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: 811-23820

Morgan Stanley ETF Trust

(Exact name of registrant as specified in charter)

522 Fifth Avenue, New York, New York 10036

(Address of principal executive offices)                                            (Zip code)

John H. Gernon

522 Fifth Avenue, New York, New York 10036

(Name and address of agent for service)

Registrant's telephone number, including area code: 212- 762-1886

Date of fiscal year end: September 30.

Date of reporting period: September 30, 2023

Item 1 - Report to Shareholders

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

NYSE

Arca:

CVIE

Annual

Report

September

30,

2023

Morgan

Stanley

ETF

Trust

Annual

Report

—

September

30,

2023

Table

of

Contents

(unaudited)

1

This

report

is

authorized

for

distribution

only

when

preceded

or

accompanied

by

a

prospectus

or

summary

prospectus

of

the

applicable

Fund

of

Morgan

Stanley

ETF

Trust.

To

receive

a

prospectus

and/or

statement

of

additional

information

(“SAI”),

which

contains

more

complete

information

such

as

investment

objectives,

charges,

expenses,

policies

for

voting

proxies,

risk

considerations

and

describes

in

detail

each

of

the

Fund’s

investment

policies

to

the

prospective

investor,

please

call

toll

free

1

(800)

836-2414.

Please

read

the

prospectuses

carefully

before

you

invest.

Additionally,

you

can

access

Fund

information

including

performance,

characteristics

and

investment

team

commentary,

through

Morgan

Stanley

Investment

Management’s

website:

www.calvert.com.

Market

forecasts

provided

in

this

report

may

not

necessarily

come

to

pass.

There

is

no

guarantee

that

any

sectors

mentioned

will

continue

to

perform

as

discussed

herein

or

that

securities

in

such

sectors

will

be

held

by

the

Fund

in

the

future.

There

is

no

assurance

that

a

fund

will

achieve

its

investment

objective.

Funds

are

subject

to

market

risk,

which

is

the

possibility

that

market

values

of

securities

owned

by

the

Fund

will

decline

and,

therefore,

the

value

of

the

Fund’s

shares

may

be

less

than

what

you

paid

for

them.

Accordingly,

you

can

lose

money

investing

in

this

Fund.

Please

see

the

prospectus

for

more

complete

information

on

investment

risks.

Shareholders’

Letter

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

2

Expense

Example

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

3

Investment

Overview

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

4

Portfolio

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

14

Statement

of

Operations

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

15

Statement

of

Changes

in

Net

Assets

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

16

Financial

Highlights

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

17

Notes

to

Financial

Statements

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

18

Report

of

Independent

Registered

Public

Accounting

Firm

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

25

Federal

Tax

Notice

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

26

Important

Notices

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

27

U.S.

Customer

Privacy

Notice

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

28

Trustees

and

Officers

Information

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

31

2

Annual

Report

—

September

30,

2023

Shareholders’

Letter

(unaudited)

Morgan

Stanley

ETF

Trust

Dear

Shareholders,

We

are

pleased

to

provide

this

Annual Report,

in

which

you

will

learn

how

your

investment

in Calvert

International

Responsible

Index

ETF (the

“Fund”)

performed

during

the

period

beginning

January

30,

2023

(when

the

Fund

commenced

operations)

and

ended

September

30,

2023.

Morgan

Stanley

Investment

Management,

the

Fund's

investment

adviser, is

a

client-centric,

investor-led

organization.

Our

global

presence,

intellectual

capital,

and

breadth

of

products

and

services

enable

us

to

partner

with

investors

to

meet

the

evolving

chal-

lenges

of

today’s

financial

markets.

We

aim

to

deliver

superior

investment

service

and

to

empower

our

clients

to

make

the

informed

decisions

that

help

them

reach

their

investment

goals.

As

always,

we

thank

you

for

selecting

Morgan

Stanley

Investment

Management,

and

look

forward

to

working

with

you

in

the

months

and

years

ahead.

Sincerely,

John

H.

Gernon

President

and

Principal

Executive

Officer

October

2023

3

Annual

Report

—

September

30,

2023

Expense

Example

(unaudited)

Calvert

International

Responsible

Index

ETF

Morgan

Stanley

ETF

Trust

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transactional

costs;

and

(2)

ongoing

costs,

which

may

include man-

agement

fees,

and

distribution

and

shareholder

services

fees.

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.

This

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

six-month

period

ended

September

30,

2023 and

held

for

the

entire

six-month

period.

Actual

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

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

table

under

the

heading

entitled

“Actual

Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical Example

for

Comparison

Purposes

The

table

below

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

sales

charges

(loads).

Therefore,

the

information

for

each

class

in

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.

Beginning

Account

Value

(

4/1/23

)

Actual

Ending

Account

Value

(9/30/23)

Hypothetical

Ending

Account

Value

Actual

Expenses

Paid

During

Period

*

Hypothetical

Expenses

Paid

During

Period

*

Net

Expense

Ratio

During

Period

**

Calvert

International

Responsible

Index

ETF

$1,000.00

$986.10

$1,024.17

$0.90

$0.91

0.18%

*

Expenses

are

calculated

using

the

Fund’s

annualized

net

expense

ratio

(as

disclosed),

multiplied

by

the

average

account

value

over

the

period

and

multiplied

by

183/365

(to

reflect

the

most

recent

one-half

year

period).

**

Annualized.

4

Annual

Report

—

September

30,

2023

Investment

Overview

(unaudited)

Calvert

International

Responsible

Index

ETF

Morgan

Stanley

ETF

Trust

Economic

and

Market

Conditions

For

global

equity

investors,

the

8-month

period

ended

September

30,

2023,

was

a

roller-coaster

ride,

driven

largely

by

shifting

perceptions

of

whether

the

U.S.

Federal

Reserve

(the

Fed)

could

bring

the

world’s

largest

economy

in

for

a

soft

landing,

and

changing

expectations

of

how

long

interest

rates

might

remain

high.

As

the

period

opened,

global

equities

were

in

the

midst

of

a

rally

that

lasted

through

July

2023.

The

initial

tailwind

was

ChatGPT,

an

artificial

intelligence

(AI)

application

that

led

investors

to

perceive

AI

might

become

the

next

big

innovation

to

drive

the

information

technology

(IT)

sector.

As

a

result,

IT

-

one

of

the

worst-performing

sectors

in

2022

-

became

the

standout

sector

during

the

first

half

of

2023.

Earlier

recession

fears

that

had

weighed

on

stock

prices

reced-

ed,

as

many

investors

came

around

to

the

view

that

the

U.S.

and

global

economies

were

doing

surprisingly

well.

European

equities

received

an

additional

boost

as

feared

continent-wide

energy

shortages

failed

to

materialize

during

the

winter.

But

in

the

final

two

months

of

the

period,

the

bond

market

halted

the

stock

market’s

momentum.

As

it

became

clear

the

Fed

would

keep

interest

rates

higher

for

longer

than

investors

had

anticipated

just

a

few

months

earlier,

longer

term

bond

rates

rose.

Given

the

potential

for

relatively

attractive

returns

with

lower

risk

than

stocks,

many

investors

shifted

from

equity

assets

to

bonds,

and

stock

prices

ended

on

a

down

note

as

the

period

came

to

a

close.

For

the

period

as

a

whole,

the

MSCI

World

ex

USA

Index

returned

-1.58%,

as

many

overseas

markets

gave

back

earlier

gains

in

the

closing

months

of

the

period.

In

contrast,

the

Russell

1000®

Index,

a

measure

of

U.S.

large-cap

stocks

that

included

many

beneficiaries

of

the

AI

boom,

returned

7.55%.

Fund

Performance

For

the

8-month

period

from

inception

on

January

30,

2023,

through

September

30,

2023,

Calvert

International

Responsi-

ble

Index

ETF

(the

Fund)

returned

-1.66%

based

on

net

asset

value

(NAV)

and

reinvestment

of

distributions

per

share,

net

of

fees.

The

Fund

underperformed

its

primary

benchmark,

the

MSCI

World

ex

USA

Index

(the

Index),

which

returned

-1.58%

and

underperformed

its

secondary

benchmark,

the

Calvert

International

Responsible

Index

(the

Calvert

Index),

which

returned

-1.62%

during

the

period.

The

Fund’s

underperformance

versus

the

Calvert

Index

was

due

to

Fund

expenses

and

fees,

which

the

Calvert

Index

does

not

incur.

Of

the

Fund’s

11

market

sectors,

consumer

discretionary,

energy,

health

care,

and

information

technology

(IT)

delivered

positive

returns

during

the

period.

The

strongest-performing

sectors

were

energy,

IT,

and

health

care.

The

weakest-per-

forming

sectors

were

real

estate,

communication

services,

and

financials.

Detractors

from

Fund

performance

versus

the

Index

included

stock

selections

in

the

industrials

sector;

stock

selections

and

an

overweight

position

in

the

financials

sector,

which

deliv-

ered

negative

returns

during

a

period

that

included

three

of

the

largest

bank

failures

in

U.S.

history;

and

stock

selections

and

an

underweight

position

in

the

energy

sector

-

the

stron-

gest-performing

sector

within

the

Index

and

the

Fund,

as

rising

oil

prices

boosted

energy

stock

returns

during

the

period.

In

the

industrials

sector,

not

owning

Japanese

industrial

con-

glomerate

Mitsubishi

Corp.

(Mitsubishi)

and

British

aerospace

and

defense

firm

Rolls-Royce

Holdings

Plc.

(Rolls-Royce)

-

two

Index

positions

that

delivered

strong

performance

-

detracted

from

Index-relative

returns

during

the

period.

Mitsubishi’s

stock

price

was

lifted

by

pent-up

demand

for

the

company’s

small

vehicles

in

post-COVID

Asian

emerging

markets,

along

with

a

weak

yen

and

stock

buybacks.

Rolls-Royce

reported

strong

sales

and

profit

growth

resulting

from

a

multiyear

turn-

around

effort

and

strong

sales

of

its

aircraft

engines

as

travel

recovered

after

the

pandemic.

In

the

financials

sector,

the

Fund’s

out-of-Index

positions

in

South

Korean

financial

holding

companies

KB

Financial

Group,

Inc.

and

Shinhan

Financial

Group

Co.

Ltd.

both

de-

clined

in

value

and

detracted

from

Index-relative

performance

during

the

period.

In

contrast,

contributors

to

Fund

performance

versus

the

Index

included

stock

selections

in

the

materials

sector;

stock

selections

and

an

overweight

position

in

the

IT

sector;

and

stock

selections

and

an

underweight

position

in

the

real

estate

sector

-

the

worst-performing

sector

within

the

Index

and

the

Fund,

as

property

sales

were

hampered

by

rising

mortgage

rates

during

the

period

and

companies

cut

back

on

office

space

in

the

aftermath

of

the

pandemic.

In

the

materials

sector,

contributors

to

Index-relative

returns

included

the

Fund’s

out-of-Index

positions

in

South

Korean

steel

maker

POSCO

Holdings,

Inc.

-

whose

battery

materi-

als

business

benefited

from

strong

demand

for

lithium

-

and

U.K.-headquartered

Linde

Plc.

-

one

of

the

world’s

largest

suppliers

of

industrial

gases.

Annual

Report

—

September

30,

2023

Investment

Overview

(unaudited)

(cont’d)

Calvert

International

Responsible

Index

ETF

5

Morgan

Stanley

ETF

Trust

Performance

data

quoted

represents

past

performance,

which

is

no

guaran-

tee

of

future

results,

and

current

performance

may

be

lower

or

higher

than

the

figures

shown.

Performance

assumes

that

all

dividends

and

distributions,

if

any,

were

reinvested.

For

the

most

recent

month-end

performance

figures,

please

visit

www.calvert.com.

Investment

return

and

principal

value

will

fluctu-

ate

so

that

Fund

shares,

when

sold

or redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Total

returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

selling

or

redemption

of

Fund

shares.

Fund's

total

returns

are

calculated

as

of

the

last

business

day

of

the

period.

*

Minimum

Investment.

**

The

Fund’s

performance

shown

assumes

that

all

recurring

fees

(including

management

fees)

were

deducted

and

all

dividends

and

distributions

were

reinvested.

***

Commenced

Operations

on

January

30,

2023.

Performance

Compared

to

the

MSCI

World

ex

USA

Index

(1)

and

the

Calvert

International

Responsible

Index

(2)

Cumulative

Total

Return

for

the

period

Ended

September

30,

2023

Since

Inception

(3)

Calvert

International

Responsible

Index

ETF

-

NAV

(4)

-1.66%

Calvert

International

Responsible

Index

ETF

-

Market

Price

(4)

-1.78%

MSCI

World

ex

USA

Index

-1.58%

Calvert

International

Responsible

Index

-1.62%

(1)

The

MSCI

World

ex

USA

Index

is

a

free

float

adjusted

market

capitalization

weighted

index

that

is

designed

to

measure

the

global

equity

market

performance

of

developed

markets,

excluding

the

United

States.

The

term

"free

float"

represents

the

portion

of

shares

outstanding

that

are

deemed

to

be

available

for

purchase

in

the

public

equity

markets

by

investors.

The

performance

of

the

Index

is

listed

in

U.S.

dollars

and

assumes

reinvestment

of

net

dividends.

The

Index

is

unmanaged

and

its

returns

do

not

include

any

sales

charges

or

fees.

Such

costs

would

lower

performance.

It

is

not

possible

to

invest

directly

in

an

index.

(2)

Calvert

International

Responsible

Index

is

composed

of

common

stocks

of

large

companies

in

developed

markets,

excluding

the

U.S.

Large

companies

in

developed

markets

are

the

1,000

largest

publicly

traded

companies,

excluding

real

estate

investment

trusts

and

business

development

companies,

in

markets

that

Calvert

Research

and

Management

("CRM")

determines

to

be

developed

markets

based

on

a

set

of

criteria

including

level

of

economic

development,

existence

of

capital

controls,

openness

to

foreign

direct

investment,

market

trading

and

liquidity

conditions,

regulatory

environment,

treatment

of

minority

shareholders,

and

investor

expectations.

The

Calvert

Principles

for

Responsible

Investment

serve

as

a

framework

for

considering

environmental,

social

and

governance

factors

that

may

affect

investment

performance.

Stocks

are

weighted

in

the

Calvert

Index

based

on

their

float-adjusted

market

capitalization,

by

country

and

by

sector,

subject

to

certain

prescribed

limits.

Unless

otherwise

stated,

index

returns

do

not

reflect

the

effect

of

any

applicable

sales

charges,

commissions,

expenses,

taxes

or

leverage,

as

applicable.

It

is

not

possible

to

invest

directly

in

an

index.

Historical

performance

of

the

index

illustrates

market

trends

and

does

not

represent

the

past

or

future

performance

of

the

fund.

(3)

For

comparative

purposes,

average

annual

since

inception

returns

listed

for

the

Indexes

refer

to

the

inception

date

of

the

Fund,

not

the

inception

of

the

Index.

(4)

Commenced

operations

on

January

30,

2023.

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

Calvert

International

Responsible

Index

ETF

6

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Common

Stocks

(99.3%)

Australia

(4.8%)

Allkem

Ltd.(a)

6,808

$

51,672

ANZ

Group

Holdings

Ltd.

12,595

208,585

APA

Group

5,892

31,562

ASX

Ltd.

202

7,447

Atlas

Arteria

Ltd.

3,424

12,220

BlueScope

Steel

Ltd.

4,789

60,086

Brambles

Ltd.

6,743

62,320

carsales.com

Ltd.

609

10,982

Cochlear

Ltd.

303

49,929

Coles

Group

Ltd.

7,579

76,112

Commonwealth

Bank

of

Australia

6,550

422,610

Computershare

Ltd.

2,150

36,022

Fortescue

Metals

Group

Ltd.

11,123

150,180

IGO

Ltd.

7,031

57,449

Insurance

Australia

Group

Ltd.

10,341

37,909

Macquarie

Group

Ltd.

1,606

173,854

Medibank

Pvt.

Ltd.

11,588

25,727

National

Australia

Bank

Ltd.

11,760

220,639

Pilbara

Minerals

Ltd.

27,518

76,368

Qantas

Airways

Ltd.(a)

8,296

27,735

QBE

Insurance

Group

Ltd.

6,202

62,884

REA

Group

Ltd.

63

6,275

Reece

Ltd.

933

11,218

Sonic

Healthcare

Ltd.

2,918

56,122

South32

Ltd.

42,887

93,833

Suncorp

Group

Ltd.

5,299

47,777

Telstra

Group

Ltd.

7,356

18,278

Transurban

Group

18,093

148,184

Wesfarmers

Ltd.

4,870

166,144

Westpac

Banking

Corp.

12,887

175,910

WiseTech

Global

Ltd.

407

17,087

Woolworths

Group

Ltd.

7,079

170,507

2,773,627

Austria

(0.3%)

Erste

Group

Bank

AG

919

31,933

Mondi

plc

380

6,366

OMV

AG

1,323

63,481

Verbund

AG

409

33,365

voestalpine

AG

1,033

28,261

163,406

Belgium

(0.6%)

Ackermans

&

van

Haaren

NV

62

9,393

Ageas

SA/NV

152

6,281

Anheuser-Busch

InBev

SA/NV

3,302

183,575

Azelis

Group

NV

347

6,874

D'ieteren

Group

64

10,835

Groupe

Bruxelles

Lambert

NV

625

46,691

KBC

Group

NV

503

31,495

Sofina

SA

43

8,732

Solvay

SA

229

25,421

UCB

SA

385

31,607

Umicore

SA

206

4,896

365,800

Canada

(9.1%)

Agnico

Eagle

Mines

Ltd.

3,082

140,696

Air

Canada(a)

1,157

16,585

Shares

Value

Algonquin

Power

&

Utilities

Corp.

3,292

$

19,577

Alimentation

Couche-Tard,

Inc.

4,132

210,818

Bank

of

Montreal

2,643

223,990

Bank

of

Nova

Scotia

(The)

4,759

214,296

BCE,

Inc.

1,389

53,269

Brookfield

Asset

Management

Ltd.,

Class

A

1,440

48,206

Brookfield

Corp.,

Class

A

3,757

118,018

CAE,

Inc.(a)

1,846

43,296

Cameco

Corp.

3,884

154,814

Canadian

Imperial

Bank

of

Commerce

3,730

144,648

Canadian

National

Railway

Co.

2,750

299,184

Canadian

Pacific

Kansas

City

Ltd.

3,855

287,870

Canadian

Tire

Corp.

Ltd.,

Class

A

228

24,630

CCL

Industries,

Inc.,

Class

B

682

28,758

CGI,

Inc.(a)

1,203

119,125

Constellation

Software,

Inc.

97

201,180

Descartes

Systems

Group,

Inc.

(The)(a)

208

15,337

Dollarama,

Inc.

1,164

80,567

Element

Fleet

Management

Corp.

529

7,626

Empire

Co.

Ltd.,

Class

A

909

24,843

FirstService

Corp.

49

7,160

Fortis,

Inc.

622

23,734

George

Weston

Ltd.

52

5,793

GFL

Environmental,

Inc.

925

29,508

Great-West

Lifeco,

Inc.

1,124

32,307

Hydro

One

Ltd.(b)

2,566

65,630

IGM

Financial,

Inc.

331

8,434

Intact

Financial

Corp.

697

102,086

Loblaw

Cos.

Ltd.

864

73,747

Magna

International,

Inc.

912

49,101

Manulife

Financial

Corp.

8,167

149,930

Metro,

Inc.,

Class

A

1,450

75,653

National

Bank

of

Canada

972

64,869

Nutrien

Ltd.

1,715

106,401

Open

Text

Corp.

1,765

62,232

Power

Corp.

of

Canada

3,202

81,897

Quebecor,

Inc.,

Class

B

303

6,524

RB

Global,

Inc.

785

49,376

Rogers

Communications,

Inc.,

Class

B

1,415

54,580

Royal

Bank

of

Canada

5,109

448,549

Saputo,

Inc.

267

5,609

Shopify,

Inc.,

Class

A(a)

4,476

245,452

Stantec,

Inc.

120

7,822

Sun

Life

Financial,

Inc.

2,346

114,992

Teck

Resources

Ltd.,

Class

B

3,951

170,840

TELUS

Corp.

2,981

48,904

TFI

International,

Inc.

420

54,190

Thomson

Reuters

Corp.

818

100,532

TMX

Group

Ltd.

1,089

23,512

Toromont

Industries

Ltd.

373

30,519

Toronto-Dominion

Bank

(The)

6,385

386,453

West

Fraser

Timber

Co.

Ltd.

377

27,497

WSP

Global,

Inc.

563

79,828

5,270,994

Chile

(0.2%)

Antofagasta

plc

3,155

55,028

Lundin

Mining

Corp.

8,666

64,931

119,959

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

International

Responsible

Index

ETF

7

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

China

(0.9%)

BOC

Hong

Kong

Holdings

Ltd.

14,000

$

38,343

Chow

Tai

Fook

Jewellery

Group

Ltd.

18,800

28,325

ESR

Group

Ltd.(b)

27,000

37,922

NXP

Semiconductors

NV

744

148,741

Prosus

NV(a)

6,953

205,533

Wharf

Holdings

Ltd.

(The)

14,000

35,108

Xinyi

Glass

Holdings

Ltd.

14,000

18,126

512,098

Denmark

(2.6%)

AP

Moller

-

Maersk

A/S,

Class

B

3

5,425

Carlsberg

A/S,

Class

B

374

47,334

Chr.

Hansen

Holding

A/S

440

27,013

Coloplast

A/S,

Class

B

421

44,687

Danske

Bank

A/S

2,304

53,763

Demant

A/S(a)

398

16,534

DSV

A/S

470

88,018

Genmab

A/S(a)

205

72,998

Jyske

Bank

A/S(a)

137

10,060

Novo

Nordisk

A/S,

Class

B

10,270

938,899

Novozymes

A/S,

Class

B

830

33,550

Orsted

A/S(b)

637

34,829

Pandora

A/S

515

53,495

ROCKWOOL

A/S,

Class

B

93

22,612

Tryg

A/S

280

5,142

Vestas

Wind

Systems

A/S(a)

3,690

79,404

1,533,763

Finland

(1.0%)

Elisa

OYJ

508

23,606

Fortum

OYJ

1,481

17,240

Kesko

OYJ,

Class

B

1,307

23,483

Kone

OYJ,

Class

B

1,021

43,153

Metso

OYJ

685

7,219

Neste

OYJ

3,781

128,621

Nokia

OYJ

22,113

83,535

Nordea

Bank

Abp

9,262

102,405

Sampo

OYJ,

Class

A

634

27,508

Stora

Enso

OYJ,

Class

R

2,651

33,372

UPM-Kymmene

OYJ

1,945

66,864

Valmet

OYJ

182

4,174

Wartsila

OYJ

Abp

621

7,071

568,251

France

(8.0%)

Accor

SA

697

23,570

Air

France-KLM(a)

468

5,895

Air

Liquide

SA

1,919

324,754

Alstom

SA

1,156

27,661

Amundi

SA(b)

106

5,987

Arkema

SA

392

38,830

AXA

SA

6,981

208,282

BioMerieux

145

14,096

BNP

Paribas

SA

3,697

236,535

Bouygues

SA

1,543

54,139

Bureau

Veritas

SA

1,188

29,571

Capgemini

SE

554

97,250

Carrefour

SA

1,643

28,328

Cie

de

Saint-Gobain

SA

3,262

196,443

Cie

Generale

des

Etablissements

Michelin

SCA

2,449

75,375

Shares

Value

Credit

Agricole

SA

3,747

$

46,384

Danone

SA

2,758

152,601

Dassault

Systemes

SE

2,329

87,031

Edenred

SE

1,006

63,139

Eiffage

SA

299

28,504

Elis

SA

762

13,441

Engie

SA

6,798

104,578

EssilorLuxottica

SA

1,070

187,104

Eurazeo

SE

142

8,487

Forvia

SE(a)

996

20,679

Getlink

SE

1,569

25,100

Hermes

International

SCA

123

225,265

Ipsen

SA

121

15,911

Kering

SA

240

109,746

Legrand

SA

960

88,732

L'Oreal

SA

830

345,529

LVMH

Moet

Hennessy

Louis

Vuitton

SE

863

654,576

Neoen

SA(b)

290

8,480

Orange

SA

6,477

74,473

Pernod

Ricard

SA

862

144,061

Publicis

Groupe

SA

921

69,974

Renault

SA

710

29,223

Rexel

SA

934

21,063

Safran

SA

1,276

200,807

Sartorius

Stedim

Biotech

84

20,099

SCOR

SE

286

8,924

SEB

SA

159

14,923

Societe

Generale

SA

1,727

42,137

Sodexo

SA

360

37,170

SOITEC(a)

196

32,736

Teleperformance

SE

113

14,285

Thales

SA

370

52,140

Valeo

SE

1,361

23,531

Veolia

Environnement

SA

2,615

75,944

Verallia

SA(b)

556

21,945

Vinci

SA

1,882

209,259

Worldline

SA(a)(b)

618

17,437

4,662,134

Germany

(6.4%)

adidas

AG

576

101,612

Allianz

SE

1,333

318,534

Bayerische

Motoren

Werke

AG

1,275

130,104

Bechtle

AG

490

22,951

Beiersdorf

AG

300

38,798

BioNTech

SE

ADR(a)

141

15,318

Brenntag

SE

600

46,678

Commerzbank

AG

4,365

49,865

Continental

AG

430

30,393

Covestro

AG(a)(b)

1,116

60,331

CTS

Eventim

AG

&

Co.

KGaA

375

21,380

Daimler

Truck

Holding

AG

1,728

60,045

Deutsche

Boerse

AG

628

108,843

Deutsche

Lufthansa

AG(a)

2,445

19,430

Deutsche

Post

AG

3,899

159,075

Deutsche

Telekom

AG

9,265

194,892

E.ON

SE

4,805

56,978

Evonik

Industries

AG

1,942

35,622

Fresenius

Medical

Care

AG

&

Co.

KGaA

813

35,154

Fresenius

SE

&

Co.

KGaA

1,018

31,752

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

International

Responsible

Index

ETF

8

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Germany

(cont’d)

GEA

Group

AG

671

$

24,836

Hannover

Rueck

SE

206

45,344

HeidelbergCement

AG

1,234

96,054

HelloFresh

SE(a)

543

16,258

Henkel

AG

&

Co.

KGaA

461

29,148

HUGO

BOSS

AG

165

10,468

Infineon

Technologies

AG

5,920

196,527

KION

Group

AG

537

20,690

Knorr-Bremse

AG

264

16,821

Mercedes-Benz

Group

AG

3,381

235,862

Merck

KGaA

336

56,260

MTU

Aero

Engines

AG

211

38,368

Muenchener

Rueckversicherungs-Gesellschaft

AG

482

188,358

Nemetschek

SE

373

22,858

Puma

SE

106

6,599

SAP

SE

3,823

497,126

Scout24

SE(b)

263

18,283

Siemens

AG

2,895

415,809

Siemens

Energy

AG(a)

1,712

22,440

Siemens

Healthineers

AG(b)

1,066

54,174

Symrise

AG,

Class

A

397

37,964

Talanx

AG

189

12,006

Telefonica

Deutschland

Holding

AG

2,270

4,074

thyssenkrupp

AG

5,550

42,460

Volkswagen

AG

121

15,975

Vonovia

SE

1,255

30,308

Zalando

SE(a)(b)

488

10,917

3,703,742

Hong

Kong

(1.6%)

AIA

Group

Ltd.

40,400

329,365

CK

Infrastructure

Holdings

Ltd.

500

2,365

CLP

Holdings

Ltd.

5,500

40,696

Hang

Seng

Bank

Ltd.

7,000

87,100

Hong

Kong

Exchanges

&

Clearing

Ltd.

4,800

179,329

Hongkong

Land

Holdings

Ltd.

1,500

5,355

MTR

Corp.

Ltd.

1,000

3,958

Prudential

plc

7,997

86,754

Sino

Land

Co.

Ltd.

30,000

33,823

Sun

Hung

Kai

Properties

Ltd.

6,000

64,199

Swire

Pacific

Ltd.,

Class

A

2,500

16,870

Swire

Properties

Ltd.

8,600

17,943

Techtronic

Industries

Co.

Ltd.

4,000

38,816

WH

Group

Ltd.(b)

17,500

9,184

915,757

Ireland

(0.4%)

AerCap

Holdings

NV(a)

409

25,632

AIB

Group

plc

2,291

10,333

Bank

of

Ireland

Group

plc

2,928

28,799

Kerry

Group

plc,

Class

A

851

71,341

Kingspan

Group

plc

1,406

105,631

Smurfit

Kappa

Group

plc

520

17,376

259,112

Israel

(0.4%)

Bank

Hapoalim

BM

4,205

37,433

Bank

Leumi

Le-Israel

BM

2,319

19,194

Check

Point

Software

Technologies

Ltd.(a)

615

81,967

Shares

Value

Mizrahi

Tefahot

Bank

Ltd.

468

$

16,977

Nice

Ltd.

ADR(a)

439

74,630

230,201

Italy

(1.9%)

A2A

SpA

7,389

13,190

Amplifon

SpA

542

16,136

Assicurazioni

Generali

SpA

4,436

90,950

Banco

BPM

SpA

2,249

10,798

Coca-Cola

HBC

AG

813

22,317

Enel

SpA

33,860

208,643

FinecoBank

Banca

Fineco

SpA

2,037

24,834

Hera

SpA

3,836

10,519

Infrastrutture

Wireless

Italiane

SpA(b)

1,345

16,042

Interpump

Group

SpA

313

14,412

Intesa

Sanpaolo

SpA

62,038

160,266

Italgas

SpA

2,203

11,317

Mediobanca

Banca

di

Credito

Finanziario

SpA

558

7,403

Moncler

SpA

788

45,953

Nexi

SpA(a)(b)

2,021

12,385

Poste

Italiane

SpA(b)

1,858

19,609

PRADA

SpA

3,200

18,836

Prysmian

SpA

1,189

48,025

Recordati

Industria

Chimica

e

Farmaceutica

SpA

434

20,544

Reply

SpA

96

9,051

Snam

SpA

9,850

46,397

Telecom

Italia

SpA(a)

70,918

22,232

Terna

-

Rete

Elettrica

Nazionale

6,751

50,948

UniCredit

SpA

7,319

176,135

1,076,942

Japan

(17.3%)

Advantest

Corp.

2,400

67,243

Aeon

Co.

Ltd.

3,200

63,528

AGC,

Inc.

2,200

77,311

Aisin

Corp.

1,000

37,862

Ajinomoto

Co.,

Inc.

2,400

92,703

ANA

Holdings,

Inc.(a)

1,700

35,692

Asahi

Group

Holdings

Ltd.

2,400

89,905

Astellas

Pharma,

Inc.

7,800

108,408

Bandai

Namco

Holdings,

Inc.

1,200

24,462

BayCurrent

Consulting,

Inc.

400

13,397

Bridgestone

Corp.

2,300

89,842

Canon,

Inc.

5,300

128,038

Central

Japan

Railway

Co.

3,500

85,257

Chugai

Pharmaceutical

Co.

Ltd.

3,300

102,256

Dai

Nippon

Printing

Co.

Ltd.

1,800

46,922

Daifuku

Co.

Ltd.

900

17,065

Dai-ichi

Life

Holdings,

Inc.

1,000

20,754

Daiichi

Sankyo

Co.

Ltd.

6,900

189,857

Daikin

Industries

Ltd.

1,200

188,775

Daito

Trust

Construction

Co.

Ltd.

100

10,555

Daiwa

House

Industry

Co.

Ltd.

3,400

91,479

Daiwa

Securities

Group,

Inc.

9,300

53,790

Denso

Corp.

6,400

102,975

Dentsu

Group,

Inc.

1,100

32,434

Disco

Corp.

300

55,446

East

Japan

Railway

Co.

1,200

68,795

Eisai

Co.

Ltd.

1,200

66,777

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

International

Responsible

Index

ETF

9

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Japan

(cont’d)

FANUC

Corp.

3,300

$

86,091

Fast

Retailing

Co.

Ltd.

600

131,037

Fuji

Electric

Co.

Ltd.

1,000

45,207

FUJIFILM

Holdings

Corp.

1,600

92,832

Fujitsu

Ltd.

400

47,177

Hankyu

Hanshin

Holdings,

Inc.

1,100

37,602

Hoya

Corp.

1,300

133,506

Hulic

Co.

Ltd.

5,200

46,729

Ibiden

Co.

Ltd.

200

10,674

Isuzu

Motors

Ltd.

4,000

50,407

Japan

Airlines

Co.

Ltd.

900

17,539

Japan

Exchange

Group,

Inc.

900

16,730

Japan

Post

Bank

Co.

Ltd.

2,800

24,411

Kao

Corp.

1,800

66,958

KDDI

Corp.

5,900

180,964

Keyence

Corp.

700

260,345

Kikkoman

Corp.

1,100

57,821

Komatsu

Ltd.

3,500

94,827

Kose

Corp.

300

21,823

Kubota

Corp.

4,500

66,463

Kyocera

Corp.

1,300

66,095

Kyowa

Kirin

Co.

Ltd.

1,800

31,410

M3,

Inc.

2,100

38,221

Makita

Corp.

1,000

24,741

MEIJI

Holdings

Co.

Ltd.

800

19,922

MinebeaMitsumi,

Inc.

2,000

32,722

MISUMI

Group,

Inc.

300

4,697

Mitsubishi

Chemical

Group

Corp.

10,100

63,805

Mitsubishi

Electric

Corp.

10,000

123,907

Mitsubishi

Estate

Co.

Ltd.

6,200

81,226

Mitsubishi

HC

Capital,

Inc.

6,600

44,052

Mitsubishi

Heavy

Industries

Ltd.

1,100

61,522

Mitsubishi

UFJ

Financial

Group,

Inc.

40,200

341,724

Mitsui

Fudosan

Co.

Ltd.

4,300

94,918

Mizuho

Financial

Group,

Inc.

9,800

166,874

MS&AD

Insurance

Group

Holdings,

Inc.

2,100

77,330

Murata

Manufacturing

Co.

Ltd.

6,900

126,417

Nidec

Corp.

2,200

102,183

Nintendo

Co.

Ltd.

3,500

146,122

Nippon

Paint

Holdings

Co.

Ltd.

5,400

36,404

Nippon

Telegraph

&

Telephone

Corp.

120,400

142,487

Nissan

Chemical

Corp.

300

12,784

Nitori

Holdings

Co.

Ltd.

100

11,198

Nitto

Denko

Corp.

100

6,573

Nomura

Holdings,

Inc.

16,200

65,039

Nomura

Research

Institute

Ltd.

1,300

33,915

Olympus

Corp.

5,300

68,956

Omron

Corp.

200

8,936

Ono

Pharmaceutical

Co.

Ltd.

2,000

38,439

Oracle

Corp.

Japan

100

7,438

Oriental

Land

Co.

Ltd.

4,100

134,876

ORIX

Corp.

4,500

84,225

Osaka

Gas

Co.

Ltd.

2,000

32,997

Otsuka

Corp.

1,000

42,433

Otsuka

Holdings

Co.

Ltd.

1,500

53,406

Pan

Pacific

International

Holdings

Corp.

2,100

44,160

Panasonic

Holdings

Corp.

9,800

110,461

Rakuten

Group,

Inc.

1,700

6,985

Shares

Value

Recruit

Holdings

Co.

Ltd.

5,700

$

176,052

Renesas

Electronics

Corp.(a)

6,300

96,490

Resona

Holdings,

Inc.

12,700

70,494

Secom

Co.

Ltd.

200

13,590

Sekisui

Chemical

Co.

Ltd.

2,400

34,627

Sekisui

House

Ltd.

3,300

65,834

SG

Holdings

Co.

Ltd.

1,900

24,383

Shin-Etsu

Chemical

Co.

Ltd.

7,200

209,547

Shionogi

&

Co.

Ltd.

1,100

49,285

Shiseido

Co.

Ltd.

1,300

45,736

SMC

Corp.

100

44,885

SoftBank

Corp.

11,900

134,810

SoftBank

Group

Corp.

4,000

169,811

Sompo

Holdings,

Inc.

1,100

47,420

Sony

Group

Corp.

4,700

385,512

Square

Enix

Holdings

Co.

Ltd.

1,000

34,344

Sumitomo

Electric

Industries

Ltd.

4,000

48,290

Sumitomo

Mitsui

Financial

Group,

Inc.

5,100

251,095

Sumitomo

Mitsui

Trust

Holdings,

Inc.

1,000

37,735

Suntory

Beverage

&

Food

Ltd.

1,000

30,491

Sysmex

Corp.

200

9,560

T&D

Holdings,

Inc.

1,300

21,500

Takeda

Pharmaceutical

Co.

Ltd.

7,000

217,705

TDK

Corp.

1,000

37,139

Terumo

Corp.

2,300

61,082

Toho

Co.

Ltd.

300

10,257

Tokio

Marine

Holdings,

Inc.

6,800

157,896

Tokyo

Electron

Ltd.

1,500

205,462

Tokyo

Gas

Co.

Ltd.

2,100

47,721

Tokyu

Corp.

2,800

32,348

TOPPAN

Holdings,

Inc.

2,100

50,310

Toray

Industries,

Inc.

9,200

47,965

TOTO

Ltd.

100

2,589

Toyota

Industries

Corp.

200

15,782

Toyota

Motor

Corp.

45,100

809,216

Trend

Micro,

Inc.

1,000

37,983

Unicharm

Corp.

1,200

42,548

West

Japan

Railway

Co.

1,000

41,447

Yakult

Honsha

Co.

Ltd.

400

9,738

Yamaha

Corp.

300

8,214

Yamaha

Motor

Co.

Ltd.

1,100

28,977

Yamato

Holdings

Co.

Ltd.

2,000

32,635

Yaskawa

Electric

Corp.

1,100

39,769

Z

Holdings

Corp.

19,300

53,739

ZOZO,

Inc.

600

11,027

10,043,311

Luxembourg

(0.0%)

Eurofins

Scientific

SE

525

29,738

Netherlands

(3.3%)

Aalberts

NV

833

30,586

ABN

AMRO

Bank

NV

CVA(b)

1,423

20,249

Adyen

NV(a)(b)

100

74,716

Aegon

NV

3,754

18,211

Akzo

Nobel

NV

704

51,042

Argenx

SE(a)

204

99,483

ASM

International

NV

170

71,545

ASML

Holding

NV

1,305

772,491

ASR

Nederland

NV

183

6,882

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

International

Responsible

Index

ETF

10

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Netherlands

(cont’d)

BE

Semiconductor

Industries

NV

285

$

28,062

DSM

BV

447

44,212

Euronext

NV(b)

294

20,544

IMCD

NV

217

27,570

ING

Groep

NV

9,662

128,382

JDE

Peet's

NV

1,242

34,741

Koninklijke

Ahold

Delhaize

NV

4,229

127,697

Koninklijke

KPN

NV

14,259

47,087

Koninklijke

Philips

NV(a)

3,376

67,791

Koninklijke

Vopak

NV

622

21,350

Universal

Music

Group

NV

3,226

84,466

Wolters

Kluwer

NV

1,066

129,397

1,906,504

New

Zealand

(0.2%)

Auckland

International

Airport

Ltd.

6,359

30,223

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

976

12,655

Meridian

Energy

Ltd.

4,020

12,415

Spark

New

Zealand

Ltd.

5,517

15,945

Xero

Ltd.(a)

379

27,501

98,739

Norway

(0.7%)

AutoStore

Holdings

Ltd.(a)(b)

8,235

11,713

DNB

Bank

ASA

3,217

65,181

Gjensidige

Forsikring

ASA

960

14,209

Kongsberg

Gruppen

ASA

500

20,731

Mowi

ASA

2,924

52,087

Norsk

Hydro

ASA

14,543

91,843

Orkla

ASA

5,419

40,731

Salmar

ASA

115

5,873

Schibsted

ASA,

Class

A

842

19,062

Telenor

ASA

3,603

41,140

TOMRA

Systems

ASA

1,403

16,106

378,676

Portugal

(0.1%)

EDP

-

Energias

de

Portugal

SA

13,376

55,741

Jeronimo

Martins

SGPS

SA

1,425

32,075

87,816

Singapore

(1.1%)

DBS

Group

Holdings

Ltd.

7,500

184,849

Oversea-Chinese

Banking

Corp.

Ltd.

13,000

122,009

Singapore

Airlines

Ltd.

8,800

41,650

Singapore

Exchange

Ltd.

3,500

25,002

Singapore

Technologies

Engineering

Ltd.

8,000

22,917

Singapore

Telecommunications

Ltd.

39,700

70,389

STMicroelectronics

NV

2,240

97,200

United

Overseas

Bank

Ltd.

4,800

100,227

664,243

South

Africa

(0.3%)

Anglo

American

plc

7,042

194,722

South

Korea

(3.5%)

Delivery

Hero

SE(a)(b)

667

19,187

Doosan

Enerbility

Co.

Ltd.(a)

3,181

38,731

Hana

Financial

Group,

Inc.

1,795

56,468

HMM

Co.

Ltd.

1,537

18,521

HYBE

Co.

Ltd.(a)

157

27,691

Hyundai

Mobis

Co.

Ltd.

409

72,895

Shares

Value

Hyundai

Motor

Co.

346

$

49,000

Kakao

Corp.

2,388

77,777

KB

Financial

Group,

Inc.

1,341

54,956

Kia

Corp.

1,065

64,244

Krafton,

Inc.(a)

130

14,509

L&F

Co.

Ltd.

195

25,058

LG

Chem

Ltd.

202

74,324

LG

Electronics,

Inc.

453

33,873

LG

H&H

Co.

Ltd.

99

32,758

LG

Innotek

Co.

Ltd.

28

5,073

NAVER

Corp.

467

69,735

NCSoft

Corp.

61

10,058

POSCO

Holdings,

Inc.

461

182,774

Samsung

Electro-Mechanics

Co.

Ltd.

68

6,924

Samsung

Electronics

Co.

Ltd.

17,590

891,623

Shinhan

Financial

Group

Co.

Ltd.

1,856

48,965

SK

Hynix,

Inc.

1,906

162,011

2,037,155

Spain

(2.1%)

Acciona

SA

85

10,862

Aena

SME

SA(b)

287

43,331

Amadeus

IT

Group

SA

1,498

90,846

Banco

Bilbao

Vizcaya

Argentaria

SA

17,321

141,391

Banco

de

Sabadell

SA

8,773

10,222

Banco

Santander

SA

52,098

199,592

Bankinter

SA

4,033

25,808

CaixaBank

SA

13,578

54,426

Cellnex

Telecom

SA(b)

1,860

64,927

EDP

Renovaveis

SA

898

14,751

Enagas

SA

3,397

56,394

Iberdrola

SA

21,295

238,876

Industria

de

Diseno

Textil

SA

3,560

133,013

Naturgy

Energy

Group

SA

688

18,764

Redeia

Corp.

SA

1,510

23,813

Telefonica

SA

21,271

87,110

1,214,126

Sweden

(2.4%)

Alfa

Laval

AB

1,066

36,874

Assa

Abloy

AB,

Class

B

3,632

79,632

Atlas

Copco

AB,

Class

A

12,516

169,638

Beijer

Ref

AB,

Class

B

1,020

10,844

Boliden

AB

1,597

46,223

Castellum

AB

2,806

28,759

Epiroc

AB,

Class

A

3,513

67,258

EQT

AB

1,377

27,491

Essity

AB,

Class

B

1,312

28,488

Getinge

AB,

Class

B

791

14,030

H

&

M

Hennes

&

Mauritz

AB,

Class

B

2,205

31,552

Hexagon

AB,

Class

B

8,113

69,733

Holmen

AB,

Class

B

396

15,520

Husqvarna

AB,

Class

B

1,622

12,502

Industrivarden

AB,

Class

A

938

24,935

Indutrade

AB

997

18,602

Investment

AB

Latour,

Class

B

348

6,174

Investor

AB,

Class

B

6,698

129,346

Kinnevik

AB,

Class

B(a)

1,986

19,962

L

E

Lundbergforetagen

AB,

Class

B

288

12,115

Lifco

AB,

Class

B

816

14,417

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

International

Responsible

Index

ETF

11

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Sweden

(cont’d)

Nibe

Industrier

AB,

Class

B

6,145

$

40,612

Saab

AB,

Class

B

205

10,506

Sagax

AB,

Class

B

722

13,856

Sandvik

AB

3,920

72,741

Skandinaviska

Enskilda

Banken

AB,

Class

A

5,212

62,678

SKF

AB,

Class

B

1,450

24,311

SSAB

AB,

Class

A

7,722

43,855

Svenska

Cellulosa

AB

SCA,

Class

B

2,690

37,128

Svenska

Handelsbanken

AB,

Class

A

732

6,573

Sweco

AB,

Class

B

622

5,851

Swedbank

AB,

Class

A

2,243

41,560

Swedish

Orphan

Biovitrum

AB(a)

683

14,045

Tele2

AB,

Class

B

1,159

8,927

Trelleborg

AB,

Class

B

854

21,397

Volvo

AB,

Class

B

6,333

131,508

1,399,643

Switzerland

(5.2%)

ABB

Ltd.

5,626

201,719

Adecco

Group

AG

1,143

47,179

Alcon,

Inc.

1,669

129,426

Bachem

Holding

AG

121

8,994

Baloise

Holding

AG

304

44,164

Barry

Callebaut

AG

5

7,969

Belimo

Holding

AG

76

36,205

BKW

AG

79

13,947

Cie

Financiere

Richemont

SA

1,537

188,177

DKSH

Holding

AG

445

30,184

DSM-Firmenich

AG

598

50,733

Dufry

AG(a)

227

8,663

Emmi

AG

2

1,889

Flughafen

Zurich

AG

115

21,974

Galenica

AG(b)

166

12,294

Geberit

AG

221

110,887

Georg

Fischer

AG

578

32,634

Givaudan

SA

28

91,640

Helvetia

Holding

AG

113

15,860

Julius

Baer

Group

Ltd.

633

40,728

Kuehne

+

Nagel

International

AG

167

47,646

Logitech

International

SA

384

26,563

Lonza

Group

AG

241

112,122

Novartis

AG

6,386

655,284

On

Holding

AG,

Class

A(a)

867

24,120

Partners

Group

Holding

AG

61

68,982

PSP

Swiss

Property

AG

181

21,408

Schindler

Holding

AG

214

41,359

SFS

Group

AG

66

7,229

SGS

SA

612

51,526

SIG

Group

AG

1,102

27,273

Sika

AG

502

127,914

Sonova

Holding

AG

165

39,266

Straumann

Holding

AG

360

46,122

Swiss

Life

Holding

AG

84

52,486

Swiss

Prime

Site

AG

309

28,357

Swisscom

AG

83

49,375

Tecan

Group

AG

21

7,098

Temenos

AG

316

22,253

UBS

Group

AG

8,327

206,537

VAT

Group

AG(b)

110

39,561

Shares

Value

Zurich

Insurance

Group

AG

432

$

198,386

2,996,133

Taiwan

(4.4%)

Accton

Technology

Corp.

1,000

15,272

Advantech

Co.

Ltd.

1,099

11,746

ASE

Technology

Holding

Co.

Ltd.

13,000

44,098

Cathay

Financial

Holding

Co.

Ltd.

50,000

69,005

Chailease

Holding

Co.

Ltd.

1,000

5,607

Chang

Hwa

Commercial

Bank

Ltd.

48,000

25,650

Chunghwa

Telecom

Co.

Ltd.

13,000

46,716

CTBC

Financial

Holding

Co.

Ltd.

62,000

47,056

Delta

Electronics,

Inc.

6,000

60,315

E

Ink

Holdings,

Inc.

2,000

11,121

Eva

Airways

Corp.

25,000

23,040

Evergreen

Marine

Corp.

Taiwan

Ltd.

10,000

35,935

Far

EasTone

Telecommunications

Co.

Ltd.

10,000

22,521

Feng

TAY

Enterprise

Co.

Ltd.

1,120

6,349

Fubon

Financial

Holding

Co.

Ltd.

41,400

77,848

Hotai

Motor

Co.

Ltd.

1,020

20,697

Largan

Precision

Co.

Ltd.

1,000

66,139

Lite-On

Technology

Corp.

5,000

18,819

MediaTek,

Inc.

4,000

91,077

Mega

Financial

Holding

Co.

Ltd.

53,376

62,337

Nanya

Technology

Corp.

9,000

18,290

Novatek

Microelectronics

Corp.

2,000

26,208

Quanta

Computer,

Inc.

13,000

96,451

Realtek

Semiconductor

Corp.

1,000

12,236

Taishin

Financial

Holding

Co.

Ltd.

54,890

30,437

Taiwan

Cement

Corp.

68,000

70,042

Taiwan

Mobile

Co.

Ltd.

10,000

29,306

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

76,000

1,231,332

Unimicron

Technology

Corp.

8,000

42,998

Uni-President

Enterprises

Corp.

27,000

58,633

United

Microelectronics

Corp.

61,000

85,414

Walsin

Lihwa

Corp.

11,000

12,540

Wan

Hai

Lines

Ltd.

16,000

23,940

Yang

Ming

Marine

Transport

Corp.

15,000

21,120

Yuanta

Financial

Holding

Co.

Ltd.

71,050

55,136

2,575,431

United

Kingdom

(10.3%)

3i

Group

plc

3,403

86,103

abrdn

plc

8,125

15,446

Admiral

Group

plc

704

20,425

Ashtead

Group

plc

2,012

122,836

Associated

British

Foods

plc

1,816

45,838

AstraZeneca

plc

5,134

695,685

Auto

Trader

Group

plc(b)

3,969

29,919

Aviva

plc

10,495

49,932

B&M

European

Value

Retail

SA

3,896

27,885

BAE

Systems

plc

14,313

174,313

Barratt

Developments

plc

4,811

25,902

Beazley

plc

1,028

6,945

Berkeley

Group

Holdings

plc

495

24,813

BP

plc

57,953

375,883

BT

Group

plc

29,697

42,300

Bunzl

plc

1,392

49,713

Burberry

Group

plc

1,574

36,665

Centrica

plc

12,103

22,816

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

International

Responsible

Index

ETF

12

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

United

Kingdom

(cont’d)

Coca-Cola

Europacific

Partners

plc

1,150

$

71,852

Compass

Group

plc

8,507

207,664

ConvaTec

Group

plc(b)

7,430

19,752

Croda

International

plc

173

10,378

DCC

plc

901

50,686

Dechra

Pharmaceuticals

plc

504

23,302

Diageo

plc

8,579

317,693

Diploma

plc

437

16,023

DS

Smith

plc

5,706

19,995

Halma

plc

3,030

71,691

Hargreaves

Lansdown

plc

1,412

13,325

Howden

Joinery

Group

plc

2,253

20,250

HSBC

Holdings

plc

66,661

524,711

IMI

plc

351

6,718

Inchcape

plc

1,407

13,026

Informa

plc

7,268

66,568

InterContinental

Hotels

Group

plc

950

70,429

Intermediate

Capital

Group

plc

1,136

19,176

Intertek

Group

plc

812

40,754

J

Sainsbury

plc

8,409

25,946

JD

Sports

Fashion

plc

6,443

11,772

Johnson

Matthey

plc

1,543

30,660

Kingfisher

plc

9,317

25,393

Legal

&

General

Group

plc

23,872

64,830

Liberty

Global

plc,

Class

A(a)

368

6,300

Lloyds

Banking

Group

plc

250,724

135,782

London

Stock

Exchange

Group

plc

1,382

138,891

M&G

plc

10,500

25,286

Melrose

Industries

plc

6,168

35,323

National

Grid

plc

16,185

193,595

Next

plc

540

48,088

Pearson

plc

2,169

22,990

Phoenix

Group

Holdings

plc

3,447

20,287

Reckitt

Benckiser

Group

plc

2,903

205,296

RELX

plc

8,778

297,313

Rentokil

Initial

plc

12,729

94,803

Rightmove

plc

3,235

22,198

RS

GROUP

plc

608

5,457

Sage

Group

plc

(The)

4,400

53,113

Schroders

plc

3,055

15,184

Severn

Trent

plc

1,129

32,590

Smith

&

Nephew

plc

3,887

48,534

Smiths

Group

plc

1,653

32,675

Spirax-Sarco

Engineering

plc

336

39,067

SSE

plc

4,241

83,339

St.

James's

Place

plc

1,466

14,891

Standard

Chartered

plc

8,076

74,717

Taylor

Wimpey

plc

12,641

18,098

Tesco

plc

35,259

113,699

Unilever

plc

8,567

424,741

United

Utilities

Group

plc

3,240

37,497

Vodafone

Group

plc

41,249

38,676

Weir

Group

plc

(The)

1,197

27,781

Whitbread

plc

962

40,673

Wise

plc,

Class

A(a)

1,893

15,841

WPP

plc

5,458

48,831

6,007,569

Shares

Value

United

States

(10.2%)

Amcor

plc

3,206

$

29,367

Aon

plc,

Class

A

728

236,032

BRP,

Inc.

292

22,205

Chubb

Ltd.

949

197,563

Clarivate

plc(a)

3,807

25,545

CRH

plc

4,987

272,938

CSL

Ltd.

1,874

303,337

CyberArk

Software

Ltd.(a)

125

20,471

Ferguson

plc

865

142,267

Ferrovial

SE

1,805

55,363

Flex

Ltd.(a)

1,852

49,967

Garmin

Ltd.

481

50,601

GSK

plc

16,870

307,213

Haleon

plc

23,153

96,322

Holcim

AG

2,443

156,974

ICON

plc(a)

254

62,548

James

Hardie

Industries

plc

CDI(a)

4,568

120,257

Janus

Henderson

Group

plc

394

10,173

Linde

plc

1,777

661,666

Nestle

SA

9,072

1,028,781

QIAGEN

NV(a)

851

34,465

Roche

Holding

AG

2,212

605,592

Sanofi

4,267

458,455

Schneider

Electric

SE

1,951

324,261

Spotify

Technology

SA(a)

456

70,516

Stellantis

NV

7,697

148,397

Swiss

Re

AG

857

88,361

TE

Connectivity

Ltd.

1,293

159,724

Waste

Connections,

Inc.

1,227

165,509

5,904,870

Total

Common

Stocks

(Cost

$59,876,132)

57,694,462

No.

of

Warrants

Warrants

(0.0%)

(c)

Canada

(

0.0%

)(c)

Constellation

Software,

Inc.

Expires

03/31/2040

(a)

(Cost

$0

)

97

498

Shares

Short-Term

Investment

(0.3%)

Investment

Company

(0.3%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

(See

Note

G)

(Cost

$155,858)

155,858

155,858

Total

Investments

(

99.6%

)

(Cost

$60,031,990

)

(d)

57,850,818

Other

Assets

in

Excess

of

Liabilities

(0.4%)

239,409

NET

ASSETS

(100.0%)

$58,090,227

The

country

classifications

used

for

financial

reporting

purposes

may

differ

from

the

classifications

determined

by

Calvert

Research

and

Management.

(a)

Non-income

producing

security.

(b)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

International

Responsible

Index

ETF

13

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

(c)

Amount

is

less

than

0.05%.

(d)

At

September

30,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$60,104,671

.

The

aggregate

gross

unrealized

appreciation

is

$1,611,203

and

the

aggregate

gross

unrealized

depreciation

is

$3,866,130,

resulting

in

net

unrealized

depreciation

of

$2,254,927.

ADR

American

Depositary

Receipt

CDI

CREST

Depository

Interest

CVA

Dutch

Certification

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

68.0

%

Banks

11.8

Pharmaceuticals

8.1

Insurance

6.1

Semiconductors

&

Semiconductor

Equipment

6.0

Total

Investments

100.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Annual

Report

—

September

30,

2023

Calvert

International

Responsible

Index

ETF

14

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Assets

and

Liabilities

September

30,

2023

Assets:

Investments

in

Securities

of

Unaffiliated

Issuers,

at

Value

(Cost

$59,876,132)

$

57,694,960

Investment

in

Security

of

Affiliated

Issuer,

at

Value

(Cost

$155,858)

155,858

Total

Investments

in

Securities,

at

Value

(Cost

$60,031,990)

57,850,818

Foreign

Currency,

at

Value

(Cost

$81,241)

81,239

Cash

197

Dividends

Receivable

166,757

Total

Assets

58,099,011

Liabilities:

Payable

for

Management

Fee

8,784

Total

Liabilities

8,784

Net

Assets

$

58,090,227

Net

Assets

Consist

of:

Paid-in-Capital

$

60,590,350

Total

Accumulated

Loss

(

2,500,123

)

Net

Assets

$

58,090,227

Shares

Outstanding

$0.001

Par

Value

(unlimited

shares

authorized)

1,200,000

Net

Asset

Value

Per

Share

$

48

.41

Annual

Report

—

September

30,

2023

Calvert

International

Responsible

Index

ETF

15

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Operations

Period

from

January

30,

2023

^

to

September

30,

2023

Investment

Income:

Dividends

from

Securities

of

Unaffiliated

Issuers

(Net

of

$122,361

of

Foreign

Taxes

Withheld)

$

839,218

Dividends

from

Security

of

Affiliated

Issuer

(Note

G)

5,339

Total

Investment

Income

844,557

Expenses:

Management

Fee

(Note

B)

47,506

Total

Expenses

47,506

Rebate

from

Morgan

Stanley

Affiliate

(Note

G)

(

137

)

Net

Expenses

47,369

Net

Investment

Income

797,188

Realized

Gain

(Loss):

Investments

Sold

(

490,220

)

Foreign

Currency

Translation

52,566

Net

Realized

Loss

(

437,654

)

Change

in

Unrealized

Appreciation

(Depreciation):

Investments

(

2,181,172

)

Foreign

Currency

Translation

(

1,074

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

(

2,182,246

)

Net

Realized

Loss

and

Change

in

Unrealized

Appreciation

(Depreciation)

(

2,619,900

)

Net

Decrease

in

Net

Assets

Resulting

from

Operations

$

(

1,822,712

)

^

Commencement

of

Operations.

Annual

Report

—

September

30,

2023

Calvert

International

Responsible

Index

ETF

16

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Changes

in

Net

Assets

Period

from

January

30,

2023

^

to

September

30,

2023

Increase

(Decrease)

in

Net

Assets:

Operations:

Net

Investment

Income

$

797,188

Net

Realized

Loss

(

437,654

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

(

2,182,246

)

Net

Decrease

in

Net

Assets

Resulting

from

Operations

(

1,822,712

)

Dividends

and

Distributions

to

Shareholders:

Dividends

and

Distributions

(

677,411

)

Total

Dividends

and

Distributions

to

Shareholders

(

677,411

)

Capital

Share

Transactions:

Subscribed

(1)

20,000,000

Subscribed

In-Kind

40,590,350

Net

Increase

in

Net

Assets

Resulting

from

Capital

Share

Transactions

60,590,350

Total

Increase

in

Net

Assets

58,090,227

Net

Assets:

Beginning

of

Period

–

End

of

Period

$

58,090,227

Capital

Share

Transactions:

Beginning

of

Period

–

Shares

Subscribed

400,000

Shares

Subscribed

In-Kind

800,000

Shares

Outstanding,

End

of

Period

Net

Increase

in

1,200,000

^

Commencement

of

Operations.

(1)

Includes

$11,134,300

of

subscriptions

for

seed

capital

by

the

Adviser

and

other

related

parties

of

the

Fund.

Annual

Report

—

September

30,

2023

Financial

Highlights

Calvert

International

Responsible

Index

ETF

17

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Share

Data

and

Ratios

Period

from

January

30,

2023

(1)

to

September

30,

2023

Net

Asset

Value,

Beginning

of

Period

$

50

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

1

.02‌

Net

Realized

and

Unrealized

Loss

(

1

.82‌

)

Total

from

Investment

Operations

(

0

.80‌

)

Distributions

from

and/or

in

Excess

of:

—

Net

Investment

Income

(

0

.79‌

)

Net

Asset

Value,

End

of

Period

$

48

.41‌

Total

Return

(3)

(

1

.66‌

)

%

(4)

Ratios

to

Average

Net

Assets

and

Supplemental

Data:

$58,090

Net

Assets,

End

of

Period

(Thousands)

$

58,090‌

Ratio

of

Expenses

0

.18‌

%

(5)

(6)

Ratio

of

Net

Investment

Income

3

.01‌

%

(5)

(6)

Ratio

of

Rebate

from

Morgan

Stanley

Affiliates

0

.00‌

%

(5)

(7)

Portfolio

Turnover

Rate

13‌

%

(4)

(8)

(1)

Commencement

of

Operations.

(2)

Per

share

amount

is

based

on

average

shares

outstanding.

(3)

Calculated

based

on

the

net

asset

value

as

of

the

last

business

day

of

the

period.

(4)

Not

annualized.

(5)

Annualized.

(6)

The

Ratio

of

Expenses

and

Ratio

of

Net

Investment

Income

reflect

the

rebate

of

certain

Fund

expenses

in

connection

with

the

investments

in

Morgan

Stanley

affiliates

during

the

period.

The

effect

of

the

rebate

on

the

ratios

is

disclosed

in

the

above

table

as

“Ratio

of

Rebate

from

Morgan

Stanley

Affiliates.”

(7)

Amount

is

less

than

0.005%.

(8)

In-kind

transactions

are

not

included

in

portfolio

turnover

calculations.

18

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

Morgan

Stanley

ETF

Trust

Morgan

Stanley

ETF

Trust

(the

“Trust”)

is

an

open-end,

management

investment

company

established

under

Delaware

law

as

a

Delaware

statutory

trust.

Pursuant

to

its

Declaration

of

Trust dated

May

31,

2016,

and

Amended

and

Restated

on

September

28,

2022

(the

“Declaration

of

Trust”),

the

Trust

is

authorized

to establish

multiple

series.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”).

The

Trust

applies

investment

company

accounting

and

report-

ing

guidance

Accounting

Standard

Codification

("ASC")

Topic

946.

In

the

preparation

of

these

financial

statements,

manage-

ment

has

evaluated

subsequent

events

occurring

after

the

date

of

the

Fund's

Statement

of

Assets

and

Liabilities

through

the

date

that

the

financial

statements

were

issued.

The

accompanying

financial

statements

relate

to

the

Calvert

In-

ternational

Responsible

Index

ETF (the

"Fund"),

which

seeks

to

track

the

performance

of

the

Calvert

International

Responsi-

ble

Index.

The

Fund

is

diversified.

A.

Significant

Accounting

Policies:

 The

following

signifi-

cant

accounting

policies

are

in

conformity

with

U.S.

generally

accepted

accounting

principles

(“GAAP”).

Such

policies

are

consistently

followed

by

the Trust

in

the

preparation

of

its

financial

statements.

GAAP

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

and

disclosures

in

the

financial

statements.

Actual

results

may

differ

from

those

estimates.

1.

Security

Valuation:

(1)

An

equity

portfolio

security

list-

ed

or

traded

on

an

exchange

is

valued

at

its

latest

reported

sales

price

(or

at

the

exchange

official

closing

price

if

such

exchange

reports

an

official

closing

price),

and

if

there

were

no

sales

on

a

given

day

and

if

there

is

no

official

ex-

change

closing

price

for

that

day,

the

security

is

valued

at

the

mean

between

the

last

reported

bid

and

asked

prices

if

such

bid

and

asked

prices

are

available

on

the

relevant

exchanges.

If

only

bid

prices

are

available

then

the

latest

bid

price

may

be

used.

Listed

equity

securities

not

traded

on

the

valuation

date

with

no

reported

bid

and

asked

prices

available

on

the

exchange

are

valued

at

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

or

more

reputable

brokers/dealers.

In

cases

where

a

security

is

traded

on

more

than

one

exchange,

the

secu-

rity

is

valued

on

the

exchange

designated

as

the

primary

market;

(2)

all

other

equity

portfolio

securities

for

which

over-the-counter

(“OTC”)

market

quotations

are

readily

available

are

valued

at

the

latest

reported

sales

price

(or

at

the

market

official

closing

price

if

such

market

reports

an

official

closing

price),

and

if

there

was

no

trading

in

the

security

on

a

given

day

and

if

there

is

no

official

closing

price

from

relevant

markets

for

that

day,

the

security

is

valued

at

the

mean

between

the

last

reported

bid

and

asked

prices

if

such

bid

and

asked

prices

are

available

on

the

relevant

markets.

An

unlisted

equity

security

that

does

not

trade

on

the

valuation

date

and

for

which

bid

and

asked

prices

from

the

relevant

markets

are

unavailable

is

valued

at

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

or

more

reputable

brokers/deal-

ers;

(3)

fixed

income

securities

may

be

valued

by

an

out-

side

pricing

service/vendor

approved

by

the

Trust’s

Board

of

Trustees

(the

“Trustees”).

The

pricing

service/vendor

may

employ

a

pricing

model

that

takes

into

account,

among

other

things,

bids,

yield

spreads

and/or

other

mar-

ket

data

and

specific

security

characteristics.

If

Morgan

Stanley

Investment

Management

Inc.

(the

“Adviser”)

a

wholly-owned

subsidiary

of

Morgan

Stanley,

determines

that

the

price

provided

by

the

outside

pricing

service/ven-

dor

or

exchange

does

not

reflect

the

security’s

fair

value

or

is

unable

to

provide

a

price,

prices

from

brokers

or

dealers

may

also

be

utilized.

In

these

circumstances,

the

value

of

the

security

will

be

the

mean

of

bid

and

asked

prices

obtained

from

reputable brokers/dealers;

(4)

when

market

quotations

are

not

readily

available,

as

defined

by

Rule

2a-5

under

the

Act,

including

circumstances

under

which

the

Adviser

determines

that

the

closing

price,

last

sale

price

or

the

mean

between

the

last

reported

bid

and

asked

prices

are

not

reflective

of

a

security’s

market

value,

portfolio

securities

are

valued

at

their

fair

value

as

determined

in

good

faith

under

procedures

established

by

and

under

the

general

supervision

of

the

Trustees;

(5)

foreign

exchange

transactions

("spot

contracts")

and

foreign

exchange

forward

contracts ("forward

contracts")

are

valued

daily

using

an

independent

pricing

vendor

at

the

spot

and

forward

rates,

respectively,

as

of

the

close

of

the

NYSE; and

(6)

investments

in

mutual

funds,

includ-

ing

the

Morgan

Stanley

Institutional

Liquidity

Funds,

are

valued

at

the

net

asset

value

(“NAV”)

as

of

the

close

of

each

business

day.

In

connection

with

Rule

2a-5

of

the

Act,

the

Trust-

ees

have

designated

the

Trust's

Adviser

as

its

valuation

designee.

The

valuation

designee

has

responsibility

for

determining

fair

value

and

to

make

the

actual

calculations

pursuant

to

the

fair

valuation

methodologies

previously

approved

by

the

Trustees.

Under

procedures

approved

by

the

Trustees,

the

Trust’s

Adviser

has

formed

a

Valuation

Committee

whose

members

are

approved

by

the

Trustees.

The

Valuation

Committee

provides

administration

and

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

19

Morgan

Stanley

ETF

Trust

oversight

of

the

Trust’s

valuation

policies

and

procedures,

which

are

reviewed

at

least

annually

by

the

Trustees.

These

procedures

allow

the Trust

to

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers

and

other

market

sources

to

determine

fair

value.

2.

Fair

Value

Measurement:

Financial

Accounting

Stan-

dards

Board

(“FASB”)

Accounting

Standards

Codifica-

tion

TM

("ASC"),

“Fair

Value

Measurement”

(“ASC

820”),

defines

fair

value

as

the

price

that

would

be

received

to

sell

an

asset

or

pay to

transfer

a

liability

in

an orderly

transaction

between

market

participants

at

the

measure-

ment

date. ASC

820

establishes

a

three tier

hierarchy

to

distinguish

between

(1)

inputs

that

reflect

the

assump-

tions

market

participants

would

use

in

valuing

an

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity

(observable

inputs)

and

(2)

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

partici-

pants

would

use

in

valuing

an

asset

or

liability

developed

based

on

the

best

information

available

in

the

circum-

stances

(unobservable

inputs)

and

to

establish

classifica-

tion

of

fair

value

measurements

for

disclosure

purposes.

Various

inputs

are

used

in

determining

the

value

of

the

Fund’s

investments.

The

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Level

2

-

other

significant

observable

inputs

(includ-

ing

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

 Level

3

-

significant

unobservable

inputs

including

the

Fund’s

own

assumptions

in

determin-

ing

the

fair

value

of

investments.

Factors

considered

in

making

this

determination

may

include,

but

are

not

limited

to,

infor-

mation

obtained

by

contacting

the

issuer,

analysts,

or

the

appropriate

stock

exchange

(for

exchange-traded

securities),

analysis

of

the

issuer’s

financial

statements

or

other

available

documents

and,

if

necessary,

available

information

concerning

other

securities

in

similar

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities

and

the

determination

of

the

significance

of

a

particular

input

to

the

fair

value

mea-

surement

in

its

entirety

requires

judgment

and

considers

factors

specific

to

each

security. 

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

September

30,

2023:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

Inputs

(000)

Total

(000)

Assets:  

Common

Stocks

Aerospace

&

Defense

$

598

$

—

$

—

$

598

Air

Freight

&

Logistics

304

—

—

304

Automobile

Components

551

—

—

551

Automobiles

1,561

—

—

1,561

Banks

6,849

—

—

6,849

Beverages

907

—

—

907

Biotechnology

505

—

—

505

Broadline

Retail

604

—

—

604

Building

Products

879

—

—

879

Capital

Markets

1,512

—

—

1,512

Chemicals

2,170

44

—

2,214

Commercial

Services

&

Supplies

526

—

—

526

Communications

Equipment

99

—

—

99

Construction

&

Engineering

450

—

—

450

Construction

Materials

443

273

—

716

Consumer

Staples

Distribution

&

Retail

1,068

—

—

1,068

Containers

&

Packaging

145

—

—

145

Distributors

24

—

—

24

Diversified

Consumer

Services

23

—

—

23

Diversified

Telecommunication

Services

1,076

—

—

1,076

Electric

Utilities

904

—

—

904

Electrical

Equipment

1,087

—

—

1,087

Electronic

Equipment,

Instruments

&

Components

1,078

—

—

1,078

Entertainment

419

—

—

419

Financial

Services

656

—

—

656

Food

Products

1,695

—

—

1,695

Gas

Utilities

245

—

—

245

Ground

Transportation

911

—

—

911

Health

Care

Equipment

&

Supplies

1,017

—

—

1,017

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

20

Morgan

Stanley

ETF

Trust

Transfers

between

investment

levels

may

occur

as

the

markets

fluctuate

and/or

the

availability

of

data

used

in

an

investment’s

valuation

changes. 

3.

Foreign

Currency

Translation

and

Foreign

Invest-

ments:

The

books

and

records

of

the

Fund

are

main-

tained

in

U.S.

dollars.

Foreign

currency

amounts

are

translated

into

U.S.

dollars

as

follows: 

investments,

other

assets

and

liabilities

at

the

prevail-

ing

rate

of

exchange

on

the

valuation

date;

investment

transactions

and

investment

income

at

the

prevailing

rates

of

exchange

on

the

dates

of

such

transactions. 

Although

the

net

assets

of

the

Fund

are

presented

at

the

foreign

exchange

rates

and

market

values

at

the

close

of

the

period,

the

Fund

does

not

isolate

that

portion

of

the

results

of

operations

arising

as

a

result

of

changes

in

the

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

held

at

period

end.

Similarly,

the

Fund

does

not

isolate

the

effect

of

changes

in

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

in

the

market

prices

of

securities

sold

during

the

period.

Accordingly,

realized

and

unre-

alized

foreign

currency

gains

(losses)

on

investments

in

securities

are

included

in

the

reported

net

realized

and

unrealized

gains

(losses)

on

investment

transactions

and

balances.

However,

pursuant

to

U.S.

federal

income

tax

regulations,

gains

and

losses

from

certain

foreign

currency

transactions

and

the

foreign

currency

portion

of

gains

and

losses

realized

on

sales

and

maturities

of

foreign

de-

nominated

debt

securities

are

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes. 

Net

realized

gains

(losses)

on

foreign

currency

transac-

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

Inputs

(000)

Total

(000)

Common

Stocks

(cont’d)

Health

Care

Providers

&

Services

$

151

$

—

$

—

$

151

Health

Care

Technology

38

—

—

38

Hotels,

Restaurants

&

Leisure

624

—

—

624

Household

Durables

765

—

—

765

Household

Products

306

—

—

306

Independent

Power

and

Renewable

Electricity

Producers

36

—

—

36

Industrial

Conglomerates

520

—

—

520

Insurance

3,509

—

—

3,509

Interactive

Media

&

Services

289

—

—

289

IT

Services

617

—

—

617

Leisure

Products

55

—

—

55

Life

Sciences

Tools

&

Services

275

—

—

275

Machinery

1,561

—

—

1,561

Marine

Transportation

153

—

—

153

Media

237

—

—

237

Metals

&

Mining

1,551

—

—

1,551

Multi-Utilities

497

—

—

497

Oil,

Gas

&

Consumable

Fuels

744

—

—

744

Paper

&

Forest

Products

187

—

—

187

Passenger

Airlines

188

—

—

188

Personal

Care

Products

1,073

—

—

1,073

Pharmaceuticals

4,666

—

—

4,666

Professional

Services

992

—

—

992

Real

Estate

Management

&

Development

666

—

—

666

Semiconductors

&

Semiconductor

Equipment

3,443

—

—

3,443

Software

1,228

—

—

1,228

Specialty

Retail

424

—

—

424

Technology

Hardware,

Storage

&

Peripherals

1,266

—

—

1,266

Textiles,

Apparel

&

Luxury

Goods

1,482

—

—

1,482

Trading

Companies

&

Distributors

537

—

—

537

Transportation

Infrastructure

281

—

—

281

Water

Utilities

70

—

—

70

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

Inputs

(000)

Total

(000)

Common

Stocks

(cont’d)

Wireless

Telecommunication

Services

$

640

$

—

$

—

$

640

Total

Common

Stocks

57,377

317

—

57,694

Warrants

Software

—

1

—

1

Short-Term

Investment

Investment

Company

156

—

—

156

Total

Assets

$57,533

$318

$—

$57,851

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

21

Morgan

Stanley

ETF

Trust

tions

represent

net

foreign

exchange

gains

(losses)

from

foreign

currency

forward

exchange

contracts,

disposition

of

foreign

currencies,

currency

gains

(losses)

realized

be-

tween

the

trade

and

settlement

dates

on

securities

transac-

tions,

and

the

difference

between

the

amount

of

invest-

ment

income

and

foreign

withholding

taxes

recorded

on

the

Fund’s

books

and

the

U.S.

dollar

equivalent

amounts

actually

received

or

paid.

The

change

in

unrealized

cur-

rency

gains

(losses)

on

foreign

currency

transactions

for

the

period

is

reflected

in

the

Statement

of

Operations. 

4.

Indemnifications:

The Trust

enters

into

contracts

that

contain

a

variety

of

indemnification

clauses.

The

Trust’s

maximum

exposure

under

these

arrangements

is

un-

known

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not yet

occurred. 

5.

Dividends

and

Distributions

to

Shareholders: 

Divi-

dends

and

distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

in-

come,

if

any,

are

declared

and

paid

quarterly.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

6.

Security

Transactions,

Income

and

Expenses:

 Se-

curity

transactions

are

accounted

for

on

the

trade

date

(date

the

order

to

buy

or

sell

is

executed).

Realized

gains

and

losses

on

the

sale

of

investment

securities

are

deter-

mined

on

the

specific

identified

cost

method.

Dividend

income

and

other

distributions

are

recorded

on

the

ex-dividend

date

(except

for

certain

foreign

dividends

which

may

be

recorded

as

soon

as

the

Fund

is

informed

of

such

dividends)

net

of

applicable

withholding

taxes.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

as

non-cash

dividend

income

at

fair

value.

B.

Management Fees:

The

Adviser

provides

investment

advice

and

portfolio

management

services

pursuant

to

a

Management

Agreement

(the

“Agreement”)

and,

subject

to

the

supervision

of

the

Trust’s

Trustees,

makes

or

oversees

the

Fund’s

day-to-day

investment

decisions,

arranges

for

the

execution

of

portfolio

transactions

and

generally

manages

the

Fund’s

invest-

ments.

 As

compensation

for

its

services,

the

Adviser

is paid

monthly

at

the

annual

rate

of

0.18% of

the

average

daily

net

assets

of

the

Fund.

Under

the

Agreement,

the

Adviser pays sub-

stantially

all

the

expenses

of

the

Fund

(including

expenses

of

the

Trust

relating

to

the

Fund),

except

for

the

distribution

fees,

if

any,

brokerage

expenses,

acquired

fund

fees

and

expenses,

taxes,

interest,

litigation

expenses,

and

other

extraordinary

expenses,

including

the

costs

of

proxies,

not

incurred

in

the

ordinary

course

of

the

Fund’s

business. 

C.

Distribution

and

Shareholder Services

Plan:

The

Trustees

have

adopted

a

distribution

and

services

plan

("Plan")

pursuant

Rule

12b-1

under the

Act. 

Under the

Plan,

the

Fund

is

authorized

to

pay

distribution

fees

in

connection

with

the

sale

of

its

shares

and

pay

service

fees

in

connection

with

the

provision

of

ongoing

services

to

shareholders

of

the

Fund

and

the

maintenance

of

shareholder

accounts

in

an

amount

up

to

0.25%

of

its

average

daily

net

assets.

No

Rule

12b-1

fees

are

currently

paid

by

the

Fund

and

there

are

no

current

plans

to

impose

these

fees.

D.

Dividend

Disbursing

and

Transfer

Agent:

The

Trust’s

dividend

disbursing

and

transfer

agent

is

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

E.

Custodian

and

Administrator:

JPMorgan also

serves

as

Custodian

and

Administrator for

the

Trust in

accordance

with

a

Custodian

and

Administration Agreement.

F.

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

securi-

ties

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 100,000

shares

or

multiples

thereof

(“Creation

Units”)

to

Authorized

Participants

who

have

entered

into

agreements

with

the

Funds’

Distributor.

