UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-23890
Exact name of registrant as specified in charter:	Macquarie ETF Trust
Address of principal executive offices:	610 Market Street Philadelphia, PA 19106
Name and address of agent for service:	David F. Connor, Esq. 610 Market Street Philadelphia, PA 19106
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	March 31
Date of reporting period:	March 31, 2024

Item 1. Reports to Stockholders

Annual

report

Macquarie

Global

Listed

Infrastructure

ETF

March

31,

2024

Carefully

consider

the

Fund's

investment

objectives,

risk

factors,

charges,

and

expenses

before

investing.

This

and

other

information

can

be

found

in

the

Fund's

prospectus

and

its

summary

prospectus,

which

may

be

obtained

by

visiting

etf.macquarie.com

or

calling

844

469-9911.

Investors

should

read

the

prospectus

and

the

summary

prospectus

carefully

before

investing.

You

can

obtain

shareholder

reports

and

prospectuses

online

instead

of

in

the

mail.

Visit

etf.macquarie.com.

Table

of

contents

Portfolio

management

review

1

Performance

summary

3

Disclosure

of

Fund

expenses

5

Security

type

/

country

and

sector

allocations

and

top

10

equity

holdings

7

Schedule

of

investments

9

Statement

of

assets

and

liabilities

11

Statement

of

operations

12

Statement

of

changes

in

net

assets

13

Financial

highlights

14

Notes

to

financial

statements

15

Report

of

independent

registered

public

accounting

firm

24

Other

Fund

information

25

Board

of

trustees

and

officers

addendum

28

If

you

are

interested

in

learning

more

about

creating

an

investment

plan,

contact

your

financial

advisor.

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.

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.

Unless

otherwise

noted,

views

expressed

herein

are

current

as

of

March

31,

2024,

and

subject

to

change

for

events

occurring

after

such

date.

These

views

are

not

intended

to

be

investment

advice,

to

forecast

future

events,

or

to

guarantee

future

results.

The

Fund

is

not

FDIC

insured

and

is

not

guaranteed.

It

is

possible

to

lose

the

principal

amount

invested. 

All

third-party

marks

cited

are

the

property

of

their

respective

owners.

©

2024

Macquarie

Management

Holdings,

Inc.

Portfolio

management

review

Macquarie

Global

Listed

Infrastructure

ETF

March

31,

2024

(Unaudited)

1

Market

review

The

period

from

the

Fund's

inception on

November

28, 2023

to

the

end

of

March

2024

saw

a

continuation

of

many

familiar

storylines.

Inflation

and

the

responding

rate-hiking

cycle

continued

to

exert

pressure

on

certain

pockets

of

the

global

economy

and

financial

markets,

but

none

with

enough

severity

to

tip

the

overall

economy

into

recession.

Inflation

continued

along

a

slow

and

bumpy

descent

from

its

highs,

but

questions

remained

about

the

“last

mile.”

The

US

Federal

Reserve

kept

interest

rates

unchanged

in

the

first

quarter

of

2024,

with

the

federal

funds

target

range

currently

at

5.25

to

5.5%.

Bond

yields

generally

rose

throughout

the

quarter.

Other

central

banks

have

moved

to

an

easing

stance

as

well,

including

the

European

Central

Bank.

One

major

exception

is

the

Bank

of

Japan,

which

raised

short-term

interest

rates

for

the

first

time

in

17

years

and

abandoned

its

negative

interest

rate

policy

as

wage

growth

and

inflation

continue

to

rise.

Separately,

China

continued

to

gradually

ease

both

fiscal

and

monetary

policy.

Labor

markets

remained

historically

strong

and

economic

growth

continued

near

long-term

trends.

Interest

rates

drifted

higher

as

solid

growth

delayed

projections

for

the

beginning

of

a

rate-cutting

cycle.

Despite

higher

rates,

enthusiasm

about

the

mere

prospects

for

cuts

without

the

recession

that

typically

accompanies

them

fueled

gains

as

equity

markets

continued

their

‘risk-on’

trade.

Against

this

backdrop,

the

listed

Infrastructure

index

underperformed

global

equities

during the

period.

Source:

Bloomberg,

unless

otherwise

noted.

Within

the

Fund

For

the

period

from

its

inception

on

November

28,

2023,

to

March

31,

2024,

Macquarie

Global

Listed

Infrastructure

ETF

underperformed

its

broad-based,

primary

benchmark,

the

MSCI

World

Index.

The

Fund

gained

1.97%

at

net

asset

value

(NAV)

and

advanced

2.45%

at

market

price.

For

the

same

period,

the

benchmark

gained

14.68%.

The

Fund

also

underperformed

its

secondary

benchmark,

the

S&P

Global

Infrastructure

Index

(net),

which

gained

5.74%

during

the

period.

Key

sector

contributors

to

the

Fund's

performance

included

stocks

in

the

airports

and

rail

sectors,

while

the

communications

infrastructure

and

water

sectors

detracted

from

performance.

Performance

preview

(for

the

period

ended

March

31,

2024)

Lifetime

Macquarie

Global

Listed

Infrastructure

ETF

(Inception

date:

November

28,

2023)

Net

asset

value

+1.97%

Market

price

+2.45%

MSCI

World

Index

(net)

(primary

benchmark)

+14.68%

S&P

Global

Infrastructure

Index

(net)

(secondary

benchmark)

+5.74%

Portfolio

management

review

Macquarie

Global

Listed

Infrastructure

ETF

2

The

airports

sector

was

a

strong

contributor

to

performance

during

the

period.

Swiss

airport

company

Flughafen

Zurich

AG

 was

a

notable

performer

buoyed

by

recovering

traffic

volume,

though

the

company

does

not

yet

expect

traffic

to

be

back

to

2019

(pre-pandemic)

levels

this

year.

Within

the

rail

sector,

Canadian

National

Railway

Co.

outperformed,

in-line

with

the

North

American

railroads

sector,

due

to

optimism

about

a

volume

and

earnings

recovery

in

the

second

half

of

2024.

The

airports

sector

also

performed

well

during

the

first

quarter

of

2024.

Japanese

rail

companies

East

Japan

Railway

Co.

 and

West

Japan

Railway

Co.

 were

also

meaningful

contributors

during

the

period.

Among

the

detractors,

the

communications

infrastructure

sector

underperformed

as

the

market

shifted

to

“risk-on”

mode.

Spanish

Cellnex

Telecom

SA

and

US-based

Crown

Castle

Inc.

were

the

significant

detractors

in

the

sector.

Crown

Castle

underperformed

as

bond

yields

increased

in

the

US.

The

company

considered

options

for

selling

down

non-core

fiber

assets,

while

also

seeking

new

management

under

the

guidance

of

significant

shareholder

Elliott

Investment

Management.

The

water

utility

sector

also

underperformed

due

to

rising

UK

bond

yields

and

the

fallout

from

negative

press

reports,

with

UK

water

companies

Severn

Trent

PLC

,

United

Utilities

Group

PLC

,

and

Pennon

Group

PLC

leading

this

underperformance.

On

a

risk-adjusted

basis,

the

UK

water

sector

continues

to

be

one

of

the

more

attractive

parts

of

our

investment

universe,

combining

all

the

desired

characteristics

that

we

look

for

in

an

investment,

including

highly

transparent

regulation,

high

growth

rates,

and

attractive

valuations.

At

the

end

of

the

period,

the

Fund

held

positions

in

27

stocks

in

12

countries

across 4 infrastructure

sectors.

Sources:

Bloomberg

and

company

financial

statements,

unless

otherwise

noted.

Performance

summary

Macquarie

Global

Listed

Infrastructure

ETF

March

31,

2024

(Unaudited)

3

The

performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

quoted.

Performance

data

current

to

the

most

recent

month

end

may

be

obtained

by

calling

844

469-9911

or

visiting

etf.macquarie.com.

Fund

and

benchmark

performance

1

Average

total

returns

through

March

31,

2024

Lifetime

Macquarie

Global

Listed

Infrastructure

ETF

(Inception

date:

November

28,

2023)

Net

asset

value

+1.97%

Market

price

+2.45%

MSCI

World

Index

(net)

(primary

benchmark)

+14.68%

S&P

Global

Infrastructure

Index

(net)

(secondary

benchmark)

+5.74%

1

The

returns

reflect

the

theoretical

reinvestment

of

distributions,

if

any,

in

the

Fund

as

of

ex-date.

Performance

summary

Macquarie

Global

Listed

Infrastructure

ETF

4

Performance

of

a

$10,000

investment

1

For

the

period

November

28,

2023

(inception

of

Fund)

through

March

31,

2024

1

The

“Performance

of

a

$10,000

investment”

graph

assumes

$10,000

invested

in

the

Fund

on

November

28,

2023,

and

includes

the

reinvestment

of

all

distributions.

The

graph

does

not

reflect

the

deduction

of

taxes

the

shareholders

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares. 

The

graph

also

assumes

$10,000

invested

the

MSCI

World

Index,

as

of

November

28,

2023.

The

MSCI

World

represents

large-

and

mid-cap

stocks

across

23

developed

market

countries

worldwide.

The

index

covers

approximately 85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

Index

“net”

return

approximates

the

minimum

possible

dividend

reinvestment,

after

deduction

of

withholding

tax

at

the

highest

possible

rate.

Index

“gross”

return

approximates

the

maximum

possible

dividend

reinvestment.

The

S&P

Global

Infrastructure

Index,

is

composed

of

75

of

the

largest

publicly

listed

companies

in

the

global

infrastructure

industry.

The

index

has

balanced

weights

across

three

distinct

infrastructure

clusters:

energy,

transportation,

and

utilities.

The

“net

total

return”

index

reinvests

regular

cash

dividends

after

the

deduction

of

applicable

withholding

taxes.

Index

performance

returns

do

not

reflect

any

management

fees,

transaction

costs,

or

expenses.

Indices

are

unmanaged

and

one

cannot

invest

directly

in

an

index.

Past

performance

does

not

guarantee

future

results. 

Disclosure

of

Fund

expenses

Macquarie

Global

Listed

Infrastructure

ETF

For

the

period

from

November

28,

2023*

to

March

31,

2024

(Unaudited)

5

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

brokerage

commissions

on

purchases

and

sales

of

your

ETF

shares,

reinvested

dividends,

or

other

distributions;

and

exchange

fees;

and

(2)

ongoing

costs,

including

management

fees; and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the period

from

November

28,

2023*

to March

31,

2024.

Actual

expenses 

The

first

section

of

the

table

shown,

“Actual

Fund

return,”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

section

of

the

table,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

section

under

the

heading entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

example

for

comparison

purposes 

The

second

section

of

the

table

shown,

“Hypothetical

5%

return,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

on

purchases

and

sales

of

your

ETF

shares,

or

exchange

fees.

Therefore,

the

second

section

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

Fund's

expenses

shown

in

the

table assume

reinvestment

of

all

dividends

and

distributions.

Disclosure

of

Fund

expenses

Macquarie

Global

Listed

Infrastructure

ETF

For

the

period

from

November

28,

2023*

to

March

31,

2024

(Unaudited)

6

Expense

analysis

of

an

investment

of

$1,000

*

The

Fund

commenced

operations

on

November

28,

2023.

**

“Expenses

Paid

During

Period”

are

equal

to

the

Fund’s

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

125/366

(to

reflect

the

actual

days

since

inception).

In

addition

to

the

Fund’s

expenses

reflected

above,

the

Fund

also

indirectly

bears

its

portion

of

the

fees

and

expenses

of

any

investment

companies

(Underlying

Funds),

in

which

it

invests.

The

table

above

does

not

reflect

the

expenses

of

any

Underlying

Funds.

Beginning

Account

Value

11/28/23

*

Ending

Account

Value

3/31/24

Annualized

Expense

Ratio

Expenses

Paid

During

Period

11/28/23

*

to

3/31/24

**

Actual

Fund

return

$1,000.00

$1,019.70

0.49%

$1.69

Hypothetical

5%

return

  (5%

return

before

expenses)

$1,000.00

$1,015.40

0.49%

$1.69

Security

type

/

country

and

sector

allocations

and

top

10

equity

holdings

Macquarie

Global

Listed

Infrastructure

ETF

7

As

of

March

31,

2024

(Unaudited)

Sector

designations

may

be

different

from

the

sector

designations

presented

in

other

Fund

materials.

The

sector

designations

may

represent

the

investment

manager’s

internal

sector

classifications,

which

may

result

in

the

sector

designations

for

one

fund

being

different

from

another

fund's

sector

designations.

Security

type

/

country

Percentage

of

net

assets

Common

Stocks

99.38%

Australia

3.70%

Canada

5.87%

Denmark

4.65%

France

2.95%

Greece

1.92%

Italy

13.82%

Japan

4.93%

New

Zealand

1.49%

Spain

3.28%

Switzerland

4.24%

United

Kingdom

23.13%

United

States

of

America

29.40%

Short-Term

Investments

0.48%

Total

Value

of

Securities

99.86%

Receivables

and

Other

Assets

Net

of

Liabilities

0.14%

Total

Net

Assets

100.00%

Security

type

/

sector

Percentage

of

net

assets

Common

Stocks

99.38%

Airports

11.11%

Communications

Infrastructure

7.48%

Electric

Utility

*

30.93%

Electricity

and

Gas

Distribution

3.52%

Electricity

Generation

4.65%

Electricity

Transmission

3.54%

Energy

Infrastructure

8.05%

Rail/Other

Transportation

7.93%

Toll

Roads

2.95%

Water

19.22%

Short-Term

Investments

0.48%

Total

Value

of

Securities

99.86%

Receivables

and

Other

Assets

Net

of

Liabilities

0.14%

Total

Net

Assets

100.00%

Security

type

/

country

and

sector

allocations

and

top

10

equity

holdings

Macquarie

Global

Listed

Infrastructure

ETF

8

Top

10

equity

holdings

are

for

informational

purposes

only

and

are

subject

to

change

at

any

time.

They

are

not

a

recommendation

to

buy,

sell,

or

hold

any

security.

*The

Fund

has

adopted

a

fundamental

policy

to

concentrate

its

investments

in

the

securities

of

companies

in

the

infrastructure

industry

as

described

in

the

Fund's

Prospectus

and

Statement

of

Additional

Information.

The

Electric

Utility

Sector

(as

disclosed

here

for

financial

reporting

purposes

only)

is

subdivided

into

a

variety

of

“industries”

(in

accordance

with

the

requirements

of

the

Investment

Company

Act

of

1940,

as

amended).

The

Electric

Utility

sector

consisted

of

Electric

Utilities

and

Multi-Utilities.

As

of

March

31,

2024,

such

amounts,

as

a

percentage

of

total

net

assets

were

23.28%

and

7.65%,

respectively.

Top

10

equity

holdings

Percentage

of

net

assets

United

Utilities

Group

plc

6.72%

NextEra

Energy,

Inc.

6.24%

Severn

Trent

plc

5.21%

Essential

Utilities,

Inc.

4.75%

Orsted

A/S

4.65%

National

Grid

plc

4.53%

Snam

SpA

4.35%

Flughafen

Zurich

AG

4.24%

Crown

Castle,

Inc.

4.20%

SSE

plc

4.13%

Schedule

of

investments

Macquarie

Global

Listed

Infrastructure

ETF

9

March

31,

2024

Number

of

shares

Value

(US

$)

Common

Stocks

—

99.38%

Δ

Australia

-

3.70%

APA

Group

34,127

$

187,029‌

187,029‌

Canada

-

5.87%

Canadian

National

Railway

Co.

1,153

151,829‌

Hydro

One

Ltd.

144A

#

4,970

144,930‌

296,759‌

Denmark

-

4.65%

Orsted

A/S

144A

#,†

4,226

234,959‌

234,959‌

France

-

2.95%

Vinci

SA

1,166

149,393‌

149,393‌

Greece

-

1.92%

Athens

International

Airport

SA

†

10,562

96,856‌

96,856‌

Italy

-

13.82%

Enav

SpA

144A

#

41,799

174,968‌

Enel

SpA

18,945

125,065‌

Snam

SpA

46,531

219,675‌

Terna

-

Rete

Elettrica

Nazionale

21,648

178,899‌

698,607‌

Japan

-

4.93%

East

Japan

Railway

Co.

7,800

149,400‌

West

Japan

Railway

Co.

4,800

99,881‌

249,281‌

New

Zealand

-

1.49%

Auckland

International

Airport

Ltd.

15,124

75,449‌

75,449‌

Spain

-

3.28%

Cellnex

Telecom

SA

144A

#

4,696

166,022‌

166,022‌

Switzerland

-

4.24%

Flughafen

Zurich

AG

944

214,162‌

214,162‌

United

Kingdom

-

23.13%

National

Grid

plc

17,015

228,929‌

Pennon

Group

plc

15,720

128,470‌

Severn

Trent

plc

8,447

263,336‌

SSE

plc

10,027

208,817‌

Schedule

of

investments

Macquarie

Global

Listed

Infrastructure

ETF

10

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Number

of

shares

Value

(US

$)

Common

Stocks

(continued)

United

Kingdom

(continued)

United

Utilities

Group

plc

26,168

$

339,858‌

1,169,410‌

United

States

of

America

-

29.40%

CMS

Energy

Corp.

2,616

157,849‌

Crown

Castle,

Inc.

2,005

212,189‌

Essential

Utilities,

Inc.

6,474

239,862‌

Eversource

Energy

2,960

176,919‌

Exelon

Corp.

5,482

205,959‌

NextEra

Energy,

Inc.

4,935

315,396‌

Sempra

2,478

177,995‌

1,486,169‌

Total

Common

Stocks

(cost

$4,986,834)

5,024,096‌

Short-Term

Investments

-

0.48%

Money

Market

Mutual

Funds

-

0.48%

JPMorgan

U.S.

Government

Money

Market

Fund

—

Class

Morgan

(seven-day

effective

yield

4.79%)

24,251

24,251‌

Total

Short-Term

Investments

(cost

$24,251)

24,251‌

Total

Value

of

Securities

—

99.86%

      (cost

$5,011,085)

5,048,347‌

Receivables

and

Other

Assets

Net

of

Liabilities

—

0.14%

7,208‌

Net

Assets

Applicable

to

200,000

Shares

Outstanding

—

100.00%

$

5,055,555‌

Δ

Securities

have

been

classified

by

country

of

risk.

Aggregate

classification

by

business

sector

has

been

presented

on

page

7

in

"Security

type

/

country

and

sector

allocations

and

top

10

equity

holdings."

#

Security

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

At

March

31,

2024,

the

aggregate

value

of

Rule

144A

securities

was

$720,879,

which

represents

14.26%

of

the

Fund's

net

assets.

See

Note

7

in

“Notes

to

financial

statements."

†

Non-income

producing

security.

