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

As filed with the Securities and Exchange Commission on March 8, 2021

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

Erin D. Nelson, 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: December 31, 2020

Item 1: Report(s) to Shareholders.

(a) The Annual Report is attached.

(b) Not applicable.

TRANSAMERICA ETF TRUST

ANNUAL REPORT

DECEMBER 31, 2020

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
Manager Commentary and Schedules of Investments
DeltaShares® S&P 400 Managed Risk ETF	3
DeltaShares® S&P 500 Managed Risk ETF	12
DeltaShares® S&P 600 Managed Risk ETF	22
DeltaShares® S&P EM 100 & Managed Risk ETF	33
DeltaShares® S&P International Managed Risk ETF	40
Statements of Assets and Liabilities	56
Statements of Operations	57
Statements of Changes in Net Assets	58
Financial Highlights	60
Notes to Financial Statements	63
Report of Independent Registered Public Accounting Firm	77
Supplemental Information	78
Management of the Trust	79
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	83
Notice of Privacy Policy	84

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 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 annual report is provided to you with information about the investments of your Exchange Traded Fund(s) during the fiscal year. The Securities and Exchange Commission currently requires that annual and semi-annual reports be provided to all contract holders invested in the Funds, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ended December 31, 2020.

We believe it is important to understand the market conditions over the last fiscal year of the Funds to provide context for reading this report. The period began with U.S. equity markets having recently reached all-time highs, as U.S./China trade relations improved and expectations for stable economic growth, benign inflation and low interest rates helped to foster optimism for 2020. Throughout January, sentiment remained strong, as equity markets traded higher.

By early February, headlines about a rapidly spreading respiratory virus in China (“COVID-19”) appeared, and fears of its global transmission began to rattle markets. Even though the S&P 500^® Index reached a new record high on February 19, investors became quickly immersed in angst regarding COVID-19, and as cases exploded throughout Asia and Europe, its arrival to the U.S. sparked a historic selloff across almost all asset classes. A nationwide lockdown in the U.S. quickly went into effect in mid-March, and while the U.S. Federal Reserve (“Fed”) slashed short-term rates to zero, it could not prevent widespread selling across equity and credit markets. The S&P 500^® Index experienced its fastest 35% decline in its history by the final week of March, while international markets saw similar declines with the MSCI EAFE Index losing approximately one-third of its value from peak to trough. Credit spreads more than tripled, and long-term Treasury yields collapsed as the 10-year Treasury yield dropped to an all-time low of 0.54%.

Throughout the spring, the U.S. economy experienced its worst economic contraction since the Great Depression as more than twenty million jobs were lost in the month of April and second quarter gross domestic product (“GDP”) plummeted by an annualized rate of -31%. However, as the Fed quickly implemented unprecedented amounts of large-scale asset purchases and credit support, and Congress passed the Coronavirus, Aid, Relief and Stimulus Act (“CARES”) providing more than $2 trillion to businesses and families, the markets began to see a recovery on the horizon.

By June, with virus case growth having declined, most states had loosened business shutdowns and social distancing requirements, and with pent-up demand from the earlier months now being combined with lower interest rates and market liquidity, GDP came roaring back in the third quarter to reach its highest rate of growth ever. Markets reacted accordingly as the S&P 500^® Index regained its pre-pandemic high by the end of August, however, volatility returned in September and October as daily COVID-19 case levels increased exponentially to numbers well above those seen earlier in the year. A contentious presidential election and the inability of Congress to pass another round of economic relief also added to investor angst, however, markets resumed their advance in November after the election of Joe Biden as America’s 46^th President inferred a potentially easier path for future economic stimulus. Shortly after the election, several pharmaceutical companies released clinical trial data on their COVID-19 vaccine candidates that displayed statistically high levels of efficacy, and this further encouraged higher stock prices.

By the end of the fiscal year, stocks were again pushing toward new all-time highs, as COVID-19 vaccines were approved and began to be distributed. In addition, another round of economic stimulus was approved, and investors began to focus on the prospects of economic and corporate recoveries in 2021. International equity markets, which lagged the U.S. during the 2020 recovery and throughout most of the last decade, approached all-time highs as the year ended.

For the one-year period ended December 31, 2020, the S&P 500^® Index returned 18.40% while the MSCI EAFE Index, representing international developed market equities, returned 8.28%. During the same period, the Bloomberg Barclays US Aggregate Bond Index returned 7.51%. 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^® Index: 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.

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, the Fund’s exposure to the risks described elsewhere in the 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 the Fund’s investments may be negatively affected.

The views expressed in this report reflect those of Transamerica Asset Management only and may not necessarily represent the views of Transamerica ETF Trust. These views are as of the date of this report and 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 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 it is not possible to 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 July 1, 2020, and held for the entire six-month period until December 31, 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 July 1, 2020		Ending Account Value December 31, 2020		Expenses Paid During Period (B)		Ending Account Value December 31, 2020		Expenses Paid During Period (B)		Net Annualized Expense Ratio (C) (D)
DeltaShares® S&P 400 Managed Risk ETF	$	1,000.00	$	1,117.00	$	2.39	$	1,022.90	$	2.29		0.45	%
DeltaShares® S&P 500 Managed Risk ETF		1,000.00		1,112.50		1.86		1,023.40		1.78		0.35
DeltaShares® S&P 600 Managed Risk ETF		1,000.00		1,102.50		2.38		1,022.90		2.29		0.45
DeltaShares® S&P EM 100 & Managed Risk ETF		1,000.00		1,241.90		3.38		1,022.10		3.05		0.60
DeltaShares® S&P International Managed Risk ETF		1,000.00		1,119.20		2.66		1,022.60		2.54		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 (184 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.
(D)	Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.

Transamerica ETF Trust Annual Report 2020

Page    2

DeltaShares^® S&P 400 Managed Risk ETF

(unaudited)

MARKET ENVIRONMENT

Global equities throughout 2020 experienced bouts of high volatility as markets were roiled by uncertainty brought on by the global pandemic. Investors’ attempts to handicap the market throughout the year proved challenging at best, as the COVID-19 pandemic reached all corners of the globe, social and political unrest dominated the headlines, and the US held a contentious presidential election, offset by positive (“risk-on”) market events such as new governmental stimulus programs pumping money into investors’ hands, and a global coordinated effort to develop and disseminate a COVID-19 vaccine in record time.

The pandemic set off surging volatility and significant market losses (“drawdowns”) across markets in the first quarter. The CBOE VIX Index, a gauge of US market risk, closed at its highest level since the Global Financial Crisis, on March 16th, at 82.7. By comparison, the average CBOE VIX Index level in 2019 was 15.4. The velocity of the market selloff resulted in drawdowns in excess of -30% across major global equity indices in approximately one month’s time.

Domestic equities, as measured by the S&P 500^®, S&P MidCap 400^® and S&P SmallCap 600^® indices, posted returns of -19.60%, -29.70% and -32.64%, respectively, in the first quarter, and international equities, as measured by the S&P EPAC Ex-Korea LargeMidCap and S&P EM 100 indices, posted returns of -22.43% and -22.55%, respectively. The tides quickly turned, however, following the first quarter.

From the start of the second quarter through September the risk-on trade was alive and well. The risk rally was dominated by technology companies and other “stay-at-home” names that benefited from government lockdowns. By September, investors, betting on a successful rollout of the vaccine and a recovery in corporate earnings, looked away from growth markets like the NASDAQ and returned to mid-cap and small-cap securities and one of the most out-of-favor factors over the past decade, value stocks, all which outperformed large-cap and growth equity indices in the fourth quarter.

By year-end, the S&P 500^®, S&P MidCap 400^® and S&P SmallCap 600^® indices returned 18.40%, 13.66%, and 11.29%, respectively, and the S&P EPAC Ex-Korea LargeMidCap and S&P EM 100 indices returned 9.10% and 22.67%, respectively.

PERFORMANCE OVERVIEW

For the year ended December 31, 2020, DeltaShares^® S&P 400 Managed Risk ETF (NAV) returned -1.77%. By comparison, the S&P 400^® Managed Risk 2.0 Index (the “Underlying Index”) returned -1.34% and the S&P MidCap 400^® Index returned 13.66%.

The Fund’s performance reflects annual operating expenses of the Fund, including management fees, brokerage expenses, and other fees and expenses. Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

STRATEGY REVIEW

The DeltaShares^® S&P 400 Managed Risk ETF (the “Fund”) seeks to track the investment results, before fees and expenses, of the Underlying Index.

The Fund seeks to achieve this investment objective by holding a portfolio of securities that are included in the Underlying Index, including common stocks and/or U.S. Treasury bills and bonds. The Underlying Index is designed to simulate, through a rules-based methodology, a dynamic portfolio with the aim of both managing the volatility of the Underlying Index and limiting losses from the Underlying Index’s equity exposure due to severe sustained market declines. The Underlying Index seeks to achieve these objectives by allocating weightings among the S&P MidCap 400^® Index, the S&P U.S. Treasury Bond Current 5-Year Index, and the S&P U.S. Treasury Bill 0-3 Month Index. The Fund may also use derivatives in an effort to gain exposure to underlying securities and markets in a more efficient manner, to optimize the execution processes and costs for portfolio transitions, or for tax management purposes. Under normal circumstances, the Fund uses a replication strategy and generally expects to invest in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

The Fund entered the year with a 100% allocation to equities, reached a low equity allocation of 7% due to the COVID-19 market selloff and volatility, and ended the year at 67%. The Fund’s risk management strategy resulted in an average equity allocation to the S&P MidCap 400^® index of 42% and the Fund returned -1.77% in 2020.

During 2020, the largest contributors to the Fund’s absolute total return were equities within the information technology, consumer discretionary and health care sectors. The largest sector detractors to the Fund during 2020 were energy, utilities and real estate.

During the fiscal year, the Fund utilized derivatives. These positions added to performance.

Blake Graves, CFA, FRM

Louis Ng, FRM

Charles Lowery, CFA

Co-Portfolio Managers

Milliman Financial Risk Management LLC

Transamerica ETF Trust Annual Report 2020

Page    3

DeltaShares^® S&P 400 Managed Risk ETF

(unaudited)

Asset Allocation	Percentage of Net Assets
Common Stocks		67.2	%
U.S. Government Obligation		32.6
Short-Term Investment Company		0.8
Other Investment Company		0.1
Net Other Assets (Liabilities) ^		(0.7	)
Total		100.0	%

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

^ 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 Annual Report 2020

Page    4

DeltaShares^® S&P 400 Managed Risk ETF

(unaudited)

Performance as of December 31, 2020
		Average Annual Total Returns						Cumulative Total Returns					Inception Date
	1 Year			10 Year or Since Inception			1 Year			10 Year or Since Inception
Fund NAV		(1.77	)%		2.88	%		(1.77	)%		10.20	%	07/31/2017
Fund Market		(1.82	)%		2.81	%		(1.82	)%		9.95	%	07/31/2017
S&P MidCap 400® Index (A)		13.66	%		9.99	%		13.66	%		38.53	%
S&P 400® Managed Risk 2.0 Index (A)(B)(C)(D)		(1.34	)%		3.38	%		(1.34	)%		12.03	%

^(A) The S&P MidCap 400^® Index is a market-capitalization weighted index of 400 mid-size U.S. companies with common stock listed on the NYSE or NASDAQ.

^(B) The S&P MidCap 400^® Managed Risk 2.0 Index is comprised of weightings amongst the S&P MidCap 400^® Index, the S&P U.S. Treasury Bond Current 5-Year Index, and the S&P U.S. Treasury Bill 0-3 Month Index. The S&P MidCap 400^® Managed Risk 2.0 Index rebalances on a daily basis.

^(C) The S&P U.S. Treasury Bond Current 5-Year Index is a one-security index comprising the most recently issued 5-year U.S. Treasury note or bond.

^(D) The S&P U.S. Treasury Bill 0-3 Month Index is designed to measure the performance of U.S. Treasury bills maturing in 0 to 3 months.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception calculation is based on the previous 10 years or since the inception date, whichever is more recent. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. The Fund’s investment return and net asset value will fluctuate. Investors’ shares when sold may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.deltashares.com for performance data current to the most recent month end. Fund performance is net of investment fees and Fund expenses.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Fund shares are bought and sold at Market Price, not Net Asset Value (“NAV”), and are not individually redeemed from the Fund. Net Asset Value is an exchange-traded fund’s per-share value. The per-share dollar amount of the Fund is derived by dividing the total value of all the securities in the portfolio, less any liabilities, by the number of Fund shares outstanding. Market Price is the price at which a share can currently be traded in the market. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated.

Exchange-Traded Funds (ETFs) are subject to market risk, including the loss of principal. Because Fund Shares trade at market prices rather than at NAV, Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). Shares of DeltaShares^® ETFs may be bought and sold throughout the day on the exchange through any brokerage account. Buying and selling shares of ETFs will result in brokerage commissions. Diversification and asset allocation may not protect against market risk or loss of principal. Investing involves risk, including the possible loss of principal. There is no guarantee the investment objective will be achieved. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. The principal risks include risks related to: Equity securities, index tracking, leveraging, derivatives such as futures, forwards, swaps, options, and investing in underlying exchange-traded funds. The use of derivatives may produce disproportionate gains or losses, may increase costs, and amplify risks.

Transamerica ETF Trust Annual Report 2020

Page    5

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS

At December 31, 2020

	Shares		��	Value
COMMON STOCKS - 67.2%
Aerospace & Defense - 0.7%
Axon Enterprise, Inc. (A)		1,929			$  236,360
Curtiss-Wright Corp.		1,259			146,485
Hexcel Corp.		2,537			123,019
Mercury Systems, Inc. (A)		1,701			149,790
					655,654
Air Freight & Logistics - 0.4%
XPO Logistics, Inc. (A)		2,776			330,899
Airlines - 0.1%
JetBlue Airways Corp. (A)		9,547			138,813
Auto Components - 1.1%
Adient PLC (A)		2,849			99,060
Dana, Inc.		4,386			85,615
Fox Factory Holding Corp. (A)		1,266			133,829
Gentex Corp.		7,441			252,473
Goodyear Tire & Rubber Co.		7,079			77,232
Lear Corp.		1,660			263,990
Visteon Corp. (A)		845			106,064
					1,018,263
Automobiles - 0.4%
Harley-Davidson, Inc.		4,654			170,802
Thor Industries, Inc. (B)		1,682			156,409
					327,211
Banks - 4.2%
Associated Banc-Corp.		4,664			79,521
BancorpSouth Bank		2,928			80,344
Bank of Hawaii Corp.		1,216			93,170
Bank OZK		3,670			114,761
Cathay General Bancorp		2,273			73,168
CIT Group, Inc.		2,991			107,377
Commerce Bancshares, Inc.		3,199			210,174
Cullen / Frost Bankers, Inc.		1,699			148,204
East West Bancorp, Inc.		4,299			218,002
First Financial Bankshares, Inc.		4,315			156,095
First Horizon Corp.		16,844			214,929
FNB Corp.		9,794			93,043
Fulton Financial Corp.		4,925			62,646
Glacier Bancorp, Inc.		2,898			133,337
Hancock Whitney Corp.		2,623			89,234
Home BancShares, Inc.		4,612			89,842
International Bancshares Corp.		1,691			63,311
PacWest Bancorp		3,544			90,018
Pinnacle Financial Partners, Inc.		2,302			148,249
Prosperity Bancshares, Inc.		2,810			194,902
Signature Bank		1,625			219,846
Sterling Bancorp		5,901			106,100
Synovus Financial Corp.		4,488			145,277
TCF Financial Corp.		4,631			171,440
Texas Capital Bancshares, Inc. (A)		1,533			91,213
Trustmark Corp.		1,925			52,572
UMB Financial Corp.		1,314			90,653
Umpqua Holdings Corp.		6,685			101,211
United Bankshares, Inc.		3,941			127,688
Valley National Bancorp		12,260			119,535
Webster Financial Corp.		2,739			115,449
Wintrust Financial Corp.		1,750			106,907
					3,908,218

	Shares		Value
COMMON STOCKS (continued)
Beverages - 0.3%
Boston Beer Co., Inc., Class A (A)		279		$   277,407
Biotechnology - 1.0%
Arrowhead Pharmaceuticals, Inc. (A)		3,120		239,398
Emergent BioSolutions, Inc. (A)		1,368		122,573
Exelixis, Inc. (A)		9,419		189,039
Halozyme Therapeutics, Inc. (A) (B)		3,857		164,732
Ligand Pharmaceuticals, Inc. (A) (B)		489		48,631
United Therapeutics Corp. (A)		1,350		204,917
				969,290
Building Products - 1.3%
Builders FirstSource, Inc. (A)		6,216		253,675
Lennox International, Inc.		1,058		289,860
Owens Corning		3,286		248,947
Simpson Manufacturing Co., Inc.		1,320		123,354
Trex Co., Inc. (A)		3,515		294,276
				1,210,112
Capital Markets - 1.8%
Affiliated Managers Group, Inc.		1,377		140,041
Eaton Vance Corp.		3,467		235,513
Evercore, Inc., Class A		1,233		135,186
FactSet Research Systems, Inc.		1,155		384,038
Federated Hermes, Inc., Class B		2,864		82,741
Interactive Brokers Group, Inc., Class A		2,452		149,376
Janus Henderson Group PLC		4,516		146,815
SEI Investments Co.		3,643		209,363
Stifel Financial Corp.		3,127		157,788
				1,640,861
Chemicals - 1.7%
Ashland Global Holdings, Inc.		1,654		130,997
Avient Corp.		2,777		111,857
Cabot Corp.		1,719		77,149
Chemours Co.		4,995		123,826
Ingevity Corp. (A)		1,253		94,890
Minerals Technologies, Inc.		1,032		64,108
NewMarket Corp.		221		88,022
Olin Corp.		4,314		105,952
RPM International, Inc.		3,946		358,218
Scotts Miracle-Gro Co.		1,235		245,938
Sensient Technologies Corp.		1,285		94,794
Valvoline, Inc.		5,624		130,139
				1,625,890
Commercial Services & Supplies - 1.4%
Brink’s Co.		1,502		108,144
Clean Harbors, Inc. (A)		1,543		117,422
Healthcare Services Group, Inc.		2,260		63,506
Herman Miller, Inc.		1,787		60,401
HNI Corp.		1,295		44,626
IAA, Inc. (A)		4,081		265,183
KAR Auction Services, Inc.		3,925		73,044
MSA Safety, Inc.		1,099		164,180
Stericycle, Inc. (A)		2,780		192,737
Tetra Tech, Inc.		1,632		188,953
				1,278,196
Communications Equipment - 0.6%
Ciena Corp. (A)		4,685		247,602
Lumentum Holdings, Inc. (A) (B)		2,292		217,282

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

Transamerica ETF Trust Annual Report 2020

Page    6

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Communications Equipment (continued)
NetScout Systems, Inc. (A)		2,234		$   61,256
ViaSat, Inc. (A) (B)		1,947		63,570
				589,710
Construction & Engineering - 0.8%
AECOM (A)		4,576		227,793
Dycom Industries, Inc. (A)		970		73,254
EMCOR Group, Inc.		1,669		152,647
Fluor Corp.		3,800		60,686
MasTec, Inc. (A)		1,705		116,247
Valmont Industries, Inc.		646		113,005
				743,632
Construction Materials - 0.1%
Eagle Materials, Inc.		1,269		128,613
Consumer Finance - 0.5%
FirstCash, Inc.		1,257		88,040
LendingTree, Inc. (A) (B)		331		90,625
Navient Corp.		5,654		55,522
PROG Holdings, Inc.		2,052		110,541
SLM Corp.		11,391		141,135
				485,863
Containers & Packaging - 0.7%
AptarGroup, Inc.		1,964		268,852
Greif, Inc., Class A		804		37,691
O-I Glass, Inc.		4,770		56,763
Silgan Holdings, Inc.		2,385		88,436
Sonoco Products Co.		3,047		180,535
				632,277
Diversified Consumer Services - 0.8%
Adtalem Global Education, Inc. (A)		1,581		53,675
Graham Holdings Co., Class B		124		66,139
Grand Canyon Education, Inc. (A)		1,422		132,403
H&R Block, Inc.		5,569		88,324
Service Corp. International		5,244		257,481
Strategic Education, Inc.		740		70,544
WW International, Inc. (A)		1,426		34,794
				703,360
Diversified Financial Services - 0.2%
Jefferies Financial Group, Inc.		6,281		154,513
Electric Utilities - 0.7%
ALLETE, Inc.		1,578		97,741
Hawaiian Electric Industries, Inc.		3,315		117,318
IDACORP, Inc.		1,533		147,214
OGE Energy Corp.		6,073		193,486
PNM Resources, Inc.		2,419		117,394
				673,153
Electrical Equipment - 1.7%
Acuity Brands, Inc.		1,117		135,258
EnerSys		1,291		107,230
Generac Holdings, Inc. (A)		1,908		433,898
Hubbell, Inc.		1,645		257,920
nVent Electric PLC		5,166		120,316
Regal Beloit Corp.		1,232		151,302
Sunrun, Inc. (A)		4,737		328,653
				1,534,577

	Shares			Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components - 2.6%
Arrow Electronics, Inc. (A)		2,293			$   223,109
Avnet, Inc.		3,000			105,330
Belden, Inc.		1,355			56,775
Cognex Corp.		5,300			425,510
Coherent, Inc. (A)		741			111,165
II-VI, Inc. (A) (B)		3,149			239,198
Jabil, Inc.		4,085			173,735
Littelfuse, Inc.		739			188,194
National Instruments Corp.		3,985			175,101
SYNNEX Corp.		1,251			101,881
Trimble, Inc. (A)		7,596			507,185
Vishay Intertechnology, Inc.		4,024			83,337
					2,390,520
Energy Equipment & Services - 0.1%
ChampionX Corp. (A)		5,641			86,307
Entertainment - 0.1%
Cinemark Holdings, Inc. (B)		3,265			56,844
World Wrestling Entertainment, Inc., Class A (B)		1,417			68,087
					124,931
Equity Real Estate Investment Trusts - 5.8%
American Campus Communities, Inc.		4,178			178,693
Apartment Income Corp., REIT (A)		4,520			173,613
Brixmor Property Group, Inc.		9,002			148,983
Camden Property Trust		2,957			295,463
CoreSite Realty Corp.		1,297	��		162,488
Corporate Office Properties Trust		3,407			88,855
Cousins Properties, Inc.		4,511			151,119
CyrusOne, Inc.		3,656			267,436
Douglas Emmett, Inc.		5,006			146,075
EastGroup Properties, Inc.		1,201			165,810
EPR Properties		2,265			73,613
First Industrial Realty Trust, Inc.		3,916			164,981
Healthcare Realty Trust, Inc.		4,131			122,278
Highwoods Properties, Inc.		3,154			124,993
Hudson Pacific Properties, Inc.		4,617			110,900
JBG SMITH Properties		3,377			105,599
Kilroy Realty Corp.		3,183			182,704
Lamar Advertising Co., Class A		2,624			218,369
Life Storage, Inc.		1,474			175,981
Macerich Co. (B)		3,405			36,331
Medical Properties Trust, Inc.		16,271			354,545
National Retail Properties, Inc.		5,273			215,771
Omega Healthcare Investors, Inc.		6,893			250,354
Park Hotels & Resorts, Inc.		7,153			122,674
Pebblebrook Hotel Trust		3,975			74,730
Physicians Realty Trust		6,321			112,514
PotlatchDeltic Corp.		2,031			101,591
PS Business Parks, Inc.		608			80,785
Rayonier, Inc.		4,145			121,780
Rexford Industrial Realty, Inc.		3,963			194,623
Sabra Health Care, Inc.		6,282			109,118
Service Properties Trust		5,005			57,507
Spirit Realty Capital, Inc.		3,469			139,350
STORE Capital Corp.		7,174			243,773
Urban Edge Properties		3,330			43,090
Weingarten Realty Investors		3,657			79,247
					5,395,736

