# EDGAR Filing Document

**Accession Number:** 0001969995
**File Stem:** 0002000048-25-000017
**Filing Date:** 2025-6
**Character Count:** 412247
**Document Hash:** 51c51fd4df9da83e6cffb5b10fc7f4a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000048-25-000017.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0002000048-25-000017

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**EFFECTIVENESS DATE**: 20250613

**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-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23890
- **FILM NUMBER:** 251046780

**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 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; March 31, 2025 |

---

**Explanatory Note**

This amendment to the Form N-CSR ("Amendment") is being filed solely to revise the dates of both certifications included in the Form N-CSR originally filed on June 5, 2025 (SEC Accession No. 0002000048-25-000015). The certification dates were inadvertently incorrect due to a clerical oversight. This Amendment reflects the updated execution date by the registrant's principal executive and principal financial officers to correspond with the filing of this Amendment. No other changes have been made to the disclosures or financial information previously filed.

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](i03c1d26e61d6a49b539e75f5.jpg)

# Macquarie Energy Transition ETF: PWER

#### Principal listing exchange: NYSE Arca

#### Annual shareholder report — March 31, 2025
This annual shareholder report contains important information about Macquarie Energy Transition ETF (Fund) for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at

# What were the Fund's costs for the last 12 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** |
| PWER | $76 | 0.79% |

---

# Management's discussion of Fund performance
**Performance highlights**

Macquarie Energy Transition ETF returned -6.57% for the 12 months ended March 31, 2025. During the same period, the MSCI ACWI (All Country World Index) Index (net), the Fund's broad-based securities market index, returned 7.15%, while the S&P 1500 Energy Sector Index, the Fund's narrowly based securities market index, returned 1.28%.

**Top contributors to performance:** 

* The natural gas sector outperformed other energy sectors and positively contributed to performance. Expand Energy Corp. and Baker Hughes Co. benefitted from the need for increasing power supplies and AI driven energy demand.

* Shares of Hudbay Minerals Inc. were strong on the back of rising copper and gold prices. Copper remains challenged from the supply side and should see increasing demand from the energy transition. Gold has been a safe haven and has seen increased allocation from foreign central banks.

* Centrus Energy Corp. saw increasing appetite for nuclear power, particularly for small modular reactors, which drove shares higher as they are the only domestic producer of certain types of uranium.

**Top detractors from performance:** 

* Renewable energy companies, Sunrun Inc., SolarEdge Technologies Inc., and Enphase Energy Inc. all detracted from performance as higher interest rates and the diminished support of renewables weighed on their outlooks.

* GrafTech International Ltd., a graphite electrode producer, saw shares decline on pricing pressure from excess Chinese capacity.

* Neste OYJ saw a decline in renewable fuels demand and pricing hurt operations in North America and Europe.

TSAR-PWER-0525

# **Fund performance** 
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Fund for the life of the Fund. It also assumes a $10,000 initial investment at the Fund's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

# **Growth of $10,000 investment** 
For the period November 28, 2023, (inception of Fund) through March 31, 2025

![Growth of 10K Chart](i85604a32b9bc5bdbc5729407.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Macquarie Energy Transition ETF — $10,241** | **MSCI ACWI Index (net) — $12,195** | **S&P 1500 Energy Sector Index — $11,497** |
| **11-28-23** | 10000 | 10000 | 10000 |
| **12-31-23** | 10986 | 10519 | 9986 |
| **3-31-24** | 10961 | 11381 | 11352 |
| **6-30-24** | 11176 | 11708 | 11050 |
| **9-30-24** | 11598 | 12482 | 10717 |
| **12-31-24** | 10593 | 12359 | 10583 |
| **3-31-25** | 10241 | 12195 | 11497 |

---

---

| | | |
|:---|:---|:---|
| **Average annual total returns (as of March 31, 2025)** | **1 Year** | **Since Inception (11/28/23)** |
| Macquarie Energy Transition ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value | -6.57% | 1.80% |
| MSCI ACWI Index (net) | 7.15% | 15.97% |
| S&P 1500 Energy Sector Index | 1.28% | 10.98% |

---

#### Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit macquarie.com/mam/etf-literature for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All results shown assume reinvestment of distributions.

# **Fund statistics** 
(as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $6433928 |
| Total number of portfolio holdings | 39 |
| Total advisory fees paid | $53207 |
| Portfolio turnover rate | 55% |

---

TSAR-PWER-0525

#### Fund holdings
(as of March 31, 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

---

| | |
|:---|:---|
| Oil & Gas Exploration & Production | 23.79% |
| Diversified Metals & Mining | 11.95% |
| Oil & Gas Refining & Marketing | 8.79% |
| Steel | 6.06% |
| Gold | 5.44% |
| Integrated Oil & Gas | 5.21% |
| Electrical Components & Equipment | 4.94% |
| Fertilizers & Agricultural Chemicals | 4.86% |
| Semiconductors | 4.59% |
| Oil & Gas Equipment & Services | 4.56% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| Shell plc ADR | 5.21% |
| CF Industries Holdings, Inc. | 4.86% |
| ARC Resources Ltd. | 4.63% |
| First Solar, Inc. | 4.59% |
| Expand Energy Corp. | 4.49% |
| Wheaton Precious Metals Corp. | 4.47% |
| Hudbay Minerals, Inc. | 4.45% |
| Valero Energy Corp. | 4.33% |
| Steel Dynamics, Inc. | 4.07% |
| Alcoa Corp. | 3.80% |

---

#### 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

#### 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://macquarie.com/mam/etf-literature](i563384682f170c35fb22cd64.jpg)

(4444710) 3

TSAR-PWER-0525

![Image](i03c1d26e61d6a49b539e75f5.jpg)

# Macquarie Focused Emerging Markets Equity ETF: EMEQ

#### Principal listing exchange: NASDAQ

#### Annual shareholder report — March 31, 2025
This annual shareholder report contains important information about Macquarie Focused Emerging Markets Equity ETF (Fund) for the period of September 4, 2024, to March 31, 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 September 4, 2024, (inception of Fund) through March 31, 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>** |
| EMEQ | $49 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Fund from inception date through March 31, 2025. Expenses would be higher if the Fund had been in operation for the last 12 months. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized |

---

# Management's discussion of Fund performance
**Performance highlights**

Macquarie Focused Emerging Markets Equity ETF returned 2.60% for the period from its inception on September 4, 2024, to March 31, 2025. During the same period, the MSCI Emerging Markets Index (net), the Fund's broad-based securities market index, returned 3.46%.

**Top contributors to performance:** 

* Shares of Alibaba Group Holding Ltd., a Chinese consumer discretionary company, outperformed the MSCI Emerging Markets Index (net), the Fund's broad-based securities market index (benchmark). Investor sentiment toward the company's growth prospects appeared to improve.

* Shares of SK Hynix Inc., a South Korean information technology (IT) company, outperformed the benchmark. Expansion of artificial intelligence (AI)-related infrastructure may support sales of the company's high-bandwidth memory chips. 

* Shares of SK Square Co. Ltd., a South Korean industrials company, outperformed the benchmark. SK Square holds an approximately 20% equity stake in SK Hynix. The company's net asset value (NAV) increased due to the rising value of its investment in SK Hynix. 

* In India, the Fund's positioning contributed to relative performance. The Fund was underweight to several underperforming sectors, including industrials, consumer discretionary, and utilities. 

**Top detractors from performance:**

* In China, the Fund's positioning detracted from relative performance versus the benchmark during the reporting period. The fund was underweight to several of the strongest-performing sectors, including financials and IT.

* Shares of Reliance Industries Ltd., an Indian energy company, underperformed due to softness in refining and petrochemicals margins and slower-than-expected growth in its consumer retail business.

* Shares of Samsung Electronics Co. Ltd., a South Korean IT company, underperformed. The company's progress in developing leading-edge high-bandwidth memory chips has been slower than expected.

TSAR-EMEQ-0525

# **Fund performance** 
The following graph compares the initial and subsequent account values at the end of each of the most recently completed period of the Fund for the life of the Fund. It also assumes a $10,000 initial investment at the Fund's inception date in a broad-based securities market index.

# **Growth of $10,000 investment** 
For the period September 4, 2024, (inception of Fund) through March 31, 2025

![Growth of 10K Chart](i0257f4cf6a4cde3d10c00d35.jpg)

---

| | | |
|:---|:---|:---|
| | **Macquarie Focused Emerging Markets Equity ETF — $10,260** | **MSCI Emerging Markets Index (net) — $10,346** |
| **9-4-24** | 10000 | 10000 |
| **9-30-24** | 10852 | 10927 |
| **10-31-24** | 10460 | 10441 |
| **11-30-24** | 9888 | 10066 |
| **12-31-24** | 9865 | 10052 |
| **1-31-25** | 10312 | 10232 |
| **2-28-25** | 10365 | 10281 |
| **3-31-25** | 10260 | 10346 |

---

---

| | |
|:---|:---|
| **Average total returns (as of March 31, 2025)** | **Since Inception (9/4/24)** |
| Macquarie Focused Emerging Markets Equity ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value | 2.60% |
| MSCI Emerging Markets Index (net) | 3.46% |

---

#### Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit macquarie.com/mam/etf-literature for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All results shown assume reinvestment of distributions.

# **Fund statistics** 
(as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $16532943 |
| Total number of portfolio holdings | 51 |
| Total advisory fees paid | $47850 |
| Portfolio turnover rate | 12% |

---

TSAR-EMEQ-0525

#### Fund holdings
(as of March 31, 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 | 21.69% |
| China | 20.69% |
| Taiwan | 18.26% |
| India | 12.66% |
| Mexico | 5.94% |
| Brazil | 5.66% |
| Hong Kong | 3.41% |
| Indonesia | 2.45% |
| Turkiye | 1.28% |
| Thailand | 1.25% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Information Technology | 33.67% |
| Financials | 14.92% |
| Consumer Discretionary | 14.70% |
| Energy | 11.01% |
| Industrials | 9.57% |
| Communication Services | 6.24% |
| Consumer Staples | 4.83% |
| Healthcare | 2.15% |
| Materials | 0.79% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 13.20% |
| SK Hynix, Inc. | 7.31% |
| Alibaba Group Holding Ltd. ADR | 6.45% |
| Samsung Electronics Co. Ltd. | 5.77% |
| SK Square Co. Ltd. | 5.60% |
| Reliance Industries Ltd. GDR 144A | 4.81% |
| Tencent Holdings Ltd. | 4.78% |
| Hong Kong Exchanges & Clearing Ltd. | 3.41% |
| Reliance Industries Ltd. | 2.65% |
| Petroleo Brasileiro SA ADR | 2.53% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

#### 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

#### 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://macquarie.com/mam/etf-literature](i563384682f170c35fb22cd64.jpg)

(4449060) 3

TSAR-EMEQ-0525

![Image](i03c1d26e61d6a49b539e75f5.jpg)

# Macquarie Focused Large Growth ETF: LRGG

#### Principal listing exchange: NYSE Arca

#### Annual shareholder report — March 31, 2025
This annual shareholder report contains important information about Macquarie Focused Large Growth ETF (Fund) for the period of May 14, 2024, to March 31, 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 May 14, 2024, (inception of Fund) through March 31, 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>** |
| LRGG | $40 | 0.44% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Fund from inception date through March 31, 2025. Expenses would be higher if the Fund had been in operation for the last 12 months. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized |

---

# Management's discussion of Fund performance
**Performance highlights**

Macquarie Focused Large Growth ETF returned 4.65% for the period from its inception on May 14, 2024, to March 31, 2025. During the same period, the Russell 1000<sup><sup>®</sup></sup>Index, the Fund's broad-based securities market index, returned 7.97%, while the Russell 1000<sup><sup>®</sup></sup> Growth Index, the Fund's narrowly based securities market index, returned 7.20%.

**Top contributors to performance:** 

* Stock selection and an overweight allocation in financials relative to the Fund's narrowly based securities market index (benchmark) contributed most to the portfolio. Within the sector, non-bank financials performed particularly well, which is where this portfolio holds positions.

* Financials sector holding Intercontinental Exchange Inc. had the strongest performance and was a top-three contributor for the fiscal period. 

* Fund holdings VeriSign Inc., the registrar for .com and .net domains, and Motorola Solutions Inc., the leader in land mobile radio equipment, were also top contributors. 

**Top detractors from performance:**

* Consistent with its philosophy, the Fund was positioned with a lower risk profile than the benchmark, a posture that detracted from performance over the first three quarters of the fiscal year as a small subset of artificial intelligence stocks drove the market.

* Stock selection in the consumer discretionary, communication services, and real estate sectors detracted most from performance relative to the benchmark.

* At an individual stock level, the largest detractor was Synopsys Inc., a semiconductor design company. It was down with much of the semiconductor industry. Positions in Danaher Corp. and LVMH Moet Hennessey Louis Vuitton SE also detracted.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup><sup>®</sup></sup> is a trademark of Frank Russell Company.

TSAR-LRGG-0525

# **Fund performance** 
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Fund for the life of the Fund. It also assumes a $10,000 initial investment at the Fund's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

# **Growth of $10,000 investment** 
For the period May 14, 2024, (inception of Fund) through March 31, 2025

![Growth of 10K Chart](i39520a65e952cf473410efce.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Macquarie Focused Large Growth ETF — $10,465** | **Russell 1000 Index — $10,797** | **Russell 1000 Growth Index — $10,720** |
| **5-14-24** | 10000 | 10000 | 10000 |
| **6-30-24** | 10544 | 10372 | 10777 |
| **9-30-24** | 10840 | 11002 | 11121 |
| **12-31-24** | 11018 | 11305 | 11907 |
| **3-31-25** | 10465 | 10797 | 10720 |

---

---

| | |
|:---|:---|
| **Average total returns (as of March 31, 2025)** | **Since Inception (5/14/24)** |
| Macquarie Focused Large Growth ETF |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value | 4.65% |
| Russell 1000 Index | 7.97% |
| Russell 1000 Growth Index | 7.20% |

---

#### Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit macquarie.com/mam/etf-literature for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All results shown assume reinvestment of distributions.

# **Fund statistics** 
(as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $114983290 |
| Total number of portfolio holdings | 22 |
| Total advisory fees paid | $105573 |
| Portfolio turnover rate | 7% |

---

TSAR-LRGG-0525

#### Fund holdings
(as of March 31, 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

---

| | |
|:---|:---|
| Information Technology | 42.85% |
| Financials | 16.80% |
| Consumer Discretionary | 12.22% |
| Healthcare | 7.03% |
| Communication Services | 5.67% |
| Real Estate | 5.36% |
| Industrials | 4.69% |
| Consumer Staples | 3.62% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| Microsoft Corp. | 12.18% |
| NVIDIA Corp. | 9.03% |
| Apple, Inc. | 7.72% |
| Amazon.com, Inc. | 7.16% |
| Alphabet, Inc., Class C | 5.67% |
| Visa, Inc., Class A | 4.79% |
| Waste Connections, Inc. | 4.69% |
| UnitedHealth Group, Inc. | 4.42% |
| Intercontinental Exchange, Inc. | 4.39% |
| Motorola Solutions, Inc. | 4.16% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

#### 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

#### 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://macquarie.com/mam/etf-literature](i563384682f170c35fb22cd64.jpg)

(4435069) 3

TSAR-LRGG-0525

![Image](i03c1d26e61d6a49b539e75f5.jpg)

# Macquarie Global Listed Infrastructure ETF: BILD

#### Principal listing exchange: NYSE Arca

#### Annual shareholder report — March 31, 2025
This annual shareholder report contains important information about Macquarie Global Listed Infrastructure ETF (Fund) for the period of April 1, 2024, to March 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last 12 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** |
| BILD | $50 | 0.49% |

---

# Management's discussion of Fund performance
**Performance highlights**

Macquarie Global Listed Infrastructure ETF returned 3.88% for the 12 months ended March 31, 2025. During the same period, the MSCI World Index (net), the Fund's broad-based securities market index, returned 7.04%, while the S&P Global Infrastructure Index (net), the Fund's narrowly based securities market index, returned 17.76%.

