Morgan
Stanley
ETF
Trust
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
NYSE
Arca:
CVMC
Annual
Report
September
30,
2023
Morgan
Stanley
ETF
Trust
Annual
Report
—
September
30,
2023
Table
of
Contents
(unaudited)
1
This
report
is
authorized
for
distribution
only
when
preceded
or
accompanied
by
a
prospectus
or
summary
prospectus
of
the
applicable
Fund
of
Morgan
Stanley
ETF
Trust.
To
receive
a
prospectus
and/or
statement
of
additional
information
(“SAI”),
which
contains
more
complete
information
such
as
investment
objectives,
charges,
expenses,
policies
for
voting
proxies,
risk
considerations
and
describes
in
detail
each
of
the
Fund’s
investment
policies
to
the
prospective
investor,
please
call
toll
free
1
(800)
836-2414.
Please
read
the
prospectuses
carefully
before
you
invest.
Additionally,
you
can
access
Fund
information
including
performance,
characteristics
and
investment
team
commentary,
through
Morgan
Stanley
Investment
Management’s
website:
www.calvert.com.
Market
forecasts
provided
in
this
report
may
not
necessarily
come
to
pass.
There
is
no
guarantee
that
any
sectors
mentioned
will
continue
to
perform
as
discussed
herein
or
that
securities
in
such
sectors
will
be
held
by
the
Fund
in
the
future.
There
is
no
assurance
that
a
fund
will
achieve
its
investment
objective.
Funds
are
subject
to
market
risk,
which
is
the
possibility
that
market
values
of
securities
owned
by
the
Fund
will
decline
and,
therefore,
the
value
of
the
Fund’s
shares
may
be
less
than
what
you
paid
for
them.
Accordingly,
you
can
lose
money
investing
in
this
Fund.
Please
see
the
prospectus
for
more
complete
information
on
investment
risks.
Shareholders’
Letter
........................................................................................
2
Expense
Example
...........................................................................................
3
Investment
Overview
........................................................................................
4
Portfolio
of
Investments
.....................................................................................
6
Statement
of
Assets
and
Liabilities
..........................................................................
13
Statement
of
Operations
....................................................................................
14
Statement
of
Changes
in
Net
Assets
........................................................................
15
Financial
Highlights
.........................................................................................
16
Notes
to
Financial
Statements
...............................................................................
17
Report
of
Independent
Registered
Public
Accounting
Firm
....................................................
23
Federal
Tax
Notice
..........................................................................................
24
Important
Notices
..........................................................................................
25
U.S.
Customer
Privacy
Notice
...............................................................................
26
Trustees
and
Officers
Information
...........................................................................
29
2
Annual
Report
—
September
30,
2023
Shareholders’
Letter
(unaudited)
Morgan
Stanley
ETF
Trust
Dear
Shareholders,
We
are
pleased
to
provide
this
Annual Report,
in
which
you
will
learn
how
your
investment
in Calvert
US
Mid-Cap
Core
Responsi-
ble
Index
ETF (the
“Fund”)
performed
during
the
period
beginning
January
30,
2023
(when
the
Fund
commenced
operations)
and
ended
September
30,
2023.
Morgan
Stanley
Investment
Management,
the
Fund's
investment
adviser, is
a
client-centric,
investor-led
organization.
Our
global
presence,
intellectual
capital,
and
breadth
of
products
and
services
enable
us
to
partner
with
investors
to
meet
the
evolving
chal-
lenges
of
today’s
financial
markets.
We
aim
to
deliver
superior
investment
service
and
to
empower
our
clients
to
make
the
informed
decisions
that
help
them
reach
their
investment
goals.
As
always,
we
thank
you
for
selecting
Morgan
Stanley
Investment
Management,
and
look
forward
to
working
with
you
in
the
months
and
years
ahead.
Sincerely,
John
H.
Gernon
President
and
Principal
Executive
Officer
October
2023
3
Annual
Report
—
September
30,
2023
Expense
Example
(unaudited)
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
Morgan
Stanley
ETF
Trust
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transactional
costs;
and
(2)
ongoing
costs,
which
may
include man-
agement
fees,
and
distribution
and
shareholder
services
fees.
This
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
This
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
six-month
period
ended
September
30,
2023 and
held
for
the
entire
six-month
period.
Actual
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
table,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
table
under
the
heading
entitled
“Actual
Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical Example
for
Comparison
Purposes
The
table
below
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds. 
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
sales
charges
(loads).
Therefore,
the
information
for
each
class
in
the
table
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Beginning
Account
Value
(
4/1/23
)
Actual
Ending
Account
Value
(9/30/23)
Hypothetical
Ending
Account
Value
Actual
Expenses
Paid
During
Period
*
Hypothetical
Expenses
Paid
During
Period
*
Net
Expense
Ratio
During
Period
**
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
$1,000.00
$979.80
$1,024.32
$0.74
$0.76
0.15%
*
Expenses
are
calculated
using
the
Fund’s
annualized
net
expense
ratio
(as
disclosed),
multiplied
by
the
average
account
value
over
the
period
and
multiplied
by
183/365
(to
reflect
the
most
recent
one-half
year
period).
**
Annualized.
4
Annual
Report
—
September
30,
2023
Investment
Overview
(unaudited)
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
Morgan
Stanley
ETF
Trust
Economic
and
Market
Conditions
For
U.S.
equity
investors,
the
8-month
period
ended
September
30,
2023,
was
a
roller-coaster
ride,
driven
largely
by
shifting
perceptions
of
whether
the
U.S.
Federal
Reserve
(the
Fed)
could
bring
the
world’s
largest
economy
in
for
a
soft
landing,
and
changing
expectations
of
how
long
interest
rates
might
remain
high.
As
the
period
opened,
U.S.
stocks
were
in
the
midst
of
a
rally
that
lasted
through
July
2023.
The
initial
tailwind
was
ChatGPT,
an
artificial
intelligence
(AI)
application
that
led
investors
to
perceive
AI
might
become
the
next
big
innovation
to
drive
the
information
technology
(IT)
sector.
As
a
result,
IT
-
one
of
the
worst-performing
sectors
in
2022
-
became
the
standout
sector
during
the
first
half
of
2023.
Earlier
recession
fears
that
had
weighed
on
stock
prices
receded
as
many
inves-
tors
came
around
to
the
view
that
the
U.S.
economy
was
doing
surprisingly
well.
But
in
the
final
two
months
of
the
period,
the
bond
market
halted
the
stock
market’s
momentum.
As
it
became
clear
the
Fed
would
keep
interest
rates
higher
for
longer
than
investors
had
anticipated
just
a
few
months
earlier,
longer
term
bond
rates
rose.
Given
the
potential
for
relatively
attractive
returns
with
lower
risk
than
stocks,
many
investors
shifted
from
equity
assets
to
bonds,
and
stock
prices
ended
on
a
down
note
as
the
period
came
to
a
close.
For
the
period
as
a
whole,
however,
the
August-September
stock
market
retreat
did
not
totally
erase
previous
gains,
and
the
Russell
1000®
Index,
a
measure
of
U.S.
large-cap
stocks,
returned
a
respectable
7.55%.
Fund
Performance
For
the
8-month
period
from
inception
on
January
30,
2023,
through
September
30,
2023,
Calvert
US
Mid-Cap
Core
Re-
sponsible
Index
ETF
(the
Fund)
returned
-4.06%
based
on
net
asset
value
(NAV)
and
reinvestment
of
distributions
per
share,
net
of
fees.
The
Fund
underperformed
its
primary
benchmark,
the
Russell
Midcap®
Index
(the
Index),
which
returned
-2.25%
and
underperformed
its
secondary
benchmark,
the
Calvert
US
Mid-Cap
Core
Responsible
Index
(the
Calvert
Index),
which
returned
-3.97%
during
the
period.
The
Fund’s
underperformance
versus
the
Calvert
Index
was
due
to
Fund
expenses
and
fees,
which
the
Calvert
Index
does
not
incur.
Of
the
11
market
sectors
held
by
the
Fund,
energy,
industrials,
and
information
technology
(IT)
delivered
positive
returns
during
the
period.
The
strongest-performing
sectors
were
en-
ergy,
industrials,
and
IT.
The
weakest-performing
sectors
were
utilities,
financials,
and
health
care.
Detractors
from
Fund
performance
versus
the
Index
included
stock
selections
and
an
overweight
position
in
the
financials
sector,
as
well
as
stock
selections
in
the
IT
and
consumer
dis-
cretionary
sectors.
In
the
financials
sector,
not
owning
Index
position
Apollo
Global
Management,
Inc.
(Apollo)
detracted
from
returns
relative
to
the
Index
during
the
period.
New
York-based
private
equity
firm
Apollo
outperformed
most
of
its
peers
in
the
finan-
cials
sector
during
the
period,
with
its
stock
price
reaching
an
all-time
high
in
September
2023.
In
the
IT
sector,
not
owning
Index
position
Palantir
Technolo-
gies,
Inc.
(Palantir)
detracted
from
Index-relative
returns.
Soft-
ware
firm
Palantir,
which
specializes
in
big
data
analytics,
saw
its
stock
price
more
than
double
during
the
period,
boosted
by
the
investor
enthusiasm
for
artificial
intelligence,
or
AI,
that
drove
a
technology
stock
rally
during
the
first
half
of
2023.
In
contrast,
contributors
to
Fund
performance
versus
the
Index
included
an
underweight
position
in
the
materials
sector;
an
overweight
position
in
the
industrials
sector;
and
an
underweight
position
in
the
real
estate
sector,
which
delivered
negative
returns
as
property
sales
were
hampered
by
rising
mortgage
rates
and
companies
cut
back
on
office
space
after
the
pandemic.
In
the
real
estate
sector,
not
owning
two
commercial
real
estate
investment
trusts
within
the
Index
that
declined
in
price
during
the
period
-
Realty
Income
Corp.
(Realty
Income)
and
Alexandria
Real
Estate
Equities,
Inc.
(Alexandria
Real
Estate)
-
contributed
to
Index-relative
returns.
Realty
Income
invests
in
single-tenant
commercial
properties
in
the
U.S.,
Spain,
and
the
U.K.,
while
Alexandria
Real
Estate
invests
in
office
and
laboratory
buildings
with
life
sciences
and
technology
tenants.
Annual
Report
—
September
30,
2023
Investment
Overview
(unaudited)
(cont’d)
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
5
Morgan
Stanley
ETF
Trust
Performance
data
quoted
represents
past
performance,
which
is
no
guaran-
tee
of
future
results,
and
current
performance
may
be
lower
or
higher
than
the
figures
shown.
Performance
assumes
that
all
dividends
and
distributions,
if
any,
were
reinvested.
For
the
most
recent
month-end
performance
figures,
please
visit
www.calvert.com.
Investment
return
and
principal
value
will
fluctu-
ate
so
that
Fund
shares,
when
sold
or redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Total
returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
selling
or
redemption
of
Fund
shares.
Fund's
total
returns
are
calculated
as
of
the
last
business
day
of
the
period.
*
Minimum
Investment.
**
The
Fund’s
performance
shown
assumes
that
all
recurring
fees
(including
management
fees)
were
deducted
and
all
dividends
and
distributions
were
reinvested.
***
Commenced
Operations
on
January
30,
2023.
Performance
Compared
to
the
Russell
Mid-Cap
®
Index
(1)
and
the
Calvert
US
Mid-Cap
Core
Responsible
Index
(2)
Cumulative
Total
Return
for
the
period
Ended
September
30,
2023
Since
Inception
(3)
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
-
NAV
(4)
-4.06%
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
-
Market
Price
(4)
-4.06%
Russell
Mid-Cap
®
Index
-2.25%
Calvert
US
Mid-Cap
Core
Responsible
Index
-3.97%
(1)
The
Russell
Midcap
®
Index
is
an
unmanaged
index
of
U.S.
mid-cap
stocks.
The
Russell
Midcap
®
Index
is
a
subset
of
the
Russell
1000
®
Index
and
includes
approximately
800
of
the
smallest
securities
in
the
Russell
1000
®
Index,
which
in
turn
consists
of
approximately
1,000
of
the
largest
U.S.
securities
based
on
a
combination
of
market
capitalization
and
current
index
membership.
The
Index
is
unmanaged
and
its
returns
do
not
include
any
sales
charges
or
fees.
Such
costs
would
lower
performance.
It
is
not
possible
to
invest
directly
in
an
index.
(2)
The
Calvert
US
Mid-Cap
Core
Responsible
Index
(the
“Calvert
Index”)
is
composed
of
common
stocks
of
mid-sized
companies
that
operate
their
businesses
in
a
manner
that
is
consistent
with
the
Calvert
Principles
for
Responsible
Investment.
Mid-size
companies
are
the
1,000
largest
publicly
traded
U.S.
companies
based
on
market
capitalization,
excluding
real
estate
investment
trusts,
business
development
companies
and
approximately
the
200
largest
publicly
traded
U.S.
companies.
The
Calvert
Principles
of
Responsible
Investment
serve
as
a
framework
for
considering
environmental,
social
and
governance
factors
that
may
affect
investment
performance.
Stocks
are
weighted
in
the
Calvert
Index
based
on
their
float-adjusted
market
capitalization
within
the
relevant
sector,
subject
to
certain
prescribed
limits.
Unless
otherwise
stated,
index
returns
do
not
reflect
the
effect
of
any
applicable
sales
charges,
commissions,
expenses,
taxes
or
leverage,
as
applicable.
It
is
not
possible
to
invest
directly
in
an
index.
(3)
For
comparative
purposes,
average
annual
since
inception
returns
listed
for
the
Indexes
refer
to
the
inception
date
of
the
Fund,
not
the
inception
of
the
Index.
(4)
Commenced
operations
on
January
30,
2023.
Annual
Report
—
September
30,
2023
Portfolio
of
Investments
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
6
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Common
Stocks
(99.6%)
Aerospace
&
Defense
(0.7%)
Axon
Enterprise,
Inc.(a)
273
$
54,324
Curtiss-Wright
Corp.
149
29,149
HEICO
Corp.
155
25,099
Hexcel
Corp.
327
21,301
Woodward,
Inc.
234
29,077
158,950
Air
Freight
&
Logistics
(0.6%)
CH
Robinson
Worldwide,
Inc.
478
41,170
Expeditors
International
of
Washington,
Inc.
573
65,683
GXO
Logistics,
Inc.(a)
446
26,158
133,011
Automobile
Components
(0.9%)
Aptiv
plc(a)
974
96,027
Autoliv,
Inc.
354
34,154
BorgWarner,
Inc.
969
39,118
Lear
Corp.
244
32,745
Visteon
Corp.(a)
118
16,292
218,336
Automobiles
(0.4%)
Harley-Davidson,
Inc.