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

Transamerica ETF Trust Annual Report 2020

Page    7

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Food & Staples Retailing - 0.6%
BJ’s Wholesale Club Holdings, Inc. (A)		4,168		$   155,383
Casey’s General Stores, Inc.		1,120		200,055
Grocery Outlet Holding Corp. (A)		2,601		102,089
Sprouts Farmers Market, Inc. (A)		3,582		71,998
				529,525
Food Products - 1.3%
Darling Ingredients, Inc. (A)		4,920		283,785
Flowers Foods, Inc.		5,974		135,192
Hain Celestial Group, Inc. (A)		2,504		100,536
Ingredion, Inc.		2,035		160,093
Lancaster Colony Corp.		592		108,768
Pilgrim’s Pride Corp. (A)		1,477		28,964
Post Holdings, Inc. (A)		1,861		187,980
Sanderson Farms, Inc.		600		79,320
Tootsie Roll Industries, Inc. (B)		525		15,592
TreeHouse Foods, Inc. (A)		1,716		72,913
				1,173,143
Gas Utilities - 0.8%
National Fuel Gas Co.		2,762		113,601
New Jersey Resources Corp.		2,919		103,770
ONE Gas, Inc.		1,611		123,676
Southwest Gas Holdings, Inc.		1,726		104,855
Spire, Inc.		1,567		100,351
UGI Corp.		6,327		221,192
				767,445
Health Care Equipment & Supplies - 2.2%
Avanos Medical, Inc. (A)		1,451		66,572
Cantel Medical Corp.		1,143		90,137
Globus Medical, Inc., Class A (A)		2,314		150,919
Haemonetics Corp. (A)		1,542		183,112
Hill-Rom Holdings, Inc.		2,029		198,781
ICU Medical, Inc. (A)		591		126,764
Integra LifeSciences Holdings Corp. (A)		2,148		139,448
LivaNova PLC (A)		1,474		97,594
Masimo Corp. (A)		1,538		412,768
Neogen Corp. (A)		1,610		127,673
NuVasive, Inc. (A)		1,557		87,706
Penumbra, Inc. (A)		1,026		179,550
Quidel Corp. (A)		1,163		208,933
				2,069,957
Health Care Providers & Services - 2.0%
Acadia Healthcare Co., Inc. (A)		2,700		135,702
Amedisys, Inc. (A)		997		292,450
Chemed Corp.		485		258,316
Encompass Health Corp.		3,018		249,558
HealthEquity, Inc. (A)		2,332		162,564
LHC Group, Inc. (A)		961		205,000
Molina Healthcare, Inc. (A)		1,799		382,611
Patterson Cos., Inc.		2,636		78,105
Tenet Healthcare Corp. (A)		3,202		127,856
				1,892,162
Hotels, Restaurants & Leisure - 2.7%
Boyd Gaming Corp.		2,438		104,639
Caesars Entertainment, Inc. (A)		6,322		469,535
Choice Hotels International, Inc.		875		93,389
Churchill Downs, Inc.		1,077		209,789

	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure (continued)
Cracker Barrel Old Country Store, Inc.		720		$   94,982
Jack in the Box, Inc.		690		64,032
Marriott Vacations Worldwide Corp.		1,246		170,976
Papa John’s International, Inc.		1,001		84,935
Penn National Gaming, Inc. (A) (B)		4,481		387,024
Scientific Games Corp., Class A (A)		1,705		70,740
Six Flags Entertainment Corp.		2,296		78,294
Texas Roadhouse, Inc.		1,982		154,913
Wendy’s Co.		5,442		119,289
Wingstop, Inc.		901		119,428
Wyndham Destinations, Inc.		2,607		116,950
Wyndham Hotels & Resorts, Inc.		2,828		168,096
				2,507,011
Household Durables - 1.0%
Helen of Troy, Ltd. (A)		768		170,642
KB Home		2,673		89,599
Taylor Morrison Home Corp. (A)		3,946		101,215
Tempur Sealy International, Inc. (A)		5,825		157,275
Toll Brothers, Inc.		3,486		151,536
TopBuild Corp. (A)		1,003		184,632
TRI Pointe Group, Inc. (A)		3,850		66,413
				921,312
Household Products - 0.1%
Energizer Holdings, Inc.		1,768		74,574
Industrial Conglomerates - 0.3%
Carlisle Cos., Inc.		1,620		253,012
Insurance - 2.9%
Alleghany Corp.		433		261,398
American Financial Group, Inc.		2,135		187,069
Brighthouse Financial, Inc. (A)		2,718		98,405
Brown & Brown, Inc.		7,158		339,361
CNO Financial Group, Inc.		4,219		93,788
First American Financial Corp.		3,388		174,922
Genworth Financial, Inc., Class A (A)		15,362		58,068
Hanover Insurance Group, Inc.		1,129		132,003
Kemper Corp.		1,867		143,442
Kinsale Capital Group, Inc.		648		129,684
Mercury General Corp.		808		42,186
Old Republic International Corp.		8,584		169,191
Primerica, Inc.		1,194		159,912
Reinsurance Group of America, Inc.		2,063		239,102
RenaissanceRe Holdings, Ltd.		1,543		255,860
RLI Corp.		1,204		125,396
Selective Insurance Group, Inc.		1,815		121,569
				2,731,356
Interactive Media & Services - 0.2%
TripAdvisor, Inc. (A)		2,920		84,038
Yelp, Inc. (A)		2,111		68,966
				153,004
Internet & Direct Marketing Retail - 0.2%
GrubHub, Inc. (A)		2,815		209,070
IT Services - 1.6%
Alliance Data Systems Corp.		1,448		107,297
CACI International, Inc., Class A (A)		764		190,488
Concentrix Corp. (A)		1,250		123,375
KBR, Inc.		4,327		133,834

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

Transamerica ETF Trust Annual Report 2020

Page    8

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
LiveRamp Holdings, Inc. (A)		2,015		$   147,478
MAXIMUS, Inc.		1,867		136,646
Perspecta, Inc.		4,154		100,028
Sabre Corp.		9,631		115,764
Science Applications International Corp.		1,767		167,229
WEX, Inc. (A)		1,341		272,934
				1,495,073
Leisure Products - 0.6%
Brunswick Corp.		2,379		181,375
Mattel, Inc. (A)		10,567		184,394
Polaris, Inc.		1,760		167,693
				533,462
Life Sciences Tools & Services - 1.7%
Bio-Techne Corp.		1,173		372,486
Charles River Laboratories International, Inc. (A)		1,511		377,539
Medpace Holdings, Inc. (A)		837		116,510
PRA Health Sciences, Inc. (A)		1,947		244,232
Repligen Corp. (A)		1,529		293,002
Syneos Health, Inc. (A)		2,304		156,972
				1,560,741
Machinery - 3.3%
AGCO Corp.		1,865		192,263
Colfax Corp. (A)		3,058		116,938
Crane Co.		1,501		116,568
Donaldson Co., Inc.		3,833		214,188
Graco, Inc.		5,086		367,972
ITT, Inc.		2,623		202,023
Kennametal, Inc.		2,527		91,578
Lincoln Electric Holdings, Inc.		1,804		209,715
Middleby Corp. (A)		1,689		217,746
Nordson Corp.		1,637		328,955
Oshkosh Corp.		2,071		178,251
Terex Corp.		2,104		73,408
Timken Co.		2,060		159,362
Toro Co.		3,258		308,989
Trinity Industries, Inc. (B)		2,566		67,717
Woodward, Inc.		1,772		215,351
				3,061,024
Marine - 0.1%
Kirby Corp. (A)		1,821		94,382
Media - 0.8%
Cable One, Inc.		165		367,574
John Wiley & Sons, Inc., Class A		1,326		60,545
New York Times Co., Class A		4,395		227,529
TEGNA, Inc.		6,655		92,837
				748,485
Metals & Mining - 1.0%
Commercial Metals Co.		3,645		74,868
Compass Minerals International, Inc.		1,031		63,634
Reliance Steel & Aluminum Co.		1,935		231,716
Royal Gold, Inc.		1,990		211,657
Steel Dynamics, Inc.		6,068		223,727
U.S. Steel Corp. (B)		6,690		112,191
Worthington Industries, Inc.		1,089		55,909
				973,702

	Shares		Value
COMMON STOCKS (continued)
Multi-Utilities - 0.4%
Black Hills Corp.		1,905		$   117,062
MDU Resources Group, Inc.		6,088		160,358
NorthWestern Corp.		1,536		89,564
				366,984
Multiline Retail - 0.5%
Kohl’s Corp.		4,785		194,702
Nordstrom, Inc. (B)		3,303		103,086
Ollie’s Bargain Outlet Holdings, Inc. (A) (B)		1,727		141,217
				439,005
Oil, Gas & Consumable Fuels - 0.7%
Antero Midstream Corp. (B)		8,683		66,946
Cimarex Energy Co.		3,096		116,131
CNX Resources Corp. (A)		6,816		73,613
EQT Corp.		8,367		106,345
Equitrans Midstream Corp.		12,342		99,230
Murphy Oil Corp. (B)		4,383		53,034
World Fuel Services Corp.		1,928		60,076
WPX Energy, Inc. (A)		12,262		99,935
				675,310
Paper & Forest Products - 0.2%
Domtar Corp.		1,677		53,077
Louisiana-Pacific Corp.		3,319		123,367
				176,444
Personal Products - 0.2%
Coty, Inc., Class A		8,602		60,386
Edgewell Personal Care Co.		1,649		57,022
Nu Skin Enterprises, Inc., Class A		1,550		84,677
				202,085
Pharmaceuticals - 0.5%
Jazz Pharmaceuticals PLC (A)		1,692		279,265
Nektar Therapeutics (A) (B)		5,446		92,582
Prestige Consumer Healthcare, Inc. (A)		1,522		53,072
				424,919
Professional Services - 0.7%
ASGN, Inc. (A)		1,605		134,066
CoreLogic, Inc.		2,363		182,707
FTI Consulting, Inc. (A)		1,082		120,881
Insperity, Inc.		1,082		88,096
ManpowerGroup, Inc.		1,747		157,545
				683,295
Real Estate Management & Development - 0.2%
Jones Lang LaSalle, Inc.		1,558		231,161
Road & Rail - 0.6%
Avis Budget Group, Inc. (A)		1,566		58,412
Knight-Swift Transportation Holdings, Inc.		3,816		159,585
Landstar System, Inc.		1,166		157,013
Ryder System, Inc.		1,635		100,978
Werner Enterprises, Inc.		1,762		69,106
				545,094
Semiconductors & Semiconductor Equipment - 3.8%
Cirrus Logic, Inc. (A)		1,759		144,590
CMC Materials, Inc.		883		133,598
Cree, Inc. (A) (B)		3,349		354,659
Enphase Energy, Inc. (A) (B)		3,835		672,927
First Solar, Inc. (A)		2,575		254,719

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

Transamerica ETF Trust Annual Report 2020

Page    9

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
MKS Instruments, Inc.		1,675		$   252,004
Monolithic Power Systems, Inc.		1,286		470,972
Semtech Corp. (A)		1,972		142,161
Silicon Laboratories, Inc. (A)		1,332		169,617
SolarEdge Technologies, Inc. (A)		1,555		496,232
Synaptics, Inc. (A)		1,048		101,027
Universal Display Corp.		1,300		298,740
				3,491,246
Software - 2.9%
ACI Worldwide, Inc. (A)		3,544		136,196
Blackbaud, Inc.		1,506		86,685
CDK Global, Inc.		3,694		191,460
Ceridian HCM Holding, Inc. (A)		3,950		420,912
CommVault Systems, Inc. (A)		1,430		79,179
Fair Isaac Corp. (A)		883		451,248
InterDigital, Inc.		934		56,675
j2 Global, Inc. (A)		1,300		126,997
Manhattan Associates, Inc. (A)		1,928		202,787
Paylocity Holding Corp. (A)		1,138		234,326
PTC, Inc. (A)		3,187		381,197
Qualys, Inc. (A)		1,019		124,186
SailPoint Technologies Holdings, Inc. (A)		2,760		146,942
Teradata Corp. (A) (B)		3,318		74,556
				2,713,346
Specialty Retail - 1.7%
American Eagle Outfitters, Inc. (B)		4,541		91,138
AutoNation, Inc. (A)		1,786		124,645
Dick’s Sporting Goods, Inc.		1,994		112,083
Five Below, Inc. (A)		1,697		296,941
Foot Locker, Inc.		3,169		128,154
Lithia Motors, Inc., Class A		794		232,380
Murphy USA, Inc.		808		105,743
RH (A) (B)		475		212,572
Urban Outfitters, Inc. (A)		2,078		53,197
Williams-Sonoma, Inc.		2,324		236,676
				1,593,529
Technology Hardware, Storage & Peripherals - 0.2%
NCR Corp. (A)		3,912		146,974
Textiles, Apparel & Luxury Goods - 0.6%
Carter’s, Inc. (B)		1,326		124,737
Columbia Sportswear Co.		924		80,739
Deckers Outdoor Corp. (A)		853		244,623
Skechers USA, Inc., Class A (A)		4,117		147,965
				598,064
Thrifts & Mortgage Finance - 0.5%
Essent Group, Ltd.		3,414		147,485

	Shares		Value
COMMON STOCKS (continued)
Thrifts & Mortgage Finance (continued)
MGIC Investment Corp.		10,279		$   129,001
New York Community Bancorp, Inc.		14,084		148,586
Washington Federal, Inc.		2,301		59,228
				484,300
Trading Companies & Distributors - 0.6%
GATX Corp. (B)		1,062		88,337
MSC Industrial Direct Co., Inc., Class A		1,389		117,218
Univar Solutions, Inc. (A)		5,132		97,559
Watsco, Inc.		997		225,871
				528,985
Water Utilities - 0.3%
Essential Utilities, Inc.		6,776		320,437
Wireless Telecommunication Services - 0.1%
Telephone & Data Systems, Inc.		3,021		56,100
Total Common Stocks (Cost $52,192,536)				62,449,724
	Principal		Value
U.S. GOVERNMENT OBLIGATION - 32.6%
U.S. Treasury - 32.6%
U.S. Treasury Note 0.25%, 12/31/2025		$  30,230,000		30,253,619
Total U.S. Government Obligation (Cost $30,254,828)				30,253,619
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.8%
Money Market Fund - 0.8%
State Street Institutional Treasury Money Market Fund, 0.01% (C)		793,148		793,148
Total Short-Term Investment Company (Cost $793,148)				793,148
OTHER INVESTMENT COMPANY - 0.1%
Securities Lending Collateral - 0.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.08% (C)		64,568		64,568
Total Other Investment Company (Cost $64,568)				64,568
Total Investments (Cost $83,305,080)				93,561,059
Net Other Assets (Liabilities) - (0.7)%				(637,011	)
Net Assets - 100.0%				$  92,924,048

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		1		03/19/2021	$	224,206	$	230,350	$	6,144	$	—

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

Transamerica ETF Trust Annual Report 2020

Page    10

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

INVESTMENT VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	62,449,724	$	—	$	—	$	62,449,724
U.S. Government Obligation		—		30,253,619		—		30,253,619
Short-Term Investment Company		793,148		—		—		793,148
Other Investment Company		64,568		—		—		64,568
Total Investments	$	63,307,440	$	30,253,619	$	—	$	93,561,059
Other Financial Instruments
Futures Contracts (E)	$	6,144	$	—	$	—	$	6,144
Total Other Financial Instruments	$	6,144	$	—	$	—	$	6,144

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $1,908,183, collateralized by cash collateral of $64,568 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,888,012. 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.
(C)	Rates disclosed reflect the yields at December 31, 2020.
(D)	There were no transfers in or out of Level 3 during the year ended December 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(E)	Derivative instruments are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATION:

REIT Real Estate Investment Trust

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

Transamerica ETF Trust Annual Report 2020

Page    11

DeltaShares^® S&P 500 Managed Risk ETF

(unaudited)

MARKET ENVIRONMENT

Global equities throughout 2020 experienced bouts of high volatility as markets were roiled by uncertainty brought on by the global pandemic. Investors’ attempts to handicap the market throughout the year proved challenging at best, as the COVID-19 pandemic reached all corners of the globe, social and political unrest dominated the headlines, and the US held a contentious presidential election, offset by positive (“risk-on”) market events such as new governmental stimulus programs pumping money into investors’ hands, and a global coordinated effort to develop and disseminate a COVID-19 vaccine in record time.

The pandemic set off surging volatility and significant market losses (“drawdowns”) across markets in the first quarter. The CBOE VIX Index, a gauge of US market risk, closed at its highest level since the Global Financial Crisis, on March 16th, at 82.7. By comparison, the average CBOE VIX Index level in 2019 was 15.4. The velocity of the market selloff resulted in drawdowns in excess of -30% across major global equity indices in approximately one month’s time.

Domestic equities, as measured by the S&P 500^®, S&P MidCap 400^® and S&P SmallCap 600^® indices, posted returns of -19.60%, -29.70% and -32.64%, respectively, in the first quarter, and international equities, as measured by the S&P EPAC Ex-Korea LargeMidCap and S&P EM 100 indices, posted returns of -22.43% and -22.55%, respectively. The tides quickly turned, however, following the first quarter.

From the start of the second quarter through September the risk-on trade was alive and well. The risk rally was dominated by technology companies and other “stay-at-home” names that benefited from government lockdowns. By September, investors, betting on a successful rollout of the vaccine and a recovery in corporate earnings, looked away from growth markets like the NASDAQ and returned to mid-cap and small-cap securities and one of the most out-of-favor factors over the past decade, value stocks, all which outperformed large-cap and growth equity indices in the fourth quarter.

By year-end, the S&P 500^®, S&P MidCap 400^® and S&P SmallCap 600^® indices returned 18.40%, 13.66%, and 11.29%, respectively, and the S&P EPAC Ex-Korea LargeMidCap and S&P EM 100 indices returned 9.10% and 22.67%, respectively.

PERFORMANCE OVERVIEW

For the year ended December 31, 2020, DeltaShares^® S&P 500 Managed Risk ETF (NAV) returned 4.88%. By comparison, the S&P 500^® Managed Risk 2.0 Index (the “Underlying Index”) returned 5.25% and the S&P 500^® Index returned 18.40%.

The Fund’s performance reflects annual operating expenses of the Fund, including management fees, brokerage expenses, and other fees and expenses. Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

STRATEGY REVIEW

The DeltaShares^® S&P 500 Managed Risk ETF (the “Fund”) seeks to track the investment results, before fees and expenses, of the Underlying Index.

The Fund seeks to achieve this investment objective by holding a portfolio of securities that are included in the Underlying Index, including common stocks and/or U.S. Treasury bills and bonds. The Underlying Index is designed to simulate, through a rules-based methodology, a dynamic portfolio with the aim of both managing the volatility of the Underlying Index and limiting losses from the Underlying Index’s equity exposure due to severe sustained market declines. The Underlying Index seeks to achieve these objectives by allocating weightings among the S&P 500^® Index, the S&P U.S. Treasury Bond Current 5-Year Index, and the S&P U.S. Treasury Bill 0-3 Month Index. The Fund may also use derivatives in an effort to gain exposure to underlying securities and markets in a more efficient manner, to optimize the execution processes and costs for portfolio transitions, or for tax management purposes. Under normal circumstances, the Fund uses a replication strategy and generally expects to invest in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index. Prior to June 19, 2020, the Fund implemented an optimized portfolio sampling strategy to replicate the index.

The Fund entered the year with a 100% allocation to equities, reached a low equity allocation of 15% due to the COVID-19 market selloff and volatility, and ended the year at 90%. The Fund’s risk management strategy resulted in an average equity allocation to the S&P 500^® index of 55% and the Fund returned 4.88% in 2020.

During 2020, the largest contributors to the Fund’s absolute total return were equities within the information technology, consumer discretionary and communication services sectors. The largest sector detractors to the Fund during 2020 were energy, real estate and financials.

During the fiscal year, the Fund utilized derivatives. These positions detracted from performance.

Blake Graves, CFA, FRM

Charles Lowery, CFA

Louis Ng, FRM

Co-Portfolio Managers

Milliman Financial Risk Management LLC

Transamerica ETF Trust Annual Report 2020

Page    12

DeltaShares^® S&P 500 Managed Risk ETF

(unaudited)

Asset Allocation	Percentage of Net Assets
Common Stocks		89.7	%
U.S. Government Obligation		10.0
Short-Term Investment Company		0.2
Other Investment Company		0.1
Net Other Assets (Liabilities) ^		0.0	*
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 Annual Report 2020

Page    13

DeltaShares^® S&P 500 Managed Risk ETF

(unaudited)

Performance as of December 31, 2020
		Average Annual Total Returns						Cumulative Total Returns					Inception Date
	1 Year			10 Year or Since Inception			1 Year			10 Year or Since Inception
Fund NAV		4.88	%		9.07	%		4.88	%		34.60	%	07/31/2017
Fund Market		4.96	%		9.07	%		4.96	%		34.60	%	07/31/2017
S&P 500® Index (A)		18.40	%		15.22	%		18.40	%		62.40	%
S&P 500® Managed Risk 2.0 Index (A)(B)(C)(D)		5.25	%		9.48	%		5.25	%		36.34	%

^(A) The S&P 500^® Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

^(B) The S&P 500^® Managed Risk 2.0 Index is comprised of weightings amongst the S&P 500^® Index, the S&P U.S. Treasury Bond Current 5-Year Index, and the S&P U.S. Treasury Bill 0-3 Month Index. The S&P 500^® Managed Risk 2.0 Index rebalances on a daily basis.

^(C) The S&P U.S. Treasury Bond Current 5-Year Index is a one-security index comprising the most recently issued 5-year U.S. Treasury note or bond.

^(D) The S&P U.S. Treasury Bill 0-3 Month Index is designed to measure the performance of U.S. Treasury bills maturing in 0 to 3 months.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception calculation is based on the previous 10 years or since the inception date, whichever is more recent. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. The Fund’s investment return and net asset value will fluctuate. Investors’ shares when sold may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.deltashares.com for performance data current to the most recent month end. Fund performance is net of investment fees and Fund expenses.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Fund shares are bought and sold at Market Price, not Net Asset Value (“NAV”), and are not individually redeemed from the Fund. Net Asset Value is an exchange-traded fund’s per-share value. The per-share dollar amount of the Fund is derived by dividing the total value of all the securities in the portfolio, less any liabilities, by the number of Fund shares outstanding. Market Price is the price at which a share can currently be traded in the market. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated.

Exchange-Traded Funds (ETFs) are subject to market risk, including the loss of principal. Because Fund Shares trade at market prices rather than at NAV, Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). Shares of DeltaShares^® ETFs may be bought and sold throughout the day on the exchange through any brokerage account. Buying and selling shares of ETFs will result in brokerage commissions. Diversification and asset allocation may not protect against market risk or loss of principal. Investing involves risk, including the possible loss of principal. There is no guarantee the investment objective will be achieved. Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. The principal risks include risks related to: Equity securities, index tracking, leveraging, derivatives such as futures, forwards, swaps, options, and investing in underlying exchange-traded funds. The use of derivatives may produce disproportionate gains or losses, may increase costs, and amplify risks.

