Morgan
Stanley
ETF
Trust
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
NYSE
Arca:
CDEI
Semi-Annual
Report
March
31,
2023
Morgan
Stanley
ETF
Trust
Semi-Annual
Report
—
March
31,
2023
(unaudited)
Table
of
Contents
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
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
Performance
Summary
.....................................................................................
3
Portfolio
of
Investments
.....................................................................................
4
Statement
of
Assets
and
Liabilities
..........................................................................
10
Statement
of
Operations
....................................................................................
11
Statement
of
Changes
in
Net
Assets
........................................................................
12
Financial
Highlights
.........................................................................................
13
Notes
to
Financial
Statements
...............................................................................
14
Investment
Advisory
Agreement
Approval
....................................................................
20
Liquidity
Risk
Management
Program
.........................................................................
22
U.S.
Customer
Privacy
Notice
...............................................................................
23
Trustees
and
Officers
Information
...........................................................................
26
2
Semi-Annual
Report
—
March
31,
2023
(unaudited)
Shareholders’
Letter
Morgan
Stanley
ETF
Trust
Dear
Shareholders,
We
are
pleased
to
provide
this Semi-Annual
Report,
in
which
you
will
learn
how
your
investment
in Calvert
US
Large-Cap
Di-
versity,
Equity
and
Inclusion
Index
ETF (the
“Fund”)
performed
during
the
period
beginning
January
30,
2023
(when
the
Fund
commenced
operations)
and
ended
March
31,
2023.
Morgan
Stanley
Investment
Management
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
challenges
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
April
2023
3
Semi-Annual
Report
—
March
31,
2023
(unaudited)
Performance
Summary
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
Morgan
Stanley
ETF
Trust
Performance
data
quoted
represents
past
performance,
which
is
no
guarantee
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.
morganstanley.com/im/shareholderreports.
Investment
return
and
principal
value
will
fluctuate
so
that
Fund
shares,
when
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
redemption
of
Fund
shares.
Fund's
total
returns
are
calculated
as
of
the
last
business
day
of
the
period.
Performance
Compared
to
the
Russell
1000
®
Index
(1)
and
the
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
(2)
Cumulative
Total
Return
for
the
period
Ended
March
31,
2023
Since
Inception
(3)
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
-
NAV
(4)
4.42%
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
-
Market
Price
(4)
4.40%
Russell
1000
®
Index
2.27%
Calvert
US
Large-Cap
Diversity
Research
Index
4.47%
(1)
The
Russell
1000
®
Index
is
an
unmanaged
index
of
1,000
U.S.
large-cap
stocks.
The
Russell
1000
®
Index
is
an
index
of
approximately
1,000
of
the
largest
U.S.
companies
based
on
a
combination
of
market
capitalization
and
current
index
membership.
The
Index
is
unmanaged
and
its
returns
do
not
include
any
sales
charges
or
fees.
Such
costs
would
lower
performance.
It
is
not
possible
to
invest
directly
in
an
index.
(2)
The
Calvert
US
Large-Cap
Diversity
Research
Index
is
composed
of
companies
that
operate
their
businesses
in
a
manner
that
is
consistent
with
the
Calvert
Principles
and
are
selected
from
the
universe
of
the
1,000
largest
publicly
traded
US
companies
by
market
capitalization.
As
described
in
the
Index
Methodology
and
as
determined
by
Calvert,
Index
components
must
meet
certain
criteria
relating
to
leadership
in
having
a
diverse
workforce
and
an
equal
and
inclusive
work
culture,
or
demonstrate
significant
improvement
in
diversity
practices.
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.
Expense
Example
Beginning
Account
Value
(1/30/23)
Actual
Ending
Account
Value
(3/31/23)
Hypothetical
Ending
Account
Value
Actual
Expenses
Paid
During
Period
*
Hypothetical
Expenses
Paid
During
Period
*
Net
Expense
Ratio
During
Period
**
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF^
$1,000.00
$1,044.20
$1,008.12
$0.24
$0.23
0.14%
*
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
61/365
(to
reflect
the
actual
days
in
the
period).
**
Annualized.
^
The
Fund
commenced
operations
on
January
30,
2023.
Semi-Annual
Report
—
March
31,
2023
(unaudited)
Portfolio
of
Investments
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
4
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Common
Stocks
(99.7%)
Aerospace
&
Defense
(0.1%)
Curtiss-Wright
Corp.
42
$
7,403
Hexcel
Corp.
92
6,279
Woodward,
Inc.
61
5,940
19,622
Air
Freight
&
Logistics
(0.8%)
CH
Robinson
Worldwide,
Inc.
125
12,421
Expeditors
International
of
Washington,
Inc.
172
18,941
United
Parcel
Service,
Inc.
,
Class
 B
792
153,640
185,002
Automobile
Components
(0.1%)
Gentex
Corp.
257
7,204
Lear
Corp.
64
8,927
16,131
Automobiles
(0.3%)
General
Motors
Co.