**Top contributors to performance:** 

* An underweight position to Transurban Group contributed to performance during the reporting period versus the Fund's narrowly based index, the S&P Global Infrastructure Index (net) (benchmark). The company faced some regulatory challenges, as the New South Wales government initiated discussions on toll reform, aimed at reducing costs for drivers. Additionally, financial results were below market expectations.

* An underweight to Grupo Aeroportuario del Pacifico SAB de CV also contributed to performance versus the benchmark as the company experienced slowing domestic traffic figures.

**Top detractors from performance:**

* An underweight position to Targa Resources Corp. which we did not own, detracted from performance during the reporting period, based on the company's non-purity of infrastructure and the heavy commodity price linkages.

* An underweight position to Williams Inc. which we did not own on basis of valuation, also detracted from performance. The company was heavily influenced by the rhetoric around artificial intelligence (AI), which we believed was speculative.

TSAR-BILD-0525

# **Fund performance** 
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Fund for the life of the Fund. It also assumes a $10,000 initial investment at the Fund's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

# **Growth of $10,000 investment** 
For the period November 28, 2023, (inception of Fund) through March 31, 2025

![Growth of 10K Chart](ic8836e6b5789b721835dade7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Macquarie Global Listed Infrastructure ETF — $10,592** | **MSCI World Index (net) — $12,275** | **S&P Global Infrastructure Index (net) — $12,452** |
| **11-28-23** | 10000 | 10000 | 10000 |
| **12-31-23** | 10430 | 10532 | 10456 |
| **3-31-24** | 10197 | 11468 | 10574 |
| **6-30-24** | 9955 | 11769 | 10820 |
| **9-30-24** | 11428 | 12518 | 12247 |
| **12-31-24** | 10149 | 12499 | 11926 |
| **3-31-25** | 10592 | 12275 | 12452 |

---

---

| | | |
|:---|:---|:---|
| **Average annual total returns (as of March 31, 2025)** | **1 Year** | **Since Inception (11/28/23)** |
| Macquarie Global Listed Infrastructure ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value | 3.88% | 4.39% |
| MSCI World Index (net) | 7.04% | 16.53% |
| S&P Global Infrastructure Index (net) | 17.76% | 17.78% |

---

#### Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit macquarie.com/mam/etf-literature for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All results shown assume reinvestment of distributions.

# **Fund statistics** 
(as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $4973707 |
| Total number of portfolio holdings | 44 |
| Total advisory fees paid | $24965 |
| Portfolio turnover rate | 75% |

---

TSAR-BILD-0525

#### Fund holdings
(as of March 31, 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 | 36.66% |
| United Kingdom | 11.88% |
| Spain | 11.58% |
| Italy | 9.78% |
| Canada | 7.89% |
| New Zealand | 3.63% |
| Australia | 3.00% |
| France | 2.80% |
| Hong Kong | 2.21% |
| Mexico | 1.97% |

---

#### Sector allocation

---

| | |
|:---|:---|
| Electric Utility | 27.33% |
| Airports | 17.46% |
| Energy Infrastructure | 15.56% |
| Water | 9.36% |
| Electricity & Gas Distribution | 8.30% |
| Toll Roads | 6.21% |
| Communications Infrastructure | 5.37% |
| Electricity Transmission | 3.74% |
| Electricity Generation | 1.91% |
| Seaports | 1.62% |

---

#### Top 10 equity holdings

---

| | |
|:---|:---|
| Enbridge, Inc. | 6.13% |
| National Grid plc | 5.59% |
| Auckland International Airport Ltd. | 3.63% |
| NextEra Energy, Inc. | 3.63% |
| United Utilities Group plc | 3.63% |
| Enav SpA 144A | 3.48% |
| Exelon Corp. | 3.42% |
| Cellnex Telecom SA 144A | 3.18% |
| American Electric Power Co., Inc. | 3.10% |
| Essential Utilities, Inc. | 3.07% |

---

Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.

#### Material Fund changes
This is a summary of certain changes to the Fund since the beginning of the reporting period.

Effective December 30, 2024, the Fund removed the concept of sustainable investing from the Fund's investment objective and 80% investment policy.

The Fund now 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 utilities, transportation infrastructure, energy infrastructure, and communications infrastructure.

For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2025, at macquarie.com/mam/etf-literature or upon request at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

#### 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

#### 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://macquarie.com/mam/etf-literature](i563384682f170c35fb22cd64.jpg)

(4449004) 3

TSAR-BILD-0525

![Image](i03c1d26e61d6a49b539e75f5.jpg)

# Macquarie National High-Yield Municipal Bond ETF: HTAX

#### Principal listing exchange: NYSE Arca

#### Annual shareholder report — March 31, 2025
This annual shareholder report contains important information about Macquarie National High-Yield Municipal Bond ETF (Fund) for the period of March 5, 2025, to March 31, 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 March 5, 2025, (inception of Fund) through March 31, 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>** |
| HTAX | $3 | 0.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Amount shown reflects the expenses of the Fund from inception date through March 31, 2025. Expenses would be higher if the Fund had been in operation for the last 12 months. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Annualized |

---

# Management's discussion of Fund performance
**Performance highlights**

Macquarie National High-Yield Municipal Bond ETF returned -1.24% for the period from its inception on March 5, 2025, to March 31, 2025. During the same period, the Bloomberg Municipal Bond Index, the Fund's broad-based securities market index, returned -1.67%.

# **Fund statistics** 
(as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $6171601 |
| Total number of portfolio holdings | 32 |
| Total advisory fees paid | $2084 |
| Portfolio turnover rate | 14% |

---

TSAR-HTAX-0525

#### Fund holdings
(as of March 31, 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 | 24.05% |
| Industrial Development Revenue Bonds | 21.59% |
| Education Revenue Bonds | 16.80% |
| Transportation Revenue Bonds | 9.99% |
| Special Tax Revenue Bonds | 8.25% |
| State General Obligation Revenue Bonds | 4.95% |
| Leasing Revenue Bonds | 3.38% |
| Utility Revenue Bonds | 3.24% |
| Local General Obligation Revenue Bonds | 3.10% |
| Building Revenue Bonds | 2.70% |

---

#### State/territory allocation

---

| | |
|:---|:---|
| Puerto Rico | 15.90% |
| California | 13.72% |
| Arizona | 8.13% |
| New York | 6.62% |
| Florida | 6.29% |
| Ohio | 5.72% |
| Alabama | 4.22% |
| Texas | 3.61% |
| Iowa | 3.38% |
| New Jersey | 3.38% |

---

#### 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

#### 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://macquarie.com/mam/etf-literature](i563384682f170c35fb22cd64.jpg)

(4436043) 2

TSAR-HTAX-0525

![Image](i03c1d26e61d6a49b539e75f5.jpg)

# Macquarie Tax-Free USA Short Term ETF: STAX

#### Principal listing exchange: NYSE Arca

#### Annual shareholder report — March 31, 2025
This annual shareholder report contains important information about Macquarie Tax-Free USA Short Term ETF (Fund) for the period of April 1, 2024, to March 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.** 

# What were the Fund's costs for the last 12 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** |
| STAX | $30 | 0.29% |

---

# Management's discussion of Fund performance
**Performance highlights**

Macquarie Tax-Free USA Short Term ETF returned 3.50% for the 12 months ended March 31, 2025. During the same period, the Bloomberg Municipal Bond Index, the Fund's broad-based securities market index, returned 1.22%, while the Bloomberg Municipal Short (1-5 Year) Index, the Fund's narrowly based securities market index, returned 3.29%.

**Top contributors to performance:**

* AAA-rated municipal bond yields at the front end of the curve, or short-term yields, fell for the year, while longer tranches all rose. As such, front-end exposure to the yield curve was additive. For example, the 1-year (1-2 years) segment of the Bloomberg Municipal Bond Index returned 3.66% compared with the 5-year (4-6 years) return of 2.72% and the overall index return of 1.22%. For reference, the Bloomberg Municipal Short (1-5 Year) Index, the Fund's narrowly based securities market index (benchmark), returned 3.29%. The Fund's out-of-benchmark allocation to the 0-1 year segment of the curve was a strong driver of performance.

* BBB-rated and below-investment-grade bonds drove performance from a credit quality, or financial solvency, perspective. Below-investment-grade bonds, in particular, benefited from strong technicals in the form of muted high yield supply and positive mutual fund flows for the fiscal year. The Fund had a modest overweight to BBB-rated bonds relative to the benchmark and an out-of-benchmark allocation to below-investment-grade bonds. 

**Top detractors from performance:**

* Converse to the front-end contributor, the 5-year segment of the yield curve was a drag on the Fund's performance, with that segment of the benchmark returning 2.72% compared with the overall Bloomberg Municipal Short (1-5 Year) Index return of 3.29%. The Fund was modestly overweight in this portion of the curve relative to the benchmark.

* Higher-quality AAA- and AA-rated bonds underperformed versus the investment grade segments for the reporting period. For example, the Bloomberg Municipal Short (1-5 Year) Index's AA-rated exposure, which comprises almost 60% of the overall index, returned 3.14% versus the index return of 3.29%.

TSAR-STAX-0525

# **Fund performance** 
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Fund for the life of the Fund. It also assumes a $10,000 initial investment at the Fund's inception date in a broad-based securities market index and an additional narrowly based securities market index for the same period.

# **Growth of $10,000 investment** 
For the period November 28, 2023, (inception of Fund) through March 31, 2025

![Growth of 10K Chart](id415b6ce9d3a5b6885763a08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Macquarie Tax-Free USA Short Term ETF — $10,512** | **Bloomberg Municipal Bond Index — $10,418** | **Bloomberg Municipal Short (1-5 Year) Index — $10,446** |
| **11-28-23** | 10000 | 10000 | 10000 |
| **12-31-23** | 10164 | 10332 | 10133 |
| **3-31-24** | 10156 | 10292 | 10114 |
| **6-30-24** | 10184 | 10290 | 10149 |
| **9-30-24** | 10419 | 10569 | 10384 |
| **12-31-24** | 10420 | 10441 | 10343 |
| **3-31-25** | 10512 | 10418 | 10446 |

---

---

| | | |
|:---|:---|:---|
| **Average annual total returns (as of March 31, 2025)** | **1 Year** | **Since Inception (11/28/23)** |
| Macquarie Tax-Free USA Short Term ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value | 3.50% | 3.79% |
| Bloomberg Municipal Bond Index | 1.22% | 3.10% |
| Bloomberg Municipal Short (1-5 Year) Index | 3.29% | 3.31% |

---

#### Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.
Visit macquarie.com/mam/etf-literature for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All results shown assume reinvestment of distributions.

# **Fund statistics** 
(as of March 31, 2025)

---

| | |
|:---|:---|
| Fund net assets | $6301028 |
| Total number of portfolio holdings | 40 |
| Total advisory fees paid | $15957 |
| Portfolio turnover rate | 43% |

---

TSAR-STAX-0525

#### Fund holdings
(as of March 31, 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 | 24.54% |
| Transportation Revenue Bonds | 13.57% |
| Education Revenue Bonds | 11.31% |
| Water & Sewer Revenue Bonds | 10.86% |
| State General Obligation Revenue Bonds | 10.55% |
| Electric Revenue Bonds | 9.14% |
| Leasing Revenue Bonds | 5.69% |
| Special Tax Revenue Bonds | 5.66% |
| Industrial Development Revenue Bonds | 3.67% |
| Housing Revenue Bonds | 2.72% |
| Local General Obligation Revenue Bonds | 2.15% |

---

#### State/territory allocation

---

| | |
|:---|:---|
| Colorado | 13.79% |
| Pennsylvania | 13.30% |
| New York | 12.19% |
| Minnesota | 9.69% |
| California | 6.14% |
| Texas | 5.33% |
| Arizona | 4.26% |
| Oregon | 4.05% |
| Illinois | 3.84% |
| New Jersey | 3.81% |

---

#### Material Fund changes
This is a summary of certain changes to the Fund since the beginning of the reporting period.

On March 25, 2025, the Fund removed the sustainability restrictions from its principal investment strategy.

For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 29, 2025, at macquarie.com/mam/etf-literature or upon request at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

#### 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

#### 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://macquarie.com/mam/etf-literature](i563384682f170c35fb22cd64.jpg)

(4434845) 3

TSAR-STAX-0525

(b) Not applicable

**Item 2. Code of Ethics.**

(a) The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. A copy of the registrant's Code of Business Ethics has been posted on the Macquarie ETF Trust Internet Web site at etf.macquarie.com/us. Any amendments to the Code of Business Ethics, and information on any waiver from its provisions granted by the registrant, will also be posted on this Web site within five business days of such amendment or waiver and will remain on the Web site for at least 12 months.

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

The registrant's Board of Trustees has determined that certain members of the registrant's Audit Committee are audit committee financial experts, as defined below. For purposes of this item, an "audit committee financial expert" is a person who has the following attributes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An understanding of generally accepted accounting principles and financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant's financial statements, or experience actively supervising one or more persons engaged in such activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An understanding of internal controls and procedures for financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An understanding of audit committee functions.

An "audit committee financial expert" shall have acquired such attributes through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education and experience as a principal financial officer, principal accounting officer, controller, public accountant, or auditor or experience in one or more positions that involve the performance of similar functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor, or person performing similar functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing, or evaluation of financial statements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other relevant experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's Board of Trustees has also determined that each member of the registrant's Audit Committee is independent. In order to be "independent" for purposes of this item, the Audit Committee member may not, other than in his or her capacity as a member of the Board of Trustees or any committee thereof, (i) accept directly or indirectly any consulting, advisory or other compensatory fee from the issuer; or (ii) be an "interested person" of the registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The names of the audit committee financial experts on the registrant's Audit Committee are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas F. Flannery, Chair

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brian A. Swain

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

<u>Audit Fees</u>

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $181,000 for 2025 and $133,500 for 2024.

<u>Audit-Related Fees</u>

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $1,374,878 for 2025 and $1,362,878 for 2024. These audit-related services were as follows: year end audit procedures; group reporting and subsidiary statutory audits.

<u>Tax Fees</u>

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 for 2025 and $0 for 2024. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

<u>All Other Fees</u>

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

(e)(1) The registrant's Audit Committee has established pre-approval policies and procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the "Pre-Approval Policy") with respect to services provided by the registrant's independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee has pre-approved the services set forth in the table below with respect to the registrant up to the specified fee limits.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Service** | &nbsp;&nbsp; **Range of Fees** |
| &nbsp;&nbsp; **Audit Services** |  |
| &nbsp;&nbsp; Statutory audits or financial audits for new Funds | &nbsp;&nbsp; up to $50,000 per Fund |
| &nbsp;&nbsp; Services associated with SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g., comfort letters for closed-end Fund offerings, consents), and assistance in responding to SEC comment letters | &nbsp;&nbsp; <br> up to $10,000 per Fund |
| &nbsp;&nbsp; Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered "audit-related services" rather than "audit services") | &nbsp;&nbsp; <br>up to $25,000 in the aggregate |
| &nbsp;&nbsp; **Audit-Related Services** |  |
| &nbsp;&nbsp; Consultations by Fund management as to the accounting or disclosure treatment of transactions or events and /or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be considered "audit services" rather than "audit-related services") | &nbsp;&nbsp; <br>up to $25,000 in the aggregate |
| &nbsp;&nbsp; **Tax Services** |  |
| &nbsp;&nbsp; U.S. federal, state and local and international tax planning and advice (e.g., consulting on statutory, regulatory or administrative developments, evaluation of Funds' tax compliance function, etc.) | &nbsp;&nbsp; <br> up to $25,000 in the aggregate |
| &nbsp;&nbsp; U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.) | &nbsp;&nbsp; up to $5,000 per Fund |
| &nbsp;&nbsp; Review of federal, state, local and international income, franchise and other tax returns | &nbsp;&nbsp; up to $5,000 per Fund |

---

Fs

Under the Pre-Approval Policy, the Audit Committee has also pre-approved the services set forth in the table below with respect to the registrant's investment adviser and other entities controlling, controlled by or under common control with the investment adviser that provide ongoing services to the registrant (the "Control Affiliates") up to the specified fee limit. This fee limit is based on aggregate fees to the investment adviser and its Control Affiliates.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Service** | &nbsp;&nbsp; **Range of Fees** |
| &nbsp;&nbsp; **Non-Audit Services** |  |
| &nbsp;&nbsp; Services associated with periodic reports and other documents filed with the SEC and assistance in responding to SEC comment letters | &nbsp;&nbsp; up to $10,000 in the aggregate |

---

The Pre-Approval Policy requires the registrant's independent auditors to report to the Audit Committee at each of its regular meetings regarding all services initiated since the last such report was rendered, including those services authorized by the Pre-Approval Policy.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) 0%

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $16,391,075 for 2025 and $24,428,000 for 2024.

