Morgan
Stanley
ETF
Trust
Calvert
US
Select
Equity
ETF
NYSE
Arca:
CVSE
Annual
Report
September
30,
2023
Morgan
Stanley
ETF
Trust
Annual
Report
—
September
30,
2023
Table
of
Contents
(unaudited)
1
This
report
is
authorized
for
distribution
only
when
preceded
or
accompanied
by
a
prospectus
or
summary
prospectus
of
the
applicable
Fund
of
Morgan
Stanley
ETF
Trust.
To
receive
a
prospectus
and/or
statement
of
additional
information
(“SAI”),
which
contains
more
complete
information
such
as
investment
objectives,
charges,
expenses,
policies
for
voting
proxies,
risk
considerations
and
describes
in
detail
each
of
the
Fund’s
investment
policies
to
the
prospective
investor,
please
call
toll
free
1
(800)
836-2414.
Please
read
the
prospectuses
carefully
before
you
invest.
Additionally,
you
can
access
Fund
information
including
performance,
characteristics
and
investment
team
commentary,
through
Morgan
Stanley
Investment
Management’s
website:
www.calvert.com.
Market
forecasts
provided
in
this
report
may
not
necessarily
come
to
pass.
There
is
no
guarantee
that
any
sectors
mentioned
will
continue
to
perform
as
discussed
herein
or
that
securities
in
such
sectors
will
be
held
by
the
Fund
in
the
future.
There
is
no
assurance
that
a
fund
will
achieve
its
investment
objective.
Funds
are
subject
to
market
risk,
which
is
the
possibility
that
market
values
of
securities
owned
by
the
Fund
will
decline
and,
therefore,
the
value
of
the
Fund’s
shares
may
be
less
than
what
you
paid
for
them.
Accordingly,
you
can
lose
money
investing
in
this
Fund.
Please
see
the
prospectus
for
more
complete
information
on
investment
risks.
Shareholders’
Letter
........................................................................................
2
Expense
Example
...........................................................................................
3
Investment
Overview
........................................................................................
4
Portfolio
of
Investments
.....................................................................................
6
Statement
of
Assets
and
Liabilities
..........................................................................
9
Statement
of
Operations
....................................................................................
10
Statement
of
Changes
in
Net
Assets
........................................................................
11
Financial
Highlights
.........................................................................................
12
Notes
to
Financial
Statements
...............................................................................
13
Report
of
Independent
Registered
Public
Accounting
Firm
....................................................
18
Federal
Tax
Notice
..........................................................................................
19
Important
Notices
..........................................................................................
20
U.S.
Customer
Privacy
Notice
...............................................................................
21
Trustees
and
Officers
Information
...........................................................................
24
2
Annual
Report
—
September
30,
2023
Shareholders’
Letter
(unaudited)
Morgan
Stanley
ETF
Trust
Dear
Shareholders,
We
are
pleased
to
provide
this
Annual Report,
in
which
you
will
learn
how
your
investment
in Calvert
US
Select
Equity
ETF (the
“Fund”)
performed
during
the
period
beginning
January
30,
2023
(when
the
Fund
commenced
operations)
and
ended
September
30,
2023.
Morgan
Stanley
Investment
Management,
the
Fund's
investment
adviser, is
a
client-centric,
investor-led
organization.
Our
global
presence,
intellectual
capital,
and
breadth
of
products
and
services
enable
us
to
partner
with
investors
to
meet
the
evolving
chal-
lenges
of
today’s
financial
markets.
We
aim
to
deliver
superior
investment
service
and
to
empower
our
clients
to
make
the
informed
decisions
that
help
them
reach
their
investment
goals.
As
always,
we
thank
you
for
selecting
Morgan
Stanley
Investment
Management,
and
look
forward
to
working
with
you
in
the
months
and
years
ahead.
Sincerely,
John
H.
Gernon
President
and
Principal
Executive
Officer
October
2023
3
Annual
Report
—
September
30,
2023
Expense
Example
(unaudited)
Calvert
US
Select
Equity
ETF
Morgan
Stanley
ETF
Trust
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transactional
costs;
and
(2)
ongoing
costs,
which
may
include man-
agement
fees,
and
distribution
and
shareholder
services
fees.
This
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
This
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
six-month
period
ended
September
30,
2023 and
held
for
the
entire
six-month
period.
Actual
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
table,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
table
under
the
heading
entitled
“Actual
Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical Example
for
Comparison
Purposes
The
table
below
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds. 
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
sales
charges
(loads).
Therefore,
the
information
for
each
class
in
the
table
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Beginning
Account
Value
(
4/1/23
)
Actual
Ending
Account
Value
(9/30/23)
Hypothetical
Ending
Account
Value
Actual
Expenses
Paid
During
Period
*
Hypothetical
Expenses
Paid
During
Period
*
Net
Expense
Ratio
During
Period
**
Calvert
US
Select
Equity
ETF
$1,000.00
$1,016.60
$1,023.61
$1.47
$1.47
0.29%
*
Expenses
are
calculated
using
the
Fund’s
annualized
net
expense
ratio
(as
disclosed),
multiplied
by
the
average
account
value
over
the
period
and
multiplied
by
183/365
(to
reflect
the
most
recent
one-half
year
period).
**
Annualized.
4
Annual
Report
—
September
30,
2023
Investment
Overview
(unaudited)
Calvert
US
Select
Equity
ETF
Morgan
Stanley
ETF
Trust
Economic
and
Market
Conditions
For
U.S.
equity
investors,
the
8-month
period
ended
September
30,
2023,
was
a
roller-coaster
ride,
driven
largely
by
shifting
perceptions
of
whether
the
U.S.
Federal
Reserve
(the
Fed)
could
bring
the
world’s
largest
economy
in
for
a
soft
landing,
and
changing
expectations
of
how
long
interest
rates
might
remain
high.
As
the
period
opened,
U.S.
stocks
were
in
the
midst
of
a
rally
that
lasted
through
July
2023.
The
initial
tailwind
was
ChatGPT,
an
artificial
intelligence
(AI)
application
that
led
investors
to
perceive
AI
might
become
the
next
big
innovation
to
drive
the
information
technology
(IT)
sector.
As
a
result,
IT
-
one
of
the
worst-performing
sectors
in
2022
-
became
the
standout
sector
during
the
first
half
of
2023.
Earlier
recession
fears
that
had
weighed
on
stock
prices
receded
as
many
inves-
tors
came
around
to
the
view
that
the
U.S.
economy
was
doing
surprisingly
well.
But
in
the
final
two
months
of
the
period,
the
bond
market
halted
the
stock
market’s
momentum.
As
it
became
clear
the
Fed
would
keep
interest
rates
higher
for
longer
than
investors
had
anticipated
just
a
few
months
earlier,
longer
term
bond
rates
rose.
Given
the
potential
for
relatively
attractive
returns
with
lower
risk
than
stocks,
many
investors
shifted
from
equity
assets
to
bonds,
and
stock
prices
ended
on
a
down
note
as
the
period
came
to
a
close.
For
the
period
as
a
whole,
however,
the
August-September
stock
market
retreat
did
not
totally
erase
previous
gains,
and
the
Russell
1000®
Index,
a
measure
of
U.S.
large-cap
stocks,
returned
a
respectable
7.55%.
Fund
Performance
For
the
8-month
period
from
inception
on
January
30,
2023,
through
September
30,
2023,
Calvert
US
Select
Equity
ETF
(the
Fund)
returned
3.00%
for
shares
based
on
net
asset
value
(NAV)
and
reinvestment
of
distributions
per
share,
net
of
fees.
The
Fund
underperformed
its
benchmark,
the
Russell
1000®
Index
(the
Index),
which
returned
7.55%.
Security
selections
in
the
Fund
detracted
most
from
returns
rel-
ative
to
the
Index
during
the
period.
Selections
in
the
consum-
er
discretionary,
financials,
and
communication
services
sectors
particularly
weighed
on
relative
performance.
Although
sector
allocations
overall
were
beneficial,
overweight
exposures
to
the
financials
and
real
estate
sectors
-
among
the
worst-performing
sectors
within
the
Index
during
the
period
-
also
detracted
from
relative
returns
during
the
period.
Within
the
Fund’s
sector
allocations,
an
overweight
exposure
to
the
information
technology
(IT)
sector
-
the
strongest
perform-
ing
sector
within
the
Index
during
the
period
-
was
especially
beneficial.
While
security
selections
overall
detracted,
selections
in
the
industrials
and
IT
sectors
also
contributed
to
relative
returns
during
the
period.
Annual
Report
—
September
30,
2023
Investment
Overview
(unaudited)
(cont’d)
Calvert
US
Select
Equity
ETF
5
Morgan
Stanley
ETF
Trust
Performance
data
quoted
represents
past
performance,
which
is
no
guaran-
tee
of
future
results,
and
current
performance
may
be
lower
or
higher
than
the
figures
shown.
Performance
assumes
that
all
dividends
and
distributions,
if
any,
were
reinvested.
For
the
most
recent
month-end
performance
figures,
please
visit
www.calvert.com.
Investment
return
and
principal
value
will
fluctu-
ate
so
that
Fund
shares,
when
sold
or redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Total
returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
selling
or
redemption
of
Fund
shares.
Fund's
total
returns
are
calculated
as
of
the
last
business
day
of
the
period.
*
Minimum
Investment.
**
The
Fund’s
performance
shown
assumes
that
all
recurring
fees
(including
management
fees)
were
deducted
and
all
dividends
and
distributions
were
reinvested.
***
Commenced
Operations
on
January
30,
2023.
Performance
Compared
to
the
Russell
1000
®
Index
(1)
Cumulative
Total
Return
for
the
period
Ended
September
30,
2023
Since
Inception
(2)
Calvert
US
Select
Equity
ETF
-
NAV
(3)
3.00%
Calvert
US
Select
Equity
ETF
-
Market
Price
(3)
2.98%
Russell
1000
®
Index
7.55%
(1)
The
Russell
1000
®
Index
is
an
unmanaged
index
of
1,000
U.S.
large-
cap
stocks.
The
Russell
1000
®
Index
is
an
index
of
approximately
1,000
of
the
largest
U.S.
companies
based
on
a
combination
of
market
capitalization
and
current
index
membership.
The
Index
is
unmanaged
and
its
returns
do
not
include
any
sales
charges
or
fees.
Such
costs
would
lower
performance.
It
is
not
possible
to
invest
directly
in
an
index.
(2)
For
comparative
purposes,
average
annual
since
inception
returns
listed
for
the
Indexes
refer
to
the
inception
date
of
the
Fund,
not
the
inception
of
the
Index.
(3)
Commenced
operations
on
January
30,
2023.
Annual
Report
—
September
30,
2023
Portfolio
of
Investments
Calvert
US
Select
Equity
ETF
6
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Common
Stocks
(99.8%)
Air
Freight
&
Logistics
(0.3%)
Expeditors
International
of
Washington,
Inc.