1,510
55,387
Thor
Industries,
Inc.
56
4,460
59,847
Banks
(3.6%)
Bank
OZK
133
4,549
BOK
Financial
Corp.
31
2,617
Citigroup,
Inc.
2,105
98,703
Citizens
Financial
Group,
Inc.
516
15,671
Commerce
Bancshares,
Inc.
132
7,702
East
West
Bancorp,
Inc.
148
8,214
First
Citizens
BancShares
,
Inc.
,
Class
 A
11
10,704
First
Financial
Bankshares
,
Inc.
141
4,498
First
Republic
Bank
191
2,672
Glacier
Bancorp,
Inc.
121
5,083
Hancock
Whitney
Corp.
87
3,167
Huntington
Bancshares,
Inc.
1,523
17,058
JPMorgan
Chase
&
Co.
3,165
412,431
KeyCorp
991
12,407
M&T
Bank
Corp.
180
21,523
Pinnacle
Financial
Partners,
Inc.
78
4,303
PNC
Financial
Services
Group,
Inc.
(The)
432
54,907
Popular,
Inc.
72
4,134
Regions
Financial
Corp.
1,000
18,560
ServisFirst
Bancshares,
Inc.
54
2,950
Truist
Financial
Corp.
1,429
48,729
U.S.
Bancorp
1,449
52,236
UMB
Financial
Corp.
46
2,655
United
Bankshares
,
Inc.
145
5,104
Webster
Financial
Corp.
182
7,174
Western
Alliance
Bancorp
105
3,732
Wintrust
Financial
Corp.
62
4,523
Zions
Bancorp
NA
152
4,549
840,555
Beverages
(2.6%)
Coca-Cola
Co.
(The)
4,234
262,635
Keurig
Dr
Pepper,
Inc.
986
34,786
Monster
Beverage
Corp.
(a)
798
43,100
PepsiCo,
Inc.
1,490
271,627
612,148
Biotechnology
(1.5%)
Alkermes
plc
(a)
178
5,018
Shares
Value
Alnylam
Pharmaceuticals,
Inc.
(a)
133
$
26,643
Biogen,
Inc.
(a)
156
43,373
Biohaven
Ltd.
(a)
47
642
BioMarin
Pharmaceutical,
Inc.
(a)
195
18,962
Exact
Sciences
Corp.
(a)
193
13,087
Exelixis
,
Inc.
(a)
345
6,696
Gilead
Sciences,
Inc.
1,353
112,258
Halozyme
Therapeutics,
Inc.
(a)
140
5,347
Incyte
Corp.
(a)
200
14,454
Ionis
Pharmaceuticals,
Inc.
(a)
154
5,504
Neurocrine
Biosciences,
Inc.
(a)
103
10,426
Sarepta
Therapeutics,
Inc.
(a)
91
12,542
Vertex
Pharmaceuticals,
Inc.
(a)
278
87,589
362,541
Broadline
Retail
(0.2%)
eBay,
Inc.
582
25,823
Etsy,
Inc.
(a)
133
14,807
Kohl's
Corp.
105
2,472
Nordstrom,
Inc.
123
2,001
45,103
Building
Products
(0.5%)
Fortune
Brands
Innovations,
Inc.
140
8,222
Johnson
Controls
International
plc
741
44,623
Masterbrand,
Inc.
(a)
141
1,134
Owens
Corning
98
9,388
Simpson
Manufacturing
Co.,
Inc.
46
5,044
Trane
Technologies
plc
248
45,627
Trex
Co.,
Inc.
(a)
120
5,840
UFP
Industries,
Inc.
66
5,245
125,123
Capital
Markets
(2.4%)
Ares
Management
Corp.
150
12,516
Bank
of
New
York
Mellon
Corp.
(The)
871
39,578
Blackstone,
Inc.
755
66,319
Evercore
,
Inc.
,
Class
 A
38
4,384
FactSet
Research
Systems,
Inc.
41
17,019
Houlihan
Lokey
,
Inc.
54
4,724
Interactive
Brokers
Group,
Inc.
,
Class
 A
109
8,999
Intercontinental
Exchange,
Inc.
599
62,470
Invesco
Ltd.
490
8,036
Jefferies
Financial
Group,
Inc.
188
5,967
MarketAxess
Holdings,
Inc.
40
15,652
Moody's
Corp.
173
52,942
Morningstar,
Inc.
27
5,482
MSCI,
Inc.
84
47,014
Nasdaq,
Inc.
367
20,064
Raymond
James
Financial,
Inc.
209
19,493
S&P
Global,
Inc.
349
120,325
SEI
Investments
Co.
119
6,848
State
Street
Corp.
372
28,157
Stifel
Financial
Corp.
113
6,677
Virtu
Financial,
Inc.
,
Class
 A
109
2,060
554,726
Chemicals
(0.8%)
Ashland,
Inc.
58
5,957
Avient
Corp.
93
3,828
Axalta
Coating
Systems
Ltd.
