NPORT-EX 2 primary-document.htm NPORT PART F
Schedule
of
investments
Macquarie
Energy
Transition
ETF
1
June
30,
2025
(Unaudited)
NQ-ET002J
(0625)
0825
(4715970)
Number
of
shares
Value
(US
$)
Common
Stocks
—
99
.12
%
Agricultural
Products
&
Services
-
2
.81
%
Darling
Ingredients,
Inc.
†
5,388
$
204,421‌
204,421‌
Aluminum
-
3
.26
%
Alcoa
Corp.
8,053
237,644‌
237,644‌
Coal
&
Consumable
Fuels
-
4
.21
%
Cameco
Corp.
4,129
306,496‌
306,496‌
Commodity
Chemicals
-
0
.93
%
Methanex
Corp.
2,047
67,756‌
67,756‌
Construction
&
Engineering
-
2
.89
%
Arcosa,
Inc.
2,428
210,532‌
210,532‌
Copper
-
4
.58
%
ERO
Copper
Corp.
†
19,767
333,865‌
333,865‌
Diversified
Metals
&
Mining
-
10
.43
%
Anglo
American
plc
4,972
146,733‌
Foran
Mining
Corp.
†
14,329
32,094‌
Hudbay
Minerals,
Inc.
37,968
402,892‌
MP
Materials
Corp.
†
4,134
137,538‌
NGEx
Minerals
Ltd.
†
3,415
39,874‌
759,131‌
Electric
Utilities
-
1
.05
%
Constellation
Energy
Corp.
236
76,171‌
76,171‌
Electrical
Components
&
Equipment
-
5
.26
%
Generac
Holdings,
Inc.
†
1,682
240,879‌
Nexans
SA
1,089
142,261‌
383,140‌
Fertilizers
&
Agricultural
Chemicals
-
4
.58
%
CF
Industries
Holdings,
Inc.
3,628
333,776‌
333,776‌
Gold
-
4
.66
%
Coeur
Mining,
Inc.
†
11,667
103,370‌
Wheaton
Precious
Metals
Corp.
2,624
235,635‌
339,005‌
Heavy
Electrical
Equipment
-
2
.01
%
GE
Vernova,
Inc.
277
146,574‌
146,574‌
Schedule
of
investments
Macquarie
Energy
Transition
ETF
2
NQ-ET002J
(0625)
0825
(4715970)
Number
of
shares
Value
(US
$)
Common
Stocks
(continued)
Independent
Power
Producers
&
Energy
Traders
-
1
.77
%
Vistra
Corp.
665
$
128,884‌
128,884‌
Integrated
Oil
&
Gas
-
4
.45
%
Shell
plc
ADR
4,597
323,675‌
323,675‌
Oil
&
Gas
Equipment
&
Services
-
1
.95
%
Baker
Hughes
Co.,
Class
A
3,698
141,781‌
141,781‌
Oil
&
Gas
Exploration
&
Production
-
20
.59
%
ARC
Resources
Ltd.
14,867
313,443‌
Chord
Energy
Corp.
743
71,960‌
ConocoPhillips
1,984
178,044‌
EOG
Resources,
Inc.
1,597
191,017‌
EQT
Corp.
3,656
213,218‌
Expand
Energy
Corp.
2,606
304,746‌
Permian
Resources
Corp.,
Class
A
6,093
82,987‌
Tourmaline
Oil
Corp.
2,972
143,389‌
1,498,804‌
Oil
&
Gas
Refining
&
Marketing
-
10
.41
%
HF
Sinclair
Corp.
7,530
309,332‌
Marathon
Petroleum
Corp.
843
140,031‌
Valero
Energy
Corp.
2,298
308,897‌
758,260‌
Precious
Metals
&
Minerals
-
0
.35
%
Valterra
Platinum
Ltd.
†
577
25,345‌
25,345‌
Semiconductors
-
5
.54
%
First
Solar,
Inc.
†
2,436
403,255‌
403,255‌
Specialty
Chemicals
-
0
.98
%
Johnson
Matthey
plc
2,993
71,321‌
71,321‌
Steel
-
6
.41
%
Metallus,
Inc.
†
10,994
169,418‌
Steel
Dynamics,
Inc.
2,320
296,983‌
466,401‌
Total
Common
Stocks
(cost
$6,215,665)
7,216,237‌
3
NQ-ET002J
(0625)
0825
(4715970)
Number
of
shares
Value
(US
$)
Short-Term
Investments
—
0
.88
%
Money
Market
Mutual
Funds
-
0
.88
%
JPMorgan
U.S.
Government
Money
Market
Fund
—
Class
Morgan
(seven-day
effective
yield
3.81%)
63,989
$
63,989‌
Total
Short-Term
Investments
(Cost
$63,989)
63,989‌
Total
Value
of
Securities
—
100.00%
        (cost
$6,279,654)
7,280,226‌
Liabilities
Net
of
Receivables
and
Other
Assets
—
(0.00%)
(
328‌
)
Net
Assets
Applicable
to
254,000
Shares
Outstanding
—
100.00%
$
7,279,898‌
†
Non-income
producing
security.
Summary
of
abbreviations:
ADR
–
American
Depositary
Receipt
Schedule
of
investments
Macquarie
Focused
Emerging
Markets
Equity
ETF
4
June
30,
2025
(Unaudited)
NQ-ET005J
(0625)
0825
(4715970)
Number
of
shares
Value
(US
$)
Common
Stocks
—
96
.31
%
Δ
Brazil
-
2
.78
%
Ambev
SA
ADR
80,734
$
194,569
Petroleo
Brasileiro
SA
-
Petrobras
ADR
29,166
364,867
559,436
China
-
15
.31
%
Alibaba
Group
Holding
Ltd.
ADR
8,063
914,425
Baidu,
Inc.