586
19,373
Rivian
Automotive,
Inc.,
Class
 A(a)
2,674
64,925
Thor
Industries,
Inc.
210
19,977
104,275
Banks
(2.9%)
Bank
OZK
338
12,530
BOK
Financial
Corp.
88
7,038
Citizens
Financial
Group,
Inc.
1,466
39,289
Columbia
Banking
System,
Inc.
637
12,931
Comerica,
Inc.
408
16,952
Commerce
Bancshares,
Inc.
376
18,041
Cullen/Frost
Bankers,
Inc.
187
17,056
East
West
Bancorp,
Inc.
433
22,824
Fifth
Third
Bancorp
2,112
53,497
First
Citizens
BancShares,
Inc.,
Class
 A
33
45,543
First
Financial
Bankshares,
Inc.
428
10,751
First
Horizon
Corp.
1,718
18,932
FNB
Corp.
1,092
11,783
Home
BancShares,
Inc.
588
12,313
Huntington
Bancshares,
Inc.
4,503
46,831
KeyCorp
2,907
31,279
M&T
Bank
Corp.
514
64,995
New
York
Community
Bancorp,
Inc.
2,207
25,027
Old
National
Bancorp
903
13,130
Pinnacle
Financial
Partners,
Inc.
235
15,754
Popular,
Inc.
219
13,799
Prosperity
Bancshares,
Inc.
282
15,392
Regions
Financial
Corp.
2,916
50,155
SouthState
Corp.
234
15,762
Synovus
Financial
Corp.
448
12,455
United
Bankshares,
Inc.
412
11,367
Valley
National
Bancorp
1,321
11,308
Webster
Financial
Corp.
532
21,445
Western
Alliance
Bancorp
336
15,446
Wintrust
Financial
Corp.
188
14,194
Shares
Value
Zions
Bancorp
NA
454
$
15,840
693,659
Beverages
(0.2%)
Celsius
Holdings,
Inc.(a)
150
25,740
Coca-Cola
Consolidated,
Inc.
17
10,817
36,557
Biotechnology
(2.8%)
ACADIA
Pharmaceuticals,
Inc.(a)
432
9,003
Alkermes
plc(a)
593
16,610
Alnylam
Pharmaceuticals,
Inc.(a)
444
78,632
Apellis
Pharmaceuticals,
Inc.(a)
348
13,238
Arrowhead
Pharmaceuticals,
Inc.(a)
372
9,996
BioMarin
Pharmaceutical,
Inc.(a)
663
58,662
Blueprint
Medicines
Corp.(a)
214
10,747
Denali
Therapeutics,
Inc.(a)
387
7,984
Exact
Sciences
Corp.(a)
645
44,002
Exelixis,
Inc.(a)
1,102
24,079
Halozyme
Therapeutics,
Inc.(a)
471
17,992
Horizon
Therapeutics
plc(a)
808
93,477
Incyte
Corp.(a)
657
37,955
Ionis
Pharmaceuticals,
Inc.(a)
503
22,816
Neurocrine
Biosciences,
Inc.(a)
346
38,925
Sarepta
Therapeutics,
Inc.(a)
313
37,942
Seagen,
Inc.(a)
483
102,468
United
Therapeutics
Corp.(a)
163
36,817
661,345
Broadline
Retail
(0.5%)
eBay,
Inc.
1,733
76,408
Etsy,
Inc.(a)
398
25,703
Macy's,
Inc.
879
10,205
112,316
Building
Products
(3.0%)
A
O
Smith
Corp.
477
31,544
AAON,
Inc.
259
14,729
Advanced
Drainage
Systems,
Inc.
265
30,165
Allegion
plc
341
35,532
AZEK
Co.,
Inc.
(The),
Class
 A(a)
403
11,985
Carlisle
Cos.,
Inc.
210
54,445
Carrier
Global
Corp.
2,669
147,329
Fortune
Brands
Innovations,
Inc.
409
25,423
Lennox
International,
Inc.
124
46,431
Masco
Corp.
728
38,912
Owens
Corning
381
51,972
Simpson
Manufacturing
Co.,
Inc.
165
24,719
Trane
Technologies
plc
730
148,124
Trex
Co.,
Inc.(a)
351
21,632
UFP
Industries,
Inc.
196
20,070
Zurn
Elkay
Water
Solutions
Corp.
454
12,721
715,733
Capital
Markets
(4.5%)
Affiliated
Managers
Group,
Inc.
106
13,816
Ameriprise
Financial,
Inc.
320
105,498
Ares
Management
Corp.,
Class
 A
459
47,217
Bank
of
New
York
Mellon
Corp.
(The)
2,426
103,469
Blue
Owl
Capital,
Inc.,
Class
 A
1,395
18,079
Carlyle
Group,
Inc.
(The)
600
18,096
Cboe
Global
Markets,
Inc.
328
51,237
Annual
Report
—
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
7
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Capital
Markets
(cont’d)
Coinbase
Global,
Inc.,
Class
 A(a)
545
$
40,919
Evercore,
Inc.,
Class
 A
109
15,029
FactSet
Research
Systems,
Inc.
146
63,840
Franklin
Resources,
Inc.
906
22,270
Hamilton
Lane,
Inc.,
Class
 A
132
11,938
Houlihan
Lokey,
Inc.,
Class
 A
159
17,032
Interactive
Brokers
Group,
Inc.,
Class
 A
317
27,440
Invesco
Ltd.
1,360
19,747
Jefferies
Financial
Group,
Inc.
618
22,637
LPL
Financial
Holdings,
Inc.
236
56,085
MarketAxess
Holdings,
Inc.
141
30,123
Morningstar,
Inc.
101
23,658
Nasdaq,
Inc.
1,068
51,894
Northern
Trust
Corp.
633
43,981
Raymond
James
Financial,
Inc.
590
59,254
SEI
Investments
Co.
342
20,599
State
Street
Corp.
990
66,290
Stifel
Financial
Corp.
316
19,415
T
Rowe
Price
Group,
Inc.
685
71,836
Tradeweb
Markets,
Inc.,
Class
 A
356
28,551
1,069,950
Chemicals
(1.9%)
Ashland,
Inc.
203
16,581
Axalta
Coating
Systems
Ltd.(a)
860
23,134
Balchem
Corp.
124
15,381
Cabot
Corp.
216
14,962
Celanese
Corp.,
Class
 A
422
52,970
Eastman
Chemical
Co.
461
35,368
Element
Solutions,
Inc.
863
16,923
FMC
Corp.
485
32,481
Huntsman
Corp.
663
16,177
International
Flavors
&
Fragrances,
Inc.
982
66,943
Livent
Corp.(a)
696
12,813
Mosaic
Co.
(The)
1,285
45,746
PPG
Industries,
Inc.
792
102,802
452,281
Commercial
Services
&
Supplies
(0.7%)
Casella
Waste
Systems,
Inc.,
Class
 A(a)
227
17,320
Clean
Harbors,
Inc.(a)
202
33,807
MSA
Safety,
Inc.
143
22,544
Rollins,
Inc.
969
36,173
Stericycle,
Inc.(a)
369
16,498
Tetra
Tech,
Inc.
211
32,078
158,420
Communications
Equipment
(0.5%)
Ciena
Corp.(a)
536
25,331
F5,
Inc.(a)
214
34,484
Juniper
Networks,
Inc.
1,151
31,986
Lumentum
Holdings,
Inc.(a)
237
10,708
Viasat,
Inc.(a)
258
4,763
107,272
Construction
&
Engineering
(1.1%)
AECOM
553
45,921
Comfort
Systems
USA,
Inc.
140
23,857
EMCOR
Group,
Inc.
188
39,553
MasTec,
Inc.(a)
246
17,705
Shares
Value
Quanta
Services,
Inc.
492
$
92,039
Valmont
Industries,
Inc.
81
19,457
WillScot
Mobile
Mini
Holdings
Corp.(a)
775
32,232
270,764
Construction
Materials
(0.5%)
Summit
Materials,
Inc.,
Class
 A(a)
835
26,002
Vulcan
Materials
Co.
458
92,525
118,527
Consumer
Finance
(0.9%)
Ally
Financial,
Inc.
930
24,812
Credit
Acceptance
Corp.(a)
20
9,202
Discover
Financial
Services
776
67,225
FirstCash
Holdings,
Inc.
117
11,745
OneMain
Holdings,
Inc.
373
14,954
SLM
Corp.
696
9,480
SoFi
Technologies,
Inc.(a)
2,967
23,706
Synchrony
Financial
1,297
39,649
200,773
Consumer
Staples
Distribution
&
Retail
(2.0%)
Albertsons
Cos.,
Inc.,
Class
 A
1,469
33,420
BJ's
Wholesale
Club
Holdings,
Inc.(a)
433
30,903
Casey's
General
Stores,
Inc.
131
35,569
Dollar
Tree,
Inc.(a)
719
76,538
Kroger
Co.
(The)
2,409
107,803
Performance
Food
Group
Co.(a)
532
31,314
Sprouts
Farmers
Market,
Inc.(a)
360
15,408
Sysco
Corp.
1,687
111,426
U.S.
Foods
Holding
Corp.(a)
865
34,340
476,721
Containers
&
Packaging
(1.6%)
AptarGroup,
Inc.
253
31,635
Avery
Dennison
Corp.
309
56,445
Ball
Corp.
1,228
61,130
Berry
Global
Group,
Inc.
459
28,417
Crown
Holdings,
Inc.
469
41,497
Graphic
Packaging
Holding
Co.
1,184
26,379
Packaging
Corp.
of
America
342
52,514
Sealed
Air
Corp.
558
18,336
Silgan
Holdings,
Inc.
329
14,183
Sonoco
Products
Co.
379
20,599
Westrock
Co.
990
35,442
386,577
Distributors
(0.6%)
Genuine
Parts
Co.
459
66,271
LKQ
Corp.
863
42,727
Pool
Corp.
123
43,800
152,798
Diversified
Consumer
Services
(0.4%)
Bright
Horizons
Family
Solutions,
Inc.(a)
218
17,758
Duolingo,
Inc.,
Class
 A(a)
109
18,080
H&R
Block,
Inc.
560
24,114
Service
Corp.
International
560
31,998
91,950
Diversified
Telecommunication
Services
(0.1%)
Iridium
Communications,
Inc.
448
20,380
Annual
Report
—
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
8
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Electric
Utilities
(2.1%)
Alliant
Energy
Corp.
1,016
$
49,225
Avangrid,
Inc.
285
8,599
Constellation
Energy
Corp.
1,081
117,916
Evergy,
Inc.
906
45,934
Eversource
Energy
1,270
73,851
IDACORP,
Inc.
202
18,917
NRG
Energy,
Inc.
895
34,475
PNM
Resources,
Inc.
340
15,167
Portland
General
Electric
Co.
404
16,354
Xcel
Energy,
Inc.
1,874
107,230
487,668
Electrical
Equipment
(2.0%)
Acuity
Brands,
Inc.
121
20,607
AMETEK,
Inc.
762
112,593
Atkore,
Inc.(a)
145
21,633
EnerSys
130
12,307
Generac
Holdings,
Inc.(a)
239
26,041
Hubbell,
Inc.,
Class
 B
207
64,876
nVent
Electric
plc
629
33,331
Plug
Power,
Inc.(a)
1,727
13,125
Regal
Rexnord
Corp.
259
37,006
Rockwell
Automation,
Inc.
382
109,202
Sensata
Technologies
Holding
plc
591
22,352
Sunrun,
Inc.(a)
677
8,503
481,576
Electronic
Equipment,
Instruments
&
Components
(3.1%)
Advanced
Energy
Industries,
Inc.
144
14,849
Arrow
Electronics,
Inc.(a)
182
22,794
Avnet,
Inc.
295
14,216
Badger
Meter,
Inc.
113
16,257
Belden,
Inc.
160
15,448
CDW
Corp.
464
93,617
Cognex
Corp.
672
28,520
Coherent
Corp.(a)
489
15,961
Corning,
Inc.
2,731
83,214
Insight
Enterprises,
Inc.(a)
93
13,532
IPG
Photonics
Corp.(a)
104
10,560
Jabil,
Inc.
452
57,354
Keysight
Technologies,
Inc.(a)
635
84,017
Littelfuse,
Inc.
95
23,495
National
Instruments
Corp.
475
28,320
Novanta,
Inc.(a)
139
19,938
TD
SYNNEX
Corp.
135
13,481
Teledyne
Technologies,
Inc.(a)
176
71,910
Trimble,
Inc.(a)
961
51,759
Vishay
Intertechnology,
Inc.
445
11,000
Zebra
Technologies
Corp.,
Class
 A(a)
184
43,522
733,764
Energy
Equipment
&
Services
(0.5%)
Baker
Hughes
Co.,
Class
 A
3,347
118,216
Entertainment
(2.1%)
AMC
Entertainment
Holdings,
Inc.,
Class
 A(a)
608
4,858
Atlanta
Braves
Holdings,
Inc.,
Class
 C(a)
210
7,503
Electronic
Arts,
Inc.
845
101,738
Liberty
Media
Corp-Liberty
Formula
One,
Class
 A(a)
935
52,865
Shares
Value
Liberty
Media
Corp-Liberty
Live,
Class
 A(a)
256
$
8,171
Live
Nation
Entertainment,
Inc.(a)
548
45,506
Madison
Square
Garden
Sports
Corp.
62
10,931
ROBLOX
Corp.,
Class
 A(a)
1,662
48,131
Roku,
Inc.,
Class
 A(a)
445
31,413
Take-Two
Interactive
Software,
Inc.(a)
563
79,040
Warner
Bros
Discovery,
Inc.(a)
7,949
86,326
Warner
Music
Group
Corp.,
Class
 A
503
15,794
492,276
Financial
Services
(1.8%)
Affirm
Holdings,
Inc.,
Class
 A(a)
797
16,952
Block,
Inc.,
Class
 A(a)
1,837
81,306
Equitable
Holdings,
Inc.
1,080
30,661
Essent
Group
Ltd.
321
15,180
Euronet
Worldwide,
Inc.(a)
168
13,336
Fidelity
National
Information
Services,
Inc.
1,996
110,319
Jack
Henry
&
Associates,
Inc.
262
39,599
MGIC
Investment
Corp.
885
14,771
Radian
Group,
Inc.
484
12,153
Shift4
Payments,
Inc.,
Class
 A(a)
198
10,963
Toast,
Inc.,
Class
 A(a)
1,310
24,536
Voya
Financial,
Inc.
327
21,729
Western
Union
Co.
(The)
1,329
17,516
WEX,
Inc.(a)
152
28,590
437,611
Food
Products
(2.0%)
Bunge
Ltd.