Summary

of

abbreviations:

AG

–

Aktiengesellschaft

SpA

–

Stand-by

Purchase

Agreement

Statement

of

assets

and

liabilities

Macquarie

Global

Listed

Infrastructure

ETF

11

March

31,

2024

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Assets:

Investments

at

value*

$

5,048,347

‌

Foreign

currency,

at

value**

18

‌

Cash

2,116

‌

Dividends

receivable

7,159

‌

Total

Assets

5,057,640

‌

Liabilities:

Management

fees

payable

to

affiliates

2,085

‌

Total

Liabilities

2,085

‌

Total

Net

Assets

$

5,055,555

‌

Net

Assets

Consist

of:

Paid-in-capital

$

5,000,000

‌

Total

distributable

earnings

(loss)

55,555

‌

Total

Net

Assets

$

5,055,555

‌

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

200,000

‌

Net

asset

value

per

share

$

25.28

‌

*Investments,

at

cost

$

5,011,085

‌

**Foreign

currency,

at

cost

18

‌

Statement

of

operations

Macquarie

Global

Listed

Infrastructure

ETF

For

the

period

November

28,

2023*

to

March

31,

2024

12

*Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Investment

Income:

Dividends

$

60,419

‌

Foreign

tax

withheld

(

4,590

)

55,829

‌

Expenses:

Management

fees

8,385

‌

Total

operating

expenses

8,385

‌

Net

Investment

Income

(Loss)

47,444

‌

Net

Realized

and

Unrealized

Gain

(Loss):

Net

realized

gain

(loss)

on:

Investments

13,894

‌

Foreign

currencies

(

460

)

Net

realized

gain

(loss)

13,434

‌

Net

unrealized

appreciation

(depreciation)

on:

Investments

37,262

‌

Foreign

currencies

(

28

)

Net

unrealized

appreciation

(depreciation)

37,234

‌

Net

Realized

and

Unrealized

Gain

(Loss)

50,668

‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

98,112

‌

Statement

of

changes

in

net

assets

Macquarie

Global

Listed

Infrastructure

ETF

13

*Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

For

the

period

November

28,

2023

*

to

March

31,

2024

Increase

(Decrease)

in

Net

Assets

from

Operations:

Net

investment

income

(loss)

$

47,444

Net

realized

gain

(loss)

13,434

Net

unrealized

appreciation

(depreciation)

37,234

Net

increase

(decrease)

in

net

assets

resulting

from

operations

98,112

Dividends

and

Distributions

to

Shareholders

from:

Distributable

earnings

(42,557

)

(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

5,055,555

Net

Assets:

Beginning

of

period

–

End

of

period

$

5,055,555

Capital

Share

Transactions:

Beginning

of

period

–

Shares

subscribed

in-kind

200,000

Shares

outstanding,

end

of

period

200,000

1

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

6

in

"Notes

to

financial

statements."

Financial

highlights

Macquarie

Global

Listed

Infrastructure

ETF

14

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Selected

data

for

the

Fund

outstanding

throughout

the

period

were

as

follows:

For

the

period

November

28,

2023

1

to

March

31,

2024

Net

asset

value,

beginning

of

period

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

$

25

.00

Income

(loss)

from

investment

operations:

—

Net

investment

income

2

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

0

.24

Net

realized

and

unrealized

gain

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

0

.25

Total

from

investment

operations

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

0.49

Less

dividends

and

distributions

from:

—

Net

investment

income

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

(

0

.21

)

Total

dividends

and

distrib

u

tions

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

(0.21)

Net

asset

value,

end

of

period

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

$

25.28

Total

return

3

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

1.97%

Ratios

and

supplemental

data:

$5,056

Net

assets,

end

of

period

(000

omitted)

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

$

5,056

Ratio

of

expenses

to

average

net

assets

4

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

0.49%

Ratio

of

net

investment

income

to

average

net

assets

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

2.75%

Portfolio

turnover

5

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

11%

1

Date

of

commencement

of

operations;

ratios

have

been

annualized

and

total

return

and

portfolio

turnover

have

not

been

annualized.

2

Calculated

using

average

shares

outstanding.

3

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.

4

Expense

ratios

do

not

include

expenses

of

any

investment

companies

in

which

the

Fund

invests.

5

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

15

March

31,

2024

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

three

series.

These

financial

statements

and

the

related

notes

pertain

to

Macquarie

Global

Listed

Infrastructure

ETF (the

Fund).

The

Fund

commenced

operations

on

November

28,

2023

.

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

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). Generally,

other

securities

and

assets

for

which

market

quotations

are

not

readily

available

are

valued

at

fair

value

as

determined

in

good

faith

by

Delaware

Management

Company

(DMC

or

the

Manager).

Subject

to

the

oversight

of

the

Trust's

Board

of

Trustees

(Board),

DMC,

as

valuation

designee,

has

adopted

policies

and

procedures

to

fair

value

securities

for

which

market

quotations

are

not

readily

available

consistent

with

the

requirements

of

Rule

2a-5

under

the

1940

Act.

In

determining

whether

market

quotations

are

readily

available

or

fair

valuation

will

be

used,

various

factors

will

be

taken

into

consideration,

such

as

market

closures

or

suspension

of

trading

in

a

security.

Restricted

securities

and

private

placements

are

valued

at

fair

value.

Federal

Income

Taxes

—

No

provision

for

federal

income

taxes

has

been

made

as the

Fund

intends

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 period 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

accrued

on

unrecognized

tax

benefits

in

interest

expense

and

penalties

in

“Other”

on

the

“Statement

of

operations.”

During

the

period

ended

March

31,

2024

,

the

Fund

did

not

incur

any

interest

or

tax

penalties. 

Notes

to

financial

statements

Macquarie

Global

Listed

Infrastructure

ETF

16

Foreign

Currency

Transactions

—

Transactions

denominated

in

foreign

currencies

are

recorded

at

the

prevailing

exchange

rates

on

the

valuation

date.

The

value

of

all

assets

and

liabilities

denominated

in

foreign

currencies

is

translated

daily

into

US

dollars

at

the

exchange

rate

of

such

currencies

against

the

US

dollar.

Transaction

gains

or

losses

resulting

from

changes

in

exchange

rates

during

the

reporting

period

or

upon

settlement

of

the

foreign

currency

transaction

are

reported

in

operations

for

the

current

period.

The

Fund

generally

does

not

bifurcate

that

portion

of

realized

gains

and

losses

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices.

These

realized

gains

and

losses

are

included

on

the

“Statement

of

operations”

under

“Net

realized

gain

(loss)

on

investments.”  The

Fund

reports

certain

foreign

currency

related

transactions

as

components

of

realized

gains

(losses)

for

financial

reporting

purposes,

whereas

such

components

are

treated

as

ordinary

income

(loss)

for

federal

income

tax

purposes. 

In-kind

Redemptions 

—

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

NAV

per

share.

Use

of

Estimates

—

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

fair

value

of

investments,

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates

and

the

differences

could

be

material.

Other

—

Security

transactions

are

recorded

on

the

date

the

securities

are

purchased

or

sold

(trade

date)

for

financial

reporting

purposes.

Costs

used

in

calculating

realized

gains

and

losses

on

the

sale

of

investment

securities

are

those

of

the

specific

securities

sold.

Dividend

income

is

recorded

on

the

ex-dividend

date

and

interest

income

is

recorded

on

an

accrual

basis.

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

1.

Significant

Accounting

Policies

(continued)

17

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.

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

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

fees,

DMC

pays

most

of

the

expenses

of

the

Fund,

including

the

cost

of

sub-advisory

fees

to

any

investment

sub-adviser,

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,

2024,

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.

1.

Significant

Accounting

Policies

(continued)

Notes

to

financial

statements

Macquarie

Global

Listed

Infrastructure

ETF

18

3.

Investments

For

the

period

ended

March

31,

2024

,

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,

2024,

investment

transactions

related

to

in-kind

purchases

and

sales

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,

2024

,

the

cost

and

unrealized

appreciation

(depreciation)

of

investments

for

federal

income

tax

purposes

for

the

Fund

were

as

follows: 

US

GAAP

defines

fair

value

as

the

price

that

the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

under

current

market

conditions.

A

three-level

hierarchy

for

fair

value

measurements

has

been

established

based

upon

the

transparency

of

inputs

to

the

valuation

of

an

asset

or

liability.

Inputs

may

be

observable

or

unobservable

and

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

the

best

information

available

under

the

circumstances.

The

Fund's

investment

in

its

entirety

is

assigned

a

level

based

upon

the

observability

of

the

inputs

which

are

significant

to

the

overall

valuation.

The

three-level

hierarchy

of

inputs

is

summarized

as

follows:

Level

 1

—

Inputs

are

quoted

prices

in

active

markets

for

identical

investments.

(Examples:

equity

securities,

open-end

investment

companies,

futures

contracts,

and

exchange-traded

options

contracts)

Purchases

$

535,679

Sales

546,656

Purchases

$

4,986,075

Sales

—

Cost

of

investments

$

5,015,583

Aggregate

unrealized

appreciation

of

investments

$

194,027

Aggregate

unrealized

depreciation

of

investments

(161,263)

Net

unrealized

appreciation

of

investments

$

32,764

19

Level

 2 —

Other

observable

inputs,

including,

but

not

limited

to:

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

and

default

rates)

or

other

market-corroborated

inputs.

(Examples:

debt

securities,

government

securities,

swap

contracts,

forward

foreign currency

exchange

contracts,

foreign

securities

utilizing

international

fair

value

pricing,

broker-quoted

securities,

and

fair

valued

securities)

Level

 3 — Significant

unobservable

inputs,

including

the

Fund's

own

assumptions

used

to

determine

the

fair

value

of

investments.

(Examples:

broker-quoted

securities

and

fair

valued

securities)

Level

3

investments

are

valued

using

significant

unobservable

inputs.

The

Fund

may

also

use

an

income-based

valuation

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Valuations

may

also

be

based

upon

current

market

prices

of

securities

that

are

comparable

in

coupon,

rating,

maturity,

and

industry.

The

derived

value

of

a

Level

3

investment

may

not

represent

the

value

which

is

received

upon

disposition

and

this

could

impact

the

results

of

operations.

The

following

table

summarizes

the

valuation

of

the

Fund's

investments

by

fair

value

hierarchy

levels

as

of

March

31,

2024

:

During

the

period

ended

March

31,

2024

,

there

were

no

transfers

into

or

out

of

Level

3

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

3

investments

based

on

fair

value

at

the

beginning

of

the

reporting

period.

A

reconciliation

of

Level

3

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

3

investments

at

the

beginning

or

end

of

the

period

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2024

,

there

were

no

Level

3

investments.

Level

1

Level

2

Level

3

Total

Securities

Assets:

Common

Stocks

$

5,024,096

$

–

$

–

$

5,024,096

Short-Term

Investments

24,251

–

–

24,251

Total

Value

of

Securities

$

5,048,347

$

–

$

–

$

5,048,347

3.

Investments

(continued)

Notes

to

financial

statements

Macquarie

Global

Listed

Infrastructure

ETF

20

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,

2024

were

as

follows: 

5.

Components

of

Net

Assets

on

a

Tax

Basis 

As

of

March

31,

2024,

the

components

of

net

assets

on

a

tax

basis

were

as

follows: 

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

period

ended

March

31,

2024

,

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

11/28/23

*

to

3/31/24

Ordinary

income

$

42,557

*

Date

of

commencement

of

operations.

Shares

of

beneficial

interest

$

5,000,000

Undistributed

ordinary

income

22,819

Unrealized

appreciation

(depreciation)

of

investments

and

foreign

currencies

32,736

Net

assets

$

5,055,555

21

(“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

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. 

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

6.

Issuance

and

Redemption

of

Fund

Shares 

(continued)

Notes

to

financial

statements

Macquarie

Global

Listed

Infrastructure

ETF

22

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

CBOE

BZX

Exchange,

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)

23

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.

Subsequent

Events 

Management

has

determined

that

no

material

events

or

transactions

occurred

subsequent

to

March

31,

2024

,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Report

of

independent

registered

public

accounting

firm

24

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,

2024,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

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,

2024,

and

the

results

of

its

operations,

changes

in

its

net

assets,

and

the

financial

highlights

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,

2024

by

correspondence

with

the

custodian.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

24,

2024

We

have

served

as

the

auditor

of

one

or

more

Macquarie

®

investment

companies

since

2010.

Other

Fund

information

(Unaudited)

Macquarie

Global

Listed

Infrastructure

ETF

25

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,

2024,

the

Fund

reports

distributions

paid

during

the

period

as

follows:

The

Fund

intends

to

pass

through

foreign

tax

credits

in

the

maximum

amount

of

$4,590.

The

gross

foreign

source

income

earned

during

the

fiscal

year ended

March

31,

2024 by

the

Fund

was

$40,821.

Board

Consideration

of

Investment

Management

Agreement

and

Sub-Advisory

Agreement

at

a Meeting Held

on

October

23,

2023

At

a

meeting

held

on

October

23,

2023

(the

“Contract

Approval

Meeting”),

the

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Trustees

each

of

whom

is

not

an

“interested

person”

as

defined

under

the

Investment

Company

Act

of

1940

(the

“Independent

Trustees”),

approved

the

Investment

Management

Agreement

with

Delaware

Management

Company

(“DMC”)

on

behalf

of

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

(each,

a

“Fund”

and

together,

the

“Funds”)

and

the

Sub-

Advisory

Agreement

with

Macquarie

Investment

Management

Global

Limited

(“MIMGL”)

on

behalf

of

the

Macquarie

Global

Listed

Infrastructure

ETF

and

the

Macquarie

Energy

Transition

ETF.

Prior

to

the

Contract

Approval

Meeting,

the

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

by

independent

legal

counsel,

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

(A)

Ordinary

Income

Distributions

(Tax

Basis)

*

100.00%

(B)

Qualified

Dividends

1

34.71%

(A)

is

based

on

a

percentage

of

the

Fund's

total

distributions.

*

For

the

fiscal

year

ended

March

31,

2024,

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

100%.

Complete

information

will

be

computed

and

reported

in

conjunction

with

your

2024

Form

1099-DIV,

as

applicable.

(B)

is

based

on

Fund's

ordinary

income

distributions.

1

Qualified

dividends

represent

dividends

which

qualify

for

the

corporate

dividends

received

deduction.

Other

Fund

information

(Unaudited)

Macquarie

Global

Listed

Infrastructure

ETF

26

In

providing

information

to

the

Board,

DMC

was

guided

by

a

detailed

set

of

requests

for

information

submitted

to

them

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

prior

to

the

Contract

Approval

Meeting.

Prior

to

the

Contract

Approval

Meeting,

and

in

response

to

the

requests,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

approval

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement.

In

considering

and

approving

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement,

the

Trustees

considered

the

information

they

believed

relevant,

including

but

not

limited

to

the

information

discussed

below.

The

Board

did

not

identify

any

particular

information

or

consideration

that

was

all-important

or

controlling,

and

each

individual

Trustee

may

have

attributed

different

weights

to

various

factors.

After

its

deliberations,

the

Board,

including

the

Independent

Trustees,

unanimously

approved

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

for

an

initial

two-year

term.

The

following

summarizes

a

number

of

important,

but

not

necessarily

all,

factors

considered

by

the

Board

in

support

of

its

approval.

The

nature,

extent

and

quality

of

services

to

be

provided

by

DMC

and

MIMGL.

The

Board

reviewed

the

services

that

DMC

and

MIMGL

would

provide

to

each

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided,

the

Board

noted

the

responsibilities

that

DMC

would

have

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

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

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

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

Funds.

The

Board

reviewed

DMC’s

and

MIMGL’s

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

including

the

personnel

of

each.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

ability

of

DMC

and

MIMGL

to

render

such

services

based

on

their

experience,

personnel,

operations

and

resources.

Fees,

expenses

and

profitability.

The

Board

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

to

DMC

with

the

fees

that

DMC

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

each

Fund’s

proposed

advisory

fee

and

total

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund’s

peer

group.

The

Board

also

received

and

considered

information

about

the

fee

rates

charged

to

other

accounts

and

clients

managed

by

DMC,

including

information

about

the

differences

in

services

provided

to

the

non-registered

Board

Consideration

of

Investment

Management

Agreement

and

Sub-Advisory

Agreement

at

a Meeting Held

on

October

23,

2023

(continued)

27

investment

company

clients.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

DMC

in

connection

with

its

service

as

investment

adviser

to

each

Fund,

including

operational

costs.

In

addition,

the

Board

discussed

the

entrepreneurial

risk

undertaken

by

Management

in

creating

the

Trust.

After

comparing

each

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

DMC

and

MIMGL

and

the

costs

they

expected

to

incur

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

DMC

with

respect

to

the

Funds

were

fair

and

reasonable.

The

Board

also

considered

that

DMC

and

its

affiliates

may

experience

reputational

“fall-

out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Funds

grow

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

the

Trust

is

newly

formed,

the

Trust

and

the

Funds

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

each

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

Funds

would

be

enjoyed

by

DMC,

but

that

a

unitary

advisory

fee

provides

a

level

of

certainty

in

expenses

for

the

Funds.

Investment

performance

of

the

Funds

and

the

Adviser.

Because

each

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

the

Fund

or

the

Adviser.

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

etf.macquarie.com

Information

(if

any)

regarding

how

the

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recently

disclosed

12-month

period

ended

June

30

is

available

without

charge

(i)

through

the

Fund’s

website

at

etf.macquarie.com;

and

(ii)

on

the

SEC’s

website

at

sec.gov.

Board

Consideration

of

Investment

Management

Agreement

and

Sub-Advisory

Agreement

at

a Meeting Held

on

October

23,

2023

(continued)

Board

of

trustees

and

officers

addendum

Macquarie

ETF

Trust

28

An

exchange

traded

fund

is

governed

by

a

Board

of

Trustees

(“Trustees”),

which

has

oversight

responsibility

for

the

management

of

a

fund’s

business

affairs.

Trustees

establish

procedures

and

oversee

and

review

the

performance

of

the

investment

manager,

the

distributor,

and

others

who

perform

services

for

the

fund.

The

independent

fund

trustees,

in

particular,

are

advocates

for

shareholder

interests.

Each

trustee

has

served

in

that

capacity

since

he

or

she

was

elected

to

or

appointed

to

the

Board

of

Trustees,

and

will

continue

to

serve

until

his

or

her

retirement

or

the

election

of

a

new

trustee

in

his

or

her

place.

The

following

is

a

list

of

the

Trustees

and

Officers

with

certain

background

and

related

information.

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Interested

Trustee

John

Leonard

1

100

Independence

610

Market

Street

Philadelphia,

PA

1910-62354

1960

President,

Chief

Executive

Officer,

and

Trustee

Since

October

2023

3

Executive

Director

and

Global

Head

of

Equities-Macquarie

Asset

Management

2

(2017-Present)

Head

of

Equities

and

Group

Managing

Director

–

UBS

Asset

Management

(2008-2016)

None

29

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Brian

A.