Transamerica ETF Trust Annual Report 2020

Page    14

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS

At December 31, 2020

	Shares		Value
COMMON STOCKS - 89.7%
Aerospace & Defense - 1.4%
Boeing Co.		5,813		$  1,244,331
General Dynamics Corp.		2,546		378,896
Howmet Aerospace, Inc.		4,275		122,008
Huntington Ingalls Industries, Inc.		444		75,693
L3 Harris Technologies, Inc.		2,302		435,124
Lockheed Martin Corp.		2,697		957,381
Northrop Grumman Corp.		1,699		517,719
Raytheon Technologies Corp.		16,637		1,189,712
Teledyne Technologies, Inc. (A)		404		158,360
Textron, Inc.		2,507		121,163
TransDigm Group, Inc. (A)		596		368,835
				5,569,222
Air Freight & Logistics - 0.6%
CH Robinson Worldwide, Inc.		1,489		139,773
Expeditors International of Washington, Inc.		1,854		176,334
FedEx Corp.		2,647		687,214
United Parcel Service, Inc., Class B		7,835		1,319,414
				2,322,735
Airlines - 0.2%
Alaska Air Group, Inc.		1,355		70,460
American Airlines Group, Inc. (B)		6,691		105,517
Delta Air Lines, Inc.		6,986		280,907
Southwest Airlines Co.		6,466		301,380
United Airlines Holdings, Inc. (A)		3,206		138,660
				896,924
Auto Components - 0.1%
Aptiv PLC		2,958		385,398
BorgWarner, Inc.		2,679		103,516
				488,914
Automobiles - 1.8%
Ford Motor Co.		42,807		376,273
General Motors Co.		13,798		574,549
Tesla, Inc. (A)		8,307		5,862,001
				6,812,823
Banks - 3.5%
Bank of America Corp.		83,396		2,527,733
Citigroup, Inc.		22,808		1,406,341
Citizens Financial Group, Inc.		4,679		167,321
Comerica, Inc.		1,524		85,131
Fifth Third Bancorp		7,804		215,156
First Republic Bank		1,906		280,048
Huntington Bancshares, Inc.		11,145		140,761
JPMorgan Chase & Co.		33,393		4,243,248
KeyCorp		10,697		175,538
M&T Bank Corp.		1,405		178,856
People’s United Financial, Inc.		4,654		60,176
PNC Financial Services Group, Inc.		4,642		691,658
Regions Financial Corp.		10,522		169,615
SVB Financial Group (A)		567		219,900
Truist Financial Corp.		14,768		707,830
US Bancorp		15,018		699,689
Wells Fargo & Co.		45,293		1,366,943
Zions Bancorp NA		1,797		78,062
				13,414,006
Beverages - 1.5%
Brown-Forman Corp., Class B		2,000		158,860

	Shares		Value
COMMON STOCKS (continued)
Beverages (continued)
Coca-Cola Co.		42,370		$   2,323,571
Constellation Brands, Inc., Class A		1,857		406,776
Molson Coors Beverage Co., Class B		2,061		93,136
Monster Beverage Corp. (A)		4,048		374,359
PepsiCo, Inc.		15,139		2,245,114
				5,601,816
Biotechnology - 1.7%
AbbVie, Inc.		19,341		2,072,388
Alexion Pharmaceuticals, Inc. (A)		2,397		374,507
Amgen, Inc.		6,378		1,466,430
Biogen, Inc. (A)		1,686		412,834
Gilead Sciences, Inc.		13,732		800,026
Incyte Corp. (A)		2,039		177,352
Regeneron Pharmaceuticals, Inc. (A)		1,149		555,094
Vertex Pharmaceuticals, Inc. (A)		2,849		673,333
				6,531,964
Building Products - 0.4%
A.O. Smith Corp.		1,484		81,353
Allegion PLC		1,008		117,311
Carrier Global Corp.		8,925		336,651
Fortune Brands Home & Security, Inc.		1,522		130,466
Johnson Controls International PLC		7,930		369,459
Masco Corp.		2,867		157,484
Trane Technologies PLC		2,631		381,916
				1,574,640
Capital Markets - 2.5%
Ameriprise Financial, Inc.		1,292		251,074
Bank of New York Mellon Corp.		8,931		379,032
BlackRock, Inc.		1,554		1,121,273
Cboe Global Markets, Inc.		1,184		110,254
Charles Schwab Corp.		16,341		866,727
CME Group, Inc.		3,933		716,003
Franklin Resources, Inc.		2,985		74,595
Goldman Sachs Group, Inc.		3,769		993,923
Intercontinental Exchange, Inc.		6,149		708,918
Invesco, Ltd.		4,126		71,916
MarketAxess Holdings, Inc.		416		237,353
Moody’s Corp.		1,769		513,435
Morgan Stanley		15,657		1,072,974
MSCI, Inc.		908		405,449
Nasdaq, Inc.		1,258		166,987
Northern Trust Corp.		2,280		212,359
Raymond James Financial, Inc.		1,335		127,719
S&P Global, Inc.		2,636		866,532
State Street Corp.		3,865		281,295
T. Rowe Price Group, Inc.		2,481		375,599
				9,553,417
Chemicals - 1.6%
Air Products & Chemicals, Inc.		2,421		661,466
Albemarle Corp.		1,166		172,008
Celanese Corp.		1,281		166,453
CF Industries Holdings, Inc.		2,343		90,698
Corteva, Inc.		8,162		316,033
Dow, Inc.		8,126		450,993
DuPont de Nemours, Inc.		8,039		571,653
Eastman Chemical Co.		1,484		148,815
Ecolab, Inc.		2,721		588,716

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

Transamerica ETF Trust Annual Report 2020

Page    15

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
FMC Corp.		1,421		$   163,316
International Flavors & Fragrances, Inc. (B)		1,171		127,452
Linde PLC		5,750		1,515,182
LyondellBasell Industries NV, Class A		2,817		258,206
Mosaic Co.		3,779		86,955
PPG Industries, Inc.		2,588		373,241
Sherwin-Williams Co.		895		657,744
				6,348,931
Commercial Services & Supplies - 0.4%
Cintas Corp.		963		340,382
Copart, Inc. (A)		2,276		289,621
Republic Services, Inc.		2,304		221,875
Rollins, Inc.		2,424		94,706
Waste Management, Inc.		4,259	��	502,264
				1,448,848
Communications Equipment - 0.7%
Arista Networks, Inc. (A)		597		173,470
Cisco Systems, Inc.		46,290		2,071,478
F5 Networks, Inc. (A)		675		118,760
Juniper Networks, Inc.		3,612		81,306
Motorola Solutions, Inc.		1,857		315,801
				2,760,815
Construction & Engineering - 0.1%
Jacobs Engineering Group, Inc.		1,420		154,723
Quanta Services, Inc.		1,521		109,543
				264,266
Construction Materials - 0.1%
Martin Marietta Materials, Inc.		682		193,668
Vulcan Materials Co.		1,452		215,346
				409,014
Consumer Finance - 0.5%
American Express Co.		7,145		863,902
Capital One Financial Corp.		5,011		495,337
Discover Financial Services		3,358		304,000
Synchrony Financial		5,948		206,455
				1,869,694
Containers & Packaging - 0.3%
Amcor PLC		17,183		202,244
Avery Dennison Corp.		914		141,771
Ball Corp.		3,583		333,864
International Paper Co.		4,306		214,094
Packaging Corp. of America		1,039		143,288
Sealed Air Corp.		1,700		77,843
WestRock Co.		2,877		125,236
				1,238,340
Distributors - 0.1%
Genuine Parts Co.		1,580		158,680
LKQ Corp. (A)		3,067		108,081
Pool Corp.		440		163,900
				430,661
Diversified Financial Services - 1.3%
Berkshire Hathaway, Inc., Class B (A)		21,320		4,943,468
Diversified Telecommunication Services - 1.3%
AT&T, Inc.		78,064		2,245,120
CenturyLink, Inc.		10,817		105,466

	Shares		Value
COMMON STOCKS (continued)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc.		45,332		$   2,663,255
				5,013,841
Electric Utilities - 1.6%
Alliant Energy Corp.		2,736		140,986
American Electric Power Co., Inc.		5,438		452,822
Duke Energy Corp.		8,062		738,157
Edison International		4,147		260,515
Entergy Corp.		2,194		219,049
Evergy, Inc.		2,485		137,942
Eversource Energy		3,756		324,932
Exelon Corp.		10,687		451,205
FirstEnergy Corp.		5,944		181,946
NextEra Energy, Inc.		21,461		1,655,716
NRG Energy, Inc.		2,675		100,446
Pinnacle West Capital Corp.		1,233		98,578
PPL Corp.		8,422		237,500
Southern Co.		11,571		710,807
Xcel Energy, Inc.		5,756		383,753
				6,094,354
Electrical Equipment - 0.4%
AMETEK, Inc.		2,520		304,769
Eaton Corp. PLC		4,367		524,651
Emerson Electric Co.		6,551		526,504
Rockwell Automation, Inc.		1,273		319,281
				1,675,205
Electronic Equipment, Instruments & Components - 0.5%
Amphenol Corp., Class A		3,277		428,533
CDW Corp.		1,566		206,383
Corning, Inc.		8,370		301,320
FLIR Systems, Inc.		1,437		62,984
IPG Photonics Corp. (A)		391		87,502
Keysight Technologies, Inc. (A)		2,030		268,143
TE Connectivity, Ltd.		3,623		438,636
Vontier Corp. (A)		1,476		49,298
Zebra Technologies Corp., Class A (A)		584		224,449
				2,067,248
Energy Equipment & Services - 0.2%
Baker Hughes Co.		7,513		156,646
Halliburton Co.		9,684		183,028
National Oilwell Varco, Inc.		4,253		58,394
Schlumberger NV		15,250		332,907
TechnipFMC PLC		4,628		43,503
				774,478
Entertainment - 2.0%
Activision Blizzard, Inc.		8,467		786,161
Electronic Arts, Inc.		3,178		456,361
Live Nation Entertainment, Inc. (A)		1,566		115,070
Netflix, Inc. (A)		4,840		2,617,133
Take-Two Interactive Software, Inc. (A)		1,260		261,815
Walt Disney Co. (A)		19,834		3,593,524
				7,830,064
Equity Real Estate Investment Trusts - 2.1%
Alexandria Real Estate Equities, Inc.		1,356		241,666
American Tower Corp.		4,866		1,092,222
AvalonBay Communities, Inc.		1,529		245,297
Boston Properties, Inc.		1,552		146,711

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

Transamerica ETF Trust Annual Report 2020

Page    16

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Crown Castle International Corp.		4,725		$   752,173
Digital Realty Trust, Inc.		3,069		428,156
Duke Realty Corp.		4,075		162,878
Equinix, Inc.		976		697,040
Equity Residential		3,752		222,419
Essex Property Trust, Inc.		714		169,518
Extra Space Storage, Inc.		1,416		164,058
Federal Realty Investment Trust		754		64,180
Healthpeak Properties, Inc.		5,898		178,296
Host Hotels & Resorts, Inc.		7,727		113,046
Iron Mountain, Inc. (B)		3,157		93,068
Kimco Realty Corp.		4,738		71,117
Mid-America Apartment Communities, Inc.		1,253		158,743
Prologis, Inc.		8,098		807,047
Public Storage		1,666		384,729
Realty Income Corp.		3,845		239,044
Regency Centers Corp.		1,729		78,825
SBA Communications Corp.		1,217		343,352
Simon Property Group, Inc.		3,592		306,326
SL Green Realty Corp. (B)		795		47,366
UDR, Inc.		3,226		123,975
Ventas, Inc.		4,103		201,211
Vornado Realty Trust		1,718		64,150
Welltower, Inc.		4,572		295,443
Weyerhaeuser Co.		8,177		274,175
				8,166,231
Food & Staples Retailing - 1.3%
Costco Wholesale Corp.		4,834		1,821,355
Kroger Co.		8,483		269,420
Sysco Corp.		5,580		414,371
Walgreens Boots Alliance, Inc.		7,873		313,975
Walmart, Inc.		15,187		2,189,206
				5,008,327
Food Products - 0.9%
Archer-Daniels-Midland Co.		6,095		307,249
Campbell Soup Co.		2,219		107,289
Conagra Brands, Inc.		5,352		194,064
General Mills, Inc.		6,697		393,784
Hershey Co.		1,616		246,165
Hormel Foods Corp. (B)		3,076		143,372
J.M. Smucker Co.		1,250		144,500
Kellogg Co.		2,786		173,373
Kraft Heinz Co.		7,099		246,051
Lamb Weston Holdings, Inc.		1,603		126,220
McCormick & Co., Inc.		2,724		260,414
Mondelez International, Inc., Class A		15,667		916,049
Tyson Foods, Inc., Class A		3,222		207,626
				3,466,156
Gas Utilities - 0.0% (C)
Atmos Energy Corp.		1,379		131,598
Health Care Equipment & Supplies - 3.4%
Abbott Laboratories		19,416		2,125,858
ABIOMED, Inc. (A)		495		160,479
Align Technology, Inc. (A)		786		420,023
Baxter International, Inc.		5,596		449,023
Becton Dickinson & Co.		3,177		794,949
Boston Scientific Corp. (A)		15,687		563,948

	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies (continued)
Cooper Cos., Inc.		537		$   195,103
Danaher Corp.		6,926		1,538,542
DENTSPLY SIRONA, Inc.		2,394		125,350
DexCom, Inc. (A)		1,052		388,945
Edwards Lifesciences Corp. (A)		6,828		622,918
Hologic, Inc. (A)		2,816		205,089
IDEXX Laboratories, Inc. (A)		934		466,879
Intuitive Surgical, Inc. (A)		1,288		1,053,713
Medtronic PLC		14,745		1,727,229
ResMed, Inc.		1,588		337,545
STERIS PLC		935		177,220
Stryker Corp.		3,582		877,733
Teleflex, Inc.		510		209,901
Varian Medical Systems, Inc. (A)		1,001		175,185
West Pharmaceutical Services, Inc.		810		229,481
Zimmer Biomet Holdings, Inc.		2,271		349,938
				13,195,051
Health Care Providers & Services - 2.4%
AmerisourceBergen Corp.		1,611		157,491
Anthem, Inc.		2,725		874,970
Cardinal Health, Inc.		3,214		172,142
Centene Corp. (A)		6,352		381,311
Cigna Corp.		3,958		823,976
CVS Health Corp.		14,339		979,354
DaVita, Inc. (A)		810		95,094
HCA Healthcare, Inc.		2,891		475,454
Henry Schein, Inc. (A)		1,564		104,569
Humana, Inc.		1,450		594,891
Laboratory Corp. of America Holdings (A)		1,067		217,188
McKesson Corp.		1,759		305,925
Quest Diagnostics, Inc.		1,476		175,895
UnitedHealth Group, Inc.		10,394		3,644,968
Universal Health Services, Inc., Class B		851		117,013
				9,120,241
Health Care Technology - 0.1%
Cerner Corp.		3,359		263,614
Hotels, Restaurants & Leisure - 1.5%
Carnival Corp.		8,147		176,464
Chipotle Mexican Grill, Inc. (A)		307		425,720
Darden Restaurants, Inc.		1,426		169,865
Domino’s Pizza, Inc.		432		165,655
Hilton Worldwide Holdings, Inc.		3,039		338,119
Las Vegas Sands Corp.		3,598		214,441
Marriott International, Inc., Class A		2,913		384,283
McDonald’s Corp.		8,163		1,751,616
MGM Resorts International		4,491		141,511
Norwegian Cruise Line Holdings, Ltd. (A)		3,458		87,937
Royal Caribbean Cruises, Ltd.		2,040		152,368
Starbucks Corp.		12,858		1,375,549
Wynn Resorts, Ltd.		1,064		120,051
Yum! Brands, Inc.		3,305		358,791
				5,862,370
Household Durables - 0.3%
D.R. Horton, Inc.		3,633		250,386
Garmin, Ltd.		1,634		195,524
Leggett & Platt, Inc.		1,452		64,324
Lennar Corp., Class A		3,014		229,757

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

Transamerica ETF Trust Annual Report 2020

Page    17

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Household Durables (continued)
Mohawk Industries, Inc. (A)		655		$   92,322
Newell Brands, Inc.		4,137		87,829
NVR, Inc. (A)		38		155,035
PulteGroup, Inc.		2,937		126,643
Whirlpool Corp.		685		123,636
				1,325,456
Household Products - 1.4%
Church & Dwight Co., Inc.		2,722		237,440
Clorox Co.		1,381		278,851
Colgate-Palmolive Co.		9,390		802,939
Kimberly-Clark Corp.		3,726		502,377
Procter & Gamble Co.		27,164		3,779,599
				5,601,206
Independent Power & Renewable Electricity Producers - 0.0% (C)
AES Corp.		7,286		171,221
Industrial Conglomerates - 1.1%
3M Co.		6,319		1,104,498
General Electric Co.		95,963		1,036,400
Honeywell International, Inc.		7,687		1,635,025
Roper Technologies, Inc.		1,149		495,323
				4,271,246
Insurance - 1.7%
Aflac, Inc.		7,157		318,272
Allstate Corp.		3,331		366,177
American International Group, Inc.		9,438		357,323
Aon PLC, Class A		2,504		529,020
Arthur J. Gallagher & Co.		2,107		260,657
Assurant, Inc.		650		88,543
Chubb, Ltd.		4,945		761,134
Cincinnati Financial Corp.		1,639		143,199
Everest Re Group, Ltd.		438		102,531
Globe Life, Inc.		1,055		100,183
Hartford Financial Services Group, Inc.		3,925		192,247
Lincoln National Corp.		1,990		100,117
Loews Corp.		2,560		115,251
Marsh & McLennan Cos., Inc.		5,556		650,052
MetLife, Inc.		8,380		393,441
Principal Financial Group, Inc.		2,799		138,858
Progressive Corp.		6,415		634,315
Prudential Financial, Inc.		4,338		338,668
Travelers Cos., Inc.		2,775		389,527
Unum Group		2,231		51,179
W.R. Berkley Corp.		1,542		102,420
Willis Towers Watson PLC		1,412		297,480
				6,430,594
Interactive Media & Services - 4.9%
Alphabet, Inc., Class A (A)		3,294		5,773,196
Alphabet, Inc., Class C (A)		3,180		5,570,978
Facebook, Inc., Class A (A)		26,335		7,193,669
Twitter, Inc. (A)		8,713		471,809
				19,009,652
Internet & Direct Marketing Retail - 4.4%
Amazon.com, Inc. (A)		4,672		15,216,377
Booking Holdings, Inc. (A)		449		1,000,044
eBay, Inc.		7,174		360,493
Etsy, Inc. (A)		1,381		245,694

	Shares		Value
COMMON STOCKS (continued)
Internet & Direct Marketing Retail (continued)
Expedia Group, Inc.		1,489		$   197,144
				17,019,752
IT Services - 4.9%
Accenture PLC, Class A		6,941		1,813,059
Akamai Technologies, Inc. (A)		1,783		187,197
Automatic Data Processing, Inc.		4,698		827,787
Broadridge Financial Solutions, Inc.		1,267		194,104
Cognizant Technology Solutions Corp., Class A		5,857		479,981
DXC Technology Co.		2,787		71,765
Fidelity National Information Services, Inc.		6,798		961,645
Fiserv, Inc. (A)		6,299		717,204
FleetCor Technologies, Inc. (A)		914		249,367
Gartner, Inc. (A)		978		156,666
Global Payments, Inc.		3,279		706,362
International Business Machines Corp.		9,761		1,228,715
Jack Henry & Associates, Inc.		836		135,424
Leidos Holdings, Inc.		1,466		154,106
Mastercard, Inc., Class A		9,637		3,439,831
Paychex, Inc.		3,505		326,596
PayPal Holdings, Inc. (A)		12,836		3,006,191
VeriSign, Inc. (A)		1,100		238,040
Visa, Inc., Class A		18,576		4,063,128
Western Union Co.		4,504		98,818
				19,055,986
Leisure Products - 0.0% (C)
Hasbro, Inc.		1,396		130,582
Life Sciences Tools & Services - 1.1%
Agilent Technologies, Inc.		3,352		397,178
Bio-Rad Laboratories, Inc., Class A (A)		236		137,574
Illumina, Inc. (A)		1,599		591,630
IQVIA Holdings, Inc. (A)		2,100		376,257
Mettler-Toledo International, Inc. (A)		261		297,456
PerkinElmer, Inc.		1,227		176,075
Thermo Fisher Scientific, Inc.		4,342		2,022,417
Waters Corp. (A)		680		168,246
				4,166,833
Machinery - 1.5%
Caterpillar, Inc.		5,951		1,083,201
Cummins, Inc.		1,621		368,129
Deere & Co.		3,433		923,649
Dover Corp.		1,579		199,349
Flowserve Corp.		1,427		52,585
Fortive Corp.		3,694		261,609
IDEX Corp.		829		165,137
Illinois Tool Works, Inc.		3,155		643,241
Ingersoll Rand, Inc. (A)		4,072		185,520
Otis Worldwide Corp.		4,461		301,341
PACCAR, Inc.		3,795		327,433
Parker-Hannifin Corp.		1,411		384,370
Pentair PLC		1,822		96,730
Snap-on, Inc.		594		101,657
Stanley Black & Decker, Inc.		1,755		313,373
Westinghouse Air Brake Technologies Corp.		1,960		143,472
Xylem, Inc.		1,974		200,933
				5,751,729

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

Transamerica ETF Trust Annual Report 2020

Page    18

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Media - 1.2%
Charter Communications, Inc., Class A (A)		1,598		$   1,057,157
Comcast Corp., Class A		50,019		2,620,996
Discovery, Inc., Class A (A) (B)		1,756		52,838
Discovery, Inc., Class C (A)		3,232		84,646
DISH Network Corp., Class A (A)		2,709		87,609
Fox Corp., Class A		3,698		107,686
Fox Corp., Class B (A)		1,695		48,952
Interpublic Group of Cos., Inc.		4,273		100,501
News Corp., Class A		4,283		76,965
News Corp., Class B		1,334		23,705
Omnicom Group, Inc.		2,355		146,881
ViacomCBS, Inc., Class B (B)		6,189		230,602
				4,638,538
Metals & Mining - 0.3%
Freeport-McMoRan, Inc.		15,916		414,134
Newmont Corp.		8,801		527,092
Nucor Corp.		3,308		175,953
				1,117,179
Multi-Utilities - 0.7%
Ameren Corp.		2,708		211,386
CenterPoint Energy, Inc.		5,968		129,148
CMS Energy Corp.		3,137		191,388
Consolidated Edison, Inc.		3,748		270,868
Dominion Energy, Inc.		8,937		672,062
DTE Energy Co.		2,120		257,389
NiSource, Inc.		4,198		96,302
Public Service Enterprise Group, Inc.		5,542		323,099
Sempra Energy		3,160		402,616
WEC Energy Group, Inc.		3,456		318,056
				2,872,314
Multiline Retail - 0.5%
Dollar General Corp.		2,684		564,445
Dollar Tree, Inc. (A)		2,576		278,311
Target Corp.		5,486		968,444
				1,811,200
Oil, Gas & Consumable Fuels - 1.8%
Apache Corp.		4,135		58,676
Cabot Oil & Gas Corp.		4,366		71,079
Chevron Corp.		21,089		1,780,966
Concho Resources, Inc.		2,150		125,453
ConocoPhillips		11,699		467,843
Devon Energy Corp.		4,190		66,244
Diamondback Energy, Inc.		1,731		83,780
EOG Resources, Inc.		6,391		318,719
Exxon Mobil Corp.		46,320		1,909,310
Hess Corp.		2,994		158,053
HollyFrontier Corp.		1,633		42,213
Kinder Morgan, Inc.		21,328		291,554
Marathon Oil Corp.		8,648		57,682
Marathon Petroleum Corp.		7,128		294,814
Occidental Petroleum Corp.		9,181		158,923
ONEOK, Inc.		4,868		186,834
Phillips 66		4,785		334,663
Pioneer Natural Resources Co.		1,801		205,116
Valero Energy Corp.		4,467		252,698
Williams Cos., Inc.		13,295		266,565
				7,131,185

