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
Recruit
Holdings
Co.
Ltd.
5,700
$
176,052
Renesas
Electronics
Corp.(a)
6,300
96,490
Resona
Holdings,
Inc.
12,700
70,494
Secom
Co.
Ltd.
200
13,590
Sekisui
Chemical
Co.
Ltd.
2,400
34,627
Sekisui
House
Ltd.
3,300
65,834
SG
Holdings
Co.
Ltd.
1,900
24,383
Shin-Etsu
Chemical
Co.
Ltd.
7,200
209,547
Shionogi
&
Co.
Ltd.
1,100
49,285
Shiseido
Co.
Ltd.
1,300
45,736
SMC
Corp.
100
44,885
SoftBank
Corp.
11,900
134,810
SoftBank
Group
Corp.
4,000
169,811
Sompo
Holdings,
Inc.
1,100
47,420
Sony
Group
Corp.
4,700
385,512
Square
Enix
Holdings
Co.
Ltd.
1,000
34,344
Sumitomo
Electric
Industries
Ltd.
4,000
48,290
Sumitomo
Mitsui
Financial
Group,
Inc.
5,100
251,095
Sumitomo
Mitsui
Trust
Holdings,
Inc.
1,000
37,735
Suntory
Beverage
&
Food
Ltd.
1,000
30,491
Sysmex
Corp.
200
9,560
T&D
Holdings,
Inc.
1,300
21,500
Takeda
Pharmaceutical
Co.
Ltd.
7,000
217,705
TDK
Corp.
1,000
37,139
Terumo
Corp.
2,300
61,082
Toho
Co.
Ltd.
300
10,257
Tokio
Marine
Holdings,
Inc.
6,800
157,896
Tokyo
Electron
Ltd.
1,500
205,462
Tokyo
Gas
Co.
Ltd.
2,100
47,721
Tokyu
Corp.
2,800
32,348
TOPPAN
Holdings,
Inc.
2,100
50,310
Toray
Industries,
Inc.
9,200
47,965
TOTO
Ltd.
100
2,589
Toyota
Industries
Corp.
200
15,782
Toyota
Motor
Corp.
45,100
809,216
Trend
Micro,
Inc.
1,000
37,983
Unicharm
Corp.
1,200
42,548
West
Japan
Railway
Co.
1,000
41,447
Yakult
Honsha
Co.
Ltd.
400
9,738
Yamaha
Corp.
300
8,214
Yamaha
Motor
Co.
Ltd.
1,100
28,977
Yamato
Holdings
Co.
Ltd.
2,000
32,635
Yaskawa
Electric
Corp.
1,100
39,769
Z
Holdings
Corp.
19,300
53,739
ZOZO,
Inc.
600
11,027
10,043,311
Luxembourg
(0.0%)
Eurofins
Scientific
SE
525
29,738
Netherlands
(3.3%)
Aalberts
NV
833
30,586
ABN
AMRO
Bank
NV
CVA(b)
1,423
20,249
Adyen
NV(a)(b)
100
74,716
Aegon
NV
3,754
18,211
Akzo
Nobel
NV
704
51,042
Argenx
SE(a)
204
99,483
ASM
International
NV
170
71,545
ASML
Holding
NV
1,305
772,491
ASR
Nederland
NV
183
6,882
Annual
Report
—
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
International
Responsible
Index
ETF
10
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Netherlands
(cont’d)
BE
Semiconductor
Industries
NV
285
$
28,062
DSM
BV
447
44,212
Euronext
NV(b)
294
20,544
IMCD
NV
217
27,570
ING
Groep
NV
9,662
128,382
JDE
Peet's
NV
1,242
34,741
Koninklijke
Ahold
Delhaize
NV
4,229
127,697
Koninklijke
KPN
NV
14,259
47,087
Koninklijke
Philips
NV(a)
3,376
67,791
Koninklijke
Vopak
NV
622
21,350
Universal
Music
Group
NV
3,226
84,466
Wolters
Kluwer
NV
1,066
129,397
1,906,504
New
Zealand
(0.2%)
Auckland
International
Airport
Ltd.
6,359
30,223
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
976
12,655
Meridian
Energy
Ltd.
4,020
12,415
Spark
New
Zealand
Ltd.
5,517
15,945
Xero
Ltd.(a)
379
27,501
98,739
Norway
(0.7%)
AutoStore
Holdings
Ltd.(a)(b)
8,235
11,713
DNB
Bank
ASA
3,217
65,181
Gjensidige
Forsikring
ASA
960
14,209
Kongsberg
Gruppen
ASA
500
20,731
Mowi
ASA
2,924
52,087
Norsk
Hydro
ASA
14,543
91,843
Orkla
ASA
5,419
40,731
Salmar
ASA
115
5,873
Schibsted
ASA,
Class
A
842
19,062
Telenor
ASA
3,603
41,140
TOMRA
Systems
ASA
1,403
16,106
378,676
Portugal
(0.1%)
EDP
-
Energias
de
Portugal
SA
13,376
55,741
Jeronimo
Martins
SGPS
SA
1,425
32,075
87,816
Singapore
(1.1%)
DBS
Group
Holdings
Ltd.