525
56,831
Campbell
Soup
Co.
699
28,715
Conagra
Brands,
Inc.
1,689
46,312
Darling
Ingredients,
Inc.(a)
554
28,919
Flowers
Foods,
Inc.
685
15,193
Hormel
Foods
Corp.
1,014
38,563
Ingredion,
Inc.
223
21,943
J.M.
Smucker
Co.
(The)
352
43,264
Kellogg
Co.
917
54,571
Lamb
Weston
Holdings,
Inc.
501
46,323
Lancaster
Colony
Corp.
68
11,222
McCormick
&
Co.,
Inc.
(Non-Voting)
938
70,950
Simply
Good
Foods
Co.
(The)(a)
316
10,908
473,714
Gas
Utilities
(0.4%)
National
Fuel
Gas
Co.
352
18,273
New
Jersey
Resources
Corp.
386
15,683
ONE
Gas,
Inc.
218
14,885
Southwest
Gas
Holdings,
Inc.
281
16,975
UGI
Corp.
833
19,159
84,975
Ground
Transportation
(1.5%)
Avis
Budget
Group,
Inc.(a)
99
17,789
JB
Hunt
Transport
Services,
Inc.
329
62,023
Knight-Swift
Transportation
Holdings,
Inc.,
Class
 A
623
31,243
Landstar
System,
Inc.
148
26,187
Old
Dominion
Freight
Line,
Inc.
307
125,606
Ryder
System,
Inc.
185
19,786
Saia,
Inc.(a)
110
43,852
Annual
Report
—
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
9
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Ground
Transportation
(cont’d)
XPO,
Inc.(a)
470
$
35,090
361,576
Health
Care
Equipment
&
Supplies
(3.9%)
Align
Technology,
Inc.(a)
252
76,941
Baxter
International,
Inc.
1,795
67,743
CONMED
Corp.
109
10,993
Cooper
Cos.,
Inc.
(The)
177
56,288
DENTSPLY
SIRONA,
Inc.
760
25,962
Envista
Holdings
Corp.(a)
588
16,393
GE
HealthCare
Technologies,
Inc.
1,366
92,943
Globus
Medical,
Inc.,
Class
 A(a)
279
13,852
Haemonetics
Corp.(a)
180
16,124
Hologic,
Inc.(a)
866
60,100
ICU
Medical,
Inc.(a)
73
8,688
Inari
Medical,
Inc.(a)
173
11,314
Inspire
Medical
Systems,
Inc.(a)
103
20,439
Insulet
Corp.(a)
251
40,032
iRhythm
Technologies,
Inc.(a)
108
10,180
Lantheus
Holdings,
Inc.(a)
241
16,745
Masimo
Corp.(a)
178
15,607
Merit
Medical
Systems,
Inc.(a)
203
14,011
Neogen
Corp.(a)
781
14,480
Novocure
Ltd.(a)
346
5,588
Penumbra,
Inc.(a)
132
31,932
QuidelOrtho
Corp.(a)
175
12,782
ResMed,
Inc.
522
77,188
Shockwave
Medical,
Inc.(a)
130
25,883
STERIS
plc
352
77,236
Teleflex,
Inc.
169
33,193
Zimmer
Biomet
Holdings,
Inc.
743
83,380
936,017
Health
Care
Providers
&
Services
(2.2%)
agilon
health,
Inc.(a)
1,081
19,199
AMN
Healthcare
Services,
Inc.(a)
144
12,266
Centene
Corp.(a)
1,813
124,879
Chemed
Corp.
53
27,544
DaVita,
Inc.(a)
193
18,244
Encompass
Health
Corp.
355
23,842
Ensign
Group,
Inc.
(The)
195
18,121
HealthEquity,
Inc.(a)
304
22,207
Henry
Schein,
Inc.(a)
466
34,601
Laboratory
Corp.
of
America
Holdings
316
63,532
Molina
Healthcare,
Inc.(a)
207
67,873
Option
Care
Health,
Inc.(a)
641
20,736
Progyny,
Inc.(a)
295
10,036
Quest
Diagnostics,
Inc.
401
48,866
R1
RCM,
Inc.(a)
572
8,620
Select
Medical
Holdings
Corp.
378
9,552
530,118
Health
Care
Technology
(0.5%)
Doximity,
Inc.,
Class
 A(a)
450
9,549
Veeva
Systems,
Inc.,
Class
 A(a)
496
100,911
110,460
Hotels,
Restaurants
&
Leisure
(2.6%)
Aramark
912
31,647
Choice
Hotels
International,
Inc.
118
14,456
Shares
Value
Darden
Restaurants,
Inc.
428
$
61,298
Domino's
Pizza,
Inc.
123
46,591
Expedia
Group,
Inc.(a)
510
52,566
Hilton
Grand
Vacations,
Inc.(a)
297
12,088
Hilton
Worldwide
Holdings,
Inc.
845
126,902
Hyatt
Hotels
Corp.,
Class
 A
174
18,458
Marriott
Vacations
Worldwide
Corp.
129
12,981
Planet
Fitness,
Inc.,
Class
 A(a)
322
15,836
Texas
Roadhouse,
Inc.,
Class
 A
232
22,295
Vail
Resorts,
Inc.
147
32,618
Wendy's
Co.
(The)
600
12,246
Wingstop,
Inc.
102
18,344
Wyndham
Hotels
&
Resorts,
Inc.
321
22,322
Yum!
Brands,
Inc.
931
116,319
616,967
Household
Durables
(2.1%)
D.R.
Horton,
Inc.
987
106,073
KB
Home
313
14,486
Leggett
&
Platt,
Inc.
427
10,850
Lennar
Corp.,
Class
 A
878
98,538
Meritage
Homes
Corp.
146
17,869
Mohawk
Industries,
Inc.(a)
171
14,673
Newell
Brands,
Inc.
1,344
12,136
NVR,
Inc.(a)
12
71,560
PulteGroup,
Inc.
840
62,202
Taylor
Morrison
Home
Corp.,
Class
 A(a)
418
17,811
Tempur
Sealy
International,
Inc.
542
23,490
TopBuild
Corp.(a)
126
31,702
Whirlpool
Corp.
173
23,130
504,520
Household
Products
(0.5%)
Church
&
Dwight
Co.,
Inc.
799
73,213
Clorox
Co.
(The)
405
53,079
126,292
Independent
Power
and
Renewable
Electricity
Producers
(0.3%)
AES
Corp.
(The)
2,665
40,508
Brookfield
Renewable
Corp.
512
12,257
Clearway
Energy,
Inc.,
Class
 C
449
9,501
Ormat
Technologies,
Inc.
208
14,543
76,809
Insurance
(4.9%)
Allstate
Corp.
(The)
813
90,576
American
Financial
Group,
Inc.
243
27,136
Arch
Capital
Group
Ltd.(a)
1,128
89,913
Assurant,
Inc.
163
23,404
Axis
Capital
Holdings
Ltd.
242
13,642
Brown
&
Brown,
Inc.
912
63,694
Cincinnati
Financial
Corp.
480
49,099
Enstar
Group
Ltd.(a)
41
9,922
Erie
Indemnity
Co.,
Class
 A
79
23,209
Everest
Group
Ltd.
132
49,060
Fidelity
National
Financial,
Inc.
803
33,164
First
American
Financial
Corp.
376
21,240
Globe
Life,
Inc.
291
31,640
Hanover
Insurance
Group,
Inc.
(The)
109
12,097
Hartford
Financial
Services
Group,
Inc.
(The)
951
67,435
Annual
Report
—
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
10
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Insurance
(cont’d)
Kinsale
Capital
Group,
Inc.
69
$
28,575
Lincoln
National
Corp.
524
12,938
Markel
Group,
Inc.(a)
41
60,372
Old
Republic
International
Corp.
822
22,145
Primerica,
Inc.
112
21,729
Principal
Financial
Group,
Inc.
751
54,125
Prudential
Financial,
Inc.
1,132
107,416
Reinsurance
Group
of
America,
Inc.
207
30,054
RenaissanceRe
Holdings
Ltd.
157
31,073
RLI
Corp.
125
16,986
Ryan
Specialty
Holdings,
Inc.,
Class
 A(a)
301
14,568
Selective
Insurance
Group,
Inc.
183
18,880
Unum
Group
610
30,006
W.
R.
Berkley
Corp.
630
39,999
White
Mountains
Insurance
Group
Ltd.
7
10,470
Willis
Towers
Watson
plc
326
68,121
1,172,688
Interactive
Media
&
Services
(0.5%)
IAC,
Inc.(a)
268
13,505
Pinterest,
Inc.,
Class
 A(a)
2,067
55,871
Snap,
Inc.,
Class
 A(a)
3,620
32,254
ZoomInfo
Technologies,
Inc.,
Class
 A(a)
1,093
17,925
119,555
IT
Services
(2.8%)
Akamai
Technologies,
Inc.(a)
538
57,318
Amdocs
Ltd.
437
36,922
Cloudflare,
Inc.,
Class
 A(a)
1,041
65,625
Cognizant
Technology
Solutions
Corp.,
Class
 A
1,677
113,600
DXC
Technology
Co.(a)
817
17,018
EPAM
Systems,
Inc.(a)
204
52,161
Gartner,
Inc.(a)
268
92,087
MongoDB,
Inc.,
Class
 A(a)
239
82,661
Okta,
Inc.,
Class
 A(a)
544
44,341
Twilio,
Inc.,
Class
 A(a)
619
36,230
VeriSign,
Inc.(a)
326
66,025
663,988
Leisure
Products
(0.3%)
Brunswick
Corp.
271
21,409
Hasbro,
Inc.
424
28,044
Mattel,
Inc.(a)
1,139
25,092
74,545
Life
Sciences
Tools
&
Services
(3.5%)
10X
Genomics,
Inc.,
Class
 A(a)
333
13,736
Agilent
Technologies,
Inc.
981
109,695
Avantor,
Inc.(a)
2,357
49,686
Bio-Rad
Laboratories,
Inc.,
Class
 A(a)
74
26,525
Bio-Techne
Corp.
559
38,051
Bruker
Corp.
356
22,179
Charles
River
Laboratories
International,
Inc.(a)
181
35,472
Fortrea
Holdings,
Inc.(a)
320
9,149
Illumina,
Inc.(a)
556
76,328
IQVIA
Holdings,
Inc.(a)
593
116,673
Medpace
Holdings,
Inc.(a)
84
20,339
Mettler-Toledo
International,
Inc.(a)
76
84,213
PerkinElmer,
Inc.
443
49,040
Shares
Value
Repligen
Corp.(a)
186
$
29,576
Waters
Corp.(a)
212
58,133
West
Pharmaceutical
Services,
Inc.
252
94,553
833,348
Machinery
(6.2%)
AGCO
Corp.
242
28,624
Allison
Transmission
Holdings,
Inc.
352
20,789
Chart
Industries,
Inc.(a)
167
28,243
CNH
Industrial
NV
3,644
44,092
Cummins,
Inc.
472
107,833
Donaldson
Co.,
Inc.
469
27,971
Dover
Corp.
517
72,127
Esab
Corp.
219
15,378
Flowserve
Corp.
509
20,243
Fortive
Corp.
1,222
90,624
Franklin
Electric
Co.,
Inc.
155
13,831
Graco,
Inc.
658
47,955
IDEX
Corp.
294
61,158
Ingersoll
Rand,
Inc.
1,402
89,335
ITT,
Inc.
315
30,842
Lincoln
Electric
Holdings,
Inc.
220
39,994
Middleby
Corp.
(The)(a)
207
26,496
Mueller
Industries,
Inc.
216
16,235
Nordson
Corp.
199
44,411
Oshkosh
Corp.
253
24,144
Otis
Worldwide
Corp.
1,373
110,266
PACCAR,
Inc.
1,668
141,813
Pentair
plc
640
41,440
Snap-on,
Inc.
205
52,287
SPX
Technologies,
Inc.(a)
170
13,838
Stanley
Black
&
Decker,
Inc.
587
49,061
Timken
Co.
(The)
250
18,372
Toro
Co.
(The)
404
33,572
Watts
Water
Technologies,
Inc.,
Class
 A
105
18,146
Westinghouse
Air
Brake
Technologies
Corp.
664
70,563
Xylem,
Inc.
853
77,649
1,477,332
Media
(1.5%)
Cable
One,
Inc.
16
9,850
Interpublic
Group
of
Cos.,
Inc.
(The)
1,483
42,503
Liberty
Broadband
Corp.,
Class
 C(a)
480
43,833
New
York
Times
Co.
(The),
Class
 A
611
25,173
Nexstar
Media
Group,
Inc.,
Class
 A
129
18,495
Omnicom
Group,
Inc.
751
55,934
Paramount
Global,
Class
 B
2,263
29,193
Sirius
XM
Holdings,
Inc.
2,561
11,576
TEGNA,
Inc.
847
12,341
Trade
Desk,
Inc.
(The),
Class
 A(a)
1,471
114,959
363,857
Metals
&
Mining
(1.3%)
ATI,
Inc.(a)
772
31,768
Commercial
Metals
Co.
659
32,561
Nucor
Corp.
802
125,393
Reliance
Steel
&
Aluminum
Co.
229
60,051
Steel
Dynamics,
Inc.
612
65,618
315,391
Annual
Report
—
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
11
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Multi-Utilities
(2.3%)
Ameren
Corp.
970
$
72,585
Black
Hills
Corp.
262
13,255
CMS
Energy
Corp.
1,149
61,023
Consolidated
Edison,
Inc.
1,177
100,669
DTE
Energy
Co.
758
75,254
NiSource,
Inc.
1,645
40,599
Public
Service
Enterprise
Group,
Inc.
1,710
97,316
WEC
Energy
Group,
Inc.
1,107
89,169
549,870
Oil,
Gas
&
Consumable
Fuels
(0.1%)
Denbury,
Inc.(a)
344
33,715
Paper
&
Forest
Products
(0.1%)
Louisiana-Pacific
Corp.
228
12,602
Passenger
Airlines
(0.8%)
Alaska
Air
Group,
Inc.(a)
523
19,393
American
Airlines
Group,
Inc.(a)
2,721
34,856
Delta
Air
Lines,
Inc.
2,231
82,547
Southwest
Airlines
Co.
2,254
61,016
197,812
Personal
Care
Products
(0.2%)
BellRing
Brands,
Inc.(a)
428
17,647
Coty,
Inc.,
Class
 A(a)
1,164
12,769
elf
Beauty,
Inc.(a)
169
18,561
48,977
Pharmaceuticals
(0.6%)
Catalent,
Inc.(a)
629
28,638
Elanco
Animal
Health,
Inc.(a)
1,767
19,861
Jazz
Pharmaceuticals
plc(a)
219
28,347
Organon
&
Co.
