Morgan
Stanley
ETF
Trust
Calvert
International
Responsible
Index
ETF
NYSE
Arca:
CVIE
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
..........................................................................
14
Statement
of
Operations
....................................................................................
15
Statement
of
Changes
in
Net
Assets
........................................................................
16
Financial
Highlights
.........................................................................................
17
Notes
to
Financial
Statements
...............................................................................
18
Report
of
Independent
Registered
Public
Accounting
Firm
....................................................
25
Federal
Tax
Notice
..........................................................................................
26
Important
Notices
..........................................................................................
27
U.S.
Customer
Privacy
Notice
...............................................................................
28
Trustees
and
Officers
Information
...........................................................................
31
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
International
Responsible
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
International
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
International
Responsible
Index
ETF
$1,000.00
$986.10
$1,024.17
$0.90
$0.91
0.18%
*
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
International
Responsible
Index
ETF
Morgan
Stanley
ETF
Trust
Economic
and
Market
Conditions
For
global
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,
global
equities
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
reced-
ed,
as
many
investors
came
around
to
the
view
that
the
U.S.
and
global
economies
were
doing
surprisingly
well.
European
equities
received
an
additional
boost
as
feared
continent-wide
energy
shortages
failed
to
materialize
during
the
winter.
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,
the
MSCI
World
ex
USA
Index
returned
-1.58%,
as
many
overseas
markets
gave
back
earlier
gains
in
the
closing
months
of
the
period.
In
contrast,
the
Russell
1000®
Index,
a
measure
of
U.S.
large-cap
stocks
that
included
many
beneficiaries
of
the
AI
boom,
returned
7.55%.
Fund
Performance
For
the
8-month
period
from
inception
on
January
30,
2023,
through
September
30,
2023,
Calvert
International
Responsi-
ble
Index
ETF
(the
Fund)
returned
-1.66%
based
on
net
asset
value
(NAV)
and
reinvestment
of
distributions
per
share,
net
of
fees.
The
Fund
underperformed
its
primary
benchmark,
the
MSCI
World
ex
USA
Index
(the
Index),
which
returned
-1.58%
and
underperformed
its
secondary
benchmark,
the
Calvert
International
Responsible
Index
(the
Calvert
Index),
which
returned
-1.62%
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
Fund’s
11
market
sectors,
consumer
discretionary,
energy,
health
care,
and
information
technology
(IT)
delivered
positive
returns
during
the
period.
The
strongest-performing
sectors
were
energy,
IT,
and
health
care.
The
weakest-per-
forming
sectors
were
real
estate,
communication
services,
and
financials.
Detractors
from
Fund
performance
versus
the
Index
included
stock
selections
in
the
industrials
sector;
stock
selections
and
an
overweight
position
in
the
financials
sector,
which
deliv-
ered
negative
returns
during
a
period
that
included
three
of
the
largest
bank
failures
in
U.S.
history;
and
stock
selections
and
an
underweight
position
in
the
energy
sector
-
the
stron-
gest-performing
sector
within
the
Index
and
the
Fund,
as
rising
oil
prices
boosted
energy
stock
returns
during
the
period.
In
the
industrials
sector,
not
owning
Japanese
industrial
con-
glomerate
Mitsubishi
Corp.
(Mitsubishi)
and
British
aerospace
and
defense
firm
Rolls-Royce
Holdings
Plc.
(Rolls-Royce)
-
two
Index
positions
that
delivered
strong
performance
-
detracted
from
Index-relative
returns
during
the
period.
Mitsubishi’s
stock
price
was
lifted
by
pent-up
demand
for
the
company’s
small
vehicles
in
post-COVID
Asian
emerging
markets,
along
with
a
weak
yen
and
stock
buybacks.
Rolls-Royce
reported
strong
sales
and
profit
growth
resulting
from
a
multiyear
turn-
around
effort
and
strong
sales
of
its
aircraft
engines
as
travel
recovered
after
the
pandemic.
In
the
financials
sector,
the
Fund’s
out-of-Index
positions
in
South
Korean
financial
holding
companies
KB
Financial
Group,
Inc.
and
Shinhan
Financial
Group
Co.