ADR
†
1,086
93,135
BeOne
Medicines
Ltd.
ADR
†
845
204,549
Meituan,
Class
B
144A
#,†
20,037
319,828
New
Oriental
Education
&
Technology
Group,
Inc.
ADR
2,432
131,207
PDD
Holdings,
Inc.
ADR
†
3,223
337,319
TAL
Education
Group
ADR
†
11,615
118,705
Tencent
Holdings
Ltd.
12,380
793,271
Trip.com
Group
Ltd.
ADR
1,703
99,864
ZTO
Express
Cayman,
Inc.
ADR
3,666
65,072
3,077,375
Hong
Kong
-
3
.08
%
Hong
Kong
Exchanges
&
Clearing
Ltd.
11,614
619,615
619,615
India
-
12
.20
%
Aurobindo
Pharma
Ltd.
†
3,043
40,266
Dr
Reddy's
Laboratories
Ltd.
ADR
6,321
95,005
HDFC
Bank
Ltd.
16,607
387,580
Infosys
Ltd.
ADR
11,730
217,357
Reliance
Industries
Ltd.
GDR
144A
#
13,557
946,279
Reliance
Industries
Ltd.
29,406
514,536
Tata
Consultancy
Services
Ltd.
4,060
163,896
Tata
Consumer
Products
Ltd.
6,835
87,581
2,452,500
Indonesia
-
2
.07
%
Astra
International
Tbk.
PT
419,124
116,172
Bank
Central
Asia
Tbk.
PT
422,331
225,668
Unilever
Indonesia
Tbk.
PT
841,035
75,116
416,956
Malaysia
-
1
.05
%
Public
Bank
Bhd.
207,000
211,892
211,892
Mexico
-
5
.83
%
America
Movil
SAB
de
CV
ADR
9,893
177,481
Cemex
SAB
de
CV
ADR
20,358
141,081
Coca-Cola
Femsa
SAB
de
CV
ADR
2,086
201,779
5
NQ-ET005J
(0625)
0825
(4715970)
Number
of
shares
Value
(US
$)
Common
Stocks
(continued)
Mexico
(continued)
Fomento
Economico
Mexicano
SAB
de
CV
ADR
1,586
$
163,326
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
35,113
320,956
Wal-Mart
de
Mexico
SAB
de
CV
50,420
166,996
1,171,619
Peru
-
1
.05
%
Credicorp
Ltd.
942
210,556
210,556
Saudi
Arabia
-
0
.34
%
Saudi
Arabian
Oil
Co.
144A
#
10,507
68,132
68,132
Singapore
-
0
.54
%
Grab
Holdings
Ltd.,
Class
A
†
21,439
107,838
107,838
South
Africa
-
1
.28
%
Naspers
Ltd.,
Class
N
824
256,707
256,707
South
Korea
-
29
.21
%
Samsung
C&T
Corp.
4,545
543,541
Samsung
Electronics
Co.
Ltd.
24,299
1,076,675
Samsung
Life
Insurance
Co.
Ltd.
2,158
203,711
SK
Hynix,
Inc.
9,567
2,069,920
SK
Square
Co.
Ltd.
†
14,602
1,979,969
5,873,816
Taiwan
-
19
.25
%
Delta
Electronics,
Inc.
13,273
187,654
FIT
Hon
Teng
Ltd.
144A
#,†
240,240
71,920
Hon
Hai
Precision
Industry
Co.
Ltd.
52,013
286,666
MediaTek,
Inc.
9,337
399,536
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
80,623
2,925,523
3,871,299
Thailand
-
1
.01
%
Bangkok
Bank
PCL
26,100
111,598
PTT
PCL
98,800
91,175
202,773
Turkiye
-
1
.31
%
Akbank
TAS
153,704
263,265
263,265
Total
Common
Stocks
(cost
$15,971,731)
19,363,779
Schedule
of
investments
Macquarie
Focused
Emerging
Markets
Equity
ETF
6
NQ-ET005J
(0625)
0825
(4715970)
Number
of
shares
Value
(US
$)
Preferred
Stocks
—
2
.28
%
Δ
Brazil
-
2
.10
%
Banco
Bradesco
SA
46,501
$
143,688
Itau
Unibanco
Holding
SA
40,955
278,084
421,772
South
Korea
-
0
.18
%
LG
Chem
Ltd.
459
36,289
36,289
Total
Preferred
Stocks
(cost
$369,794)
458,061
Short-Term
Investments
—
1
.38
%
Money
Market
Mutual
Funds
-
1
.38
%
JPMorgan
U.S.
Government
Money
Market
Fund
—
Class
Morgan
(seven-day
effective
yield
3.81%)
278,306
278,306
Total
Short-Term
Investments
(cost
$278,306)
278,306
Total
Value
of
Securities
—
99.97%
      (cost
$16,619,831)
20,100,146
Receivables
and
Other
Assets
Net
of
Liabilities
—
0.03%
6,936
Net
Assets
Applicable
to
650,000
Shares
Outstanding
—
100.00%
$
20,107,082
Δ
Securities
have
been
classified
by
country
of
risk.
†
Non-income
producing
security.
#
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
At
June
30,
2025,
the
aggregate
value
of
Rule
144A
securities
was
$1,406,159,
which
represents
6.99%
of
the
Fund's
net
assets.
Summary
of
abbreviations:
ADR
–
American
Depositary
Receipt
GDR
–
Global
Depositary
Receipt
Schedule
of
investments
Macquarie
Focused
Large
Growth
ETF
7
June
30,
2025
(Unaudited)
NQ-ET004J
(0625)
0825
(4715970)
Number
of
shares
Value
(US
$)
Common
Stocks
—
99
.61
%
^
Communication
Services
-
4
.75
%
Alphabet,
Inc.,
Class
C
72,736
$
12,902,639
12,902,639
Consumer
Discretionary
-
9
.95
%
Amazon.com,
Inc.