An

Authorized

Partici-

pant

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

Corpo-

ration)

(“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

New

York

Stock

Exchange Arca

("NYSE

Arca") 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

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

22

Morgan

Stanley

ETF

Trust

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

cus-

tody

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

re-

ceivable

for

capital

shares

issued

on

the

Statement

of

Assets

and

Liabilities

if

they

are

outstanding

as

of

year-

end. Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

issued

on

the

Statements

of

Changes

in

Net

Assets.

G.

Security

Transactions

and

Transactions

with

Af-

filiates:

For

the

year ended

September

30,

2023 purchases

and

sales

of

investment

securities

for

the

Fund,

other

than

long-term

U.S.

Government

securities,

short-term

investments

and

In-Kind transactions were $28,564,399

and

$4,631,650,

respectively.

There

were

no

purchases

and

sales

of

long-term

U.S.

Government

securities

for

the

year

ended

September

30,

2023. Purchase

and

Sales

related

to

In-Kind

transactions

were

$36,372,927 and

$0 for

year end.

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser. Management fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the management

fees

paid

by

the

Fund

due

to

its

invest-

ment

in

the

Liquidity

Fund.

For

the

year ended

September

30,

2023, management

fees

paid

were

reduced

by $137 relating

to

the

Fund’s

investment

in

the

Liquidity

Fund. 

A

summary

of

the

Fund’s

transactions

in

shares

of

affiliated

investments

during

the

year ended

September

30,

2023 is

as

follows: 

H.

Federal

Income

Taxes:

It

is

the

Fund’s

intention

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

and

tax

exempt income.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

finan-

cial

statements. 

The

Fund

may

be

subject

to

taxes

imposed

by

countries

in

which

it

invests.

Such

taxes

are

generally

based

on

income

and/

or

capital

gains

earned

or

repatriated.

Taxes

are

accrued

based

on

net

investment

income,

net

realized

gains

and

net

unreal-

ized

appreciation

as

such

income

and/or

gains

are

earned.

Taxes

may

also

be

based

on

transactions

in

foreign

currency

and

are

accrued

based

on

the

value

of

investments

denominated

in

such

currency.

FASB

ASC

740-10,

“Income

Taxes—Overall”,

sets

forth

a

minimum

threshold

for

financial

statement

recognition

of

the

benefit

of

a

tax

position

taken

or

expected

to

be

taken

in

a

tax

return.

Management

has

concluded

there

are

no

significant

uncertain

tax

positions

that

would

require

recognition

in

the

financial

statements.

If

applicable,

the

Fund

recognizes

inter-

est

accrued

related

to

unrecognized

tax

benefits

in

“Interest

Expense”

and

penalties

in

“Other

Expenses”

in

the

Statement

of

Operations.

The

Fund

files

tax

returns

with

the

U.S.

Internal

Revenue

Service,

New

York

and

various

states.

The

tax

year

ended

September

30,

2023 remains

subject

to

examination

by

taxing

authorities.

The

tax

character

of

distributions

paid

may

differ

from

the

character

of

distributions

shown

for

GAAP

purposes

due

to

short-term

capital

gains

being

treated

as

ordinary

income

for

tax

purposes.

The

tax

character

of

distributions

paid

during

fiscal

year 2023

was

as

follows: 

The

amount

and

character

of

income

and

gains

to

be

distrib-

uted

are

determined

in

accordance

with

income

tax

regulations

which

may

differ

from

GAAP.

These

book/tax

differences

are

either

considered

temporary

or

permanent

in

nature. 

Temporary

differences

are

attributable

to

differing

book

and

tax

treatments

for

the

timing

of

the

recognition

of

gains

(loss-

es)

on

certain

investment

transactions

and

the

timing

of

the

deductibility

of

certain

expenses. 

The

Fund

had

no

permanent

differences

causing

reclassifica-

tions

among

the

components

of

net

assets

for

the

year ended

September

30,

2023. 

At

September

30,

2023,

the

components

of

distributable

earn-

ings

for

the

Fund

on

a

tax

basis

were

as

follows: 

Affiliated

Investment

Company

Value

January

30,

2023

Purchases

at

Cost

Proceeds

from

Sales

Dividend

Income

Liquidity

Fund

$

–

$

5,468,929

$

5,313,071

$

5,339

Affiliated

Investment

Company

(cont'd)

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

September

30,

2023

Liquidity

Fund  

$

–

$

–

$

155,858

2023

Distributions

Paid

From:

Ordinary

Long-Term

Income

Capital

Gain

$677,411

$–

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

23

Morgan

Stanley

ETF

Trust

At

September

30,

2023,

the

Fund

had

available

for

fed-

eral

income

tax

purposes

unused

short-term

capital

losses

of $418,624 that

do

not

have

an

expiration

date. 

To

the

extent

that

capital

loss

carryforwards

are

used

to

offset

any

future

capital

gains

realized,

no

capital

gains

tax

liability

will

be

incurred

by

the

Fund

for

gains

realized

and

not

distrib-

uted.

To

the

extent

that

capital

gains

are

offset,

such

gains

will

not

be

distributed

to

the

shareholders. 

I.

Principal

Risks:

Market

Risk:

An

investment

in

the

Fund

is

based

on

the

values

of

the

Fund’s

investments,

which

may

change

due

to

economic

and

other

events

that

affect

markets

generally,

as

well

as

those

that

affect

particular

regions,

countries,

industries,

companies

or

governments.

The

risks

associated

with

these

developments

may

be

magnified

if

social,

political,

economic

and

other

conditions

and

events

(such

as

war,

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

social

unrest,

recessions,

inflation,

rapid

interest

rate

changes

and

supply

chain

disruptions)

adversely

interrupt

the

global

economy

and

financial

markets.

It

is

difficult

to

predict

when

events

affecting

the

U.S.

or

global

financial

markets

may

occur,

the

effects

that

such

events

may

have

and

the

duration

of

those

effects

(which

may

last

for

extended

periods).

These

events

may

negatively

impact

broad

segments

of

businesses

and

populations

and

have

a

significant

and

rapid

negative

impact

on

the

performance

of

the

Fund’s

investments,

adversely

affect

and

increase

the

volatility

of

the

Fund’s

share

price

and

exacerbate

pre-existing

risks

to

the

Fund.  The

occurrence,

duration

and

extent

of

these

or

other

types

of

adverse

econom-

ic

and

market

conditions

and

uncertainty

over

the

long

term

cannot

be

reasonably

projected

or

estimated

at

this

time.

The

ultimate

impact

of

public

health

emergencies

or

other

adverse

economic

or

market

developments

and

the

extent

to

which

the

associated

conditions

impact

the

Fund

and

its

investments

will

also

depend

on

other

future

developments,

which

are

highly

uncertain,

difficult

to

accurately

predict

and

subject

to

change

at

any

time.

The

financial

performance

of

the

Fund’s

invest-

ments

(and,

in

turn,

the

Fund’s

investment

results)

as

well

as

their

liquidity

may

be

adversely

affected

because

of

these

and

similar

types

of

factors

and

developments.

Tracking

Error

Risk:

Tracking

error

risk

refers

to

the

risk

that

the

Fund’s

performance

may

not

match

or

correlate

to

that

of

the

index

it

attempts

to

track,

either

on

a

daily

or

aggregate

basis.

Because

the

Fund

uses

a

representative

sampling

index-

ing

strategy,

it

can

be

expected

to

have

a

larger

tracking

error

than

if

it

used

a

replication

indexing

strategy.

Tracking

error

may

occur

because

of

transaction

costs,

the

Fund’s

holding

of

cash,

differences

in

accrual

of

dividends,

changes

to

the

index

or

the

need

to

meet

new

or

existing

regulatory

requirements.

Factors

such

as

Fund

expenses,

imperfect

correlation

between

the

Fund’s

investments

and

the

index,

rounding

of

share

prices,

changes

to

the

composition

of

the

index,

regulatory

policies,

limitations

on

Fund

investments

imposed

by

Fund

diversifica-

tion

and/or

concentration

policies,

high

portfolio

turnover

rate

and

the

use

of

leverage

all

contribute

to

tracking

error.

Unlike

the

Fund,

the

returns

of

the

index

are

not

reduced

by

invest-

ment

and

other

operating

expenses,

including

the

trading

costs

associated

with

implementing

changes

to

its

portfolio

of

invest-

ments.

Tracking

error

risk

may

cause

the

Fund’s

performance

to

be

less

than

expected.

Tracking

error

risk

may

be

heightened

during

times

of

market

volatility,

unusual

market

conditions

or

other

abnormal

circumstances.

The

Fund

may

be

required

to

deviate

its

investments

from

the

securities

and

relative

weight-

ings

of

the

index

to

comply

with

applicable

laws

and

regula-

tions

or

because

of

market

restrictions

or

other

legal

reasons,

including

regulatory

limits

or

other

restrictions

on

securities

that

may

be

purchased

by

the

Adviser

and

its

affiliates.

Index

Related

Risk:

The

Fund’s

return

may

not

track

the

return

of

the

index

for

a

number

of

reasons

and

therefore

may

not

achieve

its

investment

objective.

For

example,

the

Fund

incurs

a

number

of

operating

expenses

not

applicable

to

the

index,

and

incurs

costs

in

buying

and

selling

securities,

espe-

cially

when

rebalancing

the

Fund’s

securities

holdings

to

reflect

changes

in

the

composition

of

the

index.

In

addition,

the

Fund’s

return

may

differ

from

the

return

of

the

index

because

of,

among

other

things,

pricing

differences

and

the

inability

to

purchase

certain

securities

included

in

the

index

due

to

regu-

latory

or

other

restrictions. 

In

addition,

because

the

Fund

uses

a

representative

sampling

approach,

the

Fund

can

be

expected

to

be

less

correlated

with

the

return

of

the

index

as

when

a

fund

purchases

all

of

the

securities

in

an

index

in

the

proportions

in

which

they

are

rep-

resented

in

the

index.

Errors

in

the

construction

or

calculation

of

the

index

may

occur

from

time

to

time.

Any

such

errors

may

not

be

identified

and

corrected

by

the

index

provider

for

some

period

of

time,

which

may

have

an

adverse

impact

on

the

Fund

and

its

shareholders.

The

risk

that

the

Fund

may

not

track

the

Undistributed

Undistributed

Ordinary

Long-Term

Income

Capital

Gain

$173,428

$–

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

24

Morgan

Stanley

ETF

Trust

performance

of

the

index

may

be

heightened

during

times

of

increased

market

volatility

or

other

unusual

market

conditions. 

Authorized

Participant

Concentration

Risk:

Only

an

authorized

participant

may

engage

in

creation

or

redemption

transactions

directly

with

the

Fund.

The

Fund

has

a

limited

number

of

intermediaries

that

act

as

authorized

participants

and

none

of

these

authorized

participants

is

or

will

be

obligated

to

engage

in

creation

or

redemption

transactions.

To

the

extent

that

these

intermediaries

exit

the

business

or

are

unable

to

or

choose

not

to

proceed

with

creation

and/or

redemption

orders

with

respect

to

the

Fund

and

no

other

authorized

participant

creates

or

redeems,

shares

may

trade

at

a

discount

to NAV

and

possibly

face

trading

halts

and/or

delisting. 

Trading

Risk:

The

market

prices

of

shares

are

expected

to

fluctuate,

in

some

cases

materially,

in

response

to

changes

in

the

Fund’s

NAV,

the

intra-day

value

of

the

Fund’s

holdings,

and

supply

and

demand

for

shares.

The

Adviser

cannot

predict

whether

shares

will

trade

above,

below

or

at

their

NAV.

Disrup-

tions

to

creations

and

redemptions,

the

existence

of

significant

market

volatility

or

potential

lack

of

an

active

trading

market

for

the

shares

(including

through

a

trading

halt),

as

well

as

other

factors,

may

result

in

the

shares

trading

significantly

above

(at

a

premium)

or

below

(at

a

discount)

to

NAV

or

to

the

intraday

value

of

the

Fund’s

holdings

(and,

as

a

result,

an

investor

may

pay

more

for,

or

receive

less

than,

the

underlying

value

of

the

shares,

respectively).

Buying

or

selling

shares

in

the

secondary

market

may

require

paying

brokerage

commissions

or

other

charges

imposed

by

brokers

as

determined

by

that

broker.

Brokerage

commissions

are

often

a

fixed

amount

and

may

be

a

significant

proportional

cost

when

seeking

to

buy

or

sell

relatively

small

amounts

of

shares.

In

addition,

the

market

price

of

shares,

like

the

price

of

any

exchange-traded

security,

includes

a

“bid-ask

spread”

charged

by

the

market

makers

or

other

participants

that

trade

the

particular

security.

The

spread

of the

Fund’s

shares

varies

over

time

based

on

the

Fund’s

trad-

ing

volume

and

market

liquidity

and

may

increase

if

the

Fund’s

trading

volume,

the

spread

of

the

Fund’s

underlying

securities,

or

market

liquidity

decrease. 

Large

Shareholder

Transaction

Risk:

The

Fund

may

experience

adverse

effects

when

certain

shareholders

purchase

or

redeem

large

amounts

of

shares

of the

Fund.

In

addition,

a

third

party

investor,

the

Adviser

or

an

affiliate

of

the

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund’s

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Such

larger

than

normal

redemptions

may

cause

the

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negative-

ly

impact

the

Fund’s

NAV

and

liquidity.

Similarly,

large

Fund

share

purchases

may

adversely

affect the

Fund’s

performance

to

the

extent

that the

Fund

is

delayed

in

investing

new

cash

and

is

required

to

maintain

a

larger

cash

position

than

it

ordinarily

would.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in the

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in the

Fund’s

expense

ratio.

Although

large

shareholder

transactions

may

be

more

frequent

under

certain

circumstanc-

es, the

Fund

is

generally

subject

to

the

risk

that

shareholders

can

purchase

or

redeem

a

significant

percentage

of

Fund

shares

at

any

time.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

NYSE

Arca

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

shares. 

J.

Other:

At

September

30,

2023,

the

Fund

had

record

own-

ers

of

10%

or

greater,

which

are

related

parties

of

the

Fund.

In-

vestment

activities

of

these

shareholders

could

have

a

material

impact

on

the

Fund.

The

aggregate

percentage

of

such

owners

was

19.2%.

25

Annual

Report

—

September

30,

2023

Report

of

Independent

Registered

Public

Accounting

Firm

Morgan

Stanley

ETF

Trust

To

the

Shareholders

and

Board

of

Trustees

of

Morgan

Stanley

ETF

Trust

–

Calvert

International

Responsible

Index

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Calvert

International

Responsible

Index

ETF

(the

“Fund”)

(one

of

the

funds

constituting

Morgan

Stanley

ETF

Trust

(the

“Trust”)),

including

the

portfolio

of

investments,

as

of

September

30,

2023,

and

the

related

statements

of

operations

and

changes

in

net

assets

and

the

financial

highlights

for

the

period

from

January

30,

2023

(commencement

of

operations)

through

September

30,

2023,

and

the

related

notes

(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

(one

of

the

funds

constituting

Morgan

Stanley

ETF

Trust)

at

September

30,

2023,

and

the

results

of

its

operations,

the

changes

in

its

net

assets

and

its

financial

highlights

for

the

period

from

January

30,

2023

(commencement

of

operations)

through

September

30,

2023,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trust’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

Trust

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

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.

The

Trust

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trust’s

internal

control

over

financial

reporting.

As

part

of

our

audit,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting,

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trust’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

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

procedures

included

confirmation

of

securities

owned

as

of

September

30,

2023,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

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.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

Morgan

Stanley

investment

companies

since

2000.

Boston,

Massachusetts

November

27,

2023

26

Annual

Report

—

September

30,

2023

Federal

Tax

Notice

(unaudited)

Morgan

Stanley

ETF

Trust

For

federal

income

tax

purposes,

the

following

information

is

furnished

with

respect

to

the

Fund’s

earnings

for

its

taxable

year

ended

September

30,

2023.

When

distributed,

certain

earnings

may

be

subject

to

a

maximum

tax

rate

of

15%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003.

The

Fund

designated

up

to

a

maximum

of $521,492

as

taxable

at

this

lower

rate.

In

January,

the

Fund

provides

tax

information

to

shareholders

for

the

preceding

calendar

year.

27

Annual

Report

—

September

30,

2023

Important

Notices

(unaudited)

Morgan

Stanley

ETF

Trust

Reporting

to

Shareholders

The

Fund’s

portfolio

holdings

are

publicly

disseminated

each

day

the

Fund

is

open

for

business

through

financial

reporting

and

news

services,

including

publicly

accessible

Internet

web

sites.

In

addition,

a

basket

composition

file,

which

includes

the

securi-

ty

names

and

share

quantities

to

deliver

in

exchange

for

Creation

Units,

together

with

estimates

and

actual

cash

components

is

publicly

disseminated

daily

prior

to

the

opening

of

the

Exchange

via

the

National

Securities

Clearing

Corporation

(the

“NSCC”),

a

clearing

agency

that

is

registered

with

the

SEC.

The

basket

represents

one

Creation

Unit

of

the

Fund.

The

Trust,

Adviser,

Custo-

dian

and

Distributor

will

not

disseminate

non-public

information

concerning

the

Trust.

The

Trust

provides

a

complete

schedule

of

portfolio

holdings

for

the

second

and

fourth

fiscal

quarters

in

its

Semi-Annual

and

Annual

reports,

and

for

the

first

and

third

fiscal

quarters

in

its

filings

with

the

SEC

as

an

exhibit

to

Form

N-PORT.

The

Fund's

portfolio

holdings

will

be

available

on

the

Fund’s

public

website,

www.calvert.com.

Proxy

Voting

Policy

and

Proxy

Voting

Record

The

Board

of

Trustees

believes

that

the

voting

of

proxies

on

securities

held

by

the

Trust

is

an

important

element

of

the

overall

invest-

ment

process.

As

such,

the

Trustees

have

delegated

the

responsibility

to

vote

such

proxies

to

the

Adviser.

The

Adviser

has

engaged

Calvert

to

provide

proxy

voting

services

with

respect

to

the

Trust.

The

Adviser’s

Proxy

Voting

Policy

speci-

fies

that

each

Fund

will

follow

Calvert’s

Proxy

Voting

Policies

and

Procedures

and

Global

Proxy

Voting

Guidelines.

When

available,

the

Trust’s

proxy

voting

record

for

the

most

recent

12-month

period

ending

June

30,

as

filed

with

the

SEC,

will

be

available

without

charge

on

our

web

site

at

www.calvert.com.

The

Trust’s

proxy

voting

record

will

also

be

available

without

charge

on

the

SEC’s

web

site

at

http://www.sec.gov. 

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

on-

line,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Morgan

Stanley

Funds.

28

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

April

2021

Morgan

Stanley

ETF

Trust

FACTS

WHAT

DOES

MSIM

DO

WITH

YOUR

PERSONAL

INFORMATION?

Why?

Financial

companies

choose

how

they

share

your

personal

information.

Federal

law

gives

consumers

the

right

to

limit

some

but

not

all

sharing.

Federal

law

also

requires

us

to

tell

you

how

we

collect,

share,

and

protect

your

personal

information.

Please

read

this

notice

carefully

to

understand

what

we

do.

What?

The

types

of

personal

information

we

collect

and

share

depend

on

the

product

or

service

you

have

with

us.

This

information

can

include:

Social

Security

number

and

income

investment

experience

and

risk

tolerance

checking

account

number

and

wire

transfer

instructions

How?

All

financial

companies

need

to

share

customers’

personal

information

to

run

their

everyday

business.

In

the

section

below,

we

list

the

reasons

financial

companies

can

share

their

customers’

personal

information;

the

reasons

MSIM

chooses

to

share;

and

whether

you

can

limit

this

sharing.

Reasons

we

can

share

your

personal

information

Does

MSIM

share?

Can

you

limit

this

sharing?

For

our

everyday

business

purposes

—

such

as

to

process

your

transactions,

maintain

your

account(s),

respond

to

court

orders

and

legal

investigations,

or

report

to

credit

bureaus

Yes

No

For

our

marketing

purposes

—

to

offer

our

products

and

services

to

you

Yes

No

For

joint

marketing

with

other

financial

companies

No

We

don’t

share

For

our

investment

management

affiliates’

everyday

business

purposes

—

information

about

your

transactions,

experiences,

and

creditworthiness

Yes

Yes

For

our

affiliates’

everyday

business

purposes

—

information

about

your

transactions

and

experiences

Yes

No

For

our

affiliates’

everyday

business

purposes

—

information

about

your

creditworthiness

No

We

don’t

share

For

our

investment

management

affiliates

to

market

to

you

Yes

Yes

For

our

affiliates

to

market

to

you

No

We

don’t

share

For

non-affiliates

to

market

to

you

No

We

don’t

share

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

(cont’d)

29

April

2021

Morgan

Stanley

ETF

Trust

To

limit

our

sharing

Call

toll-free

(844)

312-6327

or

email:

imprivacyinquiries@morganstanley.com

Please

note:

If

you

are

a

new

customer,

we

can

begin

sharing

your

information

30

days

from

the

date

we

sent

this

notice.

When

you

are

no

longer

our

customer,

we

continue

to

share

your

information

as

described

in

this

notice.

However,

you

can

contact

us

at

any

time

to

limit

our

sharing.

Questions?

Call

toll-free

(844)

312-6327

or

email:

imprivacyinquiries@morganstanley.com

Who

we

are

Who

is

providing

this

notice?

Morgan

Stanley

Investment

Management

Inc.

and

its

investment

management

affiliates

(“MSIM”)

(see

Investment

Management

Affiliates

definition

below)

What

we

do

How

does

MSIM

protect

my

personal

information?

To

protect

your

personal

information

from

unauthorized

access

and

use,

we

use

security

measures

that

comply

with

federal

law.

These

measures

include

computer

safeguards

and

secured

files

and

buildings.

We

have

policies

governing

the

proper

handling

of

customer

information

by

personnel

and

requiring

third

parties

that

provide

support

to

adhere

to

appropriate

security

standards

with

respect

to

such

information.

How

does

MSIM

collect

my

personal

information?

We

collect

your

personal

information,

for

example,

when

you

open

an

account

or

make

deposits

or

withdrawals

from

your

account

buy

securities

from

us

or

make

a

wire

transfer

give

us

your

contact

information

We

also

collect

your

personal

information

from

others,

such

as

credit

bureaus,

affiliates,

or

other

companies.

Why

can’t

I

limit

all

sharing?

Federal

law

gives

you

the

right

to

limit

only

sharing

for

affiliates’

everyday

business

purposes

—

information

about

your

creditworthiness

affiliates

from

using

your

information

to

market

to

you

sharing

for

non-affiliates

to

market

to

you

State

laws

and

individual

companies

may

give

you

additional

rights

to

limit

sharing.

See

below

for

more

on

your

rights

under

state

law.

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

(cont’d)

30

April

2021

Morgan

Stanley

ETF

Trust

Definitions

Investment

Management

Affiliates

MSIM

Investment

Management

Affiliates

include

registered

investment

advisers,

registered

broker-dealers,

and

registered

and

unregistered

funds

in

the

Investment

Management

Division.

Investment

Management

Affiliates

does

not

include

entities

associated

with

Morgan

Stanley

Wealth

Management,

such

as

Morgan

Stanley

Smith

Barney

LLC

and

Morgan

Stanley

&

Co.

Affiliates

Companies

related

by

common

ownership

or

control.

They

can

be

financial

and

non-financial

companies.

Our

affiliates

include

companies

with

a

Morgan

Stanley

name

and

financial

companies

such

as

Morgan

Stanley

Smith

Barney

LLC

and

Morgan

Stanley

&

Co.

Non-affiliates

Companies

not

related

by

common

ownership

or

control.

They

can

be

financial

and

non-financial

companies.

MSIM

does

not

share

with

non-affiliates

so

they

can

market

to

you.

Joint

marketing

A

formal

agreement

between

non-affiliated

financial

companies

that

together

market

financial

products

or

services

to

you.

MSIM

doesn’t

jointly

market

Other

Important

Information

Vermont:

Except

as

permitted

by

law,

we

will

not

share

personal

information

we

collect

about

Vermont

residents

with

Non-affiliates

unless

you

provide

us

with

your

written

consent

to

share

such

information.

California:

Except

as

permitted

by

law,

we

will

not

share

personal

information

we

collect

about

California

residents

with

Non-affiliates

and

we

will

limit

sharing

such

personal

information

with

our

Affiliates

to

comply

with

California

privacy

laws

that

apply

to

us.

31

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

Morgan

Stanley

ETF

Trust

Independent

Trustees:

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Frank

L.

Bowman

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1944

Trustee

Since

August

2006

President,

Strategic

Decisions,

LLC

(consulting)

(since

February

2009);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

Chairperson

of

the

Compliance

and

Insurance

Committee

(since

October

2015);

formerly,

Chairperson

of

the

Insurance

Sub-

Committee

of

the

Compliance

and

Insurance

Committee

(2007-2015);

served

as

President

and

Chief

Executive

Officer

of

the

Nuclear

Energy

Institute

(policy

organization)

(February

2005-November

2008);

retired

as

Admiral,

U.S.

Navy

after

serving

over

38

years

on

active

duty

including

8

years

as

Director

of

the

Naval

Nuclear

Propulsion

Program

in

the

Department

of

the

Navy

and

the

U.S.

Department

of

Energy

(1996-2004);

served

as

Chief

of

Naval

Personnel

(July

1994-September

1996)

and

on

the

Joint

Staff

as

Director

of

Political

Military

Affairs

(June

1992-July

1994);

knighted

as

Honorary

Knight

Commander

of

the

Most

Excellent

Order

of

the

British

Empire;

awarded

the

Officier

de

l’Orde

National

du

Mérite

by

the

French

Government;

elected

to

the

National

Academy

of

Engineering

(2009).

86

Director

of

Naval

and

Nuclear

Technologies

LLP;

Director

Emeritus

of

the

Armed

Services

YMCA;

Member

of

the

National

Security

Advisory

Council

of

the

Center

for

U.S.

Global

Engagement

and

a

member

of

the

CNA

Military

Advisory

Board;

Chairman

of

Fairhaven

United

Methodist

Church;

Member

of

the

Board

of

Advisors

of

the

Dolphin

Scholarship

Foundation;

Director

of

other

various

nonprofit

organizations;

formerly,

Director

of

BP,

plc

(November

2010-

May

2019).

Frances.

L

Cashman

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1961

Trustee

Since

February

2022

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

February

2022);

Chief

Executive

Officer,

Asset

Management

Division,

Euromoney

Institutional

Investor

PLC

(financial

information)

(May

2021-Present);

Executive

Vice

President

and

various

other

roles,

Legg

Mason

&

Co.

(asset

management)

(2010-2020);

Managing

Director,

Stifel

Nicolaus

(2005-2010).

87

Trustee

and

Investment

Committee

Member,

Georgia

Tech

Foundation

(Since

June

2019);

Trustee

and

Chair

of

Marketing

Committee,

Loyola

Blakefield

(Since

September

2017);

Trustee,

MMI

Gateway

Foundation

(since

September

2017);

Director

and

Investment

Committee

Member,

Catholic

Community

Foundation

Board

(2012–2018);

Director

and

Investment

Committee

Member,

St.

Ignatius

Loyola

Academy

(2011-

2017).

Kathleen

A.

Dennis

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1953

Trustee

Since

August

2006

Chairperson

of

the

Governance

Committee

(since

January

2021),

Chairperson

of

the

Liquidity

and

Alternatives

Sub-

Committee

of

the

Investment

Committee

(2006-2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

President,

Cedarwood

Associates

(mutual

fund

and

investment

management

consulting)

(since

July

2006);

formerly,

Senior

Managing

Director

of

Victory

Capital

Management

(1993-2006).

86

Board

Member,

University

of

Albany

Foundation

(2012-present);

Board

Member,

Mutual

Funds

Directors

Forum

(2014-present);

Director

of

various

non-profit

organizations.

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

32

Morgan

Stanley

ETF

Trust

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Nancy

C.

Everett

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1955

Trustee

Since

January

2015

Chairperson

of

the

Equity

Investment

Committee

(since

January

2021);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2015);

Chief

Executive

Officer,

Virginia

Commonwealth

University

Investment

Company

(since

November

2015);

Owner,

OBIR,

LLC

(institutional

investment

management

consulting)

(since

June

2014);

formerly,

Managing

Director,

BlackRock,

Inc.

(February

2011-December

2013)

and

Chief

Executive

Officer,

General

Motors

Asset

Management

(a/k/a

Promark

Global

Advisors,

Inc.)

(June

2005-May

2010).

87

Formerly,

Member

of

Virginia

Commonwealth

University

School

of

Business

Foundation

(2005-2016);

Member

of

Virginia

Commonwealth

University

Board

of

Visitors

(2013-2015);

Member

of

Committee

on

Directors

for

Emerging

Markets

Growth

Fund,

Inc.

(2007-2010);

Chairperson

of

Performance

Equity

Management,

LLC

(2006-2010);

and

Chairperson,

GMAM

Absolute

Return

Strategies

Fund,

LLC

(2006-2010).

Eddie

A.

Grier

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1955

Trustee

Since

February

2022

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

February

2022);

Dean

Santa

Clara

University

Leavey

School

of

Business

(since

April

2021);

Dean,

Virginia

Commonwealth

University

School

of

Business

(2010-2021);

President

and

various

other

roles,

Walt

Disney

Company

(entertainment

and

media)

(1981-2010).

87

Director,

Witt/Kieffer,

Inc.

(executive

search)

(since

2016);

Director,

NuStar

GP,

LLC

(energy)

(since

August

2021);

Director,

Sonida

Senior

Living,

Inc.

(residential

community

operator)

(2016-2021);

Director,

NVR,

Inc.

(home

building)

(2013-2020);

Director,

Middleburg

Trust

Company

(wealth

management)

(2014-

2019);

Director,

Colonial

Williamsburg

Company

(since2012);

Regent,

University

of

Massachusetts

Global

(since

2021);

Director

and

Chair,

Child

Fund

International

(2012-2021);

Trustee,

Brandman

University

(2010-2021);

Director,

Richmond

Forum

(2012-2019).

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

33

Morgan

Stanley

ETF

Trust

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Jakki

L.

Hassler

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1957

Trustee

Since

January

2015

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2015);

Chairperson

of

the

Audit

Committee

(since

January

2023)

Chairman,

Opus

Capital

Group

(since

1996);

formerly,

Chief

Executive

Officer,

Opus

Capital

Group

(1996-2019);

Director,

Capvest

Venture

Fund,

LP

(May

2000-December

2011);

Partner,

Adena

Ventures,

LP

(July

1999

December

2010);

Director,

The

Victory

Funds

(February

2005-

July

2008).

87

Director

of

Cincinnati

Bell

Inc.

and

Member,

Audit

Committee

and

Chairman,

Governance

and

Nominating

Committee;

Director

of

Service

Corporation

International

and

Member,

Audit

Committee

and

Investment

Committee;

Director,

Barnes

Group

Inc.

(since

July

2021);

Director

of

Northern

Kentucky

University

Foundation

and

Member,

Investment

Committee;

Member

of

Chase

College

of

Law

Transactional

Law

Practice

Center

Board

of

Advisors;

Director

of

Best

Transport;

Director

of

Chase

College

of

Law

Board

of

Visitors;

formerly,

Member,

University

of

Cincinnati

Foundation

Investment

Committee.

Dr.

Manuel

H.

Johnson

c/o

Johnson

Smick

International,

Inc.

2201

I

Street,

NE

Suite

200

Washington,

D.C.

20002

Birth

Year:

1949

Trustee

Since

July

1991

Senior

Partner,

Johnson

Smick

International,

Inc.

(consulting

firm);

Chairperson

of

the

Fixed

Income,

Liquidity

and

Alternatives

Investment

Committee

(since

January

2021),

Chairperson

of

the

Investment

Committee

(2006-2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

July

1991);

Co-Chairman

and

a

founder

of

the

Group

of

Seven

Council

(G7C)

(international

economic

commission);

formerly,

Chairperson

of

the

Audit

Committee

(July

1991-

September

2006);

Vice

Chairman

of

the

Board

of

Governors

of

the

Federal

Reserve

System

and

Assistant

Secretary

of

the

U.S.

Treasury.

86

Director

of

NVR,

Inc.

(home

construction).

Joseph

J.

Kearns

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1942

Trustee

Since

August

1994

Senior

Adviser,

Kearns

&

Associates

LLC

(investment

consulting);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(August

1994

December

2022);

formerly,

Deputy

Chairperson

of

the

Audit

Committee

(July

2003-September

2006)

and

Chairperson

of

the

Audit

Committee

of

various

Morgan

Stanley

Funds

(since

August

1994);

CFO

of

the

J.

Paul

Getty

Trust

(1982-1999).

87

Director,

Rubicon

Investments

(since

February

2019);

Prior

to

August

2016,

Director

of

Electro

Rent

Corporation

(equipment

leasing).

Prior

to

December

31,

2013,

Director

of

The

Ford

Family

Foundation.

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

34

Morgan

Stanley

ETF

Trust

*

This

is

the

earliest

date

the Trustee

began

serving

the

Morgan

Stanley

Funds.

Each Trustee

serves

an

indefinite

term,

until

his

or

her

successor

is

elected.

**

The

Fund

Complex

includes

(as

of

December

31,

2022)

all

open-end

and

closed-end

funds

(including

all

of

their

portfolios)

advised

by

Morgan

Stanly

Investment

Management

Inc.

(the

"Adviser")

and

any

funds

that

have

an

adviser

that

is

an

affiliated

person

of

the

Adviser

(including,

but

not

limited

to,

Morgan

Stanley

AIP

GP

LP).

***

This

includes

any

directorships

at

public

companies

and

registered

investment

companies

held

by

the

Trustee

at

any

time

during

the

past

five

years.

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Michael

F.

Klein

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1958

Trustee

Since

August

2006

Chairperson

of

the

Risk

Committee

(since

January

2021);

Managing

Director,

Aetos

Alternatives

Management,

LP

(since

March

2000);

Co-President,

Aetos

Alternatives

Management,

LP

(since

January

2004)

and

Co-Chief

Executive

Officer

of

Aetos

Alternatives

Management,

LP

(since

August

2013);

Chairperson

of

the

Fixed

Income

Sub-Committee

of

the

Investment

Committee

(2006-

2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

formerly,

Managing

Director,

Morgan

Stanley

&

Co.

Inc.

and

Morgan

Stanley

Dean

Witter

Investment

Management

and

President,

various

Morgan

Stanley

Funds

(June

1998-March

2000);

Principal,

Morgan

Stanley

&

Co.

Inc.

and

Morgan

Stanley

Dean

Witter

Investment

Management

(August

1997-December

1999).

86

Director

of

certain

investment

funds

managed

or

sponsored

by

Aetos

Alternatives

Management,

LP;

Director

of

Sanitized

AG

and

Sanitized

Marketing

AG

(specialty

chemicals).

Patricia

A.

Maleski

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1960

Trustee

Since

January

2017

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2017);

Managing

Director,

JPMorgan

Asset

Management

(2004-2016);

Oversight

and

Control

Head

of

Fiduciary

and

Conflicts

of

Interest

Program

(2015-2016);

Chief

Control

Officer—Global

Asset

Management

(2013-

2015);

President,

JPMorgan

Funds

(2010-

2013);

Chief

Administrative

Officer

(2004-2013);

various

other

positions

including

Treasurer

and

Board

Liaison

(since

2001).

87

Trustee,

Nutley

Family

Service

Bureau,

Inc.

(since

January

2022).

W.

Allen

Reed

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1947

Chair

of

the

Board

and

Trustee

Chair

of

the

Board

since

August

2020

and

Director

since

August

2006

Chair

of

the

Boards

of

various

Morgan

Stanley

Funds

(since

August

2020);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

formerly,

Vice

Chair

of

the

Boards

of

various

Morgan

Stanley

Funds

(January

2020-August

2020);

President

and

Chief

Executive

Officer

of

General

Motors

Asset

Management;

Chairman

and

Chief

Executive

Officer

of

the

GM

Trust

Bank

and

Corporate

Vice

President

of

General

Motors

Corporation

(August

1994-December

2005).

86

Formerly,

Director

of

Legg

Mason,

Inc.

(2006-2019);

and

Director

of

the

Auburn

University

Foundation

(2010-

2015).

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

35

Morgan

Stanley

ETF

Trust

Executive

Officers:

The

Fund’s

statement

of

additional

information

incudes

further

information

about

the

Fund’s

Trustees

and

Officers,

and

is

available

without

charge

by

visiting

www.calvert.com

or

upon

request

by

calling

1

(800)

836-2414.

*This

is

the

earliest

date

the

officer

began

serving

the

Morgan

Stanley

Funds.

Each

officer

serves

an

indefinite

term,

until

his

or

her

successor

is

elected.

Name,

Address

and

Birth

Year

of

Executive

Officer

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

John

H.

Gernon

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1963

President

and

Principal

Executive

Officer

Since

September

2013

President

and

Principal

Executive

Officer

of

the

Equity

and

Fixed

Income

Funds

and

the

Morgan

Stanley

AIP

Funds

(since

September

2013)

and

the

Liquidity

Funds

and

various

money

market

funds

(since

May

2014)

in

the

Fund

Complex;

Managing

Director

of

the

Adviser.

Deidre

A.

Downes

1633

Broadway

New

York,

NY

10019

Birth

Year:

1977

Chief

Compliance

Officer

Since

November

2021

Executive

Director

of

the

Adviser

(since

January

2021)

and

Chief

Compliance

Officer

of

various

Morgan

Stanley

Funds

(since

November

2021).

Formerly,

Vice

President

and

Corporate

Counsel

at

PGIM

and

Prudential

Financial

(October

2016-December

2020).

Francis

J.

Smith

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1965

Treasurer

and

Principal

Financial

Officer

Treasurer

since

July

2003

and

Principal

Financial

Officer

since

September

2002

Managing

Director

of

the

Adviser

and

various

entities

affiliated

with

the

Adviser;

Treasurer

(since

July

2003)

and

Principal

Financial

Officer

of

various

Morgan

Stanley

Funds

(since

September

2002).

Mary

E.

Mullin

1633

Broadway

New

York,

NY

10019

Birth

Year:

1967

Secretary

Since

June

1999

Managing

Director

of

the

Adviser;

Secretary

of

various

Morgan

Stanley

Funds

(since

June

1999).

Michael

J.

Key

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1979

Vice

President

Since

June

2017

Vice

President

of

the

Equity

and

Fixed

Income

Funds,

Liquidity

Funds,

various

money

market

funds

and

the

Morgan

Stanley

AIP

Funds

in

the

Fund

Complex

(since

June

2017);

Executive

Director

of

the

Adviser;

Head

of

Product

Development

for

Equity

and

Fixed

Income

Funds

(since

August

2013).

Anthony

R.

Rochte

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1968

Vice

President,

Morgan

Stanley

ETF

Trust

Since

September

2022

Managing

Director

and

Global

Head

of

Exchange-Traded

Funds

at

Morgan

Stanley

Investment

Management

(since

March

2022);

Co-Head

of

Goldman

Sachs

Private

Bank

Select

(January

2020

–

March

2022);

Head

of

Fidelity

Institutional

Investments

&

Technology

Solutions

(August

2017

–

January

2020).

36

Morgan

Stanley

ETF

Trust

Annual

Report

—

September

30,

2023

Adviser

Morgan

Stanley

Investment

Management

Inc.

522

Fifth

Avenue

New

York,

New

York

10036

Distributor

Foreside

Fund

Services,

LLC

3

Canal

Plaza

Suite

100

Portland,

Maine

04101

Dividend

Disbursing

and

Transfer

Agent

JPMorgan

Chase

Bank,

N.A.

1111

Polaris

Parkway

Columbus,

Ohio

43240

Custodian

and

Administrator

JPMorgan

Chase

Bank,

N.A.

1111

Polaris

Parkway

Columbus,

Ohio

43240

Legal

Counsel

Dechert

LLP

1095

Avenue

of

the

Americas

New

York,

New

York

10036

Counsel

to

the

Independent

Trustees

Perkins

Coie

LLP

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

New

York

10036

Independent

Registered

Public

Accounting

Firm

Ernst

&

Young

LLP

200

Clarendon

Street

Boston,

MA

02116

ETFCALINTLRIANN

6057885

EXP

11.30.24

Printed

in

U.S.A. 

This

Report

has

been

prepared

for

shareholders

and

may

be

distributed

to

others

only

if

preceded

or

accompanied

by

a

current

prospectus.

Morgan

Stanley

Investment

Management

Inc.

522

Fifth

Avenue

New

York,

New

York

10036 

©

2023

Morgan

Stanley.

Morgan

Stanley

Distribution,

Inc. 

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

NYSE

Arca:

CVSB

Annual

Report

September

30,

2023

Morgan

Stanley

ETF

Trust

Annual

Report

—

September

30,

2023

Table

of

Contents

(unaudited)

1

This

report

is

authorized

for

distribution

only

when

preceded

or

accompanied

by

a

prospectus

or

summary

prospectus

of

the

applicable

Fund

of

Morgan

Stanley

ETF

Trust.

To

receive

a

prospectus

and/or

statement

of

additional

information

(“SAI”),

which

contains

more

complete

information

such

as

investment

objectives,

charges,

expenses,

policies

for

voting

proxies,

risk

considerations

and

describes

in

detail

each

of

the

Fund’s

investment

policies

to

the

prospective

investor,

please

call

toll

free

1

(800)

836-2414.

Please

read

the

prospectuses

carefully

before

you

invest.

Additionally,

you

can

access

Fund

information

including

performance,

characteristics

and

investment

team

commentary,

through

Morgan

Stanley

Investment

Management’s

website:

www.calvert.com.

Market

forecasts

provided

in

this

report

may

not

necessarily

come

to

pass.

There

is

no

guarantee

that

any

sectors

mentioned

will

continue

to

perform

as

discussed

herein

or

that

securities

in

such

sectors

will

be

held

by

the

Fund

in

the

future.

There

is

no

assurance

that

a

fund

will

achieve

its

investment

objective.

Funds

are

subject

to

market

risk,

which

is

the

possibility

that

market

values

of

securities

owned

by

the

Fund

will

decline

and,

therefore,

the

value

of

the

Fund’s

shares

may

be

less

than

what

you

paid

for

them.

Accordingly,

you

can

lose

money

investing

in

this

Fund.

Please

see

the

prospectus

for

more

complete

information

on

investment

risks.

Shareholders’

Letter

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

2

Expense

Example

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

3

Investment

Overview

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

4

Portfolio

of

Investments

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

6

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

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

22

Important

Notices

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

23

U.S.

Customer

Privacy

Notice

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

24

Trustees

and

Officers

Information

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

27

2

Annual

Report

—

September

30,

2023

Shareholders’

Letter

(unaudited)

Morgan

Stanley

ETF

Trust

Dear

Shareholders,

We

are

pleased

to

provide

this

Annual Report,

in

which

you

will

learn

how

your

investment

in Calvert

Ultra-Short

Investment

Grade

ETF (the

“Fund”)

performed

during

the

period

beginning

January

30,

2023

(when

the

Fund

commenced

operations)

and

ended

September

30,

2023.

Morgan

Stanley

Investment

Management,

the

Fund's

investment

adviser, is

a

client-centric,

investor-led

organization.

Our

global

presence,

intellectual

capital,

and

breadth

of

products

and

services

enable

us

to

partner

with

investors

to

meet

the

evolving

chal-

lenges

of

today’s

financial

markets.

We

aim

to

deliver

superior

investment

service

and

to

empower

our

clients

to

make

the

informed

decisions

that

help

them

reach

their

investment

goals.

As

always,

we

thank

you

for

selecting

Morgan

Stanley

Investment

Management,

and

look

forward

to

working

with

you

in

the

months

and

years

ahead.

Sincerely,

John

H.

Gernon

President

and

Principal

Executive

Officer

October

2023

3

Annual

Report

—

September

30,

2023

Expense

Example

(unaudited)

Calvert

Ultra-Short

Investment

Grade

ETF

Morgan

Stanley

ETF

Trust

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transactional

costs;

and

(2)

ongoing

costs,

which

may

include man-

agement

fees,

and

distribution

and

shareholder

services

fees.

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.

This

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

six-month

period

ended

September

30,

2023 and

held

for

the

entire

six-month

period.

Actual

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

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

table

under

the

heading

entitled

“Actual

Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical Example

for

Comparison

Purposes

The

table

below

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

sales

charges

(loads).

Therefore,

the

information

for

each

class

in

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.

Beginning

Account

Value

(

4/1/23

)

Actual

Ending

Account

Value

(9/30/23)

Hypothetical

Ending

Account

Value

Actual

Expenses

Paid

During

Period

*

Hypothetical

Expenses

Paid

During

Period

*

Net

Expense

Ratio

During

Period

**

Calvert

Ultra-Short

Investment

Grade

ETF

$1,000.00

$1,029.40

$1,023.87

$1.22

$1.22

0.24%

*

Expenses

are

calculated

using

the

Fund’s

annualized

net

expense

ratio

(as

disclosed),

multiplied

by

the

average

account

value

over

the

period

and

multiplied

by

183/365

(to

reflect

the

most

recent

one-half

year

period).

**

Annualized.

4

Annual

Report

—

September

30,

2023

Investment

Overview

(unaudited)

Calvert

Ultra-Short

Investment

Grade

ETF

Morgan

Stanley

ETF

Trust

Economic

and

Market

Conditions

During

the

8-month

period

ended

September

30,

2023,

the

U.S.

Federal

Reserve

(the

Fed)

raised

the

federal

funds

rate

a

full

percentage

point

to

a

range

of

5.25%-5.50%,

part

of

a

series

of

11

rate

hikes

since

March

2022.

As

interest

rates

rose,

bond

prices

fell,

with

the

largest

changes

occurring

at

the

long

and

short

ends

of

the

yield

curve.

Performance

by

U.S.

Treasurys

was

hampered

by

the

Fed’s

rate

hikes,

while

investment-grade

securities

and

high

yield

corpo-

rate

bonds

did

relatively

better.

This

reflected

a

growing

appe-

tite

for

investment

risk,

driven

in

part

by

hopes

that

the

Fed

might

guide

the

world’s

largest

economy

in

for

a

soft

landing

and

avoid

a

possible

recession.

A

continuing

irony

throughout

the

period

was

that

good

U.S.

economic

news

–

low

unemployment

and

robust

consumer

spending

–

was

viewed

as

fuel

for

inflation

and

sparked

fears

that

additional

Fed

rate

hikes

intended

to

slow

consumer

de-

mand

would

further

weigh

on

stock

prices.

As

the

period

came

to

a

close,

long-term

bond

interest

rates

increased

and

bond

prices

dropped,

making

bond

yields

more

attractive

relative

to

stocks.

This

occurred

largely

at

the

long

end

of

the

yield

curve,

so

that

shorter

term

bonds

outper-

formed

longer

term

bonds

during

the

period.

For

the

period

as

a

whole,

the

Bloomberg

9-12

Months

Short

Treasury

Index

returned

2.81%.

Fund

Performance

For

the

8-month

period

from

inception

on

January

30,

2023,

through

September

30,

2023,

Calvert

Ultra-Short

Investment

Grade

ETF

(the

Fund)

returned

3.54%

based

on

net

asset

value

(NAV)

and

reinvestment

of

distributions

per

share,

net

of

fees.

The

Fund

outperformed

its

benchmark,

the

Bloomberg

9-12

Months

Short

Treasury

Index

(the

Index),

which

returned

2.81%.

On

the

up

side,

the

Fund’s

sector

allocation

contributed

most

to

performance

relative

to

the

Index

during

the

period.

Out-of-

Index

allocations

to

investment-grade

corporate

bonds,

com-

mercial

mortgage-backed

securities,

and

asset-backed

securities

were

especially

beneficial

to

Index-relative

returns.

The

Fund’s

short

interest

rate

duration

further

contributed

to

Index-rela-

tive

returns

during

the

period.

On

the

down

side,

yield-curve

positioning

in

the

Fund

detract-

ed

from

Index-relative

returns

during

the

period.

Annual

Report

—

September

30,

2023

Investment

Overview

(unaudited)

(cont’d)

Calvert

Ultra-Short

Investment

Grade

ETF

5

Morgan

Stanley

ETF

Trust

Performance

data

quoted

represents

past

performance,

which

is

no

guaran-

tee

of

future

results,

and

current

performance

may

be

lower

or

higher

than

the

figures

shown.

Performance

assumes

that

all

dividends

and

distributions,

if

any,

were

reinvested.

For

the

most

recent

month-end

performance

figures,

please

visit

www.calvert.com.

Investment

return

and

principal

value

will

fluctu-

ate

so

that

Fund

shares,

when

sold

or redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Total

returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

selling

or

redemption

of

Fund

shares.

Fund's

total

returns

are

calculated

as

of

the

last

business

day

of

the

period.

*

Minimum

Investment.

**

The

Fund’s

performance

shown

assumes

that

all

recurring

fees

(including

management

fees)

were

deducted

and

all

dividends

and

distributions

were

reinvested.

***

Commenced

Operations

on

January

30,

2023.

Performance

Compared

to

the

Bloomberg

9-12

Months

Short

Treasury

Index

(1)

Cumulative

Total

Return

for

the

period

Ended

September

30,

2023

Since

Inception

(2)

Calvert

Ultra-Short

Investment

Grade

ETF

-

NAV

(3)

3.54%

Calvert

Ultra-Short

Investment

Grade

ETF

-

Market

Price

(3)

3.52%

Bloomberg

9-12

Months

Short

Treasury

Index

2.81%

(1)

The

Bloomberg

9-12

Months

Short

Treasury

Index

measures

the

performance

of

U.S

Treasury

bills,

notes,

and

bonds

with

a

maturity

between

nine

and

twelve

months.

The

Index

is

unmanaged

and

its

returns

do

not

include

any

sales

charges

or

fees.

Such

costs

would

lower

performance.

It

is

not

possible

to

invest

directly

in

an

index.

(2)

For

comparative

purposes,

average

annual

since

inception

returns

listed

for

the

Indexes

refer

to

the

inception

date

of

the

Fund,

not

the

inception

of

the

Index.

(3)

Commenced

operations

on

January

30,

2023.

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

Calvert

Ultra-Short

Investment

Grade

ETF

6

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Fixed

Income

Securities

(91.4%)

Asset-Backed

Securities

(11.9%)

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

$

220,000‌

$

220,290‌

Avant

Loans

Funding

Trust,

2021-REV1

1.64%,

7/15/30(a)

440,000‌

426,062‌

Conn's

Receivables

Funding

LLC,

2023-A

8.01%,

1/17/28(a)

452,816‌

453,497‌

Dell

Equipment

Finance

Trust,

2023-2

5.84%,

1/22/29(a)

100,000‌

99,927‌

Driven

Brands

Funding

LLC,

2018-1A

4.74%,

4/20/48(a)

236,875‌

228,804‌

GM

Financial

Automobile

Leasing

Trust,

2023-2

5.44%,

10/20/25

50,000‌

49,823‌

Hyundai

Auto

Lease

Securitization

Trust,

2023-B

5.47%,

9/15/25(a)

155,000‌

154,545‌

LAD

Auto

Receivables

Trust,

2023-1A

5.68%,

10/15/26(a)

126,553‌

126,262‌

2023-2A

5.93%,

6/15/27(a)

164,465‌

164,071‌

2023-3A

6.09%,

6/15/26(a)

192,000‌

191,937‌

Marlette

Funding

Trust,

2020-1A

3.54%,

3/15/30(a)

130,977‌

129,062‌

2023-1A

6.07%,

4/15/33(a)

133,441‌

133,215‌

2023-3A

6.49%,

9/15/33(a)

525,833‌

526,101‌

Newtek

Small

Business

Loan

Trust,

2023-1

US

Prime

Rate

-

0.50%,

8.00%,

7/25/50(a)(b)

140,588‌

140,420‌

Octane

Receivables

Trust,

2023-1A

5.87%,

5/21/29(a)

91,411‌

91,096‌

Oscar

US

Funding

XIII

LLC,

2021-2A

0.86%,

9/10/25(a)

100,188‌

98,224‌

Oscar

US

Funding

XV

LLC,

2023-1A

6.07%,

9/10/26(a)

450,000‌

448,815‌

Prodigy

Finance

DAC,

2021-1A

CME

Term

SOFR

1

Month

+

2.61%,

7.93%,

7/25/51(a)(b)

151,369‌

150,763‌

Prosper

Marketplace

Issuance

Trust,

2023-1A

7.06%,

7/16/29(a)

250,000‌

250,212‌

Reach

ABS

Trust,

2023-1A

Face

Amount

Value

7.05%,

2/18/31(a)

$

162,016‌

$

162,428‌

SoFi

Consumer

Loan

Program

Trust,

2023-1S

5.81%,

5/15/31(a)

65,146‌

64,999‌

Stack

Infrastructure

Issuer

LLC,

2019-1A

4.54%,

2/25/44(a)

260,030‌

257,533‌

Theorem

Funding

Trust,

2023-1A

7.58%,

4/15/29(a)

81,043‌

81,376‌

Upstart

Securitization

Trust,

2021-5

1.31%,

11/20/31(a)

185,611‌

182,807‌

Vantage

Data

Centers

Issuer

LLC,

2019-1A

3.19%,

7/15/44(a)

700,192‌

680,224‌

5,512,493

Commercial

Mortgage-Backed

Securities

(13.5%)

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.03%,

6.37%,

10/15/36(a)(b)

481,191‌

480,443‌

CME

Term

SOFR

1

Month

+

1.06%,

6.40%,

9/15/36(a)(b)

425,000‌

411,518‌

CAMB

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.30%,

6.63%,

12/15/37(a)(b)

186,543‌

185,505‌

CME

Term

SOFR

1

Month

+

1.80%,

7.13%,

12/15/37(a)(b)

288,000‌

285,310‌

Connecticut

Avenue

Securities

Trust

SOFR30A

+

2.95%,

8.26%,

6/25/42(a)(b)

398,757‌

410,525‌

CSMC

Trust

CME

Term

SOFR

1

Month

+

3.14%,

8.48%,

9/9/24(a)(b)

500,000‌

505,314‌

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

1.19%,

6.53%,

7/15/38(a)(b)

522,768‌

522,650‌

CME

Term

SOFR

1

Month

+

1.49%,

6.83%,

7/15/38(a)(b)

285,146‌

282,574‌

FHLMC,

REMIC

SOFR30A

+

0.66%,

5.98%,

4/15/36(b)

248,215‌

242,250‌

SOFR30A

+

0.51%,

5.83%,

1/15/42(b)

314,516‌

307,763‌

FNMA,

REMIC

SOFR30A

+

0.65%,

5.97%,

2/25/38(b)

243,345‌

238,761‌

Hawaii

Hotel

Trust

CME

Term

SOFR

1

Month

+

1.20%,

6.53%,

5/15/38(a)(b)

250,000‌

248,799‌

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

CME

Term

SOFR

1

Month

+

1.16%,

6.50%,

4/15/38(a)(b)

100,000‌

98,790‌

J.P.

Morgan

Mortgage

Trust

SOFR30A

+

1.70%,

7.02%,

3/25/54(a)(b)

134,000‌

134,000‌

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

Ultra-Short

Investment

Grade

ETF

7

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(cont’d)

Med

Trust

CME

Term

SOFR

1

Month

+

1.56%,

6.90%,

11/15/38(a)(b)

$

233,878‌

$

228,253‌

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.92%,

6.25%,

4/15/38(a)(b)

507,370‌

501,876‌

PNMAC

GMSR

Issuer

Trust

ICE

LIBOR

USD

1

Month

+

3.85%,

9.28%,

2/25/25(a)(b)

500,000‌

499,950‌

Radnor

RE

Ltd.

SOFR30A

+

1.85%,

7.16%,

11/25/31(a)(b)

238,743‌

239,142‌

VMC

Finance

LLC

CME

Term

SOFR

1

Month

+

1.76%,

7.10%,

1/18/37(a)(b)

425,149‌

415,968‌

6,239,391

Corporate

Bonds

(56.6%)

Automobiles

(1.0%)

General

Motors

Co.

6.13%,

10/1/25

225,000‌

224,853‌

Hyundai

Capital

America

5.80%,

6/26/25(a)

246,000‌

245,062‌

469,915

Banks

(22.1%)

Banco

Bilbao

Vizcaya

Argentaria

SA

5.86%,

9/14/26(b)

200,000‌

197,950‌

Banco

Santander

SA

5.15%,

8/18/25

200,000‌

195,862‌

Bank

of

America

Corp.

1.84%,

2/4/25(b)

1,300,000‌

1,278,821‌

6.09%,

10/24/24(b)

200,000‌

200,086‌

Bank

of

Ireland

Group

plc

6.25%,

9/16/26(a)(b)

600,000‌

596,726‌

Bank

of

Montreal

3.30%,

2/5/24

225,000‌

222,898‌

5.68%,

12/8/23(b)

100,000‌

100,002‌

6.04%,

3/8/24(b)

100,000‌

100,135‌

BPCE

SA

5.94%,

1/14/25(a)(b)

500,000‌

498,036‌

Citigroup,

Inc.

3.35%,

4/24/25(b)

450,000‌

442,063‌

6.02%,

5/1/25(b)

625,000‌

624,204‌

6.06%,

1/25/26(b)

200,000‌

199,259‌

Discover

Bank

2.45%,

9/12/24

250,000‌

240,354‌

Fifth

Third

Bancorp

3.65%,

1/25/24

140,000‌

138,669‌

4.30%,

1/16/24

100,000‌

99,393‌

HSBC

Holdings

plc

0.98%,

5/24/25(b)

470,000‌

452,893‌

ING

Groep

NV

3.55%,

4/9/24

450,000‌

444,085‌

Intesa

Sanpaolo

SpA

5.25%,

1/12/24

400,000‌

398,536‌

JPMorgan

Chase

&

Co.

3.63%,

5/13/24

225,000‌

222,119‌

3.85%,

6/14/25(b)

1,075,000‌

1,056,233‌

Face

Amount

Value

KeyBank

NA

5.64%,

6/14/24(b)

$

250,000‌

$

246,018‌

National

Bank

of

Canada

0.55%,

11/15/24(b)

250,000‌

248,155‌

5.25%,

1/17/25

250,000‌

248,150‌

Royal

Bank

of

Canada

4.95%,

4/25/25

140,000‌

138,003‌

Standard

Chartered

plc

0.99%,

1/12/25(a)(b)

310,000‌

304,945‌

Swedbank

AB

6.14%,

9/12/26(a)

218,000‌

217,231‌

Toronto-Dominion

Bank

(The)

5.53%,

7/17/26

328,000‌

325,711‌

Truist

Financial

Corp.

5.72%,

6/9/25(b)

460,000‌

449,920‌

UniCredit

SpA

7.83%,

12/4/23(a)

350,000‌

350,440‌

10,236,897

Biotechnology

(0.2%)

Amgen,

Inc.

5.25%,

3/2/25

80,000‌

79,420‌

Capital

Markets

(4.8%)

Affiliated

Managers

Group,

Inc.

4.25%,

2/15/24

200,000‌

198,257‌

Charles

Schwab

Corp.

(The)

5.82%,

3/18/24(b)

480,000‌

479,462‌

Goldman

Sachs

Group,

Inc.

(The)

4.00%,

3/3/24

350,000‌

347,067‌

5.86%,

10/21/24(b)

250,000‌

249,372‌

6.06%,

1/24/25(b)

150,000‌

149,515‌

Stifel

Financial

Corp.

4.25%,

7/18/24

350,000‌

344,437‌

UBS

Group

AG

2.59%,

9/11/25(a)(b)

475,000‌

457,346‌

2,225,456

Consumer

Finance

(6.4%)

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1.65%,

10/29/24

500,000‌

475,801‌

Ally

Financial,

Inc.

3.88%,

5/21/24

384,000‌

376,929‌

Avolon

Holdings

Funding

Ltd.

5.25%,

5/15/24(a)

240,000‌

237,752‌

Capital

One

Financial

Corp.

1.34%,

12/6/24(b)

105,000‌

103,737‌

6.02%,

12/6/24(b)

650,000‌

642,804‌

General

Motors

Financial

Co.,

Inc.

3.95%,

4/13/24

200,000‌

197,355‌

6.68%,

4/7/25(b)

350,000‌

350,819‌

Park

Aerospace

Holdings

Ltd.

5.50%,

2/15/24(a)

100,000‌

99,519‌

Toyota

Motor

Credit

Corp.

0.50%,

6/14/24

500,000‌

482,130‌

2,966,846

Diversified

REITs

(0.4%)

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC

6.00%,

4/15/25(a)

175,000‌

170,474‌

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

Ultra-Short

Investment

Grade

ETF

8

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(cont’d)

Diversified

Telecommunication

Services

(2.0%)

AT&T,

Inc.

6.85%,

6/12/24(b)

$

925,000‌

$

930,481‌

Electric

Utilities

(2.8%)

Enel

Finance

International

NV

2.65%,

9/10/24(a)

400,000‌

387,100‌

NextEra

Energy

Capital

Holdings,

Inc.

2.94%,

3/21/24

200,000‌

197,208‌

5.75%,

9/1/25

700,000‌

698,263‌

1,282,571

Electronic

Equipment,

Instruments

&

Components

(0.9%)

Amphenol

Corp.

4.75%,

3/30/26

40,000‌

39,301‌

TD

SYNNEX

Corp.

1.25%,

8/9/24

400,000‌

382,264‌

421,565

Entertainment

(1.3%)

Take-Two

Interactive

Software,

Inc.

3.30%,

3/28/24

9,000‌

8,879‌

Warnermedia

Holdings,

Inc.

6.41%,

3/15/26

589,000‌

589,147‌

598,026

Financial

Services

(2.5%)

Fidelity

National

Information

Services,

Inc.

0.60%,

3/1/24

425,000‌

415,384‌

Radian

Group,

Inc.

6.63%,

3/15/25

275,000‌

273,628‌

Synchrony

Bank

5.40%,

8/22/25

500,000‌

482,102‌

1,171,114

Food

Products

(1.1%)

JDE

Peet's

NV

0.80%,

9/24/24(a)

525,000‌

498,444‌

Ground

Transportation

(0.7%)

Penske

Truck

Leasing

Co.

LP

5.75%,

5/24/26(a)

120,000‌

118,295‌

SMBC

Aviation

Capital

Finance

DAC

3.55%,

4/15/24(a)

200,000‌

197,221‌

315,516

Health

Care

Providers

&

Services

(0.2%)

Centene

Corp.

4.25%,

12/15/27

100,000‌

92,276‌

Hotels,

Restaurants

&

Leisure

(0.7%)

Hyatt

Hotels

Corp.

1.80%,

10/1/24

325,000‌

311,909‌

Insurance

(1.8%)

Assurant,

Inc.

6.10%,

2/27/26

186,000‌

185,202‌

GA

Global

Funding

Trust

0.80%,

9/13/24(a)

200,000‌

188,897‌

5.82%,

9/13/24(a)(b)

475,000‌

468,580‌

842,679

Face

Amount

Value

IT

Services

(0.4%)

Kyndryl

Holdings,

Inc.

2.05%,

10/15/26

$

200,000‌

$

174,666‌

Leisure

Products

(0.7%)

Brunswick

Corp.

0.85%,

8/18/24

325,000‌

310,040‌

Machinery

(0.6%)

Daimler

Truck

Finance

North

America

LLC

5.92%,

12/14/23(a)(b)

300,000‌

300,113‌

Media

(0.3%)

Charter

Communications

Operating

LLC

4.91%,

7/23/25

150,000‌

146,622‌

Oil,

Gas

&

Consumable

Fuels

(0.5%)

Occidental

Petroleum

Corp.

6.95%,

7/1/24

225,000‌

226,635‌

Passenger

Airlines

(1.0%)

Delta

Air

Lines,

Inc./

SkyMiles

IP

Ltd.

4.50%,

10/20/25(a)

492,982‌

479,023‌

Professional

Services

(0.5%)

Concentrix

Corp.

6.65%,

8/2/26

220,000‌

218,757‌

Real

Estate

Management

&

Development

(0.2%)

Newmark

Group,

Inc.

6.13%,

11/15/23

100,000‌

99,910‌

Semiconductors

&

Semiconductor

Equipment

(0.4%)

Broadcom

Corp.

3.63%,

1/15/24

200,000‌

198,550‌

Specialized

REITs

(0.4%)

EPR

Properties

4.50%,

4/1/25

200,000‌

192,822‌

Technology

Hardware,

Storage

&

Peripherals

(0.8%)

Hewlett

Packard

Enterprise

Co.

5.90%,

10/1/24

355,000‌

354,810‌

Trading

Companies

&

Distributors

(0.3%)

Air

Lease

Corp.

0.70%,

2/15/24

150,000‌

147,005‌

Wireless

Telecommunication

Services

(1.6%)

Rogers

Communications,

Inc.

4.10%,

10/1/23

375,000‌

375,000‌

Sprint

LLC

7.13%,

6/15/24

340,000‌

342,362‌

717,362

26,179,904

U.S.

Government

and

Agency

Securities

(9.4%)

U.S.

Treasury

Note

3.00%,

7/31/24

1,700,000‌

1,665,470‌

3.25%,

8/31/24

1,700,000‌

1,666,273‌

5.53%,

7/31/25(b)

1,020,000‌

1,019,174‌

4,350,917

Total

Fixed

Income

Securities

(Cost

$42,277,014)

42,282,705

–

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

Ultra-Short

Investment

Grade

ETF

9

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Short-Term

Investments

(8.5%)

Investment

Company

(1.40%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

(See

Note

G)

(Cost

$639,393)

639,393

639,393

Commercial

Paper

(7.1%)

AT&T,

Inc.

5.88%,

2/21/24(a)

$

250,000‌

$

244,257‌

Aviation

Capital

Group

LLC

6.13%,

10/16/23(a)

450,000‌

448,820‌

Canadian

Imperial

Bank

of

Commerce

5.84%,

5/14/24

500,000‌

482,320‌

General

Motors

Financial

Co.,

Inc.

5.70%,

11/7/23

250,000‌

248,449‌

Harley-Davidson

Financial

Services,

Inc.

5.99%,

10/5/23

700,000‌

699,356‌

HSBC

USA,

Inc.

6.36%,

9/9/24(a)

250,000‌

235,391‌

Jabil,

Inc.

6.11%,

10/6/23

465,000‌

464,444‌

Lloyds

Bank

plc

5.79%,

4/1/24

500,000‌

485,465‌

Total

Commercial

Paper

(Cost

$3,309,280)

3,308,502

Total

Short-Term

Investments

(Cost

$3,948,673)

3,947,895

Total

Investments

(99.9%)

(Cost

$46,225,687)

(c)

46,230,600

Other

Assets

in

Excess

of

Liabilities

(0.1%)

44,759

Net

Assets

(100.0%)

$46,275,359

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

September

30,

2023.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

in

the

description

in

the

Portfolio

of

Investments.

Certain

variable

rate

securities

may

not

be

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

in

the

Portfolio

of

Investments.

(c)

At

September

30,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$46,225,047

.

The

aggregate

gross

unrealized

appreciation

is

$105,425

and

the

aggregate

gross

unrealized

depreciation

is

$100,513,

resulting

in

net

unrealized

appreciation

of

$4,912.

CME

Chicago

Mercantile

Exchange

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

Future

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

September

30,

2023:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Depreciation

Long:

U.S.

Treasury

2

Year

Notes

1‌

Dec-23

$

200‌

$

202,711‌

$

(641‌)

$

(641‌)

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

Ultra-Short

Investment

Grade

ETF

10

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

28.1‌

%

Banks

22.1‌

Commercial

Mortgage-Backed

Securities

13.5‌

Asset-Backed

Securities

11.9‌

U.S.

Government

and

Agency

Securities

9.4‌

Short-Term

Investments

8.6‌

Consumer

Finance

6.4‌

Total

Investments

100.0‌%**

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

**

Does

not

include

open

short

futures

contracts

with

a

value

of

$

202,711

and

total

unrealized

depreciation

of

$

641.

Annual

Report

—

September

30,

2023

Calvert

Ultra-Short

Investment

Grade

ETF

11

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Assets

and

Liabilities

September

30,

2023

Assets:

Investments

in

Securities

of

Unaffiliated

Issuers,

at

Value

(Cost

$45,586,294)

$

45,591,207

Investment

in

Security

of

Affiliated

Issuer,

at

Value

(Cost

$639,393)

639,393

Total

Investments

in

Securities,

at

Value

(Cost

$46,225,687)

46,230,600

Cash

2,297

Receivable

for

Investments

Sold

3,035,207

Interest

Receivable

268,835

Dividends

Receivable

2,062

Receivable

for

Variation

margin

on

Futures

Contracts

6,456

Total

Assets

49,545,457

Liabilities:

Payable

for

Investments

Purchased

3,052,091

Payable

for

Management

Fee

8,967

Payable

for

Dividends

to

Shareholders

209,040

Total

Liabilities

3,270,098

Net

Assets

$

46,275,359

Net

Assets

Consist

of:

Paid-in-Capital

$

46,280,338

Total

Accumulated

Loss

(

4,979

)

Net

Assets

$

46,275,359

Shares

Outstanding

$0.001

Par

Value

(unlimited

shares

authorized)

925,000

Net

Asset

Value

Per

Share

$

50

.03

Annual

Report

—

September

30,

2023

Calvert

Ultra-Short

Investment

Grade

ETF

12

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Operations

Period

from

January

30,

2023

^

to

September

30,

2023

Investment

Income:

Interest

from

Securities

of

Unaffiliated

Issuers

$

1,368,837

Dividends

from

Security

of

Affiliated

Issuer

(Note

G)

16,190

Total

Investment

Income

1,385,027

Expenses:

Management

Fee

(Note

B)

58,610

Total

Expenses

58,610

Rebate

from

Morgan

Stanley

Affiliate

(Note

G)

(

434

)

Net

Expenses

58,176

Net

Investment

Income

1,326,851

Realized

Gain

(Loss):

Investments

Sold

(

40,723

)

Futures

Contracts

7,636

Net

Realized

Loss

(

33,087

)

Change

in

Unrealized

Appreciation

(Depreciation):

Investments

4,913

Futures

Contracts

(

641

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

4,272

Net

Realized

Loss

and

Change

in

Unrealized

Appreciation

(Depreciation)

(

28,815

)

Net

Increase

in

Net

Assets

Resulting

from

Operations

$

1,298,036

^

Commencement

of

Operations.

Annual

Report

—

September

30,

2023

Calvert

Ultra-Short

Investment

Grade

ETF

13

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Changes

in

Net

Assets

Period

from

January

30,

2023

^

to

September

30,

2023

Increase

(Decrease)

in

Net

Assets:

Operations:

Net

Investment

Income

$

1,326,851

Net

Realized

Loss

(

33,087

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

4,272

Net

Increase

in

Net

Assets

Resulting

from

Operations

1,298,036

Dividends

and

Distributions

to

Shareholders:

Dividends

and

Distributions

(

1,303,015

)

Total

Dividends

and

Distributions

to

Shareholders

(

1,303,015

)

Capital

Share

Transactions:

Subscribed

(1)

20,000,000

Subscribed

In-Kind

26,280,338

Net

Increase

in

Net

Assets

Resulting

from

Capital

Share

Transactions

46,280,338

Total

Increase

in

Net

Assets

46,275,359

Net

Assets:

Beginning

of

Period

–

End

of

Period

$

46,275,359

Capital

Share

Transactions:

Beginning

of

Period

–

Shares

Subscribed

400,000

Shares

Subscribed

In-Kind

525,000

Shares

Outstanding,

End

of

Period

Net

Increase

in

925,000

^

Commencement

of

Operations.

(1)

Total

consists

of

subscriptions

for

seed

capital

by

the

Adviser

and

other

related

parties

of

the

Fund.

Annual

Report

—

September

30,

2023

Financial

Highlights

Calvert

Ultra-Short

Investment

Grade

ETF

14

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Share

Data

and

Ratios

Period

from

January

30,

2023

(1)

to

September

30,

2023

Net

Asset

Value,

Beginning

of

Period

$

50

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

1

.82‌

Net

Realized

and

Unrealized

Loss

(

0

.07‌

)

Total

from

Investment

Operations

1

.75‌

Distributions

from

and/or

in

Excess

of:

—

Net

Investment

Income

(

1

.72‌

)

Net

Asset

Value,

End

of

Period

$

50

.03‌

Total

Return

(3)

3

.54‌

%

(4)

Ratios

to

Average

Net

Assets

and

Supplemental

Data:

$46,275

Net

Assets,

End

of

Period

(Thousands)

$

46,275‌

Ratio

of

Expenses

0

.24‌

%

(5)

(6)

Ratio

of

Net

Investment

Income

5

.42‌

%

(5)

(6)

Ratio

of

Rebate

from

Morgan

Stanley

Affiliates

0

.00‌

%

(5)

(7)

Portfolio

Turnover

Rate

54‌

%

(4)

(1)

Commencement

of

Operations.

(2)

Per

share

amount

is

based

on

average

shares

outstanding.

(3)

Calculated

based

on

the

net

asset

value

as

of

the

last

business

day

of

the

period.

(4)

Not

annualized.

(5)

Annualized.

(6)

The

Ratio

of

Expenses

and

Ratio

of

Net

Investment

Income

reflect

the

rebate

of

certain

Fund

expenses

in

connection

with

the

investments

in

Morgan

Stanley

affiliates

during

the

period.

The

effect

of

the

rebate

on

the

ratios

is

disclosed

in

the

above

table

as

“Ratio

of

Rebate

from

Morgan

Stanley

Affiliates.”

(7)

Amount

is

less

than

0.005%.

15

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

Morgan

Stanley

ETF

Trust

Morgan

Stanley

ETF

Trust

(the

“Trust”)

is

an

open-end,

management

investment

company

established

under

Delaware

law

as

a

Delaware

statutory

trust.

Pursuant

to

its

Declaration

of

Trust dated

May

31,

2016,

and

Amended

and

Restated

on

September

28,

2022

(the

“Declaration

of

Trust”),

the

Trust is

authorized

to

establish

multiple

series.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”).

The

Trust

applies

investment

company

accounting

and

report-

ing

guidance

Accounting

Standard

Codification

("ASC")

Topic

946.

In

the

preparation

of

these

financial

statements,

manage-

ment

has

evaluated

subsequent

events

occurring

after

the

date

of

the

Fund's

Statement

of

Assets

and

Liabilities

through

the

date

that

the

financial

statements

were

issued.

The

accompanying

financial

statements

relate

to

the

Calvert

Ultra-Short

Investment

Grade

ETF (the

"Fund"),

which

seeks

to

maximize

income,

to

the

extent

consistent

with

preserva-

tion

of

capital,

through

investment

in

short-term

bonds

and

income-producing

securities.

The

Fund

is

diversified. 

A.

Significant

Accounting

Policies:

 The

following

signifi-

cant

accounting

policies

are

in

conformity

with

U.S.

generally

accepted

accounting

principles

(“GAAP”).

Such

policies

are

consistently

followed

by

the Trust

in

the

preparation

of

its

financial

statements.

GAAP

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

and

disclosures

in

the

financial

statements.

Actual

results

may

differ

from

those

estimates.

1.

Security

Valuation:

(1)

fixed

income

securities

may

be

valued

by

an

outside

pricing

service/vendor

approved

by

the

Trust’s

Board

of

Trustees

(the

“Trustees”).

The

pricing

service/vendor

may

employ

a

pricing

model

that

takes

into

account,

among

other

things,

bids,

yield

spreads

and/or

other

market

data

and

specific

security

characteris-

tics.

If

Morgan

Stanley

Investment

Management

Inc.

(the

“Adviser”)

a

wholly-owned

subsidiary

of

Morgan

Stanley,

determines

that

the

price

provided

by

the

outside

pricing

service/vendor

or

exchange

does

not

reflect

the

security’s

fair

value

or

is

unable

to

provide

a

price,

prices

from

brokers

or

dealers

may

also

be

utilized.

In

these

circum-

stances,

the

value

of

the

security

will

be

the

mean

of

bid

and

asked

prices

obtained

from

reputable

brokers/dealers;

(2)

when

market

quotations

are

not

readily

available,

as

defined

by

Rule

2a-5

under

the

Act,

including

circum-

stances

under

which

the

Adviser

determines

that

the

closing

price,

last

sale

price

or

the

mean

between

the

last

reported

bid

and

asked

prices

are

not

reflective

of

a

secu-

rity’s

market

value,

portfolio

securities

are

valued

at

their

fair

value

as

determined

in

good

faith

under

procedures

established

by

and

under

the

general

supervision

of

the

Trustees;

(3)

futures

are

valued

at

the

settlement

price

on

the

exchange

on

which

they

trade

or,

if

a

settlement

price

is

unavailable,

at

the

last

sale

price

on

the

exchange; and

(4)

investments

in

mutual

funds,

including

the

Morgan

Stanley

Institutional

Liquidity

Funds,

are

valued

at

the

net

asset

value

(“NAV”)

as

of

the

close

of

each

business

day.

In

connection

with

Rule

2a-5

of

the

Act,

the

Trust-

ees

have

designated

the

Trust's

Adviser

as

its

valuation

designee.

The

valuation

designee

has

responsibility

for

determining

fair

value

and

to

make

the

actual

calculations

pursuant

to

the

fair

valuation

methodologies

previously

approved

by

the

Trustees.

Under

procedures

approved

by

the

Trustees,

the

Trust’s

Adviser

has

formed

a

Valuation

Committee

whose

members

are

approved

by

the

Trustees.

The

Valuation

Committee

provides

administration

and

oversight

of

the

Trust’s

valuation

policies

and

procedures,

which

are

reviewed

at

least

annually

by

the

Trustees.

These

procedures

allow

the Trust

to

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers

and

other

market

sources

to

determine

fair

value.

2.