545
$
62,473
Automobiles
(0.8%)
General
Motors
Co.
5,367
176,950
Banks
(2.1%)
Citizens
Financial
Group,
Inc.
901
24,147
Fifth
Third
Bancorp
2,189
55,447
Huntington
Bancshares,
Inc.
5,268
54,787
KeyCorp
869
9,350
PNC
Financial
Services
Group,
Inc.
(The)
523
64,209
Regions
Financial
Corp.
2,124
36,533
Truist
Financial
Corp.
5,874
168,055
Webster
Financial
Corp.
1,435
57,845
470,373
Biotechnology
(2.8%)
Alnylam
Pharmaceuticals,
Inc.(a)
464
82,174
Amgen,
Inc.
1,001
269,029
Exact
Sciences
Corp.(a)
561
38,271
Gilead
Sciences,
Inc.
2,006
150,330
Moderna
,
Inc.(a)
63
6,507
Regeneron
Pharmaceuticals,
Inc.(a)
39
32,096
Vertex
Pharmaceuticals,
Inc.(a)
122
42,424
620,831
Broadline
Retail
(0.5%)
eBay,
Inc.
1,059
46,692
Etsy,
Inc.(a)
490
31,644
Macy's,
Inc.
3,092
35,898
114,234
Building
Products
(0.7%)
Owens
Corning
216
29,464
Trane
Technologies
plc
614
124,587
154,051
Capital
Markets
(4.7%)
Charles
Schwab
Corp.
(The)
2,311
126,874
FactSet
Research
Systems,
Inc.
137
59,905
Franklin
Resources,
Inc.
537
13,199
Intercontinental
Exchange,
Inc.
1,603
176,362
LPL
Financial
Holdings,
Inc.
119
28,280
Morningstar,
Inc.
266
62,308
MSCI,
Inc.,
Class
 A
48
24,628
Nasdaq,
Inc.
1,523
74,003
S&P
Global,
Inc.
930
339,831
State
Street
Corp.
1,260
84,370
T
Rowe
Price
Group,
Inc.
391
41,004
1,030,764
Chemicals
(2.8%)
Ecolab,
Inc.
829
140,433
FMC
Corp.
1,446
96,839
Linde
plc
419
156,015
Mosaic
Co.
(The)
2,764
98,398
Sherwin-Williams
Co.
(The)
467
119,108
610,793
Commercial
Services
&
Supplies
(0.5%)
Cintas
Corp.
63
30,304
MSA
Safety,
Inc.
384
60,538
Shares
Value
Tetra
Tech,
Inc.
114
$
17,331
108,173
Communications
Equipment
(1.4%)
Ciena
Corp.(a)
227
10,728
Cisco
Systems,
Inc.
4,498
241,812
Lumentum
Holdings,
Inc.(a)
177
7,997
Motorola
Solutions,
Inc.
140
38,114
298,651
Consumer
Finance
(1.5%)
Ally
Financial,
Inc.
1,169
31,189
American
Express
Co.
796
118,755
Capital
One
Financial
Corp.
683
66,285
Discover
Financial
Services
938
81,259
Synchrony
Financial
1,343
41,056
338,544
Consumer
Staples
Distribution
&
Retail
(0.6%)
Target
Corp.
1,097
121,295
Containers
&
Packaging
(0.4%)
Ball
Corp.
1,913
95,229
Distributors
(0.1%)
Genuine
Parts
Co.
212
30,609
Diversified
Consumer
Services
(0.4%)
Bright
Horizons
Family
Solutions,
Inc.(a)
660
53,763
Service
Corp.
International
648
37,027
90,790
Diversified
Telecommunication
Services
(1.0%)
Verizon
Communications,
Inc.
6,554
212,415
Electric
Utilities
(1.1%)
Eversource
Energy
3,091
179,742
NextEra
Energy,
Inc.
1,056
60,498
240,240
Electrical
Equipment
(2.6%)
Eaton
Corp.
plc
1,783
380,278
Emerson
Electric
Co.
1,073
103,620
Rockwell
Automation,
Inc.
322
92,050
575,948
Entertainment
(2.1%)
Electronic
Arts,
Inc.
184
22,154
Netflix,
Inc.(a)
447
168,787
Walt
Disney
Co.
(The)(a)
3,383
274,192
465,133
Financial
Services
(3.5%)
Fidelity
National
Information
Services,
Inc.
527
29,127
Mastercard
,
Inc.,
Class
 A
876
346,817
MGIC
Investment
Corp.
1,108
18,493
PayPal
Holdings,
Inc.(a)
852
49,808
Rocket
Cos.,
Inc.,
Class
 A(a)
1,302
10,650
Visa,
Inc.,
Class
 A
1,389
319,484
774,379
Food
Products
(2.6%)
Darling
Ingredients,
Inc.(a)
1,322
69,009
General
Mills,
Inc.
4,184
267,734
J.M.
Smucker
Co.
(The)
1,076
132,251
Annual
Report
—
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
US
Select
Equity
ETF
7
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Food
Products
(cont’d)
McCormick
&
Co.,
Inc.
(Non-Voting)
1,341
$
101,433
570,427
Ground
Transportation
(0.1%)
Knight-Swift
Transportation
Holdings,
Inc.,
Class
 A
335
16,800
Health
Care
Equipment
&
Supplies
(2.2%)
Boston
Scientific
Corp.(a)
822
43,401
Edwards
Lifesciences
Corp.(a)
1,312
90,895
Hologic
,
Inc.(a)
1,077
74,744
IDEXX
Laboratories,
Inc.(a)
210
91,827
ResMed
,
Inc.
487
72,013
STERIS
plc
488
107,077
479,957
Health
Care
Providers
&
Services
(1.4%)
DaVita,
Inc.(a)
211
19,946
Humana,
Inc.
472
229,637
Laboratory
Corp.
of
America
Holdings
274
55,088
Quest
Diagnostics,
Inc.
101
12,308
316,979
Health
Care
REITs
(0.1%)
Ventas,
Inc.
637
26,837
Hotel
&
Resort
REITs
(0.1%)
Host
Hotels
&
Resorts,
Inc.
815
13,097
Hotels,
Restaurants
&
Leisure
(0.9%)
Darden
Restaurants,
Inc.
535
76,623
Planet
Fitness,
Inc.,
Class
 A(a)
271
13,328
Vail
Resorts,
Inc.
462
102,513
192,464
Household
Products
(0.4%)
Church
&
Dwight
Co.,
Inc.
281
25,748
Clorox
Co.
(The)
536
70,248
95,996
Industrial
REITs
(0.8%)
Prologis,
Inc.
1,629
182,790
Insurance
(4.1%)
Allstate
Corp.
(The)
188
20,945
Hartford
Financial
Services
Group,
Inc.
(The)
550
39,001
MetLife,
Inc.
4,470
281,208
Primerica,
Inc.
243
47,144
Progressive
Corp.
(The)
1,663
231,656
Prudential
Financial,
Inc.
1,449
137,496
Travelers
Cos.,
Inc.
(The)
837
136,690
894,140
IT
Services
(2.7%)
Accenture
plc,
Class
 A
1,436
441,010
Akamai
Technologies,
Inc.(a)
461
49,115
Okta
,
Inc.,
Class
 A(a)
462
37,658
Snowflake,
Inc.,
Class
 A(a)
125
19,096
Twilio
,
Inc.,
Class
 A(a)
282
16,505
VeriSign,
Inc.(a)
122
24,709
588,093
Leisure
Products
(0.5%)
Hasbro,
Inc.
1,074
71,034
Shares
Value
Mattel,
Inc.(a)
1,301
$
28,661
99,695
Life
Sciences
Tools
&
Services
(1.6%)
Agilent
Technologies,
Inc.
833
93,146
Danaher
Corp.
439
108,916
Fortrea
Holdings,
Inc.(a)
274
7,834
Waters
Corp.(a)
170
46,616
West
Pharmaceutical
Services,
Inc.
230
86,298
342,810
Machinery
(4.1%)
Caterpillar,
Inc.
721
196,833
Cummins,
Inc.
776
177,285
Deere
&
Co.
395
149,065
Illinois
Tool
Works,
Inc.
737
169,738
Parker-Hannifin
Corp.
249
96,991
Pentair
plc
712
46,102
Stanley
Black
&
Decker,
Inc.
319
26,662
Xylem,
Inc.
336
30,586
893,262
Media
(0.8%)
Interpublic
Group
of
Cos.,
Inc.
(The)
2,575
73,800
Omnicom
Group,
Inc.
1,473
109,709
183,509
Metals
&
Mining
(0.9%)
Nucor
Corp.
1,244
194,499
Multi-Utilities
(0.6%)
Consolidated
Edison,
Inc.
729
62,352
Sempra
1,078
73,336
135,688
Office
REITs
(0.0%)(b)
Boston
Properties,
Inc.
172
10,231
Personal
Care
Products
(0.7%)
Estee
Lauder
Cos.,
Inc.
(The),
Class
 A
996
143,972
Pharmaceuticals
(5.3%)
Bristol-Myers
Squibb
Co.
2,459
142,720
Eli
Lilly
&
Co.
707
379,751
Merck
&
Co.,
Inc.
5,246
540,076
Pfizer,
Inc.
3,009
99,809
1,162,356
Professional
Services
(1.7%)
Automatic
Data
Processing,
Inc.
484
116,441
FTI
Consulting,
Inc.(a)
288
51,382
Genpact
Ltd.
718
25,992
ManpowerGroup
,
Inc.
370
27,128
Paylocity
Holding
Corp.(a)
59
10,720
Robert
Half,
Inc.
174
12,751
Verisk
Analytics,
Inc.,
Class
 A
518
122,372
366,786
Real
Estate
Management
&
Development
(0.4%)
CBRE
Group,
Inc.,
Class
 A(a)
168
12,409
Howard
Hughes
Holdings,
Inc.(a)
279
20,682
Jones
Lang
LaSalle,
Inc.(a)
451
63,672
96,763
Annual
Report
—
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
US
Select
Equity
ETF
8
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Residential
REITs
(0.2%)
Equity
Residential
731
$
42,917
Retail
REITs
(0.4%)
Brixmor
Property
Group,
Inc.
606
12,593
Kimco
Realty
Corp.
882
15,514
Simon
Property
Group,
Inc.
607
65,574
93,681
Semiconductors
&
Semiconductor
Equipment
(6.8%)
Advanced
Micro
Devices,
Inc.(a)
1,364
140,247
Applied
Materials,
Inc.
843
116,713
First
Solar,
Inc.(a)
154
24,885
Intel
Corp.
3,840
136,512
KLA
Corp.
121
55,498
Lam
Research
Corp.
110
68,945
Micron
Technology,
Inc.
1,040
70,751
NVIDIA
Corp.
1,707
742,528
ON
Semiconductor
Corp.(a)
234
21,750
Texas
Instruments,
Inc.