(h) The audit committee of the registrant's board of trustees **has** considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

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

The independent board members are acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Securities Exchange Act of 1934. The Audit Committee consists of the following Board members: Thomas F. Flannery, Beata Kirr, and Brian A. Swain.

**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.

The annual financial statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp; (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.

The Financial Highlights are attached herewith.

SEC or its staff upon request.

Macquarie

Global

Listed

Infrastructure

ETF

Financial

statements

and

other

information

For

the

year

ended

March

31,

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

#### 8
Report

of

independent

registered

public

accounting

firm

#### 18
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

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

March

31,

2025

Number

of

shares

Value

(US

$)

#### Common

#### Stocks

#### —

#### 98

#### .74

#### %
Δ

Australia

-

.00

%

Atlas

Arteria

Ltd.

23,659

$

71,699

Transurban

Group

9,273

77,585

149,284

Brazil

-

.90

%

CCR

SA

21,848

44,565

44,565

Canada

-

.89

%

Enbridge,

Inc.

6,890

304,940

Gibson

Energy,

Inc.

5,644

87,540

392,480

China

-

.73

%

China

Gas

Holdings

Ltd.

46,200

42,095

China

Tower

Corp.

Ltd.,

Class

H

144A

#

32,800

44,090

86,185

France

-

.80

%

Aeroports

de

Paris

SA

1,372

139,379

139,379

Germany

-

.95

%

Fraport

AG

Frankfurt

Airport

Services

Worldwide

†

1,554

97,208

97,208

Greece

-

.14

%

Athens

International

Airport

SA

5,763

56,657

56,657

Hong

Kong

-

.21

%

CLP

Holdings

Ltd.

10,500

85,550

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

35,000

24,153

109,703

Italy

-

.78

%

Enav

SpA

144A

#

43,902

173,175

Enel

SpA

12,284

99,581

ERG

SpA

2,589

49,075

Snam

SpA

12,103

62,752

Terna

-

Rete

Elettrica

Nazionale

11,256

101,799

486,382

Mexico

-

.97

%

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

Class

B

7,191

70,678

#### Schedule

#### of

#### investments
Macquarie

Global

Listed

Infrastructure

ETF

Number

of

shares

Value

(US

$)

#### Common

#### Stocks
(continued)

Mexico

(continued)

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

ADR

$

27,382

98,060

Netherlands

-

.62

%

Koninklijke

Vopak

NV

1,861

80,693

80,693

New

Zealand

-

.63

%

Auckland

International

Airport

Ltd.

38,880

180,346

180,346

Spain

-

.58

%

Aena

SME

SA

144A

#

528

123,663

Cellnex

Telecom

SA

144A

#

4,451

158,006

EDP

Renovaveis

SA

11,387

94,932

Redeia

Corp.

SA

4,209

84,470

Sacyr

SA

33,101

114,964

576,035

United

Kingdom

-

.88

%

National

Grid

plc

21,328

278,122

Pennon

Group

plc

9,792

56,667

Severn

Trent

plc

2,317

75,752

United

Utilities

Group

plc

13,857

180,519

591,060

United

States

of

America

-

.66

%

American

Electric

Power

Co.,

Inc.

1,412

154,289

Cheniere

Energy,

Inc.

561

129,816

CMS

Energy

Corp.

1,791

134,522

Crown

Castle,

Inc.

REIT

1,045

108,920

Dominion

Energy,

Inc.

1,413

79,227

Essential

Utilities,

Inc.

3,862

152,665

Eversource

Energy

1,467

91,115

Exelon

Corp.

3,692

170,127

Kinder

Morgan,

Inc.

3,882

110,754

NextEra

Energy,

Inc.

2,550

180,770

ONEOK,

Inc.

788

78,185

PG&E

Corp.

8,212

141,082

Sempra

2,112

150,712

Xcel

Energy,

Inc.

1,993

141,085

1,823,269

#### Total

#### Common

#### Stocks
(cost

$4,792,696)

#### 4,911,306

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Number

of

shares

Value

(US

$)

#### Short-Term

#### Investments

#### —

#### 1

#### .03

#### %
Money

Market

Mutual

Funds

-

.03

%

JPMorgan

U.S.

Government

Money

Market

Fund

—

Class

Morgan

(seven-day

effective

yield

3.86%)

51,104

$

51,104

#### Total

#### Short-Term

#### Investments
(cost

$51,104)

#### 51,104

#### Total

#### Value

#### of

#### Securities

#### —

#### 99.77%
&nbsp;&nbsp;&nbsp;&nbsp; (cost

$4,843,800)

#### 4,962,410

#### Receivables

#### and

#### Other

#### Assets

#### Net

#### of

#### Liabilities

#### —

#### 0.23%

#### 11,297

#### Net

#### Assets

#### Applicable

#### to

#### 200,000

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 4,973,707
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

March

31,

2025,

the

aggregate

value

of

Rule

144A

securities

was

$498,935,

which

represents

10.03%

of

the

Fund's

net

assets.

See

Note

in

"Notes

to

financial

statements."

†

Non-income

producing

security.

#### Summary

#### of

#### abbreviations:
ADR

–

American

Depositary

Receipt

AG

–

Aktiengesellschaft

REIT

–

Real

Estate

Investment

Trust

SpA

–

Stand-by

Purchase

Agreement

#### Statement

#### of

#### assets

#### and

#### liabilities
Macquarie

Global

Listed

Infrastructure

ETF

March

31,

2025

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

4,962,410

Foreign

currency,

at

value\*\*

Receivable

for

securities

sold

79,381

Dividends

receivable

9,127

Foreign

tax

reclaims

receivable

609

Total

Assets

5,051,585

#### Liabilities:
Payable

for

securities

purchased

75,845

Management

fees

payable

to

affiliates

2,033

Total

Liabilities

77,878

#### Total

#### Net

#### Assets
$

4,973,707

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

5,000,000

Total

distributable

earnings

(loss)

(26,293)

#### Total

#### Net

#### Assets
$

4,973,707

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

200,000

Net

asset

value

per

share

$

24.87 \*Investments,

at

cost

$

4,843,800

\*\*Foreign

currency,

at

cost

#### Statement

#### of

#### operations
Macquarie

Global

Listed

Infrastructure

ETF

Year

ended

March

31,

2025

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Dividends

$

201,988

Foreign

tax

withheld

(13,724)

188,264

#### Expenses:
Management

fees

24,965

Total

operating

expenses

24,965

#### Net

#### Investment

#### Income
(Loss)

163,299

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on:

Investments

(52,419)

Foreign

currencies

(1,595)

Net

realized

gain

(loss)

(54,014)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

81,348

Foreign

currencies

(46)

Net

change

in

unrealized

appreciation

(depreciation)

81,302

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

27,288

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

190,587

#### Statements

#### of

#### changes

#### in

#### net

#### assets
Macquarie

Global

Listed

Infrastructure

ETF

\*Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Year

ended

March

31,

2025

For

the

period

November

28,

2023

\*

to

March

31,

2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

163,299

$

47,444

Net

realized

gain

(loss)

(54,014)

13,434

Net

change

in

unrealized

appreciation

(depreciation)

81,302

37,234

Net

increase

(decrease)

in

net

assets

resulting

from

operations

190,587

98,112

#### Dividends

#### and

#### Distributions

#### to

#### Shareholders

#### from:
Distributable

earnings

(272,435)

(42,557)

(272,435)

(42,557)

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

–

5,000,000

Increase

in

net

assets

derived

from

capital

share

transactions

–

5,000,000

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
(81,848)

5,055,555

#### Net

#### Assets:
Beginning

of

year/period

5,055,555

–

End

of

year

$

4,973,707

$

5,055,555

#### Capital

#### Share

#### Transactions:
Beginning

of

year/period

200,000

–

Shares

subscribed

in-kind

–

200,000

Shares

outstanding,

end

of

year

200,000

200,000

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

in

"Notes

to

financial

statements."

#### Financial

#### highlights
Macquarie

Global

Listed

Infrastructure

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:

Year

ended

March

31,

2025

For

the

period

November

28,

2023

to

March

31,

2024

#### Net

#### asset

#### value,

#### beginning

#### of

#### period

#### ......
$

.28

$

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

—

Net

investment

income

.................

.82

.24

Net

realized

and

unrealized

gain

...........

.13

.25

Total

from

investment

operations

..........

0.95 0.49 #### Less

#### dividends

#### and

#### distributions

#### from:
—

—

Net

investment

income

.................

(0

.81)

(0

.21)

Net

realized

gain

.......................

(0

.55)

–

Total

dividends

and

distrib

u

tions

...........

(1.36)

(0.21)

#### Net

#### asset

#### value,

#### end

#### of

#### period

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

24.87 $

25.28 #### Total

#### return

#### 3
.........................

3.88%

1.97%

#### Ratios

#### and

#### supplemental

#### data:
$4,974

$5,056

Net

assets,

end

of

period

(000

omitted)

......

$

4,974

$

5,056

Ratio

of

expenses

to

average

net

assets

....

0.49%

0.49%

Ratio

of

net

investment

income

to

average

net

assets

.............................

3.20%

2.75%

Portfolio

turnover

......................

75%

11%

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

March

31,

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

six series.

These

financial

statements

and

the

related

notes

pertain

to

Macquarie

Global

Listed

Infrastructure

ETF (the

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-

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

returns

through

the year ended March

31,

2025

and

for

the

open

tax

year

ended

March

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."

During

the

year ended March

31,

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

Global

Listed

Infrastructure

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

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.

DMC,

the

Fund's

investment

adviser,

acts

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

0.49%

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

March

31,

2025,

Macquarie

Management

Holdings,

Inc.

directly

owned

95.00%

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.

MIMBT,

of

which

DMC

is

a

series,

entered

into

a

settlement

agreement

on

September

19,

2024

with

the

US

Securities

and

Exchange

Commission

(SEC)

consenting

to

an

order

(Settlement

Order)

relating

to

a

legacy

investment

strategy,

the

Absolute

Return

Mortgage-Backed

Securities

Strategy

(ARMBS

Strategy).

MIMBT

no

longer

offers

the

ARMBS

Strategy.

MIMBT

agreed

to

the

Settlement

Order

without

admitting

or

denying

the

SEC's

findings.

The

Settlement

Order

does

not

impact

MIMBT's

ability

to

continue

to

provide

services

to

the

Fund.

#### Notes

#### to

#### financial

#### statements
Macquarie

Global

Listed

Infrastructure

ETF

3. #### Investments
For

the year

ended

March

31,

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 year

ended

March

31,

2025. The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

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

—

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

$

3,746,384

Sales

3,863,771

Cost

of

investments

$

4,857,135

Aggregate

unrealized

appreciation

of

investments

$

265,523

Aggregate

unrealized

depreciation

of

investments

(160,248)

Net

unrealized

appreciation

of

investments

$

105,275

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

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

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

March

31,

2025

:

During

the year ended

March

31,

2025

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

period.

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

period

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2025

,

there

were

no

Level

investments.

Level

Level

Level

Total

Securities

Assets:

Common

Stocks

$

4,911,306

$

–

$

–

$

4,911,306

Short-Term

Investments

51,104

–

–

51,104

Total

Value

of

Securities

$

4,962,410

$

–

$

–

$

4,962,410

3. (continued)

#### Notes

#### to

#### financial

#### statements
Macquarie

Global

Listed

Infrastructure

ETF

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from

net

gains

on

foreign

currency

transactions

and

net

short-term

gains

on

sales

of

investment

securities

are

treated

as

ordinary

income

for

federal

income

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the year

ended

March

31,

2025

and

period

ended

March

31,

2024

were

as

follows:

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
As

of

March

31,

2025,

the

components

of

net

assets

on

a

tax

basis

were

as

follows:

Differences

between

components

of

net

assets

unrealized

and

tax

cost

unrealized

may

arise

due

to

unrealized

appreciation/depreciation

on

foreign

currencies.

The

differences

between

book

basis

and

tax

basis

components

of

net

assets

are

primarily

attributable

to

tax

deferral

of

losses

on

wash

sales.

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

For

the year

ended

March

31,

2025

,

the

Fund

had

no

reclassifications.

Qualified

late

year

losses

represent

ordinary

losses

realized

from

January

1,

2025

through

March

31,

2025

and

capital

losses

realized

from

November

1,

2024

through

March

31,

2025,

that

in

accordance

with

federal

income

tax

regulations,

the

Fund

has

elected

to

defer

and

treat

as

having

arisen

in

the

following

fiscal

year.

Year

ended

3/31/25

11/28/23

\*

to

3/31/24

Ordinary

income

$

272,435

$

42,557

\*

Date

of

commencement

of

operations.

Shares

of

beneficial

interest

$

5,000,000

Qualified

late

year

loss

deferral

(134,947)

Undistributed

ordinary

income

3,453

Unrealized

appreciation

(depreciation)

of

investments

and

foreign

currencies

105,201

Net

assets

$

4,973,707

6. #### 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.

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."

7. #### 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.

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.

#### Notes

#### to

#### financial

#### statements
Macquarie

Global

Listed

Infrastructure

ETF

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 NYSE

Arca,

Inc.

(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

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

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.

8. #### 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.

9. #### 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.

10. #### Subsequent

#### Events
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

by

the

end

of

October

2025. This

is

subject

to

change.

Management

has

determined

that

no

other

material

events

or

transactions

occurred

subsequent

to

March

31,

2025,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Macquarie

ETF

Trust and

Shareholders

of

Macquarie

Global

Listed

Infrastructure

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Macquarie

Global

Listed

Infrastructure

ETF

(one

of

the

funds

constituting

Macquarie

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2025,

the

related

statement

of

operations

for

the

year

ended

March

31,

2025

and

the

statement

of

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

year

ended

March

31,

2025

and

for

the

period

November

28,

2023

(commencement

of

operations)

through

March

31,

2024,

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2025,

the

results

of

its

operations

for

the

year

ended

March

31,

2025,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

March

31,

2025

and

for

the

period

November

28,

2023

(commencement

of

operations)

through

March

31,

2024

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2025

by

correspondence

with

the

custodian,

transfer

agents

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

30,

2025

We

have

served

as

the

auditor

of

one

or

more

Macquarie

investment

companies

since

2010. #### Other

#### Fund

#### information
(Unaudited)

Macquarie

Global

Listed

Infrastructure

ETF

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's

fiscal

year

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the

year ended

March

31,

2025,

the

Fund

reports

distributions

paid

during

the

period

as

follows:

The

Fund

intends

to

pass

through

foreign

tax

credits

in

the

maximum

amount

of

$12,820.

The

gross

foreign

source

income

earned

during

the

fiscal

year ended

March

31,

2025 by

the

Fund

was

$146,693.

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### 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.

(A) Ordinary

Income

Distributions

(Tax

Basis)

\*

100.00%

(B) Qualified

Dividends

16.62%

(A) is

based

on

a

percentage

of

the

Fund's

total

distributions.

\*

For

the

fiscal

year

ended

March

31,

2025,

certain

dividends

paid

by

the

Fund

may

be

subject

to

a

maximum

tax

rate

of

20%.