Fair

Value

Measurement:

Financial

Accounting

Stan-

dards

Board

(“FASB”)

Accounting

Standards

Codifica-

tion

TM

("ASC"),

“Fair

Value

Measurement”

(“ASC

820”),

defines

fair

value

as

the

price

that

would

be

received

to

sell

an

asset

or

pay to

transfer

a

liability

in

an orderly

transaction

between

market

participants

at

the

measure-

ment

date. ASC

820

establishes

a

three tier

hierarchy

to

distinguish

between

(1)

inputs

that

reflect

the

assump-

tions

market

participants

would

use

in

valuing

an

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity

(observable

inputs)

and

(2)

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

partici-

pants

would

use

in

valuing

an

asset

or

liability

developed

based

on

the

best

information

available

in

the

circum-

stances

(unobservable

inputs)

and

to

establish

classifica-

tion

of

fair

value

measurements

for

disclosure

purposes.

Various

inputs

are

used

in

determining

the

value

of

the

Fund’s

investments.

The

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

16

Morgan

Stanley

ETF

Trust

Level

2

-

other

significant

observable

inputs

(includ-

ing

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

 Level

3

-

significant

unobservable

inputs

including

the

Fund’s

own

assumptions

in

determin-

ing

the

fair

value

of

investments.

Factors

considered

in

making

this

determination

may

include,

but

are

not

limited

to,

infor-

mation

obtained

by

contacting

the

issuer,

analysts,

or

the

appropriate

stock

exchange

(for

exchange-traded

securities),

analysis

of

the

issuer’s

financial

statements

or

other

available

documents

and,

if

necessary,

available

information

concerning

other

securities

in

similar

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities

and

the

determination

of

the

significance

of

a

particular

input

to

the

fair

value

mea-

surement

in

its

entirety

requires

judgment

and

considers

factors

specific

to

each

security. 

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

September

30,

2023:

Transfers

between

investment

levels

may

occur

as

the

markets

fluctuate

and/or

the

availability

of

data

used

in

an

investment’s

valuation

changes. 

3.

Derivatives:

The

Fund

may,

but

is

not

required

to,

use

derivative

instruments

for

a

variety

of

purposes,

including

hedging,

risk

management,

portfolio

management

or

to

earn

income.

Derivatives

are

financial

instruments

whose

value

is

based,

in

part,

on

the

value

of

an

underlying

asset,

interest

rate,

index

or

financial

instrument.

Prevail-

ing

interest

rates

and

volatility

levels,

among

other

things,

also

affect

the

value

of

derivative

instruments.

A

deriva-

tive

instrument

often

has

risks

similar

to

its

underlying

asset

and

may

have

additional

risks,

including

imperfect

correlation

between

the

value

of

the

derivative

and

the

underlying

asset,

risks

of

default

by

the

counterparty

to

certain

transactions,

magnification

of

losses

incurred

due

to

changes

in

the

market

value

of

the

securities,

instru-

ments,

indices

or

interest

rates

to

which

the

derivative

instrument

relates,

risks

that

the

transactions

may

not

be

liquid

and

risks

arising

from

margin

requirements,

risks

arising

from

mispricing

or

valuation

complexity

and

operational

and

legal

risks. The

use

of

derivatives

involves

risks

that

are

different

from,

and

possibly

greater

than,

the

risks

associated

with

other

portfolio

investments.

Derivatives

may

involve

the

use

of

highly

specialized

instruments

that

require

investment

techniques

and

risk

analyses

different

from

those

associated

with

other

port-

folio

investments.

All

of

the

Fund’s

holdings,

including

derivative

instruments,

are

marked-to-market

each

day

with

the

change

in

value

reflected

in

unrealized

appreci-

ation

(depreciation).

Upon

disposition,

a

realized

gain

or

loss

is

recognized.

Certain

derivative

transactions

may

give

rise

to

a

form

of

leverage.

Leverage

magnifies

the

potential

for

gain

and

the

risk

of

loss.

Leverage

associated

with

derivative

transac-

tions

may

cause

the

Fund

to

liquidate

portfolio

positions

when

it

may

not

be

advantageous

to

do

so

to

satisfy

its

obligations

or

may

cause

the

Fund

to

be

more

volatile

than

if

the

Fund

had

not

been

leveraged.

Although

the

Adviser

seeks

to

use

derivatives

to

further

the

Fund’s

investment

objectives,

there

is

no

assurance

that

the

use

of

derivatives

will

achieve

this

result.

Following

is

a

description

of

the

derivative

instruments

and

techniques

that

the

Fund

used

during

the

period

and

their

associated

risks:

Futures:

A

futures

contract

is

a

standardized,

exchange

traded

agreement

to

buy

or

sell

a

specific

quantity

of

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

Inputs

(000)

Total

(000)

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

$

—

$

5,513

$

—

$

5,513

Commercial

Mortgage-Backed

Securities

—

6,239

—

6,239

Corporate

Bonds

—

26,180

—

26,180

U.S.

Government

and

Agency

Securities

—

4,351

—

4,351

Total

Fixed

Income

Securities

—

42,283

—

42,283

Short-Term

Investments

Investment

Company

639

—

—

639

Commercial

Papers

—

3,309

—

3,309

Total

Short-Term

Investments

639

3,309

—

3,948

Total

Assets

$639

$45,592

$—

$46,231

Liabilities:

Futures

Contracts

(1)

—

—

(1)

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

17

Morgan

Stanley

ETF

Trust

an

underlying

asset,

reference

rate

or

index

at

a

specif-

ic

price

at

a

specific

future

time.

The

value

of

a

futures

contract

tends

to

increase

and

decrease

in

tandem

with

the

value

of

the

underlying

instrument.

Depending

on

the

terms

of

the

particular

contract,

futures

contracts

are

settled

through

either

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

settlement

amount

on

the

settlement

date.

During

the

period

the

futures

contract

is

open,

payments

are

received

from

or

made

to

the

broker

based

upon

chang-

es

in

the

value

of

the

contract

(the

variation

margin).

A

decision

as

to

whether,

when

and

how

to

use

futures

contracts

involves

the

exercise

of

skill

and

judgment

and

even

a

well-conceived

futures

transaction

may

be

unsuc-

cessful

because

of

market

behavior

or

unexpected

events.

In

addition

to

the

derivatives

risks

discussed

above,

the

prices

of

futures

contracts

can

be

highly

volatile,

using

futures

contracts

can

lower

total

return

and

the

potential

loss

from

futures

contracts

can

exceed

the

Fund’s

initial

investment

in

such

contracts.

No

assurance

can

be

given

that

a

liquid

market

will

exist

for

any

particular

futures

contract

at

any

particular

time.

FASB

ASC

815,

“Derivatives

and

Hedging”

(“ASC

815”),

is

intended

to

improve

financial

reporting

about

deriv-

ative

instruments

by

requiring

enhanced

disclosures

to

enable

investors

to

better

understand

how

and

why

the

Fund

uses

derivative

instruments,

how

these

derivative

instruments

are

accounted

for

and

their

effects

on

the

Fund’s

financial

position

and

results

of

operations.

The

following

tables

set

forth

the

fair

value

of

the

Fund’s

derivative

contracts

by

primary

risk

exposure

as

of

Sep-

tember

30,

2023:

The

following

tables

set

forth

by

primary

risk

exposure

the

Fund’s

realized

gains

(losses)

and

change

in

unrealized

appreciation

(depreciation)

by

type

of

derivative

contract

for

the

year

ended

September

30,

2023

in

accordance

with

ASC

815:

For

the

year

ended

September

30,

2023,

the

approximate

average

monthly

amount

outstanding

for

each

derivative

type

is

as

follows:

4.

Indemnifications:

The Trust

enters

into

contracts

that

contain

a

variety

of

indemnification

clauses.

The

Trust’s

maximum

exposure

under

these

arrangements

is

un-

known

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not yet

occurred. 

5.

Dividends

and

Distributions

to

Shareholders: 

Divi-

dends

and

distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

in-

come,

if

any,

are

declared

and

paid

monthly.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

6.

Security

Transactions,

Income

and

Expenses:

 Se-

curity

transactions

are

accounted

for

on

the

trade

date

(date

the

order

to

buy

or

sell

is

executed).

Realized

gains

and

losses

on

the

sale

of

investment

securities

are

deter-

mined

on

the

specific

identified

cost

method.

Dividend

income

and

other

distributions

are

recorded

on

the

ex-dividend

date

(except

for

certain

foreign

dividends

which

may

be

recorded

as

soon

as

the

Fund

is

informed

of

such

dividends)

net

of

applicable

withholding

taxes.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

as

non-cash

dividend

income

at

fair

value.

B.

Management Fees:

 The

Adviser

provides

investment

advice

and

portfolio

management

services

pursuant

to

a

Management

Agreement

(the

“Agreement”)

and,

subject

to

the

supervision

of

the

Trust’s

Trustees,

makes

or

oversees

the

Fund’s

day-to-day

investment

decisions,

arranges

for

the

execution

of

portfolio

transactions

and

generally

manages

the

Fund’s

invest-

ments.

 As

compensation

for

its

services,

the

Adviser

is paid

monthly

at

the

annual

rate

of

0.24% of

the

average

daily

net

assets

of

the

Fund.

Under

the

Agreement,

the

Adviser pays sub-

Liability

Derivatives

Statement

of

Assets

and

Primary

Risk

Liabilities

Location

Exposure

Value

Futures

Contracts

Variation

Margin

on

Futures

Contracts

Interest

Rate

Risk

$(641)(a)

(a)

This

Amount

represents

the

cumulative

appreciation

(depreciation)

as

reported

in

the

Portfolio

of

investments.

The

Statement

of

Assets

and

Liabilities

only

reflects

the

current

day's

net

variation

margin.

Realized

Gain

(Loss)

Primary

Risk

Exposure

Derivative

Type

Value

Interest

Rate

Risk

Futures

Contracts

$7,636

Change

in

Unrealized

Appreciation

(Depreciation)

Primary

Risk

Exposure

Derivative

Type

Value

Interest

Rate

Risk

Futures

Contracts

$(641)

Futures

Contracts:

Average

monthly

notional

value

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

415,470

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

18

Morgan

Stanley

ETF

Trust

stantially

all

the

expenses

of

the

Fund

(including

expenses

of

the

Trust

relating

to

the

Fund),

except

for

the

distribution

fees,

if

any,

brokerage

expenses,

acquired

fund

fees

and

expenses,

taxes,

interest,

litigation

expenses,

and

other

extraordinary

expenses,

including

the

costs

of

proxies,

not

incurred

in

the

ordinary

course

of

the

Fund’s

business. 

C.

Distribution

and

Shareholder Services

Plan:

The

Trustees

have

adopted

a

distribution

and

services

plan

("Plan")

pursuant

Rule

12b-1

under the

Act. 

Under the

Plan,

the

Fund

is

authorized

to

pay

distribution

fees

in

connection

with

the

sale

of

its

shares

and

pay

service

fees

in

connection

with

the

provision

of

ongoing

services

to

shareholders

of

the

Fund

and

the

maintenance

of

shareholder

accounts

in

an

amount

up

to

0.25%

of

its

average

daily

net

assets.

No

Rule

12b-1

fees

are

currently

paid

by

the

Fund

and

there

are

no

current

plans

to

impose

these

fees.

D.

Dividend

Disbursing

and

Transfer

Agent:

The

Trust’s

dividend

disbursing

and

transfer

agent

is

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

E.

Custodian

and

Administrator:

JPMorgan also

serves

as

Custodian

and

Administrator for

the

Trust in

accordance

with

a

Custodian

and

Administration Agreement.

F.

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

securi-

ties

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

Funds’

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

Corpo-

ration)

(“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

New

York

Stock

Exchange Arca

("NYSE

Arca") 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

cus-

tody

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

re-

ceivable

for

capital

shares

issued

on

the

Statement

of

Assets

and

Liabilities

if

they

are

outstanding

as

of

year-

end. Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

issued

on

the

Statements

of

Changes

in

Net

Assets.

G.

Security

Transactions

and

Transactions

with

Affili-

ates:

For

the

year ended

September

30,

2023 purchases

and

sales

of

investment

securities

for

the

Fund,

other

than

long-

term

U.S.

Government

securities,

short-term

investments

and

In-Kind transactions were $42,349,219

and

$12,410,378,

respectively.

For

the

year

ended

September

30,

2023,

pur-

chases

and

sales

of

long-term

U.S

Government

securities

were

$2,036,560

and

$

1,016,820,

respectively. There

were

no

purchases

and

sales

related

to

In-Kind

transactions

for

the

year

ended

September

30,

2023.

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser. Management fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the management

fees

paid

by

the

Fund

due

to

its

invest-

ment

in

the

Liquidity

Fund.

For

the

year ended

September

30,

2023, management

fees

paid

were

reduced

by $434 relating

to

the

Fund’s

investment

in

the

Liquidity

Fund. 

A

summary

of

the

Fund’s

transactions

in

shares

of

affiliated

investments

during

the

year ended

September

30,

2023 is

as

follows: 

Affiliated

Investment

Company

Value

January

30,

2023

Purchases

at

Cost

Proceeds

from

Sales

Dividend

Income

Liquidity

Fund

$

–

$

14,743,768

$

14,104,375

$

16,190

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

19

Morgan

Stanley

ETF

Trust

H.

Federal

Income

Taxes:

It

is

the

Fund’s

intention

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

and

tax

exempt income.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

finan-

cial

statements. 

The

Fund

may

be

subject

to

taxes

imposed

by

countries

in

which

it

invests.

Such

taxes

are

generally

based

on

income

and/

or

capital

gains

earned

or

repatriated.

Taxes

are

accrued

based

on

net

investment

income,

net

realized

gains

and

net

unreal-

ized

appreciation

as

such

income

and/or

gains

are

earned.

Taxes

may

also

be

based

on

transactions

in

foreign

currency

and

are

accrued

based

on

the

value

of

investments

denominated

in

such

currency.

FASB

ASC

740-10,

“Income

Taxes—Overall”,

sets

forth

a

minimum

threshold

for

financial

statement

recognition

of

the

benefit

of

a

tax

position

taken

or

expected

to

be

taken

in

a

tax

return.

Management

has

concluded

there

are

no

significant

uncertain

tax

positions

that

would

require

recognition

in

the

financial

statements.

If

applicable,

the

Fund

recognizes

inter-

est

accrued

related

to

unrecognized

tax

benefits

in

“Interest

Expense”

and

penalties

in

“Other

Expenses”

in

the

Statement

of

Operations.

The

Fund

files

tax

returns

with

the

U.S.

Internal

Revenue

Service,

New

York

and

various

states.

The

tax

year

ended

September

30,

2023 remains

subject

to

examination

by

taxing

authorities.

The

tax

character

of

distributions

paid

may

differ

from

the

character

of

distributions

shown

for

GAAP

purposes

due

to

short-term

capital

gains

being

treated

as

ordinary

income

for

tax

purposes.

The

tax

character

of

distributions

paid

during

fiscal

year 2023

was

as

follows: 

The

amount

and

character

of

income

and

gains

to

be

distrib-

uted

are

determined

in

accordance

with

income

tax

regulations

which

may

differ

from

GAAP.

These

book/tax

differences

are

either

considered

temporary

or

permanent

in

nature. 

Temporary

differences

are

attributable

to

differing

book

and

tax

treatments

for

the

timing

of

the

recognition

of

gains

(loss-

es)

on

certain

investment

transactions

and

the

timing

of

the

deductibility

of

certain

expenses. 

The

Fund

had

no

permanent

differences

causing

reclassifica-

tions

among

the

components

of

net

assets

for

the

year ended

September

30,

2023. 

At

September

30,

2023,

the

components

of

distributable

earn-

ings

for

the

Fund

on

a

tax

basis

were

as

follows: 

At

September

30,

2023,

the

Fund

had

available

for

fed-

eral

income

tax

purposes

unused

short-term

capital

losses

of $49,706 that

do

not

have

an

expiration

date. 

To

the

extent

that

capital

loss

carryforwards

are

used

to

offset

any

future

capital

gains

realized,

no

capital

gains

tax

liability

will

be

incurred

by

the

Fund

for

gains

realized

and

not

distrib-

uted.

To

the

extent

that

capital

gains

are

offset,

such

gains

will

not

be

distributed

to

the

shareholders. 

I.

Principal

Risks:

Market

Risk:

An

investment

in

the

Fund

is

based

on

the

values

of

the

Fund’s

investments,

which

may

change

due

to

economic

and

other

events

that

affect

markets

generally,

as

well

as

those

that

affect

particular

regions,

countries,

industries,

companies

or

governments.

The

risks

associated

with

these

developments

may

be

magnified

if

social,

political,

economic

and

other

conditions

and

events

(such

as

war,

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

social

unrest,

recessions,

inflation,

rapid

interest

rate

changes

and

supply

chain

disruptions)

adversely

interrupt

the

global

economy

and

financial

markets.

It

is

difficult

to

predict

when

events

affecting

the

U.S.

or

global

financial

markets

may

occur,

the

effects

that

such

events

may

have

and

the

duration

of

those

effects

(which

may

last

for

extended

periods).

These

events

may

negatively

impact

broad

segments

of

businesses

and

populations

and

have

a

significant

and

rapid

negative

impact

on

the

performance

of

the

Fund’s

investments,

adversely

affect

and

increase

the

volatility

of

the

Fund’s

share

price

and

exacerbate

pre-existing

risks

to

the

Fund.  The

occurrence,

duration

and

extent

of

these

or

other

types

of

adverse

econom-

Affiliated

Investment

Company

(cont'd)

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

September

30,

2023

Liquidity

Fund  

$

–

$

–

$

639,393

2023

Distributions

Paid

From:

Ordinary

Long-Term

Income

Capital

Gain

$1,303,015

$–

Undistributed

Undistributed

Ordinary

Long-Term

Income

Capital

Gain

$39,815

$–

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

20

Morgan

Stanley

ETF

Trust

ic

and

market

conditions

and

uncertainty

over

the

long

term

cannot

be

reasonably

projected

or

estimated

at

this

time.

The

ultimate

impact

of

public

health

emergencies

or

other

adverse

economic

or

market

developments

and

the

extent

to

which

the

associated

conditions

impact

the

Fund

and

its

investments

will

also

depend

on

other

future

developments,

which

are

highly

uncertain,

difficult

to

accurately

predict

and

subject

to

change

at

any

time.

The

financial

performance

of

the

Fund’s

invest-

ments

(and,

in

turn,

the

Fund’s

investment

results)

as

well

as

their

liquidity

may

be

adversely

affected

because

of

these

and

similar

types

of

factors

and

developments.

Authorized

Participant

Concentration

Risk:

Only

an

authorized

participant

may

engage

in

creation

or

redemption

transactions

directly

with

the

Fund.

The

Fund

has

a

limited

number

of

intermediaries

that

act

as

authorized

participants

and

none

of

these

authorized

participants

is

or

will

be

obligated

to

engage

in

creation

or

redemption

transactions.

To

the

extent

that

these

intermediaries

exit

the

business

or

are

unable

to

or

choose

not

to

proceed

with

creation

and/or

redemption

orders

with

respect

to

the

Fund

and

no

other

authorized

participant

creates

or

redeems,

shares

may

trade

at

a

discount

to

NAV

and

possibly

face

trading

halts

and/or

delisting. 

Cash

Transactions

Risk:

Unlike

certain

ETFs,

the

Fund

may

effect

creations

and

redemptions

in

cash

or

partially

in

cash.

Therefore,

it

may

be

required

to

sell

portfolio

securities

and

subsequently

recognize

gains

on

such

sales

that

the

Fund

might

not

have

recognized

if

it

were

to

distribute

portfolio

securities

in-kind.

As

such,

investments

in

shares

may

be

less

tax-efficient

than

an

investment

in

an

ETF

that

distributes

portfolio

securities

entirely

in-kind. 

Trading

Risk:

The

market

prices

of

shares

are

expected

to

fluctuate,

in

some

cases

materially,

in

response

to

changes

in

the

Fund’s

NAV,

the

intra-day

value

of

the

Fund’s

holdings,

and

supply

and

demand

for

shares.

The

Adviser

cannot

predict

whether

shares

will

trade

above,

below

or

at

their

NAV.

Disrup-

tions

to

creations

and

redemptions,

the

existence

of

significant

market

volatility

or

potential

lack

of

an

active

trading

market

for

the

shares

(including

through

a

trading

halt),

as

well

as

oth-

er

factors,

may

result

in

the

shares

trading

significantly

above

(at

a

premium)

or

below

(at

a

discount)

to

NAV

or

to

the

intraday

value

of

the

Fund’s

holdings.

Buying

or

selling

shares

in

the

secondary

market

may

require

paying

brokerage

com-

missions

or

other

charges

imposed

by

brokers

as

determined

by

that

broker.

Brokerage

commissions

are

often

a

fixed

amount

and

may

be

a

significant

proportional

cost

when

seeking

to

buy

or

sell

relatively

small

amounts

of

shares.

In

addition,

the

market

price

of

shares,

like

the

price

of

any

exchange-traded

security,

includes

a

“bid-ask

spread”

charged

by

the

market

makers

or

other

participants

that

trade

the

particular

security.

The

spread

of the

Fund’s

shares

varies

over

time

based

on

the

Fund’s

trading

volume

and

market

liquidity

and

may

increase

if

the

Fund’s

trading

volume,

the

spread

of

the

Fund’s

underlying

securities,

or

market

liquidity

decrease. 

Large

Shareholder

Transaction

Risk:

The

Fund

may

experience

adverse

effects

when

certain

shareholders

purchase

or

redeem

large

amounts

of

shares

of the

Fund.

In

addition,

a

third

party

investor,

the

Adviser

or

an

affiliate

of

the

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund’s

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Such

larger

than

normal

redemptions

may

cause

the

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negative-

ly

impact

the

Fund’s

NAV

and

liquidity.

Similarly,

large

Fund

share

purchases

may

adversely

affect the

Fund’s

performance

to

the

extent

that the

Fund

is

delayed

in

investing

new

cash

and

is

required

to

maintain

a

larger

cash

position

than

it

ordinarily

would.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in the

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in the

Fund’s

expense

ratio.

Although

large

shareholder

transactions

may

be

more

frequent

under

certain

circumstanc-

es, the

Fund

is

generally

subject

to

the

risk

that

shareholders

can

purchase

or

redeem

a

significant

percentage

of

Fund

shares

at

any

time.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

NYSE

Arca

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

shares. 

LIBOR

Discontinuance

or

Unavailability

Risk:

 The

Lon-

don

Interbank

Offering

Rate

(“LIBOR”)

was

a

leading

floating

rate

benchmark

used

in

loans,

notes,

derivatives

and

other

instruments

or

investments.

As

a

result

of

benchmark

reforms,

publication

of

most

LIBOR

settings

has

ceased.

Some

LIBOR

settings

continue

to

be

published

but

only

on

a

temporary,

synthetic

and

non-representative

basis.

Regulated

entities

have

generally

ceased

entering

into

new

LIBOR

contracts

in

con-

nection

with

regulatory

guidance

or

prohibitions.

Public

and

private

sector

actors

have

worked

to

establish

new

or

alternative

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

21

Morgan

Stanley

ETF

Trust

reference

rates

to

be

used

in

place

of

LIBOR.

There

is

no

assur-

ance

that

the

composition

or

characteristics

of

any

such

new

or

alternative

reference

rate

will

be

similar

to

or

produce

the

same

value

or

economic

equivalence

as

LIBOR

or

that

it

will

have

the

same

volume

or

liquidity

as

did

LIBOR

,

which

may

affect

the

value

or

liquidity

or

return

on

certain

of

the

Fund’s

invest-

ments

and

result

in

costs

incurred

in

connection

with

closing

out

positions

and

entering

into

new

trades.

Neither

the

effect

of

the

LIBOR

transition

process

nor

its

ultimate

success

can

yet

be

known.

The

transition

process

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

hedges

placed

against,

instru-

ments

whose

terms

currently

include

(or

previously

included)

LIBOR.

While

some

LIBOR-based

instruments

contemplated

a

scenario

where

LIBOR

is

no

longer

available

by

providing

for

an

alternative

rate-setting

methodology,

there

may

be

significant

uncertainty

regarding

the

effectiveness

of

any

such

alternative

methodologies

to

replicate

or

replace

LIBOR.

Some

of

the

Fund’s

investments

may

be

so-called

“tough

legacy”

LIBOR

instruments

which

may

not

have

effective

alternative

rate-setting

provisions

or

may

involve

counterparties

who

are

unwilling

to

add

or

exercise

rights

under

alternative

rate-set-

ting

provisions

in

such

instruments.

On

March

15,

2022,

the

Adjustable

Interest

Rate

(LIBOR)

Act

was

signed

into

law.

This

law

provides

a

statutory

fallback

mechanism

on

a

nationwide

basis

to

replace

U.S.

Dollar

LIBOR

with

a

benchmark

rate

that

is

selected

by

the

Board

of

Governors

of

the

Federal

Re-

serve

System

based

on

the

Secured

Overnight

Financing

Rate

(“SOFR”)

for

tough

legacy

contracts.

On

February

27,

2023,

the

final

rule

in

connection

with

this

law

became

effective,

es-

tablishing

benchmark

replacements

based

on

SOFR

and

Term

SOFR

(a

forward-looking

measurement

of

market

expectations

of

SOFR

implied

from

certain

derivatives

markets)

for

applica-

ble

tough

legacy

contracts

governed

by

U.S.

law.

In

addition,

the

FCA

has

announced

that

it

will

require

the

publication

of

the

one-month,

three-month

and

six-month

U.S.

Dollar

LI-

BOR

settings

on

the

basis

of

a

changed

methodology

(known

as

“synthetic

LIBOR”),

after

June

30,

2023

through

at

least

September

30,

2024,

addressing

non-U.S.

law

governed

U.S.

Dollar

LIBOR

instruments,

but

this

synthetic

LIBOR

will

be

designated

by

the

FCA

as

unrepresentative

of

the

underlying

market

that

it

seeks

to

measure

and

will

be

solely

available

for

use

in

legacy

transactions.

The

transition

of

investments

from

LIBOR

to

a

new

or

replacement

rate

as

a

result

of

amendment,

application

of

existing

fallbacks,

statutory

requirements,

the

ap-

plication

of

synthetic

LIBOR

or

otherwise

may

also

result

in

a

reduction

in

the

value

of

certain

instruments

held

by

the

Fund

or

a

reduction

in

the

effectiveness

of

related

Fund

transactions

such

as

hedges.

In

addition,

a

liquid

market

for

newly-issued

instruments

that

use

a

reference

rate

other

than

LIBOR

is

still

developing.

There

may

also

be

challenges

for

the

Fund

to

enter

into

hedging

transactions

against

such

newly-issued

instru-

ments

until

a

market

for

such

hedging

transactions

more

fully

develops.

All

of

the

aforementioned

may

adversely

affect

the

Fund’s

investments

(including

their

volatility,

value

and

liquidi-

ty)

and,

as

a

result,

the

performance

or

NAV.

J.

Other:

At

September

30,

2023,

the

Fund

had

record

own-

ers

of

10%

or

greater,

which

are

related

parties

of

the

Fund.

In-

vestment

activities

of

these

shareholders

could

have

a

material

impact

on

the

Fund.

The

aggregate

percentage

of

such

owners

was

43.2%.

22

Annual

Report

—

September

30,

2023

Report

of

Independent

Registered

Public

Accounting

Firm

Morgan

Stanley

ETF

Trust

To

the

Shareholders

and

Board

of

Trustees

of

Morgan

Stanley

ETF

Trust

–

Calvert

Ultra

Short

Investment

Grade

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Calvert

Ultra

Short

Investment

Grade

ETF

(the

“Fund”)

(one

of

the

funds

constituting

Morgan

Stanley

ETF

Trust

(the

“Trust”)),

including

the

portfolio

of

investments,

as

of

September

30,

2023,

and

the

related

statements

of

operations

and

changes

in

net

assets

and

the

financial

highlights

for

the

period

from

January

30,

2023

(commencement

of

operations)

through

September

30,

2023,

and

the

related

notes

(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

(one

of

the

funds

constituting

Morgan

Stanley

ETF

Trust)

at

September

30,

2023,

and

the

results

of

its

operations,

the

changes

in

its

net

assets

and

its

financial

highlights

for

the

period

from

January

30,

2023

(commencement

of

operations)

through

September

30,

2023,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trust’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

Trust

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

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.

The

Trust

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trust’s

internal

control

over

financial

reporting.

As

part

of

our

audit,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting,

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trust’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

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

procedures

included

confirmation

of

securities

owned

as

of

September

30,

2023,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

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.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

Morgan

Stanley

investment

companies

since

2000.

Boston,

Massachusetts

November

27,

2023

23

Annual

Report

—

September

30,

2023

Important

Notice

(unaudited)

Morgan

Stanley

ETF

Trust

Reporting

to

Shareholders

The

Fund’s

portfolio

holdings

are

publicly

disseminated

each

day

the

Fund

is

open

for

business

through

financial

reporting

and

news

services,

including

publicly

accessible

Internet

web

sites.

In

addition,

a

basket

composition

file,

which

includes

the

securi-

ty

names

and

share

quantities

to

deliver

in

exchange

for

Creation

Units,

together

with

estimates

and

actual

cash

components

is

publicly

disseminated

daily

prior

to

the

opening

of

the

Exchange

via

the

National

Securities

Clearing

Corporation

(the

“NSCC”),

a

clearing

agency

that

is

registered

with

the

SEC.

The

basket

represents

one

Creation

Unit

of

the

Fund.

The

Trust,

Adviser,

Custo-

dian

and

Distributor

will

not

disseminate

non-public

information

concerning

the

Trust.

The

Trust

provides

a

complete

schedule

of

portfolio

holdings

for

the

second

and

fourth

fiscal

quarters

in

its

Semi-Annual

and

Annual

reports,

and

for

the

first

and

third

fiscal

quarters

in

its

filings

with

the

SEC

as

an

exhibit

to

Form

N-PORT.

The

Fund's

portfolio

holdings

will

be

available

on

the

Fund’s

public

website,

www.calvert.com.

Proxy

Voting

Policy

and

Proxy

Voting

Record

The

Board

of

Trustees

believes

that

the

voting

of

proxies

on

securities

held

by

the

Trust

is

an

important

element

of

the

overall

invest-

ment

process.

As

such,

the

Trustees

have

delegated

the

responsibility

to

vote

such

proxies

to

the

Adviser.

The

Adviser

has

engaged

Calvert

to

provide

proxy

voting

services

with

respect

to

the

Trust.

The

Adviser’s

Proxy

Voting

Policy

speci-

fies

that

each

Fund

will

follow

Calvert’s

Proxy

Voting

Policies

and

Procedures

and

Global

Proxy

Voting

Guidelines.

When

available,

the

Trust’s

proxy

voting

record

for

the

most

recent

12-month

period

ending

June

30,

as

filed

with

the

SEC,

will

be

available

without

charge

on

our

web

site

at

www.calvert.com.

The

Trust’s

proxy

voting

record

will

also

be

available

without

charge

on

the

SEC’s

web

site

at

http://www.sec.gov. 

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

on-

line,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Morgan

Stanley

Funds.

24

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

April

2021

Morgan

Stanley

ETF

Trust

FACTS

WHAT

DOES

MSIM

DO

WITH

YOUR

PERSONAL

INFORMATION?

Why?

Financial

companies

choose

how

they

share

your

personal

information.

Federal

law

gives

consumers

the

right

to

limit

some

but

not

all

sharing.

Federal

law

also

requires

us

to

tell

you

how

we

collect,

share,

and

protect

your

personal

information.

Please

read

this

notice

carefully

to

understand

what

we

do.

What?

The

types

of

personal

information

we

collect

and

share

depend

on

the

product

or

service

you

have

with

us.

This

information

can

include:

Social

Security

number

and

income

investment

experience

and

risk

tolerance

checking

account

number

and

wire

transfer

instructions

How?

All

financial

companies

need

to

share

customers’

personal

information

to

run

their

everyday

business.

In

the

section

below,

we

list

the

reasons

financial

companies

can

share

their

customers’

personal

information;

the

reasons

MSIM

chooses

to

share;

and

whether

you

can

limit

this

sharing.

Reasons

we

can

share

your

personal

information

Does

MSIM

share?

Can

you

limit

this

sharing?

For

our

everyday

business

purposes

—

such

as

to

process

your

transactions,

maintain

your

account(s),

respond

to

court

orders

and

legal

investigations,

or

report

to

credit

bureaus

Yes

No

For

our

marketing

purposes

—

to

offer

our

products

and

services

to

you

Yes

No

For

joint

marketing

with

other

financial

companies

No

We

don’t

share

For

our

investment

management

affiliates’

everyday

business

purposes

—

information

about

your

transactions,

experiences,

and

creditworthiness

Yes

Yes

For

our

affiliates’

everyday

business

purposes

—

information

about

your

transactions

and

experiences

Yes

No

For

our

affiliates’

everyday

business

purposes

—

information

about

your

creditworthiness

No

We

don’t

share

For

our

investment

management

affiliates

to

market

to

you

Yes

Yes

For

our

affiliates

to

market

to

you

No

We

don’t

share

For

non-affiliates

to

market

to

you

No

We

don’t

share

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

(cont’d)

25

April

2021

Morgan

Stanley

ETF

Trust

To

limit

our

sharing

Call

toll-free

(844)

312-6327

or

email:

imprivacyinquiries@morganstanley.com

Please

note:

If

you

are

a

new

customer,

we

can

begin

sharing

your

information

30

days

from

the

date

we

sent

this

notice.

When

you

are

no

longer

our

customer,

we

continue

to

share

your

information

as

described

in

this

notice.

However,

you

can

contact

us

at

any

time

to

limit

our

sharing.

Questions?

Call

toll-free

(844)

312-6327

or

email:

imprivacyinquiries@morganstanley.com

Who

we

are

Who

is

providing

this

notice?

Morgan

Stanley

Investment

Management

Inc.

and

its

investment

management

affiliates

(“MSIM”)

(see

Investment

Management

Affiliates

definition

below)

What

we

do

How

does

MSIM

protect

my

personal

information?

To

protect

your

personal

information

from

unauthorized

access

and

use,

we

use

security

measures

that

comply

with

federal

law.

These

measures

include

computer

safeguards

and

secured

files

and

buildings.

We

have

policies

governing

the

proper

handling

of

customer

information

by

personnel

and

requiring

third

parties

that

provide

support

to

adhere

to

appropriate

security

standards

with

respect

to

such

information.

How

does

MSIM

collect

my

personal

information?

We

collect

your

personal

information,

for

example,

when

you

open

an

account

or

make

deposits

or

withdrawals

from

your

account

buy

securities

from

us

or

make

a

wire

transfer

give

us

your

contact

information

We

also

collect

your

personal

information

from

others,

such

as

credit

bureaus,

affiliates,

or

other

companies.

Why

can’t

I

limit

all

sharing?

Federal

law

gives

you

the

right

to

limit

only

sharing

for

affiliates’

everyday

business

purposes

—

information

about

your

creditworthiness

affiliates

from

using

your

information

to

market

to

you

sharing

for

non-affiliates

to

market

to

you

State

laws

and

individual

companies

may

give

you

additional

rights

to

limit

sharing.

See

below

for

more

on

your

rights

under

state

law.

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

(cont’d)

26

April

2021

Morgan

Stanley

ETF

Trust

Definitions

Investment

Management

Affiliates

MSIM

Investment

Management

Affiliates

include

registered

investment

advisers,

registered

broker-dealers,

and

registered

and

unregistered

funds

in

the

Investment

Management

Division.

Investment

Management

Affiliates

does

not

include

entities

associated

with

Morgan

Stanley

Wealth

Management,

such

as

Morgan

Stanley

Smith

Barney

LLC

and

Morgan

Stanley

&

Co.

Affiliates

Companies

related

by

common

ownership

or

control.

They

can

be

financial

and

non-financial

companies.

Our

affiliates

include

companies

with

a

Morgan

Stanley

name

and

financial

companies

such

as

Morgan

Stanley

Smith

Barney

LLC

and

Morgan

Stanley

&

Co.

Non-affiliates

Companies

not

related

by

common

ownership

or

control.

They

can

be

financial

and

non-financial

companies.

MSIM

does

not

share

with

non-affiliates

so

they

can

market

to

you.

Joint

marketing

A

formal

agreement

between

non-affiliated

financial

companies

that

together

market

financial

products

or

services

to

you.

MSIM

doesn’t

jointly

market

Other

Important

Information

Vermont:

Except

as

permitted

by

law,

we

will

not

share

personal

information

we

collect

about

Vermont

residents

with

Non-affiliates

unless

you

provide

us

with

your

written

consent

to

share

such

information.

California:

Except

as

permitted

by

law,

we

will

not

share

personal

information

we

collect

about

California

residents

with

Non-affiliates

and

we

will

limit

sharing

such

personal

information

with

our

Affiliates

to

comply

with

California

privacy

laws

that

apply

to

us.

27

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

Morgan

Stanley

ETF

Trust

Independent

Trustees:

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Frank

L.

Bowman

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1944

Trustee

Since

August

2006

President,

Strategic

Decisions,

LLC

(consulting)

(since

February

2009);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

Chairperson

of

the

Compliance

and

Insurance

Committee

(since

October

2015);

formerly,

Chairperson

of

the

Insurance

Sub-

Committee

of

the

Compliance

and

Insurance

Committee

(2007-2015);

served

as

President

and

Chief

Executive

Officer

of

the

Nuclear

Energy

Institute

(policy

organization)

(February

2005-November

2008);

retired

as

Admiral,

U.S.

Navy

after

serving

over

38

years

on

active

duty

including

8

years

as

Director

of

the

Naval

Nuclear

Propulsion

Program

in

the

Department

of

the

Navy

and

the

U.S.

Department

of

Energy

(1996-2004);

served

as

Chief

of

Naval

Personnel

(July

1994-September

1996)

and

on

the

Joint

Staff

as

Director

of

Political

Military

Affairs

(June

1992-July

1994);

knighted

as

Honorary

Knight

Commander

of

the

Most

Excellent

Order

of

the

British

Empire;

awarded

the

Officier

de

l’Orde

National

du

Mérite

by

the

French

Government;

elected

to

the

National

Academy

of

Engineering

(2009).

86

Director

of

Naval

and

Nuclear

Technologies

LLP;

Director

Emeritus

of

the

Armed

Services

YMCA;

Member

of

the

National

Security

Advisory

Council

of

the

Center

for

U.S.

Global

Engagement

and

a

member

of

the

CNA

Military

Advisory

Board;

Chairman

of

Fairhaven

United

Methodist

Church;

Member

of

the

Board

of

Advisors

of

the

Dolphin

Scholarship

Foundation;

Director

of

other

various

nonprofit

organizations;

formerly,

Director

of

BP,

plc

(November

2010-

May

2019).

Frances.

L

Cashman

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1961

Trustee

Since

February

2022

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

February

2022);

Chief

Executive

Officer,

Asset

Management

Division,

Euromoney

Institutional

Investor

PLC

(financial

information)

(May

2021-Present);

Executive

Vice

President

and

various

other

roles,

Legg

Mason

&

Co.

(asset

management)

(2010-2020);

Managing

Director,

Stifel

Nicolaus

(2005-2010).

87

Trustee

and

Investment

Committee

Member,

Georgia

Tech

Foundation

(Since

June

2019);

Trustee

and

Chair

of

Marketing

Committee,

Loyola

Blakefield

(Since

September

2017);

Trustee,

MMI

Gateway

Foundation

(since

September

2017);

Director

and

Investment

Committee

Member,

Catholic

Community

Foundation

Board

(2012–2018);

Director

and

Investment

Committee

Member,

St.

Ignatius

Loyola

Academy

(2011-

2017).

Kathleen

A.

Dennis

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1953

Trustee

Since

August

2006

Chairperson

of

the

Governance

Committee

(since

January

2021),

Chairperson

of

the

Liquidity

and

Alternatives

Sub-

Committee

of

the

Investment

Committee

(2006-2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

President,

Cedarwood

Associates

(mutual

fund

and

investment

management

consulting)

(since

July

2006);

formerly,

Senior

Managing

Director

of

Victory

Capital

Management

(1993-2006).

86

Board

Member,

University

of

Albany

Foundation

(2012-present);

Board

Member,

Mutual

Funds

Directors

Forum

(2014-present);

Director

of

various

non-profit

organizations.

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

28

Morgan

Stanley

ETF

Trust

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Nancy

C.

Everett

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1955

Trustee

Since

January

2015

Chairperson

of

the

Equity

Investment

Committee

(since

January

2021);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2015);

Chief

Executive

Officer,

Virginia

Commonwealth

University

Investment

Company

(since

November

2015);

Owner,

OBIR,

LLC

(institutional

investment

management

consulting)

(since

June

2014);

formerly,

Managing

Director,

BlackRock,

Inc.

(February

2011-December

2013)

and

Chief

Executive

Officer,

General

Motors

Asset

Management

(a/k/a

Promark

Global

Advisors,

Inc.)

(June

2005-May

2010).

87

Formerly,

Member

of

Virginia

Commonwealth

University

School

of

Business

Foundation

(2005-2016);

Member

of

Virginia

Commonwealth

University

Board

of

Visitors

(2013-2015);

Member

of

Committee

on

Directors

for

Emerging

Markets

Growth

Fund,

Inc.

(2007-2010);

Chairperson

of

Performance

Equity

Management,

LLC

(2006-2010);

and

Chairperson,

GMAM

Absolute

Return

Strategies

Fund,

LLC

(2006-2010).

Eddie

A.

Grier

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1955

Trustee

Since

February

2022

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

February

2022);

Dean

Santa

Clara

University

Leavey

School

of

Business

(since

April

2021);

Dean,

Virginia

Commonwealth

University

School

of

Business

(2010-2021);

President

and

various

other

roles,

Walt

Disney

Company

(entertainment

and

media)

(1981-2010).

87

Director,

Witt/Kieffer,

Inc.

(executive

search)

(since

2016);

Director,

NuStar

GP,

LLC

(energy)

(since

August

2021);

Director,

Sonida

Senior

Living,

Inc.

(residential

community

operator)

(2016-2021);

Director,

NVR,

Inc.

(home

building)

(2013-2020);

Director,

Middleburg

Trust

Company

(wealth

management)

(2014-

2019);

Director,

Colonial

Williamsburg

Company

(since2012);

Regent,

University

of

Massachusetts

Global

(since

2021);

Director

and

Chair,

Child

Fund

International

(2012-2021);

Trustee,

Brandman

University

(2010-2021);

Director,

Richmond

Forum

(2012-2019).

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

29

Morgan

Stanley

ETF

Trust

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Jakki

L.

Hassler

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1957

Trustee

Since

January

2015

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2015);

Chairperson

of

the

Audit

Committee

(since

January

2023)

Chairman,

Opus

Capital

Group

(since

1996);

formerly,

Chief

Executive

Officer,

Opus

Capital

Group

(1996-2019);

Director,

Capvest

Venture

Fund,

LP

(May

2000-December

2011);

Partner,

Adena

Ventures,

LP

(July

1999

December

2010);

Director,

The

Victory

Funds

(February

2005-

July

2008).

87

Director

of

Cincinnati

Bell

Inc.

and

Member,

Audit

Committee

and

Chairman,

Governance

and

Nominating

Committee;

Director

of

Service

Corporation

International

and

Member,

Audit

Committee

and

Investment

Committee;

Director,

Barnes

Group

Inc.

(since

July

2021);

Director

of

Northern

Kentucky

University

Foundation

and

Member,

Investment

Committee;

Member

of

Chase

College

of

Law

Transactional

Law

Practice

Center

Board

of

Advisors;

Director

of

Best

Transport;

Director

of

Chase

College

of

Law

Board

of

Visitors;

formerly,

Member,

University

of

Cincinnati

Foundation

Investment

Committee.

Dr.

Manuel

H.

Johnson

c/o

Johnson

Smick

International,

Inc.

2201

I

Street,

NE

Suite

200

Washington,

D.C.

20002

Birth

Year:

1949

Trustee

Since

July

1991

Senior

Partner,

Johnson

Smick

International,

Inc.

(consulting

firm);

Chairperson

of

the

Fixed

Income,

Liquidity

and

Alternatives

Investment

Committee

(since

January

2021),

Chairperson

of

the

Investment

Committee

(2006-2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

July

1991);

Co-Chairman

and

a

founder

of

the

Group

of

Seven

Council

(G7C)

(international

economic

commission);

formerly,

Chairperson

of

the

Audit

Committee

(July

1991-

September

2006);

Vice

Chairman

of

the

Board

of

Governors

of

the

Federal

Reserve

System

and

Assistant

Secretary

of

the

U.S.

Treasury.

86

Director

of

NVR,

Inc.

(home

construction).

Joseph

J.

Kearns

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1942

Trustee

Since

August

1994

Senior

Adviser,

Kearns

&

Associates

LLC

(investment

consulting);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(August

1994

December

2022);

formerly,

Deputy

Chairperson

of

the

Audit

Committee

(July

2003-September

2006)

and

Chairperson

of

the

Audit

Committee

of

various

Morgan

Stanley

Funds

(since

August

1994);

CFO

of

the

J.

Paul

Getty

Trust

(1982-1999).

87

Director,

Rubicon

Investments

(since

February

2019);

Prior

to

August

2016,

Director

of

Electro

Rent

Corporation

(equipment

leasing).

Prior

to

December

31,

2013,

Director

of

The

Ford

Family

Foundation.

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

30

Morgan

Stanley

ETF

Trust

*

This

is

the

earliest

date

the Trustee

began

serving

the

Morgan

Stanley

Funds.

Each Trustee

serves

an

indefinite

term,

until

his

or

her

successor

is

elected.

**

The

Fund

Complex

includes

(as

of

December

31,

2022)

all

open-end

and

closed-end

funds

(including

all

of

their

portfolios)

advised

by

Morgan

Stanly

Investment

Management

Inc.

(the

"Adviser")

and

any

funds

that

have

an

adviser

that

is

an

affiliated

person

of

the

Adviser

(including,

but

not

limited

to,

Morgan

Stanley

AIP

GP

LP).

***

This

includes

any

directorships

at

public

companies

and

registered

investment

companies

held

by

the

Trustee

at

any

time

during

the

past

five

years.

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Michael

F.

Klein

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1958

Trustee

Since

August

2006

Chairperson

of

the

Risk

Committee

(since

January

2021);

Managing

Director,

Aetos

Alternatives

Management,

LP

(since

March

2000);

Co-President,

Aetos

Alternatives

Management,

LP

(since

January

2004)

and

Co-Chief

Executive

Officer

of

Aetos

Alternatives

Management,

LP

(since

August

2013);

Chairperson

of

the

Fixed

Income

Sub-Committee

of

the

Investment

Committee

(2006-

2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

formerly,

Managing

Director,

Morgan

Stanley

&

Co.

Inc.

and

Morgan

Stanley

Dean

Witter

Investment

Management

and

President,

various

Morgan

Stanley

Funds

(June

1998-March

2000);

Principal,

Morgan

Stanley

&

Co.

Inc.

and

Morgan

Stanley

Dean

Witter

Investment

Management

(August

1997-December

1999).

86

Director

of

certain

investment

funds

managed

or

sponsored

by

Aetos

Alternatives

Management,

LP;

Director

of

Sanitized

AG

and

Sanitized

Marketing

AG

(specialty

chemicals).

Patricia

A.

Maleski

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1960

Trustee

Since

January

2017

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2017);

Managing

Director,

JPMorgan

Asset

Management

(2004-2016);

Oversight

and

Control

Head

of

Fiduciary

and

Conflicts

of

Interest

Program

(2015-2016);

Chief

Control

Officer—Global

Asset

Management

(2013-

2015);

President,

JPMorgan

Funds

(2010-

2013);

Chief

Administrative

Officer

(2004-2013);

various

other

positions

including

Treasurer

and

Board

Liaison

(since

2001).

87

Trustee,

Nutley

Family

Service

Bureau,

Inc.

(since

January

2022).

W.

Allen

Reed

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1947

Chair

of

the

Board

and

Trustee

Chair

of

the

Board

since

August

2020

and

Director

since

August

2006

Chair

of

the

Boards

of

various

Morgan

Stanley

Funds

(since

August

2020);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

formerly,

Vice

Chair

of

the

Boards

of

various

Morgan

Stanley

Funds

(January

2020-August

2020);

President

and

Chief

Executive

Officer

of

General

Motors

Asset

Management;

Chairman

and

Chief

Executive

Officer

of

the

GM

Trust

Bank

and

Corporate

Vice

President

of

General

Motors

Corporation

(August

1994-December

2005).

86

Formerly,

Director

of

Legg

Mason,

Inc.

(2006-2019);

and

Director

of

the

Auburn

University

Foundation

(2010-

2015).

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

31

Morgan

Stanley

ETF

Trust

Executive

Officers:

The

Fund’s

statement

of

additional

information

incudes

further

information

about

the

Fund’s

Trustees

and

Officers,

and

is

available

without

charge

by

visiting

www.calvert.com

or

upon

request

by

calling

1

(800)

836-2414.

*This

is

the

earliest

date

the

officer

began

serving

the

Morgan

Stanley

Funds.

Each

officer

serves

an

indefinite

term,

until

his

or

her

successor

is

elected.

Name,

Address

and

Birth

Year

of

Executive

Officer

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

John

H.

Gernon

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1963

President

and

Principal

Executive

Officer

Since

September

2013

President

and

Principal

Executive

Officer

of

the

Equity

and

Fixed

Income

Funds

and

the

Morgan

Stanley

AIP

Funds

(since

September

2013)

and

the

Liquidity

Funds

and

various

money

market

funds

(since

May

2014)

in

the

Fund

Complex;

Managing

Director

of

the

Adviser.

Deidre

A.

Downes

1633

Broadway

New

York,

NY

10019

Birth

Year:

1977

Chief

Compliance

Officer

Since

November

2021

Executive

Director

of

the

Adviser

(since

January

2021)

and

Chief

Compliance

Officer

of

various

Morgan

Stanley

Funds

(since

November

2021).

Formerly,

Vice

President

and

Corporate

Counsel

at

PGIM

and

Prudential

Financial

(October

2016-December

2020).

Francis

J.

Smith

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1965

Treasurer

and

Principal

Financial

Officer

Treasurer

since

July

2003

and

Principal

Financial

Officer

since

September

2002

Managing

Director

of

the

Adviser

and

various

entities

affiliated

with

the

Adviser;

Treasurer

(since

July

2003)

and

Principal

Financial

Officer

of

various

Morgan

Stanley

Funds

(since

September

2002).

Mary

E.

Mullin

1633

Broadway

New

York,

NY

10019

Birth

Year:

1967

Secretary

Since

June

1999

Managing

Director

of

the

Adviser;

Secretary

of

various

Morgan

Stanley

Funds

(since

June

1999).

Michael

J.

Key

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1979

Vice

President

Since

June

2017

Vice

President

of

the

Equity

and

Fixed

Income

Funds,

Liquidity

Funds,

various

money

market

funds

and

the

Morgan

Stanley

AIP

Funds

in

the

Fund

Complex

(since

June

2017);

Executive

Director

of

the

Adviser;

Head

of

Product

Development

for

Equity

and

Fixed

Income

Funds

(since

August

2013).

Anthony

R.

Rochte

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1968

Vice

President,

Morgan

Stanley

ETF

Trust

Since

September

2022

Managing

Director

and

Global

Head

of

Exchange-Traded

Funds

at

Morgan

Stanley

Investment

Management

(since

March

2022);

Co-Head

of

Goldman

Sachs

Private

Bank

Select

(January

2020

–

March

2022);

Head

of

Fidelity

Institutional

Investments

&

Technology

Solutions

(August

2017

–

January

2020).

32

Morgan

Stanley

ETF

Trust

Annual

Report

—

September

30,

2023

Adviser

Morgan

Stanley

Investment

Management

Inc.

522

Fifth

Avenue

New

York,

New

York

10036

Distributor

Foreside

Fund

Services,

LLC

3

Canal

Plaza

Suite

100

Portland,

Maine

04101

Dividend

Disbursing

and

Transfer

Agent

JPMorgan

Chase

Bank,

N.A.

1111

Polaris

Parkway

Columbus,

Ohio

43240

Custodian

and

Administrator

JPMorgan

Chase

Bank,

N.A.

1111

Polaris

Parkway

Columbus,

Ohio

43240

Legal

Counsel

Dechert

LLP

1095

Avenue

of

the

Americas

New

York,

New

York

10036

Counsel

to

the

Independent

Trustees

Perkins

Coie

LLP

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

New

York

10036

Independent

Registered

Public

Accounting

Firm

Ernst

&

Young

LLP

200

Clarendon

Street

Boston,

MA

02116

ETFCALULTSHORTINVGRDANN 

6057927

EXP

11.30.24

Printed

in

U.S.A. 

This

Report

has

been

prepared

for

shareholders

and

may

be

distributed

to

others

only

if

preceded

or

accompanied

by

a

current

prospectus.

Morgan

Stanley

Investment

Management

Inc.

522

Fifth

Avenue

New

York,

New

York

10036 

©

2023

Morgan

Stanley.

Morgan

Stanley

Distribution,

Inc. 

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

NYSE

Arca:

CVLC

Annual

Report

September

30,

2023

Morgan

Stanley

ETF

Trust

Annual

Report

—

September

30,

2023

Table

of

Contents

(unaudited)

1

This

report

is

authorized

for

distribution

only

when

preceded

or

accompanied

by

a

prospectus

or

summary

prospectus

of

the

applicable

Fund

of

Morgan

Stanley

ETF

Trust.

To

receive

a

prospectus

and/or

statement

of

additional

information

(“SAI”),

which

contains

more

complete

information

such

as

investment

objectives,

charges,

expenses,

policies

for

voting

proxies,

risk

considerations

and

describes

in

detail

each

of

the

Fund’s

investment

policies

to

the

prospective

investor,

please

call

toll

free

1

(800)

836-2414.

Please

read

the

prospectuses

carefully

before

you

invest.

Additionally,

you

can

access

Fund

information

including

performance,

characteristics

and

investment

team

commentary,

through

Morgan

Stanley

Investment

Management’s

website:

www.calvert.com.

Market

forecasts

provided

in

this

report

may

not

necessarily

come

to

pass.

There

is

no

guarantee

that

any

sectors

mentioned

will

continue

to

perform

as

discussed

herein

or

that

securities

in

such

sectors

will

be

held

by

the

Fund

in

the

future.

There

is

no

assurance

that

a

fund

will

achieve

its

investment

objective.

Funds

are

subject

to

market

risk,

which

is

the

possibility

that

market

values

of

securities

owned

by

the

Fund

will

decline

and,

therefore,

the

value

of

the

Fund’s

shares

may

be

less

than

what

you

paid

for

them.

Accordingly,

you

can

lose

money

investing

in

this

Fund.

Please

see

the

prospectus

for

more

complete

information

on

investment

risks.

Shareholders’

Letter

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

2

Expense

Example

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

3

Investment

Overview

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

4

Portfolio

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

15

Statement

of

Operations

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

16

Statement

of

Changes

in

Net

Assets

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

17

Financial

Highlights

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

18

Notes

to

Financial

Statements

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

19

Report

of

Independent

Registered

Public

Accounting

Firm

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

25

Federal

Tax

Notice

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

26

Important

Notices

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

27

U.S.

Customer

Privacy

Notice

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

28

Trustees

and

Officers

Information

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

31

2

Annual

Report

—

September

30,

2023

Shareholders’

Letter

(unaudited)

Morgan

Stanley

ETF

Trust

Dear

Shareholders,

We

are

pleased

to

provide

this

Annual Report,

in

which

you

will

learn

how

your

investment

in Calvert

US

Large-Cap

Core

Respon-

sible

Index

ETF (the

“Fund”)

performed

during

the

period

beginning

January

30,

2023

(when

the

Fund

commenced

operations)

and

ended

September

30,

2023.

Morgan

Stanley

Investment

Management,

the

Fund's

investment

adviser, is

a

client-centric,

investor-led

organization.

Our

global

presence,

intellectual

capital,

and

breadth

of

products

and

services

enable

us

to

partner

with

investors

to

meet

the

evolving

chal-

lenges

of

today’s

financial

markets.

We

aim

to

deliver

superior

investment

service

and

to

empower

our

clients

to

make

the

informed

decisions

that

help

them

reach

their

investment

goals.

As

always,

we

thank

you

for

selecting

Morgan

Stanley

Investment

Management,

and

look

forward

to

working

with

you

in

the

months

and

years

ahead.

Sincerely,

John

H.

Gernon

President

and

Principal

Executive

Officer

October

2023

3

Annual

Report

—

September

30,

2023

Expense

Example

(unaudited)

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Morgan

Stanley

ETF

Trust

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transactional

costs;

and

(2)

ongoing

costs,

which

may

include man-

agement

fees,

and

distribution

and

shareholder

services

fees.

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.

This

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

six-month

period

ended

September

30,

2023 and

held

for

the

entire

six-month

period.

Actual

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

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

table

under

the

heading

entitled

“Actual

Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical Example

for

Comparison

Purposes

The

table

below

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

sales

charges

(loads).

Therefore,

the

information

for

each

class

in

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.

Beginning

Account

Value

(

4/1/23

)

Actual

Ending

Account

Value

(9/30/23)

Hypothetical

Ending

Account

Value

Actual

Expenses

Paid

During

Period

*

Hypothetical

Expenses

Paid

During

Period

*

Net

Expense

Ratio

During

Period

**

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

$1,000.00

$1,043.40

$1,024.32

$0.77

$0.76

0.15%

*

Expenses

are

calculated

using

the

Fund’s

annualized

net

expense

ratio

(as

disclosed),

multiplied

by

the

average

account

value

over

the

period

and

multiplied

by

183/365

(to

reflect

the

most

recent

one-half

year

period).

**

Annualized.

4

Annual

Report

—

September

30,

2023

Investment

Overview

(unaudited)

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Morgan

Stanley

ETF

Trust

Economic

and

Market

Conditions

For

U.S.

equity

investors,

the

8-month

period

ended

September

30,

2023,

was

a

roller-coaster

ride,

driven

largely

by

shifting

perceptions

of

whether

the

U.S.

Federal

Reserve

(the

Fed)

could

bring

the

world’s

largest

economy

in

for

a

soft

landing,

and

changing

expectations

of

how

long

interest

rates

might

remain

high.

As

the

period

opened,

U.S.

stocks

were

in

the

midst

of

a

rally

that

lasted

through

July

2023.

The

initial

tailwind

was

ChatGPT,

an

artificial

intelligence

(AI)

application

that

led

investors

to

perceive

AI

might

become

the

next

big

innovation

to

drive

the

information

technology

(IT)

sector.

As

a

result,

IT

-

one

of

the

worst-performing

sectors

in

2022

-

became

the

standout

sector

during

the

first

half

of

2023.

Earlier

recession

fears

that

had

weighed

on

stock

prices

receded

as

many

inves-

tors

came

around

to

the

view

that

the

U.S.

economy

was

doing

surprisingly

well.

But

in

the

final

two

months

of

the

period,

the

bond

market

halted

the

stock

market’s

momentum.

As

it

became

clear

the

Fed

would

keep

interest

rates

higher

for

longer

than

investors

had

anticipated

just

a

few

months

earlier,

longer

term

bond

rates

rose.

Given

the

potential

for

relatively

attractive

returns

with

lower

risk

than

stocks,

many

investors

shifted

from

equity

assets

to

bonds,

and

stock

prices

ended

on

a

down

note

as

the

period

came

to

a

close.

For

the

period

as

a

whole,

however,

the

August-September

stock

market

retreat

did

not

totally

erase

previous

gains,

and

the

Russell

1000®

Index,

a

measure

of

U.S.

large-cap

stocks,

returned

a

respectable

7.55%.

Fund

Performance

For

the

8-month

period

from

inception

on

January

30,

2023,

through

September

30,

2023,

Calvert

US

Large-Cap

Core

Re-

sponsible

Index

ETF

(the

Fund)

returned

6.85%

based

on

net

asset

value

(NAV)

and

reinvestment

of

distributions

per

share,

net

of

fees.

The

Fund

underperformed

its

primary

benchmark,

the

Russell

1000®

Index

(the

Index),

which

returned

7.55%

and

underperformed

its

secondary

benchmark,

the

Calvert

US

Large-Cap

Core

Responsible

Index

(the

Calvert

Index),

which

returned

6.99%

during

the

period.

The

Fund’s

underperformance

versus

the

Calvert

Index

was

due

to

Fund

expenses

and

fees,

which

the

Calvert

Index

does

not

incur.

Of

the

11

market

sectors

held

by

the

Fund,

communication

services,

consumer

discretionary,

energy,

industrials,

and

infor-

mation

technology

(IT)

delivered

positive

returns

during

the

period.

The

strongest-performing

sectors

were

IT,

energy,

and

consumer

discretionary.

The

weakest-performing

sectors

were

utilities,

real

estate,

and

financials.

Detractors

from

Fund

performance

versus

the

Index

included

stock

selections

and

an

underweight

position

in

the

communi-

cation

services

sector,

as

well

as

stock

selections

and

overweight

positions

in

the

financials

and

health

care

sectors.

In

the

communication

services

sector,

not

owning

Index

po-

sition

Meta

Platforms,

Inc.

(Meta)

-

the

social

media

compa-

ny

behind

Facebook,

Instagram,

and

Messenger

-

detracted

from

returns

relative

to

the

Index

during

the

period.

Meta’s

stock

price

doubled

during

the

period

as

advertising

revenues

rebounded

on

improved

ad

targeting,

while

profit

margins

exceeded

expectations

due

to

more

rational

spending

on

lon-

ger-term

initiatives.

In

the

financials

sector,

not

owning

Index

position

Berk-

shire

Hathaway,

Inc.

(Berkshire

Hathaway)

detracted

from

Index-relative

returns.

Berkshire

Hathaway,

Warren

Buffet’s

Nebraska-based

multinational

conglomerate,

posted

an

all-time

high

for

its

stock

price

in

September

2023,

as

its

core

insurance

businesses

-

including

wholly-owned

subsidiary

GEICO

-

performed

strongly

and

many

of

its

widely

diversified

holdings

delivered

robust

earnings

during

the

period

as

well.

In

contrast,

contributors

to

Fund

performance

versus

the

Index

included

an

overweight

position

in

the

IT

sector,

the

best-per-

forming

sector

within

the

Index

and

the

Fund

during

the

period;

an

underweight

position

in

the

real

estate

sector,

which

delivered

negative

returns

as

property

sales

were

hampered

by

rising

mortgage

rates

and

companies

cut

back

on

office

space

after

the

pandemic;

and

an

underweight

position

in

the

energy

sector.

In

the

IT

sector,

relative

performance

benefited

from

the

Fund’s

overweight

position

in

semiconductor

firm

NVIDIA

Corp.

(NVIDIA),

whose

stock

price

more

than

doubled

during

the

period.

NVIDIA’s

strong

stock

performance

was

driven

by

increased

demand

for

its

high-end

graphics

processing

units

in

the

burgeoning

AI,

industry. 

Annual

Report

—

September

30,

2023

Investment

Overview

(unaudited)

(cont’d)

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

5

Morgan

Stanley

ETF

Trust

Performance

data

quoted

represents

past

performance,

which

is

no

guaran-

tee

of

future

results,

and

current

performance

may

be

lower

or

higher

than

the

figures

shown.

Performance

assumes

that

all

dividends

and

distributions,

if

any,

were

reinvested.

For

the

most

recent

month-end

performance

figures,

please

visit

www.calvert.com.

Investment

return

and

principal

value

will

fluctu-

ate

so

that

Fund

shares,

when

sold

or redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Total

returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

selling

or

redemption

of

Fund

shares.

Fund's

total

returns

are

calculated

as

of

the

last

business

day

of

the

period.

*

Minimum

Investment.

**

The

Fund’s

performance

shown

assumes

that

all

recurring

fees

(including

management

fees)

were

deducted

and

all

dividends

and

distributions

were

reinvested.

***

Commenced

Operations

on

January

30,

2023.

Performance

Compared

to

the

Russell

1000

®

Index

(1)

and

the

Calvert

US

Large-Cap

Core

Responsible

Index

(2)

Cumulative

Total

Return

for

the

period

Ended

September

30,

2023

Since

Inception

(3)

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

-

NAV

(4)

6.85%

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

-

Market

Price

(4)

7.05%

Russell

1000

®

Index

7.55%

Calvert

US

Large-Cap

Core

Responsible

Index

6.99%

(1)

The

Russell

1000

®

Index

is

an

unmanaged

index

of

1,000

U.S.

large-

cap

stocks.

The

Russell

1000

®

Index

is

an

index

of

approximately

1,000

of

the

largest

U.S.

companies

based

on

a

combination

of

market

capitalization

and

current

index

membership.

The

Index

is

unmanaged

and

its

returns

do

not

include

any

sales

charges

or

fees.

Such

costs

would

lower

performance.

It

is

not

possible

to

invest

directly

in

an

index.

(2)

The

Calvert

US

Large-Cap

Core

Responsible

Index

(the

“Calvert

Index”)

is

composed

of

common

stocks

of

large

companies

that

operate

their

businesses

in

a

manner

consistent

with

the

Calvert

Principles

for

Responsible

Investment.

Large

companies

are

the

1,000

largest

publicly

traded

U.S.

companies

based

on

market

capitalization,

excluding

real

estate

investment

trusts

and

business

development

companies.

The

Calvert

Principles

for

Responsible

Investment

serve

as

a

framework

for

considering

environmental,

social

and

governance

factors

that

may

affect

investment

performance.

Stocks

are

weighted

in

the

Calvert

Index

based

on

their

float-adjusted

market

capitalization

within

the

relevant

sector,

subject

to

certain

prescribed

limits.

Unless

otherwise

stated,

index

returns

do

not

reflect

the

effect

of

any

applicable

sales

charges,

commissions,

expenses,

taxes

or

leverage,

as

applicable.

It

is

not

possible

to

invest

directly

in

an

index.

(3)

For

comparative

purposes,

average

annual

since

inception

returns

listed

for

the

Indexes

refer

to

the

inception

date

of

the

Fund,

not

the

inception

of

the

Index.

(4)

Commenced

operations

on

January

30,

2023.

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

6

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Common

Stocks

(99.8%)

Aerospace

&

Defense

(0.2%)

Axon

Enterprise,

Inc.(a)

697

$

138,696

Curtiss-Wright

Corp.

378

73,948

HEICO

Corp.

409

66,229

Hexcel

Corp.

833

54,262

Woodward,

Inc.

593

73,686

406,821

Air

Freight

&

Logistics

(0.7%)

CH

Robinson

Worldwide,

Inc.

826

71,143

Expeditors

International

of

Washington,

Inc.

1,038

118,986

FedEx

Corp.

1,626

430,760

GXO

Logistics,

Inc.(a)

865

50,732

United

Parcel

Service,

Inc.,

Class

 B

5,108

796,184

1,467,805

Automobile

Components

(0.2%)

Aptiv

plc(a)

1,987

195,898

Autoliv,

Inc.

624

60,204

BorgWarner,

Inc.

1,687

68,104

Lear

Corp.

421

56,498

Visteon

Corp.(a)

195

26,924

407,628

Automobiles

(2.3%)

Ford

Motor

Co.

27,719

344,270

General

Motors

Co.

9,687

319,381

Harley-Davidson,

Inc.

1,050

34,713

Rivian

Automotive,

Inc.,

Class

 A(a)

4,651

112,926

Tesla,

Inc.(a)

16,983

4,249,486

Thor

Industries,

Inc.

375

35,674

5,096,450

Banks

(4.0%)

Bank

of

America

Corp.

51,467

1,409,166

Bank

OZK

850

31,509

BOK

Financial

Corp.

223

17,836

Citigroup,

Inc.

15,109

621,433

Citizens

Financial

Group,

Inc.

3,605

96,614

Columbia

Banking

System,

Inc.

1,623

32,947

Comerica,

Inc.

977

40,594

Commerce

Bancshares,

Inc.

945

45,341

Cullen/Frost

Bankers,

Inc.

470

42,869

East

West

Bancorp,

Inc.

1,092

57,559

Fifth

Third

Bancorp

5,288

133,945

First

Citizens

BancShares,

Inc.,

Class

 A

81

111,788

First

Financial

Bankshares,

Inc.

1,093

27,456

First

Horizon

Corp.

4,125

45,458

FNB

Corp.

2,800

30,212

Home

BancShares,

Inc.

1,494

31,284

Huntington

Bancshares,

Inc.

11,173

116,199

JPMorgan

Chase

&

Co.

18,677

2,708,539

KeyCorp

7,129

76,708

M&T

Bank

Corp.

1,288

162,868

New

York

Community

Bancorp,

Inc.

5,584

63,323

Old

National

Bancorp

2,312

33,616

Pinnacle

Financial

Partners,

Inc.

595

39,889

PNC

Financial

Services

Group,

Inc.

(The)

3,117

382,674

Popular,

Inc.

550

34,656

Prosperity

Bancshares,

Inc.

707

38,588

Regions

Financial

Corp.

7,321

125,921

Shares

Value

SouthState

Corp.

594

$

40,012

Synovus

Financial

Corp.

1,135

31,553

Truist

Financial

Corp.

10,432

298,460

U.S.

Bancorp

12,018

397,315

United

Bankshares,

Inc.

1,047

28,887

Valley

National

Bancorp

3,396

29,070

Webster

Financial

Corp.

1,349

54,378

Wells

Fargo

&

Co.

28,711

1,173,131

Western

Alliance

Bancorp

797

36,638

Wintrust

Financial

Corp.

473

35,712

Zions

Bancorp

NA

1,163

40,577

8,724,725

Beverages

(1.8%)

Celsius

Holdings,

Inc.(a)

381

65,379

Coca-Cola

Co.

(The)

27,817

1,557,196

Coca-Cola

Consolidated,

Inc.

42

26,725

Keurig

Dr

Pepper,

Inc.

8,861

279,742

Monster

Beverage

Corp.(a)

6,726

356,142

PepsiCo,

Inc.

9,716

1,646,279

3,931,463

Biotechnology

(3.3%)

AbbVie,

Inc.

12,341

1,839,550

ACADIA

Pharmaceuticals,

Inc.(a)

983

20,486

Alkermes

plc(a)

1,336

37,421

Alnylam

Pharmaceuticals,

Inc.(a)

987

174,798

Amgen,

Inc.

4,199

1,128,523

Apellis

Pharmaceuticals,

Inc.(a)

711

27,047

Arrowhead

Pharmaceuticals,

Inc.(a)

846

22,732

Biogen,

Inc.(a)

1,132

290,935

BioMarin

Pharmaceutical,

Inc.(a)

1,467

129,800

Blueprint

Medicines

Corp.(a)

476

23,905

Denali

Therapeutics,

Inc.(a)

875

18,051

Exact

Sciences

Corp.(a)

1,432

97,691

Exelixis,

Inc.(a)

2,421

52,899

Gilead

Sciences,

Inc.

9,795

734,037

Halozyme

Therapeutics,

Inc.(a)

1,058

40,416

Horizon

Therapeutics

plc(a)

1,806

208,936

Incyte

Corp.(a)

1,456

84,113

Ionis

Pharmaceuticals,

Inc.(a)

1,130

51,257

Moderna,

Inc.(a)

2,584

266,901

Neurocrine

Biosciences,

Inc.(a)

773

86,963

Regeneron

Pharmaceuticals,

Inc.(a)

818

673,181

Sarepta

Therapeutics,

Inc.(a)

688

83,399

Seagen,

Inc.(a)

1,101

233,577

United

Therapeutics

Corp.(a)

360

81,313

Vertex

Pharmaceuticals,

Inc.(a)

2,023

703,478

7,111,409

Broadline

Retail

(3.2%)

Amazon.com,

Inc.(a)

53,460

6,795,835

eBay,

Inc.

3,341

147,305

Etsy,

Inc.(a)

726

46,885

Macy's,

Inc.

1,496

17,369

7,007,394

Building

Products

(1.1%)

A

O

Smith

Corp.

1,214

80,282

AAON,

Inc.

694

39,468

Advanced

Drainage

Systems,

Inc.

676

76,949

Allegion

plc

866

90,237

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

7

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Building

Products

(cont’d)

AZEK

Co.,

Inc.

(The),

Class

 A(a)

806

$

23,971

Carlisle

Cos.,

Inc.

843

218,556

Carrier

Global

Corp.

8,288

457,498

Fortune

Brands

Innovations,

Inc.

789

49,044

Johnson

Controls

International

plc

6,702

356,613

Lennox

International,

Inc.

316

118,323

Masco

Corp.

1,409

75,311

Owens

Corning

1,524

207,889

Simpson

Manufacturing

Co.,

Inc.

430

64,418

Trane

Technologies

plc

2,259

458,374

Trex

Co.,

Inc.(a)

685

42,217

UFP

Industries,

Inc.

381

39,014

Zurn

Elkay

Water

Solutions

Corp.

900

25,218

2,423,382

Capital

Markets

(3.8%)

Affiliated

Managers

Group,

Inc.

271

35,322

Ameriprise

Financial,

Inc.

809

266,711

Ares

Management

Corp.,

Class

 A

1,154

118,712

Bank

of

New

York

Mellon

Corp.

(The)

6,139

261,828

BlackRock,

Inc.

1,155

746,696

Blackstone,

Inc.

5,525

591,948

Blue

Owl

Capital,

Inc.,

Class

 A

3,435

44,518

Carlyle

Group,

Inc.

(The)

1,509

45,511

Cboe

Global

Markets,

Inc.

817

127,624

Charles

Schwab

Corp.

(The)

11,629

638,432

CME

Group,

Inc.

2,813

563,219

Coinbase

Global,

Inc.,

Class

 A(a)

1,371

102,935

Evercore,

Inc.,

Class

 A

266

36,676

FactSet

Research

Systems,

Inc.

282

123,307

Franklin

Resources,

Inc.

2,293

56,362

Goldman

Sachs

Group,

Inc.

(The)

2,576

833,516

Hamilton

Lane,

Inc.,

Class

 A

241

21,796

Houlihan

Lokey,

Inc.,

Class

 A

398

42,634

Interactive

Brokers

Group,

Inc.,

Class

 A

778

67,344

Intercontinental

Exchange,

Inc.

4,348

478,367

Invesco

Ltd.

3,539

51,386

Jefferies

Financial

Group,

Inc.

1,563

57,253

KKR

&

Co.,

Inc.

5,094

313,790

LPL

Financial

Holdings,

Inc.

594

141,164

MarketAxess

Holdings,

Inc.

264

56,401

Moody's

Corp.

1,169

369,603

Morningstar,

Inc.

194

45,443

MSCI,

Inc.,

Class

 A

571

292,969

Nasdaq,

Inc.

2,645

128,521

Northern

Trust

Corp.

1,595

110,821

Raymond

James

Financial,

Inc.

1,485

149,138

S&P

Global,

Inc.

2,354

860,175

SEI

Investments

Co.

859

51,738

State

Street

Corp.

2,490

166,730

Stifel

Financial

Corp.

794

48,783

T

Rowe

Price

Group,

Inc.

1,710

179,328

Tradeweb

Markets,

Inc.,

Class

 A

887

71,137

8,297,838

Chemicals

(1.3%)

Air

Products

and

Chemicals,

Inc.

2,168

614,411

Ashland,

Inc.

505

41,248

Axalta

Coating

Systems

Ltd.(a)

2,192

58,965

Shares

Value

Balchem

Corp.

327

$

40,561

Cabot

Corp.

571

39,553

Celanese

Corp.,

Class

 A

1,075

134,934

Eastman

Chemical

Co.

1,168

89,609

Ecolab,

Inc.

2,513

425,702

Element

Solutions,

Inc.

2,314

45,378

FMC

Corp.

1,200

80,364

Huntsman

Corp.

1,670

40,748

International

Flavors

&

Fragrances,

Inc.

2,496

170,152

Livent

Corp.(a)

1,865

34,335

Mosaic

Co.

(The)

3,274

116,554

PPG

Industries,

Inc.

2,332

302,694

Sherwin-Williams

Co.

(The)

2,349

599,113

2,834,321

Commercial

Services

&

Supplies

(0.8%)

Casella

Waste

Systems,

Inc.,

Class

 A(a)

481

36,700

Cintas

Corp.

539

259,265

Clean

Harbors,

Inc.(a)

426

71,295

Copart,

Inc.(a)

6,422

276,724

MSA

Safety,

Inc.

365

57,542

Republic

Services,

Inc.,

Class

 A

1,748

249,108

Rollins,

Inc.

1,883

70,292

Stericycle,

Inc.(a)

804

35,947

Tetra

Tech,

Inc.

442

67,197

Waste

Management,

Inc.

3,447

525,461

1,649,531

Communications

Equipment

(1.0%)

Arista

Networks,

Inc.(a)

1,649

303,301

Ciena

Corp.(a)

979

46,268

Cisco

Systems,

Inc.

26,667

1,433,618

F5,

Inc.(a)

396

63,811

Juniper

Networks,

Inc.

2,099

58,331

Lumentum

Holdings,

Inc.(a)

445

20,105

Motorola

Solutions,

Inc.

1,086

295,653

Viasat,

Inc.(a)

372

6,867

2,227,954

Construction

&

Engineering

(0.3%)

AECOM

1,187

98,568

Comfort

Systems

USA,

Inc.

302

51,464

EMCOR

Group,

Inc.

401

84,366

MasTec,

Inc.(a)

505

36,345

Quanta

Services,

Inc.

1,222

228,599

Valmont

Industries,

Inc.

203

48,763

WillScot

Mobile

Mini

Holdings

Corp.(a)

1,645

68,416

616,521

Construction

Materials

(0.2%)

Summit

Materials,

Inc.,

Class

 A(a)

2,008

62,529

Vulcan

Materials

Co.

2,248

454,141

516,670

Consumer

Finance

(0.7%)

Ally

Financial,

Inc.

2,345

62,565

American

Express

Co.

4,642

692,540

Capital

One

Financial

Corp.

2,955

286,783

Credit

Acceptance

Corp.(a)

50

23,006

Discover

Financial

Services

1,966

170,314

FirstCash

Holdings,

Inc.

296

29,712

OneMain

Holdings,

Inc.