Swain

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1969

Chair

and

Trustee

Since

October

2023

3

Deputy

Chief

Investment

Officer,

Howard

University

(2018-Present)

Director,

Montgomery

County,

Maryland

Employee

Retirement

Plan’s

Investment

Trust

Beata

Kirr

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1974

Trustee

Since

October

2023

3

Chief

Impact

Officer,

Managing

Director,

The

Copia

Group

(May

2023-Present)

Bernstein

Private

Wealth

(March

2007–

April

2023)

None

Board

of

trustees

and

officers

addendum

Macquarie

ETF

Trust

30

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Thomas

F.

Flannery

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1959

Trustee

Since

October

2023

3

Retired,

since

July

2021

Director,

Computershare

Trust

Company,

NA

a

nationally

chartered

bank

Officers

David

F.

Connor

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1963

Senior

Vice

President

and

Assistant

Secretary

Since

October

2023

3

David

F.

Connor

has

served

in

various

capacities

at

different

times

at

Macquarie

Asset

Management

Public

Investments

3

None

3

31

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Richard

Salus

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1963

Senior

Vice

President

and

Chief

Financial

Officer

Since

October

2023

3

Richard

Salus

has

served

in

various

capacities

at

different

times

at

Macquarie

Asset

Management

Public

Investments

3

None

3

Daniel

V.

Geatens

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1972

Senior

Vice

President

and

Treasurer

Since

October

2023

3

Daniel

Geatens

has

served

in

various

capacities

at

different

times

at

Macquarie

Asset

Management

Public

Investments

3

None

3

Board

of

trustees

and

officers

addendum

Macquarie

ETF

Trust

32

1

John

Leonard

is

considered

to

be

an

“Interested

Trustee”

because

he

is

an

executive

officer

of

the

Manager.

2

Macquarie

Asset

Management

is

the

Marketing

name

for

certain

companies

comprising

the

asset

management

division

of

Macquarie

Group,

including

the

Fund’s

Manager.

3

David

F.

Connor,

Richard

Salus,

and

Daniel

V.

Geatens

serve

in

similar

capacities

for

the

Delaware

Funds

by

Macquarie

®

,

a

fund

complex

that

has

the

same

investment

manager

as

the

Trust.

Messrs.

Connor

and

Geatens

also

serve

in

similar

capacities

for

the

six

portfolios

of

the

Optimum

Fund

Trust,

which

have

the

same

investment

manager

as

the

Trust.

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Catherine

A.

DiValentino

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1979

Vice

President,

General

Counsel

and

Secretary

Since

October

2023

3

Associate

General

Counsel,

Macquarie

Asset

Management,

since

March

2022.

Counsel,

Faegre

Drinker

Biddle

&

Reath

LLP,

2016-2022.

None

i

This

page

is

not

part

of

the

annual

report.

Privacy

Notice

We

are

committed

to

protecting

the

privacy

of

our

potential,

current,

and

former

customers.

To

provide

the

products

and

services

you

request,

we

must

collect

personal

information

about

you.

We

do

not

sell

your

personal

information

to

third

parties.

We

collect

your

personal

information

and

share

it

with

third

parties

as

necessary

to

provide

you

with

the

products

or

services

you

request

and

to

administer

your

business

with

us.

This

notice

describes

our

current

privacy

practices.

While

your

relationship

with

us

continues,

we

will

update

and

send

our

privacy

practices

notice

as

required

by

law.

We

are

committed

to

continuing

to

protect

your

personal

information

even

after

that

relationship

ends.

You

do

not

need

to

take

any

action

because

of

this

notice

. 

Information

we

may

collect

and

use

We

collect

personal

information

about

you

to

help

us

identify

you

as

our

potential,

current,

or

former

customer;

to

process

your

requests

and

transactions;

to

offer

investment

services

to

you;

or

to

tell

you

about

our

products

or

services

we

believe

you

may

want

to

use.

The

type

of

personal

information

we

collect

depends

on

the

products

or

services

you

request

and

may

include

the

following:

Information

from

you:

When

you

submit

your

application

or

other

forms

or

request

information

on

our

products

(online

or

otherwise),

you

give

us

information

such

as

your

name,

address,

Social

Security

number,

your

financial

account

information,

and

your

financial

history.

Information

about

your

transactions:

We

keep

information

about

your

transactions

with

us,

such

as

the

products

you

buy

from

us;

the

amount

you

paid

for

those

products;

your

investment

activity;

and

your

account

balances.

Information

from

your

employer:

In

connection

with

administering

your

retirement

plan,

we

may

obtain

information

about

you

from

your

employer.

Information

received

from

third

parties:

In

order

to

verify

your

identity

or

to

prevent

fraud,

we

may

obtain

information

about

you

from

third

parties.

How

we

use

your

personal

information 

We

do

not

disclose

nonpublic

personal

information

about

our

potential,

current,

and

former

customers

unless

allowed

or

required

by

law.

We

may

share

your

personal

information

within

our

companies

and

with

certain

service

providers.

They

use

this

information

to

process

transactions

you

have

requested;

provide

customer

service;

and

inform

you

of

products

or

services

we

offer

that

you

may

find

useful.

Our

service

providers

may

or

may

not

be

affiliated

with

us.

They

include

financial

service

providers

(for

example,

third-party

administrators;

broker/dealers;

and

other

financial

services

companies

with

whom

we

have

joint

marketing

agreements).

Our

service

providers

also

include

nonfinancial

companies

and

individuals

(for

example,

consultants;

information

services

vendors;

and

companies

that

perform

mailing

or

marketing

services

on

our

behalf).

Information

obtained

from

a

report

prepared

by

a

service

provider

may

be

kept

by

the

service

provider

and

shared

with

other

persons;

however,

we

require

our

service

providers

to

protect

your

personal

information

and

to

use

or

disclose

it

only

for

the

work

they

are

performing

for

us,

or

as

permitted

by

law.

We

also

may

provide

information

to

regulatory

authorities,

law

enforcement

officials,

and

others

to

prevent

fraud

or

when

we

believe

in

good

faith

that

the

law

requires

Privacy

Notice

ii

This

page

is

not

part

of

the

annual

report.

disclosure.

In

the

event

of

a

sale

of

all

or

part

of

our

businesses,

we

may

share

customer

information

as

part

of

the

sale.

We

do

not

sell

or

share

your

information

with

outside

marketers

who

may

want

to

offer

you

their

own

products

and

services.

Security

of

information 

Keeping

your

information

safe

is

one

of

our

most

important

responsibilities.

We

maintain

physical,

electronic,

and

procedural

safeguards

to

protect

your

information.

Our

employees

are

authorized

to

access

your

information

only

when

they

need

it

to

provide

you

with

products

and

services

or

to

maintain

your

accounts.

Employees

who

have

access

to

your

personal

information

are

required

to

keep

it

strictly

confidential.

We

provide

training

to

our

employees

about

the

importance

of

protecting

the

privacy

of

your

information.

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.

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.

This

privacy

practices

notice

is

being

provided

on

behalf

of

the

following: 

Macquarie

Management

Holdings,

Inc.

and

each

of

its

affiliates,

such

as

direct

or

indirect

subsidiaries,

and

any

fund

or

product

sponsored

by

or

otherwise

affiliated

with

Macquarie

Central

Park

Group

(CPG)

Funds

Delaware

Funds

by

Macquarie

®

Macquarie

ETF

Trust

Macquarie

Investment

Management

Austria

Kapitalanlage

AG

Macquarie

Investment

Management

Europe

Limited

Macquarie

Investment

Management

Europe

S.A.

Macquarie

Investment

Management

Global

Limited

Optimum

Fund

Trust

Revised

May

2024 

vi

This

page

is

not

part

of

the

annual

report.

AR-BILD-TRST

(3545126)

Contact

information 

Shareholder

assistance

by

phone

844

469-9911,

weekdays

from

9:00am

to

5:00pm

ET

Regular

mail

Macquarie

ETF

Trust

c/o

Foreside

Financial

Services

Three

Canal

Plaza,

Suite

100

Portland,

ME

04101

Macquarie

Asset

Management

•

610

Market

Street

•

Philadelphia,

PA

19106-2354

Macquarie

Asset

Management

(MAM)

is

the

asset

management

division

of

Macquarie

Group.

MAM

is

an

integrated

asset

manager

across

public

and

private

markets

offering

a

diverse

range

of

capabilities,

including

real

assets,

real

estate,

credit,

equities,

and

multi-asset

solutions.

The

Fund

is distributed

by 

Foreside

Financial

Services

LLC.

Other

than

Macquarie

Bank

Limited

ABN

46

008

583

542

("Macquarie

Bank"),

any

Macquarie

Group

entity

noted

in

this

document

is

not

an

authorized

deposit-taking

institution

for

the

purposes

of

the

Banking

Act

1959

(Commonwealth

of

Australia).

The

obligations

of

these

other

Macquarie

Group

entities

do

not

represent

deposits

or

other

liabilities

of

Macquarie

Bank.

Macquarie

Bank

does

not

guarantee

or

otherwise

provide

assurance

in

respect

of

the

obligations

of

these

other

Macquarie

Group

entities.

In

addition,

if

this

document

relates

to

an

investment,

(a)

the

investor

is

subject

to

investment

risk

including

possible

delays

in

repayment

and

loss

of

income

and

principal

invested

and

(b)

none

of

Macquarie

Bank

or

any

other

Macquarie

Group

entity

guarantees

any

particular

rate

of

return

on

or

the

performance

of

the

investment,

nor

do

they

guarantee

repayment

of

capital

in

respect

of

the

investment.

The

Fund

is governed

by

US

laws

and

regulations. 

Annual

report

Macquarie

Energy

Transition

ETF

March

31,

2024

Carefully

consider

the

Fund's

investment

objectives,

risk

factors,

charges,

and

expenses

before

investing.

This

and

other

information

can

be

found

in

the

Fund's

prospectus

and

its

summary

prospectus,

which

may

be

obtained

by

visiting

etf.macquarie.com

or

calling

844

469-9911.

Investors

should

read

the

prospectus

and

the

summary

prospectus

carefully

before

investing.

You

can

obtain

shareholder

reports

and

prospectuses

online

instead

of

in

the

mail.

Visit

etf.macquarie.com.

Table

of

contents

Portfolio

management

review

1

Performance

summary

3

Disclosure

of

Fund

expenses

6

Security

type

/

sector

allocations

and

top

10

equity

holdings

8

Schedule

of

investments

10

Statement

of

assets

and

liabilities

13

Statement

of

operations

14

Statement

of

changes

in

net

assets

15

Financial

highlights

16

Notes

to

financial

statements

17

Report

of

independent

registered

public

accounting

firm

26

Other

Fund

information

27

Board

of

trustees

and

officers

addendum

30

If

you

are

interested

in

learning

more

about

creating

an

investment

plan,

contact

your

financial

advisor.

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.

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.

Unless

otherwise

noted,

views

expressed

herein

are

current

as

of

March

31,

2024,

and

subject

to

change

for

events

occurring

after

such

date.

These

views

are

not

intended

to

be

investment

advice,

to

forecast

future

events,

or

to

guarantee

future

results.

The

Fund

is

not

FDIC

insured

and

is

not

guaranteed.

It

is

possible

to

lose

the

principal

amount

invested. 

All

third-party

marks

cited

are

the

property

of

their

respective

owners.

©

2024

Macquarie

Management

Holdings,

Inc.

Portfolio

management

review

Macquarie

Energy

Transition

ETF

March

31,

2024

(Unaudited)

1

Market

review

Macquarie

Energy

Transition

ETF

launched

on

November

28,

2023.

Since

the

Fund's

inception,

global

economies

and

markets

rose

on

the

back

of

strong

economic

data.

Following

aggressive

monetary

tightening

campaigns

by

global

central

banks

during

2022

and

2023,

investors

anticipated

the

US

Federal

Reserve

would

begin

rate

cuts

in

March

2024.

This

led

to

a

rally

in

rate-sensitive

equities,

notably

renewable

energy.

Early

in

2024,

inflation

data

remained

elevated,

leading

to

a

sharp

reversal

of

expectations

for

imminent

rate

cuts

in

2024

and

a

fall

in

rate-

sensitive

equities.

By

late

March,

dovish

commentary

from

the

Fed

indicated

a

high

likelihood

of

rate

cuts

in

2024.

A

strong

rally

in

rate-sensitive

equities

ensued.

Since

inception,

the

MSCI

ACWI

(All

Country

World

Index)

rose

13.81%,

the

S&P

1500

Energy

Sector

Index

gained

13.52%,

the

iShares

Global

Clean

Energy

ETF

fell

0.03%,

and

the

SPDR

®

S&P

®

Metals

&

Mining

ETF

rose

12.21%.

Commodities

were

mixed

since

inception.

Oil

performed

well,

rising

10.62%

as

OPEC

remained

disciplined

and

Saudi

Arabia

pushed

out

long-term

growth

plans.

The

NYMEX

First

Month

3-2-1

refining

crack

spread

rose

22.06%

as

product

inventories

remained

low

and

a

much-anticipated

global

supply

glut

from

new

refineries

in

Mexico

and

Nigeria

failed

to

materialize.

Copper

rose

5.38%

on

significant

supply

issues

caused

by

inflation

and

geopolitics.

Natural

gas

prices

fell

22.00%

as

supply

surged

into

mild

winter

weather.

Battery

metals

came

under

significant

pressure

as

investors

began

to

question

the

pace

of

adoption

for

key

energy

transition

facilitators

such

as

electric

vehicles

(EVs).

Among

battery

metals,

lithium

was

a

notable

underperformer,

falling

30.89%

despite

significant

supply

curtailment

announcements

from

several

large

producers.

Source:

Bloomberg,

unless

otherwise

noted.

Within

the

Fund

For

the

period

from

its

inception

on

November

28,

2023,

to

March

31,

2024,

Macquarie

Energy

Transition

ETF

underperformed

its

broad-based,

primary

benchmark,

the

MSCI

ACWI

Index

(net).

The

Fund

gained

9.61%

at

net

asset

value

(NAV)

and

advanced

10.09%

at

market

price.

For

the

same

period,

the

benchmark

gained

13.81%.

The

Fund

also

underperformed

its

secondary

benchmark,

the

S&P

1500

Energy

Sector

Index,

which

gained

13.52%

during

the

period.

Performance

preview

(for

the

period

ended

March

31,

2024)

Lifetime

Macquarie

Energy

Transition

ETF

(Inception

date:

November

28,

2023)

Net

asset

value

+9.61%

Market

price

+10.09%

MSCI

ACWI

(All

Country

World

Index)

(primary

benchmark)

+13.81%

S&P

1500

Energy

Sector

Index

(secondary

benchmark)

+13.52%

Portfolio

management

review

Macquarie

Energy

Transition

ETF

2

Hudbay

Minerals

Inc.

was

among

the

Fund's

largest

contributors

to

performance

since

inception.

Hudbay

is

a

copper

and

gold

miner

with

a

portfolio

of

high-grade

mines

in

lower-risk

jurisdictions.

The

company

reported

strong

fourth

quarter

2023

production

results

led

by

its

assets

in

Peru

and

Manitoba.

Global

copper

supply

concerns

continued

to

provide

a

substantial

macroeconomic

tailwind.

Hudbay

remains

a

core

holding

in

the

Fund

as

it

continues

to

delever

its

balance

sheet

and

boasts

a

portfolio

of

strong

green

and

brownfield

copper

and

gold

projects.

Ero

Copper

Corp.

was

also

among

the

Fund's

largest

contributors

to

performance.

Ero

is

a

Brazilian

copper

and

gold

miner

with

an

attractive

near-term

growth

profile.

The

company

is

on

the

verge

of

completing

a

substantial

investment

cycle,

which

will

bring

copper

production

into

a

market

that

is

in

deficit.

We

expect

that

the

company

will

use

free

cash

flow

to

delever

its

balance

sheet

before

embarking

on

a

shareholder

return

program.

With

attractive

assets

in

a

low-risk

jurisdiction,

we

believe

the

outlook

for

Ero

remains

favorable.

SunRun

Inc.

,

a

residential

solar

installer

and

financer,

was

among

the

largest

detractors

from

performance.

Despite

strong

fourth

quarter

2023

results,

the

company

embarked

on

a

dilutive

convertible

debenture

financing

during

the

first

quarter

of

2024.

Given

the

liquidity

concerns

that

continue

to

permeate

through

the

solar

industry,

this

dilutive

offering

concerned

investors.

We

believe

SunRun,

as

the

largest

and

strongest

independent

participant,

will

be

able

to

capitalize

on

the

currently

distressed

residential

solar

environment.

Rare

earth

metals,

notably

the

magnetics

neodymium

and

praseodymium

(NdPr),

came

under

considerable

pressure

as

Chinese

producers

ramped

up

supply

and

the

pace

of

EV

deployment

came

into

question

globally.

MP

Materials

Corp.

produces

NdPr

from

one

of

the

highest-grade

rare-earth

mines

in

the

world,

Mountain

Pass,

California.

The

company

is

further

integrating

downstream

through

the

construction

of

a

magnetics

facility

in

Fort

Worth,

Texas.

Given

the

importance

of

magnetics

from

a

US

national

defense

standpoint

and

their

importance

in

a

litany

of

sectors

from

HVACs

to

robotics,

we

believe

MP

to

be

a

strategic

asset

and

a

core

holding.

As

NdPr

prices

are

now

below

cash

costs

in

China,

we

believe

currently

depressed

prices

are

unsustainable

and

likely

to

rebound.

Performance

summary

Macquarie

Energy

Transition

ETF

March

31,

2024

(Unaudited)

3

The

performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

quoted.

Performance

data

current

to

the

most

recent

month

end

may

be

obtained

by

calling

844

469-9911

or

visiting

etf.macquarie.com.

Fund

and

benchmark

performance

1

Average

total

returns

through

March

31,

2024

Lifetime

Macquarie

Energy

Transition

ETF

(Inception

date:

November

28,

2023)

Net

asset

value

+9.61%

Market

price

+10.09%

MSCI

ACWI

(All

Country

World

Index)

(primary

benchmark)

+13.81%

S&P

1500

Energy

Sector

Index

(secondary

benchmark)

+13.52%

1

The

returns

reflect

the

theoretical

reinvestment

of

distributions,

if

any,

in

the

Fund

as

of

ex-date.

Performance

summary

Macquarie

Energy

Transition

ETF

4

Performance

of

a

$10,000

investment

1

For

the

period

November

28,

2023

(inception

of

Fund)

through

March

31,

2024

1

The

“Performance

of

a

$10,000

investment”

graph

assumes

$10,000

invested

in

the

Fund

on

November

28,

2023

,

and

includes

the

reinvestment

of

all

distributions.