The

percentage

of

dividends

paid

by

the

Fund

from

ordinary

income

reported

as

qualified

income

is

69.60%.

Complete

information

will

be

computed

and

reported

in

conjunction

with

your

2025

Form

1099-DIV,

as

applicable.

(B) is

based

on

the

Fund's

ordinary

income

distributions.

Qualified

dividends

represent

dividends

which

qualify

for

the

corporate

dividends

received

deduction.

This

page

is

not

part

of

the

Financial

statements

and

other

information.

AR-BILD-TRST-0525

(4449004) #### 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

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

year

ended

March

31,

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

#### 8
Report

of

independent

registered

public

accounting

firm

#### 19
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

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

March

31,

2025

Number

of

shares

Value

(US

$)

#### Common

#### Stocks

#### —

#### 99

#### .59

#### %
Agricultural

Products

-

.15

%

Darling

Ingredients,

Inc.

†

4,423

$

138,175

138,175

Aluminum

-

.80

%

Alcoa

Corp.

8,019

244,580

244,580

Coal

&

Consumable

Fuels

-

.48

%

Cameco

Corp.

3,365

138,504

Centrus

Energy

Corp.,

Class

A

†

20,778

159,282

Commodity

Chemicals

-

.94

%

Methanex

Corp.

1,731

60,741

60,741

Construction

&

Engineering

-

.90

%

Arcosa,

Inc.

2,418

186,476

186,476

Copper

-

.71

%

ERO

Copper

Corp.

†

19,683

238,404

238,404

Diversified

Metals

&

Mining

-

.95

%

Anglo

American

plc

5,646

156,439

Foran

Mining

Corp.

†

14,268

36,090

Hudbay

Minerals,

Inc.

37,806

286,622

Lifezone

Metals

Ltd.

†

3,509

14,668

MP

Materials

Corp.

†

10,015

244,466

NGEx

Minerals

Ltd.

†

3,400

30,833

769,118

Electric

Utilities

-

.53

%

Constellation

Energy

Corp.

34,075

34,075

Electrical

Components

&

Equipment

-

.94

%

Generac

Holdings,

Inc.

†

1,675

212,139

Nexans

SA

1,084

105,960

318,099

Fertilizers

&

Agricultural

Chemicals

-

.86

%

CF

Industries

Holdings,

Inc.

4,001

312,679

312,679

Gold

-

.44

%

Coeur

Mining,

Inc.

†

10,527

62,320

Wheaton

Precious

Metals

Corp.

3,704

287,541

349,861

#### Schedule

#### of

#### investments
Macquarie

Energy

Transition

ETF

Number

of

shares

Value

(US

$)

#### Common

#### Stocks
(continued)

Heavy

Electrical

Equipment

-

.15

%

GE

Vernova,

Inc.

$

73,878

73,878

Independent

Power

Producers

&

Energy

Traders

-

.97

%

Vistra

Corp.

533

62,596

62,596

Integrated

Oil

&

Gas

-

.21

%

Shell

plc

ADR

4,577

335,403

335,403

Oil

&

Gas

Equipment

&

Services

-

.56

%

Baker

Hughes

Co.,

Class

A

3,421

150,353

Schlumberger

NV

3,423

143,081

293,434

Oil

&

Gas

Exploration

&

Production

-

.79

%

ARC

Resources

Ltd.

14,804

297,613

Chord

Energy

Corp.

740

83,413

ConocoPhillips

1,976

207,519

EOG

Resources,

Inc.

1,590

203,902

EQT

Corp.

3,640

194,485

Expand

Energy

Corp.

2,595

288,875

Permian

Resources

Corp.,

Class

A

6,067

84,028

Tourmaline

Oil

Corp.

3,536

170,528

1,530,363

Oil

&

Gas

Refining

&

Marketing

-

.79

%

HF

Sinclair

Corp.

3,899

128,199

Marathon

Petroleum

Corp.

1,090

158,802

Valero

Energy

Corp.

2,111

278,800

565,801

Renewable

Electricity

-

.77

%

Spruce

Power

Holding

Corp.

†

20,448

49,280

49,280

Semiconductors

-

.59

%

First

Solar,

Inc.

†

2,338

295,593

295,593

Steel

-

.06

%

Metallus,

Inc.

†

9,577

127,949

Steel

Dynamics,

Inc.

2,096

262,167

390,116

#### Total

#### Common

#### Stocks
(cost

$6,262,154)

#### 6,407,954

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Number

of

shares

Value

(US

$)

#### Short-Term

#### Investments

#### —

#### 0

#### .38

#### %
Money

Market

Mutual

Funds

-

.38

%

JPMorgan

U.S.

Government

Money

Market

Fund

—

Class

Morgan

(seven-day

effective

yield

3.86%)

24,183

$

24,183

#### Total

#### Short-Term

#### Investments
(Cost

$24,183)

#### 24,183

#### Total

#### Value

#### of

#### Securities

#### —

#### 99.97%
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost

$6,286,337)

#### 6,432,137

#### Receivables

#### and

#### Other

#### Assets

#### Net

#### of

#### Liabilities

#### —

#### 0.03%

#### 1,791

#### Net

#### Assets

#### Applicable

#### to

#### 254,000

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 6,433,928
†

Non-income

producing

security.

#### Summary

#### of

#### abbreviations:
ADR

–

American

Depositary

Receipt

#### Statement

#### of

#### assets

#### and

#### liabilities
Macquarie

Energy

Transition

ETF

March

31,

2025

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

6,432,137

Foreign

currency,

at

value\*\*

Receivable

for

securities

sold

Dividends

receivable

5,090

Foreign

tax

reclaims

receivable

562

Total

Assets

6,438,251

#### Liabilities:
Management

fees

payable

to

affiliates

4,323

Total

Liabilities

4,323

#### Total

#### Net

#### Assets
$

6,433,928

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

6,574,543

Total

distributable

earnings

(loss)

(140,615)

#### Total

#### Net

#### Assets
$

6,433,928

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

254,000

Net

asset

value

per

share

$

25.33 \*Investments,

at

cost

$

6,286,337

\*\*Foreign

currency,

at

cost

#### Statement

#### of

#### operations
Macquarie

Energy

Transition

ETF

Year

ended

March

31,

2025

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Dividends

$

114,637

Foreign

tax

withheld

(3,243)

111,394

#### Expenses:
Management

fees

53,207

Total

operating

expenses

53,207

#### Net

#### Investment

#### Income
(Loss)

58,187

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on:

Investments

(278,746)

Foreign

currencies

(37)

Net

realized

gain

(loss)

(278,783)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

(339,985)

Foreign

currencies

(6)

Net

change

in

unrealized

appreciation

(depreciation)

(339,991)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

(618,774)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

(560,587)

#### Statements

#### of

#### changes

#### in

#### net

#### assets
Macquarie

Energy

Transition

ETF

\*Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Year

ended

March

31,

2025

For

the

period

November

28,

2023

\*

to

March

31,

2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

58,187

$

12,438

Net

realized

gain

(loss)

(278,783)

(7,905)

Net

change

in

unrealized

appreciation

(depreciation)

(339,991)

485,785

Net

increase

(decrease)

in

net

assets

resulting

from

operations

(560,587)

490,318

#### Dividends

#### and

#### Distributions

#### to

#### Shareholders

#### from:
Distributable

earnings

(61,846)

(8,500)

(61,846)

(8,500)

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

1,474,543

5,100,000

Increase

in

net

assets

derived

from

capital

share

transactions

1,474,543

5,100,000

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
852,110

5,581,818

#### Net

#### Assets:
Beginning

of

year/period

5,581,818

–

End

of

year

$

6,433,928

$

5,581,818

#### Capital

#### Share

#### Transactions:
Beginning

of

year/period

204,000

–

Shares

sold

–

4,000

Shares

subscribed

in-kind

50,000

200,000

Shares

outstanding,

end

of

year

254,000

204,000

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

in

"Notes

to

financial

statements."

#### Financial

#### highlights
Macquarie

Energy

Transition

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:

Year

ended

March

31,

2025

For

the

period

November

28,

2023

to

March

31,

2024

#### Net

#### asset

#### value,

#### beginning

#### of

#### period

#### ......
$

.36

$

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

—

Net

investment

income

.................

.24

.06

Net

realized

and

unrealized

gain

(loss)

......

(2

.02)

.34

Total

from

investment

operations

..........

(1.78)

2.40 #### Less

#### dividends

#### and

#### distributions

#### from:
—

—

Net

investment

income

.................

(0

.25)

(0

.04)

Total

dividends

and

distrib

u

tions

...........

(0.25)

(0.04)

#### Net

#### asset

#### value,

#### end

#### of

#### period

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

25.33 $

27.36 #### Total

#### return

#### 3
.........................

(6.57%)

9.61%

#### Ratios

#### and

#### supplemental

#### data:
$6,434

$5,582

Net

assets,

end

of

period

(000

omitted)

......

$

6,434

$

5,582

Ratio

of

expenses

to

average

net

assets

....

0.79%

0.79%

Ratio

of

net

investment

income

to

average

net

assets

.............................

0.86%

0.69%

Portfolio

turnover

......................

55%

15%

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

March

31,

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

six series.

These

financial

statements

and

the

related

notes

pertain

to

Macquarie

Energy

Transition

ETF (the

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-

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

returns

through

the year ended March

31,

2025

and

for

the

open

tax

year

ended

March

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."

During

the

year ended March

31,

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

Energy

Transition

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

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.

DMC,

the

Fund's

investment

adviser,

acts

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

0.79%

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

March

31,

2025, Macquarie

Management

Holdings,

Inc.

directly

owned

76.38%

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.

MIMBT,

of

which

DMC

is

a

series,

entered

into

a

settlement

agreement

on

September

19,

2024

with

the

US

Securities

and

Exchange

Commission

(SEC)

consenting

to

an

order

(Settlement

Order)

relating

to

a

legacy

investment

strategy,

the

Absolute

Return

Mortgage-Backed

Securities

Strategy

(ARMBS

Strategy).

MIMBT

no

longer

offers

the

ARMBS

Strategy.

MIMBT

agreed

to

the

Settlement

Order

without

admitting

or

denying

the

SEC's

findings.

The

Settlement

Order

does

not

impact

MIMBT's

ability

to

continue

to

provide

services

to

the

Fund.

#### Notes

#### to

#### financial

#### statements
Macquarie

Energy

Transition

ETF

3. #### Investments
For

the year

ended

March

31,

2025

,

the

Fund

made

purchases

and

sales

of

investment

securities

other

than

short-term

investments

and

US

government

securities as

follows:

For

the year

ended

March

31,

2025,

in-kind

transactions,

which

are

not

included

in

the

table

above, associated

with

purchase

or

redemption

of

Creation

Units

were

as

follows:

The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

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

—

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

$

3,667,065

Sales

3,675,574

Purchases

$

1,467,414

Sales

—

Cost

of

investments

$

6,303,101

Aggregate

unrealized

appreciation

of

investments

$

564,405

Aggregate

unrealized

depreciation

of

investments

(435,369)

Net

unrealized

appreciation

of

investments

$

129,036

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

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

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

March

31,

2025

:

During

the year ended

March

31,

2025

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

period.

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

period

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2025

,

there

were

no

Level

investments.

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from

net

gains

on

foreign

currency

transactions

and

net

short-term

gains

on

sales

of

investment

securities

are

Level

Level

Level

Total

Securities

Assets:

Common

Stocks

$

6,407,954

$

–

$

–

$

6,407,954

Short-Term

Investments

24,183

–

–

24,183

Total

Value

of

Securities

$

6,432,137

$

–

$

–

$

6,432,137

3. #### Investments
(continued)

#### Notes

#### to

#### financial

#### statements
Macquarie

Energy

Transition

ETF

treated

as

ordinary

income

for

federal

income

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the year

ended

March

31,

2025

and

period

ended

March

31,

2024

were

as

follows:

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
As

of

March

31,

2025,

the

components

of

net

assets

on

a

tax

basis

were

as

follows:

Differences

between

components

of

net

assets

unrealized

and

tax

cost

unrealized

may

arise

due

to

unrealized

appreciation/depreciation

on

foreign

currencies.

The

differences

between

book

basis

and

tax

basis

components

of

net

assets

are

primarily

attributable

to

tax

deferral

of

losses

on

wash

sales

and

investments

in

passive

foreign

investment

companies.

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

For

the year

ended

March

31,

2025

,

the

Fund

had

no

reclassifications.

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:

Year

ended

3/31/25

11/28/23

\*

to

3/31/24

Ordinary

income

$

61,846

$

8,500

\*

Date

of

commencement

of

operations.

Shares

of

beneficial

interest

$

6,574,543

Capital

loss

carryforwards

(284,423)

Undistributed

ordinary

income

14,778

Unrealized

appreciation

(depreciation)

of

investments

and

foreign

currencies

129,030

Net

assets

$

6,433,928

Loss

carryforward

character

Short-term

Long-term

Total

$284,423

$—

$284,423

4. #### Dividend

#### and

#### Distribution

#### Information
(continued)

6. #### 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.

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."

7. #### 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.

#### Notes

#### to

#### financial

#### statements
Macquarie

Energy

Transition

ETF

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.

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 NYSE

Arca,

Inc.

(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

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

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.

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.

8. #### 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.

9. #### 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.

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Notes

#### to

#### financial

#### statements
Macquarie

Energy

Transition

ETF

10. #### Subsequent

#### Events
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

by

the

end

of

October

2025. This

is

subject

to

change.

Management

has

determined

that

no

other

material

events

or

transactions

occurred

subsequent

to

March

31,

2025,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Macquarie

ETF

Trust and

Shareholders

of

Macquarie

Energy

Transition

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Macquarie

Energy

Transition

ETF

(one

of

the

funds

constituting

Macquarie

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2025,

the

related

statement

of

operations

for

the

year

ended

March

31,

2025

and

the

statement

of

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

year

ended

March

31,

2025

and

for

the

period

November

28,

2023

(commencement

of

operations)

through

March

31,

2024,(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2025,

the

results

of

its

operations

for

the

year

ended

March

31,

2025,

and

the

changes

in

its

net

assets,

and

the

financial

highlights

for

the

year

ended

March

31,

2025

and

for

the

period

November

28,

2023

(commencement

of

operations)

through

March

31,

2024

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2025

by

correspondence

with

the

custodian

and

transfer

agents.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

30,

2025

We

have

served

as

the

auditor

of

one

or

more

Macquarie

investment

companies

since

2010. #### Other

#### Fund

#### information
Macquarie

Energy

Transition

ETF

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's

fiscal

year

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the

year ended

March

31,

2025,

the

Fund

reports

distributions

paid

during

the

period

as

follows:

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### 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.

(A) Ordinary

Income

Distributions

(Tax

Basis)

100.00%

(B) Qualified

Dividends

99.29%

(A) is

based

on

a

percentage

of

the

Fund's

total

distributions.

(B) is

based

on

the

Fund's

ordinary

income

distributions.

Qualified

dividends

represent

dividends

which

qualify

for

the

corporate

dividends

received

deduction.

This

page

is

not

part

of

the

Financial

statements

and

other

information.

AR-PWER-TRST-0525

(4444710) #### 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

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

year

ended

March

31,

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

#### 10
Report

of

independent

registered

public

accounting

firm

#### 19
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

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

March

31,

2025

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds

#### &nbsp;&nbsp;&nbsp;&nbsp; —

#### 99

#### .86

#### %
Education

Revenue

Bonds

-

.31

%

Arizona

Industrial

Development

Authority

(Equitable

School

Revolving

Fund

LLC

Obligated

Group)

Series

2022A

5.00%

11/1/28

160,000

$

169,793

Colorado

Educational

&

Cultural

Facilities

Authority

(Science

Technology

Engineering

&

Math

High

School)

Series

2014

4.50%

11/1/29

200,000

199,998

Maricopa

County

Industrial

Development

Authority

(Arizona

Autism

Charter

Schools

Obligated

Group)

Series

2020A

144A

4.00%

7/1/30

#

100,000

98,624

Pennsylvania

Higher

Educational

Facilities

Authority

(Trustees

of

the

University

of

Pennsylvania

(The))

Series

2016A

5.00%

8/15/27

140,000

143,379

Pennsylvania

State

University

(The)

Series

B

5.00%

9/1/25

100,000

100,924

712,718

Electric

Revenue

Bonds

-

.14

%

City

of

Chaska

(Electric)

Series

2015A

5.00%

10/1/28

155,000

156,573

Housing

&

Redevelopment

Authority

of

The

City

of

St

Paul

Minnesota

(District

Energy

St

Paul

Obligated

Group)

Series

2017A

4.00%

10/1/30

250,000

254,199

Main

Street

Natural

Gas,

Inc.