952

38,166

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

8

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Consumer

Finance

(cont’d)

SLM

Corp.

1,750

$

23,835

SoFi

Technologies,

Inc.(a)

7,464

59,637

Synchrony

Financial

3,333

101,890

1,488,448

Consumer

Staples

Distribution

&

Retail

(2.1%)

Albertsons

Cos.,

Inc.,

Class

 A

3,714

84,493

BJ's

Wholesale

Club

Holdings,

Inc.(a)

840

59,951

Casey's

General

Stores,

Inc.

328

89,059

Costco

Wholesale

Corp.

2,749

1,553,075

Dollar

General

Corp.

1,344

142,195

Dollar

Tree,

Inc.(a)

1,371

145,943

Kroger

Co.

(The)

6,363

284,744

Performance

Food

Group

Co.(a)

1,342

78,990

Sprouts

Farmers

Market,

Inc.(a)

929

39,761

Sysco

Corp.

4,503

297,423

Target

Corp.

2,863

316,562

U.S.

Foods

Holding

Corp.(a)

2,188

86,864

Walmart,

Inc.

8,915

1,425,776

4,604,836

Containers

&

Packaging

(0.5%)

AptarGroup,

Inc.

664

83,027

Avery

Dennison

Corp.

787

143,761

Ball

Corp.

3,107

154,666

Berry

Global

Group,

Inc.

1,169

72,373

Crown

Holdings,

Inc.

1,186

104,937

Graphic

Packaging

Holding

Co.

3,011

67,085

Packaging

Corp.

of

America

873

134,049

Sealed

Air

Corp.

1,481

48,666

Silgan

Holdings,

Inc.

882

38,023

Sonoco

Products

Co.

963

52,339

Westrock

Co.

2,495

89,321

988,247

Distributors

(0.1%)

Genuine

Parts

Co.

877

126,621

LKQ

Corp.

1,664

82,385

Pool

Corp.

238

84,752

293,758

Diversified

Consumer

Services

(0.1%)

Bright

Horizons

Family

Solutions,

Inc.(a)

417

33,969

Duolingo,

Inc.,

Class

 A(a)

210

34,833

H&R

Block,

Inc.

1,131

48,701

Service

Corp.

International

1,090

62,282

179,785

Diversified

Telecommunication

Services

(0.8%)

AT&T,

Inc.

46,849

703,672

Iridium

Communications,

Inc.

816

37,120

Verizon

Communications,

Inc.

27,565

893,381

1,634,173

Electric

Utilities

(1.1%)

Alliant

Energy

Corp.

2,149

104,119

Avangrid,

Inc.

626

18,886

Constellation

Energy

Corp.

2,755

300,515

Evergy,

Inc.

1,934

98,054

Eversource

Energy

2,970

172,705

Exelon

Corp.

8,456

319,552

IDACORP,

Inc.

425

39,801

Shares

Value

NextEra

Energy,

Inc.

16,579

$

949,811

NRG

Energy,

Inc.

1,930

74,344

PNM

Resources,

Inc.

739

32,967

Portland

General

Electric

Co.

831

33,639

Xcel

Energy,

Inc.

4,689

268,305

2,412,698

Electrical

Equipment

(1.2%)

Acuity

Brands,

Inc.

309

52,626

AMETEK,

Inc.

2,279

336,745

Atkore,

Inc.(a)

370

55,200

Eaton

Corp.

plc

3,749

799,587

Emerson

Electric

Co.

5,649

545,524

EnerSys

258

24,425

Generac

Holdings,

Inc.(a)

607

66,139

Hubbell,

Inc.,

Class

 B

530

166,107

nVent

Electric

plc

1,602

84,890

Plug

Power,

Inc.(a)

3,214

24,427

Regal

Rexnord

Corp.

668

95,444

Rockwell

Automation,

Inc.

1,137

325,034

Sensata

Technologies

Holding

plc

1,499

56,692

Sunrun,

Inc.(a)

1,213

15,235

2,648,075

Electronic

Equipment,

Instruments

&

Components

(1.0%)

Advanced

Energy

Industries,

Inc.

384

39,598

Amphenol

Corp.,

Class

 A

5,882

494,029

Arrow

Electronics,

Inc.(a)

345

43,208

Avnet,

Inc.

581

27,998

Badger

Meter,

Inc.

303

43,593

Belden,

Inc.

420

40,551

CDW

Corp.

882

177,952

Cognex

Corp.

1,705

72,360

Coherent

Corp.(a)

1,173

38,287

Corning,

Inc.

5,035

153,416

Insight

Enterprises,

Inc.(a)

177

25,754

IPG

Photonics

Corp.(a)

186

18,886

Jabil,

Inc.

829

105,192

Keysight

Technologies,

Inc.(a)

1,749

231,410

Littelfuse,

Inc.

249

61,583

National

Instruments

Corp.

863

51,452

Novanta,

Inc.(a)

357

51,208

TD

SYNNEX

Corp.

258

25,764

Teledyne

Technologies,

Inc.(a)

465

189,990

Trimble,

Inc.(a)

2,452

132,065

Vishay

Intertechnology,

Inc.

846

20,913

Zebra

Technologies

Corp.,

Class

 A(a)

332

78,528

2,123,737

Energy

Equipment

&

Services

(0.2%)

Baker

Hughes

Co.,

Class

 A

15,239

538,241

Entertainment

(1.4%)

AMC

Entertainment

Holdings,

Inc.,

Class

 A(a)

1,170

9,348

Atlanta

Braves

Holdings,

Inc.,

Class

 C(a)

404

14,435

Electronic

Arts,

Inc.

1,619

194,928

Liberty

Media

Corp-Liberty

Formula

One,

Class

 A(a)

1,802

101,885

Liberty

Media

Corp-Liberty

Live,

Class

 A(a)

493

15,737

Live

Nation

Entertainment,

Inc.(a)

1,058

87,856

Madison

Square

Garden

Sports

Corp.

112

19,746

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

9

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Entertainment

(cont’d)

Netflix,

Inc.(a)

2,864

$

1,081,446

ROBLOX

Corp.,

Class

 A(a)

3,025

87,604

Roku,

Inc.,

Class

 A(a)

805

56,825

Take-Two

Interactive

Software,

Inc.(a)

1,012

142,075

Walt

Disney

Co.

(The)(a)

13,530

1,096,606

Warner

Bros

Discovery,

Inc.(a)

17,151

186,260

Warner

Music

Group

Corp.,

Class

 A

937

29,422

3,124,173

Financial

Services

(2.9%)

Affirm

Holdings,

Inc.,

Class

 A(a)

1,437

30,565

Block,

Inc.,

Class

 A(a)

3,501

154,954

Equitable

Holdings,

Inc.

2,789

79,180

Essent

Group

Ltd.

816

38,589

Euronet

Worldwide,

Inc.(a)

311

24,687

Fidelity

National

Information

Services,

Inc.

3,864

213,563

Fiserv,

Inc.(a)

3,961

447,435

Jack

Henry

&

Associates,

Inc.

477

72,094

Mastercard,

Inc.,

Class

 A

5,470

2,165,628

MGIC

Investment

Corp.

2,260

37,719

PayPal

Holdings,

Inc.(a)

7,140

417,404

Radian

Group,

Inc.

1,235

31,011

Shift4

Payments,

Inc.,

Class

 A(a)

372

20,598

Toast,

Inc.,

Class

 A(a)

2,384

44,652

Visa,

Inc.,

Class

 A

10,489

2,412,575

Voya

Financial,

Inc.

823

54,688

Western

Union

Co.

(The)

2,525

33,280

WEX,

Inc.(a)

272

51,160

6,329,782

Food

Products

(1.3%)

Bunge

Ltd.

1,315

142,349

Campbell

Soup

Co.

1,760

72,301

Conagra

Brands,

Inc.

4,208

115,383

Darling

Ingredients,

Inc.(a)

1,402

73,184

Flowers

Foods,

Inc.

1,745

38,704

General

Mills,

Inc.

5,161

330,252

Hershey

Co.

(The)

1,336

267,307

Hormel

Foods

Corp.

2,555

97,167

Ingredion,

Inc.

563

55,399

J.M.

Smucker

Co.

(The)

889

109,267

Kellogg

Co.

2,318

137,944

Kraft

Heinz

Co.

(The)

7,167

241,098

Lamb

Weston

Holdings,

Inc.

1,253

115,852

Lancaster

Colony

Corp.

168

27,725

McCormick

&

Co.,

Inc.

(Non-Voting)

2,336

176,695

Mondelez

International,

Inc.,

Class

 A

12,139

842,447

Simply

Good

Foods

Co.

(The)(a)

861

29,722

2,872,796

Gas

Utilities

(0.1%)

National

Fuel

Gas

Co.

759

39,400

New

Jersey

Resources

Corp.

835

33,926

ONE

Gas,

Inc.

468

31,955

Southwest

Gas

Holdings,

Inc.

608

36,729

UGI

Corp.

1,806

41,538

183,548

Ground

Transportation

(1.0%)

Avis

Budget

Group,

Inc.(a)

180

32,344

Shares

Value

JB

Hunt

Transport

Services,

Inc.

588

$

110,850

Knight-Swift

Transportation

Holdings,

Inc.,

Class

 A

1,093

54,814

Landstar

System,

Inc.

254

44,943

Old

Dominion

Freight

Line,

Inc.

664

271,669

Ryder

System,

Inc.

327

34,973

Saia,

Inc.(a)

185

73,750

Uber

Technologies,

Inc.(a)

12,793

588,350

Union

Pacific

Corp.

4,291

873,776

XPO,

Inc.(a)

831

62,042

2,147,511

Health

Care

Equipment

&

Supplies

(3.6%)

Abbott

Laboratories

13,124

1,271,059

Align

Technology,

Inc.(a)

563

171,895

Baxter

International,

Inc.

3,942

148,771

Becton

Dickinson

&

Co.

2,279

589,190

Boston

Scientific

Corp.(a)

11,463

605,246

CONMED

Corp.

242

24,406

Cooper

Cos.,

Inc.

(The)

381

121,162

DENTSPLY

SIRONA,

Inc.

1,699

58,038

Dexcom,

Inc.(a)

3,004

280,273

Edwards

Lifesciences

Corp.(a)

4,731

327,764

Envista

Holdings

Corp.(a)

1,328

37,025

GE

HealthCare

Technologies,

Inc.

3,084

209,835

Globus

Medical,

Inc.,

Class

 A(a)

586

29,095

Haemonetics

Corp.(a)

400

35,832

Hologic,

Inc.(a)

1,902

131,999

ICU

Medical,

Inc.(a)

142

16,900

IDEXX

Laboratories,

Inc.(a)

646

282,476

Inari

Medical,

Inc.(a)

386

25,244

Inspire

Medical

Systems,

Inc.(a)

232

46,038

Insulet

Corp.(a)

535

85,327

Intuitive

Surgical,

Inc.(a)

2,745

802,336

iRhythm

Technologies,

Inc.(a)

239

22,528

Lantheus

Holdings,

Inc.(a)

540

37,519

Masimo

Corp.(a)

366

32,091

Medtronic

plc

10,465

820,037

Merit

Medical

Systems,

Inc.(a)

455

31,404

Neogen

Corp.(a)

1,763

32,686

Novocure

Ltd.(a)

646

10,433

Penumbra,

Inc.(a)

283

68,461

QuidelOrtho

Corp.(a)

388

28,340

ResMed,

Inc.

1,132

167,389

Shockwave

Medical,

Inc.(a)

280

55,748

STERIS

plc

776

170,270

Stryker

Corp.

2,794

763,516

Teleflex,

Inc.

365

71,690

Zimmer

Biomet

Holdings,

Inc.

1,656

185,836

7,797,859

Health

Care

Providers

&

Services

(1.4%)

agilon

health,

Inc.(a)

2,283

40,546

AMN

Healthcare

Services,

Inc.(a)

297

25,298

Centene

Corp.(a)

4,231

291,431

Chemed

Corp.

116

60,285

CVS

Health

Corp.

10,079

703,716

DaVita,

Inc.(a)

424

40,081

Elevance

Health,

Inc.

1,847

804,221

Encompass

Health

Corp.

790

53,056

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

10

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Health

Care

Providers

&

Services

(cont’d)

Ensign

Group,

Inc.

(The)

439

$

40,796

HealthEquity,

Inc.(a)

546

39,885

Henry

Schein,

Inc.(a)

1,035

76,849

Humana,

Inc.

970

471,924

Laboratory

Corp.

of

America

Holdings

695

139,730

Molina

Healthcare,

Inc.(a)

450

147,551

Option

Care

Health,

Inc.(a)

1,363

44,093

Progyny,

Inc.(a)

628

21,365

Quest

Diagnostics,

Inc.

888

108,212

R1

RCM,

Inc.(a)

1,148

17,300

Select

Medical

Holdings

Corp.

860

21,732

3,148,071

Health

Care

Technology

(0.1%)

Doximity,

Inc.,

Class

 A(a)

796

16,891

Veeva

Systems,

Inc.,

Class

 A(a)

949

193,074

209,965

Hotels,

Restaurants

&

Leisure

(1.9%)

Airbnb,

Inc.,

Class

 A(a)

2,625

360,176

Aramark

2,299

79,775

Booking

Holdings,

Inc.(a)

232

715,476

Chipotle

Mexican

Grill,

Inc.,

Class

 A(a)

245

448,798

Choice

Hotels

International,

Inc.

230

28,177

Darden

Restaurants,

Inc.

1,063

152,243

Domino's

Pizza,

Inc.

311

117,804

Expedia

Group,

Inc.(a)

922

95,031

Hilton

Grand

Vacations,

Inc.(a)

586

23,850

Hilton

Worldwide

Holdings,

Inc.

1,902

285,642

Hyatt

Hotels

Corp.,

Class

 A

333

35,325

Marriott

International,

Inc.,

Class

 A

1,869

367,371

Marriott

Vacations

Worldwide

Corp.

226

22,742

Planet

Fitness,

Inc.,

Class

 A(a)

625

30,738

Starbucks

Corp.

9,861

900,014

Texas

Roadhouse,

Inc.,

Class

 A

581

55,834

Vail

Resorts,

Inc.

284

63,017

Wendy's

Co.

(The)

1,539

31,411

Wingstop,

Inc.

255

45,859

Wyndham

Hotels

&

Resorts,

Inc.

624

43,393

Yum!

Brands,

Inc.

2,502

312,600

4,215,276

Household

Durables

(0.5%)

D.R.

Horton,

Inc.

2,521

270,932

KB

Home

678

31,378

Leggett

&

Platt,

Inc.

844

21,446

Lennar

Corp.,

Class

 A

2,203

247,243

Meritage

Homes

Corp.

304

37,207

Mohawk

Industries,

Inc.(a)

327

28,060

Newell

Brands,

Inc.

2,543

22,963

NVR,

Inc.(a)

27

161,009

PulteGroup,

Inc.

1,885

139,584

Taylor

Morrison

Home

Corp.,

Class

 A(a)

905

38,562

Tempur

Sealy

International,

Inc.

1,055

45,724

TopBuild

Corp.(a)

264

66,422

Whirlpool

Corp.

330

44,121

1,154,651

Household

Products

(1.4%)

Church

&

Dwight

Co.,

Inc.

1,523

139,552

Shares

Value

Clorox

Co.

(The)

762

$

99,868

Colgate-Palmolive

Co.

5,156

366,643

Kimberly-Clark

Corp.

2,100

253,785

Procter

&

Gamble

Co.

(The)

14,678

2,140,933

3,000,781

Independent

Power

and

Renewable

Electricity

Producers

(0.1%)

AES

Corp.

(The)

5,590

84,968

Brookfield

Renewable

Corp.

1,111

26,597

Clearway

Energy,

Inc.,

Class

 C

985

20,843

Ormat

Technologies,

Inc.

449

31,394

163,802

Insurance

(2.5%)

Aflac,

Inc.

4,208

322,964

Allstate

Corp.

(The)

2,033

226,497

American

Financial

Group,

Inc.

612

68,342

American

International

Group,

Inc.

5,584

338,390

Arch

Capital

Group

Ltd.(a)

2,817

224,543

Assurant,

Inc.

406

58,293

Axis

Capital

Holdings

Ltd.

612

34,498

Brown

&

Brown,

Inc.

1,749

122,150

Cincinnati

Financial

Corp.

1,202

122,953

Enstar

Group

Ltd.(a)

97

23,474

Erie

Indemnity

Co.,

Class

 A

198

58,170

Everest

Group

Ltd.

329

122,279

Fidelity

National

Financial,

Inc.

2,025

83,632

First

American

Financial

Corp.

740

41,803

Globe

Life,

Inc.

729

79,264

Hanover

Insurance

Group,

Inc.

(The)

267

29,632

Hartford

Financial

Services

Group,

Inc.

(The)

2,412

171,035

Kinsale

Capital

Group,

Inc.

169

69,988

Lincoln

National

Corp.

1,336

32,986

Markel

Group,

Inc.(a)

102

150,194

Marsh

&

McLennan

Cos.,

Inc.

3,872

736,842

MetLife,

Inc.

5,008

315,053

Old

Republic

International

Corp.

2,141

57,679

Primerica,

Inc.

274

53,159

Principal

Financial

Group,

Inc.

1,878

135,347

Progressive

Corp.

(The)

4,586

638,830

Prudential

Financial,

Inc.

2,838

269,298

Reinsurance

Group

of

America,

Inc.

510

74,047

RenaissanceRe

Holdings

Ltd.

387

76,595

RLI

Corp.

315

42,805

Ryan

Specialty

Holdings,

Inc.,

Class

 A(a)

732

35,429

Selective

Insurance

Group,

Inc.

464

47,871

Travelers

Cos.,

Inc.

(The)

1,790

292,325

Unum

Group

1,541

75,802

W.

R.

Berkley

Corp.

1,604

101,838

White

Mountains

Insurance

Group

Ltd.

16

23,931

Willis

Towers

Watson

plc

823

171,974

5,529,912

Interactive

Media

&

Services

(4.0%)

Alphabet,

Inc.,

Class

 A(a)

64,701

8,466,773

IAC,

Inc.(a)

505

25,447

Pinterest,

Inc.,

Class

 A(a)

3,761

101,660

Snap,

Inc.,

Class

 A(a)

6,495

57,870

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

11

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Interactive

Media

&

Services

(cont’d)

ZoomInfo

Technologies,

Inc.,

Class

 A(a)

1,989

$

32,620

8,684,370

IT

Services

(1.7%)

Accenture

plc,

Class

 A

4,346

1,334,700

Akamai

Technologies,

Inc.(a)

978

104,196

Amdocs

Ltd.

795

67,170

Cloudflare,

Inc.,

Class

 A(a)

1,862

117,380

Cognizant

Technology

Solutions

Corp.,

Class

 A

3,320

224,897

DXC

Technology

Co.(a)

1,396

29,079

EPAM

Systems,

Inc.(a)

371

94,861

Gartner,

Inc.(a)

565

194,140

International

Business

Machines

Corp.

5,970

837,591

MongoDB,

Inc.,

Class

 A(a)

444

153,562

Okta,

Inc.,

Class

 A(a)

986

80,369

Snowflake,

Inc.,

Class

 A(a)

1,943

296,832

Twilio,

Inc.,

Class

 A(a)

1,125

65,846

VeriSign,

Inc.(a)

599

121,315

3,721,938

Leisure

Products

(0.1%)

Brunswick

Corp.

682

53,878

Hasbro,

Inc.

797

52,713

Mattel,

Inc.(a)

2,227

49,061

155,652

Life

Sciences

Tools

&

Services

(2.1%)

10X

Genomics,

Inc.,

Class

 A(a)

690

28,463

Agilent

Technologies,

Inc.

2,316

258,975

Avantor,

Inc.(a)

5,280

111,303

Bio-Rad

Laboratories,

Inc.,

Class

 A(a)

167

59,861

Bio-Techne

Corp.

1,247

84,883

Bruker

Corp.

791

49,279

Charles

River

Laboratories

International,

Inc.(a)

402

78,784

Danaher

Corp.

5,118

1,269,776

Fortrea

Holdings,

Inc.(a)

699

19,985

Illumina,

Inc.(a)

1,226

168,305

IQVIA

Holdings,

Inc.(a)

1,427

280,762

Medpace

Holdings,

Inc.(a)

181

43,826

Mettler-Toledo

International,

Inc.(a)

171

189,480

PerkinElmer,

Inc.

973

107,711

Repligen

Corp.(a)

412

65,512

Thermo

Fisher

Scientific,

Inc.

2,802

1,418,288

Waters

Corp.(a)

458

125,588

West

Pharmaceutical

Services,

Inc.

577

216,496

4,577,277

Machinery

(3.3%)

AGCO

Corp.

617

72,979

Allison

Transmission

Holdings,

Inc.

883

52,150

Caterpillar,

Inc.

4,114

1,123,122

Chart

Industries,

Inc.(a)

424

71,707

CNH

Industrial

NV

9,255

111,985

Cummins,

Inc.

1,381

315,503

Deere

&

Co.

2,387

900,806

Donaldson

Co.,

Inc.

1,197

71,389

Dover

Corp.

1,380

192,524

Esab

Corp.

590

41,430

Flowserve

Corp.

1,294

51,462

Shares

Value

Fortive

Corp.

3,481

$

258,151

Franklin

Electric

Co.,

Inc.

406

36,227

Graco,

Inc.

1,660

120,981

IDEX

Corp.

748

155,599

Illinois

Tool

Works,

Inc.

2,990

688,627

Ingersoll

Rand,

Inc.

4,004

255,135

ITT,

Inc.

827

80,972

Lincoln

Electric

Holdings,

Inc.

557

101,257

Middleby

Corp.

(The)(a)

525

67,200

Mueller

Industries,

Inc.

568

42,691

Nordson

Corp.

506

112,924

Oshkosh

Corp.

663

63,270

Otis

Worldwide

Corp.

4,079

327,584

PACCAR,

Inc.

5,094

433,092

Parker-Hannifin

Corp.

1,267

493,522

Pentair

plc

1,631

105,607

Snap-on,

Inc.

522

133,141

SPX

Technologies,

Inc.(a)

454

36,956

Stanley

Black

&

Decker,

Inc.

1,494

124,869

Timken

Co.

(The)

657

48,283

Toro

Co.

(The)

1,026

85,261

Watts

Water

Technologies,

Inc.,

Class

 A

271

46,834

Westinghouse

Air

Brake

Technologies

Corp.

1,759

186,929

Xylem,

Inc.

2,381

216,742

7,226,911

Media

(1.0%)

Cable

One,

Inc.

29

17,854

Charter

Communications,

Inc.,

Class

 A(a)

653

287,202

Comcast

Corp.,

Class

 A

26,782

1,187,514

Interpublic

Group

of

Cos.,

Inc.

(The)

2,842

81,452

Liberty

Broadband

Corp.,

Class

 C(a)

875

79,905

New

York

Times

Co.

(The),

Class

 A

1,199

49,399

Nexstar

Media

Group,

Inc.,

Class

 A

248

35,556

Omnicom

Group,

Inc.

1,454

108,294

Paramount

Global,

Class

 B

4,192

54,077

Sirius

XM

Holdings,

Inc.

5,177

23,400

TEGNA,

Inc.

1,685

24,550

Trade

Desk,

Inc.

(The),

Class

 A(a)

2,876

224,759

2,173,962

Metals

&

Mining

(0.6%)

ATI,

Inc.(a)

2,178

89,625

Commercial

Metals

Co.

1,974

97,535

Nucor

Corp.

3,403

532,059

Reliance

Steel

&

Aluminum

Co.

987

258,821

Steel

Dynamics,

Inc.

2,641

283,168

1,261,208

Multi-Utilities

(0.9%)

Ameren

Corp.

2,220

166,123

Black

Hills

Corp.

561

28,381

CMS

Energy

Corp.

2,482

131,819

Consolidated

Edison,

Inc.

2,942

251,629

Dominion

Energy,

Inc.

7,108

317,514

DTE

Energy

Co.

1,739

172,648

NiSource,

Inc.

3,532

87,170

Public

Service

Enterprise

Group,

Inc.

4,244

241,526

Sempra

5,362

364,777

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

12

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Multi-Utilities

(cont’d)

WEC

Energy

Group,

Inc.

2,685

$

216,277

1,977,864

Oil,

Gas

&

Consumable

Fuels

(0.3%)

Denbury,

Inc.(a)

837

82,034

Occidental

Petroleum

Corp.

9,437

612,273

694,307

Paper

&

Forest

Products

(0.0%)(b)

Louisiana-Pacific

Corp.

445

24,595

Passenger

Airlines

(0.2%)

Alaska

Air

Group,

Inc.(a)

929

34,448

American

Airlines

Group,

Inc.(a)

4,625

59,246

Delta

Air

Lines,

Inc.

4,516

167,092

Southwest

Airlines

Co.

4,190

113,423

374,209

Personal

Care

Products

(0.1%)

BellRing

Brands,

Inc.(a)

847

34,922

Coty,

Inc.,

Class

 A(a)

2,195

24,079

elf

Beauty,

Inc.(a)

318

34,926

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

1,424

205,839

299,766

Pharmaceuticals

(3.7%)

Bristol-Myers

Squibb

Co.

16,414

952,669

Catalent,

Inc.(a)

1,402

63,833

Elanco

Animal

Health,

Inc.(a)

3,989

44,836

Eli

Lilly

&

Co.

5,426

2,914,467

Jazz

Pharmaceuticals

plc(a)

493

63,814

Merck

&

Co.,

Inc.

17,537

1,805,434

Organon

&

Co.

2,070

35,935

Perrigo

Co.

plc

1,101

35,177

Pfizer,

Inc.

41,742

1,384,582

Royalty

Pharma

plc,

Class

 A

3,020

81,963

Zoetis,

Inc.,

Class

 A

3,619

629,634

8,012,344

Professional

Services

(1.1%)

Alight,

Inc.,

Class

 A(a)

2,736

19,398

Automatic

Data

Processing,

Inc.

2,689

646,920

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

950

103,806

Broadridge

Financial

Solutions,

Inc.

760

136,078

Ceridian

HCM

Holding,

Inc.(a)

974

66,086

Concentrix

Corp.

253

20,268

Dun

&

Bradstreet

Holdings,

Inc.

1,745

17,432

Equifax,

Inc.

898

164,496

ExlService

Holdings,

Inc.(a)

1,075

30,143

Exponent,

Inc.

376

32,186

FTI

Consulting,

Inc.(a)

245

43,710

Genpact

Ltd.

1,125

40,725

Insperity,

Inc.

260

25,376

ManpowerGroup,

Inc.

374

27,422

Maximus,

Inc.

450

33,606

Paychex,

Inc.

2,108

243,116

Paycom

Software,

Inc.

334

86,596

Paylocity

Holding

Corp.(a)

269

48,877

Robert

Half,

Inc.

778

57,012

Science

Applications

International

Corp.

345

36,411

SS&C

Technologies

Holdings,

Inc.

1,427

74,975

Shares

Value

TransUnion

1,425

$

102,301

TriNet

Group,

Inc.(a)

283

32,964

Verisk

Analytics,

Inc.,

Class

 A

1,067

252,068

2,341,972

Real

Estate

Management

&

Development

(0.3%)

CBRE

Group,

Inc.,

Class

 A(a)

2,622

193,661

CoStar

Group,

Inc.(a)

2,965

227,979

Howard

Hughes

Holdings,

Inc.(a)

314

23,277

Jones

Lang

LaSalle,

Inc.(a)

404

57,037

Zillow

Group,

Inc.,

Class

 C(a)

1,390

64,162

566,116

Semiconductors

&

Semiconductor

Equipment

(7.8%)

Advanced

Micro

Devices,

Inc.(a)

10,490

1,078,582

Allegro

MicroSystems,

Inc.(a)

466

14,884

Amkor

Technology,

Inc.

644

14,554

Analog

Devices,

Inc.

3,305

578,672

Applied

Materials,

Inc.

5,468

757,045

Broadcom,

Inc.

2,646

2,197,715

Cirrus

Logic,

Inc.(a)

363

26,848

Diodes,

Inc.(a)

291

22,942

Enphase

Energy,

Inc.(a)

838

100,686

Entegris,

Inc.

974

91,468

First

Solar,

Inc.(a)

651

105,195

Intel

Corp.

27,453

975,954

KLA

Corp.

896

410,959

Lam

Research

Corp.

864

541,529

Lattice

Semiconductor

Corp.(a)

891

76,564

Marvell

Technology,

Inc.

5,584

302,262

Microchip

Technology,

Inc.

3,495

272,785

Micron

Technology,

Inc.

7,147

486,210

MKS

Instruments,

Inc.

620

53,655

Monolithic

Power

Systems,

Inc.

297

137,214

NVIDIA

Corp.

14,135

6,148,584

ON

Semiconductor

Corp.(a)

2,801

260,353

Onto

Innovation,

Inc.(a)

319

40,679

Power

Integrations,

Inc.

370

28,235

Qorvo,

Inc.(a)

644

61,483

QUALCOMM,

Inc.

7,311

811,960

Rambus,

Inc.(a)

712

39,722

Silicon

Laboratories,

Inc.(a)

196

22,714

Skyworks

Solutions,

Inc.

1,042

102,731

SolarEdge

Technologies,

Inc.(a)

350

45,329

Teradyne,

Inc.

1,005

100,962

Texas

Instruments,

Inc.

5,947

945,632

Universal

Display

Corp.

278

43,643

Wolfspeed,

Inc.(a)

762

29,032

16,926,782

Software

(11.2%)

Adobe,

Inc.(a)

2,971

1,514,913

Altair

Engineering,

Inc.,

Class

 A(a)

354

22,146

ANSYS,

Inc.(a)

561

166,926

Appfolio,

Inc.,

Class

 A(a)

113

20,637

AppLovin

Corp.,

Class

 A(a)

1,083

43,277

Aspen

Technology,

Inc.(a)

181

36,971

Atlassian

Corp.,

Class

 A(a)

981

197,681

Autodesk,

Inc.(a)

1,400

289,674

BILL

Holdings,

Inc.(a)

661

71,765

Box,

Inc.,

Class

 A(a)

932

22,564

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

13

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Software

(cont’d)

Cadence

Design

Systems,

Inc.(a)

1,757

$

411,665

Confluent,

Inc.,

Class

 A(a)

1,295

38,345

Crowdstrike

Holdings,

Inc.,

Class

 A(a)

1,412

236,341

Datadog,

Inc.,

Class

 A(a)

1,735

158,041

DocuSign,

Inc.,

Class

 A(a)

1,318

55,356

Dolby

Laboratories,

Inc.,

Class

 A

388

30,753

Dropbox,

Inc.,

Class

 A(a)

1,716

46,727

Dynatrace,

Inc.(a)

1,553

72,572

Elastic

NV(a)

513

41,676

Fair

Isaac

Corp.(a)

179

155,467

Five9,

Inc.(a)

464

29,835

Fortinet,

Inc.(a)

4,257

249,801

Gen

Digital,

Inc.

3,843

67,944

Guidewire

Software,

Inc.(a)

534

48,060

HashiCorp,

Inc.,

Class

 A(a)

501

11,438

HubSpot,

Inc.(a)

313

154,152

Intuit,

Inc.

1,784

911,517

Manhattan

Associates,

Inc.(a)

402

79,459

Microsoft

Corp.

42,547

13,434,215

New

Relic,

Inc.(a)

429

36,731

Nutanix,

Inc.,

Class

 A(a)

1,563

54,517

Oracle

Corp.

10,242

1,084,833

Palo

Alto

Networks,

Inc.(a)

1,975

463,019

PTC,

Inc.(a)

770

109,094

Qualys,

Inc.(a)

237

36,154

Roper

Technologies,

Inc.

697

337,543

Salesforce,

Inc.(a)

6,172

1,251,558

SentinelOne,

Inc.,

Class

 A(a)

1,459

24,599

ServiceNow,

Inc.(a)

1,333

745,094

Smartsheet,

Inc.,

Class

 A(a)

841

34,027

Splunk,

Inc.(a)

1,004

146,835

SPS

Commerce,

Inc.(a)

238

40,605

Synopsys,

Inc.(a)

988

453,462

Tenable

Holdings,

Inc.(a)

734

32,883

Teradata

Corp.(a)

663

29,848

Tyler

Technologies,

Inc.(a)

274

105,802

VMware,

Inc.,

Class

 A(a)

1,403

233,571

Workday,

Inc.,

Class

 A(a)

1,339

287,684

Workiva,

Inc.(a)

308

31,213

Zoom

Video

Communications,

Inc.,

Class

 A(a)

1,455

101,763

Zscaler,

Inc.(a)

556

86,508

24,347,261

Specialty

Retail

(2.3%)

Academy

Sports

&

Outdoors,

Inc.

488

23,068

Advance

Auto

Parts,

Inc.

329

18,401

Asbury

Automotive

Group,

Inc.(a)

124

28,529

AutoNation,

Inc.(a)

179

27,101

AutoZone,

Inc.(a)

113

287,019

Bath

&

Body

Works,

Inc.

1,438

48,604

Best

Buy

Co.,

Inc.

1,212

84,198

Burlington

Stores,

Inc.(a)

388

52,496

CarMax,

Inc.(a)

981

69,386

Chewy,

Inc.,

Class

 A(a)

494

9,020

Dick's

Sporting

Goods,

Inc.

380

41,260

Five

Below,

Inc.(a)

336

54,062

Floor

&

Decor

Holdings,

Inc.,

Class

 A(a)

651

58,916

GameStop

Corp.,

Class

 A(a)

1,638

26,962

Shares

Value

Home

Depot,

Inc.

(The)

6,217

$

1,878,529

Lithia

Motors,

Inc.,

Class

 A

166

49,025

Lowe's

Cos.,

Inc.

3,593

746,769

O'Reilly

Automotive,

Inc.(a)

372

338,096

Penske

Automotive

Group,

Inc.

116

19,379

RH(a)

109

28,815

Ross

Stores,

Inc.

2,094

236,517

TJX

Cos.,

Inc.

(The)

7,136

634,248

Tractor

Supply

Co.

675

137,059

Ulta

Beauty,

Inc.(a)

306

122,232

Wayfair,

Inc.,

Class

 A(a)

492

29,800

Williams-Sonoma,

Inc.

396

61,538

5,111,029

Technology

Hardware,

Storage

&

Peripherals

(7.5%)

Apple,

Inc.

90,408

15,478,755

Dell

Technologies,

Inc.,

Class

 C

1,599

110,171

Hewlett

Packard

Enterprise

Co.

8,479

147,280

HP,

Inc.

5,657

145,385

NetApp,

Inc.

1,392

105,625

Pure

Storage,

Inc.,

Class

 A(a)

1,894

67,464

Seagate

Technology

Holdings

plc

1,351

89,099

Western

Digital

Corp.(a)

2,070

94,454

16,238,233

Textiles,

Apparel

&

Luxury

Goods

(0.6%)

Capri

Holdings

Ltd.(a)

735

38,668

Columbia

Sportswear

Co.

223

16,524

Crocs,

Inc.(a)

378

33,351

Deckers

Outdoor

Corp.(a)

162

83,283

Lululemon

Athletica,

Inc.(a)

691

266,457

NIKE,

Inc.,

Class

 B

7,330

700,895

PVH

Corp.

393

30,068

Ralph

Lauren

Corp.,

Class

 A

247

28,674

Skechers

USA,

Inc.,

Class

 A(a)

840

41,118

Tapestry,

Inc.

1,456

41,860

VF

Corp.

2,236

39,510

1,320,408

Trading

Companies

&

Distributors

(0.5%)

Air

Lease

Corp.,

Class

 A

1,075

42,366

Applied

Industrial

Technologies,

Inc.

377

58,288

Beacon

Roofing

Supply,

Inc.(a)

306

23,614

Core

&

Main,

Inc.,

Class

 A(a)

859

24,782

Fastenal

Co.

3,556

194,300

GATX

Corp.

352

38,308

MSC

Industrial

Direct

Co.,

Inc.,

Class

 A

293

28,758

SiteOne

Landscape

Supply,

Inc.(a)

270

44,131

United

Rentals,

Inc.

674

299,640

WESCO

International,

Inc.

268

38,544

WW

Grainger,

Inc.

282

195,099

987,830

Water

Utilities

(0.1%)

American

Water

Works

Co.,

Inc.

1,649

204,195

Essential

Utilities,

Inc.

2,251

77,277

281,472

Wireless

Telecommunication

Services

(0.2%)

T-Mobile

US,

Inc.(a)

3,558

498,298

Total

Common

Stocks

(Cost

$208,912,814)

217,313,841

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

14

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Short-Term

Investment

(0.2%)

Investment

Company

(0.2%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

(See

Note

G)

(Cost

$455,946)

455,946

$

455,946

Total

Investments

(100.0%)

(Cost

$209,368,760)

(c)

217,769,787

Other

Assets

in

Excess

of

Liabilities

(0.0%)

(b)

106,235

NET

ASSETS

(100.0%)

$217,876,022

(a)

Non-income

producing

security.

(b)

Amount

is

less

than

0.05%.

(c)

At

September

30,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$209,381,363.

The

aggregate

gross

unrealized

appreciation

is

$16,652,113

and

the

aggregate

gross

unrealized

depreciation

is

$8,263,689

,

resulting

in

net

unrealized

appreciation

of

$8,388,424.

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

73.5

%

Software

11.2

Semiconductors

&

Semiconductor

Equipment

7.8

Technology

Hardware,

Storage

&

Peripherals

7.5

Total

Investments

100.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Annual

Report

—

September

30,

2023

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

15

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Assets

and

Liabilities

September

30,

2023

Assets:

Investments

in

Securities

of

Unaffiliated

Issuers,

at

Value

(Cost

$208,912,814)

$

217,313,841

Investment

in

Security

of

Affiliated

Issuer,

at

Value

(Cost

$455,946)

455,946

Total

Investments

in

Securities,

at

Value

(Cost

$209,368,760)

217,769,787

Cash

194

Dividends

Receivable

133,733

Total

Assets

217,903,714

Liabilities:

Payable

for

Management

Fee

27,692

Total

Liabilities

27,692

Net

Assets

$

217,876,022

Net

Assets

Consist

of:

Paid-in-Capital

$

209,929,193

Total

Distributable

Earnings

7,946,829

Net

Assets

$

217,876,022

Shares

Outstanding

$0.001

Par

Value

(unlimited

shares

authorized)

4,102,000

Net

Asset

Value

Per

Share

$

53

.11

Annual

Report

—

September

30,

2023

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

16

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Operations

Period

from

January

30,

2023

^

to

September

30,

2023

Investment

Income:

Dividends

from

Securities

of

Unaffiliated

Issuers

(Net

of

$273

of

Foreign

Taxes

Withheld)

$

1,421,260

Dividends

from

Security

of

Affiliated

Issuer

(Note

G)

13,207

Total

Investment

Income

1,434,467

Expenses:

Management

Fee

(Note

B)

153,041

Total

Expenses

153,041

Rebate

from

Morgan

Stanley

Affiliate

(Note

G)

(

362

)

Net

Expenses

152,679

Net

Investment

Income

1,281,788

Realized

Gain

(Loss):

Investments

Sold

(

585,115

)

Net

Realized

Loss

(

585,115

)

Change

in

Unrealized

Appreciation

(Depreciation):

Investments

8,401,027

Net

Change

in

Unrealized

Appreciation

(Depreciation)

8,401,027

Net

Realized

Loss

and

Change

in

Unrealized

Appreciation

(Depreciation)

7,815,912

Net

Increase

in

Net

Assets

Resulting

from

Operations

$

9,097,700

^

Commencement

of

Operations.

Annual

Report

—

September

30,

2023

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

17

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Changes

in

Net

Assets

Period

from

January

30,

2023

^

to

September

30,

2023

Increase

(Decrease)

in

Net

Assets:

Operations:

Net

Investment

Income

$

1,281,788

Net

Realized

Loss

(

585,115

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

8,401,027

Net

Increase

in

Net

Assets

Resulting

from

Operations

9,097,700

Dividends

and

Distributions

to

Shareholders:

Dividends

and

Distributions

(

1,150,871

)

Total

Dividends

and

Distributions

to

Shareholders

(

1,150,871

)

Capital

Share

Transactions:

Subscribed

20,100,000

Subscribed

In-Kind

189,829,193

Net

Increase

in

Net

Assets

Resulting

from

Capital

Share

Transactions

209,929,193

Total

Increase

in

Net

Assets

217,876,022

Net

Assets:

Beginning

of

Period

–

End

of

Period

$

217,876,022

Capital

Share

Transactions:

Beginning

of

Period

–

Shares

Subscribed

402,000

Shares

Subscribed

In-Kind

3,700,000

Shares

Outstanding,

End

of

Period

Net

Increase

in

4,102,000

^

Commencement

of

Operations.

Annual

Report

—

September

30,

2023

Financial

Highlights

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

18

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Share

Data

and

Ratios

Period

from

January

30,

2023

(1)

to

September

30,

2023

Net

Asset

Value,

Beginning

of

Period

$

50

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

0

.45‌

Net

Realized

and

Unrealized

Gain

2

.98‌

Total

from

Investment

Operations

3

.43‌

Distributions

from

and/or

in

Excess

of:

—

Net

Investment

Income

(

0

.32‌

)

Net

Asset

Value,

End

of

Period

$

53

.11‌

Total

Return

(3)

6

.85‌

%

(4)

Ratios

to

Average

Net

Assets

and

Supplemental

Data:

$217,876

Net

Assets,

End

of

Period

(Thousands)

$

217,876‌

Ratio

of

Expenses

0

.15‌

%

(5)

(6)

Ratio

of

Net

Investment

Income

1

.25‌

%

(5)

(6)

Ratio

of

Rebate

from

Morgan

Stanley

Affiliates

0

.00‌

%

(5)

(7)

Portfolio

Turnover

Rate

6‌

%

(4)

(8)

(1)

Commencement

of

Operations.

(2)

Per

share

amount

is

based

on

average

shares

outstanding.

(3)

Calculated

based

on

the

net

asset

value

as

of

the

last

business

day

of

the

period.

(4)

Not

annualized.

(5)

Annualized.

(6)

The

Ratio

of

Expenses

and

Ratio

of

Net

Investment

Income

reflect

the

rebate

of

certain

Fund

expenses

in

connection

with

the

investments

in

Morgan

Stanley

affiliates

during

the

period.

The

effect

of

the

rebate

on

the

ratios

is

disclosed

in

the

above

table

as

“Ratio

of

Rebate

from

Morgan

Stanley

Affiliates.”

(7)

Amount

is

less

than

0.005%.

(8)

In-kind

transactions

are

not

included

in

portfolio

turnover

calculations.

19

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

Morgan

Stanley

ETF

Trust

Morgan

Stanley

ETF

Trust

(the

“Trust”)

is

an

open-end,

management

investment

company

established

under

Delaware

law

as

a

Delaware

statutory

trust.

Pursuant

to

its

Declaration

of

Trust dated

May

31,

2016,

and

Amended

and

Restated

on

September

28,

2022

(the

“Declaration

of

Trust”), the

Trust

is

authorized

to establish

multiple

series.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”).

The

Trust

applies

investment

company

accounting

and

report-

ing

guidance

Accounting

Standard

Codification

("ASC")

Topic

946.In

the

preparation

of

these

financial

statements,

manage-

ment

has

evaluated

subsequent

events

occurring

after

the

date

of

the

Fund's

Statement

of

Assets

and

Liabilities

through

the

date

that

the

financial

statements

were

issued.

The

accompanying

financial

statements

relate

to

the

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

(the

"Fund"),

which

seeks

to

track

the

performance

of

the

Calvert

US

Large-

Cap

Core

Responsible

Index.

The

Fund

is

diversified.

A.

Significant

Accounting

Policies:

 The

following

signifi-

cant

accounting

policies

are

in

conformity

with

U.S.

generally

accepted

accounting

principles

(“GAAP”).

Such

policies

are

consistently

followed

by

the Trust

in

the

preparation

of

its

financial

statements.

GAAP

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

and

disclosures

in

the

financial

statements.

Actual

results

may

differ

from

those

estimates.

1.

Security

Valuation:

(1)

An

equity

portfolio

security

list-

ed

or

traded

on

an

exchange

is

valued

at

its

latest

reported

sales

price

(or

at

the

exchange

official

closing

price

if

such

exchange

reports

an

official

closing

price),

and

if

there

were

no

sales

on

a

given

day

and

if

there

is

no

official

ex-

change

closing

price

for

that

day,

the

security

is

valued

at

the

mean

between

the

last

reported

bid

and

asked

prices

if

such

bid

and

asked

prices

are

available

on

the

relevant

ex-

changes.

If

only

bid

prices

are

available

then

the

latest

bid

price

may

be

used.

Listed

equity

securities

not

traded

on

the

valuation

date

with

no

reported

bid

and

asked

prices

available

on

the

exchange

are

valued

at

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

or

more

reputable

brokers/dealers.

In

cases

where

a

securi-

ty

is

traded

on

more

than

one

exchange,

the

security

is

valued

on

the

exchange

designated

as

the

primary

market;

(2)

all

other

equity

portfolio

securities

for

which

over-the-

counter

(“OTC”)

market

quotations

are

readily

available

are

valued

at

the

latest

reported

sales

price

(or

at

the

mar-

ket

official

closing

price

if

such

market

reports

an

official

closing

price),

and

if

there

was

no

trading

in

the

security

on

a

given

day

and

if

there

is

no

official

closing

price

from

relevant

markets

for

that

day,

the

security

is

valued

at

the

mean

between

the

last

reported

bid

and

asked

prices

if

such

bid

and

asked

prices

are

available

on

the

rel-

evant

markets.

An

unlisted

equity

security

that

does

not

trade

on

the

valuation

date

and

for

which

bid

and

asked

prices

from

the

relevant

markets

are

unavailable

is

valued

at

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

or

more

reputable

brokers/dealers;

(3)

fixed

income

securities

may

be

valued

by

an

outside

pricing

service/vendor

approved

by

the

Trust’s

Board

of

Trustees

(the

“Trustees”).

The

pricing

service/vendor

may

employ

a

pricing

model

that

takes

into

account,

among

other

things,

bids,

yield

spreads

and/or

other

market

data

and

specific

security

characteristics.

If

Morgan

Stanley

Investment

Management

Inc.

(the

“Adviser”)

a

whol-

ly-owned

subsidiary

of

Morgan

Stanley,

determines

that

the

price

provided

by

the

outside

pricing

service/vendor

or

exchange

does

not

reflect

the

security’s

fair

value

or

is

unable

to

provide

a

price,

prices

from

brokers

or

dealers

may

also

be

utilized.

In

these

circumstances,

the

value

of

the

security

will

be

the

mean

of

bid

and

asked

prices

obtained

from

reputable brokers/dealers;

(4)

when

market

quotations

are

not

readily

available,

as

defined

by

Rule

2a-5

under

the

Act,

including

circumstances

under

which

the

Adviser

determines

that

the

closing

price,

last

sale

price

or

the

mean

between

the

last

reported

bid

and

asked

prices

are

not

reflective

of

a

security’s

market

value,

port-

folio

securities

are

valued

at

their

fair

value

as

determined

in

good

faith

under

procedures

established

by

and

under

the

general

supervision

of

the

Trustees; and

(5)

invest-

ments

in

mutual

funds,

including

the

Morgan

Stanley

Institutional

Liquidity

Funds,

are

valued

at

the

net

asset

value

(“NAV”)

as

of

the

close

of

each

business

day.

In

connection

with

Rule

2a-5

of

the

Act,

the

Trust-

ees

have

designated

the

Trust's

Adviser

as

its

valuation

designee.

The

valuation

designee

has

responsibility

for

determining

fair

value

and

to

make

the

actual

calculations

pursuant

to

the

fair

valuation

methodologies

previously

approved

by

the

Trustees.

Under

procedures

approved

by

the

Trustees,

the

Trust’s

Adviser

has

formed

a

Valuation

Committee

whose

members

are

approved

by

the

Trustees.

The

Valuation

Committee

provides

administration

and

oversight

of

the

Trust’s

valuation

policies

and

procedures,

which

are

reviewed

at

least

annually

by

the

Trustees.

These

procedures

allow

the Trust

to

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers

and

other

market

sources

to

determine

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

20

Morgan

Stanley

ETF

Trust

fair

value.

2.

Fair

Value

Measurement:

Financial

Accounting

Stan-

dards

Board

(“FASB”)

Accounting

Standards

Codifica-

tion

TM

("ASC"),

“Fair

Value

Measurement”

(“ASC

820”),

defines

fair

value

as

the

price

that

would

be

received

to

sell

an

asset

or

pay to

transfer

a

liability

in

an orderly

transaction

between

market

participants

at

the

measure-

ment

date. ASC

820

establishes

a

three tier

hierarchy

to

distinguish

between

(1)

inputs

that

reflect

the

assump-

tions

market

participants

would

use

in

valuing

an

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity

(observable

inputs)

and

(2)

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

partici-

pants

would

use

in

valuing

an

asset

or

liability

developed

based

on

the

best

information

available

in

the

circum-

stances

(unobservable

inputs)

and

to

establish

classifica-

tion

of

fair

value

measurements

for

disclosure

purposes.

Various

inputs

are

used

in

determining

the

value

of

the

Fund’s

investments.

The

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Level

2

-

other

significant

observable

inputs

(includ-

ing

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

 Level

3

-

significant

unobservable

inputs

including

the

Fund’s

own

assumptions

in

determin-

ing

the

fair

value

of

investments.

Factors

considered

in

making

this

determination

may

include,

but

are

not

limited

to,

infor-

mation

obtained

by

contacting

the

issuer,

analysts,

or

the

appropriate

stock

exchange

(for

exchange-traded

securities),

analysis

of

the

issuer’s

financial

statements

or

other

available

documents

and,

if

necessary,

available

information

concerning

other

securities

in

similar

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities

and

the

determination

of

the

significance

of

a

particular

input

to

the

fair

value

mea-

surement

in

its

entirety

requires

judgment

and

considers

factors

specific

to

each

security. 

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

September

30,

2023:

Transfers

between

investment

levels

may

occur

as

the

markets

fluctuate

and/or

the

availability

of

data

used

in

an

investment’s

valuation

changes. 

3.

Indemnifications:

The Trust

enters

into

contracts

that

contain

a

variety

of

indemnification

clauses.

The

Trust’s

maximum

exposure

under

these

arrangements

is

un-

known

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not yet

occurred. 

4.

Dividends

and

Distributions

to

Shareholders: 

Divi-

dends

and

distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

in-

come,

if

any,

are

declared

and

paid

quarterly.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

5.

Security

Transactions,

Income

and

Expenses:

Security

transactions

are

accounted

for

on

the

trade

date

(date

the

order

to

buy

or

sell

is

executed).

Realized

gains

and

losses

on

the

sale

of

investment

securities

are

deter-

mined

on

the

specific

identified

cost

method.

Dividend

income

and

other

distributions

are

recorded

on

the

ex-dividend

date

(except

for

certain

foreign

dividends

which

may

be

recorded

as

soon

as

the

Fund

is

informed

of

such

dividends)

net

of

applicable

withholding

taxes.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

as

non-cash

dividend

at

fair

value.

B.

Management Fees:

 The

Adviser

provides

investment

advice

and

portfolio

management

services

pursuant

to

a

Management

Agreement

(the

“Agreement”)

and,

subject

to

the

supervision

of

the

Trust’s

Trustees,

makes

or

oversees

the

Fund’s

day-to-day

investment

decisions,

arranges

for

the

execution

of

portfolio

transactions

and

generally

manages

the

Fund’s

invest-

ments.

 As

compensation

for

its

services,

the

Adviser

is paid

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

Inputs

(000)

Total

(000)

Assets:  

Common

Stocks

$

217,314

(1)

$

—

$

—

$

217,314

Short-Term

Investment

Investment

Company

456

—

—

456

Total

Assets

$217,770

$—

$—

$217,770

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

21

Morgan

Stanley

ETF

Trust

monthly

at

the

annual

rate

of

0.15% of

the

average

daily

net

assets

of

the

Fund.

Under

the

Agreement,

the

Adviser pays sub-

stantially

all

the

expenses

of

the

Fund

(including

expenses

of

the

Trust

relating

to

the

Fund),

except

for

the

distribution

fees,

if

any,

brokerage

expenses,

acquired

fund

fees

and

expenses,

taxes,

interest,

litigation

expenses,

and

other

extraordinary

expenses,

including

the

costs

of

proxies,

not

incurred

in

the

ordinary

course

of

the

Fund’s

business. 

C.

Distribution

and

Shareholder Services

Plan:

The

Trustees

have

adopted

a

distribution

and

services

plan

("Plan")

pursuant

Rule

12b-1

under the

Act. 

Under the

Plan,

the

Fund

is

authorized

to

pay

distribution

fees

in

connection

with

the

sale

of

its

shares

and

pay

service

fees

in

connection

with

the

provision

of

ongoing

services

to

shareholders

of

the

Fund

and

the

maintenance

of

shareholder

accounts

in

an

amount

up

to

0.25%

of

its

average

daily

net

assets.

No

Rule

12b-1

fees

are

currently

paid

by

the

Fund

and

there

are

no

current

plans

to

impose

these

fees.

D.

Dividend

Disbursing

and

Transfer

Agent:

The

Trust’s

dividend

disbursing

and

transfer

agent

is

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

E.

Custodian

and

Administrator:

JPMorgan also

serves

as

Custodian

and

Administrator for

the

Trust in

accordance

with

a

Custodian

and

Administration Agreement.

F.

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

securi-

ties

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

Funds’

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

Corpo-

ration)

(“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

New

York

Stock

Exchange Arca

("NYSE

Arca") 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

cus-

tody

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

re-

ceivable

for

capital

shares

issued

on

the

Statement

of

Assets

and

Liabilities

if

they

are

outstanding

as

of

year-

end. Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

issued

on

the

Statements

of

Changes

in

Net

Assets.

G.

Security

Transactions

and

Transactions

with

Af-

filiates:

For

the

year ended

September

30,

2023 purchases

and

sales

of

investment

securities

for

the

Fund,

other

than

long-term

U.S.

Government

securities,

short-term

investments

and

In-Kind transactions were $30,639,523

and

$7,848,500,

respectively.

There

were

no

purchases

and

sales

of

long-term

U.S.

Government

securities

for

the

year

ended

September

30,

2023. Purchases

and

Sales

related

to

In-Kind

transactions

were

$186,707,569 and

$0 for

year end.

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser. Management fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the management

fees

paid

by

the

Fund

due

to

its

invest-

ment

in

the

Liquidity

Fund.

For

the

year ended

September

30,

2023, management

fees

paid

were

reduced

by $362 relating

to

the

Fund’s

investment

in

the

Liquidity

Fund. 

A

summary

of

the

Fund’s

transactions

in

shares

of

affiliated

investments

during

the

year ended

September

30,

2023 is

as

follows: 

Affiliated

Investment

Company

Value

January

30,

2023

Purchases

at

Cost

Proceeds

from

Sales

Dividend

Income

Liquidity

Fund

$

–

$

2,548,568

$

2,092,622

$

13,207

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

22

Morgan

Stanley

ETF

Trust

H.

Federal

Income

Taxes:

It

is

the

Fund’s

intention

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

and

tax

exempt income.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

finan-

cial

statements. 

The

Fund

may

be

subject

to

taxes

imposed

by

countries

in

which

it

invests.

Such

taxes

are

generally

based

on

income

and/

or

capital

gains

earned

or

repatriated.

Taxes

are

accrued

based

on

net

investment

income,

net

realized

gains

and

net

unreal-

ized

appreciation

as

such

income

and/or

gains

are

earned.

Taxes

may

also

be

based

on

transactions

in

foreign

currency

and

are

accrued

based

on

the

value

of

investments

denominated

in

such

currency.

FASB

ASC

740-10,

“Income

Taxes—Overall”,

sets

forth

a

minimum

threshold

for

financial

statement

recognition

of

the

benefit

of

a

tax

position

taken

or

expected

to

be

taken

in

a

tax

return.

Management

has

concluded

there

are

no

significant

uncertain

tax

positions

that

would

require

recognition

in

the

financial

statements.

If

applicable,

the

Fund

recognizes

inter-

est

accrued

related

to

unrecognized

tax

benefits

in

“Interest

Expense”

and

penalties

in

“Other

Expenses”

in

the

Statement

of

Operations.

The

Fund

files

tax

returns

with

the

U.S.

Internal

Revenue

Service,

New

York

and

various

states.

The

tax

year

ended

September

30,

2023 remains

subject

to

examination

by

taxing

authorities.

The

tax

character

of

distributions

paid

may

differ

from

the

character

of

distributions

shown

for

GAAP

purposes

due

to

short-term

capital

gains

being

treated

as

ordinary

income

for

tax

purposes.

The

tax

character

of

distributions

paid

during

fiscal

year 2023

was

as

follows: 

The

amount

and

character

of

income

and

gains

to

be

distrib-

uted

are

determined

in

accordance

with

income

tax

regulations

which

may

differ

from

GAAP.

These

book/tax

differences

are

either

considered

temporary

or

permanent

in

nature. 

Temporary

differences

are

attributable

to

differing

book

and

tax

treatments

for

the

timing

of

the

recognition

of

gains

(loss-

es)

on

certain

investment

transactions

and

the

timing

of

the

deductibility

of

certain

expenses. 

The

Fund

had

no

permanent

differences

causing

reclassifica-

tions

among

the

components

of

net

assets

for

the

year ended

September

30,

2023. 

At

September

30,

2023,

the

components

of

distributable

earn-

ings

for

the

Fund

on

a

tax

basis

were

as

follows: 

At

September

30,

2023,

the

Fund

had

available

for

fed-

eral

income

tax

purposes

unused

short-term

capital

losses

of $579,509 that

do

not

have

an

expiration

date. 

To

the

extent

that

capital

loss

carryforwards

are

used

to

offset

any

future

capital

gains

realized,

no

capital

gains

tax

liability

will

be

incurred

by

the

Fund

for

gains

realized

and

not

distrib-

uted.

To

the

extent

that

capital

gains

are

offset,

such

gains

will

not

be

distributed

to

the

shareholders. 

I.

Principal

Risks:

Market

Risk:

An

investment

in

the

Fund

is

based

on

the

values

of

the

Fund’s

investments,

which

may

change

due

to

economic

and

other

events

that

affect

markets

generally,

as

well

as

those

that

affect

particular

regions,

countries,

industries,

companies

or

governments.

The

risks

associated

with

these

developments

may

be

magnified

if

social,

political,

economic

and

other

conditions

and

events

(such

as

war,

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

social

unrest,

recessions,

inflation,

rapid

interest

rate

changes

and

supply

chain

disruptions)

adversely

interrupt

the

global

economy

and

financial

markets.

It

is

difficult

to

predict

when

events

affecting

the

U.S.

or

global

financial

markets

may

occur,

the

effects

that

such

events

may

have

and

the

duration

of

those

effects

(which

may

last

for

extended

periods).

These

events

may

negatively

impact

broad

segments

of

businesses

and

populations

and

have

a

significant

and

rapid

negative

impact

on

the

performance

of

the

Fund’s

investments,

adversely

affect

and

increase

the

volatility

of

the

Fund’s

share

price

and

exacerbate

pre-existing

risks

to

the

Fund.  The

occurrence,

duration

and

extent

of

these

or

other

types

of

adverse

econom-

ic

and

market

conditions

and

uncertainty

over

the

long

term

cannot

be

reasonably

projected

or

estimated

at

this

time.

The

Affiliated

Investment

Company

(cont'd)

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

September

30,

2023

Liquidity

Fund  

$

–

$

–

$

455,946

2023

Distributions

Paid

From:

Ordinary

Long-Term

Income

Capital

Gain

$1,150,871

$–

Undistributed

Undistributed

Ordinary

Long-Term

Income

Capital

Gain

$137,914

$–

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

23

Morgan

Stanley

ETF

Trust

ultimate

impact

of

public

health

emergencies

or

other

adverse

economic

or

market

developments

and

the

extent

to

which

the

associated

conditions

impact

the

Fund

and

its

investments

will

also

depend

on

other

future

developments,

which

are

highly

uncertain,

difficult

to

accurately

predict

and

subject

to

change

at

any

time.

The

financial

performance

of

the

Fund’s

invest-

ments

(and,

in

turn,

the

Fund’s

investment

results)

as

well

as

their

liquidity

may

be

adversely

affected

because

of

these

and

similar

types

of

factors

and

developments.

Tracking

Error

Risk:

Tracking

error

risk

refers

to

the

risk

that

the

Fund’s

performance

may

not

match

or

correlate

to

that

of

the

index

it

attempts

to

track,

either

on

a

daily

or

aggregate

basis.

Tracking

error

may

occur

because

of

transac-

tion

costs,

the

Fund’s

holding

of

cash,

differences

in

accrual

of

dividends,

changes

to

the

index

or

the

need

to

meet

new

or

existing

regulatory

requirements.

Factors

such

as

Fund

expens-

es,

imperfect

correlation

between

the

Fund’s

investments

and

the

index,

rounding

of

share

prices,

changes

to

the

composition

of

the

index,

regulatory

policies,

limitations

on

Fund

invest-

ments

imposed

by

Fund

diversification

and/or

concentration

policies,

high

portfolio

turnover

rate

and

the

use

of

leverage

all

contribute

to

tracking

error.

Unlike

the

Fund,

the

returns

of

the

index

are

not

reduced

by

investment

and

other

operating

expenses,

including

the

trading

costs

associated

with

imple-

menting

changes

to

its

portfolio

of

investments.

Tracking

error

risk

may

cause

the

Fund’s

performance

to

be

less

than

expected.

Tracking

error

risk

may

be

heightened

during

times

of

market

volatility,

unusual

market

conditions

or

other

abnormal

cir-

cumstances.

The

Fund

may

be

required

to

deviate

its

invest-

ments

from

the

securities

and

relative

weightings

of

the

index

to

comply

with

applicable

laws

and

regulations

or

because

of

market

restrictions

or

other

legal

reasons,

including

regulatory

limits

or

other

restrictions

on

securities

that

may

be

purchased

by

the

Adviser

and

its

affiliates.

If

the

Fund

uses

a

sampling

method

of

indexing,

it

may

have

a

larger

tracking

error

than

if

it

used

a

replication

method

of

indexing.

Index

Related

Risk:

The

Fund’s

return

may

not

track

the

return

of

the

index

for

a

number

of

reasons

and

therefore

may

not

achieve

its

investment

objective.

For

example,

the

Fund

incurs

a

number

of

operating

expenses

not

applicable

to

the

index,

and

incurs

costs

in

buying

and

selling

securities,

espe-

cially

when

rebalancing

the

Fund’s

securities

holdings

to

reflect

changes

in

the

composition

of

the

index.

In

addition,

the

Fund’s

return

may

differ

from

the

return

of

the

index

because

of,

among

other

things,

pricing

differences

and

the

inability

to

purchase

certain

securities

included

in

the

underlying index

due

to

regulatory

or

other

restrictions. 

In

addition,

when

the

Fund

uses

a

representative

sampling

ap-

proach,

the

Fund

may

not

be

as

well

correlated

with

the

return

of

the

underlying

index

as

when

the

Fund

purchases

all

of

the

securities

in

the

index

in

the

proportions

in

which

they

are

rep-

resented

in

the

index.

Errors

in

the

construction

or

calculation

of

the

index

may

occur

from

time

to

time.

Any

such

errors

may

not

be

identified

and

corrected

by

the

index

provider

for

some

period

of

time,

which

may

have

an

adverse

impact

on

the

Fund

and

its

shareholders.

The

risk

that

the

Fund

may

not

track

the

performance

of

the

index

may

be

heightened

during

times

of

increased

market

volatility

or

other

unusual

market

conditions.

Authorized

Participant

Concentration

Risk:

Only

an

authorized

participant

may

engage

in

creation

or

redemption

transactions

directly

with

the

Fund.

The

Fund

has

a

limited

number

of

intermediaries

that

act

as

authorized

participants

and

none

of

these

authorized

participants

is

or

will

be

obligated

to

engage

in

creation

or

redemption

transactions.

To

the

extent

that

these

intermediaries

exit

the

business

or

are

unable

to

or

choose

not

to

proceed

with

creation

and/or

redemption

orders

with

respect

to

the

Fund

and

no

other

authorized

participant

creates

or

redeems,

shares

may

trade

at

a

discount

to

net

asset

value

(“NAV”)

and

possibly

face

trading

halts

and/or

delisting. 

Trading

Risk:

The

market

prices

of

shares

are

expected

to

fluctuate,

in

some

cases

materially,

in

response

to

changes

in

the

Fund’s

NAV,

the

intra-day

value

of

the

Fund’s

holdings,

and

supply

and

demand

for

shares.

The

Adviser

cannot

predict

whether

shares

will

trade

above,

below

or

at

their

NAV.

Disrup-

tions

to

creations

and

redemptions,

the

existence

of

significant

market

volatility

or

potential

lack

of

an

active

trading

market

for

the

shares

(including

through

a

trading

halt),

as

well

as

other

factors,

may

result

in

the

shares

trading

significantly

above

(at

a

premium)

or

below

(at

a

discount)

to

NAV

or

to

the

intraday

value

of

the

Fund’s

holdings

(and,

as

a

result,

an

investor

may

pay

more

for,

or

receive

less

than,

the

underlying

value

of

the

shares,

respectively).

Buying

or

selling

shares

in

the

secondary

market

may

require

paying

brokerage

commissions

or

other

charges

imposed

by

brokers

as

determined

by

that

broker.

Brokerage

commissions

are

often

a

fixed

amount

and

may

be

a

significant

proportional

cost

when

seeking

to

buy

or

sell

relatively

small

amounts

of

shares.

In

addition,

the

market

price

of

shares,

like

the

price

of

any

exchange-traded

security,

includes

a

“bid-ask

spread”

charged

by

the

market

makers

or

other

participants

that

trade

the

particular

security.

The

spread

of the

Fund’s

shares

varies

over

time

based

on

the

Fund’s

trad-

ing

volume

and

market

liquidity

and

may

increase

if

the

Fund’s

trading

volume,

the

spread

of

the

Fund’s

underlying

securities,

or

market

liquidity

decrease. 

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

24

Morgan

Stanley

ETF

Trust

Large

Shareholder

Transaction

Risk:

The

Fund

may

experience

adverse

effects

when

certain

shareholders

purchase

or

redeem

large

amounts

of

shares

of the

Fund.

In

addition,

a

third

party

investor,

the

Adviser

or

an

affiliate

of

the

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund’s

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Such

larger

than

normal

redemptions

may

cause

the

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negative-

ly

impact

the

Fund’s

NAV

and

liquidity.

Similarly,

large

Fund

share

purchases

may

adversely

affect the

Fund’s

performance

to

the

extent

that the

Fund

is

delayed

in

investing

new

cash

and

is

required

to

maintain

a

larger

cash

position

than

it

ordinarily

would.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in the

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in the

Fund’s

expense

ratio.

Although

large

shareholder

transactions

may

be

more

frequent

under

certain

circumstanc-

es, the

Fund

is

generally

subject

to

the

risk

that

shareholders

can

purchase

or

redeem

a

significant

percentage

of

Fund

shares

at

any

time.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

NYSE

Arca

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

shares. 

25

Annual

Report

—

September

30,

2023

Report

of

Independent

Registered

Public

Accounting

Firm

Morgan

Stanley

ETF

Trust

To

the

Shareholders

and

Board

of

Trustees

of

Morgan

Stanley

ETF

Trust

–

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

(the

“Fund”)

(one

of

the

funds

constituting

Morgan

Stanley

ETF

Trust

(the

“Trust”)),

including

the

portfolio

of

investments,

as

of

September

30,

2023,

and

the

related

statements

of

operations

and

changes

in

net

assets

and

the

financial

highlights

for

the

period

from

January

30,

2023

(commencement

of

operations)

through

September

30,

2023,

and

the

related

notes

(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

(one

of

the

funds

constituting

Morgan

Stanley

ETF

Trust)

at

September

30,

2023,

and

the

results

of

its

operations,

the

changes

in

its

net

assets

and

its

financial

highlights

for

the

period

from

January

30,

2023

(commencement

of

operations)

through

September

30,

2023,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trust’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

Trust

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

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.

The

Trust

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trust’s

internal

control

over

financial

reporting.

As

part

of

our

audit,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting,

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trust’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

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

procedures

included

confirmation

of

securities

owned

as

of

September

30,

2023,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

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.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

Morgan

Stanley

investment

companies

since

2000.

Boston,

Massachusetts

November

27,

2023

26

Annual

Report

—

September

30,

2023

Federal

Tax

Notice

(unaudited)

Morgan

Stanley

ETF

Trust

For

federal

income

tax

purposes,

the

following

information

is

furnished

with

respect

to

the

distributions

paid

by

the

Fund

during

its

taxable

year

ended

September

30,

2023.

For

corporate

shareholders

100%

of

the

dividends

qualified

for

the

dividends

received

deduction.

For

federal

income

tax

purposes,

the

following

information

is

furnished

with

respect

to

the

Fund’s

earnings

for

its

taxable

year

ended

September

30,

2023.

When

distributed,

certain

earnings

may

be

subject

to

a

maximum

tax

rate

of

15%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003.

The

Fund

designated

up

to

a

maximum

of $1,150,871

as

taxable

at

this

lower

rate.

In

January,

the

Fund

provides

tax

information

to

shareholders

for

the

preceding

calendar

year.

27

Annual

Report

—

September

30,

2023

Important

Notices

(unaudited)

Morgan

Stanley

ETF

Trust

Reporting

to

Shareholders

The

Fund’s

portfolio

holdings

are

publicly

disseminated

each

day

the

Fund

is

open

for

business

through

financial

reporting

and

news

services,

including

publicly

accessible

Internet

web

sites.

In

addition,

a

basket

composition

file,

which

includes

the

securi-

ty

names

and

share

quantities

to

deliver

in

exchange

for

Creation

Units,

together

with

estimates

and

actual

cash

components

is

publicly

disseminated

daily

prior

to

the

opening

of

the

Exchange

via

the

National

Securities

Clearing

Corporation

(the

“NSCC”),

a

clearing

agency

that

is

registered

with

the

SEC.

The

basket

represents

one

Creation

Unit

of

the

Fund.

The

Trust,

Adviser,

Custo-

dian

and

Distributor

will

not

disseminate

non-public

information

concerning

the

Trust.

The

Trust

provides

a

complete

schedule

of

portfolio

holdings

for

the

second

and

fourth

fiscal

quarters

in

its

Semi-Annual

and

Annual

reports,

and

for

the

first

and

third

fiscal

quarters

in

its

filings

with

the

SEC

as

an

exhibit

to

Form

N-PORT.

The

Fund's

portfolio

holdings

will

be

available

on

the

Fund’s

public

website,

www.calvert.com.

Proxy

Voting

Policy

and

Proxy

Voting

Record

The

Board

of

Trustees

believes

that

the

voting

of

proxies

on

securities

held

by

the

Trust

is

an

important

element

of

the

overall

invest-

ment

process.

As

such,

the

Trustees

have

delegated

the

responsibility

to

vote

such

proxies

to

the

Adviser.

The

Adviser

has

engaged

Calvert

to

provide

proxy

voting

services

with

respect

to

the

Trust.

The

Adviser’s

Proxy

Voting

Policy

speci-

fies

that

each

Fund

will

follow

Calvert’s

Proxy

Voting

Policies

and

Procedures

and

Global

Proxy

Voting

Guidelines.

When

available,

the

Trust’s

proxy

voting

record

for

the

most

recent

12-month

period

ending

June

30,

as

filed

with

the

SEC,

will

be

available

without

charge

on

our

web

site

at

www.calvert.com.

The

Trust’s

proxy

voting

record

will

also

be

available

without

charge

on

the

SEC’s

web

site

at

http://www.sec.gov. 

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

on-

line,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Morgan

Stanley

Funds.

28

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

April

2021

Morgan

Stanley

ETF

Trust

FACTS

WHAT

DOES

MSIM

DO

WITH

YOUR

PERSONAL

INFORMATION?

Why?

Financial

companies

choose

how

they

share

your

personal

information.

Federal

law

gives

consumers

the

right

to

limit

some

but

not

all

sharing.

Federal

law

also

requires

us

to

tell

you

how

we

collect,

share,

and

protect

your

personal

information.

Please

read

this

notice

carefully

to

understand

what

we

do.

What?

The

types

of

personal

information

we

collect

and

share

depend

on

the

product

or

service

you

have

with

us.

This

information

can

include:

Social

Security

number

and

income

investment

experience

and

risk

tolerance

checking

account

number

and

wire

transfer

instructions

How?

All

financial

companies

need

to

share

customers’

personal

information

to

run

their

everyday

business.

In

the

section

below,

we

list

the

reasons

financial

companies

can

share

their

customers’

personal

information;

the

reasons

MSIM

chooses

to

share;

and

whether

you

can

limit

this

sharing.

Reasons

we

can

share

your

personal

information

Does

MSIM

share?

Can

you

limit

this

sharing?

For

our

everyday

business

purposes

—

such

as

to

process

your

transactions,

maintain

your

account(s),

respond

to

court

orders

and

legal

investigations,

or

report

to

credit

bureaus

Yes

No

For

our

marketing

purposes

—

to

offer

our

products

and

services

to

you

Yes

No

For

joint

marketing

with

other

financial

companies

No

We

don’t

share

For

our

investment

management

affiliates’

everyday

business

purposes

—

information

about

your

transactions,

experiences,

and

creditworthiness

Yes

Yes

For

our

affiliates’

everyday

business

purposes

—

information

about

your

transactions

and

experiences

Yes

No

For

our

affiliates’

everyday

business

purposes

—

information

about

your

creditworthiness

No

We

don’t

share

For

our

investment

management

affiliates

to

market

to

you

Yes

Yes

For

our

affiliates

to

market

to

you

No

We

don’t

share

For

non-affiliates

to

market

to

you

No

We

don’t

share

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

(cont’d)

29

April

2021

Morgan

Stanley

ETF

Trust

To

limit

our

sharing

Call

toll-free

(844)

312-6327

or

email:

imprivacyinquiries@morganstanley.com

Please

note:

If

you

are

a

new

customer,

we

can

begin

sharing

your

information

30

days

from

the

date

we

sent

this

notice.

When

you

are

no

longer

our

customer,

we

continue

to

share

your

information

as

described

in

this

notice.

However,

you

can

contact

us

at

any

time

to

limit

our

sharing.

Questions?

Call

toll-free

(844)

312-6327

or

email:

imprivacyinquiries@morganstanley.com

Who

we

are

Who

is

providing

this

notice?

Morgan

Stanley

Investment

Management

Inc.

and

its

investment

management

affiliates

(“MSIM”)

(see

Investment

Management

Affiliates

definition

below)

What

we

do

How

does

MSIM

protect

my

personal

information?

To

protect

your

personal

information

from

unauthorized

access

and

use,

we

use

security

measures

that

comply

with

federal

law.

These

measures

include

computer

safeguards

and

secured

files

and

buildings.

We

have

policies

governing

the

proper

handling

of

customer

information

by

personnel

and

requiring

third

parties

that

provide

support

to

adhere

to

appropriate

security

standards

with

respect

to

such

information.

How

does

MSIM

collect

my

personal

information?

We

collect

your

personal

information,

for

example,

when

you

open

an

account

or

make

deposits

or

withdrawals

from

your

account

buy

securities

from

us

or

make

a

wire

transfer

give

us

your

contact

information

We

also

collect

your

personal

information

from

others,

such

as

credit

bureaus,

affiliates,

or

other

companies.

Why

can’t

I

limit

all

sharing?

Federal

law

gives

you

the

right

to

limit

only

sharing

for

affiliates’

everyday

business

purposes

—

information

about

your

creditworthiness

affiliates

from

using

your

information

to

market

to

you

sharing

for

non-affiliates

to

market

to

you

State

laws

and

individual

companies

may

give

you

additional

rights

to

limit

sharing.

See

below

for

more

on

your

rights

under

state

law.

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

(cont’d)

30

April

2021

Morgan

Stanley

ETF

Trust

Definitions

Investment

Management

Affiliates

MSIM

Investment

Management

Affiliates

include

registered

investment

advisers,

registered

broker-dealers,

and

registered

and

unregistered

funds

in

the

Investment

Management

Division.

Investment

Management

Affiliates

does

not

include

entities

associated

with

Morgan

Stanley

Wealth

Management,

such

as

Morgan

Stanley

Smith

Barney

LLC

and

Morgan

Stanley

&

Co.

Affiliates

Companies

related

by

common

ownership

or

control.

They

can

be

financial

and

non-financial

companies.

Our

affiliates

include

companies

with

a

Morgan

Stanley

name

and

financial

companies

such

as

Morgan

Stanley

Smith

Barney

LLC

and

Morgan

Stanley

&

Co.

Non-affiliates

Companies

not

related

by

common

ownership

or

control.

They

can

be

financial

and

non-financial

companies.

MSIM

does

not

share

with

non-affiliates

so

they

can

market

to

you.

Joint

marketing

A

formal

agreement

between

non-affiliated

financial

companies

that

together

market

financial

products

or

services

to

you.

MSIM

doesn’t

jointly

market

Other

Important

Information

Vermont:

Except

as

permitted

by

law,

we

will

not

share

personal

information

we

collect

about

Vermont

residents

with

Non-affiliates

unless

you

provide

us

with

your

written

consent

to

share

such

information.

California:

Except

as

permitted

by

law,

we

will

not

share

personal

information

we

collect

about

California

residents

with

Non-affiliates

and

we

will

limit

sharing

such

personal

information

with

our

Affiliates

to

comply

with

California

privacy

laws

that

apply

to

us.

31

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

Morgan

Stanley

ETF

Trust

Independent

Trustees:

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Frank

L.

Bowman

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1944

Trustee

Since

August

2006

President,

Strategic

Decisions,

LLC

(consulting)

(since

February

2009);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

Chairperson

of

the

Compliance

and

Insurance

Committee

(since

October

2015);

formerly,

Chairperson

of

the

Insurance

Sub-

Committee

of

the

Compliance

and

Insurance

Committee

(2007-2015);

served

as

President

and

Chief

Executive

Officer

of

the

Nuclear

Energy

Institute

(policy

organization)

(February

2005-November

2008);

retired

as

Admiral,

U.S.