†
87,224
19,136,073
Ferrari
NV
16,035
7,869,016
27,005,089
Consumer
Staples
-
2
.58
%
Coca-Cola
Co.
(The)
98,906
6,997,599
6,997,599
Financials
-
18
.02
%
Intercontinental
Exchange,
Inc.
67,031
12,298,177
Mastercard,
Inc.,
Class
A
12,971
7,288,924
MSCI,
Inc.,
Class
A
15,760
9,089,422
S&P
Global,
Inc.
14,710
7,756,436
Visa,
Inc.,
Class
A
35,132
12,473,617
48,906,576
Healthcare
-
7
.78
%
Danaher
Corp.
46,683
9,221,760
UnitedHealth
Group,
Inc.
24,473
7,634,842
Veeva
Systems,
Inc.,
Class
A
†
14,848
4,275,927
21,132,529
Industrials
-
3
.88
%
Waste
Connections,
Inc.
56,485
10,546,879
10,546,879
Information
Technology
-
45
.47
%
Apple,
Inc.
84,185
17,272,237
Intuit,
Inc.
15,499
12,207,477
Microsoft
Corp.
80,071
39,828,116
Motorola
Solutions,
Inc.
16,620
6,988,045
NVIDIA
Corp.
215,598
34,062,328
Synopsys,
Inc.
†
18,149
9,304,629
VeriSign,
Inc.
12,983
3,749,491
123,412,323
Real
Estate
-
7
.18
%
CoStar
Group,
Inc.
†
116,845
9,394,338
Equinix,
Inc.
REIT
12,681
10,087,355
19,481,693
Total
Common
Stocks
(cost
$249,270,945)
270,385,327
Schedule
of
investments
Macquarie
Focused
Large
Growth
ETF
8
NQ-ET004J
(0625)
0825
(4715970)
Number
of
shares
Value
(US
$)
Short-Term
Investments
—
0
.57
%
Money
Market
Mutual
Funds
-
0
.57
%
JPMorgan
U.S.
Government
Money
Market
Fund
—
Class
Morgan
(seven-day
effective
yield
3.81%)
1,535,375
$
1,535,375
Total
Short-Term
Investments
(Cost
$1,535,375)
1,535,375
Total
Value
of
Securities
—
100.18%
        (cost
$250,806,320)
271,920,702
Liabilities
Net
of
Receivables
and
Other
Assets
—
(0.18%)
(
501,296
)
Net
Assets
Applicable
to
9,475,000
Shares
Outstanding
—
100.00%
$
271,419,406
^
Narrow
industries
are
utilized
for
compliance
purposes
for
concentration
whereas
broad
sectors
are
used
for
financial
reporting.
†
Non-income
producing
security.
Summary
of
abbreviations:
MSCI
–
Morgan
Stanley
Capital
International
REIT
–
Real
Estate
Investment
Trust
S&P
–
Standard
&
Poor’s
Financial
Services
LLC
Schedule
of
investments
Macquarie
Global
Listed
Infrastructure
ETF
9
June
30,
2025
(Unaudited)
NQ-ET001J
(0625)
0825
(4715970)
Number
of
shares
Value
(US
$)
Common
Stocks
—
98
.87
%
Δ
Australia
-
3
.94
%
Atlas
Arteria
Ltd.
23,659
$
79,257‌
Transurban
Group
14,279
131,380‌
210,637‌
Brazil
-
0
.77
%
Motiva
Infraestrutura
de
Mobilidade
SA
16,201
41,121‌
41,121‌
Canada
-
8
.56
%
Canadian
National
Railway
Co.
396
41,262‌
Enbridge,
Inc.
6,986
316,788‌
Gibson
Energy,
Inc.
5,644
99,057‌
457,107‌
China
-
1
.77
%
China
Gas
Holdings
Ltd.
46,200
43,140‌
China
Tower
Corp.
Ltd.,
Class
H
144A
#
36,073
51,559‌
94,699‌
France
-
3
.22
%
Aeroports
de
Paris
SA
1,372
171,958‌
171,958‌
Germany
-
2
.07
%
Fraport
AG
Frankfurt
Airport
Services
Worldwide
†
1,469
110,660‌
110,660‌
Greece
-
1
.06
%
Athens
International
Airport
SA
4,849
56,405‌
56,405‌
Hong
Kong
-
2
.37
%
CLP
Holdings
Ltd.
12,000
101,045‌
HK
Electric
Investments
&
HK
Electric
Investments
Ltd.
35,000
25,548‌
126,593‌
Italy
-
9
.20
%
Enav
SpA
144A
#
39,665
183,249‌
Enel
SpA
12,284
116,570‌
ERG
SpA
3,860
84,390‌
Terna
-
Rete
Elettrica
Nazionale
10,457
107,486‌
491,695‌
Mexico
-
2
.14
%
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
ADR
358
114,155‌
114,155‌
Schedule
of
investments
Macquarie
Global
Listed
Infrastructure
ETF
10
NQ-ET001J
(0625)
0825
(4715970)
Number
of
shares
Value
(US
$)
Common
Stocks
(continued)
Netherlands
-
1
.80
%
Koninklijke
Vopak
NV
1,937
$
96,333‌
96,333‌
New
Zealand
-
3
.42
%
Auckland
International
Airport
Ltd.
38,677
182,593‌
182,593‌
Spain
-
12
.20
%
Aena
SME
SA
144A
#
5,060
135,063‌
Cellnex
Telecom
SA
144A
#
4,188
162,551‌
EDP
Renovaveis
SA
12,490
139,402‌
Redeia
Corp.
