Transamerica ETF Trust N-CSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on September 3, 2020

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23237

TRANSAMERICA ETF TRUST

(Exact Name of Registrant as Specified in Charter)

1801 California St., Suite 5200, Denver, CO 80202

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: 1-888-316-8077

Rhonda A. Mills, Esq., 1801 California St., Suite 5200, Denver, CO 80202

(Name and Address of Agent for Service)

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

Item 1: Report(s) to Shareholders.

The Semi-Annual Report is attached.

TRANSAMERICA ETF TRUST

SEMI-ANNUAL REPORT

JUNE 30, 2020

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the funds intend to no longer mail paper copies of the funds’ shareholder reports unless you specifically request paper copies of the reports from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically (“e-delivery”), you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Transamerica funds held in your account.

Customer Service: 1-888-316-8077

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Foreside Fund Services, LLC

www.deltashares.com

Table of Contents

Shareholder Letter	1
Disclosure of Expenses	2
Schedules of Investments Composition	3
Schedules of Investments
DeltaShares® S&P 400 Managed Risk ETF	4
DeltaShares® S&P 500 Managed Risk ETF	10
DeltaShares® S&P 600 Managed Risk ETF	17
DeltaShares® S&P EM 100 & Managed Risk ETF	25
DeltaShares® S&P International Managed Risk ETF	29
Statements of Assets and Liabilities	42
Statements of Operations	43
Statements of Changes in Net Assets	44
Financial Highlights	46
Notes to Financial Statements	49
Approval of Management and Sub-Advisory Agreements	61
Liquidity Risk Management Program	64
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	65
Notice of Privacy Policy	66

Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a fund’s investment goals, risks, charges and expenses before investing. A prospectus contains this and other information; please read it carefully before investing.

Transamerica ETF Trust Semi-Annual Report 2020

Dear Shareholder,

On behalf of Transamerica DeltaShares^®, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial professional in the future. We value the trust you have placed in us.

This semi-annual report provides certain information about your Exchange Traded Fund(s) during the period covered by the report. The Securities and Exchange Commission currently requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report covers the six-month period ended June 30, 2020.

We believe it is important to understand market conditions over this six-month period to provide a context for reading this report. The period began on January 1, 2020 with equity markets near all-time highs and consensus Wall Street forecasts for solid economic growth in the year ahead and a potential rebound to double-digit corporate earnings growth. Strong jobs numbers and retail sales in January seemed to confirm optimistic sentiment driving stocks to new highs in February as corporate bond credit spreads also approached multi-year lows.

By early February, the spread of COVID-19 began making more headlines and creating volatility in the markets, however, the S&P 500^® pressed onward to a new record high on February 19. After the Federal Reserve (“Fed”) cut the Fed Funds rate by 1.50% to a range of 0.00%-0.25% on two unscheduled occasions during the first two weeks of March, the markets quickly realized the potential severity of COVID-19 and the realization of a global pandemic quickly gripped investors. By mid-March, it soon became apparent the economic consequences of the pandemic would be historic.

Between February 19 and March 23, the S&P 500^® experienced its fastest 35% price decline ever, and corporate bond credit spreads more than tripled. Then during the final week in March, the Fed responded forcefully with trillions of dollars in large-scale asset purchases, and Congress passed the CARES Act providing more than $2 trillion in fiscal stimulus support to the economy. Stocks and credit spreads began to reverse direction and promptly rally as the nation and much of the world sheltered in place.

Between late March and early June, the S&P 500^® experienced its strongest 50-day trading period ever before consolidating during mid-June. Business re-openings throughout the nation played a major role in renewed and favorable market sentiment as did an unexpectedly strong employment report for May. However, by late June fears of a second wave of COVID-19 emerged when national case numbers began to rise again.

Global equity markets also bottomed in late March as investors awaited dramatic reductions in global growth forecasts soon to be released in the upcoming months. However, the combination of heavy doses of fiscal and monetary stimulus in Europe and Japan, as well as the prospect of improving growth rates for 2021, helped most international markets to recover impressively into the mid-year mark. Throughout Asia and parts of Europe, COVID-19 trends and fatality rates also improved meaningfully from the earlier spring months.

For the six-month period ended June 30, 2020, the S&P 500^® returned -3.08%, while the MSCI EAFE Index, representing international developed market equities, returned -11.07%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned 6.14%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial professional, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

Please contact your financial professional if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica ETF Trust

Tom Wald, CFA

Chief Investment Officer

Transamerica ETF Trust

Bloomberg Barclays US Aggregate Bond Index: measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

MSCI EAFE Index: a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

S&P 500^®: a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

These views are as of the date of this report and are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of the Transamerica ETF Trust. Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not guarantee future results. Indexes are unmanaged and an investor cannot invest directly in an index.

Disclosure of Expenses

(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: (i) transaction costs including brokerage commissions on purchases and sales of fund shares; and (ii) ongoing costs, including management fees.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at January 1, 2020, and held for the entire six-month period until June 30, 2020.

ACTUAL EXPENSES

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, 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 = $8.60), then multiply the result by the number in the appropriate column for your Fund titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. 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 your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other fund(s).

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 brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period (B)		Ending Account Value June 30, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C)
DeltaShares® S&P 400 Managed Risk ETF	$	1,000.00	$	879.40	$	2.10	$	1,022.60	$	2.26		0.45	%
DeltaShares® S&P 500 Managed Risk ETF		1,000.00		942.70		1.69		1,023.10		1.76		0.35
DeltaShares® S&P 600 Managed Risk ETF		1,000.00		852.50		2.07		1,022.60		2.26		0.45
DeltaShares® S&P EM 100 & Managed Risk ETF		1,000.00		911.50		2.85		1,021.90		3.02		0.60
DeltaShares® S&P International Managed Risk ETF		1,000.00		855.50		2.31		1,022.40		2.51		0.50

(A)	5% return per year before expenses.
(B)	Expenses are calculated using each Fund’s net annualized expense ratios, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (182 days), and divided by the number of days in the year (366 days).
(C)	Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Funds invest. The total annual fund operating expenses, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    2

Schedules of Investments Composition

At June 30, 2020

(unaudited)

DeltaShares® S&P 400 Managed Risk ETF
Asset Allocation	Percentage of Net Assets
U.S. Government Obligation		82.9	%
Common Stocks		16.8
Short-Term Investment Company		0.2
Other Investment Company		0.1
Net Other Assets (Liabilities)^		(0.0	)*
Total		100.0	%
DeltaShares® S&P 500 Managed Risk ETF
Asset Allocation	Percentage of Net Assets
U.S. Government Obligation		64.9	%
Common Stocks		34.6
Short-Term Investment Company		0.4
Other Investment Company		0.0	*
Net Other Assets (Liabilities)^		0.1
Total		100.0	%
DeltaShares® S&P 600 Managed Risk ETF
Asset Allocation	Percentage of Net Assets
U.S. Government Obligation		86.8	%
Common Stocks		12.9
Other Investment Company		0.5
Short-Term Investment Company		0.3
Net Other Assets (Liabilities)^		(0.5	)
Total		100.0	%

DeltaShares® S&P EM 100 & Managed Risk ETF
Asset Allocation	Percentage of Net Assets
U.S. Government Obligation		57.5	%
Common Stocks		41.1
Preferred Stock		0.6
Other Investment Company		0.3
Short-Term Investment Company		0.1
Net Other Assets (Liabilities)^		0.4
Total		100.0	%
DeltaShares® S&P International Managed Risk ETF
Asset Allocation	Percentage of Net Assets
U.S. Government Obligation		68.5	%
Common Stocks		30.5
Other Investment Company		0.4
Short-Term Investment Company		0.3
Preferred Stocks		0.2
Right		0.0
Net Other Assets (Liabilities)^		0.1
Total		100.0	%

Current and future portfolio holdings are subject to change and risk.

* Percentage rounds to less than 0.1% or (0.1)%.

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica ETF Trust Semi-Annual Report 2020

Page    3

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 16.8%
Aerospace & Defense - 0.2%
Axon Enterprise, Inc. (A)		578		$  56,719
Curtiss-Wright Corp.		384		34,284
Hexcel Corp.		769		34,774
Mercury Systems, Inc. (A)		512		40,274
				166,051
Air Freight & Logistics - 0.1%
XPO Logistics, Inc. (A)		840		64,890
Airlines - 0.0% (B)
JetBlue Airways Corp. (A)		2,485		27,086
Auto Components - 0.2%
Adient PLC (A)		804		13,202
Dana, Inc.		1,331		16,225
Delphi Technologies PLC (A) (C)		796		11,311
Gentex Corp.		2,256		58,137
Goodyear Tire & Rubber Co.		2,144		19,178
Lear Corp.		502		54,728
Visteon Corp. (A)		256		17,536
				190,317
Automobiles - 0.1%
Harley-Davidson, Inc.		1,411		33,539
Thor Industries, Inc. (C)		509		54,224
				87,763
Banks - 1.0%
Associated Banc-Corp.		1,416		19,371
BancorpSouth Bank		896		20,375
Bank of Hawaii Corp.		369		22,660
Bank OZK		1,114		26,146
Cathay General Bancorp		696		18,305
CIT Group, Inc.		906		18,781
Commerce Bancshares, Inc. (C)		925		55,010
Cullen / Frost Bankers, Inc.		524		39,148
East West Bancorp, Inc.		1,304		47,257
First Financial Bankshares, Inc.		1,309		37,817
First Horizon National Corp.		2,873		28,615
FNB Corp.		2,977		22,327
Fulton Financial Corp.		1,491		15,700
Glacier Bancorp, Inc.		817		28,832
Hancock Whitney Corp.		795		16,854
Home BancShares, Inc.		1,415		21,763
International Bancshares Corp.		513		16,426
PacWest Bancorp		1,073		21,149
Pinnacle Financial Partners, Inc.		657		27,587
Prosperity Bancshares, Inc.		854		50,711
Signature Bank		494		52,818
Sterling Bancorp		1,792		21,002
Synovus Financial Corp.		1,357		27,859
TCF Financial Corp.		1,402		41,247
Texas Capital Bancshares, Inc. (A)		465		14,355
Trustmark Corp.		584		14,320
UMB Financial Corp.		390		20,104
Umpqua Holdings Corp.		2,029		21,589
United Bankshares, Inc.		1,172		32,418
Valley National Bancorp		3,609		28,222
Webster Financial Corp.		831		23,775
Wintrust Financial Corp.		530		23,119
				875,662

	Shares		Value
COMMON STOCKS (continued)
Beverages - 0.1%
Boston Beer Co., Inc., Class A (A)		89		$   47,762
Biotechnology - 0.2%
Arrowhead Pharmaceuticals, Inc. (A)		938		40,512
Exelixis, Inc. (A)		2,826		67,089
Ligand Pharmaceuticals, Inc. (A) (C)		148		16,554
United Therapeutics Corp. (A)		406		49,126
				173,281
Building Products - 0.2%
Lennox International, Inc. (C)		321		74,790
Owens Corning		994		55,426
Trex Co., Inc. (A)		533		69,327
				199,543
Capital Markets - 0.5%
Affiliated Managers Group, Inc.		435		32,434
Eaton Vance Corp.		1,050		40,530
Evercore, Inc., Class A		373		21,977
FactSet Research Systems, Inc.		349		114,636
Federated Hermes, Inc., Class B		884		20,951
Interactive Brokers Group, Inc., Class A		707		29,531
Janus Henderson Group PLC		1,414		29,920
Legg Mason, Inc.		770		38,308
SEI Investments Co.		1,145		62,952
Stifel Financial Corp.		631		29,928
				421,167
Chemicals - 0.4%
Ashland Global Holdings, Inc.		557		38,489
Cabot Corp.		520		19,266
Chemours Co.		1,513		23,224
Ingevity Corp. (A)		380		19,977
Minerals Technologies, Inc.		314		14,736
NewMarket Corp.		67		26,832
Olin Corp.		1,454		16,706
PolyOne Corp.		842		22,086
RPM International, Inc.		1,193		89,546
Scotts Miracle-Gro Co.		363		48,813
Sensient Technologies Corp.		390		20,342
Valvoline, Inc.		1,705		32,958
				372,975
Commercial Services & Supplies - 0.3%
Brink’s Co.		465		21,162
Clean Harbors, Inc. (A)		471		28,251
Deluxe Corp.		385		9,063
Healthcare Services Group, Inc.		686		16,779
Herman Miller, Inc.		541		12,773
HNI Corp.		393		12,014
KAR Auction Services, Inc.		1,191		16,388
MSA Safety, Inc.		329		37,651
Stericycle, Inc. (A)		842		47,135
Tetra Tech, Inc.		498		39,402
				240,618
Communications Equipment - 0.2%
Ciena Corp. (A)		1,416		76,691
InterDigital, Inc.		283		16,026
Lumentum Holdings, Inc. (A)		690		56,187
NetScout Systems, Inc. (A)		586		14,978
ViaSat, Inc. (A)		538		20,643
				184,525

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    4

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Construction & Engineering - 0.2%
AECOM (A)		1,475		$   55,431
Dycom Industries, Inc. (A) (C)		291		11,899
EMCOR Group, Inc.		505		33,401
Fluor Corp.		1,292		15,607
MasTec, Inc. (A) (C)		537		24,095
Valmont Industries, Inc.		197		22,383
				162,816
Construction Materials - 0.0% (B)
Eagle Materials, Inc.		383		26,894
Consumer Finance - 0.1%
FirstCash, Inc.		382		25,777
LendingTree, Inc. (A) (C)		71		20,557
Navient Corp.		1,571		11,044
SLM Corp.		3,456		24,296
				81,674
Containers & Packaging - 0.2%
AptarGroup, Inc.		591		66,180
Greif, Inc., Class A		244		8,396
O-I Glass, Inc.		1,443		12,958
Silgan Holdings, Inc.		715		23,159
Sonoco Products Co.		924		48,316
				159,009
Distributors - 0.1%
Pool Corp.		368		100,048
Diversified Consumer Services - 0.2%
Adtalem Global Education, Inc. (A)		477		14,859
Graham Holdings Co., Class B		39		13,364
Grand Canyon Education, Inc. (A)		436		39,471
Service Corp. International		1,641		63,819
Strategic Education, Inc.		205		31,498
WW International, Inc. (A)		429		10,888
				173,899
Diversified Financial Services - 0.0% (B)
Jefferies Financial Group, Inc.		2,081		32,360
Electric Utilities - 0.2%
ALLETE, Inc.		477		26,049
Hawaiian Electric Industries, Inc. (C)		1,006		36,276
IDACORP, Inc.		465		40,627
OGE Energy Corp.		1,844		55,984
PNM Resources, Inc.		734		28,215
				187,151
Electrical Equipment - 0.3%
Acuity Brands, Inc.		365		34,945
EnerSys		391		25,173
Generac Holdings, Inc. (A)		578		70,475
Hubbell, Inc.		499		62,555
nVent Electric PLC		1,440		26,971
Regal Beloit Corp.		373		32,570
				252,689
Electronic Equipment, Instruments & Components - 0.6%
Arrow Electronics, Inc. (A)		725		49,800
Avnet, Inc.		910		25,375
Belden, Inc.		353		11,490
Cognex Corp.		1,582		94,477
Coherent, Inc. (A) (C)		223		29,209

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
II-VI, Inc. (A) (C)		807		$   38,107
Jabil, Inc.		1,264		40,549
Littelfuse, Inc.		224		38,221
National Instruments Corp.		1,083		41,923
SYNNEX Corp.		379		45,393
Trimble, Inc. (A)		2,301		99,380
Vishay Intertechnology, Inc.		1,221		18,645
				532,569
Energy Equipment & Services - 0.0% (B)
ChampionX Corp. (A)		1,712		16,709
Transocean, Ltd. (A) (C)		5,323		9,741
				26,450
Entertainment - 0.0% (B)
Cinemark Holdings, Inc.		986		11,388
World Wrestling Entertainment, Inc., Class A		427		18,553
				29,941
Equity Real Estate Investment Trusts - 1.6%
American Campus Communities, Inc.		1,268		44,329
Brixmor Property Group, Inc.		2,731		35,011
Camden Property Trust		897		81,824
CoreCivic, Inc.		1,102		10,315
CoreSite Realty Corp.		371		44,913
Corporate Office Properties Trust		1,034		26,202
Cousins Properties, Inc.		1,369		40,837
CyrusOne, Inc.		1,061		77,188
Douglas Emmett, Inc.		1,519		46,573
EastGroup Properties, Inc.		360		42,700
EPR Properties		714		23,655
First Industrial Realty Trust, Inc.		1,172		45,052
GEO Group, Inc.		1,118		13,226
Healthcare Realty Trust, Inc.		1,243		36,408
Highwoods Properties, Inc.		957		35,725
Hudson Pacific Properties, Inc.		1,412		35,526
JBG SMITH Properties		1,083		32,024
Kilroy Realty Corp.		975		57,233
Lamar Advertising Co., Class A		796		53,141
Life Storage, Inc.		432		41,018
Macerich Co. (C)		1,071		9,607
Mack-Cali Realty Corp.		835		12,767
Medical Properties Trust, Inc.		4,868		91,518
National Retail Properties, Inc.		1,584		56,200
Omega Healthcare Investors, Inc.		2,091		62,165
Park Hotels & Resorts, Inc.		2,171		21,471
Pebblebrook Hotel Trust (C)		1,205		16,460
Physicians Realty Trust		1,866		32,692
PotlatchDeltic Corp.		617		23,465
PS Business Parks, Inc.		185		24,494
Rayonier, Inc.		1,276		31,632
Sabra Health Care, Inc.		1,894		27,330
Service Properties Trust		1,516		10,749
Spirit Realty Capital, Inc.		948		33,047
STORE Capital Corp.		2,050		48,811
Taubman Centers, Inc.		568		21,448
Urban Edge Properties		1,020		12,107
Weingarten Realty Investors		1,110		21,012
				1,379,875

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    5

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Food & Staples Retailing - 0.2%
BJ’S Wholesale Club Holdings, Inc. (A)		1,137		$   42,376
Casey’s General Stores, Inc.		339		50,687
Grocery Outlet Holding Corp. (A)		586		23,909
Sprouts Farmers Market, Inc. (A)		1,085		27,765
				144,737
Food Products - 0.3%
Darling Ingredients, Inc. (A)		1,511		37,201
Flowers Foods, Inc.		1,774		39,666
Hain Celestial Group, Inc. (A) (C)		723		22,782
Ingredion, Inc.		617		51,211
Lancaster Colony Corp.		183		28,363
Pilgrim’s Pride Corp. (A)		477		8,056
Post Holdings, Inc. (A)		590		51,696
Sanderson Farms, Inc.		182		21,092
Tootsie Roll Industries, Inc. (C)		158		5,415
TreeHouse Foods, Inc. (A)		520		22,776
				288,258
Gas Utilities - 0.3%
National Fuel Gas Co.		833		34,928
New Jersey Resources Corp.		882		28,797
ONE Gas, Inc.		487		37,523
Southwest Gas Holdings, Inc.		508		35,078
Spire, Inc.		472		31,015
UGI Corp.		1,919		61,024
				228,365
Health Care Equipment & Supplies - 0.6%
Avanos Medical, Inc. (A)		440		12,932
Cantel Medical Corp.		342		15,127
Globus Medical, Inc., Class A (A)		697		33,254
Haemonetics Corp. (A)		464		41,556
Hill-Rom Holdings, Inc.		613		67,295
ICU Medical, Inc. (A)		179		32,991
Integra LifeSciences Holdings Corp. (A)		649		30,497
LivaNova PLC (A)		448		21,562
Masimo Corp. (A)		459		104,647
NuVasive, Inc. (A)		472		26,272
Penumbra, Inc. (A)		305		54,540
Quidel Corp. (A)		352		78,756
				519,429
Health Care Providers & Services - 0.5%
Acadia Healthcare Co., Inc. (A)		820		20,598
Amedisys, Inc. (A)		298		59,165
Chemed Corp.		146		65,856
Encompass Health Corp.		916		56,728
HealthEquity, Inc. (A)		658		38,605
LHC Group, Inc. (A)		274		47,764
MEDNAX, Inc. (A)		787		13,458
Molina Healthcare, Inc. (A)		545		96,999
Patterson Cos., Inc. (C)		794		17,468
Tenet Healthcare Corp. (A)		965		17,476
				434,117
Hotels, Restaurants & Leisure - 0.6%
Boyd Gaming Corp.		738		15,424
Caesars Entertainment Corp. (A) (C)		5,168		62,688
Choice Hotels International, Inc.		291		22,960
Churchill Downs, Inc.		323		43,007

	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure (continued)
Cracker Barrel Old Country Store, Inc.		218		$   24,178
Dunkin’ Brands Group, Inc.		757		49,379
Eldorado Resorts, Inc. (A)		767		30,726
Jack in the Box, Inc.		209		15,485
Marriott Vacations Worldwide Corp.		337		27,705
Papa John’s International, Inc.		205		16,279
Penn National Gaming, Inc. (A) (C)		1,190		36,343
Scientific Games Corp., Class A (A)		505		7,807
Six Flags Entertainment Corp.		726		13,947
Texas Roadhouse, Inc.		600		31,542
Wendy’s Co.		1,641		35,741
Wyndham Destinations, Inc.		784		22,093
Wyndham Hotels & Resorts, Inc.		858		36,568
				491,872
Household Durables - 0.2%
Helen of Troy, Ltd. (A)		233		43,935
KB Home		802		24,605
Taylor Morrison Home Corp. (A)		1,194		23,032
Tempur Sealy International, Inc. (A)		399		28,708
Toll Brothers, Inc.		1,065		34,708
TopBuild Corp. (A)		307		34,928
TRI Pointe Group, Inc. (A)		1,200		17,628
				207,544
Household Products - 0.0% (B)
Energizer Holdings, Inc.		587		27,877
Industrial Conglomerates - 0.1%
Carlisle Cos., Inc.		506		60,553
Insurance - 0.8%
Alleghany Corp.		132		64,566
American Financial Group, Inc.		687		43,597
Brighthouse Financial, Inc. (A)		865		24,064
Brown & Brown, Inc.		2,167		88,327
CNO Financial Group, Inc.		1,323		20,599
First American Financial Corp.		1,027		49,317
Genworth Financial, Inc., Class A (A)		4,637		10,711
Hanover Insurance Group, Inc.		350		35,465
Kemper Corp.		565		40,974
Mercury General Corp.		250		10,188
Old Republic International Corp.		2,633		42,944
Primerica, Inc.		376		43,842
Reinsurance Group of America, Inc.		625		49,025
RenaissanceRe Holdings, Ltd.		463		79,187
RLI Corp.		368		30,213
Selective Insurance Group, Inc.		550		29,007
				662,026
Interactive Media & Services - 0.0% (B)
TripAdvisor, Inc.		928		17,641
Yelp, Inc. (A)		603		13,948
				31,589
Internet & Direct Marketing Retail - 0.2%
Etsy, Inc. (A)		1,093		116,109
GrubHub, Inc. (A)		847		59,544
				175,653
IT Services - 0.4%
Alliance Data Systems Corp.		391		17,642
CACI International, Inc., Class A (A)		231		50,099

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    6

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
KBR, Inc.		1,311		$   29,563
LiveRamp Holdings, Inc. (A)		602		25,567
MAXIMUS, Inc.		565		39,804
Perspecta, Inc.		1,258		29,224
Sabre Corp.		2,539		20,464
Science Applications International Corp.		455		35,345
WEX, Inc. (A)		401		66,169
				313,877
Leisure Products - 0.2%
Brunswick Corp.		729		46,663
Mattel, Inc. (A)		3,196		30,905
Polaris, Inc.		530		49,052
				126,620
Life Sciences Tools & Services - 0.4%
Bio-Techne Corp.		352		92,953
Charles River Laboratories International, Inc. (A)		456		79,503
PRA Health Sciences, Inc. (A)		586		57,012
Repligen Corp. (A)		434		53,647
Syneos Health, Inc. (A)		576		33,552
				316,667
Machinery - 0.8%
AGCO Corp.		573		31,779
Colfax Corp. (A)		774		21,595
Crane Co.		454		26,995
Donaldson Co., Inc.		1,162		54,056
Graco, Inc.		1,535		73,665
ITT, Inc.		795		46,698
Kennametal, Inc.		764		21,934
Lincoln Electric Holdings, Inc.		547		46,079
Middleby Corp. (A)		512		40,417
Nordson Corp.		473		89,733
Oshkosh Corp.		627		44,906
Terex Corp.		587		11,018
Timken Co.		622		28,295
Toro Co.		987		65,477
Trinity Industries, Inc.		869		18,501
Woodward, Inc.		522		40,481
				661,629
Marine - 0.0% (B)
Kirby Corp. (A)		553		29,619
Media - 0.2%
AMC Networks, Inc., Class A (A)		374		8,748
Cable One, Inc.		48		85,192
John Wiley & Sons, Inc., Class A		402		15,678
New York Times Co., Class A (C)		1,330		55,900
TEGNA, Inc.		2,013		22,425
				187,943
Metals & Mining - 0.3%
Allegheny Technologies, Inc. (A)		1,167		11,892
Carpenter Technology Corp.		440		10,683
Commercial Metals Co.		1,097		22,379
Compass Minerals International, Inc.		312		15,210
Reliance Steel & Aluminum Co.		586		55,629
Royal Gold, Inc.		604		75,089
Steel Dynamics, Inc.		1,938		50,563
U.S. Steel Corp.		2,027		14,635

	Shares		Value
COMMON STOCKS (continued)
Metals & Mining (continued)
Worthington Industries, Inc.		338		$   12,607
				268,687
Multi-Utilities - 0.1%
Black Hills Corp.		578		32,749
MDU Resources Group, Inc.		1,848		40,989
NorthWestern Corp.		465		25,352
				99,090
Multiline Retail - 0.1%
Nordstrom, Inc. (C)		998		15,459
Ollie’s Bargain Outlet Holdings, Inc. (A)		521		50,876
				66,335
Oil, Gas & Consumable Fuels - 0.2%
Antero Midstream Corp. (C)		2,590		13,209
Cimarex Energy Co.		941		25,868
CNX Resources Corp. (A)		1,724		14,913
EQT Corp.		2,355		28,024
Equitrans Midstream Corp.		3,745		31,121
Murphy Oil Corp. (C)		1,346		18,575
PBF Energy, Inc., Class A		940		9,626
World Fuel Services Corp.		583		15,018
WPX Energy, Inc. (A)		3,763		24,008
				180,362
Paper & Forest Products - 0.1%
Domtar Corp.		509		10,745
Louisiana-Pacific Corp.		1,034		26,522
				37,267
Personal Products - 0.0% (B)
Edgewell Personal Care Co. (A)		501		15,611
Nu Skin Enterprises, Inc., Class A		478		18,274
				33,885
Pharmaceuticals - 0.2%
Catalent, Inc. (A)		1,497		109,730
Nektar Therapeutics (A) (C)		1,640		37,983
Prestige Consumer Healthcare, Inc. (A)		461		17,315
				165,028
Professional Services - 0.2%
ASGN, Inc. (A)		484		32,273
CoreLogic, Inc.		732		49,205
FTI Consulting, Inc. (A)		342		39,176
Insperity, Inc.		336		21,750
ManpowerGroup, Inc.		535		36,781
				179,185
Real Estate Management & Development - 0.1%
Jones Lang LaSalle, Inc.		476		49,247
Road & Rail - 0.2%
Avis Budget Group, Inc. (A)		493		11,285
Knight-Swift Transportation Holdings, Inc. (C)		1,127		47,007
Landstar System, Inc.		354		39,758
Ryder System, Inc.		495		18,567
Werner Enterprises, Inc.		528		22,984
				139,601
Semiconductors & Semiconductor Equipment - 0.8%
Cabot Microelectronics Corp.		268		37,397
Cirrus Logic, Inc. (A)		538		33,238