Ltd.
both
de-
clined
in
value
and
detracted
from
Index-relative
performance
during
the
period.
In
contrast,
contributors
to
Fund
performance
versus
the
Index
included
stock
selections
in
the
materials
sector;
stock
selections
and
an
overweight
position
in
the
IT
sector;
and
stock
selections
and
an
underweight
position
in
the
real
estate
sector
-
the
worst-performing
sector
within
the
Index
and
the
Fund,
as
property
sales
were
hampered
by
rising
mortgage
rates
during
the
period
and
companies
cut
back
on
office
space
in
the
aftermath
of
the
pandemic.
In
the
materials
sector,
contributors
to
Index-relative
returns
included
the
Fund’s
out-of-Index
positions
in
South
Korean
steel
maker
POSCO
Holdings,
Inc.
-
whose
battery
materi-
als
business
benefited
from
strong
demand
for
lithium
-
and
U.K.-headquartered
Linde
Plc.
-
one
of
the
world’s
largest
suppliers
of
industrial
gases.
Annual
Report
September
30,
2023
Investment
Overview
(unaudited)
(cont’d)
Calvert
International
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
MSCI
World
ex
USA
Index
(1)
and
the
Calvert
International
Responsible
Index
(2)
Cumulative
Total
Return
for
the
period
Ended
September
30,
2023
Since
Inception
(3)
Calvert
International
Responsible
Index
ETF
-
NAV
(4)
-1.66%
Calvert
International
Responsible
Index
ETF
-
Market
Price
(4)
-1.78%
MSCI
World
ex
USA
Index
-1.58%
Calvert
International
Responsible
Index
-1.62%
(1)
The
MSCI
World
ex
USA
Index
is
a
free
float
adjusted
market
capitalization
weighted
index
that
is
designed
to
measure
the
global
equity
market
performance
of
developed
markets,
excluding
the
United
States.
The
term
"free
float"
represents
the
portion
of
shares
outstanding
that
are
deemed
to
be
available
for
purchase
in
the
public
equity
markets
by
investors.
The
performance
of
the
Index
is
listed
in
U.S.
dollars
and
assumes
reinvestment
of
net
dividends.
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)
Calvert
International
Responsible
Index
is
composed
of
common
stocks
of
large
companies
in
developed
markets,
excluding
the
U.S.
Large
companies
in
developed
markets
are
the
1,000
largest
publicly
traded
companies,
excluding
real
estate
investment
trusts
and
business
development
companies,
in
markets
that
Calvert
Research
and
Management
("CRM")
determines
to
be
developed
markets
based
on
a
set
of
criteria
including
level
of
economic
development,
existence
of
capital
controls,
openness
to
foreign
direct
investment,
market
trading
and
liquidity
conditions,
regulatory
environment,
treatment
of
minority
shareholders,
and
investor
expectations.
The
Calvert
Principles
for
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,
by
country
and
by
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.
Historical
performance
of
the
index
illustrates
market
trends
and
does
not
represent
the
past
or
future
performance
of
the
fund.
(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
International
Responsible
Index
ETF
6
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Common
Stocks
(99.3%)
Australia
(4.8%)
Allkem
Ltd.(a)
6,808
$
51,672
ANZ
Group
Holdings
Ltd.
12,595
208,585
APA
Group
5,892
31,562
ASX
Ltd.
202
7,447
Atlas
Arteria
Ltd.
3,424
12,220
BlueScope
Steel
Ltd.
4,789
60,086
Brambles
Ltd.
6,743
62,320
carsales.com
Ltd.
609
10,982
Cochlear
Ltd.
303
49,929
Coles
Group
Ltd.
7,579
76,112
Commonwealth
Bank
of
Australia
6,550
422,610
Computershare
Ltd.
2,150
36,022
Fortescue
Metals
Group
Ltd.
11,123
150,180
IGO
Ltd.
7,031
57,449
Insurance
Australia
Group
Ltd.
10,341
37,909
Macquarie
Group
Ltd.
