# EDGAR Filing Document

**Accession Number:** 0001969995
**File Stem:** 0001206774-25-000513
**Filing Date:** 2025-7
**Character Count:** 24926
**Document Hash:** 39f7b2920beefb4426ae90627ddc88b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-25-000513.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001206774-25-000513

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**EFFECTIVENESS DATE**: 20250731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-273398
- **FILM NUMBER:** 251170434

**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 Focused Large Growth ETF (Series ID: S000084942)

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

---

| |
|:---|
| ![](metft4512375-497kx1x1x1.jpg) |
| Summary prospectus |

---

MACQUARIE ETF TRUST

Macquarie Focused Large Growth ETF LRGG <br> Exchange: NYSE Arca, Inc.

July 29, 2025

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

Summary prospectus

**Macquarie Focused Large Growth ETF**

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

Macquarie Focused Large Growth ETF seeks to provide growth of capital.

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

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

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

---

| | |
|:---|:---|
| Management fees | 0.44% |
| Distribution and service (12b-1) fees |  |
| Other expenses |  |
| Acquired fund fees and expenses<sup>1</sup> | 0.01% |
| **Total annual Fund operating expenses<sup>2</sup>** | **0.45%** |

---

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

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

**Example**

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

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $46 | $144 | $252 | $567 |

---

**Portfolio turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. For the fiscal period from May 14, 2024 (commencement of Fund operations) to March 31, 2025, the Fund's portfolio turnover rate was 7% of the average value of its portfolio.

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

Under normal circumstances, the Macquarie Focused Large Growth ETF (the "Fund") will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of large capitalization companies. The Fund is non-diversified, meaning that it may invest a significant portion of its assets in a limited number of issuers.

Summary prospectus

"Large capitalization companies" are those that, at the time of investment, have market capitalizations within the range of market capitalizations of companies appearing in the Russell 1000<sup>®</sup> Growth Index. While the market capitalizations of companies in the Russell 1000<sup>®</sup> Growth Index ranged from approximately $831 million to $3.9 trillion as of June 30, 2025, the Fund normally will invest in common stocks of companies with market capitalizations of at least $10 billion at the time of purchase.

The Fund's securities will primarily include equity securities of growth-oriented companies selected by Delaware Management Company, the Fund's investment adviser ("Manager") that the Manager believes operate in a highly attractive industry, have durable competitive advantages, and sustainable growth potential. "Growth-oriented companies" are those whose revenue the Manager believes are likely to grow faster than the U.S. economic growth. The Manager constructs the Fund's portfolio using a two-sided quality analysis process that includes a qualitative quality analysis and a quantitative quality analysis. As part of its qualitative analysis, the Manager uses a research-oriented, bottom-up (researching individual issuers) investment approach, assessing the current and forecasted investment opportunities and conditions, as well as diversification and risk considerations, to seek to identify companies that, in the Manager's view, have durable competitive advantages. A competitively advantaged business model can be defined by such factors as brand loyalty, proprietary technology, cost structure, scale, exclusive access to data, or distribution advantages. Other factors considered include strength of management; level of competitive intensity; return of capital; strong balance sheets and cash flows; the threat of substitute products; and the interaction and bargaining power between a company, its customers, suppliers, and competitors.

From a quantitative standpoint, the Manager concentrates on the level and consistency of profitability, capital intensity, cash flow, efficient growth and capital allocation. The intent of the quantitative assessment is to provide an objective assessment of the Manager's fundamental (subjective) assessment regarding the company, but the final decision is grounded in fundamental decision making. The Manager's fundamental research effort tries to identify those companies that it believes possess a sustainable competitive advantage, an important characteristic which typically enables a company to generate above-average levels of profitability and the ability to sustain growth over the long term.

Through the qualitative and quantitative framework described above, the Manager arrives at a narrowed universe that it refers to as the "Franchise Growth Universe" which typically consists of approximately 100 companies. Companies in the Franchise Growth Universe compete for inclusion in the Fund's focused portfolio based on business durability, risk/reward and other portfolio construction considerations such as a proprietary 3-to-5-year IRR (internal rate of return) assessment. The Manager believes that portfolio focus is paramount to capturing the benefits of successful quality-first stock selection, and accordingly the Fund will typically own a limited number of stocks (generally 15 to 25 companies).

Generally, the Fund's Manager employs a consistent, rigorous analysis for determining whether to sell a security that is similar to the analysis employed when buying a security. This analysis centers on aligning each investment with the Fund's objectives and ensuring it remains an optimal choice for achieving the Fund's goals. The Manager may sell a security for various reasons, including: (i) industry deterioration: a weakening in industry structure, such as new competition or irrational competitors, may prompt us to exit an investment due to increased risk; (ii) loss of competitive edge: a change in a company's competitive advantage can have negative ramifications on forward stability, profitability and growth and may be cause for an exit; (iii) ineffective management: if management performance falls short of expectations or harms the company's prospects, we may divest the holding; and/or (iv) limited upside potential: we may sell a security if its future appreciation potential appears limited, allowing us to allocate resources towards more promising opportunities. The Manager also may sell a security to reduce the Fund's holding in that security, to take advantage of what it believes are more attractive investment opportunities or to raise cash.

The Fund may invest in foreign securities through the use of American depositary receipts (ADRs), which are receipts issued by a depositary (usually a US bank) and represent the bank's holdings of a stated number of shares of a foreign corporation. Generally, an ADR entitles the holder to all payments of interest, dividends, and capital gains earned by the underlying foreign shares. ADRs are generally denominated in US dollars and are bought and sold on a US stock exchange in the same manner as US securities.

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

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

Summary prospectus

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

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

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

**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.

**Limited number of securities risk** — The possibility that a single security's increase or decrease in value may have a greater impact on a fund's value and total return because the fund may hold larger positions in fewer securities than other funds. In addition, a fund that holds a limited number of securities may be more volatile than those funds that hold a greater number of securities.

**Non-diversification risk** — A non-diversified 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 the securities of a single issuer. Because a non-diversified 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.

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

**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** — Investment risks associated with the Fund's investments in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation. To the extent the Fund focuses its investments in the information technology sector, the Fund will be more susceptible to the risks, events and other factors affecting companies in this sector.

**Industry and sector risk** — The risk that the value of securities in a particular industry or sector (such as the infrastructure industry) will decline because of changing expectations for the performance of that industry or sector.

**Government and regulatory risk** — The risk that governments or regulatory authorities may take actions that could adversely affect various sectors of the securities markets and affect fund performance.

Summary prospectus

**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 or trade sanctions, inadequate or different regulatory and accounting standards or auditing and financial recordkeeping standards, or the possibility that significant events in foreign markets, including broad market moves, may affect the value of fund shares. 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.

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

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

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

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

**New fund risk** — The Fund is a newly organized, non-diversified management investment company with limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Trustees of the Trust (the "Board") may determine to liquidate the Fund.

None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

Summary prospectus

**How has Macquarie Focused Large Growth ETF performed?**

The Fund does not have performance history for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's returns and comparing the Fund's performance to a broad measure of market performance. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

Current performance information is available on the Fund's website at etf.macquarie.com or by calling 844-469-9911.

**Who manages the Fund?**

**Investment manager**

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

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| | | |
|:---|:---|:---|
| **Portfolio managers** | **Title with Delaware Management Company** | **Start date on the Fund** |
| Bradley M. Klapmeyer | Managing Director, Senior Portfolio Manager | Since inception<br> (May 2024) |
| Bradley D. Angermeier | Managing Director, Senior Portfolio Manager | Since inception<br> (May 2024) |

---

**Sub-Advisor**

Macquarie Investment Management Global Limited (MIMGL)

On April 21, 2025, Macquarie Group Limited, the parent company of the Manager, a series of Macquarie Investment Management Business Trust (MIMBT), together with certain of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into an agreement for Nomura to acquire the US and European public investments asset management business of Macquarie Asset Management. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these conditions, the transaction is expected to close on or about October 31, 2025.

**Purchase and redemption of Fund shares**

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

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

**Tax information**

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

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

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

SMPR-LRGG