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    7

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
Cree, Inc. (A)		997		$   59,012
Enphase Energy, Inc. (A)		750		35,677
First Solar, Inc. (A)		703		34,799
MKS Instruments, Inc.		506		57,299
Monolithic Power Systems, Inc.		383		90,771
Semtech Corp. (A)		600		31,332
Silicon Laboratories, Inc. (A)		403		40,409
SolarEdge Technologies, Inc. (A)		457		63,422
Synaptics, Inc. (A)		314		18,878
Teradyne, Inc.		1,527		129,047
Universal Display Corp.		391		58,501
				689,782
Software - 0.7%
ACI Worldwide, Inc. (A)		1,068		28,825
Blackbaud, Inc.		457		26,085
CDK Global, Inc.		1,120		46,390
Ceridian HCM Holding, Inc. (A)		935		74,117
CommVault Systems, Inc. (A)		391		15,132
Fair Isaac Corp. (A)		267		111,617
j2 Global, Inc. (A) (C)		418		26,422
LogMeIn, Inc.		449		38,062
Manhattan Associates, Inc. (A)		585		55,107
Paylocity Holding Corp. (A)		331		48,290
PTC, Inc. (A)		959		74,601
Qualys, Inc. (A)		309		32,142
Teradata Corp. (A)		1,000		20,800
				597,590
Specialty Retail - 0.4%
Aaron’s, Inc.		623		28,284
American Eagle Outfitters, Inc. (C)		1,433		15,620
AutoNation, Inc. (A)		530		19,917
Dick’s Sporting Goods, Inc.		600		24,756
Five Below, Inc. (A) (C)		514		54,952
Foot Locker, Inc.		960		27,994
Murphy USA, Inc. (A)		253		28,485
RH (A) (C)		153		38,082
Sally Beauty Holdings, Inc. (A)		1,040		13,031
Urban Outfitters, Inc. (A) (C)		649		9,878
Williams-Sonoma, Inc.		716		58,719
				319,718
Technology Hardware, Storage & Peripherals - 0.0% (B)
NCR Corp. (A)		1,178		20,403
Textiles, Apparel & Luxury Goods - 0.2%
Carter’s, Inc. (C)		402		32,441
Columbia Sportswear Co.		262		21,112
Deckers Outdoor Corp. (A)		258		50,669
Skechers USA, Inc., Class A (A)		1,255		39,382
				143,604

	Shares		Value
COMMON STOCKS (continued)
Thrifts & Mortgage Finance - 0.1%
Essent Group, Ltd.		1,019		$   36,959
New York Community Bancorp, Inc.		4,275		43,605
Washington Federal, Inc.		698		18,734
				99,298
Trading Companies & Distributors - 0.2%
GATX Corp. (C)		322		19,636
MSC Industrial Direct Co., Inc., Class A		419		30,507
Univar Solutions, Inc. (A)		1,276		21,513
Watsco, Inc.		302		53,666
				125,322
Water Utilities - 0.1%
Essential Utilities, Inc.		2,055		86,803
Wireless Telecommunication Services - 0.0% (B)
Telephone & Data Systems, Inc.		899		17,872
Total Common Stocks (Cost $12,974,547)				14,424,469
	Principal		Value
U.S. GOVERNMENT OBLIGATION - 82.9%
U.S. Treasury - 82.9%
U.S. Treasury Note 0.25%, 06/30/2025		$  71,143,000		71,009,607
Total U.S. Government Obligation (Cost $71,042,955)				71,009,607
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.2%
Money Market Fund - 0.2%
State Street Institutional Treasury Money Market Fund, 0.05% (D)		191,905		191,905
Total Short-Term Investment Company (Cost $191,905)				191,905
OTHER INVESTMENT COMPANY - 0.1%
Securities Lending Collateral - 0.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.13% (D)		81,553		81,553
Total Other Investment Company (Cost $81,553)				81,553
Total Investments (Cost $84,290,960)				85,707,534
Net Other Assets (Liabilities) - (0.0)% (B)				(3,881	)
Net Assets - 100.0%				$  85,703,653

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P Midcap 400® E-Mini Index		2		09/18/2020	$	342,973	$	355,820	$	12,847	$	—

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    8

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	14,424,469	$	—	$	—	$	14,424,469
U.S. Government Obligation		—		71,009,607		—		71,009,607
Short-Term Investment Company		191,905		—		—		191,905
Other Investment Company		81,553		—		—		81,553
Total Investments	$	14,697,927	$	71,009,607	$	—	$	85,707,534
Other Financial Instruments
Futures Contracts (F)	$	12,847	$	—	$	—	$	12,847
Total Other Financial Instruments	$	12,847	$	—	$	—	$	12,847

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $606,750, collateralized by cash collateral of $81,553 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $540,529. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Rates disclosed reflect the yields at June 30, 2020.
(E)	There were no transfers in or out of Level 3 during the six-month period ended June 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(F)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    9

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 34.6%
Aerospace & Defense - 0.6%
Boeing Co.		2,760		$  505,908
General Dynamics Corp.		1,196		178,754
Howmet Aerospace, Inc.		1,976		31,320
Huntington Ingalls Industries, Inc.		208		36,294
L3 Harris Technologies, Inc.		1,112		188,673
Lockheed Martin Corp.		1,271		463,813
Northrop Grumman Corp.		798		245,337
Raytheon Technologies Corp.		7,573		466,648
Teledyne Technologies, Inc. (A)		189		58,770
Textron, Inc.		1,172		38,570
TransDigm Group, Inc.		259		114,491
				2,328,578
Air Freight & Logistics - 0.2%
CH Robinson Worldwide, Inc.		693		54,789
Expeditors International of Washington, Inc.		857		65,166
FedEx Corp.		1,238		173,592
United Parcel Service, Inc., Class B		3,626		403,139
				696,686
Airlines - 0.1%
Alaska Air Group, Inc.		631		22,880
American Airlines Group, Inc.		2,559		33,446
Delta Air Lines, Inc.		2,923		81,990
Southwest Airlines Co.		2,762		94,405
United Airlines Holdings, Inc. (A)		1,301		45,028
				277,749
Auto Components - 0.0% (B)
Aptiv PLC		1,380		107,530
BorgWarner, Inc.		1,067		37,665
				145,195
Automobiles - 0.1%
Ford Motor Co.		20,113		122,287
General Motors Co.		6,484		164,045
				286,332
Banks - 1.3%
Bank of America Corp.		40,204		954,845
Citigroup, Inc.		10,719		547,741
Citizens Financial Group, Inc.		2,197		55,452
Comerica, Inc.		716		27,280
Fifth Third Bancorp		3,666		70,680
First Republic Bank		883		93,589
Huntington Bancshares, Inc.		5,222		47,181
JPMorgan Chase & Co.		15,689		1,475,707
KeyCorp		5,022		61,168
M&T Bank Corp.		660		68,620
People’s United Financial, Inc.		2,187		25,304
PNC Financial Services Group, Inc.		2,185		229,884
Regions Financial Corp.		4,928		54,799
SVB Financial Group (A)		265		57,115
Truist Financial Corp.		6,938		260,522
US Bancorp		7,058		259,876
Wells Fargo & Co.		19,211		491,802
Zions Bancorp NA		844		28,696
				4,810,261
Beverages - 0.6%
Brown-Forman Corp., Class B		939		59,777
Coca-Cola Co.		19,903		889,266

	Shares		Value
COMMON STOCKS (continued)
Beverages (continued)
Constellation Brands, Inc., Class A		865		$   151,332
Molson Coors Beverage Co., Class B		968		33,260
Monster Beverage Corp. (A)		1,925		133,441
PepsiCo, Inc.		7,144		944,865
				2,211,941
Biotechnology - 0.9%
AbbVie, Inc.		9,074		890,885
Alexion Pharmaceuticals, Inc. (A)		1,137		127,617
Amgen, Inc.		3,029		714,420
Biogen, Inc. (A)		840		224,742
Gilead Sciences, Inc.		6,457		496,802
Incyte Corp. (A)		929		96,588
Regeneron Pharmaceuticals, Inc. (A)		519		323,674
Vertex Pharmaceuticals, Inc. (A)		1,335		387,564
				3,262,292
Building Products - 0.1%
A.O. Smith Corp.		696		32,796
Allegion PLC		475		48,555
Carrier Global Corp.		4,192		93,146
Fortune Brands Home & Security, Inc.		719		45,966
Johnson Controls International PLC		3,830		130,756
Masco Corp.		1,358		68,185
Trane Technologies PLC		1,232		109,623
				529,027
Capital Markets - 0.9%
Ameriprise Financial, Inc.		630		94,525
Bank of New York Mellon Corp.		4,149		160,359
BlackRock, Inc.		794		432,008
Cboe Global Markets, Inc.		565		52,703
Charles Schwab Corp.		5,900		199,066
CME Group, Inc.		1,846		300,049
E*TRADE Financial Corp.		1,138		56,593
Franklin Resources, Inc.		1,428		29,945
Goldman Sachs Group, Inc.		1,594		315,006
Intercontinental Exchange, Inc.		2,818		258,129
Invesco, Ltd.		1,938		20,853
MarketAxess Holdings, Inc.		195		97,679
Moody’s Corp.		830		228,026
Morgan Stanley		6,166		297,818
MSCI, Inc.		438		146,213
Nasdaq, Inc.		591		70,607
Northern Trust Corp.		1,071		84,973
Raymond James Financial, Inc.		628		43,225
S&P Global, Inc.		1,240		408,555
State Street Corp.		1,812		115,153
T. Rowe Price Group, Inc.		1,172		144,742
				3,556,227
Chemicals - 0.6%
Air Products & Chemicals, Inc.		1,137		274,540
Albemarle Corp.		547		42,234
Celanese Corp.		609		52,581
CF Industries Holdings, Inc.		1,101		30,982
Corteva, Inc.		3,853		103,222
Dow, Inc.		3,814		155,459
DuPont de Nemours, Inc.		3,778		200,725
Eastman Chemical Co.		700		48,748

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    10

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
Ecolab, Inc.		1,273		$   253,263
FMC Corp.		667		66,447
International Flavors & Fragrances, Inc.		550		67,353
Linde PLC		2,704		573,545
LyondellBasell Industries NV, Class A		1,323		86,948
Mosaic Co.		1,795		22,455
PPG Industries, Inc.		1,215		128,863
Sherwin-Williams Co.		416		240,386
				2,347,751
Commercial Services & Supplies - 0.1%
Cintas Corp.		434		115,600
Copart, Inc. (A)		1,064		88,600
Republic Services, Inc.		1,082		88,778
Rollins, Inc.		726		30,775
Waste Management, Inc.		1,999		211,714
				535,467
Communications Equipment - 0.3%
Arista Networks, Inc. (A)		277		58,178
Cisco Systems, Inc.		21,837		1,018,478
F5 Networks, Inc. (A)		314		43,797
Juniper Networks, Inc.		1,706		38,999
Motorola Solutions, Inc.		876		122,754
				1,282,206
Construction & Engineering - 0.0% (B)
Jacobs Engineering Group, Inc.		670		56,816
Quanta Services, Inc.		709		27,814
				84,630
Construction Materials - 0.0% (B)
Martin Marietta Materials, Inc.		320		66,102
Vulcan Materials Co.		682		79,010
				145,112
Consumer Finance - 0.2%
American Express Co.		3,399		323,585
Capital One Financial Corp.		2,344		146,711
Discover Financial Services		1,577		78,992
Synchrony Financial		2,765		61,272
				610,560
Containers & Packaging - 0.1%
Amcor PLC		8,107		82,772
Avery Dennison Corp.		429		48,945
Ball Corp.		1,679		116,674
International Paper Co.		2,024		71,265
Packaging Corp. of America		488		48,702
Sealed Air Corp.		801		26,313
WestRock Co.		1,335		37,727
				432,398
Distributors - 0.0% (B)
Genuine Parts Co.		743		64,611
LKQ Corp. (A)		1,565		41,003
				105,614
Diversified Consumer Services - 0.0% (B)
H&R Block, Inc. (C)		991		14,151
Diversified Financial Services - 0.5%
Berkshire Hathaway, Inc., Class B (A)		10,010		1,786,885

	Shares		Value
COMMON STOCKS (continued)
Diversified Telecommunication Services - 0.6%
AT&T, Inc.		36,687		$   1,109,048
CenturyLink, Inc.		5,086		51,013
Verizon Communications, Inc.		21,307		1,174,655
				2,334,716
Electric Utilities - 0.7%
Alliant Energy Corp.		1,285		61,474
American Electric Power Co., Inc.		2,552		203,241
Duke Energy Corp.		3,784		302,304
Edison International		1,946		105,687
Entergy Corp.		1,031		96,718
Evergy, Inc.		1,167		69,191
Eversource Energy		1,732		144,224
Exelon Corp.		5,017		182,067
FirstEnergy Corp.		2,790		108,196
NextEra Energy, Inc.		2,520		605,228
NRG Energy, Inc.		1,257		40,928
Pinnacle West Capital Corp.		579		42,435
PPL Corp.		3,958		102,275
Southern Co.		5,437		281,909
Xcel Energy, Inc.		2,703		168,938
				2,514,815
Electrical Equipment - 0.2%
AMETEK, Inc.		1,181		105,546
Eaton Corp. PLC		2,060		180,209
Emerson Electric Co.		3,076		190,804
Rockwell Automation, Inc.		596		126,948
				603,507
Electronic Equipment, Instruments & Components - 0.2%
Amphenol Corp., Class A		1,524		146,015
CDW Corp.		733		85,160
Corning, Inc.		3,908		101,217
FLIR Systems, Inc.		674		27,344
IPG Photonics Corp. (A)		183		29,352
Keysight Technologies, Inc. (A)		963		97,051
TE Connectivity, Ltd.		1,698		138,472
Zebra Technologies Corp., Class A (A)		273		69,874
				694,485
Energy Equipment & Services - 0.1%
Baker Hughes Co.		3,373		51,910
Halliburton Co.		4,517		58,631
National Oilwell Varco, Inc.		1,999		24,488
Schlumberger, Ltd.		7,146		131,415
TechnipFMC PLC		2,166		14,815
				281,259
Entertainment - 0.7%
Activision Blizzard, Inc.		3,967		301,095
Electronic Arts, Inc. (A)		1,486		196,226
Live Nation Entertainment, Inc. (A)		732		32,450
Netflix, Inc. (A)		2,265		1,030,666
Take-Two Interactive Software, Inc. (A)		587		81,928
Walt Disney Co.		9,301		1,037,154
				2,679,519
Equity Real Estate Investment Trusts - 1.0%
Alexandria Real Estate Equities, Inc.		650		105,462
American Tower Corp.		2,283		590,247

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    11

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Apartment Investment & Management Co., Class A		767		$   28,870
AvalonBay Communities, Inc.		725		112,114
Boston Properties, Inc.		744		67,243
Crown Castle International Corp.		2,146		359,133
Digital Realty Trust, Inc.		1,382		196,396
Duke Realty Corp.		1,897		67,135
Equinix, Inc.		456		320,249
Equity Residential		1,801		105,935
Essex Property Trust, Inc.		337		77,230
Extra Space Storage, Inc.		665		61,426
Federal Realty Investment Trust		362		30,846
Healthpeak Properties, Inc.		2,772		76,396
Host Hotels & Resorts, Inc.		3,630		39,168
Iron Mountain, Inc. (C)		1,482		38,680
Kimco Realty Corp.		2,227		28,595
Mid-America Apartment Communities, Inc.		589		67,541
Prologis, Inc.		3,803		354,934
Public Storage		774		148,523
Realty Income Corp.		1,768		105,196
Regency Centers Corp.		873		40,062
SBA Communications Corp.		575		171,304
Simon Property Group, Inc.		1,574		107,630
SL Green Realty Corp. (C)		394		19,420
UDR, Inc.		1,518		56,743
Ventas, Inc.		1,921		70,347
Vornado Realty Trust		817		31,218
Welltower, Inc.		2,150		111,262
Weyerhaeuser Co.		3,842		86,291
				3,675,596
Food & Staples Retailing - 0.5%
Costco Wholesale Corp.		2,273		689,196
Kroger Co.		4,048		137,025
Sysco Corp.		2,614		142,881
Walgreens Boots Alliance, Inc.		3,794		160,828
Walmart, Inc.		7,291		873,316
				2,003,246
Food Products - 0.4%
Archer-Daniels-Midland Co.		2,860		114,114
Campbell Soup Co.		871		43,228
Conagra Brands, Inc.		2,508		88,206
General Mills, Inc.		3,121		192,410
Hershey Co.		759		98,382
Hormel Foods Corp. (C)		1,443		69,654
J.M. Smucker Co.		587		62,110
Kellogg Co.		1,288		85,085
Kraft Heinz Co.		3,209		102,335
Lamb Weston Holdings, Inc.		752		48,075
McCormick & Co., Inc.		637		114,284
Mondelez International, Inc., Class A		7,350		375,805
Tyson Foods, Inc., Class A		1,515		90,461
				1,484,149
Gas Utilities - 0.0% (B)
Atmos Energy Corp.		630		62,735
Health Care Equipment & Supplies - 1.3%
Abbott Laboratories		9,108		832,745
ABIOMED, Inc. (A)		231		55,800

	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies (continued)
Align Technology, Inc. (A)		369		$   101,268
Baxter International, Inc.		2,620		225,582
Becton Dickinson & Co.		1,518		363,212
Boston Scientific Corp. (A)		7,356		258,269
Cooper Cos., Inc.		253		71,761
Danaher Corp.		3,240		572,929
DENTSPLY SIRONA, Inc.		1,128		49,700
DexCom, Inc. (A)		475		192,565
Edwards Lifesciences Corp. (A)		3,191		220,530
Hologic, Inc. (A)		1,330		75,810
IDEXX Laboratories, Inc. (A)		437		144,280
Intuitive Surgical, Inc. (A)		600		341,898
Medtronic PLC		6,905		633,189
ResMed, Inc.		745		143,040
STERIS PLC		437		67,053
Stryker Corp.		1,660		299,115
Teleflex, Inc.		239		86,991
Varian Medical Systems, Inc. (A)		468		57,339
West Pharmaceutical Services, Inc.		379		86,098
Zimmer Biomet Holdings, Inc.		1,065		127,118
				5,006,292
Health Care Providers & Services - 1.0%
AmerisourceBergen Corp.		765		77,089
Anthem, Inc.		1,298		341,348
Cardinal Health, Inc.		1,503		78,442
Centene Corp. (A)		2,982		189,506
Cigna Corp.		1,900		356,535
CVS Health Corp.		6,730		437,248
DaVita, Inc. (A)		439		34,742
HCA Healthcare, Inc.		1,356		131,613
Henry Schein, Inc. (A)		735		42,917
Humana, Inc.		681		264,058
Laboratory Corp. of America Holdings (A)		500		83,055
McKesson Corp.		833		127,799
Quest Diagnostics, Inc.		689		78,518
UnitedHealth Group, Inc.		4,883		1,440,241
Universal Health Services, Inc., Class B		400		37,156
				3,720,267
Health Care Technology - 0.0% (B)
Cerner Corp.		1,567		107,418
Hotels, Restaurants & Leisure - 0.5%
Carnival Corp. (C)		2,439		40,048
Chipotle Mexican Grill, Inc. (A)		132		138,912
Darden Restaurants, Inc.		669		50,690
Domino’s Pizza, Inc.		201		74,257
Hilton Worldwide Holdings, Inc.		1,428		104,887
Las Vegas Sands Corp.		1,730		78,784
Marriott International, Inc., Class A		1,386		118,822
McDonald’s Corp.		3,829		706,336
MGM Resorts International (C)		2,540		42,672
Norwegian Cruise Line Holdings, Ltd. (A)		1,320		21,688
Royal Caribbean Cruises, Ltd.		884		44,465
Starbucks Corp.		6,015		442,644
Wynn Resorts, Ltd.		500		37,245
Yum! Brands, Inc.		1,550		134,710
				2,036,160

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    12

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Household Durables - 0.1%
D.R. Horton, Inc.		1,703		$   94,431
Garmin, Ltd.		748		72,930
Leggett & Platt, Inc.		681		23,937
Lennar Corp., Class A		1,414		87,131
Mohawk Industries, Inc. (A)		306		31,139
Newell Brands, Inc.		1,965		31,204
NVR, Inc. (A)		18		58,657
PulteGroup, Inc.		1,298		44,171
Whirlpool Corp.		320		41,450
				485,050
Household Products - 0.6%
Church & Dwight Co., Inc.		1,266		97,862
Clorox Co.		644		141,274
Colgate-Palmolive Co.		4,410		323,077
Kimberly-Clark Corp.		1,753		247,786
Procter & Gamble Co.		12,747		1,524,159
				2,334,158
Independent Power & Renewable Electricity Producers - 0.0% (B)
AES Corp.		3,424		49,614
Industrial Conglomerates - 0.4%
3M Co.		2,962		462,043
General Electric Co.		45,039		307,616
Honeywell International, Inc.		3,614		522,548
Roper Technologies, Inc.		538		208,884
				1,501,091
Insurance - 0.7%
Aflac, Inc.		3,694		133,095
Allstate Corp.		1,617		156,833
American International Group, Inc.		4,435		138,283
Aon PLC, Class A		1,190		229,194
Arthur J. Gallagher & Co.		976		95,150
Assurant, Inc.		307		31,710
Chubb, Ltd.		2,324		294,265
Cincinnati Financial Corp.		777		49,751
Everest Re Group, Ltd.		206		42,477
Globe Life, Inc.		504		37,412
Hartford Financial Services Group, Inc.		1,844		71,086
Lincoln National Corp.		995		36,606
Loews Corp.		1,246		42,725
Marsh & McLennan Cos., Inc.		2,627		282,061
MetLife, Inc.		3,972		145,057
Principal Financial Group, Inc.		1,311		54,459
Progressive Corp.		3,014		241,452
Prudential Financial, Inc.		2,034		123,871
Travelers Cos., Inc.		1,302		148,493
Unum Group		1,047		17,370
W.R. Berkley Corp.		727		41,650
Willis Towers Watson PLC		663		130,578
				2,543,578
Interactive Media & Services - 1.9%
Alphabet, Inc., Class A (A)		1,545		2,190,887
Alphabet, Inc., Class C (A)		1,506		2,128,897
Facebook, Inc., Class A (A)		12,381		2,811,354
Twitter, Inc. (A)		4,040		120,351
				7,251,489

	Shares		Value
COMMON STOCKS (continued)
Internet & Direct Marketing Retail - 1.7%
Amazon.com, Inc. (A)		2,157		$   5,950,775
Booking Holdings, Inc. (A)		211		335,984
eBay, Inc.		3,401		178,382
Expedia Group, Inc.		697		57,293
				6,522,434
IT Services - 2.0%
Accenture PLC, Class A		3,280		704,282
Akamai Technologies, Inc. (A)		836		89,527
Automatic Data Processing, Inc.		2,213		329,494
Broadridge Financial Solutions, Inc.		591		74,578
Cognizant Technology Solutions Corp., Class A		2,783		158,130
DXC Technology Co.		1,307		21,565
Fidelity National Information Services, Inc.		3,181		426,540
Fiserv, Inc. (A)		2,896		282,707
FleetCor Technologies, Inc. (A)		432		108,661
Gartner, Inc. (A)		459		55,690
Global Payments, Inc.		1,540		261,215
International Business Machines Corp.		4,572		552,160
Jack Henry & Associates, Inc.		394		72,508
Leidos Holdings, Inc.		688		64,445
Mastercard, Inc., Class A		4,551		1,345,731
Paychex, Inc.		1,644		124,533
PayPal Holdings, Inc. (A)		6,046		1,053,395
VeriSign, Inc. (A)		524		108,379
Visa, Inc., Class A		8,687		1,678,068
Western Union Co.		2,116		45,748
				7,557,356
Leisure Products - 0.0% (B)
Hasbro, Inc.		656		49,167
Life Sciences Tools & Services - 0.4%
Agilent Technologies, Inc.		1,590		140,508
Bio-Rad Laboratories, Inc., Class A (A)		110		49,664
Illumina, Inc. (A)		757		280,355
IQVIA Holdings, Inc. (A)		914		129,678
Mettler-Toledo International, Inc. (A)		123		99,083
PerkinElmer, Inc.		574		56,304
Thermo Fisher Scientific, Inc.		2,034		736,999
Waters Corp. (A)		319		57,548
				1,550,139
Machinery - 0.5%
Caterpillar, Inc.		2,787		352,555
Cummins, Inc.		760		131,678
Deere & Co.		1,611		253,169
Dover Corp.		741		71,551
Flowserve Corp.		670		19,108
Fortive Corp.		1,526		103,249
IDEX Corp.		388		61,319
Illinois Tool Works, Inc.		1,480		258,778
Ingersoll Rand, Inc. (A)		1,780		50,054
Otis Worldwide Corp.		2,096		119,179
PACCAR, Inc.		1,780		133,233
Parker-Hannifin Corp.		661		121,141
Pentair PLC		853		32,405
Snap-on, Inc.		280		38,783
Stanley Black & Decker, Inc.		794		110,668

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    13

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Machinery (continued)
Westinghouse Air Brake Technologies Corp.		931		$   53,598
Xylem, Inc.		926		60,153
				1,970,621
Media - 0.4%
Charter Communications, Inc., Class A (A)		776		395,791
Comcast Corp., Class A		23,452		914,159
Discovery, Inc., Class A (A) (C)		824		17,386
Discovery, Inc., Class C (A)		1,629		31,374
DISH Network Corp., Class A (A)		1,324		45,691
Fox Corp., Class A		1,764		47,310
Fox Corp., Class B (A)		820		22,009
Interpublic Group of Cos., Inc.		2,006		34,423
News Corp., Class A		2,002		23,744
News Corp., Class B		627		7,493
Omnicom Group, Inc.		1,103		60,224
ViacomCBS, Inc., Class B (C)		2,783		64,900
				1,664,504
Metals & Mining - 0.1%
Freeport-McMoRan, Inc.		7,476		86,497
Newmont Corp.		4,133		255,172
Nucor Corp.		1,551		64,227
				405,896
Multi-Utilities - 0.3%
Ameren Corp.		1,271		89,428
CenterPoint Energy, Inc.		2,805		52,369
CMS Energy Corp.		1,474		86,111
Consolidated Edison, Inc.		1,720		123,720
Dominion Energy, Inc.		4,321		350,779
DTE Energy Co.		992		106,640
NiSource, Inc.		1,971		44,820
Public Service Enterprise Group, Inc.		2,603		127,963
Sempra Energy		1,506		176,548
WEC Energy Group, Inc.		1,624		142,344
				1,300,722
Multiline Retail - 0.2%
Dollar General Corp.		1,296		246,901
Dollar Tree, Inc. (A)		1,222		113,255
Kohl’s Corp.		812		16,865
Target Corp.		2,575		308,820
				685,841
Oil, Gas & Consumable Fuels - 0.9%
Apache Corp.		1,943		26,231
Cabot Oil & Gas Corp.		2,052		35,253
Chevron Corp.		9,613		857,768
Concho Resources, Inc.		1,013		52,170
ConocoPhillips		5,522		232,035
Devon Energy Corp.		1,971		22,351
Diamondback Energy, Inc.		813		34,000
EOG Resources, Inc.		2,997		151,828
Exxon Mobil Corp.		21,771		973,599
Hess Corp.		1,344		69,633
HollyFrontier Corp.		767		22,397
Kinder Morgan, Inc.		10,014		151,912
Marathon Oil Corp.		4,069		24,902
Marathon Petroleum Corp.		3,348		125,148
Noble Energy, Inc.		2,470		22,131

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp.		4,634		$   84,802
ONEOK, Inc.		2,265		75,243
Phillips 66		2,248		161,631
Pioneer Natural Resources Co.		849		82,947
Valero Energy Corp.		2,099		123,463
Williams Cos., Inc.		6,247		118,818
				3,448,262
Personal Products - 0.1%
Coty, Inc., Class A		1,532		6,848
Estee Lauder Cos., Inc., Class A		1,157		218,303
				225,151
Pharmaceuticals - 1.5%
Bristol-Myers Squibb Co.		11,651		685,079
Eli Lilly & Co.		4,336		711,884
Johnson & Johnson		13,566		1,907,787
Merck & Co., Inc.		12,997		1,005,058
Mylan NV (A)		2,662		42,805
Perrigo Co. PLC		702		38,800
Pfizer, Inc.		28,602		935,285
Zoetis, Inc.		2,445		335,063
				5,661,761
Professional Services - 0.1%
Equifax, Inc.		625		107,425
IHS Markit, Ltd.		2,054		155,077
Nielsen Holdings PLC		1,836		27,283
Robert Half International, Inc.		590		31,170
Verisk Analytics, Inc.		835		142,117
				463,072
Real Estate Management & Development - 0.0% (B)
CBRE Group, Inc., Class A (A)		1,726		78,050
Road & Rail - 0.4%
CSX Corp.		3,941		274,845
JB Hunt Transport Services, Inc.		434		52,227
Kansas City Southern		489		73,003
Norfolk Southern Corp.		1,319		231,577
Old Dominion Freight Line, Inc.		486		82,421
Union Pacific Corp.		3,494		590,731
				1,304,804
Semiconductors & Semiconductor Equipment - 1.7%
Advanced Micro Devices, Inc. (A)		6,031		317,291
Analog Devices, Inc.		1,897		232,648
Applied Materials, Inc.		4,719		285,264
Broadcom, Inc.		2,059		649,841
Intel Corp.		21,801		1,304,354
KLA Corp.		798		155,195
Lam Research Corp.		747		241,625
Maxim Integrated Products, Inc.		1,373		83,218
Microchip Technology, Inc.		1,263		133,006
Micron Technology, Inc. (A)		5,727		295,055
NVIDIA Corp.		3,167		1,203,175
Qorvo, Inc. (A)		591		65,323
QUALCOMM, Inc.		5,792		528,288
Skyworks Solutions, Inc.		859		109,832
Texas Instruments, Inc.		4,726		600,060
Xilinx, Inc.		1,252		123,184
				6,327,359