693
110,194
1,488,023
Software
(13.8%)
Adobe,
Inc.(a)
376
191,722
Atlassian
Corp.,
Class
 A(a)
151
30,428
Autodesk,
Inc.(a)
351
72,625
Cadence
Design
Systems,
Inc.(a)
421
98,640
Gen
Digital,
Inc.
1,663
29,402
HubSpot
,
Inc.(a)
134
65,995
Intuit,
Inc.
536
273,864
Microsoft
Corp.
5,353
1,690,210
Salesforce,
Inc.(a)
934
189,397
ServiceNow
,
Inc.(a)
319
178,308
Splunk
,
Inc.(a)
339
49,579
Synopsys,
Inc.(a)
122
55,994
VMware,
Inc.,
Class
 A(a)
231
38,457
Workday,
Inc.,
Class
 A(a)
306
65,744
3,030,365
Specialized
REITs
(1.3%)
American
Tower
Corp.
968
159,188
Equinix
,
Inc.
25
18,156
Extra
Space
Storage,
Inc.
71
8,632
Iron
Mountain,
Inc.
1,811
107,664
293,640
Specialty
Retail
(3.9%)
Best
Buy
Co.,
Inc.
784
54,465
Dick's
Sporting
Goods,
Inc.
88
9,555
Gap,
Inc.
(The)
1,521
16,168
Home
Depot,
Inc.
(The)
974
294,304
Lowe's
Cos.,
Inc.
829
172,300
O'Reilly
Automotive,
Inc.(a)
48
43,625
TJX
Cos.,
Inc.
(The)
924
82,125
Tractor
Supply
Co.
303
61,524
Ulta
Beauty,
Inc.(a)
260
103,857
Williams-Sonoma,
Inc.
98
15,229
853,152
Technology
Hardware,
Storage
&
Peripherals
(8.4%)
Apple,
Inc.
9,503
1,627,008
Dell
Technologies,
Inc.,
Class
 C
301
20,739
Hewlett
Packard
Enterprise
Co.
7,643
132,759
Shares
Value
HP,
Inc.
2,437
$
62,631
1,843,137
Textiles,
Apparel
&
Luxury
Goods
(1.3%)
Capri
Holdings
Ltd.(a)
495
26,042
Lululemon
Athletica
,
Inc.(a)
326
125,709
NIKE,
Inc.,
Class
 B
986
94,281
Ralph
Lauren
Corp.,
Class
 A
117
13,582
Tapestry,
Inc.
777
22,339
281,953
Trading
Companies
&
Distributors
(0.5%)
United
Rentals,
Inc.
239
106,252
Water
Utilities
(1.3%)
American
Water
Works
Co.,
Inc.
2,215
274,283
Total
Common
Stocks
(Cost
$21,511,374)
21,906,429
Short-Term
Investment
(0.1%)
Investment
Company
(0.1%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
(See
Note
G)
(Cost
$29,012)
29,012
29,012
Total
Investments
(99.9%)
(Cost
$21,540,386)
(c)
21,935,441
Other
Assets
in
Excess
of
Liabilities
(0.1%)
14,396
NET
ASSETS
(100.0%)
$21,949,837
(a)
Non-income
producing
security.
(b)
Amount
is
less
than
0.05%.
(c)
At
September
30,
2023,
the
aggregate
cost
for
federal
income
tax
purposes
is
$21,540,386.
The
aggregate
gross
unrealized
appreciation
is
$2,119,90
3
and
the
aggregate
gross
unrealized
depreciation
is
$1,724,864,
resulting
in
net
unrealized
appreciation
of
$395,039.
REIT
Real
Estate
Investment
Trust
Portfolio
Composition
Classification  
Percentage
of
Total
Investments
Other*
65.7
%
Software
13.8
Technology
Hardware,
Storage
&
Peripherals
8.4
Semiconductors
&
Semiconductor
Equipment
6.8
Pharmaceuticals
5.3
Total
Investments
100.0%
*
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Annual
Report
—
September
30,
2023
Calvert
US
Select
Equity
ETF
9
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Statement
of
Assets
and
Liabilities
September
30,
2023
Assets:
Investments
in
Securities
of
Unaffiliated
Issuers,
at
Value
(Cost
$21,511,374)
$
21,906,429
Investment
in
Security
of
Affiliated
Issuer,
at
Value
(Cost
$29,012)
29,012
Total
Investments
in
Securities,
at
Value
(Cost
$21,540,386)
21,935,441
Dividends
Receivable
19,827
Total
Assets
21,955,268
Liabilities:
Payable
for
Management
Fee
5,431
Total
Liabilities
5,431
Net
Assets
$
21,949,837
Net
Assets
Consist
of:
Paid-in-Capital
$
21,833,025
Total
Distributable
Earnings
116,812
Net
Assets
$
21,949,837
Shares
Outstanding
$0.001
Par
Value
(unlimited
shares
authorized)
430,000
Net
Asset
Value
Per
Share
$
51
.05
Annual
Report
—
September
30,
2023
Calvert
US
Select
Equity
ETF
10
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Statement
of
Operations
Period
from
January
30,
2023
^
to
September
30,
2023
Investment
Income:
Dividends
from
Securities
of
Unaffiliated
Issuers
(Net
of
$42
of
Foreign
Taxes
Withheld)
$
257,947
Dividends
from
Security
of
Affiliated
Issuer
(Note
G)
1,706
Total
Investment
Income
259,653
Expenses:
Management
Fee
(Note
B)
43,102
Total
Expenses
43,102
Rebate
from
Morgan
Stanley
Affiliate
(Note
G)
(
49
)
Net
Expenses
43,053
Net
Investment
Income
216,600
Realized
Gain
(Loss):
Investments
Sold
(
297,876
)
In-kind
Redemptions
on
Investments
330,001
Net
Realized
Gain
32,125
Change
in
Unrealized
Appreciation
(Depreciation):
Investments
395,055
Net
Change
in
Unrealized
Appreciation
(Depreciation)
395,055
Net
Realized
Gain
and
Change
in
Unrealized
Appreciation
(Depreciation)
427,180
Net
Increase
in
Net
Assets
Resulting
from
Operations
$
643,780
^
Commencement
of
Operations.
Annual
Report
—
September
30,
2023
Calvert
US
Select
Equity
ETF
11
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Statement
of
Changes
in
Net
Assets
Period
from
January
30,
2023
^
to
September
30,
2023
Increase
(Decrease)
in
Net
Assets:
Operations:
Net
Investment
Income
$
216,600
Net
Realized
Gain
32,125
Net
Change
in
Unrealized
Appreciation
(Depreciation)
395,055
Net
Increase
in
Net
Assets
Resulting
from
Operations
643,780
Dividends
and
Distributions
to
Shareholders:
Dividends
and
Distributions
(
196,967
)
Total
Dividends
and
Distributions
to
Shareholders
(
196,967
)
Capital
Share
Transactions:
Subscribed
(1)
20,000,000
Subscribed
In-Kind
3,042,264
Redeemed
In-Kind
(
1,539,240
)
Net
Increase
in
Net
Assets
Resulting
from
Capital
Share
Transactions
21,503,024
Total
Increase
in
Net
Assets
21,949,837
Net
Assets:
Beginning
of
Period
–
End
of
Period
$
21,949,837
Capital
Share
Transactions:
Beginning
of
Period
–
Shares
Subscribed
400,000
Shares
Subscribed
In-Kind
60,000
Shares
Redeemed
In-Kind
(
30,000
)
Shares
Outstanding,
End
of
Period
Net
Increase
in
430,000
^
Commencement
of
Operations.
(1)
Total
consists
of
subscriptions
for
seed
capital
by
the
Adviser
and
other
related
parties
of
the
Fund.
Annual
Report
—
September
30,
2023
Financial
Highlights
Calvert
US
Select
Equity
ETF
12
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Selected
Per
Share
Data
and
Ratios
Period
from
January
30,
2023
(1)
to
September
30,
2023
Net
Asset
Value,
Beginning
of
Period
$
50
.00‌
Income
(Loss)
from
Investment
Operations:
—
Net
Investment
Income
(2)
0
.50‌
Net
Realized
and
Unrealized
Gain
1
.01‌
Total
from
Investment
Operations
1
.51‌
Distributions
from
and/or
in
Excess
of:
—
Net
Investment
Income
(
0
.46‌
)
Net
Asset
Value,
End
of
Period
$
51
.05‌
Total
Return
(3)
3
.00‌
%
(4)
Ratios
to
Average
Net
Assets
and
Supplemental
Data:
$21,950
Net
Assets,
End
of
Period
(Thousands)
$
21,950‌
Ratio
of
Expenses
0
.29‌
%
(5)
(6)
Ratio
of
Net
Investment
Income
1
.45‌
%
(5)
(6)
Ratio
of
Rebate
from
Morgan
Stanley
Affiliates
0
.00‌
%
(5)
(7)
Portfolio
Turnover
Rate
18‌
%
(4)
(8)
(1)
Commencement
of
Operations.
(2)
Per
share
amount
is
based
on
average
shares
outstanding.
(3)
Calculated
based
on
the
net
asset
value
as
of
the
last
business
day
of
the
period.
(4)
Not
annualized.
(5)
Annualized.
(6)
The
Ratio
of
Expenses
and
Ratio
of
Net
Investment
Income
reflect
the
rebate
of
certain
Fund
expenses
in
connection
with
the
investments
in
Morgan
Stanley
affiliates
during
the
period.
The
effect
of
the
rebate
on
the
ratios
is
disclosed
in
the
above
table
as
“Ratio
of
Rebate
from
Morgan
Stanley
Affiliates.”
(7)
Amount
is
less
than
0.005%.
(8)
In-kind
transactions
are
not
included
in
portfolio
turnover
calculations.
13
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
Morgan
Stanley
ETF
Trust
Morgan
Stanley
ETF
Trust
(the
“Trust”)
is
an
open-end,
management
investment
company
established
under
Delaware
law
as
a
Delaware
statutory
trust.
Pursuant
to
its
Declaration
of
Trust dated
May
31,
2016,
and
Amended
and
Restated
on
September
28,
2022
(the
“Declaration
of
Trust”),
the
Trust is
authorized
to establish
multiple
series.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Act”).
The
Trust
applies
investment
company
accounting
and
report-
ing
guidance
Accounting
Standard
Codification
("ASC")
Topic
946.
In
the
preparation
of
these
financial
statements,
manage-
ment
has
evaluated
subsequent
events
occurring
after
the
date
of
the
Fund's
Statement
of
Assets
and
Liabilities
through
the
date
that
the
financial
statements
were
issued.
The
accompanying
financial
statements
relate
to
the
Calvert
US
Select
Equity
ETF
 (the
"Fund"),
which
seeks
to
provide
long-term
capital
appreciation.
The
Fund
is
diversified.
A.
Significant
Accounting
Policies:
 The
following
signifi-
cant
accounting
policies
are
in
conformity
with
U.S.
generally
accepted
accounting
principles
(“GAAP”).