7,500
184,849
Oversea-Chinese
Banking
Corp.
Ltd.
13,000
122,009
Singapore
Airlines
Ltd.
8,800
41,650
Singapore
Exchange
Ltd.
3,500
25,002
Singapore
Technologies
Engineering
Ltd.
8,000
22,917
Singapore
Telecommunications
Ltd.
39,700
70,389
STMicroelectronics
NV
2,240
97,200
United
Overseas
Bank
Ltd.
4,800
100,227
664,243
South
Africa
(0.3%)
Anglo
American
plc
7,042
194,722
South
Korea
(3.5%)
Delivery
Hero
SE(a)(b)
667
19,187
Doosan
Enerbility
Co.
Ltd.(a)
3,181
38,731
Hana
Financial
Group,
Inc.
1,795
56,468
HMM
Co.
Ltd.
1,537
18,521
HYBE
Co.
Ltd.(a)
157
27,691
Hyundai
Mobis
Co.
Ltd.
409
72,895
Shares
Value
Hyundai
Motor
Co.
346
$
49,000
Kakao
Corp.
2,388
77,777
KB
Financial
Group,
Inc.
1,341
54,956
Kia
Corp.
1,065
64,244
Krafton,
Inc.(a)
130
14,509
L&F
Co.
Ltd.
195
25,058
LG
Chem
Ltd.
202
74,324
LG
Electronics,
Inc.
453
33,873
LG
H&H
Co.
Ltd.
99
32,758
LG
Innotek
Co.
Ltd.
28
5,073
NAVER
Corp.
467
69,735
NCSoft
Corp.
61
10,058
POSCO
Holdings,
Inc.
461
182,774
Samsung
Electro-Mechanics
Co.
Ltd.
68
6,924
Samsung
Electronics
Co.
Ltd.
17,590
891,623
Shinhan
Financial
Group
Co.
Ltd.
1,856
48,965
SK
Hynix,
Inc.
1,906
162,011
2,037,155
Spain
(2.1%)
Acciona
SA
85
10,862
Aena
SME
SA(b)
287
43,331
Amadeus
IT
Group
SA
1,498
90,846
Banco
Bilbao
Vizcaya
Argentaria
SA
17,321
141,391
Banco
de
Sabadell
SA
8,773
10,222
Banco
Santander
SA
52,098
199,592
Bankinter
SA
4,033
25,808
CaixaBank
SA
13,578
54,426
Cellnex
Telecom
SA(b)
1,860
64,927
EDP
Renovaveis
SA
898
14,751
Enagas
SA
3,397
56,394
Iberdrola
SA
21,295
238,876
Industria
de
Diseno
Textil
SA
3,560
133,013
Naturgy
Energy
Group
SA
688
18,764
Redeia
Corp.
SA
1,510
23,813
Telefonica
SA
21,271
87,110
1,214,126
Sweden
(2.4%)
Alfa
Laval
AB
1,066
36,874
Assa
Abloy
AB,
Class
B
3,632
79,632
Atlas
Copco
AB,
Class
A
12,516
169,638
Beijer
Ref
AB,
Class
B
1,020
10,844
Boliden
AB
1,597
46,223
Castellum
AB
2,806
28,759
Epiroc
AB,
Class
A
3,513
67,258
EQT
AB
1,377
27,491
Essity
AB,
Class
B
1,312
28,488
Getinge
AB,
Class
B
791
14,030
H
&
M
Hennes
&
Mauritz
AB,
Class
B
2,205
31,552
Hexagon
AB,
Class
B
8,113
69,733
Holmen
AB,
Class
B
396
15,520
Husqvarna
AB,
Class
B
1,622
12,502
Industrivarden
AB,
Class
A
938
24,935
Indutrade
AB
997
18,602
Investment
AB
Latour,
Class
B
348
6,174
Investor
AB,
Class
B
6,698
129,346
Kinnevik
AB,
Class
B(a)
1,986
19,962
L
E
Lundbergforetagen
AB,
Class
B
288
12,115
Lifco
AB,
Class
B
816
14,417
Annual
Report
—
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
International
Responsible
Index
ETF
11
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Sweden
(cont’d)
Nibe
Industrier
AB,
Class
B
6,145
$
40,612
Saab
AB,
Class
B
205
10,506
Sagax
AB,
Class
B
722
13,856
Sandvik
AB
3,920
72,741
Skandinaviska
Enskilda
Banken
AB,
Class
A
5,212
62,678
SKF
AB,
Class
B
1,450
24,311
SSAB
AB,
Class
A
7,722
43,855
Svenska
Cellulosa
AB
SCA,
Class
B
2,690
37,128
Svenska
Handelsbanken
AB,
Class
A
732
6,573
Sweco
AB,
Class
B
622
5,851
Swedbank
AB,
Class
A
2,243
41,560
Swedish
Orphan
Biovitrum
AB(a)
683
14,045
Tele2
AB,
Class
B
1,159
8,927
Trelleborg
AB,
Class
B
854
21,397
Volvo
AB,
Class
B
6,333
131,508
1,399,643
Switzerland
(5.2%)
ABB
Ltd.
