Morgan Stanley ETF Trust - Calvert International Responsible Index ETF

CVIE | NYSE Arca

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Calvert International Responsible Index ETF for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

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

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CVIE	$20	0.18%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World ex USA Index (the Index).

↑ An out-of-Index position in Taiwan Semiconductor Manufacturing Co. nearly doubled in value on surging demand for high-end microchips powering AI applications

↑ Not owning Index components Shell Plc. and TotalEnergies SE ― both energy exploration and production companies ― contributed to returns relative to the Index as the prices of both stocks performed poorly during a period of volatile and declining demand for oil and natural gas worldwide

↑ Among sectors, an underweight position in the weak energy sector and stock selections and an overweight exposure to information technology helped returns

↓ An out-of-Index position in consumer goods maker Samsung Electronics Co. declined in value due to weakness in smartphone sales and rising component costs

↓ Not owning Index component and electrical equipment maker Hitachi Ltd. hurt returns as its stock price doubled on strong growth in its digital services business

↓ Not owning Index component and aerospace firm Rolls-Royce Holdings hurt returns as its stock price tripled on strong sales in its civil and defense divisions

↓ Among sectors, stock selections in the industrials sector detracted from performance relative to the Index during the period

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Calvert International Responsible Index ETF - NAV	MSCI World ex USA Index^{Footnote Reference1}	Calvert International Responsible Index
01/23	$10,000	$10,000	$10,000
03/23	$9,973	$9,961	$10,004
06/23	$10,360	$10,263	$10,379
09/23	$9,834	$9,842	$9,838
12/23	$10,980	$10,876	$11,001
03/24	$11,619	$11,484	$11,656
06/24	$11,652	$11,416	$11,658
09/24	$12,445	$12,300	$12,464

Average Annual Total Returns (%)

	1 Year	Since Inception
Calvert International Responsible Index ETF - NAV (Inception January 30, 2023)	26.55%	14.03%
MSCI World ex USA Index^{Footnote Reference1}	24.98%	13.25%
Calvert International Responsible Index	26.68%	14.15%

Footnote	Description
Footnote¹	In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the indicated benchmark effective May 1, 2024.

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$119,784,553
# of Portfolio Holdings	730
Portfolio Turnover Rate	10%
Total Management Fees Paid	$158,531

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2024
Short Term Investment	0.1%
Energy	1.0%
Real Estate	1.8%
Utilities	3.0%
Communication Services	4.7%
Materials	6.4%
Consumer Staples	7.7%
Consumer Discretionary	9.5%
Health Care	10.9%
Information Technology	15.5%
Industrials	16.7%
Financials	22.7%

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Taiwan Semiconductor Manufacturing Co. Ltd.	3.4%
Novo Nordisk A/S, Class B	1.7%
ASML Holding NV	1.6%
Nestle SA	1.3%
Samsung Electronics Co. Ltd.	1.3%
SAP SE	1.2%
AstraZeneca plc	1.2%
Toyota Motor Corp.	1.1%
Novartis AG	1.0%
Roche Holding AG	1.0%
Total	14.8%

Footnote	Description
Footnote^a	Excluding cash equivalents

Material Fund Changes

This is a summary of certain changes of the Fund since September 30, 2023.

For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2025 at www.morganstanley.com/im/shareholderreports or upon request by contacting us at 1-800-836-2414.

Effective July 1, 2024, the Fund is managed by a team comprised of Jennifer Mihara, Thomas C.Seto and James Reber. Prior to July 1, 2024, the Fund was managed by James Reber and Thomas C. Seto. Thomas C. Seto intends to retire on December 31, 2024.

Additional Information

An image of a QR code that, when scanned, navigates the user to the following URL: http://www.morganstanley.com/im/shareholderreports

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements, and holdings, please scan the QR code or visit morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.html

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-836-2414 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2024

CVIE-TSR-AR

Morgan Stanley ETF Trust - Calvert Ultra-Short Investment Grade ETF

CVSB | NYSE Arca

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Calvert Ultra-Short Investment Grade ETF for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CVSB	$24	0.24%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 9-12 Months Short Treasury Index (the Index).

↑ The Fund’s asset-allocation positioning contributed to performance relative to the Index during the period

↑ Allocations to investment-grade corporate securities, commercial mortgage-backed securities, and asset-backed securities were particularly helpful to performance relative to the Index during the period

↑ An allocation to mortgage-backed securities (MBS) ― specifically non-agency MBS and non-agency commercial MBS ― aided Index-relative performance during the period

↓ In contrast, the Fund’s underweight duration detracted from performance relative to the Index during the period

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Calvert Ultra-Short Investment Grade ETF - NAV	Bloomberg U.S. Universal Index	Bloomberg 9-12 Months Short Treasury Index
01/23	$10,000	$10,000	$10,000
03/23	$10,059	$10,018	$10,088
06/23	$10,197	$9,959	$10,151
09/23	$10,354	$9,672	$10,281
12/23	$10,555	$10,333	$10,466
03/24	$10,715	$10,284	$10,564
06/24	$10,865	$10,304	$10,686
09/24	$11,068	$10,840	$10,897

Average Annual Total Returns (%)

	1 Year	Since Inception
Calvert Ultra-Short Investment Grade ETF - NAV (Inception January 30, 2023)	6.89%	6.28%
Bloomberg U.S. Universal Index	12.08%	4.97%
Bloomberg 9-12 Months Short Treasury Index	5.99%	5.30%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$98,750,010
# of Portfolio Holdings	224
Portfolio Turnover Rate	81%
Total Management Fees Paid	$135,208

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote Referencea}

Value	Value
Cash & Equivalents	8.0%
Not Rated	5.2%
BBB	26.8%
A	27.9%
AA	12.8%
AAA	19.3%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Asset Allocation (% of total investments)

Value	Value
Commercial Mortgage-Backed Securities	7.9%
Commercial Papers	5.2%
Investment Company	3.8%
U.S. Government and Agency Securities	9.8%
Asset-Backed Securities	16.3%
Corporate Bonds	57.0%

Additional Information

Householding

Annual Shareholder Report September 30, 2024

CVSB-TSR-AR

Not FDIC Insured | May Lose Value | No Bank Guarantee

Morgan Stanley ETF Trust - Calvert US Large-Cap Core Responsible Index ETF

CVLC | NYSE Arca

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Calvert US Large-Cap Core Responsible Index ETF for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

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

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CVLC	$18	0.15%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000^® Index (the Index).