Such
policies
are
consistently
followed
by
the Trust
in
the
preparation
of
its
financial
statements.
GAAP
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
and
disclosures
in
the
financial
statements.
Actual
results
may
differ
from
those
estimates.
1.
Security
Valuation:
(1)
An
equity
portfolio
security
list-
ed
or
traded
on
an
exchange
is
valued
at
its
latest
reported
sales
price
(or
at
the
exchange
official
closing
price
if
such
exchange
reports
an
official
closing
price),
and
if
there
were
no
sales
on
a
given
day
and
if
there
is
no
official
ex-
change
closing
price
for
that
day,
the
security
is
valued
at
the
mean
between
the
last
reported
bid
and
asked
prices
if
such
bid
and
asked
prices
are
available
on
the
relevant
ex-
changes.
If
only
bid
prices
are
available
then
the
latest
bid
price
may
be
used.
Listed
equity
securities
not
traded
on
the
valuation
date
with
no
reported
bid
and
asked
prices
available
on
the
exchange
are
valued
at
the
mean
between
the
current
bid
and
asked
prices
obtained
from
one
or
more
reputable
brokers/dealers.
In
cases
where
a
securi-
ty
is
traded
on
more
than
one
exchange,
the
security
is
valued
on
the
exchange
designated
as
the
primary
market;
(2)
all
other
equity
portfolio
securities
for
which
over-the-
counter
(“OTC”)
market
quotations
are
readily
available
are
valued
at
the
latest
reported
sales
price
(or
at
the
mar-
ket
official
closing
price
if
such
market
reports
an
official
closing
price),
and
if
there
was
no
trading
in
the
security
on
a
given
day
and
if
there
is
no
official
closing
price
from
relevant
markets
for
that
day,
the
security
is
valued
at
the
mean
between
the
last
reported
bid
and
asked
prices
if
such
bid
and
asked
prices
are
available
on
the
rel-
evant
markets.
An
unlisted
equity
security
that
does
not
trade
on
the
valuation
date
and
for
which
bid
and
asked
prices
from
the
relevant
markets
are
unavailable
is
valued
at
the
mean
between
the
current
bid
and
asked
prices
obtained
from
one
or
more
reputable
brokers/dealers;
(3)
fixed
income
securities
may
be
valued
by
an
outside
pricing
service/vendor
approved
by
the
Trust’s
Board
of
Trustees
(the
“Trustees”).
The
pricing
service/vendor
may
employ
a
pricing
model
that
takes
into
account,
among
other
things,
bids,
yield
spreads
and/or
other
market
data
and
specific
security
characteristics.
If
Morgan
Stanley
Investment
Management
Inc.
(the
“Adviser”)
a
whol-
ly-owned
subsidiary
of
Morgan
Stanley,
determines
that
the
price
provided
by
the
outside
pricing
service/vendor
or
exchange
does
not
reflect
the
security’s
fair
value
or
is
unable
to
provide
a
price,
prices
from
brokers
or
dealers
may
also
be
utilized.
In
these
circumstances,
the
value
of
the
security
will
be
the
mean
of
bid
and
asked
prices
obtained
from
reputable brokers/dealers;
(4)
when
market
quotations
are
not
readily
available,
as
defined
by
Rule
2a-5
under
the
Act,
including
circumstances
under
which
the
Adviser
determines
that
the
closing
price,
last
sale
price
or
the
mean
between
the
last
reported
bid
and
asked
prices
are
not
reflective
of
a
security’s
market
value,
port-
folio
securities
are
valued
at
their
fair
value
as
determined
in
good
faith
under
procedures
established
by
and
under
the
general
supervision
of
the
Trustees; and
(5)
invest-
ments
in
mutual
funds,
including
the
Morgan
Stanley
Institutional
Liquidity
Funds,
are
valued
at
the
net
asset
value
(“NAV”)
as
of
the
close
of
each
business
day.
In
connection
with
Rule
2a-5
of
the
Act,
the
Trust-
ees
have
designated
the
Trust's
Adviser
as
its
valuation
designee.
The
valuation
designee
has
responsibility
for
determining
fair
value
and
to
make
the
actual
calculations
pursuant
to
the
fair
valuation
methodologies
previously
approved
by
the
Trustees.
Under
procedures
approved
by
the
Trustees,
the
Trust’s
Adviser
has
formed
a
Valuation
Committee
whose
members
are
approved
by
the
Trustees.
The
Valuation
Committee
provides
administration
and
oversight
of
the
Trust’s
valuation
policies
and
procedures,
which
are
reviewed
at
least
annually
by
the
Trustees.
These
procedures
allow
the Trust
to
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers
and
other
market
sources
to
determine
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
14
Morgan
Stanley
ETF
Trust
fair
value.
2.
Fair
Value
Measurement:
Financial
Accounting
Stan-
dards
Board
(“FASB”)
Accounting
Standards
Codifica-
tion
TM
("ASC"),
“Fair
Value
Measurement”
(“ASC
820”),
defines
fair
value
as
the
price
that
would
be
received
to
sell
an
asset
or
pay to
transfer
a
liability
in
an orderly
transaction
between
market
participants
at
the
measure-
ment
date. ASC
820
establishes
a
three tier
hierarchy
to
distinguish
between
(1)
inputs
that
reflect
the
assump-
tions
market
participants
would
use
in
valuing
an
asset
or
liability
developed
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity
(observable
inputs)
and
(2)
inputs
that
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
market
partici-
pants
would
use
in
valuing
an
asset
or
liability
developed
based
on
the
best
information
available
in
the
circum-
stances
(unobservable
inputs)
and
to
establish
classifica-
tion
of
fair
value
measurements
for
disclosure
purposes.
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
The
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
–
unadjusted
quoted
prices
in
active
markets
for
identical
investments.
Level
2
-
other
significant
observable
inputs
(includ-
ing
quoted
prices
for
similar
investments,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
 Level
3
-
significant
unobservable
inputs
including
the
Fund’s
own
assumptions
in
determin-
ing
the
fair
value
of
investments.
Factors
considered
in
making
this
determination
may
include,
but
are
not
limited
to,
infor-
mation
obtained
by
contacting
the
issuer,
analysts,
or
the
appropriate
stock
exchange
(for
exchange-traded
securities),
analysis
of
the
issuer’s
financial
statements
or
other
available
documents
and,
if
necessary,
available
information
concerning
other
securities
in
similar
circumstances.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities
and
the
determination
of
the
significance
of
a
particular
input
to
the
fair
value
mea-
surement
in
its
entirety
requires
judgment
and
considers
factors
specific
to
each
security. 
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
September
30,
2023:
Transfers
between
investment
levels
may
occur
as
the
markets
fluctuate
and/or
the
availability
of
data
used
in
an
investment’s
valuation
changes. 
3.
Indemnifications:
The Trust
enters
into
contracts
that
contain
a
variety
of
indemnification
clauses.
The
Trust’s
maximum
exposure
under
these
arrangements
is
un-
known
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not yet
occurred. 
4.
Dividends
and
Distributions
to
Shareholders: 
Divi-
dends
and
distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Dividends
from
net
investment
in-
come,
if
any,
are
declared
and
paid
quarterly.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
5.
Security
Transactions,
Income
and
Expenses:
Security
transactions
are
accounted
for
on
the
trade
date
(date
the
order
to
buy
or
sell
is
executed).
Realized
gains
and
losses
on
the
sale
of
investment
securities
are
deter-
mined
on
the
specific
identified
cost
method.
Dividend
income
and
other
distributions
are
recorded
on
the
ex-dividend
date
(except
for
certain
foreign
dividends
which
may
be
recorded
as
soon
as
the
Fund
is
informed
of
such
dividends)
net
of
applicable
withholding
taxes.
Non-cash
dividends
received
in
the
form
of
stock,
if
any,
are
recognized
on
the
ex-dividend
date
and
recorded
as
non-cash
dividend
at
fair
value.
B.
Management Fees:
 The
Adviser
provides
investment
advice
and
portfolio
management
services
pursuant
to
a
Management
Agreement
(the
“Agreement”)
and,
subject
to
the
supervision
of
the
Trust’s
Trustees,
makes
or
oversees
the
Fund’s
day-to-day
investment
decisions,
arranges
for
the
execution
of
portfolio
transactions
and
generally
manages
the
Fund’s
invest-
Investment
Type
Level
1
Unadjusted
quoted
prices
(000)
Level
2
Other
significant
observable
inputs
(000)
Level
3
Significant
unobservable
Inputs
(000)
Total
(000)
Assets:  
Common
Stocks
$
21,906
(1)
$
—
$
—
$
21,906
Short-Term
Investment
Investment
Company
29
—
—
29
Total
Assets
$21,935
$—
$—
$21,935
(1)
The
level
classification
by
major
category
of
investments
is
the
same
as
the
category
presentation
in
the
Portfolio
of
Investments.
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
15
Morgan
Stanley
ETF
Trust
ments.
 As
compensation
for
its
services,
the
Adviser
is paid 
monthly
at
the
annual
rate
of
0.29% of
the
average
daily
net
assets
of
the
Fund.
Under
the
Agreement,
the
Adviser pays sub-
stantially
all
the
expenses
of
the
Fund
(including
expenses
of
the
Trust
relating
to
the
Fund),
except
for
the
distribution
fees,
if
any,
brokerage
expenses,
acquired
fund
fees
and
expenses,
taxes,
interest,
litigation
expenses,
and
other
extraordinary
expenses,
including
the
costs
of
proxies,
not
incurred
in
the
ordinary
course
of
the
Fund’s
business. 
C.
Distribution
and
Shareholder Services
Plan:
The
Trustees
have
adopted
a
distribution
and
services
plan
("Plan")
pursuant
Rule
12b-1
under the
Act. 
Under the
Plan,
the
Fund
is
authorized
to
pay
distribution
fees
in
connection
with
the
sale
of
its
shares
and
pay
service
fees
in
connection
with
the
provision
of
ongoing
services
to
shareholders
of
the
Fund
and
the
maintenance
of
shareholder
accounts
in
an
amount
up
to
0.25%
of
its
average
daily
net
assets.
No
Rule
12b-1
fees
are
currently
paid
by
the
Fund
and
there
are
no
current
plans
to
impose
these
fees.
D.
Dividend
Disbursing
and
Transfer
Agent:
The
Trust’s
dividend
disbursing
and
transfer
agent
is
JPMorgan
Chase
Bank,
N.A.
("JPMorgan").
E.
Custodian
and
Administrator:
JPMorgan also
serves
as
Custodian
and
Administrator for
the
Trust in
accordance
with
a
Custodian
and
Administration Agreement.
F.
Issuance
and
Redemption
of
Fund
Shares:
The
Fund
is
an
exchange-traded
fund
or
ETF.
Individual
Fund
shares
may
only
be
purchased
and
sold
on
a
national
securi-
ties
exchange
through
a
broker-dealer
and
investors
may
pay
a
commission
to
such
broker-dealers
in
connection
with
their
purchase
or
sale.