	Shares		Value
COMMON STOCKS (continued)
Personal Products - 0.2%
Estee Lauder Cos., Inc., Class A		2,482		$   660,684
Pharmaceuticals - 3.5%
Bristol-Myers Squibb Co.		24,755		1,535,553
Catalent, Inc. (A)		1,804		187,742
Eli Lilly & Co.		8,698		1,468,570
Johnson & Johnson		28,839		4,538,682
Merck & Co., Inc.		27,716		2,267,169
Perrigo Co. PLC		1,495		66,856
Pfizer, Inc.		60,892		2,241,435
Viatris, Inc. (A)		13,216		247,668
Zoetis, Inc.		5,207		861,758
				13,415,433
Professional Services - 0.3%
Equifax, Inc.		1,333		257,056
IHS Markit, Ltd.		4,083		366,776
Nielsen Holdings PLC		3,911		81,623
Robert Half International, Inc.		1,249		78,037
Verisk Analytics, Inc.		1,781		369,718
				1,153,210
Real Estate Management & Development - 0.1%
CBRE Group, Inc., Class A (A)		3,675		230,496
Road & Rail - 0.9%
CSX Corp.		8,378		760,303
JB Hunt Transport Services, Inc.		915		125,035
Kansas City Southern		1,025		209,233
Norfolk Southern Corp.		2,782		661,031
Old Dominion Freight Line, Inc.		1,054		205,720
Union Pacific Corp.		7,382		1,537,080
				3,498,402
Semiconductors & Semiconductor Equipment - 4.6%
Advanced Micro Devices, Inc. (A)		13,176		1,208,371
Analog Devices, Inc.		4,048		598,011
Applied Materials, Inc.		10,005		863,432
Broadcom, Inc.		4,431		1,940,113
Intel Corp.		44,893		2,236,569
KLA Corp.		1,692		438,076
Lam Research Corp.		1,578		745,242
Maxim Integrated Products, Inc.		2,928		259,567
Microchip Technology, Inc.		2,852		393,890
Micron Technology, Inc. (A)		12,195		916,820
NVIDIA Corp.		6,781		3,541,038
Qorvo, Inc. (A)		1,249		207,671
QUALCOMM, Inc.		12,390		1,887,493
Skyworks Solutions, Inc.		1,819		278,089
Teradyne, Inc.		1,819		218,080
Texas Instruments, Inc.		10,056		1,650,491
Xilinx, Inc.		2,685		380,652
				17,763,605
Software - 7.7%
Adobe, Inc. (A)		5,255		2,628,131
ANSYS, Inc. (A)		941		342,336
Autodesk, Inc. (A)		2,409		735,564
Cadence Design Systems, Inc. (A)		3,056		416,930
Citrix Systems, Inc.		1,349		175,505
Fortinet, Inc. (A)		1,476		219,230
Intuit, Inc.		2,878		1,093,208

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

Transamerica ETF Trust Annual Report 2020

Page    19

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Software (continued)
Microsoft Corp.		82,824		$   18,421,714
NortonLifeLock, Inc.		6,484		134,738
Oracle Corp.		20,780		1,344,258
Paycom Software, Inc. (A)		537		242,858
salesforce.com, Inc. (A)		10,024		2,230,641
ServiceNow, Inc. (A)		2,137		1,176,269
Synopsys, Inc. (A)		1,672		433,449
Tyler Technologies, Inc. (A)		442		192,942
				29,787,773
Specialty Retail - 2.0%
Advance Auto Parts, Inc.		743		117,030
AutoZone, Inc. (A)		254		301,102
Best Buy Co., Inc.		2,525		251,970
CarMax, Inc. (A)		1,798		169,839
Gap, Inc.		2,254		45,508
Home Depot, Inc.		11,794		3,132,722
L Brands, Inc.		2,559		95,169
Lowe’s Cos., Inc.		8,027		1,288,414
O’Reilly Automotive, Inc. (A)		794		359,341
Ross Stores, Inc.		3,900		478,959
Tiffany & Co.		1,184		155,637
TJX Cos., Inc.		13,153		898,218
Tractor Supply Co.		1,276		179,380
Ulta Beauty, Inc. (A)		617		177,178
				7,650,467
Technology Hardware, Storage & Peripherals - 6.3%
Apple, Inc.		175,078		23,231,100
Hewlett Packard Enterprise Co.		14,099		167,073
HP, Inc.		15,046		369,981
NetApp, Inc.		2,447		162,089
Seagate Technology PLC		2,449		152,230
Western Digital Corp.		3,333		184,615
Xerox Holdings Corp.		1,826		42,345
				24,309,433
Textiles, Apparel & Luxury Goods - 0.7%
Hanesbrands, Inc. (B)		3,816		55,637
NIKE, Inc., Class B		13,746		1,944,647
PVH Corp.		779		73,141
Ralph Lauren Corp.		528		54,775
Tapestry, Inc.		3,039		94,452
Under Armour, Inc., Class A (A)		2,065		35,456
Under Armour, Inc., Class C (A)		2,132		31,724
VF Corp.		3,503		299,191
				2,589,023

	Shares		Value
COMMON STOCKS (continued)
Tobacco - 0.6%
Altria Group, Inc.		20,359		$   834,719
Philip Morris International, Inc.		17,060		1,412,397
				2,247,116
Trading Companies & Distributors - 0.2%
Fastenal Co.		6,289		307,092
United Rentals, Inc. (A)		790		183,209
WW Grainger, Inc.		494		201,720
				692,021
Water Utilities - 0.1%
American Water Works Co., Inc.		1,986		304,791
Wireless Telecommunication Services - 0.2%
T-Mobile US, Inc. (A)		6,391		861,826
Total Common Stocks (Cost $298,952,186)				346,818,229
	Principal		Value
U.S. GOVERNMENT OBLIGATION - 10.0%
U.S. Treasury - 10.0%
U.S. Treasury Note 0.25%, 12/31/2025		$  38,632,000		38,662,183
Total U.S. Government Obligation (Cost $38,663,690)				38,662,183
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.2%
Money Market Fund - 0.2%
State Street Institutional Treasury Money Market Fund, 0.01% (D)		992,720		992,720
Total Short-Term Investment Company (Cost $992,720)				992,720
OTHER INVESTMENT COMPANY - 0.1%
Securities Lending Collateral - 0.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.08% (D)		251,242		251,242
Total Other Investment Company (Cost $251,242)				251,242
Total Investments (Cost $338,859,838)				386,724,374
Net Other Assets (Liabilities) - 0.0%				38,434
Net Assets - 100.0%				$  386,762,808

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini Index		6		03/19/2021	$	1,098,278	$	1,124,640	$	26,362	$	—

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

Transamerica ETF Trust Annual Report 2020

Page    20

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

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	$	346,818,229	$	—	$	—	$	346,818,229
U.S. Government Obligation		—		38,662,183		—		38,662,183
Short-Term Investment Company		992,720		—		—		992,720
Other Investment Company		251,242		—		—		251,242
Total Investments	$	348,062,191	$	38,662,183	$	—	$	386,724,374
Other Financial Instruments
Futures Contracts (F)	$	26,362	$	—	$	—	$	26,362
Total Other Financial Instruments	$	26,362	$	—	$	—	$	26,362

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $513,114, collateralized by cash collateral of $251,242 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $274,852. 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.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	Rates disclosed reflect the yields at December 31, 2020.
(E)	There were no transfers in or out of Level 3 during the year ended December 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(F)	Derivative instruments are valued at unrealized appreciation (depreciation).

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

Transamerica ETF Trust Annual Report 2020

Page    21

DeltaShares^® S&P 600 Managed Risk ETF

(unaudited)

MARKET ENVIRONMENT

Global equities throughout 2020 experienced bouts of high volatility as markets were roiled by uncertainty brought on by the global pandemic. Investors’ attempts to handicap the market throughout the year proved challenging at best, as the COVID-19 pandemic reached all corners of the globe, social and political unrest dominated the headlines, and the US held a contentious presidential election, offset by positive (“risk-on”) market events such as new governmental stimulus programs pumping money into investors’ hands, and a global coordinated effort to develop and disseminate a COVID-19 vaccine in record time.

The pandemic set off surging volatility and significant market losses (“drawdowns”) across markets in the first quarter. The CBOE VIX Index, a gauge of US market risk, closed at its highest level since the Global Financial Crisis, on March 16th, at 82.7. By comparison, the average CBOE VIX Index level in 2019 was 15.4. The velocity of the market selloff resulted in drawdowns in excess of -30% across major global equity indices in approximately one month’s time.

Domestic equities, as measured by the S&P 500^®, S&P MidCap 400^® and S&P SmallCap 600^® indices, posted returns of -19.60%, -29.70% and -32.64%, respectively, in the first quarter, and international equities, as measured by the S&P EPAC Ex-Korea LargeMidCap and S&P EM 100 indices, posted returns of -22.43% and -22.55%, respectively. The tides quickly turned, however, following the first quarter.

From the start of the second quarter through September the risk-on trade was alive and well. The risk rally was dominated by technology companies and other “stay-at-home” names that benefited from government lockdowns. By September, investors, betting on a successful rollout of the vaccine and a recovery in corporate earnings, looked away from growth markets like the NASDAQ and returned to mid-cap and small-cap securities and one of the most out-of-favor factors over the past decade, value stocks, all which outperformed large-cap and growth equity indices in the fourth quarter.

By year-end, the S&P 500^®, S&P MidCap 400^® and S&P SmallCap 600^® indices returned 18.40%, 13.66%, and 11.29%, respectively, and the S&P EPAC Ex-Korea LargeMidCap and S&P EM 100 indices returned 9.10% and 22.67%, respectively.

PERFORMANCE OVERVIEW

For the year ended December 31, 2020, DeltaShares^® S&P 600 Managed Risk ETF (NAV) returned -6.02%. By comparison, the S&P 600^® Managed Risk 2.0 Index (the “Underlying Index”) returned -5.60% and the S&P SmallCap 600^® Index returned 11.29%.

The Fund’s performance reflects annual operating expenses of the Fund, including management fees, brokerage expenses, and other fees and expenses. Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

STRATEGY REVIEW

The DeltaShares^® S&P 600 Managed Risk ETF (the “Fund”) seeks to track the investment results, before fees and expenses, of the Underlying Index.

The Fund seeks to achieve this investment objective by holding a portfolio of securities that are included in the Underlying Index, including common stocks and/or U.S. Treasury bills and bonds. The Underlying Index is designed to simulate, through a rules-based methodology, a dynamic portfolio with the aim of both managing the volatility of the Underlying Index and limiting losses from the Underlying Index’s equity exposure due to severe sustained market declines. The Underlying Index seeks to achieve these objectives by allocating weightings among the S&P SmallCap 600^® Index, the S&P U.S. Treasury Bond Current 5-Year Index, and the S&P U.S. Treasury Bill 0-3 Month Index. The Fund may also use derivatives in an effort to gain exposure to underlying securities and markets in a more efficient manner, to optimize the execution processes and costs for portfolio transitions, or for tax management purposes. Under normal circumstances, the Fund uses a replication strategy and generally expects to invest in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index. Prior to June 19, 2020, the fund implemented an optimized portfolio sampling strategy to replicate the index.

The Fund entered the year with a 100% allocation to equities, reached a low equity allocation of 6% due to the COVID-19 market selloff and volatility, and ended the year at 52%. The Fund’s risk management strategy resulted in an average equity allocation to the S&P SmallCap 600^® index of 35% and the Fund returned -6.02% in 2020.

During 2020, the largest contributors to the Fund’s absolute total return were equities within the health care, consumer discretionary and information technology sectors. The largest sector detractors to the Fund during 2020 were energy, utilities and real estate.

During the fiscal year, the Fund utilized derivatives. These positions detracted from performance.

Blake Graves, CFA, FRM

Charles Lowery, CFA

Louis Ng, FRM

Co-Portfolio Managers

Milliman Financial Risk Management LLC

Transamerica ETF Trust Annual Report 2020

Page    22

DeltaShares^® S&P 600 Managed Risk ETF

(unaudited)

Asset Allocation	Percentage of Net Assets
Common Stocks		51.3	%
U.S. Government Obligation		48.3
Other Investment Company		1.0
Short-Term Investment Company		0.3
Net Other Assets (Liabilities) ^		(0.9	)
Total		100.0	%

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

^ 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 Annual Report 2020

Page    23

DeltaShares^® S&P 600 Managed Risk ETF

(unaudited)

Performance as of December 31, 2020
		Average Annual Total Returns						Cumulative Total Returns					Inception Date
	1 Year			10 Year or Since Inception			1 Year			10 Year or Since Inception
Fund NAV		(6.02	)%		2.26	%		(6.02	)%		7.96	%	07/31/2017
Fund Market		(6.15	)%		2.19	%		(6.15	)%		7.71	%	07/31/2017
S&P SmallCap 600® Index (A)		11.29	%		9.45	%		11.29	%		36.21	%
S&P 600® Managed Risk 2.0 Index (A)(B)(C)(D)		(5.60	)%		2.77	%		(5.60	)%		9.79	%

^(A) The S&P SmallCap 600^® Index is a market-capitalization weighted index of 600 small-size U.S. companies with common stock listed on the NYSE or NASDAQ.

^(B) The S&P 600^® Managed Risk 2.0 Index is comprised of weightings amongst the S&P SmallCap 600^® Index, the S&P U.S. Treasury Bond Current 5-Year Index, and the S&P U.S. Treasury Bill 0-3 Month Index. The S&P SmallCap 600^® Managed Risk 2.0 Index rebalances on a daily basis.

^(C) The S&P U.S. Treasury Bond Current 5-Year Index is a one-security index comprising the most recently issued 5-year U.S. Treasury note or bond.

^(D) The S&P U.S. Treasury Bill 0-3 Month Index is designed to measure the performance of U.S. Treasury bills maturing in 0 to 3 months.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception calculation is based on the previous 10 years or since the inception date, whichever is more recent. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. The Fund’s investment return and net asset value will fluctuate. Investors’ shares when sold may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.deltashares.com for performance data current to the most recent month end. Fund performance is net of investment fees and Fund expenses.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Fund shares are bought and sold at Market Price, not Net Asset Value (“NAV”), and are not individually redeemed from the Fund. Net Asset Value is an exchange-traded fund’s per-share value. The per-share dollar amount of the Fund is derived by dividing the total value of all the securities in the portfolio, less any liabilities, by the number of Fund shares outstanding. Market Price is the price at which a share can currently be traded in the market. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated.

Exchange-Traded Funds (ETFs) are subject to market risk, including the loss of principal. Because Fund Shares trade at market prices rather than at NAV, Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). Shares of DeltaShares^® ETFs may be bought and sold throughout the day on the exchange through any brokerage account. Buying and selling shares of ETFs will result in brokerage commissions. Diversification and asset allocation may not protect against market risk or loss of principal. Investing involves risk, including the possible loss of principal. There is no guarantee the investment objective will be achieved. Small 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 limited management groups. The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. The principal risks include risks related to: Equity securities, index tracking, leveraging, derivatives such as futures, forwards, swaps, options, and investing in underlying exchange-traded funds. The use of derivatives may produce disproportionate gains or losses, may increase costs, and amplify risks.

Transamerica ETF Trust Annual Report 2020

Page    24

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS

At December 31, 2020

	Shares		Value
COMMON STOCKS - 51.3%
Aerospace & Defense - 0.8%
AAR Corp.		722		$  26,151
Aerojet Rocketdyne Holdings, Inc. (A) (B)		1,565		82,710
AeroVironment, Inc. (A)		478		41,538
Cubic Corp.		686		42,559
Kaman Corp.		603		34,449
Moog, Inc., Class A		639		50,673
National Presto Industries, Inc.		113		9,993
Park Aerospace Corp.		408		5,471
Triumph Group, Inc.		1,135		14,256
				307,800
Air Freight & Logistics - 0.4%
Atlas Air Worldwide Holdings, Inc. (A)		569		31,033
Echo Global Logistics, Inc. (A)		579		15,529
Forward Air Corp.		599		46,027
Hub Group, Inc., Class A (A)		729		41,553
				134,142
Airlines - 0.3%
Allegiant Travel Co.		285		53,933
Hawaiian Holdings, Inc.		1,002		17,735
SkyWest, Inc.		1,092		44,019
				115,687
Auto Components - 0.8%
American Axle & Manufacturing Holdings, Inc. (A)		2,466		20,566
Cooper Tire & Rubber Co.		1,097		44,429
Cooper-Standard Holdings, Inc. (A)		368		12,759
Dorman Products, Inc. (A)		626		54,349
Gentherm, Inc. (A)		712		46,437
LCI Industries		548		71,065
Motorcar Parts of America, Inc. (A)		415		8,142
Patrick Industries, Inc.		478		32,671
Standard Motor Products, Inc.		440		17,802
				308,220
Automobiles - 0.1%
Winnebago Industries, Inc.		735		44,056
Banks - 4.4%
Allegiance Bancshares, Inc.		410		13,993
Ameris Bancorp		1,513		57,600
Banc of California, Inc.		964		14,180
BancFirst Corp.		406		23,832
BankUnited, Inc.		2,011		69,943
Banner Corp.		765		35,641
Berkshire Hills Bancorp, Inc.		1,107		18,952
Boston Private Financial Holdings, Inc.		1,791		15,134
Brookline Bancorp, Inc.		1,721		20,721
Cadence BanCorp		2,743		45,040
Central Pacific Financial Corp.		614		11,672
City Holding Co.		344		23,925
Columbia Banking System, Inc.		1,559		55,968
Community Bank System, Inc.		1,166		72,653
Customers Bancorp, Inc. (A)		633		11,508
CVB Financial Corp.		2,773		54,074
Dime Community Bancshares, Inc.		619		9,762
Eagle Bancorp, Inc.		702		28,993
FB Financial Corp.		678		23,547
First BanCorp		4,751		43,804
First Bancorp		623		21,076
First Commonwealth Financial Corp.		2,093		22,897

	Shares		Value
COMMON STOCKS (continued)
Banks (continued)
First Financial Bancorp		2,134		$   37,409
First Hawaiian, Inc.		2,848		67,156
First Midwest Bancorp, Inc.		2,489		39,625
Great Western Bancorp, Inc.		1,198		25,038
Hanmi Financial Corp.		669		7,586
Heritage Financial Corp.		782		18,291
Hope Bancorp, Inc.		2,684		29,282
Independent Bank Corp.		718		52,443
Independent Bank Group, Inc.		800		50,016
National Bank Holdings Corp., Class A		666		21,818
NBT Bancorp, Inc.		950		30,495
OFG Bancorp		1,118		20,728
Old National Bancorp		3,600		59,616
Pacific Premier Bancorp, Inc.		2,055		64,383
Park National Corp. (B)		309		32,448
Preferred Bank		295		14,889
Renasant Corp.		1,223		41,191
S&T Bancorp, Inc.		856		21,263
Seacoast Banking Corp. of Florida (A)		1,201		35,369
ServisFirst Bancshares, Inc.		1,021		41,136
Simmons First National Corp., Class A		2,370		51,168
Southside Bancshares, Inc.		684		21,225
Tompkins Financial Corp.		263		18,568
Triumph Bancorp, Inc. (A)		492		23,887
United Community Banks, Inc.		1,886		53,638
Veritex Holdings, Inc.		1,081		27,738
Westamerica BanCorp		585		32,345
				1,633,666
Beverages - 0.2%
Coca-Cola Consolidated, Inc.		101		26,893
MGP Ingredients, Inc.		287		13,506
National Beverage Corp. (B)		254		21,565
				61,964
Biotechnology - 0.6%
Anika Therapeutics, Inc. (A)		309		13,985
Coherus Biosciences, Inc. (A) (B)		1,380		23,984
Cytokinetics, Inc. (A) (B)		1,541		32,022
Eagle Pharmaceuticals, Inc. (A)		252		11,736
Enanta Pharmaceuticals, Inc. (A)		389		16,377
Myriad Genetics, Inc. (A)		1,638		32,391
REGENXBIO, Inc. (A)		652		29,575
Spectrum Pharmaceuticals, Inc. (A)		3,177		10,834
Vanda Pharmaceuticals, Inc. (A)		1,191		15,650
Xencor, Inc. (A)		1,251		54,581
				241,135
Building Products - 1.0%
AAON, Inc.		887		59,101
American Woodmark Corp. (A)		370		34,724
Apogee Enterprises, Inc.		574		18,184
Gibraltar Industries, Inc. (A)		708		50,934
Griffon Corp.		978		19,932
Insteel Industries, Inc.		420		9,353
PGT Innovations, Inc. (A)		1,284		26,117
Quanex Building Products Corp.		714		15,829
Resideo Technologies, Inc. (A)		3,059		65,034
UFP Industries, Inc.		1,332		73,993
				373,201

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

Transamerica ETF Trust Annual Report 2020

Page    25

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Capital Markets - 0.5%
Blucora, Inc. (A)		1,046		$   16,642
Brightsphere Investment Group, Inc.		1,304		25,141
Donnelley Financial Solutions, Inc. (A)		647		10,980
Greenhill & Co., Inc.		310		3,763
Piper Sandler Cos.		299		30,169
StoneX Group, Inc. (A)		354		20,497
Virtus Investment Partners, Inc.		156		33,852
Waddell & Reed Financial, Inc., Class A		1,361		34,665
WisdomTree Investments, Inc.		2,430		13,000
				188,709
Chemicals - 1.5%
AdvanSix, Inc. (A)		610		12,194
American Vanguard Corp.		580		9,002
Balchem Corp.		704		81,115
Ferro Corp. (A)		1,792		26,217
FutureFuel Corp.		562		7,137
GCP Applied Technologies, Inc. (A)		1,050		24,833
Hawkins, Inc.		207		10,828
HB Fuller Co.		1,126		58,417	��
Innospec, Inc.		535		48,541
Koppers Holdings, Inc. (A)		459		14,302
Kraton Corp. (A)		694		19,286
Livent Corp. (A) (B)		3,185		60,005
Quaker Chemical Corp. (B)		287		72,723
Rayonier Advanced Materials, Inc. (A)		1,379		8,991
Stepan Co.		465		55,484
Tredegar Corp.		562		9,385
Trinseo SA		834		42,709
				561,169
Commercial Services & Supplies - 0.9%
ABM Industries, Inc.		1,452		54,944
Brady Corp., Class A		1,055		55,725
Deluxe Corp.		912		26,630
Harsco Corp. (A)		1,718		30,890
Interface, Inc.		1,277		13,409
Matthews International Corp., Class A		692		20,345
Pitney Bowes, Inc.		3,769		23,217
Team, Inc. (A)		667		7,270
UniFirst Corp.		332		70,281
US Ecology, Inc.		686		24,922
Viad Corp.		445		16,096
				343,729
Communications Equipment - 0.6%
ADTRAN, Inc.		1,044		15,420
Applied Optoelectronics, Inc. (A) (B)		460		3,915
CalAmp Corp. (A)		762		7,559
Comtech Telecommunications Corp.		545		11,276
Digi International, Inc. (A)		637		12,039
Extreme Networks, Inc. (A)		2,678		18,451
Harmonic, Inc. (A) (B)		2,128		15,726
NETGEAR, Inc. (A)		659		26,775
Plantronics, Inc.		817		22,084
Viavi Solutions, Inc. (A)		4,986		74,665
				207,910
Construction & Engineering - 0.5%
Aegion Corp. (A)		670		12,723
Arcosa, Inc.		1,051		57,731