The

graph

does

not

reflect

the

deduction

of

taxes

the

shareholders

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares. 

The

graph

also

assumes

$10,000

invested

the

MSCI

ACWI

(All

Country

World

Index),

as

of

November

28,

2023.

The

MSCI

ACWI

represents

large-

and

mid-cap

stocks

across

developed

and

emerging

markets

worldwide.

The

index

covers

approximately

85%

of

the

global

investable

equity

opportunity

set.

The

S&P

1500

Energy

Sector

Index,

comprises

those

companies

included

in

the

S&P

Composite

1500

®

that

are

classified

as

members

of

the

GICS

®

Energy

sector.

The

iShares

Global

Clean

Energy

ETF

(ICLN),

mentioned

on

page

1,

seeks

to

track

the

investment

results

of

an

index

composed

of

global

equities

in

the

clean

energy

sector.

The

SPDR

S&P

Metals

&

Mining

ETF,

mentioned

on

page

1,

seeks

to

provide

investment

results

that,

before

fees

and

expenses,

correspond

generally

to

the

total

return

performance

of

the

S&P

Metals

and

Mining

Select

Industry

®

Index

(the

“Index”).

It

seeks

to

provide

exposure

to

the

metals

and

mining

segment

of

the

S&P

Total

Market

Index

(TMI),

which

comprises

the

following

sub-industries:

Aluminum,

Coal

&

Consumable

Fuels,

Copper,

Diversified

Metals

&

Mining,

Gold,

Precious

Metals

&

Minerals,

Silver,

and

Steel.

The

ETF

seeks

to

track

a

modified

equal

weighted

index,

which

provides

the

potential

for

unconcentrated

industry

exposure

across

large-,

mid-,

and

small-cap

stocks.

5

The

New

York

Mercantile

Exchange

(NYMEX),

mentioned

on

page

1, is

the

world's

largest

physical

commodity

futures

exchange

and

is

today

part

of

the

Chicago

Mercantile

Exchange

Group

(CME

Group),

which

is

the

world’s

leading

and

most

diverse

derivatives

marketplace.

A

crack

spread

,

mentioned

on

page

1, measures

the

difference

between

the

purchase

price

of

crude

oil

and

the

selling

price

of

finished

products,

such

as

gasoline

and

distillate

fuel,

that

a

refinery

produces

from

the

crude

oil.

Crack

spreads

are

an

indicator

of

the

short-term

profit

margin

of

oil

refineries

because

they

compare

the

cost

of

the

crude

oil

inputs

to

the

wholesale,

or

spot,

prices

of

the

outputs

(although

they

do

not

include

other

variable

costs

or

any

fixed

costs).

The

3:2:1

crack

spread

approximates

the

product

yield

at

a

typical

US

refinery:

for

every

three

barrels

of

crude

oil

the

refinery

processes,

it

makes

two

barrels

of

gasoline

and

one

barrel

of

distillate

fuel.

A

brownfield

investment

,

mentioned

on

page

2,

is

when

a

company

or

government

entity

purchases

or

leases

existing

production

facilities

to

launch

a

new

production

activity.

This

is

one

strategy

used

in

foreign

direct

investment.

The

alternative

to

this

is

a

greenfield

investment

,

mentioned

on

page

2,

in

which

a

new

plant

is

constructed.

The

term

comes

from

the

fact

that

the

company

is

launching

a

venture

from

the

ground

up

–

plowing

and

prepping

a

“green

field.”

These

projects

are

foreign

direct

investments

–

known

simply

as

direct

investments

–

that

provide

the

highest

degree

of

control

for

the

sponsoring

company.

Index

performance

returns

do

not

reflect

any

management

fees,

transaction

costs,

or

expenses.

Indices

are

unmanaged

and

one

cannot

invest

directly

in

an

index.

Past

performance

does

not

guarantee

future

results.

Disclosure

of

Fund

expenses

Macquarie

Energy

Transition

ETF

For

the

period

from

November

28,

2023*

to

March

31,

2024

(Unaudited)

6

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

brokerage

commissions

on

purchases

and

sales

of

your

ETF

shares,

reinvested

dividends,

or

other

distributions;

and

exchange

fees;

and

(2)

ongoing

costs,

including

management

fees; and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the period

from

November

28,

2023*

to March

31,

2024.

Actual

expenses 

The

first

section

of

the

table

shown,

“Actual

Fund

return,”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

section

of

the

table,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

section

under

the

heading entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

example

for

comparison

purposes 

The

second

section

of

the

table

shown,

“Hypothetical

5%

return,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

on

purchases

and

sales

of

your

ETF

shares,

or

exchange

fees.

Therefore,

the

second

section

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

Fund's

expenses

shown

in

the

table assume

reinvestment

of

all

dividends

and

distributions.

7

Expense

analysis

of

an

investment

of

$1,000

*

The

Fund

commenced

operations

on

November

28,

2023.

**“Expenses

Paid

During

Period”

are

equal

to

the

Fund’s

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

125/366

(to

reflect

the

actual

days

since

inception).

In

addition

to

the

Fund’s

expenses

reflected

above,

the

Fund

also

indirectly

bears

its

portion

of

the

fees

and

expenses

of

any

investment

companies

(Underlying

Funds),

in

which

it

invests.

The

table

above

does

not

reflect

the

expenses

of

any

Underlying

Funds.

Beginning

Account

Value

11/28/23

*

Ending

Account

Value

3/31/24

Annualized

Expense

Ratio

Expenses

Paid

During

Period

11/28/23

*

to

3/31/24

**

Actual

Fund

return

$1,000.00

$1,096.10

0.79%

$2.83

Hypothetical

5%

return

  (5%

return

before

expenses)

$1,000.00

$1,014.38

0.79%

$2.72

Security

type

/

sector

allocations

and

top

10

equity

holdings

Macquarie

Energy

Transition

ETF

8

As

of

March

31,

2024

(Unaudited)

Sector

designations

may

be

different

from

the

sector

designations

presented

in

other

Fund

materials.

The

sector

designations

may

represent

the

investment

manager’s

internal

sector

classifications,

which

may

result

in

the

sector

designations

for

one

fund

being

different

from

another

fund's

sector

designations.

Security

type

/

sector

Percentage

of

net

assets

Common

Stocks

97.48%

Agricultural

Products

3.21%

Aluminum

4.69%

Coal

&

Consumable

Fuels

1.20%

Copper

9.33%

Diversified

Metals

&

Mining

13.97%

Electrical

Components

&

Equipment

6.18%

Fertilizers

&

Agricultural

Chemicals

5.01%

Gold

3.61%

Heavy

Electrical

Equipment

1.00%

Industrial

Gases

3.04%

Integrated

Oil

&

Gas

6.82%

Oil

&

Gas

Equipment

&

Services

7.04%

Oil

&

Gas

Exploration

&

Production

15.08%

Oil

&

Gas

Refining

&

Marketing

5.37%

Renewable

Electricity

0.55%

Semiconductor

Equipment

5.63%

Semiconductors

5.24%

Steel

0.51%

Investment

Companies

2.27%

Short-Term

Investments

0.22%

Total

Value

of

Securities

99.97%

Receivables

and

Other

Assets

Net

of

Liabilities

0.03%

Total

Net

Assets

100.00%

9

Top

10

equity

holdings

are

for

informational

purposes

only

and

are

subject

to

change

at

any

time.

They

are

not

a

recommendation

to

buy,

sell,

or

hold

any

security.

Top

10

equity

holdings

Percentage

of

net

assets

Hudbay

Minerals,

Inc.

5.81%

First

Solar,

Inc.

5.24%

CF

Industries

Holdings,

Inc.

5.01%

Shell

plc

ADR

4.84%

Freeport-McMoRan,

Inc.

4.84%

Alcoa

Corp.

4.69%

ERO

Copper

Corp.

4.49%

ConocoPhillips

3.64%

Wheaton

Precious

Metals

Corp.

3.61%

Anglo

American

plc

3.57%

Schedule

of

investments

Macquarie

Energy

Transition

ETF

10

March

31,

2024

Number

of

shares

Value

(US

$)

Common

Stocks

—

97.48%

Agricultural

Products

-

3.21%

Darling

Ingredients,

Inc.

†

3,857

$

179,389‌

179,389‌

Aluminum

-

4.69%

Alcoa

Corp.

7,754

262,008‌

262,008‌

Coal

&

Consumable

Fuels

-

1.20%

Cameco

Corp.

522

22,613‌

Centrus

Energy

Corp.

†

509

21,139‌

NAC

Kazatomprom

JSC

GDR

569

23,016‌

66,768‌

Copper

-

9.33%

ERO

Copper

Corp.

†

13,017

251,009‌

Freeport-McMoRan,

Inc.

5,744

270,083‌

521,092‌

Diversified

Metals

&

Mining

-

13.97%

Anglo

American

plc

8,077

198,974‌

Foran

Mining

Corp.

†

11,530

35,410‌

Hudbay

Minerals,

Inc.

46,364

324,485‌

Lifezone

Metals

Ltd.

†

2,919

22,389‌

MP

Materials

Corp.

†

13,892

198,655‌

779,913‌

Electrical

Components

&

Equipment

-

6.18%

Fluence

Energy,

Inc.

†

1,337

23,184‌

Generac

Holdings,

Inc.

†

1,354

170,793‌

GrafTech

International

Ltd.

39,074

53,922‌

Sunrun,

Inc.

†

7,376

97,216‌

345,115‌

Fertilizers

&

Agricultural

Chemicals

-

5.01%

CF

Industries

Holdings,

Inc.

3,359

279,502‌

279,502‌

Gold

-

3.61%

Wheaton

Precious

Metals

Corp.

4,281

201,764‌

201,764‌

Heavy

Electrical

Equipment

-

1.00%

Net

Power,

Inc.

†

4,892

55,720‌

55,720‌

Industrial

Gases

-

3.04%

Air

Products

&

Chemicals,

Inc.

700

169,589‌

169,589‌

11

Number

of

shares

Value

(US

$)

Common

Stocks

(continued)

Integrated

Oil

&

Gas

-

6.82%

Equinor

ASA

ADR

1,936

$

52,330‌

Occidental

Petroleum

Corp.

895

58,166‌

Shell

plc

ADR

4,031

270,238‌

380,734‌

Oil

&

Gas

Equipment

&

Services

-

7.04%

Baker

Hughes

Co.

5,868

196,578‌

Schlumberger

NV

3,585

196,494‌

393,072‌

Oil

&

Gas

Exploration

&

Production

-

15.08%

Chesapeake

Energy

Corp.

1,874

166,467‌

Chord

Energy

Corp.

399

71,118‌

ConocoPhillips

1,597

203,266‌

EOG

Resources,

Inc.

457

58,423‌

EQT

Corp.

4,585

169,966‌

Tourmaline

Oil

Corp.

3,687

172,380‌

841,620‌

Oil

&

Gas

Refining

&

Marketing

-

5.37%

Marathon

Petroleum

Corp.

737

148,505‌

Valero

Energy

Corp.

885

151,061‌

299,566‌

Renewable

Electricity

-

0.55%

Spruce

Power

Holding

Corp.

†

7,673

30,462‌

30,462‌

Semiconductor

Equipment

-

5.63%

Enphase

Energy,

Inc.

†

1,430

173,002‌

SolarEdge

Technologies,

Inc.

†

1,990

141,250‌

314,252‌

Semiconductors

-

5.24%

First

Solar,

Inc.

†

1,732

292,362‌

292,362‌

Steel

-

0.51%

Metallus

,

Inc.

†

1,274

28,346‌

28,346‌

Total

Common

Stocks

(cost

$4,948,322)

5,441,274‌

Investment

Companies

—

2.27%

Sprott

Physical

Uranium

Trust

6,109

126,505‌

Total

Investment

Companies

(cost

$133,672)

126,505‌

Schedule

of

investments

Macquarie

Energy

Transition

ETF

12

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Number

of

shares

Value

(US

$)

Short-Term

Investments

—

0.22%

Money

Market

Mutual

Funds

-

0.22%

JPMorgan

U.S.

Government

Money

Market

Fund

—

Class

Morgan

(seven-day

effective

yield

4.79%)

12,456

$

12,456‌

Total

Short-Term

Investments

(Cost

$12,456)

12,456‌

Total

Value

of

Securities

—

99.97%

        (cost

$5,094,450)

5,580,235‌

Receivables

and

Other

Assets

Net

of

Liabilities

—

0.03%

1,583‌

Net

Assets

Applicable

to

204,000

Shares

Outstanding

—

100.00%

$

5,581,818‌

†

Non-income

producing

security.

Summary

of

abbreviations:

ADR

–

American

Depositary

Receipt

GDR

–

Global

Depositary

Receipt

JSC

–

Joint

Stock

Company

Statement

of

assets

and

liabilities

Macquarie

Energy

Transition

ETF

13

March

31,

2024

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Assets:

Investments

at

value*

$

5,580,235

‌

Foreign

currency,

at

value**

77

‌

Dividends

receivable

5,774

‌

Total

Assets

5,586,086

‌

Liabilities:

Management

fees

payable

to

affiliates

3,553

‌

Due

to

custodian

638

‌

Distribution

payable

to

shareholders

77

‌

Total

Liabilities

4,268

‌

Total

Net

Assets

$

5,581,818

‌

Net

Assets

Consist

of:

Paid-in-capital

$

5,100,000

‌

Total

distributable

earnings

(loss)

481,818

‌

Total

Net

Assets

$

5,581,818

‌

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

204,000

‌

Net

asset

value

per

share

$

27.36

‌

*Investments,

at

cost

$

5,094,450

‌

**Foreign

currency,

at

cost

77

‌

Statement

of

operations

Macquarie

Energy

Transition

ETF

For

the

period

November

28,

2023*

to

March

31,

2024

14

*Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Investment

Income:

Interest

$

34

‌

Dividends

28,352

‌

Foreign

tax

withheld

(

1,886

)

26,500

‌

Expenses:

Management

fees

14,062

‌

Total

operating

expenses

14,062

‌

Net

Investment

Income

(Loss)

12,438

‌

Net

Realized

and

Unrealized

Gain

(Loss):

Net

realized

gain

(loss)

on:

Investments

(

7,486

)

Foreign

currencies

(

419

)

Net

realized

gain

(loss)

(

7,905

)

Net

unrealized

appreciation

(depreciation)

on

investments

485,785

‌

Net

Realized

and

Unrealized

Gain

(Loss)

477,880

‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

490,318

‌

Statement

of

changes

in

net

assets

Macquarie

Energy

Transition

ETF

15

*Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

For

the

period

November

28,

2023

*

to

March

31,

2024

Increase

(Decrease)

in

Net

Assets

from

Operations:

Net

investment

income

(loss)

$

12,438

Net

realized

gain

(loss)

(7,905

)

Net

unrealized

appreciation

(depreciation)

485,785

Net

increase

(decrease)

in

net

assets

resulting

from

operations

490,318

Dividends

and

Distributions

to

Shareholders

from:

Distributable

earnings

(8,500

)

(8,500

)

Capital

Share

Transactions:

1

Proceeds

from

shares

sold

5,100,000

Increase

in

net

assets

derived

from

capital

share

transactions

5,100,000

Net

Increase

(Decrease)

in

Net

Assets

5,581,818

Net

Assets:

Beginning

of

period

–

End

of

period

$

5,581,818

Capital

Share

Transactions:

Beginning

of

period

–

Shares

sold

4,000

Shares

subscribed

in-kind

200,000

Shares

outstanding,

end

of

period

204,000

1

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

6

in

"Notes

to

financial

statements."

Financial

highlights

Macquarie

Energy

Transition

ETF

16

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Selected

data

for

the

Fund

outstanding

throughout

the

period

were

as

follows:

For

the

period

November

28,

2023

1

to

March

31,

2024

Net

asset

value,

beginning

of

period

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

$

25

.00

Income

(loss)

from

investment

operations:

—

Net

investment

income

2

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

0

.06

Net

realized

and

unrealized

gain

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

2

.34

Total

from

investment

operations

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

2.40

Less

dividends

and

distributions

from:

—

Net

investment

income

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

(

0

.04

)

Total

dividends

and

distrib

u

tions

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

(0.04)

Net

asset

value,

end

of

period

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

$

27.36

Total

return

3

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

9.61%

Ratios

and

supplemental

data:

$5,582

Net

assets,

end

of

period

(000

omitted)

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

$

5,582

Ratio

of

expenses

to

average

net

assets

4

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

0.79%

Ratio

of

net

investment

income

to

average

net

assets

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

0.69%

Portfolio

turnover

5

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

15%

1

Date

of

commencement

of

operations;

ratios

have

been

annualized

and

total

return

and

portfolio

turnover

have

not

been

annualized.

2

Calculated

using

average

shares

outstanding.

3

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.

4

Expense

ratios

do

not

include

expenses

of

any

investment

companies

in

which

the

Fund

invests.

5

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

17

March

31,

2024

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

three

series.

These

financial

statements

and

the

related

notes

pertain

to

Macquarie

Energy

Transition

ETF (the

Fund).

The

Fund

commenced

operations

on

November

28,

2023

.

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

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). Generally,

other

securities

and

assets

for

which

market

quotations

are

not

readily

available

are

valued

at

fair

value

as

determined

in

good

faith

by

Delaware

Management

Company

(DMC

or

the

Manager).

Subject

to

the

oversight

of

the

Trust's

Board

of

Trustees

(Board),

DMC,

as

valuation

designee,

has

adopted

policies

and

procedures

to

fair

value

securities

for

which

market

quotations

are

not

readily

available

consistent

with

the

requirements

of

Rule

2a-5

under

the

1940

Act.

In

determining

whether

market

quotations

are

readily

available

or

fair

valuation

will

be

used,

various

factors

will

be

taken

into

consideration,

such

as

market

closures

or

suspension

of

trading

in

a

security.

Restricted

securities

and

private

placements

are

valued

at

fair

value.

Federal

Income

Taxes

—

No

provision

for

federal

income

taxes

has

been

made

as the

Fund

intends

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 period 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

accrued

on

unrecognized

tax

benefits

in

interest

expense

and

penalties

in

“Other”

on

the

“Statement

of

operations.”

During

the

period

ended

March

31,

2024

,

the

Fund

did

not

incur

any

interest

or

tax

penalties. 

Notes

to

financial

statements

Macquarie

Energy

Transition

ETF

18

Foreign

Currency

Transactions

—

Transactions

denominated

in

foreign

currencies

are

recorded

at

the

prevailing

exchange

rates

on

the

valuation

date.

The

value

of

all

assets

and

liabilities

denominated

in

foreign

currencies

is

translated

daily

into

US

dollars

at

the

exchange

rate

of

such

currencies

against

the

US

dollar.