921
15,989
Perrigo
Co.
plc
488
15,592
Royalty
Pharma
plc,
Class
 A
1,358
36,856
145,283
Professional
Services
(3.1%)
Alight,
Inc.,
Class
 A(a)
1,137
8,061
Booz
Allen
Hamilton
Holding
Corp.,
Class
 A
495
54,089
Broadridge
Financial
Solutions,
Inc.
421
75,380
Ceridian
HCM
Holding,
Inc.(a)
538
36,503
Concentrix
Corp.
154
12,337
Dun
&
Bradstreet
Holdings,
Inc.
868
8,671
Equifax,
Inc.
434
79,500
ExlService
Holdings,
Inc.(a)
595
16,684
Exponent,
Inc.
191
16,350
FTI
Consulting,
Inc.(a)
129
23,015
Genpact
Ltd.
601
21,756
Insperity,
Inc.
137
13,371
ManpowerGroup,
Inc.
191
14,004
Maximus,
Inc.
229
17,102
Paycom
Software,
Inc.
186
48,224
Paylocity
Holding
Corp.(a)
153
27,800
Robert
Half,
Inc.
400
29,312
Science
Applications
International
Corp.
190
20,053
SS&C
Technologies
Holdings,
Inc.
781
41,034
TransUnion
742
53,268
TriNet
Group,
Inc.(a)
142
16,540
Shares
Value
Verisk
Analytics,
Inc.,
Class
 A
481
$
113,632
746,686
Real
Estate
Management
&
Development
(1.1%)
CBRE
Group,
Inc.,
Class
 A(a)
1,082
79,916
CoStar
Group,
Inc.(a)
1,360
104,570
Howard
Hughes
Holdings,
Inc.(a)
135
10,008
Jones
Lang
LaSalle,
Inc.(a)
190
26,824
Zillow
Group,
Inc.,
Class
 C(a)
747
34,482
255,800
Semiconductors
&
Semiconductor
Equipment
(3.2%)
Allegro
MicroSystems,
Inc.(a)
266
8,496
Amkor
Technology,
Inc.
333
7,526
Cirrus
Logic,
Inc.(a)
192
14,200
Diodes,
Inc.(a)
163
12,851
Enphase
Energy,
Inc.(a)
426
51,184
Entegris,
Inc.
537
50,430
First
Solar,
Inc.(a)
329
53,163
Lattice
Semiconductor
Corp.(a)
491
42,192
MKS
Instruments,
Inc.
246
21,289
Monolithic
Power
Systems,
Inc.
163
75,306
ON
Semiconductor
Corp.(a)
1,394
129,572
Onto
Innovation,
Inc.(a)
175
22,316
Power
Integrations,
Inc.
205
15,644
Qorvo,
Inc.(a)
349
33,319
Rambus,
Inc.(a)
384
21,423
Silicon
Laboratories,
Inc.(a)
111
12,864
Skyworks
Solutions,
Inc.
573
56,492
SolarEdge
Technologies,
Inc.(a)
181
23,441
Teradyne,
Inc.
556
55,856
Universal
Display
Corp.
155
24,333
Wolfspeed,
Inc.(a)
439
16,726
748,623
Software
(5.1%)
Altair
Engineering,
Inc.,
Class
 A(a)
187
11,699
ANSYS,
Inc.(a)
302
89,860
Appfolio,
Inc.,
Class
 A(a)
68
12,419
AppLovin
Corp.,
Class
 A(a)
595
23,776
Aspen
Technology,
Inc.(a)
101
20,630
BILL
Holdings,
Inc.(a)
367
39,845
Box,
Inc.,
Class
 A(a)
494
11,960
Confluent,
Inc.,
Class
 A(a)
712
21,082
Datadog,
Inc.,
Class
 A(a)
937
85,351
DocuSign,
Inc.,
Class
 A(a)
722
30,324
Dolby
Laboratories,
Inc.,
Class
 A
209
16,565
Dropbox,
Inc.,
Class
 A(a)
916
24,943
Dynatrace,
Inc.(a)
853
39,861
Elastic
NV(a)
286
23,235
Fair
Isaac
Corp.(a)
89
77,299
Five9,
Inc.(a)
249
16,011
Gen
Digital,
Inc.
2,095
37,039
Guidewire
Software,
Inc.(a)
287
25,830
HashiCorp,
Inc.,
Class
 A(a)
318
7,260
HubSpot,
Inc.(a)
168
82,740
Manhattan
Associates,
Inc.(a)
218
43,090
New
Relic,
Inc.(a)
227
19,436
Nutanix,
Inc.,
Class
 A(a)
834
29,090
PTC,
Inc.(a)
423
59,931
Qualys,
Inc.(a)
128
19,526
Annual
Report
—
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
12
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Software
(cont’d)
SentinelOne,
Inc.,
Class
 A(a)
810
$
13,657
Smartsheet,
Inc.,
Class
 A(a)
464
18,773
Splunk,
Inc.(a)
552
80,730
SPS
Commerce,
Inc.(a)
129
22,009
Tenable
Holdings,
Inc.(a)
410
18,368
Teradata
Corp.(a)
353
15,892
Tyler
Technologies,
Inc.(a)
150
57,921
Workiva,
Inc.(a)
171
17,329
Zoom
Video
Communications,
Inc.,
Class
 A(a)
802
56,092
Zscaler,
Inc.(a)
307
47,766
1,217,339
Specialty
Retail
(2.7%)
Academy
Sports
&
Outdoors,
Inc.
246
11,628
Advance
Auto
Parts,
Inc.
191
10,683
Asbury
Automotive
Group,
Inc.(a)
67
15,415
AutoNation,
Inc.(a)
94
14,232
Bath
&
Body
Works,
Inc.
739
24,978
Best
Buy
Co.,
Inc.
638
44,322
Burlington
Stores,
Inc.(a)
210
28,413
CarMax,
Inc.(a)
511
36,143
Chewy,
Inc.,
Class
 A(a)
304
5,551
Dick's
Sporting
Goods,
Inc.
195
21,173
Five
Below,
Inc.(a)
176
28,318
Floor
&
Decor
Holdings,
Inc.,
Class
 A(a)
340
30,770
GameStop
Corp.,
Class
 A(a)
872
14,353
Lithia
Motors,
Inc.,
Class
 A
87
25,694
Penske
Automotive
Group,
Inc.
61
10,191
RH(a)
61
16,126
Ross
Stores,
Inc.
1,091
123,228
Tractor
Supply
Co.
354
71,880
Ulta
Beauty,
Inc.(a)
161
64,311
Wayfair,
Inc.,
Class
 A(a)
265
16,051
Williams-Sonoma,
Inc.
205
31,857
645,317
Technology
Hardware,
Storage
&
Peripherals
(1.7%)
Dell
Technologies,
Inc.,
Class
 C
879
60,563
Hewlett
Packard
Enterprise
Co.
4,636
80,527
HP,
Inc.
3,051
78,411
NetApp,
Inc.
750
56,910
Pure
Storage,
Inc.,
Class
 A(a)
1,038
36,974
Seagate
Technology
Holdings
plc
743
49,001
Western
Digital
Corp.(a)
1,134
51,744
414,130
Textiles,
Apparel
&
Luxury
Goods
(0.8%)
Capri
Holdings
Ltd.(a)
375
19,729
Columbia
Sportswear
Co.
115
8,521
Crocs,
Inc.(a)
195
17,205
Deckers
Outdoor
Corp.(a)
84
43,184
PVH
Corp.
204
15,608
Ralph
Lauren
Corp.,
Class
 A
129
14,976
Skechers
USA,
Inc.,
Class
 A(a)
432
21,146
Tapestry,
Inc.
750
21,562
VF
Corp.
1,194
21,098
183,029
Shares
Value
Trading
Companies
&
Distributors
(1.9%)
Air
Lease
Corp.,
Class
 A
404
$
15,922
Applied
Industrial
Technologies,
Inc.
148
22,882
Beacon
Roofing
Supply,
Inc.(a)
172
13,273
Core
&
Main,
Inc.,
Class
 A(a)
350
10,098
Fastenal
Co.
1,867
102,013
GATX
Corp.
136
14,801
MSC
Industrial
Direct
Co.,
Inc.,
Class
 A
149
14,624
SiteOne
Landscape
Supply,
Inc.(a)
144
23,537
United
Rentals,
Inc.
230
102,251
WESCO
International,
Inc.
147
21,142
WW
Grainger,
Inc.
148
102,392
442,935
Water
Utilities
(0.5%)
American
Water
Works
Co.,
Inc.
680
84,205
Essential
Utilities,
Inc.
1,061
36,424
120,629
Total
Common
Stocks
(Cost
$24,742,066)
23,696,605
Short-Term
Investment
(0.3%)
Investment
Company
(0.3%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
(See
Note
G)
(Cost
$82,252)
82,252
82,252
Total
Investments
(99.9%)
(Cost
$24,824,318)
(b)
23,778,857
Other
Assets
in
Excess
of
Liabilities
(0.1%)
17,557
NET
ASSETS
(100.0%)
$23,796,414
(a)
Non-income
producing
security.
(b)
At
September
30,
2023,
the
aggregate
cost
for
federal
income
tax
purposes
is
$24,826,553.
The
aggregate
gross
unrealized
appreciation
is
$1,280,3
44
and
the
aggregate
gross
unrealized
depreciation
is
$2,328,040,
resulting
in
net
unrealized
depreciation
of
$1,047,696.
Portfolio
Composition
Classification  
Percentage
of
Total
Investments
Other*
88.7
%
Machinery
6.2
Software
5.1
Total
Investments
100.0
%
*
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Annual
Report
—
September
30,
2023
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
13
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Statement
of
Assets
and
Liabilities
September
30,
2023
Assets:
Investments
in
Securities
of
Unaffiliated
Issuers,
at
Value
(Cost
$24,742,066)
$
23,696,605
Investment
in
Security
of
Affiliated
Issuer,
at
Value
(Cost
$82,252)
82,252
Total
Investments
in
Securities,
at
Value
(Cost
$24,824,318)
23,778,857
Cash
75
Dividends
Receivable
20,495
Total
Assets
23,799,427
Liabilities:
Payable
for
Management
Fee
3,013
Total
Liabilities
3,013
Net
Assets
$
23,796,414
Net
Assets
Consist
of:
Paid-in-Capital
$
25,322,318
Total
Accumulated
Loss
(
1,525,904
)
Net
Assets
$
23,796,414
Shares
Outstanding
$0.001
Par
Value
(unlimited
shares
authorized)
500,000
Net
Asset
Value
Per
Share
$
47
.59
Annual
Report
—
September
30,
2023
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
14
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Statement
of
Operations
Period
from
January
30,
2023
^
to
September
30,
2023
Investment
Income:
Dividends
from
Securities
of
Unaffiliated
Issuers
(Net
of
$207
of
Foreign
Taxes
Withheld)
$
220,902
Dividends
from
Security
of
Affiliated
Issuer
(Note
G)
2,488
Total
Investment
Income
223,390
Expenses:
Management
Fee
(Note
B)
22,655
Total
Expenses
22,655
Rebate
from
Morgan
Stanley
Affiliate
(Note
G)
(
72
)
Net
Expenses
22,583
Net
Investment
Income
200,807
Realized
Gain
(Loss):
Investments
Sold
(
500,127
)
In-kind
Redemptions
on
Investments
386,376
Net
Realized
Loss
(
113,751
)
Change
in
Unrealized
Appreciation
(Depreciation):
Investments
(
1,045,461
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
(
1,045,461
)
Net
Realized
Loss
and
Change
in
Unrealized
Appreciation
(Depreciation)
(
1,159,212
)
Net
Decrease
in
Net
Assets
Resulting
from
Operations
$
(
958,405
)
^
Commencement
of
Operations.
Annual
Report
—
September
30,
2023
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
15
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Statement
of
Changes
in
Net
Assets
Period
from
January
30,
2023
^
to
September
30,
2023
Increase
(Decrease)
in
Net
Assets:
Operations:
Net
Investment
Income
$
200,807
Net
Realized
Loss
(
113,751
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
(
1,045,461
)
Net
Decrease
in
Net
Assets
Resulting
from
Operations
(
958,405
)
Dividends
and
Distributions
to
Shareholders:
Dividends
and
Distributions
(
181,123
)
Total
Dividends
and
Distributions
to
Shareholders
(
181,123
)
Capital
Share
Transactions:
Subscribed
(1)
20,000,000
Subscribed
In-Kind
7,447,569
Redeemed
In-Kind
(
2,511,627
)
Net
Increase
in
Net
Assets
Resulting
from
Capital
Share
Transactions
24,935,942
Total
Increase
in
Net
Assets
23,796,414
Net
Assets:
Beginning
of
Period
–
End
of
Period
$
23,796,414
Capital
Share
Transactions:
Beginning
of
Period
–
Shares
Subscribed
400,000
Shares
Subscribed
In-Kind
150,000
Shares
Redeemed
In-Kind
(
50,000
)
Shares
Outstanding,
End
of
Period
Net
Increase
in
500,000
^
Commencement
of
Operations.
(1)
Total
consists
of
subscriptions
for
seed
capital
by
the
Adviser
and
other
related
parties
of
the
Fund.
Annual
Report
—
September
30,
2023
Financial
Highlights
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
16
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Selected
Per
Share
Data
and
Ratios
Period
from
January
30,
2023
(1)
to
September
30,
2023
Net
Asset
Value,
Beginning
of
Period
$
50
.00‌
Income
(Loss)
from
Investment
Operations:
—
Net
Investment
Income
(2)
0
.44‌
Net
Realized
and
Unrealized
Loss
(
2
.46‌
)
Total
from
Investment
Operations
(
2
.02‌
)
Distributions
from
and/or
in
Excess
of:
—
Net
Investment
Income
(
0
.39‌
)
Net
Asset
Value,
End
of
Period
$
47
.59‌
Total
Return
(3)
(
4
.06‌
)
%
(4)
Ratios
to
Average
Net
Assets
and
Supplemental
Data:
$23,796
Net
Assets,
End
of
Period
(Thousands)
$
23,796‌
Ratio
of
Expenses
0
.15‌
%
(5)
(6)
Ratio
of
Net
Investment
Income
1
.32‌
%
(5)
(6)
Ratio
of
Rebate
from
Morgan
Stanley
Affiliates
0
.00‌
%
(5)
(7)
Portfolio
Turnover
Rate
16‌
%
(4)
(8)
(1)
Commencement
of
Operations.
(2)
Per
share
amount
is
based
on
average
shares
outstanding.