	Shares		Value
COMMON STOCKS (continued)
Construction & Engineering (continued)
Comfort Systems USA, Inc.		792		$   41,707
Granite Construction, Inc.		1,018		27,191
Matrix Service Co. (A)		576		6,348
MYR Group, Inc. (A)		364		21,876
				167,576
Construction Materials - 0.0% (C)
US Concrete, Inc. (A)		345		13,790
Consumer Finance - 0.4%
Encore Capital Group, Inc. (A)		682		26,564
Enova International, Inc. (A)		777		19,246
EZCORP, Inc., Class A (A)		1,134		5,432
Green Dot Corp., Class A (A)		1,164		64,951
PRA Group, Inc. (A)		992		39,343
World Acceptance Corp. (A) (B)		87		8,893
				164,429
Containers & Packaging - 0.0% (C)
Myers Industries, Inc.		780		16,208
Distributors - 0.1%
Core-Mark Holding Co., Inc.		978		28,724
Diversified Consumer Services - 0.1%
American Public Education, Inc. (A)		322		9,815
Perdoceo Education Corp. (A)		1,509		19,059
Regis Corp. (A) (B)		528		4,852
				33,726
Diversified Telecommunication Services - 0.7%
ATN International, Inc.		239		9,980
Cincinnati Bell, Inc. (A)		1,103		16,854
Cogent Communications Holdings, Inc.		916		54,841
Consolidated Communications Holdings, Inc. (A)		1,591		7,780
Iridium Communications, Inc. (A)		2,554		100,436
Vonage Holdings Corp. (A)		5,082		65,431
				255,322
Electrical Equipment - 0.3%
AZZ, Inc.		568		26,946
Encore Wire Corp.		449		27,196
Powell Industries, Inc.		192		5,662
Vicor Corp. (A)		460		42,421
				102,225
Electronic Equipment, Instruments & Components - 2.0%
Arlo Technologies, Inc. (A)		1,721		13,407
Badger Meter, Inc.		634		59,634
Bel Fuse, Inc., Class B		222		3,337
Benchmark Electronics, Inc.		794		21,446
CTS Corp.		703		24,134
Daktronics, Inc.		803		3,758
ePlus, Inc. (A)		294		25,857
Fabrinet (A)		804		62,382
FARO Technologies, Inc. (A)		388		27,404
Insight Enterprises, Inc. (A)		764		58,133
Itron, Inc. (A)		880		84,392
Knowles Corp. (A)		1,996		36,786
Methode Electronics, Inc.		817		31,275
MTS Systems Corp.		420		24,427
OSI Systems, Inc. (A)		363		33,839
PC Connection, Inc.		239		11,302
Plexus Corp. (A)		628		49,116

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

Transamerica ETF Trust Annual Report 2020

Page    26

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
Rogers Corp. (A)		407		$   63,203
Sanmina Corp. (A)		1,417		45,188
ScanSource, Inc. (A)		552		14,562
TTM Technologies, Inc. (A)		2,161		29,811
				723,393
Energy Equipment & Services - 0.7%
Archrock, Inc.		2,797		24,222
Bristow Group, Inc. (A)		505		13,292
Core Laboratories NV		969		25,688
DMC Global, Inc.		322		13,926
Dril-Quip, Inc. (A)		764		22,630
Exterran Corp. (A)		541		2,391
Helix Energy Solutions Group, Inc. (A)		3,073		12,907
Helmerich & Payne, Inc.		2,343		54,264
Nabors Industries, Ltd.		140		8,152
Oceaneering International, Inc. (A)		2,162		17,188
Oil States International, Inc. (A)		1,329		6,671
Patterson-UTI Energy, Inc.		4,082		21,471
ProPetro Holding Corp. (A)		1,758		12,992
RPC, Inc. (A)		1,264		3,982
US Silica Holdings, Inc.		1,610		11,302
				251,078
Entertainment - 0.1%
Glu Mobile, Inc. (A)		3,221		29,021
Marcus Corp.		504		6,794
				35,815
Equity Real Estate Investment Trusts - 3.8%
Acadia Realty Trust		1,878		26,649
Agree Realty Corp.		1,206		80,295
Alexander & Baldwin, Inc.		1,575		27,059
American Assets Trust, Inc.		1,089		31,450
Armada Hoffler Properties, Inc.		1,261		14,148
Brandywine Realty Trust		3,714		44,234
CareTrust, Inc.		2,084		46,223
Centerspace		283		19,991
Chatham Lodging Trust		1,023		11,048
Community Healthcare Trust, Inc.		480		22,613
CoreCivic, Inc.		2,605		17,063
DiamondRock Hospitality Co.		4,344		35,838
Diversified Healthcare Trust		5,188		21,375
Easterly Government Properties, Inc.		1,769		40,068
Essential Properties Realty Trust, Inc.		2,279		48,315
Four Corners Property Trust, Inc.		1,599		47,602
Franklin Street Properties Corp.		2,103		9,190
GEO Group, Inc.		2,641		23,399
Getty Realty Corp.		783		21,564
Global Net Lease, Inc.		1,948		33,389
Hersha Hospitality Trust		795		6,273
Independence Realty Trust, Inc.		2,065		27,733
Industrial Logistics Properties Trust		1,422		33,118
Innovative Industrial Properties, Inc. (B)		483		88,452
iStar, Inc. (B)		1,611		23,923
Kite Realty Group Trust		1,833		27,422
Lexington Realty Trust		6,030		64,039
LTC Properties, Inc.		854		33,229
Mack-Cali Realty Corp.		1,876		23,375
National Storage Affiliates Trust		1,356		48,857

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
NexPoint Residential Trust, Inc.		482		$   20,393
Office Properties Income Trust		1,052		23,901
Retail Opportunity Investments Corp.		2,569		34,399
Retail Properties of America, Inc., Class A		4,665		39,932
RPT Realty		1,763		15,250
Safehold, Inc. (B)		312		22,617
Saul Centers, Inc.		280		8,870
SITE Centers Corp.		3,281		33,204
Summit Hotel Properties, Inc.		2,301		20,732
Tanger Factory Outlet Centers, Inc. (B)		2,035		20,269
Uniti Group, Inc.		5,067		59,436
Universal Health Realty Income Trust		279		17,931
Urstadt Biddle Properties, Inc., Class A		653		9,227
Washington Real Estate Investment Trust		1,793		38,783
Whitestone, REIT		867		6,910
Xenia Hotels & Resorts, Inc.		2,476		37,635
				1,407,423
Food & Staples Retailing - 0.3%
Andersons, Inc.		668		16,373
Chefs’ Warehouse, Inc. (A)		707		18,163
PriceSmart, Inc.		508		46,274
SpartanNash Co.		781		13,597
United Natural Foods, Inc. (A)		1,220		19,483
				113,890
Food Products - 0.6%
B&G Foods, Inc. (B)		1,399		38,794
Cal-Maine Foods, Inc. (A)		814		30,558
Calavo Growers, Inc.		361		25,064
Fresh Del Monte Produce, Inc.		660		15,886
J & J Snack Foods Corp.		326		50,651
John B Sanfilippo & Son, Inc.		192		15,141
Seneca Foods Corp., Class A (A)		146		5,825
Simply Good Foods Co. (A)		1,833		57,483
				239,402
Gas Utilities - 0.3%
Chesapeake Utilities Corp.		380		41,120
NorthWest Natural Holding Co.		666		30,629
South Jersey Industries, Inc.		2,190		47,195
				118,944
Health Care Equipment & Supplies - 1.6%
AngioDynamics, Inc. (A)		826		12,663
Cardiovascular Systems, Inc. (A)		874		38,246
CONMED Corp.		623		69,776
CryoLife, Inc. (A)		846		19,974
Cutera, Inc. (A)		384		9,258
Glaukos Corp. (A) (B)		979		73,679
Heska Corp. (A) (B)		194		28,256
Inogen, Inc. (A)		400		17,872
Integer Holdings Corp. (A)		716		58,132
Invacare Corp.		749		6,704
Lantheus Holdings, Inc. (A)		1,456		19,641
LeMaitre Vascular, Inc.		368		14,904
Meridian Bioscience, Inc. (A)		938		17,531
Merit Medical Systems, Inc. (A)		1,064		59,063
Mesa Laboratories, Inc. (B)		106		30,384
Natus Medical, Inc. (A)		737		14,769
OraSure Technologies, Inc. (A)		1,562		16,534

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

Transamerica ETF Trust Annual Report 2020

Page    27

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies (continued)
Orthofix Medical, Inc. (A)		421		$   18,095
Surmodics, Inc. (A)		298		12,969
Tactile Systems Technology, Inc. (A)		423		19,010
Varex Imaging Corp. (A)		853		14,228
Zynex, Inc. (A) (B)		424		5,707
				577,395
Health Care Providers & Services - 2.1%
Addus HomeCare Corp. (A)		327		38,288
AMN Healthcare Services, Inc. (A)		1,024		69,888
BioTelemetry, Inc. (A)		746		53,772
Community Health Systems, Inc. (A)		2,448		18,189
CorVel Corp. (A)		199		21,094
Covetrus, Inc. (A)		2,158		62,021
Cross Country Healthcare, Inc. (A)		761		6,750
Ensign Group, Inc.		1,110		80,941
Fulgent Genetics, Inc. (A)		285		14,848
Hanger, Inc. (A)		830		18,252
Magellan Health, Inc. (A)		496		41,089
MEDNAX, Inc. (A)		1,864		45,743
Owens & Minor, Inc.		1,601		43,307
Pennant Group, Inc. (A)		552		32,049
Providence Service Corp. (A)		269		37,291
R1 RCM, Inc. (A)		2,540		61,011
RadNet, Inc. (A)		933		18,259
Select Medical Holdings Corp. (A)		2,347		64,918
Tivity Health, Inc. (A)		815		15,966
US Physical Therapy, Inc.		280		33,670
				777,346
Health Care Technology - 0.9%
Allscripts Healthcare Solutions, Inc. (A)		3,440		49,674
Computer Programs & Systems, Inc.		275		7,381
HealthStream, Inc. (A)		552		12,056
HMS Holdings Corp. (A)		1,928		70,854
NextGen Healthcare, Inc. (A)		1,206		21,997
Omnicell, Inc. (A)		921		110,538
Simulations Plus, Inc.		330		23,734
Tabula Rasa HealthCare, Inc. (A) (B)		472		20,220
				316,454
Hotels, Restaurants & Leisure - 0.9%
BJ’s Restaurants, Inc.		486		18,706
Bloomin’ Brands, Inc.		1,735		33,694
Brinker International, Inc.		986		55,778
Cheesecake Factory, Inc.		913		33,836
Chuy’s Holdings, Inc. (A)		429		11,364
Dave & Buster’s Entertainment, Inc. (B)		1,033		31,011
Dine Brands Global, Inc.		357		20,706
El Pollo Loco Holdings, Inc. (A)		413		7,475
Fiesta Restaurant Group, Inc. (A)		378		4,309
Monarch Casino & Resort, Inc. (A)		278		17,019
Red Robin Gourmet Burgers, Inc. (A)		338		6,500
Ruth’s Hospitality Group, Inc.		694		12,305
Shake Shack, Inc., Class A (A)		776		65,789
				318,492
Household Durables - 1.2%
Cavco Industries, Inc. (A)		186		32,634
Century Communities, Inc. (A)		632		27,669
Ethan Allen Interiors, Inc.		475		9,600

	Shares		Value
COMMON STOCKS (continued)
Household Durables (continued)
Installed Building Products, Inc. (A)		493		$   50,251
iRobot Corp. (A) (B)		612		49,137
La-Z-Boy, Inc.		1,005		40,039
LGI Homes, Inc. (A)		481		50,914
M/I Homes, Inc. (A)		626		27,725
MDC Holdings, Inc.		1,116		54,238
Meritage Homes Corp. (A)		819		67,830
Tupperware Brands Corp. (A)		1,071		34,690
Universal Electronics, Inc. (A)		299		15,685
				460,412
Household Products - 0.3%
Central Garden & Pet Co. (A)		212		8,185
Central Garden & Pet Co., Class A (A)		848		30,808
WD-40 Co.		298		79,173
				118,166
Industrial Conglomerates - 0.1%
Raven Industries, Inc.		781		25,843
Insurance - 1.4%
Ambac Financial Group, Inc. (A)		997		15,334
American Equity Investment Life Holding Co.		2,003		55,403
AMERISAFE, Inc.		421		24,178
Assured Guaranty, Ltd.		1,758		55,359
eHealth, Inc. (A)		564		39,824
Employers Holdings, Inc.		632		20,344
HCI Group, Inc.		134		7,008
Horace Mann Educators Corp.		902		37,920
James River Group Holdings, Ltd.		666		32,734
Palomar Holdings, Inc. (A)		472		41,933
ProAssurance Corp.		1,173		20,868
Safety Insurance Group, Inc.		308		23,993
Stewart Information Services Corp.		582		28,146
Third Point Reinsurance, Ltd. (A)		1,789		17,031
Trupanion, Inc. (A)		713		85,353
United Fire Group, Inc.		469		11,772
United Insurance Holdings Corp.		450		2,574
Universal Insurance Holdings, Inc.		621		9,383
				529,157
Interactive Media & Services - 0.1%
QuinStreet, Inc. (A)		1,059		22,705
Internet & Direct Marketing Retail - 0.4%
Liquidity Services, Inc. (A)		571		9,085
PetMed Express, Inc. (B)		441		14,138
Shutterstock, Inc.		481		34,488
Stamps.com, Inc. (A)		397		77,887
				135,598
IT Services - 1.1%
Cardtronics PLC, Class A (A)		775		27,358
CSG Systems International, Inc.		717		32,315
EVERTEC, Inc.		1,299		51,077
ExlService Holdings, Inc. (A)		736		62,656
ManTech International Corp., Class A		592		52,652
NIC, Inc.		1,459		37,686
Perficient, Inc. (A)		719		34,260
Sykes Enterprises, Inc. (A)		861		32,434
TTEC Holdings, Inc.		397		28,953
Unisys Corp. (A)		1,372		27,001

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

Transamerica ETF Trust Annual Report 2020

Page    28

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
Virtusa Corp. (A)		620		$   31,701
				418,093
Leisure Products - 0.6%
Callaway Golf Co.		2,051		49,244
Sturm Ruger & Co., Inc.		381		24,792
Vista Outdoor, Inc. (A)		1,268		30,128
YETI Holdings, Inc. (A)		1,631		111,674
				215,838
Life Sciences Tools & Services - 0.4%
Luminex Corp.		942		21,779
NeoGenomics, Inc. (A) (B)		2,417		130,131
				151,910
Machinery - 3.1%
Alamo Group, Inc.		215		29,659
Albany International Corp., Class A		668		49,045
Astec Industries, Inc.		492		28,477
Barnes Group, Inc.		1,014		51,400
Chart Industries, Inc. (A)		769		90,581
CIRCOR International, Inc. (A)		435		16,721
Enerpac Tool Group Corp.		1,303		29,461
EnPro Industries, Inc.		447		33,757
ESCO Technologies, Inc.		567		58,526
Federal Signal Corp.		1,318		43,718
Franklin Electric Co., Inc.		835		57,790
Greenbrier Cos., Inc.		715		26,012
Hillenbrand, Inc.		1,628		64,794
John Bean Technologies Corp.		691		78,684
Lindsay Corp.		237		30,445
Lydall, Inc. (A)		367		11,021
Meritor, Inc. (A)		1,574		43,930
Mueller Industries, Inc.		1,243		43,642
Proto Labs, Inc. (A)		582		89,279
SPX Corp. (A)		975		53,177
SPX Flow, Inc. (A)		919		53,265
Standex International Corp.		270		20,930
Tennant Co.		402		28,208
Titan International, Inc.		1,096		5,327
Wabash National Corp.		1,153		19,866
Watts Water Technologies, Inc., Class A		597		72,655
				1,130,370
Marine - 0.2%
Matson, Inc.		938		53,438
SEACOR Holdings, Inc. (A)		417		17,285
				70,723
Media - 0.3%
AMC Networks, Inc., Class A (A) (B)		648		23,179
EW Scripps Co., Class A		1,244		19,021
Gannett Co., Inc. (A) (B)		2,854		9,589
Meredith Corp. (B)		881		16,915
Scholastic Corp.		652		16,300
TechTarget, Inc. (A)		514		30,383
				115,387
Metals & Mining - 1.0%
Allegheny Technologies, Inc. (A)		2,761		46,302
Arconic Corp. (A)		2,115		63,027
Carpenter Technology Corp.		1,045		30,430

	Shares		Value
COMMON STOCKS (continued)
Metals & Mining (continued)
Century Aluminum Co. (A)		1,091		$   12,034
Cleveland-Cliffs, Inc. (B)		8,692		126,556
Haynes International, Inc.		275		6,556
Kaiser Aluminum Corp.		344		34,022
Materion Corp.		443		28,228
Olympic Steel, Inc.		198		2,639
SunCoke Energy, Inc.		1,802		7,839
TimkenSteel Corp. (A)		826		3,857
Warrior Met Coal, Inc.		1,114		23,750
				385,240
Mortgage Real Estate Investment Trusts - 0.5%
Apollo Commercial Real Estate Finance, Inc.		2,810		31,388
ARMOUR Residential, Inc. (B)		1,409		15,203
Capstead Mortgage Corp.		2,101		12,207
Granite Point Mortgage Trust, Inc.		1,202		12,008
Invesco Mortgage Capital, Inc. (B)		3,949		13,347
KKR Real Estate Finance Trust, Inc.		592		10,609
New York Mortgage Trust, Inc.		8,224		30,346
PennyMac Mortgage Investment Trust		2,151		37,836
Ready Capital Corp. (B)		889		11,068
Redwood Trust, Inc.		2,437		21,397
				195,409
Multi-Utilities - 0.2%
Avista Corp.		1,497		60,090
Multiline Retail - 0.3%
Big Lots, Inc. (B)		778		33,400
Macy’s, Inc. (B)		6,756		76,005
				109,405
Oil, Gas & Consumable Fuels - 0.9%
Bonanza Creek Energy, Inc. (A)		404		7,809
Callon Petroleum Co. (A) (B)		866		11,396
Consol Energy, Inc. (A)		651		4,694
Dorian LPG, Ltd. (A)		731		8,911
Green Plains, Inc. (A)		730		9,614
Laredo Petroleum, Inc. (A) (B)		196		3,861
Matador Resources Co. (A)		2,391		28,835
Par Pacific Holdings, Inc. (A)		870		12,163
PBF Energy, Inc., Class A		2,092		14,853
PDC Energy, Inc. (A)		2,169		44,530
Penn Virginia Corp. (A) (B)		331		3,360
QEP Resources, Inc.		5,274		12,605
Range Resources Corp.		5,581		37,393
Renewable Energy Group, Inc. (A)		856		60,622
REX American Resources Corp. (A)		115		8,449
SM Energy Co.		2,320		14,198
Southwestern Energy Co. (A)		14,062		41,905
Talos Energy, Inc. (A)		509		4,194
				329,392
Paper & Forest Products - 0.2%
Clearwater Paper Corp. (A)		361		13,628
Glatfelter Corp.		966		15,823
Mercer International, Inc.		860		8,815
Neenah, Inc.		366		20,247
Schweitzer-Mauduit International, Inc.		682		27,423
				85,936

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

Transamerica ETF Trust Annual Report 2020

Page    29

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Personal Products - 0.3%
Inter Parfums, Inc.		385		$   23,289
Medifast, Inc.		256		50,263
USANA Health Sciences, Inc. (A)		261		20,123
				93,675
Pharmaceuticals - 0.6%
Amphastar Pharmaceuticals, Inc. (A)		796		16,008
ANI Pharmaceuticals, Inc. (A)		210		6,098
Corcept Therapeutics, Inc. (A)		2,276		59,540
Endo International PLC (A)		5,014		36,000
Innoviva, Inc. (A)		1,369		16,962
Lannett Co., Inc. (A) (B)		744		4,851
Pacira BioSciences, Inc. (A)		946		56,609
Phibro Animal Health Corp., Class A		442		8,584
Supernus Pharmaceuticals, Inc. (A)		1,147		28,858
				233,510
Professional Services - 0.6%
Exponent, Inc.		1,124		101,194
Forrester Research, Inc. (A)		239		10,014
Heidrick & Struggles International, Inc.		422		12,398
Kelly Services, Inc., Class A		726		14,934
Korn Ferry		1,179		51,287
Resources Connection, Inc.		664		8,346
TrueBlue, Inc. (A)		772		14,429
				212,602
Real Estate Management & Development - 0.3%
Marcus & Millichap, Inc. (A)		523		19,471
RE/MAX Holdings, Inc., Class A		404		14,677
Realogy Holdings Corp. (A) (B)		2,514		32,984
St. Joe Co. (B)		679		28,824
				95,956
Road & Rail - 0.5%
ArcBest Corp.		553		23,597
Heartland Express, Inc.		1,073		19,421
Marten Transport, Ltd.		1,278		22,020
Saia, Inc. (A)		569		102,875
				167,913
Semiconductors & Semiconductor Equipment - 2.2%
Advanced Energy Industries, Inc. (A)		833		80,776
Axcelis Technologies, Inc. (A)		729		21,228
Brooks Automation, Inc.		1,607		109,035
CEVA, Inc. (A)		484		22,022
Cohu, Inc.		914		34,896
Diodes, Inc. (A)		918		64,719
DSP Group, Inc. (A)		478		7,930
FormFactor, Inc. (A)		1,685		72,489
Ichor Holdings, Ltd. (A)		504		15,193
Kulicke & Soffa Industries, Inc.		1,351		42,975
MaxLinear, Inc. (A)		1,469		56,101
Onto Innovation, Inc. (A)		1,063		50,546
PDF Solutions, Inc. (A)		638		13,781
Photronics, Inc. (A)		1,429		15,948
Power Integrations, Inc.		1,303		106,664
Rambus, Inc. (A)		2,480		43,301
SMART Global Holdings, Inc. (A)		303		11,402
Ultra Clean Holdings, Inc. (A)		882		27,474
Veeco Instruments, Inc. (A)		1,080		18,749
				815,229

