portfolio managers of the other underlying funds. There are also expected to be differences in how the portfolio managers of the underlying funds source ESG-related or sustainability-oriented research (e.g., proprietary versus third-party research) and/or their approach to selecting companies based on ESG or sustainability criteria. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund’s target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the fund’s target date, as shown in the predetermined “glide path” in the chart under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Pending investment in underlying funds, the fund also expects to temporarily invest cash balances resulting from purchase activity by fund shareholders in Putnam Government Money Market Fund, a mutual fund sponsored by the Investment Manager, or in cash or cash equivalents. The fund also expects to invest a portion of its assets in Putnam Government Money Market Fund or in cash or cash equivalents in order to manage shareholder redemptions. The percentage of a fund invested in Putnam Government Money Market Fund is expected to vary over time and will depend on the level of purchase and redemption activity by fund shareholders.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2025 (taking into account any tactical adjustments described below) and its projected approximate allocations to those asset classes and underlying funds as of September 30, 2026. The table does not reflect temporary investments in Putnam Government Money Market Fund or in cash or cash equivalents. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one-year period beginning on September 30, 2025. The table also shows the approximate allocations of other Putnam Sustainable Retirement Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: simhei; font-size: 8pt; width: 98%; border-spacing: 0px; margin-left: auto;"> <tr> <td style="width: 46%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: bottom;">Underlying Fund*</td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td colspan="3" style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;">Year</td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td colspan="3" style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;">2070</td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td colspan="3" style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;">2065</td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td colspan="3" style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;">2060</td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td colspan="3" style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;">2055</td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td colspan="3" style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;">2050</td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td colspan="3" style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;">2045</td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td colspan="3" style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9; text-align: center;">2040 (your fund)</td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td colspan="3" style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;">2035</td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td colspan="3" style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center;">2030</td> <td style="border-left: 0.75pt solid #000000; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td colspan="3" style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; text-align: center;">Maturity Fund</td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Putnam Sustainable Leaders ETF</td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">47.6%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">47.6%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">45.8%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">43.3%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">40.7%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">38.4%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">35.2%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">30.3%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">18.6%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">14.1%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">47.6%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">47.3%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">45.3%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">42.8%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">40.2%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">37.8%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">34.4%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">28.2%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">17.4%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">14.1%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Putnam Sustainable Future ETF</td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">23.8%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">23.8%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">22.9%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">21.7%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">20.4%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">19.2%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">17.6%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">15.2%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">9.3%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.1%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">23.8%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">23.7%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">22.7%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">21.4%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">20.1%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">18.9%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">17.2%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">14.1%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.7%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">7.1%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Putnam PanAgora ESG International Equity ETF</td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">17.8%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">17.8%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">17.2%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">16.2%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">15.3%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">14.2%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">11.9%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">9.1%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.6%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.2%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">17.8%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">17.7%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">17.0%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">16.1%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">15.1%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.8%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">11.3%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.5%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.3%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.2%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Putnam PanAgora ESG Emerging Markets Equity ETF</td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.9%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.9%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.7%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.4%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.1%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.5%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">2.2%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.0%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.0%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.0%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.9%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.9%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.7%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.4%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.0%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.0%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">1.7%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.0%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.0%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.0%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Putnam ESG Core Bond ETF</td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.3%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.3%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.9%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">9.7%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">13.0%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">16.1%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">24.8%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">35.4%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">53.4%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">51.7%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">3.3%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">3.7%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.6%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">10.4%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">13.6%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">17.8%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">26.9%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">38.6%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">54.5%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">51.7%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Putnam ESG High Yield ETF</td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.1%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.1%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.0%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.2%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.3%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.9%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">4.8%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.3%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.1%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">16.9%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.1%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.2%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.2%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">3.4%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.6%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.9%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">4.8%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.7%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">8.1%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">16.9%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Putnam ESG Ultra Short ETF</td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.2%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.7%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">3.5%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.7%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.0%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.0%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">0.5%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">1.4%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2.8%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">3.7%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.9%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.0%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">6.0%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Total Equity**</td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">95.1%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">95.1%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">91.6%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">86.6%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">81.5%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">76.3%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">66.9%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">54.6%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">33.5%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">25.4%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">95.1%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">94.6%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">90.7%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">85.7%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">80.4%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">74.5%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">64.6%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">50.8%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">31.4%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">25.4%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="padding-bottom: 1pt; border-left: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;">Total Fixed Income**</td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2025</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.9%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.9%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">8.4%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">13.4%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">18.5%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">23.7%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">33.1%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">45.4%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">66.5%</td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right;">74.6%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> <tr style="font-size: 1pt;"> <td style="border-left: 0.75pt solid #000000; padding-left: 8pt; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt; background-color: #d9d9d9;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; height: 1.5pt;"> </td> <td colspan="4" style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 8pt; vertical-align: top;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">2026</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">4.9%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">5.4%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">9.3%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">14.3%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">19.6%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">25.5%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9; text-align: right;">35.4%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; background-color: #d9d9d9;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">49.2%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">68.6%</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #000000; white-space: nowrap; vertical-align: bottom; text-align: right;">74.6%</td> <td style="padding-bottom: 1pt; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table> <div style="margin-top: 18pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial narrow;">* Due to rounding, allocations shown in the table above may not total 100%. In addition, because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial narrow;">** Equity and fixed-income allocations are hypothetical estimates based on an assumption that each of Putnam Sustainable Leaders ETF, Putnam Sustainable Future ETF, Putnam PanAgora ESG International Equity ETF, and Putnam PanAgora ESG</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial;">Emerging Markets Equity ETF is equivalent to an equity investment and each of Putnam ESG Core Bond ETF, Putnam ESG High Yield ETF and Putnam ESG Ultra Short ETF is equivalent to a fixed-income investment. The investment managers of the underlying funds may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and consequently, actual allocations will vary.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager generally expects these changes (other than the tactical adjustments described below) to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable. The Investment Manager may also make tactical adjustments from time to time in the fund’s allocations to underlying funds in response to market conditions within a range of +/- 15% from the allocations to fixed-income and equity asset classes as presented in the fund’s glide path.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Sustainable Retirement Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in the prospectus beginning on page 190, and more information about the underlying funds (which are not offered by this prospectus) is included below and under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 12.5pt; font-family: arial; font-weight: bold;">Information about each underlying fund’s investment strategy</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam Sustainable Leaders ETF (“Sustainable Leaders ETF”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sustainable Leaders ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies that Putnam Investment Management, LLC (“Putnam Management”), Sustainable Leaders ETF’s investment manager, believes exhibit a commitment to financially material sustainable business practices. Sustainable Leaders ETF may also invest in non-U.S. companies. In evaluating investments for Sustainable Leaders ETF, Putnam Management views “financially material sustainable business practices” as business practices that it believes are reasonably likely to impact the financial condition or operating performance of a company and that relate to environmental, social, or corporate governance issues.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, Sustainable Leaders ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Leaders ETF’s</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"> investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam Sustainable Future ETF (“Sustainable Future ETF”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sustainable Future ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies whose products and services Putnam Management, Sustainable Future ETF’s investment manager, believes provide solutions that directly contribute to sustainable social, environmental and economic development (Solutions Companies).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, Sustainable Future ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Future ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam PanAgora ESG International Equity ETF (“PanAgora International Equity ETF”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">PanAgora International Equity ETF invests mainly in common stocks (growth or value stocks or both) of companies of any size outside the United States with a focus on companies that PanAgora International Equity ETF’s subadviser, PanAgora Asset Management, Inc. (“PanAgora”), believes offer attractive benchmark-relative returns and exhibit positive ESG metrics.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, PanAgora International Equity ETF invests at least 80% of its net assets in equity securities of companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora International Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam PanAgora ESG Emerging Markets Equity ETF (“PanAgora Emerging Markets Equity ETF”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">PanAgora Emerging Markets Equity ETF invests mainly in common stocks (growth or value stocks or both) of emerging markets companies of any size with a focus on companies that PanAgora Emerging Markets Equity ETF’s subadviser, PanAgora, believes offer attractive benchmark-relative returns and exhibit positive ESG metrics.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, PanAgora Emerging Markets Equity ETF invests at least 80% of its net assets in equity securities of emerging markets companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora Emerging Markets Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam ESG Core Bond ETF (“Core Bond ETF”)</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Core Bond ETF invests mainly in a diversified portfolio of investment-grade fixed-income securities with a focus on companies or issuers that Franklin Advisers, Inc. (“Franklin Advisers”), Core Bond ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, Core Bond ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Core Bond ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam ESG High Yield ETF (“High Yield ETF”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">High Yield ETF invests mainly in bonds that are below investment grade in quality (sometimes referred to as “junk bonds”) with a focus on companies or issuers that Franklin Advisers, High Yield ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. High Yield ETF invests mainly in bonds that also have one or more of the following characteristics: (1) are obligations of U.S. companies or issuers and (2) have intermediate- to long-term maturities (three years or longer).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, High Yield ETF invests at least 80% of the value of its net assets in fixed-income securities rated below investment grade that meet Franklin Advisers’ ESG criteria. For a further discussion of High Yield ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam ESG Ultra Short ETF (“Ultra Short ETF”)</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Ultra Short ETF invests in a diversified short duration portfolio of fixed-income securities comprised of investment-grade money market and other fixed-income securities, including U.S. dollar-denominated foreign securities of these types, with a focus on companies or issuers that Franklin Advisers, Ultra Short ETF’s investment manager, believes meet relevant ESG criteria, on a sector-specific basis.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Under normal circumstances, Ultra Short ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Ultra Short ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">It is important to understand that you can lose money by investing in the fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sustainability and ESG investing risk: Investing in underlying funds with an ESG or sustainability focus may result in the fund having exposure to underlying funds that invest in certain types of companies, issuers, industries or sectors that the market may not favor. In evaluating an investment opportunity for the underlying funds, Franklin Advisers, Putnam Management or PanAgora may make investment decisions without the availability of optimal ESG-related data (which may be even less available with securitized debt instruments) or based on information and data that is incomplete or inaccurate. </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"> Sustainability and ESG metrics are not uniformly defined, and applying such metrics involves subjective assessments. Sustainability and ESG scorings and assessments of issuers can vary across third-party data providers and may change over time. Franklin Advisers, Putnam Management and PanAgora do not rely exclusively on third-party data providers in evaluating sustainability and ESG criteria for the underlying funds. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, particularly with respect to companies in emerging market countries, which may adversely impact the investment process. In addition, the business practices, products or services of issuers in which an underlying fund invests may change over time. As a result of these possibilities, among others, an underlying fund may temporarily hold securities that are inconsistent with the underlying fund’s ESG or sustainability investment criteria. Regulatory changes or interpretations regarding the definitions and/or use of ESG and/or sustainability criteria could have a material adverse effect on the underlying fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. The underlying funds do not restrict investments based solely on “negative screens”, and the underlying fixed-income funds do not restrict their fixed-income investments to “green bonds” (i.e., U.S. dollar-denominated bonds designated as “green” by the Climate Bonds Initiative). For the underlying funds that pursue fixed-income investment strategies, because fixed-income investments generally represent a promise to pay principal and interest by an issuer, and not an ownership interest, and may involve complex structures, ESG-related investment considerations may have a more limited impact on risk and return (or may have an impact over a different investment time horizon) relative to other asset classes, and this may be particularly true for shorter-term investments. In addition, holders of fixed-income investments do not typically have voting rights, unlike holders of equity investments who have the right to vote on issuer proposals. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Market risk: The effects of inflation may erode the value of an investment in an underlying fund over time. The value of investments in an underlying fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying fund’s portfolio holdings, may negatively impact the underlying fund’s performance, and may exacerbate other risks to which the underlying fund is subject.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Common stock risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">industries, such as increases in production costs. Growth investing risk: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Value investing risk: Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the underlying fund’s investment manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Small and midsize companies risk: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Industry or sector concentration risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): From time to time, an underlying fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the underlying fund more vulnerable to adverse developments affecting those industries or sectors. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Model and data risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): If the quantitative models or data that are used in managing an underlying fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the underlying fund may realize losses. Additionally, market movements are likely to change the risk levels and risk allocations of the underlying fund. Investments made based on quantitative models may perform differently from the market as a whole. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Foreign investments risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid. There may be less publicly-available information, or less reliable publicly-available information, about foreign companies (including information related to companies’ ESG practices), particularly with respect to emerging market companies, than publicly-available information regarding U.S. companies. As a result, the underlying fund’s investment manager’s ability to evaluate a foreign company, including with respect to its ESG or sustainability practices, may be more limited than its ability to evaluate a U.S. company. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Geographic focus risk (for PanAgora International Equity ETF and PanAgora Emerging Markets Equity ETF): If an underlying fund invests a substantial percentage of its assets in issuers located in a single country, a </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">small number of countries, or a particular geographic region, such as European and Asian countries, the underlying fund’s performance will likely be closely tied to the market, currency, political, economic, regulatory, geopolitical, and other conditions in such countries or region. These conditions could generally have a greater effect on the underlying fund than they would on a more geographically diversified fund, which may result in greater losses and volatility.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Fixed income investments risk (for Core Bond ETF, High Yield ETF and Ultra Short ETF): The risks associated with fixed income investments include interest rate risk, which is the risk that the value of an underlying fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the underlying fund’s investments may default on payment of interest or principal. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The underlying fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The underlying fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. The underlying fund’s investments in mortgage-backed securities may make the underlying fund’s net asset value more susceptible to economic, market, political and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. During periods of difficult economic conditions, delinquencies and losses on commercial mortgage-backed investments in particular generally increase, including as a result of the effects of those conditions on commercial real estate markets, the ability of commercial tenants to make loan payments, and the ability of a property to attract and retain commercial tenants.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">High Yield ETF invests mostly in higher-yield, higher-risk debt investments that are rated below BBB or its equivalent at the time of purchase by any nationally recognized securities rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. High Yield ETF may invest up to 15% of High Yield ETF’s total assets in debt investments rated below CCC or its equivalent, at the time of purchase, by each rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. This includes investments in the lowest rating category of the rating agency. High Yield ETF will not necessarily sell an investment if its rating is reduced after Franklin</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Advisers buys it. Investments rated below BBB or its equivalent are below-investment-grade in quality. This rating reflects a greater possibility that the issuers may be unable to make timely payments of interest and principal and thus default. If a default occurs, or is perceived as likely to occur, the value of the investment will usually be more volatile and is likely to fall. The value of a debt instrument may also be affected by changes in, or perceptions of, the financial condition of the issuer, borrower, counterparty, or other entity, or underlying collateral or assets, or changes in, or perceptions of, specific or general market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. A default or expected default could also make it difficult for the High Yield ETF to sell the investment at a price approximating the value Franklin Advisers had previously placed on it. Lower-rated debt usually has a more limited market than higher-rated debt, which may at times make it difficult for High Yield ETF to buy or sell certain debt instruments or to establish their fair values.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Derivatives risk (For all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the underlying fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures) and legal risk (e.g., insufficient legal documentation or contract enforceability issues). </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Floating rate loan risk (for High Yield ETF): To the extent an underlying fund holds floating rate loans, interest rate risk may be reduced but will not be eliminated. While floating rate loans are normally secured by specific collateral or assets of the issuer (so that holders of the loans, such as the underlying fund, will have a priority claim on those assets in the event of default or bankruptcy of the issuer), the value of collateral may be insufficient to meet the issuer’s obligations, and the underlying fund’s access to collateral may be limited by bankruptcy or other insolvency laws. The settlement period (the period between the execution of the trade and the delivery of cash to the purchaser) for floating rate loan transactions is typically longer than seven days, and it is possible that sale proceeds from floating rate loan transactions will not be available to meet redemption obligations. </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Floating rate obligations risk (for Core Bond ETF and Ultra Short ETF): An underlying fund may purchase taxable floating rate notes for short-term cash management or other investment purposes. Floating rate notes are debt instruments that provide for periodic adjustments in the interest rate. The interest rate on these instruments may be reset daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating rate instrument may be based on a known lending rate, such as the Secured Overnight Financing Rate, and is reset whenever such rate is adjusted. Interest rate adjustments are designed to help stabilize the instrument’s price or maintain a fixed spread to a predetermined benchmark. While this feature may protect against a decline in the instrument’s market price when interest rates or benchmark rates rise, it lowers the underlying fund’s income when interest rates or benchmark rates fall. The underlying fund’s income from its floating rate investments also may increase if interest rates rise. Floating rate obligations are less effective than fixed rate instruments at locking in a particular yield. Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. The underlying fund’s ability to receive payments of principal and interest and other amounts in connection with loans held by it will depend primarily on the financial condition of the issuer. The failure by the underlying fund to receive scheduled interest or principal payments on a loan would adversely affect the income of the underlying fund and would likely reduce the value of its assets, which would be reflected in a reduction in the underlying fund’s net asset value. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Floating rate notes and bonds may have a stated maturity in excess of one year, but may have features that permit a holder to demand payment of principal plus accrued interest upon a specified number of days’ notice. Frequently, such obligations are secured by letters of credit or other credit support arrangements provided by banks. If these obligations are not secured by letters of credit or other credit support arrangements, the underlying fund’s right to demand payment will be dependent on the ability of the issuer to pay principal and interest on demand. In addition, these obligations frequently are not rated by credit rating organizations and may involve heightened risk of default by the issuer. The issuer of such obligations normally has a corresponding right, after a given period, to prepay in its discretion the outstanding principal of the obligation plus accrued interest upon a specific number of days’ notice to the holders. There is no assurance that the underlying fund will be able to reinvest the proceeds of any prepayment at the same interest rate or on the same terms as those of the original instrument. The absence of an active secondary market for floating rate notes could make it difficult for the underlying fund to dispose of the instruments, and the underlying fund could suffer a loss if the issuer defaults or during periods in which the underlying fund is not entitled to exercise its demand rights. When a reliable trading market for the floating rate instruments held by the underlying fund does not exist and the underlying fund may not demand payment of the principal amount of such instruments within seven days, the instruments may</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">be deemed illiquid and therefore subject to the underlying fund’s limitation on investments in illiquid securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Portfolio turnover rate: An underlying fund’s portfolio turnover rate measures how frequently the underlying fund buys and sells investments. A portfolio turnover rate of 100%, for example, would mean that the underlying fund sold and replaced securities valued at 100% of the underlying fund’s assets within a one-year period. From time to time the underlying fund may engage in frequent trading. Funds with high turnover may be more likely to realize capital gains that must be distributed to shareholders as taxable income. High turnover may also cause a fund to pay more brokerage commissions and other transaction costs (including imputed transaction costs), which may detract from performance. The underlying fund’s portfolio turnover rate and the amount of brokerage commissions it pays and transaction costs it incurs will vary over time based on market conditions. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Management and operational risk: There is no guarantee that the investment techniques, analyses, or judgments that the underlying fund’s investment manager applies in making investment decisions for the underlying fund will produce the intended outcome or that the investments selected for the underlying fund will perform as well as other securities that were not selected for the underlying fund. The underlying fund’s investment manager, or the underlying fund’s other service providers, may experience disruptions or operating errors that could negatively impact the underlying fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The underlying fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Risks Related to Investing in ETFs: As ETFs, shares of the underlying funds are traded in the secondary market. Prior to trading in the secondary market, shares of the underlying funds are “created” at net asset value by market makers, large investors and institutions (collectively, “authorized participants”) only in creation units. A creation transaction generally takes place when an authorized participant deposits into an underlying fund a designated portfolio of securities, assets or other positions (a “creation basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, in exchange for a specified number of creation units. Similarly, shares of an underlying fund can be redeemed only in creation units, generally for a designated portfolio of securities, assets or other positions held by the underlying fund and an amount of cash (including any portion of such securities for which cash may be substituted), if any. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Fluctuation of net asset value and share price risk: Shares of an underlying fund may trade at a larger premium or discount to the underlying fund’s net asset value than shares of other ETFs. The net asset value of the underlying fund will generally fluctuate with changes in the market value of the underlying fund’s holdings. The underlying fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">the existence of extreme market volatility or potential lack of an active trading market for the underlying fund’s shares may result in the underlying fund’s shares trading significantly above (at a premium) or below (at a discount) net asset value or the intraday value of the underlying fund’s holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for underlying fund shares may become less liquid in response to deteriorating liquidity in the markets for the underlying fund’s underlying portfolio holdings.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Authorized participant concentration risk: Only an authorized participant may engage in creation and redemption transactions directly with an underlying fund. Your fund is not an authorized participant and can only purchase and sell underlying fund shares in the secondary market at market price or through an authorized participant. The underlying fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for underlying fund shares or underlying fund shares may trade at a discount (or premium) to net asset value and possibly face trading halts and/or de-listing. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Trading issues risk: Sustainable Leaders ETF and Sustainable Future ETF began trading publicly in May 2021, while PanAgora International Equity ETF, PanAgora Emerging Markets Equity ETF, Core Bond ETF, High Yield ETF, and Ultra Short ETF began trading publicly in January 2023. There can be no assurance that an active trading market will develop or be maintained or that the market for the underlying fund shares will operate as intended, which could lead to the underlying fund’s shares trading at wider spreads and larger premiums and discounts to net asset value than other actively managed ETFs. As a result, it may cost investors more to trade underlying fund shares than shares of other ETFs. There is no guarantee that the underlying fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in an underlying fund’s shares or to submit purchase and redemption orders for creation units.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The market prices of the underlying fund’s shares are expected to fluctuate, in some cases materially, in response to changes in the underlying fund’s net asset value, the intraday value of the underlying fund’s holdings and supply and demand for the fund’s shares. The investment manager cannot predict whether the underlying fund’s shares will trade above, below or at their net asset value or the intraday value of the underlying fund’s holdings. During periods, when an underlying fund is trading below its net asset value, investors may incur significant losses if they sell shares.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The securities held by the underlying fund may be traded in markets that close at a different time than the exchange on which the underlying fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">exchange and the corresponding premium or discount to the shares’ net asset value may widen.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Large shareholder transaction risk: An underlying fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the underlying fund. The underlying fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the underlying fund. Such shareholders may at times be considered to control the underlying fund. In addition, a large number of shareholders may collectively purchase or redeem underlying fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the underlying fund’s liquidity and net assets. These redemptions may also adversely affect the underlying fund’s performance if the underlying fund is forced to sell securities, which may also increase the underlying fund’s brokerage costs.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Cash transactions risk: Unlike certain ETFs, an underlying fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the underlying fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in the underlying fund’s shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Semi-transparent ETF risk (for Sustainable Leaders ETF and Sustainable Future ETF): Semi-transparent ETFs are different from traditional ETFs. Traditional ETFs disclose to the public what assets they hold each day. However, semi-transparent ETFs do not. This may create additional risks for an investment in a semi-transparent ETF, including that an investor may have to pay more money to trade semi-transparent ETF’s shares in light of the fact that a semi-transparent ETF will provide less information to traders, who tend to charge more for trades when they have less information. The price an investor pays to buy or sell an ETF’s shares on an exchange may not match the value of the ETF’s portfolio, and these price differences may be greater for semi-transparent ETFs compared to other ETFs because they provide less information to traders. These additional risks may be even greater in adverse or uncertain market conditions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The differences between semi-transparent ETFs and other ETFs may also have advantages. By keeping certain information about a semi-transparent ETFs secret, a semi-transparent ETF may face less risk that other traders can predict or copy its investment strategy. This may improve a semi-transparent ETF’s performance. If other traders are able to copy or predict a semi-transparent ETF’s investment strategy, however, this may hurt a semi-transparent ETF’s performance.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Tracking Basket structure risk (for Sustainable Leaders ETF and Sustainable Future ETF): Thesemi-transparent ETFs, in which the fund invests are actively managed ETFs that operate pursuant to an exemptive </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">order from the Securities and Exchange Commission and do not publicly disclose their complete portfolio holdings each business day. Instead, each semi-transparent ETF publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the semi-transparent ETF but is not the semi-transparent ETF’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings and/or select securities from the universe from which the semi-transparent ETF’s investments are selected (“Strategy Components”); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the semi-transparent ETF invests; and (3) cash and cash equivalents.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">A semi-transparent ETF’s Tracking Basket structure may affect the price at which shares of the semi-transparent ETF trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of a semi-transparent ETF at or close to its NAV per share, there is a risk that market prices will vary significantly from NAV. A semi-transparent ETF, which trade on the basis of a published Tracking Basket, may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although a semi-transparent ETF seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking Basket to identify a semi-transparent ETF’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders, such as front running the semi-transparent ETF’s trades of portfolio securities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Arbitrage risk (For Sustainable Leaders ETF and Sustainable Future ETF): Unlike ETFs that publicly disclose their complete portfolio holdings each business day, a semi-transparent ETF provides certain other information intended to allow market participants to estimate the value of positions in the semi-transparent ETF’s shares. Although this information is designed to facilitate arbitrage opportunities in a semi-transparent ETF’s shares to reduce bid/ask spreads and minimize discounts or premiums between the market price and net asset value of the semi-transparent ETF shares, there is no guarantee a semi-transparent ETF’s arbitrage mechanism will operate as intended and that the semi-transparent ETF will not experience wide bid/ask spreads and/or large discounts or premiums to net asset value. In addition, market participants may attempt to use the disclosed information to “reverse engineer”a semi-transparent ETF’s trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact a semi-transparent ETF’s performance. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Trading halt risk (for Sustainable Leaders ETF and Sustainable Future ETF): There may be circumstances where a security held in a semi-transparent ETF’s portfolio but not in the Tracking Basket does not have readily available market quotations. If the semi-transparent ETF’s investment </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">manager determines that such circumstance may affect the reliability of the Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in a semi-transparent ETF’s portfolio, will be publicly disclosed on the semi-transparent ETF’s website, and the semi-transparent ETF’s investment manager will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders. In addition, if securities representing 10% or more of a semi-transparent ETF’s portfolio do not have readily available market quotations, a semi-transparent ETF’s investment manager would promptly request the exchange to halt trading of a semi-transparent ETF, meaning that investors (including the fund) would not be able to trade their shares. Trading may also be halted in other circumstances, for example, due to market conditions.</div> Performance <div style="margin-top: 8pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2040 Index, designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Before February 10, 2023, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown.</div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2040 Index, designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2040 Index, designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 98%; border-spacing: 0px; margin-left: auto;"> <tr> <td style="width: 87%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #bfbfbf; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt; background-color: #cceeff;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial narrow;">Best Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;">Q2 2020</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;">13.12</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial narrow;">Worst Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;">Q1 2020</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;"> </td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom; text-align: right;">-15.09</td> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt; background-color: #cceeff;"> <td style="padding-bottom: 1pt; border-bottom: 0.75pt solid #bfbfbf; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 8.84%.</div> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #bfbfbf; vertical-align: bottom;"> </td> </tr> </table> Best Quarter: 2020-06-30 0.1312 Worst Quarter: 2020-03-31 -0.1509 2025-09-30 year-to-date return 0.0884 Average annual total returns after sales charges (for periods ended 12/31/24) 0.0664 0.0629 0.0618 0.0588 0.0445 0.0456 0.0403 0.0434 0.0439 0.1130 0.0674 0.0617 0.1280 0.0716 0.0649 0.1300 0.0741 0.0670 0.1327 0.0768 0.0696 0.1346 0.0784 0.0712 0.1354 0.0792 0.0717 0.1347 0.0782 0.0708 0.2381 0.1386 0.1255 0.0125 -0.0033 0.0135 0.1175 0.0780 0.0774 After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. <div style="margin-top: 24pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Class C share performance reflects conversion to class A shares after eight years.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change. </div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Fund summary Putnam Sustainable Retirement 2035 Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 257 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page 44 of the fund’s Statement of Additional Information (“SAI”). </div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) 0.0048 0.0025 0.0017 0.0048 0.0138 -0.0053 0.0085 0.0048 0.0100 0.0017 0.0048 0.0213 -0.0053 0.0160 0.0048 0.0050 0.0032 0.0048 0.0178 -0.0053 0.0125 0.0048 0.0025 0.0032 0.0048 0.0153 -0.0053 0.0100 0.0048 0 0.0032 0.0048 0.0128 -0.0053 0.0075 0.0048 0 0.0017 0.0048 0.0113 -0.0053 0.0060 0.0048 0 0.0007 0.0048 0.0103 -0.0053 0.0050 0.0048 0 0.0017 0.0048 0.0113 -0.0053 0.0060 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective September 30, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. November 30, 2028 Example <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first three years of each period in the example take into account the expense reimbursement described above. Your actual costs may be higher or lower. </div> 657 831 1136 1999 263 505 990 2134 163 505 990 2134 127 396 806 1953 102 318 674 1679 77 240 541 1397 61 192 459 1223 51 160 405 1107 61 192 459 1223 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 22%. </div> 0.22 Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund is one of a series of target date funds that invest primarily in exchange-traded funds (“ETFs”) that focus on investments with positive sustainability or environmental, social, and governance (“ESG”) characteristics, referred to as underlying funds. The underlying funds include funds managed by the Investment Manager, as defined below, and funds managed by affiliated investment advisers. The fund’s asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2035 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in the underlying funds. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, the fund will invest in underlying funds (which, for purposes of this policy, include money market mutual funds advised by the Investment Manager or its affiliates) such that, in the aggregate, it has indirect exposure to investments that meet each underlying fund’s respective sustainability or ESG criteria and that represent at least 80% of the value of its net assets. This policy is non-fundamental and may be changed only after 60 days’ notice to shareholders. For purposes of the fund’s 80% policy, net assets include the amount of any borrowings for investment purposes. The Investment Manager may not apply ESG or sustainability criteria to investments that are not subject to the fund’s 80% policy, and such investments may not meet the applicable ESG or sustainability criteria. Through its investments in underlying funds, the fund makes use of a range of ESG- and sustainability- oriented investment strategies and invests across a variety of asset classes. The ESG </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> or sustainability criteria will differ across the underlying funds. These differences may arise both from differences in the underlying funds’ asset classes (such as the characteristics of non-U.S. versus U.S. issuers, or the structural differences (i.e., position in the capital structure) between equity and fixed-income investments) as well as from different managers’ styles. In implementing an underlying fund’s investment strategy, the portfolio managers of the underlying fund may apply and weigh different ESG criteria differently than the portfolio managers of the other underlying funds. There are also expected to be differences in how the portfolio managers of the underlying funds source ESG-related or sustainability-oriented research (e.g., proprietary versus third-party research) and/or their approach to selecting companies based on ESG or sustainability criteria. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the fund’s target date, as shown in the predetermined “glide path” in the chart under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Pending investment in underlying funds, the fund also expects to temporarily invest cash balances resulting from purchase activity by fund shareholders in Putnam Government Money Market Fund, a mutual fund sponsored by the Investment Manager, or in cash or cash equivalents. The fund also expects to invest a portion of its assets in Putnam Government Money Market Fund or in cash or cash equivalents in order to manage shareholder redemptions. The percentage of a fund invested in Putnam Government Money Market Fund is expected to vary over time and will depend on the level of purchase and redemption activity by fund shareholders. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2025 (taking into account any tactical adjustments described below) and its projected approximate allocations to those asset classes and underlying funds as of September 30, 2026. The table does not reflect temporary investments in Putnam Government Money Market Fund or in cash or cash equivalents. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one-year period beginning on September 30, 2025. The table also shows the approximate allocations of other Putnam Sustainable Retirement Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:98%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:23%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;">Underlying</div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;">Fund*</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> Year </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2070 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2065 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2060 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2055 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2050 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2045 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2040 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">2035</div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> (your </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">fund)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;"> 2030 </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;"> Maturity </div> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial narrow;font-weight:bold;text-align:center;">Fund</div> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam Sustainable Leaders ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">47.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">47.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">45.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">43.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">40.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">38.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">35.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">30.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">18.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">14.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">47.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">47.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">45.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">42.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">40.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">37.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">34.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">28.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">14.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam Sustainable Future ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">23.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">23.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">22.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">21.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">20.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">19.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">15.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">9.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">7.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">23.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">23.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">22.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">21.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">20.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">18.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">14.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">8.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">7.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam PanAgora ESG International Equity ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">16.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">15.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">14.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">11.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">9.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">4.2%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">16.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">15.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">13.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">11.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">8.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">4.2%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam PanAgora ESG Emerging Markets Equity ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">0.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">0.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">0.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam ESG Core Bond ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">9.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">13.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">16.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">24.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">35.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">53.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">51.7%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">6.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">10.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">13.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">17.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">26.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">38.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">54.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">51.7%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam ESG High Yield ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">5.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">7.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">16.9%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">5.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">8.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">16.9%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam ESG Ultra Short ETF</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">4.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">6.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">6.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">0.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">1.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">3.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">4.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">6.0%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">6.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Total Equity**</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">95.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">95.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">91.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">86.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">81.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">76.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">66.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">54.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">33.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">25.4%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">95.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">94.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">90.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">85.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">80.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">74.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">64.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">50.8%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">31.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">25.4%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Total Fixed Income**</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2025</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">8.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">13.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">18.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">23.7%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">33.1%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">45.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">66.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">74.6%</td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">2026</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">4.9%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">5.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">9.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">14.3%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">19.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">25.5%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">35.4%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;background-color:#d9d9d9;text-align:center;">49.2%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap;text-align:center;">68.6%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;white-space:nowrap;text-align:center;">74.6%</td> </tr> </table><div style="margin-top:24pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">* Due to rounding, allocations shown in the table above may not total 100%. In addition, because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;">** Equity and fixed-income allocations are hypothetical estimates based on an assumption that each of Putnam Sustainable Leaders ETF, Putnam Sustainable Future ETF, Putnam PanAgora ESG International Equity ETF, and Putnam PanAgora ESG </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:8pt;font-family:arial;"> Emerging Markets Equity ETF is equivalent to an equity investment and each of Putnam ESG Core Bond ETF, Putnam ESG High Yield ETF and Putnam ESG Ultra Short ETF is equivalent to a fixed-income investment. The investment managers of the underlying funds may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and consequently, actual allocations will vary. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager generally expects these changes (other than the tactical adjustments described below) to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable. The Investment Manager may also make tactical adjustments from time to time in the fund’s allocations to underlying funds in response to market conditions within a range of +/- 15% from the allocations to fixed-income and equity asset classes as presented in the fund’s glide path. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Sustainable Retirement Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in the prospectus beginning on page 190, and more information about the underlying funds (which are not offered by this prospectus) is included below and under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:12.5pt;font-family:arial;font-weight:bold;">Information about each underlying fund’s investment strategy </div><div style="margin-top:2pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Sustainable Leaders ETF (“Sustainable Leaders ETF”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainable Leaders ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies that Putnam Investment Management, LLC (“Putnam Management”), Sustainable Leaders ETF’s investment manager, believes exhibit a commitment to financially material sustainable business practices. Sustainable Leaders ETF may also invest in non-U.S. companies. In evaluating investments for Sustainable Leaders ETF, Putnam Management views “financially material sustainable business practices” as business practices that it believes are reasonably likely to impact the financial condition or operating performance of a company and that relate to environmental, social, or corporate governance issues. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Sustainable Leaders ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Leaders ETF’s </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam Sustainable Future ETF (“Sustainable Future ETF”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainable Future ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies whose products and services Putnam Management, Sustainable Future ETF’s investment manager, believes provide solutions that directly contribute to sustainable social, environmental and economic development (Solutions Companies). </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Sustainable Future ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Future ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam PanAgora ESG International Equity ETF (“PanAgora International Equity ETF”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">PanAgora International Equity ETF invests mainly in common stocks (growth or value stocks or both) of companies of any size outside the United States with a focus on companies that PanAgora International Equity ETF’s subadviser, PanAgora Asset Management, Inc. (“PanAgora”), believes offer attractive benchmark-relative returns and exhibit positive ESG metrics. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, PanAgora International Equity ETF invests at least 80% of its net assets in equity securities of companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora International Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam PanAgora ESG Emerging Markets Equity ETF (“PanAgora Emerging Markets Equity ETF”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">PanAgora Emerging Markets Equity ETF invests mainly in common stocks (growth or value stocks or both) of emerging markets companies of any size with a focus on companies that PanAgora Emerging Markets Equity ETF’s subadviser, PanAgora, believes offer attractive benchmark-relative returns and exhibit positive ESG metrics. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, PanAgora Emerging Markets Equity ETF invests at least 80% of its net assets in equity securities of emerging markets companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora Emerging Markets Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG Core Bond ETF (“Core Bond ETF”) </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Core Bond ETF invests mainly in a diversified portfolio of investment-grade fixed-income securities with a focus on companies or issuers that Franklin Advisers, Inc. (“Franklin Advisers”), Core Bond ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Core Bond ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Core Bond ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG High Yield ETF (“High Yield ETF”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">High Yield ETF invests mainly in bonds that are below investment grade in quality (sometimes referred to as “junk bonds”) with a focus on companies or issuers that Franklin Advisers, High Yield ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. High Yield ETF invests mainly in bonds that also have one or more of the following characteristics: (1) are obligations of U.S. companies or issuers and (2) have intermediate- to long-term maturities (three years or longer). </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, High Yield ETF invests at least 80% of the value of its net assets in fixed-income securities rated below investment grade that meet Franklin Advisers’ ESG criteria. For a further discussion of High Yield ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;font-weight:bold;">Putnam ESG Ultra Short ETF (“Ultra Short ETF”) </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Ultra Short ETF invests in a diversified short duration portfolio of fixed-income securities comprised of investment-grade money market and other fixed-income securities, including U.S. dollar-denominated foreign securities of these types, with a focus on companies or issuers that Franklin Advisers, Ultra Short ETF’s investment manager, believes meet relevant ESG criteria, on a sector-specific basis. </div><div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Ultra Short ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Ultra Short ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top:8pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:3pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sustainability and ESG investing risk: Investing in underlying funds with an ESG or sustainability focus may result in the fund having exposure to underlying funds that invest in certain types of companies, issuers, industries or sectors that the market may not favor. In evaluating an investment opportunity for the underlying funds, Franklin Advisers, Putnam Management or PanAgora may make investment decisions without the availability of optimal ESG-related data (which may be even less available with securitized debt instruments) or based on information and data that is incomplete or inaccurate. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> Sustainability and ESG metrics are not uniformly defined, and applying such metrics involves subjective assessments. Sustainability and ESG scorings and assessments of issuers can vary across third-party data providers and may change over time. Franklin Advisers, Putnam Management and PanAgora do not rely exclusively on third-party data providers in evaluating sustainability and ESG criteria for the underlying funds. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, particularly with respect to companies in emerging market countries, which may adversely impact the investment process. In addition, the business practices, products or services of issuers in which an underlying fund invests may change over time. As a result of these possibilities, among others, an underlying fund may temporarily hold securities that are inconsistent with the underlying fund’s ESG or sustainability investment criteria. Regulatory changes or interpretations regarding the definitions and/or use of ESG and/or sustainability criteria could have a material adverse effect on the underlying fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. The underlying funds do not restrict investments based solely on “negative screens”, and the underlying fixed-income funds do not restrict their fixed-income investments to “green bonds” (i.e., U.S. dollar-denominated bonds designated as “green” by the Climate Bonds Initiative). For the underlying funds that pursue fixed-income investment strategies, because fixed-income investments generally represent a promise to pay principal and interest by an issuer, and not an ownership interest, and may involve complex structures, ESG-related investment considerations may have a more limited impact on risk and return (or may have an impact over a different investment time horizon) relative to other asset classes, and this may be particularly true for shorter-term investments. In addition, holders of fixed-income investments do not typically have voting rights, unlike holders of equity investments who have the right to vote on issuer proposals. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Market risk: The effects of inflation may erode the value of an investment in an underlying fund over time. The value of investments in an underlying fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying fund’s portfolio holdings, may negatively impact the underlying fund’s performance, and may exacerbate other risks to which the underlying fund is subject. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Common stock risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> industries, such as increases in production costs. Growth investing risk: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Value investing risk: Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the underlying fund’s investment manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Small and midsize companies risk: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Industry or sector concentration risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): From time to time, an underlying fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the underlying fund more vulnerable to adverse developments affecting those industries or sectors. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Model and data risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): If the quantitative models or data that are used in managing an underlying fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the underlying fund may realize losses. Additionally, market movements are likely to change the risk levels and risk allocations of the underlying fund. Investments made based on quantitative models may perform differently from the market as a whole. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Foreign investments risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid. There may be less publicly-available information, or less reliable publicly-available information, about foreign companies (including information related to companies’ ESG practices), particularly with respect to emerging market companies, than publicly-available information regarding U.S. companies. As a result, the underlying fund’s investment manager’s ability to evaluate a foreign company, including with respect to its ESG or sustainability practices, may be more limited than its ability to evaluate a U.S. company. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Geographic focus risk (for PanAgora International Equity ETF and PanAgora Emerging Markets Equity ETF): If an underlying fund invests a substantial percentage of its assets in issuers located in a single country, a </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> small number of countries, or a particular geographic region, such as European and Asian countries, the underlying fund’s performance will likely be closely tied to the market, currency, political, economic, regulatory, geopolitical, and other conditions in such countries or region. These conditions could generally have a greater effect on the underlying fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Fixed income investments risk (for Core Bond ETF, High Yield ETF and Ultra Short ETF): The risks associated with fixed income investments include interest rate risk, which is the risk that the value of an underlying fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the underlying fund’s investments may default on payment of interest or principal. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The underlying fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The underlying fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. The underlying fund’s investments in mortgage-backed securities may make the underlying fund’s net asset value more susceptible to economic, market, political and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. During periods of difficult economic conditions, delinquencies and losses on commercial mortgage-backed investments in particular generally increase, including as a result of the effects of those conditions on commercial real estate markets, the ability of commercial tenants to make loan payments, and the ability of a property to attract and retain commercial tenants. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">High Yield ETF invests mostly in higher-yield, higher-risk debt investments that are rated below BBB or its equivalent at the time of purchase by any nationally recognized securities rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. High Yield ETF may invest up to 15% of High Yield ETF’s total assets in debt investments rated below CCC or its equivalent, at the time of purchase, by each rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. This includes investments in the lowest rating category of the rating agency. High Yield ETF will not necessarily sell an investment if its rating is reduced after Franklin </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> Advisers buys it. Investments rated below BBB or its equivalent are below-investment-grade in quality. This rating reflects a greater possibility that the issuers may be unable to make timely payments of interest and principal and thus default. If a default occurs, or is perceived as likely to occur, the value of the investment will usually be more volatile and is likely to fall. The value of a debt instrument may also be affected by changes in, or perceptions of, the financial condition of the issuer, borrower, counterparty, or other entity, or underlying collateral or assets, or changes in, or perceptions of, specific or general market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. A default or expected default could also make it difficult for the High Yield ETF to sell the investment at a price approximating the value Franklin Advisers had previously placed on it. Lower-rated debt usually has a more limited market than higher-rated debt, which may at times make it difficult for High Yield ETF to buy or sell certain debt instruments or to establish their fair values. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Derivatives risk (For all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over-the-counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the underlying fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures) and legal risk (e.g., insufficient legal documentation or contract enforceability issues). </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate loan risk (for High Yield ETF): To the extent an underlying fund holds floating rate loans, interest rate risk may be reduced but will not be eliminated. While floating rate loans are normally secured by specific collateral or assets of the issuer (so that holders of the loans, such as the underlying fund, will have a priority claim on those assets in the event of default or bankruptcy of the issuer), the value of collateral may be insufficient to meet the issuer’s obligations, and the underlying fund’s access to collateral may be limited by bankruptcy or other insolvency laws. The settlement period (the period between the execution of the trade and the delivery of cash to the purchaser) for floating rate loan transactions is typically longer than seven days, and it is possible that sale proceeds from floating rate loan transactions will not be available to meet redemption obligations. </div> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate obligations risk (for Core Bond ETF and Ultra Short ETF): An underlying fund may purchase taxable floating rate notes for short-term cash management or other investment purposes. Floating rate notes are debt instruments that provide for periodic adjustments in the interest rate. The interest rate on these instruments may be reset daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating rate instrument may be based on a known lending rate, such as the Secured Overnight Financing Rate, and is reset whenever such rate is adjusted. Interest rate adjustments are designed to help stabilize the instrument’s price or maintain a fixed spread to a predetermined benchmark. While this feature may protect against a decline in the instrument’s market price when interest rates or benchmark rates rise, it lowers the underlying fund’s income when interest rates or benchmark rates fall. The underlying fund’s income from its floating rate investments also may increase if interest rates rise. Floating rate obligations are less effective than fixed rate instruments at locking in a particular yield. Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. The underlying fund’s ability to receive payments of principal and interest and other amounts in connection with loans held by it will depend primarily on the financial condition of the issuer. The failure by the underlying fund to receive scheduled interest or principal payments on a loan would adversely affect the income of the underlying fund and would likely reduce the value of its assets, which would be reflected in a reduction in the underlying fund’s net asset value. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Floating rate notes and bonds may have a stated maturity in excess of one year, but may have features that permit a holder to demand payment of principal plus accrued interest upon a specified number of days’ notice. Frequently, such obligations are secured by letters of credit or other credit support arrangements provided by banks. If these obligations are not secured by letters of credit or other credit support arrangements, the underlying fund’s right to demand payment will be dependent on the ability of the issuer to pay principal and interest on demand. In addition, these obligations frequently are not rated by credit rating organizations and may involve heightened risk of default by the issuer. The issuer of such obligations normally has a corresponding right, after a given period, to prepay in its discretion the outstanding principal of the obligation plus accrued interest upon a specific number of days’ notice to the holders. There is no assurance that the underlying fund will be able to reinvest the proceeds of any prepayment at the same interest rate or on the same terms as those of the original instrument. The absence of an active secondary market for floating rate notes could make it difficult for the underlying fund to dispose of the instruments, and the underlying fund could suffer a loss if the issuer defaults or during periods in which the underlying fund is not entitled to exercise its demand rights. When a reliable trading market for the floating rate instruments held by the underlying fund does not exist and the underlying fund may not demand payment of the principal amount of such instruments within seven days, the instruments may </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> be deemed illiquid and therefore subject to the underlying fund’s limitation on investments in illiquid securities. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Portfolio turnover rate: An underlying fund’s portfolio turnover rate measures how frequently the underlying fund buys and sells investments. A portfolio turnover rate of 100%, for example, would mean that the underlying fund sold and replaced securities valued at 100% of the underlying fund’s assets within a one-year period. From time to time the underlying fund may engage in frequent trading. Funds with high turnover may be more likely to realize capital gains that must be distributed to shareholders as taxable income. High turnover may also cause a fund to pay more brokerage commissions and other transaction costs (including imputed transaction costs), which may detract from performance. The underlying fund’s portfolio turnover rate and the amount of brokerage commissions it pays and transaction costs it incurs will vary over time based on market conditions. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Management and operational risk: There is no guarantee that the investment techniques, analyses, or judgments that the underlying fund’s investment manager applies in making investment decisions for the underlying fund will produce the intended outcome or that the investments selected for the underlying fund will perform as well as other securities that were not selected for the underlying fund. The underlying fund’s investment manager, or the underlying fund’s other service providers, may experience disruptions or operating errors that could negatively impact the underlying fund. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The underlying fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </div> An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Risks Related to Investing in ETFs: As ETFs, shares of the underlying funds are traded in the secondary market. Prior to trading in the secondary market, shares of the underlying funds are “created” at net asset value by market makers, large investors and institutions (collectively, “authorized participants”) only in creation units. A creation transaction generally takes place when an authorized participant deposits into an underlying fund a designated portfolio of securities, assets or other positions (a “creation basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, in exchange for a specified number of creation units. Similarly, shares of an underlying fund can be redeemed only in creation units, generally for a designated portfolio of securities, assets or other positions held by the underlying fund and an amount of cash (including any portion of such securities for which cash may be substituted), if any. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Fluctuation of net asset value and share price risk: Shares of an underlying fund may trade at a larger premium or discount to the underlying fund’s net asset value than shares of other ETFs. The net asset value of the underlying fund will generally fluctuate with changes in the market value of the underlying fund’s holdings. The underlying fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> the existence of extreme market volatility or potential lack of an active trading market for the underlying fund’s shares may result in the underlying fund’s shares trading significantly above (at a premium) or below (at a discount) net asset value or the intraday value of the underlying fund’s holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for underlying fund shares may become less liquid in response to deteriorating liquidity in the markets for the underlying fund’s underlying portfolio holdings. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Authorized participant concentration risk: Only an authorized participant may engage in creation and redemption transactions directly with an underlying fund. Your fund is not an authorized participant and can only purchase and sell underlying fund shares in the secondary market at market price or through an authorized participant. The underlying fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for underlying fund shares or underlying fund shares may trade at a discount (or premium) to net asset value and possibly face trading halts and/or de-listing. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Trading issues risk: Sustainable Leaders ETF and Sustainable Future ETF began trading publicly in May 2021, while PanAgora International Equity ETF, PanAgora Emerging Markets Equity ETF, Core Bond ETF, High Yield ETF, and Ultra Short ETF began trading publicly in January 2023. There can be no assurance that an active trading market will develop or be maintained or that the market for the underlying fund shares will operate as intended, which could lead to the underlying fund’s shares trading at wider spreads and larger premiums and discounts to net asset value than other actively managed ETFs. As a result, it may cost investors more to trade underlying fund shares than shares of other ETFs. There is no guarantee that the underlying fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in an underlying fund’s shares or to submit purchase and redemption orders for creation units. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The market prices of the underlying fund’s shares are expected to fluctuate, in some cases materially, in response to changes in the underlying fund’s net asset value, the intraday value of the underlying fund’s holdings and supply and demand for the fund’s shares. The investment manager cannot predict whether the underlying fund’s shares will trade above, below or at their net asset value or the intraday value of the underlying fund’s holdings. During periods, when an underlying fund is trading below its net asset value, investors may incur significant losses if they sell shares. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The securities held by the underlying fund may be traded in markets that close at a different time than the exchange on which the underlying fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads on the </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> exchange and the corresponding premium or discount to the shares’ net asset value may widen. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Large shareholder transaction risk: An underlying fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the underlying fund. The underlying fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the underlying fund. Such shareholders may at times be considered to control the underlying fund. In addition, a large number of shareholders may collectively purchase or redeem underlying fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the underlying fund’s liquidity and net assets. These redemptions may also adversely affect the underlying fund’s performance if the underlying fund is forced to sell securities, which may also increase the underlying fund’s brokerage costs. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Cash transactions risk: Unlike certain ETFs, an underlying fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the underlying fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in the underlying fund’s shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Semi-transparent ETF risk (for Sustainable Leaders ETF and Sustainable Future ETF): Semi-transparent ETFs are different from traditional ETFs. Traditional ETFs disclose to the public what assets they hold each day. However, semi-transparent ETFs do not. This may create additional risks for an investment in a semi-transparent ETF, including that an investor may have to pay more money to trade semi-transparent ETF’s shares in light of the fact that a semi-transparent ETF will provide less information to traders, who tend to charge more for trades when they have less information. The price an investor pays to buy or sell an ETF’s shares on an exchange may not match the value of the ETF’s portfolio, and these price differences may be greater for semi-transparent ETFs compared to other ETFs because they provide less information to traders. These additional risks may be even greater in adverse or uncertain market conditions. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The differences between semi-transparent ETFs and other ETFs may also have advantages. By keeping certain information about a semi-transparent ETFs secret, a semi-transparent ETF may face less risk that other traders can predict or copy its investment strategy. This may improve a semi-transparent ETF’s performance. If other traders are able to copy or predict a semi-transparent ETF’s investment strategy, however, this may hurt a semi-transparent ETF’s performance. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Tracking Basket structure risk (for Sustainable Leaders ETF and Sustainable Future ETF): Thesemi-transparent ETFs, in which the fund invests are actively managed ETFs that operate pursuant to an exemptive </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> order from the Securities and Exchange Commission and do not publicly disclose their complete portfolio holdings each business day. Instead, each semi-transparent ETF publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the semi-transparent ETF but is not the semi-transparent ETF’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings and/or select securities from the universe from which the semi-transparent ETF’s investments are selected (“Strategy Components”); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the semi-transparent ETF invests; and (3) cash and cash equivalents. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">A semi-transparent ETF’s Tracking Basket structure may affect the price at which shares of the semi-transparent ETF trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of a semi-transparent ETF at or close to its NAV per share, there is a risk that market prices will vary significantly from NAV. A semi-transparent ETF, which trade on the basis of a published Tracking Basket, may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although a semi-transparent ETF seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking Basket to identify a semi-transparent ETF’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders, such as front running the semi-transparent ETF’s trades of portfolio securities. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Arbitrage risk (For Sustainable Leaders ETF and Sustainable Future ETF): Unlike ETFs that publicly disclose their complete portfolio holdings each business day, a semi-transparent ETF provides certain other information intended to allow market participants to estimate the value of positions in the semi-transparent ETF’s shares. Although this information is designed to facilitate arbitrage opportunities in a semi-transparent ETF’s shares to reduce bid/ask spreads and minimize discounts or premiums between the market price and net asset value of the semi-transparent ETF shares, there is no guarantee a semi-transparent ETF’s arbitrage mechanism will operate as intended and that the semi-transparent ETF will not experience wide bid/ask spreads and/or large discounts or premiums to net asset value. In addition, market participants may attempt to use the disclosed information to “reverse engineer”a semi-transparent ETF’s trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact a semi-transparent ETF’s performance. </div> <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Trading halt risk (for Sustainable Leaders ETF and Sustainable Future ETF): There may be circumstances where a security held in a semi-transparent ETF’s portfolio but not in the Tracking Basket does not have readily available market quotations. If the semi-transparent ETF’s investment </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;"> manager determines that such circumstance may affect the reliability of the Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in a semi-transparent ETF’s portfolio, will be publicly disclosed on the semi-transparent ETF’s website, and the semi-transparent ETF’s investment manager will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders. In addition, if securities representing 10% or more of a semi-transparent ETF’s portfolio do not have readily available market quotations, a semi-transparent ETF’s investment manager would promptly request the exchange to halt trading of a semi-transparent ETF, meaning that investors (including the fund) would not be able to trade their shares. Trading may also be halted in other circumstances, for example, due to market conditions. </div> Performance <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2035 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Before February 10, 2023, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.</div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown.</div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2035 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2035 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:arial;font-size:8pt;width:98%;border-spacing:0px;margin-left:auto"> <tr> <td style="width:86%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #bfbfbf;height:1.5pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial narrow;">Best Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">Q4 2023</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">10.60</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial narrow;">Worst Quarter:</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">Q1 2020</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;text-align:right;">-12.57</td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> <td colspan="4" style="height:1.5pt;"></td> </tr> <tr style="page-break-inside:avoid;font-family:arial;font-size:8pt;background-color:#cceeff"> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8pt;font-family:arial narrow;">As of September 30, 2025, the fund’s year-to-date return was 7.64%.</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> <td style="BORDER-BOTTOM:0.75pt solid #bfbfbf;vertical-align:bottom;"> </td> </tr> </table> Best Quarter: 2023-12-31 0.1060 Worst Quarter: 2020-03-31 -0.1257 2025-09-30 year-to-date return 0.0764 Average annual total returns after sales charges (for periods ended 12/31/24) 0.0529 0.0512 0.0528 0.0441 0.0333 0.0373 0.0323 0.0338 0.0364 0.0987 0.0558 0.0528 0.1125 0.0597 0.0558 0.1154 0.0624 0.0578 0.1180 0.0649 0.0604 0.1198 0.0664 0.0619 0.1208 0.0673 0.0626 0.1201 0.0665 0.0618 0.2381 0.1386 0.1255 0.0125 -0.0033 0.0135 0.1025 0.0704 0.0711 After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. <div style="margin-top:12pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Class C share performance reflects conversion to class A shares after eight years. </div><div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change. </div> After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement. Fund summary Putnam Sustainable Retirement 2030 Fund Goal <div style="margin-top:6pt;margin-bottom:0pt;margin-left:2%;font-size:10pt;font-family:arial;">The fund seeks capital appreciation and current income consistent with a decreasing emphasis on capital appreciation and an increasing emphasis on current income as it approaches its target date. </div> Fees and expenses <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 257 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page 44 of the fund’s Statement of Additional Information (“SAI”). </div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses you pay each year as a percentage of the value of your investment) 0.0047 0.0025 0.0016 0.0044 0.0132 -0.0047 0.0085 0.0047 0.0100 0.0016 0.0044 0.0207 -0.0047 0.0160 0.0047 0.0050 0.0031 0.0044 0.0172 -0.0047 0.0125 0.0047 0.0025 0.0031 0.0044 0.0147 -0.0047 0.0100 0.0047 0 0.0031 0.0044 0.0122 -0.0047 0.0075 0.0047 0 0.0016 0.0044 0.0107 -0.0047 0.0060 0.0047 0 0.0006 0.0044 0.0097 -0.0047 0.0050 0.0047 0 0.0016 0.0044 0.0107 -0.0047 0.0060 Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective September 30, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. November 30, 2028 Example <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first three years of each period in the example take into account the expense reimbursement described above. Your actual costs may be higher or lower. </div> 657 831 1122 1950 263 505 976 2086 163 505 976 2086 127 396 793 1904 102 318 660 1627 77 240 527 1345 61 192 445 1170 51 160 390 1052 61 192 445 1170 Portfolio turnover <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 18%. </div> 0.18 Investments, risks, and performance Investments <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund is one of a series of target date funds that invest primarily in exchange-traded funds (“ETFs”) that focus on investments with positive sustainability or environmental, social, and governance (“ESG”) characteristics, referred to as underlying funds. The underlying funds include funds managed by the Investment Manager, as defined below, and funds managed by affiliated investment advisers. The fund’s asset allocation strategy may be attractive to investors who plan to retire or otherwise intend to begin making periodic withdrawals of their investments in or about 2030 (the target date). The fund is designed to provide diversification among different asset classes by investing its assets in the underlying funds. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Under normal circumstances, the fund will invest in underlying funds (which, for purposes of this policy, include money market mutual funds advised by the Investment Manager or its affiliates) such that, in the aggregate, it has indirect exposure to investments that meet each underlying fund’s respective sustainability or ESG criteria and that represent at least 80% of the value of its net assets. This policy is non‑fundamental and may be changed only after 60 days’ notice to shareholders. For purposes of the fund’s 80% policy, net assets include the amount of any borrowings for investment purposes. The Investment Manager may not apply ESG or sustainability criteria to investments that are not subject to the fund’s 80% policy, and such investments may not meet the applicable ESG or sustainability criteria. Through its investments in underlying funds, the fund makes use of a range of ESG‑ and sustainability- oriented investment strategies and invests across a variety of asset classes. The ESG </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> or sustainability criteria will differ across the underlying funds. These differences may arise both from differences in the underlying funds’ asset classes (such as the characteristics of non‑U.S. versus U.S. issuers, or the structural differences (i.e., position in the capital structure) between equity and fixed-income investments) as well as from different managers’ styles. In implementing an underlying fund’s investment strategy, the portfolio managers of the underlying fund may apply and weigh different ESG criteria differently than the portfolio managers of the other underlying funds. There are also expected to be differences in how the portfolio managers of the underlying funds source ESG‑related or sustainability-oriented research (e.g., proprietary versus third-party research) and/or their approach to selecting companies based on ESG or sustainability criteria. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund’s target allocations among asset classes and underlying funds will increasingly emphasize capital preservation and income over time and will change gradually based on the number of remaining years until the fund’s target date, as shown in the predetermined “glide path” in the chart under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” The Investment Manager adjusts these allocations at the end of each calendar quarter based on the glide path. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Pending investment in underlying funds, the fund also expects to temporarily invest cash balances resulting from purchase activity by fund shareholders in Putnam Government Money Market Fund, a mutual fund sponsored by the Investment Manager, or in cash or cash equivalents. The fund also expects to invest a portion of its assets in Putnam Government Money Market Fund or in cash or cash equivalents in order to manage shareholder redemptions. The percentage of a fund invested in Putnam Government Money Market Fund is expected to vary over time and will depend on the level of purchase and redemption activity by fund shareholders. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2025 (taking into account any tactical adjustments described below) and its projected approximate allocations to those asset classes and underlying funds as of September 30, 2026. The table does not reflect temporary investments in Putnam Government Money Market Fund or in cash or cash equivalents. By comparing the percentage allocations of your fund in the table, you can see how its allocations are expected to change during the one‑year period beginning on September 30, 2025. The table also shows the approximate allocations of other Putnam Sustainable Retirement Funds, which are designed for investors with different target retirement dates. Over a five-year period, each fund’s allocations will gradually change to resemble the allocations of the fund with the next earliest target date. The table illustrates how a fund’s allocations are expected to change over time to increasingly emphasize capital preservation and income. </div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:8pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:13%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:7%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:6%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:10pt"> <td style="BORDER:1pxpt solid #000000; padding-left:8pt;vertical-align:bottom;">Underlying Fund*</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">Year</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2070</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2065</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2060</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2055</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2050</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2045</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2040</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2035</td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> <div style="margin-top:0pt;margin-bottom:1pt;font-size:8pt;font-family:arial;font-weight:bold;text-align:center;">2030 (your fund)</div> </td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;text-align:center;">Maturity Fund</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam Sustainable Leaders ETF</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2025</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">47.6%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">47.6%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">45.8%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">43.3%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">40.7%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">38.4%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">35.2%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">30.3%</td> <td style="vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">18.6%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">14.