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    14

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Software - 3.2%
Adobe, Inc. (A)		2,481		$   1,080,004
ANSYS, Inc. (A)		442		128,945
Autodesk, Inc. (A)		1,129		270,046
Cadence Design Systems, Inc. (A)		1,438		137,990
Citrix Systems, Inc.		598		88,450
Fortinet, Inc. (A)		691		94,854
Intuit, Inc.		1,343		397,783
Microsoft Corp.		39,048		7,946,658
Norton Lifelock, Inc.		2,790		55,326
Oracle Corp.		10,717		592,329
Paycom Software, Inc. (A)		248		76,813
salesforce.com, Inc. (A)		4,639		869,024
ServiceNow, Inc. (A)		982		397,769
Synopsys, Inc. (A)		776		151,320
Tyler Technologies, Inc. (A)		205		71,110
				12,358,421
Specialty Retail - 0.8%
Advance Auto Parts, Inc.		356		50,712
AutoZone, Inc. (A)		120		135,374
Best Buy Co., Inc.		1,170		102,106
CarMax, Inc. (A)		838		75,043
Gap, Inc.		1,096		13,832
Home Depot, Inc.		5,538		1,387,324
L Brands, Inc.		1,202		17,994
Lowe’s Cos., Inc.		3,888		525,347
O’Reilly Automotive, Inc. (A)		382		161,078
Ross Stores, Inc.		1,830		155,989
Tiffany & Co.		562		68,530
TJX Cos., Inc.		6,168		311,854
Tractor Supply Co.		595		78,415
Ulta Beauty, Inc. (A)		290		58,992
				3,142,590
Technology Hardware, Storage & Peripherals - 2.1%
Apple, Inc.		20,979		7,653,139
Hewlett Packard Enterprise Co.		6,615		64,364
HP, Inc.		7,363		128,337
NetApp, Inc.		1,139		50,537
Seagate Technology PLC		1,163		56,301
Western Digital Corp.		1,543		68,123
Xerox Holdings Corp. (A)		943		14,419
				8,035,220
Textiles, Apparel & Luxury Goods - 0.2%
Hanesbrands, Inc. (C)		1,792		20,232
NIKE, Inc., Class B		6,385		626,049
PVH Corp.		365		17,538
Ralph Lauren Corp.		246		17,840
Tapestry, Inc.		1,422		18,884
Under Armour, Inc., Class A (A)		970		9,448
Under Armour, Inc., Class C (A)		1,012		8,946
VF Corp.		1,642		100,064
				819,001
Tobacco - 0.3%
Altria Group, Inc.		9,569		375,583
Philip Morris International, Inc.		8,018		561,741
				937,324

	Shares		Value
COMMON STOCKS (continued)
Trading Companies & Distributors - 0.1%
Fastenal Co.		2,949		$   126,335
United Rentals, Inc. (A)		371		55,294
WW Grainger, Inc.		223		70,058
				251,687
Water Utilities - 0.0% (B)
American Water Works Co., Inc.		932		119,911
Wireless Telecommunication Services - 0.1%
T-Mobile US, Inc. (A)		2,932		305,368
Total Common Stocks (Cost $115,219,144)				132,002,867
	Principal		Value
U.S. GOVERNMENT OBLIGATION - 64.9%
U.S. Treasury - 64.9%
U.S. Treasury Note 0.25%, 06/30/2025		$  248,041,000		247,575,923
Total U.S. Government Obligation (Cost $247,692,192)				247,575,923
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.4%
Money Market Fund - 0.4%
State Street Institutional Treasury Money Market Fund, 0.05% (D)		1,488,050		1,488,050
Total Short-Term Investment Company (Cost $1,488,050)				1,488,050
OTHER INVESTMENT COMPANY - 0.0% (B)
Securities Lending Collateral - 0.0% (B)
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.13% (D)		52,444		52,444
Total Other Investment Company (Cost $52,444)				52,444
Total Investments (Cost $364,451,830)				381,119,284
Net Other Assets (Liabilities)  - 0.1%				231,973
Net Assets  - 100.0%				$  381,351,257

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    15

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		11		09/18/2020	$	1,666,932	$	1,699,610	$	32,678	$	—

INVESTMENT VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	132,002,867	$	—	$	—	$	132,002,867
U.S. Government Obligation		—		247,575,923		—		247,575,923
Short-Term Investment Company		1,488,050		—		—		1,488,050
Other Investment Company		52,444		—		—		52,444
Total Investments	$	133,543,361	$	247,575,923	$	—	$	381,119,284
Other Financial Instruments
Futures Contracts (F)	$	32,678	$	—	$	—	$	32,678
Total Other Financial Instruments	$	32,678	$	—	$	—	$	32,678

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $250,646, collateralized by cash collateral of $52,444 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $204,376. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Rates disclosed reflect the yields at June 30, 2020.
(E)	There were no transfers in or out of Level 3 during the six-month period ended June 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(F)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    16

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 12.9%
Aerospace & Defense - 0.2%
AAR Corp.		217		$  4,485
Aerojet Rocketdyne Holdings, Inc. (A)		477		18,908
AeroVironment, Inc. (A)		142		11,308
Cubic Corp.		206		9,894
Kaman Corp.		184		7,654
Moog, Inc., Class A		198		10,490
National Presto Industries, Inc.		33		2,884
Park Aerospace Corp.		129		1,437
Triumph Group, Inc.		342		3,082
				70,142
Air Freight & Logistics - 0.1%
Atlas Air Worldwide Holdings, Inc. (A)		171		7,358
Echo Global Logistics, Inc. (A)		180		3,892
Forward Air Corp.		186		9,266
Hub Group, Inc., Class A (A)		220		10,529
				31,045
Airlines - 0.1%
Allegiant Travel Co.		87		9,501
Hawaiian Holdings, Inc.		307		4,310
SkyWest, Inc.		332		10,830
				24,641
Auto Components - 0.3%
American Axle & Manufacturing Holdings, Inc. (A)		742		5,639
Cooper Tire & Rubber Co.		331		9,139
Cooper-Standard Holdings, Inc. (A)		111		1,471
Dorman Products, Inc. (A)		192		12,877
Fox Factory Holding Corp. (A)		270		22,305
Garrett Motion, Inc. (A)		493		2,731
Gentherm, Inc. (A)		216		8,402
LCI Industries		165		18,972
Motorcar Parts of America, Inc. (A)		125		2,209
Standard Motor Products, Inc.		133		5,480
				89,225
Automobiles - 0.0% (B)
Winnebago Industries, Inc.		222		14,790
Banks - 1.0%
Allegiance Bancshares, Inc.		126		3,199
Ameris Bancorp		432		10,191
Banc of California, Inc.		296		3,206
Banner Corp.		233		8,854
Berkshire Hills Bancorp, Inc.		283		3,119
Boston Private Financial Holdings, Inc.		539		3,708
Brookline Bancorp, Inc.		526		5,302
Cadence BanCorp		830		7,354
Central Pacific Financial Corp.		187		2,998
City Holding Co.		108		7,038
Columbia Banking System, Inc.		476		13,492
Community Bank System, Inc.		341		19,444
Customers Bancorp, Inc. (A)		190		2,284
CVB Financial Corp.		848		15,891
Dime Community Bancshares, Inc.		189		2,595
Eagle Bancorp, Inc.		221		7,238
First BanCorp		1,433		8,010
First Commonwealth Financial Corp.		648		5,365
First Financial Bancorp		645		8,959
First Midwest Bancorp, Inc.		752		10,039

	Shares		Value
COMMON STOCKS (continued)
Banks (continued)
Franklin Financial Network, Inc.		88		$   2,266
Great Western Bancorp, Inc.		371		5,105
Hanmi Financial Corp.		205		1,991
Heritage Financial Corp.		241		4,820
Hope Bancorp, Inc.		812		7,487
Independent Bank Corp.		217		14,559
Independent Bank Group, Inc.		241		9,765
National Bank Holdings Corp., Class A		206		5,562
NBT Bancorp, Inc.		289		8,890
OFG Bancorp		339		4,532
Old National Bancorp		1,085		14,930
Pacific Premier Bancorp, Inc.		532		11,534
Preferred Bank		90		3,856
S&T Bancorp, Inc.		254		5,956
Seacoast Banking Corp. of Florida (A)		339		6,916
ServisFirst Bancshares, Inc.		304		10,871
Simmons First National Corp., Class A		718		12,285
Southside Bancshares, Inc.		209		5,793
Tompkins Financial Corp.		81		5,246
Triumph Bancorp, Inc. (A)		154		3,738
United Community Banks, Inc.		521		10,482
Veritex Holdings, Inc.		311		5,505
Westamerica BanCorp		178		10,221
				320,596
Beverages - 0.0% (B)
Coca-Cola Consolidated, Inc.		31		7,105
MGP Ingredients, Inc.		88		3,230
National Beverage Corp. (A) (C)		77		4,699
				15,034
Biotechnology - 0.3%
Anika Therapeutics, Inc. (A)		94		3,547
Coherus Biosciences, Inc. (A) (C)		395		7,055
Cytokinetics, Inc. (A) (C)		390		9,192
Eagle Pharmaceuticals, Inc. (A)		67		3,215
Emergent BioSolutions, Inc. (A)		294		23,249
Enanta Pharmaceuticals, Inc. (A)		105		5,272
Momenta Pharmaceuticals, Inc. (A)		775		25,784
Myriad Genetics, Inc. (A)		491		5,568
REGENXBIO, Inc. (A)		207		7,624
Spectrum Pharmaceuticals, Inc. (A)		756		2,555
Vanda Pharmaceuticals, Inc. (A)		352		4,027
Xencor, Inc. (A)		325		10,527
				107,615
Building Products - 0.3%
AAON, Inc.		268		14,550
American Woodmark Corp. (A)		103		7,792
Apogee Enterprises, Inc.		175		4,032
Gibraltar Industries, Inc. (A)		213		10,226
Griffon Corp.		281		5,204
Insteel Industries, Inc.		121		2,307
Patrick Industries, Inc.		147		9,004
PGT Innovations, Inc. (A)		385		6,037
Quanex Building Products Corp.		219		3,040
Resideo Technologies, Inc. (A)		811		9,505
Simpson Manufacturing Co., Inc.		261		22,018
UFP Industries, Inc.		405		20,051
				113,766

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    17

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Capital Markets - 0.1%
Blucora, Inc. (A)		323		$   3,689
Brightsphere Investment Group (A)		411		5,121
Donnelley Financial Solutions, Inc. (A)		206		1,730
Greenhill & Co., Inc.		98		979
Piper Sandler Cos.		96		5,679
StoneX Group, Inc. (A)		107		5,885
Virtus Investment Partners, Inc.		48		5,582
Waddell & Reed Financial, Inc., Class A (C)		432		6,700
WisdomTree Investments, Inc.		778		2,700
				38,065
Chemicals - 0.4%
AdvanSix, Inc. (A)		184		2,160
American Vanguard Corp.		175		2,408
Balchem Corp.		212		20,110
Ferro Corp. (A)		541		6,460
FutureFuel Corp.		170		2,032
GCP Applied Technologies, Inc. (A)		355		6,596
Hawkins, Inc.		62		2,640
HB Fuller Co.		336		14,986
Innospec, Inc.		162		12,515
Koppers Holdings, Inc. (A)		136		2,562
Kraton Corp. (A)		209		3,612
Livent Corp. (A) (C)		963		5,932
Quaker Chemical Corp. (C)		85		15,780
Rayonier Advanced Materials, Inc.		329		924
Stepan Co.		132		12,817
Tredegar Corp.		163		2,510
Trinseo SA (C)		258		5,717
				119,761
Commercial Services & Supplies - 0.2%
ABM Industries, Inc.		438		15,899
Brady Corp., Class A		319		14,935
Harsco Corp. (A)		518		6,998
Interface, Inc.		385		3,134
Matthews International Corp., Class A		207		3,954
Pitney Bowes, Inc.		1,137		2,956
R.R. Donnelley & Sons Co.		468		557
Team, Inc. (A)		200		1,114
UniFirst Corp.		101		18,074
US Ecology, Inc.		168		5,692
Viad Corp.		134		2,549
				75,862
Communications Equipment - 0.1%
ADTRAN, Inc.		315		3,443
Applied Optoelectronics, Inc. (A) (C)		126		1,370
CalAmp Corp. (A)		225		1,802
Comtech Telecommunications Corp.		161		2,719
Digi International, Inc. (A)		187		2,179
Extreme Networks, Inc. (A)		792		3,437
Harmonic, Inc. (A)		632		3,002
NETGEAR, Inc. (A)		199		5,152
Plantronics, Inc. (C)		216		3,171
Viavi Solutions, Inc. (A)		1,502		19,135
				45,410
Construction & Engineering - 0.1%
Aegion Corp. (A)		203		3,222
Arcosa, Inc.		319		13,462

	Shares		Value
COMMON STOCKS (continued)
Construction & Engineering (continued)
Comfort Systems USA, Inc.		242		$   9,861
Granite Construction, Inc. (C)		308		5,895
MYR Group, Inc. (A)		110		3,510
				35,950
Construction Materials - 0.0% (B)
US Concrete, Inc. (A) (C)		105		2,604
Consumer Finance - 0.1%
Encore Capital Group, Inc. (A)		182		6,221
Enova International, Inc. (A)		198		2,944
EZCORP, Inc., Class A (A)		347		2,186
Green Dot Corp., Class A (A)		321		15,755
PRA Group, Inc. (A)		299		11,559
World Acceptance Corp. (A) (C)		37		2,424
				41,089
Containers & Packaging - 0.0% (B)
Myers Industries, Inc.		234		3,405
Distributors - 0.0% (B)
Core-Mark Holding Co., Inc.		300		7,487
Diversified Consumer Services - 0.0% (B)
American Public Education, Inc. (A)		102		3,019
Perdoceo Education Corp. (A)		464		7,391
Regis Corp. (A) (C)		159		1,301
				11,711
Diversified Telecommunication Services - 0.2%
ATN International, Inc.		72		4,361
Cincinnati Bell, Inc. (A)		332		4,930
Cogent Communications Holdings, Inc.		275		21,274
Consolidated Communications Holdings, Inc. (A)		475		3,216
Iridium Communications, Inc. (A)		640		16,282
Vonage Holdings Corp. (A)		1,520		15,291
				65,354
Electric Utilities - 0.1%
E.I. Paso Electric Co.		269		18,023
Electrical Equipment - 0.1%
AZZ, Inc.		172		5,903
Encore Wire Corp.		138		6,737
Powell Industries, Inc.		58		1,589
Sunrun, Inc. (A)		514		10,136
Vicor Corp. (A)		121		8,706
				33,071
Electronic Equipment, Instruments & Components - 0.5%
Arlo Technologies, Inc. (A)		514		1,326
Badger Meter, Inc.		192		12,081
Bel Fuse, Inc., Class B		67		719
Benchmark Electronics, Inc.		248		5,357
CTS Corp.		215		4,309
Daktronics, Inc.		247		1,074
ePlus, Inc. (A)		89		6,291
Fabrinet (A)		244		15,231
FARO Technologies, Inc. (A)		115		6,164
Insight Enterprises, Inc. (A)		236		11,611
Itron, Inc. (A)		232		15,370
Knowles Corp. (A)		567		8,652
Methode Electronics, Inc.		245		7,659
MTS Systems Corp.		117		2,058

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    18

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
OSI Systems, Inc. (A)		113		$   8,434
PC Connection, Inc.		73		3,384
Plexus Corp. (A)		192		13,548
Rogers Corp. (A)		122		15,201
Sanmina Corp. (A)		449		11,243
ScanSource, Inc. (A)		167		4,023
TTM Technologies, Inc. (A)		647		7,673
				161,408
Energy Equipment & Services - 0.2%
Archrock, Inc.		841		5,458
Core Laboratories NV		293		5,954
DMC Global, Inc.		97		2,677
Dril-Quip, Inc. (A)		239		7,120
Exterran Corp. (A)		186		1,002
Geospace Technologies Corp. (A)		90		677
Helix Energy Solutions Group, Inc. (A)		932		3,234
Helmerich & Payne, Inc.		713		13,911
Matrix Service Co. (A)		179		1,740
Nabors Industries, Ltd. (C)		45		1,666
Newpark Resources, Inc. (A)		592		1,320
Oceaneering International, Inc. (A)		652		4,166
Oil States International, Inc. (A)		399		1,895
Patterson-UTI Energy, Inc.		1,229		4,265
ProPetro Holding Corp. (A)		543		2,791
RPC, Inc. (C)		339		1,044
SEACOR Holdings, Inc. (A)		116		3,285
US Silica Holdings, Inc. (C)		485		1,751
Valaris PLC (A) (C)		1,305		851
				64,807
Entertainment - 0.0% (B)
Glu Mobile, Inc. (A)		867		8,037
Marcus Corp.		152		2,017
				10,054
Equity Real Estate Investment Trusts - 1.0%
Acadia Realty Trust		573		7,438
Agree Realty Corp.		355		23,327
Alexander & Baldwin, Inc.		448		5,461
American Assets Trust, Inc.		316		8,797
Armada Hoffler Properties, Inc.		365		3,632
Brandywine Realty Trust		1,124		12,240
CareTrust, Inc.		630		10,811
Cedar Realty Trust, Inc.		567		561
Chatham Lodging Trust		309		1,891
Community Healthcare Trust, Inc.		134		5,481
DiamondRock Hospitality Co.		1,320		7,300
Diversified Healthcare Trust		1,559		6,899
Easterly Government Properties, Inc.		489		11,306
Essential Properties Realty Trust, Inc.		606		8,993
Four Corners Property Trust, Inc.		454		11,078
Franklin Street Properties Corp.		707		3,599
Getty Realty Corp.		226		6,708
Global Net Lease, Inc.		590		9,871
Hersha Hospitality Trust		237		1,365
Independence Realty Trust, Inc.		624		7,170
Industrial Logistics Properties Trust		430		8,836
Innovative Industrial Properties, Inc. (C)		123		10,826
Investors Real Estate Trust		77		5,428

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
iStar, Inc. (C)		479		$   5,901
Kite Realty Group Trust		554		6,393
Lexington Realty Trust		1,820		19,201
LTC Properties, Inc.		262		9,870
National Storage Affiliates Trust		408		11,693
NexPoint Residential Trust, Inc.		149		5,267
Office Properties Income Trust		318		8,258
Pennsylvania Real Estate Investment Trust		394		536
Retail Opportunity Investments Corp.		765		8,667
Retail Properties of America, Inc., Class A		1,412		10,336
RPT Realty		530		3,689
Safehold, Inc. (C)		87		5,002
Saul Centers, Inc.		78		2,517
SITE Centers Corp.		981		7,945
Summit Hotel Properties, Inc.		693		4,109
Tanger Factory Outlet Centers, Inc. (C)		613		4,371
Uniti Group, Inc.		1,275		11,921
Universal Health Realty Income Trust		83		6,598
Urstadt Biddle Properties, Inc., Class A		197		2,340
Washington Prime Group, Inc. (C)		1,231		1,035
Washington Real Estate Investment Trust		542		12,032
Whitestone, REIT		278		2,021
Xenia Hotels & Resorts, Inc.		743		6,932
				335,652
Food & Staples Retailing - 0.1%
Andersons, Inc.		215		2,958
Chefs’ Warehouse, Inc. (A)		204		2,770
PriceSmart, Inc.		147		8,869
SpartanNash Co.		240		5,100
United Natural Foods, Inc. (A)		352		6,410
				26,107
Food Products - 0.2%
B&G Foods, Inc. (C)		422		10,288
Cal-Maine Foods, Inc. (A)		200		8,896
Calavo Growers, Inc.		108		6,794
Fresh Del Monte Produce, Inc. (C)		200		4,924
J&J Snack Foods Corp.		98		12,459
John B Sanfilippo & Son, Inc.		58		4,949
Seneca Foods Corp., Class A (A)		45		1,522
				49,832
Gas Utilities - 0.1%
NorthWest Natural Holding Co.		201		11,214
South Jersey Industries, Inc.		609		15,219
				26,433
Health Care Equipment & Supplies - 0.5%
AngioDynamics, Inc. (A)		248		2,522
Cardiovascular Systems, Inc. (A)		232		7,320
CONMED Corp.		187		13,462
CryoLife, Inc. (A)		247		4,735
Cutera, Inc. (A)		115		1,400
Glaukos Corp. (A) (C)		257		9,874
Heska Corp. (A) (C)		56		5,218
Inogen, Inc. (A)		120		4,262
Integer Holdings Corp. (A)		215		15,706
Invacare Corp.		222		1,414
Lantheus Holdings, Inc. (A)		435		6,220

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    19

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies (continued)
LeMaitre Vascular, Inc.		108		$   2,851
Meridian Bioscience, Inc. (A)		282		6,568
Merit Medical Systems, Inc. (A)		364		16,617
Mesa Laboratories, Inc.		26		5,637
Natus Medical, Inc. (A)		225		4,909
Neogen Corp. (A)		346		26,850
OraSure Technologies, Inc. (A)		469		5,454
Orthofix Medical, Inc. (A)		126		4,032
Surmodics, Inc. (A)		89		3,848
Tactile Systems Technology, Inc. (A) (C)		125		5,179
Varex Imaging Corp. (A)		253		3,833
Zynex, Inc. (A) (C)		99		2,462
				160,373
Health Care Providers & Services - 0.4%
Addus HomeCare Corp. (A)		89		8,238
AMN Healthcare Services, Inc. (A)		308		13,934
BioTelemetry, Inc. (A)		224		10,122
Community Health Systems, Inc. (A) (C)		788		2,372
Convetrus, Inc. (A)		643		11,503
CorVel Corp. (A)		59		4,182
Cross Country Healthcare, Inc. (A)		243		1,497
Ensign Group, Inc.		331		13,852
Hanger, Inc. (A)		246		4,074
Magellan Health, Inc. (A)		144		10,509
Owens & Minor, Inc.		414		3,155
Pennant Group, Inc. (A)		173		3,910
Providence Service Corp. (A)		76		5,997
RadNet, Inc. (A)		275		4,364
Select Medical Holdings Corp. (A)		709		10,444
Tivity Health, Inc. (A)		285		3,229
US Physical Therapy, Inc.		84		6,806
				118,188
Health Care Technology - 0.2%
Allscripts Healthcare Solutions, Inc. (A)		1,071		7,251
Computer Programs & Systems, Inc.		82		1,869
HealthStream, Inc. (A)		169		3,740
HMS Holdings Corp. (A)		581		18,818
NextGen Healthcare, Inc. (A)		319		3,503
Omnicell, Inc. (A)		277		19,562
Simulations Plus, Inc. (C)		80		4,785
Tabula Rasa HealthCare, Inc. (A) (C)		130		7,115
				66,643
Hotels, Restaurants & Leisure - 0.2%
BJ’s Restaurants, Inc.		147		3,078
Bloomin’ Brands, Inc.		573		6,108
Brinker International, Inc.		296		7,104
Cheesecake Factory, Inc. (C)		276		6,326
Chuy’s Holdings, Inc. (A)		110		1,637
Dave & Buster’s Entertainment, Inc. (C)		312		4,159
Dine Brands Global, Inc. (C)		111		4,673
El Pollo Loco Holdings, Inc. (A)		129		1,904
Fiesta Restaurant Group, Inc. (A)		134		855
Monarch Casino & Resort, Inc. (A)		79		2,692
Red Robin Gourmet Burgers, Inc. (A)		85		867
Ruth’s Hospitality Group, Inc.		207		1,689
Shake Shack, Inc., Class A (A) (C)		231		12,239
Wingstop, Inc.		194		26,960
				80,291

	Shares		Value
COMMON STOCKS (continued)
Household Durables - 0.3%
Cavco Industries, Inc. (A)		57		$   10,993
Century Communities, Inc. (A)		188		5,764
Ethan Allen Interiors, Inc.		161		1,905
Installed Building Products, Inc. (A)		141		9,698
iRobot Corp. (A)		186		15,605
La-Z-Boy, Inc.		306		8,280
LGI Homes, Inc. (A)		145		12,764
M/I Homes, Inc. (A)		186		6,406
MDC Holdings, Inc.		330		11,781
Meritage Homes Corp. (A)		237		18,041
Tupperware Brands Corp.		322		1,530
Universal Electronics, Inc. (A)		92		4,307
				107,074
Household Products - 0.1%
Central Garden & Pet Co. (A)		65		2,339
Central Garden & Pet Co., Class A (A)		265		8,955
WD-40 Co.		90		17,847
				29,141
Industrial Conglomerates - 0.0% (B)
Raven Industries, Inc.		236		5,076
Insurance - 0.4%
Ambac Financial Group, Inc. (A)		300		4,296
American Equity Investment Life Holding Co.		600		14,826
AMERISAFE, Inc.		127		7,767
eHealth, Inc. (A)		169		16,603
Employers Holdings, Inc.		200		6,030
HCI Group, Inc. (C)		42		1,940
Horace Mann Educators Corp.		272		9,991
James River Group Holdings, Ltd.		201		9,045
Kinsale Capital Group, Inc.		136		21,108
Palomar Holdings, Inc. (A)		116		9,948
ProAssurance Corp.		355		5,137
Safety Insurance Group, Inc.		96		7,321
Stewart Information Services Corp.		156		5,072
Third Point Reinsurance, Ltd. (A)		528		3,965
United Fire Group, Inc.		140		3,879
United Insurance Holdings Corp.		137		1,071
Universal Insurance Holdings, Inc.		201		3,568
				131,567
Interactive Media & Services - 0.0% (B)
QuinStreet, Inc. (A)		304		3,180
Internet & Direct Marketing Retail - 0.1%
Liquidity Services, Inc. (A)		178		1,061
PetMed Express, Inc. (C)		133		4,740
Shutterstock, Inc.		126		4,406
Stamps.com, Inc. (A)		107		19,655
				29,862
IT Services - 0.3%
Cardtronics PLC, Class A (A)		238		5,707
CSG Systems International, Inc.		217		8,982
EVERTEC, Inc.		394		11,071
ExlService Holdings, Inc. (A)		225		14,265
ManTech International Corp., Class A		177		12,123
NIC, Inc.		442		10,148
Perficient, Inc. (A)		215		7,693
Sykes Enterprises, Inc. (A)		254		7,026