1,606
173,854
Medibank
Pvt.
Ltd.
11,588
25,727
National
Australia
Bank
Ltd.
11,760
220,639
Pilbara
Minerals
Ltd.
27,518
76,368
Qantas
Airways
Ltd.(a)
8,296
27,735
QBE
Insurance
Group
Ltd.
6,202
62,884
REA
Group
Ltd.
63
6,275
Reece
Ltd.
933
11,218
Sonic
Healthcare
Ltd.
2,918
56,122
South32
Ltd.
42,887
93,833
Suncorp
Group
Ltd.
5,299
47,777
Telstra
Group
Ltd.
7,356
18,278
Transurban
Group
18,093
148,184
Wesfarmers
Ltd.
4,870
166,144
Westpac
Banking
Corp.
12,887
175,910
WiseTech
Global
Ltd.
407
17,087
Woolworths
Group
Ltd.
7,079
170,507
2,773,627
Austria
(0.3%)
Erste
Group
Bank
AG
919
31,933
Mondi
plc
380
6,366
OMV
AG
1,323
63,481
Verbund
AG
409
33,365
voestalpine
AG
1,033
28,261
163,406
Belgium
(0.6%)
Ackermans
&
van
Haaren
NV
62
9,393
Ageas
SA/NV
152
6,281
Anheuser-Busch
InBev
SA/NV
3,302
183,575
Azelis
Group
NV
347
6,874
D'ieteren
Group
64
10,835
Groupe
Bruxelles
Lambert
NV
625
46,691
KBC
Group
NV
503
31,495
Sofina
SA
43
8,732
Solvay
SA
229
25,421
UCB
SA
385
31,607
Umicore
SA
206
4,896
365,800
Canada
(9.1%)
Agnico
Eagle
Mines
Ltd.
3,082
140,696
Air
Canada(a)
1,157
16,585
Shares
Value
Algonquin
Power
&
Utilities
Corp.
3,292
$
19,577
Alimentation
Couche-Tard,
Inc.
4,132
210,818
Bank
of
Montreal
2,643
223,990
Bank
of
Nova
Scotia
(The)
4,759
214,296
BCE,
Inc.
1,389
53,269
Brookfield
Asset
Management
Ltd.,
Class
A
1,440
48,206
Brookfield
Corp.,
Class
A
3,757
118,018
CAE,
Inc.(a)
1,846
43,296
Cameco
Corp.
3,884
154,814
Canadian
Imperial
Bank
of
Commerce
3,730
144,648
Canadian
National
Railway
Co.
2,750
299,184
Canadian
Pacific
Kansas
City
Ltd.
3,855
287,870
Canadian
Tire
Corp.
Ltd.,
Class
A
228
24,630
CCL
Industries,
Inc.,
Class
B
682
28,758
CGI,
Inc.(a)
1,203
119,125
Constellation
Software,
Inc.
97
201,180
Descartes
Systems
Group,
Inc.
(The)(a)
208
15,337
Dollarama,
Inc.
1,164
80,567
Element
Fleet
Management
Corp.
529
7,626
Empire
Co.
Ltd.,
Class
A
909
24,843
FirstService
Corp.
49
7,160
Fortis,
Inc.
622
23,734
George
Weston
Ltd.
52
5,793
GFL
Environmental,
Inc.
925
29,508
Great-West
Lifeco,
Inc.
1,124
32,307
Hydro
One
Ltd.(b)
2,566
65,630
IGM
Financial,
Inc.
331
8,434
Intact
Financial
Corp.
697
102,086
Loblaw
Cos.
Ltd.
864
73,747
Magna
International,
Inc.
912
49,101
Manulife
Financial
Corp.
8,167
149,930
Metro,
Inc.,
Class
A
1,450
75,653
National
Bank
of
Canada
972
64,869
Nutrien
Ltd.
1,715
106,401
Open
Text
Corp.
1,765
62,232
Power
Corp.
of
Canada
3,202
81,897
Quebecor,
Inc.,
Class
B
303
6,524
RB
Global,
Inc.