The
price
of
Fund
shares
is
based
on
market
price,
and
because
ETF
shares
trade
at
market
prices
rather
than
NAV,
shares
may
trade
at
a
price
greater
than
NAV
(a
premium)
or
less
than
NAV
(a
discount). 
The
Fund
will
only
issue
or
redeem
shares
aggregated
into
blocks
of 30,000
shares
or
multiples
thereof
(“Creation
Units”)
to
Authorized
Participants
who
have
entered
into
agreements
with
the
Funds’
Distributor.
An
Authorized
Participant
is
either
(1)
a
“Participating
Party,”
(i.e.,
a
broker-dealer
or
other
participant
in
the
clearing
process
of
the
Continuous
Net
Settlement
System
of
the
National
Securities
Clearing
Corpo-
ration)
(“Clearing
Process”),
or
(2)
a
participant
of
Depository
Trust
Company (“DTC
Participant”),
and,
in
each
case,
must
have
executed
an
agreement
(“Participation
Agreement”)
with
the
Distributor
with
respect
to
creations
and
redemptions
of
Creation
Units.
The
Fund
will
issue
or
redeem
Creation
Units
in
return
for
a
basket
of
assets
that
the
Fund
specifies
each
day.
Shares
are
listed
on
the
New
York
Stock
Exchange Arca
("NYSE
Arca") and
are
publicly
traded.
If an
investor buys
or
sells
Fund
shares
on
the
secondary
market, the
investor will
pay
or
receive
the
market
price,
which
may
be
higher
or
lower
than
NAV. The
investor's transaction
will
be
priced
at
NAV
if the
investor purchases
or
redeems
Fund
shares
in
Creation
Units.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
the
Fund's
Administrator
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Additionally,
a
portion
of
the
transaction
fee
is
used
to
offset
transactional
costs
typically
accrued
in
the
Fund's
cus-
tody
expenses
directly
related
to
the
issuance
and
redemption
of
Creation
Units.
An
additional
variable
fee
may
be
charged
for
certain
transactions.
Such
fees
would
be
included
in
the
re-
ceivable
for
capital
shares
issued
on
the
Statement
of
Assets
and
Liabilities
if
they
are
outstanding
as
of
year-
end. Transaction
fees
assessed
during
the
period
are
included
in
the
proceeds
from
shares
issued
on
the
Statements
of
Changes
in
Net
Assets.
G.
Security
Transactions
and
Transactions
with
Af-
filiates:
For
the
year ended
September
30,
2023 purchases
and
sales
of
investment
securities
for
the
Fund,
other
than
long-term
U.S.
Government
securities,
short-term
investments
and
In-Kind transactions were $24,113,144
and
$4,069,723,
respectively.
There
were
no
purchases
and
sales
of
long-term
U.S.
Government
securities
for
the
year
ended
September
30,
2023. Purchase
and
Sales
related
to
In-Kind
transactions
were
$2,994,812 and
$1,557,371 for
year end.
The
Fund
invests
in
the
Institutional
Class
of
the
Morgan
Stanley
Institutional
Liquidity
Funds
—
Government
Portfolio
(the
“Liquidity
Fund”),
an
open-end
management
investment
company
managed
by
the
Adviser. Management fees
paid
by
the
Fund
are
reduced
by
an
amount
equal
to
its
pro-rata
share
of
the management
fees
paid
by
the
Fund
due
to
its
invest-
ment
in
the
Liquidity
Fund.
For
the
year ended
September
30,
2023, management
fees
paid
were
reduced
by $49 relating
to
the
Fund’s
investment
in
the
Liquidity
Fund. 
A
summary
of
the
Fund’s
transactions
in
shares
of
affiliated
investments
during
the
year ended
September
30,
2023 is
as
follows: 
Affiliated
Investment
Company
Value
January
30,
2023
Purchases
at
Cost
Proceeds
from
Sales
Dividend
Income
Liquidity
Fund
$
–
$
293,565
$
264,553
$
1,706
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
16
Morgan
Stanley
ETF
Trust
H.
Federal
Income
Taxes:
It
is
the
Fund’s
intention
to
continue
to
qualify
as
a
regulated
investment
company
and
distribute
all
of
its
taxable
and
tax
exempt income.
Accordingly,
no
provision
for
federal
income
taxes
is
required
in
the
finan-
cial
statements. 
The
Fund
may
be
subject
to
taxes
imposed
by
countries
in
which
it
invests.
Such
taxes
are
generally
based
on
income
and/
or
capital
gains
earned
or
repatriated.
Taxes
are
accrued
based
on
net
investment
income,
net
realized
gains
and
net
unreal-
ized
appreciation
as
such
income
and/or
gains
are
earned.
Taxes
may
also
be
based
on
transactions
in
foreign
currency
and
are
accrued
based
on
the
value
of
investments
denominated
in
such
currency.
FASB
ASC
740-10,
“Income
Taxes—Overall”,
sets
forth
a
minimum
threshold
for
financial
statement
recognition
of
the
benefit
of
a
tax
position
taken
or
expected
to
be
taken
in
a
tax
return.
Management
has
concluded
there
are
no
significant
uncertain
tax
positions
that
would
require
recognition
in
the
financial
statements.
If
applicable,
the
Fund
recognizes
inter-
est
accrued
related
to
unrecognized
tax
benefits
in
“Interest
Expense”
and
penalties
in
“Other
Expenses”
in
the
Statement
of
Operations.
The
Fund
files
tax
returns
with
the
U.S.
Internal
Revenue
Service,
New
York
and
various
states.
The
tax
year
ended
September
30,
2023 remains
subject
to
examination
by
taxing
authorities.
The
tax
character
of
distributions
paid
may
differ
from
the
character
of
distributions
shown
for
GAAP
purposes
due
to
short-term
capital
gains
being
treated
as
ordinary
income
for
tax
purposes.
The
tax
character
of
distributions
paid
during
fiscal
year 2023
was
as
follows: 
The
amount
and
character
of
income
and
gains
to
be
distrib-
uted
are
determined
in
accordance
with
income
tax
regulations
which
may
differ
from
GAAP.
These
book/tax
differences
are
either
considered
temporary
or
permanent
in
nature. 
Temporary
differences
are
attributable
to
differing
book
and
tax
treatments
for
the
timing
of
the
recognition
of
gains
(loss-
es)
on
certain
investment
transactions
and
the
timing
of
the
deductibility
of
certain
expenses. 
Permanent
differences,
due
to
a
tax
adjustment
related
to
an
in-kind
redemption,
resulted
in
the
following
reclassifications
among
the
components
of
net
assets
at
September
30,
2023:
At
September
30,
2023,
the
components
of
distributable
earn-
ings
for
the
Fund
on
a
tax
basis
were
as
follows: 
At
September
30,
2023,
the
Fund
had
available
for
fed-
eral
income
tax
purposes
unused
short-term
capital
losses
of $297,876 that
do
not
have
an
expiration
date. 
To
the
extent
that
capital
loss
carryforwards
are
used
to
offset
any
future
capital
gains
realized,
no
capital
gains
tax
liability
will
be
incurred
by
the
Fund
for
gains
realized
and
not
distrib-
uted.
To
the
extent
that
capital
gains
are
offset,
such
gains
will
not
be
distributed
to
the
shareholders. 
I.
Principal
Risks:
Market
Risk:
An
investment
in
the
Fund
is
based
on
the
values
of
the
Fund’s
investments,
which
may
change
due
to
economic
and
other
events
that
affect
markets
generally,
as
well
as
those
that
affect
particular
regions,
countries,
industries,
companies
or
governments.
The
risks
associated
with
these
developments
may
be
magnified
if
social,
political,
economic
and
other
conditions
and
events
(such
as
war,
natural
disasters,
health
emergencies
(e.g.,
epidemics
and
pandemics),
terrorism,
conflicts,
social
unrest,
recessions,
inflation,
rapid
interest
rate
changes
and
supply
chain
disruptions)
adversely
interrupt
the
global
economy
and
financial
markets.
It
is
difficult
to
predict
when
events
affecting
the
U.S.
or
global
financial
markets
may
occur,
the
effects
that
such
events
may
have
and
the
duration
of
those
effects
(which
may
last
for
extended
periods).
These
events
may
negatively
impact
broad
segments
of
businesses
and
populations
and
have
a
significant
and
rapid
negative
impact
on
the
performance
of
the
Fund’s
investments,
adverse-
Affiliated
Investment
Company
(cont'd)
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
September
30,
2023
Liquidity
Fund  
$
–
$
–
$
29,012
2023
Distributions
Paid
From:
Ordinary
Long-Term
Income
Capital
Gain
$196,967
$–
Total
Distributable
Paid-In
Earnings
Capital
$(330,001)
$330,001
Undistributed
Undistributed
Ordinary
Long-Term
Income
Capital
Gain
$19,633
$–
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
17
Morgan
Stanley
ETF
Trust
ly
affect
and
increase
the
volatility
of
the
Fund’s
share
price
and
exacerbate
pre-existing
risks
to
the
Fund.
The
occurrence,
duration
and
extent
of
these
or
other
types
of
adverse
econom-
ic
and
market
conditions
and
uncertainty
over
the
long
term
cannot
be
reasonably
projected
or
estimated
at
this
time.
The
ultimate
impact
of
public
health
emergencies
or
other
adverse
economic
or
market
developments
and
the
extent
to
which
the
associated
conditions
impact
the
Fund
and
its
investments
will
also
depend
on
other
future
developments,
which
are
highly
uncertain,
difficult
to
accurately
predict
and
subject
to
change
at
any
time.
The
financial
performance
of
the
Fund’s
invest-
ments
(and,
in
turn,
the
Fund’s
investment
results)
as
well
as
their
liquidity
may
be
adversely
affected
because
of
these
and
similar
types
of
factors
and
developments.
Authorized
Participant
Concentration
Risk:
Only
an
authorized
participant
may
engage
in
creation
or
redemption
transactions
directly
with
the
Fund.
The
Fund
has
a
limited
number
of
intermediaries
that
act
as
authorized
participants
and
none
of
these
authorized
participants
is
or
will
be
obligated
to
engage
in
creation
or
redemption
transactions.
To
the
extent
that
these
intermediaries
exit
the
business
or
are
unable
to
or
choose
not
to
proceed
with
creation
and/or
redemption
orders
with
respect
to
the
Fund
and
no
other
authorized
participant
creates
or
redeems,
shares
may
trade
at
a
discount
to NAV
and
possibly
face
trading
halts
and/or
delisting. 
Trading
Risk:
The
market
prices
of
shares
are
expected
to
fluctuate,
in
some
cases
materially,
in
response
to
changes
in
the
Fund’s
NAV,
the
intra-day
value
of
the
Fund’s
holdings,
and
supply
and
demand
for
shares.
The
Adviser
cannot
predict
whether
shares
will
trade
above,
below
or
at
their
NAV.