(a)
241
7,300
Semi-Annual
Report
—
March
31,
2023
(unaudited)
Portfolio
of
Investments
(cont’d)
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
5
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Chemicals
(cont’d)
Cabot
Corp.
61
$
4,675
Celanese
Corp.
119
12,958
Eastman
Chemical
Co.
128
10,795
Ecolab,
Inc.
273
45,190
Element
Solutions,
Inc.
243
4,692
FMC
Corp.
135
16,488
Huntsman
Corp.
198
5,417
International
Flavors
&
Fragrances,
Inc.
274
25,197
Livent
Corp.
(a)
182
3,953
PPG
Industries,
Inc.
255
34,063
180,513
Commercial
Services
&
Supplies
(0.7%)
Clean
Harbors,
Inc.
(a)
55
7,841
Copart
,
Inc.
(a)
470
35,349
Republic
Services,
Inc.
223
30,154
Rollins,
Inc.
265
9,945
Stericycle,
Inc.
(a)
95
4,143
Tetra
Tech,
Inc.
57
8,374
Waste
Management,
Inc.
424
69,184
164,990
Communications
Equipment
(1.5%)
Arista
Networks,
Inc.
(a)
256
42,972
Ciena
Corp.
(a)
160
8,403
Cisco
Systems,
Inc.
4,449
232,571
Juniper
Networks,
Inc.
352
12,116
Motorola
Solutions,
Inc.
181
51,790
347,852
Construction
&
Engineering
(0.2%)
EMCOR
Group,
Inc.
51
8,292
MasTec
,
Inc.
(a)
66
6,233
Quanta
Services,
Inc.
155
25,829
Valmont
Industries,
Inc.
22
7,024
WillScot
Mobile
Mini
Holdings
Corp.
(a)
218
10,220
57,598
Construction
Materials
(0.1%)
Vulcan
Materials
Co.
144
24,705
Consumer
Finance
(0.8%)
American
Express
Co.
653
107,712
Capital
One
Financial
Corp.
406
39,041
Credit
Acceptance
Corp.
(a)
7
3,052
Discover
Financial
Services
283
27,972
SLM
Corp.
241
2,986
Synchrony
Financial
464
13,493
194,256
Consumer
Staples
Distribution
&
Retail
(1.9%)
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
146
11,106
Casey's
General
Stores,
Inc.
40
8,658
Dollar
Tree,
Inc.
(a)
240
34,452
Kroger
Co.
(The)
771
38,064
Sysco
Corp.
550
42,477
Target
Corp.
498
82,484
Walmart,
Inc.
1,522
224,419
441,660
Containers
&
Packaging
(0.4%)
AptarGroup,
Inc.
72
8,510
Shares
Value
Avery
Dennison
Corp.
87
$
15,567
Ball
Corp.
342
18,848
Berry
Global
Group,
Inc.
131
7,716
Crown
Holdings,
Inc.
129
10,669
Packaging
Corp.
of
America
98
13,605
Sealed
Air
Corp.
155
7,116
Silgan
Holdings,
Inc.
92
4,938
Westrock
Co.
266
8,105
95,074
Distributors
(0.2%)
Genuine
Parts
Co.
151
25,264
LKQ
Corp.
291
16,517
41,781
Diversified
Consumer
Services
(0.1%)
ADT,
Inc.
195
1,410
Bright
Horizons
Family
Solutions,
Inc.
(a)
62
4,773
H&R
Block,
Inc.
169
5,957
Service
Corp.
International
164
11,280
23,420
Diversified
Telecommunication
Services
(1.4%)
AT&T,
Inc.
7,729
148,783
Iridium
Communications,
Inc.
122
7,556
Lumen
Technologies,
Inc.
1,028
2,724
Verizon
Communications,
Inc.
4,557
177,222
336,285
Electric
Utilities
(1.2%)
Alliant
Energy
Corp.
275
14,685
Exelon
Corp.
1,077
45,115
Hawaiian
Electric
Industries,
Inc.
120
4,608
IDACORP,
Inc.
54
5,850
NextEra
Energy,
Inc.
2,147
165,491
NRG
Energy,
Inc.
247
8,470
Portland
General
Electric
Co.
98
4,791
Xcel
Energy,
Inc.
593
39,992
289,002
Electrical
Equipment
(1.1%)
AMETEK,
Inc.
249
36,187
Eaton
Corp.
plc
430
73,676
Emerson
Electric
Co.
618
53,853
Generac
Holdings,
Inc.
(a)
68
7,345
Hubbell,
Inc.
58
14,112
nVent
Electric
plc
179
7,686
Plug
Power,
Inc.
(a)
543
6,364
Regal
Rexnord
Corp.
70
9,851
Rockwell
Automation,
Inc.
124
36,388
Sensata
Technologies
Holding
plc
167
8,353
Sunrun
,
Inc.
(a)
215
4,332
258,147
Electronic
Equipment,
Instruments
&
Components
(0.8%)
Amphenol
Corp.