5,626
201,719
Adecco
Group
AG
1,143
47,179
Alcon,
Inc.
1,669
129,426
Bachem
Holding
AG
121
8,994
Baloise
Holding
AG
304
44,164
Barry
Callebaut
AG
5
7,969
Belimo
Holding
AG
76
36,205
BKW
AG
79
13,947
Cie
Financiere
Richemont
SA
1,537
188,177
DKSH
Holding
AG
445
30,184
DSM-Firmenich
AG
598
50,733
Dufry
AG(a)
227
8,663
Emmi
AG
2
1,889
Flughafen
Zurich
AG
115
21,974
Galenica
AG(b)
166
12,294
Geberit
AG
221
110,887
Georg
Fischer
AG
578
32,634
Givaudan
SA
28
91,640
Helvetia
Holding
AG
113
15,860
Julius
Baer
Group
Ltd.
633
40,728
Kuehne
+
Nagel
International
AG
167
47,646
Logitech
International
SA
384
26,563
Lonza
Group
AG
241
112,122
Novartis
AG
6,386
655,284
On
Holding
AG,
Class
A(a)
867
24,120
Partners
Group
Holding
AG
61
68,982
PSP
Swiss
Property
AG
181
21,408
Schindler
Holding
AG
214
41,359
SFS
Group
AG
66
7,229
SGS
SA
612
51,526
SIG
Group
AG
1,102
27,273
Sika
AG
502
127,914
Sonova
Holding
AG
165
39,266
Straumann
Holding
AG
360
46,122
Swiss
Life
Holding
AG
84
52,486
Swiss
Prime
Site
AG
309
28,357
Swisscom
AG
83
49,375
Tecan
Group
AG
21
7,098
Temenos
AG
316
22,253
UBS
Group
AG
8,327
206,537
VAT
Group
AG(b)
110
39,561
Shares
Value
Zurich
Insurance
Group
AG
432
$
198,386
2,996,133
Taiwan
(4.4%)
Accton
Technology
Corp.
1,000
15,272
Advantech
Co.
Ltd.
1,099
11,746
ASE
Technology
Holding
Co.
Ltd.
13,000
44,098
Cathay
Financial
Holding
Co.
Ltd.
50,000
69,005
Chailease
Holding
Co.
Ltd.
1,000
5,607
Chang
Hwa
Commercial
Bank
Ltd.
48,000
25,650
Chunghwa
Telecom
Co.
Ltd.
13,000
46,716
CTBC
Financial
Holding
Co.
Ltd.
62,000
47,056
Delta
Electronics,
Inc.
6,000
60,315
E
Ink
Holdings,
Inc.
2,000
11,121
Eva
Airways
Corp.
25,000
23,040
Evergreen
Marine
Corp.
Taiwan
Ltd.
10,000
35,935
Far
EasTone
Telecommunications
Co.
Ltd.
10,000
22,521
Feng
TAY
Enterprise
Co.
Ltd.
1,120
6,349
Fubon
Financial
Holding
Co.
Ltd.
41,400
77,848
Hotai
Motor
Co.
Ltd.
1,020
20,697
Largan
Precision
Co.
Ltd.
1,000
66,139
Lite-On
Technology
Corp.
5,000
18,819
MediaTek,
Inc.
4,000
91,077
Mega
Financial
Holding
Co.
Ltd.
53,376
62,337
Nanya
Technology
Corp.
9,000
18,290
Novatek
Microelectronics
Corp.
2,000
26,208
Quanta
Computer,
Inc.
13,000
96,451
Realtek
Semiconductor
Corp.
1,000
12,236
Taishin
Financial
Holding
Co.
Ltd.
54,890
30,437
Taiwan
Cement
Corp.
68,000
70,042
Taiwan
Mobile
Co.
Ltd.
10,000
29,306
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
76,000
1,231,332
Unimicron
Technology
Corp.
8,000
42,998
Uni-President
Enterprises
Corp.
27,000
58,633
United
Microelectronics
Corp.