Transaction

gains

or

losses

resulting

from

changes

in

exchange

rates

during

the

reporting

period

or

upon

settlement

of

the

foreign

currency

transaction

are

reported

in

operations

for

the

current

period.

The

Fund

generally

does

not

bifurcate

that

portion

of

realized

gains

and

losses

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices.

These

realized

gains

and

losses

are

included

on

the

“Statement

of

operations”

under

“Net

realized

gain

(loss)

on

investments.”  The

Fund

reports

certain

foreign

currency

related

transactions

as

components

of

realized

gains

(losses)

for

financial

reporting

purposes,

whereas

such

components

are

treated

as

ordinary

income

(loss)

for

federal

income

tax

purposes. 

In-kind

Redemptions 

—

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

NAV

per

share.

Use

of

Estimates

—

The

preparation

of

financial

statements

in

conformity

with

US

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

fair

value

of

investments,

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates

and

the

differences

could

be

material.

Other

—

Security

transactions

are

recorded

on

the

date

the

securities

are

purchased

or

sold

(trade

date)

for

financial

reporting

purposes.

Costs

used

in

calculating

realized

gains

and

losses

on

the

sale

of

investment

securities

are

those

of

the

specific

securities

sold.

Dividend

income

is

recorded

on

the

ex-dividend

date

and

interest

income

is

recorded

on

an

accrual

basis.

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

1.

Significant

Accounting

Policies

(continued)

19

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.

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

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

fees,

DMC

pays

most

of

the

expenses

of

the

Fund,

including

the

cost

of

sub-advisory

fees

to

any

investment

sub-adviser,

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,

2024,

Macquarie

Management

Holdings,

Inc.

directly

owned

95.10%

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.

1.

Significant

Accounting

Policies

(continued)

Notes

to

financial

statements

Macquarie

Energy

Transition

ETF

20

3.

Investments

For

the

period

ended

March

31,

2024

,

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,

2024,

investment

transactions

related

to

in-kind

purchases

and

sales

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,

2024

,

the

cost

and

unrealized

appreciation

(depreciation)

of

investments

for

federal

income

tax

purposes

for

the

Fund

were

as

follows: 

US

GAAP

defines

fair

value

as

the

price

that

the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

under

current

market

conditions.

A

three-level

hierarchy

for

fair

value

measurements

has

been

established

based

upon

the

transparency

of

inputs

to

the

valuation

of

an

asset

or

liability.

Inputs

may

be

observable

or

unobservable

and

refer

broadly

to

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

that

market

participants

would

use

in

pricing

the

asset

or

liability

based

on

the

best

information

available

under

the

circumstances.

The

Fund's

investment

in

its

entirety

is

assigned

a

level

based

upon

the

observability

of

the

inputs

which

are

significant

to

the

overall

valuation.

The

three-level

hierarchy

of

inputs

is

summarized

as

follows:

Level

 1

—

Inputs

are

quoted

prices

in

active

markets

for

identical

investments.

(Examples:

equity

securities,

open-end

investment

companies,

futures

contracts,

and

exchange-traded

options

contracts)

Purchases

$

915,928

Sales

800,361

Purchases

$

4,973,913

Sales

—

Cost

of

investments

$

5,098,310

Aggregate

unrealized

appreciation

of

investments

$

626,326

Aggregate

unrealized

depreciation

of

investments

(144,401)

Net

unrealized

appreciation

of

investments

$

481,925

21

Level

 2 —

Other

observable

inputs,

including,

but

not

limited

to:

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

and

default

rates)

or

other

market-corroborated

inputs.

(Examples:

debt

securities,

government

securities,

swap

contracts,

forward

foreign currency

exchange

contracts,

foreign

securities

utilizing

international

fair

value

pricing,

broker-quoted

securities,

and

fair

valued

securities)

Level

 3 — Significant

unobservable

inputs,

including

the

Fund's

own

assumptions

used

to

determine

the

fair

value

of

investments.

(Examples:

broker-quoted

securities

and

fair

valued

securities)

Level

3

investments

are

valued

using

significant

unobservable

inputs.

The

Fund

may

also

use

an

income-based

valuation

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Valuations

may

also

be

based

upon

current

market

prices

of

securities

that

are

comparable

in

coupon,

rating,

maturity,

and

industry.

The

derived

value

of

a

Level

3

investment

may

not

represent

the

value

which

is

received

upon

disposition

and

this

could

impact

the

results

of

operations.

The

following

table

summarizes

the

valuation

of

the

Fund's

investments

by

fair

value

hierarchy

levels

as

of

March

31,

2024

:

During

the

period

ended

March

31,

2024

,

there

were

no

transfers

into

or

out

of

Level

3

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

3

investments

based

on

fair

value

at

the

beginning

of

the

reporting

period.

A

reconciliation

of

Level

3

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

3

investments

at

the

beginning

or

end

of

the

period

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2024

,

there

were

no

Level

3

investments.

Level

1

Level

2

Level

3

Total

Securities

Assets:

Common

Stocks

$

5,441,274

$

–

$

–

$

5,441,274

Investment

Companies

126,505

–

–

126,505

Short-Term

Investments

12,456

–

–

12,456

Total

Value

of

Securities

$

5,580,235

$

–

$

–

$

5,580,235

3.

Investments

(continued)

Notes

to

financial

statements

Macquarie

Energy

Transition

ETF

22

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,

2024

were

as

follows: 

5.

Components

of

Net

Assets

on

a

Tax

Basis 

As

of

March

31,

2024,

the

components

of

net

assets

on

a

tax

basis

were

as

follows: 

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,

2024

,

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,

2024

,

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).

11/28/23

*

to

3/31/24

Ordinary

income

$

8,500

*

Date

of

commencement

of

operations.

Shares

of

beneficial

interest

$

5,100,000

Capital

loss

carryforwards

(7,326)

Undistributed

ordinary

income

7,219

Unrealized

appreciation

(depreciation)

of

investments

481,925

Net

assets

$

5,581,818

Loss

carryforward

character

Short-term

Long-term

Total

$7,326

$—

$7,326

23

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

"Statement

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.

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;

6.

Issuance

and

Redemption

of

Fund

Shares 

(continued)

Notes

to

financial

statements

Macquarie

Energy

Transition

ETF

24

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

CBOE

BZX

Exchange,

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

7.

Certain

Principal

Risks

of

the

Fund

(continued)

25

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.

Subsequent

Events 

Management

has

determined

that

no

material

events

or

transactions

occurred

subsequent

to

March

31,

2024

,

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

26

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,

2024,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

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,

2024,

and

the

results

of

its

operations,

changes

in

its

net

assets,

and

the

financial

highlights

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,

2024

by

correspondence

with

the

custodian.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

24,

2024

We

have

served

as

the

auditor

of

one

or

more

Macquarie

®

investment

companies

since

2010.

Other

Fund

information

(Unaudited)

Macquarie

Energy

Transition

ETF

27

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,

2024,

the

Fund

reports

distributions

paid

during

the

period

as

follows:

Board

Consideration

of

Investment

Management

Agreement

and

Sub-Advisory

Agreement

at

a Meeting Held

on

October

23,

2023

At

a

meeting

held

on

October

23,

2023

(the

“Contract

Approval

Meeting”),

the

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Trustees

each

of

whom

is

not

an

“interested

person”

as

defined

under

the

Investment

Company

Act

of

1940

(the

“Independent

Trustees”),

approved

the

Investment

Management

Agreement

with

Delaware

Management

Company

(“DMC”)

on

behalf

of

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

(each,

a

“Fund”

and

together,

the

“Funds”)

and

the

Sub-

Advisory

Agreement

with

Macquarie

Investment

Management

Global

Limited

(“MIMGL”)

on

behalf

of

the

Macquarie

Global

Listed

Infrastructure

ETF

and

the

Macquarie

Energy

Transition

ETF.

Prior

to

the

Contract

Approval

Meeting,

the

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

by

independent

legal

counsel,

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

DMC

was

guided

by

a

detailed

set

of

requests

for

information

submitted

to

them

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

prior

to

the

Contract

Approval

Meeting.

Prior

to

the

Contract

Approval

Meeting,

and

in

response

to

the

requests,

the

Board

received

and

reviewed

materials

specifically

relating

(A)

Ordinary

Income

Distributions

(Tax

Basis)

*

100.00%

(B)

Qualified

Dividends

1

100.00%

(A)

is

based

on

a

percentage

of

the

Fund's

total

distributions.

*

For

the

fiscal

year

ended

March

31,

2024,

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

100%.

Complete

information

will

be

computed

and

reported

in

conjunction

with

your

2024

Form

1099-DIV,

as

applicable.

(B)

is

based

on

Fund's

ordinary

income

distributions.

1

Qualified

dividends

represent

dividends

which

qualify

for

the

corporate

dividends

received

deduction.

Other

Fund

information

(Unaudited)

Macquarie

Energy

Transition

ETF

28

to

the

approval

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement.

In

considering

and

approving

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement,

the

Trustees

considered

the

information

they

believed

relevant,

including

but

not

limited

to

the

information

discussed

below.

The

Board

did

not

identify

any

particular

information

or

consideration

that

was

all-important

or

controlling,

and

each

individual

Trustee

may

have

attributed

different

weights

to

various

factors.

After

its

deliberations,

the

Board,

including

the

Independent

Trustees,

unanimously

approved

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

for

an

initial

two-year

term.

The

following

summarizes

a

number

of

important,

but

not

necessarily

all,

factors

considered

by

the

Board

in

support

of

its

approval.

The

nature,

extent

and

quality

of

services

to

be

provided

by

DMC

and

MIMGL.

The

Board

reviewed

the

services

that

DMC

and

MIMGL

would

provide

to

each

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided,

the

Board

noted

the

responsibilities

that

DMC

would

have

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

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

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

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

Funds.

The

Board

reviewed

DMC’s

and

MIMGL’s

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

including

the

personnel

of

each.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

ability

of

DMC

and

MIMGL

to

render

such

services

based

on

their

experience,

personnel,

operations

and

resources.

Fees,

expenses

and

profitability.

The

Board

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

to

DMC

with

the

fees

that

DMC

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

each

Fund’s

proposed

advisory

fee

and

total

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund’s

peer

group.

The

Board

also

received

and

considered

information

about

the

fee

rates

charged

to

other

accounts

and

clients

managed

by

DMC,

including

information

about

the

differences

in

services

provided

to

the

non-registered

investment

company

clients.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

DMC

in

connection

with

its

service

as

investment

adviser

to

each

Fund,

including

operational

costs.

In

addition,

the

Board

discussed

the

entrepreneurial

risk

undertaken

by

Management

in

creating

the

Trust.

After

comparing

each

Fund’s

proposed

fees

and

total

expense

Board

Consideration

of

Investment

Management

Agreement

and

Sub-Advisory

Agreement

at

a Meeting Held

on

October

23,

2023

(continued)

29

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

DMC

and

MIMGL

and

the

costs

they

expected

to

incur

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

DMC

with

respect

to

the

Funds

were

fair

and

reasonable.

The

Board

also

considered

that

DMC

and

its

affiliates

may

experience

reputational

“fall-

out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Funds

grow

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

the

Trust

is

newly

formed,

the

Trust

and

the

Funds

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

each

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

Funds

would

be

enjoyed

by

DMC,

but

that

a

unitary

advisory

fee

provides

a

level

of

certainty

in

expenses

for

the

Funds.

Investment

performance

of

the

Funds

and

the

Adviser.

Because

each

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

the

Fund

or

the

Adviser.

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

etf.macquarie.com

Information

(if

any)

regarding

how

the

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recently

disclosed

12-month

period

ended

June

30

is

available

without

charge

(i)

through

the

Fund’s

website

at

etf.macquarie.com;

and

(ii)

on

the

SEC’s

website

at

sec.gov.

Board

Consideration

of

Investment

Management

Agreement

and

Sub-Advisory

Agreement

at

a Meeting Held

on

October

23,

2023

(continued)

Board

of

trustees

and

officers

addendum

Macquarie

ETF

Trust

30

An

exchange

traded

fund

is

governed

by

a

Board

of

Trustees

(“Trustees”),

which

has

oversight

responsibility

for

the

management

of

a

fund’s

business

affairs.

Trustees

establish

procedures

and

oversee

and

review

the

performance

of

the

investment

manager,

the

distributor,

and

others

who

perform

services

for

the

fund.

The

independent

fund

trustees,

in

particular,

are

advocates

for

shareholder

interests.

Each

trustee

has

served

in

that

capacity

since

he

or

she

was

elected

to

or

appointed

to

the

Board

of

Trustees,

and

will

continue

to

serve

until

his

or

her

retirement

or

the

election

of

a

new

trustee

in

his

or

her

place.

The

following

is

a

list

of

the

Trustees

and

Officers

with

certain

background

and

related

information.

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Interested

Trustee

John

Leonard

1

100

Independence

610

Market

Street

Philadelphia,

PA

1910-62354

1960

President,

Chief

Executive

Officer,

and

Trustee

Since

October

2023

3

Executive

Director

and

Global

Head

of

Equities-Macquarie

Asset

Management

2

(2017-Present)

Head

of

Equities

and

Group

Managing

Director

–

UBS

Asset

Management

(2008-2016)

None

31

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Brian

A.

Swain

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1969

Chair

and

Trustee

Since

October

2023

3

Deputy

Chief

Investment

Officer,

Howard

University

(2018-Present)

Director,

Montgomery

County,

Maryland

Employee

Retirement

Plan’s

Investment

Trust

Beata

Kirr

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1974

Trustee

Since

October

2023

3

Chief

Impact

Officer,

Managing

Director,

The

Copia

Group

(May

2023-Present)

Bernstein

Private

Wealth

(March

2007–

April

2023)

None

Board

of

trustees

and

officers

addendum

Macquarie

ETF

Trust

32

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Thomas

F.

Flannery

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1959

Trustee

Since

October

2023

3

Retired,

since

July

2021

Director,

Computershare

Trust

Company,

NA

a

nationally

chartered

bank

Officers

David

F.

Connor

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1963

Senior

Vice

President

and

Assistant

Secretary

Since

October

2023

3

David

F.

Connor

has

served

in

various

capacities

at

different

times

at

Macquarie

Asset

Management

Public

Investments

3

None

3

33

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Richard

Salus

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1963

Senior

Vice

President

and

Chief

Financial

Officer

Since

October

2023

3

Richard

Salus

has

served

in

various

capacities

at

different

times

at

Macquarie

Asset

Management

Public

Investments

3

None

3

Daniel

V.

Geatens

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1972

Senior

Vice

President

and

Treasurer

Since

October

2023

3

Daniel

Geatens

has

served

in

various

capacities

at

different

times

at

Macquarie

Asset

Management

Public

Investments

3

None

3

Board

of

trustees

and

officers

addendum

Macquarie

ETF

Trust

34

1

John

Leonard

is

considered

to

be

an

“Interested

Trustee”

because

he

is

an

executive

officer

of

the

Manager.

2

Macquarie

Asset

Management

is

the

Marketing

name

for

certain

companies

comprising

the

asset

management

division

of

Macquarie

Group,

including

the

Fund’s

Manager.

3

David

F.

Connor,

Richard

Salus,

and

Daniel

V.

Geatens

serve

in

similar

capacities

for

the

Delaware

Funds

by

Macquarie

®

,

a

fund

complex

that

has

the

same

investment

manager

as

the

Trust.

Messrs.

Connor

and

Geatens

also

serve

in

similar

capacities

for

the

six

portfolios

of

the

Optimum

Fund

Trust,

which

have

the

same

investment

manager

as

the

Trust.

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Catherine

A.

DiValentino

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1979

Vice

President,

General

Counsel

and

Secretary

Since

October

2023

3

Associate

General

Counsel,

Macquarie

Asset

Management,

since

March

2022.

Counsel,

Faegre

Drinker

Biddle

&

Reath

LLP,

2016-2022.

None

i

This

page

is

not

part

of

the

annual

report.

Privacy

Notice

We

are

committed

to

protecting

the

privacy

of

our

potential,

current,

and

former

customers.

To

provide

the

products

and

services

you

request,

we

must

collect

personal

information

about

you.

We

do

not

sell

your

personal

information

to

third

parties.

We

collect

your

personal

information

and

share

it

with

third

parties

as

necessary

to

provide

you

with

the

products

or

services

you

request

and

to

administer

your

business

with

us.

This

notice

describes

our

current

privacy

practices.

While

your

relationship

with

us

continues,

we

will

update

and

send

our

privacy

practices

notice

as

required

by

law.

We

are

committed

to

continuing

to

protect

your

personal

information

even

after

that

relationship

ends.

You

do

not

need

to

take

any

action

because

of

this

notice

. 

Information

we

may

collect

and

use

We

collect

personal

information

about

you

to

help

us

identify

you

as

our

potential,

current,

or

former

customer;

to

process

your

requests

and

transactions;

to

offer

investment

services

to

you;

or

to

tell

you

about

our

products

or

services

we

believe

you

may

want

to

use.

The

type

of

personal

information

we

collect

depends

on

the

products

or

services

you

request

and

may

include

the

following:

Information

from

you:

When

you

submit

your

application

or

other

forms

or

request

information

on

our

products

(online

or

otherwise),

you

give

us

information

such

as

your

name,

address,

Social

Security

number,

your

financial

account

information,

and

your

financial

history.

Information

about

your

transactions:

We

keep

information

about

your

transactions

with

us,

such

as

the

products

you

buy

from

us;

the

amount

you

paid

for

those

products;

your

investment

activity;

and

your

account

balances.

Information

from

your

employer:

In

connection

with

administering

your

retirement

plan,

we

may

obtain

information

about

you

from

your

employer.

Information

received

from

third

parties:

In

order

to

verify

your

identity

or

to

prevent

fraud,

we

may

obtain

information

about

you

from

third

parties.

How

we

use

your

personal

information 

We

do

not

disclose

nonpublic

personal

information

about

our

potential,

current,

and

former

customers

unless

allowed

or

required

by

law.

We

may

share

your

personal

information

within

our

companies

and

with

certain

service

providers.

They

use

this

information

to

process

transactions

you

have

requested;

provide

customer

service;

and

inform

you

of

products

or

services

we

offer

that

you

may

find

useful.

Our

service

providers

may

or

may

not

be

affiliated

with

us.

They

include

financial

service

providers

(for

example,

third-party

administrators;

broker/dealers;

and

other

financial

services

companies

with

whom

we

have

joint

marketing

agreements).

Our

service

providers

also

include

nonfinancial

companies

and

individuals

(for

example,

consultants;

information

services

vendors;

and

companies

that

perform

mailing

or

marketing

services

on

our

behalf).

Information

obtained

from

a

report

prepared

by

a

service

provider

may

be

kept

by

the

service

provider

and

shared

with

other

persons;

however,

we

require

our

service

providers

to

protect

your

personal

information

and

to

use

or

disclose

it

only

for

the

work

they

are

performing

for

us,

or

as

permitted

by

law.