↑ Not owning Index component Chevron Corp. and underweighting Index component ExxonMobil Corp. ― both energy exploration and production firms ― contributed to returns relative to the Index as the prices of both stocks performed poorly during a period of volatile and declining demand for oil and natural gas worldwide

↑ An overweight position in NVIDIA Corp., a major microchip supplier for artificial intelligence (AI) applications, helped returns as its stock price tripled

↑ Among sectors, underweight positions in energy and real estate, and an overweight position in information technology contributed to Index-relative returns

↓ Not owning Index component and Facebook parent Meta Platforms, Inc. hampered returns as its stock price rose on strong advertising revenue and user growth

↓ An underweight position in aircraft engine maker GE Aerospace hampered returns as increasing demand for air travel helped the firm’s stock price double

↓ An overweight position in energy firm Occidental Petroleum Corp. dropped in value on falling oil and gas prices, and higher debt due to a business acquisition

↓ Among sectors, stock selections and an underweight position in communication services, and stock selections in industrials detracted from relative returns

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Calvert US Large-Cap Core Responsible Index ETF - NAV	Russell 1000^® Index^{Footnote Reference1}	Calvert US Large-Cap Core Responsible Index
01/23	$10,000	$10,000	$10,000
03/23	$10,241	$10,227	$10,246
06/23	$11,128	$11,104	$11,140
09/23	$10,685	$10,755	$10,699
12/23	$12,058	$12,041	$12,081
03/24	$13,278	$13,281	$13,310
06/24	$13,772	$13,755	$13,812
09/24	$14,582	$14,592	$14,632

Average Annual Total Returns (%)

	1 Year	Since Inception
Calvert US Large-Cap Core Responsible Index ETF - NAV (Inception January 30, 2023)	36.47%	25.41%
Russell 1000^® Index^{Footnote Reference1}	35.68%	25.50%
Calvert US Large-Cap Core Responsible Index	36.76%	25.70%

Footnote	Description
Footnote¹	In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the indicated benchmark effective May 1, 2024.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$369,102,988
# of Portfolio Holdings	789
Portfolio Turnover Rate	10%
Total Management Fees Paid	$428,989

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2024
Short Term Investment	0.1%
Energy	0.4%
Utilities	2.0%
Materials	3.0%
Real Estate	3.2%
Consumer Staples	6.0%
Communication Services	6.7%
Industrials	10.0%
Consumer Discretionary	10.6%
Health Care	12.2%
Financials	14.0%
Information Technology	31.8%

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Apple, Inc.	6.8%
Microsoft Corp.	6.1%
NVIDIA Corp.	5.5%
Alphabet, Inc., Class A	3.6%
Amazon.com, Inc.	3.4%
Broadcom, Inc.	1.6%
Eli Lilly & Co.	1.6%
Tesla, Inc.	1.5%
JPMorgan Chase & Co.	1.3%
UnitedHealth Group, Inc.	1.2%
Total	32.6%

Footnote	Description
Footnote^a	Excluding cash equivalents

Material Fund Changes

This is a summary of certain changes of the Fund since September 30, 2023.

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2024

CVLC-TSR-AR

Morgan Stanley ETF Trust - Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF

CDEI | NYSE Arca

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

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

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CDEI	$16	0.14%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000^® Index (the Index).

↓ An underweight position in NVIDIA Corp., a major microchip supplier for AI applications, hurt Index-relative performance as NVIDIA’s stock price tripled

↓ Not owning Index component and Facebook parent Meta Platforms, Inc. hampered returns as its stock price rose on strong advertising revenue and user growth

↓ Underweighting Alphabet, Inc. ― Google’s parent firm ― and acquiring the stock late in the period and missing its positive performance hurt relative returns

↓ Among sectors, stock selections in information technology, and selections and underweight positions in communication services and industrials hurt returns

↑ An overweight position in Broadcom, Inc. aided relative returns as its stock price doubled on AI-driven demand for its semiconductor and software products

↑ An overweight position in Microsoft Corp. helped Index-relative returns as its stock performed strongly, fueled by AI-driven hardware and software innovations

↑ Not owning Index component and electric vehicle maker Tesla, Inc. helped performance as weakening sales and increased competition weighed on its stock price

↑ Among sectors, an underweight position in energy, and stock selections and underweight positions in consumer discretionary and materials helped returns

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF - NAV	Russell 1000^® Index^{Footnote Reference1}	Calvert US Large-Cap Diversity Research Index
01/23	$10,000	$10,000	$10,000
03/23	$10,442	$10,227	$10,447
06/23	$11,504	$11,104	$11,516
09/23	$10,923	$10,755	$10,936
12/23	$12,403	$12,041	$12,425
03/24	$13,261	$13,281	$13,290
06/24	$13,742	$13,755	$13,764
09/24	$14,381	$14,592	$14,425

Average Annual Total Returns (%)

	1 Year	Since Inception
Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF - NAV (Inception January 30, 2023)	31.65%	24.37%
Russell 1000^® Index^{Footnote Reference1}	35.68%	25.50%
Calvert US Large-Cap Diversity Research Index	31.89%	24.63%

Footnote	Description
Footnote¹	In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the indicated benchmark effective May 1, 2024.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$31,653,624
# of Portfolio Holdings	373
Portfolio Turnover Rate	44%
Total Management Fees Paid	$45,449

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2024
Short Term Investment	0.2%
Energy	0.1%
Materials	0.5%
Utilities	1.6%
Real Estate	2.2%
Consumer Discretionary	4.4%
Consumer Staples	4.8%
Industrials	5.9%
Communication Services	9.6%
Financials	12.7%
Health Care	14.7%
Information Technology	43.3%

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Apple, Inc.	11.1%
Microsoft Corp.	9.9%
NVIDIA Corp.	8.9%
Alphabet, Inc., Class A	5.8%
Broadcom, Inc.	2.5%
Eli Lilly & Co.	2.4%
JPMorgan Chase & Co.	1.9%
UnitedHealth Group, Inc.	1.7%
Visa, Inc., Class A	1.4%
Mastercard, Inc., Class A	1.3%
Total	46.9%

Footnote	Description
Footnote^a	Excluding cash equivalents

Material Fund Changes

This is a summary of certain changes of the Fund since September 30, 2023.

