# EDGAR Filing Document

**Accession Number:** 0001969995
**File Stem:** 0001969995-25-000009
**Filing Date:** 2025-11
**Character Count:** 364367
**Document Hash:** 1f31d0342d8b2a42e1b6128ac2715ec3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001969995-25-000009.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001969995-25-000009

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Macquarie ETF Trust
- **CENTRAL INDEX KEY:** 0001969995

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23890
- **FILM NUMBER:** 251525342

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106
- **BUSINESS PHONE:** (800) 523-1918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106

## Series and Classes Contracts Data

### Macquarie Global Listed Infrastructure ETF (Series ID: S000082262)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000245546 | Macquarie Global Listed Infrastructure ETF | BILD            |

### Macquarie Energy Transition ETF (Series ID: S000082263)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000245547 | Macquarie Energy Transition ETF | PWER            |

### Macquarie Tax-Free USA Short Term ETF (Series ID: S000082264)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000245548 | Macquarie Tax-Free USA Short Term ETF | STAX            |

### Macquarie Focused Large Growth ETF (Series ID: S000084942)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000249711 | Macquarie Focused Large Growth ETF | LRGG            |

### Macquarie Focused Emerging Markets Equity ETF (Series ID: S000085746)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000251129 | Macquarie Focused Emerging Markets Equity ETF | EMEQ            |

### Macquarie Focused International Core ETF (Series ID: S000090013)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000256889 | Macquarie Focused International Core ETF | EXUS            |

### Macquarie National High-Yield Municipal Bond ETF (Series ID: S000090015)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000256891 | Macquarie National High-Yield Municipal Bond ETF | HTAX            |

?xml version='1.0' encoding='ASCII'?

# **UNITED STATES SECURITIES AND EXCHANGE COMMISSION** 

## **Washington, D.C. 20549** 

## **FORM N-CSR** 
**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment Company Act file number: | &nbsp;&nbsp; 811-23890 |
| &nbsp;&nbsp; Exact name of registrant as specified in charter: | &nbsp;&nbsp; Macquarie ETF Trust |
| &nbsp;&nbsp; Address of principal executive offices: | &nbsp;&nbsp; 610 Market Street<br> Philadelphia, PA 19106 |
| &nbsp;&nbsp; Name and address of agent for service: | &nbsp;&nbsp; David F. Connor, Esq.<br> 610 Market Street<br> Philadelphia, PA 19106 |
| &nbsp;&nbsp; Registrant's telephone number, including area code: | &nbsp;&nbsp; (800) 523-1918 |
| &nbsp;&nbsp; Date of fiscal year end: | &nbsp;&nbsp; March 31 |
| &nbsp;&nbsp; Date of reporting period: | &nbsp;&nbsp; September 30, 2025 |

---

Item 1. Reports to Stockholders.

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

![Image](ib3c71f7f22043286325d5eb4.jpg)

# Macquarie Energy Transition ETF: PWER

#### Principal listing exchange: NYSE Arca

#### Semi-annual shareholder report — September 30, 2025
This semi-annual shareholder report contains important information about Macquarie Energy Transition ETF (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

# What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference^</sup>** |
| PWER | $46 | 0.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized |

---

# **Fund statistics** 
(as of September 30, 2025)

* Fund net assets$7,515,114

* Total number of portfolio holdings<sup>Footnote Reference\*</sup>33

* Total advisory fees paid (during reporting period)$26,862

* Portfolio turnover rate25%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

#### Fund holdings
(as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Sector allocation<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 23.07% |
| Diversified Metals & Mining | 10.79% |
| Oil & Gas Refining & Marketing | 6.94% |
| Steel | 6.79% |
| Gold | 5.70% |
| Semiconductors | 5.00% |
| Electrical Components & Equipment | 4.81% |
| Copper | 4.49% |
| Fertilizers & Agricultural Chemicals | 3.99% |
| Integrated Oil & Gas | 3.46% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| First Solar, Inc. | 5.00% |
| Steel Dynamics, Inc. | 4.60% |
| ERO Copper Corp. | 4.49% |
| Hudbay Minerals, Inc. | 4.29% |
| CF Industries Holdings, Inc. | 3.99% |
| ARC Resources Ltd. | 3.93% |
| ConocoPhillips | 3.85% |
| Expand Energy Corp. | 3.65% |
| EQT Corp. | 3.65% |
| EOG Resources, Inc. | 3.58% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |

---

TSSR-PWER-1125

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://etf.macquarie.com/us/en/resources/etf-literature.html](i69d8e5a78c5a76fcb62257e3.jpg)

(4944054) TSSR-PWER-1125

![Image](ib3c71f7f22043286325d5eb4.jpg)

# Macquarie Focused Emerging Markets Equity ETF: EMEQ

#### Principal listing exchange: NASDAQ

#### Semi-annual shareholder report — September 30, 2025
This semi-annual shareholder report contains important information about Macquarie Focused Emerging Markets Equity ETF (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

# What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference^</sup>** |
| EMEQ | $51 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized |

---

# **Fund statistics** 
(as of September 30, 2025)

* Fund net assets$45,883,580

* Total number of portfolio holdings<sup>Footnote Reference\*</sup>53

* Total advisory fees paid (during reporting period)$102,790

* Portfolio turnover rate0%<sup>Footnote Reference#</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>#</sup> | &nbsp;&nbsp;Value is less than 1%. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

#### Fund holdings
(as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Country allocation

---

| | |
|:---|:---|
| South Korea | 28.98% |
| China | 18.80% |
| Taiwan | 17.29% |
| India | 9.66% |
| Mexico | 6.02% |
| Brazil | 4.70% |
| Hong Kong | 2.88% |
| South Africa | 2.31% |
| Indonesia | 2.17% |
| Peru | 1.09% |

---

#### Sector allocation<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| Information Technology | 34.05% |
| Financials | 14.40% |
| Consumer Discretionary | 13.85% |
| Industrials | 13.25% |
| Energy | 8.18% |
| Communication Services | 7.50% |
| Consumer Staples | 3.84% |
| Healthcare | 1.80% |
| Materials | 1.00% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.81% |
| SK Hynix, Inc. | 9.00% |
| SK Square Co. Ltd. | 8.76% |
| Samsung Electronics Co. Ltd. | 6.49% |
| Alibaba Group Holding Ltd. ADR | 6.28% |
| Tencent Holdings Ltd. | 4.25% |
| Reliance Industries Ltd. GDR 144A | 3.10% |
| Samsung C&T Corp. | 2.99% |
| Hong Kong Exchanges & Clearing Ltd. | 2.88% |
| Reliance Industries Ltd. | 2.52% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |

---

TSSR-EMEQ-1125

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://etf.macquarie.com/us/en/resources/etf-literature.html](i69d8e5a78c5a76fcb62257e3.jpg)

(4943667) TSSR-EMEQ-1125

![Image](ib3c71f7f22043286325d5eb4.jpg)

# Macquarie Focused International Core ETF: EXUS

#### Principal listing exchange: NASDAQ

#### Semi-annual shareholder report — September 30, 2025
This semi-annual shareholder report contains important information about Macquarie Focused International Core ETF (Fund) for the period of June 17, 2025 (inception of Fund), to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

# What were the Fund's costs for June 17, 2025 (inception of Fund) through September 30, 2025?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference^</sup>** |
| EXUS | $17 | 0.59% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operation for the last six months. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized |

---

# **Fund statistics** 
(as of September 30, 2025)

* Fund net assets$16,797,839

* Total number of portfolio holdings<sup>Footnote Reference\*</sup>40

* Total advisory fees paid (during reporting period)$11,265

* Portfolio turnover rate31%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

#### Fund holdings
(as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Country allocation

---

| | |
|:---|:---|
| Germany | 13.08% |
| Brazil | 8.86% |
| United States of America | 8.75% |
| China | 7.82% |
| Japan | 7.81% |
| Netherlands | 7.75% |
| United Kingdom | 7.06% |
| Singapore | 4.88% |
| Hong Kong | 4.76% |
| Taiwan | 4.76% |

---

#### Sector allocation<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| Financials | 23.47% |
| Industrials | 16.51% |
| Consumer Discretionary | 15.00% |
| Healthcare | 11.65% |
| Information Technology | 11.53% |
| Consumer Staples | 7.56% |
| Communication Services | 5.57% |
| Real Estate | 2.46% |
| Energy | 2.02% |
| Materials | 1.73% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.76% |
| MercadoLibre, Inc. | 4.01% |
| Mitsubishi UFJ Financial Group, Inc. | 3.43% |
| ING Groep NV | 3.31% |
| Airbus SE | 3.22% |
| Banco do Brasil SA | 3.13% |
| Midea Group Co. Ltd., Class A | 3.11% |
| Experian plc | 3.07% |
| Siemens Healthineers AG 144A | 3.06% |
| Orkla ASA | 3.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |

---

TSSR-EXUS-1125

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://etf.macquarie.com/us/en/resources/etf-literature.html](i69d8e5a78c5a76fcb62257e3.jpg)

(4943662) TSSR-EXUS-1125

![Image](ib3c71f7f22043286325d5eb4.jpg)

# Macquarie Focused Large Growth ETF: LRGG

#### Principal listing exchange: NYSE Arca

#### Semi-annual shareholder report — September 30, 2025
This semi-annual shareholder report contains important information about Macquarie Focused Large Growth ETF (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

# What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference^</sup>** |
| LRGG | $24 | 0.44% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized |

---

# **Fund statistics** 
(as of September 30, 2025)

* Fund net assets$404,002,782

* Total number of portfolio holdings<sup>Footnote Reference\*</sup>22

* Total advisory fees paid (during reporting period)$582,068

* Portfolio turnover rate8%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

#### Fund holdings
(as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Sector allocation<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| Information Technology | 48.46% |
| Financials | 15.88% |
| Healthcare | 10.03% |
| Consumer Discretionary | 8.89% |
| Real Estate | 6.91% |
| Communication Services | 4.27% |
| Industrials | 3.30% |
| Consumer Staples | 1.62% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 15.65% |
| NVIDIA Corp. | 14.60% |
| Apple, Inc. | 7.58% |
| Amazon.com, Inc. | 6.35% |
| Visa, Inc., Class A | 4.61% |
| Intuit, Inc. | 4.55% |
| Intercontinental Exchange, Inc. | 4.43% |
| Alphabet, Inc., Class C | 4.27% |
| Danaher Corp. | 3.91% |
| Equinix, Inc. REIT | 3.63% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |

---

TSSR-LRGG-1125

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://etf.macquarie.com/us/en/resources/etf-literature.html](i69d8e5a78c5a76fcb62257e3.jpg)

(4939984) TSSR-LRGG-1125

![Image](ib3c71f7f22043286325d5eb4.jpg)

# Macquarie Global Listed Infrastructure ETF: BILD

#### Principal listing exchange: NYSE Arca

#### Semi-annual shareholder report — September 30, 2025
This semi-annual shareholder report contains important information about Macquarie Global Listed Infrastructure ETF (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

# What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference^</sup>** |
| BILD | $26 | 0.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized |

---

# **Fund statistics** 
(as of September 30, 2025)

* Fund net assets$6,218,715

* Total number of portfolio holdings<sup>Footnote Reference\*</sup>44

* Total advisory fees paid (during reporting period)$13,770

* Portfolio turnover rate19%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

#### Fund holdings
(as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Country allocation

---

| | |
|:---|:---|
| United States of America | 38.83% |
| Spain | 11.42% |
| United Kingdom | 11.02% |
| Canada | 8.92% |
| Italy | 8.69% |
| France | 3.36% |
| Australia | 3.25% |
| New Zealand | 3.20% |
| Hong Kong | 2.28% |
| Mexico | 2.09% |

---

#### Sector allocation<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| Electric Utility | 26.28% |
| Airports | 15.91% |
| Energy Infrastructure | 15.13% |
| Electricity and Gas Distribution | 10.91% |
| Water | 8.46% |
| Toll Roads | 6.21% |
| Communications Infrastructure | 5.95% |
| Electricity Generation | 4.17% |
| Electricity Transmission | 3.49% |
| Seaports | 1.72% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| Enbridge, Inc. | 6.27% |
| NextEra Energy, Inc. | 4.64% |
| National Grid plc | 4.39% |
| United Utilities Group plc | 3.56% |
| Sempra | 3.48% |
| Aeroports de Paris SA | 3.36% |
| Enav SpA 144A | 3.25% |
| Auckland International Airport Ltd. | 3.20% |
| Exelon Corp. | 3.17% |
| Essential Utilities, Inc. | 3.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |

---

TSSR-BILD-1125

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://etf.macquarie.com/us/en/resources/etf-literature.html](i69d8e5a78c5a76fcb62257e3.jpg)

(4944079) TSSR-BILD-1125

![Image](ib3c71f7f22043286325d5eb4.jpg)

# Macquarie National High-Yield Municipal Bond ETF: HTAX

#### Principal listing exchange: NYSE Arca

#### Semi-annual shareholder report — September 30, 2025
This semi-annual shareholder report contains important information about Macquarie National High-Yield Municipal Bond ETF (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

# What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference^</sup>** |
| HTAX | $25 | 0.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized |

---

# **Fund statistics** 
(as of September 30, 2025)

* Fund net assets$29,751,868

* Total number of portfolio holdings<sup>Footnote Reference\*</sup>113

* Total advisory fees paid (during reporting period)$41,985

* Portfolio turnover rate50%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

#### Fund holdings
(as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Sector allocation

---

| | |
|:---|:---|
| Healthcare Revenue Bonds | 19.95% |
| Education Revenue Bonds | 17.43% |
| Industrial Development Revenue Bonds | 16.91% |
| Special Tax Revenue Bonds | 16.69% |
| Transportation Revenue Bonds | 10.92% |
| Local General Obligation Revenue Bonds | 4.42% |
| State General Obligation Revenue Bonds | 3.83% |
| Electric Revenue Bonds | 1.79% |
| Leasing Revenue Bonds | 1.51% |
| Water & Sewer Revenue Bonds | 0.88% |

---

#### State/territory allocation

---

| | |
|:---|:---|
| Puerto Rico | 16.27% |
| Arizona | 10.46% |
| California | 9.79% |
| Ohio | 8.78% |
| New York | 7.72% |
| Illinois | 6.27% |
| Florida | 4.85% |
| Wisconsin | 4.69% |
| Texas | 3.43% |
| Pennsylvania | 2.97% |

---

TSSR-HTAX-1125

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.

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(4927842) TSSR-HTAX-1125

![Image](ib3c71f7f22043286325d5eb4.jpg)

# Macquarie Tax-Free USA Short Term ETF: STAX

#### Principal listing exchange: NYSE Arca

#### Semi-annual shareholder report — September 30, 2025
This semi-annual shareholder report contains important information about Macquarie Tax-Free USA Short Term ETF (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

# What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference^</sup>** |
| STAX | $15 | 0.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized |

---

# **Fund statistics** 
(as of September 30, 2025)

* Fund net assets$5,733,875

* Total number of portfolio holdings<sup>Footnote Reference\*</sup>42

* Total advisory fees paid (during reporting period)$7,849

* Portfolio turnover rate19%

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Excludes cash and cash equivalents. |

---

#### Fund holdings
(as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

#### Sector allocation

---

| | |
|:---|:---|
| Healthcare Revenue Bonds | 23.00% |
| State General Obligation Revenue Bonds | 14.27% |
| Transportation Revenue Bonds | 12.72% |
| Industrial Development Revenue Bonds | 12.59% |
| Water & Sewer Revenue Bonds | 10.20% |
| Electric Revenue Bonds | 8.74% |
| Education Revenue Bonds | 8.20% |
| Leasing Revenue Bonds | 4.46% |
| Local General Obligation Revenue Bonds | 2.38% |
| Special Tax Revenue Bonds | 1.85% |

---

#### State/territory allocation

---

| | |
|:---|:---|
| New York | 12.84% |
| Colorado | 12.53% |
| Pennsylvania | 12.38% |
| Minnesota | 6.97% |
| California | 6.36% |
| Illinois | 5.43% |
| Georgia | 5.26% |
| Arizona | 4.71% |
| Texas | 4.24% |
| New Jersey | 4.23% |

---

TSSR-STAX-1125

#### Availability of additional information
You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://etf.macquarie.com/us/en/resources/etf-literature.html](i69d8e5a78c5a76fcb62257e3.jpg)

(4927817) TSSR-STAX-1125

(b) Not applicable

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 3. Audit Committee Financial Expert.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 6. Investments.**

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;The semi-annual financial statements are attached herewith.

(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

&nbsp;&nbsp;&nbsp;&nbsp;The Financial Highlights are attached herewith.

Macquarie Global Listed Infrastructure ETF

Financial statements and other information

For the six months ended September 30, 2025

Table of contents

Schedule of investments

#### 1
Statement of assets and liabilities

#### 4
Statement of operations

#### 5
Statements of changes in net assets

#### 6
Financial highlights

#### 7
Notes to financial statements

#### 9
Other Fund information

#### 18
This report and the financial statements contained herein are submitted for the general information

of the shareholders of the Fund. This report is not authorized for distribution to prospective

investors in the Fund unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange

Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund's

Form N-PORT, as well as a description of the policies and procedures that the Fund uses to

determine how to vote proxies (if any) relating to portfolio securities, is available without charge

(i) upon request, by calling 844 469-9911; and (ii) on the SEC's website at sec.gov. In addition, a

description of the policies and procedures that the Fund uses to determine how to vote proxies (if

any) relating to portfolio securities and the Schedule of Investments included in the Fund's most

recent Form N-PORT are available without charge on the Fund's website at

macquarie.com/mam/etf-literature.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the

most recently disclosed 12-month period ended June 30 is available without charge (i) through the

Fund's website at macquarie.com/mam/etf-literature; and (ii) on the SEC's website at sec.gov.

#### Schedule of investments
Macquarie Global Listed Infrastructure ETF

September 30, 2025 (Unaudited)

Number of

shares

Value (US $)

#### Common Stocks — 99.23%
Δ

Australia - 3.25%

Atlas Arteria Ltd.

26,616

$

86,474

Transurban Group

12,646

115,476

201,950

Brazil - 0.51%

Motiva Infraestrutura de Mobilidade SA

11,341

31,707

31,707

Canada - 8.92%

Canadian National Railway Co.

634

59,787

Enbridge, Inc.

7,733

390,123

Gibson Energy, Inc.

5,630

104,655

554,565

China - 1.78%

China Gas Holdings Ltd.

51,975

50,893

China Tower Corp. Ltd., Class H 144A

#

40,582

59,867

110,760

France - 3.36%

Aeroports de Paris SA

1,583

208,712

208,712

Greece - 1.07%

Athens International Airport SA

5,455

66,478

66,478

Hong Kong - 2.28%

CLP Holdings Ltd.

13,500

111,807

HK Electric Investments & HK Electric

Investments Ltd.

39,375

29,954

141,761

Italy - 8.69%

Enav SpA 144A

#

39,849

202,204

Enel SpA

12,840

121,593

ERG SpA

3,745

92,333

Terna - Rete Elettrica Nazionale

12,276

124,496

540,626

Mexico - 2.09%

Grupo Aeroportuario del Sureste SAB de CV

ADR

129,979

129,979

Netherlands - 1.72%

Koninklijke Vopak NV

2,339

107,208

107,208

#### Schedule of investments
Macquarie Global Listed Infrastructure ETF

Number of

shares

Value (US $)

#### Common Stocks (continued)
New Zealand - 3.20%

Auckland International Airport Ltd.

43,511

$

198,777

198,777

Spain - 11.42%

Aena SME SA 144A

#

4,235

115,701

Cellnex Telecom SA 144A

#

5,266

182,323

EDP Renovaveis SA

12,710

167,129

Redeia Corp. SA

4,795

92,550

Sacyr SA

36,517

152,713

710,416

Thailand - 1.09%

Airports of Thailand PCL

54,400

67,570

67,570

United Kingdom - 11.02%

National Grid plc

19,008

272,894

Pennon Group plc

17,415

109,519

SSE plc

3,499

81,951

United Utilities Group plc

14,341

221,128

685,492

United States of America - 38.83%

American Electric Power Co., Inc.

1,570

176,625

Cheniere Energy, Inc.

731

171,770

CMS Energy Corp.

2,122

155,458

Crown Castle, Inc. REIT

1,324

127,753

Dominion Energy, Inc.

2,607

159,470

Essential Utilities, Inc.

4,903

195,630

Eversource Energy

1,572

111,832

Exelon Corp.

4,380

197,144

Kinder Morgan, Inc.

4,367

123,630

NextEra Energy, Inc.

3,826

288,825

ONEOK, Inc.

2,078

151,631

PG&E Corp.

10,113

152,504

Sempra

2,406

216,492

Spire, Inc.

1,219

99,373

Xcel Energy, Inc.

1,071

86,376

2,414,513

#### Total Common Stocks
&nbsp;&nbsp;&nbsp;&nbsp; (cost $5,586,704)

#### 6,170,514

See accompanying notes, which are an integral part of the financial statements.

Number of

shares

Value (US $)

#### Short-Term Investments — 0.55%
Money Market Mutual Funds - 0.55%

Invesco Government & Agency Portfolio -

Institutional Class (seven-day effective

yield 4.05%)

34,436

$

34,436

#### Total Short-Term Investments
&nbsp;&nbsp;&nbsp;&nbsp; (cost $34,436)

#### 34,436

#### Total Value of Securities — 99.78%
&nbsp;&nbsp;&nbsp;&nbsp; (cost $5,621,140)

#### 6,204,950

#### Receivables and Other Assets Net of Liabilities — 0.22%

#### 13,765

#### Net Assets Applicable to 225,000 Shares Outstanding — 100.00%

#### $

#### 6,218,715
Δ

Securities have been classified by country of risk.

#

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.

At September 30, 2025, the aggregate value of Rule 144A securities was $560,095, which

represents 9.01% of the Fund's net assets. See Note 5 in "Notes to financial statements."

#### Summary of abbreviations:
ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

SpA – Stand-by Purchase Agreement

#### Statement of assets and liabilities
Macquarie Global Listed Infrastructure ETF

September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

#### Assets:
Investments at value\*

$

6,204,950

Foreign currency, at value\*\*

Cash

Receivable for securities sold

24,629

Dividends receivable

14,286

Foreign tax reclaims receivable

677

Total Assets

6,244,608

#### Liabilities:
Payable for securities purchased

23,424

Management fees payable to affiliates

2,469

Total Liabilities

25,893

#### Total Net Assets
$

6,218,715

#### Net Assets Consist of:
Paid-in-capital

$

5,661,040

Total distributable earnings (loss)

557,675

#### Total Net Assets
$

6,218,715

Shares outstanding (unlimited amount authorized, no par value)

225,000

Net asset value per share

$

27.64 \*Investments, at cost

$

5,621,140

\*\*Foreign currency, at cost

#### Statement of operations
Macquarie Global Listed Infrastructure ETF

Six months ended September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

#### Investment Income:
Dividends

$

144,789

Foreign tax withheld

(11,055)

133,734

#### Expenses:
Management fees

13,770

Total operating expenses

13,770

#### Net Investment Income (Loss)
119,964

#### Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:

&nbsp;&nbsp;&nbsp;&nbsp;Investments

113,472

&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies

(164)

Net realized gain (loss)

113,308

Net change in unrealized appreciation (depreciation) on:

&nbsp;&nbsp;&nbsp;&nbsp;Investments

465,200

&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies

Net change in unrealized appreciation (depreciation)

465,322

#### Net Realized and Unrealized Gain (Loss)
578,630

#### Net Increase (Decrease) in Net Assets Resulting from Operations
$

698,594

#### Statements of changes in net assets
Macquarie Global Listed Infrastructure ETF

See accompanying notes, which are an integral part of the financial statements.

Six months

ended

September 30, 2025

(Unaudited)

Year ended

March 31, 2025

#### Increase (Decrease) in Net Assets from

#### Operations:
Net investment income (loss)

$

119,964

$

163,299

Net realized gain (loss)

113,308

(54,014)

Net change in unrealized appreciation

(depreciation)

465,322

81,302

Net increase (decrease) in net assets

resulting from operations

698,594

190,587

#### Dividends and Distributions to Shareholders

#### from:
Distributable earnings

(114,626)

(272,435)

(114,626)

(272,435)

#### Capital Share Transactions:

#### 1
Proceeds from shares sold

661,040

–

Increase in net assets derived from capital

share transactions

661,040

–

#### Net Increase (Decrease) in Net Assets
1,245,008

(81,848)

#### Net Assets:
Beginning of period

4,973,707

5,055,555

End of period

$

6,218,715

$

4,973,707

#### Capital Share Transactions:
Beginning of period

200,000

200,000

Shares subscribed in-kind

25,000

–

Shares outstanding, end of period

225,000

200,000

Capital share transactions may include transaction fees associated with Creation and

Redemption transactions which occurred during the period. See Note 4 in "Notes to financial

statements."

#### Financial highlights
Macquarie Global Listed Infrastructure ETF

Selected data for each share of the Fund outstanding throughout each period were as follows:

Six months

ended

September 30, 2025

(Unaudited)

Year ended

March 31, 2025

For the period

November 28, 2023

to

March 31, 2024

#### Net asset value,

#### beginning of period
$

.87

$

.28

$

.00

#### Income (loss)

#### from investment

#### operations:
—

—

—

Net investment income

.57

.82

.24

Net realized and

unrealized gain

....

.74

.13

.25

Total from investment

operations

.......

3.31 0.95 0.49 #### Less dividends and

#### distributions from:
—

—

—

Net investment income

(0

.54)

(0

.81)

(0

.21)

Net realized gain

....

—

(0

.55)

—

Total dividends and

distributions

......

(0.54)

(1.36)

(0.21)

#### Net asset value, end

#### of period

#### .........
$

27.64 $

24.87 $

25.28 #### Total return

#### 4
......

13.40%

3.88%

1.97%

#### Ratios and

#### supplemental data:
$6,219

$4,974

$5,056

Net assets, end of

period (000 omitted)

$

6,219

$

4,974

$

5,056

Ratio of expenses to

average net assets

0.49%

0.49%

0.49%

Ratio of net investment

income to average

net assets

.......

4.26%

3.20%

2.75%

Portfolio turnover

...

19%

75%

11%

#### Financial highlights
Macquarie Global Listed Infrastructure ETF

See accompanying notes, which are an integral part of the financial statements.

Ratios have been annualized and total return and portfolio turnover have not been

annualized.

Date of commencement of operations; ratios have been annualized and total return and

portfolio turnover have not been annualized.

Calculated using average shares outstanding.

Total return is based on the change in net asset value of a share during the period and

assumes reinvestment of dividends and distributions at net asset value.

Expense ratios do not include expenses of any investment companies in which the Fund

invests.

Excludes the value of portfolio securities received or delivered as a result of in-kind

purchases or redemptions of the Fund's capital shares.

#### Notes to financial statements
Macquarie Global Listed Infrastructure ETF

September 30, 2025

Macquarie ETF Trust (Trust) is organized as a Delaware statutory trust effective

February 22, 2023

and is an open-end management investment company registered with the U.S.

Securities and Exchange Commission. As of the date of this report, the Trust offers seven series.

These financial statements and the related notes pertain to Macquarie Global Listed Infrastructure

ETF (Fund). The Fund is considered diversified under the Investment Company Act of 1940, as

amended (1940 Act).

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards

Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment

Companies. The following accounting policies are in accordance with US generally accepted

accounting principles (US GAAP) and are consistently followed by the Fund.

#### Security Valuation
— Equity securities, except those traded on the Nasdaq Stock Market LLC

(Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New

York Stock Exchange (NYSE) on the valuation date. Equity securities traded on the Nasdaq are

valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales

price. If, on a particular day, an equity security does not trade, the mean between the bid and

the ask prices will be used, which approximates fair value. Equity securities listed on a foreign

exchange are normally valued at the last quoted sales price on the valuation date. Open-end

investment companies are valued at their published net asset value (NAV). Investments for which

market quotations are not readily available are valued at fair value as determined in good faith

pursuant to Rule 2a- 5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of

a security or other asset is the price that would be received to sell an asset or paid to transfer a

liability in an orderly transaction between market participants at the measurement date. Pursuant

to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company

(DMC or the Manager) as the valuation designee (Valuation Designee) for the Fund to perform

the fair value determination relating to all applicable Fund investments. DMC has established a

Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC

may carry out its designated responsibilities as Valuation Designee through the Pricing Committee

and other teams and committees, which operate under policies and procedures approved by

the Board and subject to the Board's oversight. Fair value pricing may be used more frequently

for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value

has materially changed after the close of the security's primary exchange or principal market but

before the close of the NYSE, the security may be valued at fair value. With respect to foreign

(non-US) equity securities, the Fund may determine the fair value of investments based on

information provided by pricing vendors, which may recommend fair value or adjustments with

reference to other securities, indexes or assets. In considering whether fair valuation is required

and in determining fair values, the Valuation Designee may, among other things, consider

significant events (which may be considered to include changes in the value of US securities or

#### Notes to financial statements
Macquarie Global Listed Infrastructure ETF

securities indexes) that occur after the close of the relevant market and before the close of the

NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to

determine fair values of non-US securities.

#### Federal Income Taxes
— No provision for federal income taxes has been made as the Fund

intends to continue to qualify for federal income tax purposes as a regulated investment company

under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite

distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken

in the course of preparing the Fund's tax returns to determine whether the tax positions are

"more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed

to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the

current period. Management has analyzed the Fund's tax positions taken or expected to be taken

on the Fund's federal income tax returns through the six months ended September 30, 2025 and

for all open tax years (years ended March 31, 2024–March 31, 2025), and has concluded that

no provision for federal income tax is required in the Fund's financial statements. If applicable,

the Fund recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax

penalties" on the "Statement of operations." During the six months ended September 30, 2025,

the Fund did not incur any interest or tax penalties.

#### Foreign Currency Transactions
— Transactions denominated in foreign currencies are recorded

at the prevailing exchange rates on the valuation date. The value of all assets and liabilities

denominated in foreign currencies is translated daily into US dollars at the exchange rate of such

currencies against the US dollar. Transaction gains or losses resulting from changes in exchange

rates during the reporting period or upon settlement of the foreign currency transaction are

reported in operations for the current period. The Fund generally does not bifurcate that portion of

realized gains and losses on investments which is due to changes in foreign exchange rates from

that which is due to changes in market prices. These realized gains and losses are included on

the "Statement of operations" under "Net realized gain (loss) on investments." The Fund reports

certain foreign currency related transactions as components of realized gains (losses) for financial

reporting purposes, whereas such components are treated as ordinary income (loss) for federal

income tax purposes.

#### In-kind Redemptions
— For financial reporting purposes, in-kind redemptions are treated as

sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or

losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains

or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of

the Fund's tax year. These reclassifications have no effect on net assets NAV per share.

#### Use of Estimates
— The preparation of financial statements in conformity with US GAAP requires

management to make estimates and assumptions that affect the fair value of investments, the

reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at

1. Significant Accounting Policies (continued)

the date of the financial statements, and the reported amounts of revenues and expenses during

the reporting period. Actual results could differ from those estimates and the differences could be

material.