(3)
Calculated
based
on
the
net
asset
value
as
of
the
last
business
day
of
the
period.
(4)
Not
annualized.
(5)
Annualized.
(6)
The
Ratio
of
Expenses
and
Ratio
of
Net
Investment
Income
reflect
the
rebate
of
certain
Fund
expenses
in
connection
with
the
investments
in
Morgan
Stanley
affiliates
during
the
period.
The
effect
of
the
rebate
on
the
ratios
is
disclosed
in
the
above
table
as
“Ratio
of
Rebate
from
Morgan
Stanley
Affiliates.”
(7)
Amount
is
less
than
0.005%.
(8)
In-kind
transactions
are
not
included
in
portfolio
turnover
calculations.
17
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
Morgan
Stanley
ETF
Trust
Morgan
Stanley
ETF
Trust
(the
“Trust”)
is
an
open-end,
management
investment
company
established
under
Delaware
law
as
a
Delaware
statutory trust.
Pursuant
to
its
Declaration
of
Trust dated
May
31,
2016,
and
Amended
and
Restated
on
September
28,
2022
(the
“Declaration
of
Trust”),
the
Trust is
authorized
to establish
multiple
series.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Act”).
The
Trust
applies
investment
company
accounting
and
report-
ing guidance
Accounting
Standard
Codification
("ASC")
Topic
946.
In
the
preparation
of
these
financial
statements,
manage-
ment
has
evaluated
subsequent
events
occurring
after
the
date
of
the
Fund's
Statement
of
Assets
and
Liabilities
through
the
date
that
the
financial
statements
were
issued.
The
accompanying
financial
statements
relate
to
the Calvert
US
Mid-Cap
Core
Responsible
Index
ETF (the
"Fund"),
which
seeks
to
track
the
performance
of
the
Calvert
US
Mid-
Cap
Core
Responsible
Index.
The
Fund
is
diversified.
A.
Significant
Accounting
Policies:
 The
following
signifi-
cant
accounting
policies
are
in
conformity
with
U.S.
generally
accepted
accounting
principles
(“GAAP”).
Such
policies
are
consistently
followed
by
the Trust
in
the
preparation
of
its
financial
statements.
GAAP
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
and
disclosures
in
the
financial
statements.
Actual
results
may
differ
from
those
estimates.
1.
Security
Valuation:
(1)
An
equity
portfolio
security
list-
ed
or
traded
on
an
exchange
is
valued
at
its
latest
reported
sales
price
(or
at
the
exchange
official
closing
price
if
such
exchange
reports
an
official
closing
price),
and
if
there
were
no
sales
on
a
given
day
and
if
there
is
no
official
ex-
change
closing
price
for
that
day,
the
security
is
valued
at
the
mean
between
the
last
reported
bid
and
asked
prices
if
such
bid
and
asked
prices
are
available
on
the
relevant
ex-
changes.
If
only
bid
prices
are
available
then
the
latest
bid
price
may
be
used.
Listed
equity
securities
not
traded
on
the
valuation
date
with
no
reported
bid
and
asked
prices
available
on
the
exchange
are
valued
at
the
mean
between
the
current
bid
and
asked
prices
obtained
from
one
or
more
reputable
brokers/dealers.
In
cases
where
a
securi-
ty
is
traded
on
more
than
one
exchange,
the
security
is
valued
on
the
exchange
designated
as
the
primary
market;
(2)
all
other
equity
portfolio
securities
for
which
over-the-
counter
(“OTC”)
market
quotations
are
readily
available
are
valued
at
the
latest
reported
sales
price
(or
at
the
mar-
ket
official
closing
price
if
such
market
reports
an
official
closing
price),
and
if
there
was
no
trading
in
the
security
on
a
given
day
and
if
there
is
no
official
closing
price
from
relevant
markets
for
that
day,
the
security
is
valued
at
the
mean
between
the
last
reported
bid
and
asked
prices
if
such
bid
and
asked
prices
are
available
on
the
rel-
evant
markets.
An
unlisted
equity
security
that
does
not
trade
on
the
valuation
date
and
for
which
bid
and
asked
prices
from
the
relevant
markets
are
unavailable
is
valued
at
the
mean
between
the
current
bid
and
asked
prices
obtained
from
one
or
more
reputable
brokers/dealers;
(3)
fixed
income
securities
may
be
valued
by
an
outside
pricing
service/vendor
approved
by
the
Trust’s
Board
of
Trustees
(the
“Trustees”).
The
pricing
service/vendor
may
employ
a
pricing
model
that
takes
into
account,
among
other
things,
bids,
yield
spreads
and/or
other
market
data
and
specific
security
characteristics.
If
Morgan
Stanley
Investment
Management
Inc.
(the
“Adviser”)
a
whol-
ly-owned
subsidiary
of
Morgan
Stanley,
determines
that
the
price
provided
by
the
outside
pricing
service/vendor
or
exchange
does
not
reflect
the
security’s
fair
value
or
is
unable
to
provide
a
price,
prices
from
brokers
or
dealers
may
also
be
utilized.
In
these
circumstances,
the
value
of
the
security
will
be
the
mean
of
bid
and
asked
prices
obtained
from
reputable brokers/dealers;
(4)
when
market
quotations
are
not
readily
available,
as
defined
by
Rule
2a-5
under
the
Act,
including
circumstances
under
which
the
Adviser
determines
that
the
closing
price,
last
sale
price
or
the
mean
between
the
last
reported
bid
and
asked
prices
are
not
reflective
of
a
security’s
market
value,
port-
folio
securities
are
valued
at
their
fair
value
as
determined
in
good
faith
under
procedures
established
by
and
under
the
general
supervision
of
the
Trustees; and
(5)
invest-
ments
in
mutual
funds,
including
the
Morgan
Stanley
Institutional
Liquidity
Funds,
are
valued
at
the
net
asset
value
(“NAV”)
as
of
the
close
of
each
business
day.
In
connection
with
Rule
2a-5
of
the
Act,
the
Trust-
ees
have
designated
the
Trust's
Adviser
as
its
valuation
designee.
The
valuation
designee
has
responsibility
for
determining
fair
value
and
to
make
the
actual
calculations
pursuant
to
the
fair
valuation
methodologies
previously
approved
by
the
Trustees.
Under
procedures
approved
by
the
Trustees,
the
Trust’s
Adviser
has
formed
a
Valuation
Committee
whose
members
are
approved
by
the
Trustees.
The
Valuation
Committee
provides
administration
and
oversight
of
the
Trust’s
valuation
policies
and
procedures,
which
are
reviewed
at
least
annually
by
the
Trustees.
These
procedures
allow
the Trust
to
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers
and
other
market
sources
to
determine
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
18
Morgan
Stanley
ETF
Trust
fair
value.
2.
Fair
Value
Measurement:
Financial
Accounting
Stan-
dards
Board
(“FASB”)
Accounting
Standards
Codifica-
tion
TM
("ASC"),
“Fair
Value
Measurement”
(“ASC
820”),
defines
fair
value
as
the
price
that
would
be
received
to
sell
an
asset
or
pay to
transfer
a
liability
in
an orderly
transaction
between
market
participants
at
the
measure-
ment
date. ASC
820
establishes
a
three tier
hierarchy
to
distinguish
between
(1)
inputs
that
reflect
the
assump-
tions
market
participants
would
use
in
valuing
an
asset
or
liability
developed
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity
(observable
inputs)
and
(2)
inputs
that
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
market
partici-
pants
would
use
in
valuing
an
asset
or
liability
developed
based
on
the
best
information
available
in
the
circum-
stances
(unobservable
inputs)
and
to
establish
classifica-
tion
of
fair
value
measurements
for
disclosure
purposes.
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
The
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
–
unadjusted
quoted
prices
in
active
markets
for
identical
investments.
Level
2
-
other
significant
observable
inputs
(includ-
ing
quoted
prices
for
similar
investments,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
 Level
3
-
significant
unobservable
inputs
including
the
Fund’s
own
assumptions
in
determin-
ing
the
fair
value
of
investments.
Factors
considered
in
making
this
determination
may
include,
but
are
not
limited
to,
infor-
mation
obtained
by
contacting
the
issuer,
analysts,
or
the
appropriate
stock
exchange
(for
exchange-traded
securities),
analysis
of
the
issuer’s
financial
statements
or
other
available
documents
and,
if
necessary,
available
information
concerning
other
securities
in
similar
circumstances.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities
and
the
determination
of
the
significance
of
a
particular
input
to
the
fair
value
mea-
surement
in
its
entirety
requires
judgment
and
considers
factors
specific
to
each
security. 
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
September
30,
2023:
Transfers
between
investment
levels
may
occur
as
the
markets
fluctuate
and/or
the
availability
of
data
used
in
an
investment’s
valuation
changes. 
3.
Indemnifications:
The Trust
enters
into
contracts
that
contain
a
variety
of
indemnification
clauses.
The
Trust’s
maximum
exposure
under
these
arrangements
is
un-
known
as
this
would
involve
future
claims
that
may
be
made
against
the
Fund
that
have
not yet
occurred. 
4.
Dividends
and
Distributions
to
Shareholders: 
Divi-
dends
and
distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Dividends
from
net
investment
in-
come,
if
any,
are
declared
and
paid
quarterly.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
5.
Security
Transactions,
Income
and
Expenses:
 Se-
curity
transactions
are
accounted
for
on
the
trade
date
(date
the
order
to
buy
or
sell
is
executed).
Realized
gains
and
losses
on
the
sale
of
investment
securities
are
deter-
mined
on
the
specific
identified
cost
method.
Dividend
income
and
other
distributions
are
recorded
on
the
ex-dividend
date
(except
for
certain
foreign
dividends
which
may
be
recorded
as
soon
as
the
Fund
is
informed
of
such
dividends)
net
of
applicable
withholding
taxes.
Non-cash
dividends
received
in
the
form
of
stock,
if
any,
are
recognized
on
the
ex-dividend
date
and
recorded
as
non-cash
dividend
income
at
fair
value.
B.
Management Fees:
 The
Adviser
provides
investment
advice
and
portfolio
management
services
pursuant
to
a
Management
Agreement
(the
“Agreement”)
and,
subject
to
the
supervision
of
the
Trust’s
Trustees,
makes
or
oversees
the
Fund’s
day-to-day
investment
decisions,
arranges
for
the
execution
of
portfolio
transactions
and
generally
manages
the
Fund’s
invest-
Investment
Type
Level
1
Unadjusted
quoted
prices
(000)
Level
2
Other
significant
observable
inputs
(000)
Level
3
Significant
unobservable
Inputs
(000)
Total
(000)
Assets:  
Common
Stocks
$
23,697
(1)
$
—
$
—
$
23,697
Short-Term
Investment
Investment
Company
82
—
—
82
Total
Assets
$23,779
$—
$—
$23,779
(1)
The
level
classification
by
major
category
of
investments
is
the
same
as
the
category
presentation
in
the
Portfolio
of
Investments.
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
19
Morgan
Stanley
ETF
Trust
ments.
 As
compensation
for
its
services,
the
Adviser
is paid
monthly
at
the
annual
rate
of
0.15% of
the
average
daily
net
assets
of
the
Fund.
Under
the
Agreement,
the
Adviser pays sub-
stantially
all
the
expenses
of
the
Fund
(including
expenses
of
the
Trust
relating
to
the
Fund),
except
for
the
distribution
fees,
if
any,
brokerage
expenses,
acquired
fund
fees
and
expenses,
taxes,
interest,
litigation
expenses,
and
other
extraordinary
expenses,
including
the
costs
of
proxies,
not
incurred
in
the
ordinary
course
of
the
Fund’s
business. 
C.
Distribution
and
Shareholder Services
Plan:
The
Trustees
have
adopted
a
distribution
and
services
plan
("Plan")
pursuant
Rule
12b-1
under the
Act. 
Under the
Plan,
the
Fund
is
authorized
to
pay
distribution
fees
in
connection
with
the
sale
of
its
shares
and
pay
service
fees
in
connection
with
the
provision
of
ongoing
services
to
shareholders
of
the
Fund
and
the
maintenance
of
shareholder
accounts
in
an
amount
up
to
0.25%
of
its
average
daily
net
assets.
No
Rule
12b-1
fees
are
currently
paid
by
the
Fund
and
there
are
no
current
plans
to
impose
these
fees.
D.
Dividend
Disbursing
and
Transfer
Agent:
The
Trust’s
dividend
disbursing
and
transfer
agent
is
JPMorgan
Chase
Bank,
N.A.
("JPMorgan").
E.
Custodian
and
Administrator:
JPMorgan also
serves
as
Custodian
and
Administrator for
the
Trust in
accordance
with
a
Custodian
and
Administration Agreement.
F.
Issuance
and
Redemption
of
Fund
Shares:
The
Fund
is
an
exchange-traded
fund
or
ETF.
Individual
Fund
shares
may
only
be
purchased
and
sold
on
a
national
securi-
ties
exchange
through
a
broker-dealer
and
investors
may
pay
a
commission
to
such
broker-dealers
in
connection
with
their
purchase
or
sale.
The
price
of
Fund
shares
is
based
on
market
price,
and
because
ETF
shares
trade
at
market
prices
rather
than
NAV,
shares
may
trade
at
a
price
greater
than
NAV
(a
premium)
or
less
than
NAV
(a
discount). 
The
Fund
will
only
issue
or
redeem
shares
aggregated
into
blocks
of 50,000
shares
or
multiples
thereof
(“Creation
Units”)
to
Authorized
Participants
who
have
entered
into
agreements
with
the
Funds’
Distributor.
An
Authorized
Participant
is
either
(1)
a
“Participating
Party,”
(i.e.,
a
broker-dealer
or
other
participant
in
the
clearing
process
of
the
Continuous
Net
Settlement
System
of
the
National
Securities
Clearing
Corpo-
ration)
(“Clearing
Process”),
or
(2)
a
participant
of
Depository
Trust
Company (“DTC
Participant”),
and,
in
each
case,
must
have
executed
an
agreement
(“Participation
Agreement”)
with
the
Distributor
with
respect
to
creations
and
redemptions
of
Creation
Units.
The
Fund
will
issue
or
redeem
Creation
Units
in
return
for
a
basket
of
assets
that
the
Fund
specifies
each
day.
Shares
are
listed
on
the
New
York
Stock
Exchange Arca
("NYSE
Arca") and
are
publicly
traded.
If an
investor buys
or
sells
Fund
shares
on
the
secondary
market, the
investor will
pay
or
receive
the
market
price,
which
may
be
higher
or
lower
than
NAV. The
investor's transaction
will
be
priced
at
NAV
if the
investor purchases
or
redeems
Fund
shares
in
Creation
Units.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
the
Fund's
Administrator
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Additionally,
a
portion
of
the
transaction
fee
is
used
to
offset
transactional
costs
typically
accrued
in
the
Fund's
cus-
tody
expenses
directly
related
to
the
issuance
and
redemption
of
Creation
Units.
