The opportunities in business development companies (BDCs)

Important Disclosures

For additional information regarding the unique attributes and risks of the ETF, see disclosure below and the Principal Investment Risks section of the prospectus.

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Putnam Retail Management
100 Federal Street
Boston, MA 02110

For informational purposes only. Not an investment recommendation.

Consider these risks before investing: Business development companies (BDCs) generally invest in less mature U.S. private companies or thinly traded U.S. public companies, which involves greater risk than well-established publicly traded companies. The fund will be sensitive to, and its performance will depend to a greater extent on, the overall condition of the financials sector.

The use of leverage by BDCs magnifies gains and losses on amounts invested and increases the risks associated with investing in BDCs. A BDC may make investments with greater risk of volatility and loss of principal than other investment options and may also be highly speculative and aggressive. Certain BDCs may also be difficult to value since many of the assets of BDCs do not have readily ascertainable market values.

As a non-diversified fund, the fund invests in fewer issuers and is more vulnerable than a more broadly diversified fund to fluctuations in the values of the securities it holds. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.

For information on risks associated with investing in each of the funds, please review the Principle Investment Risks section of the funds’ prospectuses accessible through www.putnam.com or by clicking here.

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Not FDIC Insured
May Lose Value
No Bank Guarantee

You should consider the fund’s investment objectives, risks, charges, and expenses carefully before you invest. This and other important information is contained in the fund’s prospectus available on Putnam.com or by calling 1-833-228-5577. Please read carefully before you invest.

Putnam ETFs distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Putnam Investments.

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