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2024

CDEI-TSR-AR

Morgan Stanley ETF Trust - Calvert US Mid-Cap Core Responsible Index ETF

CVMC | NYSE Arca

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Calvert US Mid-Cap Core Responsible Index ETF for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

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

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CVMC	$17	0.15%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell Midcap^® Index (the Index).

↓ Not owning Index component and cybersecurity software firm CrowdStrike Holdings, Inc. hurt returns as its stock price doubled on strong annual recurring revenue

↓ Not owning Index component Palantir Technologies, Inc. hurt returns as its stock price doubled on hot AI-driven demand for the firm’s “big data” software

↓ Not owning Index component Vistra Corp., an electricity generator, hurt returns as its stock price rose on strong demand and a successful business acquisition

↓ Among sectors, stock selections in industrials, and stock selections and overweight positions in information technology and health care hampered returns

↑ An overweight position in server hardware and software firm Super Micro Computer, Inc. appreciated on increasing AI-driven demand for its products

↑ An out-of-Index position in computer firm Dell Technologies, Inc. doubled in value on strong sales of servers for AI applications. Dell was sold by period-end

↑ Not owning Index component and medical device company DexCom, Inc. aided returns as lower-than-expected sales of its diabetes products depressed its stock price

↑ Among sectors, underweight positions in energy and real estate, and stock selections and an underweight position in materials helped Index-relative returns

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Calvert US Mid-Cap Core Responsible Index ETF - NAV	S&P 500^® Index	Calvert US Mid-Cap Core Responsible Index	Russell Midcap^® Index
01/23	$10,000	$10,000	$10,000	$10,000
03/23	$9,791	$10,262	$9,792	$9,789
06/23	$10,216	$11,159	$10,225	$10,255
09/23	$9,594	$10,794	$9,604	$9,775
12/23	$10,806	$12,056	$10,828	$11,028
03/24	$11,714	$13,329	$11,744	$11,977
06/24	$11,203	$13,899	$11,236	$11,575
09/24	$12,257	$14,718	$12,301	$12,642

Average Annual Total Returns (%)

	1 Year	Since Inception
Calvert US Mid-Cap Core Responsible Index ETF - NAV (Inception January 30, 2023)	27.76%	13.00%
S&P 500^® Index	36.35%	26.15%
Calvert US Mid-Cap Core Responsible Index	28.09%	13.25%
Russell Midcap^® Index	29.33%	15.13%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$66,151,213
# of Portfolio Holdings	625
Portfolio Turnover Rate	28%
Total Management Fees Paid	$70,587

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2024
Short Term Investment	0.2%
Energy	0.4%
Communication Services	3.6%
Materials	5.0%
Utilities	5.3%
Consumer Staples	6.5%
Real Estate	7.6%
Consumer Discretionary	9.3%
Health Care	11.1%
Financials	15.2%
Information Technology	15.3%
Industrials	20.5%

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Autodesk, Inc.	0.6%
United Rentals, Inc.	0.5%
Bank of New York Mellon Corp. (The)	0.5%
Crown Castle, Inc.	0.5%
Fortinet, Inc.	0.5%
Allstate Corp. (The)	0.5%
Trade Desk, Inc. (The), Class A	0.5%
Dominion Energy, Inc.	0.5%
Fair Isaac Corp.	0.5%
Lennar Corp., Class A	0.5%
Total	5.1%

Footnote	Description
Footnote^a	Excluding cash equivalents

Material Fund Changes

This is a summary of certain changes of the Fund since September 30, 2023.

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2024

CVMC-TSR-AR

Morgan Stanley ETF Trust - Calvert US Select Equity ETF

CVSE | NYSE Arca

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Calvert US Select Equity ETF for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

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

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CVSE	$34	0.29%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000^® Index (the Index).

↓ Not owning Index component and Facebook parent Meta Platforms, Inc. hampered returns as its stock price rose on strong advertising revenue and user growth

↓ An underweight position in semiconductor/software maker Broadcom, Inc. hurt returns as its stock price doubled on artificial intelligence (AI)-driven demand

↓ An overweight position in health insurer Humana, Inc. declined in value amid increased use of services by subscribers and aggressive competitor pricing

↓ Among sectors, stock selections in the information technology, utilities, and consumer staples sectors detracted from performance relative to the Index

↑ An overweight position in NVIDIA Corp., a major microchip supplier for AI applications, helped Index-relative performance as its stock price tripled

↑ Not owning Index component and electric vehicle maker Tesla, Inc. helped performance as weakening sales and increased competition weighed on its stock price

↑ An overweight position in Eaton Corp. performed strongly as new AI applications increased demand for Eaton’s electrical power management technologies

↑ Among sectors, avoiding the weak energy sector, stock selections and an overweight position in financials, and stock selections in real estate helped returns

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Calvert US Select Equity ETF - NAV	Russell 1000^® Index
01/23	$10,000	$10,000
03/23	$10,132	$10,227
06/23	$10,875	$11,104
09/23	$10,300	$10,755
12/23	$11,649	$12,041
03/24	$12,921	$13,281
06/24	$13,068	$13,755
09/24	$13,960	$14,592

Average Annual Total Returns (%)

	1 Year	Since Inception
Calvert US Select Equity ETF - NAV (Inception January 30, 2023)	35.53%	22.17%
Russell 1000^® Index	35.68%	25.50%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$29,397,986
# of Portfolio Holdings	181
Portfolio Turnover Rate	9%
Total Management Fees Paid	$78,592

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2024
Short Term Investment	0.1%
Utilities	2.2%
Real Estate	3.4%
Consumer Staples	3.4%
Materials	3.8%
Communication Services	4.5%
Consumer Discretionary	7.5%
Health Care	12.1%
Industrials	12.8%
Financials	16.2%
Information Technology	34.0%

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Microsoft Corp.	7.9%
Apple, Inc.	7.1%
NVIDIA Corp.	6.7%
Eli Lilly & Co.	3.0%
S&P Global, Inc.	2.1%
Merck & Co., Inc.	2.0%
Accenture plc, Class A	1.8%
Parker-Hannifin Corp.	1.5%
Mastercard, Inc., Class A	1.5%
Home Depot, Inc. (The)	1.4%
Total	35.0%

Footnote	Description
Footnote^a	Excluding cash equivalents

Material Fund Changes

This a summary of certain changes of the Fund since September 30, 2023.