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">47.6%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">47.3%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">45.3%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">42.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">40.2%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">37.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">34.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">28.2%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">17.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">14.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam Sustainable Future ETF</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2025</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">23.8%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">23.8%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">22.9%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">21.7%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">20.4%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">19.2%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">17.6%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">15.2%</td> <td style="vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">9.3%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">7.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">23.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">23.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">22.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">21.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">20.1%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">18.9%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">17.2%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">14.1%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">8.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">7.1%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam PanAgora ESG International Equity ETF</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2025</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">17.8%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">17.8%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">17.2%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">16.2%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">15.3%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">14.2%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">11.9%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">9.1%</td> <td style="vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">5.6%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">4.2%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">17.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">17.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">17.0%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">16.1%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">15.1%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">13.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">11.3%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">8.5%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">5.3%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">4.2%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam PanAgora ESG Emerging Markets Equity ETF</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2025</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">5.9%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">5.9%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">5.7%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">5.4%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">5.1%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">4.5%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2.2%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">0.0%</td> <td style="vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">0.0%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">0.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">5.9%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">5.9%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">5.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">5.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">5.0%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">4.0%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">1.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">0.0%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">0.0%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">0.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam ESG Core Bond ETF</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2025</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">3.3%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">3.3%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">5.9%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">9.7%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">13.0%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">16.1%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">24.8%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">35.4%</td> <td style="vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">53.4%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">51.7%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">3.3%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">3.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">6.6%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">10.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">13.6%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">17.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">26.9%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">38.6%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">54.5%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">51.7%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam ESG High Yield ETF</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2025</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">1.1%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">1.1%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2.0%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">3.2%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">4.3%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">4.9%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">4.8%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">5.3%</td> <td style="vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">7.1%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">16.9%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">1.1%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">1.2%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2.2%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">3.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">4.6%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">4.9%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">4.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">5.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">8.1%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">16.9%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Putnam ESG Ultra Short ETF</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2025</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">0.5%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">0.5%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">0.5%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">0.5%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">1.2%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2.7%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">3.5%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">4.7%</td> <td style="vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">6.0%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">6.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">0.5%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">0.5%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">0.5%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">0.5%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">1.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">3.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">4.9%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">6.0%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">6.0%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Total Equity**</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2025</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">95.1%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">95.1%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">91.6%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">86.6%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">81.5%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">76.3%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">66.9%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">54.6%</td> <td style="vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">33.5%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">25.4%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">95.1%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">94.6%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">90.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">85.7%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">80.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">74.5%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">64.6%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">50.8%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">31.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">25.4%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Total Fixed Income**</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2025</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">4.9%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">4.9%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">8.4%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">13.4%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">18.5%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">23.7%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">33.1%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;text-align:center;">45.4%</td> <td style="vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">66.5%</td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">74.6%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">2026</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">4.9%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">5.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">9.3%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">14.3%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">19.6%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">25.5%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">35.4%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;text-align:center;">49.2%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;text-align:center;">68.6%</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center;">74.6%</td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> </td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:bottom;background-color:#d9d9d9;"> </td> <td style="vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:top;"> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;font-size:8pt;font-family:arial;">* Due to rounding, allocations shown in the table above may not total 100%. In addition, because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:8pt;font-family:arial;">** Equity and fixed-income allocations are hypothetical estimates based on an assumption that each of Putnam Sustainable Leaders ETF, Putnam Sustainable Future ETF, Putnam PanAgora ESG International Equity ETF, and Putnam PanAgora ESG </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> Emerging Markets Equity ETF is equivalent to an equity investment and each of Putnam ESG Core Bond ETF, Putnam ESG High Yield ETF and Putnam ESG Ultra Short ETF is equivalent to a fixed-income investment. The investment managers of the underlying funds may adjust those funds’ allocations among asset classes from time to time consistent with their investment goals, and consequently, actual allocations will vary. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the glide path, the fund’s target allocations, and the underlying funds in which it invests at any time, although the Investment Manager generally expects these changes (other than the tactical adjustments described below) to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable. The Investment Manager may also make tactical adjustments from time to time in the fund’s allocations to underlying funds in response to market conditions within a range of +/- 15% from the allocations to fixed-income and equity asset classes as presented in the fund’s glide path. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">It is assumed that investors will begin gradual withdrawals from the fund at or around the target date. As the target date year of the fund approaches, the fund’s target allocations will increasingly correspond closely to those of Putnam Sustainable Retirement Maturity Fund (“Maturity Fund”), a fund that seeks as high a rate of current income as the Investment Manager believes is consistent with preservation of capital, and the fund will be merged into Maturity Fund prior to the end of the target year as determined by the Investment Manager in its discretion. More information about Maturity Fund is available in the prospectus beginning on page 190, and more information about the underlying funds (which are not offered by this prospectus) is included below and under “What are the funds’ and each underlying fund’s main investment strategies and related risks?” </div><div style="margin-top:18pt;margin-bottom:0pt;font-size:12.5pt;font-family:arial;font-weight:bold;">Information about each underlying fund’s investment strategy </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:12.5pt;font-family:arial;font-weight:bold;">Putnam Sustainable Leaders ETF (“Sustainable Leaders ETF”) </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Sustainable Leaders ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies that Putnam Investment Management, LLC (“Putnam Management”), Sustainable Leaders ETF’s investment manager, believes exhibit a commitment to financially material sustainable business practices. Sustainable Leaders ETF may also invest in non‑U.S. companies. In evaluating investments for Sustainable Leaders ETF, Putnam Management views “financially material sustainable business practices” as business practices that it believes are reasonably likely to impact the financial condition or operating performance of a company and that relate to environmental, social, or corporate governance issues. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Under normal circumstances, Sustainable Leaders ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Leaders ETF’s </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:12.5pt;font-family:arial;font-weight:bold;">Putnam Sustainable Future ETF (“Sustainable Future ETF”) </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Sustainable Future ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies whose products and services Putnam Management, Sustainable Future ETF’s investment manager, believes provide solutions that directly contribute to sustainable social, environmental and economic development (Solutions Companies). </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Under normal circumstances, Sustainable Future ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Future ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:12.5pt;font-family:arial;font-weight:bold;">Putnam PanAgora ESG International Equity ETF (“PanAgora International Equity ETF”) </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">PanAgora International Equity ETF invests mainly in common stocks (growth or value stocks or both) of companies of any size outside the United States with a focus on companies that PanAgora International Equity ETF’s subadviser, PanAgora Asset Management, Inc. (“PanAgora”), believes offer attractive benchmark-relative returns and exhibit positive ESG metrics. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Under normal circumstances, PanAgora International Equity ETF invests at least 80% of its net assets in equity securities of companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora International Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:12.5pt;font-family:arial;font-weight:bold;">Putnam PanAgora ESG Emerging Markets Equity ETF (“PanAgora Emerging Markets Equity ETF”) </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">PanAgora Emerging Markets Equity ETF invests mainly in common stocks (growth or value stocks or both) of emerging markets companies of any size with a focus on companies that PanAgora Emerging Markets Equity ETF’s subadviser, PanAgora, believes offer attractive benchmark-relative returns and exhibit positive ESG metrics. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Under normal circumstances, PanAgora Emerging Markets Equity ETF invests at least 80% of its net assets in equity securities of emerging markets companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora Emerging Markets Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:12.5pt;font-family:arial;font-weight:bold;">Putnam ESG Core Bond ETF (“Core Bond ETF”) </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Core Bond ETF invests mainly in a diversified portfolio of investment-grade fixed-income securities with a focus on companies or issuers that Franklin Advisers, Inc. (“Franklin Advisers”), Core Bond ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Core Bond ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Core Bond ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:12.5pt;font-family:arial;font-weight:bold;">Putnam ESG High Yield ETF (“High Yield ETF”) </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">High Yield ETF invests mainly in bonds that are below investment grade in quality (sometimes referred to as “junk bonds”) with a focus on companies or issuers that Franklin Advisers, High Yield ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. High Yield ETF invests mainly in bonds that also have one or more of the following characteristics: (1) are obligations of U.S. companies or issuers and (2) have intermediate- to long-term maturities (three years or longer). </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, High Yield ETF invests at least 80% of the value of its net assets in fixed-income securities rated below investment grade that meet Franklin Advisers’ ESG criteria. For a further discussion of High Yield ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:12.5pt;font-family:arial;font-weight:bold;">Putnam ESG Ultra Short ETF (“Ultra Short ETF”) </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Ultra Short ETF invests in a diversified short duration portfolio of fixed-income securities comprised of investment-grade money market and other fixed-income securities, including U.S. dollar-denominated foreign securities of these types, with a focus on companies or issuers that Franklin Advisers, Ultra Short ETF’s investment manager, believes meet relevant ESG criteria, on a sector-specific basis. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:2%;font-size:9pt;font-family:arial;">Under normal circumstances, Ultra Short ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Ultra Short ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">It is important to understand that you can lose money by investing in the fund. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Sustainability and ESG investing risk: Investing in underlying funds with an ESG or sustainability focus may result in the fund having exposure to underlying funds that invest in certain types of companies, issuers, industries or sectors that the market may not favor. In evaluating an investment opportunity for the underlying funds, Franklin Advisers, Putnam Management or PanAgora may make investment decisions without the availability of optimal ESG‑related data (which may be even less available with securitized debt instruments) or based on information and data that is incomplete or inaccurate. </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> Sustainability and ESG metrics are not uniformly defined, and applying such metrics involves subjective assessments. Sustainability and ESG scorings and assessments of issuers can vary across third-party data providers and may change over time. Franklin Advisers, Putnam Management and PanAgora do not rely exclusively on third-party data providers in evaluating sustainability and ESG criteria for the underlying funds. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, particularly with respect to companies in emerging market countries, which may adversely impact the investment process. In addition, the business practices, products or services of issuers in which an underlying fund invests may change over time. As a result of these possibilities, among others, an underlying fund may temporarily hold securities that are inconsistent with the underlying fund’s ESG or sustainability investment criteria. Regulatory changes or interpretations regarding the definitions and/or use of ESG and/or sustainability criteria could have a material adverse effect on the underlying fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. The underlying funds do not restrict investments based solely on “negative screens”, and the underlying fixed-income funds do not restrict their fixed-income investments to “green bonds” (i.e., U.S. dollar-denominated bonds designated as “green” by the Climate Bonds Initiative). For the underlying funds that pursue fixed-income investment strategies, because fixed-income investments generally represent a promise to pay principal and interest by an issuer, and not an ownership interest, and may involve complex structures, ESG‑related investment considerations may have a more limited impact on risk and return (or may have an impact over a different investment time horizon) relative to other asset classes, and this may be particularly true for shorter-term investments. In addition, holders of fixed-income investments do not typically have voting rights, unlike holders of equity investments who have the right to vote on issuer proposals. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Market risk: The effects of inflation may erode the value of an investment in an underlying fund over time. The value of investments in an underlying fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying fund’s portfolio holdings, may negatively impact the underlying fund’s performance, and may exacerbate other risks to which the underlying fund is subject. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Common stock risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> industries, such as increases in production costs. Growth investing risk: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Value investing risk: Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the underlying fund’s investment manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Small and midsize companies risk: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Industry or sector concentration risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): From time to time, an underlying fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the underlying fund more vulnerable to adverse developments affecting those industries or sectors. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Model and data risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): If the quantitative models or data that are used in managing an underlying fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the underlying fund may realize losses. Additionally, market movements are likely to change the risk levels and risk allocations of the underlying fund. Investments made based on quantitative models may perform differently from the market as a whole. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Foreign investments risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid. There may be less publicly-available information, or less reliable publicly-available information, about foreign companies (including information related to companies’ ESG practices), particularly with respect to emerging market companies, than publicly-available information regarding U.S. companies. As a result, the underlying fund’s investment manager’s ability to evaluate a foreign company, including with respect to its ESG or sustainability practices, may be more limited than its ability to evaluate a U.S. company. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Geographic focus risk (for PanAgora International Equity ETF and PanAgora Emerging Markets Equity ETF): If an underlying fund invests a substantial percentage of its assets in issuers located in a single country, a </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> small number of countries, or a particular geographic region, such as European and Asian countries, the underlying fund’s performance will likely be closely tied to the market, currency, political, economic, regulatory, geopolitical, and other conditions in such countries or region. These conditions could generally have a greater effect on the underlying fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Fixed income investments risk (for Core Bond ETF, High Yield ETF and Ultra Short ETF): The risks associated with fixed income investments include interest rate risk, which is the risk that the value of an underlying fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the underlying fund’s investments may default on payment of interest or principal. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S. government. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The underlying fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The underlying fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. The underlying fund’s investments in mortgage-backed securities may make the underlying fund’s net asset value more susceptible to economic, market, political and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. During periods of difficult economic conditions, delinquencies and losses on commercial mortgage-backed investments in particular generally increase, including as a result of the effects of those conditions on commercial real estate markets, the ability of commercial tenants to make loan payments, and the ability of a property to attract and retain commercial tenants. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">High Yield ETF invests mostly in higher-yield, higher-risk debt investments that are rated below BBB or its equivalent at the time of purchase by any nationally recognized securities rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. High Yield ETF may invest up to 15% of High Yield ETF’s total assets in debt investments rated below CCC or its equivalent, at the time of purchase, by each rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. This includes investments in the lowest rating category of the rating agency. High Yield ETF will not necessarily sell an investment if its rating is reduced after Franklin </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> Advisers buys it. Investments rated below BBB or its equivalent are below-investment-grade in quality. This rating reflects a greater possibility that the issuers may be unable to make timely payments of interest and principal and thus default. If a default occurs, or is perceived as likely to occur, the value of the investment will usually be more volatile and is likely to fall. The value of a debt instrument may also be affected by changes in, or perceptions of, the financial condition of the issuer, borrower, counterparty, or other entity, or underlying collateral or assets, or changes in, or perceptions of, specific or general market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. A default or expected default could also make it difficult for the High Yield ETF to sell the investment at a price approximating the value Franklin Advisers had previously placed on it. Lower-rated debt usually has a more limited market than higher-rated debt, which may at times make it difficult for High Yield ETF to buy or sell certain debt instruments or to establish their fair values. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Derivatives risk (For all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over‑the‑counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the underlying fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures) and legal risk (e.g., insufficient legal documentation or contract enforceability issues). </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Floating rate loan risk (for High Yield ETF): To the extent an underlying fund holds floating rate loans, interest rate risk may be reduced but will not be eliminated. While floating rate loans are normally secured by specific collateral or assets of the issuer (so that holders of the loans, such as the underlying fund, will have a priority claim on those assets in the event of default or bankruptcy of the issuer), the value of collateral may be insufficient to meet the issuer’s obligations, and the underlying fund’s access to collateral may be limited by bankruptcy or other insolvency laws. The settlement period (the period between the execution of the trade and the delivery of cash to the purchaser) for floating rate loan transactions is typically longer than seven days, and it is possible that sale proceeds from floating rate loan transactions will not be available to meet redemption obligations. </div> <div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Floating rate obligations risk (for Core Bond ETF and Ultra Short ETF): An underlying fund may purchase taxable floating rate notes for short-term cash management or other investment purposes. Floating rate notes are debt instruments that provide for periodic adjustments in the interest rate. The interest rate on these instruments may be reset daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating rate instrument may be based on a known lending rate, such as the Secured Overnight Financing Rate, and is reset whenever such rate is adjusted. Interest rate adjustments are designed to help stabilize the instrument’s price or maintain a fixed spread to a predetermined benchmark. While this feature may protect against a decline in the instrument’s market price when interest rates or benchmark rates rise, it lowers the underlying fund’s income when interest rates or benchmark rates fall. The underlying fund’s income from its floating rate investments also may increase if interest rates rise. Floating rate obligations are less effective than fixed rate instruments at locking in a particular yield. Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. The underlying fund’s ability to receive payments of principal and interest and other amounts in connection with loans held by it will depend primarily on the financial condition of the issuer. The failure by the underlying fund to receive scheduled interest or principal payments on a loan would adversely affect the income of the underlying fund and would likely reduce the value of its assets, which would be reflected in a reduction in the underlying fund’s net asset value. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Floating rate notes and bonds may have a stated maturity in excess of one year, but may have features that permit a holder to demand payment of principal plus accrued interest upon a specified number of days’ notice. Frequently, such obligations are secured by letters of credit or other credit support arrangements provided by banks. If these obligations are not secured by letters of credit or other credit support arrangements, the underlying fund’s right to demand payment will be dependent on the ability of the issuer to pay principal and interest on demand. In addition, these obligations frequently are not rated by credit rating organizations and may involve heightened risk of default by the issuer. The issuer of such obligations normally has a corresponding right, after a given period, to prepay in its discretion the outstanding principal of the obligation plus accrued interest upon a specific number of days’ notice to the holders. There is no assurance that the underlying fund will be able to reinvest the proceeds of any prepayment at the same interest rate or on the same terms as those of the original instrument. The absence of an active secondary market for floating rate notes could make it difficult for the underlying fund to dispose of the instruments, and the underlying fund could suffer a loss if the issuer defaults or during periods in which the underlying fund is not entitled to exercise its demand rights. When a reliable trading market for the floating rate instruments held by the underlying fund does not exist and the underlying fund may not demand payment of the principal amount of such instruments within seven days, the instruments may </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> be deemed illiquid and therefore subject to the underlying fund’s limitation on investments in illiquid securities. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Portfolio turnover rate: An underlying fund’s portfolio turnover rate measures how frequently the underlying fund buys and sells investments. A portfolio turnover rate of 100%, for example, would mean that the underlying fund sold and replaced securities valued at 100% of the underlying fund’s assets within a one‑year period. From time to time the underlying fund may engage in frequent trading. Funds with high turnover may be more likely to realize capital gains that must be distributed to shareholders as taxable income. High turnover may also cause a fund to pay more brokerage commissions and other transaction costs (including imputed transaction costs), which may detract from performance. The underlying fund’s portfolio turnover rate and the amount of brokerage commissions it pays and transaction costs it incurs will vary over time based on market conditions. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Management and operational risk: There is no guarantee that the investment techniques, analyses, or judgments that the underlying fund’s investment manager applies in making investment decisions for the underlying fund will produce the intended outcome or that the investments selected for the underlying fund will perform as well as other securities that were not selected for the underlying fund. The underlying fund’s investment manager, or the underlying fund’s other service providers, may experience disruptions or operating errors that could negatively impact the underlying fund. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The underlying fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </div> An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Risks Related to Investing in ETFs: As ETFs, shares of the underlying funds are traded in the secondary market. Prior to trading in the secondary market, shares of the underlying funds are “created” at net asset value by market makers, large investors and institutions (collectively, “authorized participants”) only in creation units. A creation transaction generally takes place when an authorized participant deposits into an underlying fund a designated portfolio of securities, assets or other positions (a “creation basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, in exchange for a specified number of creation units. Similarly, shares of an underlying fund can be redeemed only in creation units, generally for a designated portfolio of securities, assets or other positions held by the underlying fund and an amount of cash (including any portion of such securities for which cash may be substituted), if any. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Fluctuation of net asset value and share price risk: Shares of an underlying fund may trade at a larger premium or discount to the underlying fund’s net asset value than shares of other ETFs. The net asset value of the underlying fund will generally fluctuate with changes in the market value of the underlying fund’s holdings. The underlying fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> the existence of extreme market volatility or potential lack of an active trading market for the underlying fund’s shares may result in the underlying fund’s shares trading significantly above (at a premium) or below (at a discount) net asset value or the intraday value of the underlying fund’s holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for underlying fund shares may become less liquid in response to deteriorating liquidity in the markets for the underlying fund’s underlying portfolio holdings. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Authorized participant concentration risk: Only an authorized participant may engage in creation and redemption transactions directly with an underlying fund. Your fund is not an authorized participant and can only purchase and sell underlying fund shares in the secondary market at market price or through an authorized participant. The underlying fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/or redemption transactions. To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for underlying fund shares or underlying fund shares may trade at a discount (or premium) to net asset value and possibly face trading halts and/or de‑listing. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Trading issues risk: Sustainable Leaders ETF and Sustainable Future ETF began trading publicly in May 2021, while PanAgora International Equity ETF, PanAgora Emerging Markets Equity ETF, Core Bond ETF, High Yield ETF, and Ultra Short ETF began trading publicly in January 2023. There can be no assurance that an active trading market will develop or be maintained or that the market for the underlying fund shares will operate as intended, which could lead to the underlying fund’s shares trading at wider spreads and larger premiums and discounts to net asset value than other actively managed ETFs. As a result, it may cost investors more to trade underlying fund shares than shares of other ETFs. There is no guarantee that the underlying fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in an underlying fund’s shares or to submit purchase and redemption orders for creation units. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The market prices of the underlying fund’s shares are expected to fluctuate, in some cases materially, in response to changes in the underlying fund’s net asset value, the intraday value of the underlying fund’s holdings and supply and demand for the fund’s shares. The investment manager cannot predict whether the underlying fund’s shares will trade above, below or at their net asset value or the intraday value of the underlying fund’s holdings. During periods, when an underlying fund is trading below its net asset value, investors may incur significant losses if they sell shares. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The securities held by the underlying fund may be traded in markets that close at a different time than the exchange on which the underlying fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid‑ask spreads on the </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> exchange and the corresponding premium or discount to the shares’ net asset value may widen. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Large shareholder transaction risk: An underlying fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the underlying fund. The underlying fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the underlying fund. Such shareholders may at times be considered to control the underlying fund. In addition, a large number of shareholders may collectively purchase or redeem underlying fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the underlying fund’s liquidity and net assets. These redemptions may also adversely affect the underlying fund’s performance if the underlying fund is forced to sell securities, which may also increase the underlying fund’s brokerage costs. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Cash transactions risk: Unlike certain ETFs, an underlying fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the underlying fund might not have recognized if it were to distribute portfolio securities in‑kind. As such, investments in the underlying fund’s shares may be less tax‑efficient than an investment in an ETF that distributes portfolio securities entirely in‑kind. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Semi-transparent ETF risk (for Sustainable Leaders ETF and Sustainable Future ETF): Semi-transparent ETFs are different from traditional ETFs. Traditional ETFs disclose to the public what assets they hold each day. However, semi-transparent ETFs do not. This may create additional risks for an investment in a semi-transparent ETF, including that an investor may have to pay more money to trade semi-transparent ETF’s shares in light of the fact that a semi-transparent ETF will provide less information to traders, who tend to charge more for trades when they have less information. The price an investor pays to buy or sell an ETF’s shares on an exchange may not match the value of the ETF’s portfolio, and these price differences may be greater for semi-transparent ETFs compared to other ETFs because they provide less information to traders. These additional risks may be even greater in adverse or uncertain market conditions. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The differences between semi-transparent ETFs and other ETFs may also have advantages. By keeping certain information about a semi-transparent ETFs secret, a semi-transparent ETF may face less risk that other traders can predict or copy its investment strategy. This may improve a semi-transparent ETF’s performance. If other traders are able to copy or predict a semi-transparent ETF’s investment strategy, however, this may hurt a semi-transparent ETF’s performance. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Tracking Basket structure risk (for Sustainable Leaders ETF and Sustainable Future ETF): The semi-transparent ETFs, in which the fund invests are actively managed ETFs that operate pursuant to an exemptive </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> order from the Securities and Exchange Commission and do not publicly disclose their complete portfolio holdings each business day. Instead, each semi-transparent ETF publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the semi-transparent ETF but is not the semi-transparent ETF’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings and/or select securities from the universe from which the semi-transparent ETF’s investments are selected (“Strategy Components”); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the semi-transparent ETF invests; and (3) cash and cash equivalents. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">A semi-transparent ETF’s Tracking Basket structure may affect the price at which shares of the semi-transparent ETF trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of a semi-transparent ETF at or close to its NAV per share, there is a risk that market prices will vary significantly from NAV. A semi-transparent ETF, which trade on the basis of a published Tracking Basket, may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although a semi-transparent ETF seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking Basket to identify a semi-transparent ETF’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders, such as front running the semi-transparent ETF’s trades of portfolio securities. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Arbitrage risk (For Sustainable Leaders ETF and Sustainable Future ETF): Unlike ETFs that publicly disclose their complete portfolio holdings each business day, a semi-transparent ETF provides certain other information intended to allow market participants to estimate the value of positions in the semi-transparent ETF’s shares. Although this information is designed to facilitate arbitrage opportunities in a semi-transparent ETF’s shares to reduce bid/ask spreads and minimize discounts or premiums between the market price and net asset value of the semi-transparent ETF shares, there is no guarantee a semi-transparent ETF’s arbitrage mechanism will operate as intended and that the semi-transparent ETF will not experience wide bid/ask spreads and/or large discounts or premiums to net asset value. In addition, market participants may attempt to use the disclosed information to “reverse engineer”a semi-transparent ETF’s trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact a semi-transparent ETF’s performance. </div> <div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Trading halt risk (for Sustainable Leaders ETF and Sustainable Future ETF): There may be circumstances where a security held in a semi-transparent ETF’s portfolio but not in the Tracking Basket does not have readily available market quotations. If the semi-transparent ETF’s investment </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:9pt;font-family:arial;"> manager determines that such circumstance may affect the reliability of the Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in a semi-transparent ETF’s portfolio, will be publicly disclosed on the semi-transparent ETF’s website, and the semi-transparent ETF’s investment manager will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders. In addition, if securities representing 10% or more of a semi-transparent ETF’s portfolio do not have readily available market quotations, a semi-transparent ETF’s investment manager would promptly request the exchange to halt trading of a semi-transparent ETF, meaning that investors (including the fund) would not be able to trade their shares. Trading may also be halted in other circumstances, for example, due to market conditions. </div> Performance <div style="margin-top:18pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2030 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Before February 10, 2023, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </div><div style="margin-top:10pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. </div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2030 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To 2030 Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:simhei;font-size:8.5pt;width:100%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:26%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td style="width:64%;"></td> <td style="vertical-align:bottom;width:2%;"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%;"></td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8.5pt;background-color:#cceeff"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">Best Quarter:</div> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:top;text-align:right;">Q4 2023</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">9.28</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8.5pt"> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">Worst Quarter:</div> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:top;text-align:right;">Q1 2020</td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;"> </td> <td style="vertical-align:bottom;text-align:right;">-10.05</td> <td style="white-space:nowrap;vertical-align:bottom;">% </td> </tr> <tr style="page-break-inside:avoid;font-family:simhei;font-size:8.5pt;background-color:#cceeff"> <td colspan="6" style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:8.5pt;font-family:arial;">As of September 30, 2025, the fund’s year‑to‑date return was 6.82%.</div> </td> <td style="vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:0em;text-indent:0em;font-size:8.5pt;font-family:arial;"> </div> </td> </tr> </table> Best Quarter: 2023-12-31 0.0928 Worst Quarter: 2020-03-31 -0.1005 2025-09-30 year‑to‑date return 0.0682 Average annual total returns after sales charges (for periods ended 12/31/24) 0.0272 0.0344 0.0405 0.0160 0.0165 0.0256 0.0166 0.0203 0.0265 0.0718 0.0389 0.0405 0.0856 0.0428 0.0435 0.0883 0.0453 0.0453 0.0914 0.0479 0.0480 0.0927 0.0493 0.0494 0.0941 0.0504 0.0502 0.0927 0.0494 0.0494 0.2381 0.1386 0.1255 0.0125 -0.0033 0.0135 0.0889 0.0608 0.0640 After‑tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns are shown for class A shares only and will vary for other classes. These after‑tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax‑advantaged arrangement. <div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">After‑tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns are shown for class A shares only and will vary for other classes. These after‑tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax‑advantaged arrangement. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:9pt;font-family:arial;">Class C share performance reflects conversion to class A shares after eight years. </div><div style="margin-top:6pt;margin-bottom:0pt;font-size:8pt;font-family:arial;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change. </div> After‑tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown.These after‑tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax‑advantaged arrangement. Fund summary Putnam Sustainable Retirement Maturity Fund Goal <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund seeks as high a rate of current income as the Investment Manager (as defined below) believes is consistent with preservation of capital.</div> Fees and expenses <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The following tables describe the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Putnam funds. More information about these and other discounts is available from your financial professional and in How do I buy fund shares? beginning on page 257 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page 44 of the fund’s Statement of Additional Information (“SAI”).</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Putnam funds. 100000 Shareholder Fees (fees paid directly from your investment) 0.0400 0.0100 0 0.0100 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses you pay each year as a percentage of the value of your investment) 0.0046 0.0025 0.0022 0.0042 0.0135 -0.0050 0.0085 0.0046 0.0100 0.0021 0.0042 0.0209 -0.0049 0.0160 0.0046 0.0050 0.0037 0.0042 0.0175 -0.0050 0.0125 0.0046 0.0025 0.0036 0.0042 0.0149 -0.0049 0.0100 0.0046 0 0.0036 0.0042 0.0124 -0.0049 0.0075 0.0046 0 0.0022 0.0042 0.0110 -0.0050 0.0060 0.0046 0 0.0012 0.0042 0.0100 -0.0050 0.0050 0.0046 0 0.0022 0.0042 0.0110 -0.0050 0.0060 Other expenses have been restated to reflect current expenses. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. November 30, 2028 Example <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first three years of each period in the example take into account the expense reimbursement described above. Your actual costs may be higher or lower.</div> 483 660 964 1825 263 505 980 2103 163 505 980 2103 127 396 800 1931 102 318 666 1647 77 240 532 1363 61 192 453 1199 51 160 397 1079 61 192 453 1199 Portfolio turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 10%.</div> 0.10 Investments, risks, and performance Investments <div style="margin-top: 36pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund employs an asset allocation strategy designed for investors who are already in retirement or who plan to retire (or otherwise begin withdrawing the invested funds) in the near future. The fund is designed to provide diversification among different asset classes by investing its assets primarily in exchange-traded funds (“ETFs”) that focus on investments with positive sustainability or environmental, social, and governance (“ESG”) characteristics, referred to as underlying funds. The underlying funds include funds managed by the Investment Manager, as defined below, and funds managed by affiliated investment advisers.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal circumstances, the fund will invest in underlying funds (which, for purposes of this policy, include money market mutual funds advised by the Investment Manager or its affiliates) such that, in the aggregate, it has indirect exposure to investments that meet each underlying fund’s respective sustainability or ESG criteria and that represent at least 80% of the value of its net assets. This policy is non‑fundamental and may be changed only after 60 days’ notice to shareholders. For purposes of the fund’s 80% policy, net assets include the amount of any borrowings for investment purposes. The Investment Manager may not apply ESG or sustainability criteria to investments that are not subject to the fund’s 80% policy, and such investments may not meet the applicable ESG or sustainability criteria. Through its investments in underlying funds, the fund makes use of a range of ESG‑ and sustainability- oriented</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">investment strategies and invests across a variety of asset classes. The ESG or sustainability criteria will differ across the underlying funds. These differences may arise both from differences in the underlying funds’ asset classes (such as the characteristics of non‑U.S. versus U.S. issuers, or the structural differences (i.e., position in the capital structure) between equity and fixed-income investments) as well as from different managers’ styles. In implementing an underlying fund’s investment strategy, the portfolio managers of the underlying fund may apply and weigh different ESG criteria differently than the portfolio managers of the other underlying funds. There are also expected to be differences in how the portfolio managers of the underlying funds source ESG‑related or sustainability-oriented research (e.g., proprietary versus third-party research) and/or their approach to selecting companies based on ESG or sustainability criteria.