61,000
85,414
Walsin
Lihwa
Corp.
11,000
12,540
Wan
Hai
Lines
Ltd.
16,000
23,940
Yang
Ming
Marine
Transport
Corp.
15,000
21,120
Yuanta
Financial
Holding
Co.
Ltd.
71,050
55,136
2,575,431
United
Kingdom
(10.3%)
3i
Group
plc
3,403
86,103
abrdn
plc
8,125
15,446
Admiral
Group
plc
704
20,425
Ashtead
Group
plc
2,012
122,836
Associated
British
Foods
plc
1,816
45,838
AstraZeneca
plc
5,134
695,685
Auto
Trader
Group
plc(b)
3,969
29,919
Aviva
plc
10,495
49,932
B&M
European
Value
Retail
SA
3,896
27,885
BAE
Systems
plc
14,313
174,313
Barratt
Developments
plc
4,811
25,902
Beazley
plc
1,028
6,945
Berkeley
Group
Holdings
plc
495
24,813
BP
plc
57,953
375,883
BT
Group
plc
29,697
42,300
Bunzl
plc
1,392
49,713
Burberry
Group
plc
1,574
36,665
Centrica
plc
12,103
22,816
Annual
Report
—
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
International
Responsible
Index
ETF
12
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
United
Kingdom
(cont’d)
Coca-Cola
Europacific
Partners
plc
1,150
$
71,852
Compass
Group
plc
8,507
207,664
ConvaTec
Group
plc(b)
7,430
19,752
Croda
International
plc
173
10,378
DCC
plc
901
50,686
Dechra
Pharmaceuticals
plc
504
23,302
Diageo
plc
8,579
317,693
Diploma
plc
437
16,023
DS
Smith
plc
5,706
19,995
Halma
plc
3,030
71,691
Hargreaves
Lansdown
plc
1,412
13,325
Howden
Joinery
Group
plc
2,253
20,250
HSBC
Holdings
plc
66,661
524,711
IMI
plc
351
6,718
Inchcape
plc
1,407
13,026
Informa
plc
7,268
66,568
InterContinental
Hotels
Group
plc
950
70,429
Intermediate
Capital
Group
plc
1,136
19,176
Intertek
Group
plc
812
40,754
J
Sainsbury
plc
8,409
25,946
JD
Sports
Fashion
plc
6,443
11,772
Johnson
Matthey
plc
1,543
30,660
Kingfisher
plc
9,317
25,393
Legal
&
General
Group
plc
23,872
64,830
Liberty
Global
plc,
Class
A(a)
368
6,300
Lloyds
Banking
Group
plc
250,724
135,782
London
Stock
Exchange
Group
plc
1,382
138,891
M&G
plc
10,500
25,286
Melrose
Industries
plc
6,168
35,323
National
Grid
plc
16,185
193,595
Next
plc
540
48,088
Pearson
plc
2,169
22,990
Phoenix
Group
Holdings
plc
3,447
20,287
Reckitt
Benckiser
Group
plc
2,903
205,296
RELX
plc
8,778
297,313
Rentokil
Initial
plc
12,729
94,803
Rightmove
plc
3,235
22,198
RS
GROUP
plc
608
5,457
Sage
Group
plc
(The)
4,400
53,113
Schroders
plc
3,055
15,184
Severn
Trent
plc
1,129
32,590
Smith
&
Nephew
plc
3,887
48,534
Smiths
Group
plc
1,653
32,675
Spirax-Sarco
Engineering
plc
336
39,067
SSE
plc
4,241
83,339
St.
James's
Place
plc
1,466
14,891
Standard
Chartered
plc
8,076
74,717
Taylor
Wimpey
plc
12,641
18,098
Tesco
plc
35,259
113,699
Unilever
plc
8,567
424,741
United
Utilities
Group
plc
3,240
37,497
Vodafone
Group
plc
41,249
38,676
Weir
Group
plc
(The)
1,197
27,781
Whitbread
plc
962
40,673
Wise
plc,
Class
A(a)
1,893
15,841
WPP
plc
5,458
48,831
6,007,569
Shares
Value
United
States
(10.2%)
Amcor
plc
3,206
$
29,367
Aon
plc,
Class
A
728
236,032
BRP,
Inc.
292
22,205
Chubb
Ltd.
949
197,563
Clarivate
plc(a)
3,807
25,545
CRH
plc
4,987
272,938
CSL
Ltd.
1,874
303,337
CyberArk
Software
Ltd.(a)
125
20,471
Ferguson
plc
865
142,267
Ferrovial
SE
1,805
55,363
Flex
Ltd.(a)
1,852
49,967
Garmin
Ltd.