	Shares		Value
COMMON STOCKS (continued)
Software - 1.6%
8x8, Inc. (A)		2,315		$   79,798
Agilysys, Inc. (A)		442		16,964
Alarm.com Holdings, Inc. (A)		973		100,657
Bottomline Technologies de, Inc. (A)		854		45,040
Ebix, Inc. (B)		512		19,441
LivePerson, Inc. (A) (B)		1,354		84,259
MicroStrategy, Inc., Class A (A)		158		61,391
Onespan, Inc. (A)		743		15,365
Progress Software Corp.		982		44,376
SPS Commerce, Inc. (A)		769		83,506
Xperi Holding Corp.		2,302		48,112
				598,909
Specialty Retail - 1.9%
Aaron’s Co., Inc. (A)		731		13,860
Abercrombie & Fitch Co., Class A		1,358		27,649
America’s Car-Mart, Inc. (A)		134		14,719
Asbury Automotive Group, Inc. (A)		420		61,211
Barnes & Noble Education, Inc. (A)		656		3,050
Bed Bath & Beyond, Inc. (B)		2,743		48,716
Boot Barn Holdings, Inc. (A) (B)		629		27,273
Buckle, Inc. (B)		624		18,221
Caleres, Inc.		825		12,911
Cato Corp., Class A		429		4,114
Chico’s FAS, Inc.		2,611		4,151
Children’s Place, Inc. (B)		318		15,932
Conn’s, Inc. (A)		419		4,898
Designer Brands, Inc., Class A		1,280		9,792
GameStop Corp., Class A (A) (B)		1,192		22,457
Genesco, Inc. (A)		310		9,328
Group 1 Automotive, Inc.		375		49,178
Guess?, Inc. (B)		817		18,481
Haverty Furniture Cos., Inc.		364		10,072
Hibbett Sports, Inc. (A)		361		16,671
Lumber Liquidators Holdings, Inc. (A)		629		19,335
MarineMax, Inc. (A)		481		16,849
Michaels Cos., Inc. (A) (B)		1,607		20,907
Monro, Inc.		725		38,643
ODP Corp.		1,147		33,607
Rent-A-Center, Inc.		1,061		40,626
Sally Beauty Holdings, Inc. (A)		2,456		32,026
Shoe Carnival, Inc.		187		7,327
Signet Jewelers, Ltd.		1,140		31,088
Sleep Number Corp. (A)		604		49,443
Sonic Automotive, Inc., Class A		516		19,902
Zumiez, Inc. (A)		455		16,735
				719,172
Technology Hardware, Storage & Peripherals - 0.1%
3D Systems Corp. (A) (B)		2,703		28,328
Diebold Nixdorf, Inc. (A)		1,691		18,026
				46,354
Textiles, Apparel & Luxury Goods - 1.2%
Capri Holdings, Ltd. (A)		3,280		137,760
Crocs, Inc. (A)		1,470		92,110
Fossil Group, Inc. (A)		1,020		8,843
G-III Apparel Group, Ltd. (A)		948		22,506
Kontoor Brands, Inc. (A) (B)		1,021		41,412
Movado Group, Inc.		361		6,000

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

Transamerica ETF Trust Annual Report 2020

Page    30

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods (continued)
Oxford Industries, Inc.		367		$   24,042
Steven Madden, Ltd.		1,684		59,479
Unifi, Inc. (A)		325		5,765
Vera Bradley, Inc. (A)		480		3,821
Wolverine World Wide, Inc.		1,787		55,844
				457,582
Thrifts & Mortgage Finance - 1.1%
Axos Financial, Inc. (A)		1,118		41,959
Capitol Federal Financial, Inc.		2,810		35,125
Flagstar Bancorp, Inc.		1,030		41,983
HomeStreet, Inc.		474		15,997
Meta Financial Group, Inc.		728		26,616
Mr. Cooper Group, Inc. (A)		1,563		48,500
NMI Holdings, Inc., Class A (A)		1,847		41,835
Northfield Bancorp, Inc.		1,041		12,835
Northwest Bancshares, Inc.		2,783		35,455
Provident Financial Services, Inc.		1,587		28,502
TrustCo Bank Corp.		2,100		14,007
Walker & Dunlop, Inc.		632		58,157
				400,971
Tobacco - 0.2%
Universal Corp.		534		25,958
Vector Group, Ltd.		2,770		32,270
				58,228
Trading Companies & Distributors - 0.5%
Applied Industrial Technologies, Inc.		844		65,823
Boise Cascade Co.		853		40,773
DXP Enterprises, Inc. (A)		356		7,914
Foundation Building Materials, Inc. (A)		489		9,394
GMS, Inc. (A)		929		28,316
NOW, Inc. (A)		2,381		17,096
Veritiv Corp. (A)		270		5,613
				174,929
Water Utilities - 0.3%
American States Water Co.		803		63,846
California Water Service Group		1,085		58,623
				122,469

	Shares		Value
COMMON STOCKS (continued)
Wireless Telecommunication Services - 0.1%
Shenandoah Telecommunications Co.		1,085		$   46,926
Spok Holdings, Inc.		382		4,252
				51,178
Total Common Stocks (Cost $15,642,002)				18,991,371
	Principal		Value
U.S. GOVERNMENT OBLIGATION - 48.3%
U.S. Treasury - 48.3%
U.S. Treasury Note 0.25%, 12/31/2025		$  17,865,000		17,878,958
Total U.S. Government Obligation (Cost $17,879,674)				17,878,958
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.3%
Money Market Fund - 0.3%
State Street Institutional Treasury Money Market Fund, 0.01% (D)		93,362		93,362
Total Short-Term Investment Company (Cost $93,362)				93,362
OTHER INVESTMENT COMPANY - 1.0%
Securities Lending Collateral - 1.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.08% (D)		357,686		357,686
Total Other Investment Company (Cost $357,686)				357,686
Total Investments (Cost $33,972,724)				37,321,377
Net Other Assets (Liabilities) - (0.9)%				(335,573	)
Net Assets - 100.0%				$  36,985,804

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
E-Mini Russell 2000® Index		1		03/19/2021	$	97,877	$	98,740	$	863	$	—

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

Transamerica ETF Trust Annual Report 2020

Page    31

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

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	$	18,991,371	$	—	$	—	$	18,991,371
U.S. Government Obligation		—		17,878,958		—		17,878,958
Short-Term Investment Company		93,362		—		—		93,362
Other Investment Company		357,686		—		—		357,686
Total Investments	$	19,442,419	$	17,878,958	$	—	$	37,321,377
Other Financial Instruments
Futures Contracts (F)	$	863	$	—	$	—	$	863
Total Other Financial Instruments	$	863	$	—	$	—	$	863

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $1,148,199, collateralized by cash collateral of $357,686 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $817,599. 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.
(C)	Percentage rounds to less than 0.1% or (0.1)%.
(D)	Rates disclosed reflect the yields at December 31, 2020.
(E)	There were no transfers in or out of Level 3 during the year ended December 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(F)	Derivative instruments are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATION:

REIT Real Estate Investment Trust

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

Transamerica ETF Trust Annual Report 2020

Page    32

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

(unaudited)

MARKET ENVIRONMENT

Global equities throughout 2020 experienced bouts of high volatility as markets were roiled by uncertainty brought on by the global pandemic. Investors’ attempts to handicap the market throughout the year proved challenging at best, as the COVID-19 pandemic reached all corners of the globe, social and political unrest dominated the headlines, and the US held a contentious presidential election, offset by positive (“risk-on”) market events such as new governmental stimulus programs pumping money into investors’ hands, and a global coordinated effort to develop and disseminate a COVID-19 vaccine in record time.

The pandemic set off surging volatility and significant market losses (“drawdowns”) across markets in the first quarter. The CBOE VIX Index, a gauge of US market risk, closed at its highest level since the Global Financial Crisis, on March 16th, at 82.7. By comparison, the average CBOE VIX Index level in 2019 was 15.4. The velocity of the market selloff resulted in drawdowns in excess of -30% across major global equity indices in approximately one month’s time.

Domestic equities, as measured by the S&P 500^®, S&P MidCap 400^® and S&P SmallCap 600^® indices, posted returns of -19.60%, -29.70% and -32.64%, respectively, in the first quarter, and international equities, as measured by the S&P EPAC Ex-Korea LargeMidCap and S&P EM 100 indices, posted returns of -22.43% and -22.55%, respectively. The tides quickly turned, however, following the first quarter.

From the start of the second quarter through September the risk-on trade was alive and well. The risk rally was dominated by technology companies and other “stay-at-home” names that benefited from government lockdowns. By September, investors, betting on a successful rollout of the vaccine and a recovery in corporate earnings, looked away from growth markets like the NASDAQ and returned to mid-cap and small-cap securities and one of the most out-of-favor factors over the past decade, value stocks, all which outperformed large-cap and growth equity indices in the fourth quarter.

By year-end, the S&P 500^®, S&P MidCap 400^® and S&P SmallCap 600^® indices returned 18.40%, 13.66%, and 11.29%, respectively, and the S&P EPAC Ex-Korea LargeMidCap and S&P EM 100 indices returned 9.10% and 22.67%, respectively.

PERFORMANCE OVERVIEW

For the year ended December 31, 2020, DeltaShares^® S&P EM 100 & Managed Risk ETF (NAV) returned 13.20%. By comparison, the S&P EM 100 (USD) Managed Risk 2.0 Index (the “Underlying Index”) returned 13.96% and the S&P EM 100 (USD) Index returned 22.67%.

The Fund’s performance reflects annual operating expenses of the Fund, including management fees, brokerage expenses, and other fees and expenses. Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

STRATEGY REVIEW

The DeltaShares^® EM 100 & Managed Risk ETF (the “Fund”) seeks to track the investment results, before fees and expenses, of the Underlying Index.

The Fund seeks to achieve this investment objective by holding a portfolio of securities that are included in the Underlying Index, including common stocks and/or U.S. Treasury bills and bonds. The Underlying Index is designed to simulate, through a rules-based methodology, a dynamic portfolio with the aim of both managing the volatility of the Underlying Index and limiting losses from the Underlying Index’s equity exposure due to severe sustained market declines. The Underlying Index seeks to achieve these objectives by allocating weightings among the S&P EM 100 Index, the S&P U.S. Treasury Bond Current 5-Year Index, and the S&P U.S. Treasury Bill 0-3 Month Index. The Fund may also use derivatives in an effort to gain exposure to underlying securities and markets in a more efficient manner, to optimize the execution processes and costs for portfolio transitions, or for tax management purposes. Under normal circumstances, the Fund uses a replication strategy and generally expects to invest in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index. Prior to June 19, 2020, the fund implemented an optimized portfolio sampling strategy to replicate the index.

The Fund entered the year with a 100% allocation to equities, reached a low equity allocation of 17% due to the COVID-19 market selloff and volatility, and ended the year at 100%. The Fund’s risk management strategy resulted in an average equity allocation to the S&P EM 100 Index of 60% and the Fund returned 13.20% in 2020.

During 2020, the largest contributors to the Fund’s absolute total return were equities within information technology, health care and consumer discretionary sectors. The largest sector detractors to the Fund during 2020 were energy, real estate and utilities.

During the year, the Fund utilized derivatives. These positions added to performance.

Blake Graves, CFA, FRM

Charles Lowery, CFA

Louis Ng, FRM

Co-Portfolio Managers

Milliman Financial Risk Management LLC

Transamerica ETF Trust Annual Report 2020

Page    33

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

(unaudited)

Asset Allocation	Percentage of Net Assets
Common Stocks		97.7	%
Preferred Stocks		1.9
Short-Term Investment Company		1.1
Other Investment Company		0.1
Net Other Assets (Liabilities) ^		(0.8	)
Total		100.0	%

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

^ 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 Annual Report 2020

Page    34

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

(unaudited)

Performance as of December 31, 2020
		Average Annual Total Returns						Cumulative Total Returns					Inception Date
	1 Year			10 Year or Since Inception			1 Year			10 Year or Since Inception
Fund NAV		13.20	%		10.66	%		13.20	%		19.83	%	03/20/2019
Fund Market		12.70	%		10.49	%		12.70	%		19.51	%	03/20/2019
S&P EM 100 (USD) Index (A)		22.67	%		17.91	%		22.67	%		34.22	%
S&P EM 100 (USD) Managed Risk 2.0 Index (A)(B)(C)(D)		13.96	%		12.03	%		13.96	%		22.49	%

^(A) The S&P EM 100 (USD) Index seeks to measure the performance of 100 of the largest companies from emerging markets plus Korea.

^(B) The S&P EM 100 (USD) Managed Risk 2.0 Index is comprised of weightings amongst the S&P EM 100 (USD) Index, the S&P U.S. Treasury Bond Current 5-Year Index, and the S&P U.S. Treasury Bill 0-3 Month Index. The S&P EM 100 (USD) Managed Risk 2.0 Index rebalances on a daily basis.

^(C) The S&P U.S. Treasury Bond Current 5-Year Index is a one-security index comprising the most recently issued 5-year U.S. Treasury note or bond.

^(D) The S&P U.S. Treasury Bill 0-3 Month Index is designed to measure the performance of U.S. Treasury bills maturing in 0 to 3 months.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception calculation is based on the previous 10 years or since the inception date, whichever is more recent. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. The Fund’s investment return and net asset value will fluctuate. Investors’ shares when sold may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.deltashares.com for performance data current to the most recent month end. Fund performance is net of investment fees and Fund expenses.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Fund shares are bought and sold at Market Price, not Net Asset Value (“NAV”), and are not individually redeemed from the Fund. Net Asset Value is an exchange-traded fund’s per-share value. The per-share dollar amount of the Fund is derived by dividing the total value of all the securities in the portfolio, less any liabilities, by the number of Fund shares outstanding. Market Price is the price at which a share can currently be traded in the market. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated.

Exchange-Traded Funds (ETFs) are subject to market risk, including the loss of principal. Because Fund Shares trade at market prices rather than at net asset value (NAV), Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). Shares of DeltaShares^® ETFs may be bought and sold throughout the day on the exchange through any brokerage account. Buying and selling shares of ETFs will result in brokerage commissions. Diversification and asset allocation may not protect against market risk or loss of principal. Investing involves risk, including the possible loss of principal. There is no guarantee the Fund’s investment strategies will be successful. Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. The market prices of fixed income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. As the prices of bonds in the Fund adjust to a rise in interest rates, the Fund’s share price may decline. The use of hedging and derivatives may produce disproportionate gains or losses, may increase costs, and amplify risks.

Transamerica ETF Trust Annual Report 2020

Page    35

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

SCHEDULE OF INVESTMENTS

At December 31, 2020

	Shares		Value
COMMON STOCKS - 97.7%
Brazil - 5.1%
Ambev SA, ADR		68,828		$  210,614
Banco Bradesco SA, ADR		69,285		364,439
Itau Unibanco Holding SA, ADR		75,701		461,019
Petroleo Brasileiro SA, ADR (A) (B)		35,881		396,844
Petroleo Brasileiro SA, ADR		29,066		326,411
Vale SA, ADR (B)		53,660		899,342
				2,658,669
China - 39.2%
Agricultural Bank of China, Ltd., H Shares		442,000		161,891
Alibaba Group Holding, Ltd., ADR (A)		7,750		1,803,657
Anhui Conch Cement Co., Ltd., H Shares		18,500		115,836
ANTA Sports Products, Ltd.		14,000		221,903
Baidu, Inc., ADR (A)		4,259		920,966
Bank of China, Ltd., H Shares		1,202,000		410,802
Bank of Communications Co., Ltd., H Shares		334,000		176,609
China Construction Bank Corp., H Shares		1,540,000		1,169,819
China Life Insurance Co., Ltd., H Shares		116,000		255,821
China Merchants Bank Co., Ltd., H Shares		59,000		372,847
China Pacific Insurance Group Co., Ltd., H Shares		43,400		169,876
China Petroleum & Chemical Corp., H Shares		398,000		178,113
China Tower Corp., Ltd., H Shares (B) (C)		728,000		107,033
CNOOC, Ltd.		251,000		232,424
Country Garden Holdings Co., Ltd.		114,000		157,609
CSPC Pharmaceutical Group, Ltd.		139,200		142,362
Industrial & Commercial Bank of China, Ltd., H Shares		1,166,000		756,396
JD.com, Inc., ADR (A)		13,813		1,214,163
Meituan, Class B (A)		65,200		2,477,211
NetEase, Inc., ADR		6,261		599,616
New Oriental Education & Technology Group, Inc., ADR (A)		2,155		400,421
NIO, Inc., ADR (A)		16,690		813,471
Pinduoduo, Inc., ADR (A)		5,281		938,275
Ping An Insurance Group Co. of China, Ltd., H Shares		86,000		1,053,670
Shenzhou International Group Holdings, Ltd.		11,700		229,357
Sunac China Holdings, Ltd.		39,000		144,103
Sunny Optical Technology Group Co., Ltd.		11,100		242,933
TAL Education Group, ADR (A)		6,241		446,294
Tencent Holdings, Ltd.		32,600		2,371,261
Trip.Com Group, Ltd., ADR (A)		7,134		240,630
Wuxi Biologics Cayman, Inc. (A) (C)		45,000		596,607
Xiaomi Corp., Class B (A) (C)		207,200		887,177
Yum China Holdings, Inc.		6,547		373,768
ZTO Express Cayman, Inc., ADR		5,957		173,706
				20,556,627
Hong Kong - 2.9%
China Mengniu Dairy Co., Ltd. (A)		43,000		259,536
China Mobile, Ltd.		86,500		493,084
China Overseas Land & Investment, Ltd.		58,000		126,115
China Resources Land, Ltd.		44,000		181,587
Geely Automobile Holdings, Ltd.		89,000		304,172
Sino Biopharmaceutical, Ltd.		161,500		156,213
				1,520,707
India - 8.5%
HDFC Bank, Ltd., ADR (A)		21,191		1,531,262

	Shares		Value
COMMON STOCKS (continued)
India (continued)
ICICI Bank, Ltd., ADR (A) (B)		39,856		$   592,260
Infosys, Ltd., ADR		57,703		978,066
Reliance Industries, Ltd., GDR (C)		25,228		1,379,971
				4,481,559
Indonesia - 1.6%
Bank Central Asia Tbk PT		173,300		417,524
Bank Rakyat Indonesia Persero Tbk PT		828,600		245,926
Telkom Indonesia Persero Tbk PT		742,800		174,994
				838,444
Kuwait - 0.6%
National Bank of Kuwait SAKP		107,013		295,499
Malaysia - 0.9%
Malayan Banking Bhd.		100,100		210,527
Public Bank Bhd.		47,300		242,233
				452,760
Mexico - 2.2%
America Movil SAB de CV, Series L		368,376		267,886
Fomento Economico Mexicano SAB de CV		29,035		219,072
Grupo Financiero Banorte SAB de CV, Class O (A)		38,288		211,237
Grupo Mexico SAB de CV, Series B		49,863		210,508
Wal-Mart de Mexico SAB de CV		79,106		222,246
				1,130,949
Peru - 0.3%
Credicorp, Ltd.		973		159,591
Qatar - 0.6%
Qatar National Bank QPSC		69,260		339,167
Republic of Korea - 17.9%
Celltrion, Inc. (A)		1,549		511,913
Hyundai Mobis Co., Ltd.		1,039		244,375
Hyundai Motor Co. (A)		2,236		395,206
Kakao Corp. (A)		935		335,250
KB Financial Group, Inc. (A)		6,106		243,948
Kia Motors Corp.		4,180		240,110
KT&G Corp. (A)		1,973		150,931
LG Chem, Ltd.		739		560,560
LG Corp.		2,049		165,044
LG Household & Health Care, Ltd.		146		217,730
NAVER Corp.		2,258		607,995
NCSoft Corp.		250		214,259
POSCO		1,253		313,740
Samsung Biologics Co., Ltd. (A) (C)		258		196,178
Samsung C&T Corp.		1,401		177,978
Samsung Electronics Co., Ltd.		43,099		3,213,679
Samsung SDI Co., Ltd. (A)		859		496,596
Shinhan Financial Group Co., Ltd. (A)		7,085		209,035
SK Hynix, Inc. (A)		8,416		918,067
				9,412,594
Republic of South Africa - 3.5%
AngloGold Ashanti, Ltd.		6,506		151,710
FirstRand, Ltd.		83,672		290,741
Naspers, Ltd., N Shares		6,840		1,405,998
				1,848,449
Russian Federation - 4.9%
Gazprom PJSC, ADR		94,306		527,548

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

Transamerica ETF Trust Annual Report 2020

Page    36

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

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Russian Federation (continued)
Lukoil PJSC, ADR		5,628		$   383,830
MMC Norilsk Nickel PJSC, ADR		9,394		293,093
Novatek PJSC, GDR		1,518		248,041
Sberbank of Russia PJSC, ADR		42,154		612,076
Tatneft PJSC, ADR		4,084		166,627
Yandex NV, Class A (A) (B)		4,911		341,707
				2,572,922
Saudi Arabia - 2.4%
Al Rajhi Bank		19,137		375,435
National Commercial Bank		21,090		243,696
Saudi Basic Industries Corp.		14,060		380,020
Saudi Telecom Co.		9,373		264,831
				1,263,982
Taiwan - 6.0%
Chunghwa Telecom Co., Ltd., ADR (B)		5,938		229,326
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		26,661		2,907,115
				3,136,441
Thailand - 0.6%
CP ALL PCL, NVDR (A)		68,800		133,765
PTT PCL, NVDR		133,900		189,945
				323,710
United Arab Emirates - 0.5%
First Abu Dhabi Bank PJSC		68,096		239,151
Total Common Stocks (Cost $40,445,060)				51,231,221
PREFERRED STOCKS - 1.9%
Republic of Korea - 1.9%
Hyundai Motor Co., 0.00% (D)		916		75,202

	Shares		Value
PREFERRED STOCKS (continued)
Republic of Korea (continued)
LG Chem, Ltd., 0.44% (D)		120		$   42,143
Samsung Electronics Co., Ltd., 0.00% (D)		12,855		870,964
Total Preferred Stocks (Cost $639,423)				988,309
SHORT-TERM INVESTMENT COMPANY - 1.1%
Money Market Fund - 1.1%
State Street Institutional Treasury Money Market Fund, 0.01% (D)		577,731		577,731
Total Short-Term Investment Company (Cost $577,731)				577,731
OTHER INVESTMENT COMPANY - 0.1%
Securities Lending Collateral - 0.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.08% (D)		77,562		77,562
Total Other Investment Company (Cost $77,562)				77,562
Total Investments (Cost $41,739,776)				52,874,823
Net Other Assets (Liabilities) - (0.8)%				(415,507	)
Net Assets - 100.0%				$  52,459,316

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
MSCI Emerging Markets Index		4		03/19/2021	$	250,400	$	257,640	$	7,240	$	—

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Banks		19.0	%	$	10,042,389
Internet & Direct Marketing Retail		15.3			8,079,934
Technology Hardware, Storage & Peripherals		9.4			4,971,820
Interactive Media & Services		8.7			4,577,179
Oil, Gas & Consumable Fuels		7.6			4,029,754
Semiconductors & Semiconductor Equipment		7.2			3,825,182
Metals & Mining		3.5			1,868,393
Automobiles		3.5			1,828,161
Insurance		2.8			1,479,367
Chemicals		1.9			982,723
IT Services		1.8			978,066

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

Transamerica ETF Trust Annual Report 2020

Page    37

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

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Diversified Consumer Services		1.6	%	$	846,715
Entertainment		1.5			813,875
Life Sciences Tools & Services		1.5			792,785
Diversified Telecommunication Services		1.5			776,184
Wireless Telecommunication Services		1.4			760,970
Electronic Equipment, Instruments & Components		1.4			739,529
Real Estate Management & Development		1.2			609,414
Money Market Funds		1.1			577,731
Biotechnology		1.0			511,913
Textiles, Apparel & Luxury Goods		0.9			451,260
Beverages		0.8			429,686
Hotels, Restaurants & Leisure		0.7			373,768
Food & Staples Retailing		0.7			356,011
Industrial Conglomerates		0.6			343,022
Pharmaceuticals		0.6			298,575
Diversified Financial Services		0.5			290,741
Food Products		0.5			259,536
Auto Components		0.5			244,375
Personal Products		0.4			217,730
Air Freight & Logistics		0.3			173,706
Tobacco		0.3			150,931
Construction Materials		0.2			115,836
Investments		99.9			52,797,261
Short-Term Investments		0.1			77,562
Total Investments		100.0	%	$	52,874,823

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	$	22,065,098	$	29,166,123	$	—	$	51,231,221
Preferred Stocks		—		988,309		—		988,309
Short-Term Investment Company		577,731		—		—		577,731
Other Investment Company		77,562		—		—		77,562
Total Investments	$	22,720,391	$	30,154,432	$	—	$	52,874,823
Other Financial Instruments
Futures Contracts (F)	$	7,240	$	—	$	—	$	7,240
Total Other Financial Instruments	$	7,240	$	—	$	—	$	7,240

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

(A)	Non-income producing securities.
(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $1,496,642, collateralized by cash collateral of $77,562 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $1,490,246. 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.
(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 December 31, 2020, the total value of 144A securities is $3,166,966, representing 6.0% of the Fund’s net assets.