Effective July 1, 2024, the Fund is managed by a team comprised of Jennifer Mihara, Thomas C.Seto, Christopher Madden, Ibrahim kara, Yijia Chen and James Reber. Prior to July 1, 2024, the Fund was managed by James Reber, Christopher Madden, Ibrahim Kara, Yijia Chen and Thomas C. Seto. Thomas C. Seto intends to retire on December 31, 2024.

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2024

CVSE-TSR-AR

Morgan Stanley ETF Trust - Eaton Vance Floating-Rate ETF

EVLN | NYSE Arca

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance Floating-Rate ETF for the period of February 6, 2024 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
EVLN	$37	0.55%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year.

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar^® LSTA^® US Leveraged Loan Index.

↓ An underweight position in CCC-rated loans detracted from returns relative to the Index as lower-rated loans generally outperformed higher-rated loans during the period

↓ As the floating-rate loan market delivered strong performance during the period, the Fund’s cash position detracted from returns versus the Index, which does not hold cash

↓ Loan selections in the commercial services & supplies industry and selections in the entertainment industry detracted from returns relative to the Index during the period

↑ Loan selections in the information technology services industry and selections in the software industry contributed to Index-relative returns during the period

↑ An out-of-Index allocation to collateralized loan obligation debt investments, which performed strongly during the period, helped Index-relative returns

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance Floating-Rate ETF - NAV	Bloomberg U.S. Universal Index	Morningstar LSTA U.S. Leveraged Loan Total Return Index
02/24	$10,000	$10,000	$10,000
03/24	$10,098	$10,037	$10,167
04/24	$10,150	$9,803	$10,228
05/24	$10,231	$9,965	$10,324
06/24	$10,257	$10,056	$10,360
07/24	$10,339	$10,284	$10,430
08/24	$10,399	$10,435	$10,496
09/24	$10,464	$10,579	$10,572

Average Annual Total Returns (%)

	Since Inception^{Footnote Reference*}
Eaton Vance Floating-Rate ETF - NAV (Inception February 6, 2024)	4.64%
Bloomberg U.S. Universal Index	5.79%
Morningstar LSTA U.S. Leveraged Loan Total Return Index	5.72%

Footnote	Description
Footnote^*	Returns for periods less than one year are not annualized.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$1,047,414,951
# of Portfolio Holdings	302
Portfolio Turnover Rate	32%
Total Management Fees Paid	$2,591,993

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Industry Weightings (% of total investments)

Value	Value
Others	48.2%
Machinery	2.9%
Health Care Providers & Services	3.1%
Capital Markets	3.4%
Chemicals	4.6%
Hotels, Restaurants & Leisure	4.7%
Insurance	5.8%
Commercial Services & Supplies	7.0%
Financial Services	7.5%
Software	12.8%

Asset Allocation (% of total investments)

Value	Value
Corporate Bonds	5.4%
Asset-Backed Securities	5.7%
Investment Company	15.3%
Variable Rate Senior Loan Interests	73.6%

Additional Information

Householding

Annual Shareholder Report September 30, 2024

EVLN-TSR-AR

Not FDIC Insured | May Lose Value | No Bank Guarantee

Morgan Stanley ETF Trust - Eaton Vance High Yield ETF

EVHY | NYSE Arca

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance High Yield ETF for the period of October 16, 2023 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
EVHY	$49	0.47%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year.

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA BB-B U.S. High Yield Index (the Index).

↓ Fund selections in the health care and paper sectors detracted from performance relative to the Index during the period

↓ An allocation to lower-rated securities detracted from returns relative to the Index during the period

↓ A slight overweight exposure to securities with durations of less than one year detracted from returns relative to the Index during the period

↑ Fund selections in the energy sector contributed to Index-relative returns during the period

↑ Fund selections and an underweight exposure to the cable & satellite TV sector contributed to performance relative to the Index during the period

↑ A small allocation to CCC-rated securities, and selections in BB-rated and B-rated securities contributed to returns relative to the Index during the period

↑ The Fund’s underweight exposure to securities with durations between 1-3 years, and selections in securities with durations between 3-5 years contributed to Index-relative returns during the period

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance High Yield ETF - NAV	Bloomberg U.S. Universal Index	ICE BofA BB-B U.S. High Yield Index
10/23	$10,000	$10,000	$10,000
11/23	$10,418	$10,366	$10,436
12/23	$10,761	$10,759	$10,793
01/24	$10,759	$10,733	$10,801
02/24	$10,744	$10,605	$10,805
03/24	$10,885	$10,709	$10,932
04/24	$10,793	$10,458	$10,832
05/24	$10,926	$10,632	$10,953
06/24	$11,037	$10,728	$11,065
07/24	$11,202	$10,972	$11,250
08/24	$11,378	$11,133	$11,423
09/24	$11,488	$11,288	$11,550

Average Annual Total Returns (%)

	Since Inception^{Footnote Reference*}
Eaton Vance High Yield ETF - NAV (Inception October 16, 2023)	14.88%
Bloomberg U.S. Universal Index	12.88%
ICE BofA BB-B U.S. High Yield Index	15.50%

Footnote	Description
Footnote^*	Returns for periods less than one year are not annualized.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$21,530,858
# of Portfolio Holdings	258
Portfolio Turnover Rate	22%
Total Management Fees Paid	$96,512

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote Referencea}

Value	Value
Cash & Equivalents	4.6%
Not Rated	0.1%
CCC	0.5%
B	30.3%
BB	54.3%
BBB	10.2%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2024
Short Term Investment	4.8%
Real Estate	0.5%
Utilities	4.5%
Consumer Staples	5.1%
Information Technology	5.4%
Materials	5.5%
Financials	7.5%
Communication Services	8.0%
Health Care	9.1%
Energy	13.0%
Industrials	16.8%
Consumer Discretionary	19.8%

Additional Information

Householding

Annual Shareholder Report September 30, 2024

EVHY-TSR-AR

Not FDIC Insured | May Lose Value | No Bank Guarantee

Morgan Stanley ETF Trust - Eaton Vance Intermediate Municipal Income ETF

EVIM | NYSE Arca

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance Intermediate Municipal Income ETF for the period of October 16, 2023 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

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

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
EVIM	$29	0.29%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year.