An
additional
variable
fee
may
be
charged
for
certain
transactions.
Such
fees
would
be
included
in
the
re-
ceivable
for
capital
shares
issued
on
the
Statement
of
Assets
and
Liabilities
if
they
are
outstanding
as
of
year-
end. Transaction
fees
assessed
during
the
period
are
included
in
the
proceeds
from
shares
issued
on
the
Statements
of
Changes
in
Net
Assets.
G.
Security
Transactions
and
Transactions
with
Af-
filiates:
For
the
year ended
September
30,
2023 purchases
and
sales
of
investment
securities
for
the
Fund,
other
than
long-term
U.S.
Government
securities,
short-term
investments
and
In-Kind transactions were $23,574,117
and
$3,543,555,
respectively.
There
were
no
purchases
and
sales
of
long-term
U.S.
Government
securities
for
the
year
ended
September
30,
2023. Purchase
and
Sales
related
to
In-Kind
transactions
were
$7,315,854 and
$2,490,338 for
year end.
The
Fund
invests
in
the
Institutional
Class
of
the
Morgan
Stanley
Institutional
Liquidity
Funds
—
Government
Portfolio
(the
“Liquidity
Fund”),
an
open-end
management
investment
company
managed
by
the
Adviser. Management fees
paid
by
the
Fund
are
reduced
by
an
amount
equal
to
its
pro-rata
share
of
the management
fees
paid
by
the
Fund
due
to
its
invest-
ment
in
the
Liquidity
Fund.
For
the
year ended
September
30,
2023, management
fees
paid
were
reduced
by $72 relating
to
the
Fund’s
investment
in
the
Liquidity
Fund. 
A
summary
of
the
Fund’s
transactions
in
shares
of
affiliated
investments
during
the
year ended
September
30,
2023 is
as
follows: 
Affiliated
Investment
Company
Value
January
30,
2023
Purchases
at
Cost
Proceeds
from
Sales
Dividend
Income
Liquidity
Fund
$
–
$
518,725
$
436,473
$
2,488
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
20
Morgan
Stanley
ETF
Trust
H.
Federal
Income
Taxes:
It
is
the
Fund’s
intention
to
continue
to
qualify
as
a
regulated
investment
company
and
distribute
all
of
its
taxable
and
tax
exempt income.
Accordingly,
no
provision
for
federal
income
taxes
is
required
in
the
finan-
cial
statements. 
The
Fund
may
be
subject
to
taxes
imposed
by
countries
in
which
it
invests.
Such
taxes
are
generally
based
on
income
and/
or
capital
gains
earned
or
repatriated.
Taxes
are
accrued
based
on
net
investment
income,
net
realized
gains
and
net
unreal-
ized
appreciation
as
such
income
and/or
gains
are
earned.
Taxes
may
also
be
based
on
transactions
in
foreign
currency
and
are
accrued
based
on
the
value
of
investments
denominated
in
such
currency.
FASB
ASC
740-10,
“Income
Taxes—Overall”,
sets
forth
a
minimum
threshold
for
financial
statement
recognition
of
the
benefit
of
a
tax
position
taken
or
expected
to
be
taken
in
a
tax
return.
Management
has
concluded
there
are
no
significant
uncertain
tax
positions
that
would
require
recognition
in
the
financial
statements.
If
applicable,
the
Fund
recognizes
inter-
est
accrued
related
to
unrecognized
tax
benefits
in
“Interest
Expense”
and
penalties
in
“Other
Expenses”
in
the
Statement
of
Operations.
The
Fund
files
tax
returns
with
the
U.S.
Internal
Revenue
Service,
New
York
and
various
states.
The
tax
year
ended
September
30,
2023 remains
subject
to
examination
by
taxing
authorities.
The
tax
character
of
distributions
paid
may
differ
from
the
character
of
distributions
shown
for
GAAP
purposes
due
to
short-term
capital
gains
being
treated
as
ordinary
income
for
tax
purposes.
The
tax
character
of
distributions
paid
during
fiscal
year 2023
was
as
follows: 
The
amount
and
character
of
income
and
gains
to
be
distrib-
uted
are
determined
in
accordance
with
income
tax
regulations
which
may
differ
from
GAAP.
These
book/tax
differences
are
either
considered
temporary
or
permanent
in
nature. 
Temporary
differences
are
attributable
to
differing
book
and
tax
treatments
for
the
timing
of
the
recognition
of
gains
(loss-
es)
on
certain
investment
transactions
and
the
timing
of
the
deductibility
of
certain
expenses. 
Permanent
differences,
due
to
a
tax
adjustment
related
to
an
in-kind
redemption,
resulted
in
the
following
reclassifications
among
the
components
of
net
assets
at
September
30,
2023:
At
September
30,
2023,
the
components
of
distributable
earn-
ings
for
the
Fund
on
a
tax
basis
were
as
follows: 
At
September
30,
2023,
the
Fund
had
available
for
fed-
eral
income
tax
purposes
unused
short-term
capital
losses
of $500,081 that
do
not
have
an
expiration
date. 
To
the
extent
that
capital
loss
carryforwards
are
used
to
offset
any
future
capital
gains
realized,
no
capital
gains
tax
liability
will
be
incurred
by
the
Fund
for
gains
realized
and
not
distrib-
uted.
To
the
extent
that
capital
gains
are
offset,
such
gains
will
not
be
distributed
to
the
shareholders. 
I.
Principal
Risks:
Market
Risk:
An
investment
in
the
Fund
is
based
on
the
values
of
the
Fund’s
investments,
which
may
change
due
to
economic
and
other
events
that
affect
markets
generally,
as
well
as
those
that
affect
particular
regions,
countries,
industries,
companies
or
governments.
The
risks
associated
with
these
developments
may
be
magnified
if
social,
political,
economic
and
other
conditions
and
events
(such
as
war,
natural
disasters,
health
emergencies
(e.g.,
epidemics
and
pandemics),
terrorism,
conflicts,
social
unrest,
recessions,
inflation,
rapid
interest
rate
changes
and
supply
chain
disruptions)
adversely
interrupt
the
global
economy
and
financial
markets.
It
is
difficult
to
predict
when
events
affecting
the
U.S.
or
global
financial
markets
may
occur,
the
effects
that
such
events
may
have
and
the
duration
of
those
effects
(which
may
last
for
extended
periods).
These
events
may
negatively
impact
broad
segments
of
businesses
and
populations
and
have
a
significant
and
rapid
negative
impact
on
the
performance
of
the
Fund’s
investments,
adverse-
ly
affect
and
increase
the
volatility
of
the
Fund’s
share
price
and
exacerbate
pre-existing
risks
to
the
Fund.
The
occurrence,
Affiliated
Investment
Company
(cont'd)
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
September
30,
2023
Liquidity
Fund  
$
–
$
–
$
82,252
2023
Distributions
Paid
From:
Ordinary
Long-Term
Income
Capital
Gain
$181,123
$–
Total
Accumulated
Paid-In
Loss
Capital
$(386,376)
$386,376
Undistributed
Undistributed
Ordinary
Long-Term
Income
Capital
Gain
$21,873
$–
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
21
Morgan
Stanley
ETF
Trust
duration
and
extent
of
these
or
other
types
of
adverse
econom-
ic
and
market
conditions
and
uncertainty
over
the
long
term
cannot
be
reasonably
projected
or
estimated
at
this
time.
The
ultimate
impact
of
public
health
emergencies
or
other
adverse
economic
or
market
developments
and
the
extent
to
which
the
associated
conditions
impact
the
Fund
and
its
investments
will
also
depend
on
other
future
developments,
which
are
highly
uncertain,
difficult
to
accurately
predict
and
subject
to
change
at
any
time.
The
financial
performance
of
the
Fund’s
invest-
ments
(and,
in
turn,
the
Fund’s
investment
results)
as
well
as
their
liquidity
may
be
adversely
affected
because
of
these
and
similar
types
of
factors
and
developments.
Tracking
Error
Risk:
Tracking
error
risk
refers
to
the
risk
that
the
Fund’s
performance
may
not
match
or
correlate
to
that
of
the
index
it
attempts
to
track,
either
on
a
daily
or
aggregate
basis.
Tracking
error
may
occur
because
of
transac-
tion
costs,
the
Fund’s
holding
of
cash,
differences
in
accrual
of
dividends,
changes
to
the
index
or
the
need
to
meet
new
or
existing
regulatory
requirements.
Factors
such
as
Fund
expens-
es,
imperfect
correlation
between
the
Fund’s
investments
and
the
index,
rounding
of
share
prices,
changes
to
the
composition
of
the
index,
regulatory
policies,
limitations
on
Fund
invest-
ments
imposed
by
Fund
diversification
and/or
concentration
policies,
high
portfolio
turnover
rate
and
the
use
of
leverage
all
contribute
to
tracking
error.
Unlike
the
Fund,
the
returns
of
the
index
are
not
reduced
by
investment
and
other
operating
expenses,
including
the
trading
costs
associated
with
imple-
menting
changes
to
its
portfolio
of
investments.
Tracking
error
risk
may
cause
the
Fund’s
performance
to
be
less
than
expected.
Tracking
error
risk
may
be
heightened
during
times
of
market
volatility,
unusual
market
conditions
or
other
abnormal
cir-
cumstances.
The
Fund
may
be
required
to
deviate
its
invest-
ments
from
the
securities
and
relative
weightings
of
the
index
to
comply
with
applicable
laws
and
regulations
or
because
of
market
restrictions
or
other
legal
reasons,
including
regulatory
limits
or
other
restrictions
on
securities
that
may
be
purchased
by
the
Adviser
and
its
affiliates.
If
the
Fund
uses
a
sampling
method
of
indexing,
it
may
have
a
larger
tracking
error
than
if
it
used
a
replication
method
of
indexing.
Index
Related
Risk:
The
Fund’s
return
may
not
track
the
return
of
the
index
for
a
number
of
reasons
and
therefore
may
not
achieve
its
investment
objective.
For
example,
the
Fund
incurs
a
number
of
operating
expenses
not
applicable
to
the
index,
and
incurs
costs
in
buying
and
selling
securities,
espe-
cially
when
rebalancing
the
Fund’s
securities
holdings
to
reflect
changes
in
the
composition
of
the
index.
In
addition,
the
Fund’s
return
may
differ
from
the
return
of
the
index
because
of,
among
other
things,
pricing
differences
and
the
inability
to
purchase
certain
securities
included
in
the
underlying index
due
to
regulatory
or
other
restrictions. 
In
addition,
when
the
Fund
uses
a
representative
sampling
ap-
proach,
the
Fund
may
not
be
as
well
correlated
with
the
return
of
the
underlying
index
as
when
the
Fund
purchases
all
of
the
securities
in
the
index
in
the
proportions
in
which
they
are
rep-
resented
in
the
index.
Errors
in
the
construction
or
calculation
of
the
index
may
occur
from
time
to
time.
Any
such
errors
may
not
be
identified
and
corrected
by
the
index
provider
for
some
period
of
time,
which
may
have
an
adverse
impact
on
the
Fund
and
its
shareholders.
The
risk
that
the
Fund
may
not
track
the
performance
of
the
index
may
be
heightened
during
times
of
increased
market
volatility
or
other
unusual
market
conditions.
Authorized
Participant
Concentration
Risk:
Only
an
authorized
participant
may
engage
in
creation
or
redemption
transactions
directly
with
the
Fund.
The
Fund
has
a
limited
number
of
intermediaries
that
act
as
authorized
participants
and
none
of
these
authorized
participants
is
or
will
be
obligated
to
engage
in
creation
or
redemption
transactions.
To
the
extent
that
these
intermediaries
exit
the
business
or
are
unable
to
or
choose
not
to
proceed
with
creation
and/or
redemption
orders
with
respect
to
the
Fund
and
no
other
authorized
participant
creates
or
redeems,
shares
may
trade
at
a
discount
to NAV
and
possibly
face
trading
halts
and/or
delisting. 
Trading
Risk:
The
market
prices
of
shares
are
expected
to
fluctuate,
in
some
cases
materially,
in
response
to
changes
in
the
Fund’s
NAV,
the
intra-day
value
of
the
Fund’s
holdings,
and
supply
and
demand
for
shares.
The
Adviser
cannot
predict
whether
shares
will
trade
above,
below
or
at
their
NAV.
Disrup-
tions
to
creations
and
redemptions,
the
existence
of
significant
market
volatility
or
potential
lack
of
an
active
trading
market
for
the
shares
(including
through
a
trading
halt),
as
well
as
other
factors,
may
result
in
the
shares
trading
significantly
above
(at
a
premium)
or
below
(at
a
discount)
to
NAV
or
to
the
intraday
value
of
the
Fund’s
holdings
(and,
as
a
result,
an
investor
may
pay
more
for,
or
receive
less
than,
the
underlying
value
of
the
shares,
respectively).
Buying
or
selling
shares
in
the
secondary
market
may
require
paying
brokerage
commissions
or
other
charges
imposed
by
brokers
as
determined
by
that
broker.
Brokerage
commissions
are
often
a
fixed
amount
and
may
be
a
significant
proportional
cost
when
seeking
to
buy
or
sell
relatively
small
amounts
of
shares.
In
addition,
the
market
price
of
shares,
like
the
price
of
any
exchange-traded
security,
includes
a
“bid-ask
spread”
charged
by
the
market
makers
or
other
participants
that
trade
the
particular
security.
The
spread
of the
Fund’s
shares
varies
over
time
based
on
the
Fund’s
trad-
ing
volume
and
market
liquidity
and
may
increase
if
the
Fund’s
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
22
Morgan
Stanley
ETF
Trust
trading
volume,
the
spread
of
the
Fund’s
underlying
securities,
or
market
liquidity
decrease. 
Large
Shareholder
Transaction
Risk:
The
Fund
may
experience
adverse
effects
when
certain
shareholders
purchase
or
redeem
large
amounts
of
shares
of the
Fund.
In
addition,
a
third
party
investor,
the
Adviser
or
an
affiliate
of
the
Adviser,
an
authorized
participant,
a
lead
market
maker,
or
another
entity
(i.e.,
a
seed
investor)
may
invest
in
the
Fund
and
hold
its
investment
solely
to
facilitate
commencement
of
the
Fund
or
to
facilitate
the
Fund’s
achieving
a
specified
size
or
scale.
Any
such
investment
may
be
held
for
a
limited
period
of
time.