#### Other
— Security transactions are recorded on the date the securities are purchased or sold

(trade date) for financial reporting purposes. Costs used in calculating realized gains and losses

on the sale of investment securities are those of the specific securities sold. Dividend income is

recorded on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date

or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax

withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign

dividends have been recorded in accordance with the Fund's understanding of the applicable

country's tax rules and rates. The Fund files withholding tax reclaims in certain jurisdictions to

recover a portion of amounts previously withheld. The Fund may record a reclaim receivable

based on collectability, which includes factors such as the jurisdiction's applicable laws, payment

history and market convention. The "Statement of operations" includes tax reclaims recorded

as well as professional and other fees, if any, associated with recovery of foreign withholding

taxes. Income and capital gain distributions from any investment companies (Underlying Funds)

in which the Fund invests are recorded on the ex-dividend date. The Fund declares and pays

dividends from net investment income quarterly and distributions from net realized gain on

investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax

purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

#### Segment Reporting
— In November 2023, FASB issued Accounting Standards Update 2023-

07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with

the intent of improving reportable segment disclosure requirements, primarily through enhanced

disclosures about significant segment expenses, allowing financial statement users to better

understand the components of a segment's profit or loss and assess potential future cash flows

for each reportable segment and the entity as a whole thereby enabling better understanding of

how an entity's segments impact overall performance. The Fund's Chief Executive Officer and

Chief Financial Officer act as the Fund's chief operating decision maker (CODM), assessing

performance and making decisions about resource allocation. The CODM has determined that the

Fund has a single operating segment since the Fund has a single investment strategy disclosed

in the prospectus against which the CODM assesses performance. When assessing segment

performance and making decisions about segment resources, the CODM relies on the Fund's

portfolio composition, total returns, expense ratios and changes in net assets which are consistent

with the information contained in the Fund's financial statements. Adoption of the new standard

impacted the Fund's financial statements note disclosures only, and did not affect the Fund's

financial position or the results of its operations.

1. Significant Accounting Policies (continued)

#### Notes to financial statements
Macquarie Global Listed Infrastructure ETF

2. Investment Management, Administration Agreements, and Other Transactions with

#### Affiliates
In accordance with the terms of its investment management agreement, the Fund pays DMC,

a series of Macquarie Investment Management Business Trust (MIMBT) and the investment

manager, an annual unitary management fee which is calculated daily and paid monthly at the

rate of 0.49% on the Fund's average daily net assets.

From the unitary management fee, DMC pays most of the expenses of the Fund, including the

cost of sub-advisory fees to any investment sub-adviser, if any, transfer agency, custody, fund

administration, legal, audit and other services. However, under the investment management

agreement, DMC is not responsible for (i) interest expenses; (ii) taxes (including, but not limited

to, income, excise, transfer and withholding taxes); (iii) expenses of a Fund incurred with respect

to the acquisition and disposition of portfolio securities, instruments or other investments and the

execution of portfolio transactions, including brokerage commissions; (iv) expenses incurred in

connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under

the 1940 Act, including distribution fees; (v) litigation expenses; (vi) the investment advisory fee

payable to the Manager; (vii) non-routine or extraordinary expenses (including, without limitation,

the expense associated with proxy solicitations and fund reorganizations); and (viii) acquired fund

fees and expenses.

DMC entered into a sub-advisory agreement on behalf of the Fund with Macquarie Investment

Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Although the

Manager has principal responsibility for the Manager's portion of the Fund, the Manager may

permit the Affiliated Sub-Advisor to execute Fund security trades on behalf of the Manager.

Pursuant to the terms of the sub-advisory agreement, the investment sub-advisory fee is paid by

DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides

services to the Fund.

At September 30, 2025, Macquarie Management Holdings, Inc. directly owned 80.00% of the

Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the

investment management fees and other expenses of any Underlying Funds, in which it invests.

The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the

expense and fee levels of any Underlying Funds and the number of shares that are owned of any

Underlying Funds at different times.

On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain

of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into

an agreement for Nomura to acquire Macquarie Asset Management's US and European public

investments business. The transaction is subject to customary closing conditions, including the

receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these

conditions, the transaction is expected to close on or about December 1, 2025. This is subject to

change.

The closing of this transaction will result in the automatic termination of the Fund's investment

advisory agreement with DMC, and any sub-advisory agreement, as applicable. In anticipation

of the closing of the transaction, on June 12, 2025, the Board approved, and recommended

shareholders approve, a new investment advisory agreement for the Fund that, pending

shareholder approval, would go into effect at the closing of the transaction. At a special

shareholder meeting held on September 10, 2025, Fund shareholders approved a new investment

advisory agreement for the Fund.

The Fund will be renamed Nomura Global Listed Infrastructure ETF at closing.

3. Investments

For the six months ended

September 30, 2025

, the Fund made purchases and sales of

investment securities other than short-term investments and US government securities as follows:

For the six months ended September 30, 2025, in-kind transactions, which are not included in the

table above, associated with purchase or redemption of Creation Units were as follows:

At

September 30, 2025

, the cost and unrealized appreciation (depreciation) of investments

for federal income tax purposes have been estimated since final tax characteristics cannot be

determined until fiscal year end. At

September 30, 2025

, the cost and unrealized appreciation

(depreciation) of investments for federal income tax purposes for the Fund were as follows:

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to

transfer a liability in an orderly transaction between market participants at the measurement

date under current market conditions. A three-level hierarchy for fair value measurements has

been established based upon the transparency of inputs to the valuation of an asset or liability.

Inputs may be observable or unobservable and refer broadly to the assumptions that market

participants would use in pricing the asset or liability. Observable inputs reflect the assumptions

market participants would use in pricing the asset or liability based on market data obtained from

Purchases

$

1,099,333

Sales

1,027,496

Purchases

$

609,802

Sales

—

Cost of investments

$

5,621,140

Aggregate unrealized appreciation of investments

$

673,109

Aggregate unrealized depreciation of investments

(89,299)

Net unrealized appreciation of investments

$

583,810

2. Investment Management, Administration Agreements, and Other Transactions with

#### Affiliates (continued)

#### Notes to financial statements
Macquarie Global Listed Infrastructure ETF

sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own

assumptions about the assumptions that market participants would use in pricing the asset or

liability based on the best information available under the circumstances. The Fund's investment

in its entirety is assigned a level based upon the observability of the inputs which are significant to

the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 — Inputs are quoted prices in active markets for identical investments. (Examples: equity

securities, open-end investment companies, futures contracts, and exchange-traded

options contracts)

Level 2 — Other observable inputs, including, but not limited to: quoted prices for similar

assets or liabilities in markets that are active, quoted prices for identical or similar

assets or liabilities in markets that are not active, inputs other than quoted prices

that are observable for the assets or liabilities (such as interest rates, yield curves,

volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other

market-corroborated inputs. (Examples: debt securities, government securities, swap

contracts, forward foreign currency exchange contracts, foreign securities utilizing

international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 — Significant unobservable inputs, including the Fund's own assumptions used to

determine the fair value of investments. (Examples: broker-quoted securities and fair

valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an

income-based valuation approach in which the anticipated future cash flows of the investment are

discounted to calculate fair value. Discounts may also be applied due to the nature or duration

of any restrictions on the disposition of the investments. Valuations may also be based upon

current market prices of securities that are comparable in coupon, rating, maturity, and industry.

The derived value of a Level 3 investment may not represent the value which is received upon

disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy

levels as of

September 30, 2025

:

Level 1

Level 2

Level 3

Total

Securities

Assets:

Common Stocks

$

6,170,514

$

–

$

–

$

6,170,514

Short-Term Investments

34,436

–

–

34,436

Total Value of Securities

$

6,204,950

$

–

$

–

$

6,204,950

3. Investments (continued)

During the six months ended

September 30, 2025

, there were no transfers into or out of Level 3

investments. The Fund's policy is to recognize transfers into or out of Level 3 investments based

on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of

Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. As of

September 30, 2025

, there were no Level 3 investments.

4. Issuance and Redemption of Fund Shares

The Fund is an exchange-traded fund or ETF. Individual Fund shares may only be purchased

and sold on a national securities exchange through a broker-dealer and investors may pay a

commission to such broker-dealers in connection with their purchase or sale. The price of Fund

shares is based on market price, and because ETF shares trade at market prices rather than NAV,

shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

The Fund will only issue or redeem shares aggregated into blocks of 25,000 shares or multiples

thereof ("Creation Units") to Authorized Participants who have entered into agreements with the

Fund's Distributor. An Authorized Participant is either (1) a "Participating Party," (i.e., a broker-

dealer or other participant in the clearing process of the Continuous Net Settlement System of the

National Securities Clearing Corporation) ("Clearing Process"), or (2) a participant of Depository

Trust Company ("DTC Participant"), and, in each case, must have executed an agreement

("Participation Agreement") with the Distributor with respect to creations and redemptions of

Creation Units. The Fund will issue or redeem Creation Units in return for a basket of assets that

the Fund specifies each day.

Shares are listed on the NYSE Arca, Inc. (the "Exchange") and are publicly traded. If an investor

buys or sells Fund shares on the secondary market, the investor will pay or receive the market

price, which may be higher or lower than NAV. The investor's transaction will be priced at NAV if

the investor purchases or redeems Fund shares in Creation Units.

Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction

fee and a redemption transaction fee directly to the Fund's Administrator to offset transfer and

other transaction costs associated with the issuance and redemption of Creation Units, including

Creation Units for cash. Additionally, a portion of the transaction fee is used to offset transactional

costs typically accrued in the Fund's custody expenses directly related to the issuance and

redemption of Creation Units. An additional variable fee may be charged for certain transactions.

Such fees would be included in the receivable for capital shares issued on the "Statement of

assets and liabilities" if they are outstanding as of period-end. Transaction fees assessed during

the period are included in the proceeds from shares issued on the "Statements of changes in net

assets."

3. Investments (continued)

Macquarie Global Listed Infrastructure ETF

5. Certain Principal Risks of the Fund

Company size risk — The risk that investments in small- and/or medium-sized companies

may be more volatile than those of larger companies because of limited financial resources or

dependence on narrow product lines.

Infrastructure industry risk — Companies in the infrastructure industry may be subject to a variety

of factors that could adversely affect their business or operations, including high interest costs

in connection with capital construction programs, high degrees of leverage, costs associated

with governmental, environmental and other regulations, the level of government spending on

infrastructure projects, and other factors.

Foreign and emerging markets risk — The risk that international investing (particularly in emerging

markets) may be adversely affected by political instability; changes in currency exchange rates;

inefficient markets and higher transaction costs; foreign economic conditions; the imposition of

economic or trade sanctions; or inadequate or different regulatory and accounting standards.

The risk associated with international investing will be greater in emerging markets than in more

developed foreign markets because, among other things, emerging markets may have less stable

political and economic environments. In addition, there often is substantially less publicly available

information about issuers and such information tends to be of a lesser quality. Economic markets

and structures tend to be less mature and diverse and the securities markets may also be smaller,

less liquid, and subject to greater price volatility.

Rule 144A securities — The Fund also may invest in securities that normally are purchased or

resold pursuant to Rule 144A under the Securities Act of 1933 (Rule 144A securities). Rule 144A

is designed to facilitate efficient trading among institutional investors by permitting the sale of

certain unregistered securities. Rule 144A securities may be resold only to qualified institutional

buyers, provided that certain other conditions for resale are met. To the extent privately placed

securities held by a Fund qualify under Rule 144A and an institutional market develops for those

securities, a Fund likely will be able to dispose of the securities without registering them under the

Securities Act of 1933.

ETF Structure Risks – The Fund is structured as an ETF and as a result is subject to special

risks. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in

large blocks known as "Creation Units." Trading in shares on the Exchange may be halted due

to market conditions or for reasons that, in the view of the Exchange, make trading in Shares

inadvisable, such as extraordinary market volatility. There can be no assurance that Shares

will continue to meet the listing requirements of the Exchange. An active trading market for the

Fund's shares may not be developed or maintained. If the Fund's shares are traded outside a

collateralized settlement system, the number of financial institutions that can act as authorized

participants that can post collateral on an agency basis is limited, which may limit the market

for the Fund's shares. The market prices of Shares will fluctuate in response to changes in NAV

and supply and demand for shares and will include a "bid-ask spread" charged by the exchange

specialists, market makers or other participants that trade the particular security. There may be

times when the market price and the NAV vary significantly particularly during times of market

stress, with the result that investors may pay significantly more or significantly less for Fund

shares than the Fund's NAV, which is reflected in the bid and ask price for Fund shares or in

the closing price. If a shareholder purchases shares at a time when the market price is at a

premium to the NAV or sells shares at a time when the market price is at a discount to NAV, the

shareholder may sustain losses if the shares are sold at a price that is less than the price paid by

the shareholder for the shares. When all or a portion of an ETFs underlying securities trade in a

market that is closed when the market for the Fund's shares is open, there may be changes from

the last quote of the closed market and the quote from the Fund's domestic trading day, which

could lead to differences between the market value of the Fund's shares and the Fund's NAV. In

stressed market conditions, the market for the Fund's shares may become less liquid in response

to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the

Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and

the Fund's NAV.

6. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of

indemnifications. The Fund's maximum exposure under these arrangements is unknown.

However, the Fund has not had prior claims or losses pursuant to these contracts. Management

has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

7. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09,

Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the

transparency of income tax disclosures. The ASU requires public entities, on an annual basis,

to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of

income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required

to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

Management expects that adoption of the guidance will not have a material impact on the Fund's

financial statements.

8. Subsequent Events

Management has determined that no material events or transactions occurred subsequent

to September 30, 2025, that would require recognition or disclosure in the Fund's financial

statements.

5. Certain Principal Risks of the Fund (continued)

#### Other Fund information (Unaudited)
Macquarie Global Listed Infrastructure ETF

#### Changes in and Disagreements with Accountants for Open-End Management Investment

#### Companies
Not Applicable.

#### Proxy Disclosures for Open-End Management Investment Companies

#### Proxy Results
At a special shareholder meeting held on September 10, 2025, Macquarie Global Listed

Infrastructure ETF shareholders approved a new investment advisory agreement. The results of

the voting at the meeting were as follows:

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment

#### Companies
Please refer to the disclosure within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract
Not Applicable.

#### For

#### Against

#### Abstain
187,230

–

–

This page is not part of the financial statements and other information.

SA-BILD-1125

(4944079) #### Contact information

#### Shareholder assistance by phone
844 469-9911, weekdays from 9:00am to

5:00pm ET

#### Regular mail
Macquarie ETF Trust

c/o Foreside Financial Services

Three Canal Plaza, Suite 100

Portland, ME 04101

Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated

asset manager across public and private markets offering a diverse range of capabilities, including real assets, real

estate, credit, equities, and multi-asset solutions.

The Fund is distributed by

#### Foreside Financial Services LLC.

#### Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity

#### noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act

#### 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent

#### deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide

#### assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document

#### relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment

#### and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group

#### entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee

#### repayment of capital in respect of the investment.
The Fund is governed by US laws and regulations.

Macquarie Energy Transition ETF

Financial statements and other information

For the six months ended September 30, 2025

Table of contents

Schedule of investments

#### 1
Statement of assets and liabilities

#### 4
Statement of operations

#### 5
Statements of changes in net assets

#### 6
Financial highlights

#### 7
Notes to financial statements

#### 9
Other Fund information

#### 19
This report and the financial statements contained herein are submitted for the general information

of the shareholders of the Fund. This report is not authorized for distribution to prospective

investors in the Fund unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange

Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund's

Form N-PORT, as well as a description of the policies and procedures that the Fund uses to

determine how to vote proxies (if any) relating to portfolio securities, is available without charge

(i) upon request, by calling 844 469-9911; and (ii) on the SEC's website at sec.gov. In addition, a

description of the policies and procedures that the Fund uses to determine how to vote proxies (if

any) relating to portfolio securities and the Schedule of Investments included in the Fund's most

recent Form N-PORT are available without charge on the Fund's website at

macquarie.com/mam/etf-literature.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the

most recently disclosed 12-month period ended June 30 is available without charge (i) through the

Fund's website at macquarie.com/mam/etf-literature; and (ii) on the SEC's website at sec.gov.

#### Schedule of investments
Macquarie Energy Transition ETF

September 30, 2025 (Unaudited)

Number of

shares

Value (US $)

#### Common Stocks — 96.87%
Aluminum - 2.99%

Alcoa Corp.

6,826

$

224,507

224,507

Coal & Consumable Fuels - 1.91%

Cameco Corp.

1,710

143,400

143,400

Commodity Chemicals - 1.46%

Methanex Corp.

2,754

109,499

109,499

Construction & Engineering - 3.24%

Arcosa, Inc.

2,597

243,365

243,365

Copper - 4.49%

ERO Copper Corp.

†

16,652

337,300

337,300

Diversified Metals & Mining - 10.79%

Anglo American plc

4,972

186,229

Hudbay Minerals, Inc.

21,294

322,539

MP Materials Corp.

†

1,420

95,239

Teck Resources Ltd., Class B

4,723

207,185

811,192

Electric Utilities - 0.93%

Constellation Energy Corp.

70,092

70,092

Electrical Components & Equipment - 4.81%

Generac Holdings, Inc.

†

1,293

216,448

Nexans SA

982

145,268

361,716

Fertilizers & Agricultural Chemicals - 3.99%

CF Industries Holdings, Inc.

3,342

299,777

299,777

Gold - 5.70%

Coeur Mining, Inc.

†

8,748

164,113

Wheaton Precious Metals Corp.

2,366

264,613

428,726

Heavy Electrical Equipment - 2.05%

GE Vernova, Inc.

153,725

153,725

Independent Power Producers & Energy Traders - 1.80%

Vistra Corp.

691

135,381

135,381

#### Schedule of investments
Macquarie Energy Transition ETF

Number of

shares

Value (US $)

#### Common Stocks (continued)
Integrated Oil & Gas - 3.46%

Shell plc ADR

3,632

$

259,797

259,797

Oil & Gas Equipment & Services - 2.83%

Baker Hughes Co., Class A

4,362

212,517

212,517

Oil & Gas Exploration & Production - 23.07%

ARC Resources Ltd.

16,198

295,398

Chord Energy Corp.

1,706

169,525

ConocoPhillips

3,057

289,162

EOG Resources, Inc.

2,397

268,752

EQT Corp.

5,036

274,109

Expand Energy Corp.

2,579

273,993

Permian Resources Corp., Class A

12,713

162,726

1,733,665

Oil & Gas Refining & Marketing - 6.94%

HF Sinclair Corp.

4,835

253,064

Valero Energy Corp.

1,576

268,330

521,394

Precious Metals & Minerals - 3.11%

Valterra Platinum Ltd.

3,284

234,082

234,082

Semiconductors - 5.00%

First Solar, Inc.

†

1,705

376,004

376,004

Specialty Chemicals - 1.51%

Johnson Matthey plc

4,210

113,807

113,807

Steel - 6.79%

Metallus, Inc.

†

9,912

163,845

Steel Dynamics, Inc.

2,482

346,065

509,910

#### Total Common Stocks
&nbsp;&nbsp;&nbsp;&nbsp; (cost $5,750,407)

#### 7,279,856

See accompanying notes, which are an integral part of the financial statements.

Number of

shares

Value (US $)

#### Short-Term Investments — 3.13%
Money Market Mutual Funds - 3.13%

Invesco Government & Agency Portfolio -

Institutional Class (seven-day effective

yield 4.05%)

235,449

$

235,449

#### Total Short-Term Investments
&nbsp;&nbsp;&nbsp;&nbsp; (Cost $235,449)

#### 235,449

#### Total Value of Securities — 100.00%
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $5,985,856)

#### 7,515,305

#### Liabilities Net of Receivables and Other Assets — (0.00%)

#### (#### 191

####)

#### Net Assets Applicable to 229,000 Shares Outstanding — 100.00%

#### $

#### 7,515,114
†

Non-income producing security.

#### Summary of abbreviations:
ADR – American Depositary Receipt

#### Statement of assets and liabilities
Macquarie Energy Transition ETF

September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

#### Assets:
Investments at value\*

$

7,515,305

Foreign currency, at value\*\*

Dividends receivable

3,555

Foreign tax reclaims receivable

953

Total Assets

7,519,815

#### Liabilities:
Management fees payable to affiliates

4,701

Total Liabilities

4,701

#### Total Net Assets
$

7,515,114

#### Net Assets Consist of:
Paid-in-capital

$

5,840,458

Total distributable earnings (loss)

1,674,656

#### Total Net Assets
$

7,515,114

Shares outstanding (unlimited amount authorized, no par value)

229,000

Net asset value per share

$

32.82 \*Investments, at cost

$

5,985,856

\*\*Foreign currency, at cost

#### Statement of operations
Macquarie Energy Transition ETF

Six months ended September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

#### Investment Income:
Dividends

$

63,512

Foreign tax withheld

(1,890)

61,622

#### Expenses:
Management fees

26,862

Total operating expenses

26,862

#### Net Investment Income (Loss)
34,760

#### Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:

&nbsp;&nbsp;&nbsp;&nbsp;Investments

465,900

&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies

(468)

Net realized gain (loss)

465,432

Net change in unrealized appreciation (depreciation) on:

&nbsp;&nbsp;&nbsp;&nbsp;Investments

1,383,649

&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies

Net change in unrealized appreciation (depreciation)

1,383,709

#### Net Realized and Unrealized Gain (Loss)
1,849,141

#### Net Increase (Decrease) in Net Assets Resulting from Operations
$

1,883,901

#### Statements of changes in net assets
Macquarie Energy Transition ETF

See accompanying notes, which are an integral part of the financial statements.

Six months

ended

September 30, 2025

(Unaudited)

Year ended

March 31, 2025

#### Increase (Decrease) in Net Assets from

#### Operations:
Net investment income (loss)

$

34,760

$

58,187

Net realized gain (loss)

465,432

(278,783)

Net change in unrealized appreciation

(depreciation)

1,383,709

(339,991)

Net increase (decrease) in net assets

resulting from operations

1,883,901

(560,587)

#### Dividends and Distributions to Shareholders

#### from:
Distributable earnings

(68,630)

(61,846)

(68,630)

(61,846)

#### Capital Share Transactions:

#### 1
Proceeds from shares sold

–

1,474,543

Cost of shares redeemed

(734,085)

–

Increase (Decrease) in net assets derived

from capital share transactions

(734,085)

1,474,543

#### Net Increase (Decrease) in Net Assets
1,081,186

852,110

#### Net Assets:
Beginning of period

6,433,928

5,581,818

End of period

$

7,515,114

$

6,433,928

#### Capital Share Transactions:
Beginning of period

254,000

204,000

Shares subscribed in-kind

–

50,000

Shares redeemed in-kind

(25,000)

–

Shares outstanding, end of period

229,000

254,000

Capital share transactions may include transaction fees associated with Creation and

Redemption transactions which occurred during the period. See Note 4 in "Notes to financial

statements."

#### Financial highlights
Macquarie Energy Transition ETF

Selected data for each share of the Fund outstanding throughout each period were as follows:

Six months

ended

September 30, 2025

(Unaudited)

Year ended

March 31, 2025

For the period

November 28, 2023

to

March 31, 2024

#### Net asset value,

#### beginning of period
$

.33

$

.36

$

.00

#### Income (loss)

#### from investment

#### operations:
—

—

—

Net investment income

.14

.24

.06

Net realized and

unrealized gain (loss)

.63

(2

.02)

.34

Total from investment

operations

.......

7.77 (1.78)

2.40 #### Less dividends and

#### distributions from:
—

—

—

Net investment income

(0

.28)

(0

.25)

(0

.04)

Total dividends and

distributions

......

(0.28)

(0.25)

(0.04)

#### Net asset value, end

#### of period

#### .........
$

32.82 $

25.33 $

27.36 #### Total return

#### 4
......

30.80%

(6.57%)

9.61%

#### Ratios and

#### supplemental data:
$7,515

$6,434

$5,582

Net assets, end of

period (000 omitted)

$

7,515

$

6,434

$

5,582

Ratio of expenses to

average net assets

0.79%

0.79%

0.79%

Ratio of net investment

income to average

net assets

.......

1.02%

0.86%

0.69%

Portfolio turnover

...

25%

55%

15%

#### Financial highlights
Macquarie Energy Transition ETF

See accompanying notes, which are an integral part of the financial statements.

Ratios have been annualized and total return and portfolio turnover have not been

annualized.

Date of commencement of operations; ratios have been annualized and total return and

portfolio turnover have not been annualized.

Calculated using average shares outstanding.

Total return is based on the change in net asset value of a share during the period and

assumes reinvestment of dividends and distributions at net asset value.

Expense ratios do not include expenses of any investment companies in which the Fund

invests.

Excludes the value of portfolio securities received or delivered as a result of in-kind

purchases or redemptions of the Fund's capital shares.

#### Notes to financial statements
Macquarie Energy Transition ETF

September 30, 2025

Macquarie ETF Trust (Trust) is organized as a Delaware statutory trust effective

February 22, 2023

and is an open-end management investment company registered with the U.S.

Securities and Exchange Commission. As of the date of this report, the Trust offers seven series.

These financial statements and the related notes pertain to Macquarie Energy Transition

ETF (Fund). The Fund is considered diversified under the Investment Company Act of 1940, as

amended (1940 Act).

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards

Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment

Companies. The following accounting policies are in accordance with US generally accepted

accounting principles (US GAAP) and are consistently followed by the Fund.

#### Security Valuation
— Equity securities, except those traded on the Nasdaq Stock Market LLC

(Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New

York Stock Exchange (NYSE) on the valuation date. Equity securities traded on the Nasdaq are

valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales

price. If, on a particular day, an equity security does not trade, the mean between the bid and

the ask prices will be used, which approximates fair value. Equity securities listed on a foreign

exchange are normally valued at the last quoted sales price on the valuation date. Open-end

investment companies are valued at their published net asset value (NAV). Investments for which

market quotations are not readily available are valued at fair value as determined in good faith

pursuant to Rule 2a- 5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of

a security or other asset is the price that would be received to sell an asset or paid to transfer a

liability in an orderly transaction between market participants at the measurement date. Pursuant

to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company

(DMC or the Manager) as the valuation designee (Valuation Designee) for the Fund to perform

the fair value determination relating to all applicable Fund investments. DMC has established a

Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC

may carry out its designated responsibilities as Valuation Designee through the Pricing Committee

and other teams and committees, which operate under policies and procedures approved by

the Board and subject to the Board's oversight. Fair value pricing may be used more frequently

for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value

has materially changed after the close of the security's primary exchange or principal market but

before the close of the NYSE, the security may be valued at fair value. With respect to foreign

(non-US) equity securities, the Fund may determine the fair value of investments based on

information provided by pricing vendors, which may recommend fair value or adjustments with

reference to other securities, indexes or assets. In considering whether fair valuation is required

and in determining fair values, the Valuation Designee may, among other things, consider

significant events (which may be considered to include changes in the value of US securities or

#### Notes to financial statements
Macquarie Energy Transition ETF

securities indexes) that occur after the close of the relevant market and before the close of the

NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to

determine fair values of non-US securities.

#### Federal Income Taxes
— No provision for federal income taxes has been made as the Fund

intends to continue to qualify for federal income tax purposes as a regulated investment company

under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite

distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken

in the course of preparing the Fund's tax returns to determine whether the tax positions are

"more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed

to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the

current period. Management has analyzed the Fund's tax positions taken or expected to be taken

on the Fund's federal income tax returns through the six months ended September 30, 2025 and

for all open tax years (years ended March 31, 2024–March 31, 2025), and has concluded that

no provision for federal income tax is required in the Fund's financial statements. If applicable,

the Fund recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax

penalties" on the "Statement of operations." During the six months ended September 30, 2025,

the Fund did not incur any interest or tax penalties.

#### Foreign Currency Transactions
— Transactions denominated in foreign currencies are recorded

at the prevailing exchange rates on the valuation date. The value of all assets and liabilities

denominated in foreign currencies is translated daily into US dollars at the exchange rate of such

currencies against the US dollar. Transaction gains or losses resulting from changes in exchange

rates during the reporting period or upon settlement of the foreign currency transaction are

reported in operations for the current period. The Fund generally does not bifurcate that portion of

realized gains and losses on investments which is due to changes in foreign exchange rates from

that which is due to changes in market prices. These realized gains and losses are included on

the "Statement of operations" under "Net realized gain (loss) on investments." The Fund reports

certain foreign currency related transactions as components of realized gains (losses) for financial

reporting purposes, whereas such components are treated as ordinary income (loss) for federal

income tax purposes.

#### In-kind Redemptions
— For financial reporting purposes, in-kind redemptions are treated as

sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or

losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains

or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of

the Fund's tax year. These reclassifications have no effect on net assets NAV per share.

#### Use of Estimates
— The preparation of financial statements in conformity with US GAAP requires

management to make estimates and assumptions that affect the fair value of investments, the

reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at

1. Significant Accounting Policies (continued)

the date of the financial statements, and the reported amounts of revenues and expenses during

the reporting period. Actual results could differ from those estimates and the differences could be

material.

#### Other
— Security transactions are recorded on the date the securities are purchased or sold

(trade date) for financial reporting purposes. Costs used in calculating realized gains and losses

on the sale of investment securities are those of the specific securities sold. Dividend income is

recorded on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date

or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax

withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign

dividends have been recorded in accordance with the Fund's understanding of the applicable

country's tax rules and rates. The Fund files withholding tax reclaims in certain jurisdictions to

recover a portion of amounts previously withheld. The Fund may record a reclaim receivable

based on collectability, which includes factors such as the jurisdiction's applicable laws, payment

history and market convention. The "Statement of operations" includes tax reclaims recorded

as well as professional and other fees, if any, associated with recovery of foreign withholding

taxes. Income and capital gain distributions from any investment companies (Underlying Funds)

in which the Fund invests are recorded on the ex-dividend date. The Fund declares and pays

dividends from net investment income quarterly and distributions from net realized gain on

investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax

purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

#### Segment Reporting
— In November 2023, FASB issued Accounting Standards Update 2023-

07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with

the intent of improving reportable segment disclosure requirements, primarily through enhanced

disclosures about significant segment expenses, allowing financial statement users to better

understand the components of a segment's profit or loss and assess potential future cash flows

for each reportable segment and the entity as a whole thereby enabling better understanding of

how an entity's segments impact overall performance. The Fund's Chief Executive Officer and

Chief Financial Officer act as the Fund's chief operating decision maker (CODM), assessing

performance and making decisions about resource allocation. The CODM has determined that the

Fund has a single operating segment since the Fund has a single investment strategy disclosed

in the prospectus against which the CODM assesses performance. When assessing segment

performance and making decisions about segment resources, the CODM relies on the Fund's

portfolio composition, total returns, expense ratios and changes in net assets which are consistent

with the information contained in the Fund's financial statements. Adoption of the new standard

impacted the Fund's financial statements note disclosures only, and did not affect the Fund's

financial position or the results of its operations.

1. Significant Accounting Policies (continued)

#### Notes to financial statements
Macquarie Energy Transition ETF

2. Investment Management, Administration Agreements, and Other Transactions with

#### Affiliates
In accordance with the terms of its investment management agreement, the Fund pays DMC,

a series of Macquarie Investment Management Business Trust (MIMBT) and the investment

manager, an annual unitary management fee which is calculated daily and paid monthly at the

rate of 0.79% on the Fund's average daily net assets.