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA 2-17 Year US Municipal Securities Index (the Index).

↑ An overweight position in BBB-rated bonds contributed to relative returns as lower-credit-quality bonds generally outperformed higher-credit-quality bonds

↑ Security selections in bonds with 10-15 years remaining to maturity helped Fund performance relative to the Index during the period

↑ Security selections and an underweight position in California bonds helped Fund returns as California bonds generally underperformed the Index

↓ Security selections and an underweight position in 4% coupon bonds detracted from Index-relative performance during the period

↓ Security selections and an underweight position in A-rated bonds hampered Fund performance as lower-rated bonds generally outperformed higher-rated bonds

↓ An out-of-Index position in variable-rate demand notes ― typically considered a defensive investment with virtually zero duration ― detracted from Fund performance relative to the Index as interest rates generally declined during the period

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance Intermediate Municipal Income ETF - NAV	Bloomberg Municipal Bond Index	ICE BofA 2-17 Year U.S. Municipal Securities Index
10/23	$10,000	$10,000	$10,000
11/23	$10,430	$10,518	$10,397
12/23	$10,664	$10,762	$10,615
01/24	$10,661	$10,707	$10,587
02/24	$10,673	$10,721	$10,596
03/24	$10,678	$10,721	$10,586
04/24	$10,567	$10,588	$10,480
05/24	$10,561	$10,557	$10,421
06/24	$10,717	$10,719	$10,563
07/24	$10,801	$10,816	$10,655
08/24	$10,868	$10,902	$10,758
09/24	$10,985	$11,009	$10,850

Average Annual Total Returns (%)

	Since Inception^{Footnote Reference*}
Eaton Vance Intermediate Municipal Income ETF - NAV (Inception October 16, 2023)	9.85%
Bloomberg Municipal Bond Index	10.09%
ICE BofA 2-17 Year U.S. Municipal Securities Index	8.50%

Footnote	Description
Footnote^*	Returns for periods less than one year are not annualized.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$26,462,026
# of Portfolio Holdings	71
Portfolio Turnover Rate	81%
Total Management Fees Paid	$58,108

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote Referencea}

Value	Value
Cash & Equivalents	7.8%
Not Rated	3.7%
BB	2.8%
BBB	11.5%
A	17.0%
AA	40.0%
AAA	17.2%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Summary by State (% of total investments)

Value	Value
Other	35.7%
Pennsylvania	3.3%
North Carolina	3.4%
Georgia	3.6%
Washington	4.2%
Massachusetts	4.7%
California	6.5%
Illinois	7.8%
Colorado	7.9%
Texas	10.1%
New York	12.8%

Material Fund Changes

This is a summary of certain changes of he Fund since September 30, 2023.

Effective October 1, 2024, the Adviser has agreed to reduce its management fee so that Total Annual Fund Operating Expenses, excluding 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, will not exceed 0.10%. The fee waiver will continue until February 1, 2026 or until such time as the Board of Trustees of Morgan Stanley ETF Trust acts to discontinue all or a portion of such waiver when it deems such action is appropriate. It is expected that the duration of the fee waiver will not be extended.

Additional Information

Householding

Annual Shareholder Report September 30, 2024

EVIM-TSR-AR

Not FDIC Insured | May Lose Value | No Bank Guarantee

Morgan Stanley ETF Trust - Eaton Vance Short Duration Income ETF

EVSD | NASDAQ

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance Short Duration Income ETF for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EVSD	$28	0.27%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 1-5 Year U.S. Credit Index (the Index).

↓ The Fund’s shorter-than-Index duration detracted from returns relative to the Index during the period

↓ Fund selections in investment-grade corporate securities detracted from performance relative to the Index during the period

↓ The Fund’s use of derivatives slightly detracted from performance relative to the Index during the period

↓ An underweight exposure to investment-grade corporate securities detracted from Fund performance relative to the Index during the period

↑ In contrast, the Fund’s asset allocations contributed to returns relative to the Index during the period

↑ Out-of-Index allocations to asset-backed securities and certain categories of mortgage-backed securities particularly aided Index-relative performance

↑ An underweight exposure to government-related securities contributed to performance relative to the Index during the period

↑ An out-of-Index allocation to commercial mortgage-backed securities contributed to performance relative to the Index during the period

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance Short Duration Income ETF - NAV	Bloomberg U.S. Universal Index	Bloomberg U.S. Credit 1-5 Year Index	Short Duration Income Blend Index^{Footnote Reference1}	Bloomberg 1-3 Year U.S. Government/Credit Index
09/14	$10,000	$10,000	$10,000	$10,000	$10,000
09/15	$10,006	$10,234	$10,182	$10,118	$10,118
09/16	$10,750	$10,859	$10,496	$10,168	$10,251
09/17	$10,995	$10,963	$10,657	$10,229	$10,320
09/18	$11,192	$10,853	$10,662	$10,339	$10,340
09/19	$11,631	$11,945	$11,373	$10,690	$10,820
09/20	$12,003	$12,743	$11,951	$11,088	$11,223
09/21	$12,191	$12,767	$12,079	$11,121	$11,256
09/22	$11,506	$10,863	$11,131	$10,557	$10,685
09/23	$11,989	$11,037	$11,546	$10,850	$10,982
09/24	$13,060	$12,373	$12,630	$11,703	$11,772