785
49,376
Rogers
Communications,
Inc.,
Class
B
1,415
54,580
Royal
Bank
of
Canada
5,109
448,549
Saputo,
Inc.
267
5,609
Shopify,
Inc.,
Class
A(a)
4,476
245,452
Stantec,
Inc.
120
7,822
Sun
Life
Financial,
Inc.
2,346
114,992
Teck
Resources
Ltd.,
Class
B
3,951
170,840
TELUS
Corp.
2,981
48,904
TFI
International,
Inc.
420
54,190
Thomson
Reuters
Corp.
818
100,532
TMX
Group
Ltd.
1,089
23,512
Toromont
Industries
Ltd.
373
30,519
Toronto-Dominion
Bank
(The)
6,385
386,453
West
Fraser
Timber
Co.
Ltd.
377
27,497
WSP
Global,
Inc.
563
79,828
5,270,994
Chile
(0.2%)
Antofagasta
plc
3,155
55,028
Lundin
Mining
Corp.
8,666
64,931
119,959
Annual
Report
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
International
Responsible
Index
ETF
7
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
China
(0.9%)
BOC
Hong
Kong
Holdings
Ltd.
14,000
$
38,343
Chow
Tai
Fook
Jewellery
Group
Ltd.
18,800
28,325
ESR
Group
Ltd.(b)
27,000
37,922
NXP
Semiconductors
NV
744
148,741
Prosus
NV(a)
6,953
205,533
Wharf
Holdings
Ltd.
(The)
14,000
35,108
Xinyi
Glass
Holdings
Ltd.
14,000
18,126
512,098
Denmark
(2.6%)
AP
Moller
-
Maersk
A/S,
Class
B
3
5,425
Carlsberg
A/S,
Class
B
374
47,334
Chr.
Hansen
Holding
A/S
440
27,013
Coloplast
A/S,
Class
B
421
44,687
Danske
Bank
A/S
2,304
53,763
Demant
A/S(a)
398
16,534
DSV
A/S
470
88,018
Genmab
A/S(a)
205
72,998
Jyske
Bank
A/S(a)
137
10,060
Novo
Nordisk
A/S,
Class
B
10,270
938,899
Novozymes
A/S,
Class
B
830
33,550
Orsted
A/S(b)
637
34,829
Pandora
A/S
515
53,495
ROCKWOOL
A/S,
Class
B
93
22,612
Tryg
A/S
280
5,142
Vestas
Wind
Systems
A/S(a)
3,690
79,404
1,533,763
Finland
(1.0%)
Elisa
OYJ
508
23,606
Fortum
OYJ
1,481
17,240
Kesko
OYJ,
Class
B
1,307
23,483
Kone
OYJ,
Class
B
1,021
43,153
Metso
OYJ
685
7,219
Neste
OYJ
3,781
128,621
Nokia
OYJ
22,113
83,535
Nordea
Bank
Abp
9,262
102,405
Sampo
OYJ,
Class
A
634
27,508
Stora
Enso
OYJ,
Class
R
2,651
33,372
UPM-Kymmene
OYJ
1,945
66,864
Valmet
OYJ
182
4,174
Wartsila
OYJ
Abp
621
7,071
568,251
France
(8.0%)
Accor
SA
697
23,570
Air
France-KLM(a)
468
5,895
Air
Liquide
SA
1,919
324,754
Alstom
SA
1,156
27,661
Amundi
SA(b)
106
5,987
Arkema
SA
392
38,830
AXA
SA
6,981
208,282
BioMerieux
145
14,096
BNP
Paribas
SA
3,697
236,535
Bouygues
SA
1,543
54,139
Bureau
Veritas
SA
1,188
29,571
Capgemini
SE
554
97,250
Carrefour
SA
1,643
28,328
Cie
de
Saint-Gobain
SA
3,262
196,443
Cie
Generale
des
Etablissements
Michelin
SCA
2,449
75,375
Shares
Value
Credit
Agricole
SA
3,747
$
46,384
Danone
SA
2,758
152,601
Dassault
Systemes
SE
2,329
87,031
Edenred
SE
1,006
63,139
Eiffage
SA
299
28,504