Navy

after

serving

over

38

years

on

active

duty

including

8

years

as

Director

of

the

Naval

Nuclear

Propulsion

Program

in

the

Department

of

the

Navy

and

the

U.S.

Department

of

Energy

(1996-2004);

served

as

Chief

of

Naval

Personnel

(July

1994-September

1996)

and

on

the

Joint

Staff

as

Director

of

Political

Military

Affairs

(June

1992-July

1994);

knighted

as

Honorary

Knight

Commander

of

the

Most

Excellent

Order

of

the

British

Empire;

awarded

the

Officier

de

l’Orde

National

du

Mérite

by

the

French

Government;

elected

to

the

National

Academy

of

Engineering

(2009).

86

Director

of

Naval

and

Nuclear

Technologies

LLP;

Director

Emeritus

of

the

Armed

Services

YMCA;

Member

of

the

National

Security

Advisory

Council

of

the

Center

for

U.S.

Global

Engagement

and

a

member

of

the

CNA

Military

Advisory

Board;

Chairman

of

Fairhaven

United

Methodist

Church;

Member

of

the

Board

of

Advisors

of

the

Dolphin

Scholarship

Foundation;

Director

of

other

various

nonprofit

organizations;

formerly,

Director

of

BP,

plc

(November

2010-

May

2019).

Frances.

L

Cashman

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1961

Trustee

Since

February

2022

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

February

2022);

Chief

Executive

Officer,

Asset

Management

Division,

Euromoney

Institutional

Investor

PLC

(financial

information)

(May

2021-Present);

Executive

Vice

President

and

various

other

roles,

Legg

Mason

&

Co.

(asset

management)

(2010-2020);

Managing

Director,

Stifel

Nicolaus

(2005-2010).

87

Trustee

and

Investment

Committee

Member,

Georgia

Tech

Foundation

(Since

June

2019);

Trustee

and

Chair

of

Marketing

Committee,

Loyola

Blakefield

(Since

September

2017);

Trustee,

MMI

Gateway

Foundation

(since

September

2017);

Director

and

Investment

Committee

Member,

Catholic

Community

Foundation

Board

(2012–2018);

Director

and

Investment

Committee

Member,

St.

Ignatius

Loyola

Academy

(2011-

2017).

Kathleen

A.

Dennis

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1953

Trustee

Since

August

2006

Chairperson

of

the

Governance

Committee

(since

January

2021),

Chairperson

of

the

Liquidity

and

Alternatives

Sub-

Committee

of

the

Investment

Committee

(2006-2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

President,

Cedarwood

Associates

(mutual

fund

and

investment

management

consulting)

(since

July

2006);

formerly,

Senior

Managing

Director

of

Victory

Capital

Management

(1993-2006).

86

Board

Member,

University

of

Albany

Foundation

(2012-present);

Board

Member,

Mutual

Funds

Directors

Forum

(2014-present);

Director

of

various

non-profit

organizations.

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

32

Morgan

Stanley

ETF

Trust

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Nancy

C.

Everett

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1955

Trustee

Since

January

2015

Chairperson

of

the

Equity

Investment

Committee

(since

January

2021);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2015);

Chief

Executive

Officer,

Virginia

Commonwealth

University

Investment

Company

(since

November

2015);

Owner,

OBIR,

LLC

(institutional

investment

management

consulting)

(since

June

2014);

formerly,

Managing

Director,

BlackRock,

Inc.

(February

2011-December

2013)

and

Chief

Executive

Officer,

General

Motors

Asset

Management

(a/k/a

Promark

Global

Advisors,

Inc.)

(June

2005-May

2010).

87

Formerly,

Member

of

Virginia

Commonwealth

University

School

of

Business

Foundation

(2005-2016);

Member

of

Virginia

Commonwealth

University

Board

of

Visitors

(2013-2015);

Member

of

Committee

on

Directors

for

Emerging

Markets

Growth

Fund,

Inc.

(2007-2010);

Chairperson

of

Performance

Equity

Management,

LLC

(2006-2010);

and

Chairperson,

GMAM

Absolute

Return

Strategies

Fund,

LLC

(2006-2010).

Eddie

A.

Grier

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1955

Trustee

Since

February

2022

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

February

2022);

Dean

Santa

Clara

University

Leavey

School

of

Business

(since

April

2021);

Dean,

Virginia

Commonwealth

University

School

of

Business

(2010-2021);

President

and

various

other

roles,

Walt

Disney

Company

(entertainment

and

media)

(1981-2010).

87

Director,

Witt/Kieffer,

Inc.

(executive

search)

(since

2016);

Director,

NuStar

GP,

LLC

(energy)

(since

August

2021);

Director,

Sonida

Senior

Living,

Inc.

(residential

community

operator)

(2016-2021);

Director,

NVR,

Inc.

(home

building)

(2013-2020);

Director,

Middleburg

Trust

Company

(wealth

management)

(2014-

2019);

Director,

Colonial

Williamsburg

Company

(since2012);

Regent,

University

of

Massachusetts

Global

(since

2021);

Director

and

Chair,

Child

Fund

International

(2012-2021);

Trustee,

Brandman

University

(2010-2021);

Director,

Richmond

Forum

(2012-2019).

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

33

Morgan

Stanley

ETF

Trust

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Jakki

L.

Hassler

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1957

Trustee

Since

January

2015

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2015);

Chairperson

of

the

Audit

Committee

(since

January

2023)

Chairman,

Opus

Capital

Group

(since

1996);

formerly,

Chief

Executive

Officer,

Opus

Capital

Group

(1996-2019);

Director,

Capvest

Venture

Fund,

LP

(May

2000-December

2011);

Partner,

Adena

Ventures,

LP

(July

1999

December

2010);

Director,

The

Victory

Funds

(February

2005-

July

2008).

87

Director

of

Cincinnati

Bell

Inc.

and

Member,

Audit

Committee

and

Chairman,

Governance

and

Nominating

Committee;

Director

of

Service

Corporation

International

and

Member,

Audit

Committee

and

Investment

Committee;

Director,

Barnes

Group

Inc.

(since

July

2021);

Director

of

Northern

Kentucky

University

Foundation

and

Member,

Investment

Committee;

Member

of

Chase

College

of

Law

Transactional

Law

Practice

Center

Board

of

Advisors;

Director

of

Best

Transport;

Director

of

Chase

College

of

Law

Board

of

Visitors;

formerly,

Member,

University

of

Cincinnati

Foundation

Investment

Committee.

Dr.

Manuel

H.

Johnson

c/o

Johnson

Smick

International,

Inc.

2201

I

Street,

NE

Suite

200

Washington,

D.C.

20002

Birth

Year:

1949

Trustee

Since

July

1991

Senior

Partner,

Johnson

Smick

International,

Inc.

(consulting

firm);

Chairperson

of

the

Fixed

Income,

Liquidity

and

Alternatives

Investment

Committee

(since

January

2021),

Chairperson

of

the

Investment

Committee

(2006-2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

July

1991);

Co-Chairman

and

a

founder

of

the

Group

of

Seven

Council

(G7C)

(international

economic

commission);

formerly,

Chairperson

of

the

Audit

Committee

(July

1991-

September

2006);

Vice

Chairman

of

the

Board

of

Governors

of

the

Federal

Reserve

System

and

Assistant

Secretary

of

the

U.S.

Treasury.

86

Director

of

NVR,

Inc.

(home

construction).

Joseph

J.

Kearns

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1942

Trustee

Since

August

1994

Senior

Adviser,

Kearns

&

Associates

LLC

(investment

consulting);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(August

1994

December

2022);

formerly,

Deputy

Chairperson

of

the

Audit

Committee

(July

2003-September

2006)

and

Chairperson

of

the

Audit

Committee

of

various

Morgan

Stanley

Funds

(since

August

1994);

CFO

of

the

J.

Paul

Getty

Trust

(1982-1999).

87

Director,

Rubicon

Investments

(since

February

2019);

Prior

to

August

2016,

Director

of

Electro

Rent

Corporation

(equipment

leasing).

Prior

to

December

31,

2013,

Director

of

The

Ford

Family

Foundation.

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

34

Morgan

Stanley

ETF

Trust

*

This

is

the

earliest

date

the Trustee

began

serving

the

Morgan

Stanley

Funds.

Each Trustee

serves

an

indefinite

term,

until

his

or

her

successor

is

elected.

**

The

Fund

Complex

includes

(as

of

December

31,

2022)

all

open-end

and

closed-end

funds

(including

all

of

their

portfolios)

advised

by

Morgan

Stanly

Investment

Management

Inc.

(the

"Adviser")

and

any

funds

that

have

an

adviser

that

is

an

affiliated

person

of

the

Adviser

(including,

but

not

limited

to,

Morgan

Stanley

AIP

GP

LP).

***

This

includes

any

directorships

at

public

companies

and

registered

investment

companies

held

by

the

Trustee

at

any

time

during

the

past

five

years.

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Michael

F.

Klein

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1958

Trustee

Since

August

2006

Chairperson

of

the

Risk

Committee

(since

January

2021);

Managing

Director,

Aetos

Alternatives

Management,

LP

(since

March

2000);

Co-President,

Aetos

Alternatives

Management,

LP

(since

January

2004)

and

Co-Chief

Executive

Officer

of

Aetos

Alternatives

Management,

LP

(since

August

2013);

Chairperson

of

the

Fixed

Income

Sub-Committee

of

the

Investment

Committee

(2006-

2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

formerly,

Managing

Director,

Morgan

Stanley

&

Co.

Inc.

and

Morgan

Stanley

Dean

Witter

Investment

Management

and

President,

various

Morgan

Stanley

Funds

(June

1998-March

2000);

Principal,

Morgan

Stanley

&

Co.

Inc.

and

Morgan

Stanley

Dean

Witter

Investment

Management

(August

1997-December

1999).

86

Director

of

certain

investment

funds

managed

or

sponsored

by

Aetos

Alternatives

Management,

LP;

Director

of

Sanitized

AG

and

Sanitized

Marketing

AG

(specialty

chemicals).

Patricia

A.

Maleski

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1960

Trustee

Since

January

2017

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2017);

Managing

Director,

JPMorgan

Asset

Management

(2004-2016);

Oversight

and

Control

Head

of

Fiduciary

and

Conflicts

of

Interest

Program

(2015-2016);

Chief

Control

Officer—Global

Asset

Management

(2013-

2015);

President,

JPMorgan

Funds

(2010-

2013);

Chief

Administrative

Officer

(2004-2013);

various

other

positions

including

Treasurer

and

Board

Liaison

(since

2001).

87

Trustee,

Nutley

Family

Service

Bureau,

Inc.

(since

January

2022).

W.

Allen

Reed

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1947

Chair

of

the

Board

and

Trustee

Chair

of

the

Board

since

August

2020

and

Director

since

August

2006

Chair

of

the

Boards

of

various

Morgan

Stanley

Funds

(since

August

2020);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

formerly,

Vice

Chair

of

the

Boards

of

various

Morgan

Stanley

Funds

(January

2020-August

2020);

President

and

Chief

Executive

Officer

of

General

Motors

Asset

Management;

Chairman

and

Chief

Executive

Officer

of

the

GM

Trust

Bank

and

Corporate

Vice

President

of

General

Motors

Corporation

(August

1994-December

2005).

86

Formerly,

Director

of

Legg

Mason,

Inc.

(2006-2019);

and

Director

of

the

Auburn

University

Foundation

(2010-

2015).

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

35

Morgan

Stanley

ETF

Trust

Executive

Officers:

The

Fund’s

statement

of

additional

information

incudes

further

information

about

the

Fund’s

Trustees

and

Officers,

and

is

available

without

charge

by

visiting

www.calvert.com

or

upon

request

by

calling

1

(800)

836-2414.

*This

is

the

earliest

date

the

officer

began

serving

the

Morgan

Stanley

Funds.

Each

officer

serves

an

indefinite

term,

until

his

or

her

successor

is

elected.

Name,

Address

and

Birth

Year

of

Executive

Officer

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

John

H.

Gernon

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1963

President

and

Principal

Executive

Officer

Since

September

2013

President

and

Principal

Executive

Officer

of

the

Equity

and

Fixed

Income

Funds

and

the

Morgan

Stanley

AIP

Funds

(since

September

2013)

and

the

Liquidity

Funds

and

various

money

market

funds

(since

May

2014)

in

the

Fund

Complex;

Managing

Director

of

the

Adviser.

Deidre

A.

Downes

1633

Broadway

New

York,

NY

10019

Birth

Year:

1977

Chief

Compliance

Officer

Since

November

2021

Executive

Director

of

the

Adviser

(since

January

2021)

and

Chief

Compliance

Officer

of

various

Morgan

Stanley

Funds

(since

November

2021).

Formerly,

Vice

President

and

Corporate

Counsel

at

PGIM

and

Prudential

Financial

(October

2016-December

2020).

Francis

J.

Smith

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1965

Treasurer

and

Principal

Financial

Officer

Treasurer

since

July

2003

and

Principal

Financial

Officer

since

September

2002

Managing

Director

of

the

Adviser

and

various

entities

affiliated

with

the

Adviser;

Treasurer

(since

July

2003)

and

Principal

Financial

Officer

of

various

Morgan

Stanley

Funds

(since

September

2002).

Mary

E.

Mullin

1633

Broadway

New

York,

NY

10019

Birth

Year:

1967

Secretary

Since

June

1999

Managing

Director

of

the

Adviser;

Secretary

of

various

Morgan

Stanley

Funds

(since

June

1999).

Michael

J.

Key

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1979

Vice

President

Since

June

2017

Vice

President

of

the

Equity

and

Fixed

Income

Funds,

Liquidity

Funds,

various

money

market

funds

and

the

Morgan

Stanley

AIP

Funds

in

the

Fund

Complex

(since

June

2017);

Executive

Director

of

the

Adviser;

Head

of

Product

Development

for

Equity

and

Fixed

Income

Funds

(since

August

2013).

Anthony

R.

Rochte

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1968

Vice

President,

Morgan

Stanley

ETF

Trust

Since

September

2022

Managing

Director

and

Global

Head

of

Exchange-Traded

Funds

at

Morgan

Stanley

Investment

Management

(since

March

2022);

Co-Head

of

Goldman

Sachs

Private

Bank

Select

(January

2020

–

March

2022);

Head

of

Fidelity

Institutional

Investments

&

Technology

Solutions

(August

2017

–

January

2020).

36

Morgan

Stanley

ETF

Trust

Annual

Report

—

September

30,

2023

Adviser

Morgan

Stanley

Investment

Management

Inc.

522

Fifth

Avenue

New

York,

New

York

10036

Distributor

Foreside

Fund

Services,

LLC

3

Canal

Plaza

Suite

100

Portland,

Maine

04101

Dividend

Disbursing

and

Transfer

Agent

JPMorgan

Chase

Bank,

N.A.

1111

Polaris

Parkway

Columbus,

Ohio

43240

Custodian

and

Administrator

JPMorgan

Chase

Bank,

N.A.

1111

Polaris

Parkway

Columbus,

Ohio

43240

Legal

Counsel

Dechert

LLP

1095

Avenue

of

the

Americas

New

York,

New

York

10036

Counsel

to

the

Independent

Trustees

Perkins

Coie

LLP

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

New

York

10036

Independent

Registered

Public

Accounting

Firm

Ernst

&

Young

LLP

200

Clarendon

Street

Boston,

MA

02116

ETFCALUSLGCAPCRIANN

6057782

EXP

11.30.24

Printed

in

U.S.A. 

This

Report

has

been

prepared

for

shareholders

and

may

be

distributed

to

others

only

if

preceded

or

accompanied

by

a

current

prospectus.

Morgan

Stanley

Investment

Management

Inc.

522

Fifth

Avenue

New

York,

New

York

10036 

©

2023

Morgan

Stanley.

Morgan

Stanley

Distribution,

Inc. 

Morgan

Stanley

ETF

Trust

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

NYSE

Arca:

CDEI

Annual

Report

September

30,

2023

Morgan

Stanley

ETF

Trust

Annual

Report

—

September

30,

2023

Table

of

Contents

(unaudited)

1

This

report

is

authorized

for

distribution

only

when

preceded

or

accompanied

by

a

prospectus

or

summary

prospectus

of

the

applicable

Fund

of

Morgan

Stanley

ETF

Trust.

To

receive

a

prospectus

and/or

statement

of

additional

information

(“SAI”),

which

contains

more

complete

information

such

as

investment

objectives,

charges,

expenses,

policies

for

voting

proxies,

risk

considerations

and

describes

in

detail

each

of

the

Fund’s

investment

policies

to

the

prospective

investor,

please

call

toll

free

1

(800)

836-2414.

Please

read

the

prospectuses

carefully

before

you

invest.

Additionally,

you

can

access

Fund

information

including

performance,

characteristics

and

investment

team

commentary,

through

Morgan

Stanley

Investment

Management’s

website:

www.calvert.com.

Market

forecasts

provided

in

this

report

may

not

necessarily

come

to

pass.

There

is

no

guarantee

that

any

sectors

mentioned

will

continue

to

perform

as

discussed

herein

or

that

securities

in

such

sectors

will

be

held

by

the

Fund

in

the

future.

There

is

no

assurance

that

a

fund

will

achieve

its

investment

objective.

Funds

are

subject

to

market

risk,

which

is

the

possibility

that

market

values

of

securities

owned

by

the

Fund

will

decline

and,

therefore,

the

value

of

the

Fund’s

shares

may

be

less

than

what

you

paid

for

them.

Accordingly,

you

can

lose

money

investing

in

this

Fund.

Please

see

the

prospectus

for

more

complete

information

on

investment

risks.

Shareholders’

Letter

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

2

Expense

Example

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

3

Investment

Overview

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

4

Portfolio

of

Investments

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

6

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

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

21

Federal

Tax

Notice

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

22

Important

Notices

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

23

U.S.

Customer

Privacy

Notice

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

24

Trustees

and

Officers

Information

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

27

2

Annual

Report

—

September

30,

2023

Shareholders’

Letter

(unaudited)

Morgan

Stanley

ETF

Trust

Dear

Shareholders,

We

are

pleased

to

provide

this

Annual Report,

in

which

you

will

learn

how

your

investment

in Calvert

US

Large-Cap

Diversity,

Eq-

uity

and

Inclusion

Index

ETF (the

“Fund”)

performed

during

the

period

beginning

January

30,

2023

(when

the

Fund

commenced

operations)

and

ended

September

30,

2023.

Morgan

Stanley

Investment

Management,

the

Fund's

investment

adviser, is

a

client-centric,

investor-led

organization.

Our

global

presence,

intellectual

capital,

and

breadth

of

products

and

services

enable

us

to

partner

with

investors

to

meet

the

evolving

chal-

lenges

of

today’s

financial

markets.

We

aim

to

deliver

superior

investment

service

and

to

empower

our

clients

to

make

the

informed

decisions

that

help

them

reach

their

investment

goals.

As

always,

we

thank

you

for

selecting

Morgan

Stanley

Investment

Management,

and

look

forward

to

working

with

you

in

the

months

and

years

ahead.

Sincerely,

John

H.

Gernon

President

and

Principal

Executive

Officer

October

2023

3

Annual

Report

—

September

30,

2023

Expense

Example

(unaudited)

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Morgan

Stanley

ETF

Trust

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transactional

costs;

and

(2)

ongoing

costs,

which

may

include man-

agement

fees,

and

distribution

and

shareholder

services

fees.

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.

This

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

six-month

period

ended

September

30,

2023 and

held

for

the

entire

six-month

period.

Actual

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

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

table

under

the

heading

entitled

“Actual

Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical Example

for

Comparison

Purposes

The

table

below

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

sales

charges

(loads).

Therefore,

the

information

for

each

class

in

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.

Beginning

Account

Value

(

4/1/23

)

Actual

Ending

Account

Value

(9/30/23)

Hypothetical

Ending

Account

Value

Actual

Expenses

Paid

During

Period

*

Hypothetical

Expenses

Paid

During

Period

*

Net

Expense

Ratio

During

Period

**

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

$1,000.00

$1,046.10

$1,024.37

$0.72

$0.71

0.14%

*

Expenses

are

calculated

using

the

Fund’s

annualized

net

expense

ratio

(as

disclosed),

multiplied

by

the

average

account

value

over

the

period

and

multiplied

by

183/365

(to

reflect

the

most

recent

one-half

year

period).

**

Annualized.

4

Annual

Report

—

September

30,

2023

Investment

Overview

(unaudited)

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Morgan

Stanley

ETF

Trust

Economic

and

Market

Conditions

For

U.S.

equity

investors,

the

8-month

period

ended

September

30,

2023,

was

a

roller-coaster

ride,

driven

largely

by

shifting

perceptions

of

whether

the

U.S.

Federal

Reserve

(the

Fed)

could

bring

the

world’s

largest

economy

in

for

a

soft

landing,

and

changing

expectations

of

how

long

interest

rates

might

remain

high.

As

the

period

opened,

U.S.

stocks

were

in

the

midst

of

a

rally

that

lasted

through

July

2023.

The

initial

tailwind

was

ChatGPT,

an

artificial

intelligence

(AI)

application

that

led

investors

to

perceive

AI

might

become

the

next

big

innovation

to

drive

the

information

technology

(IT)

sector.

As

a

result,

IT

-

one

of

the

worst-performing

sectors

in

2022

-

became

the

standout

sector

during

the

first

half

of

2023.

Earlier

recession

fears

that

had

weighed

on

stock

prices

receded

as

many

inves-

tors

came

around

to

the

view

that

the

U.S.

economy

was

doing

surprisingly

well.

But

in

the

final

two

months

of

the

period,

the

bond

market

halted

the

stock

market’s

momentum.

As

it

became

clear

the

Fed

would

keep

interest

rates

higher

for

longer

than

investors

had

anticipated

just

a

few

months

earlier,

longer

term

bond

rates

rose.

Given

the

potential

for

relatively

attractive

returns

with

lower

risk

than

stocks,

many

investors

shifted

from

equity

assets

to

bonds,

and

stock

prices

ended

on

a

down

note

as

the

period

came

to

a

close.

For

the

period

as

a

whole,

however,

the

August-September

stock

market

retreat

did

not

totally

erase

previous

gains,

and

the

Russell

1000®

Index,

a

measure

of

U.S.

large-cap

stocks,

returned

a

respectable

7.55%.

Fund

Performance

For

the

8-month

period

from

inception

on

January

30,

2023,

through

September

30,

2023,

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

(the

Fund)

returned

9.23%

based

on

net

asset

value

(NAV)

and

reinvestment

of

distribu-

tions

per

share,

net

of

fees.

The

Fund

outperformed

its

pri-

mary

benchmark,

the

Russell

1000®

Index

(the

Index),

which

returned

7.55%

and

underperformed

its

secondary

benchmark,

the

Calvert

US

Large-Cap

Diversity

Research

Index

(the

Calvert

Index),

which

returned

9.37%

during

the

period.

The

Fund’s

underperformance

versus

the

Calvert

Index

was

due

to

Fund

expenses

and

fees,

which

the

Calvert

Index

does

not

incur.

Of

the

11

market

sectors

held

by

the

Fund,

consumer

dis-

cretionary,

energy,

health

care,

industrials,

and

information

technology

(IT)

delivered

positive

returns

during

the

period.

The

strongest-performing

sectors

were

IT,

energy,

and

indus-

trials.

The

weakest-performing

sectors

were

utilities,

real

estate,

and

materials.

Contributors

to

Fund

performance

versus

the

Index

included

an

overweight

position

and

stock

selections

in

the

IT

sector;

stock

selections

in

the

health

care

sector;

and

an

underweight

position

in

the

real

estate

sector

-

the

worst-performing

sector

within

the

Index

and

the

Fund,

as

property

sales

were

ham-

pered

by

rising

mortgage

rates

during

the

period

and

compa-

nies

cut

back

on

office

space

after

the

pandemic.

In

the

IT

sector,

Index-relative

performance

benefited

from

the

Fund’s

overweight

position

in

semiconductor

firm

NVIDIA

Corp.

(NVIDIA),

whose

stock

price

more

than

doubled

during

the

period.

NVIDIA’s

strong

stock

performance

was

driven

by

increased

demand

for

its

high-end

graphics

processing

units

in

the

burgeoning

artificial

intelligence

industry. By

period-end,

NVIDIA

had

been

sold

out

of

the

Fund.

In

the

health

care

sector,

performance

versus

the

Index

was

helped

by

an

overweight

position

in

Eli

Lilly

&

Co.

(Eli

Lilly),

a

global

drugmaker

specializing

in

diabetes,

oncology,

and

immunology

therapies.

Eli

Lilly

shares

appreciated

strongly

during

the

period,

with

the

best

performance

occurring

in

August

2023

after

the

company

reported

strong

second-quarter

earnings,

driven

in

part

by

sales

of

its

diabetes

drug,

Mounjaro.

In

contrast,

detractors

from

Fund

performance

versus

the

Index

included

stock

selections

in

the

communication

services

and

financials

sectors,

as

well

as

stock

selections

and

an

under-

weight

position

in

the

consumer

discretionary

sector.

In

the

communication

services

sector,

not

owning

Index

posi-

tion

Meta

Platforms,

Inc.

(Meta)

-

the

social

media

company

behind

Facebook,

Instagram,

and

Messenger

-

detracted

from

Index-relative

returns.

Meta’s

stock

price

doubled

during

the

period

as

advertising

revenues

rebounded

on

improved

ad

tar-

geting,

while

profit

margins

exceeded

expectations

due

to

more

rational

spending

on

longer-term

initiatives. 

Annual

Report

—

September

30,

2023

Investment

Overview

(unaudited)

(cont’d)

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

5

Morgan

Stanley

ETF

Trust

Performance

data

quoted

represents

past

performance,

which

is

no

guaran-

tee

of

future

results,

and

current

performance

may

be

lower

or

higher

than

the

figures

shown.

Performance

assumes

that

all

dividends

and

distributions,

if

any,

were

reinvested.

For

the

most

recent

month-end

performance

figures,

please

visit

www.calvert.com.

Investment

return

and

principal

value

will

fluctu-

ate

so

that

Fund

shares,

when

sold

or redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Total

returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

selling

or

redemption

of

Fund

shares.

Fund's

total

returns

are

calculated

as

of

the

last

business

day

of

the

period.

*

Minimum

Investment.

**

The

Fund’s

performance

shown

assumes

that

all

recurring

fees

(including

management

fees)

were

deducted

and

all

dividends

and

distributions

were

reinvested.

***

Commenced

Operations

on

January

30,

2023.

Performance

Compared

to

the

Russell

1000

®

Index

(1)

and

the

Calvert

US

Large-Cap

Diversity

Research

Index

(2)

Cumulative

Total

Return

for

the

period

Ended

September

30,

2023

Since

Inception

(3)

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

-

NAV

(4)

9.23%

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

-

Market

Price

(4)

9.23%

Russell

1000

®

Index

7.55%

Calvert

US

Large-Cap

Diversity

Research

Index

9.37%

(1)

The

Russell

1000

®

Index

is

an

unmanaged

index

of

1,000

U.S.

large-

cap

stocks.

The

Russell

1000

®

Index

is

an

index

of

approximately

1,000

of

the

largest

U.S.

companies

based

on

a

combination

of

market

capitalization

and

current

index

membership.

The

Index

is

unmanaged

and

its

returns

do

not

include

any

sales

charges

or

fees.

Such

costs

would

lower

performance.

It

is

not

possible

to

invest

directly

in

an

index.

(2)

The

Calvert

US

Large-Cap

Diversity

Research

Index

is

composed

of

companies

that

operate

their

businesses

in

a

manner

that

is

consistent

with

the

Calvert

Principles

and

are

selected

from

the

universe

of

the

1,000

largest

publicly

traded

US

companies

by

market

capitalization.

As

described

in

the

Index

Methodology

and

as

determined

by

Calvert,

Index

components

must

meet

certain

criteria

relating

to

leadership

in

having

a

diverse

workforce

and

an

equal

and

inclusive

work

culture,

or

demonstrate

significant

improvement

in

diversity

practices.

Unless

otherwise

stated,

index

returns

do

not

reflect

the

effect

of

any

applicable

sales

charges,

commissions,

expenses,

taxes

or

leverage,

as

applicable.

It

is

not

possible

to

invest

directly

in

an

index.

Historical

performance

of

the

index

illustrates

market

trends

and

does

not

represent

the

past

or

future

performance

of

the

fund.

(3)

For

comparative

purposes,

average

annual

since

inception

returns

listed

for

the

Indexes

refer

to

the

inception

date

of

the

Fund,

not

the

inception

of

the

Index.

(4)

Commenced

operations

on

January

30,

2023.

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

6

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Common

Stocks

(99.7%)

Air

Freight

&

Logistics

(0.7%)

Expeditors

International

of

Washington,

Inc.

199

$

22,811

United

Parcel

Service,

Inc.,

Class

 B

980

152,753

175,564

Automobile

Components

(0.2%)

Aptiv

plc(a)

381

37,563

BorgWarner,

Inc.

316

12,757

50,320

Automobiles

(0.0%)(b)

Thor

Industries,

Inc.

70

6,659

Banks

(5.0%)

Bank

of

America

Corp.

9,423

258,002

Citigroup,

Inc.

2,600

106,938

Comerica,

Inc.

177

7,354

Commerce

Bancshares,

Inc.

162

7,773

Cullen/Frost

Bankers,

Inc.

81

7,388

East

West

Bancorp,

Inc.

190

10,015

First

Citizens

BancShares,

Inc.,

Class

 A

14

19,322

First

Financial

Bankshares,

Inc.

184

4,622

First

Horizon

Corp.

745

8,210

JPMorgan

Chase

&

Co.

3,899

565,433

KeyCorp

1,262

13,579

M&T

Bank

Corp.

223

28,198

New

York

Community

Bancorp,

Inc.

960

10,887

Pinnacle

Financial

Partners,

Inc.

101

6,771

PNC

Financial

Services

Group,

Inc.

(The)

538

66,050

Regions

Financial

Corp.

1,267

21,792

Synovus

Financial

Corp.

194

5,393

U.S.

Bancorp

2,072

68,500

Western

Alliance

Bancorp

146

6,712

Zions

Bancorp

NA

199

6,943

1,229,882

Beverages

(2.9%)

Celsius

Holdings,

Inc.(a)

57

9,781

Coca-Cola

Co.

(The)

5,269

294,959

Keurig

Dr

Pepper,

Inc.

1,343

42,398

Monster

Beverage

Corp.(a)

1,019

53,956

PepsiCo,

Inc.

1,858

314,820

715,914

Biotechnology

(4.4%)

AbbVie,

Inc.

2,388

355,955

Amgen,

Inc.

723

194,314

Biogen,

Inc.(a)

194

49,860

Gilead

Sciences,

Inc.

1,686

126,349

Horizon

Therapeutics

plc(a)

306

35,401

Moderna,

Inc.(a)

449

46,377

Regeneron

Pharmaceuticals,

Inc.(a)

141

116,037

Seagen,

Inc.(a)

189

40,096

Vertex

Pharmaceuticals,

Inc.(a)

348

121,014

1,085,403

Broadline

Retail

(0.2%)

eBay,

Inc.

722

31,833

Etsy,

Inc.(a)

165

10,656

42,489

Shares

Value

Building

Products

(0.7%)

A

O

Smith

Corp.

169

$

11,176

AAON,

Inc.

91

5,175

Carrier

Global

Corp.

1,132

62,487

Johnson

Controls

International

plc

915

48,687

Lennox

International,

Inc.

43

16,101

Owens

Corning

120

16,369

Trex

Co.,

Inc.(a)

148

9,121

169,116

Capital

Markets

(2.3%)

Affiliated

Managers

Group,

Inc.

48

6,256

Ameriprise

Financial,

Inc.

139

45,826

Bank

of

New

York

Mellon

Corp.

(The)

1,052

44,868

Carlyle

Group,

Inc.

(The)

260

7,842

Evercore,

Inc.,

Class

 A

47

6,480

FactSet

Research

Systems,

Inc.

52

22,738

Franklin

Resources,

Inc.

393

9,660

Interactive

Brokers

Group,

Inc.,

Class

 A

137

11,859

Intercontinental

Exchange,

Inc.

749

82,405

Jefferies

Financial

Group,

Inc.

237

8,681

MarketAxess

Holdings,

Inc.

50

10,682

Moody's

Corp.

215

67,977

Morningstar,

Inc.

35

8,198

Nasdaq,

Inc.

460

22,351

Raymond

James

Financial,

Inc.

256

25,710

S&P

Global,

Inc.

430

157,126

State

Street

Corp.

429

28,726

567,385

Chemicals

(0.6%)

Ashland,

Inc.

72

5,881

Balchem

Corp.

43

5,334

Cabot

Corp.

75

5,195

Celanese

Corp.,

Class

 A

146

18,326

Eastman

Chemical

Co.

160

12,275

Ecolab,

Inc.

343

58,104

FMC

Corp.

168

11,251

Huntsman

Corp.

230

5,612

International

Flavors

&

Fragrances,

Inc.

345

23,519

145,497

Commercial

Services

&

Supplies

(0.9%)

Clean

Harbors,

Inc.(a)

68

11,381

Copart,

Inc.(a)

1,178

50,760

Republic

Services,

Inc.,

Class

 A

279

39,760

Rollins,

Inc.

343

12,804

Tetra

Tech,

Inc.

71

10,794

Waste

Management,

Inc.

547

83,385

208,884

Communications

Equipment

(1.3%)

Ciena

Corp.(a)

199

9,405

Cisco

Systems,

Inc.

5,507

296,056

Juniper

Networks,

Inc.

434

12,061

317,522

Construction

&

Engineering

(0.3%)

AECOM

187

15,528

EMCOR

Group,

Inc.

63

13,255

Quanta

Services,

Inc.

194

36,292

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

7

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Construction

&

Engineering

(cont’d)

Valmont

Industries,

Inc.

28

$

6,726

71,801

Construction

Materials

(0.2%)

Summit

Materials,

Inc.,

Class

 A(a)

160

4,982

Vulcan

Materials

Co.

180

36,364

41,346

Consumer

Finance

(0.7%)

American

Express

Co.

800

119,352

Credit

Acceptance

Corp.(a)

9

4,141

Discover

Financial

Services

336

29,108

OneMain

Holdings,

Inc.

162

6,494

SoFi

Technologies,

Inc.(a)

1,287

10,283

169,378

Consumer

Staples

Distribution

&

Retail

(2.2%)

Casey's

General

Stores,

Inc.

50

13,576

Costco

Wholesale

Corp.

597

337,281

Dollar

General

Corp.

296

31,317

Kroger

Co.

(The)

964

43,139

Sprouts

Farmers

Market,

Inc.(a)

138

5,907

Sysco

Corp.

684

45,178

Target

Corp.

623

68,885

545,283

Containers

&

Packaging

(0.3%)

AptarGroup,

Inc.

88

11,003

Ball

Corp.

424

21,107

Graphic

Packaging

Holding

Co.

411

9,157

Sealed

Air

Corp.

194

6,375

Sonoco

Products

Co.

131

7,120

Westrock

Co.

342

12,244

67,006

Distributors

(0.1%)

LKQ

Corp.

359

17,774

Diversified

Consumer

Services

(0.1%)

Bright

Horizons

Family

Solutions,

Inc.(a)

77

6,273

Service

Corp.

International

202

11,542

17,815

Diversified

Telecommunication

Services

(0.8%)

Verizon

Communications,

Inc.

5,693

184,510

Electric

Utilities

(0.6%)

Avangrid,

Inc.

96

2,896

Eversource

Energy

470

27,331

Exelon

Corp.

1,344

50,790

IDACORP,

Inc.

68

6,368

NRG

Energy,

Inc.

305

11,749

Portland

General

Electric

Co.

136

5,505

Xcel

Energy,

Inc.

746

42,686

147,325

Electrical

Equipment

(0.6%)

Emerson

Electric

Co.

771

74,455

nVent

Electric

plc

221

11,711

Rockwell

Automation,

Inc.

155

44,310

Sensata

Technologies

Holding

plc

207

7,829

Sunrun,

Inc.(a)

284

3,567

141,872

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(0.7%)

Advanced

Energy

Industries,

Inc.

50

$

5,156

Amphenol

Corp.,

Class

 A

803

67,444

Avnet,

Inc.

124

5,975

Badger

Meter,

Inc.

39

5,611

Belden,

Inc.

56

5,407

CDW

Corp.

182

36,720

IPG

Photonics

Corp.(a)

40

4,062

Trimble,

Inc.(a)

334

17,989

Zebra

Technologies

Corp.,

Class

 A(a)

69

16,321

164,685

Energy

Equipment

&

Services

(0.2%)

Baker

Hughes

Co.,

Class

 A

1,367

48,282

Entertainment

(2.2%)

Atlanta

Braves

Holdings,

Inc.,

Class

 C(a)

74

2,644

Electronic

Arts,

Inc.

334

40,214

Liberty

Media

Corp-Liberty

Formula

One,

Class

 A(a)

329

18,602

Liberty

Media

Corp-Liberty

Live,

Class

 A(a)

90

2,873

Netflix,

Inc.(a)

592

223,539

Roku,

Inc.,

Class

 A(a)

167

11,788

Walt

Disney

Co.

(The)(a)

2,474

200,518

Warner

Bros

Discovery,

Inc.(a)

3,147

34,176

534,354

Financial

Services

(5.0%)

Equitable

Holdings,

Inc.

469

13,315

Fidelity

National

Information

Services,

Inc.

799

44,161

Fiserv,

Inc.(a)

818

92,401

Jack

Henry

&

Associates,

Inc.

98

14,812

Mastercard,

Inc.,

Class

 A

1,130

447,378

MGIC

Investment

Corp.

383

6,392

PayPal

Holdings,

Inc.(a)

1,474

86,170

Radian

Group,

Inc.

211

5,298

Visa,

Inc.,

Class

 A

2,170

499,122

1,209,049

Food

Products

(1.4%)

Bunge

Ltd.

202

21,867

Campbell

Soup

Co.

267

10,968

Conagra

Brands,

Inc.

643

17,631

General

Mills,

Inc.

784

50,168

Hershey

Co.

(The)

202

40,416

J.M.

Smucker

Co.

(The)

135

16,593

Kellogg

Co.

351

20,888

Kraft

Heinz

Co.

(The)

1,086

36,533

Mondelez

International,

Inc.,

Class

 A

1,839

127,627

342,691

Gas

Utilities

(0.1%)

ONE

Gas,

Inc.

74

5,053

Southwest

Gas

Holdings,

Inc.

96

5,799

UGI

Corp.

281

6,463

17,315

Ground

Transportation

(0.7%)

Avis

Budget

Group,

Inc.(a)

32

5,750

Union

Pacific

Corp.

822

167,384

173,134

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

8

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Health

Care

Equipment

&

Supplies

(3.2%)

Abbott

Laboratories

2,336

$

226,241

Align

Technology,

Inc.(a)

97

29,616

Becton

Dickinson

&

Co.

392

101,344

Edwards

Lifesciences

Corp.(a)

814

56,394

Globus

Medical,

Inc.,

Class

 A(a)

104

5,164

Haemonetics

Corp.(a)

68

6,091

Hologic,

Inc.(a)

329

22,833

ICU

Medical,

Inc.(a)

27

3,213

Insulet

Corp.(a)

94

14,992

iRhythm

Technologies,

Inc.(a)

40

3,770

Medtronic

plc

1,802

141,205

Neogen

Corp.(a)

292

5,414

Penumbra,

Inc.(a)

50

12,095

Stryker

Corp.

481

131,443

Zimmer

Biomet

Holdings,

Inc.

282

31,646

791,461

Health

Care

Providers

&

Services

(1.5%)

AMN

Healthcare

Services,

Inc.(a)

53

4,514

Centene

Corp.(a)

728

50,145

CVS

Health

Corp.

1,735

121,138

Elevance

Health,

Inc.

318

138,463

Ensign

Group,

Inc.

(The)

73

6,784

Laboratory

Corp.

of

America

Holdings

119

23,925

Quest

Diagnostics,

Inc.

150

18,279

363,248

Hotels,

Restaurants

&

Leisure

(1.8%)

Airbnb,

Inc.,

Class

 A(a)

542

74,368

Booking

Holdings,

Inc.(a)

48

148,030

Domino's

Pizza,

Inc.

47

17,803

Expedia

Group,

Inc.(a)

192

19,789

Hilton

Worldwide

Holdings,

Inc.

347

52,112

Marriott

International,

Inc.,

Class

 A

342

67,224

Wendy's

Co.

(The)

233

4,756

Yum!

Brands,

Inc.

379

47,352

431,434

Household

Durables

(0.1%)

Meritage

Homes

Corp.

48

5,875

Newell

Brands,

Inc.

560

5,057

Tempur

Sealy

International,

Inc.

225

9,751

TopBuild

Corp.(a)

43

10,819

31,502

Household

Products

(0.6%)

Clorox

Co.

(The)

167

21,887

Colgate-Palmolive

Co.

1,120

79,643

Kimberly-Clark

Corp.

457

55,229

156,759

Independent

Power

and

Renewable

Electricity

Producers

(0.1%)

AES

Corp.

(The)

900

13,680

Ormat

Technologies,

Inc.

72

5,034

18,714

Insurance

(2.6%)

Aflac,

Inc.

726

55,720

Allstate

Corp.

(The)

353

39,328

Assurant,

Inc.

70

10,051

Enstar

Group

Ltd.(a)

17

4,114

Fidelity

National

Financial,

Inc.

349

14,414

Shares

Value

First

American

Financial

Corp.

133

$

7,513

Hartford

Financial

Services

Group,

Inc.

(The)

413

29,286

Lincoln

National

Corp.

228

5,629

Marsh

&

McLennan

Cos.,

Inc.

668

127,120

MetLife,

Inc.

863

54,291

Primerica,

Inc.

49

9,506

Principal

Financial

Group,

Inc.

327

23,567

Progressive

Corp.

(The)

791

110,186

Prudential

Financial,

Inc.

492

46,686

Reinsurance

Group

of

America,

Inc.

90

13,067

RenaissanceRe

Holdings

Ltd.

68

13,459

Selective

Insurance

Group,

Inc.

81

8,357

Travelers

Cos.,

Inc.

(The)

309

50,463

White

Mountains

Insurance

Group

Ltd.

3

4,487

627,244

Interactive

Media

&

Services

(0.1%)

Pinterest,

Inc.,

Class

 A(a)

777

21,002

IT

Services

(0.6%)

Akamai

Technologies,

Inc.(a)

202

21,521

Amdocs

Ltd.

163

13,772

Cognizant

Technology

Solutions

Corp.,

Class

 A

685

46,402

Gartner,

Inc.(a)

103

35,392

Okta,

Inc.,

Class

 A(a)

204

16,628

Twilio,

Inc.,

Class

 A(a)

233

13,637

147,352

Leisure

Products

(0.1%)

Brunswick

Corp.

94

7,426

Mattel,

Inc.(a)

473

10,420

17,846

Life

Sciences

Tools

&

Services

(0.8%)

Agilent

Technologies,

Inc.

398

44,504

Charles

River

Laboratories

International,

Inc.(a)

68

13,327

Fortrea

Holdings,

Inc.(a)

119

3,402

Illumina,

Inc.(a)

213

29,241

IQVIA

Holdings,

Inc.(a)

246

48,400

Waters

Corp.(a)

79

21,663

West

Pharmaceutical

Services,

Inc.

100

37,521

198,058

Machinery

(1.8%)

Cummins,

Inc.

188

42,951

Deere

&

Co.

370

139,631

Flowserve

Corp.

177

7,039

Fortive

Corp.

477

35,374

Franklin

Electric

Co.,

Inc.

54

4,818

IDEX

Corp.

102

21,218

Illinois

Tool

Works,

Inc.

408

93,966

ITT,

Inc.

110

10,770

Lincoln

Electric

Holdings,

Inc.

76

13,816

Nordson

Corp.

69

15,399

Stanley

Black

&

Decker,

Inc.

205

17,134

Westinghouse

Air

Brake

Technologies

Corp.

240

25,505

427,621

Media

(0.5%)

Cable

One,

Inc.

6

3,694

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

9

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Media

(cont’d)

Interpublic

Group

of

Cos.,

Inc.

(The)

520

$

14,903

Liberty

Broadband

Corp.,

Class

 C(a)

179

16,346

Nexstar

Media

Group,

Inc.,

Class

 A

46

6,595

Omnicom

Group,

Inc.

266

19,812

Paramount

Global,

Class

 B

797

10,281

Trade

Desk,

Inc.

(The),

Class

 A(a)

597

46,656

118,287

Metals

&

Mining

(0.1%)

ATI,

Inc.(a)

172

7,078

Commercial

Metals

Co.

156

7,708

Reliance

Steel

&

Aluminum

Co.

79

20,716

35,502

Multi-Utilities

(0.6%)

Black

Hills

Corp.

90

4,553

CMS

Energy

Corp.

392

20,819

DTE

Energy

Co.

278

27,600

NiSource,

Inc.

557

13,747

Sempra

852

57,962

WEC

Energy

Group,

Inc.

426

34,314

158,995

Passenger

Airlines

(0.1%)

Alaska

Air

Group,

Inc.(a)

171

6,341

Southwest

Airlines

Co.

803

21,737

28,078

Personal

Care

Products

(0.2%)

elf

Beauty,

Inc.(a)

70

7,688

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

312

45,100

52,788

Pharmaceuticals

(6.2%)

Bristol-Myers

Squibb

Co.

2,826

164,021

Eli

Lilly

&

Co.

1,148

616,625

Merck

&

Co.,

Inc.

3,434

353,530

Organon

&

Co.

345

5,989

Perrigo

Co.

plc

183

5,847

Pfizer,

Inc.

7,645

253,585

Zoetis,

Inc.,

Class

 A

623

108,390

1,507,987

Professional

Services

(1.1%)

Automatic

Data

Processing,

Inc.

556

133,762

Broadridge

Financial

Solutions,

Inc.

159

28,469

Ceridian

HCM

Holding,

Inc.(a)

202

13,706

Equifax,

Inc.

165

30,225

ExlService

Holdings,

Inc.(a)

222

6,225

FTI

Consulting,

Inc.(a)

45

8,028

Maximus,

Inc.

81

6,049

Paycom

Software,

Inc.

69

17,890

Robert

Half,

Inc.

141

10,332

Science

Applications

International

Corp.

74

7,810

TriNet

Group,

Inc.(a)

50

5,824

268,320

Real

Estate

Management

&

Development

(0.2%)

CoStar

Group,

Inc.(a)

546

41,982

Zillow

Group,

Inc.,

Class

 C(a)

278

12,832

54,814

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(5.3%)

Analog

Devices,

Inc.

683

$

119,587

Broadcom,

Inc.

547

454,327

First

Solar,

Inc.(a)

136

21,976

Intel

Corp.

5,670

201,569

KLA

Corp.

185

84,852

Lam

Research

Corp.

178

111,565

Micron

Technology,

Inc.

1,476

100,412

MKS

Instruments,

Inc.

85

7,356

Power

Integrations,

Inc.

75

5,723

QUALCOMM,

Inc.

1,510

167,701

Silicon

Laboratories,

Inc.(a)

43

4,983

Universal

Display

Corp.

59

9,262

1,289,313

Software

(17.4%)

Adobe,

Inc.(a)

613

312,569

ANSYS,

Inc.(a)

117

34,813

Atlassian

Corp.,

Class

 A(a)

203

40,907

Box,

Inc.,

Class

 A(a)

188

4,551

DocuSign,

Inc.,

Class

 A(a)

270

11,340

Dropbox,

Inc.,

Class

 A(a)

348

9,476

Elastic

NV(a)

107

8,693

Fair

Isaac

Corp.(a)

33

28,661

Fortinet,

Inc.(a)

882

51,756

Gen

Digital,

Inc.

784

13,861

Guidewire

Software,

Inc.(a)

108

9,720

HubSpot,

Inc.(a)

65

32,012

Manhattan

Associates,

Inc.(a)

83

16,406

Microsoft

Corp.

9,912

3,129,714

New

Relic,

Inc.(a)

86

7,363

Palo

Alto

Networks,

Inc.(a)

407

95,417

Roper

Technologies,

Inc.

144

69,736

ServiceNow,

Inc.(a)

275

153,714

Splunk,

Inc.(a)

207

30,274

Synopsys,

Inc.(a)

205

94,089

Teradata

Corp.(a)

134

6,033

Tyler

Technologies,

Inc.(a)

56

21,624

VMware,

Inc.,

Class

 A(a)

291

48,446

4,231,175

Specialty

Retail

(2.8%)

Advance

Auto

Parts,

Inc.

80

4,474

Bath

&

Body

Works,

Inc.

308

10,411

Home

Depot,

Inc.

(The)

1,351

408,218

Ross

Stores,

Inc.

453

51,166

TJX

Cos.,

Inc.

(The)

1,547

137,497

Tractor

Supply

Co.

148

30,052

Ulta

Beauty,

Inc.(a)

67

26,763

Wayfair,

Inc.,

Class

 A(a)

110

6,663

Williams-Sonoma,

Inc.

85

13,209

688,453

Technology

Hardware,

Storage

&

Peripherals

(15.4%)

Apple,

Inc.

21,158

3,622,461

Dell

Technologies,

Inc.,

Class

 C

330

22,737

Hewlett

Packard

Enterprise

Co.

1,746

30,328

HP,

Inc.

1,168

30,018

NetApp,

Inc.

282

21,398

Seagate

Technology

Holdings

plc

279

18,400

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

10

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(cont’d)

Western

Digital

Corp.(a)

426

$

19,438

3,764,780

Textiles,

Apparel

&

Luxury

Goods

(0.5%)

Deckers

Outdoor

Corp.(a)

35

17,993

Lululemon

Athletica,

Inc.(a)

150

57,841

PVH

Corp.

84

6,427

Ralph

Lauren

Corp.,

Class

 A

54

6,269

Skechers

USA,

Inc.,

Class

 A(a)

179

8,762

Tapestry,

Inc.

313

8,999

VF

Corp.

496

8,764

115,055

Trading

Companies

&

Distributors

(0.4%)

Applied

Industrial

Technologies,

Inc.

51

7,885

Fastenal

Co.

771

42,128

GATX

Corp.

47

5,115

MSC

Industrial

Direct

Co.,

Inc.,

Class

 A

61

5,987

WW

Grainger,

Inc.

61

42,202

103,317

Water

Utilities

(0.2%)

American

Water

Works

Co.,

Inc.

263

32,567

Essential

Utilities,

Inc.

357

12,256

44,823

Total

Common

Stocks

(Cost

$23,426,211)

24,302,183

Short-Term

Investment

(0.2%)

Investment

Company

(0.2%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

(See

Note

G)

(Cost

$58,850)

58,850

58,850

Total

Investments

(99.9%)

(Cost

$23,485,061)

(c)

24,361,033

Other

Assets

in

Excess

of

Liabilities

(0.1%)

14,589

NET

ASSETS

(100.0%)

$24,375,622

(a)

Non-income

producing

security.

(b)

Amount

is

less

than

0.05%.

(c)

At

September

30,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$23,485,423.

The

aggregate

gross

unrealized

appreciation

is

$2,032,909

and

the

aggregate

gross

unrealized

depreciation

is

$1,157,299

,

resulting

in

net

unrealized

appreciation

of

$875,610.

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

50.5

%

Software

17.4

Technology

Hardware,

Storage

&

Peripherals

15.5

Pharmaceuticals

6.2

Semiconductors

&

Semiconductor

Equipment

5.3

Banks

5.1

Total

Investments

100.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Annual

Report

—

September

30,

2023

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

11

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Assets

and

Liabilities

September

30,

2023

Assets:

Investments

in

Securities

of

Unaffiliated

Issuers,

at

Value

(Cost

$23,426,211)

$

24,302,183

Investment

in

Security

of

Affiliated

Issuer,

at

Value

(Cost

$58,850)

58,850

Total

Investments

in

Securities,

at

Value

(Cost

$23,485,061)

24,361,033

Cash

26

Dividends

Receivable

17,456

Total

Assets

24,378,515

Liabilities:

Payable

for

Management

Fee

2,893

Total

Liabilities

2,893

Net

Assets

$

24,375,622

Net

Assets

Consist

of:

Paid-in-Capital

$

23,784,546

Total

Distributable

Earnings

591,076

Net

Assets

$

24,375,622

Shares

Outstanding

$0.001

Par

Value

(unlimited

shares

authorized)

450,000

Net

Asset

Value

Per

Share

$

54

.17

Annual

Report

—

September

30,

2023

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

12

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Operations

Period

from

January

30,

2023

^

to

September

30,

2023

Investment

Income:

Dividends

from

Securities

of

Unaffiliated

Issuers

(Net

of

$8

of

Foreign

Taxes

Withheld)

$

242,404

Dividends

from

Security

of

Affiliated

Issuer

(Note

G)

1,773

Total

Investment

Income

244,177

Expenses:

Management

Fee

(Note

B)

22,775

Total

Expenses

22,775

Rebate

from

Morgan

Stanley

Affiliate

(Note

G)

(

51

)

Net

Expenses

22,724

Net

Investment

Income

221,453

Realized

Gain

(Loss):

Investments

Sold

(

303,265

)

In-kind

Redemptions

on

Investments

1,329,514

Net

Realized

Gain

1,026,249

Change

in

Unrealized

Appreciation

(Depreciation):

Investments

875,972

Net

Change

in

Unrealized

Appreciation

(Depreciation)

875,972

Net

Realized

Gain

and

Change

in

Unrealized

Appreciation

(Depreciation)

1,902,221

Net

Increase

in

Net

Assets

Resulting

from

Operations

$

2,123,674

^

Commencement

of

Operations.

Annual

Report

—

September

30,

2023

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

13

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Changes

in

Net

Assets

Period

from

January

30,

2023

^

to

September

30,

2023

Increase

(Decrease)

in

Net

Assets:

Operations:

Net

Investment

Income

$

221,453

Net

Realized

Gain

1,026,249

Net

Change

in

Unrealized

Appreciation

(Depreciation)

875,972

Net

Increase

in

Net

Assets

Resulting

from

Operations

2,123,674

Dividends

and

Distributions

to

Shareholders:

Dividends

and

Distributions

(

203,084

)

Total

Dividends

and

Distributions

to

Shareholders

(

203,084

)

Capital

Share

Transactions:

Subscribed

(1)

20,000,000

Subscribed

In-Kind

8,130,996

Redeemed

In-Kind

(

5,675,964

)

Net

Increase

in

Net

Assets

Resulting

from

Capital

Share

Transactions

22,455,032

Total

Increase

in

Net

Assets

24,375,622

Net

Assets:

Beginning

of

Period

–

End

of

Period

$

24,375,622

Capital

Share

Transactions:

Beginning

of

Period

–

Shares

Subscribed

400,000

Shares

Subscribed

In-Kind

150,000

Shares

Redeemed

In-Kind

(

100,000

)

Shares

Outstanding,

End

of

Period

Net

Increase

in

450,000

^

Commencement

of

Operations.

(1)

Total

consists

of

subscriptions

for

seed

capital

by

the

Adviser

and

other

related

parties

of

the

Fund.

Annual

Report

—

September

30,

2023

Financial

Highlights

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

14

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Share

Data

and

Ratios

Period

from

January

30,

2023

(1)

to

September

30,

2023

Net

Asset

Value,

Beginning

of

Period

$

50

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

0

.49‌

Net

Realized

and

Unrealized

Gain

4

.13‌

Total

from

Investment

Operations

4

.62‌

Distributions

from

and/or

in

Excess

of:

—

Net

Investment

Income

(

0

.45‌

)

Net

Asset

Value,

End

of

Period

$

54

.17‌

Total

Return

(3)

9

.23‌

%

(4)

Ratios

to

Average

Net

Assets

and

Supplemental

Data:

$24,376

Net

Assets,

End

of

Period

(Thousands)

$

24,376‌

Ratio

of

Expenses

0

.14‌

%

(5)

(6)

Ratio

of

Net

Investment

Income

1

.36‌

%

(5)

(6)

Ratio

of

Rebate

from

Morgan

Stanley

Affiliates

0

.00‌

%

(5)

(7)

Portfolio

Turnover

Rate

19‌

%

(4)

(8)

(1)

Commencement

of

Operations.

(2)

Per

share

amount

is

based

on

average

shares

outstanding.

(3)

Calculated

based

on

the

net

asset

value

as

of

the

last

business

day

of

the

period.

(4)

Not

annualized.

(5)

Annualized.

(6)

The

Ratio

of

Expenses

and

Ratio

of

Net

Investment

Income

reflect

the

rebate

of

certain

Fund

expenses

in

connection

with

the

investments

in

Morgan

Stanley

affiliates

during

the

period.

The

effect

of

the

rebate

on

the

ratios

is

disclosed

in

the

above

table

as

“Ratio

of

Rebate

from

Morgan

Stanley

Affiliates.”

(7)

Amount

is

less

than

0.005%.

(8)

In-kind

transactions

are

not

included

in

portfolio

turnover

calculations.

15

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

Morgan

Stanley

ETF

Trust

Morgan

Stanley

ETF

Trust

(the

“Trust”)

is

an

open-end,

management

investment

company

established

under

Delaware

law

as

a

Delaware

statutory

trust.

Pursuant

to

its

Declaration

of

Trust dated

May

31,

2016,

and

Amended

and

Restated

on

September

28,

2022

(the

“Declaration

of

Trust”),

the

Trust and

is

authorized

to establish

multiple

series.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”).

The

Trust

applies

investment

company

accounting

and

report-

ing

guidance

Accounting

Standard

Codification

("ASC")

Topic

946.

In

the

preparation

of

these

financial

statements,

manage-

ment

has

evaluated

subsequent

events

occurring

after

the

date

of

the

Fund's

Statement

of

Assets

and

Liabilities

through

the

date

that

the

financial

statements

were

issued.

The

accompanying

financial

statements

relate

to

the

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF (the

"Fund"),

which

seeks

to

track

the

performance

of

the

Calvert

US

Large-Cap

Diversity

Research

Index.

The

Fund

is

non-di-

versified.

A.

Significant

Accounting

Policies:

 The

following

signifi-

cant

accounting

policies

are

in

conformity

with

U.S.

generally

accepted

accounting

principles

(“GAAP”).

Such

policies

are

consistently

followed

by

the Trust

in

the

preparation

of

its

financial

statements.

GAAP

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

and

disclosures

in

the

financial

statements.

Actual

results

may

differ

from

those

estimates.

1.

Security

Valuation:

(1)

An

equity

portfolio

security

list-

ed

or

traded

on

an

exchange

is

valued

at

its

latest

reported

sales

price

(or

at

the

exchange

official

closing

price

if

such

exchange

reports

an

official

closing

price),

and

if

there

were

no

sales

on

a

given

day

and

if

there

is

no

official

ex-

change

closing

price

for

that

day,

the

security

is

valued

at

the

mean

between

the

last

reported

bid

and

asked

prices

if

such

bid

and

asked

prices

are

available

on

the

relevant

ex-

changes.

If

only

bid

prices

are

available

then

the

latest

bid

price

may

be

used.

Listed

equity

securities

not

traded

on

the

valuation

date

with

no

reported

bid

and

asked

prices

available

on

the

exchange

are

valued

at

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

or

more

reputable

brokers/dealers.

In

cases

where

a

securi-

ty

is

traded

on

more

than

one

exchange,

the

security

is

valued

on

the

exchange

designated

as

the

primary

market;

(2)

all

other

equity

portfolio

securities

for

which

over-the-

counter

(“OTC”)

market

quotations

are

readily

available

are

valued

at

the

latest

reported

sales

price

(or

at

the

mar-

ket

official

closing

price

if

such

market

reports

an

official

closing

price),

and

if

there

was

no

trading

in

the

security

on

a

given

day

and

if

there

is

no

official

closing

price

from

relevant

markets

for

that

day,

the

security

is

valued

at

the

mean

between

the

last

reported

bid

and

asked

prices

if

such

bid

and

asked

prices

are

available

on

the

rel-

evant

markets.

An

unlisted

equity

security

that

does

not

trade

on

the

valuation

date

and

for

which

bid

and

asked

prices

from

the

relevant

markets

are

unavailable

is

valued

at

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

or

more

reputable

brokers/dealers;

(3)

fixed

income

securities

may

be

valued

by

an

outside

pricing

service/vendor

approved

by

the

Trust’s

Board

of

Trustees

(the

“Trustees”).

The

pricing

service/vendor

may

employ

a

pricing

model

that

takes

into

account,

among

other

things,

bids,

yield

spreads

and/or

other

market

data

and

specific

security

characteristics.

If

Morgan

Stanley

Investment

Management

Inc.

(the

“Adviser”)

a

whol-

ly-owned

subsidiary

of

Morgan

Stanley,

determines

that

the

price

provided

by

the

outside

pricing

service/vendor

or

exchange

does

not

reflect

the

security’s

fair

value

or

is

unable

to

provide

a

price,

prices

from

brokers

or

dealers

may

also

be

utilized.

In

these

circumstances,

the

value

of

the

security

will

be

the

mean

of

bid

and

asked

prices

obtained

from

reputable brokers/dealers;

(4)

when

market

quotations

are

not

readily

available,

as

defined

by

Rule

2a-5

under

the

Act,

including

circumstances

under

which

the

Adviser

determines

that

the

closing

price,

last

sale

price

or

the

mean

between

the

last

reported

bid

and

asked

prices

are

not

reflective

of

a

security’s

market

value,

port-

folio

securities

are

valued

at

their

fair

value

as

determined

in

good

faith

under

procedures

established

by

and

under

the

general

supervision

of

the

Trustees; and

(5)

invest-

ments

in

mutual

funds,

including

the

Morgan

Stanley

Institutional

Liquidity

Funds,

are

valued

at

the

net

asset

value

(“NAV”)

as

of

the

close

of

each

business

day.

In

connection

with

Rule

2a-5

of

the

Act,

the

Trust-

ees

have

designated

the

Trust's

Adviser

as

its

valuation

designee.

The

valuation

designee

has

responsibility

for

determining

fair

value

and

to

make

the

actual

calculations

pursuant

to

the

fair

valuation

methodologies

previously

approved

by

the

Trustees.

Under

procedures

approved

by

the

Trustees,

the

Trust’s

Adviser

has

formed

a

Valuation

Committee

whose

members

are

approved

by

the

Trustees.

The

Valuation

Committee

provides

administration

and

oversight

of

the

Trust’s

valuation

policies

and

procedures,

which

are

reviewed

at

least

annually

by

the

Trustees.

These

procedures

allow

the Trust

to

utilize

independent

pricing

services,

quotations

from

securities

and

financial

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

16

Morgan

Stanley

ETF

Trust

instrument

dealers

and

other

market

sources

to

determine

fair

value.

2.

Fair

Value

Measurement:

Financial

Accounting

Stan-

dards

Board

(“FASB”)

Accounting

Standards

Codifica-

tion

TM

("ASC"),

“Fair

Value

Measurement”

(“ASC

820”),

defines

fair

value

as

the

price

that

would

be

received

to

sell

an

asset

or

pay to

transfer

a

liability

in

an orderly

transaction

between

market

participants

at

the

measure-

ment

date. ASC

820

establishes

a

three tier

hierarchy

to

distinguish

between

(1)

inputs

that

reflect

the

assump-

tions

market

participants

would

use

in

valuing

an

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity

(observable

inputs)

and

(2)

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

partici-

pants

would

use

in

valuing

an

asset

or

liability

developed

based

on

the

best

information

available

in

the

circum-

stances

(unobservable

inputs)

and

to

establish

classifica-

tion

of

fair

value

measurements

for

disclosure

purposes.

Various

inputs

are

used

in

determining

the

value

of

the

Fund’s

investments.

The

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Level

2

-

other

significant

observable

inputs

(includ-

ing

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

 Level

3

-

significant

unobservable

inputs

including

the

Fund’s

own

assumptions

in

determin-

ing

the

fair

value

of

investments.

Factors

considered

in

making

this

determination

may

include,

but

are

not

limited

to,

infor-

mation

obtained

by

contacting

the

issuer,

analysts,

or

the

appropriate

stock

exchange

(for

exchange-traded

securities),

analysis

of

the

issuer’s

financial

statements

or

other

available

documents

and,

if

necessary,

available

information

concerning

other

securities

in

similar

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities

and

the

determination

of

the

significance

of

a

particular

input

to

the

fair

value

mea-

surement

in

its

entirety

requires

judgment

and

considers

factors

specific

to

each

security. 

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

September

30,

2023:

Transfers

between

investment

levels

may

occur

as

the

markets

fluctuate

and/or

the

availability

of

data

used

in

an

investment’s

valuation

changes. 

3.

Indemnifications:

The Trust

enters

into

contracts

that

contain

a

variety

of

indemnification

clauses.

The

Trust’s

maximum

exposure

under

these

arrangements

is

un-

known

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not yet

occurred. 

4.

Dividends

and

Distributions

to

Shareholders: 

Divi-

dends

and

distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

in-

come,

if

any,

are

declared

and

paid

quarterly.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

5.

Security

Transactions,

Income

and

Expenses:

Security

transactions

are

accounted

for

on

the

trade

date

(date

the

order

to

buy

or

sell

is

executed).

Realized

gains

and

losses

on

the

sale

of

investment

securities

are

deter-

mined

on

the

specific

identified

cost

method.

Dividend

income

and

other

distributions

are

recorded

on

the

ex-dividend

date

(except

for

certain

foreign

dividends

which

may

be

recorded

as

soon

as

the

Fund

is

informed

of

such

dividends)

net

of

applicable

withholding

taxes.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

as

non-cash

dividend

at

fair

value.

B.

Management Fees:

 The

Adviser

provides

investment

advice

and

portfolio

management

services

pursuant

to

a

Management

Agreement

(the

“Agreement”)

and,

subject

to

the

supervision

of

the

Trust’s

Trustees,

makes

or

oversees

the

Fund’s

day-to-day

investment

decisions,

arranges

for

the

execution

of

portfolio

transactions

and

generally

manages

the

Fund’s

invest-

ments.

 As

compensation

for

its

services,

the

Adviser

is paid 

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

Inputs

(000)

Total

(000)

Assets:  

Common

Stocks

$

24,302

(1)

$

—

$

—

$

24,302

Short-Term

Investment

Investment

Company

59

—

—

59

Total

Assets

$24,361

$—

$—

$24,361

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

17

Morgan

Stanley

ETF

Trust

monthly

at

the

annual

rate

of

0.14% of

the

average

daily

net

assets

of

the

Fund.

Under

the

Agreement,

the

Adviser pays sub-

stantially

all

the

expenses

of

the

Fund

(including

expenses

of

the

Trust

relating

to

the

Fund),

except

for

the

distribution

fees,

if

any,

brokerage

expenses,

acquired

fund

fees

and

expenses,

taxes,

interest,

litigation

expenses,

and

other

extraordinary

expenses,

including

the

costs

of

proxies,

not

incurred

in

the

ordinary

course

of

the

Fund’s

business. 

C.

Distribution

and

Shareholder Services

Plan:

The

Trustees

have

adopted

a

distribution

and

services

plan

("Plan")

pursuant

Rule

12b-1

under the

Act. 

Under the

Plan,

the

Fund

is

authorized

to

pay

distribution

fees

in

connection

with

the

sale

of

its

shares

and

pay

service

fees

in

connection

with

the

provision

of

ongoing

services

to

shareholders

of

the

Fund

and

the

maintenance

of

shareholder

accounts

in

an

amount

up

to

0.25%

of

its

average

daily

net

assets.

No

Rule

12b-1

fees

are

currently

paid

by

the

Fund

and

there

are

no

current

plans

to

impose

these

fees.

D.

Dividend

Disbursing

and

Transfer

Agent:

The

Trust’s

dividend

disbursing

and

transfer

agent

is

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

E.

Custodian

and

Administrator:

JPMorgan also

serves

as

Custodian

and

Administrator for

the

Trust in

accordance

with

a

Custodian

and

Administration Agreement.

F.

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

securi-

ties

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

Funds’

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

Corpo-

ration)

(“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

New

York

Stock

Exchange Arca

("NYSE

Arca") 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

cus-

tody

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

re-

ceivable

for

capital

shares

issued

on

the

Statement

of

Assets

and

Liabilities

if

they

are

outstanding

as

of

year-

end. Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

issued

on

the

Statements

of

Changes

in

Net

Assets.

G.

Security

Transactions

and

Transactions

with

Affili-

ates:

 For

the

year ended

September

30,

2023 purchases

and

sales

of

investment

securities

for

the

Fund,

other

than

long-

term

U.S.

Government

securities,

short-term

investments

and

In-Kind transactions were $24,470,786

and

$4,480,708,

respectively.

There

were

no

purchases

and

sales

of

long-term

U.S.

Government

securities

for

the

year

ended

September

30,

2023. Purchase

and

Sales

related

to

In-Kind

transactions

were

$8,029,843 and

$5,619,931 for

year end.

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser. Management fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the management

fees

paid

by

the

Fund

due

to

its

invest-

ment

in

the

Liquidity

Fund.

For

the

year ended

September

30,

2023, management

fees

paid

were

reduced

by $51 relating

to

the

Fund’s

investment

in

the

Liquidity

Fund. 

A

summary

of

the

Fund’s

transactions

in

shares

of

affiliated

investments

during

the

year ended

September

30,

2023 is

as

follows: 

Affiliated

Investment

Company

Value

January

30,

2023

Purchases

at

Cost

Proceeds

from

Sales

Dividend

Income

Liquidity

Fund

$

–

$

392,864

$

334,014

$

1,773

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

18

Morgan

Stanley

ETF

Trust

H.

Federal

Income

Taxes:

It

is

the

Fund’s

intention

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

and

tax

exempt income.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

finan-

cial

statements. 

The

Fund

may

be

subject

to

taxes

imposed

by

countries

in

which

it

invests.

Such

taxes

are

generally

based

on

income

and/

or

capital

gains

earned

or

repatriated.

Taxes

are

accrued

based

on

net

investment

income,

net

realized

gains

and

net

unreal-

ized

appreciation

as

such

income

and/or

gains

are

earned.

Taxes

may

also

be

based

on

transactions

in

foreign

currency

and

are

accrued

based

on

the

value

of

investments

denominated

in

such

currency.

FASB

ASC

740-10,

“Income

Taxes—Overall”,

sets

forth

a

minimum

threshold

for

financial

statement

recognition

of

the

benefit

of

a

tax

position

taken

or

expected

to

be

taken

in

a

tax

return.

Management

has

concluded

there

are

no

significant

uncertain

tax

positions

that

would

require

recognition

in

the

financial

statements.

If

applicable,

the

Fund

recognizes

inter-

est

accrued

related

to

unrecognized

tax

benefits

in

“Interest

Expense”

and

penalties

in

“Other

Expenses”

in

the

Statement

of

Operations.

The

Fund

files

tax

returns

with

the

U.S.

Internal

Revenue

Service,

New

York

and

various

states.

The

tax

year

ended

September

30,

2023 remains

subject

to

examination

by

taxing

authorities.

The

tax

character

of

distributions

paid

may

differ

from

the

character

of

distributions

shown

for

GAAP

purposes

due

to

short-term

capital

gains

being

treated

as

ordinary

income

for

tax

purposes.

The

tax

character

of

distributions

paid

during

fiscal

year 2023

was

as

follows: 

The

amount

and

character

of

income

and

gains

to

be

distrib-

uted

are

determined

in

accordance

with

income

tax

regulations

which

may

differ

from

GAAP.

These

book/tax

differences

are

either

considered

temporary

or

permanent

in

nature. 

Temporary

differences

are

attributable

to

differing

book

and

tax

treatments

for

the

timing

of

the

recognition

of

gains

(loss-

es)

on

certain

investment

transactions

and

the

timing

of

the

deductibility

of

certain

expenses. 

Permanent

differences,

due

to

tax

adjustment

related

to

an

in-kind

redemption,

resulted

in

the

following

reclassifications

among

the

components

of

net

assets

at

September

30,

2023:

At

September

30,

2023,

the

components

of

distributable

earn-

ings

for

the

Fund

on

a

tax

basis

were

as

follows: 

At

September

30,

2023,

the

Fund

had

available

for

fed-

eral

income

tax

purposes

unused

short-term

capital

losses

of $303,265 that

do

not

have

an

expiration

date. 

To

the

extent

that

capital

loss

carryforwards

are

used

to

offset

any

future

capital

gains

realized,

no

capital

gains

tax

liability

will

be

incurred

by

the

Fund

for

gains

realized

and

not

distrib-

uted.

To

the

extent

that

capital

gains

are

offset,

such

gains

will

not

be

distributed

to

the

shareholders. 

I.

Principal

Risks:

Market

Risk:

An

investment

in

the

Fund

is

based

on

the

values

of

the

Fund’s

investments,

which

may

change

due

to

economic

and

other

events

that

affect

markets

generally,

as

well

as

those

that

affect

particular

regions,

countries,

industries,

companies

or

governments.

The

risks

associated

with

these

developments

may

be

magnified

if

social,

political,

economic

and

other

conditions

and

events

(such

as

war,

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

social

unrest,

recessions,

inflation,

rapid

interest

rate

changes

and

supply

chain

disruptions)

adversely

interrupt

the

global

economy

and

financial

markets.

It

is

difficult

to

predict

when

events

affecting

the

U.S.

or

global

financial

markets

may

occur,

the

effects

that

such

events

may

have

and

the

duration

of

those

effects

(which

may

last

for

extended

periods).

These

events

may

negatively

impact

broad

segments

of

businesses

and

populations

and

have

a

significant

and

rapid

negative

impact

on

the

performance

of

the

Fund’s

investments,

adverse-

ly

affect

and

increase

the

volatility

of

the

Fund’s

share

price

and

exacerbate

pre-existing

risks

to

the

Fund.

The

occurrence,

Affiliated

Investment

Company

(cont'd)

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

September

30,

2023

Liquidity

Fund  

$

–

$

–

$

58,850

2023

Distributions

Paid

From:

Ordinary

Long-Term

Income

Capital

Gain

$203,084

$–

Total

Distributable

Paid-In

Earnings

Capital

$(1,329,514)

$1,329,514

Undistributed

Undistributed

Ordinary

Long-Term

Income

Capital

Gain

$18,731

$–

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

19

Morgan

Stanley

ETF

Trust

duration

and

extent

of

these

or

other

types

of

adverse

econom-

ic

and

market

conditions

and

uncertainty

over

the

long

term

cannot

be

reasonably

projected

or

estimated

at

this

time.

The

ultimate

impact

of

public

health

emergencies

or

other

adverse

economic

or

market

developments

and

the

extent

to

which

the

associated

conditions

impact

the

Fund

and

its

investments

will

also

depend

on

other

future

developments,

which

are

highly

uncertain,

difficult

to

accurately

predict

and

subject

to

change

at

any

time.

The

financial

performance

of

the

Fund’s

invest-

ments

(and,

in

turn,

the

Fund’s

investment

results)

as

well

as

their

liquidity

may

be

adversely

affected

because

of

these

and

similar

types

of

factors

and

developments.

Tracking

Error

Risk:

Tracking

error

risk

refers

to

the

risk

that

the

Fund’s

performance

may

not

match

or

correlate

to

that

of

the

index

it

attempts

to

track,

either

on

a

daily

or

aggregate

basis.

Tracking

error

may

occur

because

of

transac-

tion

costs,

the

Fund’s

holding

of

cash,

differences

in

accrual

of

dividends,

changes

to

the

index

or

the

need

to

meet

new

or

existing

regulatory

requirements.

Factors

such

as

Fund

expens-

es,

imperfect

correlation

between

the

Fund’s

investments

and

the

index,

rounding

of

share

prices,

changes

to

the

composition

of

the

index,

regulatory

policies,

limitations

on

Fund

invest-

ments

imposed

by

Fund

diversification

and/or

concentration

policies,

high

portfolio

turnover

rate

and

the

use

of

leverage

all

contribute

to

tracking

error.

Unlike

the

Fund,

the

returns

of

the

index

are

not

reduced

by

investment

and

other

operating

expenses,

including

the

trading

costs

associated

with

imple-

menting

changes

to

its

portfolio

of

investments.

Tracking

error

risk

may

cause

the

Fund’s

performance

to

be

less

than

expected.

Tracking

error

risk

may

be

heightened

during

times

of

market

volatility,

unusual

market

conditions

or

other

abnormal

cir-

cumstances.

The

Fund

may

be

required

to

deviate

its

invest-

ments

from

the

securities

and

relative

weightings

of

the

index

to

comply

with

applicable

laws

and

regulations

or

because

of

market

restrictions

or

other

legal

reasons,

including

regulatory

limits

or

other

restrictions

on

securities

that

may

be

purchased

by

the

Adviser

and

its

affiliates.

If

the

Fund

uses

a

sampling

method

of

indexing,

it

may

have

a

larger

tracking

error

than

if

it

used

a

replication

method

of

indexing.

Index

Related

Risk:

The

Fund’s

return

may

not

track

the

return

of

the

index

for

a

number

of

reasons

and

therefore

may

not

achieve

its

investment

objective.

For

example,

the

Fund

incurs

a

number

of

operating

expenses

not

applicable

to

the

index,

and

incurs

costs

in

buying

and

selling

securities,

espe-

cially

when

rebalancing

the

Fund’s

securities

holdings

to

reflect

changes

in

the

composition

of

the

index.

In

addition,

the

Fund’s

return

may

differ

from

the

return

of

the

index

because

of,

among

other

things,

pricing

differences

and

the

inability

to

purchase

certain

securities

included

in

the

underlying index

due

to

regulatory

or

other

restrictions. 

In

addition,

when

the

Fund

uses

a

representative

sampling

ap-

proach,

the

Fund

may

not

be

as

well

correlated

with

the

return

of

the

underlying

index

as

when

the

Fund

purchases

all

of

the

securities

in

the

index

in

the

proportions

in

which

they

are

rep-

resented

in

the

index.