,
Class
 A
641
52,383
Arrow
Electronics,
Inc.
(a)
63
7,867
Avnet,
Inc.
100
4,520
CDW
Corp.
146
28,454
Cognex
Corp.
183
9,068
Coherent
Corp.
(a)
130
4,950
IPG
Photonics
Corp.
(a)
32
3,946
Semi-Annual
Report
—
March
31,
2023
(unaudited)
Portfolio
of
Investments
(cont’d)
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
6
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(cont’d)
Keysight
Technologies,
Inc.
(a)
192
$
31,004
Littelfuse
,
Inc.
26
6,970
Novanta
,
Inc.
(a)
38
6,045
Rogers
Corp.
(a)
20
3,269
Trimble,
Inc.
(a)
269
14,101
Zebra
Technologies
Corp.
,
Class
 A(a)
56
17,808
190,385
Energy
Equipment
&
Services
(0.1%)
Baker
Hughes
Co.
1,092
31,515
Entertainment
(1.2%)
Electronic
Arts,
Inc.
279
33,605
Liberty
Media
Corp-Liberty
Formula
One
,
Class
 A(a)
26
1,755
Roku,
Inc.
(a)
133
8,754
Walt
Disney
Co.
(The)
(a)
1,982
198,458
Warner
Bros
Discovery,
Inc.
(a)
2,400
36,240
278,812
Financial
Services
(3.6%)
Equitable
Holdings,
Inc.
382
9,699
Fiserv,
Inc.
(a)
684
77,312
Jack
Henry
&
Associates,
Inc.
78
11,756
Mastercard
,
Inc.
,
Class
 A
916
332,884
MGIC
Investment
Corp.
323
4,335
TFS
Financial
Corp.
57
720
Visa,
Inc.
,
Class
 A
1,761
397,035
Voya
Financial,
Inc.
105
7,503
Western
Union
Co.
(The)
414
4,616
WEX,
Inc.
(a)
46
8,459
854,319
Food
Products
(1.4%)
Bunge
Ltd.
163
15,570
Campbell
Soup
Co.
217
11,931
Conagra
Brands,
Inc.
515
19,343
Darling
Ingredients,
Inc.
(a)
174
10,162
General
Mills,
Inc.
638
54,523
Hershey
Co.
(The)
159
40,451
Hormel
Foods
Corp.
316
12,602
Kraft
Heinz
Co.
(The)
864
33,411
Lamb
Weston
Holdings,
Inc.
152
15,887
Mondelez
International,
Inc.
,
Class
 A
1,477
102,976
Post
Holdings,
Inc.
(a)
57
5,123
321,979
Gas
Utilities
(0.1%)
New
Jersey
Resources
Corp.
105
5,586
Southwest
Gas
Holdings,
Inc.
72
4,496
UGI
Corp.
226
7,856
17,938
Ground
Transportation
(0.9%)
Avis
Budget
Group,
Inc.
(a)
28
5,454
JB
Hunt
Transport
Services,
Inc.
90
15,791
Knight-Swift
Transportation
Holdings,
Inc.
165
9,336
Old
Dominion
Freight
Line,
Inc.
103
35,107
RXO,
Inc.
(a)
128
2,514
Schneider
National,
Inc.
,
Class
 B
64
1,712
Union
Pacific
Corp.
662
133,234
Shares
Value
XPO,
Inc.
(a)
124
$
3,956
207,104
Health
Care
Equipment
&
Supplies
(3.8%)
Abbott
Laboratories
1,870
189,356
Align
Technology,
Inc.
(a)
78
26,063
Baxter
International,
Inc.
552
22,389
Becton
Dickinson
&
Co.
308
76,242
Boston
Scientific
Corp.
(a)
1,545
77,296
Cooper
Cos.,
Inc.
(The)
54
20,161
DENTSPLY
SIRONA,
Inc.
234
9,192
Dexcom
,
Inc.
(a)
413
47,982
Edwards
Lifesciences
Corp.
(a)
653
54,023
Globus
Medical,
Inc.
,
Class
 A(a)
80
4,531
ICU
Medical,
Inc.
(a)
21
3,464
IDEXX
Laboratories,
Inc.
(a)
89
44,507
Insulet
Corp.
(a)
75
23,922
Integra
LifeSciences
Holdings
Corp.
(a)
80
4,593
iRhythm
Technologies,
Inc.
(a)
31
3,845
Lantheus
Holdings,
Inc.
(a)
72
5,944
Medtronic
plc
1,443
116,335
Penumbra,
Inc.
(a)
39
10,869
Stryker
Corp.
382
109,050
Tandem
Diabetes
Care,
Inc.
(a)
71
2,883
Teleflex,
Inc.
51
12,919
Zimmer
Biomet
Holdings,
Inc.
228
29,458
895,024
Health
Care
Providers
&
Services
(1.0%)
Centene
Corp.
(a)
608
38,432
Chemed
Corp.
16
8,604
CVS
Health
Corp.
1,389
103,216
DaVita,
Inc.
(a)
62
5,029
Ensign
Group,
Inc.
(The)
58
5,541
Guardant
Health,
Inc.
(a)
106
2,485
Laboratory
Corp.
of
America
Holdings
96
22,024
Molina
Healthcare,
Inc.
(a)
63
16,852
Option
Care
Health,
Inc.
(a)
170
5,401
Premier,
Inc.
,
Class
 A
129
4,176
Quest
Diagnostics,
Inc.
120
16,978
R1
RCM,
Inc.
(a)
169
2,535
231,273
Health
Care
Technology
(0.1%)
Veeva
Systems,
Inc.
,
Class
 A(a)
153
28,120
Hotels,
Restaurants
&
Leisure
(1.9%)
Airbnb,
Inc.
,
Class
 A(a)
406
50,506
Aramark
275
9,845
Chipotle
Mexican
Grill,
Inc.
(a)
30
51,249
Darden
Restaurants,
Inc.
133
20,636
Domino's
Pizza,
Inc.
38
12,535
Expedia
Group,
Inc.
(a)
158
15,331
Hilton
Grand
Vacations,
Inc.
(a)
91
4,043
Hilton
Worldwide
Holdings,
Inc.
284
40,007
Marriott
International,
Inc.
,
Class
 A
285
47,321
Marriott
Vacations
Worldwide
Corp.
38
5,125
Planet
Fitness,
Inc.
,
Class
 A(a)
89
6,913
Starbucks
Corp.
1,215
126,518
Travel
+
Leisure
Co.
86
3,371
Semi-Annual
Report
—
March
31,
2023
(unaudited)
Portfolio
of
Investments
(cont’d)
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
7
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Hotels,
Restaurants
&
Leisure
(cont’d)
Vail
Resorts,
Inc.
43
$
10,048
Yum!
Brands,
Inc.
305
40,285
443,733
Household
Durables
(0.4%)
D.R.
Horton,
Inc.
328
32,042
Leggett
&
Platt,
Inc.
143
4,559
Lennar
Corp.
,
Class
 A
282
29,641
Mohawk
Industries,
Inc.
(a)
56
5,612
Newell
Brands,
Inc.
429
5,337
PulteGroup,
Inc.
243
14,162
TopBuild
Corp.
(a)
35
7,285
98,638
Household
Products
(0.7%)
Church
&
Dwight
Co.,
Inc.
264
23,340
Clorox
Co.
(The)
135
21,362
Colgate-Palmolive
Co.
900
67,635
Kimberly-Clark
Corp.
366
49,125
161,462
Independent
Power
and
Renewable
Electricity
Producers
(0.1%)
AES
Corp.
(The)
730
17,578
Clearway
Energy,
Inc.
91
2,851
Ormat
Technologies,
Inc.
53
4,493
24,922
Insurance
(2.0%)
Aflac,
Inc.
610
39,357
Allstate
Corp.
(The)
284
31,470
American
Financial
Group,
Inc.
74
8,991
American
International
Group,
Inc.
794
39,986
Arch
Capital
Group
Ltd.
(a)
392
26,605
Axis
Capital
Holdings
Ltd.
86
4,689
Cincinnati
Financial
Corp.
168
18,829
Erie
Indemnity
Co.
,
Class
 A
27
6,255
Everest
Re
Group
Ltd.
42
15,037
F&G
Annuities
&
Life,
Inc.
20
362
Fidelity
National
Financial,
Inc.
272
9,501
Globe
Life,
Inc.
104
11,442
Hanover
Insurance
Group,
Inc.
(The)
38
4,883
Hartford
Financial
Services
Group,
Inc.
(The)
344
23,973
Kinsale
Capital
Group,
Inc.
24
7,204
Lincoln
National
Corp.
182
4,090
Markel
Corp.
(a)
15
19,161
MetLife,
Inc.
709
41,080
Old
Republic
International
Corp.
298
7,441
Primerica,
Inc.
39
6,717
Principal
Financial
Group,
Inc.
260
19,323
Progressive
Corp.
(The)
633
90,557
Prudential
Financial,
Inc.
396
32,765
Selective
Insurance
Group,
Inc.
64
6,101
475,819
Interactive
Media
&
Services
(5.4%)
Alphabet,
Inc.
,
Class
 A(a)
12,080
1,253,058
Snap,
Inc.
,
Class
 A(a)
1,047
11,737
1,264,795
IT
Services
(0.5%)
Akamai
Technologies,
Inc.
(a)
169
13,233
Shares
Value
Amdocs
Ltd.
131
$
12,580
DXC
Technology
Co.
(a)
250
6,390
Gartner,
Inc.
(a)
77
25,084
MongoDB,
Inc.
(a)
72
16,785
Twilio
,
Inc.
,
Class
 A(a)
189
12,593
VeriSign,
Inc.
(a)
101
21,344
108,009
Leisure
Products
(0.0%)(b)
Mattel,
Inc.
(a)
369
6,793
Life
Sciences
Tools
&
Services
(2.5%)
Agilent
Technologies,
Inc.
320
44,269
Bio-Rad
Laboratories,
Inc.
,
Class
 A(a)
23
11,017
Bio-
Techne
Corp.
169
12,538
Bruker
Corp.
109
8,594
Charles
River
Laboratories
International,
Inc.
(a)
54
10,898
Danaher
Corp.
721
181,721
Illumina,
Inc.
(a)
171
39,766
PerkinElmer,
Inc.
138
18,390
Repligen
Corp.
(a)
57
9,597
Syneos
Health,
Inc.
(a)
112
3,989
Thermo
Fisher
Scientific,
Inc.
417
240,346
581,125
Machinery
(2.0%)
Cummins,
Inc.
151
36,071
Deere
&
Co.
321
132,534
Dover
Corp.
151
22,943
Evoqua
Water
Technologies
Corp.
(a)
132
6,563
Flowserve
Corp.
143
4,862
Fortive
Corp.
382
26,041
Graco
,
Inc.
183
13,361
IDEX
Corp.
82
18,944
Illinois
Tool
Works,
Inc.
330
80,339
Ingersoll
Rand,
Inc.
438
25,483
Lincoln
Electric
Holdings,
Inc.
62
10,484
Oshkosh
Corp.
72
5,989
PACCAR,
Inc.
556
40,699
Stanley
Black
&
Decker,
Inc.
167
13,457
Westinghouse
Air
Brake
Technologies
Corp.
195
19,707
Xylem,
Inc.
197
20,626
478,103
Media
(1.4%)
Cable
One,
Inc.
5
3,510
Charter
Communications,
Inc.
,
Class
 A(a)
114
40,768
Comcast
Corp.
,
Class
 A
4,530
171,732
Interpublic
Group
of
Cos.,
Inc.
(The)
424
15,790
Liberty
Broadband
Corp.
,
Class
 C(a)
145
11,846
New
York
Times
Co.
(The)
,
Class
 A
178
6,921
Omnicom
Group,
Inc.
218
20,566
Paramount
Global
,
Class
 B
649
14,479
Sirius
XM
Holdings,
Inc.
669
2,656
TEGNA,
Inc.
226
3,822
Trade
Desk,
Inc.
(The)
,
Class
 A(a)
483
29,419
321,509
Metals
&
Mining
(0.4%)
Commercial
Metals
Co.
121
5,917
Semi-Annual
Report
—
March
31,
2023
(unaudited)
Portfolio
of
Investments
(cont’d)
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
8
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Metals
&
Mining
(cont’d)
Nucor
Corp.
273
$
42,170
Reliance
Steel
&
Aluminum
Co.
63
16,175
Steel
Dynamics,
Inc.
181
20,464
84,726
Multi-Utilities
(0.5%)
Black
Hills
Corp.
71
4,480
CMS
Energy
Corp.
317
19,457
Dominion
Energy,
Inc.
905
50,599
Public
Service
Enterprise
Group,
Inc.
540
33,723
108,259
Paper
&
Forest
Products
(0.0%)(b)
Louisiana-Pacific
Corp.
77
4,174
Passenger
Airlines
(0.1%)
Alaska
Air
Group,
Inc.
(a)
133
5,581
Delta
Air
Lines,
Inc.
(a)
693
24,199
29,780
Personal
Care
Products
(0.0%)(b)
Coty,
Inc.
,
Class
 A(a)
370
4,462
Pharmaceuticals
(4.4%)
Bristol-Myers
Squibb
Co.
2,274
157,611
Elanco
Animal
Health,
Inc.
(a)
508
4,775
Eli
Lilly
&
Co.
918
315,260
Jazz
Pharmaceuticals
plc
(a)
66
9,658
Merck
&
Co.,
Inc.
2,749
292,466
Perrigo
Co.
plc
147
5,273
Pfizer,
Inc.
6,088
248,390
1,033,433
Professional
Services
(1.2%)
ASGN,
Inc.
(a)
53
4,381
Automatic
Data
Processing,
Inc.
447
99,516
Booz
Allen
Hamilton
Holding
Corp.
142
13,162
CoStar
Group,
Inc.
(a)
436
30,019
Equifax,
Inc.
133
26,978
ExlService
Holdings,
Inc.
(a)
35
5,664
Exponent,
Inc.
54
5,383
FTI
Consulting,
Inc.
(a)
36
7,105
Genpact
Ltd.
185
8,551
Paychex,
Inc.
349
39,992
Robert
Half
International,
Inc.
115
9,265
Science
Applications
International
Corp.
60
6,448
TriNet
Group,
Inc.
(a)
40
3,224
Verisk
Analytics,
Inc.
169
32,424
292,112
Real
Estate
Management
&
Development
(0.2%)
CBRE
Group,
Inc.
,
Class
 A(a)
340
24,755
Howard
Hughes
Corp.
(The)
(a)
39
3,120
Jones
Lang
LaSalle,
Inc.
(a)
50
7,274
Zillow
Group,
Inc.
,
Class
 C(a)
182
8,094
43,243
Semiconductors
&
Semiconductor
Equipment
(8.8%)
Analog
Devices,
Inc.
547
107,879
Applied
Materials,
Inc.
911
111,898
Broadcom,
Inc.
444
284,844
Cirrus
Logic,
Inc.
(a)
60
6,563
Shares
Value
Entegris
,
Inc.
163
$
13,368
First
Solar,
Inc.
(a)
108
23,490
Intel
Corp.
4,488
146,623
Lam
Research
Corp.
146
77,397
Marvell
Technology,
Inc.
922
39,923
Micron
Technology,
Inc.
1,179
71,141
MKS
Instruments,
Inc.
62
5,494
Monolithic
Power
Systems,
Inc.
48
24,026
NVIDIA
Corp.
2,561
711,369
ON
Semiconductor
Corp.
(a)
466
38,361
Qorvo
,
Inc.
(a)
108
10,969
QUALCOMM,
Inc.
1,207
153,989
Semtech
Corp.
(a)
69
1,666
Silicon
Laboratories,
Inc.
(a)
35
6,128
Skyworks
Solutions,
Inc.
172
20,293
Teradyne,
Inc.
170
18,277
Texas
Instruments,
Inc.
982
182,662
Universal
Display
Corp.
47
7,291
Wolfspeed
,
Inc.
(a)
136
8,833
2,072,484
Software
(15.2%)
Adobe,
Inc.
(a)
493
189,987
ANSYS,
Inc.
(a)
94
31,283
Autodesk,
Inc.
(a)
233
48,501
Cadence
Design
Systems,
Inc.
(a)
293
61,556
Dropbox,
Inc.
,
Class
 A(a)
294
6,356
Elastic
NV
(a)
83
4,806
Fair
Isaac
Corp.
(a)
26
18,270
Five9,
Inc.
(a)
72
5,205
Fortinet,
Inc.
(a)
772
51,307
Gen
Digital,
Inc.
618
10,605
Guidewire
Software,
Inc.
(a)
88
7,220
HubSpot
,
Inc.
(a)
51
21,866
Intuit,
Inc.
296
131,966
Manhattan
Associates,
Inc.
(a)
67
10,375
Microsoft
Corp.
7,957
2,294,003
NCR
Corp.
(a)
135
3,185
Palo
Alto
Networks,
Inc.
(a)
323
64,516
Paycom
Software,
Inc.
(a)
55
16,721
Paylocity
Holding
Corp.
(a)
45
8,945
PTC,
Inc.
(a)
118
15,131
Qualys
,
Inc.
(a)
39
5,071
RingCentral,
Inc.
,
Class
 A(a)
92
2,822
Roper
Technologies,
Inc.
115
50,679
Salesforce,
Inc.
(a)
1,048
209,370
ServiceNow
,
Inc.
(a)
219
101,774
Smartsheet
,
Inc.
,
Class
 A(a)
137
6,549
Splunk
,
Inc.
(a)
163
15,629
Synopsys,
Inc.
(a)
164
63,345
Tenable
Holdings,
Inc.
(a)
118
5,606
Tyler
Technologies,
Inc.
(a)
45
15,959
VMware,
Inc.
,
Class
 A(a)
231
28,840
Workday,
Inc.
,
Class
 A(a)
217
44,819
Zscaler
,
Inc.
(a)
93
10,865
3,563,132
Specialty
Retail
(2.6%)
Advance
Auto
Parts,
Inc.
63
7,661
Semi-Annual
Report
—
March
31,
2023
(unaudited)
Portfolio
of
Investments
(cont’d)
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
9
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Shares
Value
Specialty
Retail
(cont’d)
AutoNation,
Inc.
(a)
37
$
4,971
Bath
&
Body
Works,
Inc.
241
8,816
Best
Buy
Co.,
Inc.
214
16,750
Five
Below,
Inc.
(a)
59
12,152
Gap,
Inc.
(The)
197
1,978
Home
Depot,
Inc.
(The)
1,104
325,812
O'Reilly
Automotive,
Inc.
(a)
67
56,882
Ross
Stores,
Inc.
365
38,737
TJX
Cos.,
Inc.
(The)
1,252
98,107
Tractor
Supply
Co.
119
27,970
Wayfair,
Inc.
,
Class
 A(a)
72
2,473
Williams-Sonoma,
Inc.
72
8,760
611,069
Technology
Hardware,
Storage
&
Peripherals
(12.6%)
Apple,
Inc.
17,157
2,829,189
Dell
Technologies,
Inc.
,
Class
 C
254
10,213
Hewlett
Packard
Enterprise
Co.
1,386
22,079
HP,
Inc.
1,064
31,228
NetApp,
Inc.
233
14,877
Pure
Storage,
Inc.
,
Class
 A(a)
307
7,832
Seagate
Technology
Holdings
plc
225
14,877
Western
Digital
Corp.