Average Annual Total Returns (%)

	1 Year	5 years	10 years
Eaton Vance Short Duration Income ETF - NAV	8.94%	2.34%	2.71%
Bloomberg U.S. Universal Index	12.08%	0.70%	2.15%
Bloomberg U.S. Credit 1-5 Year Index	9.39%	2.12%	2.36%
Short Duration Income Blend Index^{Footnote Reference1}	7.85%	1.82%	1.59%
Bloomberg 1-3 Year U.S. Government/Credit Index	7.19%	1.70%	1.64%

Footnote

Description

Footnote¹

The Short Duration Income Blend Index is a performance linked benchmark of the old benchmark represented by Bloomberg 1-3 year U.S. Government/Credit Index for periods from the Fund's inceptions to January 8, 2016, the ICE BofA 1-Year U.S. Treasury Note Index (benchmark that tracks one-year U.S. govermnemt securities) from January 9, 2016 to July 31, 2019 and the new benchmark reprented by Bloomberg 1-3 Year U.S. Goverment/Credit index for periods thereafter.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$178,108,570
# of Portfolio Holdings	287
Portfolio Turnover Rate	117%
Total Management Fees Paid	$126,380

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote Referencea}

Value	Value
Cash & Equivalents	-3.1%
Not Rated	18.0%
B	0.2%
BB	1.8%
BBB	25.3%
A	20.0%
AA	7.4%
AAA	30.4%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Asset Allocation (% of total investments)

Value	Value
Foreign Government and Agency Securities	0.2%
Mortgage-Backed Securities	5.1%
Investment Companies	5.4%
U.S. Government and Agency Securities	9.7%
Commercial Mortgage-Backed Securities	11.4%
Asset-Backed Securities	26.4%
Corporate Bonds	41.8%

Additional Information

Householding

Annual Shareholder Report September 30, 2024

EVSD-TSR-AR

Not FDIC Insured | May Lose Value | No Bank Guarantee

Morgan Stanley ETF Trust - Eaton Vance Short Duration Municipal Income ETF

EVSM | NYSE Arca

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance Short Duration Municipal Income ETF for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EVSM	$22	0.21%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA 1-3 Year Municipal Securities Index (the Index).

↑ An out-of-Index allocation to bonds with 3-5 years remaining to maturity contributed to returns relative to the Index as longer-maturity bonds generally outperformed shorter-maturity bonds during the period

↑ Security selections and an underweight position in California bonds helped returns as California bonds generally underperformed the Index during the period

↑ Security selections and an underweight position in AA-rated bonds helped returns as higher-credit-quality bonds underperformed lower-credit-quality bonds

↓ Security selections in bonds with 0-3 years remaining to maturity detracted from Index-relative performance during the period

↓ Security selections and an underweight position in bonds with coupon rates of less than 4% ― not including zero-coupon bonds ― hampered Index-relative returns

↓ Security selections in BBB-rated bonds detracted from performance relative to the Index during the period

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance Short Duration Municipal Income ETF - NAV	Bloomberg Municipal Bond Index^{Footnote Reference1}	ICE BofA 1-3 Year US Municipal Securities Index	Short Duration Municipal Income Blended Index^{Footnote Reference2}
12/18	$10,000	$10,000	$10,000	$10,000
09/19	$10,120	$10,857	$10,232	$10,102
09/20	$10,212	$11,301	$10,499	$10,167
09/21	$10,218	$11,598	$10,555	$10,174
09/22	$10,280	$10,264	$10,178	$10,260
09/23	$10,538	$10,537	$10,397	$10,430
09/24	$11,147	$11,484	$10,966	$11,000

Average Annual Total Returns (%)

	1 Year	5 years	Since Inception
Eaton Vance Short Duration Municipal Income ETF - NAV (Inception December 19, 2018)	5.78%	1.95%	1.90%
Bloomberg Municipal Bond Index^{Footnote Reference1}	10.37%	1.39%	2.42%
ICE BofA 1-3 Year US Municipal Securities Index	5.47%	1.40%	1.61%
Short Duration Municipal Income Blended Index^{Footnote Reference2}	5.47%	1.72%	1.66%

Footnote	Description
Footnote¹	In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the indicated benchmark effective May 1, 2024.
Footnote²	The Short Duration Municipal Income Blended Index is a performance linked benchmark of the old and new benchmark of the Fund. The old benchmark represented by Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3-Month Index from the Fund’s inception to July 30, 2023 and the new benchmark represented by ICE BofA 1-3 Year US Municipal Securities Index for the periods thereafter.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$143,223,907
# of Portfolio Holdings	104
Portfolio Turnover Rate	18%
Total Management Fees Paid	$127,384

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote Referencea}

Value	Value
Cash & Equivalents	11.2%
Not Rated	2.7%
BB	0.9%
BBB	5.4%
A	33.0%
AA	39.1%
AAA	7.7%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Summary by State (% of total investments)

Value	Value
Other	30.3%
New Jersey	4.0%
Connecticut	4.1%
California	4.1%
Georgia	4.8%
Pennsylvania	5.1%
Michigan	7.0%
Colorado	7.5%
New York	9.1%
Texas	11.6%
Illinois	12.4%

Additional Information

Householding

Annual Shareholder Report September 30, 2024

EVSM-TSR-AR

Not FDIC Insured | May Lose Value | No Bank Guarantee

Morgan Stanley ETF Trust - Eaton Vance Total Return Bond ETF

EVTR | NYSE

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance Total Return Bond ETF for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EVTR	$37	0.35%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index).