481
50,601
GSK
plc
16,870
307,213
Haleon
plc
23,153
96,322
Holcim
AG
2,443
156,974
ICON
plc(a)
254
62,548
James
Hardie
Industries
plc
CDI(a)
4,568
120,257
Janus
Henderson
Group
plc
394
10,173
Linde
plc
1,777
661,666
Nestle
SA
9,072
1,028,781
QIAGEN
NV(a)
851
34,465
Roche
Holding
AG
2,212
605,592
Sanofi
4,267
458,455
Schneider
Electric
SE
1,951
324,261
Spotify
Technology
SA(a)
456
70,516
Stellantis
NV
7,697
148,397
Swiss
Re
AG
857
88,361
TE
Connectivity
Ltd.
1,293
159,724
Waste
Connections,
Inc.
1,227
165,509
5,904,870
Total
Common
Stocks
(Cost
$59,876,132)
57,694,462
No.
of
Warrants
Warrants
(0.0%)
(c)
Canada
(
0.0%
)(c)
Constellation
Software,
Inc.
Expires
03/31/2040
(a)
(Cost
$0
)
97
498
Shares
Short-Term
Investment
(0.3%)
Investment
Company
(0.3%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
(See
Note
G)
(Cost
$155,858)
155,858
155,858
Total
Investments
(
99.6%
)
(Cost
$60,031,990
)
(d)
57,850,818
Other
Assets
in
Excess
of
Liabilities
(0.4%)
239,409
NET
ASSETS
(100.0%)
$58,090,227
The
country
classifications
used
for
financial
reporting
purposes
may
differ
from
the
classifications
determined
by
Calvert
Research
and
Management.
(a)
Non-income
producing
security.
(b)
144A
security
—
Certain
conditions
for
public
sale
may
exist.
Unless
otherwise
noted,
these
securities
are
deemed
to
be
liquid.
Annual
Report
—
September
30,
2023
Portfolio
of
Investments
(cont’d)
Calvert
International
Responsible
Index
ETF
13
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
(c)
Amount
is
less
than
0.05%.
(d)
At
September
30,
2023,
the
aggregate
cost
for
federal
income
tax
purposes
is
$60,104,671
.
The
aggregate
gross
unrealized
appreciation
is
$1,611,203
and
the
aggregate
gross
unrealized
depreciation
is
$3,866,130,
resulting
in
net
unrealized
depreciation
of
$2,254,927.
ADR
American
Depositary
Receipt
CDI
CREST
Depository
Interest
CVA
Dutch
Certification
Portfolio
Composition
Classification  
Percentage
of
Total
Investments
Other*
68.0
%
Banks
11.8
Pharmaceuticals
8.1
Insurance
6.1
Semiconductors
&
Semiconductor
Equipment
6.0
Total
Investments
100.0
%
*
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Annual
Report
—
September
30,
2023
Calvert
International
Responsible
Index
ETF
14
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
$59,876,132)
$
57,694,960
Investment
in
Security
of
Affiliated
Issuer,
at
Value
(Cost
$155,858)
155,858
Total
Investments
in
Securities,
at
Value
(Cost
$60,031,990)
57,850,818
Foreign
Currency,
at
Value
(Cost
$81,241)
81,239
Cash
197
Dividends
Receivable
166,757
Total
Assets
58,099,011
Liabilities:
Payable
for
Management
Fee
8,784
Total
Liabilities
8,784
Net
Assets
$
58,090,227
Net
Assets
Consist
of:
Paid-in-Capital
$
60,590,350
Total
Accumulated
Loss
(
2,500,123
)
Net
Assets
$
58,090,227
Shares
Outstanding
$0.001
Par
Value
(unlimited
shares
authorized)
1,200,000
Net
Asset
Value
Per
Share
$
48
.41
Annual
Report
—
September
30,
2023
Calvert
International
Responsible
Index
ETF
15
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
$122,361
of
Foreign
Taxes
Withheld)
$
839,218
Dividends
from
Security
of
Affiliated
Issuer
(Note
G)
5,339
Total
Investment
Income
844,557
Expenses:
Management
Fee
(Note
B)
47,506
Total
Expenses
47,506
Rebate
from
Morgan
Stanley
Affiliate
(Note
G)
(
137
)
Net
Expenses
47,369
Net
Investment
Income
797,188
Realized
Gain
(Loss):
Investments
Sold
(
490,220
)
Foreign
Currency
Translation
52,566
Net
Realized
Loss
(
437,654
)
Change
in
Unrealized
Appreciation
(Depreciation):
Investments
(
2,181,172
)
Foreign
Currency
Translation
(
1,074
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
(
2,182,246
)
Net
Realized
Loss
and
Change
in
Unrealized
Appreciation
(Depreciation)
(
2,619,900
)
Net
Decrease
in
Net
Assets
Resulting
from
Operations
$
(
1,822,712
)
^
Commencement
of
Operations.