Series

2022B

5.00%

12/1/52

• 60,000

62,341

Utility

Debt

Securitization

Authority

Series

2016A

5.00%

6/15/28

100,000

102,842

575,955

Healthcare

Revenue

Bonds

-

.54

%

Augusta

Development

Authority

(WellStar

Health

System

Obligated

Group)

Series

2018

5.00%

7/1/28

135,000

141,622

#### Schedule

#### of

#### investments
Macquarie

Tax-Free

USA

Short

Term

ETF

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Healthcare

Revenue

Bonds

(continued)

Board

of

Regents

of

the

University

of

Texas

System

Series

2025A

5.00%

8/15/30

100,000

$

110,189

California

Municipal

Finance

Authority

(Eisenhower

Medical

Center)

Series

2017A

5.00%

7/1/29

90,000

92,658

Colorado

Health

Facilities

Authority

(Valley

View

Hospital

Association)

Series

2015

5.00%

5/15/28

250,000

250,484

(Valley

View

Hospital

Association)

Series

2017A

5.00%

5/15/27

150,000

156,135

(CommonSpirit

Health

Obligated

Group)

Series

2019A-1

5.00%

8/1/29

110,000

117,881

Cumberland

County

Municipal

Authority

(Penn

State

Health

Obligated

Group)

Series

2019

5.00%

11/1/27

220,000

229,135

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

(Vanderbilt

University

Medical

Center

Obligated

Group)

Series

2016A

5.00%

7/1/29

165,000

167,883

New

Hampshire

Business

Finance

Authority

(Springpoint

Senior

Living

Obligated

Group)

Series

2021

4.00%

1/1/28

175,000

174,287

Washington

Health

Care

Facilities

Authority

(CommonSpirit

Health

Obligated

Group)

Series

2019A-2

5.00%

8/1/28

100,000

105,909

1,546,183

Housing

Revenue

Bonds

-

.72

%

Montgomery

County

Higher

Education

and

Health

Authority

(Thomas

Jefferson

University

Obligated

Group)

Series

2019

5.00%

9/1/29

160,000

171,293

171,293

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Industrial

Development

Revenue

Bonds

-

.67

%

Lower

Alabama

Gas

District

(The)

Series

2016A

5.00%

9/1/29

125,000

$

130,938

Mississippi

Business

Finance

Corp.

(Chevron

USA,

Inc.)

Series

2009F

3.80%

12/1/30

• 100,000

100,000

230,938

Leasing

Revenue

Bonds

-

.69

%

Minneapolis

Special

School

District

No.

Series

2020A

5.00%

4/1/25

200,000

200,012

New

Jersey

Transportation

Trust

Fund

Authority

(State

of

New

Jersey)

Series

2019BB

5.00%

6/15/30

150,000

158,742

358,754

Local

General

Obligation

Revenue

Bonds

-

.15

%

City

of

Detroit

Series

2018

5.00%

4/1/29

130,000

135,462

135,462

Special

Tax

Revenue

Bonds

-

.66

%

Central

Puget

Sound

Regional

Transit

Authority

(Sales

&

Rental

Car

Taxes)

Series

2015S-1

5.00%

11/1/25

100,000

101,324

Oregon

State

Lottery

Series

2015E

5.00%

4/1/27

255,000

255,272

356,596

State

General

Obligation

Revenue

Bonds

-

.55

%

District

of

Columbia

Series

2019A

5.00%

10/15/25

195,000

197,351

State

of

Connecticut

Series

2018E

5.00%

9/15/28

150,000

160,548

State

of

New

Jersey

Series

2020A

5.00%

6/1/29

75,000

81,127

State

of

Texas

Series

2018

5.00%

8/1/26

(AMT)

220,000

225,475

664,501

Transportation

Revenue

Bonds

-

.57

%

City

&

County

of

Denver

(Airport

System)

Series

2022D

5.25%

11/15/26

(AMT)

140,000

144,310

#### Schedule

#### of

#### investments
Macquarie

Tax-Free

USA

Short

Term

ETF

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Transportation

Revenue

Bonds

(continued)

City

of

Los

Angeles

Department

of

Airports

Series

2025A

5.00%

5/15/30

(AMT)

150,000

$

159,095

Series

A

5.00%

5/15/28

(AMT)

135,000

135,247

New

York

Transportation

Development

Corp.

(Delta

Air

Lines,

Inc.)

Series

2018

5.00%

1/1/28

(AMT)

60,000

61,897

Port

Authority

of

New

York

&

New

Jersey

Series

5.00%

9/1/30

185,000

197,652

Triborough

Bridge

&

Tunnel

Authority

Series

2021A

5.00%

11/1/25

155,000

157,098

855,299

Water

&

Sewer

Revenue

Bonds

-

.86

%

City

of

Chicago

(Waterworks)

Series

2004

5.00%

11/1/26

235,000

242,200

New

York

City

Municipal

Water

Finance

Authority

(New

York

City

Water

&

Sewer

System)

Series

2022,

Sub-Series

5.00%

6/15/27

245,000

248,642

Pittsburgh

Water

&

Sewer

Authority

Series

2017A

5.00%

9/1/29

(AGM)

185,000

193,452

684,294

#### Total

#### Municipal

#### Bonds
(cost

$6,264,334)

#### 6,291,993

#### Total

#### Value

#### of

#### Securities

#### —

#### 99.86%
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost

$6,264,334)

#### 6,291,993

#### Receivables

#### and

#### Other

#### Assets

#### Net

#### of

#### Liabilities

#### —

#### 0.14%

#### 9,035

#### Net

#### Assets

#### Applicable

#### to

#### 250,000

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 6,301,028
°

Principal

amount

shown

is

stated

in

USD

unless

noted

that

the

security

is

denominated

in

another

currency.

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

March

31,

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.

#

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

At

March

31,

2025,

the

aggregate

value

of

Rule

144A

securities

was

$98,624,

which

represents

1.57%

of

the

Fund's

net

assets.

See

Note

in

"Notes

to

financial

statements."

#### Summary

#### of

#### abbreviations:
AGM

–

Insured

by

Assured

Guaranty

Municipal

Corporation

AMT

–

Subject

to

Alternative

Minimum

Tax

SOFR01M

–

Secured

Overnight

Financing

Rate

Month

SOFR03M

–

Secured

Overnight

Financing

Rate

Month

#### Statement

#### of

#### assets

#### and

#### liabilities
Macquarie

Tax-Free

USA

Short

Term

ETF

March

31,

2025

w

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

6,291,993

Cash

95,657

Interest

receivable

89,459

Total

Assets

6,477,109

#### Liabilities:
Payable

for

securities

purchased

158,292

Distribution

payable

to

shareholders

16,232

Management

fees

payable

to

affiliates

1,557

Total

Liabilities

176,081

#### Total

#### Net

#### Assets
$

6,301,028

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

6,272,293

Total

distributable

earnings

(loss)

28,735

#### Total

#### Net

#### Assets
$

6,301,028

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

250,000

Net

asset

value

per

share

$

25.20 \*Investments,

at

cost

$

6,264,334

#### Statement

#### of

#### operations
Macquarie

Tax-Free

USA

Short

Term

ETF

Year

ended

March

31,

2025

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Interest

$

191,391

191,391

#### Expenses:
Management

fees

15,957

Total

operating

expenses

15,957

#### Net

#### Investment

#### Income
(Loss)

175,434

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on

investments

1,043

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

8,635

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

9,678

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

185,112

#### Statements

#### of

#### changes

#### in

#### net

#### assets
Macquarie

Tax-Free

USA

Short

Term

ETF

\*Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Year

ended

March

31,

2025

For

the

period

November

28,

2023

\*

to

March

31,

2024

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

175,434

$

52,164

Net

realized

gain

(loss)

1,043

–

Net

change

in

unrealized

appreciation

(depreciation)

8,635

19,024

Net

increase

(decrease)

in

net

assets

resulting

from

operations

185,112

71,188

#### Dividends

#### and

#### Distributions

#### to

#### Shareholders

#### from:
Distributable

earnings

(175,401)

(52,164)

(175,401)

(52,164)

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

1,264,793

5,007,500

Increase

in

net

assets

derived

from

capital

share

transactions

1,264,793

5,007,500

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
1,274,504

5,026,524

#### Net

#### Assets:
Beginning

of

year/period

5,026,524

–

End

of

year

$

6,301,028

$

5,026,524

#### Capital

#### Share

#### Transactions:
Beginning

of

year/period

200,000

–

Shares

subscribed

in-kind

50,000

200,000

Shares

outstanding,

end

of

year

250,000

200,000

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

in

"Notes

to

financial

statements."

#### Financial

#### highlights
Macquarie

Tax-Free

USA

Short

Term

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:

Year

ended

March

31,

2025

For

the

period

November

28,

2023

to

March

31,

2024

#### Net

#### asset

#### value,

#### beginning

#### of

#### period

#### ......
$

.13

$

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

—

Net

investment

income

.................

.80

.26

Net

realized

and

unrealized

gain

...........

.07

.13

Total

from

investment

operations

..........

0.87 0.39 #### Less

#### dividends

#### and

#### distributions

#### from:
—

—

Net

investment

income

.................

(0

.80)

(0

.26)

Total

dividends

and

distrib

u

tions

...........

(0.80)

(0.26)

#### Net

#### asset

#### value,

#### end

#### of

#### period

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

25.20 $

25.13 #### Total

#### return

#### 3
.........................

3.50%

1.56%

#### Ratios

#### and

#### supplemental

#### data:
$6,301

$5,027

Net

assets,

end

of

period

(000

omitted)

......

$

6,301

$

5,027

Ratio

of

expenses

to

average

net

assets

.....

0.29%

0.29%

Ratio

of

net

investment

income

to

average

net

assets

.............................

3.19%

3.02%

Portfolio

turnover

......................

43%

9%

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

March

31,

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

six series.

These

financial

statements

and

the

related

notes

pertain

to

Macquarie

Tax-Free

USA

Short

Term

ETF (the

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

(the

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

as

the

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.

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

returns

through

the year ended March

31,

2025

and

for

the

open

tax

year

ended

March

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."

During

the

year ended March

31,

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.

DMC,

the

Fund's

investment

adviser,

1. #### Significant

#### Accounting

#### Policies
(continued)

#### Notes

#### to

#### financial

#### statements
Macquarie

Tax-Free

USA

Short

Term

ETF

acts

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-advisor,

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

March

31,

2025,

Macquarie

Management

Holdings,

Inc.

directly

owned

76.00%

of

the

Fund.

MIMBT,

of

which

DMC

is

a

series,

entered

into

a

settlement

agreement

on

September

19,

2024

with

the

US

Securities

and

Exchange

Commission

(SEC)

consenting

to

an

order

(Settlement

Order)

relating

to

a

legacy

investment

strategy,

the

Absolute

Return

Mortgage-Backed

Securities

Strategy

(ARMBS

Strategy).

MIMBT

no

longer

offers

the

ARMBS

Strategy.

MIMBT

agreed

to

the

Settlement

Order

without

admitting

or

denying

the

SEC's

findings.

The

Settlement

Order

does

not

impact

MIMBT's

ability

to

continue

to

provide

services

to

the

Fund.

1. #### Significant

#### Accounting

#### Policies
(continued)

3. #### Investments
For

the year

ended

March

31,

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 year

ended

March

31,

2025. The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

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

—

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

$

3,837,955

Sales

2,304,186

Cost

of

investments

$

6,264,334

Aggregate

unrealized

appreciation

of

investments

$

29,301

Aggregate

unrealized

depreciation

of

investments

(1,642)

Net

unrealized

appreciation

of

investments

$

27,659

#### Notes

#### to

#### financial

#### statements
Macquarie

Tax-Free

USA

Short

Term

ETF

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

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

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

March

31,

2025

:

During

the year ended

March

31,

2025

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

period.

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

period

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2025

,

there

were

no

Level

investments.

Level

Level

Level

Total

Securities

Assets:

Municipal

Bonds

$

–

$

6,291,993

$

–

$

6,291,993

3. #### Investments
(continued)

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from

net

short-term

gains

on

sales

of

investment

securities

are

treated

as

ordinary

income

for

federal

income

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the year

ended

March

31,

2025

and

period

ended

March

31,

2024

were

as

follows:

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
As

of

March

31,

2025,

the

components

of

net

assets

on

a

tax

basis

were

as

follows:

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

For

the

period

ended

March

31,

2025,

the

Fund

had

no

reclassifications.

6. #### 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

Year

ended

3/31/25

11/28/23

\*

to

3/31/24

Tax-exempt

income

$

175,401

$

52,164

\*

Date

of

commencement

of

operations.

Shares

of

beneficial

interest

$

6,272,293

Undistributed

tax-exempt

income

Undistributed

ordinary

income

1,043

Unrealized

appreciation

(depreciation)

of

investments

27,659

Net

assets

$

6,301,028

#### Notes

#### to

#### financial

#### statements
Macquarie

Tax-Free

USA

Short

Term

ETF

Creation

Units.

The

Fund

will

issue

or

redeem

Creation

Units

in

return

for

a

basket

of

assets

that

the

Fund

specifies

each

day.

During

the

year

ended

March

31,

2025,

the

Fund

decreased

its

Creation

Units

size

from

50,000

to

25,000

shares.

Shares

are

listed

on

the

NYSE

Arca,

Inc.

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."

7. #### 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.

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.

6. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
(continued)

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 NYSE

Arca,

Inc.

(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

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Notes

#### to

#### financial

#### statements
Macquarie

Tax-Free

USA

Short

Term

ETF

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.

8. #### 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.

9. #### 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.

10. #### Subsequent

#### Events
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

by

the

end

of

October

2025. This

is

subject

to

change.

Management

has

determined

that

no

other

material

events

or

transactions

occurred

subsequent

to

March

31,

2025,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Macquarie

ETF

Trust and

Shareholders

of

Macquarie

Tax-Free

USA

Short

Term

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Macquarie

Tax-Free

USA

Short

Term

ETF

(one

of

the

funds

constituting

Macquarie

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2025,

the

related

statement

of

operations

for

the

year

ended

March

31,

2025

and

the

statement

of

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

year

ended

March

31,

2025

and

for

the

period

November

28,

2023

(commencement

of

operations)

through

March

31,

2024,

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2025,

the

results

of

its

operations

for

the

year

ended

March

31,

2025,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

March

31,

2025

and

for

the

period

November

28,

2023

(commencement

of

operations)

through

March

31,

2024

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2025

by

correspondence

with

the

custodian

and

brokers.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

30,

2025

We

have

served

as

the

auditor

of

one

or

more

Macquarie

investment

companies

since

2010. #### Other

#### Fund

#### information
(Unaudited)

Macquarie

Tax-Free

USA

Short

Term

ETF

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's

fiscal

year

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the

year ended

March

31,

2025,

the

Fund

reports

distributions

paid

during

the

period

as

follows:

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### 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.

(A) Tax-Exempt

Distributions

(Tax

Basis)

100.00%

(A) is

based

on

a

percentage

of

the

Fund's

total

distributions.

This

page

is

not

part

of

the

Financial

statements

and

other

information.