Disrup-
tions
to
creations
and
redemptions,
the
existence
of
significant
market
volatility
or
potential
lack
of
an
active
trading
market
for
the
shares
(including
through
a
trading
halt),
as
well
as
oth-
er
factors,
may
result
in
the
shares
trading
significantly
above
(at
a
premium)
or
below
(at
a
discount)
to
NAV
or
to
the
intraday
value
of
the
Fund’s
holdings.
Buying
or
selling
shares
in
the
secondary
market
may
require
paying
brokerage
com-
missions
or
other
charges
imposed
by
brokers
as
determined
by
that
broker.
Brokerage
commissions
are
often
a
fixed
amount
and
may
be
a
significant
proportional
cost
when
seeking
to
buy
or
sell
relatively
small
amounts
of
shares.
In
addition,
the
market
price
of
shares,
like
the
price
of
any
exchange-traded
security,
includes
a
“bid-ask
spread”
charged
by
the
market
makers
or
other
participants
that
trade
the
particular
security.
The
spread
of the
Fund’s
shares
varies
over
time
based
on
the
Fund’s
trading
volume
and
market
liquidity
and
may
increase
if
the
Fund’s
trading
volume,
the
spread
of
the
Fund’s
underlying
securities,
or
market
liquidity
decrease. 
Large
Shareholder
Transaction
Risk:
The
Fund
may
experience
adverse
effects
when
certain
shareholders
purchase
or
redeem
large
amounts
of
shares
of the
Fund.
In
addition,
a
third
party
investor,
the
Adviser
or
an
affiliate
of
the
Adviser,
an
authorized
participant,
a
lead
market
maker,
or
another
entity
(i.e.,
a
seed
investor)
may
invest
in
the
Fund
and
hold
its
investment
solely
to
facilitate
commencement
of
the
Fund
or
to
facilitate
the
Fund’s
achieving
a
specified
size
or
scale.
Any
such
investment
may
be
held
for
a
limited
period
of
time.
There
can
be
no
assurance
that
any
large
shareholder
would
not
redeem
its
investment,
that
the
size
of
the
Fund
would
be
maintained
at
such
levels
or
that
the
Fund
would
continue
to
meet
applicable
listing
requirements.
Such
larger
than
normal
redemptions
may
cause
the
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negative-
ly
impact
the
Fund’s
NAV
and
liquidity.
Similarly,
large
Fund
share
purchases
may
adversely
affect the
Fund’s
performance
to
the
extent
that the
Fund
is
delayed
in
investing
new
cash
and
is
required
to
maintain
a
larger
cash
position
than
it
ordinarily
would.
These
transactions
may
also
accelerate
the
realization
of
taxable
income
to
shareholders
if
such
sales
of
investments
resulted
in
gains
and
may
also
increase
transaction
costs.
In
addition,
a
large
redemption
could
result
in the
Fund’s
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in the
Fund’s
expense
ratio.
Although
large
shareholder
transactions
may
be
more
frequent
under
certain
circumstanc-
es, the
Fund
is
generally
subject
to
the
risk
that
shareholders
can
purchase
or
redeem
a
significant
percentage
of
Fund
shares
at
any
time.
In
addition,
transactions
by
large
shareholders
may
account
for
a
large
percentage
of
the
trading
volume
on
NYSE
Arca
and
may,
therefore,
have
a
material
upward
or
downward
effect
on
the
market
price
of
the
shares. 
J.
Other:
At
September
30,
2023,
the
Fund
had
record
own-
ers
of
10%
or
greater,
which
are
related
parties
of
the
Fund.
In-
vestment
activities
of
these
shareholders
could
have
a
material
impact
on
the
Fund.
The
aggregate
percentage
of
such
owners
was
93.0%.
18
Annual
Report
—
September
30,
2023
Report
of
Independent
Registered
Public
Accounting
Firm
Morgan
Stanley
ETF
Trust
To
the
Shareholders
and
Board
of
Trustees
of
Morgan
Stanley
ETF
Trust
–
Calvert
US
Select
Equity
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
Calvert
US
Select
Equity
ETF
(the
“Fund”)
(one
of
the
funds
constituting
Morgan
Stanley
ETF
Trust
(the
“Trust”)),
including
the
portfolio
of
investments,
as
of
September
30,
2023,
and
the
related
statements
of
operations
and
changes
in
net
assets
and
the
financial
highlights
for
the
period
from
January
30,
2023
(commencement
of
operations)
through
September
30,
2023,
and
the
related
notes
(collectively
referred
to
as
the
“financial
state-
ments”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
(one
of
the
funds
constituting
Morgan
Stanley
ETF
Trust)
at
September
30,
2023,
and
the
results
of
its
operations,
the
changes
in
its
net
assets
and
its
financial
highlights
for
the
period
from
January
30,
2023
(commencement
of
operations)
through
September
30,
2023,
in
conformity
with
U.S.
generally
accepted
accounting
principles.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Trust’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audit.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Trust
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audit
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Trust
is
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
the
Trust’s
internal
control
over
financial
reporting.
As
part
of
our
audit,
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting,
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Trust’s
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audit
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
September
30,
2023,
by
correspondence
with
the
custodian,
brokers
and
others;
when
replies
were
not
received
from
brokers
and
others,
we
performed
other
auditing
procedures.
Our
audit
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
We
believe
that
our
audit
provides
a
reasonable
basis
for
our
opinion.
We
have
served
as
the
auditor
of
one
or
more
Morgan
Stanley
investment
companies
since
2000.
Boston,
Massachusetts
November
27,
2023
19
Annual
Report
—
September
30,
2023
Federal
Tax
Notice
(unaudited)
Morgan
Stanley
ETF
Trust
For
federal
income
tax
purposes,
the
following
information
is
furnished
with
respect
to
the
distributions
paid
by
the
Fund
during
its
taxable
year
ended
September
30,
2023.
For
corporate
shareholders
100%
of
the
dividends
qualified
for
the
dividends
received
deduction.
For
federal
income
tax
purposes,
the
following
information
is
furnished
with
respect
to
the
Fund’s
earnings
for
its
taxable
year
ended
September
30,
2023.
When
distributed,
certain
earnings
may
be
subject
to
a
maximum
tax
rate
of
15%
as
provided
for
by
the
Jobs
and
Growth
Tax
Relief
Reconciliation
Act
of
2003.
The
Fund
designated
up
to
a
maximum
of $196,967
as
taxable
at
this
lower
rate.
In
January,
the
Fund
provides
tax
information
to
shareholders
for
the
preceding
calendar
year.
20
Annual
Report
—
September
30,
2023
Important
Notices
(unaudited)
Morgan
Stanley
ETF
Trust
Reporting
to
Shareholders
The
Fund’s
portfolio
holdings
are
publicly
disseminated
each
day
the
Fund
is
open
for
business
through
financial
reporting
and
news
services,
including
publicly
accessible
Internet
web
sites.
In
addition,
a
basket
composition
file,
which
includes
the
securi-
ty
names
and
share
quantities
to
deliver
in
exchange
for
Creation
Units,
together
with
estimates
and
actual
cash
components
is
publicly
disseminated
daily
prior
to
the
opening
of
the
Exchange
via
the
National
Securities
Clearing
Corporation
(the
“NSCC”),
a
clearing
agency
that
is
registered
with
the
SEC.
The
basket
represents
one
Creation
Unit
of
the
Fund.
The
Trust,
Adviser,
Custo-
dian
and
Distributor
will
not
disseminate
non-public
information
concerning
the
Trust.
The
Trust
provides
a
complete
schedule
of
portfolio
holdings
for
the
second
and
fourth
fiscal
quarters
in
its
Semi-Annual
and
Annual
reports,
and
for
the
first
and
third
fiscal
quarters
in
its
filings
with
the
SEC
as
an
exhibit
to
Form
N-PORT.
The
Fund's
portfolio
holdings
will
be
available
on
the
Fund’s
public
website,
www.calvert.com.
Proxy
Voting
Policy
and
Proxy
Voting
Record
The
Board
of
Trustees
believes
that
the
voting
of
proxies
on
securities
held
by
the
Trust
is
an
important
element
of
the
overall
invest-
ment
process.
As
such,
the
Trustees
have
delegated
the
responsibility
to
vote
such
proxies
to
the
Adviser.
The
Adviser
has
engaged
Calvert
to
provide
proxy
voting
services
with
respect
to
the
Trust.
The
Adviser’s
Proxy
Voting
Policy
speci-
fies
that
each
Fund
will
follow
Calvert’s
Proxy
Voting
Policies
and
Procedures
and
Global
Proxy
Voting
Guidelines.
When
available,
the
Trust’s
proxy
voting
record
for
the
most
recent
12-month
period
ending
June
30,
as
filed
with
the
SEC,
will
be
available
without
charge
on
our
web
site
at
www.calvert.com.
The
Trust’s
proxy
voting
record
will
also
be
available
without
charge
on
the
SEC’s
web
site
at
http://www.sec.gov. 
Tailored
Shareholder
Reports
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
on-
line,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Morgan
Stanley
Funds.
21
Annual
Report
—
September
30,
2023
U.S.
Customer
Privacy
Notice
(unaudited)
April
2021
Morgan
Stanley
ETF
Trust
FACTS
WHAT
DOES
MSIM
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
Social
Security
number
and
income
investment
experience
and
risk
tolerance
checking
account
number
and
wire
transfer
instructions
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information;
the
reasons
MSIM
chooses
to
share;
and
whether
you
can
limit
this
sharing.
Reasons
we
can
share
your
personal
information
Does
MSIM
share?
Can
you
limit
this
sharing?
For
our
everyday
business
purposes
—
such
as
to
process
your
transactions,
maintain
your
account(s),
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—
to
offer
our
products
and
services
to
you
Yes
No
For
joint
marketing
with
other
financial
companies
No
We
don’t
share
For
our
investment
management
affiliates’
everyday
business
purposes
—
information
about
your
transactions,
experiences,
and
creditworthiness
Yes
Yes
For
our
affiliates’
everyday
business
purposes
—
information
about
your
transactions
and
experiences
Yes
No
For
our
affiliates’
everyday
business
purposes
—
information
about
your
creditworthiness
No
We
don’t
share
For
our
investment
management
affiliates
to
market
to
you
Yes
Yes
For
our
affiliates
to
market
to
you
No
We
don’t
share
For
non-affiliates
to
market
to
you
No
We
don’t
share
Annual
Report
—
September
30,
2023
U.S.
Customer
Privacy
Notice
(unaudited)
(cont’d)
22
April
2021
Morgan
Stanley
ETF
Trust
To
limit
our
sharing
Call
toll-free
(844)
312-6327
or
email:
[email protected]
Please
note:
If
you
are
a
new
customer,
we
can
begin
sharing
your
information
30
days
from
the
date
we
sent
this
notice.
When
you
are
no
longer
our
customer,
we
continue
to
share
your
information
as
described
in
this
notice.