Errors

in

the

construction

or

calculation

of

the

index

may

occur

from

time

to

time.

Any

such

errors

may

not

be

identified

and

corrected

by

the

index

provider

for

some

period

of

time,

which

may

have

an

adverse

impact

on

the

Fund

and

its

shareholders.

The

risk

that

the

Fund

may

not

track

the

performance

of

the

index

may

be

heightened

during

times

of

increased

market

volatility

or

other

unusual

market

conditions.

Authorized

Participant

Concentration

Risk:

Only

an

authorized

participant

may

engage

in

creation

or

redemption

transactions

directly

with

the

Fund.

The

Fund

has

a

limited

number

of

intermediaries

that

act

as

authorized

participants

and

none

of

these

authorized

participants

is

or

will

be

obligated

to

engage

in

creation

or

redemption

transactions.

To

the

extent

that

these

intermediaries

exit

the

business

or

are

unable

to

or

choose

not

to

proceed

with

creation

and/or

redemption

orders

with

respect

to

the

Fund

and

no

other

authorized

participant

creates

or

redeems,

shares

may

trade

at

a

discount

to NAV

and

possibly

face

trading

halts

and/or

delisting. 

Trading

Risk:

The

market

prices

of

shares

are

expected

to

fluctuate,

in

some

cases

materially,

in

response

to

changes

in

the

Fund’s

NAV,

the

intra-day

value

of

the

Fund’s

holdings,

and

supply

and

demand

for

shares.

The

Adviser

cannot

predict

whether

shares

will

trade

above,

below

or

at

their

NAV.

Disrup-

tions

to

creations

and

redemptions,

the

existence

of

significant

market

volatility

or

potential

lack

of

an

active

trading

market

for

the

shares

(including

through

a

trading

halt),

as

well

as

other

factors,

may

result

in

the

shares

trading

significantly

above

(at

a

premium)

or

below

(at

a

discount)

to

NAV

or

to

the

intraday

value

of

the

Fund’s

holdings

(and,

as

a

result,

an

investor

may

pay

more

for,

or

receive

less

than,

the

underlying

value

of

the

shares,

respectively).

Buying

or

selling

shares

in

the

secondary

market

may

require

paying

brokerage

commissions

or

other

charges

imposed

by

brokers

as

determined

by

that

broker.

Brokerage

commissions

are

often

a

fixed

amount

and

may

be

a

significant

proportional

cost

when

seeking

to

buy

or

sell

relatively

small

amounts

of

shares.

In

addition,

the

market

price

of

shares,

like

the

price

of

any

exchange-traded

security,

includes

a

“bid-ask

spread”

charged

by

the

market

makers

or

other

participants

that

trade

the

particular

security.

The

spread

of the

Fund’s

shares

varies

over

time

based

on

the

Fund’s

trad-

ing

volume

and

market

liquidity

and

may

increase

if

the

Fund’s

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

20

Morgan

Stanley

ETF

Trust

trading

volume,

the

spread

of

the

Fund’s

underlying

securities,

or

market

liquidity

decrease. 

Large

Shareholder

Transaction

Risk:

The

Fund

may

experience

adverse

effects

when

certain

shareholders

purchase

or

redeem

large

amounts

of

shares

of the

Fund.

In

addition,

a

third

party

investor,

the

Adviser

or

an

affiliate

of

the

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund’s

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Such

larger

than

normal

redemptions

may

cause

the

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negative-

ly

impact

the

Fund’s

NAV

and

liquidity.

Similarly,

large

Fund

share

purchases

may

adversely

affect the

Fund’s

performance

to

the

extent

that the

Fund

is

delayed

in

investing

new

cash

and

is

required

to

maintain

a

larger

cash

position

than

it

ordinarily

would.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in the

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in the

Fund’s

expense

ratio.

Although

large

shareholder

transactions

may

be

more

frequent

under

certain

circumstanc-

es, the

Fund

is

generally

subject

to

the

risk

that

shareholders

can

purchase

or

redeem

a

significant

percentage

of

Fund

shares

at

any

time.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

NYSE

Arca

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

shares. 

J.

Other:

At

September

30,

2023,

the

Fund

had

record

own-

ers

of

10%

or

greater,

which

are

related

parties

of

the

Fund.

In-

vestment

activities

of

these

shareholders

could

have

a

material

impact

on

the

Fund.

The

aggregate

percentage

of

such

owners

was

88.9%.

21

Annual

Report

—

September

30,

2023

Report

of

Independent

Registered

Public

Accounting

Firm

Morgan

Stanley

ETF

Trust

To

the

Shareholders

and

Board

of

Trustees

of

Morgan

Stanley

ETF

Trust

–

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

(the

“Fund”)

(one

of

the

funds

constituting

Morgan

Stanley

ETF

Trust

(the

“Trust”)),

including

the

portfolio

of

invest-

ments,

as

of

September

30,

2023,

and

the

related

statements

of

operations

and

changes

in

net

assets

and

the

financial

highlights

for

the

period

from

January

30,

2023

(commencement

of

operations)

through

September

30,

2023,

and

the

related

notes

(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

(one

of

the

funds

constituting

Morgan

Stanley

ETF

Trust)

at

September

30,

2023,

and

the

results

of

its

opera-

tions,

the

changes

in

its

net

assets

and

its

financial

highlights

for

the

period

from

January

30,

2023

(commencement

of

operations)

through

September

30,

2023,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trust’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

Trust

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

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.

The

Trust

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trust’s

internal

control

over

financial

reporting.

As

part

of

our

audit,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting,

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trust’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

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

procedures

included

confirmation

of

securities

owned

as

of

September

30,

2023,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

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.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

Morgan

Stanley

investment

companies

since

2000.

Boston,

Massachusetts

November

27,

2023

22

Annual

Report

—

September

30,

2023

Federal

Tax

Notice

(unaudited)

Morgan

Stanley

ETF

Trust

For

federal

income

tax

purposes,

the

following

information

is

furnished

with

respect

to

the

distributions

paid

by

the

Fund

during

its

taxable

year

ended

September

30,

2023.

For

corporate

shareholders

100%

of

the

dividends

qualified

for

the

dividends

received

deduction.

For

federal

income

tax

purposes,

the

following

information

is

furnished

with

respect

to

the

Fund’s

earnings

for

its

taxable

year

ended

September

30,

2023.

When

distributed,

certain

earnings

may

be

subject

to

a

maximum

tax

rate

of

15%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003.

The

Fund

designated

up

to

a

maximum

of $203,084

as

taxable

at

this

lower

rate.

In

January,

the

Fund

provides

tax

information

to

shareholders

for

the

preceding

calendar

year.

23

Annual

Report

—

September

30,

2023

Important

Notices

(unaudited)

Morgan

Stanley

ETF

Trust

Reporting

to

Shareholders

The

Fund’s

portfolio

holdings

are

publicly

disseminated

each

day

the

Fund

is

open

for

business

through

financial

reporting

and

news

services,

including

publicly

accessible

Internet

web

sites.

In

addition,

a

basket

composition

file,

which

includes

the

securi-

ty

names

and

share

quantities

to

deliver

in

exchange

for

Creation

Units,

together

with

estimates

and

actual

cash

components

is

publicly

disseminated

daily

prior

to

the

opening

of

the

Exchange

via

the

National

Securities

Clearing

Corporation

(the

“NSCC”),

a

clearing

agency

that

is

registered

with

the

SEC.

The

basket

represents

one

Creation

Unit

of

the

Fund.

The

Trust,

Adviser,

Custo-

dian

and

Distributor

will

not

disseminate

non-public

information

concerning

the

Trust.

The

Trust

provides

a

complete

schedule

of

portfolio

holdings

for

the

second

and

fourth

fiscal

quarters

in

its

Semi-Annual

and

Annual

reports,

and

for

the

first

and

third

fiscal

quarters

in

its

filings

with

the

SEC

as

an

exhibit

to

Form

N-PORT.

The

Fund's

portfolio

holdings

will

be

available

on

the

Fund’s

public

website,

www.calvert.com.

Proxy

Voting

Policy

and

Proxy

Voting

Record

The

Board

of

Trustees

believes

that

the

voting

of

proxies

on

securities

held

by

the

Trust

is

an

important

element

of

the

overall

invest-

ment

process.

As

such,

the

Trustees

have

delegated

the

responsibility

to

vote

such

proxies

to

the

Adviser.

The

Adviser

has

engaged

Calvert

to

provide

proxy

voting

services

with

respect

to

the

Trust.

The

Adviser’s

Proxy

Voting

Policy

speci-

fies

that

each

Fund

will

follow

Calvert’s

Proxy

Voting

Policies

and

Procedures

and

Global

Proxy

Voting

Guidelines.

When

available,

the

Trust’s

proxy

voting

record

for

the

most

recent

12-month

period

ending

June

30,

as

filed

with

the

SEC,

will

be

available

without

charge

on

our

web

site

at

www.calvert.com.

The

Trust’s

proxy

voting

record

will

also

be

available

without

charge

on

the

SEC’s

web

site

at

http://www.sec.gov. 

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

on-

line,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Morgan

Stanley

Funds.

24

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

April

2021

Morgan

Stanley

ETF

Trust

FACTS

WHAT

DOES

MSIM

DO

WITH

YOUR

PERSONAL

INFORMATION?

Why?

Financial

companies

choose

how

they

share

your

personal

information.

Federal

law

gives

consumers

the

right

to

limit

some

but

not

all

sharing.

Federal

law

also

requires

us

to

tell

you

how

we

collect,

share,

and

protect

your

personal

information.

Please

read

this

notice

carefully

to

understand

what

we

do.

What?

The

types

of

personal

information

we

collect

and

share

depend

on

the

product

or

service

you

have

with

us.

This

information

can

include:

Social

Security

number

and

income

investment

experience

and

risk

tolerance

checking

account

number

and

wire

transfer

instructions

How?

All

financial

companies

need

to

share

customers’

personal

information

to

run

their

everyday

business.

In

the

section

below,

we

list

the

reasons

financial

companies

can

share

their

customers’

personal

information;

the

reasons

MSIM

chooses

to

share;

and

whether

you

can

limit

this

sharing.

Reasons

we

can

share

your

personal

information

Does

MSIM

share?

Can

you

limit

this

sharing?

For

our

everyday

business

purposes

—

such

as

to

process

your

transactions,

maintain

your

account(s),

respond

to

court

orders

and

legal

investigations,

or

report

to

credit

bureaus

Yes

No

For

our

marketing

purposes

—

to

offer

our

products

and

services

to

you

Yes

No

For

joint

marketing

with

other

financial

companies

No

We

don’t

share

For

our

investment

management

affiliates’

everyday

business

purposes

—

information

about

your

transactions,

experiences,

and

creditworthiness

Yes

Yes

For

our

affiliates’

everyday

business

purposes

—

information

about

your

transactions

and

experiences

Yes

No

For

our

affiliates’

everyday

business

purposes

—

information

about

your

creditworthiness

No

We

don’t

share

For

our

investment

management

affiliates

to

market

to

you

Yes

Yes

For

our

affiliates

to

market

to

you

No

We

don’t

share

For

non-affiliates

to

market

to

you

No

We

don’t

share

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

(cont’d)

25

April

2021

Morgan

Stanley

ETF

Trust

To

limit

our

sharing

Call

toll-free

(844)

312-6327

or

email:

imprivacyinquiries@morganstanley.com

Please

note:

If

you

are

a

new

customer,

we

can

begin

sharing

your

information

30

days

from

the

date

we

sent

this

notice.

When

you

are

no

longer

our

customer,

we

continue

to

share

your

information

as

described

in

this

notice.

However,

you

can

contact

us

at

any

time

to

limit

our

sharing.

Questions?

Call

toll-free

(844)

312-6327

or

email:

imprivacyinquiries@morganstanley.com

Who

we

are

Who

is

providing

this

notice?

Morgan

Stanley

Investment

Management

Inc.

and

its

investment

management

affiliates

(“MSIM”)

(see

Investment

Management

Affiliates

definition

below)

What

we

do

How

does

MSIM

protect

my

personal

information?

To

protect

your

personal

information

from

unauthorized

access

and

use,

we

use

security

measures

that

comply

with

federal

law.

These

measures

include

computer

safeguards

and

secured

files

and

buildings.

We

have

policies

governing

the

proper

handling

of

customer

information

by

personnel

and

requiring

third

parties

that

provide

support

to

adhere

to

appropriate

security

standards

with

respect

to

such

information.

How

does

MSIM

collect

my

personal

information?

We

collect

your

personal

information,

for

example,

when

you

open

an

account

or

make

deposits

or

withdrawals

from

your

account

buy

securities

from

us

or

make

a

wire

transfer

give

us

your

contact

information

We

also

collect

your

personal

information

from

others,

such

as

credit

bureaus,

affiliates,

or

other

companies.

Why

can’t

I

limit

all

sharing?

Federal

law

gives

you

the

right

to

limit

only

sharing

for

affiliates’

everyday

business

purposes

—

information

about

your

creditworthiness

affiliates

from

using

your

information

to

market

to

you

sharing

for

non-affiliates

to

market

to

you

State

laws

and

individual

companies

may

give

you

additional

rights

to

limit

sharing.

See

below

for

more

on

your

rights

under

state

law.

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

(cont’d)

26

April

2021

Morgan

Stanley

ETF

Trust

Definitions

Investment

Management

Affiliates

MSIM

Investment

Management

Affiliates

include

registered

investment

advisers,

registered

broker-dealers,

and

registered

and

unregistered

funds

in

the

Investment

Management

Division.

Investment

Management

Affiliates

does

not

include

entities

associated

with

Morgan

Stanley

Wealth

Management,

such

as

Morgan

Stanley

Smith

Barney

LLC

and

Morgan

Stanley

&

Co.

Affiliates

Companies

related

by

common

ownership

or

control.

They

can

be

financial

and

non-financial

companies.

Our

affiliates

include

companies

with

a

Morgan

Stanley

name

and

financial

companies

such

as

Morgan

Stanley

Smith

Barney

LLC

and

Morgan

Stanley

&

Co.

Non-affiliates

Companies

not

related

by

common

ownership

or

control.

They

can

be

financial

and

non-financial

companies.

MSIM

does

not

share

with

non-affiliates

so

they

can

market

to

you.

Joint

marketing

A

formal

agreement

between

non-affiliated

financial

companies

that

together

market

financial

products

or

services

to

you.

MSIM

doesn’t

jointly

market

Other

Important

Information

Vermont:

Except

as

permitted

by

law,

we

will

not

share

personal

information

we

collect

about

Vermont

residents

with

Non-affiliates

unless

you

provide

us

with

your

written

consent

to

share

such

information.

California:

Except

as

permitted

by

law,

we

will

not

share

personal

information

we

collect

about

California

residents

with

Non-affiliates

and

we

will

limit

sharing

such

personal

information

with

our

Affiliates

to

comply

with

California

privacy

laws

that

apply

to

us.

27

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

Morgan

Stanley

ETF

Trust

Independent

Trustees:

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Frank

L.

Bowman

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1944

Trustee

Since

August

2006

President,

Strategic

Decisions,

LLC

(consulting)

(since

February

2009);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

Chairperson

of

the

Compliance

and

Insurance

Committee

(since

October

2015);

formerly,

Chairperson

of

the

Insurance

Sub-

Committee

of

the

Compliance

and

Insurance

Committee

(2007-2015);

served

as

President

and

Chief

Executive

Officer

of

the

Nuclear

Energy

Institute

(policy

organization)

(February

2005-November

2008);

retired

as

Admiral,

U.S.

Navy

after

serving

over

38

years

on

active

duty

including

8

years

as

Director

of

the

Naval

Nuclear

Propulsion

Program

in

the

Department

of

the

Navy

and

the

U.S.

Department

of

Energy

(1996-2004);

served

as

Chief

of

Naval

Personnel

(July

1994-September

1996)

and

on

the

Joint

Staff

as

Director

of

Political

Military

Affairs

(June

1992-July

1994);

knighted

as

Honorary

Knight

Commander

of

the

Most

Excellent

Order

of

the

British

Empire;

awarded

the

Officier

de

l’Orde

National

du

Mérite

by

the

French

Government;

elected

to

the

National

Academy

of

Engineering

(2009).

86

Director

of

Naval

and

Nuclear

Technologies

LLP;

Director

Emeritus

of

the

Armed

Services

YMCA;

Member

of

the

National

Security

Advisory

Council

of

the

Center

for

U.S.

Global

Engagement

and

a

member

of

the

CNA

Military

Advisory

Board;

Chairman

of

Fairhaven

United

Methodist

Church;

Member

of

the

Board

of

Advisors

of

the

Dolphin

Scholarship

Foundation;

Director

of

other

various

nonprofit

organizations;

formerly,

Director

of

BP,

plc

(November

2010-

May

2019).

Frances.

L

Cashman

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1961

Trustee

Since

February

2022

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

February

2022);

Chief

Executive

Officer,

Asset

Management

Division,

Euromoney

Institutional

Investor

PLC

(financial

information)

(May

2021-Present);

Executive

Vice

President

and

various

other

roles,

Legg

Mason

&

Co.

(asset

management)

(2010-2020);

Managing

Director,

Stifel

Nicolaus

(2005-2010).

87

Trustee

and

Investment

Committee

Member,

Georgia

Tech

Foundation

(Since

June

2019);

Trustee

and

Chair

of

Marketing

Committee,

Loyola

Blakefield

(Since

September

2017);

Trustee,

MMI

Gateway

Foundation

(since

September

2017);

Director

and

Investment

Committee

Member,

Catholic

Community

Foundation

Board

(2012–2018);

Director

and

Investment

Committee

Member,

St.

Ignatius

Loyola

Academy

(2011-

2017).

Kathleen

A.

Dennis

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1953

Trustee

Since

August

2006

Chairperson

of

the

Governance

Committee

(since

January

2021),

Chairperson

of

the

Liquidity

and

Alternatives

Sub-

Committee

of

the

Investment

Committee

(2006-2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

President,

Cedarwood

Associates

(mutual

fund

and

investment

management

consulting)

(since

July

2006);

formerly,

Senior

Managing

Director

of

Victory

Capital

Management

(1993-2006).

86

Board

Member,

University

of

Albany

Foundation

(2012-present);

Board

Member,

Mutual

Funds

Directors

Forum

(2014-present);

Director

of

various

non-profit

organizations.

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

28

Morgan

Stanley

ETF

Trust

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Nancy

C.

Everett

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1955

Trustee

Since

January

2015

Chairperson

of

the

Equity

Investment

Committee

(since

January

2021);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2015);

Chief

Executive

Officer,

Virginia

Commonwealth

University

Investment

Company

(since

November

2015);

Owner,

OBIR,

LLC

(institutional

investment

management

consulting)

(since

June

2014);

formerly,

Managing

Director,

BlackRock,

Inc.

(February

2011-December

2013)

and

Chief

Executive

Officer,

General

Motors

Asset

Management

(a/k/a

Promark

Global

Advisors,

Inc.)

(June

2005-May

2010).

87

Formerly,

Member

of

Virginia

Commonwealth

University

School

of

Business

Foundation

(2005-2016);

Member

of

Virginia

Commonwealth

University

Board

of

Visitors

(2013-2015);

Member

of

Committee

on

Directors

for

Emerging

Markets

Growth

Fund,

Inc.

(2007-2010);

Chairperson

of

Performance

Equity

Management,

LLC

(2006-2010);

and

Chairperson,

GMAM

Absolute

Return

Strategies

Fund,

LLC

(2006-2010).

Eddie

A.

Grier

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1955

Trustee

Since

February

2022

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

February

2022);

Dean

Santa

Clara

University

Leavey

School

of

Business

(since

April

2021);

Dean,

Virginia

Commonwealth

University

School

of

Business

(2010-2021);

President

and

various

other

roles,

Walt

Disney

Company

(entertainment

and

media)

(1981-2010).

87

Director,

Witt/Kieffer,

Inc.

(executive

search)

(since

2016);

Director,

NuStar

GP,

LLC

(energy)

(since

August

2021);

Director,

Sonida

Senior

Living,

Inc.

(residential

community

operator)

(2016-2021);

Director,

NVR,

Inc.

(home

building)

(2013-2020);

Director,

Middleburg

Trust

Company

(wealth

management)

(2014-

2019);

Director,

Colonial

Williamsburg

Company

(since2012);

Regent,

University

of

Massachusetts

Global

(since

2021);

Director

and

Chair,

Child

Fund

International

(2012-2021);

Trustee,

Brandman

University

(2010-2021);

Director,

Richmond

Forum

(2012-2019).

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

29

Morgan

Stanley

ETF

Trust

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Jakki

L.

Hassler

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1957

Trustee

Since

January

2015

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2015);

Chairperson

of

the

Audit

Committee

(since

January

2023)

Chairman,

Opus

Capital

Group

(since

1996);

formerly,

Chief

Executive

Officer,

Opus

Capital

Group

(1996-2019);

Director,

Capvest

Venture

Fund,

LP

(May

2000-December

2011);

Partner,

Adena

Ventures,

LP

(July

1999

December

2010);

Director,

The

Victory

Funds

(February

2005-

July

2008).

87

Director

of

Cincinnati

Bell

Inc.

and

Member,

Audit

Committee

and

Chairman,

Governance

and

Nominating

Committee;

Director

of

Service

Corporation

International

and

Member,

Audit

Committee

and

Investment

Committee;

Director,

Barnes

Group

Inc.

(since

July

2021);

Director

of

Northern

Kentucky

University

Foundation

and

Member,

Investment

Committee;

Member

of

Chase

College

of

Law

Transactional

Law

Practice

Center

Board

of

Advisors;

Director

of

Best

Transport;

Director

of

Chase

College

of

Law

Board

of

Visitors;

formerly,

Member,

University

of

Cincinnati

Foundation

Investment

Committee.

Dr.

Manuel

H.

Johnson

c/o

Johnson

Smick

International,

Inc.

2201

I

Street,

NE

Suite

200

Washington,

D.C.

20002

Birth

Year:

1949

Trustee

Since

July

1991

Senior

Partner,

Johnson

Smick

International,

Inc.

(consulting

firm);

Chairperson

of

the

Fixed

Income,

Liquidity

and

Alternatives

Investment

Committee

(since

January

2021),

Chairperson

of

the

Investment

Committee

(2006-2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

July

1991);

Co-Chairman

and

a

founder

of

the

Group

of

Seven

Council

(G7C)

(international

economic

commission);

formerly,

Chairperson

of

the

Audit

Committee

(July

1991-

September

2006);

Vice

Chairman

of

the

Board

of

Governors

of

the

Federal

Reserve

System

and

Assistant

Secretary

of

the

U.S.

Treasury.

86

Director

of

NVR,

Inc.

(home

construction).

Joseph

J.

Kearns

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1942

Trustee

Since

August

1994

Senior

Adviser,

Kearns

&

Associates

LLC

(investment

consulting);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(August

1994

December

2022);

formerly,

Deputy

Chairperson

of

the

Audit

Committee

(July

2003-September

2006)

and

Chairperson

of

the

Audit

Committee

of

various

Morgan

Stanley

Funds

(since

August

1994);

CFO

of

the

J.

Paul

Getty

Trust

(1982-1999).

87

Director,

Rubicon

Investments

(since

February

2019);

Prior

to

August

2016,

Director

of

Electro

Rent

Corporation

(equipment

leasing).

Prior

to

December

31,

2013,

Director

of

The

Ford

Family

Foundation.

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

30

Morgan

Stanley

ETF

Trust

*

This

is

the

earliest

date

the Trustee

began

serving

the

Morgan

Stanley

Funds.

Each Trustee

serves

an

indefinite

term,

until

his

or

her

successor

is

elected.

**

The

Fund

Complex

includes

(as

of

December

31,

2022)

all

open-end

and

closed-end

funds

(including

all

of

their

portfolios)

advised

by

Morgan

Stanly

Investment

Management

Inc.

(the

"Adviser")

and

any

funds

that

have

an

adviser

that

is

an

affiliated

person

of

the

Adviser

(including,

but

not

limited

to,

Morgan

Stanley

AIP

GP

LP).

***

This

includes

any

directorships

at

public

companies

and

registered

investment

companies

held

by

the

Trustee

at

any

time

during

the

past

five

years.

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Michael

F.

Klein

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1958

Trustee

Since

August

2006

Chairperson

of

the

Risk

Committee

(since

January

2021);

Managing

Director,

Aetos

Alternatives

Management,

LP

(since

March

2000);

Co-President,

Aetos

Alternatives

Management,

LP

(since

January

2004)

and

Co-Chief

Executive

Officer

of

Aetos

Alternatives

Management,

LP

(since

August

2013);

Chairperson

of

the

Fixed

Income

Sub-Committee

of

the

Investment

Committee

(2006-

2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

formerly,

Managing

Director,

Morgan

Stanley

&

Co.

Inc.

and

Morgan

Stanley

Dean

Witter

Investment

Management

and

President,

various

Morgan

Stanley

Funds

(June

1998-March

2000);

Principal,

Morgan

Stanley

&

Co.

Inc.

and

Morgan

Stanley

Dean

Witter

Investment

Management

(August

1997-December

1999).

86

Director

of

certain

investment

funds

managed

or

sponsored

by

Aetos

Alternatives

Management,

LP;

Director

of

Sanitized

AG

and

Sanitized

Marketing

AG

(specialty

chemicals).

Patricia

A.

Maleski

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1960

Trustee

Since

January

2017

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2017);

Managing

Director,

JPMorgan

Asset

Management

(2004-2016);

Oversight

and

Control

Head

of

Fiduciary

and

Conflicts

of

Interest

Program

(2015-2016);

Chief

Control

Officer—Global

Asset

Management

(2013-

2015);

President,

JPMorgan

Funds

(2010-

2013);

Chief

Administrative

Officer

(2004-2013);

various

other

positions

including

Treasurer

and

Board

Liaison

(since

2001).

87

Trustee,

Nutley

Family

Service

Bureau,

Inc.

(since

January

2022).

W.

Allen

Reed

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1947

Chair

of

the

Board

and

Trustee

Chair

of

the

Board

since

August

2020

and

Director

since

August

2006

Chair

of

the

Boards

of

various

Morgan

Stanley

Funds

(since

August

2020);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

formerly,

Vice

Chair

of

the

Boards

of

various

Morgan

Stanley

Funds

(January

2020-August

2020);

President

and

Chief

Executive

Officer

of

General

Motors

Asset

Management;

Chairman

and

Chief

Executive

Officer

of

the

GM

Trust

Bank

and

Corporate

Vice

President

of

General

Motors

Corporation

(August

1994-December

2005).

86

Formerly,

Director

of

Legg

Mason,

Inc.

(2006-2019);

and

Director

of

the

Auburn

University

Foundation

(2010-

2015).

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

31

Morgan

Stanley

ETF

Trust

Executive

Officers:

The

Fund’s

statement

of

additional

information

incudes

further

information

about

the

Fund’s

Trustees

and

Officers,

and

is

available

without

charge

by

visiting

www.calvert.com

or

upon

request

by

calling

1

(800)

836-2414.

*This

is

the

earliest

date

the

officer

began

serving

the

Morgan

Stanley

Funds.

Each

officer

serves

an

indefinite

term,

until

his

or

her

successor

is

elected.

Name,

Address

and

Birth

Year

of

Executive

Officer

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

John

H.

Gernon

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1963

President

and

Principal

Executive

Officer

Since

September

2013

President

and

Principal

Executive

Officer

of

the

Equity

and

Fixed

Income

Funds

and

the

Morgan

Stanley

AIP

Funds

(since

September

2013)

and

the

Liquidity

Funds

and

various

money

market

funds

(since

May

2014)

in

the

Fund

Complex;

Managing

Director

of

the

Adviser.

Deidre

A.

Downes

1633

Broadway

New

York,

NY

10019

Birth

Year:

1977

Chief

Compliance

Officer

Since

November

2021

Executive

Director

of

the

Adviser

(since

January

2021)

and

Chief

Compliance

Officer

of

various

Morgan

Stanley

Funds

(since

November

2021).

Formerly,

Vice

President

and

Corporate

Counsel

at

PGIM

and

Prudential

Financial

(October

2016-December

2020).

Francis

J.

Smith

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1965

Treasurer

and

Principal

Financial

Officer

Treasurer

since

July

2003

and

Principal

Financial

Officer

since

September

2002

Managing

Director

of

the

Adviser

and

various

entities

affiliated

with

the

Adviser;

Treasurer

(since

July

2003)

and

Principal

Financial

Officer

of

various

Morgan

Stanley

Funds

(since

September

2002).

Mary

E.

Mullin

1633

Broadway

New

York,

NY

10019

Birth

Year:

1967

Secretary

Since

June

1999

Managing

Director

of

the

Adviser;

Secretary

of

various

Morgan

Stanley

Funds

(since

June

1999).

Michael

J.

Key

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1979

Vice

President

Since

June

2017

Vice

President

of

the

Equity

and

Fixed

Income

Funds,

Liquidity

Funds,

various

money

market

funds

and

the

Morgan

Stanley

AIP

Funds

in

the

Fund

Complex

(since

June

2017);

Executive

Director

of

the

Adviser;

Head

of

Product

Development

for

Equity

and

Fixed

Income

Funds

(since

August

2013).

Anthony

R.

Rochte

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1968

Vice

President,

Morgan

Stanley

ETF

Trust

Since

September

2022

Managing

Director

and

Global

Head

of

Exchange-Traded

Funds

at

Morgan

Stanley

Investment

Management

(since

March

2022);

Co-Head

of

Goldman

Sachs

Private

Bank

Select

(January

2020

–

March

2022);

Head

of

Fidelity

Institutional

Investments

&

Technology

Solutions

(August

2017

–

January

2020).

32

Morgan

Stanley

ETF

Trust

Annual

Report

—

September

30,

2023

Adviser

Morgan

Stanley

Investment

Management

Inc.

522

Fifth

Avenue

New

York,

New

York

10036

Distributor

Foreside

Fund

Services,

LLC

3

Canal

Plaza

Suite

100

Portland,

Maine

04101

Dividend

Disbursing

and

Transfer

Agent

JPMorgan

Chase

Bank,

N.A.

1111

Polaris

Parkway

Columbus,

Ohio

43240

Custodian

and

Administrator

JPMorgan

Chase

Bank,

N.A.

1111

Polaris

Parkway

Columbus,

Ohio

43240

Legal

Counsel

Dechert

LLP

1095

Avenue

of

the

Americas

New

York,

New

York

10036

Counsel

to

the

Independent

Trustees

Perkins

Coie

LLP

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

New

York

10036

Independent

Registered

Public

Accounting

Firm

Ernst

&

Young

LLP

200

Clarendon

Street

Boston,

MA

02116

ETFCALUSLGCAPDIVEQTYIIANN

6057864

EXP

11.30.24

Printed

in

U.S.A. 

This

Report

has

been

prepared

for

shareholders

and

may

be

distributed

to

others

only

if

preceded

or

accompanied

by

a

current

prospectus.

Morgan

Stanley

Investment

Management

Inc.

522

Fifth

Avenue

New

York,

New

York

10036 

©

2023

Morgan

Stanley.

Morgan

Stanley

Distribution,

Inc. 

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

NYSE

Arca:

CVMC

Annual

Report

September

30,

2023

Morgan

Stanley

ETF

Trust

Annual

Report

—

September

30,

2023

Table

of

Contents

(unaudited)

1

This

report

is

authorized

for

distribution

only

when

preceded

or

accompanied

by

a

prospectus

or

summary

prospectus

of

the

applicable

Fund

of

Morgan

Stanley

ETF

Trust.

To

receive

a

prospectus

and/or

statement

of

additional

information

(“SAI”),

which

contains

more

complete

information

such

as

investment

objectives,

charges,

expenses,

policies

for

voting

proxies,

risk

considerations

and

describes

in

detail

each

of

the

Fund’s

investment

policies

to

the

prospective

investor,

please

call

toll

free

1

(800)

836-2414.

Please

read

the

prospectuses

carefully

before

you

invest.

Additionally,

you

can

access

Fund

information

including

performance,

characteristics

and

investment

team

commentary,

through

Morgan

Stanley

Investment

Management’s

website:

www.calvert.com.

Market

forecasts

provided

in

this

report

may

not

necessarily

come

to

pass.

There

is

no

guarantee

that

any

sectors

mentioned

will

continue

to

perform

as

discussed

herein

or

that

securities

in

such

sectors

will

be

held

by

the

Fund

in

the

future.

There

is

no

assurance

that

a

fund

will

achieve

its

investment

objective.

Funds

are

subject

to

market

risk,

which

is

the

possibility

that

market

values

of

securities

owned

by

the

Fund

will

decline

and,

therefore,

the

value

of

the

Fund’s

shares

may

be

less

than

what

you

paid

for

them.

Accordingly,

you

can

lose

money

investing

in

this

Fund.

Please

see

the

prospectus

for

more

complete

information

on

investment

risks.

Shareholders’

Letter

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

2

Expense

Example

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

3

Investment

Overview

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

4

Portfolio

of

Investments

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

6

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

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

23

Federal

Tax

Notice

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

24

Important

Notices

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

25

U.S.

Customer

Privacy

Notice

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

26

Trustees

and

Officers

Information

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

29

2

Annual

Report

—

September

30,

2023

Shareholders’

Letter

(unaudited)

Morgan

Stanley

ETF

Trust

Dear

Shareholders,

We

are

pleased

to

provide

this

Annual Report,

in

which

you

will

learn

how

your

investment

in Calvert

US

Mid-Cap

Core

Responsi-

ble

Index

ETF (the

“Fund”)

performed

during

the

period

beginning

January

30,

2023

(when

the

Fund

commenced

operations)

and

ended

September

30,

2023.

Morgan

Stanley

Investment

Management,

the

Fund's

investment

adviser, is

a

client-centric,

investor-led

organization.

Our

global

presence,

intellectual

capital,

and

breadth

of

products

and

services

enable

us

to

partner

with

investors

to

meet

the

evolving

chal-

lenges

of

today’s

financial

markets.

We

aim

to

deliver

superior

investment

service

and

to

empower

our

clients

to

make

the

informed

decisions

that

help

them

reach

their

investment

goals.

As

always,

we

thank

you

for

selecting

Morgan

Stanley

Investment

Management,

and

look

forward

to

working

with

you

in

the

months

and

years

ahead.

Sincerely,

John

H.

Gernon

President

and

Principal

Executive

Officer

October

2023

3

Annual

Report

—

September

30,

2023

Expense

Example

(unaudited)

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Morgan

Stanley

ETF

Trust

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transactional

costs;

and

(2)

ongoing

costs,

which

may

include man-

agement

fees,

and

distribution

and

shareholder

services

fees.

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.

This

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

six-month

period

ended

September

30,

2023 and

held

for

the

entire

six-month

period.

Actual

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

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

table

under

the

heading

entitled

“Actual

Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical Example

for

Comparison

Purposes

The

table

below

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

sales

charges

(loads).

Therefore,

the

information

for

each

class

in

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.

Beginning

Account

Value

(

4/1/23

)

Actual

Ending

Account

Value

(9/30/23)

Hypothetical

Ending

Account

Value

Actual

Expenses

Paid

During

Period

*

Hypothetical

Expenses

Paid

During

Period

*

Net

Expense

Ratio

During

Period

**

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

$1,000.00

$979.80

$1,024.32

$0.74

$0.76

0.15%

*

Expenses

are

calculated

using

the

Fund’s

annualized

net

expense

ratio

(as

disclosed),

multiplied

by

the

average

account

value

over

the

period

and

multiplied

by

183/365

(to

reflect

the

most

recent

one-half

year

period).

**

Annualized.

4

Annual

Report

—

September

30,

2023

Investment

Overview

(unaudited)

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Morgan

Stanley

ETF

Trust

Economic

and

Market

Conditions

For

U.S.

equity

investors,

the

8-month

period

ended

September

30,

2023,

was

a

roller-coaster

ride,

driven

largely

by

shifting

perceptions

of

whether

the

U.S.

Federal

Reserve

(the

Fed)

could

bring

the

world’s

largest

economy

in

for

a

soft

landing,

and

changing

expectations

of

how

long

interest

rates

might

remain

high.

As

the

period

opened,

U.S.

stocks

were

in

the

midst

of

a

rally

that

lasted

through

July

2023.

The

initial

tailwind

was

ChatGPT,

an

artificial

intelligence

(AI)

application

that

led

investors

to

perceive

AI

might

become

the

next

big

innovation

to

drive

the

information

technology

(IT)

sector.

As

a

result,

IT

-

one

of

the

worst-performing

sectors

in

2022

-

became

the

standout

sector

during

the

first

half

of

2023.

Earlier

recession

fears

that

had

weighed

on

stock

prices

receded

as

many

inves-

tors

came

around

to

the

view

that

the

U.S.

economy

was

doing

surprisingly

well.

But

in

the

final

two

months

of

the

period,

the

bond

market

halted

the

stock

market’s

momentum.

As

it

became

clear

the

Fed

would

keep

interest

rates

higher

for

longer

than

investors

had

anticipated

just

a

few

months

earlier,

longer

term

bond

rates

rose.

Given

the

potential

for

relatively

attractive

returns

with

lower

risk

than

stocks,

many

investors

shifted

from

equity

assets

to

bonds,

and

stock

prices

ended

on

a

down

note

as

the

period

came

to

a

close.

For

the

period

as

a

whole,

however,

the

August-September

stock

market

retreat

did

not

totally

erase

previous

gains,

and

the

Russell

1000®

Index,

a

measure

of

U.S.

large-cap

stocks,

returned

a

respectable

7.55%.

Fund

Performance

For

the

8-month

period

from

inception

on

January

30,

2023,

through

September

30,

2023,

Calvert

US

Mid-Cap

Core

Re-

sponsible

Index

ETF

(the

Fund)

returned

-4.06%

based

on

net

asset

value

(NAV)

and

reinvestment

of

distributions

per

share,

net

of

fees.

The

Fund

underperformed

its

primary

benchmark,

the

Russell

Midcap®

Index

(the

Index),

which

returned

-2.25%

and

underperformed

its

secondary

benchmark,

the

Calvert

US

Mid-Cap

Core

Responsible

Index

(the

Calvert

Index),

which

returned

-3.97%

during

the

period.

The

Fund’s

underperformance

versus

the

Calvert

Index

was

due

to

Fund

expenses

and

fees,

which

the

Calvert

Index

does

not

incur.

Of

the

11

market

sectors

held

by

the

Fund,

energy,

industrials,

and

information

technology

(IT)

delivered

positive

returns

during

the

period.

The

strongest-performing

sectors

were

en-

ergy,

industrials,

and

IT.

The

weakest-performing

sectors

were

utilities,

financials,

and

health

care.

Detractors

from

Fund

performance

versus

the

Index

included

stock

selections

and

an

overweight

position

in

the

financials

sector,

as

well

as

stock

selections

in

the

IT

and

consumer

dis-

cretionary

sectors.

In

the

financials

sector,

not

owning

Index

position

Apollo

Global

Management,

Inc.

(Apollo)

detracted

from

returns

relative

to

the

Index

during

the

period.

New

York-based

private

equity

firm

Apollo

outperformed

most

of

its

peers

in

the

finan-

cials

sector

during

the

period,

with

its

stock

price

reaching

an

all-time

high

in

September

2023.

In

the

IT

sector,

not

owning

Index

position

Palantir

Technolo-

gies,

Inc.

(Palantir)

detracted

from

Index-relative

returns.

Soft-

ware

firm

Palantir,

which

specializes

in

big

data

analytics,

saw

its

stock

price

more

than

double

during

the

period,

boosted

by

the

investor

enthusiasm

for

artificial

intelligence,

or

AI,

that

drove

a

technology

stock

rally

during

the

first

half

of

2023.

In

contrast,

contributors

to

Fund

performance

versus

the

Index

included

an

underweight

position

in

the

materials

sector;

an

overweight

position

in

the

industrials

sector;

and

an

underweight

position

in

the

real

estate

sector,

which

delivered

negative

returns

as

property

sales

were

hampered

by

rising

mortgage

rates

and

companies

cut

back

on

office

space

after

the

pandemic.

In

the

real

estate

sector,

not

owning

two

commercial

real

estate

investment

trusts

within

the

Index

that

declined

in

price

during

the

period

-

Realty

Income

Corp.

(Realty

Income)

and

Alexandria

Real

Estate

Equities,

Inc.

(Alexandria

Real

Estate)

-

contributed

to

Index-relative

returns.

Realty

Income

invests

in

single-tenant

commercial

properties

in

the

U.S.,

Spain,

and

the

U.K.,

while

Alexandria

Real

Estate

invests

in

office

and

laboratory

buildings

with

life

sciences

and

technology

tenants.

Annual

Report

—

September

30,

2023

Investment

Overview

(unaudited)

(cont’d)

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

5

Morgan

Stanley

ETF

Trust

Performance

data

quoted

represents

past

performance,

which

is

no

guaran-

tee

of

future

results,

and

current

performance

may

be

lower

or

higher

than

the

figures

shown.

Performance

assumes

that

all

dividends

and

distributions,

if

any,

were

reinvested.

For

the

most

recent

month-end

performance

figures,

please

visit

www.calvert.com.

Investment

return

and

principal

value

will

fluctu-

ate

so

that

Fund

shares,

when

sold

or redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Total

returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

selling

or

redemption

of

Fund

shares.

Fund's

total

returns

are

calculated

as

of

the

last

business

day

of

the

period.

*

Minimum

Investment.

**

The

Fund’s

performance

shown

assumes

that

all

recurring

fees

(including

management

fees)

were

deducted

and

all

dividends

and

distributions

were

reinvested.

***

Commenced

Operations

on

January

30,

2023.

Performance

Compared

to

the

Russell

Mid-Cap

®

Index

(1)

and

the

Calvert

US

Mid-Cap

Core

Responsible

Index

(2)

Cumulative

Total

Return

for

the

period

Ended

September

30,

2023

Since

Inception

(3)

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

-

NAV

(4)

-4.06%

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

-

Market

Price

(4)

-4.06%

Russell

Mid-Cap

®

Index

-2.25%

Calvert

US

Mid-Cap

Core

Responsible

Index

-3.97%

(1)

The

Russell

Midcap

®

Index

is

an

unmanaged

index

of

U.S.

mid-cap

stocks.

The

Russell

Midcap

®

Index

is

a

subset

of

the

Russell

1000

®

Index

and

includes

approximately

800

of

the

smallest

securities

in

the

Russell

1000

®

Index,

which

in

turn

consists

of

approximately

1,000

of

the

largest

U.S.

securities

based

on

a

combination

of

market

capitalization

and

current

index

membership.

The

Index

is

unmanaged

and

its

returns

do

not

include

any

sales

charges

or

fees.

Such

costs

would

lower

performance.

It

is

not

possible

to

invest

directly

in

an

index.

(2)

The

Calvert

US

Mid-Cap

Core

Responsible

Index

(the

“Calvert

Index”)

is

composed

of

common

stocks

of

mid-sized

companies

that

operate

their

businesses

in

a

manner

that

is

consistent

with

the

Calvert

Principles

for

Responsible

Investment.

Mid-size

companies

are

the

1,000

largest

publicly

traded

U.S.

companies

based

on

market

capitalization,

excluding

real

estate

investment

trusts,

business

development

companies

and

approximately

the

200

largest

publicly

traded

U.S.

companies.

The

Calvert

Principles

of

Responsible

Investment

serve

as

a

framework

for

considering

environmental,

social

and

governance

factors

that

may

affect

investment

performance.

Stocks

are

weighted

in

the

Calvert

Index

based

on

their

float-adjusted

market

capitalization

within

the

relevant

sector,

subject

to

certain

prescribed

limits.

Unless

otherwise

stated,

index

returns

do

not

reflect

the

effect

of

any

applicable

sales

charges,

commissions,

expenses,

taxes

or

leverage,

as

applicable.

It

is

not

possible

to

invest

directly

in

an

index.

(3)

For

comparative

purposes,

average

annual

since

inception

returns

listed

for

the

Indexes

refer

to

the

inception

date

of

the

Fund,

not

the

inception

of

the

Index.

(4)

Commenced

operations

on

January

30,

2023.

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

6

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Common

Stocks

(99.6%)

Aerospace

&

Defense

(0.7%)

Axon

Enterprise,

Inc.(a)

273

$

54,324

Curtiss-Wright

Corp.

149

29,149

HEICO

Corp.

155

25,099

Hexcel

Corp.

327

21,301

Woodward,

Inc.

234

29,077

158,950

Air

Freight

&

Logistics

(0.6%)

CH

Robinson

Worldwide,

Inc.

478

41,170

Expeditors

International

of

Washington,

Inc.

573

65,683

GXO

Logistics,

Inc.(a)

446

26,158

133,011

Automobile

Components

(0.9%)

Aptiv

plc(a)

974

96,027

Autoliv,

Inc.

354

34,154

BorgWarner,

Inc.

969

39,118

Lear

Corp.

244

32,745

Visteon

Corp.(a)

118

16,292

218,336

Automobiles

(0.4%)

Harley-Davidson,

Inc.

586

19,373

Rivian

Automotive,

Inc.,

Class

 A(a)

2,674

64,925

Thor

Industries,

Inc.

210

19,977

104,275

Banks

(2.9%)

Bank

OZK

338

12,530

BOK

Financial

Corp.

88

7,038

Citizens

Financial

Group,

Inc.

1,466

39,289

Columbia

Banking

System,

Inc.

637

12,931

Comerica,

Inc.

408

16,952

Commerce

Bancshares,

Inc.

376

18,041

Cullen/Frost

Bankers,

Inc.

187

17,056

East

West

Bancorp,

Inc.

433

22,824

Fifth

Third

Bancorp

2,112

53,497

First

Citizens

BancShares,

Inc.,

Class

 A

33

45,543

First

Financial

Bankshares,

Inc.

428

10,751

First

Horizon

Corp.

1,718

18,932

FNB

Corp.

1,092

11,783

Home

BancShares,

Inc.

588

12,313

Huntington

Bancshares,

Inc.

4,503

46,831

KeyCorp

2,907

31,279

M&T

Bank

Corp.

514

64,995

New

York

Community

Bancorp,

Inc.

2,207

25,027

Old

National

Bancorp

903

13,130

Pinnacle

Financial

Partners,

Inc.

235

15,754

Popular,

Inc.

219

13,799

Prosperity

Bancshares,

Inc.

282

15,392

Regions

Financial

Corp.

2,916

50,155

SouthState

Corp.

234

15,762

Synovus

Financial

Corp.

448

12,455

United

Bankshares,

Inc.

412

11,367

Valley

National

Bancorp

1,321

11,308

Webster

Financial

Corp.

532

21,445

Western

Alliance

Bancorp

336

15,446

Wintrust

Financial

Corp.

188

14,194

Shares

Value

Zions

Bancorp

NA

454

$

15,840

693,659

Beverages

(0.2%)

Celsius

Holdings,

Inc.(a)

150

25,740

Coca-Cola

Consolidated,

Inc.

17

10,817

36,557

Biotechnology

(2.8%)

ACADIA

Pharmaceuticals,

Inc.(a)

432

9,003

Alkermes

plc(a)

593

16,610

Alnylam

Pharmaceuticals,

Inc.(a)

444

78,632

Apellis

Pharmaceuticals,

Inc.(a)

348

13,238

Arrowhead

Pharmaceuticals,

Inc.(a)

372

9,996

BioMarin

Pharmaceutical,

Inc.(a)

663

58,662

Blueprint

Medicines

Corp.(a)

214

10,747

Denali

Therapeutics,

Inc.(a)

387

7,984

Exact

Sciences

Corp.(a)

645

44,002

Exelixis,

Inc.(a)

1,102

24,079

Halozyme

Therapeutics,

Inc.(a)

471

17,992

Horizon

Therapeutics

plc(a)

808

93,477

Incyte

Corp.(a)

657

37,955

Ionis

Pharmaceuticals,

Inc.(a)

503

22,816

Neurocrine

Biosciences,

Inc.(a)

346

38,925

Sarepta

Therapeutics,

Inc.(a)

313

37,942

Seagen,

Inc.(a)

483

102,468

United

Therapeutics

Corp.(a)

163

36,817

661,345

Broadline

Retail

(0.5%)

eBay,

Inc.

1,733

76,408

Etsy,

Inc.(a)

398

25,703

Macy's,

Inc.

879

10,205

112,316

Building

Products

(3.0%)

A

O

Smith

Corp.

477

31,544

AAON,

Inc.

259

14,729

Advanced

Drainage

Systems,

Inc.

265

30,165

Allegion

plc

341

35,532

AZEK

Co.,

Inc.

(The),

Class

 A(a)

403

11,985

Carlisle

Cos.,

Inc.

210

54,445

Carrier

Global

Corp.

2,669

147,329

Fortune

Brands

Innovations,

Inc.

409

25,423

Lennox

International,

Inc.

124

46,431

Masco

Corp.

728

38,912

Owens

Corning

381

51,972

Simpson

Manufacturing

Co.,

Inc.

165

24,719

Trane

Technologies

plc

730

148,124

Trex

Co.,

Inc.(a)

351

21,632

UFP

Industries,

Inc.

196

20,070

Zurn

Elkay

Water

Solutions

Corp.

454

12,721

715,733

Capital

Markets

(4.5%)

Affiliated

Managers

Group,

Inc.

106

13,816

Ameriprise

Financial,

Inc.

320

105,498

Ares

Management

Corp.,

Class

 A

459

47,217

Bank

of

New

York

Mellon

Corp.

(The)

2,426

103,469

Blue

Owl

Capital,

Inc.,

Class

 A

1,395

18,079

Carlyle

Group,

Inc.

(The)

600

18,096

Cboe

Global

Markets,

Inc.

328

51,237

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

7

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Capital

Markets

(cont’d)

Coinbase

Global,

Inc.,

Class

 A(a)

545

$

40,919

Evercore,

Inc.,

Class

 A

109

15,029

FactSet

Research

Systems,

Inc.

146

63,840

Franklin

Resources,

Inc.

906

22,270

Hamilton

Lane,

Inc.,

Class

 A

132

11,938

Houlihan

Lokey,

Inc.,

Class

 A

159

17,032

Interactive

Brokers

Group,

Inc.,

Class

 A

317

27,440

Invesco

Ltd.

1,360

19,747

Jefferies

Financial

Group,

Inc.

618

22,637

LPL

Financial

Holdings,

Inc.

236

56,085

MarketAxess

Holdings,

Inc.

141

30,123

Morningstar,

Inc.

101

23,658

Nasdaq,

Inc.

1,068

51,894

Northern

Trust

Corp.

633

43,981

Raymond

James

Financial,

Inc.

590

59,254

SEI

Investments

Co.

342

20,599

State

Street

Corp.

990

66,290

Stifel

Financial

Corp.

316

19,415

T

Rowe

Price

Group,

Inc.

685

71,836

Tradeweb

Markets,

Inc.,

Class

 A

356

28,551

1,069,950

Chemicals

(1.9%)

Ashland,

Inc.

203

16,581

Axalta

Coating

Systems

Ltd.(a)

860

23,134

Balchem

Corp.

124

15,381

Cabot

Corp.

216

14,962

Celanese

Corp.,

Class

 A

422

52,970

Eastman

Chemical

Co.

461

35,368

Element

Solutions,

Inc.

863

16,923

FMC

Corp.

485

32,481

Huntsman

Corp.

663

16,177

International

Flavors

&

Fragrances,

Inc.

982

66,943

Livent

Corp.(a)

696

12,813

Mosaic

Co.

(The)

1,285

45,746

PPG

Industries,

Inc.

792

102,802

452,281

Commercial

Services

&

Supplies

(0.7%)

Casella

Waste

Systems,

Inc.,

Class

 A(a)

227

17,320

Clean

Harbors,

Inc.(a)

202

33,807

MSA

Safety,

Inc.

143

22,544

Rollins,

Inc.

969

36,173

Stericycle,

Inc.(a)

369

16,498

Tetra

Tech,

Inc.

211

32,078

158,420

Communications

Equipment

(0.5%)

Ciena

Corp.(a)

536

25,331

F5,

Inc.(a)

214

34,484

Juniper

Networks,

Inc.

1,151

31,986

Lumentum

Holdings,

Inc.(a)

237

10,708

Viasat,

Inc.(a)

258

4,763

107,272

Construction

&

Engineering

(1.1%)

AECOM

553

45,921

Comfort

Systems

USA,

Inc.

140

23,857

EMCOR

Group,

Inc.

188

39,553

MasTec,

Inc.(a)

246

17,705

Shares

Value

Quanta

Services,

Inc.

492

$

92,039

Valmont

Industries,

Inc.

81

19,457

WillScot

Mobile

Mini

Holdings

Corp.(a)

775

32,232

270,764

Construction

Materials

(0.5%)

Summit

Materials,

Inc.,

Class

 A(a)

835

26,002

Vulcan

Materials

Co.

458

92,525

118,527

Consumer

Finance

(0.9%)

Ally

Financial,

Inc.

930

24,812

Credit

Acceptance

Corp.(a)

20

9,202

Discover

Financial

Services

776

67,225

FirstCash

Holdings,

Inc.

117

11,745

OneMain

Holdings,

Inc.

373

14,954

SLM

Corp.

696

9,480

SoFi

Technologies,

Inc.(a)

2,967

23,706

Synchrony

Financial

1,297

39,649

200,773

Consumer

Staples

Distribution

&

Retail

(2.0%)

Albertsons

Cos.,

Inc.,

Class

 A

1,469

33,420

BJ's

Wholesale

Club

Holdings,

Inc.(a)

433

30,903

Casey's

General

Stores,

Inc.

131

35,569

Dollar

Tree,

Inc.(a)

719

76,538

Kroger

Co.

(The)

2,409

107,803

Performance

Food

Group

Co.(a)

532

31,314

Sprouts

Farmers

Market,

Inc.(a)

360

15,408

Sysco

Corp.

1,687

111,426

U.S.

Foods

Holding

Corp.(a)

865

34,340

476,721

Containers

&

Packaging

(1.6%)

AptarGroup,

Inc.

253

31,635

Avery

Dennison

Corp.

309

56,445

Ball

Corp.

1,228

61,130

Berry

Global

Group,

Inc.

459

28,417

Crown

Holdings,

Inc.

469

41,497

Graphic

Packaging

Holding

Co.

1,184

26,379

Packaging

Corp.

of

America

342

52,514

Sealed

Air

Corp.

558

18,336

Silgan

Holdings,

Inc.

329

14,183

Sonoco

Products

Co.

379

20,599

Westrock

Co.

990

35,442

386,577

Distributors

(0.6%)

Genuine

Parts

Co.

459

66,271

LKQ

Corp.

863

42,727

Pool

Corp.

123

43,800

152,798

Diversified

Consumer

Services

(0.4%)

Bright

Horizons

Family

Solutions,

Inc.(a)

218

17,758

Duolingo,

Inc.,

Class

 A(a)

109

18,080

H&R

Block,

Inc.

560

24,114

Service

Corp.

International

560

31,998

91,950

Diversified

Telecommunication

Services

(0.1%)

Iridium

Communications,

Inc.

448

20,380

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

8

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Electric

Utilities

(2.1%)

Alliant

Energy

Corp.

1,016

$

49,225

Avangrid,

Inc.

285

8,599

Constellation

Energy

Corp.

1,081

117,916

Evergy,

Inc.

906

45,934

Eversource

Energy

1,270

73,851

IDACORP,

Inc.

202

18,917

NRG

Energy,

Inc.

895

34,475

PNM

Resources,

Inc.

340

15,167

Portland

General

Electric

Co.

404

16,354

Xcel

Energy,

Inc.

1,874

107,230

487,668

Electrical

Equipment

(2.0%)

Acuity

Brands,

Inc.

121

20,607

AMETEK,

Inc.

762

112,593

Atkore,

Inc.(a)

145

21,633

EnerSys

130

12,307

Generac

Holdings,

Inc.(a)

239

26,041

Hubbell,

Inc.,

Class

 B

207

64,876

nVent

Electric

plc

629

33,331

Plug

Power,

Inc.(a)

1,727

13,125

Regal

Rexnord

Corp.

259

37,006

Rockwell

Automation,

Inc.

382

109,202

Sensata

Technologies

Holding

plc

591

22,352

Sunrun,

Inc.(a)

677

8,503

481,576

Electronic

Equipment,

Instruments

&

Components

(3.1%)

Advanced

Energy

Industries,

Inc.

144

14,849

Arrow

Electronics,

Inc.(a)

182

22,794

Avnet,

Inc.

295

14,216

Badger

Meter,

Inc.

113

16,257

Belden,

Inc.

160

15,448

CDW

Corp.

464

93,617

Cognex

Corp.

672

28,520

Coherent

Corp.(a)

489

15,961

Corning,

Inc.

2,731

83,214

Insight

Enterprises,

Inc.(a)

93

13,532

IPG

Photonics

Corp.(a)

104

10,560

Jabil,

Inc.

452

57,354

Keysight

Technologies,

Inc.(a)

635

84,017

Littelfuse,

Inc.

95

23,495

National

Instruments

Corp.

475

28,320

Novanta,

Inc.(a)

139

19,938

TD

SYNNEX

Corp.

135

13,481

Teledyne

Technologies,

Inc.(a)

176

71,910

Trimble,

Inc.(a)

961

51,759

Vishay

Intertechnology,

Inc.

445

11,000

Zebra

Technologies

Corp.,

Class

 A(a)

184

43,522

733,764

Energy

Equipment

&

Services

(0.5%)

Baker

Hughes

Co.,

Class

 A

3,347

118,216

Entertainment

(2.1%)

AMC

Entertainment

Holdings,

Inc.,

Class

 A(a)

608

4,858

Atlanta

Braves

Holdings,

Inc.,

Class

 C(a)

210

7,503

Electronic

Arts,

Inc.

845

101,738

Liberty

Media

Corp-Liberty

Formula

One,

Class

 A(a)

935

52,865

Shares

Value

Liberty

Media

Corp-Liberty

Live,

Class

 A(a)

256

$

8,171

Live

Nation

Entertainment,

Inc.(a)

548

45,506

Madison

Square

Garden

Sports

Corp.

62

10,931

ROBLOX

Corp.,

Class

 A(a)

1,662

48,131

Roku,

Inc.,

Class

 A(a)

445

31,413

Take-Two

Interactive

Software,

Inc.(a)

563

79,040

Warner

Bros

Discovery,

Inc.(a)

7,949

86,326

Warner

Music

Group

Corp.,

Class

 A

503

15,794

492,276

Financial

Services

(1.8%)

Affirm

Holdings,

Inc.,

Class

 A(a)

797

16,952

Block,

Inc.,

Class

 A(a)

1,837

81,306

Equitable

Holdings,

Inc.

1,080

30,661

Essent

Group

Ltd.

321

15,180

Euronet

Worldwide,

Inc.(a)

168

13,336

Fidelity

National

Information

Services,

Inc.

1,996

110,319

Jack

Henry

&

Associates,

Inc.

262

39,599

MGIC

Investment

Corp.

885

14,771

Radian

Group,

Inc.

484

12,153

Shift4

Payments,

Inc.,

Class

 A(a)

198

10,963

Toast,

Inc.,

Class

 A(a)

1,310

24,536

Voya

Financial,

Inc.

327

21,729

Western

Union

Co.

(The)

1,329

17,516

WEX,

Inc.(a)

152

28,590

437,611

Food

Products

(2.0%)

Bunge

Ltd.

525

56,831

Campbell

Soup

Co.

699

28,715

Conagra

Brands,

Inc.

1,689

46,312

Darling

Ingredients,

Inc.(a)

554

28,919

Flowers

Foods,

Inc.

685

15,193

Hormel

Foods

Corp.

1,014

38,563

Ingredion,

Inc.

223

21,943

J.M.

Smucker

Co.

(The)

352

43,264

Kellogg

Co.

917

54,571

Lamb

Weston

Holdings,

Inc.

501

46,323

Lancaster

Colony

Corp.

68

11,222

McCormick

&

Co.,

Inc.

(Non-Voting)

938

70,950

Simply

Good

Foods

Co.

(The)(a)

316

10,908

473,714

Gas

Utilities

(0.4%)

National

Fuel

Gas

Co.

352

18,273

New

Jersey

Resources

Corp.

386

15,683

ONE

Gas,

Inc.

218

14,885

Southwest

Gas

Holdings,

Inc.

281

16,975

UGI

Corp.

833

19,159

84,975

Ground

Transportation

(1.5%)

Avis

Budget

Group,

Inc.(a)

99

17,789

JB

Hunt

Transport

Services,

Inc.

329

62,023

Knight-Swift

Transportation

Holdings,

Inc.,

Class

 A

623

31,243

Landstar

System,

Inc.

148

26,187

Old

Dominion

Freight

Line,

Inc.

307

125,606

Ryder

System,

Inc.

185

19,786

Saia,

Inc.(a)

110

43,852

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

9

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Ground

Transportation

(cont’d)

XPO,

Inc.(a)

470

$

35,090

361,576

Health

Care

Equipment

&

Supplies

(3.9%)

Align

Technology,

Inc.(a)

252

76,941

Baxter

International,

Inc.

1,795

67,743

CONMED

Corp.

109

10,993

Cooper

Cos.,

Inc.

(The)

177

56,288

DENTSPLY

SIRONA,

Inc.

760

25,962

Envista

Holdings

Corp.(a)

588

16,393

GE

HealthCare

Technologies,

Inc.

1,366

92,943

Globus

Medical,

Inc.,

Class

 A(a)

279

13,852

Haemonetics

Corp.(a)

180

16,124

Hologic,

Inc.(a)

866

60,100

ICU

Medical,

Inc.(a)

73

8,688

Inari

Medical,

Inc.(a)

173

11,314

Inspire

Medical

Systems,

Inc.(a)

103

20,439

Insulet

Corp.(a)

251

40,032

iRhythm

Technologies,

Inc.(a)

108

10,180

Lantheus

Holdings,

Inc.(a)

241

16,745

Masimo

Corp.(a)

178

15,607

Merit

Medical

Systems,

Inc.(a)

203

14,011

Neogen

Corp.(a)

781

14,480

Novocure

Ltd.(a)

346

5,588

Penumbra,

Inc.(a)

132

31,932

QuidelOrtho

Corp.(a)

175

12,782

ResMed,

Inc.

522

77,188

Shockwave

Medical,

Inc.(a)

130

25,883

STERIS

plc

352

77,236

Teleflex,

Inc.

169

33,193

Zimmer

Biomet

Holdings,

Inc.

743

83,380

936,017

Health

Care

Providers

&

Services

(2.2%)

agilon

health,

Inc.(a)

1,081

19,199

AMN

Healthcare

Services,

Inc.(a)

144

12,266

Centene

Corp.(a)

1,813

124,879

Chemed

Corp.

53

27,544

DaVita,

Inc.(a)

193

18,244

Encompass

Health

Corp.

355

23,842

Ensign

Group,

Inc.

(The)

195

18,121

HealthEquity,

Inc.(a)

304

22,207

Henry

Schein,

Inc.(a)

466

34,601

Laboratory

Corp.

of

America

Holdings

316

63,532

Molina

Healthcare,

Inc.(a)

207

67,873

Option

Care

Health,

Inc.(a)

641

20,736

Progyny,

Inc.(a)

295

10,036

Quest

Diagnostics,

Inc.

401

48,866

R1

RCM,

Inc.(a)

572

8,620

Select

Medical

Holdings

Corp.

378

9,552

530,118

Health

Care

Technology

(0.5%)

Doximity,

Inc.,

Class

 A(a)

450

9,549

Veeva

Systems,

Inc.,

Class

 A(a)

496

100,911

110,460

Hotels,

Restaurants

&

Leisure

(2.6%)

Aramark

912

31,647

Choice

Hotels

International,

Inc.

118

14,456

Shares

Value

Darden

Restaurants,

Inc.

428

$

61,298

Domino's

Pizza,

Inc.

123

46,591

Expedia

Group,

Inc.(a)

510

52,566

Hilton

Grand

Vacations,

Inc.(a)

297

12,088

Hilton

Worldwide

Holdings,

Inc.

845

126,902

Hyatt

Hotels

Corp.,

Class

 A

174

18,458

Marriott

Vacations

Worldwide

Corp.

129

12,981

Planet

Fitness,

Inc.,

Class

 A(a)

322

15,836

Texas

Roadhouse,

Inc.,

Class

 A

232

22,295

Vail

Resorts,

Inc.

147

32,618

Wendy's

Co.

(The)

600

12,246

Wingstop,

Inc.

102

18,344

Wyndham

Hotels

&

Resorts,

Inc.

321

22,322

Yum!

Brands,

Inc.

931

116,319

616,967

Household

Durables

(2.1%)

D.R.

Horton,

Inc.

987

106,073

KB

Home

313

14,486

Leggett

&

Platt,

Inc.

427

10,850

Lennar

Corp.,

Class

 A

878

98,538

Meritage

Homes

Corp.

146

17,869

Mohawk

Industries,

Inc.(a)

171

14,673

Newell

Brands,

Inc.

1,344

12,136

NVR,

Inc.(a)

12

71,560

PulteGroup,

Inc.

840

62,202

Taylor

Morrison

Home

Corp.,

Class

 A(a)

418

17,811

Tempur

Sealy

International,

Inc.

542

23,490

TopBuild

Corp.(a)

126

31,702

Whirlpool

Corp.

173

23,130

504,520

Household

Products

(0.5%)

Church

&

Dwight

Co.,

Inc.

799

73,213

Clorox

Co.

(The)

405

53,079

126,292

Independent

Power

and

Renewable

Electricity

Producers

(0.3%)

AES

Corp.

(The)

2,665

40,508

Brookfield

Renewable

Corp.

512

12,257

Clearway

Energy,

Inc.,

Class

 C

449

9,501

Ormat

Technologies,

Inc.

208

14,543

76,809

Insurance

(4.9%)

Allstate

Corp.

(The)

813

90,576

American

Financial

Group,

Inc.

243

27,136

Arch

Capital

Group

Ltd.(a)

1,128

89,913

Assurant,

Inc.

163

23,404

Axis

Capital

Holdings

Ltd.

242

13,642

Brown

&

Brown,

Inc.

912

63,694

Cincinnati

Financial

Corp.

480

49,099

Enstar

Group

Ltd.(a)

41

9,922

Erie

Indemnity

Co.,

Class

 A

79

23,209

Everest

Group

Ltd.

132

49,060

Fidelity

National

Financial,

Inc.

803

33,164

First

American

Financial

Corp.

376

21,240

Globe

Life,

Inc.

291

31,640

Hanover

Insurance

Group,

Inc.

(The)

109

12,097

Hartford

Financial

Services

Group,

Inc.

(The)

951

67,435

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

10

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Insurance

(cont’d)

Kinsale

Capital

Group,

Inc.

69

$

28,575

Lincoln

National

Corp.

524

12,938

Markel

Group,

Inc.(a)

41

60,372

Old

Republic

International

Corp.

822

22,145

Primerica,

Inc.

112

21,729

Principal

Financial

Group,

Inc.

751

54,125

Prudential

Financial,

Inc.

1,132

107,416

Reinsurance

Group

of

America,

Inc.

207

30,054

RenaissanceRe

Holdings

Ltd.

157

31,073

RLI

Corp.

125

16,986

Ryan

Specialty

Holdings,

Inc.,

Class

 A(a)

301

14,568

Selective

Insurance

Group,

Inc.

183

18,880

Unum

Group

610

30,006

W.

R.

Berkley

Corp.

630

39,999

White

Mountains

Insurance

Group

Ltd.

7

10,470

Willis

Towers

Watson

plc

326

68,121

1,172,688

Interactive

Media

&

Services

(0.5%)

IAC,

Inc.(a)

268

13,505

Pinterest,

Inc.,

Class

 A(a)

2,067

55,871

Snap,

Inc.,

Class

 A(a)

3,620

32,254

ZoomInfo

Technologies,

Inc.,

Class

 A(a)

1,093

17,925

119,555

IT

Services

(2.8%)

Akamai

Technologies,

Inc.(a)

538

57,318

Amdocs

Ltd.

437

36,922

Cloudflare,

Inc.,

Class

 A(a)

1,041

65,625

Cognizant

Technology

Solutions

Corp.,

Class

 A

1,677

113,600

DXC

Technology

Co.(a)

817

17,018

EPAM

Systems,

Inc.(a)

204

52,161

Gartner,

Inc.(a)

268

92,087

MongoDB,

Inc.,

Class

 A(a)

239

82,661

Okta,

Inc.,

Class

 A(a)

544

44,341

Twilio,

Inc.,

Class

 A(a)

619

36,230

VeriSign,

Inc.(a)

326

66,025

663,988

Leisure

Products

(0.3%)

Brunswick

Corp.

271

21,409

Hasbro,

Inc.

424

28,044

Mattel,

Inc.(a)

1,139

25,092

74,545

Life

Sciences

Tools

&

Services

(3.5%)

10X

Genomics,

Inc.,

Class

 A(a)

333

13,736

Agilent

Technologies,

Inc.

981

109,695

Avantor,

Inc.(a)

2,357

49,686

Bio-Rad

Laboratories,

Inc.,

Class

 A(a)

74

26,525

Bio-Techne

Corp.

559

38,051

Bruker

Corp.

356

22,179

Charles

River

Laboratories

International,

Inc.(a)

181

35,472

Fortrea

Holdings,

Inc.(a)

320

9,149

Illumina,

Inc.(a)

556

76,328

IQVIA

Holdings,

Inc.(a)

593

116,673

Medpace

Holdings,

Inc.(a)

84

20,339

Mettler-Toledo

International,

Inc.(a)

76

84,213

PerkinElmer,

Inc.

443

49,040

Shares

Value

Repligen

Corp.(a)

186

$

29,576

Waters

Corp.(a)

212

58,133

West

Pharmaceutical

Services,

Inc.

252

94,553

833,348

Machinery

(6.2%)

AGCO

Corp.

242

28,624

Allison

Transmission

Holdings,

Inc.

352

20,789

Chart

Industries,

Inc.(a)

167

28,243

CNH

Industrial

NV

3,644

44,092

Cummins,

Inc.

472

107,833

Donaldson

Co.,

Inc.

469

27,971

Dover

Corp.

517

72,127

Esab

Corp.

219

15,378

Flowserve

Corp.

509

20,243

Fortive

Corp.

1,222

90,624

Franklin

Electric

Co.,

Inc.

155

13,831

Graco,

Inc.

658

47,955

IDEX

Corp.

294

61,158

Ingersoll

Rand,

Inc.

1,402

89,335

ITT,

Inc.

315

30,842

Lincoln

Electric

Holdings,

Inc.

220

39,994

Middleby

Corp.

(The)(a)

207

26,496

Mueller

Industries,

Inc.

216

16,235

Nordson

Corp.

199

44,411

Oshkosh

Corp.

253

24,144

Otis

Worldwide

Corp.

1,373

110,266

PACCAR,

Inc.

1,668

141,813

Pentair

plc

640

41,440

Snap-on,

Inc.

205

52,287

SPX

Technologies,

Inc.(a)

170

13,838

Stanley

Black

&

Decker,

Inc.

587

49,061

Timken

Co.

(The)

250

18,372

Toro

Co.

(The)

404

33,572

Watts

Water

Technologies,

Inc.,

Class

 A

105

18,146

Westinghouse

Air

Brake

Technologies

Corp.

664

70,563

Xylem,

Inc.

853

77,649

1,477,332

Media

(1.5%)

Cable

One,

Inc.

16

9,850

Interpublic

Group

of

Cos.,

Inc.

(The)

1,483

42,503

Liberty

Broadband

Corp.,

Class

 C(a)

480

43,833

New

York

Times

Co.

(The),

Class

 A

611

25,173

Nexstar

Media

Group,

Inc.,

Class

 A

129

18,495

Omnicom

Group,

Inc.

751

55,934

Paramount

Global,

Class

 B

2,263

29,193

Sirius

XM

Holdings,

Inc.

2,561

11,576

TEGNA,

Inc.

847

12,341

Trade

Desk,

Inc.

(The),

Class

 A(a)

1,471

114,959

363,857

Metals

&

Mining

(1.3%)

ATI,

Inc.(a)

772

31,768

Commercial

Metals

Co.

659

32,561

Nucor

Corp.

802

125,393

Reliance

Steel

&

Aluminum

Co.

229

60,051

Steel

Dynamics,

Inc.

612

65,618

315,391

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

11

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Multi-Utilities

(2.3%)

Ameren

Corp.

970

$

72,585

Black

Hills

Corp.

262

13,255

CMS

Energy

Corp.

1,149

61,023

Consolidated

Edison,

Inc.

1,177

100,669

DTE

Energy

Co.

758

75,254

NiSource,

Inc.

1,645

40,599

Public

Service

Enterprise

Group,

Inc.

1,710

97,316

WEC

Energy

Group,

Inc.

1,107

89,169

549,870

Oil,

Gas

&

Consumable

Fuels

(0.1%)

Denbury,

Inc.(a)

344

33,715

Paper

&

Forest

Products

(0.1%)

Louisiana-Pacific

Corp.

228

12,602

Passenger

Airlines

(0.8%)

Alaska

Air

Group,

Inc.(a)

523

19,393

American

Airlines

Group,

Inc.(a)

2,721

34,856

Delta

Air

Lines,

Inc.

2,231

82,547

Southwest

Airlines

Co.

2,254

61,016

197,812

Personal

Care

Products

(0.2%)

BellRing

Brands,

Inc.(a)

428

17,647

Coty,

Inc.,

Class

 A(a)

1,164

12,769

elf

Beauty,

Inc.(a)

169

18,561

48,977

Pharmaceuticals

(0.6%)

Catalent,

Inc.(a)

629

28,638

Elanco

Animal

Health,

Inc.(a)

1,767

19,861

Jazz

Pharmaceuticals

plc(a)

219

28,347

Organon

&

Co.

921

15,989

Perrigo

Co.

plc

488

15,592

Royalty

Pharma

plc,

Class

 A

1,358

36,856

145,283

Professional

Services

(3.1%)

Alight,

Inc.,

Class

 A(a)

1,137

8,061

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

495

54,089

Broadridge

Financial

Solutions,

Inc.

421

75,380

Ceridian

HCM

Holding,

Inc.(a)

538

36,503

Concentrix

Corp.

154

12,337

Dun

&

Bradstreet

Holdings,

Inc.

868

8,671

Equifax,

Inc.

434

79,500

ExlService

Holdings,

Inc.(a)

595

16,684

Exponent,

Inc.

191

16,350

FTI

Consulting,

Inc.(a)

129

23,015

Genpact

Ltd.

601

21,756

Insperity,

Inc.

137

13,371

ManpowerGroup,

Inc.

191

14,004

Maximus,

Inc.

229

17,102

Paycom

Software,

Inc.

186

48,224

Paylocity

Holding

Corp.(a)

153

27,800

Robert

Half,

Inc.

400

29,312

Science

Applications

International

Corp.

190

20,053

SS&C

Technologies

Holdings,

Inc.

781

41,034

TransUnion

742

53,268

TriNet

Group,

Inc.(a)

142

16,540

Shares

Value

Verisk

Analytics,

Inc.,

Class

 A

481

$

113,632

746,686

Real

Estate

Management

&

Development

(1.1%)

CBRE

Group,

Inc.,

Class

 A(a)

1,082

79,916

CoStar

Group,

Inc.(a)

1,360

104,570

Howard

Hughes

Holdings,

Inc.(a)

135

10,008

Jones

Lang

LaSalle,

Inc.(a)

190

26,824

Zillow

Group,

Inc.,

Class

 C(a)

747

34,482

255,800

Semiconductors

&

Semiconductor

Equipment

(3.2%)

Allegro

MicroSystems,

Inc.(a)

266

8,496

Amkor

Technology,

Inc.

333

7,526

Cirrus

Logic,

Inc.(a)

192

14,200

Diodes,

Inc.(a)

163

12,851

Enphase

Energy,

Inc.(a)

426

51,184

Entegris,

Inc.

537

50,430

First

Solar,

Inc.(a)

329

53,163

Lattice

Semiconductor

Corp.(a)

491

42,192

MKS

Instruments,

Inc.

246

21,289

Monolithic

Power

Systems,

Inc.

163

75,306

ON

Semiconductor

Corp.(a)

1,394

129,572

Onto

Innovation,

Inc.(a)

175

22,316

Power

Integrations,

Inc.

205

15,644

Qorvo,

Inc.(a)

349

33,319

Rambus,

Inc.(a)

384

21,423

Silicon

Laboratories,

Inc.(a)

111

12,864

Skyworks

Solutions,

Inc.

573

56,492

SolarEdge

Technologies,

Inc.(a)

181

23,441

Teradyne,

Inc.

556

55,856

Universal

Display

Corp.

155

24,333

Wolfspeed,

Inc.(a)

439

16,726

748,623

Software

(5.1%)

Altair

Engineering,

Inc.,

Class

 A(a)

187

11,699

ANSYS,

Inc.(a)

302

89,860

Appfolio,

Inc.,

Class

 A(a)

68

12,419

AppLovin

Corp.,

Class

 A(a)

595

23,776

Aspen

Technology,

Inc.(a)

101

20,630

BILL

Holdings,

Inc.(a)

367

39,845

Box,

Inc.,

Class

 A(a)

494

11,960

Confluent,

Inc.,

Class

 A(a)

712

21,082

Datadog,

Inc.,

Class

 A(a)

937

85,351

DocuSign,

Inc.,

Class

 A(a)

722

30,324

Dolby

Laboratories,

Inc.,

Class

 A

209

16,565

Dropbox,

Inc.,

Class

 A(a)

916

24,943

Dynatrace,

Inc.(a)

853

39,861

Elastic

NV(a)

286

23,235

Fair

Isaac

Corp.(a)

89

77,299

Five9,

Inc.(a)

249

16,011

Gen

Digital,

Inc.