We

also

may

provide

information

to

regulatory

authorities,

law

enforcement

officials,

and

others

to

prevent

fraud

or

when

we

believe

in

good

faith

that

the

law

requires

Privacy

Notice

ii

This

page

is

not

part

of

the

annual

report.

disclosure.

In

the

event

of

a

sale

of

all

or

part

of

our

businesses,

we

may

share

customer

information

as

part

of

the

sale.

We

do

not

sell

or

share

your

information

with

outside

marketers

who

may

want

to

offer

you

their

own

products

and

services.

Security

of

information 

Keeping

your

information

safe

is

one

of

our

most

important

responsibilities.

We

maintain

physical,

electronic,

and

procedural

safeguards

to

protect

your

information.

Our

employees

are

authorized

to

access

your

information

only

when

they

need

it

to

provide

you

with

products

and

services

or

to

maintain

your

accounts.

Employees

who

have

access

to

your

personal

information

are

required

to

keep

it

strictly

confidential.

We

provide

training

to

our

employees

about

the

importance

of

protecting

the

privacy

of

your

information.

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.

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.

This

privacy

practices

notice

is

being

provided

on

behalf

of

the

following: 

Macquarie

Management

Holdings,

Inc.

and

each

of

its

affiliates,

such

as

direct

or

indirect

subsidiaries,

and

any

fund

or

product

sponsored

by

or

otherwise

affiliated

with

Macquarie

Central

Park

Group

(CPG)

Funds

Delaware

Funds

by

Macquarie

®

Macquarie

ETF

Trust

Macquarie

Investment

Management

Austria

Kapitalanlage

AG

Macquarie

Investment

Management

Europe

Limited

Macquarie

Investment

Management

Europe

S.A.

Macquarie

Investment

Management

Global

Limited

Optimum

Fund

Trust 

Revised

May

2024 

iv

This

page

is

not

part

of

the

annual

report.

AR-PWER-TRST

(3546216)

Contact

information 

Shareholder

assistance

by

phone

844

469-9911,

weekdays

from

9:00am

to

5:00pm

ET

Regular

mail

Macquarie

ETF

Trust

c/o

Foreside

Financial

Services

Three

Canal

Plaza,

Suite

100

Portland,

ME

04101

Macquarie

Asset

Management

•

610

Market

Street

•

Philadelphia,

PA

19106-2354

Macquarie

Asset

Management

(MAM)

is

the

asset

management

division

of

Macquarie

Group.

MAM

is

an

integrated

asset

manager

across

public

and

private

markets

offering

a

diverse

range

of

capabilities,

including

real

assets,

real

estate,

credit,

equities,

and

multi-asset

solutions.

The

Fund

is distributed

by 

Foreside

Financial

Services

LLC.

Other

than

Macquarie

Bank

Limited

ABN

46

008

583

542

("Macquarie

Bank"),

any

Macquarie

Group

entity

noted

in

this

document

is

not

an

authorized

deposit-taking

institution

for

the

purposes

of

the

Banking

Act

1959

(Commonwealth

of

Australia).

The

obligations

of

these

other

Macquarie

Group

entities

do

not

represent

deposits

or

other

liabilities

of

Macquarie

Bank.

Macquarie

Bank

does

not

guarantee

or

otherwise

provide

assurance

in

respect

of

the

obligations

of

these

other

Macquarie

Group

entities.

In

addition,

if

this

document

relates

to

an

investment,

(a)

the

investor

is

subject

to

investment

risk

including

possible

delays

in

repayment

and

loss

of

income

and

principal

invested

and

(b)

none

of

Macquarie

Bank

or

any

other

Macquarie

Group

entity

guarantees

any

particular

rate

of

return

on

or

the

performance

of

the

investment,

nor

do

they

guarantee

repayment

of

capital

in

respect

of

the

investment.

The

Fund

is governed

by

US

laws

and

regulations. 

Annual

report

Macquarie

Tax-Free

USA

Short

Term

ETF

March

31,

2024

Carefully

consider

the

Fund's

investment

objectives,

risk

factors,

charges,

and

expenses

before

investing.

This

and

other

information

can

be

found

in

the

Fund's

prospectus

and

its

summary

prospectus,

which

may

be

obtained

by

visiting

etf.macquarie.com

or

calling

844

469-9911.

Investors

should

read

the

prospectus

and

the

summary

prospectus

carefully

before

investing.

You

can

obtain

shareholder

reports

and

prospectuses

online

instead

of

in

the

mail.

Visit

etf.macquarie.com.

Table

of

contents

Portfolio

management

review

1

Performance

summary

4

Disclosure

of

Fund

expenses

6

Security

type

/

sector

/

state

/

territory

allocations

8

Schedule

of

investments

9

Statement

of

assets

and

liabilities

12

Statement

of

operations

13

Statement

of

changes

in

net

assets

14

Financial

highlights

15

Notes

to

financial

statements

16

Report

of

independent

registered

public

accounting

firm

24

Other

Fund

information

25

Board

of

trustees

and

officers

addendum

28

If

you

are

interested

in

learning

more

about

creating

an

investment

plan,

contact

your

financial

advisor.

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.

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.

Unless

otherwise

noted,

views

expressed

herein

are

current

as

of

March

31,

2024,

and

subject

to

change

for

events

occurring

after

such

date.

These

views

are

not

intended

to

be

investment

advice,

to

forecast

future

events,

or

to

guarantee

future

results.

The

Fund

is

not

FDIC

insured

and

is

not

guaranteed.

It

is

possible

to

lose

the

principal

amount

invested. 

All

third-party

marks

cited

are

the

property

of

their

respective

owners.

©

2024

Macquarie

Management

Holdings,

Inc.

Portfolio

management

review

Macquarie

Tax-Free

USA

Short

Term

ETF

March

31,

2024

(Unaudited)

1

Market

review

For

the

period

from

the

Fund's

inception

on

November

28,

2023,

to

March

31,

2024,

the

US

economy

exceeded

expectations.

In

the

final

quarter

of

2023,

gross

domestic

product

(GDP)

expanded

an

estimated

3.4%,

marking

the

sixth-consecutive

quarter

of

growth.

That

followed

a

notable

4.9%

GDP

increase

in

the

previous

quarter

–

the

highest

in

almost

two

years.

Additionally,

the

country’s

employment

picture

showed

resilience.

In

March

2024,

the

unemployment

rate

was

3.8%,

just

slightly

higher

than

the

3.7%

rate

posted

in

November

2023

and

still

near

historic

lows.

During

the

fiscal

period,

the

US

inflation

rate,

as

measured

by

the

Consumer

Price

Index

(CPI),

increased

to

3.5%

in

March

2024,

slightly

up

from

3.4%

in

November

2023.

Despite

significant

progress

in

reducing

inflation,

the

recent

uptick

unsettled

fixed

income

investors

who

looked

forward

to

future

rate

cuts.

After

a

series

of

four

quarter-point

(0.25%)

increases

in

the

first

seven

months

of

2023,

the

US

Federal

Reserve

seemed

ready

to

lower

rates,

fueling

a

municipal-bond

market

rally

in

late

2023.

But

as

inflation

proved

more

persistent

than

expected,

confidence

in

the

Fed’s

willingness

to

reduce

rates

in

2024

diminished,

weighing

on

fixed

income

markets.

Throughout

the

fiscal

period,

the

federal

funds

rate

remained

in

a

range

of

5.25-5.50%,

a

significant

increase

from

the 

previous

year.

Source:

Bloomberg,

unless

otherwise

noted.

Within

the

Fund

For

the

period

from its

inception

on

November

28,

2023,

to

March

31,

2024,

Macquarie

Tax-Free

USA

Short

Term

ETF

outperformed

its

benchmark,

the

Bloomberg

Municipal

Short

(1-5

Year)

Index.

The

Fund

gained

1.56%

at

net

asset

value

(NAV)

and

advanced

1.76%

at

market

price.

For

the

same

period,

the

benchmark

gained

1.14%.

In

the

first

quarter

of

2024,

which

covers

most

of

the

reporting

period,

the

US

municipal

bond

market

experienced

a

slight

negative

return.

As

the

new

year

commenced,

investor

attention

shifted

to

inflation

and

the

Fed’s

monetary

policies.

After

a

strong

market

rally

at

the

end

of

2023,

the

focus

was

not

on

if

but

when

the

Fed

would

begin

lowering

interest

rates.

However,

as

the

quarter

advanced,

persistent

inflation

negated

some

of

the

strong

gains

municipal

securities

made

in

the

final

quarter

of

the

previous

year.

Performance

preview

(for

the

period

ended

March

31,

2024)

Lifetime

Macquarie

Tax-Free

USA

Short

Term

ETF

(Inception

date:

November

28,

2023)

Net

asset

value

+1.56%

Market

price

+1.76%

Bloomberg

Municipal

Short

(1-5

Year)

Index

+1.14%

Portfolio

management

review

Macquarie

Tax-Free

USA

Short

Term

ETF

2

During

the

reporting

period,

the

municipal

bond

market

experienced

an

uptick

in

higher-quality

supply.

Although

the

supply

of

new

issues

in

the

lower-investment-grade

and

high

yield

segments

remained

limited,

positive

mutual

fund

flows

acted

as

a

supporting

force,

leading

BBB-rated

and

high

yield

municipal

bonds

to

outperform

higher-rated

bonds

during

the

period.

In

this

context,

bonds

with

longer

maturities

generally

performed

better

than

their

shorter-term

counterparts.

Meanwhile,

bonds

rated

as

lower-investment-grade

(A

and

BBB)

surpassed

higher-

quality

issues

(AAA

and

AA),

while

high

yield

municipal

debt

(rated

below

BBB)

also

saw

relatively

robust

results.

The

following

tables

show

municipal

bond

returns

by

maturity

length

and

by

credit

quality

for

the

period

from

the

Fund’s

inception

date

to

the

end

of

its

fiscal

period

on

March

31,

2024.

Source:

Bloomberg.

Throughout

the

reporting

period,

our

management

approach

remained

consistent,

regardless

of

the

underlying

economic

and

market

backdrop.

In

following

our

bottom-up

(bond

by

bond)

investment

strategy,

we

engage

in

thorough

credit

research

as

we

choose

municipal

securities

for

the

portfolio

on

an

issuer-by-issuer

basis.

Our

focus

is

on

tax-exempt

bonds

that

offer

shareholders

what

we

see

as

a

favorable

balance

between

risk

and

return

potential.

Because

we

have

significant

confidence

in

our

team’s

credit-research

capabilities,

we

routinely

look

for

lower-rated

bonds

with

strong

credit

fundamentals

when

seeking

new

investments

to

add

to

the

Fund.

In

our

opinion,

such

securities

offer

an

opportunity

for

us

to

add

value

for

the

Fund's

shareholders.

Accordingly,

at

the

close

of

the

fiscal

period

ended

March

31,

2024,

approximately

41%

of

the

Fund's

assets

were

invested

in

bonds

with

credit

ratings

of

A

and

BBB.

However,

because

the

short-term

municipal

bond

market

tends

to

be

dominated

by

higher-rated

issues,

most

of

the

Fund

was

invested

in

AAA-rated

and,

especially,

AA-rated

bonds.

Upon

the

launch

of

this

Fund

in

late

November,

our

most

immediate

priority

was

to

fully

invest

its

assets.

At

the

time,

the

yield

curve

was

relatively

flat

in

our

short-term

investment

universe.

Because

this

meant

we

had

few

opportunities

to

add

value

through

yield-curve

positioning,

we

invested

assets

relatively

evenly

across

the

curve.

Returns

by

maturity

1

year

+0.90%

3

years

+1.07%

5

years

+1.77%

10

years

+2.71%

22+

years

+4.21%

Returns

by

credit

rating

AAA

+2.46%

AA

+2.64%

A

+3.61%

BBB

+4.53%

3

We

sought

to

add

value

for

our

shareholders

primarily

through

credit

allocation.

As

we

mentioned,

issuance

in

lower-investment-grade

credit

tiers

tends

to

be

relatively

limited

on

the

short

end

of

the

yield

curve.

However,

we

took

advantage

of

as

many

BBB-rated

and

A-rated

investment

opportunities

meeting

our

credit

criteria

as

we

could.

Because

the

Fund

was

launched

in

the

middle

of

a

steep

fixed

income

rally,

especially

on

the

long

end

of

the

curve,

we

were

well

positioned

to

initiate

new

short-term

investments.

To

finance

the

purchase

of

longer-maturity

bonds,

many

market

participants

were

eager

to

sell

their

shorter-

term

bonds.

This

trend

provided

us

with

a

good

selection

of

bonds

to

purchase

at

prices

we

found

favorable,

and

we

eagerly

took

advantage

of

available

opportunities

to

do

so.

As

discussed,

during

this

reporting

period,

longer-duration

bonds

within

our

investment

universe

tended

to

outperform

their

counterparts

with

less

sensitivity

to

interest

rates,

while

lower-rated

bonds

generally

outpaced

higher-rated

ones.

Accordingly,

our

top-

and

bottom-performing

securities

over

the

roughly

four-month

period

reflected

these

performance

trends.

For

example,

the

Fund's

strongest-performing

securities

were

Colorado-issued

bonds

for

CommonSpirit

Health

,

a

national

healthcare

hospital

chain.

These

securities

benefited

from

longer

duration

and,

to

a

lesser

extent,

a

lower-investment-grade

credit

rating.

Similarly,

Arizona-

issued

diversified

charter

school

bonds

for

the

Equitable

School

Revolving

Fund

also

added

value,

similarly

benefiting

from

relatively

longer

duration

and

a

degree

of

credit-spread

tightening.

Even

the

Fund's

weakest-performing

bonds

were

able

to

produce

a

small

positive

return

in

this

brief

reporting

period.

For

example,

the

Fund's

two

lowest-returning

investments

were

general

obligation

bonds

of

the

Commonwealth

of

Pennsylvania

and

New

York

City

water/sewer

debt.

In

both

cases,

the

bonds

posted

small

gains

reflecting

their

shorter

durations.

Performance

summary

Macquarie

Tax-Free

USA

Short

Term

ETF

4

March

31,

2024

(Unaudited)

The

performance

quoted

represents

past

performance

and

does

not

guarantee

future

results.

Investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

quoted.

Performance

data

current

to

the

most

recent

month

end

may

be

obtained

by

calling

844

469-9911

or

visiting

etf.macquarie.com.

Fund

and

benchmark

performance

1

Average

total

returns

through

March

31,

2024

Lifetime

Macquarie

Tax-Free

USA

Short

Term

ETF

(Inception

date:

November

28,

2023)

Net

asset

value

+1.56%

Market

price

+1.76%

Bloomberg

Municipal

Short

(1-5

Year)

Index

+1.14%

1

The

returns

reflect

the

theoretical

reinvestment

of

distributions,

if

any,

in

the

Fund

as

of

ex-date.

5

Performance

of

a

$10,000

investment

1

For

the

period

November

28,

2023

(inception

of

Fund)

through

March

31,

2024

1

The

“Performance

of

a

$10,000

investment”

graph

assumes

$10,000

invested

in

the

Fund

on November

28,

2023,

and

includes

the

reinvestment

of

all

distributions.

The

graph

does

not

reflect

the

deduction

of

taxes

the

shareholders

would

pay

on

Fund

distributions

or

redemptions

of

Fund

shares.

The

graph

also

assumes

$10,000

invested

in

the

Bloomberg

Municipal

Short

(1-5

Year)

Index

as

of November

28,

2023.

The

Bloomberg

Municipal

Short

(1-5

Year)

Index

measures

the

total

return

performance

of

investment

grade,

US

tax-

exempt

bonds

with

maturities

from

1

to

5

years.

Gross

domestic

product,

mentioned

on

page

1,

is

a

measure

of

all

goods

and

services

produced

by

a

nation

in

a

year.

It

is

a

measure

of

economic

activity.

The

US

Consumer

Price

Index

(CPI),

mentioned

on

page

1,

is

a

measure

of

inflation

that

is

calculated

by

the

US

Department

of

Labor,

representing

changes

in

prices

of

all

goods

and

services

purchased

for

consumption

by

urban

households.

Index

performance

returns

do

not

reflect

any

management

fees,

transaction

costs,

or

expenses.

Indices

are

unmanaged

and

one

cannot

invest

directly

in

an

index.

Past

performance

does

not

guarantee

future

results.

Disclosure

of

Fund

expenses

Macquarie

Tax-Free

USA

Short

Term

ETF

For

the

period

from

November

28,

2023*

to

March

31,

2024

(Unaudited)

6

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

brokerage

commissions

on

purchases

and

sales

of

your

ETF

shares,

reinvested

dividends,

or

other

distributions;

and

exchange

fees;

and

(2)

ongoing

costs,

including

management

fees; and

other

Fund

expenses.

This

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the period

from

November

28,

2023*

to March

31,

2024.

Actual

expenses 

The

first

section

of

the

table

shown,

“Actual

Fund

return,”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

section

of

the

table,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

section

under

the

heading entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

example

for

comparison

purposes 

The

second

section

of

the

table

shown,

“Hypothetical

5%

return,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

on

purchases

and

sales

of

your

ETF

shares,

or

exchange

fees.

Therefore,

the

second

section

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

The

Fund's

expenses

shown

in

the

table assume

reinvestment

of

all

dividends

and

distributions.

7

Expense

analysis

of

an

investment

of

$1,000

*

The

Fund

commenced

operations

on

November

28,

2023.

**“Expenses

Paid

During

Period”

are

equal

to

the

Fund’s

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

125/366

(to

reflect

the

actual

days

since

inception).

Beginning

Account

Value

11/28/23

*

Ending

Account

Value

3/31/24

Annualized

Expense

Ratio

Expenses

Paid

During

Period

11/28/23

*

to

3/31/24

**

Actual

Fund

return

$1,000.00

$1,015.60

0.29%

$1.00

Hypothetical

5%

return

  (5%

return

before

expenses)

$1,000.00

$1,016.09

0.29%

$1.00

Security

type

/

sector

/

state

/

territory

allocations

Macquarie

Tax-Free

USA

Short

Term

ETF

8

As

of

March

31,

2024

(Unaudited)

Sector

designations

may

be

different

from

the

sector

designations

presented

in

other

Fund

materials.