There
can
be
no
assurance
that
any
large
shareholder
would
not
redeem
its
investment,
that
the
size
of
the
Fund
would
be
maintained
at
such
levels
or
that
the
Fund
would
continue
to
meet
applicable
listing
requirements.
Such
larger
than
normal
redemptions
may
cause
the
Fund
to
sell
portfolio
securities
at
times
when
it
would
not
otherwise
do
so,
which
may
negative-
ly
impact
the
Fund’s
NAV
and
liquidity.
Similarly,
large
Fund
share
purchases
may
adversely
affect the
Fund’s
performance
to
the
extent
that the
Fund
is
delayed
in
investing
new
cash
and
is
required
to
maintain
a
larger
cash
position
than
it
ordinarily
would.
These
transactions
may
also
accelerate
the
realization
of
taxable
income
to
shareholders
if
such
sales
of
investments
resulted
in
gains
and
may
also
increase
transaction
costs.
In
addition,
a
large
redemption
could
result
in the
Fund’s
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in the
Fund’s
expense
ratio.
Although
large
shareholder
transactions
may
be
more
frequent
under
certain
circumstanc-
es, the
Fund
is
generally
subject
to
the
risk
that
shareholders
can
purchase
or
redeem
a
significant
percentage
of
Fund
shares
at
any
time.
In
addition,
transactions
by
large
shareholders
may
account
for
a
large
percentage
of
the
trading
volume
on
NYSE
Arca
and
may,
therefore,
have
a
material
upward
or
downward
effect
on
the
market
price
of
the
shares. 
J.
Other:
At
September
30,
2023,
the
Fund
had
record
own-
ers
of
10%
or
greater,
which
are
related
parties
of
the
Fund.
In-
vestment
activities
of
these
shareholders
could
have
a
material
impact
on
the
Fund.
The
aggregate
percentage
of
such
owners
was
80.0%.
23
Annual
Report
—
September
30,
2023
Report
of
Independent
Registered
Public
Accounting
Firm
Morgan
Stanley
ETF
Trust
To
the
Shareholders
and
Board
of
Trustees
of
Morgan
Stanley
ETF
Trust
–
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
(the
“Fund”)
(one
of
the
funds
constituting
Morgan
Stanley
ETF
Trust
(the
“Trust”)),
including
the
portfolio
of
investments,
as
of
September
30,
2023,
and
the
related
statements
of
operations
and
changes
in
net
assets
and
the
financial
highlights
for
the
period
from
January
30,
2023
(commencement
of
operations)
through
September
30,
2023,
and
the
related
notes
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
(one
of
the
funds
constituting
Morgan
Stanley
ETF
Trust)
at
September
30,
2023,
and
the
results
of
its
operations,
the
changes
in
its
net
assets
and
its
financial
highlights
for
the
period
from
January
30,
2023
(commencement
of
operations)
through
September
30,
2023,
in
conformity
with
U.S.
generally
accepted
accounting
principles.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Trust’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audit.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Trust
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audit
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Trust
is
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
the
Trust’s
internal
control
over
financial
reporting.
As
part
of
our
audit,
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting,
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Trust’s
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audit
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
September
30,
2023,
by
correspondence
with
the
custodian,
brokers
and
others;
when
replies
were
not
received
from
brokers
and
others,
we
performed
other
auditing
procedures.
Our
audit
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
We
believe
that
our
audit
provides
a
reasonable
basis
for
our
opinion.
We
have
served
as
the
auditor
of
one
or
more
Morgan
Stanley
investment
companies
since
2000.
Boston,
Massachusetts
November
27,
2023
24
Annual
Report
—
September
30,
2023
Federal
Tax
Notice
(unaudited)
Morgan
Stanley
ETF
Trust
For
federal
income
tax
purposes,
the
following
information
is
furnished
with
respect
to
the
distributions
paid
by
the
Fund
during
its
taxable
year
ended
September
30,
2023.
For
corporate
shareholders
100%
of
the
dividends
qualified
for
the
dividends
received
deduction.
For
federal
income
tax
purposes,
the
following
information
is
furnished
with
respect
to
the
Fund’s
earnings
for
its
taxable
year
ended
September
30,
2023.
When
distributed,
certain
earnings
may
be
subject
to
a
maximum
tax
rate
of
15%
as
provided
for
by
the
Jobs
and
Growth
Tax
Relief
Reconciliation
Act
of
2003.
The
Fund
designated
up
to
a
maximum
of $181,123
as
taxable
at
this
lower
rate.
In
January,
the
Fund
provides
tax
information
to
shareholders
for
the
preceding
calendar
year.
25
Annual
Report
—
September
30,
2023
Important
Notices
(unaudited)
Morgan
Stanley
ETF
Trust
Reporting
to
Shareholders
The
Fund’s
portfolio
holdings
are
publicly
disseminated
each
day
the
Fund
is
open
for
business
through
financial
reporting
and
news
services,
including
publicly
accessible
Internet
web
sites.
In
addition,
a
basket
composition
file,
which
includes
the
securi-
ty
names
and
share
quantities
to
deliver
in
exchange
for
Creation
Units,
together
with
estimates
and
actual
cash
components
is
publicly
disseminated
daily
prior
to
the
opening
of
the
Exchange
via
the
National
Securities
Clearing
Corporation
(the
“NSCC”),
a
clearing
agency
that
is
registered
with
the
SEC.
The
basket
represents
one
Creation
Unit
of
the
Fund.
The
Trust,
Adviser,
Custo-
dian
and
Distributor
will
not
disseminate
non-public
information
concerning
the
Trust.
The
Trust
provides
a
complete
schedule
of
portfolio
holdings
for
the
second
and
fourth
fiscal
quarters
in
its
Semi-Annual
and
Annual
reports,
and
for
the
first
and
third
fiscal
quarters
in
its
filings
with
the
SEC
as
an
exhibit
to
Form
N-PORT.
The
Fund's
portfolio
holdings
will
be
available
on
the
Fund’s
public
website,
www.calvert.com.
Proxy
Voting
Policy
and
Proxy
Voting
Record
The
Board
of
Trustees
believes
that
the
voting
of
proxies
on
securities
held
by
the
Trust
is
an
important
element
of
the
overall
invest-
ment
process.
As
such,
the
Trustees
have
delegated
the
responsibility
to
vote
such
proxies
to
the
Adviser.
The
Adviser
has
engaged
Calvert
to
provide
proxy
voting
services
with
respect
to
the
Trust.
The
Adviser’s
Proxy
Voting
Policy
speci-
fies
that
each
Fund
will
follow
Calvert’s
Proxy
Voting
Policies
and
Procedures
and
Global
Proxy
Voting
Guidelines.
When
available,
the
Trust’s
proxy
voting
record
for
the
most
recent
12-month
period
ending
June
30,
as
filed
with
the
SEC,
will
be
available
without
charge
on
our
web
site
at
www.calvert.com.
The
Trust’s
proxy
voting
record
will
also
be
available
without
charge
on
the
SEC’s
web
site
at
http://www.sec.gov. 
Tailored
Shareholder
Reports
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
on-
line,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Morgan
Stanley
Funds.
26
Annual
Report
—
September
30,
2023
U.S.
Customer
Privacy
Notice
(unaudited)
April
2021
Morgan
Stanley
ETF
Trust
FACTS
WHAT
DOES
MSIM
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
Social
Security
number
and
income
investment
experience
and
risk
tolerance
checking
account
number
and
wire
transfer
instructions
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information;
the
reasons
MSIM
chooses
to
share;
and
whether
you
can
limit
this
sharing.
Reasons
we
can
share
your
personal
information
Does
MSIM
share?
Can
you
limit
this
sharing?
For
our
everyday
business
purposes
—
such
as
to
process
your
transactions,
maintain
your
account(s),
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—
to
offer
our
products
and
services
to
you
Yes
No
For
joint
marketing
with
other
financial
companies
No
We
don’t
share
For
our
investment
management
affiliates’
everyday
business
purposes
—
information
about
your
transactions,
experiences,
and
creditworthiness
Yes
Yes
For
our
affiliates’
everyday
business
purposes
—
information
about
your
transactions
and
experiences
Yes
No
For
our
affiliates’
everyday
business
purposes
—
information
about
your
creditworthiness
No
We
don’t
share
For
our
investment
management
affiliates
to
market
to
you
Yes
Yes
For
our
affiliates
to
market
to
you
No
We
don’t
share
For
non-affiliates
to
market
to
you
No
We
don’t
share
Annual
Report
—
September
30,
2023
U.S.
Customer
Privacy
Notice
(unaudited)
(cont’d)
27
April
2021
Morgan
Stanley
ETF
Trust
To
limit
our
sharing
Call
toll-free
(844)
312-6327
or
email:
[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)
28
April
2021
Morgan
Stanley
ETF
Trust
Definitions
Investment
Management
Affiliates
MSIM
Investment
Management
Affiliates
include
registered
investment
advisers,
registered
broker-dealers,
and
registered
and
unregistered
funds
in
the
Investment
Management
Division.
Investment
Management
Affiliates
does
not
include
entities
associated
with
Morgan
Stanley
Wealth
Management,
such
as
Morgan
Stanley
Smith
Barney
LLC
and
Morgan
Stanley
&
Co.
Affiliates
Companies
related
by
common
ownership
or
control.
They
can
be
financial
and
non-financial
companies.
Our
affiliates
include
companies
with
a
Morgan
Stanley
name
and
financial
companies
such
as
Morgan
Stanley
Smith
Barney
LLC
and
Morgan
Stanley
&
Co.
Non-affiliates
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
non-financial
companies.
MSIM
does
not
share
with
non-affiliates
so
they
can
market
to
you.
Joint
marketing
A
formal
agreement
between
non-affiliated
financial
companies
that
together
market
financial
products
or
services
to
you.
MSIM
doesn’t
jointly
market
Other
Important
Information
Vermont:
Except
as
permitted
by
law,
we
will
not
share
personal
information
we
collect
about
Vermont
residents
with
Non-affiliates
unless
you
provide
us
with
your
written
consent
to
share
such
information.
California:
Except
as
permitted
by
law,
we
will
not
share
personal
information
we
collect
about
California
residents
with
Non-affiliates
and
we
will
limit
sharing
such
personal
information
with
our
Affiliates
to
comply
with
California
privacy
laws
that
apply
to
us.
29
Annual
Report
—
September
30,
2023
Trustees
and
Officers
Information
(unaudited)
Morgan
Stanley
ETF
Trust
Independent
Trustees:
Name,
Address
and
Birth
Year
of
Independent
Trustee
Position(s)
Held
with
Registrant
Length
of
Time
Served*
Principal
Occupation(s)
During
Past
5
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
Fund
Complex
Overseen
by
Independent
Trustee**
Other
Directorships
Held
by
Independent
Trustee
During
Past
5
Years***
Frank
L.
Bowman
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1944
Trustee
Since
August
2006
President,
Strategic
Decisions,
LLC
(consulting)
(since
February
2009);
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
August
2006);
Chairperson
of
the
Compliance
and
Insurance
Committee
(since
October
2015);
formerly,
Chairperson
of
the
Insurance
Sub-
Committee
of
the
Compliance
and
Insurance
Committee
(2007-2015);
served
as
President
and
Chief
Executive
Officer
of
the
Nuclear
Energy
Institute
(policy
organization)
(February
2005-November
2008);
retired
as
Admiral,
U.S.
Navy
after
serving
over
38
years
on
active
duty
including
8
years
as
Director
of
the
Naval
Nuclear
Propulsion
Program
in
the
Department
of
the
Navy
and
the
U.S.
Department
of
Energy
(1996-2004);
served
as
Chief
of
Naval
Personnel
(July
1994-September
1996)
and
on
the
Joint
Staff
as
Director
of
Political
Military
Affairs
(June
1992-July
1994);
knighted
as
Honorary
Knight
Commander
of
the
Most
Excellent
Order
of
the
British
Empire;
awarded
the
Officier
de
l’Orde
National
du
Mérite
by
the
French
Government;
elected
to
the
National
Academy
of
Engineering
(2009).
86
Director
of
Naval
and
Nuclear
Technologies
LLP;
Director
Emeritus
of
the
Armed
Services
YMCA;
Member
of
the
National
Security
Advisory
Council
of
the
Center
for
U.S.
Global
Engagement
and
a
member
of
the
CNA
Military
Advisory
Board;
Chairman
of
Fairhaven
United
Methodist
Church;
Member
of
the
Board
of
Advisors
of
the
Dolphin
Scholarship
Foundation;
Director
of
other
various
nonprofit
organizations;
formerly,
Director
of
BP,
plc
(November
2010-
May
2019).
Frances.
L
Cashman
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1961
Trustee
Since
February
2022
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
February
2022);
Chief
Executive
Officer,
Asset
Management
Division,
Euromoney
Institutional
Investor
PLC
(financial
information)
(May
2021-Present);
Executive
Vice
President
and
various
other
roles,
Legg
Mason
&
Co.
(asset
management)
(2010-2020);
Managing
Director,
Stifel
Nicolaus
(2005-2010).
87
Trustee
and
Investment
Committee
Member,
Georgia
Tech
Foundation
(Since
June
2019);
Trustee
and
Chair
of
Marketing
Committee,
Loyola
Blakefield
(Since
September
2017);
Trustee,
MMI
Gateway
Foundation
(since
September
2017);
Director
and
Investment
Committee
Member,
Catholic
Community
Foundation
Board
(2012–2018);
Director
and
Investment
Committee
Member,
St.
Ignatius
Loyola
Academy
(2011-
2017).
Kathleen
A.
Dennis
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1953
Trustee
Since
August
2006
Chairperson
of
the
Governance
Committee
(since
January
2021),
Chairperson
of
the
Liquidity
and
Alternatives
Sub-
Committee
of
the
Investment
Committee
(2006-2020)
and
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
August
2006);
President,
Cedarwood
Associates
(mutual
fund
and
investment
management
consulting)
(since
July
2006);
formerly,
Senior
Managing
Director
of
Victory
Capital
Management
(1993-2006).
86
Board
Member,
University
of
Albany
Foundation
(2012-present);
Board
Member,
Mutual
Funds
Directors
Forum
(2014-present);
Director
of
various
non-profit
organizations.
Annual
Report
—
September
30,
2023
Trustees
and
Officers
Information
(unaudited)
(cont’d)
30
Morgan
Stanley
ETF
Trust
Name,
Address
and
Birth
Year
of
Independent
Trustee
Position(s)
Held
with
Registrant
Length
of
Time
Served*
Principal
Occupation(s)
During
Past
5
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
Fund
Complex
Overseen
by
Independent
Trustee**
Other
Directorships
Held
by
Independent
Trustee
During
Past
5
Years***
Nancy
C.