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    20

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
TTEC Holdings, Inc.		116		$   5,401
Unisys Corp. (A)		342		3,731
Virtusa Corp. (A)		197		6,396
				92,543
Leisure Products - 0.1%
Callaway Golf Co.		621		10,874
Sturm Ruger & Co., Inc.		110		8,360
Vista Outdoor, Inc. (A)		381		5,505
YETI Holdings, Inc. (A)		433		18,502
				43,241
Life Sciences Tools & Services - 0.1%
Luminex Corp.		276		8,978
Medpace Holdings, Inc. (A)		177		16,465
NeoGenomics, Inc. (A)		723		22,398
				47,841
Machinery - 0.7%
Alamo Group, Inc.		64		6,569
Albany International Corp., Class A		202		11,859
Astec Industries, Inc.		149		6,900
Barnes Group, Inc.		314		12,422
Chart Industries, Inc. (A)		236		11,444
CIRCOR International, Inc. (A)		131		3,338
Enerpac Tool Group Corp.		355		6,248
EnPro Industries, Inc.		137		6,753
ESCO Technologies, Inc.		171		14,455
Federal Signal Corp.		399		11,862
Franklin Electric Co., Inc.		254		13,340
Greenbrier Cos., Inc.		215		4,891
Hillenbrand, Inc.		489		13,237
John Bean Technologies Corp.		209		17,978
Lindsay Corp.		71		6,547
Lydall, Inc. (A)		116		1,573
Meritor, Inc. (A)		476		9,425
Mueller Industries, Inc.		376		9,994
Proto Labs, Inc. (A)		176		19,795
SPX Corp. (A)		291		11,975
SPX Flow, Inc. (A)		281		10,521
Standex International Corp.		82		4,719
Tennant Co.		120		7,801
Titan International, Inc.		330		482
Wabash National Corp.		357		3,791
Watts Water Technologies, Inc., Class A		182		14,742
				242,661
Marine - 0.0% (B)
Matson, Inc.		283		8,235
Media - 0.1%
EW Scripps Co., Class A		359		3,141
Gannett Co., Inc. (C)		864		1,192
Meredith Corp. (C)		265		3,856
Scholastic Corp.		203		6,078
TechTarget, Inc. (A)		151		4,535
				18,802
Metals & Mining - 0.2%
Arconic Corp. (A)		639		8,901
Century Aluminum Co. (A)		328		2,339
Cleveland-Cliffs, Inc. (C)		2,626		14,496

	Shares		Value
COMMON STOCKS (continued)
Metals & Mining (continued)
Haynes International, Inc.		83		$   1,939
Kaiser Aluminum Corp.		105		7,730
Materion Corp.		135		8,301
Olympic Steel, Inc.		60		705
SunCoke Energy, Inc.		545		1,613
TimkenSteel Corp. (A)		263		1,023
Warrior Met Coal, Inc.		337		5,186
				52,233
Mortgage Real Estate Investment Trusts - 0.2%
Apollo Commercial Real Estate Finance, Inc.		942		9,241
ARMOUR Residential, Inc.		426		4,000
Capstead Mortgage Corp.		635		3,486
Granite Point Mortgage Trust, Inc. (C)		362		2,599
Invesco Mortgage Capital, Inc. (C)		1,190		4,451
KKR Real Estate Finance Trust, Inc.		159		2,636
New York Mortgage Trust, Inc.		2,487		6,491
PennyMac Mortgage Investment Trust		661		11,588
Ready Capital Corp. (C)		245		2,129
Redwood Trust, Inc.		757		5,299
				51,920
Multi-Utilities - 0.1%
Avista Corp.		440		16,012
Multiline Retail - 0.1%
Big Lots, Inc.		257		10,794
Macy’s, Inc. (C)		2,038		14,021
				24,815
Oil, Gas & Consumable Fuels - 0.2%
Bonanza Creek Energy, Inc. (A)		122		1,808
Callon Petroleum Co. (A) (C)		2,616		3,008
Consol Energy, Inc. (A)		171		867
Denbury Resources, Inc. (A)		3,337		921
Dorian LPG, Ltd. (A)		177		1,370
Green Plains, Inc. (A)		223		2,278
Gulfport Energy Corp. (A) (C)		958		1,044
Laredo Petroleum, Inc. (A)		59		818
Matador Resources Co. (A)		722		6,137
Oasis Petroleum, Inc. (A)		1,922		1,442
Par Pacific Holdings, Inc. (A)		256		2,302
PDC Energy, Inc. (A)		630		7,837
Penn Virginia Corp. (A) (C)		89		848
QEP Resources, Inc.		1,596		2,059
Range Resources Corp.		1,399		7,876
Renewable Energy Group, Inc. (A)		257		6,369
REX American Resources Corp. (A)		37		2,567
Ring Energy, Inc. (A)		394		457
SM Energy Co.		700		2,625
Southwestern Energy Co. (A)		3,570		9,139
Talos Energy, Inc. (A)		132		1,214
				62,986
Paper & Forest Products - 0.1%
Boise Cascade Co.		257		9,666
Clearwater Paper Corp. (A)		109		3,938
Mercer International, Inc.		264		2,154
Neenah, Inc.		111		5,490
P.H. Glatfelter Co.		291		4,670
Schweitzer-Mauduit International, Inc.		204		6,816
				32,734

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    21

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Personal Products - 0.1%
Inter Parfums, Inc.		116		$   5,585
Medifast, Inc. (C)		77		10,685
USANA Health Sciences, Inc. (A)		83		6,095
				22,365
Pharmaceuticals - 0.2%
AMAG Pharmaceuticals, Inc. (A)		224		1,714
Amphastar Pharmaceuticals, Inc. (A)		226		5,076
ANI Pharmaceuticals, Inc. (A)		61		1,973
Corcept Therapeutics, Inc. (A)		678		11,404
Endo International PLC (A)		1,347		4,620
Innoviva, Inc. (A)		441		6,165
Lannett Co., Inc. (A) (C)		221		1,604
Pacira BioSciences, Inc. (A)		275		14,429
Phibro Animal Health Corp., Class A		134		3,520
Supernus Pharmaceuticals, Inc. (A)		346		8,218
				58,723
Professional Services - 0.2%
Exponent, Inc.		342		27,678
Forrester Research, Inc. (A)		70		2,243
Heidrick & Struggles International, Inc.		126		2,724
Kelly Services, Inc., Class A		219		3,464
Korn Ferry		365		11,216
Resources Connection, Inc.		199		2,382
TrueBlue, Inc. (A)		238		3,634
				53,341
Real Estate Management & Development - 0.1%
Marcus & Millichap, Inc. (A)		155		4,473
RE/MAX Holdings, Inc., Class A		118		3,709
Realogy Holdings Corp. (C)		754		5,587
St. Joe Co. (A)		208		4,040
				17,809
Road & Rail - 0.1%
ArcBest Corp.		168		4,454
Heartland Express, Inc.		308		6,412
Marten Transport, Ltd.		256		6,441
Saia, Inc. (A)		171		19,012
			��
				36,319
Semiconductors & Semiconductor Equipment - 0.5%
Advanced Energy Industries, Inc. (A)		253		17,151
Axcelis Technologies, Inc. (A)		214		5,960
Brooks Automation, Inc.		486		21,501
CEVA, Inc. (A)		145		5,426
Cohu, Inc.		272		4,716
Diodes, Inc. (A)		273		13,841
DSP Group, Inc. (A)		152		2,414
FormFactor, Inc. (A)		499		14,636
Ichor Holdings, Ltd. (A)		148		3,934
Kulicke & Soffa Industries, Inc.		418		8,707
MaxLinear, Inc. (A)		429		9,206
Onto Innovation, Inc. (A)		313		10,654
PDF Solutions, Inc. (A)		183		3,579
Photronics, Inc. (A)		429		4,775
Power Integrations, Inc.		197		23,272
Rambus, Inc. (A)		746		11,339
SMART Global Holdings, Inc. (A)		87		2,365
Ultra Clean Holdings, Inc. (A)		262		5,929

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
Veeco Instruments, Inc. (A)		322		$   4,344
				173,749
Software - 0.4%
8x8, Inc. (A) (C)		683		10,928
Agilysys, Inc. (A)		134		2,404
Alarm.com Holdings, Inc. (A)		279		18,082
Bottomline Technologies de, Inc. (A)		251		12,743
Ebix, Inc.		147		3,287
LivePerson, Inc. (A) (C)		406		16,820
MicroStrategy, Inc., Class A (A)		51		6,033
Onespan, Inc. (A)		215		6,005
Progress Software Corp.		295		11,431
SPS Commerce, Inc. (A)		230		17,278
Xperi Holding Corp.		758		11,188
				116,199
Specialty Retail - 0.4%
Abercrombie & Fitch Co., Class A (C)		414		4,405
America’s Car-Mart, Inc. (A)		41		3,603
Asbury Automotive Group, Inc. (A)		128		9,898
Barnes & Noble Education, Inc. (A)		255		408
Bed Bath & Beyond, Inc. (C)		834		8,840
Boot Barn Holdings, Inc. (A) (C)		188		4,053
Buckle, Inc. (C)		188		2,948
Caleres, Inc.		268		2,235
Cato Corp., Class A		143		1,170
Chico’s FAS, Inc.		793		1,094
Children’s Place, Inc. (C)		96		3,592
Conn’s, Inc. (A)		126		1,271
Designer Brands, Inc., Class A		364		2,464
Express, Inc. (A) (C)		425		655
GameStop Corp., Class A (A)		435		1,888
Genesco, Inc. (A)		94		2,036
Group 1 Automotive, Inc.		115		7,587
Guess?, Inc.		281		2,717
Haverty Furniture Cos., Inc.		119		1,904
Hibbett Sports, Inc. (A) (C)		116		2,429
Lithia Motors, Inc., Class A		146		22,094
Lumber Liquidators Holdings, Inc. (A)		189		2,620
MarineMax, Inc. (A)		141		3,157
Michaels Cos., Inc. (A) (C)		503		3,556
Monro, Inc.		219		12,032
Office Depot, Inc.		3,468		8,150
Rent-A-Center, Inc.		325		9,041
Shoe Carnival, Inc.		59		1,727
Signet Jewelers, Ltd. (C)		345		3,543
Sleep Number Corp. (A)		187		7,787
Sonic Automotive, Inc., Class A		160		5,106
Zumiez, Inc. (A)		134		3,669
				147,679
Technology Hardware, Storage & Peripherals - 0.0% (B)
3D Systems Corp. (A) (C)		781		5,459
Diebold Nixdorf, Inc. (A) (C)		506		3,067
				8,526
Textiles, Apparel & Luxury Goods - 0.2%
Capri Holdings, Ltd. (A)		984		15,380
Crocs, Inc. (A)		452		16,643

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    22

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods (continued)
Fossil Group, Inc. (A)		306		$   1,423
G-III Apparel Group, Ltd. (A)		284		3,774
Kontoor Brands, Inc. (A) (C)		308		5,485
Movado Group, Inc.		108		1,171
Oxford Industries, Inc.		112		4,929
Steven Madden, Ltd.		510		12,592
Unifi, Inc. (A)		96		1,236
Vera Bradley, Inc. (A)		155		688
Wolverine World Wide, Inc.		533		12,691
				76,012
Thrifts & Mortgage Finance - 0.2%
Axos Financial, Inc. (A)		342		7,551
Flagstar Bancorp, Inc.		227		6,681
HomeStreet, Inc.		161		3,962
Meta Financial Group, Inc.		210		3,816
NMI Holdings, Inc., Class A (A)		558		8,973
Northfield Bancorp, Inc.		285		3,283
Northwest Bancshares, Inc.		780		7,975
Provident Financial Services, Inc.		396		5,722
TrustCo Bank Corp.		639		4,045
Walker & Dunlop, Inc.		189		9,603
				61,611
Tobacco - 0.0% (B)
Universal Corp.		164		6,972
Vector Group, Ltd.		787		7,917
				14,889
Trading Companies & Distributors - 0.1%
Applied Industrial Technologies, Inc.		255		15,909
DXP Enterprises, Inc. (A)		106		2,110
Foundation Building Materials, Inc. (A)		116		1,811
GMS, Inc. (A)		278		6,836
NOW, Inc. (A)		720		6,214
Veritiv Corp. (A)		84		1,425
				34,305
Transportation Infrastructure - 0.0% (B)
Bristow Group, Inc. (A)		43		599
Water Utilities - 0.1%
American States Water Co.		243		19,107

	Shares		Value
COMMON STOCKS (continued)
Water Utilities (continued)
California Water Service Group		317		$   15,121
				34,228
Wireless Telecommunication Services - 0.1%
Shenandoah Telecommunications Co.		309		15,231
Spok Holdings, Inc.		116		1,084
				16,315
Total Common Stocks (Cost $4,043,356)				4,257,026
	Principal		Value
U.S. GOVERNMENT OBLIGATION - 86.8%
U.S. Treasury - 86.8%
U.S. Treasury Note 0.25%, 06/30/2025		$  28,781,000		28,727,036
Total U.S. Government Obligation (Cost $28,740,526)				28,727,036
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.3%
Money Market Fund - 0.3%
State Street Institutional Treasury Money Market Fund, 0.05% (D)		90,228		90,228
Total Short-Term Investment Company (Cost $90,228)				90,228
OTHER INVESTMENT COMPANY - 0.5%
Securities Lending Collateral - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.13% (D)		178,720		178,720
Total Other Investment Company (Cost $178,720)				178,720
Total Investments (Cost $33,052,830)				33,253,010
Net Other Assets (Liabilities) - (0.5)%				(162,199	)
Net Assets - 100.0%				$  33,090,811

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
E-Mini Russell 2000® Index		2		09/18/2020	$	137,348	$	143,760	$	6,412	$	—

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    23

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

INVESTMENT VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	4,257,026	$	—	$	—	$	4,257,026
U.S. Government Obligation		—		28,727,036		—		28,727,036
Short-Term Investment Company		90,228		—		—		90,228
Other Investment Company		178,720		—		—		178,720
Total Investments	$	4,525,974	$	28,727,036	$	—	$	33,253,010
Other Financial Instruments
Futures Contracts (F)	$	6,412	$	—	$	—	$	6,412
Total Other Financial Instruments	$	6,412	$	—	$	—	$	6,412

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	Percentage rounds to less than 0.1% or (0.1)%.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $298,961, collateralized by cash collateral of $178,720 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $129,964. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(D)	Rates disclosed reflect the yields at June 30, 2020.
(E)	There were no transfers in or out of Level 3 during the six-month period ended June 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(F)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    24

DeltaShares^® S&P EM 100 & Managed Risk ETF

SCHEDULE OF INVESTMENTS

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 41.1%
Brazil - 2.0%
Ambev SA, ADR		32,951		$  86,991
Banco Bradesco SA, ADR		33,170		126,378
Itau Unibanco Holding SA, ADR		36,242		169,975
Petroleo Brasileiro SA, ADR (A)		16,759		133,569
Petroleo Brasileiro SA, ADR		10,019		82,857
Vale SA, ADR		23,714		244,491
				844,261
China - 17.2%
Agricultural Bank of China, Ltd., H Shares		212,000		85,342
Alibaba Group Holding, Ltd., ADR (B)		4,033		869,918
Anhui Conch Cement Co., Ltd., H Shares		9,000		60,616
Baidu, Inc., ADR (B)		2,048		245,535
Bank of China, Ltd., H Shares		575,000		212,923
Bank of Communications Co., Ltd., H Shares		160,000		98,678
China Construction Bank Corp., H Shares		737,000		596,222
China Life Insurance Co., Ltd., H Shares		56,000		112,716
China Merchants Bank Co., Ltd., H Shares		28,000		128,793
China Pacific Insurance Group Co., Ltd., H Shares		19,600		52,348
China Petroleum & Chemical Corp., H Shares		190,000		79,183
China Shenhua Energy Co., Ltd., H Shares		25,500		39,876
China Tower Corp., Ltd., H Shares (C)		332,000		58,686
CNOOC, Ltd.		120,000		133,463
Country Garden Holdings Co., Ltd.		56,000		68,786
CSPC Pharmaceutical Group, Ltd.		42,000		79,335
Industrial & Commercial Bank of China, Ltd., H Shares		584,000		354,147
JD.com, Inc., ADR (B)		6,601		397,248
Meituan Dianping, Class B (B)		26,600		589,971
NetEase, Inc., ADR		522		224,136
New Oriental Education & Technology Group, Inc., ADR (B)		889		115,774
PetroChina Co., Ltd., H Shares		158,000		52,392
Pinduoduo, Inc., ADR (B)		2,697		231,511
Ping An Insurance Group Co. of China, Ltd., H Shares		40,000		399,977
Shenzhou International Group Holdings, Ltd.		5,400		65,075
Sunac China Holdings, Ltd.		18,000		75,363
Sunny Optical Technology Group Co., Ltd.		5,300		84,795
TAL Education Group, ADR (B)		2,882		197,071
Tencent Holdings, Ltd.		15,700		1,010,008
Trip.Com Group, Ltd., ADR (B)		3,194		82,788
Wuxi Biologics Cayman, Inc. (B) (C)		4,000		73,183
Xiaomi Corp., Class B (B) (C)		98,800		163,680
Yum China Holdings, Inc.		2,815		135,317
ZTO Express Cayman, Inc., ADR		3,241		118,977
				7,293,833
Hong Kong - 1.7%
China Gas Holdings, Ltd.		15,600		48,105
China Mengniu Dairy Co., Ltd. (B)		20,000		76,383
China Mobile, Ltd.		41,500		280,042
China Overseas Land & Investment, Ltd.		28,000		84,718
China Resources Land, Ltd.		20,000		75,737
Geely Automobile Holdings, Ltd.		39,000		61,390
Sino Biopharmaceutical, Ltd.		51,000		96,072
				722,447

	Shares		Value
COMMON STOCKS (continued)
India - 2.2%
HDFC Bank, Ltd., ADR		10,567		$   480,376
ICICI Bank, Ltd., ADR		17,751		164,907
Infosys, Ltd., ADR		27,947		269,968
				915,251
Indonesia - 0.8%
Bank Central Asia Tbk PT		83,000		165,448
Bank Rakyat Indonesia Persero Tbk PT		396,600		84,123
Telekomunikasi Indonesia Persero Tbk PT		355,600		75,925
				325,496
Kuwait - 0.3%
National Bank of Kuwait SAKP		51,233		136,721
Malaysia - 0.5%
Malayan Banking Bhd.		48,800		85,528
Public Bank Bhd.		22,600		87,025
Tenaga Nasional Bhd.		20,800		56,405
				228,958
Mexico - 0.9%
America Movil SAB de CV, Series L		174,392		111,320
Fomento Economico Mexicano SAB de CV		13,901		85,721
Grupo Financiero Banorte SAB de CV, Class O		18,331		63,243
Grupo Mexico SAB de CV, Series B		23,872		55,199
Wal-Mart de Mexico SAB de CV		37,872		90,390
				405,873
Peru - 0.2%
Credicorp, Ltd.		501		66,969
Qatar - 0.4%
Qatar National Bank QPSC		33,158		158,368
Republic of Korea - 6.5%
Celltrion, Inc. (B)		807		205,297
Hyundai Mobis Co., Ltd.		505		80,608
Hyundai Motor Co.		1,071		86,991
Kakao Corp.		397		88,288
KB Financial Group, Inc.		2,923		82,501
Kia Motors Corp.		2,001		53,317
KT&G Corp.		945		61,436
LG Chem, Ltd.		354		144,355
LG Corp.		994		58,838
LG Household & Health Care, Ltd.		64		71,616
NAVER Corp.		1,081		239,953
NCSoft Corp.		120		88,889
POSCO		528		76,379
Samsung C&T Corp.		685		66,060
Samsung Electronics Co., Ltd.		19,391		851,182
Samsung SDI Co., Ltd.		411		124,204
Shinhan Financial Group Co., Ltd.		3,516		84,038
SK Hynix, Inc.		4,029		285,046
				2,748,998
Republic of South Africa - 1.8%
AngloGold Ashanti, Ltd.		3,085		89,769
FirstRand, Ltd.		27,830		60,962
Naspers, Ltd., N Shares		3,275		596,212
				746,943
Russian Federation - 2.6%
Gazprom PJSC, ADR		45,149		243,624
Lukoil PJSC, ADR		3,155		234,290

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    25

DeltaShares^® S&P EM 100 & Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Russian Federation (continued)
MMC Norilsk Nickel PJSC, ADR		4,497		$   117,776
Novatek PJSC, GDR		749		106,508
Sberbank of Russia PJSC, ADR		20,181		229,660
Tatneft PJSC, ADR (B)		2,010		93,907
Yandex NV, Class A (B)		1,847		92,387
				1,118,152
Saudi Arabia - 1.2%
Al Rajhi Bank		9,162		138,248
National Commercial Bank		10,097		100,270
Saudi Basic Industries Corp.		6,731		158,092
Saudi Telecom Co.		4,487		118,425
				515,035
Taiwan - 2.1%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		15,673		889,756
Thailand - 0.5%
Airports of Thailand PCL		32,000		62,638
CP ALL PCL (B)		32,900		72,118
PTT PCL		64,100		78,291
				213,047
United Arab Emirates - 0.2%
First Abu Dhabi Bank PJSC		32,601		99,760
Total Common Stocks (Cost $16,426,061)				17,429,868
PREFERRED STOCK - 0.6%
Republic of Korea - 0.6%
Samsung Electronics Co., Ltd., 2.29% (D)		6,154		237,902
Total Preferred Stock (Cost $208,888)				237,902

	Principal		Value
U.S. GOVERNMENT OBLIGATION - 57.5%
U.S. Treasury - 57.5%
U.S. Treasury Note 0.25%, 06/30/2025		$  24,463,000		$   24,417,132
Total U.S. Government Obligation (Cost $24,428,599)				24,417,132
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.1%
Money Market Fund - 0.1%
State Street Institutional Treasury Money Market Fund, 0.05% (D)		35,346		35,346
Total Short-Term Investment Company (Cost $35,346)				35,346
OTHER INVESTMENT COMPANY - 0.3%
Securities Lending Collateral - 0.3%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.13% (D)		127,925		127,925
Total Other Investment Company (Cost $127,925)				127,925
Total Investments (Cost $41,226,819)				42,248,173
Net Other Assets (Liabilities) - 0.4%				175,928
Net Assets - 100.0%				$  42,424,101

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
MSCI Emerging Markets Index		7		09/18/2020	$	344,932	$	344,995	$	63	$	—

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
U.S. Government Obligation		57.8	%	$	24,417,132
Banks		9.5			3,999,643
Internet & Direct Marketing Retail		6.6			2,767,648
Interactive Media & Services		4.0			1,676,171
Oil, Gas & Consumable Fuels		3.0			1,277,960
Technology Hardware, Storage & Peripherals		3.0			1,252,764
Semiconductors & Semiconductor Equipment		2.8			1,174,802
Metals & Mining		1.4			583,614
Insurance		1.3			565,041
Wireless Telecommunication Services		0.9			391,362
Entertainment		0.7			313,025
Diversified Consumer Services		0.7			312,845

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    26

DeltaShares^® S&P EM 100 & Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

INVESTMENTS BY INDUSTRY (continued):

Industry	Percentage of Total Investments			Value
Real Estate Management & Development		0.7	%	$	304,604
Chemicals		0.7			302,447
IT Services		0.6			269,968
Diversified Telecommunication Services		0.6			253,036
Electronic Equipment, Instruments & Components		0.5			208,999
Biotechnology		0.5			205,297
Automobiles		0.5			201,698
Pharmaceuticals		0.4			175,407
Beverages		0.4			172,712
Food & Staples Retailing		0.4			162,508
Hotels, Restaurants & Leisure		0.3			135,317
Industrial Conglomerates		0.3			124,898
Air Freight & Logistics		0.3			118,977
Auto Components		0.2			80,608
Food Products		0.2			76,383
Life Sciences Tools & Services		0.2			73,183
Personal Products		0.2			71,616
Textiles, Apparel & Luxury Goods		0.2			65,075
Transportation Infrastructure		0.2			62,638
Tobacco		0.1			61,436
Diversified Financial Services		0.1			60,962
Construction Materials		0.1			60,616
Electric Utilities		0.1			56,405
Gas Utilities		0.1			48,105
Money Market Funds		0.1			35,346
Investments		99.7			42,120,248
Short-Term Investments		0.3			127,925
Total Investments		100.0	%	$	42,248,173

INVESTMENT VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	6,858,538	$	10,571,330	$	—	$	17,429,868
Preferred Stock		—		237,902		—		237,902
U.S. Government Obligation		—		24,417,132		—		24,417,132
Short-Term Investment Company		35,346		—		—		35,346
Other Investment Company		127,925		—		—		127,925
Total Investments	$	7,021,809	$	35,226,364	$	—	$	42,248,173
Other Financial Instruments
Futures Contracts (F)	$	63	$	—	$	—	$	63
Total Other Financial Instruments	$	63	$	—	$	—	$	63

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    27

DeltaShares^® S&P EM 100 & Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the security is on loan. The value of the security on loan is $123,583, collateralized by cash collateral of $127,925. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.
(B)	Non-income producing securities.
(C)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the total value of 144A securities is $295,549, representing 0.7% of the Fund’s net assets.
(D)	Rates disclosed reflect the yields at June 30, 2020.
(E)	There were no transfers in or out of Level 3 during the six-month period ended June 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(F)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    28

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS - 30.5%
Australia - 2.1%
AGL Energy, Ltd.		2,375		$  27,880
Alumina, Ltd. (A)		8,953		10,017
AMP, Ltd. (A) (B)		13,030		16,641
Ampol, Ltd.		947		19,117
APA Group (A)		4,474		34,284
Aristocrat Leisure, Ltd.		2,421		42,505
ASX, Ltd.		734		43,148
Atlassian Corp. PLC, Class A (B)		477		85,989
Aurizon Holdings, Ltd.		7,267		24,616
AusNet Services (A)		6,783		7,799
Australia & New Zealand Banking Group, Ltd.		10,753		138,000
Bendigo & Adelaide Bank, Ltd. (A)		2,012		9,711
BHP Group PLC		8,008		163,698
BHP Group, Ltd.		11,169		275,451
BlueScope Steel, Ltd.		1,906		15,341
Boral, Ltd.		4,647		12,126
Brambles, Ltd.		5,749		43,025
Challenger, Ltd. (A)		2,149		6,525
CIMIC Group, Ltd. (A)		363		6,028
Coca-Cola Amatil, Ltd.		1,922		11,460
Cochlear, Ltd.		249		32,389
Coles Group, Ltd.		4,552		53,812
Commonwealth Bank of Australia		6,712		320,804
Computershare, Ltd. (A)		1,887		17,214
Crown Resorts, Ltd. (A)		1,335		8,888
CSL, Ltd.		1,722		340,266
Dexus, REIT		4,137		26,205
Evolution Mining, Ltd.		6,462		25,226
Flight Centre Travel Group, Ltd. (A)		490		3,751
Fortescue Metals Group, Ltd.		6,421		61,229
Goodman Group, REIT		6,170		63,083
GPT Group, REIT		7,386		21,206
Harvey Norman Holdings, Ltd. (A)		2,551		6,218
Incitec Pivot, Ltd.		7,255		9,366
Insurance Australia Group, Ltd. (A)		8,762		34,808
Lendlease Group		2,509		21,368
Macquarie Group, Ltd.		1,250		102,070
Magellan Financial Group, Ltd.		560		22,366
Medibank Pvt, Ltd.		10,442		21,496
Mirvac Group, REIT		14,915		22,284
National Australia Bank, Ltd.		12,118		152,014
Newcrest Mining, Ltd.		3,065		66,536
Northern Star Resources, Ltd.		2,806		25,811
Oil Search, Ltd.		7,009		15,297
Orica, Ltd.		1,538		17,620
Origin Energy, Ltd.		6,678		26,851
Qantas Airways, Ltd.		2,770		7,209
QBE Insurance Group, Ltd.		5,571		33,984
Ramsay Health Care, Ltd.		686		31,418
REA Group, Ltd. (A)		185		13,741
Santos, Ltd.		6,713		24,496
Scentre Group, REIT		19,679		29,401
SEEK, Ltd.		1,336		20,135
Seven Group Holdings, Ltd. (A)		502		5,938
Sonic Healthcare, Ltd.		1,802		37,754
South32, Ltd.		18,375		25,808
Stockland, REIT		9,040		20,602
Suncorp Group, Ltd.		4,781		30,383