SA
3,702
79,148‌
Sacyr
SA
33,124
135,316‌
651,480‌
Thailand
-
0
.51
%
Airports
of
Thailand
PCL
29,200
27,171‌
27,171‌
United
Kingdom
-
10
.51
%
National
Grid
plc
15,415
224,607‌
Pennon
Group
plc
8,598
59,187‌
Severn
Trent
plc
1,107
41,544‌
SSE
plc
1,830
45,994‌
United
Utilities
Group
plc
12,149
190,360‌
561,692‌
United
States
of
America
-
35
.33
%
American
Electric
Power
Co.,
Inc.
1,416
146,924‌
Cheniere
Energy,
Inc.
561
136,615‌
CMS
Energy
Corp.
1,887
130,731‌
Crown
Castle,
Inc.
REIT
1,083
111,256‌
Dominion
Energy,
Inc.
1,413
79,863‌
Essential
Utilities,
Inc.
4,264
158,365‌
Eversource
Energy
1,453
92,440‌
Exelon
Corp.
3,806
165,256‌
Kinder
Morgan,
Inc.
3,882
114,131‌
NextEra
Energy,
Inc.
2,550
177,021‌
ONEOK,
Inc.
925
75,508‌
PG&E
Corp.
9,570
133,406‌
Sempra
2,359
178,741‌
Spire,
Inc.
534
38,977‌
Xcel
Energy,
Inc.
2,179
148,390‌
1,887,624‌
Total
Common
Stocks
(cost
$4,859,361)
5,281,923‌
11
NQ-ET001J
(0625)
0825
(4715970)
Number
of
shares
Value
(US
$)
Short-Term
Investments
—
0
.50
%
Money
Market
Mutual
Funds
-
0
.50
%
JPMorgan
U.S.
Government
Money
Market
Fund
—
Class
Morgan
(seven-day
effective
yield
3.81%)
26,894
$
26,894‌
Total
Short-Term
Investments
(cost
$26,894)
26,894‌
Total
Value
of
Securities
—
99.37%
      (cost
$4,886,255)
5,308,817‌
Receivables
and
Other
Assets
Net
of
Liabilities
—
0.63%
33,552‌
Net
Assets
Applicable
to
200,000
Shares
Outstanding
—
100.00%
$
5,342,369‌
Δ
Securities
have
been
classified
by
country
of
risk.
#
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
At
June
30,
2025,
the
aggregate
value
of
Rule
144A
securities
was
$532,422,
which
represents
9.97%
of
the
Fund's
net
assets.
†
Non-income
producing
security.
Summary
of
abbreviations:
ADR
–
American
Depositary
Receipt
AG
–
Aktiengesellschaft
REIT
–
Real
Estate
Investment
Trust
SpA
–
Stand-by
Purchase
Agreement
Schedule
of
investments
Macquarie
Tax-Free
USA
Short
Term
ETF
12
June
30,
2025
(Unaudited)
NQ-ET003J
(0625)
0825
(4715970)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
  —
98
.55
%
Education
Revenue
Bonds
-
9
.26
%
Arizona
Industrial
Development
Authority
(Equitable
School
Revolving
Fund
LLC
Obligated
Group)
Series
2022A
5.00%
11/1/28
160,000
$
168,609‌
Colorado
Educational
&
Cultural
Facilities
Authority
(Science
Technology
Engineering
&
Math
High
School)
Series
2014
4.50%
11/1/29
200,000
200,036‌
Maricopa
County
Industrial
Development
Authority
(Arizona
Autism
Charter
Schools
Obligated
Group)
Series
2020A
144A
4.00%
7/1/30
#
100,000
98,881‌
467,526‌
Electric
Revenue
Bonds
-
9
.91
%
City
of
Chaska
(Electric)
Series
2015A
5.00%
10/1/28
155,000
155,807‌
Housing
&
Redevelopment
Authority
of
The
City
of
St
Paul
Minnesota
(District
Energy
St
Paul
Obligated
Group)
Series
2017A
4.00%
10/1/30
240,000
242,471‌
Utility
Debt
Securitization
Authority
Series
2016A
5.00%
6/15/28
100,000
102,177‌
500,455‌
Healthcare
Revenue
Bonds
-
25
.61
%
Augusta
Development
Authority
(WellStar
Health
System
Obligated
Group)
Series
2018
5.00%
7/1/28
135,000
141,974‌
California
Municipal
Finance
Authority
(Eisenhower
Medical
Center)
Series
2017A
5.00%
7/1/29
90,000
92,231‌
Colorado
Health
Facilities
Authority
(Valley
View
Hospital
Association)
Series
2015
5.00%
5/15/28
100,000
100,118‌
(Valley
View
Hospital
Association)
Series
2017A
5.00%
5/15/27
150,000
155,939‌
(CommonSpirit
Health
Obligated
Group)
Series
2019A-1
5.00%
8/1/29
110,000
117,789‌
13
NQ-ET003J
(0625)
0825
(4715970)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Healthcare
Revenue
Bonds
(continued)
Cumberland
County
Municipal
Authority
(Penn
State
Health
Obligated
Group)
Series
2019
5.00%
11/1/27
75,000
$
78,333‌
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
(Vanderbilt
University
Medical
Center
Obligated
Group)
Series
2016A
5.00%
7/1/29
25,000
25,387‌
Montgomery
County
Higher
Education
and
Health
Authority
(Thomas
Jefferson
University
Obligated
Group)
Series
2019
5.00%
9/1/29
160,000
172,090‌
New
Hampshire
Business
Finance
Authority
(Springpoint
Senior
Living
Obligated
Group)
Series
2021
4.00%
1/1/28
175,000
174,622‌
Oklahoma
Development
Finance
Authority
(OU
Medicine
Obligated
Group)
Series
2018B
5.00%
8/15/29
125,000
129,555‌
Washington
Health
Care
Facilities
Authority
(CommonSpirit
Health
Obligated
Group)
Series
2019A-2
5.00%
8/1/28
100,000
105,616‌
1,293,654‌
Industrial
Development
Revenue
Bonds
-
7
.64
%
California
Community
Choice
Financing
Authority
Series
2023G-1
5.25%
11/1/54
•
75,000
79,516‌
Lower
Alabama
Gas
District
(The)
Series
2016A
5.00%
9/1/29
125,000
130,852‌
Main
Street
Natural
Gas,
Inc.
Series
2022B
5.00%
12/1/52
•
110,000
114,226‌
New
York
Transportation
Development
Corp.
(Delta
Air
Lines,
Inc.)
Series
2018
5.00%
1/1/28
(AMT)
60,000
61,481‌
386,075‌
Schedule
of
investments
Macquarie
Tax-Free
USA
Short
Term
ETF
14
NQ-ET003J
(0625)
0825
(4715970)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Leasing
Revenue
Bonds
-
3
.16
%
New
Jersey
Transportation
Trust
Fund
Authority
(State
of
New
Jersey)
Series
2019BB
5.00%
6/15/30
150,000
$
159,479‌
159,479‌
Local
General
Obligation
Revenue
Bonds
-
2
.67
%
City
of
Detroit
Series
2018
5.00%
4/1/29
130,000
135,090‌
135,090‌
State
General
Obligation
Revenue
Bonds
-
12
.70
%
District
of
Columbia
Series
2019A
5.00%
10/15/25
195,000
196,182‌
State
of
Connecticut
Series
2018E
5.00%
9/15/28
130,000
139,392‌
State
of
New
Jersey
Series
2020A
5.00%
6/1/29
75,000
81,290‌
State
of
Texas
Series
2018
5.00%
8/1/26
(AMT)
220,000
224,701‌
641,565‌
Transportation
Revenue
Bonds
-
14
.29
%
City
&
County
of
Denver
(Airport
System)
Series
2022D
5.25%
11/15/26
(AMT)
140,000
143,905‌
City
of
Los
Angeles
Department
of
Airports
Series
2025A
5.00%
5/15/30
(AMT)
150,000
160,812‌
Metropolitan
Transportation
Authority
Series
2017D
5.00%
11/15/30
60,000
62,509‌
Port
Authority
of
New
York
&
New
Jersey
Series
246
5.00%
9/1/30
185,000
198,437‌
Triborough
Bridge
&
Tunnel
Authority
Series
2021A
5.00%
11/1/25
155,000
156,089‌
721,752‌
Water
&
Sewer
Revenue
Bonds
-
13
.31
%
City
of
Chicago
(Waterworks)
Series
2004
5.00%
11/1/26
235,000
241,221‌
15
NQ-ET003J
(0625)
0825
(4715970)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Water
&
Sewer
Revenue
Bonds
(continued)
New
York
City
Municipal
Water
Finance
Authority
(New
York
City
Water
&
Sewer
System)
Series
2022,
Sub-Series
BB-2
5.00%
6/15/27
235,000
$
237,420‌
Pittsburgh
Water
&
Sewer
Authority
Series
2017A
5.00%
9/1/29
(AG)
185,000
193,509‌
672,150‌
Total
Municipal
Bonds
(cost
$4,937,955)
4,977,746‌
Total
Value
of
Securities
—
98.55%
        (cost
$4,937,955)
4,977,746‌
Receivables
and
Other
Assets
Net
of
Liabilities
—
1.45%
73,327‌
Net
Assets
Applicable
to
200,000
Shares
Outstanding
—
100.00%
$
5,051,073‌
°
Principal
amount
shown
is
stated
in
USD
unless
noted
that
the
security
is
denominated
in
another
currency.
•
Variable
rate
investment.
Rates
reset
periodically.
Rate
shown
reflects
the
rate
in
effect
at
June
30,
2025.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
are
indicated
in
their
descriptions.
The
reference
rate
descriptions
(i.e.
SOFR01M,
SOFR03M,
etc.)
used
in
this
report
are
identical
for
different
securities,
but
the
underlying
reference
rates
may
differ
due
to
the
timing
of
the
reset
period.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions,
or
for
mortgage-backed
securities,
are
impacted
by
the
individual
mortgages
which
are
paying
off
over
time.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
descriptions.
#
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
At
June
30,
2025,
the
aggregate
value
of
Rule
144A
securities
was
$98,881,
which
represents
1.96%
of
the
Fund's
net
assets.
Summary
of
abbreviations:
AG
–
Assured
Guaranty
AMT
–
Subject
to
Alternative
Minimum
Tax
SOFR01M
–
Secured
Overnight
Financing
Rate
1
Month
SOFR03M
–
Secured
Overnight
Financing
Rate
3
Month
Schedule
of
investments
Macquarie
National
High-Yield
Municipal
Bond
ETF
16
June
30,
2025
(Unaudited)
NQ-ET006J
(0625)
0825
(4715970)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
  —
100
.96
%
Education
Revenue
Bonds
-
20
.39
%
Arizona
Industrial
Development
Authority
(Odyssey
Preparatory
Academy,
Inc.
(The))
Series
2017A
144A
5.50%
7/1/52
#
50,000
$
46,530‌
Build
NYC
Resource
Corp.
(Bold
Charter
School)
Series
2025
144A
6.00%
7/1/60
#
100,000
99,418‌
California
School
Finance
Authority
(Envision
Education
Obligated
Group)
Series
2024A
144A
5.00%
6/1/44
#
250,000
230,064‌
Capital
Trust
Authority
(Mason
Classical
Academy,
Inc.)
Series
2024A
144A
5.00%
6/1/64
#
200,000
172,114‌
(Madrone
Florida
Tech
Student
Housing
I
LLC)
Series
2025A
144A
5.38%
7/1/65
#
100,000
93,414‌
City
of
Woodbury
(Math
&
Science
Academy)
Series
2025
144A
5.50%
6/1/63
#
100,000
90,486‌
Delaware
State
Economic
Development
Authority
(Academia
Antonia
Alonso,
Inc.)
Series
2025A
144A
6.00%
7/1/55
#
200,000
200,295‌
Florida
Higher
Educational
Facilities
Financing
Authority
(Keiser
University
Obligated
Group)
Series
2025
144A
6.25%
7/1/55
#
200,000
200,366‌
Indiana
Finance
Authority
Series
2025
5.75%
7/1/60
150,000
143,902‌
Iowa
Higher
Education
Loan
Authority
Series
2025
6.00%
10/1/55
200,000
205,838‌
Louisiana
Public
Facilities
Authority
(Acadiana
Renaissance
Charter
Academy)
Series
2025
144A
6.00%
6/15/59
#
100,000
98,006‌
(Lafayette
Renaissance
Charter
Academy)
Series
2025
144A
6.50%
6/15/59
#
100,000
100,331‌
17
NQ-ET006J
(0625)
0825
(4715970)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Education
Revenue
Bonds
(continued)
Maricopa
County
Industrial
Development
Authority
(Reid
Traditional
Schools
Obligated
Group)
Series
2016
5.00%
7/1/47
170,000
$
154,248‌
(Arizona
Autism
Charter
Schools
Obligated
Group)
Series
2021A
144A
4.00%
7/1/61
#
190,000
136,136‌
Public
Finance
Authority
(Shining
Rock
Classical
Academy,
Inc.)
Series
2022A
6.00%
6/15/52
100,000
88,794‌
Class
A
Series
2023-1
5.75%
7/1/62
247,451
248,273‌
Washington
State
Housing
Finance
Commission
(Provident
Group
-
SH
II
Properties
LLC)
Series
2025A
144A
5.25%
7/1/64
(BAM)
#
100,000
98,366‌
(Provident
Group
-
SH
II
Properties
LLC)
Series
2025A
144A
5.75%
7/1/60
#
150,000
150,791‌
2,557,372‌
Healthcare
Revenue
Bonds
-
21
.04
%
Arizona
Industrial
Development
Authority
(ISF
Ativo
Portfolio
Obligated
Group)
Series
2025A
144A
6.88%
3/1/55
#
100,000
99,591‌
(Great
Lakes
Senior
Living
Communities
LLC)
Series
2025A-2
5.13%
1/1/59
225,000
207,643‌
California
Public
Finance
Authority
(P3
Irvine
SL
Holdings
LLC
Obligated
Group)
Series
2024A
144A
6.50%
6/1/54
#
100,000
93,614‌
California
Statewide
Communities
Development
Authority
(Loma
Linda
University
Medical
Center
Obligated
Group)
Series
2016A
144A
5.00%
12/1/41
#
150,000
145,578‌
Capital
Projects
Finance
Authority
(Trilogy
Community
Development
Foundation,
Inc.
Obligated
Group)
Series
2025A
144A
7.13%
1/1/65
#
100,000
96,989‌
Schedule
of
investments
Macquarie
National
High-Yield
Municipal
Bond
ETF
18
NQ-ET006J
(0625)
0825
(4715970)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Healthcare
Revenue
Bonds
(continued)
City
of
Kalispell
(Immanuel
Living
at
Buffalo
Hill
Obligated
Group)
Series
2025A
6.00%
5/15/60
200,000
$
200,128‌
Colorado
Health
Facilities
Authority
(AdventHealth
Obligated
Group)
Series
2018A
4.00%
11/15/48
165,000
142,069‌
New
Hope
Cultural
Education
Facilities
Finance
Corp.
(Sanctuary
LTC
LLC)
Series
2021A-1
5.50%
1/1/57
150,000
138,842‌
(SLF
CHP
LLC)
Series
2025A
144A
6.25%
7/1/45
#
100,000
91,806‌
(Bella
Vida
Forefront
Living
Obligated
Group)
Series
2025A
6.50%
10/1/60
125,000
120,959‌
Oregon
Health
&
Science
University
Series
2021A
3.00%
7/1/51
200,000
137,662‌
Oregon
State
Facilities
Authority
(PeaceHealth
Obligated
Group)
Series
2018B
3.90%
8/1/34
•
300,000
300,000‌
Pennsylvania
Higher
Educational
Facilities
Authority
(University
of
Pennsylvania
Health
System
Obligated
Group
(The))
Series
2025
5.50%
8/15/55
200,000
210,596‌
Seminole
County
Industrial
Development
Authority
(CCRC
Development
Corp.
Obligated
Group)
Series
2019A
5.50%
11/15/49
150,000
132,709‌
Stamford
Housing
Authority
(TJH
Senior
Living
LLC
Obligated
Group)
Series
2025A
6.25%
10/1/60
100,000
97,080‌
State
of
Ohio
(Cleveland
Clinic
Health
System
Obligated
Group)
Series
2024A
5.00%
1/1/35
240,000
268,454‌
19
NQ-ET006J
(0625)
0825
(4715970)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Healthcare
Revenue
Bonds
(continued)
West
Virginia
Hospital
Finance
Authority
(West
Virginia
United
Health
System
Obligated
Group)
Series
2025A
5.50%
6/1/50
150,000
$
155,804‌
2,639,524‌
Housing
Revenue
Bonds
-
1
.59
%
Pennsylvania
Housing
Finance
Agency
Series
2025-149A
5.20%
4/1/53
200,000
199,895‌
199,895‌
Industrial
Development
Revenue
Bonds
-
16
.64
%
Black
Belt
Energy
Gas
District
Series
2023D-1
5.50%
6/1/49
•
150,000
158,266‌
Buckeye
Tobacco
Settlement
Financing
Authority
Class
2
Series
2020B-2
5.00%
6/1/55
400,000
341,497‌
Class
2
Series
2020B-3
9.55%
6/1/57
^
1,500,000
139,583‌
California
Infrastructure
&
Economic
Development
Bank
(Desertxpress
Enterprises
LLC)
Series
2025A
144A
9.50%
1/1/65
(AMT)
#,•
850,000
805,972‌
Florida
Development
Finance
Corp.
(Brightline
Trains
Florida
LLC)
Series
2024
5.50%
7/1/53
60,000
55,527‌
Maricopa
County
Industrial
Development
Authority
(Commercial
Metals
Co.)
Series
2022
144A
4.00%
10/15/47
#
200,000
166,347‌
Mobile
County
Industrial
Development
Authority
(AM/NS
Calvert
LLC)
Series
2024A
5.00%
6/1/54
150,000
144,056‌
Puerto
Rico
Industrial
Development
Co.
Series
2023
7.00%
1/1/54
•
175,000
162,681‌
Tobacco
Settlement
Financing
Corp.
Series
2007B-1
5.00%
6/1/47
130,000
112,973‌
2,086,902‌
Schedule
of
investments
Macquarie
National
High-Yield
Municipal
Bond
ETF
20
NQ-ET006J
(0625)
0825
(4715970)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Leasing
Revenue
Bonds
-
1
.70
%
Metropolitan
Pier
&
Exposition
Authority
(State
of
Illinois
McCormick
Place
Expansion
Project
Fund)
Series
2017B
5.27%
12/15/54
(BAM)
^
1,000,000
$
213,032‌
213,032‌
Local
General
Obligation
Revenue
Bonds
-
5
.58
%
Chicago
Board
of
Education
Series
2012A
5.00%
12/1/42
255,000
239,466‌
City
of
Chicago
Series
2025A
6.00%
1/1/50
150,000
154,870‌
City
of
New
York
Series
2023E-1
5.25%
4/1/47
125,000
129,270‌
Series
2025G-1
5.25%
2/1/50
100,000
104,139‌
Humble
Independent
School
District
Series
2020
3.00%
2/15/49
(PSF
Guaranty)
100,000
72,468‌
700,213‌
Special
Tax
Revenue
Bonds
-
12
.51
%
Black
Desert
Public
Infrastructure
District
(Black
Desert
Assessment
Area
No.
1)
Series
2024
144A
5.63%
12/1/53
#
150,000
148,592‌
Commonwealth
of
Puerto
Rico
0.00%
11/1/43
•
228,686
140,928‌
Creekwalk
Marketplace
Business
Improvement
District
Series
2024A
6.00%
12/1/54
100,000
93,056‌
GDB
Debt
Recovery
Authority
of
Puerto
Rico
7.50%
8/20/40
250,000
239,662‌
Puerto
Rico
Sales
Tax
Financing
Corp.
Series
A-1
4.75%
7/1/53
189,000
174,019‌
Series
A-1
5.00%
7/1/58
400,000
376,638‌
Series
A-1
5.37%
7/1/46
^
500,000
159,297‌
Series
A-2
4.78%
7/1/58
50,000
45,635‌
Village
Community
Development
District
No.
15
(Phase
I
Special
Assessment)
Series
2023
144A
5.25%
5/1/54
#
195,000
191,376‌
1,569,203‌
State
General
Obligation
Revenue
Bonds
-
9
.48
%
City
of
New
York
Series
2023A-4
3.95%
9/1/49
•
100,000
100,000‌
21
NQ-ET006J
(0625)
0825
(4715970)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
State
General
Obligation
Revenue
Bonds
(continued)
Commonwealth
of
Massachusetts
Series
2024B
5.00%
11/1/40
250,000
$
269,118‌
Commonwealth
of
Puerto
Rico
Series
2022A-1
4.00%
7/1/46
475,000
406,394‌
State
of
Illinois
Series
2024C
4.00%
10/1/48
300,000
251,526‌
Virginia
Public
Building
Authority
(Commonwealth
of
Virginia)
Series
2019A
5.00%
8/1/30
150,000
162,884‌
1,189,922‌
Transportation
Revenue
Bonds
-
9
.43
%
City
of
Los
Angeles
Department
of
Airports
Series
2021D
4.00%
5/15/51
100,000
86,769‌
Florida
Development
Finance
Corp.
(Brightline
Trains
Florida
LLC)
Series
2024
5.25%
7/1/47
(AMT)
200,000
182,095‌
New
Jersey
Turnpike
Authority
Series
2025B
5.00%
1/1/39
100,000
108,447‌
New
York
Transportation
Development
Corp.
(JFK
Millennium
Partners
LLC)
Series
2024A
5.50%
12/31/54
(AMT)
200,000
201,631‌
San
Diego
County
Regional
Airport
Authority
Series
2025B
5.50%
7/1/55
175,000
183,768‌
State
of
Hawaii
Airports
System
Series
2025A
5.25%
7/1/51
(AMT)
200,000
204,241‌
Virginia
Small
Business
Financing
Authority
(95
Express
Lanes
LLC)
Series
2022
4.00%
1/1/42
245,000
215,617‌
1,182,568‌
Water
&
Sewer
Revenue
Bonds
-
2
.60
%
New
York
City
Municipal
Water
Finance
Authority
(Water
&
Sewer
System)
Series
2022,
Sub-Series
AA-1
3.50%
6/15/48
160,000
126,353‌
Schedule
of
investments
Macquarie
National
High-Yield
Municipal
Bond
ETF
22
NQ-ET006J
(0625)
0825
(4715970)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Water
&
Sewer
Revenue
Bonds
(continued)
(New
York
City
Water
&
Sewer
System)
Series
2023,
Sub-Series
BB-2
3.60%
6/15/44
•
200,000
$
200,000‌
326,353‌
Total
Municipal
Bonds
(cost
$12,859,030)
12,664,984‌
Total
Value
of
Securities
—
100.96%
        (cost
$12,859,030)
12,664,984‌
Liabilities
Net
of
Receivables
and
Other
Assets
—
(0.96%)
(
120,201‌
)
Net
Assets
Applicable
to
525,000
Shares
Outstanding
—
100.00%
$
12,544,783‌
°
Principal
amount
shown
is
stated
in
USD
unless
noted
that
the
security
is
denominated
in
another
currency.