However,
you
can
contact
us
at
any
time
to
limit
our
sharing.
Questions?
Call
toll-free
(844)
312-6327
or
email:
[email protected]
Who
we
are
Who
is
providing
this
notice?
Morgan
Stanley
Investment
Management
Inc.
and
its
investment
management
affiliates
(“MSIM”)
(see
Investment
Management
Affiliates
definition
below)
What
we
do
How
does
MSIM
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
We
have
policies
governing
the
proper
handling
of
customer
information
by
personnel
and
requiring
third
parties
that
provide
support
to
adhere
to
appropriate
security
standards
with
respect
to
such
information.
How
does
MSIM
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you
open
an
account
or
make
deposits
or
withdrawals
from
your
account
buy
securities
from
us
or
make
a
wire
transfer
give
us
your
contact
information
We
also
collect
your
personal
information
from
others,
such
as
credit
bureaus,
affiliates,
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only
sharing
for
affiliates’
everyday
business
purposes
—
information
about
your
creditworthiness
affiliates
from
using
your
information
to
market
to
you
sharing
for
non-affiliates
to
market
to
you
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
See
below
for
more
on
your
rights
under
state
law.
Annual
Report
—
September
30,
2023
U.S.
Customer
Privacy
Notice
(unaudited)
(cont’d)
23
April
2021
Morgan
Stanley
ETF
Trust
Definitions
Investment
Management
Affiliates
MSIM
Investment
Management
Affiliates
include
registered
investment
advisers,
registered
broker-dealers,
and
registered
and
unregistered
funds
in
the
Investment
Management
Division.
Investment
Management
Affiliates
does
not
include
entities
associated
with
Morgan
Stanley
Wealth
Management,
such
as
Morgan
Stanley
Smith
Barney
LLC
and
Morgan
Stanley
&
Co.
Affiliates
Companies
related
by
common
ownership
or
control.
They
can
be
financial
and
non-financial
companies.
Our
affiliates
include
companies
with
a
Morgan
Stanley
name
and
financial
companies
such
as
Morgan
Stanley
Smith
Barney
LLC
and
Morgan
Stanley
&
Co.
Non-affiliates
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
non-financial
companies.
MSIM
does
not
share
with
non-affiliates
so
they
can
market
to
you.
Joint
marketing
A
formal
agreement
between
non-affiliated
financial
companies
that
together
market
financial
products
or
services
to
you.
MSIM
doesn’t
jointly
market
Other
Important
Information
Vermont:
Except
as
permitted
by
law,
we
will
not
share
personal
information
we
collect
about
Vermont
residents
with
Non-affiliates
unless
you
provide
us
with
your
written
consent
to
share
such
information.
California:
Except
as
permitted
by
law,
we
will
not
share
personal
information
we
collect
about
California
residents
with
Non-affiliates
and
we
will
limit
sharing
such
personal
information
with
our
Affiliates
to
comply
with
California
privacy
laws
that
apply
to
us.
24
Annual
Report
—
September
30,
2023
Trustees
and
Officers
Information
(unaudited)
Morgan
Stanley
ETF
Trust
Independent
Trustees:
Name,
Address
and
Birth
Year
of
Independent
Trustee
Position(s)
Held
with
Registrant
Length
of
Time
Served*
Principal
Occupation(s)
During
Past
5
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
Fund
Complex
Overseen
by
Independent
Trustee**
Other
Directorships
Held
by
Independent
Trustee
During
Past
5
Years***
Frank
L.
Bowman
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1944
Trustee
Since
August
2006
President,
Strategic
Decisions,
LLC
(consulting)
(since
February
2009);
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
August
2006);
Chairperson
of
the
Compliance
and
Insurance
Committee
(since
October
2015);
formerly,
Chairperson
of
the
Insurance
Sub-
Committee
of
the
Compliance
and
Insurance
Committee
(2007-2015);
served
as
President
and
Chief
Executive
Officer
of
the
Nuclear
Energy
Institute
(policy
organization)
(February
2005-November
2008);
retired
as
Admiral,
U.S.
Navy
after
serving
over
38
years
on
active
duty
including
8
years
as
Director
of
the
Naval
Nuclear
Propulsion
Program
in
the
Department
of
the
Navy
and
the
U.S.
Department
of
Energy
(1996-2004);
served
as
Chief
of
Naval
Personnel
(July
1994-September
1996)
and
on
the
Joint
Staff
as
Director
of
Political
Military
Affairs
(June
1992-July
1994);
knighted
as
Honorary
Knight
Commander
of
the
Most
Excellent
Order
of
the
British
Empire;
awarded
the
Officier
de
l’Orde
National
du
Mérite
by
the
French
Government;
elected
to
the
National
Academy
of
Engineering
(2009).
86
Director
of
Naval
and
Nuclear
Technologies
LLP;
Director
Emeritus
of
the
Armed
Services
YMCA;
Member
of
the
National
Security
Advisory
Council
of
the
Center
for
U.S.
Global
Engagement
and
a
member
of
the
CNA
Military
Advisory
Board;
Chairman
of
Fairhaven
United
Methodist
Church;
Member
of
the
Board
of
Advisors
of
the
Dolphin
Scholarship
Foundation;
Director
of
other
various
nonprofit
organizations;
formerly,
Director
of
BP,
plc
(November
2010-
May
2019).
Frances.
L
Cashman
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1961
Trustee
Since
February
2022
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
February
2022);
Chief
Executive
Officer,
Asset
Management
Division,
Euromoney
Institutional
Investor
PLC
(financial
information)
(May
2021-Present);
Executive
Vice
President
and
various
other
roles,
Legg
Mason
&
Co.
(asset
management)
(2010-2020);
Managing
Director,
Stifel
Nicolaus
(2005-2010).
87
Trustee
and
Investment
Committee
Member,
Georgia
Tech
Foundation
(Since
June
2019);
Trustee
and
Chair
of
Marketing
Committee,
Loyola
Blakefield
(Since
September
2017);
Trustee,
MMI
Gateway
Foundation
(since
September
2017);
Director
and
Investment
Committee
Member,
Catholic
Community
Foundation
Board
(2012–2018);
Director
and
Investment
Committee
Member,
St.
Ignatius
Loyola
Academy
(2011-
2017).
Kathleen
A.
Dennis
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1953
Trustee
Since
August
2006
Chairperson
of
the
Governance
Committee
(since
January
2021),
Chairperson
of
the
Liquidity
and
Alternatives
Sub-
Committee
of
the
Investment
Committee
(2006-2020)
and
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
August
2006);
President,
Cedarwood
Associates
(mutual
fund
and
investment
management
consulting)
(since
July
2006);
formerly,
Senior
Managing
Director
of
Victory
Capital
Management
(1993-2006).
86
Board
Member,
University
of
Albany
Foundation
(2012-present);
Board
Member,
Mutual
Funds
Directors
Forum
(2014-present);
Director
of
various
non-profit
organizations.
Annual
Report
—
September
30,
2023
Trustees
and
Officers
Information
(unaudited)
(cont’d)
25
Morgan
Stanley
ETF
Trust
Name,
Address
and
Birth
Year
of
Independent
Trustee
Position(s)
Held
with
Registrant
Length
of
Time
Served*
Principal
Occupation(s)
During
Past
5
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
Fund
Complex
Overseen
by
Independent
Trustee**
Other
Directorships
Held
by
Independent
Trustee
During
Past
5
Years***
Nancy
C.
Everett
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1955
Trustee
Since
January
2015
Chairperson
of
the
Equity
Investment
Committee
(since
January
2021);
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
January
2015);
Chief
Executive
Officer,
Virginia
Commonwealth
University
Investment
Company
(since
November
2015);
Owner,
OBIR,
LLC
(institutional
investment
management
consulting)
(since
June
2014);
formerly,
Managing
Director,
BlackRock,
Inc.
(February
2011-December
2013)
and
Chief
Executive
Officer,
General
Motors
Asset
Management
(a/k/a
Promark
Global
Advisors,
Inc.)
(June
2005-May
2010).
87
Formerly,
Member
of
Virginia
Commonwealth
University
School
of
Business
Foundation
(2005-2016);
Member
of
Virginia
Commonwealth
University
Board
of
Visitors
(2013-2015);
Member
of
Committee
on
Directors
for
Emerging
Markets
Growth
Fund,
Inc.
(2007-2010);
Chairperson
of
Performance
Equity
Management,
LLC
(2006-2010);
and
Chairperson,
GMAM
Absolute
Return
Strategies
Fund,
LLC
(2006-2010).
Eddie
A.
Grier
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1955
Trustee
Since
February
2022
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
February
2022);
Dean
Santa
Clara
University
Leavey
School
of
Business
(since
April
2021);
Dean,
Virginia
Commonwealth
University
School
of
Business
(2010-2021);
President
and
various
other
roles,
Walt
Disney
Company
(entertainment
and
media)
(1981-2010).
87
Director,
Witt/Kieffer,
Inc.
(executive
search)
(since
2016);
Director,
NuStar
GP,
LLC
(energy)
(since
August
2021);
Director,
Sonida
Senior
Living,
Inc.
(residential
community
operator)
(2016-2021);
Director,
NVR,
Inc.
(home
building)
(2013-2020);
Director,
Middleburg
Trust
Company
(wealth
management)
(2014-
2019);
Director,
Colonial
Williamsburg
Company
(since2012);
Regent,
University
of
Massachusetts
Global
(since
2021);
Director
and
Chair,
Child
Fund
International
(2012-2021);
Trustee,
Brandman
University
(2010-2021);
Director,
Richmond
Forum
(2012-2019).
Annual
Report
—
September
30,
2023
Trustees
and
Officers
Information
(unaudited)
(cont’d)
26
Morgan
Stanley
ETF
Trust
Name,
Address
and
Birth
Year
of
Independent
Trustee
Position(s)
Held
with
Registrant
Length
of
Time
Served*
Principal
Occupation(s)
During
Past
5
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
Fund
Complex
Overseen
by
Independent
Trustee**
Other
Directorships
Held
by
Independent
Trustee
During
Past
5
Years***
Jakki
L.
Hassler
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1957
Trustee
Since
January
2015
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
January
2015);
Chairperson
of
the
Audit
Committee
(since
January
2023)
Chairman,
Opus
Capital
Group
(since
1996);
formerly,
Chief
Executive
Officer,
Opus
Capital
Group
(1996-2019);
Director,
Capvest
Venture
Fund,
LP
(May
2000-December
2011);
Partner,
Adena
Ventures,
LP
(July
1999
December
2010);
Director,
The
Victory
Funds
(February
2005-
July
2008).
87
Director
of
Cincinnati
Bell
Inc.
and
Member,
Audit
Committee
and
Chairman,
Governance
and
Nominating
Committee;
Director
of
Service
Corporation
International
and
Member,
Audit
Committee
and
Investment
Committee;
Director,
Barnes
Group
Inc.