AR-STAX-TRST-0525

(4434845) #### 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

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

period

ended

March

31,

2025

#### Table

#### of

#### contents
Schedule

of

investments

#### 1
Statement

of

assets

and

liabilities

#### 3
Statement

of

operations

#### 4
Statement

of

changes

in

net

assets

#### 5
Financial

highlights

#### 6
Notes

to

financial

statements

#### 7
Report

of

independent

registered

public

accounting

firm

#### 17
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

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

March

31,

2025

Number

of

shares

Value

(US

$)

#### Common

#### Stocks

#### —

#### 98

#### .24

#### %
^

Communication

Services

-

.67

%

Alphabet,

Inc.,

Class

C

41,764

$

6,524,790

6,524,790

Consumer

Discretionary

-

.22

%

Amazon.com,

Inc.

†

43,297

8,237,687

Ferrari

NV

7,769

3,324,200

LVMH

Moet

Hennessy

Louis

Vuitton

SE

ADR

20,073

2,486,442

14,048,329

Consumer

Staples

-

.62

%

Coca-Cola

Co.

(The)

58,119

4,162,483

4,162,483

Financials

-

.80

%

Intercontinental

Exchange,

Inc.

29,259

5,047,177

Mastercard,

Inc.,

Class

A

3,919

2,148,082

MSCI,

Inc.,

Class

A

5,668

3,205,254

S&P

Global,

Inc.

6,715

3,411,892

Visa,

Inc.,

Class

A

15,708

5,505,026

19,317,431

Healthcare

-

.03

%

Danaher

Corp.

14,625

2,998,125

UnitedHealth

Group,

Inc.

9,700

5,080,375

8,078,500

Industrials

-

.69

%

Waste

Connections,

Inc.

27,653

5,397,589

5,397,589

Information

Technology

-

.85

%

Apple,

Inc.

39,980

8,880,757

Intuit,

Inc.

7,243

4,447,130

Microsoft

Corp.

37,312

14,006,552

Motorola

Solutions,

Inc.

10,935

4,787,452

NVIDIA

Corp.

95,756

10,378,035

Synopsys,

Inc.

†

6,713

2,878,870

VeriSign,

Inc.

†

15,315

3,888,019

49,266,815

Real

Estate

-

.36

%

CoStar

Group,

Inc.

†

54,067

4,283,729

Equinix,

Inc.

REIT

2,312

1,885,089

6,168,818

#### Total

#### Common

#### Stocks
(cost

$114,942,859)

#### 112,964,755

#### 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

#### —

#### 1

#### .72

#### %
Money

Market

Mutual

Funds

-

.72

%

JPMorgan

U.S.

Government

Money

Market

Fund

—

Class

Morgan

(seven-day

effective

yield

3.86%)

1,975,466

$

1,975,466

#### Total

#### Short-Term

#### Investments
(Cost

$1,975,466)

#### 1,975,466

#### Total

#### Value

#### of

#### Securities

#### —

#### 99.96%
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost

$116,918,325)

#### 114,940,221

#### Receivables

#### and

#### Other

#### Assets

#### Net

#### of

#### Liabilities

#### —

#### 0.04%

#### 43,069

#### Net

#### Assets

#### Applicable

#### to

#### 4,400,000

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 114,983,290
^

Narrow

industries

are

utilized

for

compliance

purposes

for

concentration

whereas

broad

sectors

are

used

for

financial

reporting.

†

Non-income

producing

security.

#### Summary

#### of

#### abbreviations:
ADR

–

American

Depositary

Receipt

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

March

31,

2025

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

114,940,221

Receivable

for

fund

shares

sold

1,959,942

Dividends

receivable

28,372

Total

Assets

116,928,535

#### Liabilities:
Payable

for

securities

purchased

1,922,269

Management

fees

payable

to

affiliates

22,976

Total

Liabilities

1,945,245

#### Total

#### Net

#### Assets
$

114,983,290

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

117,070,319

Total

distributable

earnings

(loss)

(2,087,029)

#### Total

#### Net

#### Assets
$

114,983,290

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

4,400,000

Net

asset

value

per

share

$

26.13 \*Investments,

at

cost

$

116,918,325

#### Statement

#### of

#### operations
Macquarie

Focused

Large

Growth

ETF

For

the

period

May

14,

2024\*

to

March

31,

2025

\*Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Dividends

$

182,807

Foreign

tax

withheld

(2,887)

179,920

#### Expenses:
Management

fees

105,573

Total

operating

expenses

105,573

#### Net

#### Investment

#### Income
(Loss)

74,347

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on

investments

(145,073)

Net

unrealized

appreciation

(depreciation)

on

investments

(1,978,104)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

(2,123,177)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

(2,048,830)

#### Statement

#### 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.

For

the

period

May

14,

2024

\*

to

March

31,

2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

74,347

Net

realized

gain

(loss)

(145,073)

Net

unrealized

appreciation

(depreciation)

(1,978,104)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

(2,048,830)

#### Dividends

#### and

#### Distributions

#### to

#### Shareholders

#### from:
Distributable

earnings

(38,199)

(38,199)

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

117,070,319

Increase

in

net

assets

derived

from

capital

share

transactions

117,070,319

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
114,983,290

#### Net

#### Assets:
Beginning

of

period

–

End

of

period

$

114,983,290

#### Capital

#### Share

#### Transactions:
Beginning

of

period

–

Shares

subscribed

in-kind

4,400,000

Shares

outstanding,

end

of

period

4,400,000

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

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

the

period

were

as

follows:

For

the

period

May

14,

2024

to

March

31,

2025

#### Net

#### asset

#### value,

#### beginning

#### of

#### period

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

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

Net

investment

income

....................................

.07

Net

realized

and

unrealized

gain

..............................

.10

Total

from

investment

operations

.............................

1.17 #### Less

#### dividends

#### and

#### distributions

#### from:
—

Net

investment

income

....................................

(0

.04)

Total

dividends

and

distrib

u

tions

..............................

(0.04)

#### Net

#### asset

#### value,

#### end

#### of

#### period

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

26.13 #### Total

#### return

#### 3
............................................

4.65%

#### Ratios

#### and

#### supplemental

#### data:
$114,983

Net

assets,

end

of

period

(000

omitted)

.........................

$

114,983

Ratio

of

expenses

to

average

net

assets

.......................

0.44%

Ratio

of

net

investment

income

to

average

net

assets

..............

0.30%

Portfolio

turnover

.........................................

7%

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

March

31,

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

six series.

These

financial

statements

and

the

related

notes

pertain

to

Macquarie

Focused

Large

Growth

ETF (the

Fund).

The

Fund

commenced

operations

on

May

14,

2024. 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

(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

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-

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 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

tax

year ended October

31,

2024,

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

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.

DMC,

the

Fund's

investment

adviser,

acts

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.

MIMBT,

of

which

DMC

is

a

series,

entered

into

a

settlement

agreement

on

September

19,

2024

with

the

US

Securities

and

Exchange

Commission

(SEC)

consenting

to

an

order

(Settlement

Order)

relating

to

a

legacy

investment

strategy,

the

Absolute

Return

Mortgage-Backed

Securities

Strategy

(ARMBS

Strategy).

MIMBT

no

longer

offers

the

ARMBS

Strategy.

MIMBT

agreed

to

the

Settlement

Order

without

admitting

or

denying

the

SEC's

findings.

The

Settlement

Order

does

not

impact

MIMBT's

ability

to

continue

to

provide

services

to

the

Fund.

3. #### Investments
For

the period

ended

March

31,

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

March

31,

2025,

in-kind

transactions,

which

are

not

included

in

the

table

above, associated

with

purchase

or

redemption

of

Creation

Units

were

as

follows:

The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

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

—

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

$

2,283,961

Sales

2,067,854

Purchases

$

114,871,884

Sales

—

Cost

of

investments

$

116,918,325

Aggregate

unrealized

appreciation

of

investments

$

1,813,393

Aggregate

unrealized

depreciation

of

investments

(3,791,497)

Net

unrealized

depreciation

of

investments

$

(1,978,104)

#### Notes

#### to

#### financial

#### statements
Macquarie

Focused

Large

Growth

ETF

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

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

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

March

31,

2025

:

During

the period ended

March

31,

2025

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

period.

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

period

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2025

,

there

were

no

Level

investments.

Level

Level

Level

Total

Securities

Assets:

Common

Stocks

$

112,964,755

$

–

$

–

$

112,964,755

Short-Term

Investments

1,975,466

–

–

1,975,466

Total

Value

of

Securities

$

114,940,221

$

–

$

–

$

114,940,221

3. #### Investments
(continued)

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from net

short-term

gains

on

sales

of

investment

securities

are

treated

as

ordinary

income

for

federal

income

tax

purposes.

There

were

no

dividends

and

distributions

paid

during

the tax

year ended October

31,

2024. 5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
At October

31,

2024

(the

Fund's

most

recent

tax

year

end),

the

components

of distributable

earnings/(loss) on

a

tax

basis

were

as

follows:

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

For

the tax

year ended

October

31,

2024,

the

Fund

had

no

reclassifications.

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:

6. #### 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

Capital

loss

carryforwards

$

(14,061)

Undistributed

ordinary

income

14,155

Unrealized

appreciation

(depreciation)

of

investments

983,465

Total

accumulated

earnings

$

983,559

Loss

carryforward

character

Short-term

Long-term

Total

$14,061

$—

$14,061

#### Notes

#### to

#### financial

#### statements
Macquarie

Focused

Large

Growth

ETF

("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.

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."

7. #### 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.

6. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
(continued)

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.

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 NYSE

Arca,

Inc.

(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

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Notes

#### to

#### financial

#### statements
Macquarie

Focused

Large

Growth

ETF

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.

8. #### 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.

9. #### 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.

10. #### Subsequent

#### Events
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

by

the

end

of

October

2025. This

is

subject

to

change.

Management

has

determined

that

no

other

material

events

or

transactions

occurred

subsequent

to

March

31,

2025,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Macquarie

ETF

Trust and

Shareholders

of

Macquarie

Focused

Large

Growth

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Macquarie

Focused

Large

Growth

ETF

(one

of

the

Funds

constituting

Macquarie

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2025,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

May

14,

2024

(commencement

of

operations)

through

March

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2025,

and

the

results

of

its

operations,

changes

in

its

net

assets,

and

the

financial

highlights

for

the

period

May

14,

2024

(commencement

of

operations)

through

March

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2025

by

correspondence

with

the

custodian,

transfer

agents

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

30,

2025

We

have

served

as

the

auditor

of

one

or

more

Macquarie

investment

companies

since

2010. #### Other

#### Fund

#### information
(Unaudited)

Macquarie

Focused

Large

Growth

ETF

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's

fiscal

year

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the period ended

October

31, 2024,

the

Fund

reports

distributions

paid

during

the

period

as

follows:

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### 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.

(A) Ordinary

Income

Distributions

(Tax

Basis)

100.00%

(B) Qualified

Dividends

100.00%

(A) is

based

on

a

percentage

of

the

Fund's

total

distributions.

(B) is

based

on

the

Fund's

ordinary

income

distributions.

Qualified

dividends

represent

dividends

which

qualify

for

the

corporate

dividends

received

deduction.

This

page

is

not

part

of

the

Financial

statements

and

other

information.

AR-LRGG-TRST-0525

(4435069) #### 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

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

period

ended

March

31,

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
Report

of

independent

registered

public

accounting

firm

#### 19
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

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

March

31,

2025

Number

of

shares

Value

(US

$)

#### Common

#### Stocks

#### —

#### 95.78%
Δ

Brazil

-

3.67%

Ambev

SA

ADR

80,734

$

188,110

Petroleo

Brasileiro

SA

ADR

29,166

418,240

606,350

China

-

20.69%

Alibaba

Group

Holding

Ltd.

ADR

8,063

1,066,170

Baidu,

Inc.

ADR

†

1,086

99,945

BeiGene

Ltd.

ADR

†

845

229,984

Meituan

,

Class

B

144A

#,†

20,037

401,180

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

2,432

116,274

PDD

Holdings,

Inc.

ADR

†

3,223

381,442

TAL

Education

Group

ADR

†

11,615

153,434

Tencent

Holdings

Ltd.

12,380

790,709

Trip.com

Group

Ltd.

ADR

1,703

108,277

ZTO

Express

Cayman,

Inc.

ADR

3,666

72,733

3,420,148

Hong

Kong

-

3.41%

Hong

Kong

Exchanges

&

Clearing

Ltd.

12,714

563,364

563,364

India

-

12.66%

Aurobindo

Pharma

Ltd.

†

3,043

41,316

Dr

Reddy's

Laboratories

Ltd.

ADR

6,321

83,374

HDFC

Bank

Ltd.

13,362

285,804

Infosys

Ltd.

ADR

11,730

214,073

Reliance

Industries

Ltd.

GDR

144A

#

13,557

795,796

Reliance

Industries

Ltd.

29,406

438,686

Tata

Consultancy

Services

Ltd.

4,060

171,295

Tata

Consumer

Products

Ltd.

5,331

62,489

2,092,833

Indonesia

-

2.45%

Astra

International

Tbk

.

PT

419,124

124,522

Bank

Central

Asia

Tbk

.

PT

422,331

216,776

Unilever

Indonesia

Tbk

.

PT

841,035

64,246

405,544

Malaysia

-

1.25%

Public

Bank

Bhd.

207,000

206,184

206,184

Mexico

-

5.94%

America

Movil

SAB

de

CV

ADR

9,893

140,678

Cemex

SAB

de

CV

ADR

20,358

114,208

Coca-Cola

Femsa

SAB

de

CV

ADR

2,086

190,431

#### Schedule

#### of

#### investments
Macquarie

Focused

Emerging

Markets

Equity

ETF

Number

of

shares

Value

(US

$)

#### Common

#### Stocks
(continued)

Mexico

(continued)

Fomento

Economico

Mexicano

SAB

de

CV

ADR

1,586

$

154,762

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

35,113

243,524

Wal-Mart

de

Mexico

SAB

de

CV

50,420

138,859

982,462

Peru

-

1.06%

Credicorp

Ltd.

942

175,363

175,363

Saudi

Arabia

-

0.45%

Saudi

Arabian

Oil

Co.

144A

#

10,507

74,928

74,928

Singapore

-

0.59%

Grab

Holdings

Ltd.,

Class

A

†

21,439

97,119

97,119

South

Africa

-

1.23%

Naspers

Ltd.,

Class

N

824

203,045

203,045

South

Korea

-

21.59%

Samsung

C&T

Corp.

4,545

360,822

Samsung

Electronics

Co.

Ltd.

24,299

953,808

Samsung

Life

Insurance

Co.

Ltd.

2,158

121,493

SK

Hynix,

Inc.

9,327

1,207,918

SK

Square

Co.

Ltd.

†

14,602

926,198

3,570,239

Taiwan

-

18.26%

Delta

Electronics,

Inc.

13,273

143,913

FIT

Hon

Teng

Ltd.

144A

#,†

240,240

73,479

Hon

Hai

Precision

Industry

Co.

Ltd.

52,013

228,715

MediaTek,

Inc.

9,337

390,887

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

79,623

2,182,273

3,019,267

Thailand

-

1.25%

Bangkok

Bank

PCL

26,100

113,093

PTT

PCL

98,800

93,194

206,287

Turkiye

-

1.28%

Akbank

TAS

153,704

211,635

211,635

#### Total

#### Common

#### Stocks
(cost

$15,862,415)

#### 15,834,768

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Number

of

shares

Value

(US

$)

#### Preferred

#### Stocks

#### —

#### 2.09%

#### Δ
Brazil

-

1.99%

Banco

Bradesco

SA

46,501

$

103,697

Itau

Unibanco

Holding

SA

40,955

225,253

328,950

South

Korea

-

0.10%

LG

Chem

Ltd.

16,756

16,756

#### Total

#### Preferred

#### Stocks
(cost

$351,539)

#### 345,706

#### Short-Term

#### Investments

#### —

#### 2.09%
Money

Market

Mutual

Funds

-

2.09%

JPMorgan

U.S.