↑ Security selections in investment-grade corporate bonds, asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), and U.S. government-related sectors contributed to performance relative to the Index during the period

↑ An overweight position in CMBS, an underweight position in U.S. Treasurys, and out-of-Index allocations to non-agency mortgage-backed securities (MBS) and high yield bonds helped performance relative to the Index during the period

↑ The Fund’s out-of-Index use of derivatives for duration management ― by investing in U.S. Treasury futures and options on U.S. Treasury futures ― contributed to returns relative to the Index during the period

↓ Security selections and an underweight position in agency MBS, an overweight position in ABS, and security selections in U.S. Treasurys detracted from returns

↓ Duration positioning ― which was shorter than that of the Index ― detracted from returns relative to the Index during a period when interest rates declined

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance Total Return Bond ETF - NAV	Bloomberg U.S. Universal Index^{Footnote Reference1}	Bloomberg U.S. Aggregate Bond Index
09/14	$10,000	$10,000	$10,000
09/15	$10,115	$10,234	$10,294
09/16	$11,613	$10,859	$10,828
09/17	$11,937	$10,963	$10,837
09/18	$11,893	$10,853	$10,705
09/19	$13,181	$11,945	$11,808
09/20	$14,007	$12,743	$12,633
09/21	$14,233	$12,767	$12,520
09/22	$12,015	$10,863	$10,693
09/23	$12,259	$11,037	$10,762
09/24	$13,970	$12,373	$12,004

Average Annual Total Returns (%)

	1 Year	5 years	10 years
Eaton Vance Total Return Bond ETF - NAV	13.96%	1.17%	3.40%
Bloomberg U.S. Universal Index^{Footnote Reference1}	12.08%	0.70%	2.15%
Bloomberg U.S. Aggregate Bond Index	11.57%	0.33%	1.84%

Footnote	Description
Footnote¹	In accordance with regulatory changes requiring the Fund's primary benchmark to represent the overall applicable market, the Fund's primary prospectus benchmark changed to the indicated benchmark effective May 1, 2024.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$688,547,448
# of Portfolio Holdings	578
Portfolio Turnover Rate	367%
Total Management Fees Paid	$646,465

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote Referencea}

Value	Value
Cash & Equivalents	-15.6%
Not Rated	8.4%
CCC	0.4%
B	2.5%
BB	3.9%
BBB	21.1%
A	8.2%
AA	4.6%
AAA	66.5%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Asset Allocation (% of total investments)

Value	Value
Foreign Government and Agency Securities	0.6%
Investment Companies	6.2%
Asset-Backed Securities	9.3%
Commercial Mortgage-Backed Securities	10.3%
Mortgage-Backed Securities	22.0%
Corporate Bonds	23.9%
U.S. Government and Agency Securities	27.7%

Additional Information

Householding

Annual Shareholder Report September 30, 2024

EVTR-TSR-AR

Not FDIC Insured | May Lose Value | No Bank Guarantee

Morgan Stanley ETF Trust - Eaton Vance Ultra-Short Income ETF

EVSB | NYSE Arca

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance Ultra-Short Income ETF for the period of October 16, 2023 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
EVSB	$16	0.17%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year.

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 9-12 Months Short Treasury Index (the Index).

↑ The Fund’s out-of-Index allocations to mortgage-backed securities and commercial mortgage-backed securities contributed most to performance relative to the Index during the period

↑ Out-of-Index allocations to asset-backed securities and investment-grade corporate securities ― especially investments in financial institutions ― contributed to Fund returns relative to the Index during the period

↑ An underweight exposure to U.S. Treasurys contributed to Fund returns relative to the Index during the period

↓ In contrast, the Fund’s use of U.S. Treasury futures contracts detracted from performance relative to the Index during the period

↓ The Fund’s duration positioning detracted from performance relative to the Index during the period

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance Ultra-Short Income ETF - NAV	Bloomberg U.S. Universal Index	Bloomberg 9-12 Months Short Treasury Index
10/23	$10,000	$10,000	$10,000
11/23	$10,101	$10,366	$10,082
12/23	$10,178	$10,759	$10,153
01/24	$10,240	$10,733	$10,192
02/24	$10,277	$10,605	$10,207
03/24	$10,330	$10,709	$10,248
04/24	$10,374	$10,458	$10,273
05/24	$10,433	$10,632	$10,323
06/24	$10,480	$10,728	$10,368
07/24	$10,554	$10,972	$10,438
08/24	$10,616	$11,133	$10,505
09/24	$10,679	$11,288	$10,572

Average Annual Total Returns (%)

	Since Inception^{Footnote Reference*}
Eaton Vance Ultra-Short Income ETF - NAV (Inception October 16, 2023)	6.79%
Bloomberg U.S. Universal Index	12.88%
Bloomberg 9-12 Months Short Treasury Index	5.72%

Footnote	Description
Footnote^*	Returns for periods less than one year are not annualized.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$44,325,067
# of Portfolio Holdings	182
Portfolio Turnover Rate	89%
Total Management Fees Paid	$55,239

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote Referencea}

Value	Value
Cash & Equivalents	4.1%
Not Rated	6.8%
BB	0.5%
BBB	26.5%
A	23.9%
AA	13.5%
AAA	24.7%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Asset Allocation (% of total investments)

Value	Value
Commercial Papers	4.7%
Investment Company	0.3%
U.S. Government and Agency Securities	10.0%
Commercial Mortgage-Backed Securities	9.4%
Asset-Backed Securities	21.7%
Corporate Bonds	53.9%

Additional Information

Householding

Annual Shareholder Report September 30, 2024

EVSB-TSR-AR

Not FDIC Insured | May Lose Value | No Bank Guarantee

Morgan Stanley ETF Trust - Parametric Equity Premium Income ETF

PAPI | NYSE Arca

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Parametric Equity Premium Income ETF for the period of October 16, 2023 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
PAPI	$30	0.29%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year.

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000^® Value Index (the Index).