2,095

37,039

Guidewire

Software,

Inc.(a)

287

25,830

HashiCorp,

Inc.,

Class

 A(a)

318

7,260

HubSpot,

Inc.(a)

168

82,740

Manhattan

Associates,

Inc.(a)

218

43,090

New

Relic,

Inc.(a)

227

19,436

Nutanix,

Inc.,

Class

 A(a)

834

29,090

PTC,

Inc.(a)

423

59,931

Qualys,

Inc.(a)

128

19,526

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

12

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Software

(cont’d)

SentinelOne,

Inc.,

Class

 A(a)

810

$

13,657

Smartsheet,

Inc.,

Class

 A(a)

464

18,773

Splunk,

Inc.(a)

552

80,730

SPS

Commerce,

Inc.(a)

129

22,009

Tenable

Holdings,

Inc.(a)

410

18,368

Teradata

Corp.(a)

353

15,892

Tyler

Technologies,

Inc.(a)

150

57,921

Workiva,

Inc.(a)

171

17,329

Zoom

Video

Communications,

Inc.,

Class

 A(a)

802

56,092

Zscaler,

Inc.(a)

307

47,766

1,217,339

Specialty

Retail

(2.7%)

Academy

Sports

&

Outdoors,

Inc.

246

11,628

Advance

Auto

Parts,

Inc.

191

10,683

Asbury

Automotive

Group,

Inc.(a)

67

15,415

AutoNation,

Inc.(a)

94

14,232

Bath

&

Body

Works,

Inc.

739

24,978

Best

Buy

Co.,

Inc.

638

44,322

Burlington

Stores,

Inc.(a)

210

28,413

CarMax,

Inc.(a)

511

36,143

Chewy,

Inc.,

Class

 A(a)

304

5,551

Dick's

Sporting

Goods,

Inc.

195

21,173

Five

Below,

Inc.(a)

176

28,318

Floor

&

Decor

Holdings,

Inc.,

Class

 A(a)

340

30,770

GameStop

Corp.,

Class

 A(a)

872

14,353

Lithia

Motors,

Inc.,

Class

 A

87

25,694

Penske

Automotive

Group,

Inc.

61

10,191

RH(a)

61

16,126

Ross

Stores,

Inc.

1,091

123,228

Tractor

Supply

Co.

354

71,880

Ulta

Beauty,

Inc.(a)

161

64,311

Wayfair,

Inc.,

Class

 A(a)

265

16,051

Williams-Sonoma,

Inc.

205

31,857

645,317

Technology

Hardware,

Storage

&

Peripherals

(1.7%)

Dell

Technologies,

Inc.,

Class

 C

879

60,563

Hewlett

Packard

Enterprise

Co.

4,636

80,527

HP,

Inc.

3,051

78,411

NetApp,

Inc.

750

56,910

Pure

Storage,

Inc.,

Class

 A(a)

1,038

36,974

Seagate

Technology

Holdings

plc

743

49,001

Western

Digital

Corp.(a)

1,134

51,744

414,130

Textiles,

Apparel

&

Luxury

Goods

(0.8%)

Capri

Holdings

Ltd.(a)

375

19,729

Columbia

Sportswear

Co.

115

8,521

Crocs,

Inc.(a)

195

17,205

Deckers

Outdoor

Corp.(a)

84

43,184

PVH

Corp.

204

15,608

Ralph

Lauren

Corp.,

Class

 A

129

14,976

Skechers

USA,

Inc.,

Class

 A(a)

432

21,146

Tapestry,

Inc.

750

21,562

VF

Corp.

1,194

21,098

183,029

Shares

Value

Trading

Companies

&

Distributors

(1.9%)

Air

Lease

Corp.,

Class

 A

404

$

15,922

Applied

Industrial

Technologies,

Inc.

148

22,882

Beacon

Roofing

Supply,

Inc.(a)

172

13,273

Core

&

Main,

Inc.,

Class

 A(a)

350

10,098

Fastenal

Co.

1,867

102,013

GATX

Corp.

136

14,801

MSC

Industrial

Direct

Co.,

Inc.,

Class

 A

149

14,624

SiteOne

Landscape

Supply,

Inc.(a)

144

23,537

United

Rentals,

Inc.

230

102,251

WESCO

International,

Inc.

147

21,142

WW

Grainger,

Inc.

148

102,392

442,935

Water

Utilities

(0.5%)

American

Water

Works

Co.,

Inc.

680

84,205

Essential

Utilities,

Inc.

1,061

36,424

120,629

Total

Common

Stocks

(Cost

$24,742,066)

23,696,605

Short-Term

Investment

(0.3%)

Investment

Company

(0.3%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

(See

Note

G)

(Cost

$82,252)

82,252

82,252

Total

Investments

(99.9%)

(Cost

$24,824,318)

(b)

23,778,857

Other

Assets

in

Excess

of

Liabilities

(0.1%)

17,557

NET

ASSETS

(100.0%)

$23,796,414

(a)

Non-income

producing

security.

(b)

At

September

30,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$24,826,553.

The

aggregate

gross

unrealized

appreciation

is

$1,280,3

44

and

the

aggregate

gross

unrealized

depreciation

is

$2,328,040,

resulting

in

net

unrealized

depreciation

of

$1,047,696.

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

88.7

%

Machinery

6.2

Software

5.1

Total

Investments

100.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Annual

Report

—

September

30,

2023

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

13

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Assets

and

Liabilities

September

30,

2023

Assets:

Investments

in

Securities

of

Unaffiliated

Issuers,

at

Value

(Cost

$24,742,066)

$

23,696,605

Investment

in

Security

of

Affiliated

Issuer,

at

Value

(Cost

$82,252)

82,252

Total

Investments

in

Securities,

at

Value

(Cost

$24,824,318)

23,778,857

Cash

75

Dividends

Receivable

20,495

Total

Assets

23,799,427

Liabilities:

Payable

for

Management

Fee

3,013

Total

Liabilities

3,013

Net

Assets

$

23,796,414

Net

Assets

Consist

of:

Paid-in-Capital

$

25,322,318

Total

Accumulated

Loss

(

1,525,904

)

Net

Assets

$

23,796,414

Shares

Outstanding

$0.001

Par

Value

(unlimited

shares

authorized)

500,000

Net

Asset

Value

Per

Share

$

47

.59

Annual

Report

—

September

30,

2023

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

14

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Operations

Period

from

January

30,

2023

^

to

September

30,

2023

Investment

Income:

Dividends

from

Securities

of

Unaffiliated

Issuers

(Net

of

$207

of

Foreign

Taxes

Withheld)

$

220,902

Dividends

from

Security

of

Affiliated

Issuer

(Note

G)

2,488

Total

Investment

Income

223,390

Expenses:

Management

Fee

(Note

B)

22,655

Total

Expenses

22,655

Rebate

from

Morgan

Stanley

Affiliate

(Note

G)

(

72

)

Net

Expenses

22,583

Net

Investment

Income

200,807

Realized

Gain

(Loss):

Investments

Sold

(

500,127

)

In-kind

Redemptions

on

Investments

386,376

Net

Realized

Loss

(

113,751

)

Change

in

Unrealized

Appreciation

(Depreciation):

Investments

(

1,045,461

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

(

1,045,461

)

Net

Realized

Loss

and

Change

in

Unrealized

Appreciation

(Depreciation)

(

1,159,212

)

Net

Decrease

in

Net

Assets

Resulting

from

Operations

$

(

958,405

)

^

Commencement

of

Operations.

Annual

Report

—

September

30,

2023

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

15

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Changes

in

Net

Assets

Period

from

January

30,

2023

^

to

September

30,

2023

Increase

(Decrease)

in

Net

Assets:

Operations:

Net

Investment

Income

$

200,807

Net

Realized

Loss

(

113,751

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

(

1,045,461

)

Net

Decrease

in

Net

Assets

Resulting

from

Operations

(

958,405

)

Dividends

and

Distributions

to

Shareholders:

Dividends

and

Distributions

(

181,123

)

Total

Dividends

and

Distributions

to

Shareholders

(

181,123

)

Capital

Share

Transactions:

Subscribed

(1)

20,000,000

Subscribed

In-Kind

7,447,569

Redeemed

In-Kind

(

2,511,627

)

Net

Increase

in

Net

Assets

Resulting

from

Capital

Share

Transactions

24,935,942

Total

Increase

in

Net

Assets

23,796,414

Net

Assets:

Beginning

of

Period

–

End

of

Period

$

23,796,414

Capital

Share

Transactions:

Beginning

of

Period

–

Shares

Subscribed

400,000

Shares

Subscribed

In-Kind

150,000

Shares

Redeemed

In-Kind

(

50,000

)

Shares

Outstanding,

End

of

Period

Net

Increase

in

500,000

^

Commencement

of

Operations.

(1)

Total

consists

of

subscriptions

for

seed

capital

by

the

Adviser

and

other

related

parties

of

the

Fund.

Annual

Report

—

September

30,

2023

Financial

Highlights

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

16

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Share

Data

and

Ratios

Period

from

January

30,

2023

(1)

to

September

30,

2023

Net

Asset

Value,

Beginning

of

Period

$

50

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

0

.44‌

Net

Realized

and

Unrealized

Loss

(

2

.46‌

)

Total

from

Investment

Operations

(

2

.02‌

)

Distributions

from

and/or

in

Excess

of:

—

Net

Investment

Income

(

0

.39‌

)

Net

Asset

Value,

End

of

Period

$

47

.59‌

Total

Return

(3)

(

4

.06‌

)

%

(4)

Ratios

to

Average

Net

Assets

and

Supplemental

Data:

$23,796

Net

Assets,

End

of

Period

(Thousands)

$

23,796‌

Ratio

of

Expenses

0

.15‌

%

(5)

(6)

Ratio

of

Net

Investment

Income

1

.32‌

%

(5)

(6)

Ratio

of

Rebate

from

Morgan

Stanley

Affiliates

0

.00‌

%

(5)

(7)

Portfolio

Turnover

Rate

16‌

%

(4)

(8)

(1)

Commencement

of

Operations.

(2)

Per

share

amount

is

based

on

average

shares

outstanding.

(3)

Calculated

based

on

the

net

asset

value

as

of

the

last

business

day

of

the

period.

(4)

Not

annualized.

(5)

Annualized.

(6)

The

Ratio

of

Expenses

and

Ratio

of

Net

Investment

Income

reflect

the

rebate

of

certain

Fund

expenses

in

connection

with

the

investments

in

Morgan

Stanley

affiliates

during

the

period.

The

effect

of

the

rebate

on

the

ratios

is

disclosed

in

the

above

table

as

“Ratio

of

Rebate

from

Morgan

Stanley

Affiliates.”

(7)

Amount

is

less

than

0.005%.

(8)

In-kind

transactions

are

not

included

in

portfolio

turnover

calculations.

17

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

Morgan

Stanley

ETF

Trust

Morgan

Stanley

ETF

Trust

(the

“Trust”)

is

an

open-end,

management

investment

company

established

under

Delaware

law

as

a

Delaware

statutory trust.

Pursuant

to

its

Declaration

of

Trust dated

May

31,

2016,

and

Amended

and

Restated

on

September

28,

2022

(the

“Declaration

of

Trust”),

the

Trust is

authorized

to establish

multiple

series.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”).

The

Trust

applies

investment

company

accounting

and

report-

ing guidance

Accounting

Standard

Codification

("ASC")

Topic

946.

In

the

preparation

of

these

financial

statements,

manage-

ment

has

evaluated

subsequent

events

occurring

after

the

date

of

the

Fund's

Statement

of

Assets

and

Liabilities

through

the

date

that

the

financial

statements

were

issued.

The

accompanying

financial

statements

relate

to

the Calvert

US

Mid-Cap

Core

Responsible

Index

ETF (the

"Fund"),

which

seeks

to

track

the

performance

of

the

Calvert

US

Mid-

Cap

Core

Responsible

Index.

The

Fund

is

diversified.

A.

Significant

Accounting

Policies:

 The

following

signifi-

cant

accounting

policies

are

in

conformity

with

U.S.

generally

accepted

accounting

principles

(“GAAP”).

Such

policies

are

consistently

followed

by

the Trust

in

the

preparation

of

its

financial

statements.

GAAP

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

and

disclosures

in

the

financial

statements.

Actual

results

may

differ

from

those

estimates.

1.

Security

Valuation:

(1)

An

equity

portfolio

security

list-

ed

or

traded

on

an

exchange

is

valued

at

its

latest

reported

sales

price

(or

at

the

exchange

official

closing

price

if

such

exchange

reports

an

official

closing

price),

and

if

there

were

no

sales

on

a

given

day

and

if

there

is

no

official

ex-

change

closing

price

for

that

day,

the

security

is

valued

at

the

mean

between

the

last

reported

bid

and

asked

prices

if

such

bid

and

asked

prices

are

available

on

the

relevant

ex-

changes.

If

only

bid

prices

are

available

then

the

latest

bid

price

may

be

used.

Listed

equity

securities

not

traded

on

the

valuation

date

with

no

reported

bid

and

asked

prices

available

on

the

exchange

are

valued

at

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

or

more

reputable

brokers/dealers.

In

cases

where

a

securi-

ty

is

traded

on

more

than

one

exchange,

the

security

is

valued

on

the

exchange

designated

as

the

primary

market;

(2)

all

other

equity

portfolio

securities

for

which

over-the-

counter

(“OTC”)

market

quotations

are

readily

available

are

valued

at

the

latest

reported

sales

price

(or

at

the

mar-

ket

official

closing

price

if

such

market

reports

an

official

closing

price),

and

if

there

was

no

trading

in

the

security

on

a

given

day

and

if

there

is

no

official

closing

price

from

relevant

markets

for

that

day,

the

security

is

valued

at

the

mean

between

the

last

reported

bid

and

asked

prices

if

such

bid

and

asked

prices

are

available

on

the

rel-

evant

markets.

An

unlisted

equity

security

that

does

not

trade

on

the

valuation

date

and

for

which

bid

and

asked

prices

from

the

relevant

markets

are

unavailable

is

valued

at

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

or

more

reputable

brokers/dealers;

(3)

fixed

income

securities

may

be

valued

by

an

outside

pricing

service/vendor

approved

by

the

Trust’s

Board

of

Trustees

(the

“Trustees”).

The

pricing

service/vendor

may

employ

a

pricing

model

that

takes

into

account,

among

other

things,

bids,

yield

spreads

and/or

other

market

data

and

specific

security

characteristics.

If

Morgan

Stanley

Investment

Management

Inc.

(the

“Adviser”)

a

whol-

ly-owned

subsidiary

of

Morgan

Stanley,

determines

that

the

price

provided

by

the

outside

pricing

service/vendor

or

exchange

does

not

reflect

the

security’s

fair

value

or

is

unable

to

provide

a

price,

prices

from

brokers

or

dealers

may

also

be

utilized.

In

these

circumstances,

the

value

of

the

security

will

be

the

mean

of

bid

and

asked

prices

obtained

from

reputable brokers/dealers;

(4)

when

market

quotations

are

not

readily

available,

as

defined

by

Rule

2a-5

under

the

Act,

including

circumstances

under

which

the

Adviser

determines

that

the

closing

price,

last

sale

price

or

the

mean

between

the

last

reported

bid

and

asked

prices

are

not

reflective

of

a

security’s

market

value,

port-

folio

securities

are

valued

at

their

fair

value

as

determined

in

good

faith

under

procedures

established

by

and

under

the

general

supervision

of

the

Trustees; and

(5)

invest-

ments

in

mutual

funds,

including

the

Morgan

Stanley

Institutional

Liquidity

Funds,

are

valued

at

the

net

asset

value

(“NAV”)

as

of

the

close

of

each

business

day.

In

connection

with

Rule

2a-5

of

the

Act,

the

Trust-

ees

have

designated

the

Trust's

Adviser

as

its

valuation

designee.

The

valuation

designee

has

responsibility

for

determining

fair

value

and

to

make

the

actual

calculations

pursuant

to

the

fair

valuation

methodologies

previously

approved

by

the

Trustees.

Under

procedures

approved

by

the

Trustees,

the

Trust’s

Adviser

has

formed

a

Valuation

Committee

whose

members

are

approved

by

the

Trustees.

The

Valuation

Committee

provides

administration

and

oversight

of

the

Trust’s

valuation

policies

and

procedures,

which

are

reviewed

at

least

annually

by

the

Trustees.

These

procedures

allow

the Trust

to

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers

and

other

market

sources

to

determine

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

18

Morgan

Stanley

ETF

Trust

fair

value.

2.

Fair

Value

Measurement:

Financial

Accounting

Stan-

dards

Board

(“FASB”)

Accounting

Standards

Codifica-

tion

TM

("ASC"),

“Fair

Value

Measurement”

(“ASC

820”),

defines

fair

value

as

the

price

that

would

be

received

to

sell

an

asset

or

pay to

transfer

a

liability

in

an orderly

transaction

between

market

participants

at

the

measure-

ment

date. ASC

820

establishes

a

three tier

hierarchy

to

distinguish

between

(1)

inputs

that

reflect

the

assump-

tions

market

participants

would

use

in

valuing

an

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity

(observable

inputs)

and

(2)

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

partici-

pants

would

use

in

valuing

an

asset

or

liability

developed

based

on

the

best

information

available

in

the

circum-

stances

(unobservable

inputs)

and

to

establish

classifica-

tion

of

fair

value

measurements

for

disclosure

purposes.

Various

inputs

are

used

in

determining

the

value

of

the

Fund’s

investments.

The

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Level

2

-

other

significant

observable

inputs

(includ-

ing

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

 Level

3

-

significant

unobservable

inputs

including

the

Fund’s

own

assumptions

in

determin-

ing

the

fair

value

of

investments.

Factors

considered

in

making

this

determination

may

include,

but

are

not

limited

to,

infor-

mation

obtained

by

contacting

the

issuer,

analysts,

or

the

appropriate

stock

exchange

(for

exchange-traded

securities),

analysis

of

the

issuer’s

financial

statements

or

other

available

documents

and,

if

necessary,

available

information

concerning

other

securities

in

similar

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities

and

the

determination

of

the

significance

of

a

particular

input

to

the

fair

value

mea-

surement

in

its

entirety

requires

judgment

and

considers

factors

specific

to

each

security. 

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

September

30,

2023:

Transfers

between

investment

levels

may

occur

as

the

markets

fluctuate

and/or

the

availability

of

data

used

in

an

investment’s

valuation

changes. 

3.

Indemnifications:

The Trust

enters

into

contracts

that

contain

a

variety

of

indemnification

clauses.

The

Trust’s

maximum

exposure

under

these

arrangements

is

un-

known

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not yet

occurred. 

4.

Dividends

and

Distributions

to

Shareholders: 

Divi-

dends

and

distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

in-

come,

if

any,

are

declared

and

paid

quarterly.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

5.

Security

Transactions,

Income

and

Expenses:

 Se-

curity

transactions

are

accounted

for

on

the

trade

date

(date

the

order

to

buy

or

sell

is

executed).

Realized

gains

and

losses

on

the

sale

of

investment

securities

are

deter-

mined

on

the

specific

identified

cost

method.

Dividend

income

and

other

distributions

are

recorded

on

the

ex-dividend

date

(except

for

certain

foreign

dividends

which

may

be

recorded

as

soon

as

the

Fund

is

informed

of

such

dividends)

net

of

applicable

withholding

taxes.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

as

non-cash

dividend

income

at

fair

value.

B.

Management Fees:

 The

Adviser

provides

investment

advice

and

portfolio

management

services

pursuant

to

a

Management

Agreement

(the

“Agreement”)

and,

subject

to

the

supervision

of

the

Trust’s

Trustees,

makes

or

oversees

the

Fund’s

day-to-day

investment

decisions,

arranges

for

the

execution

of

portfolio

transactions

and

generally

manages

the

Fund’s

invest-

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

Inputs

(000)

Total

(000)

Assets:  

Common

Stocks

$

23,697

(1)

$

—

$

—

$

23,697

Short-Term

Investment

Investment

Company

82

—

—

82

Total

Assets

$23,779

$—

$—

$23,779

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

19

Morgan

Stanley

ETF

Trust

ments.

 As

compensation

for

its

services,

the

Adviser

is paid

monthly

at

the

annual

rate

of

0.15% of

the

average

daily

net

assets

of

the

Fund.

Under

the

Agreement,

the

Adviser pays sub-

stantially

all

the

expenses

of

the

Fund

(including

expenses

of

the

Trust

relating

to

the

Fund),

except

for

the

distribution

fees,

if

any,

brokerage

expenses,

acquired

fund

fees

and

expenses,

taxes,

interest,

litigation

expenses,

and

other

extraordinary

expenses,

including

the

costs

of

proxies,

not

incurred

in

the

ordinary

course

of

the

Fund’s

business. 

C.

Distribution

and

Shareholder Services

Plan:

The

Trustees

have

adopted

a

distribution

and

services

plan

("Plan")

pursuant

Rule

12b-1

under the

Act. 

Under the

Plan,

the

Fund

is

authorized

to

pay

distribution

fees

in

connection

with

the

sale

of

its

shares

and

pay

service

fees

in

connection

with

the

provision

of

ongoing

services

to

shareholders

of

the

Fund

and

the

maintenance

of

shareholder

accounts

in

an

amount

up

to

0.25%

of

its

average

daily

net

assets.

No

Rule

12b-1

fees

are

currently

paid

by

the

Fund

and

there

are

no

current

plans

to

impose

these

fees.

D.

Dividend

Disbursing

and

Transfer

Agent:

The

Trust’s

dividend

disbursing

and

transfer

agent

is

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

E.

Custodian

and

Administrator:

JPMorgan also

serves

as

Custodian

and

Administrator for

the

Trust in

accordance

with

a

Custodian

and

Administration Agreement.

F.

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

securi-

ties

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

Funds’

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

Corpo-

ration)

(“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

New

York

Stock

Exchange Arca

("NYSE

Arca") 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

cus-

tody

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

re-

ceivable

for

capital

shares

issued

on

the

Statement

of

Assets

and

Liabilities

if

they

are

outstanding

as

of

year-

end. Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

issued

on

the

Statements

of

Changes

in

Net

Assets.

G.

Security

Transactions

and

Transactions

with

Af-

filiates:

For

the

year ended

September

30,

2023 purchases

and

sales

of

investment

securities

for

the

Fund,

other

than

long-term

U.S.

Government

securities,

short-term

investments

and

In-Kind transactions were $23,574,117

and

$3,543,555,

respectively.

There

were

no

purchases

and

sales

of

long-term

U.S.

Government

securities

for

the

year

ended

September

30,

2023. Purchase

and

Sales

related

to

In-Kind

transactions

were

$7,315,854 and

$2,490,338 for

year end.

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser. Management fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the management

fees

paid

by

the

Fund

due

to

its

invest-

ment

in

the

Liquidity

Fund.

For

the

year ended

September

30,

2023, management

fees

paid

were

reduced

by $72 relating

to

the

Fund’s

investment

in

the

Liquidity

Fund. 

A

summary

of

the

Fund’s

transactions

in

shares

of

affiliated

investments

during

the

year ended

September

30,

2023 is

as

follows: 

Affiliated

Investment

Company

Value

January

30,

2023

Purchases

at

Cost

Proceeds

from

Sales

Dividend

Income

Liquidity

Fund

$

–

$

518,725

$

436,473

$

2,488

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

20

Morgan

Stanley

ETF

Trust

H.

Federal

Income

Taxes:

It

is

the

Fund’s

intention

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

and

tax

exempt income.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

finan-

cial

statements. 

The

Fund

may

be

subject

to

taxes

imposed

by

countries

in

which

it

invests.

Such

taxes

are

generally

based

on

income

and/

or

capital

gains

earned

or

repatriated.

Taxes

are

accrued

based

on

net

investment

income,

net

realized

gains

and

net

unreal-

ized

appreciation

as

such

income

and/or

gains

are

earned.

Taxes

may

also

be

based

on

transactions

in

foreign

currency

and

are

accrued

based

on

the

value

of

investments

denominated

in

such

currency.

FASB

ASC

740-10,

“Income

Taxes—Overall”,

sets

forth

a

minimum

threshold

for

financial

statement

recognition

of

the

benefit

of

a

tax

position

taken

or

expected

to

be

taken

in

a

tax

return.

Management

has

concluded

there

are

no

significant

uncertain

tax

positions

that

would

require

recognition

in

the

financial

statements.

If

applicable,

the

Fund

recognizes

inter-

est

accrued

related

to

unrecognized

tax

benefits

in

“Interest

Expense”

and

penalties

in

“Other

Expenses”

in

the

Statement

of

Operations.

The

Fund

files

tax

returns

with

the

U.S.

Internal

Revenue

Service,

New

York

and

various

states.

The

tax

year

ended

September

30,

2023 remains

subject

to

examination

by

taxing

authorities.

The

tax

character

of

distributions

paid

may

differ

from

the

character

of

distributions

shown

for

GAAP

purposes

due

to

short-term

capital

gains

being

treated

as

ordinary

income

for

tax

purposes.

The

tax

character

of

distributions

paid

during

fiscal

year 2023

was

as

follows: 

The

amount

and

character

of

income

and

gains

to

be

distrib-

uted

are

determined

in

accordance

with

income

tax

regulations

which

may

differ

from

GAAP.

These

book/tax

differences

are

either

considered

temporary

or

permanent

in

nature. 

Temporary

differences

are

attributable

to

differing

book

and

tax

treatments

for

the

timing

of

the

recognition

of

gains

(loss-

es)

on

certain

investment

transactions

and

the

timing

of

the

deductibility

of

certain

expenses. 

Permanent

differences,

due

to

a

tax

adjustment

related

to

an

in-kind

redemption,

resulted

in

the

following

reclassifications

among

the

components

of

net

assets

at

September

30,

2023:

At

September

30,

2023,

the

components

of

distributable

earn-

ings

for

the

Fund

on

a

tax

basis

were

as

follows: 

At

September

30,

2023,

the

Fund

had

available

for

fed-

eral

income

tax

purposes

unused

short-term

capital

losses

of $500,081 that

do

not

have

an

expiration

date. 

To

the

extent

that

capital

loss

carryforwards

are

used

to

offset

any

future

capital

gains

realized,

no

capital

gains

tax

liability

will

be

incurred

by

the

Fund

for

gains

realized

and

not

distrib-

uted.

To

the

extent

that

capital

gains

are

offset,

such

gains

will

not

be

distributed

to

the

shareholders. 

I.

Principal

Risks:

Market

Risk:

An

investment

in

the

Fund

is

based

on

the

values

of

the

Fund’s

investments,

which

may

change

due

to

economic

and

other

events

that

affect

markets

generally,

as

well

as

those

that

affect

particular

regions,

countries,

industries,

companies

or

governments.

The

risks

associated

with

these

developments

may

be

magnified

if

social,

political,

economic

and

other

conditions

and

events

(such

as

war,

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

social

unrest,

recessions,

inflation,

rapid

interest

rate

changes

and

supply

chain

disruptions)

adversely

interrupt

the

global

economy

and

financial

markets.

It

is

difficult

to

predict

when

events

affecting

the

U.S.

or

global

financial

markets

may

occur,

the

effects

that

such

events

may

have

and

the

duration

of

those

effects

(which

may

last

for

extended

periods).

These

events

may

negatively

impact

broad

segments

of

businesses

and

populations

and

have

a

significant

and

rapid

negative

impact

on

the

performance

of

the

Fund’s

investments,

adverse-

ly

affect

and

increase

the

volatility

of

the

Fund’s

share

price

and

exacerbate

pre-existing

risks

to

the

Fund.

The

occurrence,

Affiliated

Investment

Company

(cont'd)

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

September

30,

2023

Liquidity

Fund  

$

–

$

–

$

82,252

2023

Distributions

Paid

From:

Ordinary

Long-Term

Income

Capital

Gain

$181,123

$–

Total

Accumulated

Paid-In

Loss

Capital

$(386,376)

$386,376

Undistributed

Undistributed

Ordinary

Long-Term

Income

Capital

Gain

$21,873

$–

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

21

Morgan

Stanley

ETF

Trust

duration

and

extent

of

these

or

other

types

of

adverse

econom-

ic

and

market

conditions

and

uncertainty

over

the

long

term

cannot

be

reasonably

projected

or

estimated

at

this

time.

The

ultimate

impact

of

public

health

emergencies

or

other

adverse

economic

or

market

developments

and

the

extent

to

which

the

associated

conditions

impact

the

Fund

and

its

investments

will

also

depend

on

other

future

developments,

which

are

highly

uncertain,

difficult

to

accurately

predict

and

subject

to

change

at

any

time.

The

financial

performance

of

the

Fund’s

invest-

ments

(and,

in

turn,

the

Fund’s

investment

results)

as

well

as

their

liquidity

may

be

adversely

affected

because

of

these

and

similar

types

of

factors

and

developments.

Tracking

Error

Risk:

Tracking

error

risk

refers

to

the

risk

that

the

Fund’s

performance

may

not

match

or

correlate

to

that

of

the

index

it

attempts

to

track,

either

on

a

daily

or

aggregate

basis.

Tracking

error

may

occur

because

of

transac-

tion

costs,

the

Fund’s

holding

of

cash,

differences

in

accrual

of

dividends,

changes

to

the

index

or

the

need

to

meet

new

or

existing

regulatory

requirements.

Factors

such

as

Fund

expens-

es,

imperfect

correlation

between

the

Fund’s

investments

and

the

index,

rounding

of

share

prices,

changes

to

the

composition

of

the

index,

regulatory

policies,

limitations

on

Fund

invest-

ments

imposed

by

Fund

diversification

and/or

concentration

policies,

high

portfolio

turnover

rate

and

the

use

of

leverage

all

contribute

to

tracking

error.

Unlike

the

Fund,

the

returns

of

the

index

are

not

reduced

by

investment

and

other

operating

expenses,

including

the

trading

costs

associated

with

imple-

menting

changes

to

its

portfolio

of

investments.

Tracking

error

risk

may

cause

the

Fund’s

performance

to

be

less

than

expected.

Tracking

error

risk

may

be

heightened

during

times

of

market

volatility,

unusual

market

conditions

or

other

abnormal

cir-

cumstances.

The

Fund

may

be

required

to

deviate

its

invest-

ments

from

the

securities

and

relative

weightings

of

the

index

to

comply

with

applicable

laws

and

regulations

or

because

of

market

restrictions

or

other

legal

reasons,

including

regulatory

limits

or

other

restrictions

on

securities

that

may

be

purchased

by

the

Adviser

and

its

affiliates.

If

the

Fund

uses

a

sampling

method

of

indexing,

it

may

have

a

larger

tracking

error

than

if

it

used

a

replication

method

of

indexing.

Index

Related

Risk:

The

Fund’s

return

may

not

track

the

return

of

the

index

for

a

number

of

reasons

and

therefore

may

not

achieve

its

investment

objective.

For

example,

the

Fund

incurs

a

number

of

operating

expenses

not

applicable

to

the

index,

and

incurs

costs

in

buying

and

selling

securities,

espe-

cially

when

rebalancing

the

Fund’s

securities

holdings

to

reflect

changes

in

the

composition

of

the

index.

In

addition,

the

Fund’s

return

may

differ

from

the

return

of

the

index

because

of,

among

other

things,

pricing

differences

and

the

inability

to

purchase

certain

securities

included

in

the

underlying index

due

to

regulatory

or

other

restrictions. 

In

addition,

when

the

Fund

uses

a

representative

sampling

ap-

proach,

the

Fund

may

not

be

as

well

correlated

with

the

return

of

the

underlying

index

as

when

the

Fund

purchases

all

of

the

securities

in

the

index

in

the

proportions

in

which

they

are

rep-

resented

in

the

index.

Errors

in

the

construction

or

calculation

of

the

index

may

occur

from

time

to

time.

Any

such

errors

may

not

be

identified

and

corrected

by

the

index

provider

for

some

period

of

time,

which

may

have

an

adverse

impact

on

the

Fund

and

its

shareholders.

The

risk

that

the

Fund

may

not

track

the

performance

of

the

index

may

be

heightened

during

times

of

increased

market

volatility

or

other

unusual

market

conditions.

Authorized

Participant

Concentration

Risk:

Only

an

authorized

participant

may

engage

in

creation

or

redemption

transactions

directly

with

the

Fund.

The

Fund

has

a

limited

number

of

intermediaries

that

act

as

authorized

participants

and

none

of

these

authorized

participants

is

or

will

be

obligated

to

engage

in

creation

or

redemption

transactions.

To

the

extent

that

these

intermediaries

exit

the

business

or

are

unable

to

or

choose

not

to

proceed

with

creation

and/or

redemption

orders

with

respect

to

the

Fund

and

no

other

authorized

participant

creates

or

redeems,

shares

may

trade

at

a

discount

to NAV

and

possibly

face

trading

halts

and/or

delisting. 

Trading

Risk:

The

market

prices

of

shares

are

expected

to

fluctuate,

in

some

cases

materially,

in

response

to

changes

in

the

Fund’s

NAV,

the

intra-day

value

of

the

Fund’s

holdings,

and

supply

and

demand

for

shares.

The

Adviser

cannot

predict

whether

shares

will

trade

above,

below

or

at

their

NAV.

Disrup-

tions

to

creations

and

redemptions,

the

existence

of

significant

market

volatility

or

potential

lack

of

an

active

trading

market

for

the

shares

(including

through

a

trading

halt),

as

well

as

other

factors,

may

result

in

the

shares

trading

significantly

above

(at

a

premium)

or

below

(at

a

discount)

to

NAV

or

to

the

intraday

value

of

the

Fund’s

holdings

(and,

as

a

result,

an

investor

may

pay

more

for,

or

receive

less

than,

the

underlying

value

of

the

shares,

respectively).

Buying

or

selling

shares

in

the

secondary

market

may

require

paying

brokerage

commissions

or

other

charges

imposed

by

brokers

as

determined

by

that

broker.

Brokerage

commissions

are

often

a

fixed

amount

and

may

be

a

significant

proportional

cost

when

seeking

to

buy

or

sell

relatively

small

amounts

of

shares.

In

addition,

the

market

price

of

shares,

like

the

price

of

any

exchange-traded

security,

includes

a

“bid-ask

spread”

charged

by

the

market

makers

or

other

participants

that

trade

the

particular

security.

The

spread

of the

Fund’s

shares

varies

over

time

based

on

the

Fund’s

trad-

ing

volume

and

market

liquidity

and

may

increase

if

the

Fund’s

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

22

Morgan

Stanley

ETF

Trust

trading

volume,

the

spread

of

the

Fund’s

underlying

securities,

or

market

liquidity

decrease. 

Large

Shareholder

Transaction

Risk:

The

Fund

may

experience

adverse

effects

when

certain

shareholders

purchase

or

redeem

large

amounts

of

shares

of the

Fund.

In

addition,

a

third

party

investor,

the

Adviser

or

an

affiliate

of

the

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund’s

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Such

larger

than

normal

redemptions

may

cause

the

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negative-

ly

impact

the

Fund’s

NAV

and

liquidity.

Similarly,

large

Fund

share

purchases

may

adversely

affect the

Fund’s

performance

to

the

extent

that the

Fund

is

delayed

in

investing

new

cash

and

is

required

to

maintain

a

larger

cash

position

than

it

ordinarily

would.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in the

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in the

Fund’s

expense

ratio.

Although

large

shareholder

transactions

may

be

more

frequent

under

certain

circumstanc-

es, the

Fund

is

generally

subject

to

the

risk

that

shareholders

can

purchase

or

redeem

a

significant

percentage

of

Fund

shares

at

any

time.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

NYSE

Arca

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

shares. 

J.

Other:

At

September

30,

2023,

the

Fund

had

record

own-

ers

of

10%

or

greater,

which

are

related

parties

of

the

Fund.

In-

vestment

activities

of

these

shareholders

could

have

a

material

impact

on

the

Fund.

The

aggregate

percentage

of

such

owners

was

80.0%.

23

Annual

Report

—

September

30,

2023

Report

of

Independent

Registered

Public

Accounting

Firm

Morgan

Stanley

ETF

Trust

To

the

Shareholders

and

Board

of

Trustees

of

Morgan

Stanley

ETF

Trust

–

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

(the

“Fund”)

(one

of

the

funds

constituting

Morgan

Stanley

ETF

Trust

(the

“Trust”)),

including

the

portfolio

of

investments,

as

of

September

30,

2023,

and

the

related

statements

of

operations

and

changes

in

net

assets

and

the

financial

highlights

for

the

period

from

January

30,

2023

(commencement

of

operations)

through

September

30,

2023,

and

the

related

notes

(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

(one

of

the

funds

constituting

Morgan

Stanley

ETF

Trust)

at

September

30,

2023,

and

the

results

of

its

operations,

the

changes

in

its

net

assets

and

its

financial

highlights

for

the

period

from

January

30,

2023

(commencement

of

operations)

through

September

30,

2023,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trust’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

Trust

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

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.

The

Trust

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trust’s

internal

control

over

financial

reporting.

As

part

of

our

audit,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting,

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trust’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

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

procedures

included

confirmation

of

securities

owned

as

of

September

30,

2023,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

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.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

Morgan

Stanley

investment

companies

since

2000.

Boston,

Massachusetts

November

27,

2023

24

Annual

Report

—

September

30,

2023

Federal

Tax

Notice

(unaudited)

Morgan

Stanley

ETF

Trust

For

federal

income

tax

purposes,

the

following

information

is

furnished

with

respect

to

the

distributions

paid

by

the

Fund

during

its

taxable

year

ended

September

30,

2023.

For

corporate

shareholders

100%

of

the

dividends

qualified

for

the

dividends

received

deduction.

For

federal

income

tax

purposes,

the

following

information

is

furnished

with

respect

to

the

Fund’s

earnings

for

its

taxable

year

ended

September

30,

2023.

When

distributed,

certain

earnings

may

be

subject

to

a

maximum

tax

rate

of

15%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003.

The

Fund

designated

up

to

a

maximum

of $181,123

as

taxable

at

this

lower

rate.

In

January,

the

Fund

provides

tax

information

to

shareholders

for

the

preceding

calendar

year.

25

Annual

Report

—

September

30,

2023

Important

Notices

(unaudited)

Morgan

Stanley

ETF

Trust

Reporting

to

Shareholders

The

Fund’s

portfolio

holdings

are

publicly

disseminated

each

day

the

Fund

is

open

for

business

through

financial

reporting

and

news

services,

including

publicly

accessible

Internet

web

sites.

In

addition,

a

basket

composition

file,

which

includes

the

securi-

ty

names

and

share

quantities

to

deliver

in

exchange

for

Creation

Units,

together

with

estimates

and

actual

cash

components

is

publicly

disseminated

daily

prior

to

the

opening

of

the

Exchange

via

the

National

Securities

Clearing

Corporation

(the

“NSCC”),

a

clearing

agency

that

is

registered

with

the

SEC.

The

basket

represents

one

Creation

Unit

of

the

Fund.

The

Trust,

Adviser,

Custo-

dian

and

Distributor

will

not

disseminate

non-public

information

concerning

the

Trust.

The

Trust

provides

a

complete

schedule

of

portfolio

holdings

for

the

second

and

fourth

fiscal

quarters

in

its

Semi-Annual

and

Annual

reports,

and

for

the

first

and

third

fiscal

quarters

in

its

filings

with

the

SEC

as

an

exhibit

to

Form

N-PORT.

The

Fund's

portfolio

holdings

will

be

available

on

the

Fund’s

public

website,

www.calvert.com.

Proxy

Voting

Policy

and

Proxy

Voting

Record

The

Board

of

Trustees

believes

that

the

voting

of

proxies

on

securities

held

by

the

Trust

is

an

important

element

of

the

overall

invest-

ment

process.

As

such,

the

Trustees

have

delegated

the

responsibility

to

vote

such

proxies

to

the

Adviser.

The

Adviser

has

engaged

Calvert

to

provide

proxy

voting

services

with

respect

to

the

Trust.

The

Adviser’s

Proxy

Voting

Policy

speci-

fies

that

each

Fund

will

follow

Calvert’s

Proxy

Voting

Policies

and

Procedures

and

Global

Proxy

Voting

Guidelines.

When

available,

the

Trust’s

proxy

voting

record

for

the

most

recent

12-month

period

ending

June

30,

as

filed

with

the

SEC,

will

be

available

without

charge

on

our

web

site

at

www.calvert.com.

The

Trust’s

proxy

voting

record

will

also

be

available

without

charge

on

the

SEC’s

web

site

at

http://www.sec.gov. 

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

on-

line,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Morgan

Stanley

Funds.

26

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

April

2021

Morgan

Stanley

ETF

Trust

FACTS

WHAT

DOES

MSIM

DO

WITH

YOUR

PERSONAL

INFORMATION?

Why?

Financial

companies

choose

how

they

share

your

personal

information.

Federal

law

gives

consumers

the

right

to

limit

some

but

not

all

sharing.

Federal

law

also

requires

us

to

tell

you

how

we

collect,

share,

and

protect

your

personal

information.

Please

read

this

notice

carefully

to

understand

what

we

do.

What?

The

types

of

personal

information

we

collect

and

share

depend

on

the

product

or

service

you

have

with

us.

This

information

can

include:

Social

Security

number

and

income

investment

experience

and

risk

tolerance

checking

account

number

and

wire

transfer

instructions

How?

All

financial

companies

need

to

share

customers’

personal

information

to

run

their

everyday

business.

In

the

section

below,

we

list

the

reasons

financial

companies

can

share

their

customers’

personal

information;

the

reasons

MSIM

chooses

to

share;

and

whether

you

can

limit

this

sharing.

Reasons

we

can

share

your

personal

information

Does

MSIM

share?

Can

you

limit

this

sharing?

For

our

everyday

business

purposes

—

such

as

to

process

your

transactions,

maintain

your

account(s),

respond

to

court

orders

and

legal

investigations,

or

report

to

credit

bureaus

Yes

No

For

our

marketing

purposes

—

to

offer

our

products

and

services

to

you

Yes

No

For

joint

marketing

with

other

financial

companies

No

We

don’t

share

For

our

investment

management

affiliates’

everyday

business

purposes

—

information

about

your

transactions,

experiences,

and

creditworthiness

Yes

Yes

For

our

affiliates’

everyday

business

purposes

—

information

about

your

transactions

and

experiences

Yes

No

For

our

affiliates’

everyday

business

purposes

—

information

about

your

creditworthiness

No

We

don’t

share

For

our

investment

management

affiliates

to

market

to

you

Yes

Yes

For

our

affiliates

to

market

to

you

No

We

don’t

share

For

non-affiliates

to

market

to

you

No

We

don’t

share

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

(cont’d)

27

April

2021

Morgan

Stanley

ETF

Trust

To

limit

our

sharing

Call

toll-free

(844)

312-6327

or

email:

imprivacyinquiries@morganstanley.com

Please

note:

If

you

are

a

new

customer,

we

can

begin

sharing

your

information

30

days

from

the

date

we

sent

this

notice.

When

you

are

no

longer

our

customer,

we

continue

to

share

your

information

as

described

in

this

notice.

However,

you

can

contact

us

at

any

time

to

limit

our

sharing.

Questions?

Call

toll-free

(844)

312-6327

or

email:

imprivacyinquiries@morganstanley.com

Who

we

are

Who

is

providing

this

notice?

Morgan

Stanley

Investment

Management

Inc.

and

its

investment

management

affiliates

(“MSIM”)

(see

Investment

Management

Affiliates

definition

below)

What

we

do

How

does

MSIM

protect

my

personal

information?

To

protect

your

personal

information

from

unauthorized

access

and

use,

we

use

security

measures

that

comply

with

federal

law.

These

measures

include

computer

safeguards

and

secured

files

and

buildings.

We

have

policies

governing

the

proper

handling

of

customer

information

by

personnel

and

requiring

third

parties

that

provide

support

to

adhere

to

appropriate

security

standards

with

respect

to

such

information.

How

does

MSIM

collect

my

personal

information?

We

collect

your

personal

information,

for

example,

when

you

open

an

account

or

make

deposits

or

withdrawals

from

your

account

buy

securities

from

us

or

make

a

wire

transfer

give

us

your

contact

information

We

also

collect

your

personal

information

from

others,

such

as

credit

bureaus,

affiliates,

or

other

companies.

Why

can’t

I

limit

all

sharing?

Federal

law

gives

you

the

right

to

limit

only

sharing

for

affiliates’

everyday

business

purposes

—

information

about

your

creditworthiness

affiliates

from

using

your

information

to

market

to

you

sharing

for

non-affiliates

to

market

to

you

State

laws

and

individual

companies

may

give

you

additional

rights

to

limit

sharing.

See

below

for

more

on

your

rights

under

state

law.

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

(cont’d)

28

April

2021

Morgan

Stanley

ETF

Trust

Definitions

Investment

Management

Affiliates

MSIM

Investment

Management

Affiliates

include

registered

investment

advisers,

registered

broker-dealers,

and

registered

and

unregistered

funds

in

the

Investment

Management

Division.

Investment

Management

Affiliates

does

not

include

entities

associated

with

Morgan

Stanley

Wealth

Management,

such

as

Morgan

Stanley

Smith

Barney

LLC

and

Morgan

Stanley

&

Co.

Affiliates

Companies

related

by

common

ownership

or

control.

They

can

be

financial

and

non-financial

companies.

Our

affiliates

include

companies

with

a

Morgan

Stanley

name

and

financial

companies

such

as

Morgan

Stanley

Smith

Barney

LLC

and

Morgan

Stanley

&

Co.

Non-affiliates

Companies

not

related

by

common

ownership

or

control.

They

can

be

financial

and

non-financial

companies.

MSIM

does

not

share

with

non-affiliates

so

they

can

market

to

you.

Joint

marketing

A

formal

agreement

between

non-affiliated

financial

companies

that

together

market

financial

products

or

services

to

you.

MSIM

doesn’t

jointly

market

Other

Important

Information

Vermont:

Except

as

permitted

by

law,

we

will

not

share

personal

information

we

collect

about

Vermont

residents

with

Non-affiliates

unless

you

provide

us

with

your

written

consent

to

share

such

information.

California:

Except

as

permitted

by

law,

we

will

not

share

personal

information

we

collect

about

California

residents

with

Non-affiliates

and

we

will

limit

sharing

such

personal

information

with

our

Affiliates

to

comply

with

California

privacy

laws

that

apply

to

us.

29

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

Morgan

Stanley

ETF

Trust

Independent

Trustees:

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Frank

L.

Bowman

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1944

Trustee

Since

August

2006

President,

Strategic

Decisions,

LLC

(consulting)

(since

February

2009);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

Chairperson

of

the

Compliance

and

Insurance

Committee

(since

October

2015);

formerly,

Chairperson

of

the

Insurance

Sub-

Committee

of

the

Compliance

and

Insurance

Committee

(2007-2015);

served

as

President

and

Chief

Executive

Officer

of

the

Nuclear

Energy

Institute

(policy

organization)

(February

2005-November

2008);

retired

as

Admiral,

U.S.

Navy

after

serving

over

38

years

on

active

duty

including

8

years

as

Director

of

the

Naval

Nuclear

Propulsion

Program

in

the

Department

of

the

Navy

and

the

U.S.

Department

of

Energy

(1996-2004);

served

as

Chief

of

Naval

Personnel

(July

1994-September

1996)

and

on

the

Joint

Staff

as

Director

of

Political

Military

Affairs

(June

1992-July

1994);

knighted

as

Honorary

Knight

Commander

of

the

Most

Excellent

Order

of

the

British

Empire;

awarded

the

Officier

de

l’Orde

National

du

Mérite

by

the

French

Government;

elected

to

the

National

Academy

of

Engineering

(2009).

86

Director

of

Naval

and

Nuclear

Technologies

LLP;

Director

Emeritus

of

the

Armed

Services

YMCA;

Member

of

the

National

Security

Advisory

Council

of

the

Center

for

U.S.

Global

Engagement

and

a

member

of

the

CNA

Military

Advisory

Board;

Chairman

of

Fairhaven

United

Methodist

Church;

Member

of

the

Board

of

Advisors

of

the

Dolphin

Scholarship

Foundation;

Director

of

other

various

nonprofit

organizations;

formerly,

Director

of

BP,

plc

(November

2010-

May

2019).

Frances.

L

Cashman

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1961

Trustee

Since

February

2022

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

February

2022);

Chief

Executive

Officer,

Asset

Management

Division,

Euromoney

Institutional

Investor

PLC

(financial

information)

(May

2021-Present);

Executive

Vice

President

and

various

other

roles,

Legg

Mason

&

Co.

(asset

management)

(2010-2020);

Managing

Director,

Stifel

Nicolaus

(2005-2010).

87

Trustee

and

Investment

Committee

Member,

Georgia

Tech

Foundation

(Since

June

2019);

Trustee

and

Chair

of

Marketing

Committee,

Loyola

Blakefield

(Since

September

2017);

Trustee,

MMI

Gateway

Foundation

(since

September

2017);

Director

and

Investment

Committee

Member,

Catholic

Community

Foundation

Board

(2012–2018);

Director

and

Investment

Committee

Member,

St.

Ignatius

Loyola

Academy

(2011-

2017).

Kathleen

A.

Dennis

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1953

Trustee

Since

August

2006

Chairperson

of

the

Governance

Committee

(since

January

2021),

Chairperson

of

the

Liquidity

and

Alternatives

Sub-

Committee

of

the

Investment

Committee

(2006-2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

President,

Cedarwood

Associates

(mutual

fund

and

investment

management

consulting)

(since

July

2006);

formerly,

Senior

Managing

Director

of

Victory

Capital

Management

(1993-2006).

86

Board

Member,

University

of

Albany

Foundation

(2012-present);

Board

Member,

Mutual

Funds

Directors

Forum

(2014-present);

Director

of

various

non-profit

organizations.

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

30

Morgan

Stanley

ETF

Trust

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Nancy

C.

Everett

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1955

Trustee

Since

January

2015

Chairperson

of

the

Equity

Investment

Committee

(since

January

2021);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2015);

Chief

Executive

Officer,

Virginia

Commonwealth

University

Investment

Company

(since

November

2015);

Owner,

OBIR,

LLC

(institutional

investment

management

consulting)

(since

June

2014);

formerly,

Managing

Director,

BlackRock,

Inc.

(February

2011-December

2013)

and

Chief

Executive

Officer,

General

Motors

Asset

Management

(a/k/a

Promark

Global

Advisors,

Inc.)

(June

2005-May

2010).

87

Formerly,

Member

of

Virginia

Commonwealth

University

School

of

Business

Foundation

(2005-2016);

Member

of

Virginia

Commonwealth

University

Board

of

Visitors

(2013-2015);

Member

of

Committee

on

Directors

for

Emerging

Markets

Growth

Fund,

Inc.

(2007-2010);

Chairperson

of

Performance

Equity

Management,

LLC

(2006-2010);

and

Chairperson,

GMAM

Absolute

Return

Strategies

Fund,

LLC

(2006-2010).

Eddie

A.

Grier

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1955

Trustee

Since

February

2022

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

February

2022);

Dean

Santa

Clara

University

Leavey

School

of

Business

(since

April

2021);

Dean,

Virginia

Commonwealth

University

School

of

Business

(2010-2021);

President

and

various

other

roles,

Walt

Disney

Company

(entertainment

and

media)

(1981-2010).

87

Director,

Witt/Kieffer,

Inc.

(executive

search)

(since

2016);

Director,

NuStar

GP,

LLC

(energy)

(since

August

2021);

Director,

Sonida

Senior

Living,

Inc.

(residential

community

operator)

(2016-2021);

Director,

NVR,

Inc.

(home

building)

(2013-2020);

Director,

Middleburg

Trust

Company

(wealth

management)

(2014-

2019);

Director,

Colonial

Williamsburg

Company

(since2012);

Regent,

University

of

Massachusetts

Global

(since

2021);

Director

and

Chair,

Child

Fund

International

(2012-2021);

Trustee,

Brandman

University

(2010-2021);

Director,

Richmond

Forum

(2012-2019).

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

31

Morgan

Stanley

ETF

Trust

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Jakki

L.

Hassler

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1957

Trustee

Since

January

2015

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2015);

Chairperson

of

the

Audit

Committee

(since

January

2023)

Chairman,

Opus

Capital

Group

(since

1996);

formerly,

Chief

Executive

Officer,

Opus

Capital

Group

(1996-2019);

Director,

Capvest

Venture

Fund,

LP

(May

2000-December

2011);

Partner,

Adena

Ventures,

LP

(July

1999

December

2010);

Director,

The

Victory

Funds

(February

2005-

July

2008).

87

Director

of

Cincinnati

Bell

Inc.

and

Member,

Audit

Committee

and

Chairman,

Governance

and

Nominating

Committee;

Director

of

Service

Corporation

International

and

Member,

Audit

Committee

and

Investment

Committee;

Director,

Barnes

Group

Inc.

(since

July

2021);

Director

of

Northern

Kentucky

University

Foundation

and

Member,

Investment

Committee;

Member

of

Chase

College

of

Law

Transactional

Law

Practice

Center

Board

of

Advisors;

Director

of

Best

Transport;

Director

of

Chase

College

of

Law

Board

of

Visitors;

formerly,

Member,

University

of

Cincinnati

Foundation

Investment

Committee.

Dr.

Manuel

H.

Johnson

c/o

Johnson

Smick

International,

Inc.

2201

I

Street,

NE

Suite

200

Washington,

D.C.

20002

Birth

Year:

1949

Trustee

Since

July

1991

Senior

Partner,

Johnson

Smick

International,

Inc.

(consulting

firm);

Chairperson

of

the

Fixed

Income,

Liquidity

and

Alternatives

Investment

Committee

(since

January

2021),

Chairperson

of

the

Investment

Committee

(2006-2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

July

1991);

Co-Chairman

and

a

founder

of

the

Group

of

Seven

Council

(G7C)

(international

economic

commission);

formerly,

Chairperson

of

the

Audit

Committee

(July

1991-

September

2006);

Vice

Chairman

of

the

Board

of

Governors

of

the

Federal

Reserve

System

and

Assistant

Secretary

of

the

U.S.

Treasury.

86

Director

of

NVR,

Inc.

(home

construction).

Joseph

J.

Kearns

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1942

Trustee

Since

August

1994

Senior

Adviser,

Kearns

&

Associates

LLC

(investment

consulting);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(August

1994

December

2022);

formerly,

Deputy

Chairperson

of

the

Audit

Committee

(July

2003-September

2006)

and

Chairperson

of

the

Audit

Committee

of

various

Morgan

Stanley

Funds

(since

August

1994);

CFO

of

the

J.

Paul

Getty

Trust

(1982-1999).

87

Director,

Rubicon

Investments

(since

February

2019);

Prior

to

August

2016,

Director

of

Electro

Rent

Corporation

(equipment

leasing).

Prior

to

December

31,

2013,

Director

of

The

Ford

Family

Foundation.

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

32

Morgan

Stanley

ETF

Trust

*

This

is

the

earliest

date

the Trustee

began

serving

the

Morgan

Stanley

Funds.

Each Trustee

serves

an

indefinite

term,

until

his

or

her

successor

is

elected.

**

The

Fund

Complex

includes

(as

of

December

31,

2022)

all

open-end

and

closed-end

funds

(including

all

of

their

portfolios)

advised

by

Morgan

Stanly

Investment

Management

Inc.

(the

"Adviser")

and

any

funds

that

have

an

adviser

that

is

an

affiliated

person

of

the

Adviser

(including,

but

not

limited

to,

Morgan

Stanley

AIP

GP

LP).

***

This

includes

any

directorships

at

public

companies

and

registered

investment

companies

held

by

the

Trustee

at

any

time

during

the

past

five

years.

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Michael

F.

Klein

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1958

Trustee

Since

August

2006

Chairperson

of

the

Risk

Committee

(since

January

2021);

Managing

Director,

Aetos

Alternatives

Management,

LP

(since

March

2000);

Co-President,

Aetos

Alternatives

Management,

LP

(since

January

2004)

and

Co-Chief

Executive

Officer

of

Aetos

Alternatives

Management,

LP

(since

August

2013);

Chairperson

of

the

Fixed

Income

Sub-Committee

of

the

Investment

Committee

(2006-

2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

formerly,

Managing

Director,

Morgan

Stanley

&

Co.

Inc.

and

Morgan

Stanley

Dean

Witter

Investment

Management

and

President,

various

Morgan

Stanley

Funds

(June

1998-March

2000);

Principal,

Morgan

Stanley

&

Co.

Inc.

and

Morgan

Stanley

Dean

Witter

Investment

Management

(August

1997-December

1999).

86

Director

of

certain

investment

funds

managed

or

sponsored

by

Aetos

Alternatives

Management,

LP;

Director

of

Sanitized

AG

and

Sanitized

Marketing

AG

(specialty

chemicals).

Patricia

A.

Maleski

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1960

Trustee

Since

January

2017

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2017);

Managing

Director,

JPMorgan

Asset

Management

(2004-2016);

Oversight

and

Control

Head

of

Fiduciary

and

Conflicts

of

Interest

Program

(2015-2016);

Chief

Control

Officer—Global

Asset

Management

(2013-

2015);

President,

JPMorgan

Funds

(2010-

2013);

Chief

Administrative

Officer

(2004-2013);

various

other

positions

including

Treasurer

and

Board

Liaison

(since

2001).

87

Trustee,

Nutley

Family

Service

Bureau,

Inc.

(since

January

2022).

W.

Allen

Reed

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1947

Chair

of

the

Board

and

Trustee

Chair

of

the

Board

since

August

2020

and

Director

since

August

2006

Chair

of

the

Boards

of

various

Morgan

Stanley

Funds

(since

August

2020);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

formerly,

Vice

Chair

of

the

Boards

of

various

Morgan

Stanley

Funds

(January

2020-August

2020);

President

and

Chief

Executive

Officer

of

General

Motors

Asset

Management;

Chairman

and

Chief

Executive

Officer

of

the

GM

Trust

Bank

and

Corporate

Vice

President

of

General

Motors

Corporation

(August

1994-December

2005).

86

Formerly,

Director

of

Legg

Mason,

Inc.

(2006-2019);

and

Director

of

the

Auburn

University

Foundation

(2010-

2015).

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

33

Morgan

Stanley

ETF

Trust

Executive

Officers:

The

Fund’s

statement

of

additional

information

incudes

further

information

about

the

Fund’s

Trustees

and

Officers,

and

is

available

without

charge

by

visiting

www.calvert.com

or

upon

request

by

calling

1

(800)

836-2414.

*This

is

the

earliest

date

the

officer

began

serving

the

Morgan

Stanley

Funds.

Each

officer

serves

an

indefinite

term,

until

his

or

her

successor

is

elected.

Name,

Address

and

Birth

Year

of

Executive

Officer

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

John

H.

Gernon

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1963

President

and

Principal

Executive

Officer

Since

September

2013

President

and

Principal

Executive

Officer

of

the

Equity

and

Fixed

Income

Funds

and

the

Morgan

Stanley

AIP

Funds

(since

September

2013)

and

the

Liquidity

Funds

and

various

money

market

funds

(since

May

2014)

in

the

Fund

Complex;

Managing

Director

of

the

Adviser.

Deidre

A.

Downes

1633

Broadway

New

York,

NY

10019

Birth

Year:

1977

Chief

Compliance

Officer

Since

November

2021

Executive

Director

of

the

Adviser

(since

January

2021)

and

Chief

Compliance

Officer

of

various

Morgan

Stanley

Funds

(since

November

2021).

Formerly,

Vice

President

and

Corporate

Counsel

at

PGIM

and

Prudential

Financial

(October

2016-December

2020).

Francis

J.

Smith

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1965

Treasurer

and

Principal

Financial

Officer

Treasurer

since

July

2003

and

Principal

Financial

Officer

since

September

2002

Managing

Director

of

the

Adviser

and

various

entities

affiliated

with

the

Adviser;

Treasurer

(since

July

2003)

and

Principal

Financial

Officer

of

various

Morgan

Stanley

Funds

(since

September

2002).

Mary

E.

Mullin

1633

Broadway

New

York,

NY

10019

Birth

Year:

1967

Secretary

Since

June

1999

Managing

Director

of

the

Adviser;

Secretary

of

various

Morgan

Stanley

Funds

(since

June

1999).

Michael

J.

Key

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1979

Vice

President

Since

June

2017

Vice

President

of

the

Equity

and

Fixed

Income

Funds,

Liquidity

Funds,

various

money

market

funds

and

the

Morgan

Stanley

AIP

Funds

in

the

Fund

Complex

(since

June

2017);

Executive

Director

of

the

Adviser;

Head

of

Product

Development

for

Equity

and

Fixed

Income

Funds

(since

August

2013).

Anthony

R.

Rochte

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1968

Vice

President,

Morgan

Stanley

ETF

Trust

Since

September

2022

Managing

Director

and

Global

Head

of

Exchange-Traded

Funds

at

Morgan

Stanley

Investment

Management

(since

March

2022);

Co-Head

of

Goldman

Sachs

Private

Bank

Select

(January

2020

–

March

2022);

Head

of

Fidelity

Institutional

Investments

&

Technology

Solutions

(August

2017

–

January

2020).

34

Morgan

Stanley

ETF

Trust

Annual

Report

—

September

30,

2023

Adviser

Morgan

Stanley

Investment

Management

Inc.

522

Fifth

Avenue

New

York,

New

York

10036

Distributor

Foreside

Fund

Services,

LLC

3

Canal

Plaza

Suite

100

Portland,

Maine

04101

Dividend

Disbursing

and

Transfer

Agent

JPMorgan

Chase

Bank,

N.A.

1111

Polaris

Parkway

Columbus,

Ohio

43240

Custodian

and

Administrator

JPMorgan

Chase

Bank,

N.A.

1111

Polaris

Parkway

Columbus,

Ohio

43240

Legal

Counsel

Dechert

LLP

1095

Avenue

of

the

Americas

New

York,

New

York

10036

Counsel

to

the

Independent

Trustees

Perkins

Coie

LLP

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

New

York

10036

Independent

Registered

Public

Accounting

Firm

Ernst

&

Young

LLP

200

Clarendon

Street

Boston,

MA

02116

ETFCALUSMIDCAPCRIANN

6057818

EXP

11.30.24

Printed

in

U.S.A. 

This

Report

has

been

prepared

for

shareholders

and

may

be

distributed

to

others

only

if

preceded

or

accompanied

by

a

current

prospectus.

Morgan

Stanley

Investment

Management

Inc.

522

Fifth

Avenue

New

York,

New

York

10036 

©

2023

Morgan

Stanley.

Morgan

Stanley

Distribution,

Inc. 

Morgan

Stanley

ETF

Trust

Calvert

US

Select

Equity

ETF

NYSE

Arca:

CVSE

Annual

Report

September

30,

2023

Morgan

Stanley

ETF

Trust

Annual

Report

—

September

30,

2023

Table

of

Contents

(unaudited)

1

This

report

is

authorized

for

distribution

only

when

preceded

or

accompanied

by

a

prospectus

or

summary

prospectus

of

the

applicable

Fund

of

Morgan

Stanley

ETF

Trust.

To

receive

a

prospectus

and/or

statement

of

additional

information

(“SAI”),

which

contains

more

complete

information

such

as

investment

objectives,

charges,

expenses,

policies

for

voting

proxies,

risk

considerations

and

describes

in

detail

each

of

the

Fund’s

investment

policies

to

the

prospective

investor,

please

call

toll

free

1

(800)

836-2414.

Please

read

the

prospectuses

carefully

before

you

invest.

Additionally,

you

can

access

Fund

information

including

performance,

characteristics

and

investment

team

commentary,

through

Morgan

Stanley

Investment

Management’s

website:

www.calvert.com.

Market

forecasts

provided

in

this

report

may

not

necessarily

come

to

pass.

There

is

no

guarantee

that

any

sectors

mentioned

will

continue

to

perform

as

discussed

herein

or

that

securities

in

such

sectors

will

be

held

by

the

Fund

in

the

future.

There

is

no

assurance

that

a

fund

will

achieve

its

investment

objective.

Funds

are

subject

to

market

risk,

which

is

the

possibility

that

market

values

of

securities

owned

by

the

Fund

will

decline

and,

therefore,

the

value

of

the

Fund’s

shares

may

be

less

than

what

you

paid

for

them.

Accordingly,

you

can

lose

money

investing

in

this

Fund.

Please

see

the

prospectus

for

more

complete

information

on

investment

risks.

Shareholders’

Letter

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

2

Expense

Example

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

3

Investment

Overview

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

4

Portfolio

of

Investments

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

6

Statement

of

Assets

and

Liabilities

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

9

Statement

of

Operations

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

10

Statement

of

Changes

in

Net

Assets

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

11

Financial

Highlights

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

12

Notes

to

Financial

Statements

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

13

Report

of

Independent

Registered

Public

Accounting

Firm

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

18

Federal

Tax

Notice

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

19

Important

Notices

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

20

U.S.

Customer

Privacy

Notice

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

21

Trustees

and

Officers

Information

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

24

2

Annual

Report

—

September

30,

2023

Shareholders’

Letter

(unaudited)

Morgan

Stanley

ETF

Trust

Dear

Shareholders,

We

are

pleased

to

provide

this

Annual Report,

in

which

you

will

learn

how

your

investment

in Calvert

US

Select

Equity

ETF (the

“Fund”)

performed

during

the

period

beginning

January

30,

2023

(when

the

Fund

commenced

operations)

and

ended

September

30,

2023.

Morgan

Stanley

Investment

Management,

the

Fund's

investment

adviser, is

a

client-centric,

investor-led

organization.

Our

global

presence,

intellectual

capital,

and

breadth

of

products

and

services

enable

us

to

partner

with

investors

to

meet

the

evolving

chal-

lenges

of

today’s

financial

markets.

We

aim

to

deliver

superior

investment

service

and

to

empower

our

clients

to

make

the

informed

decisions

that

help

them

reach

their

investment

goals.

As

always,

we

thank

you

for

selecting

Morgan

Stanley

Investment

Management,

and

look

forward

to

working

with

you

in

the

months

and

years

ahead.

Sincerely,

John

H.

Gernon

President

and

Principal

Executive

Officer

October

2023

3

Annual

Report

—

September

30,

2023

Expense

Example

(unaudited)

Calvert

US

Select

Equity

ETF

Morgan

Stanley

ETF

Trust

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transactional

costs;

and

(2)

ongoing

costs,

which

may

include man-

agement

fees,

and

distribution

and

shareholder

services

fees.

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.

This

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

six-month

period

ended

September

30,

2023 and

held

for

the

entire

six-month

period.

Actual

Expenses

The

table

below

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

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

table

under

the

heading

entitled

“Actual

Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical Example

for

Comparison

Purposes

The

table

below

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

sales

charges

(loads).

Therefore,

the

information

for

each

class

in

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.

Beginning

Account

Value

(

4/1/23

)

Actual

Ending

Account

Value

(9/30/23)

Hypothetical

Ending

Account

Value

Actual

Expenses

Paid

During

Period

*

Hypothetical

Expenses

Paid

During

Period

*

Net

Expense

Ratio

During

Period

**

Calvert

US

Select

Equity

ETF

$1,000.00

$1,016.60

$1,023.61

$1.47

$1.47

0.29%

*

Expenses

are

calculated

using

the

Fund’s

annualized

net

expense

ratio

(as

disclosed),

multiplied

by

the

average

account

value

over

the

period

and

multiplied

by

183/365

(to

reflect

the

most

recent

one-half

year

period).

**

Annualized.

4

Annual

Report

—

September

30,

2023

Investment

Overview

(unaudited)

Calvert

US

Select

Equity

ETF

Morgan

Stanley

ETF

Trust

Economic

and

Market

Conditions

For

U.S.

equity

investors,

the

8-month

period

ended

September

30,

2023,

was

a

roller-coaster

ride,

driven

largely

by

shifting

perceptions

of

whether

the

U.S.

Federal

Reserve

(the

Fed)

could

bring

the

world’s

largest

economy

in

for

a

soft

landing,

and

changing

expectations

of

how

long

interest

rates

might

remain

high.

As

the

period

opened,

U.S.

stocks

were

in

the

midst

of

a

rally

that

lasted

through

July

2023.

The

initial

tailwind

was

ChatGPT,

an

artificial

intelligence

(AI)

application

that

led

investors

to

perceive

AI

might

become

the

next

big

innovation

to

drive

the

information

technology

(IT)

sector.

As

a

result,

IT

-

one

of

the

worst-performing

sectors

in

2022

-

became

the

standout

sector

during

the

first

half

of

2023.

Earlier

recession

fears

that

had

weighed

on

stock

prices

receded

as

many

inves-

tors

came

around

to

the

view

that

the

U.S.

economy

was

doing

surprisingly

well.

But

in

the

final

two

months

of

the

period,

the

bond

market

halted

the

stock

market’s

momentum.

As

it

became

clear

the

Fed

would

keep

interest

rates

higher

for

longer

than

investors

had

anticipated

just

a

few

months

earlier,

longer

term

bond

rates

rose.

Given

the

potential

for

relatively

attractive

returns

with

lower

risk

than

stocks,

many

investors

shifted

from

equity

assets

to

bonds,

and

stock

prices

ended

on

a

down

note

as

the

period

came

to

a

close.

For

the

period

as

a

whole,

however,

the

August-September

stock

market

retreat

did

not

totally

erase

previous

gains,

and

the

Russell

1000®

Index,

a

measure

of

U.S.

large-cap

stocks,

returned

a

respectable

7.55%.

Fund

Performance

For

the

8-month

period

from

inception

on

January

30,

2023,

through

September

30,

2023,

Calvert

US

Select

Equity

ETF

(the

Fund)

returned

3.00%

for

shares

based

on

net

asset

value

(NAV)

and

reinvestment

of

distributions

per

share,

net

of

fees.

The

Fund

underperformed

its

benchmark,

the

Russell

1000®

Index

(the

Index),

which

returned

7.55%.

Security

selections

in

the

Fund

detracted

most

from

returns

rel-

ative

to

the

Index

during

the

period.

Selections

in

the

consum-

er

discretionary,

financials,

and

communication

services

sectors

particularly

weighed

on

relative

performance.

Although

sector

allocations

overall

were

beneficial,

overweight

exposures

to

the

financials

and

real

estate

sectors

-

among

the

worst-performing

sectors

within

the

Index

during

the

period

-

also

detracted

from

relative

returns

during

the

period.

Within

the

Fund’s

sector

allocations,

an

overweight

exposure

to

the

information

technology

(IT)

sector

-

the

strongest

perform-

ing

sector

within

the

Index

during

the

period

-

was

especially

beneficial.

While

security

selections

overall

detracted,

selections

in

the

industrials

and

IT

sectors

also

contributed

to

relative

returns

during

the

period.

Annual

Report

—

September

30,

2023

Investment

Overview

(unaudited)

(cont’d)

Calvert

US

Select

Equity

ETF

5

Morgan

Stanley

ETF

Trust

Performance

data

quoted

represents

past

performance,

which

is

no

guaran-

tee

of

future

results,

and

current

performance

may

be

lower

or

higher

than

the

figures

shown.

Performance

assumes

that

all

dividends

and

distributions,

if

any,

were

reinvested.

For

the

most

recent

month-end

performance

figures,

please

visit

www.calvert.com.

Investment

return

and

principal

value

will

fluctu-

ate

so

that

Fund

shares,

when

sold

or redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Total

returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

selling

or

redemption

of

Fund

shares.

Fund's

total

returns

are

calculated

as

of

the

last

business

day

of

the

period.

*

Minimum

Investment.

**

The

Fund’s

performance

shown

assumes

that

all

recurring

fees

(including

management

fees)

were

deducted

and

all

dividends

and

distributions

were

reinvested.

***

Commenced

Operations

on

January

30,

2023.

Performance

Compared

to

the

Russell

1000

®

Index

(1)

Cumulative

Total

Return

for

the

period

Ended

September

30,

2023

Since

Inception

(2)

Calvert

US

Select

Equity

ETF

-

NAV

(3)

3.00%

Calvert

US

Select

Equity

ETF

-

Market

Price

(3)

2.98%

Russell

1000

®

Index

7.55%

(1)

The

Russell

1000

®

Index

is

an

unmanaged

index

of

1,000

U.S.

large-

cap

stocks.

The

Russell

1000

®

Index

is

an

index

of

approximately

1,000

of

the

largest

U.S.

companies

based

on

a

combination

of

market

capitalization

and

current

index

membership.

The

Index

is

unmanaged

and

its

returns

do

not

include

any

sales

charges

or

fees.

Such

costs

would

lower

performance.

It

is

not

possible

to

invest

directly

in

an

index.

(2)

For

comparative

purposes,

average

annual

since

inception

returns

listed

for

the

Indexes

refer

to

the

inception

date

of

the

Fund,

not

the

inception

of

the

Index.

(3)

Commenced

operations

on

January

30,

2023.

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

Calvert

US

Select

Equity

ETF

6

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Common

Stocks

(99.8%)

Air

Freight

&

Logistics

(0.3%)

Expeditors

International

of

Washington,

Inc.

545

$

62,473

Automobiles

(0.8%)

General

Motors

Co.

5,367

176,950

Banks

(2.1%)

Citizens

Financial

Group,

Inc.

901

24,147

Fifth

Third

Bancorp

2,189

55,447

Huntington

Bancshares,

Inc.

5,268

54,787

KeyCorp

869

9,350

PNC

Financial

Services

Group,

Inc.

(The)

523

64,209

Regions

Financial

Corp.

2,124

36,533

Truist

Financial

Corp.

5,874

168,055

Webster

Financial

Corp.

1,435

57,845

470,373

Biotechnology

(2.8%)

Alnylam

Pharmaceuticals,

Inc.(a)

464

82,174

Amgen,

Inc.

1,001

269,029

Exact

Sciences

Corp.(a)

561

38,271

Gilead

Sciences,

Inc.

2,006

150,330

Moderna

,

Inc.(a)

63

6,507

Regeneron

Pharmaceuticals,

Inc.(a)

39

32,096

Vertex

Pharmaceuticals,

Inc.(a)

122

42,424

620,831

Broadline

Retail

(0.5%)

eBay,

Inc.

1,059

46,692

Etsy,

Inc.(a)

490

31,644

Macy's,

Inc.

3,092

35,898

114,234

Building

Products

(0.7%)

Owens

Corning

216

29,464

Trane

Technologies

plc

614

124,587

154,051

Capital

Markets

(4.7%)

Charles

Schwab

Corp.

(The)

2,311

126,874

FactSet

Research

Systems,

Inc.

137

59,905

Franklin

Resources,

Inc.

537

13,199

Intercontinental

Exchange,

Inc.

1,603

176,362

LPL

Financial

Holdings,

Inc.

119

28,280

Morningstar,

Inc.

266

62,308

MSCI,

Inc.,

Class

 A

48

24,628

Nasdaq,

Inc.

1,523

74,003

S&P

Global,

Inc.

930

339,831

State

Street

Corp.

1,260

84,370

T

Rowe

Price

Group,

Inc.

391

41,004

1,030,764

Chemicals

(2.8%)

Ecolab,

Inc.

829

140,433

FMC

Corp.

1,446

96,839

Linde

plc

419

156,015

Mosaic

Co.

(The)

2,764

98,398

Sherwin-Williams

Co.

(The)

467

119,108

610,793

Commercial

Services

&

Supplies

(0.5%)

Cintas

Corp.

63

30,304

MSA

Safety,

Inc.

384

60,538

Shares

Value

Tetra

Tech,

Inc.

114

$

17,331

108,173

Communications

Equipment

(1.4%)

Ciena

Corp.(a)

227

10,728

Cisco

Systems,

Inc.

4,498

241,812

Lumentum

Holdings,

Inc.(a)

177

7,997

Motorola

Solutions,

Inc.

140

38,114

298,651

Consumer

Finance

(1.5%)

Ally

Financial,

Inc.

1,169

31,189

American

Express

Co.

796

118,755

Capital

One

Financial

Corp.

683

66,285

Discover

Financial

Services

938

81,259

Synchrony

Financial

1,343

41,056

338,544

Consumer

Staples

Distribution

&

Retail

(0.6%)

Target

Corp.

1,097

121,295

Containers

&

Packaging

(0.4%)

Ball

Corp.

1,913

95,229

Distributors

(0.1%)

Genuine

Parts

Co.

212

30,609

Diversified

Consumer

Services

(0.4%)

Bright

Horizons

Family

Solutions,

Inc.(a)

660

53,763

Service

Corp.

International

648

37,027

90,790

Diversified

Telecommunication

Services

(1.0%)

Verizon

Communications,

Inc.

6,554

212,415

Electric

Utilities

(1.1%)

Eversource

Energy

3,091

179,742

NextEra

Energy,

Inc.

1,056

60,498

240,240

Electrical

Equipment

(2.6%)

Eaton

Corp.

plc

1,783

380,278

Emerson

Electric

Co.

1,073

103,620

Rockwell

Automation,

Inc.

322

92,050

575,948

Entertainment

(2.1%)

Electronic

Arts,

Inc.

184

22,154

Netflix,

Inc.(a)

447

168,787

Walt

Disney

Co.

(The)(a)

3,383

274,192

465,133

Financial

Services

(3.5%)

Fidelity

National

Information

Services,

Inc.

527

29,127

Mastercard

,

Inc.,

Class

 A

876

346,817

MGIC

Investment

Corp.

1,108

18,493

PayPal

Holdings,

Inc.(a)

852

49,808

Rocket

Cos.,

Inc.,

Class

 A(a)

1,302

10,650

Visa,

Inc.,

Class

 A

1,389

319,484

774,379

Food

Products

(2.6%)

Darling

Ingredients,

Inc.(a)

1,322

69,009

General

Mills,

Inc.

4,184

267,734

J.M.

Smucker

Co.

(The)

1,076

132,251

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Select

Equity

ETF

7

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Food

Products

(cont’d)

McCormick

&

Co.,

Inc.

(Non-Voting)

1,341

$

101,433

570,427

Ground

Transportation

(0.1%)

Knight-Swift

Transportation

Holdings,

Inc.,

Class

 A

335

16,800

Health

Care

Equipment

&

Supplies

(2.2%)

Boston

Scientific

Corp.(a)

822

43,401

Edwards

Lifesciences

Corp.(a)

1,312

90,895

Hologic

,

Inc.(a)

1,077

74,744

IDEXX

Laboratories,

Inc.(a)

210

91,827

ResMed

,

Inc.