	Shares		Value
COMMON STOCKS (continued)
Australia (continued)
Sydney Airport		4,198		$   16,388
Tabcorp Holdings, Ltd.		7,705		17,930
Telstra Corp., Ltd.		15,783		34,012
TPG Telecom, Ltd.		1,293		7,923
Transurban Group (A)		10,370		100,885
Treasury Wine Estates, Ltd.		2,733		19,720
TUAS, Ltd.		646		300
Vicinity Centres, REIT		14,770		14,542
Washington H Soul Pattinson & Co., Ltd. (A)		445		5,984
Wesfarmers, Ltd.		4,299		132,691
Westpac Banking Corp.		13,694		169,238
WiseTech Global, Ltd. (A)		557		7,421
Woodside Petroleum, Ltd.		3,618		53,930
Woolworths Group, Ltd.		4,789		122,921
Worley, Ltd. (A)		1,223		7,343
				3,503,636
Austria - 0.1%
ams AG (B)		1,040		15,426
Andritz AG (B)		272		9,898
BAWAG Group AG (B) (C)		264		9,115
CA Immobilien Anlagen AG		277		9,225
Erste Group Bank AG (B)		1,141		26,848
EVN AG		130		2,193
Immofinanz AG (A) (B)		347		5,924
OMV AG		546		18,250
Raiffeisen Bank International AG		511		9,103
Telekom Austria AG (B)		529		3,654
UNIQA Insurance Group AG		433		2,913
Verbund AG		258		11,550
Vienna Insurance Group AG Wiener Versicherung Gruppe		146		3,263
voestalpine AG		420		9,031
Wienerberger AG		437		9,517
				145,910
Belgium - 0.3%
Ackermans & van Haaren NV (B)		85		11,113
Ageas SA		701		24,832
Anheuser-Busch InBev SA		3,210		158,147
Colruyt SA		183		10,065
Galapagos NV (B)		191		37,552
Groupe Bruxelles Lambert SA		306		25,666
KBC Group NV		1,296		74,323
Proximus SADP		590		12,021
Sofina SA		60		15,836
Solvay SA		277		22,170
Telenet Group Holding NV		164		6,749
UCB SA		479		55,467
Umicore SA		757		35,633
				489,574
Chile - 0.0% (D)
Antofagasta PLC		1,308		15,153
China - 0.0% (D)
ENN Energy Holdings, Ltd.		2,900		32,628
Fosun International, Ltd.		9,500		12,085
				44,713

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    29

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Denmark - 0.6%
AP Moller - Maersk A/S, Class A (A)		12		$   13,020
AP Moller - Maersk A/S, Class B		25		29,114
Carlsberg A/S, Class B		386		50,990
Chr Hansen Holding A/S		390		40,199
Coloplast A/S, Class B		443		68,627
Danske Bank A/S (B)		2,582		34,349
Demant A/S (A) (B)		374		9,857
DSV Panalpina A/S		759		92,623
Genmab A/S (B)		246		82,297
GN Store Nord A/S		539		28,705
H. Lundbeck A/S		233		8,757
ISS A/S (B)		598		9,462
Novo Nordisk A/S, Class B		6,116		395,755
Novozymes A/S, B Shares		789		45,597
Orsted A/S (C)		634		73,127
Rockwool International A/S, B Shares		27		7,303
Tryg A/S		458		13,252
Vestas Wind Systems A/S		754		76,741
				1,079,775
Finland - 0.4%
Elisa OYJ		567		34,478
Fortum OYJ		1,649		31,309
Huhtamaki OYJ (B)		361		14,207
Kesko OYJ, B Shares		1,029		17,590
Kone OYJ, Class B		1,532		105,339
Metso OYJ		484		15,857
Neste OYJ		1,632		63,806
Nokia OYJ		21,334		93,173
Nordea Bank Abp (B)		12,236		84,461
Orion OYJ, Class B		399		19,297
Sampo OYJ, A Shares		1,868		64,242
Stora Enso OYJ, R Shares		2,320		27,699
UPM-Kymmene OYJ		2,016		58,237
Wartsila OYJ Abp		1,838		15,190
				644,885
France - 2.8%
Accor SA (B)		686		18,653
Aeroports de Paris		124		12,729
Air Liquide SA		1,786		257,563
Airbus SE (B)		2,319		165,443
Amundi SA (B) (C)		230		18,005
AXA SA		7,360		153,854
BNP Paribas SA (B)		4,341		172,450
Bollore SA		3,430		10,771
Bouygues SA (B)		965		32,960
Bureau Veritas SA (B)		1,097		23,139
Capgemini SE		604		69,161
Carrefour SA		2,173		33,571
Christian Dior SE		21		8,859
Cie de Saint-Gobain (B)		2,071		74,550
Cie Generale des Etablissements Michelin SCA (A)		683		70,835
CNP Assurances (B)		599		6,896
Credit Agricole SA (B)		4,812		45,550
Danone SA		2,442		168,843
Dassault Aviation SA (B)		9		8,294
Dassault Systemes SE		518		89,363

	Shares		Value
COMMON STOCKS (continued)
France (continued)
Electricite de France SA		1,765		$   16,275
Engie SA (B)		7,017		86,693
EssilorLuxottica SA (B)		1,111		142,563
Hermes International		132		110,273
Kering SA		282		153,376
L’Oreal SA (B)		932		299,064
Legrand SA		1,004		76,251
LVMH Moet Hennessy Louis Vuitton SE		1,021		447,800
Natixis SA (B)		3,464		9,046
Orange SA (A)		7,231		86,453
Pernod Ricard SA		825		129,770
Peugeot SA (B)		2,161		35,145
Publicis Groupe SA		848		27,440
Renault SA (B)		785		19,908
Safran SA (B)		1,245		124,758
Sanofi		4,347		442,583
Sartorius Stedim Biotech		91		22,996
Schneider Electric SE		2,096		232,776
Societe Generale SA (B)		3,021		50,217
Sodexo SA		324		21,907
Thales SA		393		31,728
TOTAL SA		9,372		357,626
Unibail-Rodamco-Westfield, REIT (A)		522		29,408
Veolia Environnement SA		2,132		47,939
Vinci SA		1,928		177,566
Vivendi SA		3,052		78,292
				4,699,342
Germany - 2.4%
adidas AG (B)		699		183,395
Allianz SE		1,582		322,955
BASF SE		3,482		195,071
Bayer AG		3,725		275,248
Bayerische Motoren Werke AG		1,210		77,219
Beiersdorf AG		373		42,354
BioNTech SE, ADR (B)		35		2,336
Commerzbank AG (B)		3,751		16,713
Continental AG (B)		409		40,039
Covestro AG (B) (C)		638		24,256
Daimler AG		3,367		136,688
Deutsche Bank AG (B)		7,836		74,492
Deutsche Boerse AG		720		130,236
Deutsche Lufthansa AG (B)		898		9,019
Deutsche Post AG		3,682		134,609
Deutsche Telekom AG		12,276		206,058
Deutsche Wohnen SE		1,364		61,202
E.ON SE		8,312		93,496
Evonik Industries AG		636		16,151
Fresenius Medical Care AG & Co. KGaA		804		68,900
Fresenius SE & Co. KGaA		1,553		76,956
Hannover Rueck SE		229		39,455
HeidelbergCement AG		557		29,741
Henkel AG & Co. KGaA		384		31,980
HOCHTIEF AG		86		7,626
Infineon Technologies AG		4,951		116,080
Knorr-Bremse AG		183		18,546
Merck KGaA		490		56,850
MTU Aero Engines AG (B)		201		34,800

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    30

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Germany (continued)
Muenchener Rueckversicherungs-Gesellschaft AG		531		$   138,005
Puma SE (B)		320		24,734
RWE AG		2,191		76,556
SAP SE		4,099		572,343
Siemens AG		3,062		360,279
Siemens Healthineers AG (C)		569		27,256
Symrise AG		483		56,147
Talanx AG (B)		201		7,468
TeamViewer AG (B) (C)		463		25,273
Telefonica Deutschland Holding AG		3,496		10,315
thyssenkrupp AG (B)		1,534		10,878
Traton SE (B)		209		4,082
Uniper SE		694		22,371
Volkswagen AG		123		19,797
Vonovia SE		2,056		126,036
Zalando SE (B) (C)		503		35,467
				4,039,478
Hong Kong - 1.0%
AIA Group, Ltd.		45,800		427,245
Alibaba Health Information Technology, Ltd. (B)		12,000		34,991
Bank of East Asia, Ltd.		6,000		13,702
BOC Hong Kong Holdings, Ltd.		13,500		42,936
Budweiser Brewing Co. APAC, Ltd. (C)		5,000		14,548
Chow Tai Fook Jewellery Group, Ltd.		4,200		4,015
CK Asset Holdings, Ltd.		9,500		56,629
CK Hutchison Holdings, Ltd.		10,000		64,254
CK Infrastructure Holdings, Ltd.		3,000		15,444
CLP Holdings, Ltd.		6,500		63,738
Dairy Farm International Holdings, Ltd.		900		4,185
Galaxy Entertainment Group, Ltd.		10,000		68,061
Hang Lung Properties, Ltd.		7,000		16,582
Hang Seng Bank, Ltd.		2,800		47,001
Henderson Land Development Co., Ltd.		6,000		22,760
HK Electric Investments & HK Electric Investments, Ltd.		8,500		8,818
HKT Trust & HKT, Ltd.		14,000		20,484
Hong Kong & China Gas Co., Ltd.		39,000		60,384
Hong Kong Exchanges & Clearing, Ltd.		4,500		191,602
Hongkong Land Holdings, Ltd.		4,400		18,172
Jardine Matheson Holdings, Ltd.		1,200		50,088
Jardine Strategic Holdings, Ltd.		700		15,085
Link, REIT		7,800		63,755
Melco Resorts & Entertainment, Ltd., ADR		814		12,633
MTR Corp., Ltd.		6,000		31,082
New World Development Co., Ltd.		5,500		26,115
NWS Holdings, Ltd.		5,000		4,316
Power Assets Holdings, Ltd.		5,000		27,192
Sino Land Co., Ltd.		12,000		15,096
Sun Hung Kai Properties, Ltd.		5,500		70,218
Swire Pacific, Ltd., Class A		2,000		10,606
Swire Pacific, Ltd., Class B		2,500		2,384
Swire Properties, Ltd.		4,000		10,157
Techtronic Industries Co., Ltd.		6,500		63,570
Wharf Holdings, Ltd. (A)		4,000		8,134
Wharf Real Estate Investment Co., Ltd. (A)		4,000		19,096
Wheelock & Co., Ltd.		4,000		31,637
				1,656,715

	Shares		Value
COMMON STOCKS (continued)
Ireland - 0.4%
AerCap Holdings NV (B)		492		$   15,154
AIB Group PLC (B)		2,985		3,755
Bank of Ireland Group PLC (B)		3,520		7,215
CRH PLC		2,997		102,665
DCC PLC		384		31,932
Experian PLC		3,453		120,273
Flutter Entertainment PLC (A) (B)		533		70,041
Glanbia PLC		763		8,638
ICON PLC (B)		199		33,524
James Hardie Industries PLC, CDI		1,680		31,832
Kerry Group PLC, Class A		573		70,985
Kingspan Group PLC		578		37,230
Ryanair Holdings PLC, ADR (B)		411		27,266
Smurfit Kappa Group PLC		896		29,949
				590,459
Israel - 0.2%
Airport City, Ltd. (B)		274		2,940
Alony Hetz Properties & Investments, Ltd.		497		4,930
Amot Investments, Ltd.		636		2,883
Azrieli Group, Ltd.		138		6,248
Bank Hapoalim BM		4,234		25,177
Bank Leumi Le-Israel BM		5,554		27,778
Bezeq Israeli Telecommunication Corp., Ltd. (B)		7,736		7,019
Check Point Software Technologies, Ltd. (B)		425		45,658
CyberArk Software, Ltd. (B)		147		14,593
Delek Group, Ltd.		20		468
Elbit Systems, Ltd.		94		12,874
Fattal Holdings 1998, Ltd.		13		560
First International Bank of Israel, Ltd.		198		4,182
Gazit-Globe, Ltd.		314		1,480
Harel Insurance Investments & Financial Services, Ltd.		413		2,231
ICL Group, Ltd.		2,609		7,734
Inmode, Ltd. (A) (B)		34		963
Isracard, Ltd.		0		1
Israel Corp., Ltd. (B)		15		1,228
Israel Discount Bank, Ltd., A Shares		4,410		13,379
Melisron, Ltd.		79		2,956
Mizrahi Tefahot Bank, Ltd.		497		9,280
Nice, Ltd. (B)		236		43,975
Oil Refineries, Ltd.		6,178		1,141
Paz Oil Co., Ltd.		38		3,019
Phoenix Holdings, Ltd. (B)		582		2,152
Shapir Engineering and Industry, Ltd. (B)		497		3,017
Shufersal, Ltd.		662		4,321
Strauss Group, Ltd.		189		5,239
Taro Pharmaceutical Industries, Ltd. (B)		35		2,327
Teva Pharmaceutical Industries, Ltd., ADR (B)		4,130		50,923
Tower Semiconductor, Ltd. (B)		404		7,711
Wix.com, Ltd. (B)		178		45,607
				363,994
Italy - 0.6%
A2A SpA		5,939		8,408
Amplifon SpA (B)		316		8,415
Assicurazioni Generali SpA (A)		4,661		70,516
Atlantia SpA (A) (B)		1,783		28,637
Banca Mediolanum SpA		952		6,832

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    31

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Italy (continued)
Davide Campari-Milano SpA		1,586		$   13,360
DiaSorin SpA (A)		57		10,909
Enel SpA		29,267		252,385
Eni SpA		9,645		91,970
Ferrari NV		485		82,717
FinecoBank Banca Fineco SpA (B)		1,885		25,437
Hera SpA		2,993		11,248
Infrastrutture Wireless Italiane SpA (C)		1,069		10,710
Intesa Sanpaolo SpA (B)		59,739		114,305
Leonardo SpA		1,534		10,165
Mediaset SpA (A) (B)		1,344		2,390
Mediobanca Banca di Credito Finanziario SpA		2,640		18,947
Moncler SpA (B)		714		27,298
Nexi SpA (B) (C)		952		16,466
Pirelli & C SpA (A) (B) (C)		1,630		6,911
Poste Italiane SpA (C)		1,733		15,065
Prada SpA (B)		1,900		6,595
Prysmian SpA		1,017		23,553
Recordati SpA		379		18,921
Saipem SpA		2,185		5,446
Snam SpA		8,238		40,100
Telecom Italia SpA (A)		40,926		16,074
Telecom Italia SpA		22,848		8,853
Terna Rete Elettrica Nazionale SpA		5,310		36,487
UniCredit SpA (B)		8,011		73,672
UnipolSai Assicurazioni SpA (A)		2,253		5,385
				1,068,177
Japan - 8.6%
ABC-Mart, Inc.		100		5,849
Acom Co., Ltd.		1,800		6,857
Activia Properties, Inc., REIT		3		10,330
Advance Residence Investment Corp., REIT		5		14,900
Advantest Corp.		800		45,382
Aeon Co., Ltd.		3,300		76,623
AEON Financial Service Co., Ltd.		400		4,356
Aeon Mall Co., Ltd.		400		5,302
AGC, Inc.		900		25,569
Air Water, Inc.		800		11,279
Aisin Seiki Co., Ltd.		700		20,374
Ajinomoto Co., Inc.		2,100		34,882
Alfresa Holdings Corp.		800		16,692
Alps Alpine Co., Ltd.		800		10,233
Amada Co., Ltd.		1,400		11,433
ANA Holdings, Inc. (B)		400		9,087
Aozora Bank, Ltd.		400		6,956
Asahi Group Holdings, Ltd. (A)		1,700		59,500
Asahi Intecc Co., Ltd. (A)		1,000		28,410
Asahi Kasei Corp.		5,300		43,015
Asics Corp. (A)		700		7,955
Astellas Pharma, Inc.		6,700		111,755
Azbil Corp.		500		15,225
Bandai Namco Holdings, Inc.		800		42,023
Bank of Kyoto, Ltd.		300		10,622
Benesse Holdings, Inc.		300		8,036
Bridgestone Corp. (A)		2,400		77,171
Brother Industries, Ltd.		1,000		18,001
Calbee, Inc.		400		11,060

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Canon Marketing Japan, Inc.		200		$   4,069
Canon, Inc. (A)		4,100		81,118
Capcom Co., Ltd.		300		10,901
Casio Computer Co., Ltd.		900		15,600
Central Japan Railway Co.		800		123,761
Chiba Bank, Ltd.		2,800		13,184
Chubu Electric Power Co., Inc.		2,700		33,836
Chugai Pharmaceutical Co., Ltd. (A)		2,400		128,248
Chugoku Electric Power Co., Inc.		1,200		16,028
Coca-Cola Bottlers Japan Holdings, Inc. (A)		600		10,867
COMSYS Holdings Corp.		500		14,761
Concordia Financial Group, Ltd.		4,600		14,710
Cosmos Pharmaceutical Corp.		100		15,331
Credit Saison Co., Ltd.		600		6,852
CyberAgent, Inc. (A)		400		19,613
Dai Nippon Printing Co., Ltd.		1,100		25,174
Dai-ichi Life Holdings, Inc.		4,500		53,515
Daicel Corp.		1,100		8,493
Daifuku Co., Ltd.		500		43,658
Daiichi Sankyo Co., Ltd.		2,300		187,735
Daikin Industries, Ltd.		1,100		176,748
Daito Trust Construction Co., Ltd.		300		27,554
Daiwa House Industry Co., Ltd.		2,500		58,905
Daiwa House Investment Corp., REIT		7		16,481
Daiwa Office Investment Corp., REIT		1		5,534
Daiwa Securities Group, Inc.		5,900		24,593
DeNA Co., Ltd.		300		3,737
Denso Corp.		2,000		77,953
Dentsu Group, Inc. (A)		900		21,314
DIC Corp.		300		7,511
Disco Corp.		100		24,183
Dowa Holdings Co., Ltd.		200		6,062
East Japan Railway Co.		1,400		96,988
Ebara Corp.		300		7,021
Eisai Co., Ltd.		1,100		87,135
Electric Power Development Co., Ltd., Class C		700		13,269
ENEOS Holdings, Inc.		12,200		43,198
Ezaki Glico Co., Ltd.		200		9,529
FamilyMart Co., Ltd.		1,000		17,139
Fancl Corp. (A)		300		8,884
FANUC Corp.		700		124,966
Fast Retailing Co., Ltd.		200		114,381
Frontier Real Estate Investment Corp., REIT		2		6,312
Fuji Electric Co., Ltd.		600		16,373
Fuji Media Holdings, Inc.		200		1,924
FUJIFILM Holdings Corp.		1,600		68,369
Fujitsu, Ltd.		700		81,884
Fukuoka Financial Group, Inc.		700		11,037
GLP J-REIT		15		21,759
GMO Payment Gateway, Inc.		200		20,837
Goldwin, Inc.		100		6,525
GungHo Online Entertainment, Inc.		200		3,563
Hachijuni Bank, Ltd.		1,900		7,203
Hakuhodo DY Holdings, Inc.		1,200		14,249
Hamamatsu Photonics KK		600		25,972
Hankyu Hanshin Holdings, Inc.		1,000		33,786
Harmonic Drive Systems, Inc. (A)		200		10,956
Haseko Corp.		1,000		12,587

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    32

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Hikari Tsushin, Inc.		100		$   22,756
Hino Motors, Ltd.		1,100		7,423
Hirose Electric Co., Ltd.		100		10,956
Hisamitsu Pharmaceutical Co., Inc.		300		16,156
Hitachi Capital Corp.		200		4,401
Hitachi Construction Machinery Co., Ltd.		400		11,049
Hitachi Metals, Ltd.		800		9,514
Hitachi Transport System, Ltd.		200		5,339
Hitachi, Ltd.		3,700		116,709
Honda Motor Co., Ltd.		6,900		176,234
Hoshizaki Corp.		200		17,129
House Foods Group, Inc.		300		9,677
Hoya Corp.		1,400		133,142
Hulic Co., Ltd. (A)		1,900		17,823
Ibiden Co., Ltd.		500		14,576
Idemitsu Kosan Co., Ltd.		900		19,079
IHI Corp.		600		8,665
Iida Group Holdings Co., Ltd.		700		10,712
Inpex Corp.		4,100		25,345
Invincible Investment Corp., REIT (A)		23		5,925
Isetan Mitsukoshi Holdings, Ltd. (A)		1,500		8,592
Isuzu Motors, Ltd.		2,300		20,750
Ito En, Ltd.		200		11,271
ITOCHU Corp.		6,000		129,110
Itochu Techno-Solutions Corp.		400		14,979
Izumi Co., Ltd.		200		6,322
J. Front Retailing Co., Ltd.		1,000		6,655
Japan Airlines Co., Ltd. (A)		400		7,200
Japan Airport Terminal Co., Ltd.		300		12,764
Japan Exchange Group, Inc.		2,000		46,197
Japan Hotel Investment Corp., REIT (A)		17		7,012
Japan Post Bank Co., Ltd.		1,500		11,151
Japan Post Holdings Co., Ltd.		5,600		39,797
Japan Post Insurance Co., Ltd.		100		1,310
Japan Prime Realty Investment Corp., REIT (A)		4		11,716
Japan Real Estate Investment Corp., REIT		5		25,629
Japan Retail Fund Investment Corp., REIT		10		12,467
Japan Tobacco, Inc. (A)		4,200		77,919
JFE Holdings, Inc.		2,200		15,743
JGC Holdings Corp.		1,000		10,511
JSR Corp.		800		15,424
JTEKT Corp.		900		6,982
K’s Holdings Corp.		800		10,886
Kagome Co., Ltd. (A)		300		8,968
Kajima Corp.		1,900		22,613
Kakaku.com, Inc.		500		12,648
Kaken Pharmaceutical Co., Ltd.		100		5,107
Kamigumi Co., Ltd.		400		7,838
Kaneka Corp.		300		7,786
Kansai Electric Power Co., Inc.		3,100		30,027
Kansai Mirai Financial Group, Inc.		500		1,872
Kansai Paint Co., Ltd.		1,000		21,069
Kao Corp. (A)		1,800		142,485
Kawasaki Heavy Industries, Ltd.		600		8,620
KDDI Corp.		5,900		176,861
Keihan Holdings Co., Ltd.		400		17,815
Keikyu Corp.		1,000		15,303
Keio Corp.		500		28,549

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Keisei Electric Railway Co., Ltd.		700		$   21,898
Kenedix Office Investment Corp., REIT		2		11,141
Kewpie Corp.		500		9,431
Keyence Corp.		700		292,172
Kikkoman Corp.		700		33,675
Kinden Corp.		500		8,245
Kintetsu Group Holdings Co., Ltd.		700		31,436
Kirin Holdings Co., Ltd. (A)		3,500		73,789
Kobayashi Pharmaceutical Co., Ltd. (A)		200		17,574
Kobe Bussan Co., Ltd.		200		11,271
Kobe Steel, Ltd. (B)		1,400		4,801
Koito Manufacturing Co., Ltd.		500		20,114
Komatsu, Ltd.		3,700		75,571
Konami Holdings Corp. (A)		400		13,310
Konica Minolta, Inc.		1,900		6,551
Kose Corp.		100		12,013
Kubota Corp. (A)		4,400		65,581
Kuraray Co., Ltd. (A)		1,300		13,556
Kurita Water Industries, Ltd.		400		11,090
Kyocera Corp.		1,300		70,672
Kyowa Exeo Corp.		400		9,547
Kyowa Kirin Co., Ltd. (A)		1,000		26,222
Kyushu Electric Power Co., Inc.		1,800		15,099
Kyushu Railway Co.		600		15,567
Lawson, Inc.		200		10,029
LINE Corp. (B)		200		10,048
Lion Corp. (A)		1,100		26,377
LIXIL Group Corp.		1,100		15,355
M3, Inc.		1,600		67,998
Mabuchi Motor Co., Ltd.		200		6,359
Makita Corp.		1,100		39,918
Marubeni Corp.		6,600		29,823
Marui Group Co., Ltd.		800		14,430
Maruichi Steel Tube, Ltd.		300		7,450
Matsumotokiyoshi Holdings Co., Ltd.		300		10,887
Mazda Motor Corp.		2,300		13,772
McDonald’s Holdings Co. Japan, Ltd. (A)		300		16,184
Mebuki Financial Group, Inc.		4,000		9,269
Medipal Holdings Corp.		800		15,394
MEIJI Holdings Co., Ltd.		500		39,765
Mercari, Inc. (A) (B)		400		12,346
Minebea Mitsumi, Inc.		1,600		28,964
MISUMI Group, Inc.		1,100		27,468
Mitsubishi Chemical Holdings Corp.		5,400		31,403
Mitsubishi Corp.		5,600		117,829
Mitsubishi Electric Corp.		8,100		105,074
Mitsubishi Estate Co., Ltd.		5,300		78,725
Mitsubishi Gas Chemical Co., Inc.		800		12,087
Mitsubishi Heavy Industries, Ltd.		1,300		30,643
Mitsubishi Logistics Corp.		300		7,728
Mitsubishi Materials Corp.		500		10,544
Mitsubishi Motors Corp. (A)		2,600		6,411
Mitsubishi UFJ Financial Group, Inc.		48,900		191,095
Mitsubishi UFJ Lease & Finance Co., Ltd.		2,000		9,455
Mitsui & Co., Ltd.		6,500		96,068
Mitsui Chemicals, Inc.		700		14,579
Mitsui Fudosan Co., Ltd.		3,700		65,488
Mitsui O.S.K. Lines, Ltd.		500		8,843

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    33

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Miura Co., Ltd.		400		$   16,629
Mizuho Financial Group, Inc.		96,300		118,004
MonotaRO Co., Ltd.		500		20,021
Mori Trust Sogo Reit, Inc.		4		4,920
Morinaga & Co., Ltd.		200		7,758
MS&AD Insurance Group Holdings, Inc.		1,900		52,147
Murata Manufacturing Co., Ltd.		2,400		140,505
Nabtesco Corp. (A)		500		15,387
Nagoya Railroad Co., Ltd.		700		19,757
Nankai Electric Railway Co., Ltd.		400		9,143
NEC Corp.		1,000		47,921
Nexon Co., Ltd.		1,700		38,401
NGK Insulators, Ltd.		1,000		13,792
NGK Spark Plug Co., Ltd.		700		10,018
NH Foods, Ltd.		400		16,036
Nichirei Corp.		500		14,529
Nidec Corp.		2,100		140,071
Nifco, Inc.		300		6,393
Nihon M&A Center, Inc.		500		22,570
Nihon Unisys, Ltd.		300		9,357
Nikon Corp.		1,400		11,705
Nintendo Co., Ltd.		400		178,004
Nippon Building Fund, Inc., REIT (A)		5		28,456
Nippon Electric Glass Co., Ltd.		300		4,686
Nippon Express Co., Ltd.		300		15,517
Nippon Paint Holdings Co., Ltd.		800		58,136
Nippon Paper Industries Co., Ltd.		400		5,591
Nippon Prologis, Inc., REIT		9		27,362
Nippon Shinyaku Co., Ltd.		200		16,258
Nippon Shokubai Co., Ltd.		100		5,228
Nippon Steel Corp.		3,600		33,819
Nippon Telegraph & Telephone Corp.		4,900		114,251
Nippon Television Holdings, Inc.		200		2,162
Nippon Yusen KK		600		8,431
Nissan Chemical Corp.		600		30,699
Nissan Motor Co., Ltd.		9,100		33,672
Nisshin Seifun Group, Inc.		1,000		14,914
Nissin Foods Holdings Co., Ltd.		300		26,556
Nitori Holdings Co., Ltd. (A)		300		58,743
Nitto Denko Corp.		600		33,925
NOK Corp.		500		6,178
Nomura Holdings, Inc.		12,600		56,340
Nomura Real Estate Holdings, Inc.		500		9,269
Nomura Real Estate Master Fund, Inc., REIT		18		21,590
Nomura Research Institute, Ltd.		1,500		40,696
NS Solutions Corp.		100		2,730
NSK, Ltd.		1,800		13,331
NTT Data Corp.		2,400		26,673
NTT DOCOMO, Inc.		4,400		117,540
Obayashi Corp.		2,700		25,227
OBIC Business Consultants Co., Ltd.		100		5,311
OBIC Co., Ltd.		300		52,473
Odakyu Electric Railway Co., Ltd.		1,300		31,944
Oji Holdings Corp.		3,800		17,647
Olympus Corp.		4,900		94,267
Omron Corp.		800		53,539
Ono Pharmaceutical Co., Ltd.		1,900		55,247
Open House Co., Ltd.		200		6,841