↓ The Fund’s use of derivatives ― specifically, written call options on the SPDR^® S&P 500^® ETF Trust ― detracted from Index-relative returns during the period

↓ Not owning GE Aerospace hurt returns as high demand for GE’s engine servicing and maintenance business supported steady revenue growth

↓ Not owning JPMorgan hampered relative returns as its stock price surged on strength in the company’s investment banking and growing interest revenue

↓ An overweight exposure to Leggett & Platt, Inc. detracted from Index-relative returns as demand for its residential and automotive products declined

↑ Not owning Intel Corp. contributed to performance relative to the Index as rising competition ― especially for AI chips ― hurt Intel’s revenues and earnings

↑ An out-of-Index allocation to steakhouse chain Texas Roadhouse, Inc. helped returns as it opened new restaurants and customer demand rose at existing stores

↑ The Fund’s underweight exposure to Johnson & Johnson aided Index-relative returns as an impending lack of exclusivity for its Stelara brand drug raised investor concerns

↑ An underweight position in Chevron Corp. helped relative returns as complications with its acquisition of Hess Corp. weighed on Chevron’s stock’s price

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Parametric Equity Premium Income ETF - NAV	S&P 500^® Index	Russell 1000^® Value Index
10/23	$10,000	$10,000	$10,000
11/23	$10,014	$10,468	$10,377
12/23	$10,433	$10,943	$10,951
01/24	$10,374	$11,127	$10,962
02/24	$10,591	$11,721	$11,367
03/24	$11,165	$12,098	$11,935
04/24	$10,839	$11,605	$11,426
05/24	$11,095	$12,180	$11,788
06/24	$10,879	$12,618	$11,677
07/24	$11,486	$12,772	$12,274
08/24	$11,548	$13,082	$12,603
09/24	$11,638	$13,360	$12,778

Average Annual Total Returns (%)

	Since Inception^{Footnote Reference*}
Parametric Equity Premium Income ETF - NAV (Inception October 16, 2023)	16.38%
S&P 500^® Index	33.60%
Russell 1000^® Value Index	27.78%

Footnote	Description
Footnote^*	Returns for periods less than one year are not annualized.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$76,170,077
# of Portfolio Holdings	183
Portfolio Turnover Rate	38%
Total Management Fees Paid	$100,480

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2024
Short Term Investment	3.5%
Other	(0.3)%
Communication Services	2.8%
Information Technology	7.9%
Energy	9.5%
Health Care	10.5%
Consumer Discretionary	10.5%
Financials	10.8%
Industrials	11.0%
Materials	11.0%
Consumer Staples	11.2%
Utilities	11.6%

Top Ten Holdings (% of total investments)^{Footnote Referencea}

3M Co.	0.7%
Ingredion, Inc.	0.7%
Walmart, Inc.	0.7%
DT Midstream, Inc.	0.7%
Kellanova	0.7%
Packaging Corp. of America	0.7%
International Business Machines Corp.	0.7%
AT&T, Inc.	0.7%
VF Corp.	0.7%
Aflac, Inc.	0.7%
Total	7.0%

Footnote	Description
Footnote^a	Excluding cash equivalents

Additional Information

Householding

Annual Shareholder Report September 30, 2024

PAPI-TSR-AR

Not FDIC Insured | May Lose Value | No Bank Guarantee

Morgan Stanley ETF Trust - Parametric Hedged Equity ETF

PHEQ | NYSE Arca

Annual Shareholder Report September 30, 2024

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Parametric Hedged Equity ETF for the period of October 16, 2023 to September 30, 2024. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
PHEQ	$30	0.29%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operations for the full year.

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500^® Index (the Index).

↓ A defensive put-spread collar structure was the primary driver of the Fund’s underperformance relative to the Index during the period

↓ Written call options were the largest detractor from Fund performance as the Index advanced above call strikes sold during the period

↓ Long put spreads detracted from performance relative to the Index due to time decay and financial tranches that expired “out of the money” during the period

↓ The Fund’s equity portfolio, which tracks the Index while seeking to optimize tax efficiencies, slightly underperformed in line with the Index during the period

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Parametric Hedged Equity ETF - NAV	S&P 500^® Index
10/23	$10,000	$10,000
11/23	$10,360	$10,468
12/23	$10,600	$10,943
01/24	$10,714	$11,127
02/24	$10,963	$11,721
03/24	$11,019	$12,098
04/24	$10,930	$11,605
05/24	$11,182	$12,180
06/24	$11,350	$12,618
07/24	$11,423	$12,772
08/24	$11,652	$13,082
09/24	$11,776	$13,360

Average Annual Total Returns (%)

	Since Inception^{Footnote Reference1}
Parametric Hedged Equity ETF - NAV (Inception October 16, 2023)	17.76%
S&P 500^® Index	33.60%

Footnote	Description
Footnote¹	Returns for periods less than one year are not annualized.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$41,605,726
# of Portfolio Holdings	219
Portfolio Turnover Rate	25%
Total Management Fees Paid	$83,548

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2024
Short Term Investment	1.2%
Other	1.1%
Real Estate	2.1%
Materials	2.3%
Utilities	2.5%
Energy	3.4%
Consumer Staples	5.7%
Industrials	8.4%
Communication Services	9.6%
Consumer Discretionary	10.0%
Health Care	11.3%
Financials	12.1%
Information Technology	30.3%

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Apple, Inc.	6.9%
Microsoft Corp.	6.6%
NVIDIA Corp.	6.0%
Amazon.com, Inc.	3.7%
Meta Platforms, Inc., Class A	2.7%
Alphabet, Inc., Class A	2.1%
Alphabet, Inc., Class C	1.8%
Broadcom, Inc.	1.8%
Eli Lilly & Co.	1.6%
Tesla, Inc.	1.5%
Total	34.7%

Footnote	Description
Footnote^a	Excluding cash equivalents

Additional Information

Householding

Annual Shareholder Report September 30, 2024

PHEQ-TSR-AR

Not FDIC Insured | May Lose Value | No Bank Guarantee

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Credit Quality (% of net assets)Footnote Referencea

Asset Allocation (% of total investments)

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Industry Weightings (% of total investments)

Asset Allocation (% of total investments)

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Credit Quality (% of net assets)Footnote Referencea

Sector Allocation (% of total investments)

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Credit Quality (% of net assets)Footnote Referencea

Summary by State (% of total investments)

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Credit Quality (% of net assets)^{Footnote Referencea}

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Credit Quality (% of net assets)^{Footnote Referencea}

Credit Quality (% of net assets)^{Footnote Referencea}

Credit Quality (% of net assets)^{Footnote Referencea}

Credit Quality (% of net assets)^{Footnote Referencea}

Credit Quality (% of net assets)^{Footnote Referencea}

Credit Quality (% of net assets)^{Footnote Referencea}

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Top Ten Holdings (% of total investments)^{Footnote Referencea}