Everett
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1955
Trustee
Since
January
2015
Chairperson
of
the
Equity
Investment
Committee
(since
January
2021);
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
January
2015);
Chief
Executive
Officer,
Virginia
Commonwealth
University
Investment
Company
(since
November
2015);
Owner,
OBIR,
LLC
(institutional
investment
management
consulting)
(since
June
2014);
formerly,
Managing
Director,
BlackRock,
Inc.
(February
2011-December
2013)
and
Chief
Executive
Officer,
General
Motors
Asset
Management
(a/k/a
Promark
Global
Advisors,
Inc.)
(June
2005-May
2010).
87
Formerly,
Member
of
Virginia
Commonwealth
University
School
of
Business
Foundation
(2005-2016);
Member
of
Virginia
Commonwealth
University
Board
of
Visitors
(2013-2015);
Member
of
Committee
on
Directors
for
Emerging
Markets
Growth
Fund,
Inc.
(2007-2010);
Chairperson
of
Performance
Equity
Management,
LLC
(2006-2010);
and
Chairperson,
GMAM
Absolute
Return
Strategies
Fund,
LLC
(2006-2010).
Eddie
A.
Grier
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1955
Trustee
Since
February
2022
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
February
2022);
Dean
Santa
Clara
University
Leavey
School
of
Business
(since
April
2021);
Dean,
Virginia
Commonwealth
University
School
of
Business
(2010-2021);
President
and
various
other
roles,
Walt
Disney
Company
(entertainment
and
media)
(1981-2010).
87
Director,
Witt/Kieffer,
Inc.
(executive
search)
(since
2016);
Director,
NuStar
GP,
LLC
(energy)
(since
August
2021);
Director,
Sonida
Senior
Living,
Inc.
(residential
community
operator)
(2016-2021);
Director,
NVR,
Inc.
(home
building)
(2013-2020);
Director,
Middleburg
Trust
Company
(wealth
management)
(2014-
2019);
Director,
Colonial
Williamsburg
Company
(since2012);
Regent,
University
of
Massachusetts
Global
(since
2021);
Director
and
Chair,
Child
Fund
International
(2012-2021);
Trustee,
Brandman
University
(2010-2021);
Director,
Richmond
Forum
(2012-2019).
Annual
Report
—
September
30,
2023
Trustees
and
Officers
Information
(unaudited)
(cont’d)
31
Morgan
Stanley
ETF
Trust
Name,
Address
and
Birth
Year
of
Independent
Trustee
Position(s)
Held
with
Registrant
Length
of
Time
Served*
Principal
Occupation(s)
During
Past
5
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
Fund
Complex
Overseen
by
Independent
Trustee**
Other
Directorships
Held
by
Independent
Trustee
During
Past
5
Years***
Jakki
L.
Hassler
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1957
Trustee
Since
January
2015
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
January
2015);
Chairperson
of
the
Audit
Committee
(since
January
2023)
Chairman,
Opus
Capital
Group
(since
1996);
formerly,
Chief
Executive
Officer,
Opus
Capital
Group
(1996-2019);
Director,
Capvest
Venture
Fund,
LP
(May
2000-December
2011);
Partner,
Adena
Ventures,
LP
(July
1999
December
2010);
Director,
The
Victory
Funds
(February
2005-
July
2008).
87
Director
of
Cincinnati
Bell
Inc.
and
Member,
Audit
Committee
and
Chairman,
Governance
and
Nominating
Committee;
Director
of
Service
Corporation
International
and
Member,
Audit
Committee
and
Investment
Committee;
Director,
Barnes
Group
Inc.
(since
July
2021);
Director
of
Northern
Kentucky
University
Foundation
and
Member,
Investment
Committee;
Member
of
Chase
College
of
Law
Transactional
Law
Practice
Center
Board
of
Advisors;
Director
of
Best
Transport;
Director
of
Chase
College
of
Law
Board
of
Visitors;
formerly,
Member,
University
of
Cincinnati
Foundation
Investment
Committee.
Dr.
Manuel
H.
Johnson
c/o
Johnson
Smick
International,
Inc.
2201
I
Street,
NE
Suite
200
Washington,
D.C.
20002
Birth
Year:
1949
Trustee
Since
July
1991
Senior
Partner,
Johnson
Smick
International,
Inc.
(consulting
firm);
Chairperson
of
the
Fixed
Income,
Liquidity
and
Alternatives
Investment
Committee
(since
January
2021),
Chairperson
of
the
Investment
Committee
(2006-2020)
and
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
July
1991);
Co-Chairman
and
a
founder
of
the
Group
of
Seven
Council
(G7C)
(international
economic
commission);
formerly,
Chairperson
of
the
Audit
Committee
(July
1991-
September
2006);
Vice
Chairman
of
the
Board
of
Governors
of
the
Federal
Reserve
System
and
Assistant
Secretary
of
the
U.S.
Treasury.
86
Director
of
NVR,
Inc.
(home
construction).
Joseph
J.
Kearns
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1942
Trustee
Since
August
1994
Senior
Adviser,
Kearns
&
Associates
LLC
(investment
consulting);
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(August
1994
December
2022);
formerly,
Deputy
Chairperson
of
the
Audit
Committee
(July
2003-September
2006)
and
Chairperson
of
the
Audit
Committee
of
various
Morgan
Stanley
Funds
(since
August
1994);
CFO
of
the
J.
Paul
Getty
Trust
(1982-1999).
87
Director,
Rubicon
Investments
(since
February
2019);
Prior
to
August
2016,
Director
of
Electro
Rent
Corporation
(equipment
leasing).
Prior
to
December
31,
2013,
Director
of
The
Ford
Family
Foundation.
Annual
Report
—
September
30,
2023
Trustees
and
Officers
Information
(unaudited)
(cont’d)
32
Morgan
Stanley
ETF
Trust
*
This
is
the
earliest
date
the Trustee
began
serving
the
Morgan
Stanley
Funds.
Each Trustee
serves
an
indefinite
term,
until
his
or
her
successor
is
elected.
**
The
Fund
Complex
includes
(as
of
December
31,
2022)
all
open-end
and
closed-end
funds
(including
all
of
their
portfolios)
advised
by
Morgan
Stanly
Investment
Management
Inc.
(the
"Adviser")
and
any
funds
that
have
an
adviser
that
is
an
affiliated
person
of
the
Adviser
(including,
but
not
limited
to,
Morgan
Stanley
AIP
GP
LP).
***
This
includes
any
directorships
at
public
companies
and
registered
investment
companies
held
by
the
Trustee
at
any
time
during
the
past
five
years.
Name,
Address
and
Birth
Year
of
Independent
Trustee
Position(s)
Held
with
Registrant
Length
of
Time
Served*
Principal
Occupation(s)
During
Past
5
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
Fund
Complex
Overseen
by
Independent
Trustee**
Other
Directorships
Held
by
Independent
Trustee
During
Past
5
Years***
Michael
F.
Klein
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1958
Trustee
Since
August
2006
Chairperson
of
the
Risk
Committee
(since
January
2021);
Managing
Director,
Aetos
Alternatives
Management,
LP
(since
March
2000);
Co-President,
Aetos
Alternatives
Management,
LP
(since
January
2004)
and
Co-Chief
Executive
Officer
of
Aetos
Alternatives
Management,
LP
(since
August
2013);
Chairperson
of
the
Fixed
Income
Sub-Committee
of
the
Investment
Committee
(2006-
2020)
and
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
August
2006);
formerly,
Managing
Director,
Morgan
Stanley
&
Co.
Inc.
and
Morgan
Stanley
Dean
Witter
Investment
Management
and
President,
various
Morgan
Stanley
Funds
(June
1998-March
2000);
Principal,
Morgan
Stanley
&
Co.
Inc.
and
Morgan
Stanley
Dean
Witter
Investment
Management
(August
1997-December
1999).
86
Director
of
certain
investment
funds
managed
or
sponsored
by
Aetos
Alternatives
Management,
LP;
Director
of
Sanitized
AG
and
Sanitized
Marketing
AG
(specialty
chemicals).
Patricia
A.
Maleski
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1960
Trustee
Since
January
2017
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
January
2017);
Managing
Director,
JPMorgan
Asset
Management
(2004-2016);
Oversight
and
Control
Head
of
Fiduciary
and
Conflicts
of
Interest
Program
(2015-2016);
Chief
Control
Officer—Global
Asset
Management
(2013-
2015);
President,
JPMorgan
Funds
(2010-
2013);
Chief
Administrative
Officer
(2004-2013);
various
other
positions
including
Treasurer
and
Board
Liaison
(since
2001).
87
Trustee,
Nutley
Family
Service
Bureau,
Inc.
(since
January
2022).
W.
Allen
Reed
c/o
Perkins
Coie
LLP
Counsel
to
the
Independent
Trustees
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
NY
10036
Birth
Year:
1947
Chair
of
the
Board
and
Trustee
Chair
of
the
Board
since
August
2020
and
Director
since
August
2006
Chair
of
the
Boards
of
various
Morgan
Stanley
Funds
(since
August
2020);
Director
or
Trustee
of
various
Morgan
Stanley
Funds
(since
August
2006);
formerly,
Vice
Chair
of
the
Boards
of
various
Morgan
Stanley
Funds
(January
2020-August
2020);
President
and
Chief
Executive
Officer
of
General
Motors
Asset
Management;
Chairman
and
Chief
Executive
Officer
of
the
GM
Trust
Bank
and
Corporate
Vice
President
of
General
Motors
Corporation
(August
1994-December
2005).
86
Formerly,
Director
of
Legg
Mason,
Inc.
(2006-2019);
and
Director
of
the
Auburn
University
Foundation
(2010-
2015).
Annual
Report
—
September
30,
2023
Trustees
and
Officers
Information
(unaudited)
(cont’d)
33
Morgan
Stanley
ETF
Trust
Executive
Officers:
The
Fund’s
statement
of
additional
information
incudes
further
information
about
the
Fund’s
Trustees
and
Officers,
and
is
available
without
charge
by
visiting
www.calvert.com
or
upon
request
by
calling
1
(800)
836-2414.
*This
is
the
earliest
date
the
officer
began
serving
the
Morgan
Stanley
Funds.
Each
officer
serves
an
indefinite
term,
until
his
or
her
successor
is
elected.
Name,
Address
and
Birth
Year
of
Executive
Officer
Position(s)
Held
with
Registrant
Length
of
Time
Served*
Principal
Occupation(s)
During
Past
5
Years
John
H.
Gernon
522
Fifth
Avenue
New
York,
NY
10036
Birth
Year:
1963
President
and
Principal
Executive
Officer
Since
September
2013
President
and
Principal
Executive
Officer
of
the
Equity
and
Fixed
Income
Funds
and
the
Morgan
Stanley
AIP
Funds
(since
September
2013)
and
the
Liquidity
Funds
and
various
money
market
funds
(since
May
2014)
in
the
Fund
Complex;
Managing
Director
of
the
Adviser.
Deidre
A.
Downes
1633
Broadway
New
York,
NY
10019
Birth
Year:
1977
Chief
Compliance
Officer
Since
November
2021
Executive
Director
of
the
Adviser
(since
January
2021)
and
Chief
Compliance
Officer
of
various
Morgan
Stanley
Funds
(since
November
2021).
Formerly,
Vice
President
and
Corporate
Counsel
at
PGIM
and
Prudential
Financial
(October
2016-December
2020).
Francis
J.
Smith
522
Fifth
Avenue
New
York,
NY
10036
Birth
Year:
1965
Treasurer
and
Principal
Financial
Officer
Treasurer
since
July
2003
and
Principal
Financial
Officer
since
September
2002
Managing
Director
of
the
Adviser
and
various
entities
affiliated
with
the
Adviser;
Treasurer
(since
July
2003)
and
Principal
Financial
Officer
of
various
Morgan
Stanley
Funds
(since
September
2002).
Mary
E.
Mullin
1633
Broadway
New
York,
NY
10019
Birth
Year:
1967
Secretary
Since
June
1999
Managing
Director
of
the
Adviser;
Secretary
of
various
Morgan
Stanley
Funds
(since
June
1999).
Michael
J.
Key
522
Fifth
Avenue
New
York,
NY
10036
Birth
Year:
1979
Vice
President
Since
June
2017
Vice
President
of
the
Equity
and
Fixed
Income
Funds,
Liquidity
Funds,
various
money
market
funds
and
the
Morgan
Stanley
AIP
Funds
in
the
Fund
Complex
(since
June
2017);
Executive
Director
of
the
Adviser;
Head
of
Product
Development
for
Equity
and
Fixed
Income
Funds
(since
August
2013).
Anthony
R.
Rochte
522
Fifth
Avenue
New
York,
NY
10036
Birth
Year:
1968
Vice
President,
Morgan
Stanley
ETF
Trust
Since
September
2022
Managing
Director
and
Global
Head
of
Exchange-Traded
Funds
at
Morgan
Stanley
Investment
Management
(since
March
2022);
Co-Head
of
Goldman
Sachs
Private
Bank
Select
(January
2020
–
March
2022);
Head
of
Fidelity
Institutional
Investments
&
Technology
Solutions
(August
2017
–
January
2020).
34
Morgan
Stanley
ETF
Trust
Annual
Report
—
September
30,
2023
Adviser
Morgan
Stanley
Investment
Management
Inc.
522
Fifth
Avenue
New
York,
New
York
10036
Distributor
Foreside
Fund
Services,
LLC
3
Canal
Plaza
Suite
100
Portland,
Maine
04101
Dividend
Disbursing
and
Transfer
Agent
JPMorgan
Chase
Bank,
N.A.
1111
Polaris
Parkway
Columbus,
Ohio
43240
Custodian
and
Administrator
JPMorgan
Chase
Bank,
N.A.
1111
Polaris
Parkway
Columbus,
Ohio
43240
Legal
Counsel
Dechert
LLP
1095
Avenue
of
the
Americas
New
York,
New
York
10036
Counsel
to
the
Independent
Trustees
Perkins
Coie
LLP
1155
Avenue
of
the
Americas
22nd
Floor
New
York,
New
York
10036
Independent
Registered
Public
Accounting
Firm
Ernst
&
Young
LLP
200
Clarendon
Street
Boston,
MA
02116
ETFCALUSMIDCAPCRIANN
6057818
EXP
11.30.24
Printed
in
U.S.A. 
This
Report
has
been
prepared
for
shareholders
and
may
be
distributed
to
others
only
if
preceded
or
accompanied
by
a
current
prospectus.
Morgan
Stanley
Investment
Management
Inc.
522
Fifth
Avenue
New
York,
New
York
10036 
©
2023
Morgan
Stanley.
Morgan
Stanley
Distribution,
Inc.