Security

type

/

sector

Percentage

of

net

assets

Municipal

Bonds

*

98.33%

Education

Revenue

Bonds

11.57%

Electric

Revenue

Bonds

5.24%

Healthcare

Revenue

Bonds

16.44%

Housing

Revenue

Bonds

3.44%

Leasing

Revenue

Bonds

8.03%

Special

Tax

Revenue

Bonds

2.05%

State

General

Obligation

Revenue

Bonds

18.32%

Transportation

Revenue

Bonds

19.41%

Water

and

Sewer

Revenue

Bonds

13.83%

Total

Value

of

Securities

98.33%

Receivables

and

Other

Assets

Net

of

Liabilities

1.67%

Total

Net

Assets

100.00%

*

As

of

the

date

of

this

report,

Macquarie

Tax-Free

USA

Short

Term

ETF

held

bonds

issued

by

or

on

behalf

of

territories

and

the

states

of

the

US

as

follows:

State

/

territory

Percentage

of

net

assets

Arizona

2.67%

California

2.72%

Colorado

11.99%

Connecticut

4.14%

District

of

Columbia

3.98%

Georgia

2.85%

Illinois

4.87%

Minnesota

7.21%

Nevada

2.49%

New

Jersey

10.18%

New

York

10.27%

Pennsylvania

19.37%

Tennessee

2.89%

Texas

8.51%

Washington

4.19%

Total

Value

of

Securities

98.33%

Schedule

of

investments

Macquarie

Tax-Free

USA

Short

Term

ETF

9

March

31,

2024

Principal

amount

°

Value

(US

$)

Municipal

Bonds

  —

98.33%

Education

Revenue

Bonds

-

11.57%

Arizona

Industrial

Development

Authority

(Equitable

School

Revolving

Fund)

Series

2022A  5.00%

11/1/28

125,000

$

134,116‌

Colorado

Educational

&

Cultural

Facilities

Authority

Series

2014  4.50%

11/1/29

200,000

200,050‌

Pennsylvania

Higher

Educational

Facilities

Authority

(Trustees

University)

Series

2016A  5.00%

8/15/27

140,000

144,602‌

Pennsylvania

State

University

(The)

Series

B  5.00%

9/1/25

100,000

102,613‌

581,381‌

Electric

Revenue

Bonds

-

5.24%

City

of

Chaska

Series

2015A  5.00%

10/1/28

155,000

158,867‌

Utility

Debt

Securitization

Authority

Series

2016A  5.00%

6/15/28

100,000

104,342‌

263,209‌

Healthcare

Revenue

Bonds

-

16.44%

Augusta

Development

Authority

(AU

Health

System,

Inc.

Project)

Series

2018  5.00%

7/1/28

135,000

143,370‌

Colorado

Health

Facilities

Authority

(Valley

View

Hospital

Association

Project)

Series

2017A  5.00%

5/15/27

150,000

156,535‌

(

CommonSpirit

Health)

Series

2019A-1  5.00%

8/1/29

110,000

120,665‌

Cumberland

County

Municipal

Authority

(Penn

State

Health)

Series

2019  5.00%

11/1/27

145,000

153,071‌

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

(Vanderbilt

University

Medical

Center)

Series

2016A  5.00%

7/1/29

140,000

145,424‌

Washington

Health

Care

Facilities

Authority

(

CommonSpirit

Health)

Series

2019A-2  5.00%

8/1/28

100,000

107,635‌

826,700‌

Schedule

of

investments

Macquarie

Tax-Free

USA

Short

Term

ETF

10

Principal

amount

°

Value

(US

$)

Municipal

Bonds

(continued)

Housing

Revenue

Bonds

-

3.44%

Montgomery

County

Higher

Education

&

Health

Authority

(Thomas

Jefferson

University

Project)

Series

2019  5.00%

9/1/29

160,000

$

172,879‌

172,879‌

Leasing

Revenue

Bonds

-

8.03%

Minneapolis

Special

School

District

No.

1

Series

2020A  5.00%

4/1/25

200,000

203,383‌

New

Jersey

Transportation

Trust

Fund

Authority

(Transportation

Program)

Series

2014AA  5.00%

6/15/26

200,000

200,361‌

403,744‌

Special

Tax

Revenue

Bonds

-

2.05%

Central

Puget

Sound

Regional

Transit

Authority

Series

2015S-1  5.00%

11/1/25

100,000

102,950‌

102,950‌

State

General

Obligation

Revenue

Bonds

-

18.32%

Commonwealth

of

Pennsylvania

Series

2017  5.00%

1/1/25

200,000

202,380‌

District

of

Columbia

Series

2019A  5.00%

10/15/25

195,000

200,298‌

State

of

Connecticut

Series

2018E  5.00%

9/15/28

190,000

207,870‌

State

of

New

Jersey

(Covid-19

General

Obligation

Emergency

Bonds)

Series

2020

A  5.00%

6/1/29

75,000

83,002‌

State

of

Texas

(College

Student

Loan)

Series

2018  5.00%

8/1/26

(AMT)

220,000

227,154‌

920,704‌

Transportation

Revenue

Bonds

-

19.41%

City

&

County

of

Denver

Series

2022D  5.25%

11/15/26

(AMT)

120,000

125,432‌

City

of

Los

Angeles

Department

of

Airports

(Senior

Revenue)

Series

A  5.00%

5/15/28

(AMT)

135,000

136,816‌

County

of

Clark

Department

of

Aviation

Series

2019A  5.00%

7/1/24

125,000

125,387‌

11

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Principal

amount

°

Value

(US

$)

Municipal

Bonds

(continued)

Transportation

Revenue

Bonds

(continued)

New

Jersey

Turnpike

Authority

Series

2020D  5.00%

1/1/28

220,000

$

228,239‌

North

Texas

Tollway

Authority

(System

1st

Tier)

Series

A  5.00%

1/1/25

200,000

200,629‌

Triborough

Bridge

&

Tunnel

Authority

Series

2021A  5.00%

11/1/25

155,000

159,427‌

975,930‌

Water

and

Sewer

Revenue

Bonds

-

13.83%

City

of

Chicago

Series

2004  5.00%

11/1/26

235,000

244,711‌

New

York

City

Municipal

Water

Finance

Authority

Series

2022,

Sub-Series

BB-2  5.00%

6/15/27

245,000

252,523‌

Pittsburgh

Water

&

Sewer

Authority

Series

2017A  5.00%

9/1/29

(AGM)

185,000

197,976‌

695,210‌

Total

Municipal

Bonds

(cost

$4,923,683)

4,942,707‌

Total

Value

of

Securities

—

98.33%

        (cost

$4,923,683)

4,942,707‌

Receivables

and

Other

Assets

Net

of

Liabilities

—

1.67%

83,817‌

Net

Assets

Applicable

to

200,000

Shares

Outstanding

—

100.00%

$

5,026,524‌

°

Principal

amount

shown

is

stated

in

USD

unless

noted

that

the

security

is

denominated

in

another

currency.

Summary

of

abbreviations:

AGM

–

Insured

by

Assured

Guaranty

Municipal

Corporation

AMT

–

Subject

to

Alternative

Minimum

Tax

Statement

of

assets

and

liabilities

Macquarie

Tax-Free

USA

Short

Term

ETF

12

March

31,

2024

w

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Assets:

Investments

at

value*

$

4,942,707

‌

Cash

29,292

‌

Interest

receivable

69,495

‌

Total

Assets

5,041,494

‌

Liabilities:

Distribution

payable

to

shareholders

13,730

‌

Management

fees

payable

to

affiliates

1,240

‌

Total

Liabilities

14,970

‌

Total

Net

Assets

$

5,026,524

‌

Net

Assets

Consist

of:

Paid-in-capital

$

5,007,500

‌

Total

distributable

earnings

(loss)

19,024

‌

Total

Net

Assets

$

5,026,524

‌

Shares

outstanding

(unlimited

amount

authorized,

no

par

value)

200,000

‌

Net

asset

value

per

share

$

25.13

‌

*Investments,

at

cost

$

4,923,683

‌

Statement

of

operations

Macquarie

Tax-Free

USA

Short

Term

ETF

For

the

period

November

28,

2023*

to

March

31,

2024

13

*Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Investment

Income:

Interest

$

57,132

‌

57,132

‌

Expenses:

Management

fees

4,968

‌

Total

operating

expenses

4,968

‌

Net

Investment

Income

(Loss)

52,164

‌

Net

Unrealized

Gain

(Loss):

Net

unrealized

appreciation

(depreciation)

on

investments

19,024

‌

Net

Unrealized

Gain

(Loss)

19,024

‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

71,188

‌

Statement

of

changes

in

net

assets

Macquarie

Tax-Free

USA

Short

Term

ETF

14

*Date

of

commencement

of

operations.

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

For

the

period

November

28,

2023

*

to

March

31,

2024

Increase

(Decrease)

in

Net

Assets

from

Operations:

Net

investment

income

(loss)

$

52,164

Net

unrealized

appreciation

(depreciation)

19,024

Net

increase

(decrease)

in

net

assets

resulting

from

operations

71,188

Dividends

and

Distributions

to

Shareholders

from:

Distributable

earnings

(52,164

)

(52,164

)

Capital

Share

Transactions:

1

Proceeds

from

shares

sold

5,007,500

Increase

in

net

assets

derived

from

capital

share

transactions

5,007,500

Net

Increase

(Decrease)

in

Net

Assets

5,026,524

Net

Assets:

Beginning

of

period

–

End

of

period

$

5,026,524

Capital

Share

Transactions:

Beginning

of

period

–

Shares

subscribed

in-kind

200,000

Shares

outstanding,

end

of

period

200,000

1

Capital

share

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

6

in

"Notes

to

financial

statements."

Financial

highlights

Macquarie

Tax-Free

USA

Short

Term

ETF

15

See

accompanying

notes,

which

are

an

integral

part

of

the

financial

statements.

Selected

data

for

the

Fund

outstanding

throughout

the

period

were

as

follows:

For

the

period

November

28,

2023

1

to

March

31,

2024

Net

asset

value,

beginning

of

period

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

$

25

.00

Income

(loss)

from

investment

operations:

—

Net

investment

income

2

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

0

.26

Net

realized

and

unrealized

gain

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

0

.13

Total

from

investment

operations

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

0.39

Less

dividends

and

distributions

from:

—

Net

investment

income

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

(

0

.26

)

Total

dividends

and

distrib

u

tions

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

(0.26)

Net

asset

value,

end

of

period

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

$

25.13

Total

return

3

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

1.56%

Ratios

and

supplemental

data:

$5,027

Net

assets,

end

of

period

(000

omitted)

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

$

5,027

Ratio

of

expenses

to

average

net

assets

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

0.29%

Ratio

of

net

investment

income

to

average

net

assets

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

3.02%

Portfolio

turnover

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

9%

1

Date

of

commencement

of

operations;

ratios

have

been

annualized

and

total

return

and

portfolio

turnover

have

not

been

annualized.

2

Calculated

using

average

shares

outstanding.

3

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.

Notes

to

financial

statements

Macquarie

Tax-Free

USA

Short

Term

ETF

16

March

31,

2024

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

three

series.

These

financial

statements

and

the

related

notes

pertain

to

Macquarie

Tax-Free

USA

Short

Term

ETF (the

Fund).

The

Fund

commenced

operations

on

November

28,

2023

.

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

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.

Generally,

other

securities

and

assets

for

which

market

quotations

are

not

readily

available

are

valued

at

fair

value

as

determined

in

good

faith

by

DMC.

Subject

to

the

oversight

of

the

Trust's

Board

of

Trustees

(Board),

DMC,

as

valuation

designee,

has

adopted

policies

and

procedures

to

fair

value

securities

for

which

market

quotations

are

not

readily

available

consistent

with

the

requirements

of

Rule

2a-5

under

the

1940

Act.

In

determining

whether

market

quotations

are

readily

available

or

fair

valuation

will

be

used,

various

factors

will

be

taken

into

consideration,

such

as

market

closures

or

suspension

of

trading

in

a

security.

Restricted

securities

and

private

placements

are

valued

at

fair

value.

Federal

Income

Taxes

—

No

provision

for

federal

income

taxes

has

been

made

as the

Fund

intends

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 period ended

March

31,

2024

,

and

has

concluded

that

no

provision

for

federal

income

tax

is

required

in

the

Fund’s

financial

statements.

17

If

applicable, the

Fund

recognizes

interest

accrued

on

unrecognized

tax

benefits

in

interest

expense

and

penalties

in

“Other”

on

the

“Statement

of

operations.”

During

the

period

ended

March

31,

2024

,

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.

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

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

fees,

DMC

pays

most

of

the

expenses

of

the

Fund,

including

the

cost

of

sub-advisory

fees

to

any

investment

sub-adviser,

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

1.

Significant

Accounting

Policies

(continued)

Notes

to

financial

statements

Macquarie

Tax-Free

USA

Short

Term

ETF

18

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,

2024,

Macquarie

Management

Holdings,

Inc.

directly

owned

95.00%

of

the

Fund.

3.

Investments

For

the

period

ended

March

31,

2024

,

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,

2024.

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,

2024

,

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:

Purchases

$

5,230,202

Sales

410,000

Cost

of

investments

$

4,923,683

Aggregate

unrealized

appreciation

of

investments

$

23,895

Aggregate

unrealized

depreciation

of

investments

(4,871)

Net

unrealized

appreciation

of

investments

$

19,024

2.

Investment

Management,

Administration

Agreements,

and

Other

Transactions

with

Affiliates 

(continued)

19

Level

 1

—

Inputs

are

quoted

prices

in

active

markets

for

identical

investments.

(Examples:

equity

securities,

open-end

investment

companies,

futures

contracts,

and

exchange-traded

options

contracts)

Level

 2 —

Other

observable

inputs,

including,

but

not

limited

to:

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

and

default

rates)

or

other

market-corroborated

inputs.

(Examples:

debt

securities,

government

securities,

swap

contracts,

forward

foreign currency

exchange

contracts,

foreign

securities

utilizing

international

fair

value

pricing,

broker-quoted

securities,

and

fair

valued

securities)

Level

 3 — Significant

unobservable

inputs,

including

the

Fund's

own

assumptions

used

to

determine

the

fair

value

of

investments.

(Examples:

broker-quoted

securities

and

fair

valued

securities)

Level

3

investments

are

valued

using

significant

unobservable

inputs.

The

Fund

may

also

use

an

income-based

valuation

approach

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Valuations

may

also

be

based

upon

current

market

prices

of

securities

that

are

comparable

in

coupon,

rating,

maturity,

and

industry.

The

derived

value

of

a

Level

3

investment

may

not

represent

the

value

which

is

received

upon

disposition

and

this

could

impact

the

results

of

operations.

The

following

table

summarizes

the

valuation

of

the

Fund's

investments

by

fair

value

hierarchy

levels

as

of

March

31,

2024

:

During

the

period

ended

March

31,

2024

,

there

were

no

transfers

into

or

out

of

Level

3

investments.

The

Fund's

policy

is

to

recognize

transfers

into

or

out

of

Level

3

investments

based

on

fair

value

at

the

beginning

of

the

reporting

period.

A

reconciliation

of

Level

3

investments

is

presented

when

the

Fund

has

a

significant

amount

of

Level

3

investments

at

the

beginning

or

end

of

the

period

in

relation

to

the

Fund's

net

assets.

As

of

March

31,

2024

,

there

were

no

Level

3

investments.

Level

1

Level

2

Level

3

Total

Securities

Assets:

Municipal

Bonds

$

–

$

4,942,707

$

–

$

4,942,707

3.

Investments

(continued)

Notes

to

financial

statements

Macquarie

Tax-Free

USA

Short

Term

ETF

20

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.

The

tax

character

of

dividends

and

distributions

paid

during

the

period

ended

March

31,

2024

were

as

follows: 

5.

Components

of

Net

Assets

on

a

Tax

Basis 

As

of

March

31,

2024,

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,

2024,

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

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.

11/28/23

*

to

3/31/24

Tax

Exempt

Income

$

52,164

*

Date

of

commencement

of

operations.

Shares

of

beneficial

interest

$

5,007,500

Unrealized

appreciation

(depreciation)

of

investments

19,024

Net

assets

$

5,026,524

21

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

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. 

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

Tax-Free

USA

Short

Term

ETF

22

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

CBOE

BZX

Exchange,

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.

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.

7.

Certain

Principal

Risks

of

the

Fund

(continued)

23

9.

Subsequent

Events 

Management

has

determined

that

no

material

events

or

transactions

occurred

subsequent

to

March

31,

2024

,

that

would

require

recognition

or

disclosure

in

the

Fund's

financial

statements. 

Report

of

independent

registered

public

accounting

firm

24

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,

2024,

and

the

related

statements

of

operations

and

changes

in

net

assets,

including

the

related

notes,

and

the

financial

highlights

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,

2024,

and

the

results

of

its

operations,

changes

in

its

net

assets,

and

the

financial

highlights

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,

2024

by

correspondence

with

the

custodian.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

24,

2024

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

25

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,

2024,

the

Fund

reports

distributions

paid

during

the

period

as

follows:

Board

Consideration

of

Investment

Management

Agreement

and

Sub-Advisory

Agreement

at

a Meeting Held

on

October

23,

2023

At

a

meeting

held

on

October

23,

2023

(the

“Contract

Approval

Meeting”),

the

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Trustees

each

of

whom

is

not

an

“interested

person”

as

defined

under

the

Investment

Company

Act

of

1940

(the

“Independent

Trustees”),

approved

the

Investment

Management

Agreement

with

Delaware

Management

Company

(“DMC”)

on

behalf

of

the

Macquarie

Global

Listed

Infrastructure

ETF,

Macquarie

Energy

Transition

ETF,

and

the

Macquarie

Tax-Free

USA

Short

Term

ETF

(each,

a

“Fund”

and

together,

the

“Funds”)

and

the

Sub-

Advisory

Agreement

with

Macquarie

Investment

Management

Global

Limited

(“MIMGL”)

on

behalf

of

the

Macquarie

Global

Listed

Infrastructure

ETF

and

the

Macquarie

Energy

Transition

ETF.

Prior

to

the

Contract

Approval

Meeting,

the

Independent

Trustees

were

assisted

in

their

evaluation

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

by

independent

legal

counsel,

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

DMC

was

guided

by

a

detailed

set

of

requests

for

information

submitted

to

them

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

prior

to

the

Contract

Approval

Meeting.

Prior

to

the

Contract

Approval

Meeting,

and

in

response

to

the

requests,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

approval

of

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement.

In

considering

and

approving

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement,

the

Trustees

considered

the

information

they

believed

relevant,

including

but

not

limited

to

the

information

discussed

below.

(A)

Tax

Exempt

Distributions

(Tax

Basis)

100.00%

(A)

is

based

on

a

percentage

of

the

Fund's

total

distributions.

Other

Fund

information

(Unaudited)

Macquarie

Tax-Free

USA

Short

Term

ETF

26

The

Board

did

not

identify

any

particular

information

or

consideration

that

was

all-important

or

controlling,

and

each

individual

Trustee

may

have

attributed

different

weights

to

various

factors.

After

its

deliberations,

the

Board,

including

the

Independent

Trustees,

unanimously

approved

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

for

an

initial

two-year

term.