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Oracle Corp.		100		$   11,790
Orient Corp.		2,300		2,516
Oriental Land Co., Ltd.		900		118,793
ORIX Corp.		5,000		61,570
ORIX, Inc., REIT		10		13,107
Osaka Gas Co., Ltd.		1,600		31,560
Otsuka Corp.		400		21,059
Otsuka Holdings Co., Ltd. (A)		2,100		91,467
PALTAC Corp.		100		4,593
Pan Pacific International Holdings Corp.		2,300		50,505
Panasonic Corp.		8,800		76,642
Park24 Co., Ltd. (A)		400		6,841
PeptiDream, Inc. (B)		400		18,316
Persol Holdings Co., Ltd.		700		9,603
Pigeon Corp. (A)		500		19,326
Pola Orbis Holdings, Inc. (A)		300		5,217
Rakuten, Inc.		3,100		27,240
Recruit Holdings Co., Ltd.		6,000		204,774
Relo Group, Inc.		400		7,519
Renesas Electronics Corp. (B)		4,000		20,429
Resona Holdings, Inc.		8,400		28,637
Ricoh Co., Ltd.		2,800		19,958
Rinnai Corp.		100		8,342
Rohm Co., Ltd.		400		26,473
Rohto Pharmaceutical Co., Ltd.		400		12,680
Ryohin Keikaku Co., Ltd.		1,000		14,135
Sankyo Co., Ltd.		200		4,831
Sankyu, Inc.		200		7,508
Santen Pharmaceutical Co., Ltd.		1,500		27,571
SBI Holdings, Inc.		900		19,421
Screen Holdings Co., Ltd.		200		9,325
SCSK Corp.		200		9,714
Secom Co., Ltd.		800		69,874
Sega Sammy Holdings, Inc.		700		8,370
Seibu Holdings, Inc.		1,000		10,854
Seiko Epson Corp. (A)		1,200		13,715
Seino Holdings Co., Ltd.		700		9,149
Sekisui Chemical Co., Ltd.		1,700		24,298
Sekisui House, Inc., REIT		15		9,621
Sekisui House, Ltd.		2,400		45,660
Seven & i Holdings Co., Ltd.		3,000		97,882
Seven Bank, Ltd.		2,800		7,656
SG Holdings Co., Ltd.		900		29,365
Sharp Corp.		800		8,498
Shikoku Electric Power Co., Inc.		800		5,895
Shimadzu Corp.		1,000		26,584
Shimamura Co., Ltd.		100		6,766
Shimano, Inc.		300		57,700
Shimizu Corp.		2,800		22,969
Shin-Etsu Chemical Co., Ltd.		1,500		175,117
Shinsei Bank, Ltd.		800		9,625
Shionogi & Co., Ltd.		1,100		68,823
Shiseido Co., Ltd.		1,500		95,032
Shizuoka Bank, Ltd.		2,100		13,489
Showa Denko KK		600		13,437
Skylark Holdings Co., Ltd.		700		11,102
SMC Corp.		300		153,441
Softbank Corp.		6,200		79,019

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    34

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
SoftBank Group Corp.		6,300		$   318,256
Sohgo Security Services Co., Ltd.		300		13,959
Sojitz Corp.		4,300		9,366
Sompo Holdings, Inc.		1,400		48,105
Sony Corp.		4,800		328,528
Sony Financial Holdings, Inc.		600		14,432
Sotetsu Holdings, Inc.		300		8,003
Square Enix Holdings Co., Ltd.		300		15,127
Stanley Electric Co., Ltd.		600		14,432
Subaru Corp.		2,400		49,864
Sugi Holdings Co., Ltd.		100		6,766
Sumco Corp. (A)		1,000		15,285
Sumitomo Chemical Co., Ltd.		6,300		18,803
Sumitomo Corp.		4,700		53,781
Sumitomo Dainippon Pharma Co., Ltd.		600		8,287
Sumitomo Electric Industries, Ltd.		3,000		34,467
Sumitomo Heavy Industries, Ltd.		500		10,868
Sumitomo Metal Mining Co., Ltd.		1,000		27,891
Sumitomo Mitsui Financial Group, Inc. (A)		5,200		146,141
Sumitomo Mitsui Trust Holdings, Inc.		1,400		39,255
Sumitomo Realty & Development Co., Ltd.		1,800		49,436
Sumitomo Rubber Industries, Ltd. (A)		700		6,891
Sundrug Co., Ltd.		300		9,927
Suntory Beverage & Food, Ltd.		500		19,488
Suzuken Co., Ltd.		300		11,179
Suzuki Motor Corp.		1,800		61,015
Sysmex Corp.		600		45,771
T&D Holdings, Inc.		2,300		19,635
Taiheiyo Cement Corp.		500		11,549
Taisei Corp.		900		32,702
Taisho Pharmaceutical Holdings Co., Ltd.		200		12,235
Taiyo Nippon Sanso Corp.		800		13,355
Taiyo Yuden Co., Ltd.		500		15,503
Takashimaya Co., Ltd.		700		5,840
Takeda Pharmaceutical Co., Ltd.		6,000		214,006
TDK Corp.		500		49,497
Teijin, Ltd.		800		12,710
Terumo Corp.		2,600		98,351
THK Co., Ltd.		500		12,346
TIS, Inc.		900		18,970
Tobu Railway Co., Ltd.		800		26,436
Toho Co., Ltd.		500		18,052
Toho Gas Co., Ltd.		400		20,021
Tohoku Electric Power Co., Inc.		1,900		18,069
Tokai Carbon Co., Ltd.		800		7,497
Tokio Marine Holdings, Inc.		2,700		117,575
Tokyo Broadcasting System Holdings, Inc.		100		1,595
Tokyo Century Corp.		200		10,215
Tokyo Electric Power Co. Holdings, Inc. (B)		3,000		9,204
Tokyo Electron, Ltd.		600		147,045
Tokyo Gas Co., Ltd.		1,500		35,872
Tokyo Tatemono Co., Ltd.		800		9,165
Tokyu Corp.		2,200		30,935
Tokyu Fudosan Holdings Corp.		2,300		10,745
Toppan Printing Co., Ltd.		1,300		21,654
Toray Industries, Inc.		6,200		29,165
Toshiba Corp.		1,600		50,943
Tosoh Corp.		1,200		16,351

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
TOTO, Ltd.		600		$   22,885
Toyo Seikan Group Holdings, Ltd.		600		6,763
Toyo Suisan Kaisha, Ltd.		400		22,357
Toyoda Gosei Co., Ltd.		300		6,234
Toyota Boshoku Corp.		300		4,024
Toyota Industries Corp.		800		42,341
Toyota Motor Corp.		9,900		620,511
Toyota Tsusho Corp.		900		22,766
Trend Micro, Inc.		500		27,900
Tsumura & Co.		300		7,842
Tsuruha Holdings, Inc.		100		13,765
Ube Industries, Ltd.		400		6,867
Unicharm Corp.		1,700		69,648
United Urban Investment Corp., REIT		12		12,880
Universal Entertainment Corp. (A) (B)		100		1,939
USS Co., Ltd.		800		12,777
Welcia Holdings Co., Ltd.		200		16,110
West Japan Railway Co.		700		39,229
Workman Co., Ltd.		100		8,778
Yakult Honsha Co., Ltd.		600		35,315
Yamada Denki Co., Ltd.		2,700		13,389
Yamaha Corp.		600		28,197
Yamaha Motor Co., Ltd.		1,200		18,776
Yamato Holdings Co., Ltd.		1,600		34,555
Yamazaki Baking Co., Ltd.		700		12,042
Yaskawa Electric Corp.		1,000		34,528
Yokogawa Electric Corp.		900		14,015
Yokohama Rubber Co., Ltd.		500		7,017
Z Holdings Corp.		10,100		49,243
Zenkoku Hosho Co., Ltd.		200		7,508
Zensho Holdings Co., Ltd.		400		8,068
Zeon Corp.		700		6,430
ZOZO, Inc. (A)		700		15,546
				14,477,970
Jersey, Channel Islands - 0.0% (D)
Clarivate Analytics PLC (B)		978		21,839
Luxembourg��- 0.1%
ArcelorMittal SA (B)		2,703		28,446
Ardagh Group SA		71		917
Aroundtown SA (B)		4,544		26,018
Millicom International Cellular SA, SDR		378		9,892
RTL Group SA		147		4,705
SES SA		1,454		9,929
Tenaris SA (A)		1,790		11,556
				91,463
Macau - 0.0% (D)
MGM China Holdings, Ltd. (A)		3,200		4,129
Sands China, Ltd.		9,200		36,085
Wynn Macau, Ltd.		5,600		9,639
				49,853
Mexico - 0.0% (D)
Fresnillo PLC		698		7,257
Netherlands - 1.4%
ABN AMRO Bank NV, CVA (C)		1,568		13,500
Adyen NV (B) (C)		93		135,319
Aegon NV		5,324		15,864

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    35

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Netherlands (continued)
Akzo Nobel NV		732		$   65,558
ASML Holding NV		1,614		592,593
EXOR NV		365		20,842
GrandVision NV (A) (B) (C)		222		6,321
Heineken Holding NV		382		31,256
Heineken NV (A)		895		82,488
ING Groep NV		14,773		102,839
JDE Peet’s BV (B)		488		19,775
Koninklijke Ahold Delhaize NV (A)		4,173		113,704
Koninklijke DSM NV		688		95,200
Koninklijke KPN NV (A)		13,385		35,479
Koninklijke Philips NV (B)		3,400		158,553
NN Group NV		1,032		34,657
Prosus NV (B)		1,602		148,873
QIAGEN NV (B)		861		37,076
Randstad NV		472		21,025
Royal Dutch Shell PLC, A Shares		15,550		247,279
Royal Dutch Shell PLC, B Shares		14,052		212,519
Wolters Kluwer NV		1,035		80,814
				2,271,534
New Zealand - 0.1%
a2 Milk Co., Ltd. (B)		2,805		36,457
Air New Zealand, Ltd. (A)		2,043		1,736
Auckland International Airport, Ltd.		4,522		19,125
Contact Energy, Ltd.		2,723		10,973
Fisher & Paykel Healthcare Corp., Ltd.		2,179		49,937
Fletcher Building, Ltd.		3,125		7,443
Genesis Energy, Ltd.		1,927		3,759
Goodman Property Trust, REIT		4,203		5,493
Infratil, Ltd.		2,697		8,160
Mercury NZ, Ltd.		2,376		7,189
Meridian Energy, Ltd.		4,761		14,742
Precinct Properties New Zealand, Ltd.		4,085		4,129
Ryman Healthcare, Ltd.		1,573		13,245
SkyCity Entertainment Group, Ltd.		2,530		3,893
Spark New Zealand, Ltd.		6,965		20,446
Trustpower, Ltd.		261		1,168
Xero, Ltd. (B)		414		25,685
Z Energy, Ltd.		1,894		3,292
				236,872
Norway - 0.2%
Adevinta ASA, B Shares (B)		857		8,608
AKER ASA, A Shares (B)		93		3,378
Aker BP ASA		410		7,450
Austevoll Seafood ASA		338		2,784
DNB ASA		3,415		44,993
DNO ASA (A)		2,466		1,479
Elkem ASA (C)		926		1,882
Entra ASA (C)		543		6,912
Equinor ASA		4,177		59,146
Gjensidige Forsikring ASA (B)		720		13,218
Kongsberg Gruppen ASA		341		4,765
Leroy Seafood Group ASA		1,062		6,359
Mowi ASA		1,702		32,224
Norsk Hydro ASA (B)		5,177		14,259
Norwegian Finans Holding ASA (B)		587		4,010
Orkla ASA		3,075		26,871

	Shares		Value
COMMON STOCKS (continued)
Norway (continued)
Salmar ASA (B)		206		$   9,803
Schibsted ASA, B Shares (B)		386		9,067
Schibsted ASA, Class A (B)		303		7,877
SFL Corp., Ltd.		308		2,861
SpareBank 1 SR-Bank ASA (B)		696		5,043
Storebrand ASA (B)		1,774		9,123
Telenor ASA		2,461		35,740
TGS NOPEC Geophysical Co. ASA		450		6,500
Tomra Systems ASA		443		16,215
Yara International ASA		668		23,121
				363,688
Portugal - 0.1%
Banco Comercial Portugues SA, R Shares (A) (B)		30,371		3,650
EDP - Energias de Portugal SA		9,705		46,326
Galp Energia SGPS SA		1,725		19,946
Jeronimo Martins SGPS SA (A)		931		16,296
Navigator Co. SA		843		2,049
NOS SGPS SA (A)		938		4,092
				92,359
Singapore - 0.4%
Ascendas Real Estate Investment Trust		11,400		25,904
BOC Aviation, Ltd. (C)		800		5,109
CapitaLand Commercial Trust, REIT		10,800		13,083
CapitaLand Mall Trust, REIT		10,800		15,174
CapitaLand, Ltd. (B)		9,500		19,885
City Developments, Ltd.		2,300		13,882
ComfortDelGro Corp., Ltd.		8,200		8,523
DBS Group Holdings, Ltd.		6,800		101,387
Genting Singapore, Ltd.		21,500		11,713
Golden Agri-Resources, Ltd.		25,100		2,663
Jardine Cycle & Carriage, Ltd.		400		5,780
Keppel Corp., Ltd. (A)		5,500		23,497
Keppel REIT		7,300		5,756
Mapletree Commercial Trust, REIT		8,100		11,206
Mapletree Logistics Trust, REIT (A)		11,400		15,853
Mapletree North Asia Commercial Trust, REIT		7,900		5,238
Olam International, Ltd.		2,700		2,690
Oversea-Chinese Banking Corp., Ltd.		14,900		96,126
SATS, Ltd.		2,500		5,125
Sea, Ltd., ADR (A) (B)		920		98,661
Sembcorp Industries, Ltd.		3,500		4,391
Singapore Airlines, Ltd.		4,900		13,101
Singapore Exchange, Ltd.		3,100		18,533
Singapore Press Holdings, Ltd. (A)		6,100		5,553
Singapore Technologies Engineering, Ltd.		5,900		13,957
Singapore Telecommunications, Ltd.		31,000		54,665
Suntec, REIT		8,800		8,894
United Overseas Bank, Ltd.		5,300		76,857
UOL Group, Ltd.		2,000		9,734
Venture Corp., Ltd.		1,000		11,598
Wilmar International, Ltd.		11,500		33,716
				738,254
Spain - 0.7%
ACS Actividades de Construccion y Servicios SA		1,038		26,161
Aena SME SA (B) (C)		279		37,196
Amadeus IT Group SA		1,708		88,973
Banco Bilbao Vizcaya Argentaria SA		25,281		87,000

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    36

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
Spain (continued)
Banco Santander SA (B)		63,007		$   153,881
CaixaBank SA		13,607		29,045
Cellnex Telecom SA (C)		1,023		62,321
Endesa SA (A)		1,204		29,655
Ferrovial SA		1,822		48,499
Grifols SA		1,115		33,850
Grifols SA, ADR		984		17,948
Iberdrola SA		23,001		266,602
Industria de Diseno Textil SA		4,018		106,367
Mapfre SA		3,736		6,647
Naturgy Energy Group SA		1,269		23,610
Red Electrica Corp. SA (A)		1,641		30,605
Repsol SA		5,463		47,773
Siemens Gamesa Renewable Energy SA (A) (B)		852		15,100
Telefonica SA		17,324		82,636
				1,193,869
Sweden - 1.0%
AAK AB (B)		661		11,359
Akelius Residential Property AB, D Shares (A)		833		1,512
Alfa Laval AB (B)		1,135		24,901
Assa Abloy AB, B Shares		3,757		76,397
Atlas Copco AB, A Shares		2,449		103,726
Atlas Copco AB, B Shares		1,478		54,668
Axfood AB		398		8,689
Beijer Ref AB (A)		267		8,064
Boliden AB		1,036		23,574
Castellum AB		973		18,177
Electrolux AB, Series B		966		16,154
Elekta AB, B Shares		1,390		12,929
Epiroc AB, Class A (A)		2,372		29,559
Epiroc AB, Class B		1,478		18,077
EQT AB		1,336		23,969
Essity AB, Class B (B)		2,295		74,171
Fabege AB		1,040		12,156
Fastighets AB Balder, B Shares (B)		364		13,874
Getinge AB, B Shares (A)		828		15,366
Hennes & Mauritz AB, B Shares (A)		2,933		42,500
Hexagon AB, B Shares (B)		1,061		61,952
Hexpol AB (B)		986		7,302
Holmen AB, B Shares (B)		377		12,026
Hufvudstaden AB, A Shares		438		5,444
Husqvarna AB, B Shares		1,560		12,776
ICA Gruppen AB		351		16,645
Industrivarden AB, A Shares (B)		610		13,841
Industrivarden AB, C Shares (A) (B)		633		14,343
Intrum AB (A)		279		5,121
Investment AB Latour, B Shares (A)		471		8,544
Investor AB, B Shares		1,726		91,092
Kinnevik AB, Class B		916		24,098
L E Lundbergforetagen AB, B Shares (B)		242		10,982
Lifco AB, B Shares		170		10,766
Lundin Energy AB (A)		715		17,237
Nibe Industrier AB, B Shares (B)		1,382		30,542
Saab AB, B Shares (A) (B)		313		7,814
Sagax AB, D Shares		347		1,086
Sandvik AB (B)		4,185		78,205
Securitas AB, B Shares (B)		1,213		16,346
Skandinaviska Enskilda Banken AB, C Shares (B)		54		489

	Shares		Value
COMMON STOCKS (continued)
Sweden (continued)
Skandinaviska Enskilda Banken AB, Class A (B)		6,083		$   52,690
Skanska AB, B Shares (B)		1,364		27,744
SKF AB, B Shares		1,417		26,335
Spotify Technology SA (B)		381		98,370
SSAB AB, A Shares (B)		899		2,475
SSAB AB, B Shares (B)		2,392		6,342
Svenska Cellulosa AB SCA, Class B (B)		2,295		27,294
Svenska Handelsbanken AB, A Shares (B)		5,745		54,535
Svenska Handelsbanken AB, B Shares (B)		134		1,338
Swedbank AB, A Shares (B)		3,517		45,073
Swedish Match AB		614		43,167
Swedish Orphan Biovitrum AB (B)		721		16,654
Tele2 AB, B Shares		1,892		25,090
Telefonaktiebolaget LM Ericsson, B Shares		9,915		91,693
Telia Co. AB		9,606		35,881
Trelleborg AB, B Shares (B)		919		13,381
Volvo AB, B Shares (B)		6,215		97,328
Wallenstam AB, B Shares		795		9,207
				1,711,070
Switzerland - 3.0%
ABB, Ltd.		7,316		164,688
Alcon, Inc. (B)		1,853		106,305
Chocoladefabriken Lindt & Spruengli AG		4		32,927
Cie Financiere Richemont SA		1,979		126,232
Credit Suisse Group AG		9,207		95,204
Geberit AG		140		70,063
Givaudan SA		30		111,698
Glencore PLC (B)		41,478		87,751
Kuehne & Nagel International AG (B)		191		31,727
LafargeHolcim, Ltd. (B)		1,845		80,825
Lonza Group AG		282		148,864
Nestle SA		11,283		1,247,197
Novartis AG		9,354		813,632
Partners Group Holding AG		71		64,395
Roche Holding AG		2,767		958,471
Schindler Holding AG		228		53,674
SGS SA		20		48,863
Sika AG		538		103,535
STMicroelectronics NV (A)		2,485		67,599
Swatch Group AG (A)		110		21,952
Swatch Group AG		222		8,683
Swiss Re AG		1,105		85,200
Swisscom AG (A)		96		50,241
UBS Group AG		14,524		167,151
Zurich Insurance Group AG		571		201,391
				4,948,268
United Kingdom - 4.0%
3i Group PLC		3,682		37,879
Admiral Group PLC		958		27,213
Anglo American PLC		5,168		119,372
Ashtead Group PLC		1,722		57,852
Associated British Foods PLC		1,351		31,967
AstraZeneca PLC		4,974		517,544
AVEVA Group PLC		244		12,337
Aviva PLC		14,925		50,455
BAE Systems PLC		12,099		72,266
Barclays PLC		61,791		87,358

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    37

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Barratt Developments PLC		3,859		$   23,645
Berkeley Group Holdings PLC		488		25,114
BP PLC		76,707		291,162
British American Tobacco PLC		8,680		332,958
British Land Co. PLC, REIT (A)		3,570		17,044
BT Group PLC		33,259		46,869
Bunzl PLC		1,272		34,043
Burberry Group PLC		1,534		30,317
Centrica PLC		22,103		10,525
CNH Industrial NV (A) (B)		3,767		26,350
Coca-Cola European Partners PLC		796		30,057
Compass Group PLC		6,769		93,005
ConvaTec Group PLC (C)		5,992		14,482
Croda International PLC		500		32,472
Diageo PLC		8,877		294,118
Direct Line Insurance Group PLC		5,213		17,456
DS Smith PLC		5,185		21,026
easyJet PLC (A)		1,158		9,730
Ferguson PLC		880		71,894
Fiat Chrysler Automobiles NV (B)		4,172		41,910
GlaxoSmithKline PLC		18,927		382,739
Halma PLC		1,433		40,777
Hargreaves Lansdown PLC		1,043		20,987
HSBC Holdings PLC		78,248		366,043
Imperial Brands PLC		3,600		68,435
Informa PLC		5,695		33,101
InterContinental Hotels Group PLC		712		31,381
Intertek Group PLC		610		41,002
ITV PLC		13,736		12,675
J Sainsbury PLC		6,540		16,865
JD Sports Fashion PLC		1,550		11,916
Johnson Matthey PLC		754		19,546
Kingfisher PLC		8,081		22,047
Land Securities Group PLC, REIT		2,848		19,460
Legal & General Group PLC		22,399		61,137
Lloyds Banking Group PLC		266,060		102,486
London Stock Exchange Group PLC		1,195		123,409
M&G PLC		9,804		20,297
Marks & Spencer Group PLC		7,394		9,045
Melrose Industries PLC		18,420		25,946
Micro Focus International PLC		1,376		7,345
Mondi PLC		1,841		34,360
National Grid PLC		14,229		173,915
Next PLC		505		30,537
NMC Health PLC (B) (E) (F) (G) (H)		1,067		0
Ocado Group PLC (B)		2,225		55,754
Pearson PLC (A)		2,853		20,298
Persimmon PLC (B)		1,204		34,008
Prudential PLC		9,804		147,607
Reckitt Benckiser Group PLC		2,793		256,481
RELX PLC		7,512		173,570
Rentokil Initial PLC		6,966		43,862
Rio Tinto PLC		3,714		208,755
Rio Tinto, Ltd.		1,407		94,896
Rolls-Royce Holdings PLC		7,321		25,817
Royal Bank of Scotland Group PLC		17,421		26,175
RSA Insurance Group PLC		3,892		19,707
Sage Group PLC		4,246		35,245

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Schroders PLC		488		$   17,782
Segro PLC, REIT		4,509		49,863
Severn Trent PLC		911		27,904
Smith & Nephew PLC		3,378		62,837
Smiths Group PLC		1,489		25,978
Spirax-Sarco Engineering PLC		279		34,391
SSE PLC		3,967		66,883
St. James’s Place PLC		2,035		23,958
Standard Chartered PLC		10,052		54,662
Standard Life Aberdeen PLC		8,650		28,601
Subsea 7 SA (B)		899		5,647
Taylor Wimpey PLC		13,799		24,313
Tesco PLC		36,827		103,793
Unilever NV		5,538		293,895
Unilever PLC		4,427		238,219
United Utilities Group PLC		2,585		29,072
Vodafone Group PLC		101,593		161,756
Weir Group PLC (A)		984		12,930
Whitbread PLC (B)		760		20,866
WM Morrison Supermarkets PLC		9,073		21,362
WPP PLC		4,619		36,001
				6,636,759
United States - 0.0% (D)
Carnival PLC		706		8,599
Flex, Ltd. (B)		1,911		19,588
Stratasys, Ltd. (A) (B)		208		3,299
				31,486
Total Common Stocks (Cost $48,813,097)				51,214,352
PREFERRED STOCKS - 0.2%
Germany - 0.2%
Bayerische Motoren Werke AG, 5.74% (I)		216		10,476
Henkel AG & Co. KGaA, 2.19% (I)		676		62,927
Porsche Automobil Holding SE, 4.17% (I)		581		33,384
Sartorius AG, 0.11% (I)		129		42,394
Volkswagen AG, 0.00% (I)		696		105,484
Total Preferred Stocks (Cost $239,251)				254,665
RIGHT - 0.0%
Austria - 0.0%
Buwog AG, (B) (E) (F) (G) Exercise Price EUR 29, Expiration Date 12/31/2099		152		0
Total Right (Cost $0)				0

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    38

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATION - 68.5%
U.S. Treasury - 68.5%
U.S. Treasury Note 0.25%, 06/30/2025		$  115,099,000		$   114,883,189
Total U.S. Government Obligation (Cost $114,937,142)				114,883,189
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.3%
Money Market Fund - 0.3%
State Street Institutional Treasury Money Market Fund, 0.05% (I)		430,832		430,832
Total Short-Term Investment Company (Cost $430,832)				430,832

	Shares		Value
OTHER INVESTMENT COMPANY - 0.4%
Securities Lending Collateral - 0.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.13% (I)		746,511		$   746,511
Total Other Investment Company (Cost $746,511)				746,511
Total Investments (Cost $165,166,833)				167,529,549
Net Other Assets (Liabilities) - 0.1%				214,743
Net Assets - 100.0%				$  167,744,292

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
MSCI EAFE Index		16		09/18/2020	$	1,408,643	$	1,422,720	$	14,077	$	—

INVESTMENTS BY INDUSTRY:

Industry	Percentage of Total Investments			Value
U.S. Government Obligation		68.6	%	$	114,883,189
Pharmaceuticals		3.0			5,062,608
Banks		2.3			3,888,748
Insurance		1.5			2,456,591
Food Products		1.2			2,054,301
Chemicals		1.1			1,802,971
Oil, Gas & Consumable Fuels		1.0			1,679,721
Machinery		1.0			1,606,484
Automobiles		0.9			1,563,733
Metals & Mining		0.8			1,413,130
Capital Markets		0.8			1,359,384
Textiles, Apparel & Luxury Goods		0.8			1,306,557
Personal Products		0.7			1,167,417
Electric Utilities		0.7			1,145,795
Semiconductors & Semiconductor Equipment		0.7			1,087,531
Health Care Equipment & Supplies		0.6			1,041,450
Real Estate Management & Development		0.6			1,037,437
Beverages		0.6			1,010,829
Software		0.6			1,010,228
Electronic Equipment, Instruments & Components		0.6			998,828
Diversified Telecommunication Services		0.6			992,752
Wireless Telecommunication Services		0.5			896,637
Electrical Equipment		0.5			882,932
Food & Staples Retailing		0.5			832,239
Professional Services		0.5			767,472
Equity Real Estate Investment Trusts		0.5			754,725
IT Services		0.4			720,033
Industrial Conglomerates		0.4			679,973
Household Durables		0.4			678,582
Trading Companies & Distributors		0.4			676,818
Road & Rail		0.4			645,323

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    39

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

INVESTMENTS BY INDUSTRY (continued):

Industry	Percentage of Total Investments			Value
Hotels, Restaurants & Leisure		0.4	%	$	638,386
Entertainment		0.3			567,189
Biotechnology		0.3			549,219
Household Products		0.3			540,910
Multi-Utilities		0.3			536,660
Building Products		0.3			536,642
Tobacco		0.3			522,479
Aerospace & Defense		0.3			512,681
Construction & Engineering		0.3			476,176
Auto Components		0.3			458,374
Specialty Retail		0.3			447,491
Money Market Funds		0.3			430,832
Diversified Financial Services		0.2			370,234
Internet & Direct Marketing Retail		0.2			295,226
Air Freight & Logistics		0.2			291,152
Construction Materials		0.2			285,698
Multiline Retail		0.2			284,970
Health Care Providers & Services		0.2			279,953
Gas Utilities		0.2			278,459
Commercial Services & Supplies		0.2			271,533
Transportation Infrastructure		0.1			248,415
Life Sciences Tools & Services		0.1			242,460
Media		0.1			236,642
Technology Hardware, Storage & Peripherals		0.1			211,011
Paper & Forest Products		0.1			184,903
Communications Equipment		0.1			184,866
Leisure Products		0.1			143,060
Interactive Media & Services		0.1			114,423
Health Care Technology		0.1			102,989
Marine		0.1			91,135
Airlines		0.1			84,348
Containers & Packaging		0.0	(D)		72,862
Water Utilities		0.0	(D)		56,976
Independent Power & Renewable Electricity Producers		0.0	(D)		50,382
Energy Equipment & Services		0.0	(D)		36,492
Consumer Finance		0.0	(D)		24,983
Distributors		0.0	(D)		10,373
Diversified Consumer Services		0.0	(D)		8,036
Investments		99.6			166,783,038
Short-Term Investments		0.4			746,511
Total Investments		100.0	%	$	167,529,549

INVESTMENT VALUATION:

Valuation Inputs ^(J)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (K)		Value
ASSETS
Investments
Common Stocks	$	630,511	$	50,583,841	$	0	$	51,214,352
Preferred Stocks		—		254,665		—		254,665
Right		—		—		0		0
U.S. Government Obligation		—		114,883,189		—		114,883,189

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    40

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2020

(unaudited)

INVESTMENT VALUATION (continued):

Valuation Inputs (continued) ^(J)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (K)		Value
Short-Term Investment Company	$	430,832	$	—	$	—	$	430,832
Other Investment Company		746,511		—		—		746,511
Total Investments	$	1,807,854	$	165,721,695	$	0	$	167,529,549
Other Financial Instruments
Futures Contracts (L)	$	14,077	$	—	$	—	$	14,077
Total Other Financial Instruments	$	14,077	$	—	$	—	$	14,077
Transfers
Investments	Transfers from Level 1 to Level 3		Transfers from Level 3 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Common Stocks (H)	$	—	$	—	$	0	$	—

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $2,182,340, collateralized by cash collateral of $746,511 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,547,420. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)	Non-income producing securities.
(C)	Securities are exempt from registration pursuant to Rule 144A of the Securities Act of 1933. Securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the total value of 144A securities is $559,241, representing 0.3% of the Fund’s net assets.
(D)	Percentage rounds to less than 0.1% or (0.1)%.
(E)	Securities deemed worthless.
(F)	Securities are Level 3 of the fair value hierarchy.
(G)	Fair valued as determined in good faith in accordance with procedures established by the Board. At June 30, 2020, the total value of securities is $0, representing 0.00% of the Fund’s net assets.
(H)	Transferred from Level 2 to 3 due to utilizing significant unobservable inputs. As of prior reporting period, the security utilized significant observable inputs.
(I)	Rates disclosed reflect the yields at June 30, 2020.
(J)	The Fund recognizes transfers in and out of Level 3 as of June 30, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(K)	Level 3 securities were not considered significant to the Fund.
(L)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATION:

EUR Euro

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
CDI	CHESS Depositary Interests
CVA	Commanditaire Vennootschap op Aandelen (Dutch Certificate)
EAFE	Europe, Australasia and Far East
J-REIT	Japan-Real Estate Investment Trust
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    41

STATEMENTS OF ASSETS AND LIABILITIES

At June 30, 2020

(unaudited)

	DeltaShares® S&P 400 Managed Risk ETF			DeltaShares® S&P 500 Managed Risk ETF		DeltaShares® S&P 600 Managed Risk ETF			DeltaShares® S&P EM 100 &  Managed Risk ETF			DeltaShares® S&P International Managed Risk  ETF
Assets:
Investments, at value (A) (B)	$	85,707,534		$	381,119,284	$	33,253,010		$	42,248,173		$	167,529,549
Cash		47,671			—		59			—			—
Cash collateral pledged at broker for:
Futures contracts		30,000			132,000		12,800			37,100			140,800
Foreign currency, at value (C)		—			—		—			110,655			405,504
Receivables and other assets:
Investments sold		71,051,177			247,719,777		28,776,788			27,226,941			114,950,066
Net income from securities lending		1,090			3,135		679			634			2,051
Dividends		15,310			97,012		4,129			65,294			59,128
Interest		494			1,846		199			181			810
Tax reclaims		—			—		—			1,263			355,628
Variation margin receivable on futures contracts		43,071			138,785		6,432			35,066			60,514
Other assets		293			2,161		87			68			189
Total assets		156,896,640			629,214,000		62,054,183			69,725,375			283,504,239
Liabilities:
Cash collateral received upon return of:
Securities on loan		81,553			52,444		178,720			127,925			746,511
Payables and other liabilities:
Investments purchased		71,077,743			247,693,877		28,771,671			27,151,146			114,940,058
Investment management fees		33,691			116,422		12,981			22,203			73,378
Total liabilities		71,192,987			247,862,743		28,963,372			27,301,274			115,759,947
Net assets	$	85,703,653		$	381,351,257	$	33,090,811		$	42,424,101		$	167,744,292
Net assets consist of:
Paid-in capital	$	97,958,332		$	361,986,319	$	40,767,399		$	45,472,846		$	193,526,004
Total distributable earnings (accumulated losses)		(12,254,679	)		19,364,938		(7,676,588	)		(3,048,745	)		(25,781,712	)
Net assets	$	85,703,653		$	381,351,257	$	33,090,811		$	42,424,101		$	167,744,292
Shares outstanding		1,800,000			6,600,000		700,000			900,000			3,800,000
Net asset value per share	$	47.61		$	57.78	$	47.27		$	47.14		$	44.14
(A) Investments, at cost	$	84,290,960		$	364,451,830	$	33,052,830		$	41,226,819		$	165,166,833
(B) Securities on loan, at value	$	606,750		$	250,646	$	298,961		$	123,583		$	2,182,340
(C) Foreign currency, at cost	$	—		$	—	$	—		$	110,870		$	406,399

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    42

STATEMENTS OF OPERATIONS

For the period ended June 30, 2020

(unaudited)

	DeltaShares® S&P 400 Managed Risk ETF			DeltaShares® S&P 500 Managed Risk ETF			DeltaShares® S&P 600 Managed Risk ETF			DeltaShares® S&P EM 100 & Managed Risk ETF			DeltaShares® S&P International Managed Risk  ETF
Investment Income:
Dividend income	$	335,311		$	2,087,945		$	91,022		$	271,903		$	1,011,894
Interest income		107,676			438,952			47,953			54,599			172,854
Net income from securities lending		8,756			31,128			7,997			4,147			17,622
Withholding taxes on foreign income		(88	)		—			(66	)		(31,527	)		(78,506	)
Total investment income		451,655			2,558,025			146,906			299,122			1,123,864
Expenses:
Investment management fees		198,467			697,593			78,203			128,409			432,013
Total expenses		198,467			697,593			78,203			128,409			432,013
Net investment income (loss)		253,188			1,860,432			68,703			170,713			691,851
Net realized gain (loss) on:
Investments		(4,420,715	)		18,139,693			(3,765,432	)		(1,840,015	)		(17,102,847	)
In-kind redemptions		—			3,283,280			685,835			—			770,865
Swap agreements		—			—			(75,866	)		—			—
Futures contracts		(39,886	)		428,413			(34,540	)		209,541			104,391
Foreign currency transactions		—			—			—			(34,403	)		(37,853	)
Net realized gain (loss)		(4,460,601	)		21,851,386			(3,190,003	)		(1,664,877	)		(16,265,444	)
Net change in unrealized appreciation (depreciation) on:
Investments		(7,601,540	)		(47,772,535	)		(2,577,798	)		(2,644,564	)		(12,590,757	)
Futures contracts		575			(78,714	)		1,067			(13,730	)		(2,125	)
Translation of assets and liabilities denominated in foreign currencies		—			—			—			(1,325	)		(5,243	)
Net change in unrealized appreciation (depreciation)		(7,600,965	)		(47,851,249	)		(2,576,731	)		(2,659,619	)		(12,598,125	)
Net realized and change in unrealized gain (loss)		(12,061,566	)		(25,999,863	)		(5,766,734	)		(4,324,496	)		(28,863,569	)
Net increase (decrease) in net assets resulting from operations	$	(11,808,378	)	$	(24,139,431	)	$	(5,698,031	)	$	(4,153,783	)	$	(28,171,718	)

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    43

STATEMENTS OF CHANGES IN NET ASSETS

For the years and periods ended:

	DeltaShares® S&P 400 Managed Risk ETF						DeltaShares® S&P 500 Managed Risk ETF						DeltaShares® S&P 600 Managed Risk ETF
	June 30, 2020 (unaudited)			December 31, 2019			June 30, 2020 (unaudited)			December 31, 2019			June 30, 2020 (unaudited)			December 31, 2019
From operations:
Net investment income (loss)	$	253,188		$	1,281,224		$	1,860,432		$	6,908,628		$	68,703		$	487,843
Net realized gain (loss)		(4,460,601	)		1,175,297			21,851,386			11,234,862			(3,190,003	)		217,584
Net change in unrealized appreciation (depreciation)		(7,600,965	)		10,734,059			(47,851,249	)		65,022,706			(2,576,731	)		3,869,077
Net increase (decrease) in net assets resulting from operations		(11,808,378	)		13,190,580			(24,139,431	)		83,166,196			(5,698,031	)		4,574,504
Dividends and/or distributions to shareholders:
Dividends and/or distributions to shareholders		(252,652	)		(1,326,963	)		(1,851,109	)		(7,172,785	)		(87,238	)		(514,864	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(252,652	)		(1,326,963	)		(1,851,109	)		(7,172,785	)		(87,238	)		(514,864	)
Capital share transactions:
Proceeds from shares sold		—			—			5,427,164			8,055,870			—			—
Cost of shares redeemed		—			(17,942,947	)		(26,171,478	)		(42,721,348	)		(2,830,821	)		(2,626,876	)
Net increase (decrease) in net assets resulting from capital share transactions		—			(17,942,947	)		(20,744,314	)		(34,665,478	)		(2,830,821	)		(2,626,876	)
Net increase (decrease) in net assets		(12,061,030	)		(6,079,330	)		(46,734,854	)		41,327,933			(8,616,090	)		1,432,764
Net assets:
Beginning of period/year		97,764,683			103,844,013			428,086,111			386,758,178			41,706,901			40,274,137
End of period/year	$	85,703,653		$	97,764,683		$	381,351,257		$	428,086,111		$	33,090,811		$	41,706,901
Capital share transactions - shares:
Shares issued		—			—			100,000			150,000			—			—
Shares redeemed		—			(350,000	)		(450,000	)		(750,000	)		(50,000	)		(50,000	)
Net increase (decrease) in shares outstanding		—			(350,000	)		(350,000	)		(600,000	)		(50,000	)		(50,000	)

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    44

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the year and periods ended:

	DeltaShares® S&P EM 100 & Managed Risk ETF						DeltaShares® S&P International Managed Risk ETF
	June 30, 2020 (unaudited)			December 31, 2019 (A)			June 30, 2020 (unaudited)			December 31, 2019
From operations:
Net investment income (loss)	$	170,713		$	1,018,541		$	691,851		$	5,661,204
Net realized gain (loss)		(1,664,877	)		(2,410,535	)		(16,265,444	)		4,683,284
Net change in unrealized appreciation (depreciation)		(2,659,619	)		3,680,935			(12,598,125	)		25,538,716
Net increase (decrease) in net assets resulting from operations		(4,153,783	)		2,288,941			(28,171,718	)		35,883,204
Dividends and/or distributions to shareholders:
Dividends and/or distributions to shareholders		(204,881	)		(979,022	)		(863,723	)		(6,314,088	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(204,881	)		(979,022	)		(863,723	)		(6,314,088	)
Capital share transactions:
Proceeds from shares sold		—			45,472,846			2,193,916			4,595,782
Cost of shares redeemed		—			—			(5,174,124	)		(36,595,032	)
Net increase (decrease) in net assets resulting from capital share transactions		—			45,472,846			(2,980,208	)		(31,999,250	)
Net increase (decrease) in net assets		(4,358,664	)		46,782,765			(32,015,649	)		(2,430,134	)
Net assets:
Beginning of period/year		46,782,765			—			199,759,941			202,190,075
End of period/year	$	42,424,101		$	46,782,765		$	167,744,292		$	199,759,941
Capital share transactions - shares:
Shares issued		—			900,000			50,000			100,000
Shares redeemed		—			—			(100,000	)		(750,000	)
Net increase (decrease) in shares outstanding		—			900,000			(50,000	)		(650,000	)

(A) Commenced operations on March 20, 2019.

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    45

FINANCIAL HIGHLIGHTS

For a share outstanding during the periods and years indicated:	DeltaShares® S&P 400 Managed Risk ETF
	June 30, 2020 (unaudited)			December 31, 2019			December 31, 2018			December 31, 2017 (A)
Net asset value, beginning of period/year	$	54.31		$	48.30		$	53.88		$	50.00
Investment operations:
Net investment income (loss) (B)		0.14			0.67			0.66			0.27
Net realized and unrealized gain (loss)		(6.70	)		6.03			(5.58	)		3.94
Total investment operations		(6.56	)		6.70			(4.92	)		4.21
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.69	)		(0.66	)		(0.27	)
Net realized gains		—			—			—			(0.06	)
Total dividends and/or distributions to shareholders		(0.14	)		(0.69	)		(0.66	)		(0.33	)
Net asset value, end of period/year	$	47.61		$	54.31		$	48.30		$	53.88
Total return		(12.06	)%(C)		13.95	%		(9.19	)%		8.42	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	85,704		$	97,765		$	103,844		$	131,994
Expenses to average net assets		0.45	%(D)(E)		0.45	%(D)		0.45	%		0.45	%(E)
Net investment income (loss) to average net assets		0.57	%(E)		1.30	%		1.23	%		1.25	%(E)
Portfolio turnover rate (F)		435	%(C)		511	%		435	%		6	%(C)

(A)	Commenced operations on July 31, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.
(F)	Excludes investment securities received or delivered as a result of processing in-kind issuances or redemptions of capital share transactions in creation units.

For a share outstanding during the periods and years indicated:	DeltaShares® S&P 500 Managed Risk ETF
	June 30, 2020 (unaudited)			December 31, 2019			December 31, 2018			December 31, 2017 (A)
Net asset value, beginning of period/year	$	61.60		$	51.23		$	54.10		$	50.00
Investment operations:
Net investment income (loss) (B)		0.27			0.94			0.91			0.36
Net realized and unrealized gain (loss)		(3.82	)		10.41			(2.86	)		4.09
Total investment operations		(3.55	)		11.35			(1.95	)		4.45
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.98	)		(0.91	)		(0.34	)
Net realized gains		—			—			(0.01	)		(0.01	)
Total dividends and/or distributions to shareholders		(0.27	)		(0.98	)		(0.92	)		(0.35	)
Net asset value, end of period/year	$	57.78		$	61.60		$	51.23		$	54.10
Total return		(5.73	)%(C)		22.30	%		(3.68	)%		8.94	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	381,351		$	428,086		$	386,758		$	419,310
Expenses to average net assets		0.35	%(D)(E)		0.35	%(D)		0.35	%		0.35	%(E)
Net investment income (loss) to average net assets		0.93	%(E)		1.66	%		1.65	%		1.64	%(E)
Portfolio turnover rate (F)		401	%(C)		300	%		430	%		2	%(C)

(A)	Commenced operations on July 31, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.
(F)	Excludes investment securities received or delivered as a result of processing in-kind issuances or redemptions of capital share transactions in creation units.

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    46

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	DeltaShares® S&P 600 Managed Risk ETF
	June 30, 2020 (unaudited)			December 31, 2019			December 31, 2018			December 31, 2017 (A)
Net asset value, beginning of period/year	$	55.61		$	50.34		$	53.94		$	50.00
Investment operations:
Net investment income (loss) (B)		0.10			0.64			0.59			0.24
Net realized and unrealized gain (loss)		(8.32	)		5.30			(3.52	)		4.09
Total investment operations		(8.22	)		5.94			(2.93	)		4.33
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.67	)		(0.64	)		(0.24	)
Net realized gains		—			—			(0.03	)		(0.15	)
Total dividends and/or distributions to shareholders		(0.12	)		(0.67	)		(0.67	)		(0.39	)
Net asset value, end of period/year	$	47.27		$	55.61		$	50.34		$	53.94
Total return		(14.75	)%(C)		11.85	%		(5.47	)%		8.65	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	33,091		$	41,707		$	40,274		$	59,331
Expenses to average net assets		0.45	%(D)(E)		0.45	%(D)		0.45	%		0.45	%(E)
Net investment income (loss) to average net assets		0.40	%(E)		1.21	%		1.07	%		1.12	%(E)
Portfolio turnover rate (F)		462	%(C)		584	%		448	%		21	%(C)

(A)	Commenced operations on July 31, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.
(F)	Excludes investment securities received or delivered as a result of processing in-kind issuances or redemptions of capital share transactions in creation units.

For a share outstanding during the periods indicated:	DeltaShares® S&P EM 100 & Managed Risk ETF
	June 30, 2020 (unaudited)			December 31, 2019 (A)
Net asset value, beginning of period	$	51.98		$	50.14
Investment operations:
Net investment income (loss) (B)		0.19			1.18
Net realized and unrealized gain (loss)		(4.80	)		1.75
Total investment operations		(4.61	)		2.93
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(1.09	)
Net asset value, end of period	$	47.14		$	51.98
Total return		(8.85	)%(C)		5.85	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	42,424		$	46,783
Expenses to average net assets (D)		0.60	%(E)		0.60	%(E)
Net investment income (loss) to average net assets		0.80	%(E)		3.10	%(E)
Portfolio turnover rate (F)		435	%(C)		274	%(C)

(A)	Commenced operations on March 20, 2019.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.
(F)	Excludes investment securities received or delivered as a result of processing in-kind issuances or redemptions of capital share transactions in creation units.

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    47

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the periods and years indicated:	DeltaShares® S&P International Managed Risk ETF
	June 30, 2020 (unaudited)			December 31, 2019			December 31, 2018			December 31, 2017 (A)
Net asset value, beginning of period/year	$	51.89		$	44.93		$	53.13		$	50.00
Investment operations:
Net investment income (loss) (B)		0.18			1.38			1.33			0.32
Net realized and unrealized gain (loss)		(7.70	)		7.12			(8.15	)		3.16
Total investment operations		(7.52	)		8.50			(6.82	)		3.48
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(1.54	)		(1.37	)		(0.34	)
Net realized gains		—			—			(0.01	)		(0.01	)
Total dividends and/or distributions to shareholders		(0.23	)		(1.54	)		(1.38	)		(0.35	)
Net asset value, end of period/year	$	44.14		$	51.89		$	44.93		$	53.13
Total return		(14.45	)%(C)		19.12	%		(13.09	)%		6.97	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	167,744		$	199,760		$	202,190		$	244,408
Expenses to average net assets		0.50	%(D) (E)		0.50	%(D)		0.50	%		0.50	%(E)
Net investment income (loss) to average net assets		0.80	%(E)		2.85	%		2.60	%		1.47	%(E)
Portfolio turnover rate (F)		402	%(C)		85	%		189	%		3	%(C)

(A)	Commenced operations on July 31, 2017.
(B)	Calculated based on average number of shares outstanding.
(C)	Not annualized.
(D)	Does not include expenses of the underlying investments in which the Fund invests.
(E)	Annualized.
(F)	Excludes investment securities received or delivered as a result of processing in-kind issuances or redemptions of capital share transactions in creation units.

The Notes to Financial Statements are an integral part of this report.

Transamerica ETF Trust Semi-Annual Report 2020

Page    48

NOTES TO FINANCIAL STATEMENTS

At June 30, 2020

(unaudited)

1. ORGANIZATION

Transamerica ETF Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and was organized as a Delaware statutory trust on May 5, 2016. The Trust applies investment company accounting and reporting guidance. The funds covered by this report (each, a “Fund” and collectively, the “Funds”) are each a series of the Trust and are as follows:

Fund

DeltaShares^® S&P 400 Managed Risk ETF (“S&P 400 Managed Risk”)

DeltaShares^® S&P 500 Managed Risk ETF (“S&P 500 Managed Risk”)

DeltaShares^® S&P 600 Managed Risk ETF (“S&P 600 Managed Risk”)

DeltaShares^® S&P EM 100 & Managed Risk ETF (“S&P EM 100 & Managed Risk”)

DeltaShares^® S&P International Managed Risk ETF (“S&P International Managed Risk”)

Each Fund is classified as a “non-diversified” investment company under the 1940 Act.

The investment objective of each Fund is to seek to track the investment results, before fees and expenses, of the respective index listed below (each, an “Underlying Index”). Each Fund uses a “passive” or indexing approach to try to achieve its investment objective.

Fund	Underlying Index
S&P 400 Managed Risk	S&P 400® Managed Risk 2.0 Index
S&P 500 Managed Risk	S&P 500® Managed Risk 2.0 Index
S&P 600 Managed Risk	S&P 600® Managed Risk 2.0 Index
S&P EM 100 & Managed Risk	S&P EM 100 Managed Risk 2.0 Index
S&P International Managed Risk	S&P EPAC Ex. Korea LargeMidCap Managed Risk 2.0 Index

This report must be accompanied or preceded by each Fund’s current prospectus, which contains additional information about the Funds, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Funds pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Funds. TAM supervises each Fund’s investments, conducts its investment program and provides supervisory, compliance and administrative services to the Funds.

TAM currently acts as a “manager of managers” and has hired Milliman Financial Risk Management LLC as the sub-adviser to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Funds and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Funds employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Funds’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation and review of materials for meetings of the Funds’ Board of Trustees (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Funds, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM’s expense.

TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical,

Transamerica ETF Trust Semi-Annual Report 2020

Page    49

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2020

(unaudited)

1. ORGANIZATION (continued)

recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below: to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of the Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

In preparing the Funds’ financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Funds.

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

Security transactions and investment income: Security transactions are accounted for on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates, net of foreign taxes. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

Distributions to shareholders: Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

Foreign taxes: The Funds may be subject to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

Indemnification: In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Transamerica ETF Trust Semi-Annual Report 2020

Page    50

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2020

(unaudited)

3. INVESTMENT VALUATION

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP in the United States of America establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels (“Levels”) of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include the Funds’ own assumptions used in determining the fair value of investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Funds’ investments at June 30, 2020, is disclosed within the Investment Valuation section of each Fund’s Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Equity securities: Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

Foreign equity securities: Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, ETFs and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Investment companies: Certain investment companies are valued at the NAV of the underlying Funds as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV of the underlying funds and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

Rights: Rights may be priced intrinsically using a model that incorporates the subscription or strike price, the daily market price for the underlying security, and a subscription ratio. If the inputs are unavailable, or if the subscription or strike price is higher than the market price, then the rights are priced at zero. Rights are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Transamerica ETF Trust Semi-Annual Report 2020

Page    51

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2020

(unaudited)

3. INVESTMENT VALUATION (continued)

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the NAV and no valuation adjustments are applied. Securities lending collateral is categorized in Level 1 of the fair value hierarchy.

U.S. government obligations: U.S. government obligations are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. U.S. government obligations generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Derivative instruments: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

4. SECURITIES AND OTHER INVESTMENTS

Real estate investment trusts (“REIT”): REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management’s estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year’s classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at June 30, 2020, if any, are identified within the Schedule of Investments.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Securities lending: The Funds may lend securities to qualified financial institutions, brokers and dealers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The lending of securities exposes the Funds to risks such as; the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash, securities issued or guaranteed by the U.S. Government and irrevocable letters of credit issued by banks as collateral. The initial collateral received by the Funds is required to have a value of at least 102% of the current value of the loaned securities traded on U.S. exchanges, and a value of at least 105% for all other securities. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Each Fund receives compensation for lending securities from interest or dividends earned on the cash, U.S. Government securities and irrevocable letters of credit held as collateral, less associated fees and expenses. Such income is reflected in Net income from securities lending within the Statements of Operations. Cash collateral received is invested in the State Street Navigator Securities Lending Trust – Government Money Market Portfolio (the “Navigator”). The TAM family of mutual funds is a significant shareholder of the Navigator as of June 30, 2020. No individual fund has a significant holding in the Navigator.

Transamerica ETF Trust Semi-Annual Report 2020

Page    52

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2020

(unaudited)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

The value of loaned securities and related cash and non-cash collateral outstanding at June 30, 2020, if any, are shown on a gross basis within the Schedule of Investments.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type, and the remaining contractual maturity of those transactions as of June 30, 2020.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
S&P 400 Managed Risk
Securities Lending Transactions
Common Stocks	$	81,553	$	—	$	—	$	—	$	81,553
Total Borrowings	$	81,553	$	—	$	—	$	—	$	81,553
S&P 500 Managed Risk
Securities Lending Transactions
Common Stocks	$	52,444	$	—	$	—	$	—	$	52,444
Total Borrowings	$	52,444	$	—	$	—	$	—	$	52,444
S&P 600 Managed Risk
Securities Lending Transactions
Common Stocks	$	178,720	$	—	$	—	$	—	$	178,720
Total Borrowings	$	178,720	$	—	$	—	$	—	$	178,720
S&P EM 100 & Managed Risk
Securities Lending Transactions
Common Stocks	$	127,925	$	—	$	—	$	—	$	127,925
Total Borrowings	$	127,925	$	—	$	—	$	—	$	127,925
S&P International Managed Risk
Securities Lending Transactions
Common Stocks	$	746,511	$	—	$	—	$	—	$	746,511
Total Borrowings	$	746,511	$	—	$	—	$	—	$	746,511

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

Certain Funds’ investment strategies allow the Funds to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

Market Risk Factors: In pursuit of the Funds’ investment strategies, the Funds may seek to use derivatives. The Funds’ use of derivatives may increase or decrease their exposure to the following market risks:

Interest rate risk: Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

Foreign exchange rate risk: Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

Equity risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Credit risk: Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Funds.

Commodity risk: Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Transamerica ETF Trust Semi-Annual Report 2020

Page    53

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2020

(unaudited)

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Funds. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Funds’ exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

Futures contracts: The Funds are subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. A Fund may use futures contracts to enhance the Fund’s ability to track its Underlying Index. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Funds, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at June 30, 2020, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statements of Assets and Liabilities.

Swap agreements: Swap agreements are bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse (“centrally cleared swap agreements”). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to calculate the daily settlement price. The Fund may enter into credit default, cross-currency, interest rate, total return, including contracts for difference (“CFD”), and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statements of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments as well as any periodic payments received or paid by the Fund, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statements of Operations.

Interest rate swap agreements: The Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. Because the Funds hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk, the Funds enter into interest rate swap agreements. Under an interest rate swap agreement, two parties will exchange cash flows based on a notional principal amount. Funds with interest rate agreements can elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. The risks of interest rate swap agreements include changes in market conditions which will affect the value of the contract or the cash flows, and the possible inability of the counterparty to fulfill its obligations under the agreement. A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparties over the contracts’ remaining lives, to the extent that amount is positive. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty, and by the posting of collateral.

Transamerica ETF Trust Semi-Annual Report 2020

Page    54

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2020

(unaudited)

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Open centrally cleared swap agreements and open OTC swap agreements at June 30, 2020, if any, are listed within the Schedule of Investments.

The following is a summary of the location and each Fund’s fair values of derivative investments disclosed, if any, within the Statements of Assets and Liabilities, categorized by primary market risk exposure as of June 30, 2020.

Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
S&P 400 Managed Risk
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	12,847	$	—	$	—	$	12,847
Total	$	—	$	—	$	12,847	$	—	$	—	$	12,847
S&P 500 Managed Risk
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	32,678	$	—	$	—	$	32,678
Total	$	—	$	—	$	32,678	$	—	$	—	$	32,678
S&P 600 Managed Risk
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	6,412	$	—	$	—	$	6,412
Total	$	—	$	—	$	6,412	$	—	$	—	$	6,412
S&P EM 100 & Managed Risk
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	63	$	—	$	—	$	63
Total	$	—	$	—	$	63	$	—	$	—	$	63
S&P International Managed Risk
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	14,077	$	—	$	—	$	14,077
Total	$	—	$	—	$	14,077	$	—	$	—	$	14,077

(A)	May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.
(B)	Included within Unrealized Appreciation (Depreciation) on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following is a summary of the location and the effect of derivative investments, if any, within the Statements of Operations, categorized by primary market risk exposure as of June 30, 2020.

Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts			Credit Contracts		Commodity Contracts		Total
S&P 400 Managed Risk
Futures contracts	$	—	$	—	$	(39,886	)	$	—	$	—	$	(39,886	)
Total	$	—	$	—	$	(39,886	)	$	—	$	—	$	(39,886	)
S&P 500 Managed Risk
Futures contracts	$	1,360	$	—	$	427,053		$	—	$	—	$	428,413
Total	$	1,360	$	—	$	427,053		$	—	$	—	$	428,413

Transamerica ETF Trust Semi-Annual Report 2020

Page    55

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2020

(unaudited)

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts		Equity Contracts			Credit Contracts		Commodity Contracts		Total
S&P 600 Managed Risk
Futures contracts	$	—		$	—	$	(34,540	)	$	—	$	—	$	(34,540	)
Swap agreements		(980	)		—		(74,886	)		—		—		(75,866	)
Total	$	(980	)	$	—	$	(109,426	)	$	—	$	—	$	(110,406	)
S&P EM 100 & Managed Risk
Futures contracts	$	—		$	—	$	209,541		$	—	$	—	$	209,541
Total	$	—		$	—	$	209,541		$	—	$	—	$	209,541
S&P International Managed Risk
Futures contracts	$	—		$	—	$	104,391		$	—	$	—	$	104,391
Total	$	—		$	—	$	104,391		$	—	$	—	$	104,391
Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts		Equity Contracts			Credit Contracts		Commodity Contracts		Total
S&P 400 Managed Risk
Futures contracts	$	—		$	—	$	575		$	—	$	—	$	575
Total	$	—		$	—	$	575		$	—	$	—	$	575
S&P 500 Managed Risk
Futures contracts	$	—		$	—	$	(78,714	)	$	—	$	—	$	(78,714	)
Total	$	—		$	—	$	(78,714	)	$	—	$	—	$	(78,714	)
S&P 600 Managed Risk
Futures contracts	$	—		$	—	$	1,067		$	—	$	—	$	1,067
Total	$	—		$	—	$	1,067		$	—	$	—	$	1,067
S&P EM 100 & Managed Risk
Futures contracts	$	—		$	—	$	(13,730	)	$	—	$	—	$	(13,730	)
Total	$	—		$	—	$	(13,730	)	$	—	$	—	$	(13,730	)
S&P International Managed Risk
Futures contracts	$	—		$	—	$	(2,125	)	$	—	$	—	$	(2,125	)
Total	$	—		$	—	$	(2,125	)	$	—	$	—	$	(2,125	)

The following is a summary of the ending monthly average volume on derivative activity during the period ended June 30, 2020.

	S&P 400 Managed Risk		S&P 500 Managed Risk		S&P 600 Managed Risk (A)		S&P EM 100 & Managed Risk		S&P International Managed Risk
Futures contracts:
Average notional value of contracts — long	$	742,490	$	3,830,308	$	325,522	$	662,028	$	1,962,934

(A) There were no open positions for swap agreements at the beginning and/or end of each month; however, the Fund periodically invested in this type of derivative instrument during the period.

The applicable Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) or similar master agreements (collectively, “Master Agreements”) with their contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Transamerica ETF Trust Semi-Annual Report 2020

Page    56

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2020

(unaudited)

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund’s net liability may be delayed or denied.

Collateral requirements: Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, a Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by a Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statements of Assets and Liabilities. Cash collateral that has been received by a Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statements of Assets and Liabilities. Non-cash collateral pledged to each Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.

To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if a Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

7. RISK FACTORS

Investing in the Funds involves certain key risks related to the Funds’ trading activity. Please reference the Funds’ prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Funds.

Asset allocation: Each Underlying Index and, thus, each Fund allocates assets among equity and fixed income securities. These allocations and the timing of the allocations may result in performance that is less favorable than that of a portfolio that does not allocate its assets among equity and fixed income securities.

Emerging market risk: Investments in the securities of issuers located in or principally doing business in emerging markets bear heightened foreign investments risks. Emerging market countries typically have economic, political and legal systems and regulatory and accounting standards that are less fully developed, and that can be expected to be less stable than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Some emerging market countries are especially vulnerable to economic conditions in other countries. Low trading volumes may result in a lack of liquidity and in extreme price volatility. A Fund investing in emerging market countries may be required to establish special custody or other arrangements before investing. An investment in emerging market securities should be considered speculative.

Foreign investment risk: Investments in securities of foreign issuers (including those denominated in U.S. dollars) or issuers with significant exposure to foreign markets are subject to additional risks. Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of a Fund’s investments may decline because of factors affecting the particular issuers as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, political or financial instability or other adverse economic or political developments. Values may also be affected by restrictions on receiving the investment proceeds from a foreign country. Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated, less transparent and more

Transamerica ETF Trust Semi-Annual Report 2020

Page    57

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2020

(unaudited)

7. RISK FACTORS (continued)

volatile than U.S. markets. The value of a Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities.

Index tracking: While the Sub-Adviser seeks to track the performance of an Underlying Index (i.e., achieve a high degree of correlation with the Underlying Index), a Fund’s return may not match the return of the Underlying Index. When utilizing either a replication or sampling strategy, a Fund incurs a number of operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities and engaging in derivatives transactions. In addition, a Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund. The Sub-Adviser may attempt to replicate the Underlying Index return through a sampling strategy, which involves investing in fewer than all of the securities in the Underlying Index, or in some securities not included in the Underlying Index, potentially increasing the risk of divergence between a Fund’s return and that of the Underlying Index. To the extent a Fund employs a sampling strategy, an adverse development affecting an issuer of a security held by a Fund could result in a greater decline in NAV than would be the case if a Fund used a full replication strategy and held all of the securities in the Underlying Index. In addition, due to the potential for frequent rebalancing of the Underlying Indexes, there is greater risk that the Sub-Adviser may fail to implement changes to a Fund’s portfolio necessary to track the performance of the Underlying Index.

Market risk: The market prices of a Fund’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as overall economic trends or events, government actions or interventions, market disruptions caused by trade disputes or other factors, political factors or adverse investor sentiment. The market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. If the market prices of the securities owned by a Fund fall, the value of your investment will go down. A Fund may experience a substantial or complete loss on any individual security.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, terrorism, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. The COVID-19 pandemic has caused substantial market disruption and dislocation around the world including the U.S. During periods of market disruption, which may trigger trading halts, a Fund’s exposure to the risks described in the Fund’s prospectus will likely increase. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a Fund’s investments may be negatively affected.

Small and medium capitalization risk: Small or medium capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

Recent events risk: The respiratory illness COVID-19 caused by a novel coronavirus has resulted in a global pandemic and major disruption to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly large losses. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of a Fund’s investments. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. Governments and central banks, including the Federal Reserve in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, may not be known for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may not be known for some time.

8. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Funds’ investment manager, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding, LLC (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon N.V. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”). Commonwealth and AUSA are wholly owned by Transamerica Corporation, a financial

Transamerica ETF Trust Semi-Annual Report 2020

Page    58

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2020

(unaudited)

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Transamerica Corporation is owned by The Aegon Trust, which is owned by Aegon International B.V., which is owned by Aegon N.V., a Netherlands corporation, and a publicly traded international insurance group.

TAM is an affiliate of Aegon NV.

Certain officers and trustees of the Funds are also officers and/or trustees of TAM. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Funds.

Investment management fees: TAM serves as the Funds’ investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and each Fund pays a single management fee, which is reflected in Investment management fees within the Statements of Operations.

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Fund	Rate
S&P 400 Managed Risk		0.45	%
S&P 500 Managed Risk		0.35
S&P 600 Managed Risk		0.45
S&P EM 100 & Managed Risk		0.60
S&P International Managed Risk		0.50

From time to time, TAM may waive all or a portion of its management fee. TAM pays all expenses of each Fund other than the investment management fee, distribution fee pursuant to each Fund’s distribution and service plan, if any, brokerage expenses, taxes, interest, litigation expenses, fees and expenses related to securities lending services, costs of borrowing money, acquired fund fees and expenses and other extraordinary expenses.

Distribution and service fees: The Trust has a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the 1940 Act, however, the Distribution Plan has not yet been implemented. Under the Distribution Plan, payments at an annual rate of up to 0.25% of each Fund’s average daily net assets may be made for the sale and distribution of capital shares. The implementation of any such payments would be approved by the Board prior to implementation.

The Trust has entered into a distribution agreement with Foreside Fund Services, LLC as the Funds’ distributor. The Distributor will not distribute Fund shares in less than creation units, and does not maintain a secondary market in Fund shares. The Distributor may enter into selected dealer agreements with other broker-dealers or other qualified financial institutions for the sale of creation units of Fund shares.

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the investment manager or sub-adviser(s) for the period ended June 30, 2020.

9. PURCHASES AND SALES OF SECURITIES

For the period ended June 30, 2020, the cost of securities purchased and proceeds from securities sold (excluding in-kind transactions and short-term securities) are as follows:

	Purchases of Securities				Sales/Maturities of Securities
Fund	Long-Term		U.S. Government		Long-Term		U.S. Government
S&P 400 Managed Risk	$	9,830,910	$	387,802,239	$	77,763,090	$	318,855,901
S&P 500 Managed Risk		64,611,204		1,570,518,089		308,373,044		1,331,516,089
S&P 600 Managed Risk		7,082,641		160,929,799		34,477,439		133,074,196
S&P EM 100 & Managed Risk		15,178,654		178,468,266		38,216,552		155,095,011
S&P International Managed Risk		31,170,562		675,201,571		140,889,282		563,548,622

Transamerica ETF Trust Semi-Annual Report 2020

Page    59

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2020

(unaudited)

9. PURCHASES AND SALES OF SECURITIES (continued)

For the period ended June 30, 2020, the cost of in-kind purchases and proceeds from in-kind sales are as follows. Funds not listed in the subsequent table do not have in-kind purchases or in-kind sales during the period.

Fund	In-Kind Purchases		In-Kind Sales
S&P 500 Managed Risk	$	797,584	$	11,604,532
S&P 600 Managed Risk		—		2,830,906
S&P International Managed Risk		568,649		4,996,002

10. CAPITAL SHARE TRANSACTIONS

The Funds will issue or redeem capital shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of 50,000 capital shares (“Creation Units”). Creation Unit transactions are typically conducted in exchange for the deposit or delivery of a designated portfolio of in-kind securities and/or cash constituting a substantial replication, or a representation, of the securities included in each Fund’s Underlying Index.

Individual capital shares may only be purchased and sold on a national securities exchange, electronic crossing networks and other alternative trading systems through a broker-dealer at market prices. Because capital shares trade at market prices rather than at NAV, capital shares may trade at a price greater than NAV (premium) or less than NAV (discount). Transactions in capital shares for each Fund are disclosed in detail within the Statements of Changes in Net Assets.

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Funds’ tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Funds’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Distributions are determined in accordance with income tax regulations, which may differ from GAAP.

As of June 30, 2020, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
S&P 400 Managed Risk	$	84,290,960	$	1,900,907	$	(471,486	)	$	1,429,421
S&P 500 Managed Risk		364,451,830		20,206,262		(3,506,130	)		16,700,132
S&P 600 Managed Risk		33,052,830		513,498		(306,906	)		206,592
S&P EM 100 & Managed Risk		41,226,819		1,665,017		(643,600	)		1,021,417
S&P International Managed Risk		165,166,833		4,777,913		(2,401,120	)		2,376,793

Transamerica ETF Trust Semi-Annual Report 2020

Page    60

Approval of the Management Agreement and Investment Sub-Advisory Agreement

On June 9, 2020, at a meeting of the Board of Trustees (the “Board” or “Trustees”) of Transamerica ETF Trust (“Trust”), including those Trustees who are not interested persons of the Trust (“Independent Trustees”), the Board considered (1) the continued appointment of Transamerica Asset Management, Inc. (“TAM”) as investment manager of the DeltaShares S&P 400 Managed Risk ETF (“DMRM”), DeltaShares S&P 500 Managed Risk ETF (“DMRL”), DeltaShares S&P 600 Managed Risk ETF (“DMRS”), DeltaShares S&P International Managed Risk ETF (“DMRI”) and DeltaShares S&P EM 100 & Managed Risk ETF (“DMRE”) (collectively, the “Funds”), pursuant to the renewal of the Management Agreement between TAM and the Trust with respect to the Funds, and (2) the continued appointment of Milliman Financial Risk Management LLC (“Sub-Adviser”) as investment sub-adviser of the Funds, pursuant to the renewal of the Investment Sub-Advisory Agreement between Sub-Adviser and TAM with respect to the Funds. In preparation for its deliberations, the Board requested, and received in advance of the meeting, a written response from each of TAM and the Sub-Adviser (collectively, the “Advisers”) to a due diligence questionnaire circulated on the Board’s behalf regarding the services it provides to the Funds. In addition, during its deliberations the Board received an oral presentation from TAM and the Sub-Adviser and was assisted by the advice of Fund counsel. The Independent Trustees were also assisted by the advice of Independent Trustee counsel with whom they met in executive session to discuss the renewal of the Management Agreement and the Investment Sub-Advisory Agreement (the “Agreements”) with respect to each Fund. The Board considered the Agreements for each Fund and the engagement of TAM and the Sub-Adviser separately.

The Trustees evaluated the information provided by the Advisers in connection with the Board’s consideration of the renewal of the Agreements in light of the legal advice furnished to them by counsel and their own business judgment. In this respect, the Board considered, among other matters: (1) the nature, extent and quality of the services provided to the Funds by TAM and the Sub-Adviser under the Agreements, including, in light of the index-tracking objective of each Fund, information on the performance of each Fund relative to its target index; (2) the costs of the services provided to the Funds by TAM and the Sub-Adviser and the profitability of each Adviser’s relationship with the Funds; (3) information concerning the advisory fee rate and net total expense ratio of each Fund, including a comparison of each Fund’s advisory fee rate and total expense ratio to those of a group of comparable exchange-traded funds (“ETFs”) identified by Broadridge Financial Solutions, Inc. (“Broadridge”) (each such group, a “peer group”); (4) the extent to which economies of scale may be realized by each Fund as it grows to enable investors to share in the benefits of economies of scale; and (5) other benefits received by TAM (and its affiliates) and the Sub-Adviser (and its affiliates) from their respective relationships with the Funds. In reviewing the information provided for the meeting, the Board recognized that the evaluation process with respect to TAM and the Sub-Adviser was an ongoing one and, in this regard, the Board considered information provided by TAM and the Sub-Adviser at regularly scheduled meetings throughout the year.

The nature, extent and quality of the advisory services provided, including performance. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser under the Agreements. In this regard, the Board considered the investment objective and strategy of each Fund, including the unique and dynamic nature of each Fund’s target index. The Board noted that each target index was designed to provide a type of risk-adjusted returns and, to do so, may allocate (and reallocate) weights among multiple asset classes, including equity and fixed income securities and cash, as frequently as daily, depending on market volatility. The Board noted, however, that, in order to track the target indexes, the Sub-Adviser may be required to shift each Fund’s allocations among multiple asset classes as frequently as daily and, in this regard, may be required to more actively manage the portfolio than if the Funds sought to track traditional passive indexes. The Board also considered TAM’s oversight responsibilities with respect to each Fund, including of the Sub-Adviser’s trading on behalf of the Funds to implement their dynamic investment strategies, and of the Funds’ other service providers. The Board noted the continuous and extensive nature of TAM’s services to the Funds and the consistent and regular services provided to the Funds by the Sub-Adviser. The Board also noted the experience, capability and integrity of the TAM and Sub-Adviser personnel involved with the Funds and, in particular, the professional qualifications of the Sub-Adviser’s portfolio management team, including the Sub-Adviser’s experience implementing managed risk strategies and the Sub-Adviser’s usage of derivatives on behalf of the Funds in order to equitize cash and manage the Funds’ tax positions. Further, the Board considered the financial position of TAM and the Sub-Adviser in order to confirm their ability to continue to meet their obligations to the Funds and provide a high level of services to the Funds under the Agreements.

The Board also considered the compliance and operational resources of TAM and the Sub-Adviser. In this regard, the Board reviewed a written report from the Trust’s chief compliance officer (“CCO”) setting forth her annual assessment of TAM’s and the Sub-Adviser’s compliance programs, which reflected the CCO’s conclusion that each of TAM and the Sub-Adviser maintained a robust compliance program with respect to the Funds. With respect to TAM’s compliance policies and procedures, in particular, the Board considered TAM’s recent and on-going implementation of various enhancements to its compliance program, including creative and well-received employee training initiatives and the successful integration of additional experienced compliance personnel within TAM. The Trustees also considered TAM’s operational infrastructure, including its risk management, technology and cybersecurity controls and systems. In this regard, the Trustees noted the seamless transition of both TAM and Sub-Adviser personnel to remote work environments, as well as their successful establishment of long-term remote operations to service the Funds, in connection with the novel coronavirus pandemic.

Transamerica ETF Trust Semi-Annual Report 2020

Page    61

Approval of the Management Agreement and Investment Sub-Advisory Agreement (continued)

The Board considered the performance of each Fund in light of its investment objective of seeking to replicate the performance results of its target index and in light of each target index being designed to provide a type of risk-adjusted returns. The Board noted that, as of March 31, 2020, each Fund had outperformed the non-risk managed version of its target index since its inception on a total return and average annual total return basis. The Board also noted the impact of recent market conditions, including historic levels of market volatility, on the Funds’ performance. In addition, the Board reviewed the Funds’ daily tracking differences and annualized tracking errors, including fair value adjusted tracking errors, as well as the Funds’ daily tracking difference tolerance bands and maximum expected tracking error, including how the tolerance bands and maximum expected tracking error were established and how consistently the Funds operated within these established parameters. On the basis of this and other information, the Board concluded that, under the Agreements, TAM and Sub-Adviser were providing an appropriate level of investment management services to the Funds and that the Funds could benefit from their continued management.

Management fees, sub-advisory fees and net expense ratios. The Board considered the management and sub-advisory fee rates and total expense ratios of each of the Funds, including information comparing the management fee rate and total expense ratio of each Fund to the management fee rates and total expense ratios of its peer group, as identified by Broadridge. The Board noted that the management fee paid to TAM is a “unitary” fee, meaning that TAM is responsible for paying all expenses of the Funds out of the management fee (other than those expenses specifically excluded in the Management Agreement), including the sub-advisory fee. The Board observed that the actual management fee rate and total expense ratio of each Fund is higher than the median of its peer group. In considering the reasonableness of the Funds’ management fee rates, the Board noted the complexity of the portfolio management services required by each Fund in order to continuously track its target index, given the managed risk nature of each target index and its frequent reallocation of weights among three asset classes. In addition, the Board considered TAM’s explanation of the differences between each Fund and the ETFs in its peer group, including that most such ETFs do not track dynamic indexes with allocations to multiple asset classes. Accordingly, the Board considered the contrast between the extent of the services provided by TAM and the Sub-Adviser to the Funds and those provided by the investment managers to the other ETFs in the Funds’ peer groups.

The Board considered the different management fee rates paid by the Funds under the Management Agreement. The Board noted TAM’s representation that DMRI and DMRE, as a result of tracking foreign securities indexes, required more attention to trade and fair value, which factors were considered by TAM when proposing the management fee rates. The Board also noted TAM’s representation that, due to competitive considerations, TAM proposed a relatively lower management fee rate for DMRL. In connection with their review of the Funds’ management fee rates, the Board considered the number of constituents in and number of corporate actions typically associated with each Fund’s target index, as well as the liquidity of such constituents. The Board recognized that the Advisers’ activities on behalf of Funds that seek to track target indexes whose constituents are less liquid and/or normally experience higher corporate action rates may require a higher level of attention from the Sub-Adviser and TAM and, therefore, may warrant higher management fees.

The Board reviewed the portion of each Fund’s management fee retained by TAM and the portion paid by TAM to the Sub-Adviser, noting the specific services provided by each of TAM and the Sub-Adviser for the portion of the management fee received under the Agreements. The Board noted that TAM’s services include, among others, oversight of the services provided by the Funds’ custodian, transfer agent, independent accountant and legal counsel and supervision of the Funds’ recordkeeping and shareholder relations functions. In this regard, the Trustees considered that TAM provides supervisory, compliance and administrative services to each Fund and must continuously devote resources to the Funds’ investment, operational, enterprise, legal, regulatory and compliance functions. Further, the Board considered that TAM had made, and was continuing to make, significant commitments to the Funds’ success, including by hiring investment, legal, compliance and distribution personnel with extensive experience in the ETF industry. The Board noted that TAM’s commitment of resources to the Funds resulted in it assuming entrepreneurial risk, for which it may reasonably seek to be compensated.

With respect to TAM’s oversight of the Sub-Adviser, in particular, the Board noted that TAM, as a “manager of managers,” must select, oversee and monitor the Sub-Adviser, as well as negotiate a sub-advisory fee rate for each Fund. In reviewing the fairness of each Fund’s sub-advisory fee rate, the Board observed that TAM pays the fee directly out of its management fee and, as a result, the sub-advisory fee rate materially impacts the profitability of the Funds’ to TAM. Accordingly, the Board reasoned that TAM would have negotiated at arm’s length for a competitive rate. The Board considered, however, the potential conflicts of interest posed by the relationship between TAM and its affiliates and the Sub-Adviser and its affiliates, as well as TAM’s and the Funds’ disclosure and mitigation of such potential conflicts. On the basis of these and other considerations, the Board determined that the management fee rate paid by each Fund to TAM, including as portioned between TAM and the Sub-Adviser under the Agreements, was reasonable in light of the services provided and to be provided and the risks borne and to be borne by TAM and the Sub-Adviser, respectively.

The cost of advisory services provided and the level of profitability. The Board considered the profitability data provided by TAM and the Sub-Adviser. With respect to the profitability of the Funds to TAM, the Board reviewed aggregate and per Fund profitability data, including the management fees earned by TAM and the expenses paid by TAM out of such management fees, in each case on a per Fund and aggregated basis. In this regard, the Board noted that the majority of the assets under management in the Funds had

Transamerica ETF Trust Semi-Annual Report 2020

Page    62

Approval of the Management Agreement and Investment Sub-Advisory Agreement (continued)

been invested by mutual funds advised by TAM and that TAM had implemented waivers with respect to a portion of such investments. In addition, the Board considered the nature and amount of direct and indirect expenses attributed by TAM to each Fund, and TAM’s explanation of how such expenses were calculated. The Board observed that TAM’s continued investment in internal ETF resources, including the hiring of experienced ETF legal, compliance, investment and distribution personnel, contributed to such expenses and benefitted the Funds but limited the profitability of the Funds, as a group, and of each Fund, individually, to TAM.

With respect to the profitability of the Funds to the Sub-Adviser, the Board noted that each Fund appeared to be profitable. The Board considered, however, that the Sub-Adviser was paid directly by TAM out of TAM’s management fees and, therefore, TAM could be assumed to have negotiated a competitive sub-advisory fee rate that would ensure that no Fund was unreasonably profitable to the Sub-Adviser. Based on this information, the Board determined that the profitability of TAM and the Sub-Adviser from their respective relationships with each Fund was not excessive.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Funds grow. The Board evaluated the extent to which the management fee payable under the Management Agreement reflects economies of scale or will permit economies of scale to be realized in the future. In this regard, the Board considered the assets under management in the Funds, including third party assets under management. The Board also considered TAM’s continued investment in its ETF business, including its recent hiring of personnel with extensive ETF experience, noting that an adviser’s commitment of resources and reinvestment in its fund business represents one means of sharing economies of scale with fund shareholders. Based upon its review, the Board observed that, to the extent that the Funds could be deemed to be operating at economies of scale, TAM was effectively sharing such economies with the Funds; however, in light of the Funds’ assets under management, the Board concluded that the Funds were not currently experiencing economies of scale and that, as each Fund grows, the Board will have the opportunity to re-evaluate any economies of scale.

Benefits to the Advisers and their affiliates from their relationship with the Funds. The Board considered other benefits derived by TAM and its affiliates and, separately, by the Sub-Adviser and its affiliates from their respective relationships with the Funds. The Board noted that TAM would not realize soft dollar benefits from its relationships with the Funds, but that the Sub-Adviser could engage in soft dollar arrangements consistent with applicable law and “best execution” requirements and that under such circumstances, the Sub-Adviser would derive some fall-out benefits from its relationship with the Funds. The Board also considered the benefits to TAM and the Sub-Adviser of investments in the Funds by such other funds that they, respectively, manage and sub-advise. In light of certain partial waivers of fees otherwise earned by TAM (and passed through to the Sub-Adviser) in connection with the investment by other funds in the Funds, the Board concluded that, under the totality of the circumstances, the fall-out benefits enjoyed by TAM and the Sub-Adviser in connection with the Funds were not unreasonable.

Conclusion. The Board reviewed a memorandum from Independent Trustee counsel discussing the legal standards applicable to its consideration of the Agreements. The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. Based on its review, including consideration of each of the factors referenced above, and its consideration of information received throughout the year from TAM and the Sub-Adviser, the Board determined, in the exercise of its business judgment, that the advisory arrangements, as outlined in the Agreements, were fair and reasonable in light of the services performed or to be performed, expenses incurred or to be incurred and such other matters as the Board considered relevant.

Transamerica ETF Trust Semi-Annual Report 2020

Page    63

LIQUIDITY RISK MANAGEMENT PROGRAM

(unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The series of Transamerica ETF Trust (the “Trust”) (collectively, the “Funds”), have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the “Program”). The Board of Trustees of the Trust (the “Board”) has appointed Transamerica Asset Management, Inc. (“TAM”), the investment manager to the Funds, as the Program administrator for the Funds. TAM has established a Liquidity Risk Management Committee (the “Committee”) to manage the Program for the Funds, including oversight of the liquidity risk management process, reporting to the Board, and reviewing the Program’s effectiveness.

The Board met on March 10, 2020 (the “Meeting”) to review the Program with respect to the Funds, pursuant to the Liquidity Rule. At the Meeting, the Committee provided the Board with a written report that addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation, including any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology. The Report noted that the Funds utilize analysis from a third-party liquidity metrics service, which takes into account a variety of factors including market, trading and other investment specific considerations. The Report also described the Committee’s methodology in determining whether a Highly Liquid Investment Minimum (a “HLIM”) is necessary and noted that, given the composition of the Funds’ holdings, a HLIM was not currently required for the Funds in the Trust. The Report noted one material change to the classification methodology during the Program Reporting Period. The Report reviewed the change and why the Committee believes the change is an enhancement to the prior method. The Report also noted that the Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for monitoring the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including: (1) the Fund’s investment strategy and portfolio liquidity during normal and reasonably foreseeable stressed conditions, (2) cash flow projections during normal and reasonably foreseeable stressed conditions, (3) holdings of cash and cash equivalents, borrowings and other funding sources and (4) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio.

The Report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Funds’ liquidity risk pursuant to the requirements of the Liquidity Rule.

Transamerica ETF Trust Semi-Annual Report 2020

Page    64

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of the Transamerica ETF Trust’s proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-316-8077 (toll free) or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-888-316-8077; and (2) on the SEC’s website at http://www.sec.gov.

Each fiscal quarter, the Funds will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds’ holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at http://www.sec.gov within 60 days of the end of the fiscal quarter.

You may also visit the Trust’s website at www.deltashares.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

Every year we send shareholders informative materials such as the Transamerica ETF Trust’s Annual Report, the Transamerica ETF Trust’s Prospectus, and other required documents that keep you informed regarding your Funds. The Trust will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-316-8077, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

Premium/Discount Information

Information about differences between the per share net asset value of each Fund and the closing price of shares of each Fund are available, without charge, at www.deltashares.com.

Transamerica ETF Trust Semi-Annual Report 2020

Page    65

NOTICE OF PRIVACY POLICY

(unaudited)

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use “nonpublic personal information” in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

What Information We Collect and From Whom We Collect It

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

What Information We Disclose and To Whom We Disclose It

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

Our Security Procedures

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-316-8077 on any business day between 8 a.m. and 7 p.m. Eastern Time.

Note:        This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

Transamerica ETF Trust Semi-Annual Report 2020

Page    66

Customer Service: 1-888-316-8077

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Foreside Fund Services, LLC

www.deltashares.com

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

The Transamerica ETF Trust is advised by Transamerica Asset Management, Inc. and distributed by Foreside Fund Services, LLC., Member of FINRA

259281 06/20

Item 2: Code of Ethics.

Not applicable for semi-annual reports.

Item 3: Audit Committee Financial Experts.

Not applicable for semi-annual reports.

Item 4: Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5: Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6: Schedule of Investments.

(a) The schedules of investments and consolidated schedules of investments are included in the Semi-Annual Report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable

Item 10: Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 11: Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer evaluated the effectiveness of the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable

Item 13: Exhibits.

(a)(1) Not applicable

(a)(2) Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.

(a)(3) Not Applicable.

(a)(4) Not applicable.

(b) A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Transamerica ETF Trust
(Registrant)
By:	/s/ Marijn P. Smit
	Marijn P. Smit
	President and Chief Executive Officer
	(Principal Executive Officer)
Date:	September 3, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Marijn P. Smit
	Marijn P. Smit
	President and Chief Executive Officer
	(Principal Executive Officer)
Date:	September 3, 2020
By:	/s/ Vincent J. Toner
	Vincent J. Toner
	Vice President, Treasurer, Principal Financial Officer and Principal Accounting Officer
Date:	September 3, 2020

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
13(a)(2)	Section 302 N-CSR Certification of Principal Executive Officer and Principal Financial Officer
13(b)	Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer