UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-23890

Exact name of registrant as specified in charter:	Macquarie ETF Trust

Address of principal executive offices:	610 Market Street Philadelphia, PA 19106

Name and address of agent for service:	David F. Connor, Esq. 610 Market Street Philadelphia, PA 19106

Registrant’s telephone number, including area code:	(800) 523-1918

Date of fiscal year end:	March 31

Date of reporting period:	September 30, 2025

Item 1. Reports to Stockholders.

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

Macquarie Energy Transition ETF: PWER

Principal listing exchange: NYSE Arca

Semi-annual shareholder report — September 30, 2025

This semi-annual shareholder report contains important information about Macquarie Energy Transition ETF (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

What were the Fund's costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference^}
PWER	$46	0.79%

Footnote	Description
Footnote^{^}	Annualized

Fund statistics

(as of September 30, 2025)

Fund net assets$7,515,114
Total number of portfolio holdings^{Footnote Reference*}33
Total advisory fees paid (during reporting period)$26,862
Portfolio turnover rate25%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

Fund holdings

(as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation^{Footnote Reference*}

Oil & Gas Exploration & Production	23.07%
Diversified Metals & Mining	10.79%
Oil & Gas Refining & Marketing	6.94%
Steel	6.79%
Gold	5.70%
Semiconductors	5.00%
Electrical Components & Equipment	4.81%
Copper	4.49%
Fertilizers & Agricultural Chemicals	3.99%
Integrated Oil & Gas	3.46%

Top 10 equity holdings

First Solar, Inc.	5.00%
Steel Dynamics, Inc.	4.60%
ERO Copper Corp.	4.49%
Hudbay Minerals, Inc.	4.29%
CF Industries Holdings, Inc.	3.99%
ARC Resources Ltd.	3.93%
ConocoPhillips	3.85%
Expand Energy Corp.	3.65%
EQT Corp.	3.65%
EOG Resources, Inc.	3.58%

Footnote	Description
Footnote^*	Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

TSSR-PWER-1125

Availability of additional information

You can access additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET, or by contacting your financial intermediary.

Householding

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain shareholders of the Fund. If you would like to receive individual mailings, please call 844 469-9911 or contact your financial intermediary. Your instructions will typically be effective within 30 days after we receive them from you or your financial intermediary. If you choose, you may receive these documents through electronic delivery.

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.

(4944054)

TSSR-PWER-1125

Macquarie Focused Emerging Markets Equity ETF: EMEQ

Principal listing exchange: NASDAQ

Semi-annual shareholder report — September 30, 2025

This semi-annual shareholder report contains important information about Macquarie Focused Emerging Markets Equity ETF (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

What were the Fund's costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference^}
EMEQ	$51	0.85%

Footnote	Description
Footnote^{^}	Annualized

Fund statistics

(as of September 30, 2025)

Fund net assets$45,883,580
Total number of portfolio holdings^{Footnote Reference*}53
Total advisory fees paid (during reporting period)$102,790
Portfolio turnover rate0%^{Footnote Reference#}

Footnote	Description
Footnote^#	Value is less than 1%.
Footnote^*	Excludes cash and cash equivalents.

Fund holdings

(as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

South Korea	28.98%
China	18.80%
Taiwan	17.29%
India	9.66%
Mexico	6.02%
Brazil	4.70%
Hong Kong	2.88%
South Africa	2.31%
Indonesia	2.17%
Peru	1.09%

Sector allocation^{Footnote Reference*}

Information Technology	34.05%
Financials	14.40%
Consumer Discretionary	13.85%
Industrials	13.25%
Energy	8.18%
Communication Services	7.50%
Consumer Staples	3.84%
Healthcare	1.80%
Materials	1.00%

Top 10 equity holdings

Taiwan Semiconductor Manufacturing Co. Ltd.	11.81%
SK Hynix, Inc.	9.00%
SK Square Co. Ltd.	8.76%
Samsung Electronics Co. Ltd.	6.49%
Alibaba Group Holding Ltd. ADR	6.28%
Tencent Holdings Ltd.	4.25%
Reliance Industries Ltd. GDR 144A	3.10%
Samsung C&T Corp.	2.99%
Hong Kong Exchanges & Clearing Ltd.	2.88%
Reliance Industries Ltd.	2.52%

Footnote	Description
Footnote^*	Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

TSSR-EMEQ-1125

Availability of additional information

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.

(4943667)

TSSR-EMEQ-1125

Macquarie Focused International Core ETF: EXUS

Principal listing exchange: NASDAQ

Semi-annual shareholder report — September 30, 2025

This semi-annual shareholder report contains important information about Macquarie Focused International Core ETF (Fund) for the period of June 17, 2025 (inception of Fund), to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

What were the Fund's costs for June 17, 2025 (inception of Fund) through September 30, 2025?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference^}
EXUS	$17	0.59%

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operation for the last six months.
Footnote^{^}	Annualized

Fund statistics

(as of September 30, 2025)

Fund net assets$16,797,839
Total number of portfolio holdings^{Footnote Reference*}40
Total advisory fees paid (during reporting period)$11,265
Portfolio turnover rate31%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

Fund holdings

(as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

Germany	13.08%
Brazil	8.86%
United States of America	8.75%
China	7.82%
Japan	7.81%
Netherlands	7.75%
United Kingdom	7.06%
Singapore	4.88%
Hong Kong	4.76%
Taiwan	4.76%

Sector allocation^{Footnote Reference*}

Financials	23.47%
Industrials	16.51%
Consumer Discretionary	15.00%
Healthcare	11.65%
Information Technology	11.53%
Consumer Staples	7.56%
Communication Services	5.57%
Real Estate	2.46%
Energy	2.02%
Materials	1.73%

Top 10 equity holdings

Taiwan Semiconductor Manufacturing Co. Ltd.	4.76%
MercadoLibre, Inc.	4.01%
Mitsubishi UFJ Financial Group, Inc.	3.43%
ING Groep NV	3.31%
Airbus SE	3.22%
Banco do Brasil SA	3.13%
Midea Group Co. Ltd., Class A	3.11%
Experian plc	3.07%
Siemens Healthineers AG 144A	3.06%
Orkla ASA	3.05%

Footnote	Description
Footnote^*	Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

TSSR-EXUS-1125

Availability of additional information

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.

(4943662)

TSSR-EXUS-1125

Macquarie Focused Large Growth ETF: LRGG

Principal listing exchange: NYSE Arca

Semi-annual shareholder report — September 30, 2025

This semi-annual shareholder report contains important information about Macquarie Focused Large Growth ETF (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

What were the Fund's costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference^}
LRGG	$24	0.44%

Footnote	Description
Footnote^{^}	Annualized

Fund statistics

(as of September 30, 2025)

Fund net assets$404,002,782
Total number of portfolio holdings^{Footnote Reference*}22
Total advisory fees paid (during reporting period)$582,068
Portfolio turnover rate8%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

Fund holdings

(as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation^{Footnote Reference*}

Information Technology	48.46%
Financials	15.88%
Healthcare	10.03%
Consumer Discretionary	8.89%
Real Estate	6.91%
Communication Services	4.27%
Industrials	3.30%
Consumer Staples	1.62%

Top 10 equity holdings

Microsoft Corp.	15.65%
NVIDIA Corp.	14.60%
Apple, Inc.	7.58%
Amazon.com, Inc.	6.35%
Visa, Inc., Class A	4.61%
Intuit, Inc.	4.55%
Intercontinental Exchange, Inc.	4.43%
Alphabet, Inc., Class C	4.27%
Danaher Corp.	3.91%
Equinix, Inc. REIT	3.63%

Footnote	Description
Footnote^*	Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

TSSR-LRGG-1125

Availability of additional information

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.

(4939984)

TSSR-LRGG-1125

Macquarie Global Listed Infrastructure ETF: BILD

Principal listing exchange: NYSE Arca

Semi-annual shareholder report — September 30, 2025

This semi-annual shareholder report contains important information about Macquarie Global Listed Infrastructure ETF (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

What were the Fund's costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference^}
BILD	$26	0.49%

Footnote	Description
Footnote^{^}	Annualized

Fund statistics

(as of September 30, 2025)

Fund net assets$6,218,715
Total number of portfolio holdings^{Footnote Reference*}44
Total advisory fees paid (during reporting period)$13,770
Portfolio turnover rate19%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

Fund holdings

(as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Country allocation

United States of America	38.83%
Spain	11.42%
United Kingdom	11.02%
Canada	8.92%
Italy	8.69%
France	3.36%
Australia	3.25%
New Zealand	3.20%
Hong Kong	2.28%
Mexico	2.09%

Sector allocation^{Footnote Reference*}

Electric Utility	26.28%
Airports	15.91%
Energy Infrastructure	15.13%
Electricity and Gas Distribution	10.91%
Water	8.46%
Toll Roads	6.21%
Communications Infrastructure	5.95%
Electricity Generation	4.17%
Electricity Transmission	3.49%
Seaports	1.72%

Top 10 equity holdings

Enbridge, Inc.	6.27%
NextEra Energy, Inc.	4.64%
National Grid plc	4.39%
United Utilities Group plc	3.56%
Sempra	3.48%
Aeroports de Paris SA	3.36%
Enav SpA 144A	3.25%
Auckland International Airport Ltd.	3.20%
Exelon Corp.	3.17%
Essential Utilities, Inc.	3.15%

Footnote	Description
Footnote^*	Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes.

TSSR-BILD-1125

Availability of additional information

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.

(4944079)

TSSR-BILD-1125

Macquarie National High-Yield Municipal Bond ETF: HTAX

Principal listing exchange: NYSE Arca

Semi-annual shareholder report — September 30, 2025

This semi-annual shareholder report contains important information about Macquarie National High-Yield Municipal Bond ETF (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

What were the Fund's costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference^}
HTAX	$25	0.49%

Footnote	Description
Footnote^{^}	Annualized

Fund statistics

(as of September 30, 2025)

Fund net assets$29,751,868
Total number of portfolio holdings^{Footnote Reference*}113
Total advisory fees paid (during reporting period)$41,985
Portfolio turnover rate50%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

Fund holdings

(as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

Healthcare Revenue Bonds	19.95%
Education Revenue Bonds	17.43%
Industrial Development Revenue Bonds	16.91%
Special Tax Revenue Bonds	16.69%
Transportation Revenue Bonds	10.92%
Local General Obligation Revenue Bonds	4.42%
State General Obligation Revenue Bonds	3.83%
Electric Revenue Bonds	1.79%
Leasing Revenue Bonds	1.51%
Water & Sewer Revenue Bonds	0.88%

State/territory allocation

Puerto Rico	16.27%
Arizona	10.46%
California	9.79%
Ohio	8.78%
New York	7.72%
Illinois	6.27%
Florida	4.85%
Wisconsin	4.69%
Texas	3.43%
Pennsylvania	2.97%

TSSR-HTAX-1125

Availability of additional information

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.

(4927842)

TSSR-HTAX-1125

Macquarie Tax-Free USA Short Term ETF: STAX

Principal listing exchange: NYSE Arca

Semi-annual shareholder report — September 30, 2025

This semi-annual shareholder report contains important information about Macquarie Tax-Free USA Short Term ETF (Fund) for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.

What were the Fund's costs for the last six months?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference^}
STAX	$15	0.29%

Footnote	Description
Footnote^{^}	Annualized

Fund statistics

(as of September 30, 2025)

Fund net assets$5,733,875
Total number of portfolio holdings^{Footnote Reference*}42
Total advisory fees paid (during reporting period)$7,849
Portfolio turnover rate19%

Footnote	Description
Footnote^*	Excludes cash and cash equivalents.

Fund holdings

(as of September 30, 2025)

The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.

Sector allocation

Healthcare Revenue Bonds	23.00%
State General Obligation Revenue Bonds	14.27%
Transportation Revenue Bonds	12.72%
Industrial Development Revenue Bonds	12.59%
Water & Sewer Revenue Bonds	10.20%
Electric Revenue Bonds	8.74%
Education Revenue Bonds	8.20%
Leasing Revenue Bonds	4.46%
Local General Obligation Revenue Bonds	2.38%
Special Tax Revenue Bonds	1.85%

State/territory allocation

New York	12.84%
Colorado	12.53%
Pennsylvania	12.38%
Minnesota	6.97%
California	6.36%
Illinois	5.43%
Georgia	5.26%
Arizona	4.71%
Texas	4.24%
New Jersey	4.23%

TSSR-STAX-1125

Availability of additional information

Householding

For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.

(4927817)

TSSR-STAX-1125

(b) Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

The semi-annual financial statements are attached herewith.

(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.

The Financial Highlights are attached herewith.

Macquarie Global Listed Infrastructure ETF

Financial statements and other information

For the six months ended September 30, 2025

Table of contents

Schedule of investments

Statement of assets and liabilities

Statement of operations

Statements of changes in net assets

Financial highlights

Notes to financial statements

Other Fund information

This report and the financial statements contained herein are submitted for the general information

of the shareholders of the Fund. This report is not authorized for distribution to prospective

investors in the Fund unless preceded or accompanied by an effective prospectus.

Form N-PORT and proxy voting information

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange

Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s

Form N-PORT, as well as a description of the policies and procedures that the Fund uses to

determine how to vote proxies (if any) relating to portfolio securities, is available without charge

(i) upon request, by calling 844 469-9911; and (ii) on the SEC’s website at sec.gov. In addition, a

description of the policies and procedures that the Fund uses to determine how to vote proxies (if

any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most

recent Form N-PORT are available without charge on the Fund’s website at

macquarie.com/mam/etf-literature.

Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the

most recently disclosed 12-month period ended June 30 is available without charge (i) through the

Fund’s website at macquarie.com/mam/etf-literature; and (ii) on the SEC’s website at sec.gov.

Schedule of investments

Macquarie Global Listed Infrastructure ETF

September 30, 2025 (Unaudited)

Number of

Value (US $)

Common Stocks — 99.23%

Australia - 3.25%

Atlas Arteria Ltd.

26,616

86,474‌

Transurban Group

12,646

115,476‌

201,950‌

Brazil - 0.51%

Motiva Infraestrutura de Mobilidade SA

11,341

31,707‌

Canada - 8.92%

Canadian National Railway Co.

634

59,787‌

Enbridge, Inc.

7,733

390,123‌

Gibson Energy, Inc.

5,630

104,655‌

554,565‌

China - 1.78%

China Gas Holdings Ltd.

51,975

50,893‌

China Tower Corp. Ltd., Class H 144A

40,582

59,867‌

110,760‌

France - 3.36%

Aeroports de Paris SA

1,583

208,712‌

Greece - 1.07%

Athens International Airport SA

5,455

66,478‌

Hong Kong - 2.28%

CLP Holdings Ltd.

13,500

111,807‌

HK Electric Investments & HK Electric

Investments Ltd.

39,375

29,954‌

141,761‌

Italy - 8.69%

Enav SpA 144A

39,849

202,204‌

Enel SpA

12,840

121,593‌

ERG SpA

3,745

92,333‌

Terna - Rete Elettrica Nazionale

12,276

124,496‌

540,626‌

Mexico - 2.09%

Grupo Aeroportuario del Sureste SAB de CV

ADR

402

129,979‌

Netherlands - 1.72%

Koninklijke Vopak NV

2,339

107,208‌

Schedule of investments

Macquarie Global Listed Infrastructure ETF

Number of

Value (US $)

Common Stocks (continued)

New Zealand - 3.20%

Auckland International Airport Ltd.

43,511

198,777‌

Spain - 11.42%

Aena SME SA 144A

4,235

115,701‌

Cellnex Telecom SA 144A

5,266

182,323‌

EDP Renovaveis SA

12,710

167,129‌

Redeia Corp. SA

4,795

92,550‌

Sacyr SA

36,517

152,713‌

710,416‌

Thailand - 1.09%

Airports of Thailand PCL

54,400

67,570‌

United Kingdom - 11.02%

National Grid plc

19,008

272,894‌

Pennon Group plc

17,415

109,519‌

SSE plc

3,499

81,951‌

United Utilities Group plc

14,341

221,128‌

685,492‌

United States of America - 38.83%

American Electric Power Co., Inc.

1,570

176,625‌

Cheniere Energy, Inc.

731

171,770‌

CMS Energy Corp.

2,122

155,458‌

Crown Castle, Inc. REIT

1,324

127,753‌

Dominion Energy, Inc.

2,607

159,470‌

Essential Utilities, Inc.

4,903

195,630‌

Eversource Energy

1,572

111,832‌

Exelon Corp.

4,380

197,144‌

Kinder Morgan, Inc.

4,367

123,630‌

NextEra Energy, Inc.

3,826

288,825‌

ONEOK, Inc.

2,078

151,631‌

PG&E Corp.

10,113

152,504‌

Sempra

2,406

216,492‌

Spire, Inc.

1,219

99,373‌

Xcel Energy, Inc.

1,071

86,376‌

2,414,513‌

Total Common Stocks

(cost $5,586,704)

6,170,514‌

See accompanying notes, which are an integral part of the financial statements.

Number of

Value (US $)

Short-Term Investments — 0.55%

Money Market Mutual Funds - 0.55%

Invesco Government & Agency Portfolio -

Institutional Class (seven-day effective

yield 4.05%)

34,436

34,436‌

Total Short-Term Investments

(cost $34,436)

34,436‌

Total Value of Securities — 99.78%

(cost $5,621,140)

6,204,950‌

Receivables and Other Assets Net of Liabilities — 0.22%

13,765‌

Net Assets Applicable to 225,000 Shares Outstanding — 100.00%

6,218,715‌

Securities have been classified by country of risk.

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.

At September 30, 2025, the aggregate value of Rule 144A securities was $560,095, which

represents 9.01% of the Fund's net assets. See Note 5 in “Notes to financial statements."

Summary of abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

SpA – Stand-by Purchase Agreement

Statement of assets and liabilities

Macquarie Global Listed Infrastructure ETF

September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

Assets:

Investments at value*

6,204,950

‌

Foreign currency, at value**

‌

Cash

‌

Receivable for securities sold

24,629

‌

Dividends receivable

14,286

‌

Foreign tax reclaims receivable

677

‌

Total Assets

6,244,608

‌

Liabilities:

Payable for securities purchased

23,424

‌

Management fees payable to affiliates

2,469

‌

Total Liabilities

25,893

‌

Total Net Assets

6,218,715

‌

Net Assets Consist of:

Paid-in-capital

5,661,040

‌

Total distributable earnings (loss)

557,675

‌

Total Net Assets

6,218,715

‌

Shares outstanding (unlimited amount authorized, no par value)

225,000

‌

Net asset value per share

27.64

‌

*Investments, at cost

5,621,140

‌

**Foreign currency, at cost

‌

Statement of operations

Macquarie Global Listed Infrastructure ETF

Six months ended September 30, 2025 (Unaudited)

See accompanying notes, which are an integral part of the financial statements.

Investment Income:

Dividends

144,789

‌

Foreign tax withheld

(

11,055

)

133,734

‌

Expenses:

Management fees

13,770

‌

Total operating expenses

13,770

‌

Net Investment Income (Loss)

119,964

‌

Net Realized and Unrealized Gain (Loss):

Net realized gain (loss) on:

Investments

113,472

‌

Foreign currencies

(

164

)

Net realized gain (loss)

113,308

‌

Net change in unrealized appreciation (depreciation) on:

Investments

465,200

‌

Foreign currencies

122

‌

Net change in unrealized appreciation (depreciation)

465,322

‌

Net Realized and Unrealized Gain (Loss)

578,630

‌

Net Increase (Decrease) in Net Assets Resulting from Operations

698,594

‌

Statements of changes in net assets

Macquarie Global Listed Infrastructure ETF

See accompanying notes, which are an integral part of the financial statements.

Six months

ended

September 30, 2025

(Unaudited)

Year ended

March 31, 2025

Increase (Decrease) in Net Assets from

Operations:

Net investment income (loss)

119,964

163,299

Net realized gain (loss)

113,308

(54,014

)

Net change in unrealized appreciation

(depreciation)

465,322

81,302

Net increase (decrease) in net assets

resulting from operations

698,594

190,587

Dividends and Distributions to Shareholders

from:

Distributable earnings

(114,626

)

(272,435

)

(114,626

)

(272,435

)

Capital Share Transactions:

Proceeds from shares sold

661,040

–

Increase in net assets derived from capital

share transactions

661,040

–

Net Increase (Decrease) in Net Assets

1,245,008

(81,848

)

Net Assets:

Beginning of period

4,973,707

5,055,555

End of period

6,218,715

4,973,707

Capital Share Transactions:

Beginning of period

200,000

Shares subscribed in-kind

25,000

–

Shares outstanding, end of period

225,000

200,000

Capital share transactions may include transaction fees associated with Creation and

Redemption transactions which occurred during the period. See Note 4 in "Notes to financial

statements."

Financial highlights

Macquarie Global Listed Infrastructure ETF

Selected data for each share of the Fund outstanding throughout each period were as follows:

Six months

ended

September 30, 2025

(Unaudited)

Year ended

March 31, 2025

For the period

November 28, 2023

March 31, 2024

Net asset value,

beginning of period

.87‌

.28‌

.00‌

Income (loss)

from investment

operations:

—

Net investment income

.57‌

.82‌

.24‌

Net realized and

unrealized gain

....

.74‌

.13‌

.25‌

Total from investment

operations

.......

3.31‌

0.95‌

0.49‌

Less dividends and

distributions from:

—

Net investment income

(

.54‌

)

(

.81‌

)

(

.21‌

)

Net realized gain

....

—‌

(

.55‌

)

—‌

Total dividends and

distributions

......

(0.54‌)

(1.36‌)

(0.21‌)

Net asset value, end

of period

.........

27.64‌

24.87‌

25.28‌

Total return

......

13.40%

3.88%

1.97%

Ratios and

supplemental data:

$6,219

$4,974

$5,056

Net assets, end of

period (000 omitted)

6,219‌

4,974‌

5,056‌

Ratio of expenses to

average net assets

0.49%

Ratio of net investment

income to average

net assets

.......

4.26%

3.20%

2.75%

Portfolio turnover

...

19%

75%

11%

Financial highlights

Macquarie Global Listed Infrastructure ETF

See accompanying notes, which are an integral part of the financial statements.

Ratios have been annualized and total return and portfolio turnover have not been

annualized.

Date of commencement of operations; ratios have been annualized and total return and

portfolio turnover have not been annualized.

Calculated using average shares outstanding.

Total return is based on the change in net asset value of a share during the period and

assumes reinvestment of dividends and distributions at net asset value.

Expense ratios do not include expenses of any investment companies in which the Fund

invests.

Excludes the value of portfolio securities received or delivered as a result of in-kind

purchases or redemptions of the Fund’s capital shares.

Notes to financial statements

Macquarie Global Listed Infrastructure ETF

September 30, 2025

Macquarie ETF Trust (Trust) is organized as a Delaware statutory trust effective

February 22, 2023

and is an open-end management investment company registered with the U.S.

Securities and Exchange Commission. As of the date of this report, the Trust offers seven series.

These financial statements and the related notes pertain to Macquarie Global Listed Infrastructure

ETF (Fund). The Fund is considered diversified under the Investment Company Act of 1940, as

amended (1940 Act).

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards

Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment

Companies. The following accounting policies are in accordance with US generally accepted

accounting principles (US GAAP) and are consistently followed by the Fund.

Security Valuation

— Equity securities, except those traded on the Nasdaq Stock Market LLC

(Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New

York Stock Exchange (NYSE) on the valuation date. Equity securities traded on the Nasdaq are

valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales

price. If, on a particular day, an equity security does not trade, the mean between the bid and

the ask prices will be used, which approximates fair value. Equity securities listed on a foreign

exchange are normally valued at the last quoted sales price on the valuation date. Open-end

investment companies are valued at their published net asset value (NAV). Investments for which

market quotations are not readily available are valued at fair value as determined in good faith

pursuant to Rule 2a- 5 under the 1940 Act (Rule 2a-5). As a general principle, the fair value of

a security or other asset is the price that would be received to sell an asset or paid to transfer a

liability in an orderly transaction between market participants at the measurement date. Pursuant

to Rule 2a-5, the Board of Trustees (Board) has designated Delaware Management Company

(DMC or the Manager) as the valuation designee (Valuation Designee) for the Fund to perform

the fair value determination relating to all applicable Fund investments. DMC has established a

Pricing Committee to assist with its designated responsibilities as Valuation Designee, and DMC

may carry out its designated responsibilities as Valuation Designee through the Pricing Committee

and other teams and committees, which operate under policies and procedures approved by

the Board and subject to the Board's oversight. Fair value pricing may be used more frequently

for securities traded primarily in non-US markets. If a foreign (non-US) equity security's value

has materially changed after the close of the security's primary exchange or principal market but

before the close of the NYSE, the security may be valued at fair value. With respect to foreign

(non-US) equity securities, the Fund may determine the fair value of investments based on

information provided by pricing vendors, which may recommend fair value or adjustments with

reference to other securities, indexes or assets. In considering whether fair valuation is required

and in determining fair values, the Valuation Designee may, among other things, consider

significant events (which may be considered to include changes in the value of US securities or

Notes to financial statements

Macquarie Global Listed Infrastructure ETF

securities indexes) that occur after the close of the relevant market and before the close of the

NYSE. The Valuation Designee may utilize modeling tools provided by third-party vendors to

determine fair values of non-US securities.

Federal Income Taxes

— No provision for federal income taxes has been made as the Fund

intends to continue to qualify for federal income tax purposes as a regulated investment company

under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite

distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken

in the course of preparing the Fund's tax returns to determine whether the tax positions are

“more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed

to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the

current period. Management has analyzed the Fund’s tax positions taken or expected to be taken

on the Fund’s federal income tax returns through the six months ended September 30, 2025 and

for all open tax years (years ended March 31, 2024–March 31, 2025), and has concluded that

no provision for federal income tax is required in the Fund’s financial statements. If applicable,

the Fund recognizes interest and tax penalties on unrecognized tax benefits in “Interest and tax

penalties” on the “Statement of operations.” During the six months ended September 30, 2025,

the Fund did not incur any interest or tax penalties.

Foreign Currency Transactions

— Transactions denominated in foreign currencies are recorded

at the prevailing exchange rates on the valuation date. The value of all assets and liabilities

denominated in foreign currencies is translated daily into US dollars at the exchange rate of such

currencies against the US dollar. Transaction gains or losses resulting from changes in exchange

rates during the reporting period or upon settlement of the foreign currency transaction are

reported in operations for the current period. The Fund generally does not bifurcate that portion of

realized gains and losses on investments which is due to changes in foreign exchange rates from

that which is due to changes in market prices. These realized gains and losses are included on

the “Statement of operations” under “Net realized gain (loss) on investments.” The Fund reports

certain foreign currency related transactions as components of realized gains (losses) for financial

reporting purposes, whereas such components are treated as ordinary income (loss) for federal

income tax purposes.

In-kind Redemptions

— For financial reporting purposes, in-kind redemptions are treated as

sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or

losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains

or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of

the Fund’s tax year. These reclassifications have no effect on net assets NAV per share.

Use of Estimates

— The preparation of financial statements in conformity with US GAAP requires

management to make estimates and assumptions that affect the fair value of investments, the

reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at

1. Significant Accounting Policies (continued)

the date of the financial statements, and the reported amounts of revenues and expenses during

the reporting period. Actual results could differ from those estimates and the differences could be

material.

Other

— Security transactions are recorded on the date the securities are purchased or sold

(trade date) for financial reporting purposes. Costs used in calculating realized gains and losses

on the sale of investment securities are those of the specific securities sold. Dividend income is

recorded on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date

or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax

withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign

dividends have been recorded in accordance with the Fund's understanding of the applicable

country’s tax rules and rates. The Fund files withholding tax reclaims in certain jurisdictions to

recover a portion of amounts previously withheld. The Fund may record a reclaim receivable

based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment

history and market convention. The "Statement of operations" includes tax reclaims recorded

as well as professional and other fees, if any, associated with recovery of foreign withholding

taxes. Income and capital gain distributions from any investment companies (Underlying Funds)

in which the Fund invests are recorded on the ex-dividend date. The Fund declares and pays

dividends from net investment income quarterly and distributions from net realized gain on

investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax

purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Segment Reporting

— In November 2023, FASB issued Accounting Standards Update 2023-

07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, with

the intent of improving reportable segment disclosure requirements, primarily through enhanced

disclosures about significant segment expenses, allowing financial statement users to better

understand the components of a segment's profit or loss and assess potential future cash flows

for each reportable segment and the entity as a whole thereby enabling better understanding of

how an entity's segments impact overall performance. The Fund's Chief Executive Officer and

Chief Financial Officer act as the Fund's chief operating decision maker (CODM), assessing

performance and making decisions about resource allocation. The CODM has determined that the

Fund has a single operating segment since the Fund has a single investment strategy disclosed

in the prospectus against which the CODM assesses performance. When assessing segment

performance and making decisions about segment resources, the CODM relies on the Fund's

portfolio composition, total returns, expense ratios and changes in net assets which are consistent

with the information contained in the Fund's financial statements. Adoption of the new standard

impacted the Fund's financial statements note disclosures only, and did not affect the Fund's

financial position or the results of its operations.

1. Significant Accounting Policies (continued)

Notes to financial statements

Macquarie Global Listed Infrastructure ETF

2. Investment Management, Administration Agreements, and Other Transactions with

Affiliates

In accordance with the terms of its investment management agreement, the Fund pays DMC,

a series of Macquarie Investment Management Business Trust (MIMBT) and the investment

manager, an annual unitary management fee which is calculated daily and paid monthly at the

rate of 0.49% on the Fund's average daily net assets.

From the unitary management fee, DMC pays most of the expenses of the Fund, including the

cost of sub-advisory fees to any investment sub-adviser, if any, transfer agency, custody, fund

administration, legal, audit and other services. However, under the investment management

agreement, DMC is not responsible for (i) interest expenses; (ii) taxes (including, but not limited

to, income, excise, transfer and withholding taxes); (iii) expenses of a Fund incurred with respect

to the acquisition and disposition of portfolio securities, instruments or other investments and the

execution of portfolio transactions, including brokerage commissions; (iv) expenses incurred in

connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under

the 1940 Act, including distribution fees; (v) litigation expenses; (vi) the investment advisory fee

payable to the Manager; (vii) non-routine or extraordinary expenses (including, without limitation,

the expense associated with proxy solicitations and fund reorganizations); and (viii) acquired fund

fees and expenses.

DMC entered into a sub-advisory agreement on behalf of the Fund with Macquarie Investment

Management Global Limited, which is an affiliate of DMC (Affiliated Sub-Advisor). Although the

Manager has principal responsibility for the Manager’s portion of the Fund, the Manager may

permit the Affiliated Sub-Advisor to execute Fund security trades on behalf of the Manager.

Pursuant to the terms of the sub-advisory agreement, the investment sub-advisory fee is paid by

DMC to the Affiliated Sub-Advisor based on the extent to which the Affiliated Sub-Advisor provides

services to the Fund.

At September 30, 2025, Macquarie Management Holdings, Inc. directly owned 80.00% of the

Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the

investment management fees and other expenses of any Underlying Funds, in which it invests.

The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the

expense and fee levels of any Underlying Funds and the number of shares that are owned of any

Underlying Funds at different times.

On April 21, 2025, Macquarie Group Limited, the parent company of DMC, together with certain

of its affiliates, and Nomura Holding America Inc. (Nomura), announced that they had entered into

an agreement for Nomura to acquire Macquarie Asset Management’s US and European public

investments business. The transaction is subject to customary closing conditions, including the

receipt of applicable regulatory approvals. Subject to such approvals and the satisfaction of these

conditions, the transaction is expected to close on or about December 1, 2025. This is subject to

change.

The closing of this transaction will result in the automatic termination of the Fund’s investment

advisory agreement with DMC, and any sub-advisory agreement, as applicable. In anticipation

of the closing of the transaction, on June 12, 2025, the Board approved, and recommended

shareholders approve, a new investment advisory agreement for the Fund that, pending

shareholder approval, would go into effect at the closing of the transaction. At a special

shareholder meeting held on September 10, 2025, Fund shareholders approved a new investment

advisory agreement for the Fund.

The Fund will be renamed Nomura Global Listed Infrastructure ETF at closing.

3. Investments

For the six months ended

September 30, 2025

, the Fund made purchases and sales of

investment securities other than short-term investments and US government securities as follows:

For the six months ended September 30, 2025, in-kind transactions, which are not included in the

table above, associated with purchase or redemption of Creation Units were as follows:

September 30, 2025

, the cost and unrealized appreciation (depreciation) of investments

for federal income tax purposes have been estimated since final tax characteristics cannot be

determined until fiscal year end. At

September 30, 2025

, the cost and unrealized appreciation

(depreciation) of investments for federal income tax purposes for the Fund were as follows:

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to

transfer a liability in an orderly transaction between market participants at the measurement

date under current market conditions. A three-level hierarchy for fair value measurements has

been established based upon the transparency of inputs to the valuation of an asset or liability.

Inputs may be observable or unobservable and refer broadly to the assumptions that market

participants would use in pricing the asset or liability. Observable inputs reflect the assumptions

market participants would use in pricing the asset or liability based on market data obtained from

Purchases

1,099,333

Sales

1,027,496

Purchases

609,802

Sales

—

Cost of investments

5,621,140

Aggregate unrealized appreciation of investments

673,109

Aggregate unrealized depreciation of investments

(

89,299

)

Net unrealized appreciation of investments

583,810

2. Investment Management, Administration Agreements, and Other Transactions with

Affiliates (continued)

Notes to financial statements

Macquarie Global Listed Infrastructure ETF

sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own

assumptions about the assumptions that market participants would use in pricing the asset or

liability based on the best information available under the circumstances. The Fund's investment

in its entirety is assigned a level based upon the observability of the inputs which are significant to

the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 — Inputs are quoted prices in active markets for identical investments. (Examples: equity

securities, open-end investment companies, futures contracts, and exchange-traded

options contracts)

Level 2 — Other observable inputs, including, but not limited to: quoted prices for similar

assets or liabilities in markets that are active, quoted prices for identical or similar

assets or liabilities in markets that are not active, inputs other than quoted prices

that are observable for the assets or liabilities (such as interest rates, yield curves,

volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other

market-corroborated inputs. (Examples: debt securities, government securities, swap

contracts, forward foreign currency exchange contracts, foreign securities utilizing

international fair value pricing, broker-quoted securities, and fair valued securities)

Level 3 — Significant unobservable inputs, including the Fund's own assumptions used to

determine the fair value of investments. (Examples: broker-quoted securities and fair

valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an

income-based valuation approach in which the anticipated future cash flows of the investment are

discounted to calculate fair value. Discounts may also be applied due to the nature or duration

of any restrictions on the disposition of the investments. Valuations may also be based upon

current market prices of securities that are comparable in coupon, rating, maturity, and industry.

The derived value of a Level 3 investment may not represent the value which is received upon

disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund's investments by fair value hierarchy

levels as of

September 30, 2025

Level 1

Level 2

Level 3

Total

Securities

Assets:

Common Stocks

6,170,514

–

6,170,514

Short-Term Investments

34,436

–

34,436

Total Value of Securities

6,204,950

–

6,204,950

3. Investments (continued)

During the six months ended

September 30, 2025

, there were no transfers into or out of Level 3

investments. The Fund's policy is to recognize transfers into or out of Level 3 investments based

on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of

Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. As of

September 30, 2025

, there were no Level 3 investments.

4. Issuance and Redemption of Fund Shares

The Fund is an exchange-traded fund or ETF. Individual Fund shares may only be purchased

and sold on a national securities exchange through a broker-dealer and investors may pay a

commission to such broker-dealers in connection with their purchase or sale. The price of Fund

shares is based on market price, and because ETF shares trade at market prices rather than NAV,

shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

The Fund will only issue or redeem shares aggregated into blocks of 25,000 shares or multiples

thereof (“Creation Units”) to Authorized Participants who have entered into agreements with the

Fund's Distributor. An Authorized Participant is either (1) a “Participating Party,” (i.e., a broker-

dealer or other participant in the clearing process of the Continuous Net Settlement System of the

National Securities Clearing Corporation) (“Clearing Process”), or (2) a participant of Depository

Trust Company (“DTC Participant”), and, in each case, must have executed an agreement

(“Participation Agreement”) with the Distributor with respect to creations and redemptions of

Creation Units. The Fund will issue or redeem Creation Units in return for a basket of assets that

the Fund specifies each day.

Shares are listed on the NYSE Arca, Inc. (the "Exchange") and are publicly traded. If an investor

buys or sells Fund shares on the secondary market, the investor will pay or receive the market

price, which may be higher or lower than NAV. The investor's transaction will be priced at NAV if

the investor purchases or redeems Fund shares in Creation Units.

Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction

fee and a redemption transaction fee directly to the Fund's Administrator to offset transfer and

other transaction costs associated with the issuance and redemption of Creation Units, including

Creation Units for cash. Additionally, a portion of the transaction fee is used to offset transactional

costs typically accrued in the Fund's custody expenses directly related to the issuance and

redemption of Creation Units. An additional variable fee may be charged for certain transactions.

Such fees would be included in the receivable for capital shares issued on the "Statement of

assets and liabilities" if they are outstanding as of period-end. Transaction fees assessed during

the period are included in the proceeds from shares issued on the "Statements of changes in net

assets."

3. Investments (continued)

Notes to financial statements

Macquarie Global Listed Infrastructure ETF

5. Certain Principal Risks of the Fund

Company size risk — The risk that investments in small- and/or medium-sized companies

may be more volatile than those of larger companies because of limited financial resources or

dependence on narrow product lines.

Infrastructure industry risk — Companies in the infrastructure industry may be subject to a variety

of factors that could adversely affect their business or operations, including high interest costs

in connection with capital construction programs, high degrees of leverage, costs associated

with governmental, environmental and other regulations, the level of government spending on

infrastructure projects, and other factors.

Foreign and emerging markets risk — The risk that international investing (particularly in emerging

markets) may be adversely affected by political instability; changes in currency exchange rates;

inefficient markets and higher transaction costs; foreign economic conditions; the imposition of

economic or trade sanctions; or inadequate or different regulatory and accounting standards.

The risk associated with international investing will be greater in emerging markets than in more

developed foreign markets because, among other things, emerging markets may have less stable

political and economic environments. In addition, there often is substantially less publicly available

information about issuers and such information tends to be of a lesser quality. Economic markets

and structures tend to be less mature and diverse and the securities markets may also be smaller,

less liquid, and subject to greater price volatility.

Rule 144A securities — The Fund also may invest in securities that normally are purchased or

resold pursuant to Rule 144A under the Securities Act of 1933 (Rule 144A securities). Rule 144A

is designed to facilitate efficient trading among institutional investors by permitting the sale of

certain unregistered securities. Rule 144A securities may be resold only to qualified institutional

buyers, provided that certain other conditions for resale are met. To the extent privately placed

securities held by a Fund qualify under Rule 144A and an institutional market develops for those

securities, a Fund likely will be able to dispose of the securities without registering them under the

Securities Act of 1933.

ETF Structure Risks – The Fund is structured as an ETF and as a result is subject to special

risks. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in

large blocks known as “Creation Units.” Trading in shares on the Exchange may be halted due

to market conditions or for reasons that, in the view of the Exchange, make trading in Shares

inadvisable, such as extraordinary market volatility. There can be no assurance that Shares

will continue to meet the listing requirements of the Exchange. An active trading market for the

Fund’s shares may not be developed or maintained. If the Fund’s shares are traded outside a

collateralized settlement system, the number of financial institutions that can act as authorized

participants that can post collateral on an agency basis is limited, which may limit the market

for the Fund’s shares. The market prices of Shares will fluctuate in response to changes in NAV

and supply and demand for shares and will include a “bid-ask spread” charged by the exchange

specialists, market makers or other participants that trade the particular security. There may be

times when the market price and the NAV vary significantly particularly during times of market

stress, with the result that investors may pay significantly more or significantly less for Fund

shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in

the closing price. If a shareholder purchases shares at a time when the market price is at a

premium to the NAV or sells shares at a time when the market price is at a discount to NAV, the

shareholder may sustain losses if the shares are sold at a price that is less than the price paid by

the shareholder for the shares. When all or a portion of an ETFs underlying securities trade in a

market that is closed when the market for the Fund’s shares is open, there may be changes from

the last quote of the closed market and the quote from the Fund’s domestic trading day, which

could lead to differences between the market value of the Fund’s shares and the Fund’s NAV. In

stressed market conditions, the market for the Fund’s shares may become less liquid in response

to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the

Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and

the Fund’s NAV.

6. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of

indemnifications. The Fund's maximum exposure under these arrangements is unknown.

However, the Fund has not had prior claims or losses pursuant to these contracts. Management

has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

7. Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09,

Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the

transparency of income tax disclosures. The ASU requires public entities, on an annual basis,

to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of

income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required

to be applied prospectively and are effective for fiscal years beginning after December 15, 2024.

Management expects that adoption of the guidance will not have a material impact on the Fund’s

financial statements.

8. Subsequent Events

Management has determined that no material events or transactions occurred subsequent

to September 30, 2025, that would require recognition or disclosure in the Fund's financial

statements.

5. Certain Principal Risks of the Fund (continued)

Other Fund information (Unaudited)

Macquarie Global Listed Infrastructure ETF

Changes in and Disagreements with Accountants for Open-End Management Investment

Companies

Not Applicable.

Proxy Disclosures for Open-End Management Investment Companies

Proxy Results

At a special shareholder meeting held on September 10, 2025, Macquarie Global Listed

Infrastructure ETF shareholders approved a new investment advisory agreement. The results of

the voting at the meeting were as follows:

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment

Companies

Please refer to the disclosure within the financial statements.

Statement Regarding Basis of Approval for Investment Advisory Contract

Not Applicable.

For

Against

Abstain

187,230

–

This page is not part of the financial statements and other information.

SA-BILD-1125

(4944079)

Contact information

Shareholder assistance by phone

844 469-9911, weekdays from 9:00am to

5:00pm ET

Regular mail

Macquarie ETF Trust

c/o Foreside Financial Services

Three Canal Plaza, Suite 100

Portland, ME 04101

Macquarie Asset Management • 610 Market Street • Philadelphia, PA 19106-2354

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated

asset manager across public and private markets offering a diverse range of capabilities, including real assets, real

estate, credit, equities, and multi-asset solutions.

The Fund is distributed by

Foreside Financial Services LLC.

Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity

noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act

1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent

deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide

assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document

relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment

and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group

entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee

repayment of capital in respect of the investment.

The Fund is governed by US laws and regulations.

Macquarie Energy Transition ETF