Elis
SA
762
13,441
Engie
SA
6,798
104,578
EssilorLuxottica
SA
1,070
187,104
Eurazeo
SE
142
8,487
Forvia
SE(a)
996
20,679
Getlink
SE
1,569
25,100
Hermes
International
SCA
123
225,265
Ipsen
SA
121
15,911
Kering
SA
240
109,746
Legrand
SA
960
88,732
L'Oreal
SA
830
345,529
LVMH
Moet
Hennessy
Louis
Vuitton
SE
863
654,576
Neoen
SA(b)
290
8,480
Orange
SA
6,477
74,473
Pernod
Ricard
SA
862
144,061
Publicis
Groupe
SA
921
69,974
Renault
SA
710
29,223
Rexel
SA
934
21,063
Safran
SA
1,276
200,807
Sartorius
Stedim
Biotech
84
20,099
SCOR
SE
286
8,924
SEB
SA
159
14,923
Societe
Generale
SA
1,727
42,137
Sodexo
SA
360
37,170
SOITEC(a)
196
32,736
Teleperformance
SE
113
14,285
Thales
SA
370
52,140
Valeo
SE
1,361
23,531
Veolia
Environnement
SA
2,615
75,944
Verallia
SA(b)
556
21,945
Vinci
SA
1,882
209,259
Worldline
SA(a)(b)
618
17,437
4,662,134
Germany
(6.4%)
adidas
AG
576
101,612
Allianz
SE
1,333
318,534
Bayerische
Motoren
Werke
AG
1,275
130,104
Bechtle
AG
490
22,951
Beiersdorf
AG
300
38,798
BioNTech
SE
ADR(a)
141
15,318
Brenntag
SE
600
46,678
Commerzbank
AG
4,365
49,865
Continental
AG
430
30,393
Covestro
AG(a)(b)
1,116
60,331
CTS
Eventim
AG
&
Co.
KGaA
375
21,380
Daimler
Truck
Holding
AG
1,728
60,045
Deutsche
Boerse
AG
628
108,843
Deutsche
Lufthansa
AG(a)
2,445
19,430
Deutsche
Post
AG
3,899
159,075
Deutsche
Telekom
AG
9,265
194,892
E.ON
SE
4,805
56,978
Evonik
Industries
AG
1,942
35,622
Fresenius
Medical
Care
AG
&
Co.
KGaA
813
35,154
Fresenius
SE
&
Co.
KGaA
1,018
31,752
Annual
Report
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
International
Responsible
Index
ETF
8
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Germany
(cont’d)
GEA
Group
AG
671
$
24,836
Hannover
Rueck
SE
206
45,344
HeidelbergCement
AG
1,234
96,054
HelloFresh
SE(a)
543
16,258
Henkel
AG
&
Co.
KGaA
461
29,148
HUGO
BOSS
AG
165
10,468
Infineon
Technologies
AG
5,920
196,527
KION
Group
AG
537
20,690
Knorr-Bremse
AG
264
16,821
Mercedes-Benz
Group
AG
3,381
235,862
Merck
KGaA
336
56,260
MTU
Aero
Engines
AG
211
38,368
Muenchener
Rueckversicherungs-Gesellschaft
AG
482
188,358
Nemetschek
SE
373
22,858
Puma
SE
106
6,599
SAP
SE
3,823
497,126
Scout24
SE(b)
263
18,283
Siemens
AG
2,895
415,809
Siemens
Energy
AG(a)
1,712
22,440
Siemens
Healthineers
AG(b)
1,066
54,174
Symrise
AG,
Class
A
397
37,964
Talanx
AG
189
12,006
Telefonica
Deutschland
Holding
AG
2,270
4,074
thyssenkrupp
AG
5,550
42,460
Volkswagen
AG
121
15,975
Vonovia
SE
1,255
30,308
Zalando
SE(a)(b)
488
10,917
3,703,742
Hong
Kong
(1.6%)
AIA
Group
Ltd.
40,400
329,365
CK
Infrastructure
Holdings
Ltd.
500
2,365
CLP
Holdings
Ltd.
5,500
40,696
Hang
Seng
Bank
Ltd.
7,000
87,100
Hong
Kong
Exchanges
&
Clearing
Ltd.
4,800
179,329
Hongkong
Land
Holdings
Ltd.
1,500
5,355
MTR
Corp.
Ltd.
1,000
3,958
Prudential
plc
7,997
86,754
Sino
Land
Co.
Ltd.
30,000
33,823
Sun
Hung
Kai
Properties
Ltd.
6,000
64,199
Swire
Pacific
Ltd.,
Class
A
2,500
16,870
Swire
Properties
Ltd.
8,600
17,943
Techtronic
Industries
Co.
Ltd.
4,000
38,816
WH
Group
Ltd.(b)
17,500
9,184
915,757
Ireland
(0.4%)
AerCap
Holdings
NV(a)
409
25,632
AIB
Group
plc
2,291
10,333
Bank
of
Ireland
Group
plc
2,928
28,799
Kerry
Group
plc,
Class
A
851
71,341
Kingspan
Group
plc
1,406
105,631
Smurfit
Kappa
Group
plc
520
17,376
259,112
Israel
(0.4%)
Bank
Hapoalim
BM
4,205
37,433
Bank
Leumi
Le-Israel
BM
2,319
19,194
Check
Point
Software
Technologies
Ltd.(a)
615
81,967
Shares
Value
Mizrahi
Tefahot
Bank
Ltd.
468
$
16,977
Nice
Ltd.
ADR(a)
439
74,630
230,201
Italy
(1.9%)
A2A
SpA
7,389
13,190
Amplifon
SpA
542
16,136
Assicurazioni
Generali
SpA
4,436
90,950
Banco
BPM
SpA
2,249
10,798
Coca-Cola
HBC
AG
813
22,317
Enel
SpA
33,860
208,643
FinecoBank
Banca
Fineco
SpA
2,037
24,834
Hera
SpA
3,836
10,519
Infrastrutture
Wireless
Italiane
SpA(b)
1,345
16,042
Interpump
Group
SpA
313
14,412
Intesa
Sanpaolo
SpA
62,038
160,266
Italgas
SpA
2,203
11,317
Mediobanca
Banca
di
Credito
Finanziario
SpA
558
7,403
Moncler
SpA
788
45,953
Nexi
SpA(a)(b)
2,021
12,385
Poste
Italiane
SpA(b)
1,858
19,609
PRADA
SpA
3,200
18,836
Prysmian
SpA
1,189
48,025
Recordati
Industria
Chimica
e
Farmaceutica
SpA
434
20,544
Reply
SpA
96
9,051
Snam
SpA
9,850
46,397
Telecom
Italia
SpA(a)
70,918
22,232
Terna
-
Rete
Elettrica
Nazionale
6,751
50,948
UniCredit
SpA
7,319
176,135
1,076,942
Japan
(17.3%)
Advantest
Corp.
2,400
67,243
Aeon
Co.
Ltd.
3,200
63,528
AGC,
Inc.
2,200
77,311
Aisin
Corp.
1,000
37,862
Ajinomoto
Co.,
Inc.
2,400
92,703
ANA
Holdings,
Inc.(a)
1,700
35,692
Asahi
Group
Holdings
Ltd.
2,400
89,905
Astellas
Pharma,
Inc.
7,800
108,408
Bandai
Namco
Holdings,
Inc.
1,200
24,462
BayCurrent
Consulting,
Inc.
400
13,397
Bridgestone
Corp.
2,300
89,842
Canon,
Inc.
5,300
128,038
Central
Japan
Railway
Co.
3,500
85,257
Chugai
Pharmaceutical
Co.
Ltd.
3,300
102,256
Dai
Nippon
Printing
Co.
Ltd.
1,800
46,922
Daifuku
Co.
Ltd.
900
17,065
Dai-ichi
Life
Holdings,
Inc.
1,000
20,754
Daiichi
Sankyo
Co.
Ltd.
6,900
189,857
Daikin
Industries
Ltd.