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The following table presents your fund’s approximate allocations to each asset class and underlying fund as of September 30, 2025 (taking into account any tactical adjustments described below), which are not expected to change over time.</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: simhei; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 100%;"></td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="vertical-align: bottom;">Underlying funds*</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: simhei; font-size: 8pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 96%;"></td> <td style="vertical-align: bottom; width: 1%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Putnam Sustainable Leaders ETF</div> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">14.1</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Putnam Sustainable Future ETF</div> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">7.1</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Putnam PanAgora ESG International Equity ETF</div> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">4.2</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Putnam ESG Core Bond ETF</div> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">51.7</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Putnam ESG High Yield ETF</div> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">16.9</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Putnam ESG Ultra Short ETF</div> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">6.0</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total Equity**</div> </td> <td style="vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right;">25.4</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8pt;"> <td style="vertical-align: bottom;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total Fixed Income**</div> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">74.6</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">*Because of rounding in the calculation of allocations among underlying funds and market fluctuations, actual allocations might be more or less than these percentages. The fund is not expected to have an allocation to Putnam PanAgora ESG Emerging Markets Equity ETF as of September 30, 2025.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">** Equity and fixed-income allocations are hypothetical estimates based on an assumption that each of Putnam Sustainable Leaders ETF, Putnam Sustainable Future ETF, Putnam PanAgora ESG International Equity ETF, and Putnam PanAgora ESG Emerging Markets Equity ETF is equivalent to an equity investment and each of Putnam ESG Core Bond ETF, Putnam ESG</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">High Yield ETF and Putnam ESG Ultra Short ETF is equivalent to a fixed-income investment. Actual allocations will vary.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The fund’s target allocations may differ from the allocations shown in the table. The Investment Manager may change the fund’s target allocations and the underlying funds in which it invests at any time, although the Investment Manager generally expects these changes to be infrequent and generally in response to longer-term structural changes (i.e., in the average retirement age or life expectancy) that lead the fund’s portfolio managers to determine that a change is advisable. The Investment Manager rebalances the fund’s investments towards its target allocations on a quarterly basis.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">It is assumed investors will make gradual withdrawals from the fund. More information about the underlying funds (which are not offered by this prospectus) is included below and under “What are the funds’ and each underlying fund’s main investment strategies and related risks?”</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 13pt; font-family: arial; font-weight: bold;">Information about each underlying fund’s investment strategy </div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam Sustainable Leaders ETF (“Sustainable Leaders ETF”)</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Sustainable Leaders ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies that Putnam Investment Management, LLC (“Putnam Management”), Sustainable Leaders ETF’s investment manager, believes exhibit a commitment to financially material sustainable business practices. Sustainable Leaders ETF may also invest in non‑U.S. companies. In evaluating investments for Sustainable Leaders ETF, Putnam Management views “financially material sustainable business practices” as business practices that it believes are reasonably likely to impact the financial condition or operating performance of a company and that relate to environmental, social, or corporate governance issues.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal circumstances, Sustainable Leaders ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Leaders ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam Sustainable Future ETF (“Sustainable Future ETF”)</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Sustainable Future ETF invests mainly in common stocks of U.S. companies of any size, with a focus on companies whose products and services Putnam Management, Sustainable Future ETF’s investment manager, believes provide solutions that directly contribute to sustainable social, environmental and economic development (Solutions Companies).</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal circumstances, Sustainable Future ETF invests at least 80% of the value of its net assets in securities that meet Putnam Management’s sustainability criteria. For a further discussion of Sustainable Future ETF’s</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam PanAgora ESG International Equity ETF (“PanAgora International Equity ETF”)</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">PanAgora International Equity ETF invests mainly in common stocks (growth or value stocks or both) of companies of any size outside the United States with a focus on companies that PanAgora International Equity ETF’s subadviser, PanAgora Asset Management, Inc. (“PanAgora”), believes offer attractive benchmark-relative returns and exhibit positive ESG metrics.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal circumstances, PanAgora International Equity ETF invests at least 80% of its net assets in equity securities of companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora International Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam PanAgora ESG Emerging Markets Equity ETF (“PanAgora Emerging Markets Equity ETF”)</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">PanAgora Emerging Markets Equity ETF invests mainly in common stocks (growth or value stocks or both) of emerging markets companies of any size with a focus on companies that PanAgora Emerging Markets Equity ETF’s subadviser, PanAgora, believes offer attractive benchmark-relative returns and exhibit positive ESG metrics.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal circumstances, PanAgora Emerging Markets Equity ETF invests at least 80% of its net assets in equity securities of emerging markets companies that meet PanAgora’s ESG criteria. For a further discussion of PanAgora Emerging Markets Equity ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam ESG Core Bond ETF (“Core Bond ETF”)</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Core Bond ETF invests mainly in a diversified portfolio of investment-grade fixed-income securities with a focus on companies or issuers that Franklin Advisers, Inc. (“Franklin Advisers”), Core Bond ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal circumstances, Core Bond ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Core Bond ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam ESG High Yield ETF (“High Yield ETF”)</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">High Yield ETF invests mainly in bonds that are below investment grade in quality (sometimes referred to as “junk bonds”) with a focus on companies or</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">issuers that Franklin Advisers, High Yield ETF’s investment manager, believes meet relevant ESG criteria on a sector-specific basis. High Yield ETF invests mainly in bonds that also have one or more of the following characteristics: (1) are obligations of U.S. companies or issuers and (2) have intermediate- to long-term maturities (three years or longer).</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal circumstances, High Yield ETF invests at least 80% of the value of its net assets in fixed-income securities rated below investment grade that meet Franklin Advisers’ ESG criteria. For a further discussion of High Yield ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Putnam ESG Ultra Short ETF (“Ultra Short ETF”)</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Ultra Short ETF invests in a diversified short duration portfolio of fixed-income securities comprised of investment-grade money market and other fixed-income securities, including U.S. dollar-denominated foreign securities of these types, with a focus on companies or issuers that Franklin Advisers, Ultra Short ETF’s investment manager, believes meet relevant ESG criteria, on a sector-specific basis.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Under normal circumstances, Ultra Short ETF invests at least 80% of the value of its net assets in fixed-income securities that meet Franklin Advisers’ ESG criteria. For a further discussion of Ultra Short ETF’s investment strategy, please turn to the section What are the funds’ and each underlying fund’s main investment strategies and related risks? beginning on page 210.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">It is important to understand that you can lose money by investing in the fund.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Sustainability and ESG investing risk: Investing in underlying funds with an ESG or sustainability focus may result in the fund having exposure to underlying funds that invest in certain types of companies, issuers, industries or sectors that the market may not favor. In evaluating an investment opportunity for the underlying funds, Franklin Advisers, Putnam Management or PanAgora may make investment decisions without the availability of optimal ESG‑related data (which may be even less available with securitized debt instruments) or based on information and data that is incomplete or inaccurate. Sustainability and ESG metrics are not uniformly defined, and applying such metrics involves subjective assessments. Sustainability and ESG scorings and assessments of issuers can vary across third-party data providers and may change over time. Franklin Advisers, Putnam Management and PanAgora do not rely exclusively on third-party data providers in evaluating sustainability and ESG criteria for the underlying funds. ESG information from third-party data providers may be incomplete, inaccurate or unavailable, particularly with respect to companies in emerging market countries, which may adversely impact the investment process. In addition, the business practices, products or services of issuers in which an underlying fund invests may change over time. As a result of these possibilities, among others, an underlying fund may temporarily hold securities that are inconsistent with the underlying fund’s ESG or sustainability investment criteria. Regulatory changes or interpretations regarding the definitions and/or use of ESG and/or sustainability criteria could</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">have a material adverse effect on the underlying fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. The underlying funds do not restrict investments based solely on “negative screens”, and the underlying fixed-income funds do not restrict their fixed-income investments to “green bonds” (i.e., U.S. dollar-denominated bonds designated as “green” by the Climate Bonds Initiative). For the underlying funds that pursue fixed-income investment strategies, because fixed-income investments generally represent a promise to pay principal and interest by an issuer, and not an ownership interest, and may involve complex structures, ESG‑related investment considerations may have a more limited impact on risk and return (or may have an impact over a different investment time horizon) relative to other asset classes, and this may be particularly true for shorter-term investments. In addition, holders of fixed-income investments do not typically have voting rights, unlike holders of equity investments who have the right to vote on issuer proposals.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Market risk: The effects of inflation may erode the value of an investment in an underlying fund over time. The value of investments in an underlying fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, outbreaks of infectious illnesses or other widespread public health issues, and factors related to a specific issuer, asset class, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the underlying fund’s portfolio holdings, may negatively impact the underlying fund’s performance, and may exacerbate other risks to which the underlying fund is subject.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Common stock risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): Common stock represents an ownership interest in a company. The value of a company’s stock may fall or fail to rise as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company’s products or services. A stock’s value may also fall because of factors affecting not just the company, but also other companies in the same industry or in a number of different industries, such as increases in production costs. Growth investing risk: Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. </div><div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Value investing risk: Value stocks may fail to rebound, and the market may not favor value-style investing. Companies whose stocks the underlying fund’s investment manager believes are undervalued by the market may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor.</div><div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Small and midsize companies risk: Stocks of small and midsize companies often trade in smaller volumes, and their prices may fluctuate more than stocks of larger companies. Stocks of these companies may therefore be more vulnerable to adverse developments than those of larger companies.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Industry or sector concentration risk (for all underlying funds except Core Bond ETF, High Yield ETF and Ultra Short ETF): From time to time, an underlying fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the underlying fund more vulnerable to adverse developments affecting those industries or sectors.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Model and data risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): If the quantitative models or data that are used in managing an underlying fund prove to be incorrect or incomplete, investment decisions made in reliance on the models or data may not produce the desired results and the underlying fund may realize losses. Additionally, market movements are likely to change the risk levels and risk allocations of the underlying fund. Investments made based on quantitative models may perform differently from the market as a whole.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Foreign investments risk (for all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid. There may be less publicly-available information, or less reliable publicly-available information, about foreign companies (including information related to companies’ ESG practices), particularly with respect to emerging market companies, than publicly-available information regarding U.S. companies. As a result, the underlying fund’s investment manager’s ability to evaluate a foreign company, including with respect to its ESG or sustainability practices, may be more limited than its ability to evaluate a U.S. company.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Geographic focus risk (for PanAgora International Equity ETF and PanAgora Emerging Markets Equity ETF): If an underlying fund invests a substantial percentage of its assets in issuers located in a single country, a small number of countries, or a particular geographic region, such as European and Asian countries, the underlying fund’s performance will likely be closely tied to the market, currency, political, economic, regulatory, geopolitical, and other conditions in such countries or region. These conditions could generally have a greater effect on the underlying fund than they would on a more geographically diversified fund, which may result in greater losses and volatility.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Fixed income investments risk (for Core Bond ETF, High Yield ETF and Ultra Short ETF): The risks associated with fixed income investments include interest rate risk, which is the risk that the value of an underlying fund’s investments is likely to fall if interest rates rise. Fixed income investments are also subject to credit risk, which is the risk that issuers of the underlying fund’s investments may default on payment of interest or principal. Credit risk is generally greater for debt not backed by the full faith and credit of the U.S.</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">government. Fixed income investments may be more susceptible to downgrades or defaults during economic downturns or other periods of economic stress. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which can be more sensitive to changes in markets, credit conditions, and interest rates, and may be considered speculative. Mortgage-backed investments, unlike traditional debt investments, are also subject to prepayment risk, which means that they may increase in value less than other bonds when interest rates decline and decline in value more than other bonds when interest rates rise. The underlying fund may have to invest the proceeds from prepaid investments, including mortgage-backed investments, in other investments with less attractive terms and yields. The underlying fund’s investments in mortgage-backed securities, and in certain other securities and derivatives, may be or become illiquid. The underlying fund’s investments in mortgage-backed securities may make the underlying fund’s net asset value more susceptible to economic, market, political and other developments affecting the residential and commercial real estate markets and the servicing of mortgage loans secured by real estate properties. During periods of difficult economic conditions, delinquencies and losses on commercial mortgage-backed investments in particular generally increase, including as a result of the effects of those conditions on commercial real estate markets, the ability of commercial tenants to make loan payments, and the ability of a property to attract and retain commercial tenants.</div><div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">High Yield ETF invests mostly in higher-yield, higher-risk debt investments that are rated below BBB or its equivalent at the time of purchase by any nationally recognized securities rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. High Yield ETF may invest up to 15% of High Yield ETF’s total assets in debt investments rated below CCC or its equivalent, at the time of purchase, by each rating agency rating such investments, or in unrated investments that Franklin Advisers believes are of comparable quality. This includes investments in the lowest rating category of the rating agency. High Yield ETF will not necessarily sell an investment if its rating is reduced after Franklin Advisers buys it. Investments rated below BBB or its equivalent are below-investment-grade in quality. This rating reflects a greater possibility that the issuers may be unable to make timely payments of interest and principal and thus default. If a default occurs, or is perceived as likely to occur, the value of the investment will usually be more volatile and is likely to fall. The value of a debt instrument may also be affected by changes in, or perceptions of, the financial condition of the issuer, borrower, counterparty, or other entity, or underlying collateral or assets, or changes in, or perceptions of, specific or general market, economic, industry, political, regulatory, geopolitical, environmental, public health, and other conditions. A default or expected default could also make it difficult for the High Yield ETF to sell the investment at a price approximating the value Franklin Advisers had previously placed on it. Lower-rated debt usually has a more limited market than higher-rated debt,</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">which may at times make it difficult for High Yield ETF to buy or sell certain debt instruments or to establish their fair values.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Derivatives risk (For all underlying funds except Sustainable Leaders ETF and Sustainable Future ETF): An underlying fund’s use of derivatives may increase the risks of investing in the underlying fund by increasing investment exposure (which may be considered leverage) or, in the case of many over‑the‑counter instruments, because of the potential inability to terminate or sell derivative positions and the potential failure of the other party to the instrument to meet its obligations. The risk of a party failing to meet its obligations may increase if the underlying fund has significant exposure to that counterparty. The value of derivatives may move in unexpected ways due to unanticipated market movements, the use of leverage, imperfect correlation between the derivative instrument and the reference asset, or other factors, especially in unusual market conditions, and volatility in the value of derivatives could adversely impact the underlying fund’s returns, obligations and exposures. Derivatives are also subject to other risks, including liquidity risk (e.g., liquidity demands arising from the requirement to make payments to a derivative counterparty), operational risk (e.g., settlement issues or system failures) and legal risk (e.g., insufficient legal documentation or contract enforceability issues).</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Floating rate loan risk (for High Yield ETF): To the extent an underlying fund holds floating rate loans, interest rate risk may be reduced but will not be eliminated. While floating rate loans are normally secured by specific collateral or assets of the issuer (so that holders of the loans, such as the underlying fund, will have a priority claim on those assets in the event of default or bankruptcy of the issuer), the value of collateral may be insufficient to meet the issuer’s obligations, and the underlying fund’s access to collateral may be limited by bankruptcy or other insolvency laws. The settlement period (the period between the execution of the trade and the delivery of cash to the purchaser) for floating rate loan transactions is typically longer than seven days, and it is possible that sale proceeds from floating rate loan transactions will not be available to meet redemption obligations.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Floating rate obligations risk (for Core Bond ETF and Ultra Short ETF): An underlying fund may purchase taxable floating rate notes for short-term cash management or other investment purposes. Floating rate notes are debt instruments that provide for periodic adjustments in the interest rate. The interest rate on these instruments may be reset daily, weekly or on some other reset period and may have a floor or ceiling on interest rate changes. The interest rate of a floating rate instrument may be based on a known lending rate, such as the Secured Overnight Financing Rate, and is reset whenever such rate is adjusted. Interest rate adjustments are designed to help stabilize the instrument’s price or maintain a fixed spread to a predetermined benchmark. While this feature may protect against a decline in the instrument’s market price when interest rates or benchmark rates rise, it lowers the underlying fund’s income when interest rates or benchmark rates fall. The underlying fund’s income from its floating rate investments also may increase if</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">interest rates rise. Floating rate obligations are less effective than fixed rate instruments at locking in a particular yield. Nevertheless, such obligations may fluctuate in value in response to interest rate changes if there is a delay between changes in market interest rates and the interest reset date for the obligation, or for other reasons. The underlying fund’s ability to receive payments of principal and interest and other amounts in connection with loans held by it will depend primarily on the financial condition of the issuer. The failure by the underlying fund to receive scheduled interest or principal payments on a loan would adversely affect the income of the underlying fund and would likely reduce the value of its assets, which would be reflected in a reduction in the underlying fund’s net asset value.</div><div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Floating rate notes and bonds may have a stated maturity in excess of one year, but may have features that permit a holder to demand payment of principal plus accrued interest upon a specified number of days’ notice. Frequently, such obligations are secured by letters of credit or other credit support arrangements provided by banks. If these obligations are not secured by letters of credit or other credit support arrangements, the underlying fund’s right to demand payment will be dependent on the ability of the issuer to pay principal and interest on demand. In addition, these obligations frequently are not rated by credit rating organizations and may involve heightened risk of default by the issuer. The issuer of such obligations normally has a corresponding right, after a given period, to prepay in its discretion the outstanding principal of the obligation plus accrued interest upon a specific number of days’ notice to the holders. There is no assurance that the underlying fund will be able to reinvest the proceeds of any prepayment at the same interest rate or on the same terms as those of the original instrument. The absence of an active secondary market for floating rate notes could make it difficult for the underlying fund to dispose of the instruments, and the underlying fund could suffer a loss if the issuer defaults or during periods in which the underlying fund is not entitled to exercise its demand rights. When a reliable trading market for the floating rate instruments held by the underlying fund does not exist and the underlying fund may not demand payment of the principal amount of such instruments within seven days, the instruments may be deemed illiquid and therefore subject to the underlying fund’s limitation on investments in illiquid securities.