(a)
335
12,620
2,942,915
Textiles,
Apparel
&
Luxury
Goods
(0.4%)
Capri
Holdings
Ltd.
(a)
129
6,063
Columbia
Sportswear
Co.
39
3,519
Deckers
Outdoor
Corp.
(a)
28
12,588
Hanesbrands,
Inc.
333
1,752
Lululemon
Athletica
,
Inc.
(a)
121
44,067
Ralph
Lauren
Corp.
44
5,134
Skechers
USA,
Inc.
,
Class
 A(a)
145
6,890
Tapestry,
Inc.
255
10,993
Under
Armour
,
Inc.
,
Class
 A(a)
178
1,689
92,695
Trading
Companies
&
Distributors
(0.4%)
Air
Lease
Corp.
113
4,449
Beacon
Roofing
Supply,
Inc.
(a)
54
3,178
Fastenal
Co.
618
33,335
MSC
Industrial
Direct
Co.,
Inc.
,
Class
 A
49
4,116
SiteOne
Landscape
Supply,
Inc.
(a)
48
6,570
Univar
Solutions,
Inc.
(a)
177
6,200
WESCO
International,
Inc.
48
7,418
WW
Grainger,
Inc.
49
33,751
99,017
Water
Utilities
(0.1%)
Essential
Utilities,
Inc.
287
12,528
Wireless
Telecommunication
Services
(0.4%)
T-Mobile
US,
Inc.
(a)
646
93,567
Total
Common
Stocks
(Cost
$22,407,384)
23,385,054
Shares
Value
Short-Term
Investment
(0.2%)
Investment
Company
(0.2%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
(See
Note
G)
(Cost
$56,958)
56,958
56,958
Total
Investments
(99.9%)
(Cost
$22,464,342)
(c)
23,442,012
Other
Assets
in
Excess
of
Liabilities
(0.1%)
13,358
NET
ASSETS
(100.0%)
$23,455,370
(a)
Non-income
producing
security.
(b)
Amount
is
less
than
0.05%.
(c)
At
March
31,
2023,
the
aggregate
cost
for
federal
income
tax
purposes
is
$22,464,342.
The
aggregate
gross
unrealized
appreciation
is
$1,615,130
and
the
aggregate
gross
unrealized
depreciation
is
$637,460,
resulting
in
net
unrealized
appreciation
of
$977,670.
Portfolio
Composition
Classification  
Percentage
of
Total
Investments
Other*
58.0
%
Software
15.2
Technology
Hardware,
Storage
&
Peripherals
12.6
Semiconductors
&
Semiconductor
Equipment
8.8
Interactive
Media
&
Services
5.4
Total
Investments
100.0
%
*
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Semi-Annual
Report
—
March
31,
2023
(unaudited)
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
10
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Statement
of
Assets
and
Liabilities
March
31,
2023
Assets:
Investments
in
Securities
of
Unaffiliated
Issuers,
at
Value
(Cost
$22,407,384)
$
23,385,054
Investment
in
Security
of
Affiliated
Issuer,
at
Value
(Cost
$56,958)
56,958
Total
Investments
in
Securities,
at
Value
(Cost
$22,464,342)
23,442,012
Dividends
Receivable
16,024
Total
Assets
23,458,036
Liabilities:
Payable
for
Management
Fee
2,666
Total
Liabilities
2,666
Net
Assets
$
23,455,370
Net
Assets
Consist
of:
Paid-in-Capital
$
22,500,000
Total
Distributable
Earnings
955,370
Net
Assets
$
23,455,370
Shares
Outstanding
$0.001
Par
Value
(unlimited
shares
authorized)
450,000
Net
Asset
Value
Per
Share
$
52.12
Semi-Annual
Report
—
March
31,
2023
(unaudited)
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
11
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
Morgan
Stanley
ETF
Trust
Statement
of
Operations
Period
from
January
30,
2023
^
to
March
31,
2023
Investment
Income:
Dividends
from
Securities
of
Unaffiliated
Issuers
(Net
of
$4
of
Foreign
Taxes
Withheld)
$
60,040
Dividends
from
Security
of
Affiliated
Issuer
(Note
G)
359
Total
Investment
Income
60,399
Expenses:
Management
Fee
(Note
B)
5,239
Total
Expenses
5,239
Rebate
from
Morgan
Stanley
Affiliate
(Note
G)
(12)
Net
Expenses
5,227
Net
Investment
Income
55,172
Realized
Gain
(Loss):
Investments
Sold
(38,595)
Net
Realized
Loss
(38,595)
Change
in
Unrealized
Appreciation
(Depreciation):
Investments
977,670
Net
Change
in
Unrealized
Appreciation
(Depreciation)
977,670
Net
Realized
Loss
and
Change
in
Unrealized
Appreciation
(Depreciation)
939,075
Net
Increase
in
Net
Assets
Resulting
from
Operations
$
994,247
^
Commencement
of
Operations.
Semi-Annual
Report
—
March
31,
2023
(unaudited)