1,200
188,775
Daito
Trust
Construction
Co.
Ltd.
100
10,555
Daiwa
House
Industry
Co.
Ltd.
3,400
91,479
Daiwa
Securities
Group,
Inc.
9,300
53,790
Denso
Corp.
6,400
102,975
Dentsu
Group,
Inc.
1,100
32,434
Disco
Corp.
300
55,446
East
Japan
Railway
Co.
1,200
68,795
Eisai
Co.
Ltd.
1,200
66,777
Annual
Report
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
International
Responsible
Index
ETF
9
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Japan
(cont’d)
FANUC
Corp.
3,300
$
86,091
Fast
Retailing
Co.
Ltd.
600
131,037
Fuji
Electric
Co.
Ltd.
1,000
45,207
FUJIFILM
Holdings
Corp.
1,600
92,832
Fujitsu
Ltd.
400
47,177
Hankyu
Hanshin
Holdings,
Inc.
1,100
37,602
Hoya
Corp.
1,300
133,506
Hulic
Co.
Ltd.
5,200
46,729
Ibiden
Co.
Ltd.
200
10,674
Isuzu
Motors
Ltd.
4,000
50,407
Japan
Airlines
Co.
Ltd.
900
17,539
Japan
Exchange
Group,
Inc.
900
16,730
Japan
Post
Bank
Co.
Ltd.
2,800
24,411
Kao
Corp.
1,800
66,958
KDDI
Corp.
5,900
180,964
Keyence
Corp.
700
260,345
Kikkoman
Corp.
1,100
57,821
Komatsu
Ltd.
3,500
94,827
Kose
Corp.
300
21,823
Kubota
Corp.
4,500
66,463
Kyocera
Corp.
1,300
66,095
Kyowa
Kirin
Co.
Ltd.
1,800
31,410
M3,
Inc.
2,100
38,221
Makita
Corp.
1,000
24,741
MEIJI
Holdings
Co.
Ltd.
800
19,922
MinebeaMitsumi,
Inc.
2,000
32,722
MISUMI
Group,
Inc.
300
4,697
Mitsubishi
Chemical
Group
Corp.
10,100
63,805
Mitsubishi
Electric
Corp.
10,000
123,907
Mitsubishi
Estate
Co.
Ltd.
6,200
81,226
Mitsubishi
HC
Capital,
Inc.
6,600
44,052
Mitsubishi
Heavy
Industries
Ltd.
1,100
61,522
Mitsubishi
UFJ
Financial
Group,
Inc.
40,200
341,724
Mitsui
Fudosan
Co.
Ltd.
4,300
94,918
Mizuho
Financial
Group,
Inc.
9,800
166,874
MS&AD
Insurance
Group
Holdings,
Inc.
2,100
77,330
Murata
Manufacturing
Co.
Ltd.
6,900
126,417
Nidec
Corp.
2,200
102,183
Nintendo
Co.
Ltd.
3,500
146,122
Nippon
Paint
Holdings
Co.
Ltd.
5,400
36,404
Nippon
Telegraph
&
Telephone
Corp.
120,400
142,487
Nissan
Chemical
Corp.
300
12,784
Nitori
Holdings
Co.
Ltd.
100
11,198
Nitto
Denko
Corp.
100
6,573
Nomura
Holdings,
Inc.
16,200
65,039
Nomura
Research
Institute
Ltd.
1,300
33,915
Olympus
Corp.
5,300
68,956
Omron
Corp.
200
8,936
Ono
Pharmaceutical
Co.
Ltd.
2,000
38,439
Oracle
Corp.
Japan
100
7,438
Oriental
Land
Co.
Ltd.
4,100
134,876
ORIX
Corp.
4,500
84,225
Osaka
Gas
Co.
Ltd.
2,000
32,997
Otsuka
Corp.
1,000
42,433
Otsuka
Holdings
Co.
Ltd.
1,500
53,406
Pan
Pacific
International
Holdings
Corp.
2,100
44,160
Panasonic
Holdings
Corp.
9,800
110,461
Rakuten
Group,
Inc.
1,700
6,985
Shares
Value