487

72,013

STERIS

plc

488

107,077

479,957

Health

Care

Providers

&

Services

(1.4%)

DaVita,

Inc.(a)

211

19,946

Humana,

Inc.

472

229,637

Laboratory

Corp.

of

America

Holdings

274

55,088

Quest

Diagnostics,

Inc.

101

12,308

316,979

Health

Care

REITs

(0.1%)

Ventas,

Inc.

637

26,837

Hotel

&

Resort

REITs

(0.1%)

Host

Hotels

&

Resorts,

Inc.

815

13,097

Hotels,

Restaurants

&

Leisure

(0.9%)

Darden

Restaurants,

Inc.

535

76,623

Planet

Fitness,

Inc.,

Class

 A(a)

271

13,328

Vail

Resorts,

Inc.

462

102,513

192,464

Household

Products

(0.4%)

Church

&

Dwight

Co.,

Inc.

281

25,748

Clorox

Co.

(The)

536

70,248

95,996

Industrial

REITs

(0.8%)

Prologis,

Inc.

1,629

182,790

Insurance

(4.1%)

Allstate

Corp.

(The)

188

20,945

Hartford

Financial

Services

Group,

Inc.

(The)

550

39,001

MetLife,

Inc.

4,470

281,208

Primerica,

Inc.

243

47,144

Progressive

Corp.

(The)

1,663

231,656

Prudential

Financial,

Inc.

1,449

137,496

Travelers

Cos.,

Inc.

(The)

837

136,690

894,140

IT

Services

(2.7%)

Accenture

plc,

Class

 A

1,436

441,010

Akamai

Technologies,

Inc.(a)

461

49,115

Okta

,

Inc.,

Class

 A(a)

462

37,658

Snowflake,

Inc.,

Class

 A(a)

125

19,096

Twilio

,

Inc.,

Class

 A(a)

282

16,505

VeriSign,

Inc.(a)

122

24,709

588,093

Leisure

Products

(0.5%)

Hasbro,

Inc.

1,074

71,034

Shares

Value

Mattel,

Inc.(a)

1,301

$

28,661

99,695

Life

Sciences

Tools

&

Services

(1.6%)

Agilent

Technologies,

Inc.

833

93,146

Danaher

Corp.

439

108,916

Fortrea

Holdings,

Inc.(a)

274

7,834

Waters

Corp.(a)

170

46,616

West

Pharmaceutical

Services,

Inc.

230

86,298

342,810

Machinery

(4.1%)

Caterpillar,

Inc.

721

196,833

Cummins,

Inc.

776

177,285

Deere

&

Co.

395

149,065

Illinois

Tool

Works,

Inc.

737

169,738

Parker-Hannifin

Corp.

249

96,991

Pentair

plc

712

46,102

Stanley

Black

&

Decker,

Inc.

319

26,662

Xylem,

Inc.

336

30,586

893,262

Media

(0.8%)

Interpublic

Group

of

Cos.,

Inc.

(The)

2,575

73,800

Omnicom

Group,

Inc.

1,473

109,709

183,509

Metals

&

Mining

(0.9%)

Nucor

Corp.

1,244

194,499

Multi-Utilities

(0.6%)

Consolidated

Edison,

Inc.

729

62,352

Sempra

1,078

73,336

135,688

Office

REITs

(0.0%)(b)

Boston

Properties,

Inc.

172

10,231

Personal

Care

Products

(0.7%)

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

996

143,972

Pharmaceuticals

(5.3%)

Bristol-Myers

Squibb

Co.

2,459

142,720

Eli

Lilly

&

Co.

707

379,751

Merck

&

Co.,

Inc.

5,246

540,076

Pfizer,

Inc.

3,009

99,809

1,162,356

Professional

Services

(1.7%)

Automatic

Data

Processing,

Inc.

484

116,441

FTI

Consulting,

Inc.(a)

288

51,382

Genpact

Ltd.

718

25,992

ManpowerGroup

,

Inc.

370

27,128

Paylocity

Holding

Corp.(a)

59

10,720

Robert

Half,

Inc.

174

12,751

Verisk

Analytics,

Inc.,

Class

 A

518

122,372

366,786

Real

Estate

Management

&

Development

(0.4%)

CBRE

Group,

Inc.,

Class

 A(a)

168

12,409

Howard

Hughes

Holdings,

Inc.(a)

279

20,682

Jones

Lang

LaSalle,

Inc.(a)

451

63,672

96,763

Annual

Report

—

September

30,

2023

Portfolio

of

Investments

(cont’d)

Calvert

US

Select

Equity

ETF

8

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Shares

Value

Residential

REITs

(0.2%)

Equity

Residential

731

$

42,917

Retail

REITs

(0.4%)

Brixmor

Property

Group,

Inc.

606

12,593

Kimco

Realty

Corp.

882

15,514

Simon

Property

Group,

Inc.

607

65,574

93,681

Semiconductors

&

Semiconductor

Equipment

(6.8%)

Advanced

Micro

Devices,

Inc.(a)

1,364

140,247

Applied

Materials,

Inc.

843

116,713

First

Solar,

Inc.(a)

154

24,885

Intel

Corp.

3,840

136,512

KLA

Corp.

121

55,498

Lam

Research

Corp.

110

68,945

Micron

Technology,

Inc.

1,040

70,751

NVIDIA

Corp.

1,707

742,528

ON

Semiconductor

Corp.(a)

234

21,750

Texas

Instruments,

Inc.

693

110,194

1,488,023

Software

(13.8%)

Adobe,

Inc.(a)

376

191,722

Atlassian

Corp.,

Class

 A(a)

151

30,428

Autodesk,

Inc.(a)

351

72,625

Cadence

Design

Systems,

Inc.(a)

421

98,640

Gen

Digital,

Inc.

1,663

29,402

HubSpot

,

Inc.(a)

134

65,995

Intuit,

Inc.

536

273,864

Microsoft

Corp.

5,353

1,690,210

Salesforce,

Inc.(a)

934

189,397

ServiceNow

,

Inc.(a)

319

178,308

Splunk

,

Inc.(a)

339

49,579

Synopsys,

Inc.(a)

122

55,994

VMware,

Inc.,

Class

 A(a)

231

38,457

Workday,

Inc.,

Class

 A(a)

306

65,744

3,030,365

Specialized

REITs

(1.3%)

American

Tower

Corp.

968

159,188

Equinix

,

Inc.

25

18,156

Extra

Space

Storage,

Inc.

71

8,632

Iron

Mountain,

Inc.

1,811

107,664

293,640

Specialty

Retail

(3.9%)

Best

Buy

Co.,

Inc.

784

54,465

Dick's

Sporting

Goods,

Inc.

88

9,555

Gap,

Inc.

(The)

1,521

16,168

Home

Depot,

Inc.

(The)

974

294,304

Lowe's

Cos.,

Inc.

829

172,300

O'Reilly

Automotive,

Inc.(a)

48

43,625

TJX

Cos.,

Inc.

(The)

924

82,125

Tractor

Supply

Co.

303

61,524

Ulta

Beauty,

Inc.(a)

260

103,857

Williams-Sonoma,

Inc.

98

15,229

853,152

Technology

Hardware,

Storage

&

Peripherals

(8.4%)

Apple,

Inc.

9,503

1,627,008

Dell

Technologies,

Inc.,

Class

 C

301

20,739

Hewlett

Packard

Enterprise

Co.

7,643

132,759

Shares

Value

HP,

Inc.

2,437

$

62,631

1,843,137

Textiles,

Apparel

&

Luxury

Goods

(1.3%)

Capri

Holdings

Ltd.(a)

495

26,042

Lululemon

Athletica

,

Inc.(a)

326

125,709

NIKE,

Inc.,

Class

 B

986

94,281

Ralph

Lauren

Corp.,

Class

 A

117

13,582

Tapestry,

Inc.

777

22,339

281,953

Trading

Companies

&

Distributors

(0.5%)

United

Rentals,

Inc.

239

106,252

Water

Utilities

(1.3%)

American

Water

Works

Co.,

Inc.

2,215

274,283

Total

Common

Stocks

(Cost

$21,511,374)

21,906,429

Short-Term

Investment

(0.1%)

Investment

Company

(0.1%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

(See

Note

G)

(Cost

$29,012)

29,012

29,012

Total

Investments

(99.9%)

(Cost

$21,540,386)

(c)

21,935,441

Other

Assets

in

Excess

of

Liabilities

(0.1%)

14,396

NET

ASSETS

(100.0%)

$21,949,837

(a)

Non-income

producing

security.

(b)

Amount

is

less

than

0.05%.

(c)

At

September

30,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$21,540,386.

The

aggregate

gross

unrealized

appreciation

is

$2,119,90

3

and

the

aggregate

gross

unrealized

depreciation

is

$1,724,864,

resulting

in

net

unrealized

appreciation

of

$395,039.

REIT

Real

Estate

Investment

Trust

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

65.7

%

Software

13.8

Technology

Hardware,

Storage

&

Peripherals

8.4

Semiconductors

&

Semiconductor

Equipment

6.8

Pharmaceuticals

5.3

Total

Investments

100.0%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Annual

Report

—

September

30,

2023

Calvert

US

Select

Equity

ETF

9

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Assets

and

Liabilities

September

30,

2023

Assets:

Investments

in

Securities

of

Unaffiliated

Issuers,

at

Value

(Cost

$21,511,374)

$

21,906,429

Investment

in

Security

of

Affiliated

Issuer,

at

Value

(Cost

$29,012)

29,012

Total

Investments

in

Securities,

at

Value

(Cost

$21,540,386)

21,935,441

Dividends

Receivable

19,827

Total

Assets

21,955,268

Liabilities:

Payable

for

Management

Fee

5,431

Total

Liabilities

5,431

Net

Assets

$

21,949,837

Net

Assets

Consist

of:

Paid-in-Capital

$

21,833,025

Total

Distributable

Earnings

116,812

Net

Assets

$

21,949,837

Shares

Outstanding

$0.001

Par

Value

(unlimited

shares

authorized)

430,000

Net

Asset

Value

Per

Share

$

51

.05

Annual

Report

—

September

30,

2023

Calvert

US

Select

Equity

ETF

10

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Operations

Period

from

January

30,

2023

^

to

September

30,

2023

Investment

Income:

Dividends

from

Securities

of

Unaffiliated

Issuers

(Net

of

$42

of

Foreign

Taxes

Withheld)

$

257,947

Dividends

from

Security

of

Affiliated

Issuer

(Note

G)

1,706

Total

Investment

Income

259,653

Expenses:

Management

Fee

(Note

B)

43,102

Total

Expenses

43,102

Rebate

from

Morgan

Stanley

Affiliate

(Note

G)

(

49

)

Net

Expenses

43,053

Net

Investment

Income

216,600

Realized

Gain

(Loss):

Investments

Sold

(

297,876

)

In-kind

Redemptions

on

Investments

330,001

Net

Realized

Gain

32,125

Change

in

Unrealized

Appreciation

(Depreciation):

Investments

395,055

Net

Change

in

Unrealized

Appreciation

(Depreciation)

395,055

Net

Realized

Gain

and

Change

in

Unrealized

Appreciation

(Depreciation)

427,180

Net

Increase

in

Net

Assets

Resulting

from

Operations

$

643,780

^

Commencement

of

Operations.

Annual

Report

—

September

30,

2023

Calvert

US

Select

Equity

ETF

11

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Statement

of

Changes

in

Net

Assets

Period

from

January

30,

2023

^

to

September

30,

2023

Increase

(Decrease)

in

Net

Assets:

Operations:

Net

Investment

Income

$

216,600

Net

Realized

Gain

32,125

Net

Change

in

Unrealized

Appreciation

(Depreciation)

395,055

Net

Increase

in

Net

Assets

Resulting

from

Operations

643,780

Dividends

and

Distributions

to

Shareholders:

Dividends

and

Distributions

(

196,967

)

Total

Dividends

and

Distributions

to

Shareholders

(

196,967

)

Capital

Share

Transactions:

Subscribed

(1)

20,000,000

Subscribed

In-Kind

3,042,264

Redeemed

In-Kind

(

1,539,240

)

Net

Increase

in

Net

Assets

Resulting

from

Capital

Share

Transactions

21,503,024

Total

Increase

in

Net

Assets

21,949,837

Net

Assets:

Beginning

of

Period

–

End

of

Period

$

21,949,837

Capital

Share

Transactions:

Beginning

of

Period

–

Shares

Subscribed

400,000

Shares

Subscribed

In-Kind

60,000

Shares

Redeemed

In-Kind

(

30,000

)

Shares

Outstanding,

End

of

Period

Net

Increase

in

430,000

^

Commencement

of

Operations.

(1)

Total

consists

of

subscriptions

for

seed

capital

by

the

Adviser

and

other

related

parties

of

the

Fund.

Annual

Report

—

September

30,

2023

Financial

Highlights

Calvert

US

Select

Equity

ETF

12

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Share

Data

and

Ratios

Period

from

January

30,

2023

(1)

to

September

30,

2023

Net

Asset

Value,

Beginning

of

Period

$

50

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

0

.50‌

Net

Realized

and

Unrealized

Gain

1

.01‌

Total

from

Investment

Operations

1

.51‌

Distributions

from

and/or

in

Excess

of:

—

Net

Investment

Income

(

0

.46‌

)

Net

Asset

Value,

End

of

Period

$

51

.05‌

Total

Return

(3)

3

.00‌

%

(4)

Ratios

to

Average

Net

Assets

and

Supplemental

Data:

$21,950

Net

Assets,

End

of

Period

(Thousands)

$

21,950‌

Ratio

of

Expenses

0

.29‌

%

(5)

(6)

Ratio

of

Net

Investment

Income

1

.45‌

%

(5)

(6)

Ratio

of

Rebate

from

Morgan

Stanley

Affiliates

0

.00‌

%

(5)

(7)

Portfolio

Turnover

Rate

18‌

%

(4)

(8)

(1)

Commencement

of

Operations.

(2)

Per

share

amount

is

based

on

average

shares

outstanding.

(3)

Calculated

based

on

the

net

asset

value

as

of

the

last

business

day

of

the

period.

(4)

Not

annualized.

(5)

Annualized.

(6)

The

Ratio

of

Expenses

and

Ratio

of

Net

Investment

Income

reflect

the

rebate

of

certain

Fund

expenses

in

connection

with

the

investments

in

Morgan

Stanley

affiliates

during

the

period.

The

effect

of

the

rebate

on

the

ratios

is

disclosed

in

the

above

table

as

“Ratio

of

Rebate

from

Morgan

Stanley

Affiliates.”

(7)

Amount

is

less

than

0.005%.

(8)

In-kind

transactions

are

not

included

in

portfolio

turnover

calculations.

13

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

Morgan

Stanley

ETF

Trust

Morgan

Stanley

ETF

Trust

(the

“Trust”)

is

an

open-end,

management

investment

company

established

under

Delaware

law

as

a

Delaware

statutory

trust.

Pursuant

to

its

Declaration

of

Trust dated

May

31,

2016,

and

Amended

and

Restated

on

September

28,

2022

(the

“Declaration

of

Trust”),

the

Trust is

authorized

to establish

multiple

series.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Act”).

The

Trust

applies

investment

company

accounting

and

report-

ing

guidance

Accounting

Standard

Codification

("ASC")

Topic

946.

In

the

preparation

of

these

financial

statements,

manage-

ment

has

evaluated

subsequent

events

occurring

after

the

date

of

the

Fund's

Statement

of

Assets

and

Liabilities

through

the

date

that

the

financial

statements

were

issued.

The

accompanying

financial

statements

relate

to

the

Calvert

US

Select

Equity

ETF

 (the

"Fund"),

which

seeks

to

provide

long-term

capital

appreciation.

The

Fund

is

diversified.

A.

Significant

Accounting

Policies:

 The

following

signifi-

cant

accounting

policies

are

in

conformity

with

U.S.

generally

accepted

accounting

principles

(“GAAP”).

Such

policies

are

consistently

followed

by

the Trust

in

the

preparation

of

its

financial

statements.

GAAP

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

and

disclosures

in

the

financial

statements.

Actual

results

may

differ

from

those

estimates.

1.

Security

Valuation:

(1)

An

equity

portfolio

security

list-

ed

or

traded

on

an

exchange

is

valued

at

its

latest

reported

sales

price

(or

at

the

exchange

official

closing

price

if

such

exchange

reports

an

official

closing

price),

and

if

there

were

no

sales

on

a

given

day

and

if

there

is

no

official

ex-

change

closing

price

for

that

day,

the

security

is

valued

at

the

mean

between

the

last

reported

bid

and

asked

prices

if

such

bid

and

asked

prices

are

available

on

the

relevant

ex-

changes.

If

only

bid

prices

are

available

then

the

latest

bid

price

may

be

used.

Listed

equity

securities

not

traded

on

the

valuation

date

with

no

reported

bid

and

asked

prices

available

on

the

exchange

are

valued

at

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

or

more

reputable

brokers/dealers.

In

cases

where

a

securi-

ty

is

traded

on

more

than

one

exchange,

the

security

is

valued

on

the

exchange

designated

as

the

primary

market;

(2)

all

other

equity

portfolio

securities

for

which

over-the-

counter

(“OTC”)

market

quotations

are

readily

available

are

valued

at

the

latest

reported

sales

price

(or

at

the

mar-

ket

official

closing

price

if

such

market

reports

an

official

closing

price),

and

if

there

was

no

trading

in

the

security

on

a

given

day

and

if

there

is

no

official

closing

price

from

relevant

markets

for

that

day,

the

security

is

valued

at

the

mean

between

the

last

reported

bid

and

asked

prices

if

such

bid

and

asked

prices

are

available

on

the

rel-

evant

markets.

An

unlisted

equity

security

that

does

not

trade

on

the

valuation

date

and

for

which

bid

and

asked

prices

from

the

relevant

markets

are

unavailable

is

valued

at

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

or

more

reputable

brokers/dealers;

(3)

fixed

income

securities

may

be

valued

by

an

outside

pricing

service/vendor

approved

by

the

Trust’s

Board

of

Trustees

(the

“Trustees”).

The

pricing

service/vendor

may

employ

a

pricing

model

that

takes

into

account,

among

other

things,

bids,

yield

spreads

and/or

other

market

data

and

specific

security

characteristics.

If

Morgan

Stanley

Investment

Management

Inc.

(the

“Adviser”)

a

whol-

ly-owned

subsidiary

of

Morgan

Stanley,

determines

that

the

price

provided

by

the

outside

pricing

service/vendor

or

exchange

does

not

reflect

the

security’s

fair

value

or

is

unable

to

provide

a

price,

prices

from

brokers

or

dealers

may

also

be

utilized.

In

these

circumstances,

the

value

of

the

security

will

be

the

mean

of

bid

and

asked

prices

obtained

from

reputable brokers/dealers;

(4)

when

market

quotations

are

not

readily

available,

as

defined

by

Rule

2a-5

under

the

Act,

including

circumstances

under

which

the

Adviser

determines

that

the

closing

price,

last

sale

price

or

the

mean

between

the

last

reported

bid

and

asked

prices

are

not

reflective

of

a

security’s

market

value,

port-

folio

securities

are

valued

at

their

fair

value

as

determined

in

good

faith

under

procedures

established

by

and

under

the

general

supervision

of

the

Trustees; and

(5)

invest-

ments

in

mutual

funds,

including

the

Morgan

Stanley

Institutional

Liquidity

Funds,

are

valued

at

the

net

asset

value

(“NAV”)

as

of

the

close

of

each

business

day.

In

connection

with

Rule

2a-5

of

the

Act,

the

Trust-

ees

have

designated

the

Trust's

Adviser

as

its

valuation

designee.

The

valuation

designee

has

responsibility

for

determining

fair

value

and

to

make

the

actual

calculations

pursuant

to

the

fair

valuation

methodologies

previously

approved

by

the

Trustees.

Under

procedures

approved

by

the

Trustees,

the

Trust’s

Adviser

has

formed

a

Valuation

Committee

whose

members

are

approved

by

the

Trustees.

The

Valuation

Committee

provides

administration

and

oversight

of

the

Trust’s

valuation

policies

and

procedures,

which

are

reviewed

at

least

annually

by

the

Trustees.

These

procedures

allow

the Trust

to

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers

and

other

market

sources

to

determine

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

14

Morgan

Stanley

ETF

Trust

fair

value.

2.

Fair

Value

Measurement:

Financial

Accounting

Stan-

dards

Board

(“FASB”)

Accounting

Standards

Codifica-

tion

TM

("ASC"),

“Fair

Value

Measurement”

(“ASC

820”),

defines

fair

value

as

the

price

that

would

be

received

to

sell

an

asset

or

pay to

transfer

a

liability

in

an orderly

transaction

between

market

participants

at

the

measure-

ment

date. ASC

820

establishes

a

three tier

hierarchy

to

distinguish

between

(1)

inputs

that

reflect

the

assump-

tions

market

participants

would

use

in

valuing

an

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity

(observable

inputs)

and

(2)

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

partici-

pants

would

use

in

valuing

an

asset

or

liability

developed

based

on

the

best

information

available

in

the

circum-

stances

(unobservable

inputs)

and

to

establish

classifica-

tion

of

fair

value

measurements

for

disclosure

purposes.

Various

inputs

are

used

in

determining

the

value

of

the

Fund’s

investments.

The

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Level

2

-

other

significant

observable

inputs

(includ-

ing

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

 Level

3

-

significant

unobservable

inputs

including

the

Fund’s

own

assumptions

in

determin-

ing

the

fair

value

of

investments.

Factors

considered

in

making

this

determination

may

include,

but

are

not

limited

to,

infor-

mation

obtained

by

contacting

the

issuer,

analysts,

or

the

appropriate

stock

exchange

(for

exchange-traded

securities),

analysis

of

the

issuer’s

financial

statements

or

other

available

documents

and,

if

necessary,

available

information

concerning

other

securities

in

similar

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities

and

the

determination

of

the

significance

of

a

particular

input

to

the

fair

value

mea-

surement

in

its

entirety

requires

judgment

and

considers

factors

specific

to

each

security. 

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

September

30,

2023:

Transfers

between

investment

levels

may

occur

as

the

markets

fluctuate

and/or

the

availability

of

data

used

in

an

investment’s

valuation

changes. 

3.

Indemnifications:

The Trust

enters

into

contracts

that

contain

a

variety

of

indemnification

clauses.

The

Trust’s

maximum

exposure

under

these

arrangements

is

un-

known

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not yet

occurred. 

4.

Dividends

and

Distributions

to

Shareholders: 

Divi-

dends

and

distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Dividends

from

net

investment

in-

come,

if

any,

are

declared

and

paid

quarterly.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

5.

Security

Transactions,

Income

and

Expenses:

Security

transactions

are

accounted

for

on

the

trade

date

(date

the

order

to

buy

or

sell

is

executed).

Realized

gains

and

losses

on

the

sale

of

investment

securities

are

deter-

mined

on

the

specific

identified

cost

method.

Dividend

income

and

other

distributions

are

recorded

on

the

ex-dividend

date

(except

for

certain

foreign

dividends

which

may

be

recorded

as

soon

as

the

Fund

is

informed

of

such

dividends)

net

of

applicable

withholding

taxes.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

as

non-cash

dividend

at

fair

value.

B.

Management Fees:

 The

Adviser

provides

investment

advice

and

portfolio

management

services

pursuant

to

a

Management

Agreement

(the

“Agreement”)

and,

subject

to

the

supervision

of

the

Trust’s

Trustees,

makes

or

oversees

the

Fund’s

day-to-day

investment

decisions,

arranges

for

the

execution

of

portfolio

transactions

and

generally

manages

the

Fund’s

invest-

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

Inputs

(000)

Total

(000)

Assets:  

Common

Stocks

$

21,906

(1)

$

—

$

—

$

21,906

Short-Term

Investment

Investment

Company

29

—

—

29

Total

Assets

$21,935

$—

$—

$21,935

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

15

Morgan

Stanley

ETF

Trust

ments.

 As

compensation

for

its

services,

the

Adviser

is paid 

monthly

at

the

annual

rate

of

0.29% of

the

average

daily

net

assets

of

the

Fund.

Under

the

Agreement,

the

Adviser pays sub-

stantially

all

the

expenses

of

the

Fund

(including

expenses

of

the

Trust

relating

to

the

Fund),

except

for

the

distribution

fees,

if

any,

brokerage

expenses,

acquired

fund

fees

and

expenses,

taxes,

interest,

litigation

expenses,

and

other

extraordinary

expenses,

including

the

costs

of

proxies,

not

incurred

in

the

ordinary

course

of

the

Fund’s

business. 

C.

Distribution

and

Shareholder Services

Plan:

The

Trustees

have

adopted

a

distribution

and

services

plan

("Plan")

pursuant

Rule

12b-1

under the

Act. 

Under the

Plan,

the

Fund

is

authorized

to

pay

distribution

fees

in

connection

with

the

sale

of

its

shares

and

pay

service

fees

in

connection

with

the

provision

of

ongoing

services

to

shareholders

of

the

Fund

and

the

maintenance

of

shareholder

accounts

in

an

amount

up

to

0.25%

of

its

average

daily

net

assets.

No

Rule

12b-1

fees

are

currently

paid

by

the

Fund

and

there

are

no

current

plans

to

impose

these

fees.

D.

Dividend

Disbursing

and

Transfer

Agent:

The

Trust’s

dividend

disbursing

and

transfer

agent

is

JPMorgan

Chase

Bank,

N.A.

("JPMorgan").

E.

Custodian

and

Administrator:

JPMorgan also

serves

as

Custodian

and

Administrator for

the

Trust in

accordance

with

a

Custodian

and

Administration Agreement.

F.

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

securi-

ties

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 30,000

shares

or

multiples

thereof

(“Creation

Units”)

to

Authorized

Participants

who

have

entered

into

agreements

with

the

Funds’

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

Corpo-

ration)

(“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

New

York

Stock

Exchange Arca

("NYSE

Arca") 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

cus-

tody

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

re-

ceivable

for

capital

shares

issued

on

the

Statement

of

Assets

and

Liabilities

if

they

are

outstanding

as

of

year-

end. Transaction

fees

assessed

during

the

period

are

included

in

the

proceeds

from

shares

issued

on

the

Statements

of

Changes

in

Net

Assets.

G.

Security

Transactions

and

Transactions

with

Af-

filiates:

For

the

year ended

September

30,

2023 purchases

and

sales

of

investment

securities

for

the

Fund,

other

than

long-term

U.S.

Government

securities,

short-term

investments

and

In-Kind transactions were $24,113,144

and

$4,069,723,

respectively.

There

were

no

purchases

and

sales

of

long-term

U.S.

Government

securities

for

the

year

ended

September

30,

2023. Purchase

and

Sales

related

to

In-Kind

transactions

were

$2,994,812 and

$1,557,371 for

year end.

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser. Management fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the management

fees

paid

by

the

Fund

due

to

its

invest-

ment

in

the

Liquidity

Fund.

For

the

year ended

September

30,

2023, management

fees

paid

were

reduced

by $49 relating

to

the

Fund’s

investment

in

the

Liquidity

Fund. 

A

summary

of

the

Fund’s

transactions

in

shares

of

affiliated

investments

during

the

year ended

September

30,

2023 is

as

follows: 

Affiliated

Investment

Company

Value

January

30,

2023

Purchases

at

Cost

Proceeds

from

Sales

Dividend

Income

Liquidity

Fund

$

–

$

293,565

$

264,553

$

1,706

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

16

Morgan

Stanley

ETF

Trust

H.

Federal

Income

Taxes:

It

is

the

Fund’s

intention

to

continue

to

qualify

as

a

regulated

investment

company

and

distribute

all

of

its

taxable

and

tax

exempt income.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

finan-

cial

statements. 

The

Fund

may

be

subject

to

taxes

imposed

by

countries

in

which

it

invests.

Such

taxes

are

generally

based

on

income

and/

or

capital

gains

earned

or

repatriated.

Taxes

are

accrued

based

on

net

investment

income,

net

realized

gains

and

net

unreal-

ized

appreciation

as

such

income

and/or

gains

are

earned.

Taxes

may

also

be

based

on

transactions

in

foreign

currency

and

are

accrued

based

on

the

value

of

investments

denominated

in

such

currency.

FASB

ASC

740-10,

“Income

Taxes—Overall”,

sets

forth

a

minimum

threshold

for

financial

statement

recognition

of

the

benefit

of

a

tax

position

taken

or

expected

to

be

taken

in

a

tax

return.

Management

has

concluded

there

are

no

significant

uncertain

tax

positions

that

would

require

recognition

in

the

financial

statements.

If

applicable,

the

Fund

recognizes

inter-

est

accrued

related

to

unrecognized

tax

benefits

in

“Interest

Expense”

and

penalties

in

“Other

Expenses”

in

the

Statement

of

Operations.

The

Fund

files

tax

returns

with

the

U.S.

Internal

Revenue

Service,

New

York

and

various

states.

The

tax

year

ended

September

30,

2023 remains

subject

to

examination

by

taxing

authorities.

The

tax

character

of

distributions

paid

may

differ

from

the

character

of

distributions

shown

for

GAAP

purposes

due

to

short-term

capital

gains

being

treated

as

ordinary

income

for

tax

purposes.

The

tax

character

of

distributions

paid

during

fiscal

year 2023

was

as

follows: 

The

amount

and

character

of

income

and

gains

to

be

distrib-

uted

are

determined

in

accordance

with

income

tax

regulations

which

may

differ

from

GAAP.

These

book/tax

differences

are

either

considered

temporary

or

permanent

in

nature. 

Temporary

differences

are

attributable

to

differing

book

and

tax

treatments

for

the

timing

of

the

recognition

of

gains

(loss-

es)

on

certain

investment

transactions

and

the

timing

of

the

deductibility

of

certain

expenses. 

Permanent

differences,

due

to

a

tax

adjustment

related

to

an

in-kind

redemption,

resulted

in

the

following

reclassifications

among

the

components

of

net

assets

at

September

30,

2023:

At

September

30,

2023,

the

components

of

distributable

earn-

ings

for

the

Fund

on

a

tax

basis

were

as

follows: 

At

September

30,

2023,

the

Fund

had

available

for

fed-

eral

income

tax

purposes

unused

short-term

capital

losses

of $297,876 that

do

not

have

an

expiration

date. 

To

the

extent

that

capital

loss

carryforwards

are

used

to

offset

any

future

capital

gains

realized,

no

capital

gains

tax

liability

will

be

incurred

by

the

Fund

for

gains

realized

and

not

distrib-

uted.

To

the

extent

that

capital

gains

are

offset,

such

gains

will

not

be

distributed

to

the

shareholders. 

I.

Principal

Risks:

Market

Risk:

An

investment

in

the

Fund

is

based

on

the

values

of

the

Fund’s

investments,

which

may

change

due

to

economic

and

other

events

that

affect

markets

generally,

as

well

as

those

that

affect

particular

regions,

countries,

industries,

companies

or

governments.

The

risks

associated

with

these

developments

may

be

magnified

if

social,

political,

economic

and

other

conditions

and

events

(such

as

war,

natural

disasters,

health

emergencies

(e.g.,

epidemics

and

pandemics),

terrorism,

conflicts,

social

unrest,

recessions,

inflation,

rapid

interest

rate

changes

and

supply

chain

disruptions)

adversely

interrupt

the

global

economy

and

financial

markets.

It

is

difficult

to

predict

when

events

affecting

the

U.S.

or

global

financial

markets

may

occur,

the

effects

that

such

events

may

have

and

the

duration

of

those

effects

(which

may

last

for

extended

periods).

These

events

may

negatively

impact

broad

segments

of

businesses

and

populations

and

have

a

significant

and

rapid

negative

impact

on

the

performance

of

the

Fund’s

investments,

adverse-

Affiliated

Investment

Company

(cont'd)

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

September

30,

2023

Liquidity

Fund  

$

–

$

–

$

29,012

2023

Distributions

Paid

From:

Ordinary

Long-Term

Income

Capital

Gain

$196,967

$–

Total

Distributable

Paid-In

Earnings

Capital

$(330,001)

$330,001

Undistributed

Undistributed

Ordinary

Long-Term

Income

Capital

Gain

$19,633

$–

Annual

Report

—

September

30,

2023

Notes

to

Financial

Statements

(cont’d)

17

Morgan

Stanley

ETF

Trust

ly

affect

and

increase

the

volatility

of

the

Fund’s

share

price

and

exacerbate

pre-existing

risks

to

the

Fund.

The

occurrence,

duration

and

extent

of

these

or

other

types

of

adverse

econom-

ic

and

market

conditions

and

uncertainty

over

the

long

term

cannot

be

reasonably

projected

or

estimated

at

this

time.

The

ultimate

impact

of

public

health

emergencies

or

other

adverse

economic

or

market

developments

and

the

extent

to

which

the

associated

conditions

impact

the

Fund

and

its

investments

will

also

depend

on

other

future

developments,

which

are

highly

uncertain,

difficult

to

accurately

predict

and

subject

to

change

at

any

time.

The

financial

performance

of

the

Fund’s

invest-

ments

(and,

in

turn,

the

Fund’s

investment

results)

as

well

as

their

liquidity

may

be

adversely

affected

because

of

these

and

similar

types

of

factors

and

developments.

Authorized

Participant

Concentration

Risk:

Only

an

authorized

participant

may

engage

in

creation

or

redemption

transactions

directly

with

the

Fund.

The

Fund

has

a

limited

number

of

intermediaries

that

act

as

authorized

participants

and

none

of

these

authorized

participants

is

or

will

be

obligated

to

engage

in

creation

or

redemption

transactions.

To

the

extent

that

these

intermediaries

exit

the

business

or

are

unable

to

or

choose

not

to

proceed

with

creation

and/or

redemption

orders

with

respect

to

the

Fund

and

no

other

authorized

participant

creates

or

redeems,

shares

may

trade

at

a

discount

to NAV

and

possibly

face

trading

halts

and/or

delisting. 

Trading

Risk:

The

market

prices

of

shares

are

expected

to

fluctuate,

in

some

cases

materially,

in

response

to

changes

in

the

Fund’s

NAV,

the

intra-day

value

of

the

Fund’s

holdings,

and

supply

and

demand

for

shares.

The

Adviser

cannot

predict

whether

shares

will

trade

above,

below

or

at

their

NAV.

Disrup-

tions

to

creations

and

redemptions,

the

existence

of

significant

market

volatility

or

potential

lack

of

an

active

trading

market

for

the

shares

(including

through

a

trading

halt),

as

well

as

oth-

er

factors,

may

result

in

the

shares

trading

significantly

above

(at

a

premium)

or

below

(at

a

discount)

to

NAV

or

to

the

intraday

value

of

the

Fund’s

holdings.

Buying

or

selling

shares

in

the

secondary

market

may

require

paying

brokerage

com-

missions

or

other

charges

imposed

by

brokers

as

determined

by

that

broker.

Brokerage

commissions

are

often

a

fixed

amount

and

may

be

a

significant

proportional

cost

when

seeking

to

buy

or

sell

relatively

small

amounts

of

shares.

In

addition,

the

market

price

of

shares,

like

the

price

of

any

exchange-traded

security,

includes

a

“bid-ask

spread”

charged

by

the

market

makers

or

other

participants

that

trade

the

particular

security.

The

spread

of the

Fund’s

shares

varies

over

time

based

on

the

Fund’s

trading

volume

and

market

liquidity

and

may

increase

if

the

Fund’s

trading

volume,

the

spread

of

the

Fund’s

underlying

securities,

or

market

liquidity

decrease. 

Large

Shareholder

Transaction

Risk:

The

Fund

may

experience

adverse

effects

when

certain

shareholders

purchase

or

redeem

large

amounts

of

shares

of the

Fund.

In

addition,

a

third

party

investor,

the

Adviser

or

an

affiliate

of

the

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund’s

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Such

larger

than

normal

redemptions

may

cause

the

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negative-

ly

impact

the

Fund’s

NAV

and

liquidity.

Similarly,

large

Fund

share

purchases

may

adversely

affect the

Fund’s

performance

to

the

extent

that the

Fund

is

delayed

in

investing

new

cash

and

is

required

to

maintain

a

larger

cash

position

than

it

ordinarily

would.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in the

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in the

Fund’s

expense

ratio.

Although

large

shareholder

transactions

may

be

more

frequent

under

certain

circumstanc-

es, the

Fund

is

generally

subject

to

the

risk

that

shareholders

can

purchase

or

redeem

a

significant

percentage

of

Fund

shares

at

any

time.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

NYSE

Arca

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

shares. 

J.

Other:

At

September

30,

2023,

the

Fund

had

record

own-

ers

of

10%

or

greater,

which

are

related

parties

of

the

Fund.

In-

vestment

activities

of

these

shareholders

could

have

a

material

impact

on

the

Fund.

The

aggregate

percentage

of

such

owners

was

93.0%.

18

Annual

Report

—

September

30,

2023

Report

of

Independent

Registered

Public

Accounting

Firm

Morgan

Stanley

ETF

Trust

To

the

Shareholders

and

Board

of

Trustees

of

Morgan

Stanley

ETF

Trust

–

Calvert

US

Select

Equity

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Calvert

US

Select

Equity

ETF

(the

“Fund”)

(one

of

the

funds

constituting

Morgan

Stanley

ETF

Trust

(the

“Trust”)),

including

the

portfolio

of

investments,

as

of

September

30,

2023,

and

the

related

statements

of

operations

and

changes

in

net

assets

and

the

financial

highlights

for

the

period

from

January

30,

2023

(commencement

of

operations)

through

September

30,

2023,

and

the

related

notes

(collectively

referred

to

as

the

“financial

state-

ments”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

(one

of

the

funds

constituting

Morgan

Stanley

ETF

Trust)

at

September

30,

2023,

and

the

results

of

its

operations,

the

changes

in

its

net

assets

and

its

financial

highlights

for

the

period

from

January

30,

2023

(commencement

of

operations)

through

September

30,

2023,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trust’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

Trust

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

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.

The

Trust

is

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Trust’s

internal

control

over

financial

reporting.

As

part

of

our

audit,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting,

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Trust’s

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

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

procedures

included

confirmation

of

securities

owned

as

of

September

30,

2023,

by

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

we

performed

other

auditing

procedures.

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.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

Morgan

Stanley

investment

companies

since

2000.

Boston,

Massachusetts

November

27,

2023

19

Annual

Report

—

September

30,

2023

Federal

Tax

Notice

(unaudited)

Morgan

Stanley

ETF

Trust

For

federal

income

tax

purposes,

the

following

information

is

furnished

with

respect

to

the

distributions

paid

by

the

Fund

during

its

taxable

year

ended

September

30,

2023.

For

corporate

shareholders

100%

of

the

dividends

qualified

for

the

dividends

received

deduction.

For

federal

income

tax

purposes,

the

following

information

is

furnished

with

respect

to

the

Fund’s

earnings

for

its

taxable

year

ended

September

30,

2023.

When

distributed,

certain

earnings

may

be

subject

to

a

maximum

tax

rate

of

15%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003.

The

Fund

designated

up

to

a

maximum

of $196,967

as

taxable

at

this

lower

rate.

In

January,

the

Fund

provides

tax

information

to

shareholders

for

the

preceding

calendar

year.

20

Annual

Report

—

September

30,

2023

Important

Notices

(unaudited)

Morgan

Stanley

ETF

Trust

Reporting

to

Shareholders

The

Fund’s

portfolio

holdings

are

publicly

disseminated

each

day

the

Fund

is

open

for

business

through

financial

reporting

and

news

services,

including

publicly

accessible

Internet

web

sites.

In

addition,

a

basket

composition

file,

which

includes

the

securi-

ty

names

and

share

quantities

to

deliver

in

exchange

for

Creation

Units,

together

with

estimates

and

actual

cash

components

is

publicly

disseminated

daily

prior

to

the

opening

of

the

Exchange

via

the

National

Securities

Clearing

Corporation

(the

“NSCC”),

a

clearing

agency

that

is

registered

with

the

SEC.

The

basket

represents

one

Creation

Unit

of

the

Fund.

The

Trust,

Adviser,

Custo-

dian

and

Distributor

will

not

disseminate

non-public

information

concerning

the

Trust.

The

Trust

provides

a

complete

schedule

of

portfolio

holdings

for

the

second

and

fourth

fiscal

quarters

in

its

Semi-Annual

and

Annual

reports,

and

for

the

first

and

third

fiscal

quarters

in

its

filings

with

the

SEC

as

an

exhibit

to

Form

N-PORT.

The

Fund's

portfolio

holdings

will

be

available

on

the

Fund’s

public

website,

www.calvert.com.

Proxy

Voting

Policy

and

Proxy

Voting

Record

The

Board

of

Trustees

believes

that

the

voting

of

proxies

on

securities

held

by

the

Trust

is

an

important

element

of

the

overall

invest-

ment

process.

As

such,

the

Trustees

have

delegated

the

responsibility

to

vote

such

proxies

to

the

Adviser.

The

Adviser

has

engaged

Calvert

to

provide

proxy

voting

services

with

respect

to

the

Trust.

The

Adviser’s

Proxy

Voting

Policy

speci-

fies

that

each

Fund

will

follow

Calvert’s

Proxy

Voting

Policies

and

Procedures

and

Global

Proxy

Voting

Guidelines.

When

available,

the

Trust’s

proxy

voting

record

for

the

most

recent

12-month

period

ending

June

30,

as

filed

with

the

SEC,

will

be

available

without

charge

on

our

web

site

at

www.calvert.com.

The

Trust’s

proxy

voting

record

will

also

be

available

without

charge

on

the

SEC’s

web

site

at

http://www.sec.gov. 

Tailored

Shareholder

Reports

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

on-

line,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Morgan

Stanley

Funds.

21

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

April

2021

Morgan

Stanley

ETF

Trust

FACTS

WHAT

DOES

MSIM

DO

WITH

YOUR

PERSONAL

INFORMATION?

Why?

Financial

companies

choose

how

they

share

your

personal

information.

Federal

law

gives

consumers

the

right

to

limit

some

but

not

all

sharing.

Federal

law

also

requires

us

to

tell

you

how

we

collect,

share,

and

protect

your

personal

information.

Please

read

this

notice

carefully

to

understand

what

we

do.

What?

The

types

of

personal

information

we

collect

and

share

depend

on

the

product

or

service

you

have

with

us.

This

information

can

include:

Social

Security

number

and

income

investment

experience

and

risk

tolerance

checking

account

number

and

wire

transfer

instructions

How?

All

financial

companies

need

to

share

customers’

personal

information

to

run

their

everyday

business.

In

the

section

below,

we

list

the

reasons

financial

companies

can

share

their

customers’

personal

information;

the

reasons

MSIM

chooses

to

share;

and

whether

you

can

limit

this

sharing.

Reasons

we

can

share

your

personal

information

Does

MSIM

share?

Can

you

limit

this

sharing?

For

our

everyday

business

purposes

—

such

as

to

process

your

transactions,

maintain

your

account(s),

respond

to

court

orders

and

legal

investigations,

or

report

to

credit

bureaus

Yes

No

For

our

marketing

purposes

—

to

offer

our

products

and

services

to

you

Yes

No

For

joint

marketing

with

other

financial

companies

No

We

don’t

share

For

our

investment

management

affiliates’

everyday

business

purposes

—

information

about

your

transactions,

experiences,

and

creditworthiness

Yes

Yes

For

our

affiliates’

everyday

business

purposes

—

information

about

your

transactions

and

experiences

Yes

No

For

our

affiliates’

everyday

business

purposes

—

information

about

your

creditworthiness

No

We

don’t

share

For

our

investment

management

affiliates

to

market

to

you

Yes

Yes

For

our

affiliates

to

market

to

you

No

We

don’t

share

For

non-affiliates

to

market

to

you

No

We

don’t

share

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

(cont’d)

22

April

2021

Morgan

Stanley

ETF

Trust

To

limit

our

sharing

Call

toll-free

(844)

312-6327

or

email:

imprivacyinquiries@morganstanley.com

Please

note:

If

you

are

a

new

customer,

we

can

begin

sharing

your

information

30

days

from

the

date

we

sent

this

notice.

When

you

are

no

longer

our

customer,

we

continue

to

share

your

information

as

described

in

this

notice.

However,

you

can

contact

us

at

any

time

to

limit

our

sharing.

Questions?

Call

toll-free

(844)

312-6327

or

email:

imprivacyinquiries@morganstanley.com

Who

we

are

Who

is

providing

this

notice?

Morgan

Stanley

Investment

Management

Inc.

and

its

investment

management

affiliates

(“MSIM”)

(see

Investment

Management

Affiliates

definition

below)

What

we

do

How

does

MSIM

protect

my

personal

information?

To

protect

your

personal

information

from

unauthorized

access

and

use,

we

use

security

measures

that

comply

with

federal

law.

These

measures

include

computer

safeguards

and

secured

files

and

buildings.

We

have

policies

governing

the

proper

handling

of

customer

information

by

personnel

and

requiring

third

parties

that

provide

support

to

adhere

to

appropriate

security

standards

with

respect

to

such

information.

How

does

MSIM

collect

my

personal

information?

We

collect

your

personal

information,

for

example,

when

you

open

an

account

or

make

deposits

or

withdrawals

from

your

account

buy

securities

from

us

or

make

a

wire

transfer

give

us

your

contact

information

We

also

collect

your

personal

information

from

others,

such

as

credit

bureaus,

affiliates,

or

other

companies.

Why

can’t

I

limit

all

sharing?

Federal

law

gives

you

the

right

to

limit

only

sharing

for

affiliates’

everyday

business

purposes

—

information

about

your

creditworthiness

affiliates

from

using

your

information

to

market

to

you

sharing

for

non-affiliates

to

market

to

you

State

laws

and

individual

companies

may

give

you

additional

rights

to

limit

sharing.

See

below

for

more

on

your

rights

under

state

law.

Annual

Report

—

September

30,

2023

U.S.

Customer

Privacy

Notice

(unaudited)

(cont’d)

23

April

2021

Morgan

Stanley

ETF

Trust

Definitions

Investment

Management

Affiliates

MSIM

Investment

Management

Affiliates

include

registered

investment

advisers,

registered

broker-dealers,

and

registered

and

unregistered

funds

in

the

Investment

Management

Division.

Investment

Management

Affiliates

does

not

include

entities

associated

with

Morgan

Stanley

Wealth

Management,

such

as

Morgan

Stanley

Smith

Barney

LLC

and

Morgan

Stanley

&

Co.

Affiliates

Companies

related

by

common

ownership

or

control.

They

can

be

financial

and

non-financial

companies.

Our

affiliates

include

companies

with

a

Morgan

Stanley

name

and

financial

companies

such

as

Morgan

Stanley

Smith

Barney

LLC

and

Morgan

Stanley

&

Co.

Non-affiliates

Companies

not

related

by

common

ownership

or

control.

They

can

be

financial

and

non-financial

companies.

MSIM

does

not

share

with

non-affiliates

so

they

can

market

to

you.

Joint

marketing

A

formal

agreement

between

non-affiliated

financial

companies

that

together

market

financial

products

or

services

to

you.

MSIM

doesn’t

jointly

market

Other

Important

Information

Vermont:

Except

as

permitted

by

law,

we

will

not

share

personal

information

we

collect

about

Vermont

residents

with

Non-affiliates

unless

you

provide

us

with

your

written

consent

to

share

such

information.

California:

Except

as

permitted

by

law,

we

will

not

share

personal

information

we

collect

about

California

residents

with

Non-affiliates

and

we

will

limit

sharing

such

personal

information

with

our

Affiliates

to

comply

with

California

privacy

laws

that

apply

to

us.

24

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

Morgan

Stanley

ETF

Trust

Independent

Trustees:

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Frank

L.

Bowman

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1944

Trustee

Since

August

2006

President,

Strategic

Decisions,

LLC

(consulting)

(since

February

2009);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

Chairperson

of

the

Compliance

and

Insurance

Committee

(since

October

2015);

formerly,

Chairperson

of

the

Insurance

Sub-

Committee

of

the

Compliance

and

Insurance

Committee

(2007-2015);

served

as

President

and

Chief

Executive

Officer

of

the

Nuclear

Energy

Institute

(policy

organization)

(February

2005-November

2008);

retired

as

Admiral,

U.S.

Navy

after

serving

over

38

years

on

active

duty

including

8

years

as

Director

of

the

Naval

Nuclear

Propulsion

Program

in

the

Department

of

the

Navy

and

the

U.S.

Department

of

Energy

(1996-2004);

served

as

Chief

of

Naval

Personnel

(July

1994-September

1996)

and

on

the

Joint

Staff

as

Director

of

Political

Military

Affairs

(June

1992-July

1994);

knighted

as

Honorary

Knight

Commander

of

the

Most

Excellent

Order

of

the

British

Empire;

awarded

the

Officier

de

l’Orde

National

du

Mérite

by

the

French

Government;

elected

to

the

National

Academy

of

Engineering

(2009).

86

Director

of

Naval

and

Nuclear

Technologies

LLP;

Director

Emeritus

of

the

Armed

Services

YMCA;

Member

of

the

National

Security

Advisory

Council

of

the

Center

for

U.S.

Global

Engagement

and

a

member

of

the

CNA

Military

Advisory

Board;

Chairman

of

Fairhaven

United

Methodist

Church;

Member

of

the

Board

of

Advisors

of

the

Dolphin

Scholarship

Foundation;

Director

of

other

various

nonprofit

organizations;

formerly,

Director

of

BP,

plc

(November

2010-

May

2019).

Frances.

L

Cashman

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1961

Trustee

Since

February

2022

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

February

2022);

Chief

Executive

Officer,

Asset

Management

Division,

Euromoney

Institutional

Investor

PLC

(financial

information)

(May

2021-Present);

Executive

Vice

President

and

various

other

roles,

Legg

Mason

&

Co.

(asset

management)

(2010-2020);

Managing

Director,

Stifel

Nicolaus

(2005-2010).

87

Trustee

and

Investment

Committee

Member,

Georgia

Tech

Foundation

(Since

June

2019);

Trustee

and

Chair

of

Marketing

Committee,

Loyola

Blakefield

(Since

September

2017);

Trustee,

MMI

Gateway

Foundation

(since

September

2017);

Director

and

Investment

Committee

Member,

Catholic

Community

Foundation

Board

(2012–2018);

Director

and

Investment

Committee

Member,

St.

Ignatius

Loyola

Academy

(2011-

2017).

Kathleen

A.

Dennis

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1953

Trustee

Since

August

2006

Chairperson

of

the

Governance

Committee

(since

January

2021),

Chairperson

of

the

Liquidity

and

Alternatives

Sub-

Committee

of

the

Investment

Committee

(2006-2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

President,

Cedarwood

Associates

(mutual

fund

and

investment

management

consulting)

(since

July

2006);

formerly,

Senior

Managing

Director

of

Victory

Capital

Management

(1993-2006).

86

Board

Member,

University

of

Albany

Foundation

(2012-present);

Board

Member,

Mutual

Funds

Directors

Forum

(2014-present);

Director

of

various

non-profit

organizations.

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

25

Morgan

Stanley

ETF

Trust

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Nancy

C.

Everett

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1955

Trustee

Since

January

2015

Chairperson

of

the

Equity

Investment

Committee

(since

January

2021);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2015);

Chief

Executive

Officer,

Virginia

Commonwealth

University

Investment

Company

(since

November

2015);

Owner,

OBIR,

LLC

(institutional

investment

management

consulting)

(since

June

2014);

formerly,

Managing

Director,

BlackRock,

Inc.

(February

2011-December

2013)

and

Chief

Executive

Officer,

General

Motors

Asset

Management

(a/k/a

Promark

Global

Advisors,

Inc.)

(June

2005-May

2010).

87

Formerly,

Member

of

Virginia

Commonwealth

University

School

of

Business

Foundation

(2005-2016);

Member

of

Virginia

Commonwealth

University

Board

of

Visitors

(2013-2015);

Member

of

Committee

on

Directors

for

Emerging

Markets

Growth

Fund,

Inc.

(2007-2010);

Chairperson

of

Performance

Equity

Management,

LLC

(2006-2010);

and

Chairperson,

GMAM

Absolute

Return

Strategies

Fund,

LLC

(2006-2010).

Eddie

A.

Grier

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1955

Trustee

Since

February

2022

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

February

2022);

Dean

Santa

Clara

University

Leavey

School

of

Business

(since

April

2021);

Dean,

Virginia

Commonwealth

University

School

of

Business

(2010-2021);

President

and

various

other

roles,

Walt

Disney

Company

(entertainment

and

media)

(1981-2010).

87

Director,

Witt/Kieffer,

Inc.

(executive

search)

(since

2016);

Director,

NuStar

GP,

LLC

(energy)

(since

August

2021);

Director,

Sonida

Senior

Living,

Inc.

(residential

community

operator)

(2016-2021);

Director,

NVR,

Inc.

(home

building)

(2013-2020);

Director,

Middleburg

Trust

Company

(wealth

management)

(2014-

2019);

Director,

Colonial

Williamsburg

Company

(since2012);

Regent,

University

of

Massachusetts

Global

(since

2021);

Director

and

Chair,

Child

Fund

International

(2012-2021);

Trustee,

Brandman

University

(2010-2021);

Director,

Richmond

Forum

(2012-2019).

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

26

Morgan

Stanley

ETF

Trust

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Jakki

L.

Hassler

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1957

Trustee

Since

January

2015

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2015);

Chairperson

of

the

Audit

Committee

(since

January

2023)

Chairman,

Opus

Capital

Group

(since

1996);

formerly,

Chief

Executive

Officer,

Opus

Capital

Group

(1996-2019);

Director,

Capvest

Venture

Fund,

LP

(May

2000-December

2011);

Partner,

Adena

Ventures,

LP

(July

1999

December

2010);

Director,

The

Victory

Funds

(February

2005-

July

2008).

87

Director

of

Cincinnati

Bell

Inc.

and

Member,

Audit

Committee

and

Chairman,

Governance

and

Nominating

Committee;

Director

of

Service

Corporation

International

and

Member,

Audit

Committee

and

Investment

Committee;

Director,

Barnes

Group

Inc.

(since

July

2021);

Director

of

Northern

Kentucky

University

Foundation

and

Member,

Investment

Committee;

Member

of

Chase

College

of

Law

Transactional

Law

Practice

Center

Board

of

Advisors;

Director

of

Best

Transport;

Director

of

Chase

College

of

Law

Board

of

Visitors;

formerly,

Member,

University

of

Cincinnati

Foundation

Investment

Committee.

Dr.

Manuel

H.

Johnson

c/o

Johnson

Smick

International,

Inc.

2201

I

Street,

NE

Suite

200

Washington,

D.C.

20002

Birth

Year:

1949

Trustee

Since

July

1991

Senior

Partner,

Johnson

Smick

International,

Inc.

(consulting

firm);

Chairperson

of

the

Fixed

Income,

Liquidity

and

Alternatives

Investment

Committee

(since

January

2021),

Chairperson

of

the

Investment

Committee

(2006-2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

July

1991);

Co-Chairman

and

a

founder

of

the

Group

of

Seven

Council

(G7C)

(international

economic

commission);

formerly,

Chairperson

of

the

Audit

Committee

(July

1991-

September

2006);

Vice

Chairman

of

the

Board

of

Governors

of

the

Federal

Reserve

System

and

Assistant

Secretary

of

the

U.S.

Treasury.

86

Director

of

NVR,

Inc.

(home

construction).

Joseph

J.

Kearns

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1942

Trustee

Since

August

1994

Senior

Adviser,

Kearns

&

Associates

LLC

(investment

consulting);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(August

1994

December

2022);

formerly,

Deputy

Chairperson

of

the

Audit

Committee

(July

2003-September

2006)

and

Chairperson

of

the

Audit

Committee

of

various

Morgan

Stanley

Funds

(since

August

1994);

CFO

of

the

J.

Paul

Getty

Trust

(1982-1999).

87

Director,

Rubicon

Investments

(since

February

2019);

Prior

to

August

2016,

Director

of

Electro

Rent

Corporation

(equipment

leasing).

Prior

to

December

31,

2013,

Director

of

The

Ford

Family

Foundation.

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

27

Morgan

Stanley

ETF

Trust

*

This

is

the

earliest

date

the Trustee

began

serving

the

Morgan

Stanley

Funds.

Each Trustee

serves

an

indefinite

term,

until

his

or

her

successor

is

elected.

**

The

Fund

Complex

includes

(as

of

December

31,

2022)

all

open-end

and

closed-end

funds

(including

all

of

their

portfolios)

advised

by

Morgan

Stanly

Investment

Management

Inc.

(the

"Adviser")

and

any

funds

that

have

an

adviser

that

is

an

affiliated

person

of

the

Adviser

(including,

but

not

limited

to,

Morgan

Stanley

AIP

GP

LP).

***

This

includes

any

directorships

at

public

companies

and

registered

investment

companies

held

by

the

Trustee

at

any

time

during

the

past

five

years.

Name,

Address

and

Birth

Year

of

Independent

Trustee

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

Fund

Complex

Overseen

by

Independent

Trustee**

Other

Directorships

Held

by

Independent

Trustee

During

Past

5

Years***

Michael

F.

Klein

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1958

Trustee

Since

August

2006

Chairperson

of

the

Risk

Committee

(since

January

2021);

Managing

Director,

Aetos

Alternatives

Management,

LP

(since

March

2000);

Co-President,

Aetos

Alternatives

Management,

LP

(since

January

2004)

and

Co-Chief

Executive

Officer

of

Aetos

Alternatives

Management,

LP

(since

August

2013);

Chairperson

of

the

Fixed

Income

Sub-Committee

of

the

Investment

Committee

(2006-

2020)

and

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

formerly,

Managing

Director,

Morgan

Stanley

&

Co.

Inc.

and

Morgan

Stanley

Dean

Witter

Investment

Management

and

President,

various

Morgan

Stanley

Funds

(June

1998-March

2000);

Principal,

Morgan

Stanley

&

Co.

Inc.

and

Morgan

Stanley

Dean

Witter

Investment

Management

(August

1997-December

1999).

86

Director

of

certain

investment

funds

managed

or

sponsored

by

Aetos

Alternatives

Management,

LP;

Director

of

Sanitized

AG

and

Sanitized

Marketing

AG

(specialty

chemicals).

Patricia

A.

Maleski

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1960

Trustee

Since

January

2017

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

January

2017);

Managing

Director,

JPMorgan

Asset

Management

(2004-2016);

Oversight

and

Control

Head

of

Fiduciary

and

Conflicts

of

Interest

Program

(2015-2016);

Chief

Control

Officer—Global

Asset

Management

(2013-

2015);

President,

JPMorgan

Funds

(2010-

2013);

Chief

Administrative

Officer

(2004-2013);

various

other

positions

including

Treasurer

and

Board

Liaison

(since

2001).

87

Trustee,

Nutley

Family

Service

Bureau,

Inc.

(since

January

2022).

W.

Allen

Reed

c/o

Perkins

Coie

LLP

Counsel

to

the

Independent

Trustees

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

NY

10036

Birth

Year:

1947

Chair

of

the

Board

and

Trustee

Chair

of

the

Board

since

August

2020

and

Director

since

August

2006

Chair

of

the

Boards

of

various

Morgan

Stanley

Funds

(since

August

2020);

Director

or

Trustee

of

various

Morgan

Stanley

Funds

(since

August

2006);

formerly,

Vice

Chair

of

the

Boards

of

various

Morgan

Stanley

Funds

(January

2020-August

2020);

President

and

Chief

Executive

Officer

of

General

Motors

Asset

Management;

Chairman

and

Chief

Executive

Officer

of

the

GM

Trust

Bank

and

Corporate

Vice

President

of

General

Motors

Corporation

(August

1994-December

2005).

86

Formerly,

Director

of

Legg

Mason,

Inc.

(2006-2019);

and

Director

of

the

Auburn

University

Foundation

(2010-

2015).

Annual

Report

—

September

30,

2023

Trustees

and

Officers

Information

(unaudited)

(cont’d)

28

Morgan

Stanley

ETF

Trust

Executive

Officers:

The

Fund’s

statement

of

additional

information

incudes

further

information

about

the

Fund’s

Trustees

and

Officers,

and

is

available

without

charge

by

visiting

www.calvert.com

or

upon

request

by

calling

1

(800)

836-2414.

*This

is

the

earliest

date

the

officer

began

serving

the

Morgan

Stanley

Funds.

Each

officer

serves

an

indefinite

term,

until

his

or

her

successor

is

elected.

Name,

Address

and

Birth

Year

of

Executive

Officer

Position(s)

Held

with

Registrant

Length

of

Time

Served*

Principal

Occupation(s)

During

Past

5

Years

John

H.

Gernon

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1963

President

and

Principal

Executive

Officer

Since

September

2013

President

and

Principal

Executive

Officer

of

the

Equity

and

Fixed

Income

Funds

and

the

Morgan

Stanley

AIP

Funds

(since

September

2013)

and

the

Liquidity

Funds

and

various

money

market

funds

(since

May

2014)

in

the

Fund

Complex;

Managing

Director

of

the

Adviser.

Deidre

A.

Downes

1633

Broadway

New

York,

NY

10019

Birth

Year:

1977

Chief

Compliance

Officer

Since

November

2021

Executive

Director

of

the

Adviser

(since

January

2021)

and

Chief

Compliance

Officer

of

various

Morgan

Stanley

Funds

(since

November

2021).

Formerly,

Vice

President

and

Corporate

Counsel

at

PGIM

and

Prudential

Financial

(October

2016-December

2020).

Francis

J.

Smith

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1965

Treasurer

and

Principal

Financial

Officer

Treasurer

since

July

2003

and

Principal

Financial

Officer

since

September

2002

Managing

Director

of

the

Adviser

and

various

entities

affiliated

with

the

Adviser;

Treasurer

(since

July

2003)

and

Principal

Financial

Officer

of

various

Morgan

Stanley

Funds

(since

September

2002).

Mary

E.

Mullin

1633

Broadway

New

York,

NY

10019

Birth

Year:

1967

Secretary

Since

June

1999

Managing

Director

of

the

Adviser;

Secretary

of

various

Morgan

Stanley

Funds

(since

June

1999).

Michael

J.

Key

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1979

Vice

President

Since

June

2017

Vice

President

of

the

Equity

and

Fixed

Income

Funds,

Liquidity

Funds,

various

money

market

funds

and

the

Morgan

Stanley

AIP

Funds

in

the

Fund

Complex

(since

June

2017);

Executive

Director

of

the

Adviser;

Head

of

Product

Development

for

Equity

and

Fixed

Income

Funds

(since

August

2013).

Anthony

R.

Rochte

522

Fifth

Avenue

New

York,

NY

10036

Birth

Year:

1968

Vice

President,

Morgan

Stanley

ETF

Trust

Since

September

2022

Managing

Director

and

Global

Head

of

Exchange-Traded

Funds

at

Morgan

Stanley

Investment

Management

(since

March

2022);

Co-Head

of

Goldman

Sachs

Private

Bank

Select

(January

2020

–

March

2022);

Head

of

Fidelity

Institutional

Investments

&

Technology

Solutions

(August

2017

–

January

2020).

29

Morgan

Stanley

ETF

Trust

Annual

Report

—

September

30,

2023

Adviser

Morgan

Stanley

Investment

Management

Inc.

522

Fifth

Avenue

New

York,

New

York

10036

Distributor

Foreside

Fund

Services,

LLC

3

Canal

Plaza

Suite

100

Portland,

Maine

04101

Dividend

Disbursing

and

Transfer

Agent

JPMorgan

Chase

Bank,

N.A.

1111

Polaris

Parkway

Columbus,

Ohio

43240

Custodian

and

Administrator

JPMorgan

Chase

Bank,

N.A.

1111

Polaris

Parkway

Columbus,

Ohio

43240

Legal

Counsel

Dechert

LLP

1095

Avenue

of

the

Americas

New

York,

New

York

10036

Counsel

to

the

Independent

Trustees

Perkins

Coie

LLP

1155

Avenue

of

the

Americas

22nd

Floor

New

York,

New

York

10036

Independent

Registered

Public

Accounting

Firm

Ernst

&

Young

LLP

200

Clarendon

Street

Boston,

MA

02116

ETFCALUSELEQTYANN

6057905

EXP

11.30.24

Printed

in

U.S.A. 

This

Report

has

been

prepared

for

shareholders

and

may

be

distributed

to

others

only

if

preceded

or

accompanied

by

a

current

prospectus.

Morgan

Stanley

Investment

Management

Inc.

522

Fifth

Avenue

New

York,

New

York

10036 

©

2023

Morgan

Stanley.

Morgan

Stanley

Distribution,

Inc. 

Item 2.  Code of Ethics.

(a)        The registrant has adopted a code of ethics (the "Code of Ethics") that applies to its 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.

(b)        No information need be disclosed pursuant to this paragraph.

(c)        Not applicable.

(d)       Not applicable. 

(e)        Not applicable.

(f)       

            (1)        The registrant’s Code of Ethics is attached hereto as Exhibit 13 A.

            (2)        Not applicable.

            (3)        Not applicable.

Item 3.  Audit Committee Financial Expert.

The registrant's Board of Trustees have determined that Jakki L. Haussler, an “independent” Trustee, is an “audit committee financial expert" serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification

Item 4.  Principal Accountant Fees and Services.

(a)(b)(c)(d) and (g).  Based on fees billed for the periods shown:

2023

	Registrant	Covered Entities(1)
Audit Fees……………………	$213,000	N/A
Non-Audit Fees
Audit-Related Fees…...	$ -      (2)	$  -                  (2)
Tax Fees…………….…	$ -      (3)	$  -                  (4)
All Other Fees………..	$ -	$ 1,586,712   (5)
Total Non-Audit Fees……….	$ -	$ 1,586,712
Total…………………………	$213,000	$ 1,586,712

2022

	Registrant	Covered Entities(1)
Audit Fees……………………	$-	N/A
Non-Audit Fees
Audit-Related Fees…..	$ -     (2)	$  -                  (2)
Tax Fees………………	$ -     (3)	$  -                  (4)
All Other Fees………..	$ -	$  -                   (5)
Total Non-Audit Fees………	$ -	$ -
Total…………………………	$ -	$ -

N/A- Not applicable, as not required by Item 4.

(1)

   Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.

(2)

   Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities' and funds advised by the Adviser or its affiliates, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

(3)

Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant’s tax returns.

(4)

Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of Covered Entities' tax returns.

(5)

   The fees included under “All Other Fees” are for services provided by Ernst & Young LLP related to surprise examinations for certain investment accounts to satisfy SEC Custody Rules and consulting services related to merger integration for sister entity to the Adviser.

(e)(1) The audit committee’s pre-approval policies and procedures are as follows:

AUDIT COMMITTEE

AUDIT AND NON-AUDIT SERVICES

PRE-APPROVAL POLICY AND PROCEDURES

OF THE

MORGAN STANLEY FUNDS

AS ADOPTED AND AMENDED JULY 23, 2004 AND JUNE 12 AND 13, 2019

3

1.         Statement of Principles

The Audit Committee of the Board is required to review and, in its sole discretion, pre-approve all Covered Services to be provided by the Independent Auditors to the Fund and Covered Entities in order to assure that services performed by the Independent Auditors do not impair the auditor’s independence from the Fund.

The SEC has issued rules specifying the types of services that an independent auditor may not provide to its audit client, as well as the audit committee’s administration of the engagement of the independent auditor.  The SEC’s rules establish two different approaches to pre-approving services, which the SEC considers to be equally valid.  Proposed services either: may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”); or require the specific pre-approval of the Audit Committee or its delegate (“specific pre-approval”).  The Audit Committee believes that the combination of these two approaches in this Policy will result in an effective and efficient procedure to pre-approve services performed by the Independent Auditors.  As set forth in this Policy, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee (or by any member of the Audit Committee to which pre-approval authority has been delegated) if it is to be provided by the Independent Auditors.  Any proposed services exceeding pre-approved cost levels or budgeted amounts will also require specific pre-approval by the Audit Committee.

The appendices to this Policy describe the Audit, Audit-related, Tax and All Other services that have the general pre-approval of the Audit Committee.  The term of any general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee considers and provides a different period and states otherwise.  The Audit Committee will annually review and pre-approve the services that may be provided by the Independent Auditors without obtaining specific pre-approval from the Audit Committee.  The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of this Policy is to set forth the policy and procedures by which the Audit Committee intends to fulfill its responsibilities.  It does not delegate the Audit Committee’s responsibilities to pre-approve services performed by the Independent Auditors to management.

The Fund’s Independent Auditors have reviewed this Policy and believes that implementation of the Policy will not adversely affect the Independent Auditors’ independence.

____________________

3

This Audit Committee Audit and Non-Audit Services Pre-Approval Policy and Procedures (the “Policy”), adopted as of the date above, supersedes and replaces all prior versions that may have been adopted from time to time.

2.         Delegation

As provided in the Act and the SEC’s rules, the Audit Committee may delegate either type of pre-approval authority to one or more of its members.  The member to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next scheduled meeting.

3.         Audit Services

The annual Audit services engagement terms and fees are subject to the specific pre-approval of the Audit Committee.  Audit services include the annual financial statement audit and other procedures required to be performed by the Independent Auditors to be able to form an opinion on the Fund’s financial statements.  These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, and consultations relating to the audit.  The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, Fund structure or other items.

In addition to the annual Audit services engagement approved by the Audit Committee, the Audit Committee may grant general pre-approval to other Audit services, which are those services that only the Independent Auditors reasonably can provide.  Other Audit services may include statutory audits and services associated with SEC registration statements (on Forms N-1A, N-2, N-3, N-4, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

The Audit Committee has pre-approved the Audit services in Appendix A.  All other Audit services not listed in Appendix A must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

4.         Audit-related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements and, to the extent they are Covered Services, the Covered Entities or that are traditionally performed by the Independent Auditors.  Because the Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant general pre-approval to Audit-related services.  Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Forms N-CEN and/or N-CSR.

The Audit Committee has pre-approved the Audit-related services in Appendix A.  All other Audit-related services not listed in Appendix A must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

5.         Tax Services

The Audit Committee believes that the Independent Auditors can provide Tax services to the Fund and, to the extent they are Covered Services, the Covered Entities, such as tax compliance, tax planning and tax advice without impairing the auditor’s independence, and the SEC has stated that the Independent Auditors may provide such services.

Pursuant to the preceding paragraph, the Audit Committee has pre-approved the Tax Services in Appendix A.  All Tax services in Appendix A must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

6.         All Other Services

The Audit Committee believes, based on the SEC’s rules prohibiting the Independent Auditors from providing specific non-audit services, that other types of non-audit services are permitted.  Accordingly, the Audit Committee believes it may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, would not impair the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

The Audit Committee has pre-approved the All Other services in Appendix A.  Permissible All Other services not listed in Appendix A must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated).

7.         Pre-Approval Fee Levels or Budgeted Amounts

Pre-approval fee levels or budgeted amounts for all services to be provided by the Independent Auditors will be established annually by the Audit Committee.  Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee.  The Audit Committee is mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services.

8.         Procedures

All requests or applications for services to be provided by the Independent Auditors that do not require specific approval by the Audit Committee will be submitted to the Fund’s Principal Financial and Accounting Officer and must include a detailed description of the services to be rendered.  The Fund’s Principal Financial and Accounting Officer will determine whether such services are included within the list of services that have received the general pre-approval of the Audit Committee.  The Audit Committee will be informed on a timely basis of any such services rendered by the Independent Auditors.  Requests or applications to provide services that require specific approval by the Audit Committee or Chairperson of the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Financial and Accounting Officer, who, after consultation with the Independent Auditors, will discuss whether the request or application is consistent with the SEC’s rules on auditor independence.

The Audit Committee has designated the Fund’s Principal Financial and Accounting Officer to monitor the performance of all services provided by the Independent Auditors and to determine whether such services are in compliance with this Policy.  The Fund’s Principal Financial and Accounting Officer will report to the Audit Committee on a periodic basis on the results of its monitoring.  Both the Fund’s Principal Financial and Accounting Officer and management will immediately report to the Chairperson of the Audit Committee any breach of this Policy that comes to the attention of the Fund’s Principal Financial and Accounting Officer or any member of management.

9.         Additional Requirements

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the Independent Auditors and to assure the auditor’s independence from the Fund, such as reviewing a formal written statement from the Independent Auditors delineating all relationships between the Independent Auditors and the Fund, consistent with the PCAOB’s Ethics and Independence Rule 3526, and discussing with the Independent Auditors its methods and procedures for ensuring independence.

10.       Covered Entities

Covered Entities include the Fund’s investment adviser(s) and any entity controlling, controlled by or under common control with the Fund’s investment adviser(s) that provides ongoing services to the Fund(s).  Beginning with non-audit service contracts entered into on or after May 6, 2003, the Fund’s audit committee must pre-approve non-audit services provided not only to the Fund but also to the Covered Entities if the engagements relate directly to the operations and financial reporting of the Fund.  This list of Covered Entities would include:

Morgan Stanley Funds

Morgan Stanley & Co. LLC

Morgan Stanley Investment Management Inc.

Morgan Stanley Investment Management Limited

Morgan Stanley Investment Management Private Limited

Morgan Stanley Asset & Investment Trust Management Co., Limited

Morgan Stanley Investment Management Company

Morgan Stanley Services Company, Inc.

Morgan Stanley Distribution, Inc.

Morgan Stanley AIP GP LP

Morgan Stanley Alternative Investment Partners LP     

Morgan Stanley Smith Barney LLC

Morgan Stanley Capital Management LLC

Morgan Stanley Asia Limited

Morgan Stanley Services Group

(e)(2) 

Beginning with non-audit service contracts entered into on or after May 6, 2003, the audit committee also is required to pre-approve services to Covered Entities to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Registrant. 100% of such services were pre-approved by the audit committee pursuant to the Audit Committee’s pre-approval policies and procedures (attached hereto).

(f)     Not applicable.

(g)    See table above.

(h)    The audit committee of the Board of Trustees have considered whether the provision of services other than audit services performed by the auditors to the Registrant and Covered Entities is compatible with maintaining the auditors' independence in performing audit services.

                                                                                                            APPENDIX  A

Pre-Approved Audit Services

Service                                                                                                                                              Range of Fees
	The Fund(s)	Covered Entities
Statutory audits or financial audits for the Funds	For a complete list of fees, please contact the legal department     **	N/A
Services associated with SEC registration statements (including new fund filings/seed audits), 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	*	*
Consultations by the Fund’s 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 “audit related” services rather than “audit” services)	*	*

Pre-Approved Audit-Related Services

Service                                                                                                                                             Range of Fees
	The Fund(s)	Covered Entities
Attest procedures not required by statute or regulation	*	*
Due diligence services pertaining to potential fund mergers	*	*
Consultations by the Fund’s 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 “audit” services rather than “audit-related” services)	*	*
General assistance with implementation of the requirements of SEC rules or listing standards promulgated pursuant to the Sarbanes-Oxley Act	*	*

Pre-Approved Tax Services

Servi ce                                                                                                                                            Range of Fees
	The Fund(s)	Covered Entities
U.S. federal, state and local tax planning and advice	*	*
U.S. federal, state and local tax compliance	*	*
International tax planning and advice	*	*
International tax compliance	*	*
Review/preparation of federal, state, local and international income, franchise, and other tax returns	$450,000 PwC	N/A
Identification of Passive Foreign Investment Companies PwC ITV Tool – assist in determining which Fund holdings have foreign capital gains tax exposure	$175,000 PwC $125,000 PwC	* *
Foreign Tax Services - Preparation of local foreign tax returns and assistance with local tax compliance issues (including maintenance of transaction schedules, assistance in periodic tax remittances, tax registration, representing funds before foreign revenue authorities and assistance with assessment orders)	$500,000 PwC	*
Assistance with tax audits and appeals before the IRS and similar state, local and foreign agencies	*	*
Tax advice and assistance regarding statutory, regulatory or administrative developments (e.g., excise tax reviews, evaluation of Fund’s tax compliance function)	*	*

Pre-Approved All Other Services

Service                                                                                                                                               Range of Fees
	The Fund(s)	Covered Entities
Risk management advisory services, e.g., assessment and testing of security infrastructure controls	*	*

*

Aggregate fees related to the pre-approved services will be limited to 10% of the 2023/2024 annual fees for audit and tax services. 

** Audit and tax services for new funds/portfolios will be subject to the maximum audit and tax fee for a fund/portfolio on fee schedule distributed by the Auditors.

Prohibited Non-Audit Services

• Bookkeeping or other services related to the accounting records or financial statements of the audit client
• Financial information systems design and implementation
• Appraisal or valuation services, fairness opinions or contribution-in-kind reports
• Actuarial services
• Internal audit outsourcing services
• Management functions
• Human resources
• Broker-dealer, investment adviser or investment banking services
• Legal services
• Expert services unrelated to the audit

(i)         Not Applicable.

(j)         Not Applicable.

Item 5. Audit Committee of Listed Registrants.

(a)The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act whose members are:

Joseph J. Kearns, Nancy C. Everett, Eddie A. Grier and Jakki L. Haussler.

(b) Not applicable.

Item 6. Schedule of Investments

(a) Refer to Item 1.

(b) Not applicable.

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

Applicable only to reports filed by closed-end funds.

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

Applicable only to reports filed by closed-end funds.

Item 9. Closed-End Fund Repurchases

Applicable only to reports filed by closed-end funds.

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

There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.

Item 11. Controls and Procedures

(a)  The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

(b)  There were no changes in the registrant's internal control over financial reporting that

occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

Not Applicable

Item 13. Exhibits

(a) The Code of Ethics for Principal Executive and Senior Financial Officers (insert hyperlink here)

(b)A separate certification for each principal executive officer and principal financial officer of the registrant as part of EX-99.CERT (insert hyperlink here).

(c)Section 906 Certification ( insert hyperlink here)

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.

Morgan Stanley ETF Trust

/s/ John H. Gernon

John H. Gernon

Principal Executive Officer

November 20, 2023

            Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ John H. Gernon

John H. Gernon

Principal Executive Officer

November 20, 2023

/s/ Francis J. Smith

Francis J. Smith

Principal Financial Officer

November 20, 2023