Government

Money

Market

Fund

—

Class

Morgan

(seven-day

effective

yield

3.86%)

346,487

346,487

#### Total

#### Short-Term

#### Investments
(cost

$346,487)

#### 346,487

#### Total

#### Value

#### of

#### Securities

#### —

#### 99.96%
&nbsp;&nbsp;&nbsp;&nbsp; (cost

$16,560,441)

#### 16,526,961

#### Receivables

#### and

#### Other

#### Assets

#### Net

#### of

#### Liabilities

#### —

#### 0.04%

#### 5,982

#### Net

#### Assets

#### Applicable

#### to

#### 650,000

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 16,532,943
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

March

31,

2025,

the

aggregate

value

of

Rule

144A

securities

was

$1,345,383,

which

represents

8.14%

of

the

Fund's

net

assets.

See

Note

in

"Notes

to

financial

statements."

#### Summary

#### of

#### abbreviations:
ADR

–

American

Depositary

Receipt

GDR

–

Global

Depositary

Receipt

#### Statement

#### of

#### assets

#### and

#### liabilities
Macquarie

Focused

Emerging

Markets

Equity

ETF

March

31,

2025

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

16,526,961

Foreign

currency,

at

value\*\*

Receivable

for

securities

sold

26,077

Dividends

receivable

41,047

Total

Assets

16,594,109

#### Liabilities:
Payable

for

securities

purchased

39,806

Management

fees

payable

to

affiliates

11,819

Foreign

capital

gains

taxes

8,921

Due

to

custodian

620

Total

Liabilities

61,166

#### Total

#### Net

#### Assets
$

16,532,943

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

16,595,766

Total

distributable

earnings

(loss)

(62,823)

#### Total

#### Net

#### Assets
$

16,532,943

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

650,000

Net

asset

value

per

share

$

25.44 \*Investments,

at

cost

$

16,560,441

\*\*Foreign

currency,

at

cost

#### Statement

#### of

#### operations
Macquarie

Focused

Emerging

Markets

Equity

ETF

For

the

period

September

4,

2024\*

to

March

31,

2025

\*

Date

of

commencement

of

operations.

\*\*

Includes $(8,921)

capital

gains

taxes

accrued.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Dividends

$

137,397

Foreign

tax

withheld

(16,219)

121,178

#### Expenses:
Management

fees

47,850

Total

operating

expenses

47,850

#### Net

#### Investment

#### Income
(Loss)

73,328

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on:

Investments

2,594

Foreign

currencies

(13,615)

Net

realized

gain

(loss)

(11,021)

Net

unrealized

appreciation

(depreciation)

on:

Investments

\*\*

(42,401)

Foreign

currencies

(862)

Net

unrealized

appreciation

(depreciation)

(43,263)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

(54,284)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

19,044

#### Statement

#### 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.

For

the

period

September

4,

2024

\*

to

March

31,

2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

73,328

Net

realized

gain

(loss)

(11,021)

Net

unrealized

appreciation

(depreciation)

(43,263)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

19,044

#### Dividends

#### and

#### Distributions

#### to

#### Shareholders

#### from:
Distributable

earnings

(81,867)

(81,867)

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

16,595,766

Increase

in

net

assets

derived

from

capital

share

transactions

16,595,766

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
16,532,943

#### Net

#### Assets:
Beginning

of

period

–

End

of

period

$

16,532,943

#### Capital

#### Share

#### Transactions:
Beginning

of

period

–

Shares

subscribed

in-kind

650,000

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

in

"Notes

to

financial

statements."

#### Financial

#### highlights
Macquarie

Focused

Emerging

Markets

Equity

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

September

4,

2024

to

March

31,

2025

#### Net

#### asset

#### value,

#### beginning

#### of

#### period

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

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

Net

investment

income

....................................

.19

Net

realized

and

unrealized

gain

..............................

.45

Total

from

investment

operations

.............................

0.64 #### Less

#### dividends

#### and

#### distributions

#### from:
—

Net

investment

income

....................................

(0

.20)

Net

realized

gain

..........................................

(0

.00)

Total

dividends

and

distrib

u

tions

..............................

(0.20)

#### Net

#### asset

#### value,

#### end

#### of

#### period

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

25.44 #### Total

#### return

#### 4
............................................

2.60%

#### Ratios

#### and

#### supplemental

#### data:
$16,533

Net

assets,

end

of

period

(000

omitted)

.........................

$

16,533

Ratio

of

expenses

to

average

net

assets

.......................

0.85%

Ratio

of

net

investment

income

to

average

net

assets

..............

1.30%

Portfolio

turnover

.........................................

12%

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.

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

Emerging

Markets

Equity

ETF

March

31,

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

six series.

These

financial

statements

and

the

related

notes

pertain

to

Macquarie

Focused

Emerging

Markets

Equity

ETF (the

Fund).

The

Fund

commenced

operations

on

September

4,

2024. 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-

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

period

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 period ended March

31,

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.

1. #### Significant

#### Accounting

#### Policies
(continued)

#### Notes

#### to

#### financial

#### statements
Macquarie

Focused

Emerging

Markets

Equity

ETF

#### 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.

DMC,

the

Fund's

investment

adviser,

acts

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

0.85%

on

the

Fund's

average

daily

net

assets.

1. #### Significant

#### Accounting

#### Policies
(continued)

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

March

31,

2025,

Macquarie

Management

Holdings,

Inc.

directly

owned

26.15%

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.

MIMBT,

of

which

DMC

is

a

series,

entered

into

a

settlement

agreement

on

September

19,

2024

with

the

US

Securities

and

Exchange

Commission

(SEC)

consenting

to

an

order

(Settlement

Order)

relating

to

a

legacy

investment

strategy,

the

Absolute

Return

Mortgage-Backed

Securities

Strategy

(ARMBS

Strategy).

MIMBT

no

longer

offers

the

ARMBS

Strategy.

MIMBT

agreed

to

the

Settlement

Order

without

admitting

or

denying

the

SEC's

findings.

The

Settlement

Order

does

not

impact

MIMBT's

ability

to

continue

to

provide

services

to

the

Fund.

2. #### Investment

#### Management,

#### Administration

#### Agreements,

#### and

#### Other

#### Transactions

#### with

#### Affiliates
(continued)

#### Notes

#### to

#### financial

#### statements
Macquarie

Focused

Emerging

Markets

Equity

ETF

3. #### Investments
For

the period

ended

March

31,

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

March

31,

2025,

in-kind

transactions,

which

are

not

included

in

the

table

above, associated

with

purchase

or

redemption

of

Creation

Units

were

as

follows:

The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

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

—

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

$

10,568,320

Sales

1,146,676

Purchases

$

6,789,696

Sales

—

Cost

of

investments

$

16,656,006

Aggregate

unrealized

appreciation

of

investments

$

816,784

Aggregate

unrealized

depreciation

of

investments

(945,829)

Net

unrealized

depreciation

of

investments

$

(129,045)

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

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

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

March

31,

2025

:

During

the period ended

March

31,

2025

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

period.

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

period

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2025

,

there

were

no

Level

investments.

Level

Level

Level

Total

Securities

Assets:

Common

Stocks

$

15,834,768

$

–

$

–

$

15,834,768

Preferred

Stocks

345,706

–

–

345,706

Short-Term

Investments

346,487

–

–

346,487

Total

Value

of

Securities

$

16,526,961

$

–

$

–

$

16,526,961

3. (continued)

#### Notes

#### to

#### financial

#### statements
Macquarie

Focused

Emerging

Markets

Equity

ETF

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from

net

gains

on

foreign

currency

transactions

and

net

short-term

gains

on

sales

of

investment

securities

are

treated

as

ordinary

income

for

federal

income

tax

purposes.

The

tax

character

of

dividends

and

distributions

paid

during

the

period

ended

March

31,

2025

were

as

follows:

5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
As

of

March

31,

2025,

the

components

of

net

assets

on

a

tax

basis

were

as

follows:

Differences

between

components

of

net

assets

unrealized

and

tax

cost

unrealized

may

arise

due

to

unrealized

appreciation/depreciation

on

foreign

currencies

and

foreign

capital

gains

tax.

The

differences

between

book

basis

and

tax

basis

components

of

net

assets

are

primarily

attributable

to

tax

deferral

of

losses

on

wash

sales

and

investments

in

passive

foreign

investment

companies.

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

For

the

period

ended

March

31,

2025

,

the

Fund

had

no

reclassifications.

6. #### 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

9/4/24

\*

to

3/31/25

Ordinary

income

$

81,867

\*

Date

of

commencement

of

operations.

Shares

of

beneficial

interest

$

16,595,766

Undistributed

ordinary

income

76,005

Unrealized

appreciation

(depreciation)

of

investments

and

foreign

currencies

(138,828)

Net

assets

$

16,532,943

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."

7. #### 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.

6. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
(continued)

#### Notes

#### to

#### financial

#### statements
Macquarie

Focused

Emerging

Markets

Equity

ETF

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

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

(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

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

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.

8. #### 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.

9. #### 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.

10. #### Subsequent

#### Events
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

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

#### Notes

#### to

#### financial

#### statements
Macquarie

Focused

Emerging

Markets

Equity

ETF

receipt

of

applicable

regulatory

approvals.

Subject

to

such

approvals

and

the

satisfaction

of

these

conditions,

the

transaction

is

expected

to

close

by

the

end

of

October

2025. This

is

subject

to

change.

Management

has

determined

that

no

other

material

events

or

transactions

occurred

subsequent

to

March

31,

2025,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

10. #### Subsequent

#### Events
(continued)

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Macquarie

ETF

Trust and

Shareholders

of

Macquarie

Focused

Emerging

Markets

Equity

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Macquarie

Focused

Emerging

Markets

Equity

ETF

(one

of

the

Funds

constituting

Macquarie

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2025,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

September

4,

2024

(commencement

of

operations)

through

March

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2025,

and

the

results

of

its

operations,

changes

in

its

net

assets,

and

the

financial

highlights

for

the

period

September

4,

2024

(commencement

of

operations)

through

March

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2025

by

correspondence

with

the

custodian,

transfer

agents

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

30,

2025

We

have

served

as

the

auditor

of

one

or

more

Macquarie

investment

companies

since

2010. #### Other

#### Fund

#### information
(Unaudited)

Macquarie

Focused

Emerging

Markets

Equity

ETF

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's

period

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the

period ended

March

31,

2025,

the

Fund

reports

distributions

paid

during

the

period

as

follows:

The

Fund

intends

to

pass

through

foreign

tax

credits

in

the

maximum

amount

of

$8,070.

The

gross

foreign

source

income

earned

during

the

period ended

March

31,

2025 by

the

Fund

was

$132,996.

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### 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.

(A) Ordinary

Income

Distributions

(Tax

Basis)

100.00%

(A) is

based

on

a

percentage

of

the

Fund's

total

distributions.

This

page

is

not

part

of

the

Financial

statements

and

other

information.

AR-EMEQ-TRST-0525

(4449060) #### 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

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

period

ended

March

31,

2025

#### Table

#### of

#### contents
Schedule

of

investments

#### 1
Statement

of

assets

and

liabilities

#### 5
Statement

of

operations

#### 6
Statement

of

changes

in

net

assets

#### 7
Financial

highlights

#### 8
Notes

to

financial

statements

#### 9
Report

of

independent

registered

public

accounting

firm

#### 18
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

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

March

31,

2025

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds

#### &nbsp;&nbsp;&nbsp;&nbsp; —

#### 98

#### .05

#### %
Building

Revenue

Bonds

-

.70

%

Puerto

Rico

Industrial

Development

Co.

Series

2023

7.00%

1/1/54

• 175,000

$

166,688

166,688

Education

Revenue

Bonds

-

.80

%

Arizona

Industrial

Development

Authority

(Odyssey

Preparatory

Academy,

Inc.

(The))

Series

2017A

144A

5.50%

7/1/52

#

50,000

49,280

Capital

Trust

Authority

(Mason

Classical

Academy,

Inc.)

Series

2024A

144A

5.00%

6/1/64

#

200,000

187,467

Indiana

Finance

Authority

Series

2025

5.75%

7/1/60

150,000

152,246

Iowa

Higher

Education

Loan

Authority

Series

2025

6.00%

10/1/55

200,000

208,462

Maricopa

County

Industrial

Development

Authority

(Arizona

Autism

Charter

Schools

Obligated

Group)

Series

2021A

144A

4.00%

7/1/61

#

190,000

145,779

Montgomery

County

Industrial

Development

Authority

(Ursinus

College)

Series

2024

5.25%

11/1/49

200,000

200,770

Public

Finance

Authority

Class

A

Series

2023-1

5.75%

7/1/62

90,415

92,621

1,036,625

Healthcare

Revenue

Bonds

-

.05

%

Arizona

Industrial

Development

Authority

(ISF

Ativo

Portfolio

Obligated

Group)

Series

2025A

144A

6.88%

3/1/55

#

100,000

100,139

(Great

Lakes

Senior

Living

Communities

LLC)

Series

2025A-2

5.13%

1/1/59

225,000

206,378

California

Public

Finance

Authority

(P3

Irvine

SL

Holdings

LLC

Obligated

Group)

Series

2024A

144A

6.50%

6/1/54

#

100,000

96,237

#### Schedule

#### of

#### investments
Macquarie

National

High-Yield

Municipal

Bond

ETF

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Healthcare

Revenue

Bonds

(continued)

California

Statewide

Communities

Development

Authority

(Loma

Linda

University

Medical

Center

Obligated

Group)

Series

2016A

144A

5.00%

12/1/41

#

150,000

$

150,500

Maryland

Health

&

Higher

Educational

Facilities

Authority

(Johns

Hopkins

Health

System

Obligated

Group)

Series

2024B

3.50%

6/1/46

• 100,000

100,000

Massachusetts

Development

Finance

Agency

(Children's

Hospital

Corp.

Obligated

Group

(The))

Series

2024U-1

3.50%

3/1/48

• 200,000

200,000

Minnesota

Agricultural

&

Economic

Development

Board

(HealthPartners

Obligated

Group)

Series

2024

5.25%

1/1/54

200,000

206,175

New

Hope

Cultural

Education

Facilities

Finance

Corp.

(SLF

CHP

LLC)

Series

2025A

144A

6.25%

7/1/45

#

100,000

97,294

(Bella

Vida

Forefront

Living

Obligated

Group)

Series

2025A

6.50%

10/1/60

125,000

125,612

Oklahoma

Development

Finance

Authority

(OU

Medicine

Obligated

Group)

Series

2018B

5.50%

8/15/57

100,000

101,295

Stamford

Housing

Authority

(TJH

Senior

Living

LLC

Obligated

Group)

Series

2025A

6.25%

10/1/60

100,000

100,745

1,484,375

Industrial

Development

Revenue

Bonds

-

.59

%

Buckeye

Tobacco

Settlement

Financing

Authority

Class

Series

2020B-2

5.00%

6/1/55

400,000

353,081

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Industrial

Development

Revenue

Bonds

(continued)

California

Infrastructure

&

Economic

Development

Bank

(Desertxpress

Enterprises

LLC)

Series

2025A

144A

9.50%

1/1/65

(AMT)

#,•

600,000

$

600,006

Southeast

Energy

Authority

A

Cooperative

District

Series

2025A

5.00%

1/1/56

• 250,000

260,581

Tobacco

Settlement

Financing

Corp.

Series

2007B-1

5.00%

6/1/47

130,000

118,924

1,332,592

Leasing

Revenue

Bonds

-

.38

%

New

Jersey

Transportation

Trust

Fund

Authority

(State

of

New

Jersey)

Series

2023BB

5.25%

6/15/50

200,000

208,788

208,788

Local

General

Obligation

Revenue

Bonds

-

.10

%

Chicago

Board

of

Education

Series

2012A

5.00%

12/1/42

200,000

191,347

191,347

Special

Tax

Revenue

Bonds

-

.25

%

GDB

Debt

Recovery

Authority

of

Puerto

Rico

7.50%

8/20/40

225,000

220,212

Puerto

Rico

Sales

Tax

Financing

Corp.

Series

4.75%

7/1/53

300,000

288,873

509,085

State

General

Obligation

Revenue

Bonds

-

.95

%

Commonwealth

of

Puerto

Rico

Series

2022A-1

4.00%

7/1/46

350,000

305,570

305,570

Transportation

Revenue

Bonds

-

.99

%

Florida

Development

Finance

Corp.

(Brightline

Trains

Florida

LLC)

Series

2024

5.25%

7/1/47

(AMT)

200,000

200,946

New

York

Transportation

Development

Corp.

(JFK

Millennium

Partners

LLC)

Series

2024A

5.50%

12/31/54

(AMT)

200,000

208,165

State

of

Hawaii

Airports

System

Series

2025A

5.25%

7/1/51

(AMT)

200,000

207,347

616,458

#### Schedule

#### of

#### investments
Macquarie

National

High-Yield

Municipal

Bond

ETF

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Principal

amount

°

Value

(US

$)

#### Municipal

#### Bonds
(continued)

Utility

Revenue

Bonds

-

.24

%

New

York

City

Municipal

Water

Finance

Authority

(Water

&

Sewer

System)

Series

2014AA-3

3.55%

6/15/49

• 200,000

$

200,000

200,000

#### Total

#### Municipal

#### Bonds
(cost

$6,147,418)

#### 6,051,528

#### Total

#### Value

#### of

#### Securities

#### —

#### 98.05%
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost

$6,147,418)

#### 6,051,528

#### Receivables

#### and

#### Other

#### Assets

#### Net

#### of

#### Liabilities

#### —

#### 1.95%

#### 120,073

#### Net

#### Assets

#### Applicable

#### to

#### 250,000

#### Shares

#### Outstanding

#### —

#### 100.00%

#### $

#### 6,171,601
°

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

March

31,

2025,

the

aggregate

value

of

Rule

144A

securities

was

$1,426,702,

which

represents

23.12%

of

the

Fund's

net

assets.

See

Note

in

"Notes

to

financial

statements."

• Variable

rate

investment.

Rates

reset

periodically.

Rate

shown

reflects

the

rate

in

effect

at

March

31,

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:
AMT

–

Subject

to

Alternative

Minimum

Tax

SOFR01M

–

Secured

Overnight

Financing

Rate

Month

SOFR03M

–

Secured

Overnight

Financing

Rate

Month

#### Statement

#### of

#### assets

#### and

#### liabilities
Macquarie

National

High-Yield

Municipal

Bond

ETF

March

31,

2025

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Assets:
Investments

at

value\*

$

6,051,528

Cash

152,946

Interest

receivable

67,806

Total

Assets

6,272,280

#### Liabilities:
Payable

for

securities

purchased

98,595

Management

fees

payable

to

affiliates

2,084

Total

Liabilities

100,679

#### Total

#### Net

#### Assets
$

6,171,601

#### Net

#### Assets

#### Consist

#### of:
Paid-in-capital

$

6,250,794

Total

distributable

earnings

(loss)

(79,193)

#### Total

#### Net

#### Assets
$

6,171,601

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

250,000

Net

asset

value

per

share

$

24.69 \*Investments,

at

cost

$

6,147,418

#### Statement

#### of

#### operations
Macquarie

National

High-Yield

Municipal

Bond

ETF

For

the

period

March

05,

2025\*

to

March

31,

2025

\*Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

#### Investment

#### Income:
Interest

$

21,257

21,257

#### Expenses:
Management

fees

2,084

Total

operating

expenses

2,084

#### Net

#### Investment

#### Income
(Loss)

19,173

#### Net

#### Realized

#### and

#### Unrealized

#### Gain

#### (Loss):
Net

realized

gain

(loss)

on

investments

(2,476)

Net

unrealized

appreciation

(depreciation)

on

investments

(95,890)

#### Net

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

(98,366)

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Resulting

#### from

#### Operations
$

(79,193)

#### Statement

#### 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.

For

the

period

March

5,

2025

\*

to

March

31,

2025

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### from

#### Operations:
Net

investment

income

(loss)

$

19,173

Net

realized

gain

(loss)

(2,476)

Net

unrealized

appreciation

(depreciation)

(95,890)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

(79,193)

#### Capital

#### Share

#### Transactions:

#### 1
Proceeds

from

shares

sold

6,250,794

Increase

in

net

assets

derived

from

capital

share

transactions

6,250,794

#### Net

#### Increase
(Decrease)

#### in

#### Net

#### Assets
6,171,601

#### Net

#### Assets:
Beginning

of

period

–

End

of

period

$

6,171,601

#### Capital

#### Share

#### Transactions:
Beginning

of

period

–

Shares

subscribed

in-kind

250,000

Shares

outstanding,

end

of

period

250,000

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

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

the

period

were

as

follows:

For

the

period

March

5,

2025

to

March

31,

2025

#### Net

#### asset

#### value,

#### beginning

#### of

#### period

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

.00

#### Income
(loss)

#### from

#### investment

#### operations:
—

Net

investment

income

....................................

.08

Net

realized

and

unrealized

loss

..............................

(0

.39)

Total

from

investment

operations

.............................

(0.31)

#### Net

#### asset

#### value,

#### end

#### of

#### period

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

24.69 #### Total

#### return

#### 3
............................................

(1.24%)

#### Ratios

#### and

#### supplemental

#### data:
$6,172

Net

assets,

end

of

period

(000

omitted)

.........................

$

6,172

Ratio

of

expenses

to

average

net

assets

........................

0.49%

Ratio

of

net

investment

income

to

average

net

assets

..............

4.44%

Portfolio

turnover

.........................................

14%

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

March

31,

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 six

series.

These

financial

statements

and

the

related

notes

pertain

to

Macquarie

National

High-Yield

Municipal

Bond

ETF (the

Fund).

The

Fund

commenced

operations

on March

5,

2025. 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

(the

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

as

the

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.

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

National

High-Yield

Municipal

Bond

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

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."

During

the period ended March

31,

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.

DMC,

the

Fund's

investment

adviser,

acts

as

the

Fund's

chief

operating

decision

maker

(CODM),

assessing

performance

and

making

1. #### Significant

#### Accounting

#### Policies
(continued)

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-advisor,

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

March

31,

2025,

Macquarie

Management

Holdings,

Inc.

directly

owned

80.00%

of

the

Fund.

MIMBT,

of

which

DMC

is

a

series,

entered

into

a

settlement

agreement

on

September

19,

2024

with

the

US

Securities

and

Exchange

Commission

(SEC)

consenting

to

an

order

(Settlement

Order)

relating

to

a

legacy

investment

strategy,

the

Absolute

Return

Mortgage-Backed

Securities

Strategy

(ARMBS

Strategy).

MIMBT

no

longer

offers

the

ARMBS

Strategy.

MIMBT

agreed

to

the

Settlement

Order

without

admitting

or

denying

the

SEC's

findings.

The

Settlement

Order

does

not

impact

MIMBT's

ability

to

continue

to

provide

services

to

the

Fund.

1. #### Significant

#### Accounting

#### Policies
(continued)

#### Notes

#### to

#### financial

#### statements
Macquarie

National

High-Yield

Municipal

Bond

ETF

3. #### Investments
For

the period

ended

March

31,

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 period

ended

March

31,

2025. The

tax

cost

of

investments

includes

adjustments

to

net

unrealized

appreciation

(depreciation)

which

may

not

necessarily

be

the

final

tax

cost

basis

adjustments

but

which

approximate

the

tax

basis

unrealized

gains

and

losses

that

may

be

realized

and

distributed

to

shareholders.

At

March

31,

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

—

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

$

6,924,714

Sales

774,031

Cost

of

investments

$

6,147,418

Aggregate

unrealized

appreciation

of

investments

$

3,789

Aggregate

unrealized

depreciation

of

investments

(99,679)

Net

unrealized

depreciation

of

investments

$

(95,890)

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

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

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

March

31,

2025

:

During

the period ended

March

31,

2025

,

there

were

no

transfers

into

or

out

of

Level

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

investments

based

on

fair

value

at

the

beginning

of

the

reporting

period.

A

reconciliation

of

Level

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

investments

at

the

beginning

or

end

of

the

period

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2025

,

there

were

no

Level

investments.

Level

Level

Level

Total

Securities

Assets:

Municipal

Bonds

$

–

$

6,051,528

$

–

$

6,051,528

3. (continued)

#### Notes

#### to

#### financial

#### statements
Macquarie

National

High-Yield

Municipal

Bond

ETF

4. #### Dividend

#### and

#### Distribution

#### Information
Income

and

long-term

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

US

GAAP. Additionally,

distributions

from

net

gains

on

foreign

currency

transactions

and

net

short-term

gains

on

sales

of

investment

securities

are

treated

as

ordinary

income

for

federal

income

tax

purposes.

There

were

no dividends or

distributions

paid

during

the

period

ended

March

31,

2025. 5. #### Components

#### of

#### Net

#### Assets

#### on

#### a

#### Tax

#### Basis
As

of

March

31,

2025,

the

components

of

net

assets

on

a

tax

basis

were

as

follows:

For

financial

reporting

purposes,

capital

accounts

are

adjusted

to

reflect

the

tax

character

of

permanent

book/tax

differences.

Results

of

operations

and

net

assets

were

not

affected

by

these

reclassifications.

For

the

period

ended

March

31,

2025

,

the

Fund

had

no

reclassifications.

For

federal

income

tax

purposes,

capital

loss

carryforwards

may

be

carried

forward

and

applied

against

future

capital

gains.

At

March

31,

2025

,

the

Fund

has

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

as

follows:

6. #### 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

Shares

of

beneficial

interest

$

6,250,794

Capital

loss

carryforwards

(2,476)

Undistributed

tax-exempt

income

19,101

Undistributed

ordinary

income

Unrealized

appreciation

(depreciation)

of

investments

(95,890)

Net

assets

$

6,171,601

Loss

carryforward

character

Short-term

Long-term

Total

$2,476

$—

$2,476

("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.

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."

7. #### 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.

6. #### Issuance

#### and

#### Redemption

#### of

#### Fund

#### Shares
(continued)

#### Notes

#### to

#### financial

#### statements
Macquarie

National

High-Yield

Municipal

Bond

ETF

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.

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 NYSE

Arca,

Inc. (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.

7. #### Certain

#### Principal

#### Risks

#### of

#### the

#### Fund
(continued)

8. #### 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.

9. #### 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.

10. #### Subsequent

#### Events
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

by

the

end

of

October

2025. This

is

subject

to

change.

Management

has

determined

that

no

other

material

events

or

transactions

occurred

subsequent

to

March

31,

2025,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements.

#### Report

#### of

#### independent

#### registered

#### public

#### accounting

#### firm

To

the

Board

of

Trustees

of Macquarie

ETF

Trust and

Shareholders

of

Macquarie

National

High-

Yield

Municipal

Bond

ETF

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Macquarie

National

High-Yield

Municipal

Bond

ETF

(one

of

the

Funds

constituting

Macquarie

ETF

Trust,

referred

to

hereafter

as

the

"Fund")

as

of

March

31,

2025,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

for

the

period

March

5,

2025

(commencement

of

operations)

through

March

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2025,

and

the

results

of

its

operations,

changes

in

its

net

assets,

and

the

financial

highlights

for

the

period

March

5,

2025

(commencement

of

operations)

through

March

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2025

by

correspondence

with

the

custodian

and

brokers.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

30,

2025

We

have

served

as

the

auditor

of

one

or

more

Macquarie

investment

companies

since

2010. #### Other

#### Fund

#### information
(Unaudited)

Macquarie

National

High-Yield

Municipal

Bond

ETF

#### Tax

#### Information
The

information

set

forth

below

is

for

the

Fund's

fiscal

year

as

required

by

federal

income

tax

laws.

Shareholders,

however,

must

report

distributions

on

a

calendar

year

basis

for

income

tax

purposes,

which

may

include

distributions

for

portions

of

two

fiscal

years

of

the

Fund.

Accordingly,

the

information

needed

by

shareholders

for

income

tax

purposes

will

be

sent

to

them

in

January

of

each

year.

Please

consult

your

tax

advisor

for

proper

treatment

of

this

information.

All

disclosures

are

based

on

financial

information

available

as

of

the

date

of

this

annual

report

and,

accordingly,

are

subject

to

change.

For

any

and

all

items

requiring

reporting,

it

is

the

intention

of

the

Fund

to

report

the

maximum

amount

permitted

under

the

Internal

Revenue

Code

and

the

regulations

thereunder.

For

the

period

ended

March

31,

2025,

the

Fund

reports

no

distributions

paid.

#### Changes

#### in

#### and

#### Disagreements

#### with

#### Accountants

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### Proxy

#### Disclosures

#### for

#### Open-End

#### Management

#### Investment

#### Companies
Not

Applicable.

#### 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

#### 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

("DCM"

or

the

"Adviser")

on

behalf

of

the

Macquarie

National

High-Yield

Municipal

Bond

ETF

(the

"Fund").

Prior

to

the

Contract

Approval

Meeting,

the

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Investment

Management

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

#### Other

#### Fund

#### information
(Unaudited)

Macquarie

National

High-Yield

Municipal

Bond

ETF

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.

In

considering

and

approving

the

Investment

Management

Agreement,

the

Trustees

considered

the

information

they

believed

relevant,

including

but

not

limited

to

the

information

discussed

below.

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

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*

.

The

Board

reviewed

the

services

that

the

Adviser

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

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

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

that

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

the

Fund.

The

Board

#### Statement

#### Regarding

#### Basis

#### of

#### Approval

#### for

#### Investment

#### Advisory

#### Contract
(continued)

#### Board

#### Consideration

#### of

#### Investment

#### Management

#### Agreement

#### at

#### a

#### Meeting

#### Held

#### on

#### October

#### 16,

#### 2024

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

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

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.

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.

Because

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

#### at

#### a

#### Meeting

#### Held

#### on

#### October

#### 16,

#### 2024
This

page

is

not

part

of

the

Financial

statements

and

other

information.

AR-HTAX-TRST-0525

(4436043) #### 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

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.**

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.**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; 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.](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.](ex99906.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/JOHN C. LEONARD____</u> 

By: &nbsp;&nbsp;&nbsp;&nbsp; John C. Leonard

Title: President and Chief Executive Officer

Date: June 13, 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/JOHN C. LEONARD____</u> 

By: &nbsp;&nbsp;&nbsp;&nbsp; John C. Leonard

Title: President and Chief Executive Officer

Date: June 13, 2025

<u>/s/RICHARD SALUS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By:&nbsp;&nbsp;&nbsp;&nbsp; Richard Salus

Title: Chief Financial Officer

Date: June 13, 2025

## 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: June 13, 2025

<u>/s/JOHN C. LEONARD____</u> 

By: &nbsp;&nbsp;&nbsp;&nbsp; John C. Leonard

Title: President and Chief Executive Officer

<u>/s/RICHARD SALUS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By:&nbsp;&nbsp;&nbsp;&nbsp; Richard Salus

Title: 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.

## Ex-99.Cert

**EXHIBIT 99.CERT**

 **<u>CERTIFICATION</u>**

I, John C. Leonard, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Macquarie ETF Trust;

2. &nbsp;&nbsp;&nbsp;&nbsp; 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. &nbsp;&nbsp;&nbsp;&nbsp; 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) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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: June 13, 2025

<u>/s/JOHN C. LEONARD____</u> 

By: &nbsp;&nbsp;&nbsp;&nbsp; John C. Leonard

Title: President and Chief Executive Officer

 **<u>CERTIFICATION</u>**

I, Richard Salus, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Macquarie ETF Trust;

2. &nbsp;&nbsp;&nbsp;&nbsp; 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. &nbsp;&nbsp;&nbsp;&nbsp; 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) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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: June 13, 2025

<u>/s/RICHARD SALUS &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By:&nbsp;&nbsp;&nbsp;&nbsp; Richard Salus

Title: Chief Financial Officer