Annual
Report
—
September
30,
2023
Calvert
International
Responsible
Index
ETF
16
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
$
797,188
Net
Realized
Loss
(
437,654
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
(
2,182,246
)
Net
Decrease
in
Net
Assets
Resulting
from
Operations
(
1,822,712
)
Dividends
and
Distributions
to
Shareholders:
Dividends
and
Distributions
(
677,411
)
Total
Dividends
and
Distributions
to
Shareholders
(
677,411
)
Capital
Share
Transactions:
Subscribed
(1)
20,000,000
Subscribed
In-Kind
40,590,350
Net
Increase
in
Net
Assets
Resulting
from
Capital
Share
Transactions
60,590,350
Total
Increase
in
Net
Assets
58,090,227
Net
Assets:
Beginning
of
Period
–
End
of
Period
$
58,090,227
Capital
Share
Transactions:
Beginning
of
Period
–
Shares
Subscribed
400,000
Shares
Subscribed
In-Kind
800,000
Shares
Outstanding,
End
of
Period
Net
Increase
in
1,200,000
^
Commencement
of
Operations.
(1)
Includes
$11,134,300
of
subscriptions
for
seed
capital
by
the
Adviser
and
other
related
parties
of
the
Fund.
Annual
Report
—
September
30,
2023
Financial
Highlights
Calvert
International
Responsible
Index
ETF
17
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)
1
.02‌
Net
Realized
and
Unrealized
Loss
(
1
.82‌
)
Total
from
Investment
Operations
(
0
.80‌
)
Distributions
from
and/or
in
Excess
of:
—
Net
Investment
Income
(
0
.79‌
)
Net
Asset
Value,
End
of
Period
$
48
.41‌
Total
Return
(3)
(
1
.66‌
)
%
(4)
Ratios
to
Average
Net
Assets
and
Supplemental
Data:
$58,090
Net
Assets,
End
of
Period
(Thousands)
$
58,090‌
Ratio
of
Expenses
0
.18‌
%
(5)
(6)
Ratio
of
Net
Investment
Income
3
.01‌
%
(5)
(6)
Ratio
of
Rebate
from
Morgan
Stanley
Affiliates
0
.00‌
%
(5)
(7)
Portfolio
Turnover
Rate
13‌
%
(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.
18
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
In-
ternational
Responsible
Index
ETF (the
"Fund"),
which
seeks
to
track
the
performance
of
the
Calvert
International
Responsi-
ble
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
exchanges.
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
security
is
traded
on
more
than
one
exchange,
the
secu-
rity
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
market
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
relevant
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/deal-
ers;
(3)
fixed
income
securities
may
be
valued
by
an
out-
side
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
mar-
ket
data
and
specific
security
characteristics.
If
Morgan
Stanley
Investment
Management
Inc.
(the
“Adviser”)
a
wholly-owned
subsidiary
of
Morgan
Stanley,
determines
that
the
price
provided
by
the
outside
pricing
service/ven-
dor
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,
portfolio
securities
are
valued
at
their
fair
value
as
determined
in
good
faith
under
procedures
established
by
and
under
the
general
supervision
of
the
Trustees;
(5)
foreign
exchange
transactions
("spot
contracts")
and
foreign
exchange
forward
contracts ("forward
contracts")
are
valued
daily
using
an
independent
pricing
vendor
at
the
spot
and
forward
rates,
respectively,
as
of
the
close
of
the
NYSE; and
(6)
investments
in
mutual
funds,
includ-
ing
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
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
19
Morgan
Stanley
ETF
Trust
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
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:
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
Aerospace
&
Defense
$
598
$
—
$
—
$
598
Air
Freight
&
Logistics
304
—
—
304
Automobile
Components
551
—
—
551
Automobiles
1,561
—
—
1,561
Banks
6,849
—
—
6,849
Beverages
907
—
—
907
Biotechnology
505
—
—
505
Broadline
Retail
604
—
—
604
Building
Products
879
—
—
879
Capital
Markets
1,512
—
—
1,512
Chemicals
2,170
44
—
2,214
Commercial
Services
&
Supplies
526
—
—
526
Communications
Equipment
99
—
—
99
Construction
&
Engineering
450
—
—
450
Construction
Materials
443
273
—
716
Consumer
Staples
Distribution
&
Retail
1,068
—
—
1,068
Containers
&
Packaging
145
—
—
145
Distributors
24
—
—
24
Diversified
Consumer
Services
23
—
—
23
Diversified
Telecommunication
Services
1,076
—
—
1,076
Electric
Utilities
904
—
—
904
Electrical
Equipment
1,087
—
—
1,087
Electronic
Equipment,
Instruments
&
Components
1,078
—
—
1,078
Entertainment
419
—
—
419
Financial
Services
656
—
—
656
Food
Products
1,695
—
—
1,695
Gas
Utilities
245
—
—
245
Ground
Transportation
911
—
—
911
Health
Care
Equipment
&
Supplies
1,017
—
—
1,017
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
20
Morgan
Stanley
ETF
Trust
Transfers
between
investment
levels
may
occur
as
the
markets
fluctuate
and/or
the
availability
of
data
used
in
an
investment’s
valuation
changes. 
3.
Foreign
Currency
Translation
and
Foreign
Invest-
ments:
The
books
and
records
of
the
Fund
are
main-
tained
in
U.S.
dollars.
Foreign
currency
amounts
are
translated
into
U.S.
dollars
as
follows: 
investments,
other
assets
and
liabilities
at
the
prevail-
ing
rate
of
exchange
on
the
valuation
date;
investment
transactions
and
investment
income
at
the
prevailing
rates
of
exchange
on
the
dates
of
such
transactions. 
Although
the
net
assets
of
the
Fund
are
presented
at
the
foreign
exchange
rates
and
market
values
at
the
close
of
the
period,
the
Fund
does
not
isolate
that
portion
of
the
results
of
operations
arising
as
a
result
of
changes
in
the
foreign
exchange
rates
from
the
fluctuations
arising
from
changes
in
the
market
prices
of
securities
held
at
period
end.
Similarly,
the
Fund
does
not
isolate
the
effect
of
changes
in
foreign
exchange
rates
from
the
fluctuations
arising
from
changes
in
the
market
prices
of
securities
sold
during
the
period.
Accordingly,
realized
and
unre-
alized
foreign
currency
gains
(losses)
on
investments
in
securities
are
included
in
the
reported
net
realized
and
unrealized
gains
(losses)
on
investment
transactions
and
balances.
However,
pursuant
to
U.S.
federal
income
tax
regulations,
gains
and
losses
from
certain
foreign
currency
transactions
and
the
foreign
currency
portion
of
gains
and
losses
realized
on
sales
and
maturities
of
foreign
de-
nominated
debt
securities
are
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes. 
Net
realized
gains
(losses)
on
foreign
currency
transac-
Investment
Type
Level
1
Unadjusted
quoted
prices
(000)
Level
2
Other
significant
observable
inputs
(000)
Level
3
Significant
unobservable
Inputs
(000)
Total
(000)
Common
Stocks
(cont’d)
Health
Care
Providers
&
Services
$
151
$
—
$
—
$
151
Health
Care
Technology
38
—
—
38
Hotels,
Restaurants
&
Leisure
624
—
—
624
Household
Durables
765
—
—
765
Household
Products
306
—
—
306
Independent
Power
and
Renewable
Electricity
Producers
36
—
—
36
Industrial
Conglomerates
520
—
—
520
Insurance
3,509
—
—
3,509
Interactive
Media
&
Services
289
—
—
289
IT
Services
617
—
—
617
Leisure
Products
55
—
—
55
Life
Sciences
Tools
&
Services
275
—
—
275
Machinery
1,561
—
—
1,561
Marine
Transportation
153
—
—
153
Media
237
—
—
237
Metals
&
Mining
1,551
—
—
1,551
Multi-Utilities
497
—
—
497
Oil,
Gas
&
Consumable
Fuels
744
—
—
744
Paper
&
Forest
Products
187
—
—
187
Passenger
Airlines
188
—
—
188
Personal
Care
Products
1,073
—
—
1,073
Pharmaceuticals
4,666
—
—
4,666
Professional
Services
992
—
—
992
Real
Estate
Management
&
Development
666
—
—
666
Semiconductors
&
Semiconductor
Equipment
3,443
—
—
3,443
Software
1,228
—
—
1,228
Specialty
Retail
424
—
—
424
Technology
Hardware,
Storage
&
Peripherals
1,266
—
—
1,266
Textiles,
Apparel
&
Luxury
Goods
1,482
—
—
1,482
Trading
Companies
&
Distributors
537
—
—
537
Transportation
Infrastructure
281
—
—
281
Water
Utilities
70
—
—
70
Investment
Type
Level
1
Unadjusted
quoted
prices
(000)
Level
2
Other
significant
observable
inputs
(000)
Level
3
Significant
unobservable
Inputs
(000)
Total
(000)
Common
Stocks
(cont’d)
Wireless
Telecommunication
Services
$
640
$
—
$
—
$
640
Total
Common
Stocks
57,377
317
—
57,694
Warrants
Software
—
1
—
1
Short-Term
Investment
Investment
Company
156
—
—
156
Total
Assets
$57,533
$318
$—
$57,851
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
21
Morgan
Stanley
ETF
Trust
tions
represent
net
foreign
exchange
gains
(losses)
from
foreign
currency
forward
exchange
contracts,
disposition
of
foreign
currencies,
currency
gains
(losses)
realized
be-
tween
the
trade
and
settlement
dates
on
securities
transac-
tions,
and
the
difference
between
the
amount
of
invest-
ment
income
and
foreign
withholding
taxes
recorded
on
the
Fund’s
books
and
the
U.S.
dollar
equivalent
amounts
actually
received
or
paid.
The
change
in
unrealized
cur-
rency
gains
(losses)
on
foreign
currency
transactions
for
the
period
is
reflected
in
the
Statement
of
Operations. 
4.
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. 
5.
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.
6.
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-
ments.
 As
compensation
for
its
services,
the
Adviser
is paid
monthly
at
the
annual
rate
of
0.18% 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 100,000
shares
or
multiples
thereof
(“Creation
Units”)
to
Authorized
Participants
who
have
entered
into
agreements
with
the
Funds’
Distributor.
An
Authorized
Partici-
pant
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
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
22
Morgan
Stanley
ETF
Trust
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 $28,564,399
and
$4,631,650,
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
$36,372,927 and
$0 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 $137 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: 
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. 
The
Fund
had
no
permanent
differences
causing
reclassifica-
tions
among
the
components
of
net
assets
for
the
year ended
September
30,
2023. 
At
September
30,
2023,
the
components
of
distributable
earn-
ings
for
the
Fund
on
a
tax
basis
were
as
follows: 
Affiliated
Investment
Company
Value
January
30,
2023
Purchases
at
Cost
Proceeds
from
Sales
Dividend
Income
Liquidity
Fund
$
–
$
5,468,929
$
5,313,071
$
5,339
Affiliated
Investment
Company
(cont'd)
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
September
30,
2023
Liquidity
Fund  
$
–
$
–
$
155,858
2023
Distributions
Paid
From:
Ordinary
Long-Term
Income
Capital
Gain
$677,411
$–
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
23
Morgan
Stanley
ETF
Trust
At
September
30,
2023,
the
Fund
had
available
for
fed-
eral
income
tax
purposes
unused
short-term
capital
losses
of $418,624 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,
adversely
affect
and
increase
the
volatility
of
the
Fund’s
share
price
and
exacerbate
pre-existing
risks
to
the
Fund.  The
occurrence,
duration
and
extent
of
these
or
other
types
of
adverse
econom-
ic
and
market
conditions
and
uncertainty
over
the
long
term
cannot
be
reasonably
projected
or
estimated
at
this
time.
The
ultimate
impact
of
public
health
emergencies
or
other
adverse
economic
or
market
developments
and
the
extent
to
which
the
associated
conditions
impact
the
Fund
and
its
investments
will
also
depend
on
other
future
developments,
which
are
highly
uncertain,
difficult
to
accurately
predict
and
subject
to
change
at
any
time.
The
financial
performance
of
the
Fund’s
invest-
ments
(and,
in
turn,
the
Fund’s
investment
results)
as
well
as
their
liquidity
may
be
adversely
affected
because
of
these
and
similar
types
of
factors
and
developments.
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.
Because
the
Fund
uses
a
representative
sampling
index-
ing
strategy,
it
can
be
expected
to
have
a
larger
tracking
error
than
if
it
used
a
replication
indexing
strategy.
Tracking
error
may
occur
because
of
transaction
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
expenses,
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
investments
imposed
by
Fund
diversifica-
tion
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
invest-
ment
and
other
operating
expenses,
including
the
trading
costs
associated
with
implementing
changes
to
its
portfolio
of
invest-
ments.
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
circumstances.
The
Fund
may
be
required
to
deviate
its
investments
from
the
securities
and
relative
weight-
ings
of
the
index
to
comply
with
applicable
laws
and
regula-
tions
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.
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
index
due
to
regu-
latory
or
other
restrictions. 
In
addition,
because
the
Fund
uses
a
representative
sampling
approach,
the
Fund
can
be
expected
to
be
less
correlated
with
the
return
of
the
index
as
when
a
fund
purchases
all
of
the
securities
in
an
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
Undistributed
Undistributed
Ordinary
Long-Term
Income
Capital
Gain
$173,428
$–
Annual
Report
—
September
30,
2023
Notes
to
Financial
Statements
(cont’d)
24
Morgan
Stanley
ETF
Trust
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
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
19.2%.
25
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
International
Responsible
Index
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
Calvert
International
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
26
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
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 $521,492
as
taxable
at
this
lower
rate.
In
January,
the
Fund
provides
tax
information
to
shareholders
for
the
preceding
calendar
year.
27
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.
28
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)
29
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)
30
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.
31
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)
32
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)
33
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)
34
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)
35
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).
36
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
ETFCALINTLRIANN
6057885
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.