(since
July
2021);
Director
of
Northern
Kentucky
University
Foundation
and
Member,
Investment
Committee;
Member
of
Chase
College
of
Law
Transactional
Law
Practice
Center
Board
of
Advisors;
Director
of
Best
Transport;
Director
of
Chase
College
of
Law
Board
of
Visitors;
formerly,
Member,
University
of
Cincinnati
Foundation
Investment
Committee.
Dr.
Manuel
H.
Johnson
c/o
Johnson
Smick
International,
Inc.
2201
I
Street,
NE
Suite
200
Washington,
D.C.
20002
Birth
Year:
1949
Trustee
Since
July
1991
Senior
Partner,
Johnson
Smick
International,
Inc.
(consulting
firm);
Chairperson
of
the
Fixed
Income,
Liquidity
and
Alternatives
Investment
Committee
(since
January
2021),
Chairperson
of
the
Investment
Committee
(2006-2020)
and
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
July
1991);
Co-Chairman
and
a
founder
of
the
Group
of
Seven
Council
(G7C)
(international
economic
commission);
formerly,
Chairperson
of
the
Audit
Committee
(July
1991-
September
2006);
Vice
Chairman
of
the
Board
of
Governors
of
the
Federal
Reserve
System
and
Assistant
Secretary
of
the
U.S.
Treasury.
86
Director
of
NVR,
Inc.
(home
construction).
Joseph
J.
Kearns
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1942
Trustee
Since
August
1994
Senior
Adviser,
Kearns
&
Associates
LLC
(investment
consulting);
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(August
1994
December
2022);
formerly,
Deputy
Chairperson
of
the
Audit
Committee
(July
2003-September
2006)
and
Chairperson
of
the
Audit
Committee
of
various
Morgan
Stanley
Funds
(since
August
1994);
CFO
of
the
J.
Paul
Getty
Trust
(1982-1999).
87
Director,
Rubicon
Investments
(since
February
2019);
Prior
to
August
2016,
Director
of
Electro
Rent
Corporation
(equipment
leasing).
Prior
to
December
31,
2013,
Director
of
The
Ford
Family
Foundation.
Annual
Report
—
September
30,
2023
Trustees
and
Officers
Information
(unaudited)
(cont’d)
27
Morgan
Stanley
ETF
Trust
*
This
is
the
earliest
date
the Trustee
began
serving
the
Morgan
Stanley
Funds.
Each Trustee
serves
an
indefinite
term,
until
his
or
her
successor
is
elected.
**
The
Fund
Complex
includes
(as
of
December
31,
2022)
all
open-end
and
closed-end
funds
(including
all
of
their
portfolios)
advised
by
Morgan
Stanly
Investment
Management
Inc.
(the
"Adviser")
and
any
funds
that
have
an
adviser
that
is
an
affiliated
person
of
the
Adviser
(including,
but
not
limited
to,
Morgan
Stanley
AIP
GP
LP).
***
This
includes
any
directorships
at
public
companies
and
registered
investment
companies
held
by
the
Trustee
at
any
time
during
the
past
five
years.
Name,
Address
and
Birth
Year
of
Independent
Trustee
Position(s)
Held
with
Registrant
Length
of
Time
Served*
Principal
Occupation(s)
During
Past
5
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
Fund
Complex
Overseen
by
Independent
Trustee**
Other
Directorships
Held
by
Independent
Trustee
During
Past
5
Years***
Michael
F.
Klein
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1958
Trustee
Since
August
2006
Chairperson
of
the
Risk
Committee
(since
January
2021);
Managing
Director,
Aetos
Alternatives
Management,
LP
(since
March
2000);
Co-President,
Aetos
Alternatives
Management,
LP
(since
January
2004)
and
Co-Chief
Executive
Officer
of
Aetos
Alternatives
Management,
LP
(since
August
2013);
Chairperson
of
the
Fixed
Income
Sub-Committee
of
the
Investment
Committee
(2006-
2020)
and
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
August
2006);
formerly,
Managing
Director,
Morgan
Stanley
&
Co.
Inc.
and
Morgan
Stanley
Dean
Witter
Investment
Management
and
President,
various
Morgan
Stanley
Funds
(June
1998-March
2000);
Principal,
Morgan
Stanley
&
Co.
Inc.
and
Morgan
Stanley
Dean
Witter
Investment
Management
(August
1997-December
1999).
86
Director
of
certain
investment
funds
managed
or
sponsored
by
Aetos
Alternatives
Management,
LP;
Director
of
Sanitized
AG
and
Sanitized
Marketing
AG
(specialty
chemicals).
Patricia
A.
Maleski
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1960
Trustee
Since
January
2017
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
January
2017);
Managing
Director,
JPMorgan
Asset
Management
(2004-2016);
Oversight
and
Control
Head
of
Fiduciary
and
Conflicts
of
Interest
Program
(2015-2016);
Chief
Control
Officer—Global
Asset
Management
(2013-
2015);
President,
JPMorgan
Funds
(2010-
2013);
Chief
Administrative
Officer
(2004-2013);
various
other
positions
including
Treasurer
and
Board
Liaison
(since
2001).
87
Trustee,
Nutley
Family
Service
Bureau,
Inc.
(since
January
2022).
W.
Allen
Reed
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1947
Chair
of
the
Board
and
Trustee
Chair
of
the
Board
since
August
2020
and
Director
since
August
2006
Chair
of
the
Boards
of
various
Morgan
Stanley
Funds
(since
August
2020);
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
August
2006);
formerly,
Vice
Chair
of
the
Boards
of
various
Morgan
Stanley
Funds
(January
2020-August
2020);
President
and
Chief
Executive
Officer
of
General
Motors
Asset
Management;
Chairman
and
Chief
Executive
Officer
of
the
GM
Trust
Bank
and
Corporate
Vice
President
of
General
Motors
Corporation
(August
1994-December
2005).
86
Formerly,
Director
of
Legg
Mason,
Inc.
(2006-2019);
and
Director
of
the
Auburn
University
Foundation
(2010-
2015).
Annual
Report
—
September
30,
2023
Trustees
and
Officers
Information
(unaudited)
(cont’d)
28
Morgan
Stanley
ETF
Trust
Executive
Officers:
The
Fund’s
statement
of
additional
information
incudes
further
information
about
the
Fund’s
Trustees
and
Officers,
and
is
available
without
charge
by
visiting
www.calvert.com
or
upon
request
by
calling
1
(800)
836-2414.
*This
is
the
earliest
date
the
officer
began
serving
the
Morgan
Stanley
Funds.
Each
officer
serves
an
indefinite
term,
until
his
or
her
successor
is
elected.
Name,
Address
and
Birth
Year
of
Executive
Officer
Position(s)
Held
with
Registrant
Length
of
Time
Served*
Principal
Occupation(s)
During
Past
5
Years
John
H.
Gernon
522
Fifth
Avenue
New
York,
NY
10036
Birth
Year:
1963
President
and
Principal
Executive
Officer
Since
September
2013
President
and
Principal
Executive
Officer
of
the
Equity
and
Fixed
Income
Funds
and
the
Morgan
Stanley
AIP
Funds
(since
September
2013)
and
the
Liquidity
Funds
and
various
money
market
funds
(since
May
2014)
in
the
Fund
Complex;
Managing
Director
of
the
Adviser.
Deidre
A.
Downes
1633
Broadway
New
York,
NY
10019
Birth
Year:
1977
Chief
Compliance
Officer
Since
November
2021
Executive
Director
of
the
Adviser
(since
January
2021)
and
Chief
Compliance
Officer
of
various
Morgan
Stanley
Funds
(since
November
2021).
Formerly,
Vice
President
and
Corporate
Counsel
at
PGIM
and
Prudential
Financial
(October
2016-December
2020).
Francis
J.
Smith
522
Fifth
Avenue
New
York,
NY
10036
Birth
Year:
1965
Treasurer
and
Principal
Financial
Officer
Treasurer
since
July
2003
and
Principal
Financial
Officer
since
September
2002
Managing
Director
of
the
Adviser
and
various
entities
affiliated
with
the
Adviser;
Treasurer
(since
July
2003)
and
Principal
Financial
Officer
of
various
Morgan
Stanley
Funds
(since
September
2002).
Mary
E.
Mullin
1633
Broadway
New
York,
NY
10019
Birth
Year:
1967
Secretary
Since
June
1999
Managing
Director
of
the
Adviser;
Secretary
of
various
Morgan
Stanley
Funds
(since
June
1999).
Michael
J.
Key
522
Fifth
Avenue
New
York,
NY
10036
Birth
Year:
1979
Vice
President
Since
June
2017
Vice
President
of
the
Equity
and
Fixed
Income
Funds,
Liquidity
Funds,
various
money
market
funds
and
the
Morgan
Stanley
AIP
Funds
in
the
Fund
Complex
(since
June
2017);
Executive
Director
of
the
Adviser;
Head
of
Product
Development
for
Equity
and
Fixed
Income
Funds
(since
August
2013).
Anthony
R.
Rochte
522
Fifth
Avenue
New
York,
NY
10036
Birth
Year:
1968
Vice
President,
Morgan
Stanley
ETF
Trust
Since
September
2022
Managing
Director
and
Global
Head
of
Exchange-Traded
Funds
at
Morgan
Stanley
Investment
Management
(since
March
2022);
Co-Head
of
Goldman
Sachs
Private
Bank
Select
(January
2020
–
March
2022);
Head
of
Fidelity
Institutional
Investments
&
Technology
Solutions
(August
2017
–
January
2020).
29
Morgan
Stanley
ETF
Trust
Annual
Report
—
September
30,
2023
Adviser
Morgan
Stanley
Investment
Management
Inc.
522
Fifth
Avenue
New
York,
New
York
10036
Distributor
Foreside
Fund
Services,
LLC
3
Canal
Plaza
Suite
100
Portland,
Maine
04101
Dividend
Disbursing
and
Transfer
Agent
JPMorgan
Chase
Bank,
N.A.
1111
Polaris
Parkway
Columbus,
Ohio
43240
Custodian
and
Administrator
JPMorgan
Chase
Bank,
N.A.
1111
Polaris
Parkway
Columbus,
Ohio
43240
Legal
Counsel
Dechert
LLP
1095
Avenue
of
the
Americas
New
York,
New
York
10036
Counsel
to
the
Independent
Trustees
Perkins
Coie
LLP
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
New
York
10036
Independent
Registered
Public
Accounting
Firm
Ernst
&
Young
LLP
200
Clarendon
Street
Boston,
MA
02116
ETFCALUSELEQTYANN
6057905
EXP
11.30.24
Printed
in
U.S.A. 
This
Report
has
been
prepared
for
shareholders
and
may
be
distributed
to
others
only
if
preceded
or
accompanied
by
a
current
prospectus.
Morgan
Stanley
Investment
Management
Inc.
522
Fifth
Avenue
New
York,
New
York
10036 
©
2023
Morgan
Stanley.
Morgan
Stanley
Distribution,
Inc.