The

following

summarizes

a

number

of

important,

but

not

necessarily

all,

factors

considered

by

the

Board

in

support

of

its

approval.

The

nature,

extent

and

quality

of

services

to

be

provided

by

DMC

and

MIMGL.

The

Board

reviewed

the

services

that

DMC

and

MIMGL

would

provide

to

each

Fund.

In

connection

with

the

investment

advisory

services

to

be

provided,

the

Board

noted

the

responsibilities

that

DMC

would

have

as

the

Funds’

investment

adviser,

including:

the

overall

supervisory

responsibility

for

the

general

management

and

investment

of

each

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

each

Fund;

the

management

of

the

day-to-day

investment

and

reinvestment

of

the

assets

of

each

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

Funds.

The

Board

reviewed

DMC’s

and

MIMGL’s

experience,

resources

and

strengths

in

managing

other

pooled

investment

vehicles,

including

the

personnel

of

each.

Based

on

its

consideration

and

review

of

the

foregoing

information,

the

Board

determined

that

each

Fund

was

likely

to

benefit

from

the

nature,

quality

and

extent

of

these

services,

as

well

as

the

ability

of

DMC

and

MIMGL

to

render

such

services

based

on

their

experience,

personnel,

operations

and

resources.

Fees,

expenses

and

profitability.

The

Board

compared

both

the

services

to

be

rendered

and

the

proposed

fees

to

be

paid

to

DMC

with

the

fees

that

DMC

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

each

Fund’s

proposed

advisory

fee

and

total

expense

ratio

to

other

investment

companies

considered

to

be

in

that

Fund’s

peer

group.

The

Board

also

received

and

considered

information

about

the

fee

rates

charged

to

other

accounts

and

clients

managed

by

DMC,

including

information

about

the

differences

in

services

provided

to

the

non-registered

investment

company

clients.

The

Board

also

discussed

the

anticipated

costs

and

projected

profitability

of

DMC

in

connection

with

its

service

as

investment

adviser

to

each

Fund,

including

operational

costs.

In

addition,

the

Board

discussed

the

entrepreneurial

risk

undertaken

by

Management

in

creating

the

Trust.

After

comparing

each

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

DMC

and

MIMGL

and

the

costs

they

expected

to

incur

in

rendering

those

services,

the

Board

concluded

that

the

level

of

fees

proposed

to

be

paid

to

DMC

with

respect

to

the

Funds

were

fair

and

reasonable.

Board

Consideration

of

Investment

Management

Agreement

and

Sub-Advisory

Agreement

at

a Meeting Held

on

October

23,

2023

(continued)

27

The

Board

also

considered

that

DMC

and

its

affiliates

may

experience

reputational

“fall-

out”

benefits

based

on

the

success

of

the

Funds,

but

that

such

benefits

are

not

easily

quantifiable.

The

extent

to

which

economies

of

scale

would

be

realized

as

the

Funds

grow

and

whether

fee

levels

would

reflect

such

economies

of

scale.

The

Board

next

discussed

potential

economies

of

scale.

Since

the

Trust

is

newly

formed,

the

Trust

and

the

Funds

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

each

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

Funds

would

be

enjoyed

by

DMC,

but

that

a

unitary

advisory

fee

provides

a

level

of

certainty

in

expenses

for

the

Funds.

Investment

performance

of

the

Funds

and

the

Adviser.

Because

each

Fund

is

newly

formed

and

had

not

commenced

operations,

the

Board

did

not

consider

the

investment

performance

of

the

Fund

or

the

Adviser.

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

etf.macquarie.com

Information

(if

any)

regarding

how

the

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recently

disclosed

12-month

period

ended

June

30

is

available

without

charge

(i)

through

the

Fund’s

website

at

etf.macquarie.com;

and

(ii)

on

the

SEC’s

website

at

sec.gov.

Board

Consideration

of

Investment

Management

Agreement

and

Sub-Advisory

Agreement

at

a Meeting Held

on

October

23,

2023

(continued)

Board

of

trustees

and

officers

addendum

Macquarie

ETF

Trust

28

An

exchange

traded

fund

is

governed

by

a

Board

of

Trustees

(“Trustees”),

which

has

oversight

responsibility

for

the

management

of

a

fund’s

business

affairs.

Trustees

establish

procedures

and

oversee

and

review

the

performance

of

the

investment

manager,

the

distributor,

and

others

who

perform

services

for

the

fund.

The

independent

fund

trustees,

in

particular,

are

advocates

for

shareholder

interests.

Each

trustee

has

served

in

that

capacity

since

he

or

she

was

elected

to

or

appointed

to

the

Board

of

Trustees,

and

will

continue

to

serve

until

his

or

her

retirement

or

the

election

of

a

new

trustee

in

his

or

her

place.

The

following

is

a

list

of

the

Trustees

and

Officers

with

certain

background

and

related

information.

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Interested

Trustee

John

Leonard

1

100

Independence

610

Market

Street

Philadelphia,

PA

1910-62354

1960

President,

Chief

Executive

Officer,

and

Trustee

Since

October

2023

3

Executive

Director

and

Global

Head

of

Equities-Macquarie

Asset

Management

2

(2017-Present)

Head

of

Equities

and

Group

Managing

Director

–

UBS

Asset

Management

(2008-2016)

None

29

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Independent

Trustees

Brian

A.

Swain

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1969

Chair

and

Trustee

Since

October

2023

3

Deputy

Chief

Investment

Officer,

Howard

University

(2018-Present)

Director,

Montgomery

County,

Maryland

Employee

Retirement

Plan’s

Investment

Trust

Beata

Kirr

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1974

Trustee

Since

October

2023

3

Chief

Impact

Officer,

Managing

Director,

The

Copia

Group

(May

2023-Present)

Bernstein

Private

Wealth

(March

2007–

April

2023)

None

Board

of

trustees

and

officers

addendum

Macquarie

ETF

Trust

30

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Thomas

F.

Flannery

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1959

Trustee

Since

October

2023

3

Retired,

since

July

2021

Director,

Computershare

Trust

Company,

NA

a

nationally

chartered

bank

Officers

David

F.

Connor

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1963

Senior

Vice

President

and

Assistant

Secretary

Since

October

2023

3

David

F.

Connor

has

served

in

various

capacities

at

different

times

at

Macquarie

Asset

Management

Public

Investments

3

None

3

31

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Richard

Salus

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1963

Senior

Vice

President

and

Chief

Financial

Officer

Since

October

2023

3

Richard

Salus

has

served

in

various

capacities

at

different

times

at

Macquarie

Asset

Management

Public

Investments

3

None

3

Daniel

V.

Geatens

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1972

Senior

Vice

President

and

Treasurer

Since

October

2023

3

Daniel

Geatens

has

served

in

various

capacities

at

different

times

at

Macquarie

Asset

Management

Public

Investments

3

None

3

Board

of

trustees

and

officers

addendum

Macquarie

ETF

Trust

32

1

John

Leonard

is

considered

to

be

an

“Interested

Trustee”

because

he

is

an

executive

officer

of

the

Manager.

2

Macquarie

Asset

Management

is

the

Marketing

name

for

certain

companies

comprising

the

asset

management

division

of

Macquarie

Group,

including

the

Fund’s

Manager.

3

David

F.

Connor,

Richard

Salus,

and

Daniel

V.

Geatens

serve

in

similar

capacities

for

the

Delaware

Funds

by

Macquarie

®

,

a

fund

complex

that

has

the

same

investment

manager

as

the

Trust.

Messrs.

Connor

and

Geatens

also

serve

in

similar

capacities

for

the

six

portfolios

of

the

Optimum

Fund

Trust,

which

have

the

same

investment

manager

as

the

Trust.

Name,

Address

and

Birth

Year

Position(s)

Held

with

the

Trust

Length

of

Time

Served

1

Number

of

Funds

in

Fund

Complex

Overseen

by

Trustee

Principal

Occupation(s)

During

the

Past

Five

Years

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Catherine

A.

DiValentino

100

Independence

610

Market

Street

Philadelphia,

PA

19106-2354

1979

Vice

President,

General

Counsel

and

Secretary

Since

October

2023

3

Associate

General

Counsel,

Macquarie

Asset

Management,

since

March

2022.

Counsel,

Faegre

Drinker

Biddle

&

Reath

LLP,

2016-2022.

None

i

This

page

is

not

part

of

the

annual

report.

Privacy

Notice

We

are

committed

to

protecting

the

privacy

of

our

potential,

current,

and

former

customers.

To

provide

the

products

and

services

you

request,

we

must

collect

personal

information

about

you.

We

do

not

sell

your

personal

information

to

third

parties.

We

collect

your

personal

information

and

share

it

with

third

parties

as

necessary

to

provide

you

with

the

products

or

services

you

request

and

to

administer

your

business

with

us.

This

notice

describes

our

current

privacy

practices.

While

your

relationship

with

us

continues,

we

will

update

and

send

our

privacy

practices

notice

as

required

by

law.

We

are

committed

to

continuing

to

protect

your

personal

information

even

after

that

relationship

ends.

You

do

not

need

to

take

any

action

because

of

this

notice

. 

Information

we

may

collect

and

use

We

collect

personal

information

about

you

to

help

us

identify

you

as

our

potential,

current,

or

former

customer;

to

process

your

requests

and

transactions;

to

offer

investment

services

to

you;

or

to

tell

you

about

our

products

or

services

we

believe

you

may

want

to

use.

The

type

of

personal

information

we

collect

depends

on

the

products

or

services

you

request

and

may

include

the

following:

Information

from

you:

When

you

submit

your

application

or

other

forms

or

request

information

on

our

products

(online

or

otherwise),

you

give

us

information

such

as

your

name,

address,

Social

Security

number,

your

financial

account

information,

and

your

financial

history.

Information

about

your

transactions:

We

keep

information

about

your

transactions

with

us,

such

as

the

products

you

buy

from

us;

the

amount

you

paid

for

those

products;

your

investment

activity;

and

your

account

balances.

Information

from

your

employer:

In

connection

with

administering

your

retirement

plan,

we

may

obtain

information

about

you

from

your

employer.

Information

received

from

third

parties:

In

order

to

verify

your

identity

or

to

prevent

fraud,

we

may

obtain

information

about

you

from

third

parties.

How

we

use

your

personal

information 

We

do

not

disclose

nonpublic

personal

information

about

our

potential,

current,

and

former

customers

unless

allowed

or

required

by

law.

We

may

share

your

personal

information

within

our

companies

and

with

certain

service

providers.

They

use

this

information

to

process

transactions

you

have

requested;

provide

customer

service;

and

inform

you

of

products

or

services

we

offer

that

you

may

find

useful.

Our

service

providers

may

or

may

not

be

affiliated

with

us.

They

include

financial

service

providers

(for

example,

third-party

administrators;

broker/dealers;

and

other

financial

services

companies

with

whom

we

have

joint

marketing

agreements).

Our

service

providers

also

include

nonfinancial

companies

and

individuals

(for

example,

consultants;

information

services

vendors;

and

companies

that

perform

mailing

or

marketing

services

on

our

behalf).

Information

obtained

from

a

report

prepared

by

a

service

provider

may

be

kept

by

the

service

provider

and

shared

with

other

persons;

however,

we

require

our

service

providers

to

protect

your

personal

information

and

to

use

or

disclose

it

only

for

the

work

they

are

performing

for

us,

or

as

permitted

by

law.

We

also

may

provide

information

to

regulatory

authorities,

law

enforcement

officials,

and

others

to

prevent

fraud

or

when

we

believe

in

good

faith

that

the

law

requires

Privacy

Notice

ii

This

page

is

not

part

of

the

annual

report.

disclosure.

In

the

event

of

a

sale

of

all

or

part

of

our

businesses,

we

may

share

customer

information

as

part

of

the

sale.

We

do

not

sell

or

share

your

information

with

outside

marketers

who

may

want

to

offer

you

their

own

products

and

services.

Security

of

information 

Keeping

your

information

safe

is

one

of

our

most

important

responsibilities.

We

maintain

physical,

electronic,

and

procedural

safeguards

to

protect

your

information.

Our

employees

are

authorized

to

access

your

information

only

when

they

need

it

to

provide

you

with

products

and

services

or

to

maintain

your

accounts.

Employees

who

have

access

to

your

personal

information

are

required

to

keep

it

strictly

confidential.

We

provide

training

to

our

employees

about

the

importance

of

protecting

the

privacy

of

your

information.

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.

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.

This

privacy

practices

notice

is

being

provided

on

behalf

of

the

following: 

Macquarie

Management

Holdings,

Inc.

and

each

of

its

affiliates,

such

as

direct

or

indirect

subsidiaries,

and

any

fund

or

product

sponsored

by

or

otherwise

affiliated

with

Macquarie

Central

Park

Group

(CPG)

Funds

Delaware

Funds

by

Macquarie

®

Macquarie

ETF

Trust

Macquarie

Investment

Management

Austria

Kapitalanlage

AG

Macquarie

Investment

Management

Europe

Limited

Macquarie

Investment

Management

Europe

S.A.

Macquarie

Investment

Management

Global

Limited

Optimum

Fund

Trust

Revised

May

2024 

vi

This

page

is

not

part

of

the

annual

report.

AR-STAX-TRST

(3546228)

Contact

information 

Shareholder

assistance

by

phone

844

469-9911,

weekdays

from

9:00am

to

5:00pm

ET

Regular

mail

Macquarie

ETF

Trust

c/o

Foreside

Financial

Services

Three

Canal

Plaza,

Suite

100

Portland,

ME

04101

Macquarie

Asset

Management

•

610

Market

Street

•

Philadelphia,

PA

19106-2354

Macquarie

Asset

Management

(MAM)

is

the

asset

management

division

of

Macquarie

Group.

MAM

is

an

integrated

asset

manager

across

public

and

private

markets

offering

a

diverse

range

of

capabilities,

including

real

assets,

real

estate,

credit,

equities,

and

multi-asset

solutions.

The

Fund

is distributed

by 

Foreside

Financial

Services

LLC.

Other

than

Macquarie

Bank

Limited

ABN

46

008

583

542

("Macquarie

Bank"),

any

Macquarie

Group

entity

noted

in

this

document

is

not

an

authorized

deposit-taking

institution

for

the

purposes

of

the

Banking

Act

1959

(Commonwealth

of

Australia).

The

obligations

of

these

other

Macquarie

Group

entities

do

not

represent

deposits

or

other

liabilities

of

Macquarie

Bank.

Macquarie

Bank

does

not

guarantee

or

otherwise

provide

assurance

in

respect

of

the

obligations

of

these

other

Macquarie

Group

entities.

In

addition,

if

this

document

relates

to

an

investment,

(a)

the

investor

is

subject

to

investment

risk

including

possible

delays

in

repayment

and

loss

of

income

and

principal

invested

and

(b)

none

of

Macquarie

Bank

or

any

other

Macquarie

Group

entity

guarantees

any

particular

rate

of

return

on

or

the

performance

of

the

investment,

nor

do

they

guarantee

repayment

of

capital

in

respect

of

the

investment.

The

Fund

is governed

by

US

laws

and

regulations. 

Item 2. Code of Ethics

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

. 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:

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

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

            c.         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;

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

            e.         An understanding of audit committee functions.

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

            a.         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;

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

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

            d.         Other relevant experience.

            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: (i) other than in his or her capacity as a member of the Board of Trustees or any committee thereof, 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.

            The names of the audit committee financial experts on the registrant’s Audit Committee are set forth below:

Thomas F. Flannery, Chair

Brian A. Swain

Item 4. Principal Accountant Fees and Services

(a) Audit fees.

The aggregate fees billed for services provided to the registrant by its independent auditors for the audit of the registrant’s annual financial statements and for services normally provided by the independent auditors in connection with statutory and regulatory filings or engagements were $133,500 for the fiscal year ended March 31, 2024.

(b) Audit-related fees.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the registrant’s financial statements and not reported under paragraph (a) of this Item were $0 for the fiscal year ended March 31, 2024.

The aggregate fees billed by the registrant’s independent auditors for services relating to the performance of the audit of the financial statements of the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $1,362,878 for the registrant’s fiscal year ended March 31, 2024. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as follows: year-end audit procedures; group reporting and subsidiary statutory audits.

(c) Tax fees.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant were $0 for the fiscal year ended March 31, 2024. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%. These tax-related services were as follows: review of income tax returns and review of annual excise distribution calculations.

The aggregate fees billed by the registrant’s independent auditors for tax-related services provided to the registrant’s investment adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2024.

(d) All other fees.

The aggregate fees billed for all services provided by the independent auditors to the registrant other than those set forth in paragraphs (a), (b) and (c) of this Item were $0 for the fiscal year ended March 31, 2024.

The aggregate fees billed for all services other than those set forth in paragraphs (b) and (c) of this Item provided by the registrant’s independent auditors to the registrant’s adviser and other service providers under common control with the adviser and that relate directly to the operations or financial reporting of the registrant were $0 for the registrant’s fiscal year ended March 31, 2024. The percentage of these fees relating to services approved by the registrant’s Audit Committee pursuant to the de minimis exception from the pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.

(e) 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.

Service	Range of Fees
Audit Services
Statutory audits or financial audits for new Funds	up to $50,000 per Fund
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	up to $10,000 per Fund
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”)	up to $25,000 in the aggregate
Audit-Related Services
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”)	up to $25,000 in the aggregate
Tax Services
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.)	up to $25,000 in the aggregate
U.S. federal, state and local tax compliance (e.g., excise distribution reviews, etc.)	up to $5,000 per Fund
Review of federal, state, local and international income, franchise and other tax returns	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.

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

Fs

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.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s independent auditors for services rendered to the registrant and to its investment adviser and other service providers under common control with the adviser were $24,428,000 for the registrant’s fiscal year ended March 31, 2024.

(h) In connection with its selection of the independent auditors, the registrant’s Audit Committee has considered the independent auditors’ provision of non-audit services to the registrant’s investment adviser and other service providers under common control with the adviser that were not required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. The Audit Committee has determined that the independent auditors’ provision of these services is compatible with maintaining the auditors’ 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)        Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

            (b)        Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

            Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

            Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

            Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

            Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

            Not applicable.

Item 11. Controls and Procedures

            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.

There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Recovery of Erroneously Awarded Compensation

            Not applicable.

Item 14. Exhibits

(a)

(1) Code of Ethics

Not applicable.

(2)

Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

      Not applicable.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

            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.

MACQUARIE ETF TRUST

/s/JOHN C. LEONARD            

By:    John C. Leonard

Title: President and Chief Executive Officer

Date: June 6, 2024

            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.

/s/JOHN C. LEONARD            

By:    John C. Leonard

Title: President and Chief Executive Officer

Date: June 6, 2024

/s/RICHARD SALUS              

By:    Richard Salus

Title: Chief Financial Officer

Date:    June 6, 2024