#
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
At
June
30,
2025,
the
aggregate
value
of
Rule
144A
securities
was
$3,556,182,
which
represents
28.35%
of
the
Fund's
net
assets.
•
Variable
rate
investment.
Rates
reset
periodically.
Rate
shown
reflects
the
rate
in
effect
at
June
30,
2025.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
are
indicated
in
their
descriptions.
The
reference
rate
descriptions
(i.e.
SOFR01M,
SOFR03M,
etc.)
used
in
this
report
are
identical
for
different
securities,
but
the
underlying
reference
rates
may
differ
due
to
the
timing
of
the
reset
period.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions,
or
for
mortgage-backed
securities,
are
impacted
by
the
individual
mortgages
which
are
paying
off
over
time.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
descriptions.
^
Zero-coupon
security.
The
rate
shown
is
the
effective
yield
at
the
time
of
purchase.
Summary
of
abbreviations:
AMT
–
Subject
to
Alternative
Minimum
Tax
SOFR01M
–
Secured
Overnight
Financing
Rate
1
Month
SOFR03M
–
Secured
Overnight
Financing
Rate
3
Month
Schedule
of
investments
Macquarie
Focused
International
Core
ETF
23
June
30,
2025
(Unaudited)
NQ-ET010J
(0625)
0825
(4715970)
Number
of
shares
Value
(US
$)
Common
Stocks
—
95
.31
%
Δ
Austria
-
1
.96
%
Mondi
plc
6,224
$
101,623
101,623
Brazil
-
6
.95
%
Banco
do
Brasil
SA
37,244
151,427
MercadoLibre,
Inc.
†
80
209,091
360,518
Canada
-
2
.98
%
Descartes
Systems
Group,
Inc.
(The)
†
1,520
154,405
154,405
China
-
3
.87
%
China
Merchants
Bank
Co.
Ltd.,
Class
H
14,632
102,238
Tencent
Holdings
Ltd.
1,540
98,679
200,917
Denmark
-
1
.81
%
Novo
Nordisk
A/S,
Class
B
1,354
93,976
93,976
France
-
5
.10
%
Airbus
SE
800
167,043
Hermes
International
SCA
36
97,492
264,535
Germany
-
16
.37
%
Deutsche
Telekom
AG
4,152
151,470
Heidelberg
Materials
AG
724
170,098
KION
Group
AG
2,072
115,299
SAP
SE
504
153,260
Siemens
AG
404
103,578
Siemens
Healthineers
AG
144A
#
2,803
155,383
849,088
Hong
Kong
-
1
.96
%
Prudential
plc
8,140
101,968
101,968
India
-
3
.95
%
HDFC
Bank
Ltd.
ADR
2,676
205,169
205,169
Japan
-
13
.82
%
Marubeni
Corp.
4,800
97,096
Mitsubishi
UFJ
Financial
Group,
Inc.
10,800
148,720
Nintendo
Co.
Ltd.
1,200
115,663
Renesas
Electronics
Corp.
7,600
94,416
Seven
&
i
Holdings
Co.
Ltd.
9,600
154,861
Schedule
of
investments
Macquarie
Focused
International
Core
ETF
24
NQ-ET010J
(0625)
0825
(4715970)
Number
of
shares
Value
(US
$)
Common
Stocks
(continued)
Japan
(continued)
Shin-Etsu
Chemical
Co.
Ltd.
3,200
$
106,041
716,797
Netherlands
-
6
.83
%
Adyen
NV
144A
#,†
52
95,457
ASML
Holding
NV
128
102,167
ING
Groep
NV
7,140
156,655
354,279
Singapore
-
4
.00
%
Grab
Holdings
Ltd.,
Class
A
†
21,208
106,676
Sea
Ltd.
ADR
†
632
101,082
207,758
South
Korea
-
3
.44
%
SK
Hynix,
Inc.
824
178,281
178,281
Spain
-
1
.94
%
Banco
Bilbao
Vizcaya
Argentaria
SA
6,544
100,635
100,635
Taiwan
-
4
.01
%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
5,740
208,284
208,284
United
Kingdom
-
6
.59
%
BAE
Systems
plc
3,816
98,815
Compass
Group
plc
2,884
97,662
Diageo
plc
5,792
145,333
341,810
United
States
of
America
-
9
.73
%
Alcon
AG
1,164
102,758
Experian
plc
1,928
99,296
Haleon
plc
18,824
96,740
Shell
plc
2,792
98,632
Spotify
Technology
SA
†
140
107,428
504,854
Total
Common
Stocks
(cost
$4,757,321)
4,944,897
Total
Value
of
Securities
—
95.31%
      (cost
$4,757,321)
4,944,897
Receivables
and
Other
Assets
Net
of
Liabilities
—
4.69%
243,364
Net
Assets
Applicable
to
200,000
Shares
Outstanding
—
100.00%
$
5,188,261
Δ
Securities
have
been
classified
by
country
of
risk.
†
Non-income
producing
security.
25
NQ-ET010J
(0625)
0825
(4715970)
#
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
At
June
30,
2025,
the
aggregate
value
of
Rule
144A
securities
was
$250,840,
which
represents
4.83%
of
the
Fund's
net
assets.
Summary
of
abbreviations:
ADR
–
American
Depositary
Receipt
AG
–
Aktiengesellschaft