From the unitary management fee, DMC pays most of the expenses of the Fund, including the

cost of sub-advisory fees to any investment sub-adviser, if any, transfer agency, custody, fund

administration, legal, audit and other services. However, under the investment management

agreement, DMC is not responsible for (i) interest expenses; (ii) taxes (including, but not limited

to, income, excise, transfer and withholding taxes); (iii) expenses of a Fund incurred with respect

to the acquisition and disposition of portfolio securities, instruments or other investments and the

execution of portfolio transactions, including brokerage commissions; (iv) expenses incurred in

connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under

the 1940 Act, including distribution fees; (v) litigation expenses; (vi) the investment advisory fee

payable to the Manager; (vii) non-routine or extraordinary expenses (including, without limitation,

the expense associated with proxy solicitations and fund reorganizations); and (viii) acquired fund

fees and expenses.

DMC entered into a sub-advisory agreement on behalf of the Fund with Macquarie Investment

Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Although the

Manager has principal responsibility for the Manager's portion of the Fund, the Manager may

permit the Affiliated Sub-Advisor to execute Fund security trades on behalf of the Manager.

Pursuant to the terms of the sub-advisory agreement, the investment sub-advisory fee is paid by

DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides

services to the Fund.

At September 30, 2025, Macquarie Management Holdings, Inc. directly owned 84.72% of the

Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the

investment management fees and other expenses of any Underlying Funds, in which it invests.

The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the

expense and fee levels of any Underlying Funds and the number of shares that are owned of any

Underlying Funds at different times.

On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain

of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into

an agreement for Nomura to acquire Macquarie Asset Management's US and European public

investments business. The transaction is subject to customary closing conditions, including the

receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these

conditions, the transaction is expected to close on or about December 1, 2025. This is subject to

change.

The closing of this transaction will result in the automatic termination of the Fund's investment

advisory agreement with DMC, and any sub-advisory agreement, as applicable. In anticipation

of the closing of the transaction, on June 12, 2025, the Board approved, and recommended

shareholders approve, a new investment advisory agreement for the Fund that, pending

shareholder approval, would go into effect at the closing of the transaction. At a special

shareholder meeting held on September 10, 2025, Fund shareholders approved a new investment

advisory agreement for the Fund.

The Fund will be renamed Nomura Energy Transition ETF at closing.

3. Investments

For the six months ended

September 30, 2025

, the Fund made purchases and sales of

investment securities other than short-term investments and US government securities as follows:

For the six months ended September 30, 2025, in-kind transactions, which are not included in the

table above, associated with purchase or redemption of Creation Units were as follows:

At

September 30, 2025

, the cost and unrealized appreciation (depreciation) of investments

for federal income tax purposes have been estimated since final tax characteristics cannot be

determined until fiscal year end. At

September 30, 2025

, the cost and unrealized appreciation

(depreciation) of investments for federal income tax purposes for the Fund were as follows:

For federal income tax purposes, capital loss carryforwards may be carried forward and applied

against future capital gains. At March 31, 2025, the Fund had capital loss carryforwards available

to offset future realized capital gains as follows:

Purchases

$

1,644,079

Sales

1,894,849

Purchases

$

—

Sales

704,269

Cost of investments

$

5,985,856

Aggregate unrealized appreciation of investments

$

1,696,331

Aggregate unrealized depreciation of investments

(166,882)

Net unrealized appreciation of investments

$

1,529,449

Loss carryforward character

Short-term

Long-term

Total

$284,423

$—

$284,423

2. Investment Management, Administration Agreements, and Other Transactions with

#### Affiliates (continued)

#### Notes to financial statements
Macquarie Energy Transition ETF

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to

transfer a liability in an orderly transaction between market participants at the measurement

date under current market conditions. A three-level hierarchy for fair value measurements has

been established based upon the transparency of inputs to the valuation of an asset or liability.

Inputs may be observable or unobservable and refer broadly to the assumptions that market

participants would use in pricing the asset or liability. Observable inputs reflect the assumptions

market participants would use in pricing the asset or liability based on market data obtained from

sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own

assumptions about the assumptions that market participants would use in pricing the asset or

liability based on the best information available under the circumstances. The Fund's investment

in its entirety is assigned a level based upon the observability of the inputs which are significant to

the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 — Inputs are quoted prices in active markets for identical investments. (Examples: equity

securities, open-end investment companies, futures contracts, and exchange-traded

options contracts)

Level 2 — Other observable inputs, including, but not limited to: quoted prices for similar

assets or liabilities in markets that are active, quoted prices for identical or similar

assets or liabilities in markets that are not active, inputs other than quoted prices

that are observable for the assets or liabilities (such as interest rates, yield curves,

volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other

market-corroborated inputs. (Examples: debt securities, government securities, swap

contracts, forward foreign currency exchange contracts, foreign securities utilizing

international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 — Significant unobservable inputs, including the Fund's own assumptions used to

determine the fair value of investments. (Examples: broker-quoted securities and fair

valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an

income-based valuation approach in which the anticipated future cash flows of the investment are

discounted to calculate fair value. Discounts may also be applied due to the nature or duration

of any restrictions on the disposition of the investments. Valuations may also be based upon

current market prices of securities that are comparable in coupon, rating, maturity, and industry.

The derived value of a Level 3 investment may not represent the value which is received upon

disposition and this could impact the results of operations.

3. Investments (continued)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy

levels as of

September 30, 2025

:

During the six months ended

September 30, 2025

, there were no transfers into or out of Level 3

investments. The Fund's policy is to recognize transfers into or out of Level 3 investments based

on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of

Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. As of

September 30, 2025

, there were no Level 3 investments.

4. Issuance and Redemption of Fund Shares

The Fund is an exchange-traded fund or ETF. Individual Fund shares may only be purchased

and sold on a national securities exchange through a broker-dealer and investors may pay a

commission to such broker-dealers in connection with their purchase or sale. The price of Fund

shares is based on market price, and because ETF shares trade at market prices rather than NAV,

shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

The Fund will only issue or redeem shares aggregated into blocks of 25,000 shares or multiples

thereof ("Creation Units") to Authorized Participants who have entered into agreements with the

Fund's Distributor. An Authorized Participant is either (1) a "Participating Party," (i.e., a broker-

dealer or other participant in the clearing process of the Continuous Net Settlement System of the

National Securities Clearing Corporation) ("Clearing Process"), or (2) a participant of Depository

Trust Company ("DTC Participant"), and, in each case, must have executed an agreement

("Participation Agreement") with the Distributor with respect to creations and redemptions of

Creation Units. The Fund will issue or redeem Creation Units in return for a basket of assets that

the Fund specifies each day.

Shares are listed on the NYSE Arca, Inc. (the "Exchange") and are publicly traded. If an investor

buys or sells Fund shares on the secondary market, the investor will pay or receive the market

price, which may be higher or lower than NAV. The investor's transaction will be priced at NAV if

the investor purchases or redeems Fund shares in Creation Units.

Level 1

Level 2

Level 3

Total

Securities

Assets:

Common Stocks

$

7,279,856

$

–

$

–

$

7,279,856

Short-Term Investments

235,449

–

–

235,449

Total Value of Securities

$

7,515,305

$

–

$

–

$

7,515,305

3. Investments (continued)

Macquarie Energy Transition ETF

Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction

fee and a redemption transaction fee directly to the Fund's Administrator to offset transfer and

other transaction costs associated with the issuance and redemption of Creation Units, including

Creation Units for cash. Additionally, a portion of the transaction fee is used to offset transactional

costs typically accrued in the Fund's custody expenses directly related to the issuance and

redemption of Creation Units. An additional variable fee may be charged for certain transactions.

Such fees would be included in the receivable for capital shares issued on the "Statement of

assets and liabilities" if they are outstanding as of period-end. Transaction fees assessed during

the period are included in the proceeds from shares issued on the "Statements of changes in net

assets."

5. Certain Principal Risks of the Fund

Sustainability risk — Investing with a focus on companies that exhibit a commitment to sustainable

practices may result in the Fund investing in certain types of companies, industries or sectors

that the market may not favor. The securities of such companies may underperform the stock

market as a whole and the criteria used to select companies for investment may result in the

Fund investing in securities that underperform securities of companies that do not exhibit such a

commitment to sustainability.

Energy sector risk — Companies engaged in the transportation, storage, processing, refining,

marketing, exploration, production, and mining of minerals and natural resources are subject

to many risks that can negatively impact the revenues and viability of companies in this sector.

These risks include, but are not limited to, commodity price volatility risk, supply and demand

risk, reserve and depletion risk, operations risk, regulatory risk, environmental risk, terrorism risk

and the risk of natural disasters. For example, the price of energy securities may fluctuate due to

real and perceived inflationary trends and the (often rapid) changes in supply of, or demand for,

various natural resources; both domestic and international political and economic developments;

the cost required to comply with environmental safety regulations; changes in methods for

conserving energy; environmental incidents; and the uncertain success rates for exploration

projects.

Materials sector risk — Companies engaged in the production and distribution of materials may

be adversely affected by changes in world events, political and economic conditions, energy

conservation, environmental policies, commodity price volatility, changes in exchange rates,

imposition of import controls, increased competition, depletion of resources and labor relations.

Industrial sector risk — The value of securities issued by companies in the industrial sector may

be adversely affected by supply and demand changes related to their specific products or services

and industrial sector products in general. The products of manufacturing companies may face

obsolescence due to rapid technological developments and frequent new product introduction.

Global events, trade disputes and changes in government regulations, economic conditions

and exchange rates may adversely affect the performance of companies in the industrial sector.

4. Issuance and Redemption of Fund Shares (continued)

Companies in this sector may be adversely affected by product liability claims. The sector may

also be adversely affected by changes or trends in commodity prices, which may be influenced by

unpredictable factors.

Renewable energy sector risk — Securities of companies in the renewable energy sector are

subject to swift price and supply fluctuations caused by events relating to international events,

taxes and other governmental regulatory policies. Weak demand for renewable energy products

and services in general may adversely affect companies in this sector. Obsolescence of existing

technology, short product cycles, falling prices, competition from new market entrants and general

economic conditions can significantly affect the renewable energy sector.

Utilities sector risk — Companies in the utilities sector are subject to certain risks, including

risks associated with government regulation, interest rate changes, financing difficulties, supply

and demand for services or products, intense competition, natural resource conservation and

commodity price fluctuations.

ETF Structure Risks – The Fund is structured as an ETF and as a result is subject to special

risks. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in

large blocks known as "Creation Units." Trading in shares on the Exchange may be halted due

to market conditions or for reasons that, in the view of the Exchange, make trading in Shares

inadvisable, such as extraordinary market volatility. There can be no assurance that Shares

will continue to meet the listing requirements of the Exchange. An active trading market for the

Fund's shares may not be developed or maintained. If the Fund's shares are traded outside a

collateralized settlement system, the number of financial institutions that can act as authorized

participants that can post collateral on an agency basis is limited, which may limit the market

for the Fund's shares. The market prices of Shares will fluctuate in response to changes in NAV

and supply and demand for shares and will include a "bid-ask spread" charged by the exchange

specialists, market makers or other participants that trade the particular security. There may be

times when the market price and the NAV vary significantly particularly during times of market

stress, with the result that investors may pay significantly more or significantly less for Fund

shares than the Fund's NAV, which is reflected in the bid and ask price for Fund shares or in

the closing price. If a shareholder purchases shares at a time when the market price is at a

premium to the NAV or sells shares at a time when the market price is at a discount to NAV, the

shareholder may sustain losses if the shares are sold at a price that is less than the price paid by

the shareholder for the shares. When all or a portion of an ETFs underlying securities trade in a

market that is closed when the market for the Fund's shares is open, there may be changes from

the last quote of the closed market and the quote from the Fund's domestic trading day, which

could lead to differences between the market value of the Fund's shares and the Fund's NAV. In

stressed market conditions, the market for the Fund's shares may become less liquid in response

to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the

Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and

the Fund's NAV.

5. Certain Principal Risks of the Fund (continued)

Macquarie Energy Transition ETF

Risk is increased in a concentrated portfolio since it holds a limited number of securities with each

investment having a greater effect on the overall performance.

6. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of

indemnifications. The Fund's maximum exposure under these arrangements is unknown.

However, the Fund has not had prior claims or losses pursuant to these contracts. Management

has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

7. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09,

Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the

transparency of income tax disclosures. The ASU requires public entities, on an annual basis,

to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of

income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required

to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

Management expects that adoption of the guidance will not have a material impact on the Fund's

financial statements.

8. Subsequent Events

Management has determined that no material events or transactions occurred subsequent

to September 30, 2025, that would require recognition or disclosure in the Fund's financial

statements.

5. Certain Principal Risks of the Fund (continued)

#### Other Fund information (Unaudited)
Macquarie Energy Transition ETF

#### Changes in and Disagreements with Accountants for Open-End Management Investment

#### Companies
Not Applicable.

#### Proxy Disclosures for Open-End Management Investment Companies

#### Proxy Results
At a special shareholder meeting held on September 10, 2025, Macquarie Energy Transition

ETF shareholders approved a new investment advisory agreement. The results of the voting at

the meeting were as follows:

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment

#### Companies
Please refer to the disclosure within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract
Not Applicable.

#### For

#### Against

#### Abstain
195,300

–

–

This page is not part of the financial statements and other information.

SA-PWER-1125

(4944054) #### Contact information

#### Shareholder assistance by phone
844 469-9911, weekdays from 9:00am to

5:00pm ET

#### Regular mail
Macquarie ETF Trust

c/o Foreside Financial Services

Three Canal Plaza, Suite 100

Portland, ME 04101

Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated

asset manager across public and private markets offering a diverse range of capabilities, including real assets, real

estate, credit, equities, and multi-asset solutions.

The Fund is distributed by

#### Foreside Financial Services LLC.

#### Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity

#### noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act

#### 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent

#### deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide

#### assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document

#### relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment

#### and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group

#### entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee

#### repayment of capital in respect of the investment.
The Fund is governed by US laws and regulations.

Macquarie Tax-Free USA Short Term ETF

Financial statements and other information

For the six months ended September 30, 2025

Table of contents

Schedule of investments

#### 1
Statement of assets and liabilities

#### 6
Statement of operations

#### 7
Statements of changes in net assets

#### 8
Financial highlights

#### 9
Notes to financial statements

#### 11
Other Fund information

#### 19
This report and the financial statements contained herein are submitted for the general information

of the shareholders of the Fund. This report is not authorized for distribution to prospective

investors in the Fund unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange

Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund's

Form N-PORT, as well as a description of the policies and procedures that the Fund uses to

determine how to vote proxies (if any) relating to portfolio securities, is available without charge

(i) upon request, by calling 844 469-9911; and (ii) on the SEC's website at sec.gov. In addition, a

description of the policies and procedures that the Fund uses to determine how to vote proxies (if

any) relating to portfolio securities and the Schedule of Investments included in the Fund's most

recent Form N-PORT are available without charge on the Fund's website at

macquarie.com/mam/etf-literature.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the

most recently disclosed 12-month period ended June 30 is available without charge (i) through the

Fund's website at macquarie.com/mam/etf-literature; and (ii) on the SEC's website at sec.gov.

#### Schedule of investments
Macquarie Tax-Free USA Short Term ETF

September 30, 2025 (Unaudited)

Principal

amount

°

Value (US $)

#### Municipal Bonds — 98.41%
Education Revenue Bonds - 8.20%

Arizona Industrial Development Authority

(Equitable School Revolving Fund LLC

Obligated Group)

Series 2022A 5.00% 11/1/28

160,000

$

169,914

Colorado Educational & Cultural Facilities

Authority

(Science Technology Engineering & Math

High School)

Series 2014 4.50% 11/1/29

200,000

200,090

Maricopa County Industrial Development

Authority

(Arizona Autism Charter Schools

Obligated Group)

Series 2020A 144A 4.00% 7/1/30

#

100,000

100,210

470,214

Electric Revenue Bonds - 8.74%

City of Chaska

(Electric)

Series 2015A 5.00% 10/1/28

155,000

155,276

Housing & Redevelopment Authority of The

City of St Paul Minnesota

(District Energy St Paul Obligated Group)

Series 2017A 4.00% 10/1/30

240,000

244,320

Utility Debt Securitization Authority

Series 2016A 5.00% 6/15/28

100,000

101,807

501,403

Healthcare Revenue Bonds - 23.00%

Augusta Development Authority

(WellStar Health System Obligated Group)

Series 2018 5.00% 7/1/28

135,000

142,390

California Municipal Finance Authority

(Eisenhower Medical Center)

Series 2017A 5.00% 7/1/29

90,000

92,391

Colorado Health Facilities Authority

(CommonSpirit Health Obligated Group)

Series 2019A-1 5.00% 8/1/29

110,000

118,647

(Valley View Hospital Association)

Series 2015 5.00% 5/15/28

100,000

100,230

Series 2017A 5.00% 5/15/27

150,000

155,689

#### Schedule of investments
Macquarie Tax-Free USA Short Term ETF

Principal

amount

°

Value (US $)

#### Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)

Cumberland County Municipal Authority

(Penn State Health Obligated Group)

Series 2019 5.00% 11/1/27

75,000

$

78,378

Metropolitan Government Nashville & Davidson

County Health & Educational Facilities

Board

(Vanderbilt University Medical Center

Obligated Group)

Series 2016A 5.00% 7/1/29

25,000

25,353

Montgomery County Higher Education and

Health Authority

(Thomas Jefferson University Obligated

Group)

Series 2019 5.00% 9/1/29

160,000

173,453

New Hampshire Business Finance Authority

(Springpoint Senior Living Obligated

Group)

Series 2021 4.00% 1/1/28

175,000

176,031

Oklahoma Development Finance Authority

(OU Medicine Obligated Group)

Series 2018B 5.00% 8/15/29

125,000

130,524

Tarrant County Cultural Education Facilities

Finance Corp.

(Air Force Villages, Inc. Obligated Group)

Series 2016 4.00% 5/15/31

20,000

19,540

Washington Health Care Facilities Authority

(CommonSpirit Health Obligated Group)

Series 2019A-2 5.00% 8/1/28

100,000

105,941

1,318,567

Industrial Development Revenue Bonds - 12.59%

Black Belt Energy Gas District

Series 2022C-1 5.25% 2/1/53

• 95,000

101,497

California Community Choice Financing

Authority

Series 2023G-1 5.25% 11/1/54

• 100,000

108,479

Commonwealth Financing Authority

(Commonwealth Financing Authority)

Series 2018 5.00% 6/1/31

150,000

158,210

Principal

amount

°

Value (US $)

Industrial Development Revenue Bonds (continued)

Lower Alabama Gas District (The)

Series 2016A 5.00% 9/1/29

125,000

$

132,736

Main Street Natural Gas, Inc.

Series 2022B 5.00% 12/1/52

• 150,000

158,975

New York Transportation Development Corp.

(Delta Air Lines, Inc.)

Series 2018 5.00% 1/1/28 (AMT)

60,000

62,130

722,027

Leasing Revenue Bonds - 4.46%

New Jersey Transportation Trust Fund

Authority

(State of New Jersey)

Series 2019BB 5.00% 6/15/30

150,000

160,935

Virginia Public Building Authority

(Commonwealth of Virginia)

Series 2021A-1 5.00% 8/1/30

85,000

95,145

256,080

Local General Obligation Revenue Bonds - 2.38%

City of Detroit

Series 2018 5.00% 4/1/29

130,000

136,287

136,287

Special Tax Revenue Bonds - 1.85%

Allentown Neighborhood Improvement Zone

Development Authority

Series 2022 5.00% 5/1/29

100,000

105,997

105,997

State General Obligation Revenue Bonds - 14.27%

Commonwealth of Puerto Rico

Series 2022A-1 5.63% 7/1/29

100,000

107,019

District of Columbia

Series 2019A 5.00% 10/15/25

195,000

195,198

State of Connecticut

Series 2018E 5.00% 9/15/28

130,000

139,573

State of Illinois

Series 2021A 5.00% 3/1/30

65,000

70,990

State of New Jersey

Series 2020A 5.00% 6/1/29

75,000

81,694

State of Texas

Series 2018 5.00% 8/1/26 (AMT)

220,000

223,788

818,262

#### Schedule of investments
Macquarie Tax-Free USA Short Term ETF

Principal

amount

°

Value (US $)

#### Municipal Bonds (continued)
Transportation Revenue Bonds - 12.72%

City & County of Denver

(Airport System)

Series 2022D 5.25% 11/15/26 (AMT)

140,000

$

143,925

City of Los Angeles Department of Airports

Series 2025A 5.00% 5/15/30 (AMT)

150,000

163,962

Metropolitan Transportation Authority

Series 2017D 5.00% 11/15/30

60,000

63,501

Port Authority of New York & New Jersey

Series 246 5.00% 9/1/30

185,000

202,652

Triborough Bridge & Tunnel Authority

Series 2021A 5.00% 11/1/25

155,000

155,325

729,365

Water & Sewer Revenue Bonds - 10.20%

City of Chicago

(Waterworks)

Series 2004 5.00% 11/1/26

235,000

240,351

New York City Municipal Water Finance

Authority

(New York City Water & Sewer System)

Series 2022, Sub-Series BB-2 5.00%

6/15/27

150,000

150,766

Pittsburgh Water & Sewer Authority

Series 2017A 5.00% 9/1/29 (AG)

185,000

193,626

584,743

#### Total Municipal Bonds
&nbsp;&nbsp;&nbsp;&nbsp; (cost $5,554,767)

#### 5,642,945

#### Total Value of Securities — 98.41%
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $5,554,767)

#### 5,642,945

#### Receivables and Other Assets Net of Liabilities — 1.59%

#### 90,930

#### Net Assets Applicable to 225,000 Shares Outstanding — 100.00%

#### $

#### 5,733,875
°

Principal amount shown is stated in USD unless noted that the security is denominated in

another currency.

#

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.

At September 30, 2025, the aggregate value of Rule 144A securities was $100,210, which

represents 1.75% of the Fund's net assets. See Note 5 in "Notes to financial statements."

See accompanying notes, which are an integral part of the financial statements.

• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at

September 30, 2025. For securities based on a published reference rate and spread, the

reference rate and spread are indicated in their descriptions. The reference rate descriptions

(i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the

underlying reference rates may differ due to the timing of the reset period. Certain variable rate

securities are not based on a published reference rate and spread but are determined by the

issuer or agent and are based on current market conditions, or for mortgage-backed securities,

are impacted by the individual mortgages which are paying off over time. These securities do

not indicate a reference rate and spread in their descriptions.

#### Summary of abbreviations:
AG – Assured Guaranty

AMT – Subject to Alternative Minimum Tax

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

#### Statement of assets and liabilities
Macquarie Tax-Free USA Short Term ETF

September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

#### Assets:
Investments at value\*

$

5,642,945

Cash

26,945

Interest receivable

80,754

Total Assets

5,750,644

#### Liabilities:
Distribution payable to shareholders

15,397

Management fees payable to affiliates

1,372

Total Liabilities

16,769

#### Total Net Assets
$

5,733,875

#### Net Assets Consist of:
Paid-in-capital

$

5,656,223

Total distributable earnings (loss)

77,652

#### Total Net Assets
$

5,733,875

Shares outstanding (unlimited amount authorized, no par value)

225,000

Net asset value per share

$

25.48 \*Investments, at cost

$

5,554,767

#### Statement of operations
Macquarie Tax-Free USA Short Term ETF

Six months ended September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

#### Investment Income:
Interest

$

94,295

94,295

#### Expenses:
Management fees

7,849

Total operating expenses

7,849

#### Net Investment Income (Loss)
86,446

#### Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments

(11,570)

Net change in unrealized appreciation (depreciation) on investments

60,519

#### Net Realized and Unrealized Gain (Loss)
48,949

#### Net Increase (Decrease) in Net Assets Resulting from Operations
$

135,395

#### Statements of changes in net assets
Macquarie Tax-Free USA Short Term ETF

See accompanying notes, which are an integral part of the financial statements.

Six months

ended

September 30, 2025

(Unaudited)

Year ended

March 31, 2025

#### Increase (Decrease) in Net Assets from

#### Operations:
Net investment income (loss)

$

86,446

$

175,434

Net realized gain (loss)

(11,570)

1,043

Net change in unrealized appreciation

(depreciation)

60,519

8,635

Net increase (decrease) in net assets

resulting from operations

135,395

185,112

#### Dividends and Distributions to Shareholders

#### from:
Distributable earnings

(86,478)

(175,401)

(86,478)

(175,401)

#### Capital Share Transactions:

#### 1
Proceeds from shares sold

636,247

1,264,793

Cost of shares redeemed

(1,252,317)

–

Increase (Decrease) in net assets derived

from capital share transactions

(616,070)

1,264,793

#### Net Increase (Decrease) in Net Assets
(567,153)

1,274,504

#### Net Assets:
Beginning of period

6,301,028

5,026,524

End of period

$

5,733,875

$

6,301,028

#### Capital Share Transactions:
Beginning of period

250,000

200,000

Shares subscribed in-kind

25,000

50,000

Shares redeemed in-kind

(50,000)

–

Shares outstanding, end of period

225,000

250,000

Capital share transactions may include transaction fees associated with Creation and

Redemption transactions which occurred during the period. See Note 4 in "Notes to financial

statements."

#### Financial highlights
Macquarie Tax-Free USA Short Term ETF

Selected data for each share of the Fund outstanding throughout each period were as follows:

Six months

ended

September 30, 2025

(Unaudited)

Year ended

March 31, 2025

For the period

November 28, 2023

to

March 31, 2024

#### Net asset value,

#### beginning of period
$

.20

$

.13

$

.00

#### Income (loss)

#### from investment

#### operations:
—

—

—

Net investment income

.40

.80

.26

Net realized and

unrealized gain

....

.29

.07

.13

Total from investment

operations

.......

0.69 0.87 0.39 #### Less dividends and

#### distributions from:
—

—

—

Net investment income

(0

.41)

(0

.80)

(0

.26)

Total dividends and

distributions

......

(0.41)

(0.80)

(0.26)

#### Net asset value, end

#### of period

#### .........
$

25.48 $

25.20 $

25.13 #### Total return

#### 4
......

2.75%

3.50%

1.56%

#### Ratios and

#### supplemental data:
$5,734

$6,301

$5,027

Net assets, end of

period (000 omitted)

$

5,734

$

6,301

$

5,027

Ratio of expenses to

average net assets

.

0.29%

0.29%

0.29%

Ratio of net investment

income to average

net assets

.......

3.19%

3.19%

3.02%

Portfolio turnover

...

19%

43%

9%

#### Financial highlights
Macquarie Tax-Free USA Short Term ETF

See accompanying notes, which are an integral part of the financial statements.

Ratios have been annualized and total return and portfolio turnover have not been

annualized.

Date of commencement of operations; ratios have been annualized and total return and

portfolio turnover have not been annualized.

Calculated using average shares outstanding.

Total return is based on the change in net asset value of a share during the period and

assumes reinvestment of dividends and distributions at net asset value.

Excludes the value of portfolio securities received or delivered as a result of in-kind

purchases or redemptions of the Fund's capital shares.

#### Notes to financial statements
Macquarie Tax-Free USA Short Term ETF

September 30, 2025

Macquarie ETF Trust (Trust) is organized as a Delaware statutory trust effective

February 22, 2023

and is an open-end management investment company registered with the U.S.

Securities and Exchange Commission. As of the date of this report, the Trust offers seven series.

These financial statements and the related notes pertain to Macquarie Tax-Free USA Short Term

ETF (Fund). The Fund is considered diversified under the Investment Company Act of 1940, as

amended (1940 Act).

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards

Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment

Companies. The following accounting policies are in accordance with US generally accepted

accounting principles (US GAAP) and are consistently followed by the Fund.

#### Security Valuation
— Fixed income securities are generally priced based upon valuations

provided by an independent pricing service or broker in accordance with methodologies included

within Delaware Management Company (DMC or the Manager)'s Pricing Policy (Policy). Fixed

income security valuations are then reviewed by DMC as part of its duties as the Fund's valuation

designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation,

fair valued consistent with the Policy. To the extent current market prices are not available, the

pricing service may take into account developments related to the specific security, as well

as transactions in comparable securities. Valuations for fixed income securities utilize matrix

systems, which reflect such factors as security prices, yields, maturities, and ratings, and are

supplemented by dealer and exchange quotations. Investments for which market quotations

are not readily available are valued at fair value as determined in good faith pursuant to Rule

2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other

asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the

Board of Trustees (Board) has designated DMC to perform the fair value determination relating

to all applicable Fund investments. DMC has established a Pricing Committee to assist with

its designated responsibilities as Valuation Designee, and DMC may carry out its designated

responsibilities as Valuation Designee through the Pricing Committee and other teams and

committees, which operate under policies and procedures approved by the Board and subject

to the Board's oversight. Fair value pricing may be used more frequently for securities traded

primarily in non-US markets. In considering whether fair valuation is required and in determining

fair values, the Valuation Designee may, among other things, consider significant events (which

may be considered to include changes in the value of US securities or securities indexes) that

occur after the close of the relevant market and before the close of the New York Stock Exchange.

The Valuation Designee may utilize modeling tools provided by third-party vendors to determine

fair values of non-US securities.

#### Federal Income Taxes
— No provision for federal income taxes has been made as the Fund

intends to continue to qualify for federal income tax purposes as a regulated investment company

under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite

#### Notes to financial statements
Macquarie Tax-Free USA Short Term ETF

distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken

in the course of preparing the Fund's tax returns to determine whether the tax positions are

"more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed

to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the

current period. Management has analyzed the Fund's tax positions taken or expected to be taken

on the Fund's federal income tax returns through the six months ended September 30, 2025 and

for all open tax years (years ended March 31, 2024–March 31, 2025), and has concluded that

no provision for federal income tax is required in the Fund's financial statements. If applicable,

the Fund recognizes interest and tax penalties on unrecognized tax benefits in "Interest and tax

penalties" on the "Statement of operations." During the six months ended September 30, 2025,

the Fund did not incur any interest or tax penalties.

#### In-kind Redemptions
— For financial reporting purposes, in-kind redemptions are treated as

sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or

losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains

or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of

the Fund's tax year. These reclassifications have no effect on net assets NAV per share.

#### Use of Estimates
— The preparation of financial statements in conformity with US GAAP requires

management to make estimates and assumptions that affect the fair value of investments, the

reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at

the date of the financial statements, and the reported amounts of revenues and expenses during

the reporting period. Actual results could differ from those estimates and the differences could be

material.

#### Other
— Security transactions are recorded on the date the securities are purchased or sold

(trade date) for financial reporting purposes. Costs used in calculating realized gains and losses

on the sale of investment securities are those of the specific securities sold. Interest income

is recorded on an accrual basis. Discounts and premiums on debt securities are accreted or

amortized to interest income, respectively, over the lives of the respective securities using the

effective interest method. Premiums on callable debt securities are amortized to interest income

to the earliest call date using the effective interest method. The Fund declares and pays dividends

from net investment income monthly and distributions from net realized gain on investments, if

any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes.

Dividends and distributions, if any, are recorded on the ex-dividend date.

#### Segment Reporting
— In November 2023, FASB issued Accounting Standards Update 2023-

07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with

the intent of improving reportable segment disclosure requirements, primarily through enhanced

disclosures about significant segment expenses, allowing financial statement users to better

understand the components of a segment's profit or loss and assess potential future cash flows

for each reportable segment and the entity as a whole thereby enabling better understanding of

how an entity's segments impact overall performance. The Fund's Chief Executive Officer and

1. Significant Accounting Policies (continued)

Chief Financial Officer act as the Fund's chief operating decision maker (CODM), assessing

performance and making decisions about resource allocation. The CODM has determined that the

Fund has a single operating segment since the Fund has a single investment strategy disclosed

in the prospectus against which the CODM assesses performance. When assessing segment

performance and making decisions about segment resources, the CODM relies on the Fund's

portfolio composition, total returns, expense ratios and changes in net assets which are consistent

with the information contained in the Fund's financial statements. Adoption of the new standard

impacted the Fund's financial statements note disclosures only, and did not affect the Fund's

financial position or the results of its operations.

2. Investment Management, Administration Agreements, and Other Transactions with

#### Affiliates
In accordance with the terms of its investment management agreement, the Fund pays DMC,

a series of Macquarie Investment Management Business Trust (MIMBT) and the investment

manager, an annual unitary management fee which is calculated daily and paid monthly at the

rate of 0.29% on the Fund's average daily net assets.

From the unitary management fee, DMC pays most of the expenses of the Fund, including the

cost of sub-advisory fees to any investment sub-adviser, if any, transfer agency, custody, fund

administration, legal, audit and other services. However, under the investment management

agreement, DMC is not responsible for (i) interest expenses; (ii) taxes (including, but not limited

to, income, excise, transfer and withholding taxes); (iii) expenses of a Fund incurred with respect

to the acquisition and disposition of portfolio securities, instruments or other investments and the

execution of portfolio transactions, including brokerage commissions; (iv) expenses incurred in

connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under

the 1940 Act, including distribution fees; (v) litigation expenses; (vi) the investment advisory fee

payable to the Manager; (vii) non-routine or extraordinary expenses (including, without limitation,

the expense associated with proxy solicitations and fund reorganizations); and (viii) acquired fund

fees and expenses.

At September 30, 2025, Macquarie Management Holdings, Inc. directly owned 84.44% of the

Fund.

On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain

of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into

an agreement for Nomura to acquire Macquarie Asset Management's US and European public

investments business. The transaction is subject to customary closing conditions, including the

receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these

conditions, the transaction is expected to close on or about December 1, 2025. This is subject to

change.

1. Significant Accounting Policies (continued)

#### Notes to financial statements
Macquarie Tax-Free USA Short Term ETF

The closing of this transaction will result in the automatic termination of the Fund's investment

advisory agreement with DMC, and any sub-advisory agreement, as applicable. In anticipation

of the closing of the transaction, on June 12, 2025, the Board approved, and recommended

shareholders approve, a new investment advisory agreement for the Fund that, pending

shareholder approval, would go into effect at the closing of the transaction. At a special

shareholder meeting held on September 10, 2025, Fund shareholders approved a new investment

advisory agreement for the Fund.

The Fund will be renamed Nomura Tax-Free USA Short Term ETF at closing.

3. Investments

For the six months ended

September 30, 2025

, the Fund made purchases and sales of

investment securities other than short-term investments and US government securities as follows:

There were no investment transactions related to in-kind purchases and sales for the six months

ended

September 30, 2025.

At

September 30, 2025

, the cost and unrealized appreciation (depreciation) of investments

for federal income tax purposes have been estimated since final tax characteristics cannot be

determined until fiscal year end. At

September 30, 2025

, the cost and unrealized appreciation

(depreciation) of investments for federal income tax purposes for the Fund were as follows:

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to

transfer a liability in an orderly transaction between market participants at the measurement

date under current market conditions. A three-level hierarchy for fair value measurements has

been established based upon the transparency of inputs to the valuation of an asset or liability.

Inputs may be observable or unobservable and refer broadly to the assumptions that market

participants would use in pricing the asset or liability. Observable inputs reflect the assumptions

market participants would use in pricing the asset or liability based on market data obtained from

sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own

assumptions about the assumptions that market participants would use in pricing the asset or

Purchases

$

1,037,049

Sales

1,603,855

Cost of investments

$

5,554,767

Aggregate unrealized appreciation of investments

$

88,178

Aggregate unrealized depreciation of investments

—

Net unrealized appreciation of investments

$

88,178

2. Investment Management, Administration Agreements, and Other Transactions with

#### Affiliates (continued)

liability based on the best information available under the circumstances. The Fund's investment

in its entirety is assigned a level based upon the observability of the inputs which are significant to

the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 — Inputs are quoted prices in active markets for identical investments. (Examples: equity

securities, open-end investment companies, futures contracts, and exchange-traded

options contracts)

Level 2 — Other observable inputs, including, but not limited to: quoted prices for similar

assets or liabilities in markets that are active, quoted prices for identical or similar

assets or liabilities in markets that are not active, inputs other than quoted prices

that are observable for the assets or liabilities (such as interest rates, yield curves,

volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other

market-corroborated inputs. (Examples: debt securities, government securities, swap

contracts, forward foreign currency exchange contracts, foreign securities utilizing

international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 — Significant unobservable inputs, including the Fund's own assumptions used to

determine the fair value of investments. (Examples: broker-quoted securities and fair

valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an

income-based valuation approach in which the anticipated future cash flows of the investment are

discounted to calculate fair value. Discounts may also be applied due to the nature or duration

of any restrictions on the disposition of the investments. Valuations may also be based upon

current market prices of securities that are comparable in coupon, rating, maturity, and industry.

The derived value of a Level 3 investment may not represent the value which is received upon

disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy

levels as of

September 30, 2025

:

During the six months ended

September 30, 2025

, there were no transfers into or out of Level 3

investments. The Fund's policy is to recognize transfers into or out of Level 3 investments based

on fair value at the beginning of the reporting period.

Level 1

Level 2

Level 3

Total

Securities

Assets:

Municipal Bonds

$

–

$

5,642,945

$

–

$

5,642,945

3. Investments (continued)

#### Notes to financial statements
Macquarie Tax-Free USA Short Term ETF

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of

Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. As of

September 30, 2025

, there were no Level 3 investments.

4. Issuance and Redemption of Fund Shares

The Fund is an exchange-traded fund or ETF. Individual Fund shares may only be purchased

and sold on a national securities exchange through a broker-dealer and investors may pay a

commission to such broker-dealers in connection with their purchase or sale. The price of Fund

shares is based on market price, and because ETF shares trade at market prices rather than NAV,

shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

The Fund will only issue or redeem shares aggregated into blocks of 25,000 shares or multiples

thereof ("Creation Units") to Authorized Participants who have entered into agreements with the

Fund's Distributor. An Authorized Participant is either (1) a "Participating Party," (i.e., a broker-

dealer or other participant in the clearing process of the Continuous Net Settlement System of the

National Securities Clearing Corporation) ("Clearing Process"), or (2) a participant of Depository

Trust Company ("DTC Participant"), and, in each case, must have executed an agreement

("Participation Agreement") with the Distributor with respect to creations and redemptions of

Creation Units. The Fund will issue or redeem Creation Units in return for a basket of assets that

the Fund specifies each day.

Shares are listed on the NYSE Arca, Inc. (the "Exchange") and are publicly traded. If an investor

buys or sells Fund shares on the secondary market, the investor will pay or receive the market

price, which may be higher or lower than NAV. The investor's transaction will be priced at NAV if

the investor purchases or redeems Fund shares in Creation Units.

Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction

fee and a redemption transaction fee directly to the Fund's Administrator to offset transfer and

other transaction costs associated with the issuance and redemption of Creation Units, including

Creation Units for cash. Additionally, a portion of the transaction fee is used to offset transactional

costs typically accrued in the Fund's custody expenses directly related to the issuance and

redemption of Creation Units. An additional variable fee may be charged for certain transactions.

Such fees would be included in the receivable for capital shares issued on the "Statement of

assets and liabilities" if they are outstanding as of period-end. Transaction fees assessed during

the period are included in the proceeds from shares issued on the "Statements of changes in net

assets."

5. Certain Principal Risks of the Fund

Interest rate risk — The risk that the prices of bonds and other fixed income securities will

increase as interest rates fall and decrease as interest rates rise. Interest rate changes are

influenced by a number of factors, such as government policy, monetary policy, inflation

expectations, and the supply and demand of bonds. Bonds and other fixed income securities with

3. Investments (continued)

longer maturities or duration generally are more sensitive to interest rate changes. A fund may be

subject to a greater risk of rising interest rates when interest rates are low or inflation rates are

high or rising.

High yield (junk bond) risk — The risk that high yield securities, commonly known as "junk bonds,"

are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited

and less liquid secondary market. High yield securities may also be subject to greater price

volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds

are sometimes issued by municipalities that have less financial strength and therefore have less

ability to make projected debt payments on the bonds.

Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an

entity that insures a bond, may be unable to make interest payments and/or repay principal in a

timely manner.

Call risk — The risk that a bond issuer will prepay the bond during periods of low interest rates,

forcing a fund to reinvest that money at interest rates that might be lower than rates on the called

bond.

Alternative minimum tax risk — If a fund invests in bonds whose income is subject to the

alternative minimum tax, that portion of the fund's distributions would be taxable for shareholders

who are subject to this tax.

Geographic concentration risk — The risk that heightened sensitivity to regional, state, US

territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin

Islands), and local political and economic conditions could adversely affect the holdings in

and performance of a fund. There is also the risk that there could be an inadequate supply of

municipal bonds in a particular state or US territory or possession.

ETF Structure Risks – The Fund is structured as an ETF and as a result is subject to special

risks. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in

large blocks known as "Creation Units." Trading in shares on the Exchange may be halted due

to market conditions or for reasons that, in the view of the Exchange, make trading in Shares

inadvisable, such as extraordinary market volatility. There can be no assurance that Shares

will continue to meet the listing requirements of the Exchange. An active trading market for the

Fund's shares may not be developed or maintained. If the Fund's shares are traded outside a

collateralized settlement system, the number of financial institutions that can act as authorized

participants that can post collateral on an agency basis is limited, which may limit the market

for the Fund's shares. The market prices of Shares will fluctuate in response to changes in NAV

and supply and demand for shares and will include a "bid-ask spread" charged by the exchange

specialists, market makers or other participants that trade the particular security. There may be

times when the market price and the NAV vary significantly particularly during times of market

stress, with the result that investors may pay significantly more or significantly less for Fund

shares than the Fund's NAV, which is reflected in the bid and ask price for Fund shares or in

the closing price. If a shareholder purchases shares at a time when the market price is at a

5. Certain Principal Risks of the Fund (continued)

Macquarie Tax-Free USA Short Term ETF

premium to the NAV or sells shares at a time when the market price is at a discount to NAV, the

shareholder may sustain losses if the shares are sold at a price that is less than the price paid by

the shareholder for the shares. When all or a portion of an ETFs underlying securities trade in a

market that is closed when the market for the Fund's shares is open, there may be changes from

the last quote of the closed market and the quote from the Fund's domestic trading day, which

could lead to differences between the market value of the Fund's shares and the Fund's NAV. In

stressed market conditions, the market for the Fund's shares may become less liquid in response

to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the

Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and

the Fund's NAV.

6. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of

indemnifications. The Fund's maximum exposure under these arrangements is unknown.

However, the Fund has not had prior claims or losses pursuant to these contracts. Management

has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

7. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09,

Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the

transparency of income tax disclosures. The ASU requires public entities, on an annual basis,

to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of

income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required

to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

Management expects that adoption of the guidance will not have a material impact on the Fund's

financial statements.

8. Subsequent Events

Management has determined that no material events or transactions occurred subsequent

to September 30, 2025, that would require recognition or disclosure in the Fund's financial

statements.

5. Certain Principal Risks of the Fund (continued)

#### Other Fund information (Unaudited)
Macquarie Tax-Free USA Short Term ETF

#### Changes in and Disagreements with Accountants for Open-End Management Investment

#### Companies
Not Applicable.

#### Proxy Disclosures for Open-End Management Investment Companies

#### Proxy Results
At a special shareholder meeting held on September 10, 2025, Macquarie Tax-Free USA Short

Term ETF shareholders approved a new investment advisory agreement. The results of the voting

at the meeting were as follows:

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment

#### Companies
Please refer to the disclosure within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract
Not Applicable.

#### For

#### Against

#### Abstain
190,690

–

–

This page is not part of the financial statements and other information.

SA-STAX-1125

(4927817) #### Contact information

#### Shareholder assistance by phone
844 469-9911, weekdays from 9:00am to

5:00pm ET

#### Regular mail
Macquarie ETF Trust

c/o Foreside Financial Services

Three Canal Plaza, Suite 100

Portland, ME 04101

Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated

asset manager across public and private markets offering a diverse range of capabilities, including real assets, real

estate, credit, equities, and multi-asset solutions.

The Fund is distributed by

#### Foreside Financial Services LLC.

#### Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity

#### noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act

#### 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent

#### deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide

#### assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document

#### relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment

#### and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group

#### entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee

#### repayment of capital in respect of the investment.
The Fund is governed by US laws and regulations.

Macquarie Focused Large Growth ETF

Financial statements and other information

For the six months ended September 30, 2025

Table of contents

Schedule of investments

#### 1
Statement of assets and liabilities

#### 3
Statement of operations

#### 4
Statements of changes in net assets

#### 5
Financial highlights

#### 6
Notes to financial statements

#### 7
Other Fund information

#### 17
This report and the financial statements contained herein are submitted for the general information

of the shareholders of the Fund. This report is not authorized for distribution to prospective

investors in the Fund unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange

Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund's

Form N-PORT, as well as a description of the policies and procedures that the Fund uses to

determine how to vote proxies (if any) relating to portfolio securities, is available without charge

(i) upon request, by calling 844 469-9911; and (ii) on the SEC's website at sec.gov. In addition, a

description of the policies and procedures that the Fund uses to determine how to vote proxies (if

any) relating to portfolio securities and the Schedule of Investments included in the Fund's most

recent Form N-PORT are available without charge on the Fund's website at

macquarie.com/mam/etf-literature.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the

most recently disclosed 12-month period ended June 30 is available without charge (i) through the

Fund's website at macquarie.com/mam/etf-literature; and (ii) on the SEC's website at sec.gov.

#### Schedule of investments
Macquarie Focused Large Growth ETF

September 30, 2025 (Unaudited)

Number of

shares

Value (US $)

#### Common Stocks — 99.36%
^

Communication Services - 4.27%

Alphabet, Inc., Class C

70,797

$

17,242,609

17,242,609

Consumer Discretionary - 8.89%

Amazon.com, Inc.

†

116,815

25,649,069

Ferrari NV

21,136

10,255,610

35,904,679

Consumer Staples - 1.62%

Coca-Cola Co. (The)

98,747

6,548,901

6,548,901

Financials - 15.88%

Intercontinental Exchange, Inc.

106,235

17,898,473

Mastercard, Inc., Class A

19,370

11,017,850

MSCI, Inc., Class A

10,585

6,006,035

S&P Global, Inc.

21,802

10,611,251

Visa, Inc., Class A

54,581

18,632,862

64,166,471

Healthcare - 10.03%

Danaher Corp.

79,617

15,784,867

UnitedHealth Group, Inc.

38,600

13,328,580

Veeva Systems, Inc., Class A

†

38,275

11,402,505

40,515,952

Industrials - 3.30%

Waste Connections, Inc.

75,803

13,326,167

13,326,167

Information Technology - 48.46%

Apple, Inc.

120,243

30,617,475

Intuit, Inc.

26,939

18,396,912

Microsoft Corp.

122,044

63,212,690

Motorola Solutions, Inc.

17,626

8,060,194

NVIDIA Corp.

316,162

58,989,506

Synopsys, Inc.

†

25,035

12,352,019

VeriSign, Inc.

14,957

4,181,528

195,810,324

Real Estate - 6.91%

CoStar Group, Inc.

†

157,000

13,246,090

Equinix, Inc. REIT

18,728

14,668,519

27,914,609

#### Total Common Stocks
&nbsp;&nbsp;&nbsp;&nbsp; (cost $367,385,299)

#### 401,429,712

#### Schedule of investments
Macquarie Focused Large Growth ETF

See accompanying notes, which are an integral part of the financial statements.

Number of

shares

Value (US $)

#### Short-Term Investments — 0.65%
Money Market Mutual Funds - 0.65%

Invesco Government & Agency Portfolio -

Institutional Class (seven-day effective

yield 4.05%)

2,616,174

$

2,616,174

#### Total Short-Term Investments
&nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,616,174)

#### 2,616,174

#### Total Value of Securities — 100.01%
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $370,001,473)

#### 404,045,886

#### Liabilities Net of Receivables and Other Assets — (0.01%)

#### (#### 43,104

####)

#### Net Assets Applicable to 13,450,000 Shares Outstanding — 100.00%

#### $

#### 404,002,782
^

Categorizations used for financial reporting purposes may differ from categorizations used for

regulatory compliance and/or internal classification purposes.

†

Non-income producing security.

#### Summary of abbreviations:
MSCI – Morgan Stanley Capital International

REIT – Real Estate Investment Trust

S&P – Standard & Poor's Financial Services LLC

#### Statement of assets and liabilities
Macquarie Focused Large Growth ETF

September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

#### Assets:
Investments at value\*

$

404,045,886

Cash

51,276

Dividends receivable

106,490

Total Assets

404,203,652

#### Liabilities:
Management fees payable to affiliates

140,658

Payable for securities purchased

51,276

Payable for fund shares redeemed

8,936

Total Liabilities

200,870

#### Total Net Assets
$

404,002,782

#### Net Assets Consist of:
Paid-in-capital

$

368,041,663

Total distributable earnings (loss)

35,961,119

#### Total Net Assets
$

404,002,782

Shares outstanding (unlimited amount authorized, no par value)

13,450,000

Net asset value per share

$

30.04 \*Investments, at cost

$

370,001,473

#### Statement of operations
Macquarie Focused Large Growth ETF

Six months ended September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

#### Investment Income:
Dividends

$

1,043,195

Foreign tax withheld

(35,543)

1,007,652

#### Expenses:
Management fees

582,068

Total operating expenses

582,068

#### Net Investment Income (Loss)
425,584

#### Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:

&nbsp;&nbsp;&nbsp;&nbsp;Investments

1,599,609

&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies

Net realized gain (loss)

1,600,047

Net change in unrealized appreciation (depreciation) on investments

36,022,517

#### Net Realized and Unrealized Gain (Loss)
37,622,564

#### Net Increase (Decrease) in Net Assets Resulting from Operations
$

38,048,148

#### Statements of changes in net assets
Macquarie Focused Large Growth ETF

\*

Date of commencement of operations.

See accompanying notes, which are an integral part of the financial statements.

Six months

ended

September 30, 2025

(Unaudited)

For the period

May 14, 2024

\*

to

March 31, 2025

#### Increase (Decrease) in Net Assets from

#### Operations:
Net investment income (loss)

$

425,584

$

74,347

Net realized gain (loss)

1,600,047

(145,073)

Net change in unrealized appreciation

(depreciation)

36,022,517

(1,978,104)

Net increase (decrease) in net assets

resulting from operations

38,048,148

(2,048,830)

#### Dividends and Distributions to Shareholders

#### from:
Distributable earnings

–

(38,199)

–

(38,199)

#### Capital Share Transactions:

#### 1
Proceeds from shares sold

259,861,177

117,070,319

Cost of shares redeemed

(8,889,833)

–

Increase in net assets derived from capital

share transactions

250,971,344

117,070,319

#### Net Increase (Decrease) in Net Assets
289,019,492

114,983,290

#### Net Assets:
Beginning of period

114,983,290

–

End of period

$

404,002,782

$

114,983,290

#### Capital Share Transactions:
Beginning of period

4,400,000

–

Shares subscribed in-kind

9,350,000

4,400,000

Shares redeemed

(25,000)

–

Shares redeemed in-kind

(275,000)

–

Shares outstanding, end of period

13,450,000

4,400,000

Capital share transactions may include transaction fees associated with Creation and

Redemption transactions which occurred during the period. See Note 4 in "Notes to financial

statements."

#### Financial highlights
Macquarie Focused Large Growth ETF

See accompanying notes, which are an integral part of the financial statements.

Selected data for each share of the Fund outstanding throughout each period were as follows:

Six months

ended

September 30, 2025

(Unaudited)

For the period

May 14, 2024

to

March 31, 2025

#### Net asset value, beginning of period

#### ......
$

26.13 $

25.00 #### Income (loss) from investment operations:
—

—

Net investment income

.................

0.05 0.07 Net realized and unrealized gain

...........

3.86 1.10 Total from investment

operations

..........................

3.91 1.17 #### Less dividends and distributions from:
—

—

Net investment income

.................

—

(0.04)

Total dividends and

distributions

.........................

—

(0.04)

#### Net asset value, end of period

#### ...........
$

30.04 $

26.13 #### Total return

#### 4
.........................

14.96%

4.65%

#### Ratios and supplemental data:
$404,003

$114,983

Net assets, end of period (000 omitted)

......

$

404,003

$

114,983

Ratio of expenses to average net assets

....

0.44%

0.44%

Ratio of net investment income to average net

assets

.............................

0.32%

0.30%

Portfolio turnover

......................

8%

7%

Ratios have been annualized and total return and portfolio turnover have not been

annualized.

Date of commencement of operations; ratios have been annualized and total return and

portfolio turnover have not been annualized.

Calculated using average shares outstanding.

Total return is based on the change in net asset value of a share during the period and

assumes reinvestment of dividends and distributions at net asset value.

Expense ratios do not include expenses of any investment companies in which the Fund

invests.

Excludes the value of portfolio securities received or delivered as a result of in-kind

purchases or redemptions of the Fund's capital shares.

#### Notes to financial statements
Macquarie Focused Large Growth ETF

September 30, 2025

Macquarie ETF Trust (Trust) is organized as a Delaware statutory trust effective

February 22, 2023

and is an open-end management investment company registered with the U.S.

Securities and Exchange Commission. As of the date of this report, the Trust offers seven series.

These financial statements and the related notes pertain to Macquarie Focused Large Growth

ETF (Fund). The Fund is considered non-diversified under the Investment Company Act of 1940,

as amended (1940 Act).

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards

Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment

Companies. The following accounting policies are in accordance with US generally accepted

accounting principles (US GAAP) and are consistently followed by the Fund. The Fund has

adopted a tax year end of October 31 (the "Tax Year"). As such, the Fund's tax basis capital

gains and losses will only be determined at the end of each Tax Year. Accordingly, tax basis

distributions made during the 12 months ending March 31, 2025, but after the tax year ended

October 31, 2024

, will be reflected in the financial statement footnotes for the fiscal year ending

March 31, 2026

.

#### Security Valuation
— Equity securities, except those traded on the Nasdaq Stock Market LLC

(Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New

York Stock Exchange (NYSE) on the valuation date. Equity securities traded on the Nasdaq are

valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales

price. If, on a particular day, an equity security does not trade, the mean between the bid and

the ask prices will be used, which approximates fair value. Equity securities listed on a foreign

exchange are normally valued at the last quoted sales price on the valuation date. Open-end

investment companies are valued at their published net asset value (NAV). Investments for which

market quotations are not readily available are valued at fair value as determined in good faith

pursuant to Rule 2a- 5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of

a security or other asset is the price that would be received to sell an asset or paid to transfer a

liability in an orderly transaction between market participants at the measurement date. Pursuant

to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company

(DMC or the Manager) as the valuation designee (Valuation Designee) for the Fund to perform

the fair value determination relating to all applicable Fund investments. DMC has established a

Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC

may carry out its designated responsibilities as Valuation Designee through the Pricing Committee

and other teams and committees, which operate under policies and procedures approved by

the Board and subject to the Board's oversight. Fair value pricing may be used more frequently

for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value

has materially changed after the close of the security's primary exchange or principal market but

before the close of the NYSE, the security may be valued at fair value. With respect to foreign

(non-US) equity securities, the Fund may determine the fair value of investments based on

information provided by pricing vendors, which may recommend fair value or adjustments with

#### Notes to financial statements
Macquarie Focused Large Growth ETF

reference to other securities, indexes or assets. In considering whether fair valuation is required

and in determining fair values, the Valuation Designee may, among other things, consider

significant events (which may be considered to include changes in the value of US securities or

securities indexes) that occur after the close of the relevant market and before the close of the

NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to

determine fair values of non-US securities.

#### Federal Income Taxes
— No provision for federal income taxes has been made as the Fund

intends to continue to qualify for federal income tax purposes as a regulated investment company

under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite

distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in

the course of preparing the Fund's tax returns to determine whether the tax positions are "more-

likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to

meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current

period. Management has analyzed the Fund's tax positions taken or expected to be taken on the

Fund's federal income tax returns through the six months ended September 30, 2025 and for the

open tax year ended October 31, 2024, and has concluded that no provision for federal income

tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest and

tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statement of

operations." For the six months ended September 30, 2025, the Fund did not incur any interest or

tax penalties.

#### Foreign Currency Transactions
— Transactions denominated in foreign currencies are recorded

at the prevailing exchange rates on the valuation date. The value of all assets and liabilities

denominated in foreign currencies is translated daily into US dollars at the exchange rate of such

currencies against the US dollar. Transaction gains or losses resulting from changes in exchange

rates during the reporting period or upon settlement of the foreign currency transaction are

reported in operations for the current period. The Fund generally does not bifurcate that portion of

realized gains and losses on investments which is due to changes in foreign exchange rates from

that which is due to changes in market prices. These realized gains and losses are included on

the "Statement of operations" under "Net realized gain (loss) on investments." The Fund reports

certain foreign currency related transactions as components of realized gains (losses) for financial

reporting purposes, whereas such components are treated as ordinary income (loss) for federal

income tax purposes.

#### In-kind Redemptions
— For financial reporting purposes, in-kind redemptions are treated as

sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or

losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains

or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of

the Fund's tax year. These reclassifications have no effect on net assets NAV per share.

1. Significant Accounting Policies (continued)

#### Use of Estimates
— The preparation of financial statements in conformity with US GAAP requires

management to make estimates and assumptions that affect the fair value of investments, the

reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at

the date of the financial statements, and the reported amounts of revenues and expenses during

the reporting period. Actual results could differ from those estimates and the differences could be

material.

#### Other
— Security transactions are recorded on the date the securities are purchased or sold

(trade date) for financial reporting purposes. Costs used in calculating realized gains and losses

on the sale of investment securities are those of the specific securities sold. Dividend income is

recorded on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date

or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax

withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign

dividends have been recorded in accordance with the Fund's understanding of the applicable

country's tax rules and rates. The Fund files withholding tax reclaims in certain jurisdictions to

recover a portion of amounts previously withheld. The Fund may record a reclaim receivable

based on collectability, which includes factors such as the jurisdiction's applicable laws, payment

history and market convention. The "Statement of operations" includes tax reclaims recorded

as well as professional and other fees, if any, associated with recovery of foreign withholding

taxes. Income and capital gain distributions from any investment companies (Underlying Funds)

in which the Fund invests are recorded on the ex-dividend date. The Fund declares and pays

dividends from net investment income and distributions from net realized gain on investments,

if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes.

Dividends and distributions, if any, are recorded on the ex-dividend date.

#### Segment Reporting
— In November 2023, FASB issued Accounting Standards Update 2023-

07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with

the intent of improving reportable segment disclosure requirements, primarily through enhanced

disclosures about significant segment expenses, allowing financial statement users to better

understand the components of a segment's profit or loss and assess potential future cash flows

for each reportable segment and the entity as a whole thereby enabling better understanding of

how an entity's segments impact overall performance. The Fund's Chief Executive Officer and

Chief Financial Officer act as the Fund's chief operating decision maker (CODM), assessing

performance and making decisions about resource allocation. The CODM has determined that the

Fund has a single operating segment since the Fund has a single investment strategy disclosed

in the prospectus against which the CODM assesses performance. When assessing segment

performance and making decisions about segment resources, the CODM relies on the Fund's

portfolio composition, total returns, expense ratios and changes in net assets which are consistent

with the information contained in the Fund's financial statements. Adoption of the new standard

impacted the Fund's financial statements note disclosures only, and did not affect the Fund's

financial position or the results of its operations.

1. Significant Accounting Policies (continued)

#### Notes to financial statements
Macquarie Focused Large Growth ETF

2. Investment Management, Administration Agreements, and Other Transactions with

#### Affiliates
In accordance with the terms of its investment management agreement, the Fund pays DMC,

a series of Macquarie Investment Management Business Trust (MIMBT) and the investment

manager, an annual unitary management fee which is calculated daily and paid monthly at the

rate of 0.44% on the Fund's average daily net assets.

From the unitary management fee, DMC pays most of the expenses of the Fund, including the

cost of sub-advisory fees to any investment sub-adviser, if any, transfer agency, custody, fund

administration, legal, audit and other services. However, under the investment management

agreement, DMC is not responsible for (i) interest expenses; (ii) taxes (including, but not limited

to, income, excise, transfer and withholding taxes); (iii) expenses of a Fund incurred with respect

to the acquisition and disposition of portfolio securities, instruments or other investments and the

execution of portfolio transactions, including brokerage commissions; (iv) expenses incurred in

connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under

the 1940 Act, including distribution fees; (v) litigation expenses; (vi) the investment advisory fee

payable to the Manager; (vii) non-routine or extraordinary expenses (including, without limitation,

the expense associated with proxy solicitations and fund reorganizations); and (viii) acquired fund

fees and expenses.

DMC entered into a sub-advisory agreement on behalf of the Fund with Macquarie Investment

Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Although the

Manager has principal responsibility for the Manager's portion of the Fund, the Manager may

permit the Affiliated Sub-Advisor to execute Fund security trades on behalf of the Manager.

Pursuant to the terms of the sub-advisory agreement, the investment sub-advisory fee is paid by

DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides

services to the Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the

investment management fees and other expenses of any Underlying Funds, in which it invests.

The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the

expense and fee levels of any Underlying Funds and the number of shares that are owned of any

Underlying Funds at different times.

On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain

of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into

an agreement for Nomura to acquire Macquarie Asset Management's US and European public

investments business. The transaction is subject to customary closing conditions, including the

receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these

conditions, the transaction is expected to close on or about December 1, 2025. This is subject to

change.

The closing of this transaction will result in the automatic termination of the Fund's investment

advisory agreement with DMC, and any sub-advisory agreement, as applicable. In anticipation

of the closing of the transaction, on June 12, 2025, the Board approved, and recommended

shareholders approve, a new investment advisory agreement for the Fund that, pending

shareholder approval, would go into effect at the closing of the transaction. At a special

shareholder meeting held on September 17, 2025, Fund shareholders approved a new investment

advisory agreement for the Fund.

The Fund will be renamed Nomura Focused Large Growth ETF at closing.

3. Investments

For the six months ended

September 30, 2025

, the Fund made purchases and sales of

investment securities other than short-term investments and US government securities as follows:

For the six months ended September 30, 2025, in-kind transactions, which are not included in the

table above, associated with purchase or redemption of Creation Units were as follows:

At

September 30, 2025

, the cost and unrealized appreciation (depreciation) of investments

for federal income tax purposes have been estimated since final tax characteristics cannot be

determined until fiscal year end. At

September 30, 2025

, the cost and unrealized appreciation

(depreciation) of investments for federal income tax purposes for the Fund were as follows:

For federal income tax purposes, capital loss carryforwards may be carried forward and applied

against future capital gains. As of October 31, 2024 (the Fund's most recent tax year end), the

Fund had capital loss carryforwards available to offset future realized capital gains as follows:

Purchases

$

22,692,070

Sales

20,172,393

Purchases

$

257,116,582

Sales

8,793,429

Cost of investments

$

370,001,473

Aggregate unrealized appreciation of investments

$

39,836,969

Aggregate unrealized depreciation of investments

(5,792,556)

Net unrealized appreciation of investments

$

34,044,413

Loss carryforward character

Short-term

Long-term

Total

$14,061

$—

$14,061

2. Investment Management, Administration Agreements, and Other Transactions with

#### Affiliates (continued)

#### Notes to financial statements
Macquarie Focused Large Growth ETF

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to

transfer a liability in an orderly transaction between market participants at the measurement

date under current market conditions. A three-level hierarchy for fair value measurements has

been established based upon the transparency of inputs to the valuation of an asset or liability.

Inputs may be observable or unobservable and refer broadly to the assumptions that market

participants would use in pricing the asset or liability. Observable inputs reflect the assumptions

market participants would use in pricing the asset or liability based on market data obtained from

sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own

assumptions about the assumptions that market participants would use in pricing the asset or

liability based on the best information available under the circumstances. The Fund's investment

in its entirety is assigned a level based upon the observability of the inputs which are significant to

the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 — Inputs are quoted prices in active markets for identical investments. (Examples: equity

securities, open-end investment companies, futures contracts, and exchange-traded

options contracts)

Level 2 — Other observable inputs, including, but not limited to: quoted prices for similar

assets or liabilities in markets that are active, quoted prices for identical or similar

assets or liabilities in markets that are not active, inputs other than quoted prices

that are observable for the assets or liabilities (such as interest rates, yield curves,

volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other

market-corroborated inputs. (Examples: debt securities, government securities, swap

contracts, forward foreign currency exchange contracts, foreign securities utilizing

international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 — Significant unobservable inputs, including the Fund's own assumptions used to

determine the fair value of investments. (Examples: broker-quoted securities and fair

valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an

income-based valuation approach in which the anticipated future cash flows of the investment are

discounted to calculate fair value. Discounts may also be applied due to the nature or duration

of any restrictions on the disposition of the investments. Valuations may also be based upon

current market prices of securities that are comparable in coupon, rating, maturity, and industry.

The derived value of a Level 3 investment may not represent the value which is received upon

disposition and this could impact the results of operations.

3. Investments (continued)

The following table summarizes the valuation of the Fund's investments by fair value hierarchy

levels as of

September 30, 2025

:

During the six months ended

September 30, 2025

, there were no transfers into or out of Level 3

investments. The Fund's policy is to recognize transfers into or out of Level 3 investments based

on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of

Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. As of

September 30, 2025

, there were no Level 3 investments.

4. Issuance and Redemption of Fund Shares

The Fund is an exchange-traded fund or ETF. Individual Fund shares may only be purchased

and sold on a national securities exchange through a broker-dealer and investors may pay a

commission to such broker-dealers in connection with their purchase or sale. The price of Fund

shares is based on market price, and because ETF shares trade at market prices rather than NAV,

shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

The Fund will only issue or redeem shares aggregated into blocks of 25,000 shares or multiples

thereof ("Creation Units") to Authorized Participants who have entered into agreements with the

Fund's Distributor. An Authorized Participant is either (1) a "Participating Party," (i.e., a broker-

dealer or other participant in the clearing process of the Continuous Net Settlement System of the

National Securities Clearing Corporation) ("Clearing Process"), or (2) a participant of Depository

Trust Company ("DTC Participant"), and, in each case, must have executed an agreement

("Participation Agreement") with the Distributor with respect to creations and redemptions of

Creation Units. The Fund will issue or redeem Creation Units in return for a basket of assets that

the Fund specifies each day.

Shares are listed on the NYSE Arca, Inc. (the "Exchange") and are publicly traded. If an investor

buys or sells Fund shares on the secondary market, the investor will pay or receive the market

price, which may be higher or lower than NAV. The investor's transaction will be priced at NAV if

the investor purchases or redeems Fund shares in Creation Units.

Level 1

Level 2

Level 3

Total

Securities

Assets:

Common Stocks

$

401,429,712

$

–

$

–

$

401,429,712

Short-Term Investments

2,616,174

–

–

2,616,174

Total Value of Securities

$

404,045,886

$

–

$

–

$

404,045,886

3. Investments (continued)

Macquarie Focused Large Growth ETF

Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction

fee and a redemption transaction fee directly to the Fund's Administrator to offset transfer and

other transaction costs associated with the issuance and redemption of Creation Units, including

Creation Units for cash. Additionally, a portion of the transaction fee is used to offset transactional

costs typically accrued in the Fund's custody expenses directly related to the issuance and

redemption of Creation Units. An additional variable fee may be charged for certain transactions.

Such fees would be included in the receivable for capital shares issued on the "Statement of

assets and liabilities" if they are outstanding as of period-end. Transaction fees assessed during

the period are included in the proceeds from shares issued on the "Statements of changes in net

assets."

5. Certain Principal Risks of the Fund

Growth Stock Risk — Growth stocks reflect projections of future earnings and revenue. These

prices may rise or fall dramatically depending on whether those projections are met. These

companies' stock prices may be more volatile, particularly over the short term.

Large-capitalization company risk — Large-capitalization companies tend to be less volatile than

companies with smaller market capitalizations. This potentially lower risk means that the Fund's

share price may not rise as much as the share prices of funds that focus on smaller-capitalization

companies.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days

at approximately the price at which a fund has valued them.

Information technology sector risk — The risk that investment risks associated with investing in the

information technology sector, in addition to other risks, include the intense competition to which

information technology companies may be subject; the dramatic and often unpredictable changes

in growth rates and competition for qualified personnel among information technology companies;

effects on profitability from being heavily dependent on patent and intellectual property rights and

the loss or impairment of those rights; obsolescence of existing technology; general economic

conditions; and government regulation. To the extent the Fund focuses its investments in the

information technology sector, the Fund will be more susceptible to the risks, events and other

factors affecting companies in this sector.

Industry and sector risk — The risk that the value of securities in a particular industry or sector

(such as the infrastructure industry) will decline because of changing expectations for the

performance of that industry or sector.

Government and regulatory risk — The risk that governments or regulatory authorities may

take actions that could adversely affect various sectors of the securities markets and affect fund

performance.

4. Issuance and Redemption of Fund Shares (continued)

Foreign risk — The risk that foreign securities may be adversely affected by political instability,

changes in currency exchange rates, inefficient markets and higher transaction costs, foreign

economic or government conditions, the imposition of economic and/or trade sanctions,

inadequate or different regulatory and accounting standards, and the possibility that significant

events in foreign markets, including broad market moves, may affect the value of fund shares.

Nondiversification risk — A nondiversified fund has the flexibility to invest as much as 50% of its

assets in as few as two issuers with no single issuer accounting for more than 25% of the fund.

The remaining 50% of its assets must be diversified so that no more than 5% of its assets are

invested in securities of a single issuer. Because a nondiversified fund may invest its assets in

fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully

diversified.

ETF Structure Risks – The Fund is structured as an ETF and as a result is subject to special

risks. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in

large blocks known as "Creation Units." Trading in shares on the Exchange may be halted due

to market conditions or for reasons that, in the view of the Exchange, make trading in Shares

inadvisable, such as extraordinary market volatility. There can be no assurance that Shares

will continue to meet the listing requirements of the Exchange. An active trading market for the

Fund's shares may not be developed or maintained. If the Fund's shares are traded outside a

collateralized settlement system, the number of financial institutions that can act as authorized

participants that can post collateral on an agency basis is limited, which may limit the market

for the Fund's shares. The market prices of Shares will fluctuate in response to changes in NAV

and supply and demand for shares and will include a "bid-ask spread" charged by the exchange

specialists, market makers or other participants that trade the particular security. There may be

times when the market price and the NAV vary significantly particularly during times of market

stress, with the result that investors may pay significantly more or significantly less for Fund

shares than the Fund's NAV, which is reflected in the bid and ask price for Fund shares or in

the closing price. If a shareholder purchases shares at a time when the market price is at a

premium to the NAV or sells shares at a time when the market price is at a discount to NAV, the

shareholder may sustain losses if the shares are sold at a price that is less than the price paid by

the shareholder for the shares. When all or a portion of an ETFs underlying securities trade in a

market that is closed when the market for the Fund's shares is open, there may be changes from

the last quote of the closed market and the quote from the Fund's domestic trading day, which

could lead to differences between the market value of the Fund's shares and the Fund's NAV. In

stressed market conditions, the market for the Fund's shares may become less liquid in response

to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the

Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and

the Fund's NAV.

5. Certain Principal Risks of the Fund (continued)

Macquarie Focused Large Growth ETF

6. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of

indemnifications. The Fund's maximum exposure under these arrangements is unknown.

However, the Fund has not had prior claims or losses pursuant to these contracts. Management

has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

7. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09,

Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the

transparency of income tax disclosures. The ASU requires public entities, on an annual basis,

to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of

income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required

to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

Management expects that adoption of the guidance will not have a material impact on the Fund's

financial statements.

8. Subsequent Events

Management has determined that no material events or transactions occurred subsequent

to September 30, 2025, that would require recognition or disclosure in the Fund's financial

statements.

#### Other Fund information (Unaudited)
Macquarie Focused Large Growth ETF

#### Changes in and Disagreements with Accountants for Open-End Management Investment

#### Companies
Not Applicable.

#### Proxy Disclosures for Open-End Management Investment Companies

#### Proxy Results
At a special shareholder meeting held on September 17, 2025, Macquarie Focused Large Growth

ETF shareholders approved a new investment advisory agreement. The results of the voting at

the meeting were as follows:

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment

#### Companies
Please refer to the disclosure within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract
Not Applicable.

#### For

#### Against

#### Abstain
4,531,754

201,214

68,836

This page is not part of the financial statements and other information.

SA-LRGG-1125

(4939984) #### Contact information

#### Shareholder assistance by phone
844 469-9911, weekdays from 9:00am to

5:00pm ET

#### Regular mail
Macquarie ETF Trust

c/o Foreside Financial Services

Three Canal Plaza, Suite 100

Portland, ME 04101

Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated

asset manager across public and private markets offering a diverse range of capabilities, including real assets, real

estate, credit, equities, and multi-asset solutions.

The Fund is distributed by

#### Foreside Financial Services LLC.

#### Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity

#### noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act

#### 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent

#### deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide

#### assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document

#### relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment

#### and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group

#### entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee

#### repayment of capital in respect of the investment.
The Fund is governed by US laws and regulations.

Macquarie Focused Emerging Markets Equity ETF

Financial statements and other information

For the six months ended September 30, 2025

Table of contents

Schedule of investments

#### 1
Statement of assets and liabilities

#### 5
Statement of operations

#### 6
Statements of changes in net assets

#### 7
Financial highlights

#### 8
Notes to financial statements

#### 10
Other Fund information

#### 20
This report and the financial statements contained herein are submitted for the general information

of the shareholders of the Fund. This report is not authorized for distribution to prospective

investors in the Fund unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange

Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund's

Form N-PORT, as well as a description of the policies and procedures that the Fund uses to

determine how to vote proxies (if any) relating to portfolio securities, is available without charge

(i) upon request, by calling 844 469-9911; and (ii) on the SEC's website at sec.gov. In addition, a

description of the policies and procedures that the Fund uses to determine how to vote proxies (if

any) relating to portfolio securities and the Schedule of Investments included in the Fund's most

recent Form N-PORT are available without charge on the Fund's website at

macquarie.com/mam/etf-literature.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the

most recently disclosed 12-month period ended June 30 is available without charge (i) through the

Fund's website at macquarie.com/mam/etf-literature; and (ii) on the SEC's website at sec.gov.

#### Schedule of investments
Macquarie Focused Emerging Markets Equity ETF

September 30, 2025 (Unaudited)

Number of

shares

Value (US $)

#### Common Stocks — 95.36%
Δ

Brazil - 2.39%

Ambev SA ADR

161,464

$

360,065

Petroleo Brasileiro SA - Petrobras ADR

58,325

738,394

1,098,459

China - 18.80%

Alibaba Group Holding Ltd. ADR

16,123

2,881,664

Baidu, Inc. ADR

†

5,046

664,911

BeOne Medicines Ltd. ADR

†

1,690

575,783

Meituan, Class B 144A

#,†

46,070

618,652

New Oriental Education & Technology Group,

Inc. ADR

†

4,863

258,079

PDD Holdings, Inc. ADR

†

7,734

1,022,203

TAL Education Group ADR

†

23,224

260,109

Tencent Holdings Ltd.

22,886

1,949,822

Trip.com Group Ltd. ADR

3,406

256,131

ZTO Express Cayman, Inc. ADR

7,332

140,774

8,628,128

Hong Kong - 2.88%

Hong Kong Exchanges & Clearing Ltd.

23,223

1,319,022

1,319,022

India - 9.66%

Aurobindo Pharma Ltd.

4,681

57,144

Dr Reddy's Laboratories Ltd. ADR

13,831

193,357

HDFC Bank Ltd.

61,290

780,278

ICICI Bank Ltd. ADR

3,365

101,724

Infosys Ltd. ADR

23,456

381,629

Reliance Industries Ltd.

75,172

1,154,815

Reliance Industries Ltd. GDR 144A

#

23,349

1,424,289

Tata Consultancy Services Ltd.

6,244

203,125

Tata Consumer Products Ltd.

10,510

133,676

4,430,037

Indonesia - 2.17%

Astra International Tbk. PT

838,244

290,481

Bank Central Asia Tbk. PT

1,147,741

525,144

Unilever Indonesia Tbk. PT

1,682,070

179,663

995,288

Malaysia - 0.93%

Public Bank Bhd.

413,700

425,644

425,644

#### Schedule of investments
Macquarie Focused Emerging Markets Equity ETF

Number of

shares

Value (US $)

#### Common Stocks (continued)
Mexico - 6.02%

America Movil SAB de CV ADR

28,600

$

600,600

Cemex SAB de CV ADR

40,716

366,037

Coca-Cola Femsa SAB de CV ADR

5,604

465,692

Fomento Economico Mexicano SAB de CV

ADR

3,172

312,854

Grupo Financiero Banorte SAB de CV, Class O

70,226

707,418

Wal-Mart de Mexico SAB de CV

100,834

311,474

2,764,075

Peru - 1.09%

Credicorp Ltd.

1,878

500,074

500,074

Saudi Arabia - 0.51%

Saudi Arabian Oil Co. 144A

#

35,387

232,315

232,315

Singapore - 0.56%

Grab Holdings Ltd., Class A

†

42,876

258,114

258,114

South Africa - 2.31%

Naspers Ltd., Class N

2,926

1,059,710

1,059,710

South Korea - 28.78%

Samsung C&T Corp.

10,412

1,369,912

Samsung Electronics Co. Ltd.

49,809

2,978,493

Samsung Life Insurance Co. Ltd.

4,316

481,726

SK Hynix, Inc.

16,669

4,128,490

SK Square Co. Ltd.

†

27,984

4,018,942

SK Telecom Co. Ltd.

5,850

226,403

13,203,966

Taiwan - 17.29%

Delta Electronics, Inc.

26,546

743,825

FIT Hon Teng Ltd. 144A

#,†

480,480

393,920

Hon Hai Precision Industry Co. Ltd.

104,026

737,240

MediaTek, Inc.

14,733

635,668

Taiwan Semiconductor Manufacturing Co. Ltd.

126,604

5,420,901

7,931,554

Thailand - 0.96%

Bangkok Bank PCL

52,100

239,559

Number of

shares

Value (US $)

Thailand (continued)

PTT PCL

197,600

$

202,752

442,311

Turkiye - 1.01%

Akbank TAS

307,403

463,575

463,575

#### Total Common Stocks
&nbsp;&nbsp;&nbsp;&nbsp; (cost $36,181,887)

#### 43,752,272

#### Preferred Stocks — 2.51%

#### Δ
Brazil - 2.31%

Banco Bradesco SA

136,278

460,619

Itau Unibanco Holding SA

81,905

601,183

1,061,802

South Korea - 0.20%

LG Chem Ltd.

914

90,094

90,094

#### Total Preferred Stocks
&nbsp;&nbsp;&nbsp;&nbsp; (cost $961,236)

#### 1,151,896

#### Short-Term Investments — 2.09%
Money Market Mutual Funds - 2.09%

Invesco Government & Agency Portfolio -

Institutional Class (seven-day effective

yield 4.05%)

959,197

959,197

#### Total Short-Term Investments
&nbsp;&nbsp;&nbsp;&nbsp; (cost $959,197)

#### 959,197

#### Total Value of Securities — 99.96%
&nbsp;&nbsp;&nbsp;&nbsp; (cost $38,102,320)

#### 45,863,365

#### Receivables and Other Assets Net of Liabilities — 0.04%

#### 20,215

#### Net Assets Applicable to 1,300,000 Shares Outstanding — 100.00%

#### $

#### 45,883,580
Δ

Securities have been classified by country of risk.

†

Non-income producing security.

#

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.

At September 30, 2025, the aggregate value of Rule 144A securities was $2,669,176, which

represents 5.82% of the Fund's net assets. See Note 5 in "Notes to financial statements."

#### Schedule of investments
Macquarie Focused Emerging Markets Equity ETF

See accompanying notes, which are an integral part of the financial statements.

#### Summary of abbreviations:
ADR – American Depositary Receipt

GDR – Global Depositary Receipt

#### Statement of assets and liabilities
Macquarie Focused Emerging Markets Equity ETF

September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

#### Assets:
Investments at value\*

$

45,863,365

Foreign currency, at value\*\*

3,012

Dividends receivable

43,793

Total Assets

45,910,170

#### Liabilities:
Management fees payable to affiliates

26,230

Due to custodian

Total Liabilities

26,590

#### Total Net Assets
$

45,883,580

#### Net Assets Consist of:
Paid-in-capital

$

37,990,413

Total distributable earnings (loss)

7,893,167

#### Total Net Assets
$

45,883,580

Shares outstanding (unlimited amount authorized, no par value)

1,300,000

Net asset value per share

$

35.30 \*Investments, at cost

$

38,102,320

\*\*Foreign currency, at cost

3,009

#### Statement of operations
Macquarie Focused Emerging Markets Equity ETF

Six months ended September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

#### Investment Income:
Dividends

$

267,704

Foreign tax withheld

(30,712)

236,992

#### Expenses:
Management fees

102,790

Total operating expenses

102,790

#### Net Investment Income (Loss)
134,202

#### Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:

&nbsp;&nbsp;&nbsp;&nbsp;Investments

3,845

&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies

13,840

Net realized gain (loss)

17,685

Net change in unrealized appreciation (depreciation) on:

&nbsp;&nbsp;&nbsp;&nbsp;Investments

\*

7,803,446

&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies

657

Net change in unrealized appreciation (depreciation)

7,804,103

#### Net Realized and Unrealized Gain (Loss)
7,821,788

#### Net Increase (Decrease) in Net Assets Resulting from Operations
$

7,955,990

\*

Includes net change of $8,921 capital gains taxes accrued.

#### Statements of changes in net assets
Macquarie Focused Emerging Markets Equity ETF

\*

Date of commencement of operations.

See accompanying notes, which are an integral part of the financial statements.

Six months

ended

September 30, 2025

(Unaudited)

For the period

September 4, 2024

\*

to

March 31, 2025

#### Increase (Decrease) in Net Assets from

#### Operations:
Net investment income (loss)

$

134,202

$

73,328

Net realized gain (loss)

17,685

(11,021)

Net change in unrealized appreciation

(depreciation)

7,804,103

(43,263)

Net increase (decrease) in net assets

resulting from operations

7,955,990

19,044

#### Dividends and Distributions to Shareholders

#### from:
Distributable earnings

–

(81,867)

–

(81,867)

#### Capital Share Transactions:

#### 1
Proceeds from shares sold

21,394,647

16,595,766

Increase in net assets derived from capital

share transactions

21,394,647

16,595,766

#### Net Increase (Decrease) in Net Assets
29,350,637

16,532,943

#### Net Assets:
Beginning of period

16,532,943

–

End of period

$

45,883,580

$

16,532,943

#### Capital Share Transactions:
Beginning of period

650,000

–

Shares subscribed in-kind

650,000

650,000

Shares outstanding, end of period

1,300,000

650,000

Capital share transactions may include transaction fees associated with Creation and

Redemption transactions which occurred during the period. See Note 4 in "Notes to financial

statements."

#### Financial highlights
Macquarie Focused Emerging Markets Equity ETF

Selected data for each share of the Fund outstanding throughout each period were as follows:

Six months

ended

September 30, 2025

(Unaudited)

For the period

September 4, 2024

to

March 31, 2025

#### Net asset value, beginning of period

#### ......
$

.44

$

.00

#### Income (loss) from investment operations:
—

—

Net investment income

.................

.17

.19

Net realized and unrealized gain

...........

.69

.45

Total from investment

operations

..........................

9.86 0.64 #### Less dividends and distributions from:
—

—

Net investment income

.................

—

(0

.20)

Net realized gain

.......................

—

(0

.00)

Total dividends and

distributions

.........................

—

(0.20)

#### Net asset value, end of period

#### ...........
$

35.30 $

25.44 #### Total return

#### 5
.........................

38.76%

2.60%

#### Ratios and supplemental data:
$45,884

$16,533

Net assets, end of period (000 omitted)

......

$

45,884

$

16,533

Ratio of expenses to average net assets

....

0.85%

0.85%

Ratio of net investment income to average net

assets

.............................

1.10%

1.30%

Portfolio turnover

......................

0%

12%

Ratios have been annualized and total return and portfolio turnover have not been

annualized.

Date of commencement of operations; ratios have been annualized and total return and

portfolio turnover have not been annualized.

Calculated using average shares outstanding.

Amount is less than $0.005.

Total return is based on the change in net asset value of a share during the period and

assumes reinvestment of dividends and distributions at net asset value.

See accompanying notes, which are an integral part of the financial statements.

Expense ratios do not include expenses of any investment companies in which the Fund

invests.

Excludes the value of portfolio securities received or delivered as a result of in-kind

purchases or redemptions of the Fund's capital shares.

Value is less than 1%.

#### Notes to financial statements
Macquarie Focused Emerging Markets Equity ETF

September 30, 2025

Macquarie ETF Trust (Trust) is organized as a Delaware statutory trust effective

February 22, 2023

and is an open-end management investment company registered with the U.S.

Securities and Exchange Commission. As of the date of this report, the Trust offers seven series.

These financial statements and the related notes pertain to Macquarie Focused Emerging Markets

Equity ETF (Fund). The Fund is considered non-diversified under the Investment Company Act of

1940, as amended (1940 Act).

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards

Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment

Companies. The following accounting policies are in accordance with US generally accepted

accounting principles (US GAAP) and are consistently followed by the Fund.

#### Security Valuation
— Equity securities, except those traded on the Nasdaq Stock Market LLC

(Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New

York Stock Exchange (NYSE) on the valuation date. Equity securities traded on the Nasdaq are

valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales

price. If, on a particular day, an equity security does not trade, the mean between the bid and

the ask prices will be used, which approximates fair value. Equity securities listed on a foreign

exchange are normally valued at the last quoted sales price on the valuation date. Open-end

investment companies are valued at their published net asset value (NAV). Investments for which

market quotations are not readily available are valued at fair value as determined in good faith

pursuant to Rule 2a- 5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of

a security or other asset is the price that would be received to sell an asset or paid to transfer a

liability in an orderly transaction between market participants at the measurement date. Pursuant

to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company

(DMC or the Manager) as the valuation designee (Valuation Designee) for the Fund to perform

the fair value determination relating to all applicable Fund investments. DMC has established a

Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC

may carry out its designated responsibilities as Valuation Designee through the Pricing Committee

and other teams and committees, which operate under policies and procedures approved by

the Board and subject to the Board's oversight. Fair value pricing may be used more frequently

for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value

has materially changed after the close of the security's primary exchange or principal market but

before the close of the NYSE, the security may be valued at fair value. With respect to foreign

(non-US) equity securities, the Fund may determine the fair value of investments based on

information provided by pricing vendors, which may recommend fair value or adjustments with

reference to other securities, indexes or assets. In considering whether fair valuation is required

and in determining fair values, the Valuation Designee may, among other things, consider

significant events (which may be considered to include changes in the value of US securities or

securities indexes) that occur after the close of the relevant market and before the close of the

NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to

determine fair values of non-US securities.

#### Federal Income Taxes
— No provision for federal income taxes has been made as the Fund

intends to continue to qualify for federal income tax purposes as a regulated investment company

under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite

distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in

the course of preparing the Fund's tax returns to determine whether the tax positions are "more-

likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to

meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current

period. Management has analyzed the Fund's tax positions taken or expected to be taken on the

Fund's federal income tax return through the six months ended September 30, 2025 and for the

open tax year ended March 31, 2025, and has concluded that no provision for federal income

tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest and

tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statement of

operations." During the six months ended September 30, 2025, the Fund did not incur any interest

or tax penalties.

#### Foreign Currency Transactions
— Transactions denominated in foreign currencies are recorded

at the prevailing exchange rates on the valuation date. The value of all assets and liabilities

denominated in foreign currencies is translated daily into US dollars at the exchange rate of such

currencies against the US dollar. Transaction gains or losses resulting from changes in exchange

rates during the reporting period or upon settlement of the foreign currency transaction are

reported in operations for the current period. The Fund generally does not bifurcate that portion of

realized gains and losses on investments which is due to changes in foreign exchange rates from

that which is due to changes in market prices. These realized gains and losses are included on

the "Statement of operations" under "Net realized gain (loss) on investments." The Fund reports

certain foreign currency related transactions as components of realized gains (losses) for financial

reporting purposes, whereas such components are treated as ordinary income (loss) for federal

income tax purposes.

#### In-kind Redemptions
— For financial reporting purposes, in-kind redemptions are treated as

sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or

losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains

or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of

the Fund's tax year. These reclassifications have no effect on net assets NAV per share.

#### Use of Estimates
— The preparation of financial statements in conformity with US GAAP requires

management to make estimates and assumptions that affect the fair value of investments, the

reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at

1. Significant Accounting Policies (continued)

#### Notes to financial statements
Macquarie Focused Emerging Markets Equity ETF

the date of the financial statements, and the reported amounts of revenues and expenses during

the reporting period. Actual results could differ from those estimates and the differences could be

material.

#### Other
— Security transactions are recorded on the date the securities are purchased or sold

(trade date) for financial reporting purposes. Costs used in calculating realized gains and losses

on the sale of investment securities are those of the specific securities sold. Dividend income is

recorded on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date

or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax

withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign

dividends have been recorded in accordance with the Fund's understanding of the applicable

country's tax rules and rates. The Fund files withholding tax reclaims in certain jurisdictions to

recover a portion of amounts previously withheld. The Fund may record a reclaim receivable

based on collectability, which includes factors such as the jurisdiction's applicable laws, payment

history and market convention. The "Statement of operations" includes tax reclaims recorded

as well as professional and other fees, if any, associated with recovery of foreign withholding

taxes. Income and capital gain distributions from any investment companies (Underlying Funds)

in which the Fund invests are recorded on the ex-dividend date. The Fund declares and pays

dividends from net investment income and distributions from net realized gain on investments,

if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes.

Dividends and distributions, if any, are recorded on the ex-dividend date.

#### Segment Reporting
— In November 2023, FASB issued Accounting Standards Update 2023-

07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with

the intent of improving reportable segment disclosure requirements, primarily through enhanced

disclosures about significant segment expenses, allowing financial statement users to better

understand the components of a segment's profit or loss and assess potential future cash flows

for each reportable segment and the entity as a whole thereby enabling better understanding of

how an entity's segments impact overall performance. The Fund's Chief Executive Officer and

Chief Financial Officer act as the Fund's chief operating decision maker (CODM), assessing

performance and making decisions about resource allocation. The CODM has determined that the

Fund has a single operating segment since the Fund has a single investment strategy disclosed

in the prospectus against which the CODM assesses performance. When assessing segment

performance and making decisions about segment resources, the CODM relies on the Fund's

portfolio composition, total returns, expense ratios and changes in net assets which are consistent

with the information contained in the Fund's financial statements. Adoption of the new standard

impacted the Fund's financial statements note disclosures only, and did not affect the Fund's

financial position or the results of its operations.

1. Significant Accounting Policies (continued)

2. Investment Management, Administration Agreements, and Other Transactions with

#### Affiliates
In accordance with the terms of its investment management agreement, the Fund pays DMC,

a series of Macquarie Investment Management Business Trust (MIMBT) and the investment

manager, an annual unitary management fee which is calculated daily and paid monthly at the

rate of 0.85% on the Fund's average daily net assets.

From the unitary management fee, DMC pays most of the expenses of the Fund, including the

cost of sub-advisory fees to any investment sub-adviser, if any, transfer agency, custody, fund

administration, legal, audit and other services. However, under the investment management

agreement, DMC is not responsible for (i) interest expenses; (ii) taxes (including, but not limited

to, income, excise, transfer and withholding taxes); (iii) expenses of a Fund incurred with respect

to the acquisition and disposition of portfolio securities, instruments or other investments and the

execution of portfolio transactions, including brokerage commissions; (iv) expenses incurred in

connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under

the 1940 Act, including distribution fees; (v) litigation expenses; (vi) the investment advisory fee

payable to the Manager; (vii) non-routine or extraordinary expenses (including, without limitation,

the expense associated with proxy solicitations and fund reorganizations); and (viii) acquired fund

fees and expenses.

DMC entered into a sub-advisory agreement on behalf of the Fund with Macquarie Investment

Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Although the

Manager has principal responsibility for the Manager's portion of the Fund, the Manager may

permit the Affiliated Sub-Advisor to execute Fund security trades on behalf of the Manager.

Pursuant to the terms of the sub-advisory agreement, the investment sub-advisory fee is paid by

DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides

services to the Fund.

At September 30, 2025, Macquarie Management Holdings, Inc. directly owned 13.08% of the

Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the

investment management fees and other expenses of any Underlying Funds, in which it invests.

The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the

expense and fee levels of any Underlying Funds and the number of shares that are owned of any

Underlying Funds at different times.

On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain

of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into

an agreement for Nomura to acquire Macquarie Asset Management's US and European public

investments business. The transaction is subject to customary closing conditions, including the

receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these

conditions, the transaction is expected to close on or about December 1, 2025. This is subject to

change.

#### Notes to financial statements
Macquarie Focused Emerging Markets Equity ETF

The closing of this transaction will result in the automatic termination of the Fund's investment

advisory agreement with DMC, and any sub-advisory agreement, as applicable. In anticipation

of the closing of the transaction, on June 12, 2025, the Board approved, and recommended

shareholders approve, a new investment advisory agreement for the Fund that, pending

shareholder approval, would go into effect at the closing of the transaction. At a special

shareholder meeting held on September 10, 2025, Fund shareholders approved a new investment

advisory agreement for the Fund.

The Fund will be renamed Nomura Focused Emerging Markets Equity ETF at closing.

3. Investments

For the six months ended

September 30, 2025

, the Fund made purchases and sales of

investment securities other than short-term investments and US government securities as follows:

For the six months ended September 30, 2025, in-kind transactions, which are not included in the

table above, associated with purchase or redemption of Creation Units were as follows:

At

September 30, 2025

, the cost and unrealized appreciation (depreciation) of investments

for federal income tax purposes have been estimated since final tax characteristics cannot be

determined until fiscal year end. At

September 30, 2025

, the cost and unrealized appreciation

(depreciation) of investments for federal income tax purposes for the Fund were as follows:

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to

transfer a liability in an orderly transaction between market participants at the measurement

date under current market conditions. A three-level hierarchy for fair value measurements has

been established based upon the transparency of inputs to the valuation of an asset or liability.

Inputs may be observable or unobservable and refer broadly to the assumptions that market

participants would use in pricing the asset or liability. Observable inputs reflect the assumptions

Purchases

$

14,070,892

Sales

51,775

Purchases

$

6,906,337

Sales

—

Cost of investments

$

38,102,320

Aggregate unrealized appreciation of investments

$

8,418,442

Aggregate unrealized depreciation of investments

(657,397)

Net unrealized appreciation of investments

$

7,761,045

2. Investment Management, Administration Agreements, and Other Transactions with

#### Affiliates (continued)

market participants would use in pricing the asset or liability based on market data obtained from

sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own

assumptions about the assumptions that market participants would use in pricing the asset or

liability based on the best information available under the circumstances. The Fund's investment

in its entirety is assigned a level based upon the observability of the inputs which are significant to

the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 — Inputs are quoted prices in active markets for identical investments. (Examples: equity

securities, open-end investment companies, futures contracts, and exchange-traded

options contracts)

Level 2 — Other observable inputs, including, but not limited to: quoted prices for similar

assets or liabilities in markets that are active, quoted prices for identical or similar

assets or liabilities in markets that are not active, inputs other than quoted prices

that are observable for the assets or liabilities (such as interest rates, yield curves,

volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other

market-corroborated inputs. (Examples: debt securities, government securities, swap

contracts, forward foreign currency exchange contracts, foreign securities utilizing

international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 — Significant unobservable inputs, including the Fund's own assumptions used to

determine the fair value of investments. (Examples: broker-quoted securities and fair

valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an

income-based valuation approach in which the anticipated future cash flows of the investment are

discounted to calculate fair value. Discounts may also be applied due to the nature or duration

of any restrictions on the disposition of the investments. Valuations may also be based upon

current market prices of securities that are comparable in coupon, rating, maturity, and industry.

The derived value of a Level 3 investment may not represent the value which is received upon

disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy

levels as of

September 30, 2025

:

Level 1

Level 2

Level 3

Total

Securities

Assets:

Common Stocks

$

43,752,272

$

–

$

–

$

43,752,272

Preferred Stocks

1,151,896

–

–

1,151,896

Short-Term Investments

959,197

–

–

959,197

Total Value of Securities

$

45,863,365

$

–

$

–

$

45,863,365

3. Investments (continued)

#### Notes to financial statements
Macquarie Focused Emerging Markets Equity ETF

During the six months ended

September 30, 2025

, there were no transfers into or out of Level 3

investments. The Fund's policy is to recognize transfers into or out of Level 3 investments based

on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of

Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. As of

September 30, 2025

, there were no Level 3 investments.

4. Issuance and Redemption of Fund Shares

The Fund is an exchange-traded fund or ETF. Individual Fund shares may only be purchased

and sold on a national securities exchange through a broker-dealer and investors may pay a

commission to such broker-dealers in connection with their purchase or sale. The price of Fund

shares is based on market price, and because ETF shares trade at market prices rather than NAV,

shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

The Fund will only issue or redeem shares aggregated into blocks of 50,000 shares or multiples

thereof ("Creation Units") to Authorized Participants who have entered into agreements with the

Fund's Distributor. An Authorized Participant is either (1) a "Participating Party," (i.e., a broker-

dealer or other participant in the clearing process of the Continuous Net Settlement System of the

National Securities Clearing Corporation) ("Clearing Process"), or (2) a participant of Depository

Trust Company ("DTC Participant"), and, in each case, must have executed an agreement

("Participation Agreement") with the Distributor with respect to creations and redemptions of

Creation Units. The Fund will issue or redeem Creation Units in return for a basket of assets that

the Fund specifies each day.

Shares are listed on the Nasdaq exchange and are publicly traded. If an investor buys or sells

Fund shares on the secondary market, the investor will pay or receive the market price, which

may be higher or lower than NAV. The investor's transaction will be priced at NAV if the investor

purchases or redeems Fund shares in Creation Units.

Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction

fee and a redemption transaction fee directly to the Fund's Administrator to offset transfer and

other transaction costs associated with the issuance and redemption of Creation Units, including

Creation Units for cash. Additionally, a portion of the transaction fee is used to offset transactional

costs typically accrued in the Fund's custody expenses directly related to the issuance and

redemption of Creation Units. An additional variable fee may be charged for certain transactions.

Such fees would be included in the receivable for capital shares issued on the "Statement of

assets and liabilities" if they are outstanding as of period-end. Transaction fees assessed during

the period are included in the proceeds from shares issued on the "Statements of changes in net

assets."

3. Investments (continued)

5. Certain Principal Risks of the Fund

Foreign and emerging markets risk — The risk that international investing (particularly in emerging

markets) may be adversely affected by political instability; changes in currency exchange rates;

inefficient markets and higher transaction costs; foreign economic conditions; the imposition of

economic or trade sanctions; or inadequate or different regulatory and accounting standards.

Information about non-U.S. companies may be unreliable or outdated, the Manager's reliance

on such data may affect the Fund's performance, and the rights and remedies associated with

investments in a fund that invests significantly in foreign securities may be different than those

with a fund that invests in domestic securities.

Company size risk — The risk that investments in small- and/or medium-sized companies

may be more volatile than those of larger companies because of limited financial resources or

dependence on narrow product lines.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days

at approximately the price at which a fund has valued them.

Industry and sector risk — The risk that the value of securities in a particular industry or sector

(such as the infrastructure industry) will decline because of changing expectations for the

performance of that industry or sector.

Information technology sector risk — The risk that the value of a fund's shares will be affected

by factors particular to the information technology and related sectors (such as government

regulation) and may fluctuate more widely than that of a fund that invests in a broad range of

sectors.

Financials sector risk — The risk that the value of a fund's shares will be affected by factors

particular to the financials and related sectors (such as government regulation) and may fluctuate

more widely than that of a fund that invests in a broad range of sectors.

Government and regulatory risk — The risk that governments or regulatory authorities may

take actions that could adversely affect various sectors of the securities markets and affect fund

performance.

Geographic focus risk — Geographic focus risk is the risk that local political and economic

conditions could adversely affect the performance of a fund investing a substantial amount of

assets in securities of issuers located in a single country or a limited number of countries.

Growth stock risk — Growth stocks reflect projections of future earnings and revenue. These

prices may rise or fall dramatically depending on whether those projections are met. These

companies' stock prices may be more volatile, particularly over the short term.

Rule 144A securities — The Fund also may invest in securities that normally are purchased or

resold pursuant to Rule 144A under the Securities Act of 1933 (Rule 144A securities). Rule 144A

is designed to facilitate efficient trading among institutional investors by permitting the sale of

certain unregistered securities. Rule 144A securities may be resold only to qualified institutional

buyers, provided that certain other conditions for resale are met. To the extent privately placed

Macquarie Focused Emerging Markets Equity ETF

securities held by a Fund qualify under Rule 144A and an institutional market develops for those

securities, a Fund likely will be able to dispose of the securities without registering them under the

Securities Act of 1933.

Nondiversification risk — A nondiversified fund has the flexibility to invest as much as 50% of its

assets in as few as two issuers with no single issuer accounting for more than 25% of the fund.

The remaining 50% of its assets must be diversified so that no more than 5% of its assets are

invested in securities of a single issuer. Because a nondiversified fund may invest its assets in

fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully

diversified.

ETF Structure Risks – The Fund is structured as an ETF and as a result is subject to special risks.

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large

blocks known as "Creation Units." Trading in shares on the Nasdaq may be halted due to market

conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable,

such as extraordinary market volatility. There can be no assurance that Shares will continue to

meet the listing requirements of the Exchange. An active trading market for the Fund's shares

may not be developed or maintained. If the Fund's shares are traded outside a collateralized

settlement system, the number of financial institutions that can act as authorized participants that

can post collateral on an agency basis is limited, which may limit the market for the Fund's shares.

The market prices of Shares will fluctuate in response to changes in NAV and supply and demand

for shares and will include a "bid-ask spread" charged by the exchange specialists, market makers

or other participants that trade the particular security. There may be times when the market price

and the NAV vary significantly particularly during times of market stress, with the result that

investors may pay significantly more or significantly less for Fund shares than the Fund's NAV,

which is reflected in the bid and ask price for Fund shares or in the closing price. If a shareholder

purchases shares at a time when the market price is at a premium to the NAV or sells shares at

a time when the market price is at a discount to NAV, the shareholder may sustain losses if the

shares are sold at a price that is less than the price paid by the shareholder for the shares. When

all or a portion of an ETFs underlying securities trade in a market that is closed when the market

for the Fund's shares is open, there may be changes from the last quote of the closed market

and the quote from the Fund's domestic trading day, which could lead to differences between

the market value of the Fund's shares and the Fund's NAV. In stressed market conditions, the

market for the Fund's shares may become less liquid in response to the deteriorating liquidity of

the Fund's portfolio. This adverse effect on the liquidity of the Fund's shares may, in turn, lead to

differences between the market value of the Fund's shares and the Fund's NAV.

6. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of

indemnifications. The Fund's maximum exposure under these arrangements is unknown.

However, the Fund has not had prior claims or losses pursuant to these contracts. Management

has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

5. Certain Principal Risks of the Fund (continued)

7. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09,

Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the

transparency of income tax disclosures. The ASU requires public entities, on an annual basis,

to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of

income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required

to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

Management expects that adoption of the guidance will not have a material impact on the Fund's

financial statements.

8. Subsequent Events

Management has determined that no material events or transactions occurred subsequent

to September 30, 2025, that would require recognition or disclosure in the Fund's financial

statements.

#### Other Fund information (Unaudited)
Macquarie Focused Emerging Markets Equity ETF

#### Changes in and Disagreements with Accountants for Open-End Management Investment

#### Companies
Not Applicable.

#### Proxy Disclosures for Open-End Management Investment Companies

#### Proxy Results
At a special shareholder meeting held on September 10, 2025, Macquarie Focused Emerging

Markets Equity ETF shareholders approved a new investment advisory agreement. The results of

the voting at the meeting were as follows:

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment

#### Companies
Please refer to the disclosure within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract
Not Applicable.

#### For

#### Against

#### Abstain
368,501

–

This page is not part of the financial statements and other information.

SA-EMEQ-1125

(4943667) #### Contact information

#### Shareholder assistance by phone
844 469-9911, weekdays from 9:00am to

5:00pm ET

#### Regular mail
Macquarie ETF Trust

c/o Foreside Financial Services

Three Canal Plaza, Suite 100

Portland, ME 04101

Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated

asset manager across public and private markets offering a diverse range of capabilities, including real assets, real

estate, credit, equities, and multi-asset solutions.

The Fund is distributed by

#### Foreside Financial Services LLC.

#### Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity

#### noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act

#### 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent

#### deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide

#### assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document

#### relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment

#### and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group

#### entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee

#### repayment of capital in respect of the investment.
The Fund is governed by US laws and regulations.

Macquarie National High-Yield Municipal Bond ETF

Financial statements and other information

For the six months ended September 30, 2025

Table of contents

Schedule of investments

#### 1
Statement of assets and liabilities

#### 12
Statement of operations

#### 13
Statements of changes in net assets

#### 14
Financial highlights

#### 15
Notes to financial statements

#### 16
Other Fund information

#### 25
This report and the financial statements contained herein are submitted for the general information

of the shareholders of the Fund. This report is not authorized for distribution to prospective

investors in the Fund unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange

Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund's

Form N-PORT, as well as a description of the policies and procedures that the Fund uses to

determine how to vote proxies (if any) relating to portfolio securities, is available without charge

(i) upon request, by calling 844 469-9911; and (ii) on the SEC's website at sec.gov. In addition, a

description of the policies and procedures that the Fund uses to determine how to vote proxies (if

any) relating to portfolio securities and the Schedule of Investments included in the Fund's most

recent Form N-PORT are available without charge on the Fund's website at

macquarie.com/mam/etf-literature.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the

most recently disclosed 12-month period ended June 30 is available without charge (i) through the

Fund's website at macquarie.com/mam/etf-literature; and (ii) on the SEC's website at sec.gov.

#### Schedule of investments
Macquarie National High-Yield Municipal Bond ETF

September 30, 2025 (Unaudited)

Principal

amount

°

Value (US $)

#### Municipal Bonds — 95.02%
Education Revenue Bonds - 17.43%

Arizona Industrial Development Authority

(Odyssey Preparatory Academy, Inc.

(The))

Series 2017A 144A 5.50% 7/1/52

#

50,000

$

46,377

(Pinecrest Academy of Nevada)

Series 2018A 144A 5.75% 7/15/48

#

250,000

250,244

Build NYC Resource Corp.

(Bold Charter School)

Series 2025 144A 6.00% 7/1/60

#

250,000

250,614

California School Finance Authority

(Envision Education Obligated Group)

Series 2024A 144A 5.00% 6/1/44

#

250,000

233,253

(STEM Preparatory Schools - Obligated

Group)

Series 2023A 144A 5.13% 6/1/53

#

175,000

169,019

Capital Trust Authority

(Academir Charter Schools, Inc.)

Series 2025A 144A 6.63% 7/1/65

#

100,000

100,723

(Madrone Florida Tech Student Housing

I LLC)

Series 2025A 144A 5.38% 7/1/65

#

100,000

95,910

(Mason Classical Academy, Inc.)

Series 2024A 144A 5.00% 6/1/64

#

200,000

168,393

City of Bethel

(Spectrum High School)

Series 2024 5.00% 7/1/59

200,000

184,334

City of Woodbury

(Math & Science Academy)

Series 2025 144A 5.50% 6/1/63

#

100,000

91,818

Clifton Higher Education Finance Corp.

(Valor Texas Education Foundation)

Series 2024A 144A 6.00% 6/15/54

#

125,000

115,082

Delaware State Economic Development

Authority

(Academia Antonia Alonso, Inc.)

Series 2025A 144A 6.00% 7/1/55

#

200,000

201,582

Florida Higher Educational Facilities Financing

Authority

(Keiser University Obligated Group)

Series 2025 144A 6.25% 7/1/55

#

200,000

198,886

#### Schedule of investments
Macquarie National High-Yield Municipal Bond ETF

Principal

amount

°

Value (US $)

#### Municipal Bonds (continued)
Education Revenue Bonds (continued)

Indiana Finance Authority

Series 2025 5.75% 7/1/60

150,000

$

142,959

Industrial Development Authority of the City of

Phoenix Arizona (The)

(BASIS Schools, Inc. Obligated Group)

Series 2015A 144A 5.00% 7/1/45

#

250,000

236,384

(Downtown Phoenix Student Housing II

LLC)

Series 2019A 5.00% 7/1/59

330,000

313,831

Iowa Higher Education Loan Authority

Series 2025 6.00% 10/1/55

200,000

209,128

Louisiana Public Facilities Authority

(Acadiana Renaissance Charter Academy)

Series 2025 144A 6.00% 6/15/59

#

100,000

99,942

(Lafayette Renaissance Charter Academy)

Series 2025 144A 6.50% 6/15/59

#

100,000

101,291

Maricopa County Industrial Development

Authority

(Arizona Autism Charter Schools

Obligated Group)

Series 2021A 144A 4.00% 7/1/61

#

190,000

138,362

(Reid Traditional Schools Obligated

Group)

Series 2016 5.00% 7/1/47

170,000

156,885

Massachusetts Development Finance Agency

(Trustees of Boston College)

Series 2021V 5.00% 7/1/55

160,000

179,465

Miami-Dade County Industrial Development

Authority

(AcadeMir Charter School Middle &

Preparatory Academy Obligated Group)

Series 2022A 144A 5.50% 7/1/61

#

250,000

227,473

Newark Higher Education Finance Corp.

(Village Tech Schools)

Series 2017A 5.13% 8/15/47

200,000

180,982

Public Finance Authority

(Liberty Classical Schools Educational

Services, Inc.)

Series 2025A 144A 7.00% 6/15/65

#

100,000

100,261

Principal

amount

°

Value (US $)

Education Revenue Bonds (continued)

Public Finance Authority (continued)

(North East Carolina Preparatory School,

Inc.)

Series 2024 5.00% 6/15/44

175,000

$

171,667

(Shining Rock Classical Academy, Inc.)

Series 2022A 6.00% 6/15/52

100,000

87,448

Class A Series 2023-1 5.75% 7/1/62

222,678

231,194

Sierra Vista Industrial Development Authority

(American Leadership Academy, Inc.)

Series 2023 144A 5.75% 6/15/58

#

250,000

248,396

Washington State Housing Finance

Commission

(Provident Group - SH II Properties LLC)

Series 2025A 144A 5.25% 7/1/64 (BAM)

#

100,000

100,270

Series 2025A 144A 5.75% 7/1/60

#

150,000

152,071

5,184,244

Electric Revenue Bonds - 1.79%

Salt River Project Agricultural Improvement &

Power District

Series 2023B 5.25% 1/1/53

500,000

531,777

531,777

Healthcare Revenue Bonds - 19.95%

Arizona Industrial Development Authority

(Great Lakes Senior Living Communities

LLC)

Series 2025A-2 5.13% 1/1/59

225,000

208,231

(ISF Ativo Portfolio Obligated Group)

Series 2025A 144A 6.88% 3/1/55

#

100,000

100,182

California Public Finance Authority

(P3 Irvine SL Holdings LLC Obligated

Group)

Series 2024A 144A 6.38% 6/1/59

#

200,000

186,474

Series 2024A 144A 6.50% 6/1/54

#

125,000

120,286

California Statewide Communities

Development Authority

(Loma Linda University Medical Center

Obligated Group)

Series 2016A 144A 5.00% 12/1/41

#

150,000

150,056

Series 2016A 144A 5.00% 12/1/46

#

400,000

378,635

#### Schedule of investments
Macquarie National High-Yield Municipal Bond ETF

Principal

amount

°

Value (US $)

#### Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)

Capital Projects Finance Authority

(Trilogy Community Development

Foundation, Inc. Obligated Group)

Series 2025A 144A 7.13% 1/1/65

#

100,000

$

99,354

City of Kalispell

(Immanuel Living at Buffalo Hill Obligated

Group)

Series 2025A 6.00% 5/15/60

200,000

202,413

Colorado Health Facilities Authority

(AdventHealth Obligated Group)

Series 2018A 4.00% 11/15/48

165,000

150,665

Series 2021A 3.00% 11/15/51

250,000

179,816

County of Cuyahoga

(MetroHealth System (The))

Series 2017 5.00% 2/15/52

100,000

92,918

Series 2017 5.25% 2/15/47

245,000

240,413

Health & Educational Facilities Authority of the

State of Missouri

(Mercy Health)

Series 2020 4.00% 6/1/53

250,000

219,098

Illinois Finance Authority

(Admiral at the Lake Obligated Group)

Series 2017 5.25% 5/15/42

200,000

163,252

King County Public Hospital District No. 4

Series 2025A 7.00% 12/1/60

150,000

151,681

Maricopa County Industrial Development

Authority

(HonorHealth Obligated Group)

Series 2021A 3.00% 9/1/51

310,000

215,579

Massachusetts Development Finance Agency

(Care Communities LLC Obligated Group)

Series 2025A-1 144A 6.50% 7/15/60

#

100,000

100,539

New Hope Cultural Education Facilities

Finance Corp.

(Bella Vida Forefront Living Obligated

Group)

Series 2025A 6.50% 10/1/60

125,000

127,920

Principal

amount

°

Value (US $)

Healthcare Revenue Bonds (continued)

New Hope Cultural Education Facilities

Finance Corp. (continued)

(Legacy at Midtown Park, Inc. Obligated

Group)

Series 2025 7.13% 7/1/56

200,000

$

202,091

(Sanctuary LTC LLC)

Series 2021A-1 5.50% 1/1/57

250,000

224,569

(SLF CHP LLC)

Series 2025A 144A 6.25% 7/1/45

#

100,000

93,923

Oklahoma Development Finance Authority

(OU Medicine Obligated Group)

Series 2018B 5.50% 8/15/52

400,000

401,423

Oregon Health & Science University

Series 2021A 3.00% 7/1/51

255,000

175,183

Pennsylvania Higher Educational Facilities

Authority

(University of Pennsylvania Health System

Obligated Group (The))

Series 2025 5.50% 8/15/55

350,000

376,959

Seminole County Industrial Development

Authority

(CCRC Development Corp. Obligated

Group)

Series 2019A 5.50% 11/15/49

150,000

135,850

Stamford Housing Authority

(TJH Senior Living LLC Obligated Group)

Series 2025A 6.25% 10/1/60

100,000

98,557

State of Ohio

(Cleveland Clinic Health System

Obligated Group)

Series 2024A 5.00% 1/1/35

750,000

855,779

Washington State Housing Finance

Commission

(Josephine Caring Community Obligated

Group)

Series 2025A 144A 6.38% 7/1/60

#

125,000

123,635

#### Schedule of investments
Macquarie National High-Yield Municipal Bond ETF

Principal

amount

°

Value (US $)

#### Municipal Bonds (continued)
Healthcare Revenue Bonds (continued)

West Virginia Hospital Finance Authority

(West Virginia United Health System

Obligated Group)

Series 2025A 5.50% 6/1/50

150,000

$

159,234

5,934,715

Housing Revenue Bonds - 0.69%

Pennsylvania Housing Finance Agency

Series 2025-149A 5.20% 4/1/53

200,000

205,429

205,429

Industrial Development Revenue Bonds - 16.91%

Arkansas Development Finance Authority

(Big River Steel LLC)

Series 2019 144A 4.50% 9/1/49

#

200,000

191,879

(United States Steel Corp.)

Series 2022 5.45% 9/1/52

250,000

249,946

Series 2023 5.70% 5/1/53

300,000

304,729

Buckeye Tobacco Settlement Financing

Authority

Class 2 Series 2020B-2 5.00% 6/1/55

1,500,000

1,282,150

Class 2 Series 2020B-3 7.76% 6/1/57

^

1,500,000

140,684

California Community Choice Financing

Authority

(California Community Choice Financing

Authority)

Series 2021B-1 4.00% 2/1/52

• 550,000

564,022

California Infrastructure & Economic

Development Bank

(Desertxpress Enterprises LLC)

Series 2025A 144A 9.50% 1/1/65 (AMT)

#,•

300,000

274,783

Florida Development Finance Corp.

(Brightline Trains Florida LLC)

Series 2024 5.50% 7/1/53

60,000

51,287

Golden State Tobacco Securitization Corp.

Series 2021B-2 5.66% 6/1/66

^

2,000,000

213,014

Maricopa County Industrial Development

Authority

(Commercial Metals Co.)

Series 2022 144A 4.00% 10/15/47

#

500,000

417,255

Mobile County Industrial Development Authority

(AM/NS Calvert LLC)

Principal

amount

°

Value (US $)

Industrial Development Revenue Bonds (continued)

Mobile County Industrial Development Authority

(continued)

Series 2024A 5.00% 6/1/54

150,000

$

144,463

Series 2024B 4.75% 12/1/54

440,000

407,309

Puerto Rico Industrial Development Co.

Series 2023 7.00% 1/1/54

• 350,000

326,978

Savannah Georgia Convention Center

Authority

Series 2025B 144A 6.25% 6/1/61

#

250,000

250,453

Tobacco Settlement Financing Corp.

Series 2007B-1 5.00% 6/1/47

250,000

212,893

5,031,845

Leasing Revenue Bonds - 1.51%

Metropolitan Pier & Exposition Authority

(State of Illinois McCormick Place

Expansion Project Fund)

Series 2017B 5.07% 12/15/54 (BAM)

^

1,000,000

236,173

Series 2017B 5.10% 12/15/56 (AG)

^

1,000,000

211,989

448,162

Local General Obligation Revenue Bonds - 4.42%

Chicago Board of Education

Series 2012A 5.00% 12/1/42

470,000

443,857

Series 2025A 6.25% 12/1/50

150,000

156,368

City of Chicago

Series 2019A 5.50% 1/1/49

240,000

237,480

Series 2025A 6.00% 1/1/50

150,000

156,254

City of New York

Series 2021F-1 3.00% 3/1/51

335,000

244,797

Humble Independent School District

Series 2020 3.00% 2/15/49 (PSF

Guaranty)

100,000

76,204

1,314,960

Special Tax Revenue Bonds - 16.69%

Allentown Neighborhood Improvement Zone

Development Authority

Series 2018 144A 5.38% 5/1/42

#

300,000

300,870

Black Desert Public Infrastructure District

(Black Desert Assessment Area No. 1)

Series 2024 144A 5.63% 12/1/53

#

150,000

150,403

#### Schedule of investments
Macquarie National High-Yield Municipal Bond ETF

Principal

amount

°

Value (US $)

#### Municipal Bonds (continued)
Special Tax Revenue Bonds (continued)

Commonwealth of Puerto Rico

11/1/43

• 882,429

$

584,609

Creekwalk Marketplace Business Improvement

District

Series 2024A 6.00% 12/1/54

100,000

97,245

GDB Debt Recovery Authority of Puerto Rico

7.50% 8/20/40

845,004

821,715

New York City Transitional Finance Authority

Series 2025D 5.00% 5/1/44

400,000

423,347

Puerto Rico Sales Tax Financing Corp.

Series A-1 4.75% 7/1/53

730,000

687,050

Series A-1 5.00% 7/1/58

950,000

918,263

Series A-1 5.31% 7/1/46

^

1,250,000

426,855

Series A-1 5.51% 7/1/51

^

1,250,000

314,434

Series A-2 4.78% 7/1/58

50,000

46,494

Village Community Development District No. 15

(Phase I Special Assessment)

Series 2023 144A 5.25% 5/1/54

#

195,000

195,002

4,966,287

State General Obligation Revenue Bonds - 3.83%

Commonwealth of Puerto Rico

Series 2022A-1 4.00% 7/1/46

827,000

714,758

State of Illinois

Series 2024C 4.00% 10/1/48

300,000

261,010

Virginia Public Building Authority

(Commonwealth of Virginia)

Series 2019A 5.00% 8/1/30

150,000

164,248

1,140,016

Transportation Revenue Bonds - 10.92%

City of Los Angeles Department of Airports

Series 2021D 4.00% 5/15/51

100,000

88,805

Florida Development Finance Corp.

(Brightline Trains Florida LLC)

Series 2024 5.25% 7/1/47 (AMT)

200,000

170,298

Louisiana Public Facilities Authority

(Calcasieu Bridge Partners LLC)

Series 2024 5.00% 9/1/66

500,000

475,542

New Jersey Turnpike Authority

Series 2025B 5.00% 1/1/39

100,000

111,462

Principal

amount

°

Value (US $)

Transportation Revenue Bonds (continued)

New York Transportation Development Corp.

(JFK NTO LLC)

Series 2023 5.38% 6/30/60

250,000

$

247,713

Series 2023 6.00% 6/30/54

250,000

260,646

Series 2024 5.50% 6/30/60

330,000

333,216

Public Finance Authority

(SR 400 Peach Partners LLC)

Series 2025 5.75% 12/31/65

250,000

257,242

Series 2025 6.50% 12/31/65

500,000

547,427

San Diego County Regional Airport Authority

Series 2025B 5.50% 7/1/55

500,000

533,246

Virginia Small Business Financing Authority

(95 Express Lanes LLC)

Series 2022 4.00% 1/1/42

245,000

223,620

3,249,217

Water & Sewer Revenue Bonds - 0.88%

Guam Government Waterworks Authority

(Water & Wastewater System)

Series 2024A 5.00% 1/1/46

125,000

127,140

New York City Municipal Water Finance

Authority

(Water & Sewer System)

Series 2022AA-1 3.50% 6/15/48

160,000

135,224

262,364

#### Total Municipal Bonds
&nbsp;&nbsp;&nbsp;&nbsp; (cost $27,812,607)

#### 28,269,016

#### Short-Term Investments — 4.20%
Variable Rate Demand Notes — 4.20%

Industrial Development Authority of the City of

Phoenix Arizona (The)

(Mayo Clinic)

Series 2014B 2.75% 11/15/52

(SPA - Northern Trust)

¤

250,000

250,000

New York City Municipal Water Finance Authority

(Water & Sewer System)

Series 2014AA-3 3.90% 6/15/49

(SPA - TD Bank, N.A.)

¤

400,000

400,000

Oregon State Facilities Authority

#### Schedule of investments
Macquarie National High-Yield Municipal Bond ETF

Principal

amount

°

Value (US $)

#### Short-Term Investments (continued)
Variable Rate Demand Notes (continued)

(PeaceHealth Obligated Group)

Series 2018B 3.70% 8/1/34

(LOC - TD Bank, N.A.)

¤

600,000

$

600,000

1,250,000

#### Total Short-Term Investments
&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,250,000)

#### 1,250,000

#### Total Value of Securities — 99.22%
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $29,062,607)

#### 29,519,016

#### Receivables and Other Assets Net of Liabilities — 0.78%

#### 232,852

#### Net Assets Applicable to 1,225,000 Shares Outstanding — 100.00%

#### $

#### 29,751,868
°

Principal amount shown is stated in USD unless noted that the security is denominated in

another currency.

#

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.

At September 30, 2025, the aggregate value of Rule 144A securities was $6,460,080, which

represents 21.71% of the Fund's net assets. See Note 5 in "Notes to financial statements."

^

Zero-coupon security. The rate shown is the effective yield at the time of purchase.

• Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at

September 30, 2025. For securities based on a published reference rate and spread, the

reference rate and spread are indicated in their descriptions. The reference rate descriptions

(i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the

underlying reference rates may differ due to the timing of the reset period. Certain variable rate

securities are not based on a published reference rate and spread but are determined by the

issuer or agent and are based on current market conditions, or for mortgage-backed securities,

are impacted by the individual mortgages which are paying off over time. These securities do

not indicate a reference rate and spread in their descriptions.

¤

Tax-exempt obligations that contain a floating or variable interest rate adjustment formula

and an unconditional right of demand to receive payment of the unpaid principal balance plus

accrued interest upon a short notice period (generally up to 30 days) prior to specified dates

either from the issuer or by drawing on a bank letter of credit, a guarantee, or insurance issued

with respect to such instrument. Each rate shown is as of September 30, 2025.

#### Summary of abbreviations:
AG – Assured Guaranty

AMT – Subject to Alternative Minimum Tax

BAM – Insured by Build America Mutual Assurance

LOC – Letter of Credit

See accompanying notes, which are an integral part of the financial statements.

#### Summary of abbreviations (continued):
PSF – Guaranteed by Permanent School Fund

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

SPA – Stand-by Purchase Agreement

#### Statement of assets and liabilities
Macquarie National High-Yield Municipal Bond ETF

September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

#### Assets:
Investments at value\*

$

29,519,016

Cash

306,714

Receivable for securities sold

99,125

Receivable for fund shares sold

608,059

Interest receivable

363,283

Total Assets

30,896,197

#### Liabilities:
Payable for securities purchased

1,019,753

Distribution payable to shareholders

113,168

Management fees payable to affiliates

11,408

Total Liabilities

1,144,329

#### Total Net Assets
$

29,751,868

#### Net Assets Consist of:
Paid-in-capital

$

29,555,658

Total distributable earnings (loss)

196,210

#### Total Net Assets
$

29,751,868

Shares outstanding (unlimited amount authorized, no par value)

1,225,000

Net asset value per share

$

24.29 \*Investments, at cost

$

29,062,607

#### Statement of operations
Macquarie National High-Yield Municipal Bond ETF

Six months ended September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

#### Investment Income:
Interest

$

469,512

469,512

#### Expenses:
Management fees

41,985

Total operating expenses

41,985

#### Net Investment Income (Loss)
427,527

#### Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments

(259,664)

Net change in unrealized appreciation (depreciation) on investments

552,299

#### Net Realized and Unrealized Gain (Loss)
292,635

#### Net Increase (Decrease) in Net Assets Resulting from Operations
$

720,162

#### Statements of changes in net assets
Macquarie National High-Yield Municipal Bond ETF

\*

Date of commencement of operations.

See accompanying notes, which are an integral part of the financial statements.

Six months

ended

September 30, 2025

(Unaudited)

For the period

March 5, 2025

\*

to

March 31, 2025

#### Increase (Decrease) in Net Assets from

#### Operations:
Net investment income (loss)

$

427,527

$

19,173

Net realized gain (loss)

(259,664)

(2,476)

Net change in unrealized appreciation

(depreciation)

552,299

(95,890)

Net increase (decrease) in net assets

resulting from operations

720,162

(79,193)

#### Dividends and Distributions to Shareholders

#### from:
Distributable earnings

(444,759)

–

(444,759)

–

#### Capital Share Transactions:

#### 1
Proceeds from shares sold

25,098,903

6,250,794

Cost of shares redeemed

(1,794,039)

–

Increase in net assets derived from capital

share transactions

23,304,864

6,250,794

#### Net Increase (Decrease) in Net Assets
23,580,267

6,171,601

#### Net Assets:
Beginning of period

6,171,601

–

End of period

$

29,751,868

$

6,171,601

#### Capital Share Transactions:
Beginning of period

250,000

–

Shares sold

25,000

–

Shares subscribed in-kind

1,025,000

250,000

Shares redeemed in-kind

(75,000)

–

Shares outstanding, end of period

1,225,000

250,000

Capital share transactions may include transaction fees associated with Creation and

Redemption transactions which occurred during the period. See Note 4 in "Notes to financial

statements."

#### Financial highlights
Macquarie National High-Yield Municipal Bond ETF

See accompanying notes, which are an integral part of the financial statements.

Selected data for each share of the Fund outstanding throughout each period were as follows:

Six months

ended

September 30, 2025

(Unaudited)

For the period

March 5, 2025

to

March 31, 2025

#### Net asset value, beginning of period

#### ......
$

.69

$

.00

#### Income (loss) from investment operations:
—

—

Net investment income

.................

.59

.08

Net realized and unrealized loss

...........

(0

.39)

(0

.39)

Total from investment

operations

..........................

0.20 (0.31)

#### Less dividends and distributions from:
—

—

Net investment income

.................

(0

.60)

—

Total dividends and

distributions

.........................

(0.60)

—

#### Net asset value, end of period

#### ...........
$

24.29 $

24.69 #### Total return

#### 4
.........................

0.89%

(1.24%)

#### Ratios and supplemental data:
$29,752

$6,172

Net assets, end of period (000 omitted)

......

$

29,752

$

6,172

Ratio of expenses to average net assets

.....

0.49%

0.49%

Ratio of net investment income to average net

assets

.............................

4.96%

4.44%

Portfolio turnover

......................

50%

14%

Ratios have been annualized and total return and portfolio turnover have not been

annualized.

Date of commencement of operations; ratios have been annualized and total return and

portfolio turnover have not been annualized.

Calculated using average shares outstanding.

Total return is based on the change in net asset value of a share during the period and

assumes reinvestment of dividends and distributions at net asset value.

Excludes the value of portfolio securities received or delivered as a result of in-kind

purchases or redemptions of the Fund's capital shares.

#### Notes to financial statements
Macquarie National High-Yield Municipal Bond ETF

September 30, 2025

Macquarie ETF Trust (Trust) is organized as a Delaware statutory trust effective

February 22, 2023

and is an open-end management investment company registered with the

U.S. Securities and Exchange Commission. As of the date of this report, the Trust offers seven

series. These financial statements and the related notes pertain to Macquarie National High-Yield

Municipal Bond ETF (Fund). The Fund is considered diversified under the Investment Company

Act of 1940, as amended (1940 Act).

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards

Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment

Companies. The following accounting policies are in accordance with US generally accepted

accounting principles (US GAAP) and are consistently followed by the Fund.

#### Security Valuation
— Fixed income securities are generally priced based upon valuations

provided by an independent pricing service or broker in accordance with methodologies included

within Delaware Management Company (DMC or the Manager)'s Pricing Policy (Policy). Fixed

income security valuations are then reviewed by DMC as part of its duties as the Fund's valuation

designee (Valuation Designee) and, to the extent required by the Policy and applicable regulation,

fair valued consistent with the Policy. To the extent current market prices are not available, the

pricing service may take into account developments related to the specific security, as well

as transactions in comparable securities. Valuations for fixed income securities utilize matrix

systems, which reflect such factors as security prices, yields, maturities, and ratings, and are

supplemented by dealer and exchange quotations. Investments for which market quotations

are not readily available are valued at fair value as determined in good faith pursuant to Rule

2a-5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of a security or other

asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the

Board of Trustees (Board) has designated DMC to perform the fair value determination relating

to all applicable Fund investments. DMC has established a Pricing Committee to assist with

its designated responsibilities as Valuation Designee, and DMC may carry out its designated

responsibilities as Valuation Designee through the Pricing Committee and other teams and

committees, which operate under policies and procedures approved by the Board and subject

to the Board's oversight. Fair value pricing may be used more frequently for securities traded

primarily in non-US markets. In considering whether fair valuation is required and in determining

fair values, the Valuation Designee may, among other things, consider significant events (which

may be considered to include changes in the value of US securities or securities indexes) that

occur after the close of the relevant market and before the close of the New York Stock Exchange.

The Valuation Designee may utilize modeling tools provided by third-party vendors to determine

fair values of non-US securities.

#### Federal Income Taxes
— No provision for federal income taxes has been made as the Fund

intends to continue to qualify for federal income tax purposes as a regulated investment company

under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite

distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in

the course of preparing the Fund's tax returns to determine whether the tax positions are "more-

likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to

meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current

period. Management has analyzed the Fund's tax positions taken or expected to be taken on the

Fund's federal income tax return through the six months ended September 30, 2025 and for the

open tax year ended March 31, 2025, and has concluded that no provision for federal income

tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest and

tax penalties on unrecognized tax benefits in "Interest and tax penalties" on the "Statement of

operations." During the six months ended September 30, 2025, the Fund did not incur any interest

or tax penalties.

#### In-kind Redemptions
— For financial reporting purposes, in-kind redemptions are treated as

sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or

losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains

or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of

the Fund's tax year. These reclassifications have no effect on net assets NAV per share.

#### Use of Estimates
— The preparation of financial statements in conformity with US GAAP requires

management to make estimates and assumptions that affect the fair value of investments, the

reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at

the date of the financial statements, and the reported amounts of revenues and expenses during

the reporting period. Actual results could differ from those estimates and the differences could be

material.

#### Other
— Security transactions are recorded on the date the securities are purchased or sold

(trade date) for financial reporting purposes. Costs used in calculating realized gains and losses

on the sale of investment securities are those of the specific securities sold. Interest income

is recorded on an accrual basis. Discounts and premiums on debt securities are accreted or

amortized to interest income, respectively, over the lives of the respective securities using the

effective interest method. Premiums on callable debt securities are amortized to interest income

to the earliest call date using the effective interest method. The Fund declares and pays dividends

from net investment income monthly and distributions from net realized gain on investments, if

any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes.

Dividends and distributions, if any, are recorded on the ex-dividend date.

#### Segment Reporting
— In November 2023, FASB issued Accounting Standards Update 2023-

07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with

the intent of improving reportable segment disclosure requirements, primarily through enhanced

disclosures about significant segment expenses, allowing financial statement users to better

understand the components of a segment's profit or loss and assess potential future cash flows

for each reportable segment and the entity as a whole thereby enabling better understanding of

how an entity's segments impact overall performance. The Fund's Chief Executive Officer and

1. Significant Accounting Policies (continued)

#### Notes to financial statements
Macquarie National High-Yield Municipal Bond ETF

Chief Financial Officer act as the Fund's chief operating decision maker (CODM), assessing

performance and making decisions about resource allocation. The CODM has determined that the

Fund has a single operating segment since the Fund has a single investment strategy disclosed

in the prospectus against which the CODM assesses performance. When assessing segment

performance and making decisions about segment resources, the CODM relies on the Fund's

portfolio composition, total returns, expense ratios and changes in net assets which are consistent

with the information contained in the Fund's financial statements. Adoption of the new standard

impacted the Fund's financial statements note disclosures only, and did not affect the Fund's

financial position or the results of its operations.

2. Investment Management, Administration Agreements, and Other Transactions with

#### Affiliates
In accordance with the terms of its investment management agreement, the Fund pays DMC,

a series of Macquarie Investment Management Business Trust (MIMBT) and the investment

manager, an annual unitary management fee which is calculated daily and paid monthly at the

rate of 0.49% on the Fund's average daily net assets.

From the unitary management fee, DMC pays most of the expenses of the Fund, including the

cost of sub-advisory fees to any investment sub-adviser, if any, transfer agency, custody, fund

administration, legal, audit and other services. However, under the investment management

agreement, DMC is not responsible for (i) interest expenses; (ii) taxes (including, but not limited

to, income, excise, transfer and withholding taxes); (iii) expenses of a Fund incurred with respect

to the acquisition and disposition of portfolio securities, instruments or other investments and the

execution of portfolio transactions, including brokerage commissions; (iv) expenses incurred in

connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under

the 1940 Act, including distribution fees; (v) litigation expenses; (vi) the investment advisory fee

payable to the Manager; (vii) non-routine or extraordinary expenses (including, without limitation,

the expense associated with proxy solicitations and fund reorganizations); and (viii) acquired fund

fees and expenses.

At September 30, 2025, Macquarie Management Holdings, Inc. directly owned 16.33% of the

Fund.

On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain

of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into

an agreement for Nomura to acquire Macquarie Asset Management's US and European public

investments business. The transaction is subject to customary closing conditions, including the

receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these

conditions, the transaction is expected to close on or about December 1, 2025. This is subject to

change.

1. Significant Accounting Policies (continued)

The closing of this transaction will result in the automatic termination of the Fund's investment

advisory agreement with DMC, and any sub-advisory agreement, as applicable. In anticipation

of the closing of the transaction, on June 12, 2025, the Board approved, and recommended

shareholders approve, a new investment advisory agreement for the Fund that, pending

shareholder approval, would go into effect at the closing of the transaction. At a special

shareholder meeting held on September 10, 2025, Fund shareholders approved a new investment

advisory agreement for the Fund.

The Fund will be renamed Nomura National High-Yield Municipal Bond ETF at closing.

3. Investments

For the six months ended

September 30, 2025

, the Fund made purchases and sales of

investment securities other than short-term investments and US government securities as follows:

There were no investment transactions related to in-kind purchases and sales for the six months

ended

September 30, 2025.

At

September 30, 2025

, the cost and unrealized appreciation (depreciation) of investments

for federal income tax purposes have been estimated since final tax characteristics cannot be

determined until fiscal year end. At

September 30, 2025

, the cost and unrealized appreciation

(depreciation) of investments for federal income tax purposes for the Fund were as follows:

For federal income tax purposes, capital loss carryforwards may be carried forward and applied

against future capital gains. At March 31, 2025, the Fund had capital loss carryforwards available

to offset future realized capital gains as follows:

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to

transfer a liability in an orderly transaction between market participants at the measurement

date under current market conditions. A three-level hierarchy for fair value measurements has

been established based upon the transparency of inputs to the valuation of an asset or liability.

Purchases

$

30,370,535

Sales

7,968,341

Cost of investments

$

29,062,607

Aggregate unrealized appreciation of investments

$

621,731

Aggregate unrealized depreciation of investments

(165,322)

Net unrealized appreciation of investments

$

456,409

Loss carryforward character

Short-term

Long-term

Total

$2,476

$—

$2,476

2. Investment Management, Administration Agreements, and Other Transactions with

#### Affiliates (continued)

#### Notes to financial statements
Macquarie National High-Yield Municipal Bond ETF

Inputs may be observable or unobservable and refer broadly to the assumptions that market

participants would use in pricing the asset or liability. Observable inputs reflect the assumptions

market participants would use in pricing the asset or liability based on market data obtained from

sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own

assumptions about the assumptions that market participants would use in pricing the asset or

liability based on the best information available under the circumstances. The Fund's investment

in its entirety is assigned a level based upon the observability of the inputs which are significant to

the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 — Inputs are quoted prices in active markets for identical investments. (Examples: equity

securities, open-end investment companies, futures contracts, and exchange-traded

options contracts)

Level 2 — Other observable inputs, including, but not limited to: quoted prices for similar

assets or liabilities in markets that are active, quoted prices for identical or similar

assets or liabilities in markets that are not active, inputs other than quoted prices

that are observable for the assets or liabilities (such as interest rates, yield curves,

volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other

market-corroborated inputs. (Examples: debt securities, government securities, swap

contracts, forward foreign currency exchange contracts, foreign securities utilizing

international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 — Significant unobservable inputs, including the Fund's own assumptions used to

determine the fair value of investments. (Examples: broker-quoted securities and fair

valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an

income-based valuation approach in which the anticipated future cash flows of the investment are

discounted to calculate fair value. Discounts may also be applied due to the nature or duration

of any restrictions on the disposition of the investments. Valuations may also be based upon

current market prices of securities that are comparable in coupon, rating, maturity, and industry.

The derived value of a Level 3 investment may not represent the value which is received upon

disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy

levels as of

September 30, 2025

:

Level 1

Level 2

Level 3

Total

Securities

Assets:

Municipal Bonds

$

–

$

28,269,016

$

–

$

28,269,016

3. Investments (continued)

During the six months ended

September 30, 2025

, there were no transfers into or out of Level 3

investments. The Fund's policy is to recognize transfers into or out of Level 3 investments based

on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of

Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. As of

September 30, 2025

, there were no Level 3 investments.

4. Issuance and Redemption of Fund Shares

The Fund is an exchange-traded fund or ETF. Individual Fund shares may only be purchased

and sold on a national securities exchange through a broker-dealer and investors may pay a

commission to such broker-dealers in connection with their purchase or sale. The price of Fund

shares is based on market price, and because ETF shares trade at market prices rather than NAV,

shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

The Fund will only issue or redeem shares aggregated into blocks of 25,000 shares or multiples

thereof ("Creation Units") to Authorized Participants who have entered into agreements with the

Fund's Distributor. An Authorized Participant is either (1) a "Participating Party," (i.e., a broker-

dealer or other participant in the clearing process of the Continuous Net Settlement System of the

National Securities Clearing Corporation) ("Clearing Process"), or (2) a participant of Depository

Trust Company ("DTC Participant"), and, in each case, must have executed an agreement

("Participation Agreement") with the Distributor with respect to creations and redemptions of

Creation Units. The Fund will issue or redeem Creation Units in return for a basket of assets that

the Fund specifies each day.

Shares are listed on the NYSE Arca, Inc. (the "Exchange") and are publicly traded. If an investor

buys or sells Fund shares on the secondary market, the investor will pay or receive the market

price, which may be higher or lower than NAV. The investor's transaction will be priced at NAV if

the investor purchases or redeems Fund shares in Creation Units.

Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction

fee and a redemption transaction fee directly to the Fund's Administrator to offset transfer and

other transaction costs associated with the issuance and redemption of Creation Units, including

Creation Units for cash. Additionally, a portion of the transaction fee is used to offset transactional

costs typically accrued in the Fund's custody expenses directly related to the issuance and

redemption of Creation Units. An additional variable fee may be charged for certain transactions.

Such fees would be included in the receivable for capital shares issued on the "Statement of

Short-Term Investments

$

–

$

1,250,000

$

–

$

1,250,000

Total Value of Securities

$

–

$

29,519,016

$

–

$

29,519,016

3. Investments (continued)

Macquarie National High-Yield Municipal Bond ETF

assets and liabilities" if they are outstanding as of period-end. Transaction fees assessed during

the period are included in the proceeds from shares issued on the "Statements of changes in net

assets."

5. Certain Principal Risks of the Fund

Interest rate risk — The risk that the prices of bonds and other fixed income securities will

increase as interest rates fall and decrease as interest rates rise. Interest rate changes are

influenced by a number of factors, such as government policy, monetary policy, inflation

expectations, and the supply and demand of bonds. Bonds and other fixed income securities with

longer maturities or duration generally are more sensitive to interest rate changes. A fund may be

subject to a greater risk of rising interest rates when interest rates are low or inflation rates are

high or rising.

High yield (junk bond) risk — The risk that high yield securities, commonly known as "junk bonds,"

are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited

and less liquid secondary market. High yield securities may also be subject to greater price

volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds

are sometimes issued by municipalities that have less financial strength and therefore have less

ability to make projected debt payments on the bonds.

Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an

entity that insures a bond, may be unable to make interest payments and/or repay principal in a

timely manner.

Call risk — The risk that a bond issuer will prepay the bond during periods of low interest rates,

forcing a fund to reinvest that money at interest rates that might be lower than rates on the called

bond.

Municipal securities risk — The value of the Fund's investments in municipal securities may

be adversely affected by unfavorable legislative or political developments and economic

developments that impact the financial condition of municipal issuers. For example, a credit rating

downgrade, bond default, or bankruptcy involving an issuer within a particular state or territory

could affect the market values and marketability of many or all municipal obligations of that state

or territory. Additionally, the relative amount of publicly available information about the financial

condition of municipal securities issuers is generally less than that for corporate securities.

Geographic concentration risk — The risk that heightened sensitivity to regional, state, US

territories or possessions (such as the Commonwealth of Puerto Rico, Guam, or the US Virgin

Islands), and local political and economic conditions could adversely affect the holdings in

and performance of a fund. There is also the risk that there could be an inadequate supply of

municipal bonds in a particular state or US territory or possession.

4. Issuance and Redemption of Fund Shares (continued)

ETF Structure Risks – The Fund is structured as an ETF and as a result is subject to special

risks. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in

large blocks known as "Creation Units." Trading in shares on the Exchange may be halted due

to market conditions or for reasons that, in the view of the Exchange, make trading in Shares

inadvisable, such as extraordinary market volatility. There can be no assurance that Shares

will continue to meet the listing requirements of the Exchange. An active trading market for the

Fund's shares may not be developed or maintained. If the Fund's shares are traded outside a

collateralized settlement system, the number of financial institutions that can act as authorized

participants that can post collateral on an agency basis is limited, which may limit the market

for the Fund's shares. The market prices of Shares will fluctuate in response to changes in NAV

and supply and demand for shares and will include a "bid-ask spread" charged by the exchange

specialists, market makers or other participants that trade the particular security. There may be

times when the market price and the NAV vary significantly particularly during times of market

stress, with the result that investors may pay significantly more or significantly less for Fund

shares than the Fund's NAV, which is reflected in the bid and ask price for Fund shares or in

the closing price. If a shareholder purchases shares at a time when the market price is at a

premium to the NAV or sells shares at a time when the market price is at a discount to NAV, the

shareholder may sustain losses if the shares are sold at a price that is less than the price paid by

the shareholder for the shares. When all or a portion of an ETFs underlying securities trade in a

market that is closed when the market for the Fund's shares is open, there may be changes from

the last quote of the closed market and the quote from the Fund's domestic trading day, which

could lead to differences between the market value of the Fund's shares and the Fund's NAV. In

stressed market conditions, the market for the Fund's shares may become less liquid in response

to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the

Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and

the Fund's NAV.

6. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of

indemnifications. The Fund's maximum exposure under these arrangements is unknown.

However, the Fund has not had prior claims or losses pursuant to these contracts. Management

has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

7. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09,

Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the

transparency of income tax disclosures. The ASU requires public entities, on an annual basis,

to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of

income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required

5. Certain Principal Risks of the Fund (continued)

Macquarie National High-Yield Municipal Bond ETF

to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

Management expects that adoption of the guidance will not have a material impact on the Fund's

financial statements.

8. Subsequent Events

Management has determined that no material events or transactions occurred subsequent

to September 30, 2025, that would require recognition or disclosure in the Fund's financial

statements.

7. Recent Accounting Pronouncements (continued)

#### Other Fund information (Unaudited)
Macquarie National High-Yield Municipal Bond ETF

#### Changes in and Disagreements with Accountants for Open-End Management Investment

#### Companies
Not Applicable.

#### Proxy Disclosures for Open-End Management Investment Companies

#### Proxy Results
At a special shareholder meeting held on September 10, 2025, Macquarie National High-Yield

Municipal Bond ETF shareholders approved a new investment advisory agreement. The results of

the voting at the meeting were as follows:

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment

#### Companies
Please refer to the disclosure within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract
Not Applicable.

#### For

#### Against

#### Abstain
503,615

61,803

This page is not part of the financial statements and other information.

SA-HTAX-1125

(4927842) #### Contact information

#### Shareholder assistance by phone
844 469-9911, weekdays from 9:00am to

5:00pm ET

#### Regular mail
Macquarie ETF Trust

c/o Foreside Financial Services

Three Canal Plaza, Suite 100

Portland, ME 04101

Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated

asset manager across public and private markets offering a diverse range of capabilities, including real assets, real

estate, credit, equities, and multi-asset solutions.

The Fund is distributed by

#### Foreside Financial Services LLC.

#### Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity

#### noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act

#### 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent

#### deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide

#### assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document

#### relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment

#### and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group

#### entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee

#### repayment of capital in respect of the investment.
The Fund is governed by US laws and regulations.

Macquarie Focused International Core ETF

Financial statements and other information

For the period ended September 30, 2025

Table of contents

Schedule of investments

#### 1
Statement of assets and liabilities

#### 4
Statement of operations

#### 5
Statement of changes in net assets

#### 6
Financial highlights

#### 7
Notes to financial statements

#### 8
Other Fund information

#### 18
This report and the financial statements contained herein are submitted for the general information

of the shareholders of the Fund. This report is not authorized for distribution to prospective

investors in the Fund unless preceded or accompanied by an effective prospectus.

#### Form N-PORT and proxy voting information
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange

Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund's

Form N-PORT, as well as a description of the policies and procedures that the Fund uses to

determine how to vote proxies (if any) relating to portfolio securities, is available without charge

(i) upon request, by calling 844 469-9911; and (ii) on the SEC's website at sec.gov. In addition, a

description of the policies and procedures that the Fund uses to determine how to vote proxies (if

any) relating to portfolio securities and the Schedule of Investments included in the Fund's most

recent Form N-PORT are available without charge on the Fund's website at

macquarie.com/mam/etf-literature.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the

most recently disclosed 12-month period ended June 30 is available without charge (i) through the

Fund's website at macquarie.com/mam/etf-literature; and (ii) on the SEC's website at sec.gov.

#### Schedule of investments
Macquarie Focused International Core ETF

September 30, 2025 (Unaudited)

Number of

shares

Value (US $)

#### Common Stocks — 95.53%
Δ

Austria - 1.73%

Mondi plc

21,139

$

291,122

291,122

Brazil - 8.86%

Banco do Brasil SA

126,572

525,337

MercadoLibre, Inc.

†

673,039

XP, Inc., Class A

15,398

289,328

1,487,704

Canada - 4.75%

Alimentation Couche-Tard, Inc.

8,023

428,043

Descartes Systems Group, Inc. (The)

†

3,931

370,136

798,179

China - 7.82%

China Merchants Bank Co. Ltd., Class H

60,554

363,855

Midea Group Co. Ltd., Class A

51,200

522,613

Tencent Holdings Ltd.

5,005

426,412

1,312,880

Finland - 0.65%

Amer Sports, Inc.

†

3,158

109,741

109,741

France - 3.22%

Airbus SE

2,332

540,458

540,458

Germany - 11.11%

Deutsche Telekom AG

5,018

170,909

KION Group AG

3,048

205,585

SAP SE

1,745

466,903

Siemens AG

1,888

508,046

Siemens Healthineers AG 144A

#

9,517

514,201

1,865,644

Hong Kong - 4.76%

Henderson Land Development Co. Ltd.

117,000

412,555

Prudential plc

27,652

387,139

799,694

India - 2.60%

HDFC Bank Ltd. ADR

12,806

437,453

437,453

Japan - 7.81%

Marubeni Corp.

15,900

397,594

Mitsubishi UFJ Financial Group, Inc.

35,600

576,302

Nintendo Co. Ltd.

3,900

337,691

1,311,587

#### Schedule of investments
Macquarie Focused International Core ETF

Number of

shares

Value (US $)

#### Common Stocks (continued)
Luxembourg - 1.90%

Eurofins Scientific SE

4,412

$

320,015

320,015

Netherlands - 7.75%

Adyen NV 144A

#,†

424,683

IMCD NV

3,110

321,314

ING Groep NV

21,437

555,586

1,301,583

Norway - 3.05%

Orkla ASA

49,026

511,898

511,898

Singapore - 4.88%

Grab Holdings Ltd., Class A

†

72,077

433,904

Sea Ltd. ADR

†

2,162

386,414

820,318

South Korea - 1.79%

SK Hynix, Inc.

1,215

300,925

300,925

Spain - 2.28%

Banco Bilbao Vizcaya Argentaria SA

19,922

382,183

382,183

Taiwan - 4.76%

Taiwan Semiconductor Manufacturing Co. Ltd.

18,655

798,766

798,766

United Kingdom - 7.06%

BAE Systems plc

12,954

358,715

Compass Group plc

14,044

477,672

Flutter Entertainment plc

†

1,379

350,266

1,186,653

United States of America - 8.75%

Alcon AG

3,007

224,052

Experian plc

10,286

514,888

Haleon plc

87,532

391,307

Shell plc

9,478

339,004

1,469,251

#### Total Common Stocks
&nbsp;&nbsp;&nbsp;&nbsp; (cost $15,839,804)

#### 16,046,054

See accompanying notes, which are an integral part of the financial statements.

Number of

shares

Value (US $)

#### Preferred Stocks — 1.97%

#### Δ
Germany - 1.97%

Henkel AG & Co. KGaA

4,101

$

330,775

#### Total Preferred Stocks
&nbsp;&nbsp;&nbsp;&nbsp; (cost $339,084)

#### 330,775

#### Short-Term Investments — 1.55%
Money Market Mutual Funds - 1.55%

Invesco Government & Agency Portfolio -

Institutional Class (seven-day effective

yield 4.05%)

260,977

260,977

#### Total Short-Term Investments
&nbsp;&nbsp;&nbsp;&nbsp; (cost $260,977)

#### 260,977

#### Total Value of Securities — 99.05%
&nbsp;&nbsp;&nbsp;&nbsp; (cost $16,439,865)

#### 16,637,806

#### Receivables and Other Assets Net of Liabilities — 0.95%

#### 160,033

#### Net Assets Applicable to 650,000 Shares Outstanding — 100.00%

#### $

#### 16,797,839
Δ

Securities have been classified by country of risk.

†

Non-income producing security.

#

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.

At September 30, 2025, the aggregate value of Rule 144A securities was $938,884, which

represents 5.59% of the Fund's net assets. See Note 5 in "Notes to financial statements."

#### Summary of abbreviations:
ADR – American Depositary Receipt

AG – Aktiengesellschaft

#### Statement of assets and liabilities
Macquarie Focused International Core ETF

September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

#### Assets:
Investments at value\*

$

16,637,806

Foreign currency, at value\*\*

2,460

Receivable for securities sold

Receivable for fund shares sold

1,809,528

Dividends receivable

9,468

Foreign tax reclaims receivable

Total Assets

18,459,938

#### Liabilities:
Payable for securities purchased

1,658,157

Management fees payable to affiliates

3,942

Total Liabilities

1,662,099

#### Total Net Assets
$

16,797,839

#### Net Assets Consist of:
Paid-in-capital

$

16,649,640

Total distributable earnings (loss)

148,199

#### Total Net Assets
$

16,797,839

Shares outstanding (unlimited amount authorized, no par value)

650,000

Net asset value per share

$

25.84 \*Investments, at cost

$

16,439,865

\*\*Foreign currency, at cost

2,460

#### Statement of operations
Macquarie Focused International Core ETF

For the period June 17, 2025\* to September 30, 2025 (Unaudited)

\*

Date of commencement of operations.

See accompanying notes, which are an integral part of the financial statements.

#### Investment Income:
Dividends

$

31,024

Foreign tax withheld

(2,467)

28,557

#### Expenses:
Management fees

11,265

Total operating expenses

11,265

#### Net Investment Income (Loss)
17,292

#### Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:

&nbsp;&nbsp;&nbsp;&nbsp;Investments

(62,722)

&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies

(4,256)

Net realized gain (loss)

(66,978)

Net unrealized appreciation (depreciation) on:

&nbsp;&nbsp;&nbsp;&nbsp;Investments

197,941

&nbsp;&nbsp;&nbsp;&nbsp;Foreign currencies

(56)

Net unrealized appreciation (depreciation)

197,885

#### Net Realized and Unrealized Gain (Loss)
130,907

#### Net Increase (Decrease) in Net Assets Resulting from Operations
$

148,199

#### Statement of changes in net assets
Macquarie Focused International Core ETF

\*

Date of commencement of operations.

See accompanying notes, which are an integral part of the financial statements.

For the period

June 17, 2025

\*

to

September 30, 2025

(Unaudited)

#### Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)

$

17,292

Net realized gain (loss)

(66,978)

Net unrealized appreciation (depreciation)

197,885

Net increase (decrease) in net assets resulting from operations

148,199

#### Capital Share Transactions:

#### 1
Proceeds from shares sold

16,649,640

Increase in net assets derived from capital share transactions

16,649,640

#### Net Increase (Decrease) in Net Assets
16,797,839

#### Net Assets:
Beginning of period

–

End of period

$

16,797,839

#### Capital Share Transactions:
Beginning of period

–

Shares sold

300,000

Shares subscribed in-kind

350,000

Shares outstanding, end of period

650,000

Capital share transactions may include transaction fees associated with Creation and

Redemption transactions which occurred during the period. See Note 4 in "Notes to financial

statements."

#### Financial highlights
Macquarie Focused International Core ETF

See accompanying notes, which are an integral part of the financial statements.

Selected data for each share of the Fund outstanding throughout the period were as follows:

For the period

June 17, 2025

to

September 30, 2025

(Unaudited)

#### Net asset value, beginning of period

#### .........................
$

.00

#### Income (loss) from investment operations:
—

Net investment income

....................................

.07

Net realized and unrealized gain

..............................

.77

Total from investment

operations

.............................................

0.84 #### Net asset value, end of period

#### ..............................
$

25.84 #### Total return

#### 3
............................................

3.36%

#### Ratios and supplemental data:
$16,798

Net assets, end of period (000 omitted)

.........................

$

16,798

Ratio of expenses to average net assets

.......................

0.59%

Ratio of net investment income to average net assets

..............

0.89%

Portfolio turnover

.........................................

31%

Date of commencement of operations; ratios have been annualized and total return and

portfolio turnover have not been annualized.

Calculated using average shares outstanding.

Total return is based on the change in net asset value of a share during the period and

assumes reinvestment of dividends and distributions at net asset value.

Expense ratios do not include expenses of any investment companies in which the Fund

invests.

Excludes the value of portfolio securities received or delivered as a result of in-kind

purchases or redemptions of the Fund's capital shares.

#### Notes to financial statements
Macquarie Focused International Core ETF

September 30, 2025

Macquarie ETF Trust (Trust) is organized as a Delaware statutory trust effective

February 22, 2023

and is an open-end management investment company registered with the U.S.

Securities and Exchange Commission. As of the date of this report, the Trust offers seven series.

These financial statements and the related notes pertain to Macquarie Focused International Core

ETF (Fund). The Fund commenced operations on June 17, 2025. The Fund is considered non-

diversified under the Investment Company Act of 1940, as amended (1940 Act).

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards

Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment

Companies. The following accounting policies are in accordance with US generally accepted

accounting principles (US GAAP) and are consistently followed by the Fund.

#### Security Valuation
— Equity securities, except those traded on the Nasdaq Stock Market LLC

(Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New

York Stock Exchange (NYSE) on the valuation date. Equity securities traded on the Nasdaq are

valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales

price. If, on a particular day, an equity security does not trade, the mean between the bid and

the ask prices will be used, which approximates fair value. Equity securities listed on a foreign

exchange are normally valued at the last quoted sales price on the valuation date. Open-end

investment companies are valued at their published net asset value (NAV). Investments for which

market quotations are not readily available are valued at fair value as determined in good faith

pursuant to Rule 2a- 5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of

a security or other asset is the price that would be received to sell an asset or paid to transfer a

liability in an orderly transaction between market participants at the measurement date. Pursuant

to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company

(DMC or the Manager) as the valuation designee (Valuation Designee) for the Fund to perform

the fair value determination relating to all applicable Fund investments. DMC has established a

Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC

may carry out its designated responsibilities as Valuation Designee through the Pricing Committee

and other teams and committees, which operate under policies and procedures approved by

the Board and subject to the Board's oversight. Fair value pricing may be used more frequently

for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value

has materially changed after the close of the security's primary exchange or principal market but

before the close of the NYSE, the security may be valued at fair value. With respect to foreign

(non-US) equity securities, the Fund may determine the fair value of investments based on

information provided by pricing vendors, which may recommend fair value or adjustments with

reference to other securities, indexes or assets. In considering whether fair valuation is required

and in determining fair values, the Valuation Designee may, among other things, consider

significant events (which may be considered to include changes in the value of US securities or

securities indexes) that occur after the close of the relevant market and before the close of the

NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to

determine fair values of non-US securities.

#### Federal Income Taxes
— No provision for federal income taxes has been made as the Fund

intends to continue to qualify for federal income tax purposes as a regulated investment company

under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite

distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in

the course of preparing the Fund's tax returns to determine whether the tax positions are "more-

likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to

meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current

period. During the period ended September 30, 2025, the Fund did not incur any interest or tax

penalties.

#### Foreign Currency Transactions
— Transactions denominated in foreign currencies are recorded

at the prevailing exchange rates on the valuation date. The value of all assets and liabilities

denominated in foreign currencies is translated daily into US dollars at the exchange rate of such

currencies against the US dollar. Transaction gains or losses resulting from changes in exchange

rates during the reporting period or upon settlement of the foreign currency transaction are

reported in operations for the current period. The Fund generally does not bifurcate that portion of

realized gains and losses on investments which is due to changes in foreign exchange rates from

that which is due to changes in market prices. These realized gains and losses are included on

the "Statement of operations" under "Net realized gain (loss) on investments." The Fund reports

certain foreign currency related transactions as components of realized gains (losses) for financial

reporting purposes, whereas such components are treated as ordinary income (loss) for federal

income tax purposes.

#### In-kind Redemptions
— For financial reporting purposes, in-kind redemptions are treated as

sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or

losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains

or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of

the Fund's tax year. These reclassifications have no effect on net assets NAV per share.

#### Use of Estimates
— The preparation of financial statements in conformity with US GAAP requires

management to make estimates and assumptions that affect the fair value of investments, the

reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at

the date of the financial statements, and the reported amounts of revenues and expenses during

the reporting period. Actual results could differ from those estimates and the differences could be

material.

#### Other
— Security transactions are recorded on the date the securities are purchased or sold

(trade date) for financial reporting purposes. Costs used in calculating realized gains and losses

on the sale of investment securities are those of the specific securities sold. Dividend income is

recorded on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date

1. Significant Accounting Policies (continued)

#### Notes to financial statements
Macquarie Focused International Core ETF

or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax

withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign

dividends have been recorded in accordance with the Fund's understanding of the applicable

country's tax rules and rates. The Fund files withholding tax reclaims in certain jurisdictions to

recover a portion of amounts previously withheld. The Fund may record a reclaim receivable

based on collectability, which includes factors such as the jurisdiction's applicable laws, payment

history and market convention. The "Statement of operations" includes tax reclaims recorded

as well as professional and other fees, if any, associated with recovery of foreign withholding

taxes. Income and capital gain distributions from any investment companies (Underlying Funds)

in which the Fund invests are recorded on the ex-dividend date. The Fund declares and pays

dividends from net investment income and distributions from net realized gain on investments,

if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes.

Dividends and distributions, if any, are recorded on the ex-dividend date.

#### Segment Reporting
— In November 2023, FASB issued Accounting Standards Update 2023-

07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with

the intent of improving reportable segment disclosure requirements, primarily through enhanced

disclosures about significant segment expenses, allowing financial statement users to better

understand the components of a segment's profit or loss and assess potential future cash flows

for each reportable segment and the entity as a whole thereby enabling better understanding of

how an entity's segments impact overall performance. The Fund's Chief Executive Officer and

Chief Financial Officer act as the Fund's chief operating decision maker (CODM), assessing

performance and making decisions about resource allocation. The CODM has determined that the

Fund has a single operating segment since the Fund has a single investment strategy disclosed

in the prospectus against which the CODM assesses performance. When assessing segment

performance and making decisions about segment resources, the CODM relies on the Fund's

portfolio composition, total returns, expense ratios and changes in net assets which are consistent

with the information contained in the Fund's financial statements. Adoption of the new standard

impacted the Fund's financial statements note disclosures only, and did not affect the Fund's

financial position or the results of its operations.

2. Investment Management, Administration Agreements, and Other Transactions with

#### Affiliates
In accordance with the terms of its investment management agreement, the Fund pays DMC,

a series of Macquarie Investment Management Business Trust (MIMBT) and the investment

manager, an annual unitary management fee which is calculated daily and paid monthly at the

rate of 0.59% on the Fund's average daily net assets.

From the unitary management fee, DMC pays most of the expenses of the Fund, including the

cost of sub-advisory fees to any investment sub-adviser, if any, transfer agency, custody, fund

administration, legal, audit and other services. However, under the investment management

agreement, DMC is not responsible for (i) interest expenses; (ii) taxes (including, but not limited

1. Significant Accounting Policies (continued)

to, income, excise, transfer and withholding taxes); (iii) expenses of a Fund incurred with respect

to the acquisition and disposition of portfolio securities, instruments or other investments and the

execution of portfolio transactions, including brokerage commissions; (iv) expenses incurred in

connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under

the 1940 Act, including distribution fees; (v) litigation expenses; (vi) the investment advisory fee

payable to the Manager; (vii) non-routine or extraordinary expenses (including, without limitation,

the expense associated with proxy solicitations and fund reorganizations); and (viii) acquired fund

fees and expenses.

DMC entered into a sub-advisory agreement on behalf of the Fund with Macquarie Investment

Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Although the

Manager has principal responsibility for the Manager's portion of the Fund, the Manager may

permit the Affiliated Sub-Advisor to execute Fund security trades on behalf of the Manager.

Pursuant to the terms of the sub-advisory agreement, the investment sub-advisory fee is paid by

DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides

services to the Fund.

At September 30, 2025, Macquarie Management Holdings, Inc. directly owned 50.77% of the

Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the

investment management fees and other expenses of any Underlying Funds, in which it invests.

The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the

expense and fee levels of any Underlying Funds and the number of shares that are owned of any

Underlying Funds at different times.

On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain

of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into

an agreement for Nomura to acquire Macquarie Asset Management's US and European public

investments business. The transaction is subject to customary closing conditions, including the

receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these

conditions, the transaction is expected to close on or about December 1, 2025. This is subject to

change.

The closing of this transaction will result in the automatic termination of the Fund's investment

advisory agreement with DMC, and any sub-advisory agreement, as applicable. In anticipation

of the closing of the transaction, on June 12, 2025, the Board approved, and recommended

shareholders approve, a new investment advisory agreement for the Fund that, pending

shareholder approval, would go into effect at the closing of the transaction. At a special

shareholder meeting held on September 10, 2025, Fund shareholders approved a new investment

advisory agreement for the Fund.

The Fund will be renamed Nomura Focused International Core ETF at closing.

2. Investment Management, Administration Agreements, and Other Transactions with

#### Affiliates (continued)

#### Notes to financial statements
Macquarie Focused International Core ETF

3. Investments

For the period ended

September 30, 2025

, the Fund made purchases and sales of investment

securities other than short-term investments and US government securities as follows:

For the period ended September 30, 2025, in-kind transactions, which are not included in the table

above, associated with purchase or redemption of Creation Units were as follows:

At

September 30, 2025

, the cost and unrealized appreciation (depreciation) of investments

for federal income tax purposes have been estimated since final tax characteristics cannot be

determined until fiscal year end. At

September 30, 2025

, the cost and unrealized appreciation

(depreciation) of investments for federal income tax purposes for the Fund were as follows:

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to

transfer a liability in an orderly transaction between market participants at the measurement

date under current market conditions. A three-level hierarchy for fair value measurements has

been established based upon the transparency of inputs to the valuation of an asset or liability.

Inputs may be observable or unobservable and refer broadly to the assumptions that market

participants would use in pricing the asset or liability. Observable inputs reflect the assumptions

market participants would use in pricing the asset or liability based on market data obtained from

sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own

assumptions about the assumptions that market participants would use in pricing the asset or

liability based on the best information available under the circumstances. The Fund's investment

in its entirety is assigned a level based upon the observability of the inputs which are significant to

the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 — Inputs are quoted prices in active markets for identical investments. (Examples: equity

securities, open-end investment companies, futures contracts, and exchange-traded

options contracts)

Purchases

$

5,529,761

Sales

2,364,693

Purchases

$

13,077,664

Sales

—

Cost of investments

$

16,439,865

Aggregate unrealized appreciation of investments

$

467,376

Aggregate unrealized depreciation of investments

(269,435)

Net unrealized appreciation of investments

$

197,941

Level 2 — Other observable inputs, including, but not limited to: quoted prices for similar

assets or liabilities in markets that are active, quoted prices for identical or similar

assets or liabilities in markets that are not active, inputs other than quoted prices

that are observable for the assets or liabilities (such as interest rates, yield curves,

volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other

market-corroborated inputs. (Examples: debt securities, government securities, swap

contracts, forward foreign currency exchange contracts, foreign securities utilizing

international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 — Significant unobservable inputs, including the Fund's own assumptions used to

determine the fair value of investments. (Examples: broker-quoted securities and fair

valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an

income-based valuation approach in which the anticipated future cash flows of the investment are

discounted to calculate fair value. Discounts may also be applied due to the nature or duration

of any restrictions on the disposition of the investments. Valuations may also be based upon

current market prices of securities that are comparable in coupon, rating, maturity, and industry.

The derived value of a Level 3 investment may not represent the value which is received upon

disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy

levels as of

September 30, 2025

:

During the period ended

September 30, 2025

, there were no transfers into or out of Level 3

investments. The Fund's policy is to recognize transfers into or out of Level 3 investments based

on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of

Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. As of

September 30, 2025

, there were no Level 3 investments.

Level 1

Level 2

Level 3

Total

Securities

Assets:

Common Stocks

$

16,046,054

$

–

$

–

$

16,046,054

Preferred Stocks

330,775

–

–

330,775

Short-Term Investments

260,977

–

–

260,977

Total Value of Securities

$

16,637,806

$

–

$

–

$

16,637,806

3. Investments (continued)

Macquarie Focused International Core ETF

4. Issuance and Redemption of Fund Shares

The Fund is an exchange-traded fund or ETF. Individual Fund shares may only be purchased

and sold on a national securities exchange through a broker-dealer and investors may pay a

commission to such broker-dealers in connection with their purchase or sale. The price of Fund

shares is based on market price, and because ETF shares trade at market prices rather than NAV,

shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

The Fund will only issue or redeem shares aggregated into blocks of 50,000 shares or multiples

thereof ("Creation Units") to Authorized Participants who have entered into agreements with the

Fund's Distributor. An Authorized Participant is either (1) a "Participating Party," (i.e., a broker-

dealer or other participant in the clearing process of the Continuous Net Settlement System of the

National Securities Clearing Corporation) ("Clearing Process"), or (2) a participant of Depository

Trust Company ("DTC Participant"), and, in each case, must have executed an agreement

("Participation Agreement") with the Distributor with respect to creations and redemptions of

Creation Units. The Fund will issue or redeem Creation Units in return for a basket of assets that

the Fund specifies each day.

Shares are listed on the Nasdaq exchange and are publicly traded. If an investor buys or sells

Fund shares on the secondary market, the investor will pay or receive the market price, which

may be higher or lower than NAV. The investor's transaction will be priced at NAV if the investor

purchases or redeems Fund shares in Creation Units.

Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction

fee and a redemption transaction fee directly to the Fund's Administrator to offset transfer and

other transaction costs associated with the issuance and redemption of Creation Units, including

Creation Units for cash. Additionally, a portion of the transaction fee is used to offset transactional

costs typically accrued in the Fund's custody expenses directly related to the issuance and

redemption of Creation Units. An additional variable fee may be charged for certain transactions.

Such fees would be included in the receivable for capital shares issued on the "Statement of

assets and liabilities" if they are outstanding as of period-end. Transaction fees assessed during

the period are included in the proceeds from shares issued on the "Statement of changes in net

assets."

5. Certain Principal Risks of the Fund

Foreign and emerging markets risk — The risk that international investing (particularly in emerging

markets) may be adversely affected by political instability; changes in currency exchange rates;

inefficient markets and higher transaction costs; foreign economic conditions; the imposition of

economic or trade sanctions; or inadequate or different regulatory and accounting standards.

Information about non-U.S. companies may be unreliable or outdated, the Manager's reliance

on such data may affect the Fund's performance, and the rights and remedies associated with

investments in a fund that invests significantly in foreign securities may be different than those

with a fund that invests in domestic securities.

Large-capitalization company risk — Large-capitalization companies tend to be less volatile than

companies with smaller market capitalizations. This potentially lower risk means that the Fund's

share price may not rise as much as the share prices of funds that focus on smaller-capitalization

companies.

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days

at approximately the price at which a fund has valued them.

Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign

currencies and between various foreign currencies may cause the value of an investment to

decline.

Industrials sector risk — The risk that the value of a fund's shares will be affected by factors

particular to the industrials and related sectors (such as government regulation) and may fluctuate

more widely than that of a fund that invests in a broad range of sectors.

Industry and sector risk — The risk that the value of securities in a particular industry or sector

(such as the infrastructure industry) will decline because of changing expectations for the

performance of that industry or sector.

Consumer sectors risk — The success of consumer product manufacturers and retailers is tied

closely to the performance of domestic and international economies, interest rates, exchange

rates, competition, consumer confidence, changes in demographics and consumer preferences.

Companies in the consumer staples sector, such as companies that produce or sell food,

beverage, and drug retail or other household items, may be adversely impacted by changes

in global and economic conditions, rising energy prices, and changes in the supply or price of

commodities. Companies in the consumer discretionary sector, such as automobile, textile, retail,

and media companies, depend heavily on disposable household income and consumer spending,

and may be strongly affected by social trends and marketing campaigns. These companies may

be subject to severe competition, which may have an adverse impact on their profitability.

Financials sector risk — The risk that the value of a fund's shares will be affected by factors

particular to the financials and related sectors (such as government regulation) and may fluctuate

more widely than that of a fund that invests in a broad range of sectors.

Government and regulatory risk — The risk that governments or regulatory authorities may

take actions that could adversely affect various sectors of the securities markets and affect fund

performance.

Geographic focus risk — Geographic focus risk is the risk that local political and economic

conditions could adversely affect the performance of a fund investing a substantial amount of

assets in securities of issuers located in a single country or a limited number of countries.

Value Stock Risk — The risk that the value of a security believed by the Manager to be

undervalued may never reach what is believed to be its full value; such security's value may

decrease or such security may be appropriately priced. Value stocks are stocks of companies

5. Certain Principal Risks of the Fund (continued)

Macquarie Focused International Core ETF

that may have experienced adverse business or industry developments or may be subject to

special risks that have caused the stocks to be out of favor and, in the opinion of the Manager,

undervalued.

Derivatives risk — Derivatives contracts, such as futures, forward foreign currency contracts,

options, and swaps, may involve additional expenses (such as the payment of premiums) and

are subject to significant loss if a security, index, reference rate, or other asset or market factor to

which a derivatives contract is associated, moves in the opposite direction from what the Manager

anticipated. When used for hedging, the change in value of the derivatives instrument may also

not correlate specifically with the currency, rate or other risk being hedged, in which case a fund

may not realize the intended benefits. Derivatives contracts are also subject to the risk that the

counterparty may fail to perform its obligations under the contract due to, among other reasons,

financial difficulties (such as a bankruptcy or reorganization).

Rule 144A securities — The Fund also may invest in securities that normally are purchased or

resold pursuant to Rule 144A under the Securities Act of 1933 (Rule 144A securities). Rule 144A

is designed to facilitate efficient trading among institutional investors by permitting the sale of

certain unregistered securities. Rule 144A securities may be resold only to qualified institutional

buyers, provided that certain other conditions for resale are met. To the extent privately placed

securities held by a Fund qualify under Rule 144A and an institutional market develops for those

securities, a Fund likely will be able to dispose of the securities without registering them under the

Securities Act of 1933.

Nondiversification risk — A nondiversified fund has the flexibility to invest as much as 50% of its

assets in as few as two issuers with no single issuer accounting for more than 25% of the fund.

The remaining 50% of its assets must be diversified so that no more than 5% of its assets are

invested in securities of a single issuer. Because a nondiversified fund may invest its assets in

fewer issuers, the value of its shares may increase or decrease more rapidly than if it were fully

diversified.

ETF Structure Risks – The Fund is structured as an ETF and as a result is subject to special risks.

Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large

blocks known as "Creation Units." Trading in shares on the Nasdaq may be halted due to market

conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable,

such as extraordinary market volatility. There can be no assurance that Shares will continue to

meet the listing requirements of the Exchange. An active trading market for the Fund's shares

may not be developed or maintained. If the Fund's shares are traded outside a collateralized

settlement system, the number of financial institutions that can act as authorized participants that

can post collateral on an agency basis is limited, which may limit the market for the Fund's shares.

The market prices of Shares will fluctuate in response to changes in NAV and supply and demand

for shares and will include a "bid-ask spread" charged by the exchange specialists, market makers

or other participants that trade the particular security. There may be times when the market price

and the NAV vary significantly particularly during times of market stress, with the result that

5. Certain Principal Risks of the Fund (continued)

investors may pay significantly more or significantly less for Fund shares than the Fund's NAV,

which is reflected in the bid and ask price for Fund shares or in the closing price. If a shareholder

purchases shares at a time when the market price is at a premium to the NAV or sells shares at

a time when the market price is at a discount to NAV, the shareholder may sustain losses if the

shares are sold at a price that is less than the price paid by the shareholder for the shares. When

all or a portion of an ETFs underlying securities trade in a market that is closed when the market

for the Fund's shares is open, there may be changes from the last quote of the closed market

and the quote from the Fund's domestic trading day, which could lead to differences between

the market value of the Fund's shares and the Fund's NAV. In stressed market conditions, the

market for the Fund's shares may become less liquid in response to the deteriorating liquidity of

the Fund's portfolio. This adverse effect on the liquidity of the Fund's shares may, in turn, lead to

differences between the market value of the Fund's shares and the Fund's NAV.

6. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of

indemnifications. The Fund's maximum exposure under these arrangements is unknown.

However, the Fund has not had prior claims or losses pursuant to these contracts. Management

has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

7. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09,

Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the

transparency of income tax disclosures. The ASU requires public entities, on an annual basis,

to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of

income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required

to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

Management expects that adoption of the guidance will not have a material impact on the Fund's

financial statements.

8. Subsequent Events

Management has determined that no material events or transactions occurred subsequent

to September 30, 2025, that would require recognition or disclosure in the Fund's financial

statements.

5. Certain Principal Risks of the Fund (continued)

#### Other Fund information (Unaudited)
Macquarie Focused International Core ETF

#### Changes in and Disagreements with Accountants for Open-End Management Investment

#### Companies
Not Applicable.

#### Proxy Disclosures for Open-End Management Investment Companies

#### Proxy Results
At a special shareholder meeting held on September 10, 2025, Macquarie Focused International

Core ETF shareholders approved a new investment advisory agreement. The results of the voting

at the meeting were as follows:

#### Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment

#### Companies
Please refer to the disclosure within the financial statements.

#### Statement Regarding Basis of Approval for Investment Advisory Contract

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreement

#### at a Meeting Held on October 16, 2024
At a meeting held on October 16, 2024 (the "Contract Approval Meeting"), the Board of Trustees

(the "Board"), including a majority of Trustees each of whom is not an "interested person" as

defined under the Investment Company Act of 1940 (the "Independent Trustees"), approved

the Investment Management Agreement with Delaware Management Company ("DMC" or the

"Adviser") on behalf of the Macquarie Focused International Core ETF (the "Fund") and the Sub-

Advisory Agreement with Macquarie Investment Management Global Limited ("MIMGL") on behalf

of the Fund.

Prior to the Contract Approval Meeting, the Independent Trustees were assisted in their evaluation

of the Investment Management Agreement and the Sub-Advisory Agreement by independent legal

counsel, from whom they received separate legal advice and with whom they met separately. In

providing information to the Board, DMC was guided by a detailed set of requests for information

submitted to them by independent legal counsel on behalf of the Independent Trustees prior

to the Contract Approval Meeting. Prior to the Contract Approval Meeting, and in response to

the requests, the Board received and reviewed materials specifically relating to the approval of

the Investment Management Agreement and the Sub-Advisory Agreement. In considering and

approving the Investment Management Agreement and the Sub-Advisory Agreement, the Trustees

considered the information they believed relevant, including but not limited to the information

discussed below.

#### For

#### Against

#### Abstain
199,561

–

–

The Board did not identify any particular information or consideration that was all-important or

controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board, including the Independent Trustees, unanimously approved the

Investment Management Agreement and the Sub-Advisory Agreement for an initial two-year term.

The following summarizes a number of important, but not necessarily all, factors considered by

the Board in support of its approval.

*The nature, extent and quality of services to be provided by the Adviser and MIMGL.*

The Board

reviewed the services that the Adviser and MIMGL would provide to the Fund. In connection

with the investment advisory services to be provided, the Board noted the responsibilities that

the Adviser would have as the Fund's investment adviser, including: the overall supervisory

responsibility for the general management and investment of the Fund's securities portfolio;

providing oversight of the investment performance and processes and compliance with the Fund's

investment objectives, policies and limitations; the implementation of the investment management

program of the Fund; the management of the day-to-day investment and reinvestment of the

assets of the Fund; determining daily baskets of deposit securities and cash components;

executing portfolio security trades for purchases and redemptions of Fund shares conducted on a

cash-in-lieu basis; the review of brokerage matters; the oversight of general portfolio compliance

with relevant law; and the implementation of Board directives as they relate to the Fund. The

Board also took into account the Adviser's oversight of the Fund's operations and the Fund's other

service providers.

The Board reviewed the Adviser's and MIMGL's experience, resources and strengths in managing

other pooled investment vehicles, including the personnel of each. Based on its consideration

and review of the foregoing information, the Board determined, within the context of its full

deliberations, that the Fund was likely to benefit from the nature, quality and extent of these

services, as well as the ability of the Adviser and MIMGL to render such services based on their

experience, personnel, operations and resources.

*Fees, expenses and profitability.*

The Board compared both the services to be rendered and the

proposed fees to be paid to the Adviser with the fees that the Adviser receives pursuant to its other

advisory agreements, as well as the fees paid to other investment advisers with respect to similar

funds. In particular, the Board compared the Fund's proposed advisory fee and total expense

ratio to other investment companies considered to be in the Fund's peer group. Management

responded to questions from the Trustees, explaining that the nature of the Fund and its

anticipated investments warranted the proposed advisory fees for each. The Board also received

and considered information about the fee rates charged to other accounts and clients managed by

the Adviser, including information about the differences in services provided to the non-registered

investment company clients, as applicable. The Board also discussed the anticipated costs

and projected profitability of the Adviser in connection with its service as investment adviser to

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreement

#### at a Meeting Held on October 16, 2024

#### Other Fund information (Unaudited)
Macquarie Focused International Core ETF

the Fund, including operational costs. The Board also considered the Adviser's assumption of

business, entrepreneurial, overall managerial and other risks by sponsoring and advising the

Fund. After comparing the Fund's proposed fees and total expense ratios with those of other

funds in the Fund's peer group, and in light of the nature, extent and quality of services proposed

to be provided by the Adviser and MIMGL and the costs they expected to incur in rendering those

services, the Board concluded, within the context of its full deliberations, that the level of fees

proposed to be paid to the Adviser with respect to the Fund was fair and reasonable in light of the

nature, extent and quality of the services proposed to be provided by the Adviser and MIMGL.

The Board also considered that the Adviser and its affiliates may experience reputational "fall-out"

benefits based on the success of the Fund, but that such benefits are not easily quantifiable.

The extent to which economies of scale would be realized as the Fund grows and whether fee

levels would reflect such economies of scale. The Board next discussed potential economies of

scale. Since the Fund had not commenced operations, and the eventual aggregate amount of

assets was uncertain, Management was not able to provide the Board with specific information

concerning the extent to which economies of scale would be realized as the Fund grows and

whether fee levels would reflect such economies of scale, if any. The Board recognized the

uncertainty in launching a new investment product and estimating future asset levels. The

Trustees noted that any reduction in fixed costs associated with the management of the Fund

would be enjoyed by the Adviser, but that a unitary advisory fee provides a level of certainty in

expenses for the Fund.

*Investment performance of the Fund and the Adviser*

*.*

Because the Fund is newly formed and had

not commenced operations, the Board did not consider the investment performance of the Fund

or the Adviser.

#### Statement Regarding Basis of Approval for Investment Advisory Contract (continued)

#### Board Consideration of Investment Management Agreement and Sub-Advisory Agreement

#### at a Meeting Held on October 16, 2024
This page is not part of the financial statements and other information.

SA-EXUS-1125

(4943662) #### Contact information

#### Shareholder assistance by phone
844 469-9911, weekdays from 9:00am to

5:00pm ET

#### Regular mail
Macquarie ETF Trust

c/o Foreside Financial Services

Three Canal Plaza, Suite 100

Portland, ME 04101

Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated

asset manager across public and private markets offering a diverse range of capabilities, including real assets, real

estate, credit, equities, and multi-asset solutions.

The Fund is distributed by

#### Foreside Financial Services LLC.

#### Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity

#### noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act

#### 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent

#### deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide

#### assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document

#### relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment

#### and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group

#### entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee

#### repayment of capital in respect of the investment.
The Fund is governed by US laws and regulations.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

**Item 19. Exhibits.**

(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(a)(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit \[99.CERT\].](ex99cert.htm)

(a)(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.

(a)(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There was no change in the Registrant's independent public accountant during the period covered by the report.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto as Exhibit 99.906 CERT.](ex9906cert.htm)

## **SIGNATURES** 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

**Name of Registrant**: Macquarie ETF Trust

<u>/s/ ANTHONY CARUSO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By:&nbsp;&nbsp;&nbsp;&nbsp; Anthony Caruso

# Title: President and Chief Executive Officer
Date: November 26, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

<u>/s/ ANTHONY CARUSO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By:&nbsp;&nbsp;&nbsp;&nbsp; Anthony Caruso

Date: November 26, 2025

<u>/s/ RICHARD SALUS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By:&nbsp;&nbsp;&nbsp;&nbsp; Richard Salus

Title: Chief Financial Officer

Date: November 26, 2025

## Ex-99.Cert

**EXHIBIT 99.CERT**

 **<u>CERTIFICATION</u>**

I, Anthony Caruso, certify that:

1. I have reviewed this report on Form N-CSR of Macquarie ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 26, 2025

<u>/s/ ANTHONY CARUSO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By:&nbsp;&nbsp;&nbsp;&nbsp; Anthony Caruso

#### Title: President and Chief Executive Officer
 **<u>CERTIFICATION</u>**

I, Richard Salus, certify that:

1. I have reviewed this report on Form N-CSR of Macquarie ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)&nbsp;&nbsp;&nbsp;&nbsp; all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)&nbsp;&nbsp;&nbsp;&nbsp; any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 26, 2025

<u>/s/ RICHARD SALUS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

#### By: Richard Salus

#### Title: Chief Financial Officer

## Exhibit 99.906

**EXHIBIT 99.906CERT**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the attached report of the registrant on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the registrant does hereby certify, to the best of such officer's knowledge, that:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of the registrant as of, and for, the periods presented in the Report.

Date: November 26, 2025

<u>/s/ ANTHONY CARUSO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By:&nbsp;&nbsp;&nbsp;&nbsp; Anthony Caruso

Title: President and Chief Executive Officer

<u>/s/ RICHARD SALUS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richard Salus

Title:&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act, or other document authenticating, acknowledging, or otherwise adopting the signatures that appear in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.