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Portfolio turnover rate: An underlying fund’s portfolio turnover rate measures how frequently the underlying fund buys and sells investments. A portfolio turnover rate of 100%, for example, would mean that the underlying fund sold and replaced securities valued at 100% of the underlying fund’s assets within a one‑year period. From time to time the underlying fund may engage in frequent trading. Funds with high turnover may be more likely to realize capital gains that must be distributed to shareholders as taxable income. High turnover may also cause a fund to pay more brokerage commissions and other transaction costs (including imputed transaction costs), which may detract from performance. The underlying fund’s portfolio turnover rate and the amount of brokerage commissions it pays and transaction costs it incurs will vary over time based on market conditions.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Management and operational risk: There is no guarantee that the investment techniques, analyses, or judgments that the underlying fund’s investment manager applies in making investment decisions for the underlying fund will produce the intended outcome or that the investments selected for the underlying fund will perform as well as other securities that were not selected for the underlying fund. The underlying fund’s investment manager, or the underlying fund’s other service providers, may experience disruptions or operating errors that could negatively impact the underlying fund.</div><div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The underlying fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</div> An investment in the underlying fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Risks Related to Investing in ETFs: As ETFs, shares of the underlying funds are traded in the secondary market. Prior to trading in the secondary market, shares of the underlying funds are “created” at net asset value by market makers, large investors and institutions (collectively, “authorized participants”) only in creation units. A creation transaction generally takes place when an authorized participant deposits into an underlying fund a designated portfolio of securities, assets or other positions (a “creation basket”), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, in exchange for a specified number of creation units. Similarly, shares of an underlying fund can be redeemed only in creation units, generally for a designated portfolio of securities, assets or other positions held by the underlying fund and an amount of cash (including any portion of such securities for which cash may be substituted), if any. </div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Fluctuation of net asset value and share price risk: Shares of an underlying fund may trade at a larger premium or discount to the underlying fund’s net asset value than shares of other ETFs. The net asset value of the underlying fund will generally fluctuate with changes in the market value of the underlying fund’s holdings. The underlying fund’s shares can be bought and sold in the secondary market at market prices. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the underlying fund’s shares may result in the underlying fund’s shares trading significantly above (at a premium) or below (at a discount) net asset value or the intraday value of the underlying fund’s holdings. In addition, in stressed market conditions or periods of market disruption or volatility, the market for underlying fund shares may become less liquid in response to deteriorating liquidity in the markets for the underlying fund’s underlying portfolio holdings.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Authorized participant concentration risk: Only an authorized participant may engage in creation and redemption transactions directly with an underlying fund. Your fund is not an authorized participant and can only purchase and sell underlying fund shares in the secondary market at market price or through an authorized participant. The underlying fund may have a limited number of financial institutions that act as authorized participants, none of which are obligated to engage in creation and/or redemption transactions.</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">To the extent that those authorized participants do not engage in creation and redemption orders, there may be a significantly diminished trading market for underlying fund shares or underlying fund shares may trade at a discount (or premium) to net asset value and possibly face trading halts and/or de‑listing.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Trading issues risk: Sustainable Leaders ETF and Sustainable Future ETF began trading publicly in May 2021, while PanAgora International Equity ETF, PanAgora Emerging Markets Equity ETF, Core Bond ETF, High Yield ETF, and Ultra Short ETF began trading publicly in January 2023. There can be no assurance that an active trading market will develop or be maintained or that the market for the underlying fund shares will operate as intended, which could lead to the underlying fund’s shares trading at wider spreads and larger premiums and discounts to net asset value than other actively managed ETFs. As a result, it may cost investors more to trade underlying fund shares than shares of other ETFs. There is no guarantee that the underlying fund will be able to attract market makers and authorized participants. Market makers and authorized participants are not obligated to make a market in an underlying fund’s shares or to submit purchase and redemption orders for creation units.</div><div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The market prices of the underlying fund’s shares are expected to fluctuate, in some cases materially, in response to changes in the underlying fund’s net asset value, the intraday value of the underlying fund’s holdings and supply and demand for the fund’s shares. The investment manager cannot predict whether the underlying fund’s shares will trade above, below or at their net asset value or the intraday value of the underlying fund’s holdings. During periods, when an underlying fund is trading below its net asset value, investors may incur significant losses if they sell shares.</div><div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">The securities held by the underlying fund may be traded in markets that close at a different time than the exchange on which the underlying fund’s shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid‑ask spreads on the exchange and the corresponding premium or discount to the shares’ net asset value may widen.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial;">Large shareholder transaction risk: An underlying fund is subject to the risk that shareholders will purchase or redeem large quantities of shares of the underlying fund. The underlying fund may be an investment option for mutual funds that are managed by the Investment Manager and its affiliates as “funds of funds.” Additionally, other investors from time to time may make substantial investments in the underlying fund. Such shareholders may at times be considered to control the underlying fund. In addition, a large number of shareholders may collectively purchase or redeem underlying fund shares in large amounts rapidly or unexpectedly. Large shareholder transactions may adversely affect the underlying fund’s liquidity and net assets. These redemptions may also adversely affect the underlying fund’s performance if the underlying fund is forced to sell securities, which may also increase the underlying fund’s brokerage costs.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">Cash transactions risk: Unlike certain ETFs, an underlying fund may effect creations and redemptions in cash or partially in cash. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the underlying fund might not have recognized if it were to distribute portfolio securities in‑kind. As such, investments in the underlying fund’s shares may be less tax‑efficient than an investment in an ETF that distributes portfolio securities entirely in‑kind.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">Semi-transparent ETF risk (for Sustainable Leaders ETF and Sustainable Future ETF): Semi-transparent ETFs are different from traditional ETFs. Traditional ETFs disclose to the public what assets they hold each day. However, semi-transparent ETFs do not. This may create additional risks for an investment in a semi-transparent ETF, including that an investor may have to pay more money to trade semi-transparent ETF’s shares in light of the fact that a semi-transparent ETF will provide less information to traders, who tend to charge more for trades when they have less information. The price an investor pays to buy or sell an ETF’s shares on an exchange may not match the value of the ETF’s portfolio, and these price differences may be greater for semi-transparent ETFs compared to other ETFs because they provide less information to traders. These additional risks may be even greater in adverse or uncertain market conditions.</div><div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">The differences between semi-transparent ETFs and other ETFs may also have advantages. By keeping certain information about a semi-transparent ETFs secret, a semi-transparent ETF may face less risk that other traders can predict or copy its investment strategy. This may improve a semi-transparent ETF’s performance. If other traders are able to copy or predict a semi-transparent ETF’s investment strategy, however, this may hurt a semi-transparent ETF’s performance.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">Tracking Basket structure risk (for Sustainable Leaders ETF and Sustainable Future ETF): The semi-transparent ETFs, in which the fund invests are actively managed ETFs that operate pursuant to an exemptive order from the Securities and Exchange Commission and do not publicly disclose their complete portfolio holdings each business day. Instead, each semi-transparent ETF publishes each business day on its website a “Tracking Basket,” which is designed to closely track the daily performance of the semi-transparent ETF but is not the semi-transparent ETF’s actual portfolio. The Tracking Basket is comprised of: (1) select recently disclosed portfolio holdings and/or select securities from the universe from which the semi-transparent ETF’s investments are selected (“Strategy Components”); (2) liquid ETFs that convey information about the types of instruments (that are not otherwise fully represented by the Strategy Components) in which the semi-transparent ETF invests; and (3) cash and cash equivalents.</div><div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">A semi-transparent ETF’s Tracking Basket structure may affect the price at which shares of the semi-transparent ETF trade in the secondary market. Although the Tracking Basket is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of a semi-transparent ETF at or close to its NAV per share, there</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">is a risk that market prices will vary significantly from NAV. A semi-transparent ETF, which trade on the basis of a published Tracking Basket, may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, and therefore, may cost investors more to trade. These risks may increase during periods of market disruption or volatility. In addition, although a semi-transparent ETF seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Tracking Basket to identify a semi-transparent ETF’s trading strategy. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders, such as front running the semi-transparent ETF’s trades of portfolio securities.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">Arbitrage risk (For Sustainable Leaders ETF and Sustainable Future ETF): Unlike ETFs that publicly disclose their complete portfolio holdings each business day, a semi-transparent ETF provides certain other information intended to allow market participants to estimate the value of positions in the semi-transparent ETF’s shares. Although this information is designed to facilitate arbitrage opportunities in a semi-transparent ETF’s shares to reduce bid/ask spreads and minimize discounts or premiums between the market price and net asset value of the semi-transparent ETF shares, there is no guarantee a semi-transparent ETF’s arbitrage mechanism will operate as intended and that the semi-transparent ETF will not experience wide bid/ask spreads and/or large discounts or premiums to net asset value. In addition, market participants may attempt to use the disclosed information to “reverse engineer”a semi-transparent ETF’s trading strategy, which, if successful, could increase opportunities for predatory trading practices that may have the potential to negatively impact a semi-transparent ETF’s performance.</div> <div style="margin-top: 10pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial;">Trading halt risk (for Sustainable Leaders ETF and Sustainable Future ETF): There may be circumstances where a security held in a semi-transparent ETF’s portfolio but not in the Tracking Basket does not have readily available market quotations. If the semi-transparent ETF’s investment manager determines that such circumstance may affect the reliability of the Tracking Basket as an arbitrage vehicle, that information, along with the identity and weighting of that security in a semi-transparent ETF’s portfolio, will be publicly disclosed on the semi-transparent ETF’s website, and the semi-transparent ETF’s investment manager will assess appropriate remedial measures. In these circumstances, market participants may use this information to engage in certain predatory trading practices that may have the potential to harm a semi-transparent ETF and its shareholders. In addition, if securities representing 10% or more of a semi-transparent ETF’s portfolio do not have readily available market quotations, a semi-transparent ETF’s investment manager would promptly request the exchange to halt trading of a semi-transparent ETF, meaning that investors (including the fund) would not be able to trade their shares. Trading may also be halted in other circumstances, for example, due to market conditions.</div> Performance <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To Retirement Income Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. Before February 10, 2023, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The fund makes updated performance information, including its current net asset value per share, available at www.franklintempleton.com.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown.</div> The bar chart shows changes in the fund’s performance from year to year for Class A shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To Retirement Income Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund’s performance with the average annual total returns of a broad measure of market performance, an additional index with characteristics relevant to the fund and the S&P Target Date To Retirement Income Index, an additional index designed to represent a small, style-specific derived consensus of asset class exposure and glide path for a specified list of target retirement dates. www.franklintempleton.com The fund’s past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. Sales charges are not reflected in the accompanying bar chart, and if those charges were included, returns would be less than those shown. Annual total returns for class A shares before sales charges <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: simhei; font-size: 8.5pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 73%;"></td> <td style="vertical-align: bottom; width: 9%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 9%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-size: 1pt;"> <td style="border-top: 0.75pt solid #d9d9d9; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #d9d9d9; height: 1.5pt;"> </td> <td colspan="4" style="border-top: 0.75pt solid #d9d9d9; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8.5pt; background-color: #cceeff;"> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #d9d9d9; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">Best Quarter:</div> </td> <td style="border-bottom: 0.75pt solid #d9d9d9; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #d9d9d9; vertical-align: top;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #d9d9d9; vertical-align: top; text-align: right;">Q4 2023</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #d9d9d9; white-space: nowrap; vertical-align: top;"> </td> <td style="border-bottom: 0.75pt solid #d9d9d9; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #d9d9d9; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #d9d9d9; vertical-align: bottom; text-align: right;">8.56</td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #d9d9d9; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> <td colspan="4" style="height: 1.5pt;"></td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8.5pt;"> <td style="padding-bottom: 2pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">Worst Quarter:</div> </td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: top;"> </td> <td style="padding-bottom: 2pt; vertical-align: top; text-align: right;">Q1 2020</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: top;"> </td> <td style="vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: bottom;"> </td> <td style="padding-bottom: 2pt; vertical-align: bottom; text-align: right;">-5.69</td> <td style="padding-bottom: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="font-size: 1pt;"> <td colspan="9" style="border-top: 0.75pt solid #d9d9d9; height: 1.5pt;"> </td> </tr> <tr style="page-break-inside: avoid; font-family: simhei; font-size: 8.5pt; background-color: #cceeff;"> <td colspan="8" style="padding-bottom: 2pt; border-bottom: 0.75pt solid #d9d9d9; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8.5pt; font-family: arial;">As of September 30, 2025, the fund’s year‑to‑date return was 6.89%.</div> </td> <td style="padding-bottom: 2pt; border-bottom: 0.75pt solid #d9d9d9; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0em; text-indent: 0em; font-size: 8.5pt; font-family: arial;"> </div> </td> </tr> </table> Best Quarter: 2023-12-31 0.0856 Worst Quarter: 2020-03-31 -0.0569 2025-09-30 year‑to‑date return 0.0689 Average annual total returns after sales charges (for periods ended 12/31/24) 0.0238 0.0176 0.0213 0.0095 0.0027 0.0090 0.0140 0.0072 0.0112 0.0488 0.0183 0.0194 0.0625 0.0221 0.0223 0.0647 0.0243 0.0239 0.0676 0.0269 0.0265 0.0695 0.0286 0.0280 0.0700 0.0295 0.0288 0.0688 0.0285 0.0280 0.0125 -0.0033 0.0135 0.2381 0.1386 0.1255 0.0600 0.0368 0.0400 After‑tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns are shown for class A shares only and will vary for other classes. These after‑tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax‑advantaged arrangement. <div style="margin-top: 12pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;">After‑tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns are shown for class A shares only and will vary for other classes. These after‑tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax‑advantaged arrangement.</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 10pt; font-family: arial;">Class C share performance reflects conversion to class A shares after eight years.</div><div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 8pt; font-family: arial;">Important data provider notices and terms are available at www.franklintempletondatasources.com. Such information is subject to change. </div> After‑tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown.These after‑tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax‑advantaged arrangement. Performance for class R4 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher investor servicing fees applicable to class R4 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R4 shares). Performance for class R5 shares prior to their inception (1/4/21) is derived from the historical performance of class R6 shares, adjusted for the higher investor servicing fees applicable to class R5 shares (relative to the comparable fees applicable to R6 shares prior to the inception of class R5 shares). Performance for class R6 shares prior to their inception (9/1/16) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R6 shares); had it been adjusted, returns would have been higher. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective September 30, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.60%, 0.60%, 0.75%, 0.75%, 0.75%, 0.60%, 0.50% and 0.60%, respectively, of the fund’s average net assets. These obligations may not be modified or discontinued prior to November 30, 2028, without approval of the Board of Trustees. Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective September 30, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. Performance for class R3 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher 12b-1 fees and investor servicing fees applicable to class R3 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R3 shares). Performance for class R4 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher investor servicing fees applicable to class R4 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R4 shares). The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.60%, 0.60%, 0.75%, 0.75%, 0.75%, 0.60%, 0.50% and 0.60%, respectively, of the fund’s average net assets. These obligations may not be modified or discontinued prior to November 30, 2028, without approval of the Board of Trustees. Performance for class R5 shares prior to their inception (1/4/21) is derived from the historical performance of class R6 shares, adjusted for the higher investor servicing fees applicable to class R5 shares (relative to the comparable fees applicable to R6 shares prior to the inception of class R5 shares). Performance for class R6 shares prior to their inception (9/1/16) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R6 shares); had it been adjusted, returns would have been higher. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective September 30, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.60%, 0.60%, 0.75%, 0.75%, 0.75%, 0.60%, 0.50% and 0.60%, respectively, of the fund’s average net assets. These obligations may not be modified or discontinued prior to November 30, 2028, without approval of the Board of Trustees. Performance for class R3 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher 12b‑1 fees and investor servicing fees applicable to class R3 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R3 shares). Performance for class R4 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher investor servicing fees applicable to class R4 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R4 shares). Performance for class R5 shares prior to their inception (1/4/21) is derived from the historical performance of class R6 shares, adjusted for the higher investor servicing fees applicable to class R5 shares (relative to the comparable fees applicable to R6 shares prior to the inception of class R5 shares). Performance for class R6 shares prior to their inception (9/1/16) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R6 shares); had it been adjusted, returns would have been higher. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Other expenses have been restated to reflect current expenses. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.60%, 0.60%, 0.75%, 0.75%, 0.75%, 0.60%, 0.50% and 0.60%, respectively, of the fund’s average net assets. These obligations may not be modified or discontinued prior to November 30, 2028, without approval of the Board of Trustees. Performance for class R3 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher 12b‑1 fees and investor servicing fees applicable to class R3 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R3 shares). Performance for class R4 shares prior to their inception (1/4/21) is derived from the historical performance of class Y shares, adjusted for the higher investor servicing fees applicable to class R4 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R4 shares). Performance for class R5 shares prior to their inception (1/4/21) is derived from the historical performance of class R6 shares, adjusted for the higher investor servicing fees applicable to class R5 shares (relative to the comparable fees applicable to R6 shares prior to the inception of class R5 shares). Performance for class R6 shares prior to their inception (9/1/16) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares (relative to the comparable fees applicable to class Y shares prior to the inception of class R6 shares); had it been adjusted, returns would have been higher. Other expenses are estimated based on the expenses the fund expects to incur for the current fiscal year and include 4.50% of non-recurring costs related to commencement of the fund’s operations. Actual expenses may differ from estimates. Estimated amounts for current fiscal year. Actual expenses may differ from estimates. Since inception January 04, 2021. The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.60%, 0.60%, 0.75%, 0.75%, 0.75%, 0.60%, 0,50% and 0.60%, respectively, of the fund’s average net assets. These obligations may not be modified or discontinued prior to November 30, 2026, without approval of the Board of Trustees. Applies only to certain redemptions of shares bought with no initial sales charge. This charge is eliminated after one year. Management fees have been restated to reflect the reduced management fee rate that took effect under the fund’s management agreement effective September 30, 2025 based on the number of years remaining until the date referenced in the fund’s name. Consequently, the fund’s total annual fund operating expenses differ from the ratio of expenses to average net assets shown in the fund’s financial highlights. Total annual fund operating expenses do not correlate with the ratios of expenses to average net assets reported in the fund’s financial highlights tables, which reflect the fund’s operating expenses and do not include acquired fund fees and expenses. The Investment Manager (as defined below) has contractually agreed to (1) waive fees and/or reimburse expenses in an amount equal to the fund’s “acquired fund fees and expenses” and (2) waive fees and/or reimburse operating expenses of the fund (excluding payments under the fund’s distribution plan, brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), acquired fund fees and expenses and extraordinary expenses) so that the total annual fund operating expenses for class A, C, R, R3, R4, R5, R6 and Y shares will not exceed 0.60%, 0.60%, 0.75%, 0.75%, 0.75%, 0.60%, 0.50% and 0.60%, respectively, of the fund’s average net assets. These obligations may not be modified or discontinued prior to November 30, 2035, without approval of the Board of Trustees. Applies only to certain redemptions of shares bought with no initial sales charge. Since inception November 30, 2015.