# EDGAR Filing Document

**Accession Number:** 0001969995
**File Stem:** 0001206774-25-000510
**Filing Date:** 2025-7
**Character Count:** 22967
**Document Hash:** 175c93e591ab10a8fc113733ba4ef79b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-25-000510.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001206774-25-000510

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**EFFECTIVENESS DATE**: 20250731

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-273398
- **FILM NUMBER:** 251170404

**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            |

---

| |
|:---|
| ![](metft4512372-497kx1x1x1.jpg) |
| Summary prospectus |

---

MACQUARIE ETF TRUST

Macquarie Global Listed Infrastructure ETF BILD <br> Exchange: NYSE Arca, Inc.

July 29, 2025

**Before you invest, you may want to review the Fund's statutory prospectus (and any supplements thereto), which contains more information about the Fund and its risks. You can find the Fund's statutory prospectus and other information about the Fund, including its statement of additional information and most recent reports to shareholders, online at etf.macquarie.com. You can also get this information at no cost by calling 844-469-9911. The Fund's statutory prospectus and statement of additional information, both dated July 29, 2025 (and any supplements thereto), are incorporated by reference into this summary prospectus.**

Summary prospectus

**Macquarie Global Listed Infrastructure ETF**

**What is the Fund's investment objective?**

Macquarie Global Listed Infrastructure ETF seeks to deliver total return that consists of both capital growth and income by investing in infrastructure companies.

**What are the Fund's fees and expenses?**

The following table describes the fees and expenses that you will incur if you buy, hold, and sell shares of the Fund. **You may also incur other fees, such as usual and customary brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below.**

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)**

---

| | |
|:---|:---|
| Management fees | 0.49% |
| Distribution and service (12b-1) fees |  |
| Other expenses |  |
| Acquired fund fees and expenses<sup>1</sup> | 0.01% |
| **Total annual Fund operating expenses<sup>2</sup>** | **0.50%** |

---

<sup>1</sup> Acquired fund fees and expenses sets forth the Fund's pro rata portion of the cumulative expenses charged by the registered investment companies (RICs) in which the Fund invested during the last fiscal year. The acquired fund fees and expenses shown are based on the total expense ratio of the RICs for the RICs' most recent fiscal period. These expenses are not direct costs paid by Fund shareholders, and are not used to calculate the Fund's NAV.

<sup>2</sup> The total annual Fund operating expenses in this fee table do not correlate to the expense ratio in the Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude acquired fund fees and expenses.

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $51 | $160 | $280 | $628 |

---

**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 75% of the average value of its portfolio.

Summary prospectus

**What are the Fund's principal investment strategies?**

Under normal circumstances, the Macquarie Global Listed Infrastructure ETF will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in listed infrastructure companies. For purposes of the 80% policy, the Fund defines listed infrastructure companies as publicly traded companies engaged in the development, operation, and/or management of infrastructure assets. Infrastructure assets include, but are not limited to, networks, systems and physical structures relating to utilities (*e.g.*, electric, gas, water and sewage), transportation (*e.g.*, airports, highways, railways, and marine ports), energy (*e.g.*, renewable energy generation, oil, gas and/or refined product pipeline operators), and communications (*e.g.*, cell phone tower operators, data centers, satellites, and other providers of communication services). A company is engaged in the development, operation, and/or management of infrastructure assets if, in the opinion of Delaware Management Company, the Fund's investment adviser ("Manager"), the company (i) derives at least 50% of its revenue or profits, either directly or indirectly, from infrastructure assets, or (ii) commits at least 50% of its assets to activities related to infrastructure assets.

The Fund will invest principally in exchange-listed equity securities of companies that are located throughout the world, including the United States. The Fund will rely on the country where the issuer is incorporated, is headquartered or has its principal place of business in determining the location of an issuer. The Fund may also invest in exchange-listed equity securities of non-U.S. companies located in emerging market countries. Emerging market countries include those currently considered to be developing by the World Bank, the United Nations, or the countries' governments. The Fund will primarily invest in emerging markets securities of countries included in the MSCI Emerging Markets Index. The Fund may invest in companies of any size; however, the Manager may exclude companies below a market capitalization of $2 billion that it deems not sufficiently liquid and may exclude large capitalization companies that the Manager believes have limited free float (i.e., shares of the company available to the public).

The Manager uses a research-oriented, bottom-up (researching individual issuers) investment approach to seek to identify attractive global listed infrastructure companies. The Manager considers a number of factors in selecting individual investments for the Fund's portfolio, including proprietary valuation analysis, company management due diligence and a risk assessment of each potential investment.

Generally, in determining whether to sell a security, the Manager uses the same type of analysis that it uses when buying securities to determine whether the security continues to be a desired investment for the Fund, including consideration of the security's current valuation. Additionally, the Manager may sell a security to reduce the Fund's holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

The Manager may permit its affiliate, Macquarie Investment Management Global Limited ("MIMGL"), to execute Fund security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Quantitative support from MIMGL may include portfolio analytics and research and other quantitative analysis relating to the Fund's holdings and investment strategy.

The Fund's 80% policy is non-fundamental and may be changed without shareholder approval. However, Fund shareholders would be given at least 60 days' notice prior to any such change.

**What are the principal risks of investing in the Fund?**

Investing in any exchange-traded fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund's portfolio. An investment in the Fund may not be appropriate for all investors. Unlike many ETFs, the Fund is actively managed and does not seek to replicate the performance of a specified index. The Fund's principal risks include:

**Market risk** — The risk that all or a majority of the securities in a certain market - such as the stock or bond market - will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

**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.

Summary prospectus

**Active management and selection risk** — The risk that the securities selected by a fund's management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

**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 or auditing and financial recordkeeping 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.

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.

**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.

**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.

**ETF risk** — The Fund is an ETF, and, as a result of an ETF's structure, it is exposed to the following risks: "Authorized participants, market makers and liquidity providers concentration risk," "Secondary market trading risk" and "Shares may trade at prices other than NAV risk."

&nbsp;&nbsp;&nbsp;&nbsp;• **Authorized participants, market makers and liquidity providers concentration risk** — Only authorized
 participants ("APs") may engage in creation or redemption transactions directly
 with the Fund. The Fund has a limited number of financial institutions that are institutional
 investors and may act as APs. In addition, there may be a limited number of market makers
 and/or liquidity providers in the marketplace, and they have no obligation to submit creation
 or redemption orders. To the extent either of the following events occur, the Fund's
 shares may trade at a material discount to net asset value ("NAV") and possibly
 face delisting: (i) APs exit the business or otherwise become unable to process creation
 and/or redemption orders and no other APs step forward to perform these services, or (ii)
 market makers and/or liquidity providers exit the business or significantly reduce their
 business activities and no other entities step forward to perform their functions. These
 events, among others, may lead to the Fund's shares trading at a premium or discount
 to NAV. A diminished market for an ETF's shares substantially increases the risk that
 a shareholder may pay considerably more or receive significantly less than the underlying
 value of the ETF shares bought or sold.

&nbsp;&nbsp;&nbsp;&nbsp;• **Secondary market trading risk** — Although the Fund's shares are listed on a national
 securities exchange, NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S.
 exchanges other than the Exchange, there can be no assurance that an active or liquid trading
 market for them will develop or be maintained. In addition, trading in the Fund's shares
 on the Exchange may be halted. An exchange or market may also issue trading halts on specific
 securities or financial instruments. As a result, the ability to trade certain securities
 or financial instruments may be restricted, which may disrupt the Fund's creation/redemption
 process or affect the price at which shares trade in the secondary market.

Summary prospectus

&nbsp;&nbsp;&nbsp;&nbsp;• **Shares may trade at prices other than NAV risk** — As with all ETFs, shares of the Fund
 may be bought and sold in the secondary market at market prices. The Fund's NAV is
 calculated at the end of each business day and fluctuates with changes in the market value
 of the Fund's holdings, while the trading price of the shares fluctuates continuously
 throughout trading hours on the Exchange, based on both the relative market supply of, and
 demand for, the shares and the underlying value of the Fund's holdings. As a result,
 although it is expected that the market price of the Fund's shares will approximate
 the Fund's NAV, there may be times when the market price of the Fund's shares
 is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This
 risk is heightened in times of market volatility or periods of steep market declines.

None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each 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 company 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.

**How has Macquarie Global Listed Infrastructure ETF performed?**

The bar chart and table below provide some indication of the risks of investing in the Fund by showing the Fund'sperformance for the 2024 calendar year and by showing how the Fund's average annual total returns for the 1-year andlifetime periods compare with those of a broad measure of market performance. The Fund's past performance (beforeand after taxes) is not necessarily an indication of how it will perform in the future. You may obtain the Fund's mostrecently available month-end performance by calling 844-469-9911 or by visiting the Fund's website at etf.macquarie.com.

**Calendar year-by-year total return**

During the period illustrated in this bar chart, the Fund's highest quarterly return was 14.80% for the quarter ended September 30, 2024, and its lowest quarterly return was -11.20% for the quarter ended December 31, 2024.

The performance information shown above is based on a calendar year. The Fund's performance from January 1, 2025 to June 30, 2025 was 13.35%.

**Average annual total returns for periods ended December 31, 2024**

---

| | | |
|:---|:---|:---|
| | 1 year | Lifetime |
| Returns before taxes (lifetime: 11/28/23-12/31/24) | -2.70% | 1.36% |
| Returns after taxes on distributions (lifetime: 11/28/23-12/31/24) | -4.10% | -0.12% |
| Returns after taxes on distributions and sale of Fund shares (lifetime: 11/28/23-12/31/24) | -0.90% | 0.86% |
| **MSCI World Index (Net)** (lifetime: 11/28/23-12/31/24) | 18.67% | 22.63% |
| **S&P Global Infrastructure Index (Net)** (lifetime: 11/28/23-12/31/24) | 14.05% | 17.48% |

---

Actual after-tax returns depend on the investor's individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (IRAs). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes.

Summary prospectus

**Who manages the Fund?**

**Investment manager**

Delaware Management Company, a series of Macquarie Investment Management Business Trust (a Delaware statutory trust)

---

| | | |
|:---|:---|:---|
| **Portfolio managers** | **Title with Delaware Management Company** | **Start date on the Fund** |
| Brad Frishberg, CFA | Managing Director, Head of Macquarie Global Listed Infrastructure | Since inception<br> (November 2023) |
| Barry Klein, CFA | Senior Vice President, Portfolio Manager, Senior Equity Analyst | October 2024 |

---

**Sub-Advisor**

Macquarie Investment Management Global Limited (MIMGL)

On April 21, 2025, Macquarie Group Limited, the parent company of the Manager, a series of Macquarie Investment Management Business Trust (MIMBT), together with certain of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into an agreement for Nomura to acquire the US and European public investments asset management business of Macquarie Asset Management. 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 October 31, 2025.

**Purchase and redemption of Fund shares**

The Fund is an ETF. As an ETF, only APs may engage in creation or redemption transactions directly with the Fund. The Fund issues or redeems shares that have been aggregated into blocks of 25,000 shares or multiples thereof (Creation Units) to APs who have entered into agreements with the Fund's distributor, Foreside Financial Services, LLC. The Fund will generally issue or redeem Creation Units in exchange for a basket of securities (and/or an amount of cash) that the Fund specifies each day. Individual shares of the Fund may only be purchased and sold on a national securities exchange through a broker-dealer. 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).

An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). Recent information, including information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads is available on the Fund's website at etf.macquarie.com.

**Tax information**

The Fund's distributions generally are taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account.

**Payments to broker/dealers and other financial intermediaries**

If you purchase shares of the Fund through a broker/dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for certain Fund-related activities, including those that are designed to make the intermediary more knowledgeable about exchange traded products, such as the Fund, as well as for marketing, education or other initiatives related to the sale or promotion of Fund shares. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

SMPR-BILD