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

Transamerica ETF Trust Annual Report 2020

Page    38

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

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

(D)	Rates disclosed reflect the yields at December 31, 2020.
(E)	There were no transfers in or out of Level 3 during the year ended December 31, 2020. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.
(F)	Derivative instruments are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depository Receipt

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

Transamerica ETF Trust Annual Report 2020

Page    39

DeltaShares^® S&P International Managed Risk ETF

(unaudited)

MARKET ENVIRONMENT

Global equities throughout 2020 experienced bouts of high volatility as markets were roiled by uncertainty brought on by the global pandemic. Investors’ attempts to handicap the market throughout the year proved challenging at best, as the COVID-19 pandemic reached all corners of the globe, social and political unrest dominated the headlines, and the US held a contentious presidential election, offset by positive (“risk-on”) market events such as new governmental stimulus programs pumping money into investors’ hands, and a global coordinated effort to develop and disseminate a COVID-19 vaccine in record time.

The pandemic set off surging volatility and significant market losses (“drawdowns”) across markets in the first quarter. The CBOE VIX Index, a gauge of US market risk, closed at its highest level since the Global Financial Crisis, on March 16th, at 82.7. By comparison, the average CBOE VIX Index level in 2019 was 15.4. The velocity of the market selloff resulted in drawdowns in excess of -30% across major global equity indices in approximately one month’s time.

Domestic equities, as measured by the S&P 500^®, S&P MidCap 400^® and S&P SmallCap 600^® indices, posted returns of -19.60%, -29.70% and -32.64%, respectively, in the first quarter, and international equities, as measured by the S&P EPAC Ex-Korea LargeMidCap and S&P EM 100 indices, posted returns of -22.43% and -22.55%, respectively. The tides quickly turned, however, following the first quarter.

From the start of the second quarter through September the risk-on trade was alive and well. The risk rally was dominated by technology companies and other “stay-at-home” names that benefited from government lockdowns. By September, investors, betting on a successful rollout of the vaccine and a recovery in corporate earnings, looked away from growth markets like the NASDAQ and returned to mid-cap and small-cap securities and one of the most out-of-favor factors over the past decade, value stocks, all which outperformed large-cap and growth equity indices in the fourth quarter.

By year-end, the S&P 500^®, S&P MidCap 400^® and S&P SmallCap 600^® indices returned 18.40%, 13.66%, and 11.29%, respectively, and the S&P EPAC Ex-Korea LargeMidCap and S&P EM 100 indices returned 9.10% and 22.67%, respectively.

PERFORMANCE OVERVIEW

For the year ended December 31, 2020, DeltaShares^® S&P International Managed Risk ETF (NAV) returned -4.25%. By comparison, the S&P EPAC Ex. Korea LargeMidCap Managed Risk 2.0 Index (the “Underlying Index”) returned -3.86% and the S&P EPAC Ex. Korea LargeMidCap Index returned 9.10%.

The Fund’s performance reflects annual operating expenses of the Fund, including management fees, brokerage expenses, and other fees and expenses. Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

STRATEGY REVIEW

The DeltaShares^® International Managed Risk ETF (the “Fund”) seeks to track the investment results, before fees and expenses, of the Underlying Index.

The Fund seeks to achieve this investment objective by holding a portfolio of securities that are included in the Underlying Index, including common stocks and/or U.S. Treasury bills and bonds. The Underlying Index is designed to simulate, through a rules-based methodology, a dynamic portfolio with the aim of both managing the volatility of the Underlying Index and limiting losses from the Underlying Index’s equity exposure due to severe sustained market declines. The Underlying Index seeks to achieve these objectives by allocating weightings among the S&P EPAC Ex. Korea LargeMidCap Index, the S&P U.S. Treasury Bond Current 5-Year Index, and the S&P U.S. Treasury Bill 0-3 Month Index. The Fund may also use derivatives in an effort to gain exposure to underlying securities and markets in a more efficient manner, to optimize the execution processes and costs for portfolio transitions, or for tax management purposes. Under normal circumstances, the Fund uses a replication strategy and generally expects to invest in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index. Prior to June 19, 2020, the fund implemented an optimized portfolio sampling strategy to replicate the index.

The Fund entered the year with a 100% allocation to equities, reached a low equity allocation of 11% due to the COVID-19 market selloff and volatility, and ended the year at 96%. The Fund’s risk management strategy resulted in an average equity allocation to the S&P EPAC Ex. Korea LargeMidCap Index of 56% and the Fund returned -4.25% in 2020.

During 2020, the largest contributors to the Fund’s absolute total return were equities within the information technology, materials and communication services sectors. The largest sector detractors to the Fund during 2020 were energy, real estate and financials.

During the year, the Fund utilized derivatives. These positions added to performance.

Blake Graves, CFA, FRM

Charles Lowery, CFA

Louis Ng, FRM

Co-Portfolio Managers

Milliman Financial Risk Management LLC

Transamerica ETF Trust Annual Report 2020

Page    40

DeltaShares^® S&P International Managed Risk ETF

(unaudited)

Asset Allocation	Percentage of Net Assets
Common Stocks		89.4	%
U.S. Government Obligation		4.4
Other Investment Company		0.8
Preferred Stocks		0.5
Short-Term Investment Company		0.0	*
Right		0.0
Net Other Assets (Liabilities) ^		4.9
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 Annual Report 2020

Page    41

DeltaShares^® S&P International Managed Risk ETF

(unaudited)

Performance as of December 31, 2020
		Average Annual Total Returns						Cumulative Total Returns					Inception Date
	1 Year			10 Year or Since Inception			1 Year			10 Year or Since Inception
Fund NAV		(4.25	)%		1.73	%		(4.25	)%		6.03	%	07/31/2017
Fund Market		(5.16	)%		1.35	%		(5.16	)%		4.69	%	07/31/2017
S&P EPAC Ex. Korea LargeMidCap Index (A)		9.10	%		6.62	%		9.10	%		24.53	%
S&P EPAC Ex. Korea LargeMidCap Managed Risk 2.0 Index (A)(B)(C)(D)		(3.86	)%		2.36	%		(3.86	)%		8.32	%

^(A) The S&P EPAC Ex. Korea LargeMidCap Index is designed to measure the performance of developed markets within the Europe and Asia Pacific regions, excluding Korea.

^(B) The S&P EPAC Ex. Korea LargeMidCap Managed Risk 2.0 Index is comprised of weightings amongst the S&P EPAC Ex. Korea LargeMidCap Index, the S&P U.S. Treasury Bond Current 5-Year Index, and the S&P U.S. Treasury Bill 0-3 Month Index. The S&P EPAC Ex. Korea LargeMidCap Managed Risk 2.0 Index rebalances on a daily basis.

^(C) The S&P U.S. Treasury Bond Current 5-Year Index is a one-security index comprising the most recently issued 5-year U.S. Treasury note or bond.

^(D) The S&P U.S. Treasury Bill 0-3 Month Index is designed to measure the performance of U.S. Treasury bills maturing in 0 to 3 months.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception calculation is based on the previous 10 years or since the inception date, whichever is more recent. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. The Fund’s investment return and net asset value will fluctuate. Investors’ shares when sold may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.deltashares.com for performance data current to the most recent month end. Fund performance is net of investment fees and Fund expenses.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Fund shares are bought and sold at Market Price, not Net Asset Value (“NAV”), and are not individually redeemed from the Fund. Net Asset Value is an exchange-traded fund’s per-share value. The per-share dollar amount of the Fund is derived by dividing the total value of all the securities in the portfolio, less any liabilities, by the number of Fund shares outstanding. Market Price is the price at which a share can currently be traded in the market. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated.

Exchange-Traded Funds (ETFs) are subject to market risk, including the loss of principal. Because Fund Shares trade at market prices rather than at NAV, Fund Shares may trade at a price greater than NAV (premium) or less than NAV (discount). Shares of DeltaShares^® ETFs may be bought and sold throughout the day on the exchange through any brokerage account. Buying and selling shares of ETFs will result in brokerage commissions. Diversification and asset allocation may not protect against market risk or loss of principal. Investing involves risk, including the possible loss of principal. There is no guarantee the investment objective will be achieved. Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. The principal risks include risks related to: Equity securities, geographic focus, index tracking, leveraging, derivatives such as futures, forwards, swaps, options, and investing in underlying exchange traded funds. The use of derivatives may produce disproportionate gains or losses, may increase costs, and amplify risks.

Transamerica ETF Trust Annual Report 2020

Page    42

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS

At December 31, 2020

	Shares		Value
COMMON STOCKS - 89.4%
Argentina - 0.0% (A)
Globant SA (B)		364		$  79,210
Australia - 6.4%
Afterpay, Ltd. (B)		2,335		212,613
AGL Energy, Ltd.		6,232		57,467
Alumina, Ltd.		23,510		33,290
AMP, Ltd. (C)		34,375		41,380
Ampol, Ltd.		2,498		54,782
APA Group (C)		11,802		87,883
Aristocrat Leisure, Ltd.		6,387		152,784
ASX, Ltd.		1,936		107,562
Atlas Arteria, Ltd.		9,593		48,116
Atlassian Corp. PLC, Class A (B)		1,322		309,176
Aurizon Holdings, Ltd.		18,713		56,316
AusNet Services (C)		18,395		24,911
Australia & New Zealand Banking Group, Ltd.		28,411		497,660
Bendigo & Adelaide Bank, Ltd.		5,301		38,124
BHP Group PLC		21,126		555,905
BHP Group, Ltd.		29,467		964,783
BlueScope Steel, Ltd.		5,039		67,968
Boral, Ltd.		10,298		39,335
Brambles, Ltd.		14,823		121,245
CIMIC Group, Ltd. (B) (C)		716		13,464
Coca-Cola Amatil, Ltd.		4,997		49,857
Cochlear, Ltd. (C)		658		95,964
Coles Group, Ltd.		13,343		186,772
Commonwealth Bank of Australia		17,746		1,124,390
Computershare, Ltd.		5,086		57,260
Crown Resorts, Ltd. (C)		3,590		26,677
CSL, Ltd.		4,551		994,466
Dexus, REIT		10,894		79,020
Domino’s Pizza Enterprises, Ltd.		632		42,272
Evolution Mining, Ltd.		17,091		65,809
Fortescue Metals Group, Ltd.		16,631		300,685
Goodman Group, REIT		16,816		245,377
GPT Group, REIT		19,485		67,660
Harvey Norman Holdings, Ltd. (C)		6,855		24,809
Incitec Pivot, Ltd. (B)		19,428		34,181
Insurance Australia Group, Ltd. (C)		24,404		88,507
Lendlease Corp., Ltd.		6,885		69,598
Macquarie Group, Ltd.		3,399		363,211
Magellan Financial Group, Ltd.		1,433		59,336
Medibank Pvt, Ltd.		27,548		63,985
Mirvac Group, REIT		39,386		80,235
National Australia Bank, Ltd.		32,912		573,962
Newcrest Mining, Ltd.		8,168		162,487
Northern Star Resources, Ltd.		7,412		72,580
Oil Search, Ltd. (C)		18,498		52,956
Orica, Ltd.		4,060		47,463
Origin Energy, Ltd.		17,617		64,708
Qantas Airways, Ltd. (B)		9,244		34,596
QBE Insurance Group, Ltd.		14,713		96,844
Ramsay Health Care, Ltd. (C)		1,854		88,957
REA Group, Ltd. (C)		501		57,549
Santos, Ltd.		17,711		85,690
Saracen Mineral Holdings, Ltd. (B)		11,079		40,608
Scentre Group, REIT		51,918		111,374
SEEK, Ltd.		3,531		77,736
Seven Group Holdings, Ltd. (C)		1,324		23,856

	Shares		Value
COMMON STOCKS (continued)
Australia (continued)
Sonic Healthcare, Ltd.		4,779		$   118,560
South32, Ltd.		48,383		92,217
Stockland, REIT		23,877		77,015
Suncorp Group, Ltd.		12,809		96,271
Sydney Airport (B) (C)		13,227		65,424
Tabcorp Holdings, Ltd.		22,177		66,740
Telstra Corp., Ltd.		41,638		95,747
TPG Telecom, Ltd. (B) (C)		3,720		20,725
Transurban Group (C)		27,373		288,532
Treasury Wine Estates, Ltd.		7,216		52,341
Vicinity Centres, REIT (C)		38,705		47,936
Washington H Soul Pattinson & Co., Ltd. (C)		1,245		28,908
Wesfarmers, Ltd.		11,341		441,065
Westpac Banking Corp.		36,127		539,985
WiseTech Global, Ltd.		1,554		36,874
Woodside Petroleum, Ltd.		9,625		168,893
Woolworths Group, Ltd.		12,657		383,932
Worley, Ltd.		3,185		28,239
				11,845,605
Austria - 0.3%
ams AG (B)		2,744		60,098
Andritz AG		718		32,926
BAWAG Group AG (B) (D)		695		32,314
CA Immobilien Anlagen AG		712		27,311
Erste Group Bank AG (B)		2,966		90,508
EVN AG		378		8,270
Flughafen Wien AG (B)		92		3,428
Immofinanz AG (B)		962		19,975
Mayr Melnhof Karton AG		86		17,362
Oesterreichische Post AG (C)		318		11,167
OMV AG		1,440		58,143
Raiffeisen Bank International AG (B)		1,349		27,531
Strabag SE		143		4,978
Telekom Austria AG		1,396		10,812
UNIQA Insurance Group AG		1,144		8,958
Verbund AG		681		58,202
Vienna Insurance Group AG Wiener Versicherung Gruppe		358		9,111
voestalpine AG		1,107		39,686
Wienerberger AG		1,152		36,761
				557,541
Belgium - 0.9%
Ackermans & van Haaren NV		224		33,711
Ageas SA		1,849		98,593
Anheuser-Busch InBev SA		8,469		590,752
Elia Group SA (C)		336		40,083
Etablissements Franz Colruyt NV		625		37,066
Galapagos NV (B) (C)		477		46,971
Groupe Bruxelles Lambert SA		1,178		118,940
KBC Group NV (B)		3,374		236,467
Proximus SADP		1,555		30,841
Sofina SA		158		53,550
Solvay SA (C)		731		86,651
Telenet Group Holding NV		478		20,517
UCB SA		1,265		130,757
Umicore SA		1,996		95,954
Warehouses de Pauw CVA, REIT		1,311		45,331
				1,666,184

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

Transamerica ETF Trust Annual Report 2020

Page    43

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Chile - 0.0% (A)
Antofagasta PLC		3,451		$   67,953
China - 0.1%
China Evergrande New Energy Vehicle Group, Ltd. (B) (C)		22,000		85,687
ENN Energy Holdings, Ltd.		7,600		111,542
Fosun International, Ltd.		24,500		38,485
				235,714
Czech Republic - 0.0% (A)
Avast PLC (D)		7,612		55,928
Denmark - 2.0%
AP Moller - Maersk A/S, Class A		32		66,541
AP Moller - Maersk A/S, Class B		63		140,788
Carlsberg A/S, Class B		1,019		163,348
Chr Hansen Holding A/S (B)		1,029		105,953
Coloplast A/S, Class B		1,188		181,535
Danske Bank A/S (B)		6,813		112,719
Demant A/S (B) (C)		1,035		40,934
DSV Panalpina A/S		2,048		343,381
Genmab A/S (B)		655		265,187
GN Store Nord AS		1,423		113,962
H. Lundbeck A/S		618		21,211
Novo Nordisk A/S, Class B		16,680		1,169,807
Novozymes A/S, B Shares		2,105		120,933
Orsted AS (D)		1,808		369,565
ROCKWOOL International A/S, B Shares		72		26,961
Tryg A/S (C)		1,420		44,840
Vestas Wind Systems A/S		1,990		470,881
				3,758,546
Finland - 1.2%
Elisa OYJ		1,506		82,680
Fortum OYJ		4,354		104,949
Huhtamaki OYJ		959		49,587
Kesko OYJ, B Shares		2,732		70,331
Kojamo OYJ		1,360		30,119
Kone OYJ, Class B		4,034		328,033
Metso Outotec OYJ		7,048		70,498
Neste OYJ		4,309		311,908
Nokia OYJ (B)		56,554		218,039
Nordea Bank Abp (B)		34,029		278,528
Orion OYJ, Class B		1,060		48,675
Sampo OYJ, A Shares		5,044		213,352
Stora Enso OYJ, R Shares		6,126		117,267
UPM-Kymmene OYJ		5,339		199,046
Wartsila OYJ Abp		4,853		48,394
				2,171,406
France - 8.2%
Aeroports de Paris (B)		267		34,662
Air Liquide SA		4,737		778,107
Airbus SE (B)		6,117		671,954
Amundi SA (B) (D)		607		49,612
AXA SA		20,799		496,553
BioMerieux		414		58,456
BNP Paribas SA (B)		11,501		606,576
Bollore SA		9,136		37,805
Bouygues SA		2,246		92,473
Bureau Veritas SA (B)		2,895		77,078
Capgemini SE		1,610		249,785

	Shares		Value
COMMON STOCKS (continued)
France (continued)
Carrefour SA		5,807		$   99,685
Christian Dior SE		36		20,024
Cie de Saint-Gobain (B)		5,358		245,842
Cie Generale des Etablissements Michelin SCA		1,783		228,958
Credit Agricole SA (B)		12,696		160,313
Danone SA		6,868		451,764
Dassault Systemes SE		1,374		279,324
Electricite de France SA (B)		4,031		63,600
Engie SA (B)		17,782		272,400
EssilorLuxottica SA		2,983		465,538
Hermes International		348		374,530
Kering SA		745		541,822
L’Oreal SA		2,408		915,713
Legrand SA		2,671		238,571
LVMH Moet Hennessy Louis Vuitton SE		2,676		1,672,799
Orange SA		20,488		244,013
Pernod Ricard SA		2,017		386,967
Peugeot SA (B) (C)		6,355		173,941
Safran SA (B)		3,285		466,045
Sanofi		11,460		1,103,522
Sartorius Stedim Biotech		240		85,511
Schneider Electric SE		5,389		780,036
Societe Generale SA (B)		7,939		165,348
Sodexo SA		841		71,228
Teleperformance		587		194,854
Thales SA		1,066		97,692
TOTAL SE		25,212		1,088,939
Veolia Environnement SA		5,334		130,594
Vinci SA		5,094		507,098
Vivendi SA		8,657		279,424
Worldline SA (B) (D)		2,218		214,664
				15,173,820
Germany - 6.8%
adidas AG (B)		1,844		672,130
Allianz SE		4,173		1,024,749
BASF SE		9,187		727,502
Bayer AG		9,827		579,007
Bayerische Motoren Werke AG		3,191		282,011
Beiersdorf AG		983		113,588
BioNTech SE, ADR (B)		95		7,744
Continental AG		1,080		160,224
CureVac NV (B)		142		11,512
Daimler AG		8,347		590,208
Delivery Hero SE (B) (D)		1,435		222,986
Deutsche Bank AG (B)		20,673		226,360
Deutsche Boerse AG		1,901		323,891
Deutsche Post AG		9,791		485,181
Deutsche Telekom AG		32,387		592,623
Deutsche Wohnen SE		3,599		192,391
E.ON SE		22,457		249,054
Evonik Industries AG		1,911		62,383
Fresenius Medical Care AG & Co. KGaA		2,103		175,487
Fresenius SE & Co. KGaA		4,126		191,030
Hannover Rueck SE		603		96,135
HeidelbergCement AG		1,469		110,037
Henkel AG & Co. KGaA		987		95,223
Infineon Technologies AG		13,063		501,714
Knorr-Bremse AG		661		90,323

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

Transamerica ETF Trust Annual Report 2020

Page    44

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Germany (continued)
Merck KGaA		1,293		$   222,041
MTU Aero Engines AG		531		138,647
Muenchener Rueckversicherungs-Gesellschaft AG		1,401		416,206
Puma SE (B)		935		105,570
RWE AG		6,764		286,105
SAP SE		10,937		1,434,814
Sartorius AG		7		2,955
Siemens AG		8,077		1,161,405
Siemens Healthineers AG (D)		2,258		115,981
Symrise AG		1,287		170,698
Talanx AG (B)		531		20,635
TeamViewer AG (B) (D)		1,448		77,654
Traton SE		500		13,829
Uniper SE		988		34,138
Volkswagen AG		295		61,397
Vonovia SE		5,660		413,855
Zalando SE (B) (D)		1,664		185,397
				12,644,820
Hong Kong - 2.7%
AIA Group, Ltd.		121,000		1,482,489
Alibaba Health Information Technology, Ltd. (B)		42,000		124,042
Bank of East Asia, Ltd.		15,800		33,744
BOC Hong Kong Holdings, Ltd.		36,000		109,107
Budweiser Brewing Co. APAC, Ltd. (D)		17,200		56,787
Chow Tai Fook Jewellery Group, Ltd.		22,000		27,664
CK Asset Holdings, Ltd.		24,500		125,757
CK Hutchison Holdings, Ltd.		27,000		188,384
CK Infrastructure Holdings, Ltd.		6,000		32,229
CLP Holdings, Ltd.		16,000		147,952
Galaxy Entertainment Group, Ltd.		21,000		163,177
Hang Lung Properties, Ltd.		18,000		47,473
Hang Seng Bank, Ltd.		7,300		125,874
Henderson Land Development Co., Ltd.		14,000		54,618
HK Electric Investments & HK Electric Investments, Ltd. (C)		23,000		22,633
HKT Trust & HKT, Ltd.		36,000		46,707
Hong Kong & China Gas Co., Ltd.		107,000		159,799
Hong Kong Exchanges & Clearing, Ltd.		11,900		652,257
Hongkong Land Holdings, Ltd.		11,700		48,321
Jardine Matheson Holdings, Ltd.		2,600		145,600
Jardine Strategic Holdings, Ltd.		1,800		44,784
Link, REIT		20,600		187,566
Melco Resorts & Entertainment, Ltd., ADR		2,099		38,937
MTR Corp., Ltd.		15,500		86,657
New World Development Co., Ltd.		14,000		65,181
Power Assets Holdings, Ltd.		13,500		73,125
Sino Land Co., Ltd.		30,000		39,077
Sun Hung Kai Properties, Ltd.		15,500		199,901
Swire Properties, Ltd.		10,600		30,827
Techtronic Industries Co., Ltd.		17,000		242,486
Wharf Holdings, Ltd.		15,000		40,335
Wharf Real Estate Investment Co., Ltd.		17,000		88,466
				4,931,956
Ireland - 1.0%
CRH PLC (B)		7,852		326,841
DCC PLC		1,014		71,772
Experian PLC		9,213		349,727

	Shares		Value
COMMON STOCKS (continued)
Ireland (continued)
Flutter Entertainment PLC (B)		1,420		$   289,979
ICON PLC (B)		528		102,949
James Hardie Industries PLC, CDI (B)		4,441		130,976
Kerry Group PLC, Class A		1,538		222,996
Kingspan Group PLC (B)		1,544		108,438
Ryanair Holdings PLC, ADR (B)		1,127		123,947
Smurfit Kappa Group PLC		2,581		120,130
				1,847,755
Israel - 0.8%
Airport City, Ltd. (B)		645		9,783
Alony Hetz Properties & Investments, Ltd.		1,463		20,459
Amot Investments, Ltd.		1,835		10,281
Azrieli Group, Ltd.		363		23,075
Bank Hapoalim BM (B)		11,143		76,316
Bank Leumi Le-Israel BM		14,617		86,041
Bezeq Israeli Telecommunication Corp., Ltd. (B)		20,359		20,284
Check Point Software Technologies, Ltd. (B)		1,108		147,264
Compugen, Ltd. (B) (C)		827		10,015
CyberArk Software, Ltd. (B)		387		62,535
Elbit Systems, Ltd.		247		32,548
Electra, Ltd.		19		10,391
Energix-Renewable Energies, Ltd.		2,172		9,917
Enlight Renewable Energy, Ltd. (B)		8,205		17,121
Fattal Holdings 1998, Ltd. (B)		55		5,922
First International Bank of Israel, Ltd.		520		13,789
Fiverr International, Ltd. (B)		169		32,972
Formula Systems 1985, Ltd.		95		8,211
Gev-Yam Land, Ltd.		1,491		12,157
Harel Insurance Investments & Financial Services, Ltd. (B)		1,151		10,611
ICL Group, Ltd.		6,865		34,979
Inmode, Ltd. (B)		164		7,787
Isracard, Ltd.		1		2
Israel Corp., Ltd. (B)		41		7,825
Israel Discount Bank, Ltd., A Shares		11,605		44,674
Kornit Digital, Ltd. (B)		436		38,861
Matrix IT, Ltd.		316		7,154
Maytronics, Ltd.		429		6,451
Melisron, Ltd.		208		11,304
Mivne Real Estate KD, Ltd.		5,916		15,256
Mizrahi Tefahot Bank, Ltd.		1,373		31,751
Nice, Ltd. (B)		621		174,069
Nova Measuring Instruments, Ltd. (B)		260		18,357
OPC Energy, Ltd. (B)		710		7,395
Paz Oil Co., Ltd.		97		10,407
Phoenix Holdings, Ltd. (B)		1,455		11,066
Plus500, Ltd.		1,069		21,188
Sapiens International Corp. NV		258		7,977
Shapir Engineering & Industry, Ltd.		1,413		10,733
Shikun & Binui, Ltd. (B)		2,237		13,049
Shufersal, Ltd.		1,743		13,463
Strauss Group, Ltd.		496		14,889
Taro Pharmaceutical Industries, Ltd. (B)		88		6,461
Teva Pharmaceutical Industries, Ltd., ADR (B)		10,897		105,156
Tower Semiconductor, Ltd. (B)		1,064		27,627
Wix.com, Ltd. (B)		557		139,228
				1,406,801

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

Transamerica ETF Trust Annual Report 2020

Page    45

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Italy - 1.9%
A2A SpA		15,669		$   25,010
Amplifon SpA (B)		838		34,902
Assicurazioni Generali SpA		12,297		214,556
Atlantia SpA (B)		5,039		90,725
Banca Mediolanum SpA		2,447		21,258
Davide Campari-Milano NV		4,183		47,803
DiaSorin SpA		196		40,793
Enel SpA		77,288		782,626
Eni SpA		25,446		266,137
Ferrari NV		1,280		295,453
FinecoBank Banca Fineco SpA (B)		6,097		99,964
Hera SpA		7,897		28,794
Infrastrutture Wireless Italiane SpA (D)		3,266		39,681
Intesa Sanpaolo SpA (B)		174,922		409,346
Leonardo SpA (C)		4,048		29,272
Mediobanca Banca di Credito Finanziario SpA		7,366		67,956
Moncler SpA (B)		1,990		122,084
Nexi SpA (B) (D)		3,579		71,554
Pirelli & C SpA (B) (C) (D)		4,401		23,871
Poste Italiane SpA (D)		4,573		46,553
Prada SpA (B)		5,100		33,676
Prysmian SpA		2,682		95,428
Recordati Industria Chimica e Farmaceutica SpA		1,004		55,685
Snam SpA		21,179		119,228
Telecom Italia SpA (C)		115,575		53,369
Telecom Italia SpA		60,294		31,265
Terna Rete Elettrica Nazionale SpA		14,074		107,626
UniCredit SpA (B)		21,260		198,945
UnipolSai Assicurazioni SpA		4,529		12,025
				3,465,585
Japan - 25.0%
ABC-Mart, Inc.		300		16,679
Acom Co., Ltd. (C)		4,600		19,648
Activia Properties, Inc., REIT		7		29,527
Advance Residence Investment Corp., REIT		14		41,968
Advantest Corp.		2,000		149,741
Aeon Co., Ltd.		8,700		285,239
Aeon Mall Co., Ltd.		1,000		16,485
AGC, Inc. (C)		2,300		80,198
Air Water, Inc.		2,300		40,856
Aisin Seiki Co., Ltd.		1,800		53,959
Ajinomoto Co., Inc.		5,500		124,522
Alfresa Holdings Corp.		2,100		38,422
Alps Alpine Co., Ltd.		2,000		26,306
Amada Co., Ltd.		3,600		39,506
ANA Holdings, Inc. (B)		1,600		35,287
Aozora Bank, Ltd. (C)		1,200		22,118
Asahi Group Holdings, Ltd. (C)		4,800		197,309
Asahi Intecc Co., Ltd. (C)		2,300		83,873
Asahi Kasei Corp.		13,900		141,969
Asics Corp. (C)		1,900		36,438
Astellas Pharma, Inc.		18,600		287,165
Azbil Corp.		1,300		71,016
Bandai Namco Holdings, Inc.		2,200		190,200
Bank of Kyoto, Ltd.		800		41,610
Benefit One, Inc.		800		23,633
Benesse Holdings, Inc.		800		15,598
Bridgestone Corp. (C)		6,100		199,936

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Brother Industries, Ltd.		2,600		$   53,539
Calbee, Inc.		1,200		36,147
Canon Marketing Japan, Inc. (C)		500		11,400
Canon, Inc. (C)		10,700		204,994
Capcom Co., Ltd.		800		51,915
Casio Computer Co., Ltd.		2,300		42,015
Central Japan Railway Co.		2,100		296,760
Chiba Bank, Ltd.		7,400		40,711
Chubu Electric Power Co., Inc.		7,200		86,683
Chugai Pharmaceutical Co., Ltd. (C)		6,400		341,123
Chugoku Electric Power Co., Inc. (C)		3,300		38,643
Coca-Cola Bottlers Japan Holdings, Inc. (C)		1,500		23,376
COMSYS Holdings Corp.		1,300		40,355
Concordia Financial Group, Ltd.		12,100		42,543
Cosmos Pharmaceutical Corp.		200		32,311
Credit Saison Co., Ltd.		1,600		18,380
CyberAgent, Inc.		1,000		68,865
Dai Nippon Printing Co., Ltd.		2,800		50,308
Dai-ichi Life Holdings, Inc.		11,400		171,367
Daicel Corp.		2,800		20,421
Daifuku Co., Ltd.		1,300		160,666
Daiichi Sankyo Co., Ltd.		18,300		626,573
Daikin Industries, Ltd.		2,900		643,789
Daito Trust Construction Co., Ltd.		700		65,359
Daiwa House Industry Co., Ltd.		6,700		198,836
Daiwa House Investment Corp., REIT		20		49,436
Daiwa Office Investment Corp., REIT		3		19,061
Daiwa Securities Group, Inc.		15,100		68,739
DeNA Co., Ltd.		800		14,250
Denso Corp.		5,200		308,943
Dentsu Group, Inc. (C)		2,400		71,248
DIC Corp.		800		20,177
Disco Corp.		300		100,973
Dowa Holdings Co., Ltd.		600		21,706
East Japan Railway Co.		3,800		253,407
Ebara Corp.		900		29,377
Eisai Co., Ltd.		3,000		214,209
Electric Power Development Co., Ltd., Class C		1,700		23,398
ENEOS Holdings, Inc.		32,300		115,879
Ezaki Glico Co., Ltd.		600		26,355
Fancl Corp.		800		31,885
FANUC Corp.		1,900		466,696
Fast Retailing Co., Ltd.		600		537,382
FP Corp.		500		20,994
Fuji Electric Co., Ltd.		1,500		53,974
Fuji Media Holdings, Inc.		500		5,327
FUJIFILM Holdings Corp.		4,000		210,683
Fujitsu, Ltd.		1,900		274,294
Fukuoka Financial Group, Inc.		1,900		33,732
GLP J-REIT		43		67,720
GMO internet, Inc.		700		20,076
GMO Payment Gateway, Inc.		400		53,620
Goldwin, Inc.		400		26,384
GungHo Online Entertainment, Inc. (B) (C)		500		11,177
Hachijuni Bank, Ltd.		5,100		16,943
Hakuhodo DY Holdings, Inc.		3,000		41,116
Hamamatsu Photonics KK		1,500		85,718
Hankyu Hanshin Holdings, Inc.		2,500		83,055

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

Transamerica ETF Trust Annual Report 2020

Page    46

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Harmonic Drive Systems, Inc. (C)		400		$   35,721
Haseko Corp.		2,500		28,645
Hikari Tsushin, Inc.		200		46,840
Hino Motors, Ltd.		2,900		24,690
Hirose Electric Co., Ltd.		300		45,474
Hisamitsu Pharmaceutical Co., Inc.		900		53,436
Hitachi Capital Corp.		500		12,064
Hitachi Construction Machinery Co., Ltd.		1,100		31,217
Hitachi Metals, Ltd. (C)		2,000		30,336
Hitachi Transport System, Ltd.		500		14,868
Hitachi, Ltd.		9,700		381,912
Honda Motor Co., Ltd.		17,200		479,374
Hoshizaki Corp. (C)		600		55,034
House Foods Group, Inc.		800		30,374
Hoya Corp.		3,800		525,217
Hulic Co., Ltd. (C)		5,000		54,869
Ibiden Co., Ltd.		1,300		60,628
Idemitsu Kosan Co., Ltd. (C)		2,500		54,966
IHI Corp.		1,500		29,740
Iida Group Holdings Co., Ltd.		1,900		38,351
Industrial & Infrastructure Fund Investment Corp., REIT		21		38,748
Inpex Corp. (C)		10,800		58,161
Isetan Mitsukoshi Holdings, Ltd.		4,000		23,633
Isuzu Motors, Ltd.		6,200		58,850
Ito En, Ltd.		600		37,949
ITOCHU Corp.		14,100		404,789
Itochu Techno-Solutions Corp.		1,000		35,692
Izumi Co., Ltd.		500		18,088
Japan Airlines Co., Ltd. (B)		1,400		27,052
Japan Airport Terminal Co., Ltd. (C)		700		42,375
Japan Exchange Group, Inc.		5,400		137,975
Japan Post Bank Co., Ltd.		4,100		33,636
Japan Post Holdings Co., Ltd.		14,900		115,858
Japan Post Insurance Co., Ltd.		2,000		40,912
Japan Prime Realty Investment Corp., REIT (C)		10		33,125
Japan Real Estate Investment Corp., REIT		14		80,817
Japan Retail Fund Investment Corp., REIT		26		47,243
Japan Tobacco, Inc. (C)		11,000		223,953
JCR Pharmaceuticals Co., Ltd.		700		16,523
JFE Holdings, Inc. (B)		5,800		55,503
JGC Holdings Corp.		2,600		24,276
JSR Corp.		2,100		58,457
JTEKT Corp.		2,500		19,396
Justsystems Corp. (C)		300		20,834
K’s Holdings Corp.		2,000		27,817
Kagome Co., Ltd. (C)		900		31,730
Kajima Corp.		5,000		66,928
Kakaku.com, Inc.		1,300		35,634
Kaken Pharmaceutical Co., Ltd.		400		15,439
Kamigumi Co., Ltd.		1,100		20,062
Kansai Electric Power Co., Inc.		8,300		78,277
Kansai Paint Co., Ltd.		2,600		79,955
Kao Corp.		4,800		370,536
Kawasaki Heavy Industries, Ltd. (B)		1,700		38,266
KDDI Corp.		16,400		487,020
Keihan Holdings Co., Ltd.		1,100		52,685
Keikyu Corp. (C)		2,800		47,975

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Keio Corp.		1,200		$   92,983
Keisei Electric Railway Co., Ltd.		1,700		57,465
Kenedix Office Investment Corp., REIT		4		27,120
Kewpie Corp.		1,200		26,384
Keyence Corp.		1,900		1,067,364
Kikkoman Corp.		1,900		131,948
Kinden Corp.		1,400		22,767
Kintetsu Group Holdings Co., Ltd.		1,900		83,181
Kirin Holdings Co., Ltd. (C)		8,700		205,102
Kobayashi Pharmaceutical Co., Ltd. (C)		500		61,068
Kobe Bussan Co., Ltd.		1,200		36,961
Koei Tecmo Holdings Co., Ltd.		500		30,510
Koito Manufacturing Co., Ltd.		1,300		88,392
Komatsu, Ltd.		9,700		264,708
Konami Holdings Corp.		1,000		56,177
Kose Corp.		300		51,140
Kubota Corp. (C)		11,500		250,729
Kuraray Co., Ltd. (C)		3,500		37,188
Kurita Water Industries, Ltd.		1,100		42,031
Kyocera Corp.		3,500		214,451
Kyowa Exeo Corp.		1,100		31,004
Kyowa Kirin Co., Ltd.		2,500		68,139
Kyushu Electric Power Co., Inc.		4,700		40,424
Kyushu Railway Co.		1,600		34,481
Lasertec Corp.		800		93,835
Lawson, Inc.		500		23,270
Lion Corp. (C)		3,000		72,585
Lixil Corp.		2,900		62,750
M3, Inc.		4,300		405,781
Mabuchi Motor Co., Ltd.		600		26,122
Makita Corp.		2,800		140,210
Marubeni Corp.		16,500		109,648
Marui Group Co., Ltd.		2,200		38,611
Maruichi Steel Tube, Ltd.		800		17,698
Matsumotokiyoshi Holdings Co., Ltd.		1,000		42,617
Mazda Motor Corp.		6,000		40,215
McDonald’s Holdings Co. Japan, Ltd. (C)		700		33,900
Mebuki Financial Group, Inc.		11,800		23,201
Medipal Holdings Corp.		2,100		39,419
MEIJI Holdings Co., Ltd.		1,500		105,477
Mercari, Inc. (B)		1,000		44,312
Minebea Mitsumi, Inc.		4,300		85,296
MISUMI Group, Inc.		2,800		91,801
Mitsubishi Chemical Holdings Corp.		14,200		85,851
Mitsubishi Corp.		14,100		347,020
Mitsubishi Electric Corp.		21,500		324,234
Mitsubishi Estate Co., Ltd.		13,900		223,084
Mitsubishi Gas Chemical Co., Inc.		2,100		48,185
Mitsubishi Heavy Industries, Ltd.		3,400		103,931
Mitsubishi Logistics Corp.		800		23,943
Mitsubishi Materials Corp.		1,300		27,323
Mitsubishi Motors Corp. (B)		6,900		14,502
Mitsubishi UFJ Financial Group, Inc.		129,100		570,318
Mitsubishi UFJ Lease & Finance Co., Ltd.		5,400		25,890
Mitsui & Co., Ltd.		16,300		298,308
Mitsui Chemicals, Inc.		2,000		58,598
Mitsui Fudosan Co., Ltd.		9,700		202,794
Mitsui O.S.K. Lines, Ltd.		1,200		36,612

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

Transamerica ETF Trust Annual Report 2020

Page    47

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Miura Co., Ltd.		1,100		$   61,369
Mizuho Financial Group, Inc.		25,400		321,667
MonotaRO Co., Ltd.		1,200		61,020
Morinaga & Co., Ltd.		500		18,790
MS&AD Insurance Group Holdings, Inc.		4,800		146,029
Murata Manufacturing Co., Ltd.		6,400		577,733
Nabtesco Corp. (C)		1,300		56,913
Nagoya Railroad Co., Ltd.		2,000		52,729
Nankai Electric Railway Co., Ltd.		1,100		27,893
NEC Corp.		2,700		144,879
NET One Systems Co., Ltd.		900		31,730
Nexon Co., Ltd.		4,500		138,602
NGK Insulators, Ltd.		2,700		41,633
NGK Spark Plug Co., Ltd.		1,700		29,029
NH Foods, Ltd.		1,000		43,973
Nichirei Corp.		1,300		36,502
Nidec Corp.		5,500		691,462
Nifco, Inc.		900		35,261
Nihon M&A Center, Inc.		1,500		100,247
Nihon Unisys, Ltd.		800		31,304
Nikon Corp. (C)		3,500		22,069
Nintendo Co., Ltd.		1,200		765,131
Nippo Corp.		500		13,681
Nippon Building Fund, Inc., REIT		17		98,465
Nippon Express Co., Ltd.		900		60,410
Nippon Paint Holdings Co., Ltd. (C)		2,000		219,478
Nippon Prologis, Inc., REIT		25		77,970
Nippon Sanso Holdings Corp.		2,100		38,971
Nippon Shinyaku Co., Ltd.		600		39,343
Nippon Shokubai Co., Ltd.		400		22,393
Nippon Steel Corp. (B)		9,500		122,195
Nippon Telegraph & Telephone Corp.		12,900		330,543
Nippon Television Holdings, Inc.		500		5,443
Nippon Yusen KK		1,700		39,551
Nissan Chemical Corp.		1,500		93,854
Nissan Motor Co., Ltd. (B)		24,100		130,718
Nisshin Seifun Group, Inc.		2,600		41,325
Nissin Foods Holdings Co., Ltd.		800		68,497
Nitori Holdings Co., Ltd.		900		188,464
Nitto Denko Corp.		1,600		143,038
NOF Corp.		800		40,525
NOK Corp.		1,200		12,890
Nomura Holdings, Inc.		30,400		160,473
Nomura Real Estate Holdings, Inc.		1,200		26,535
Nomura Real Estate Master Fund, Inc., REIT		47		67,192
Nomura Research Institute, Ltd.		3,900		139,576
NS Solutions Corp.		300		8,833
NSK, Ltd.		4,900		42,524
NTT Data Corp.		6,500		88,832
Obayashi Corp.		7,200		62,066
OBIC Business Consultants Co., Ltd.		200		13,812
OBIC Co., Ltd.		700		140,549
Odakyu Electric Railway Co., Ltd.		3,500		109,836
Oji Holdings Corp.		10,100		57,424
Olympus Corp.		12,900		281,940
Omron Corp.		2,100		187,128
Ono Pharmaceutical Co., Ltd.		5,000		150,516
Open House Co., Ltd.		800		29,367

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Oracle Corp.		300		$   39,082
Oriental Land Co., Ltd.		2,300		379,602
ORIX Corp.		13,100		201,046
ORIX, Inc., REIT		28		46,240
Osaka Gas Co., Ltd.		4,200		85,916
Otsuka Corp. (C)		1,100		58,066
Otsuka Holdings Co., Ltd. (C)		5,600		239,632
PALTAC Corp.		300		16,301
Pan Pacific International Holdings Corp.		6,000		138,777
Panasonic Corp.		23,300		268,668
Park24 Co., Ltd. (B)		1,100		19,082
PeptiDream, Inc. (B)		1,000		50,753
Persol Holdings Co., Ltd.		1,900		34,248
Pigeon Corp. (C)		1,200		49,455
Pola Orbis Holdings, Inc. (C)		800		16,225
Rakuten, Inc. (B) (C)		8,200		78,946
Recruit Holdings Co., Ltd.		17,000		711,482
Relo Group, Inc.		1,200		29,034
Renesas Electronics Corp. (B)		10,000		104,509
Resona Holdings, Inc.		21,900		76,447
Ricoh Co., Ltd.		6,900		45,245
Rinnai Corp.		400		46,414
Rohm Co., Ltd.		900		87,084
Rohto Pharmaceutical Co., Ltd.		1,100		32,549
Ryohin Keikaku Co., Ltd.		2,600		53,010
Sankyu, Inc.		600		22,635
Santen Pharmaceutical Co., Ltd.		4,000		64,894
SBI Holdings, Inc.		2,400		56,882
Screen Holdings Co., Ltd.		500		36,806
SCSK Corp.		500		28,573
Secom Co., Ltd.		2,100		193,575
Sega Sammy Holdings, Inc.		1,800		28,366
Seibu Holdings, Inc.		2,700		26,439
Seiko Epson Corp.		3,300		48,935
Seino Holdings Co., Ltd.		1,700		23,958
Sekisui Chemical Co., Ltd.		4,500		85,166
Sekisui House, Inc., REIT		43		31,236
Sekisui House, Ltd.		6,500		132,210
Seria Co., Ltd.		500		18,354
Seven & i Holdings Co., Ltd.		8,000		283,520
Seven Bank, Ltd.		7,300		15,414
SG Holdings Co., Ltd.		5,100		138,905
Sharp Corp. (C)		2,100		31,812
Shimadzu Corp.		2,800		108,751
Shimamura Co., Ltd.		300		31,498
Shimano, Inc.		900		209,952
Shimizu Corp.		7,000		50,850
Shin-Etsu Chemical Co., Ltd.		4,000		698,920
Shinsei Bank, Ltd.		1,600		19,697
Shionogi & Co., Ltd.		2,800		152,821
Shiseido Co., Ltd.		4,000		276,469
Shizuoka Bank, Ltd.		5,700		41,738
Showa Denko KK (C)		1,500		31,919
Skylark Holdings Co., Ltd. (B) (C)		2,000		30,936
SMC Corp.		600		365,829
SoftBank Corp.		15,800		197,873
SoftBank Group Corp.		16,500		1,287,782
Sohgo Security Services Co., Ltd.		900		46,637

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

Transamerica ETF Trust Annual Report 2020

Page    48

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Sojitz Corp.		11,000		$   24,505
Sompo Holdings, Inc.		3,700		149,548
Sony Corp.		12,600		1,255,179
Sotetsu Holdings, Inc.		900		21,566
Square Enix Holdings Co., Ltd.		900		54,569
Stanley Electric Co., Ltd.		1,500		48,307
Subaru Corp.		6,200		123,856
Sugi Holdings Co., Ltd.		400		26,733
Sumco Corp.		2,500		54,797
Sumitomo Chemical Co., Ltd.		16,600		66,725
Sumitomo Corp.		11,900		157,387
Sumitomo Dainippon Pharma Co., Ltd.		1,900		28,028
Sumitomo Electric Industries, Ltd.		7,900		104,561
Sumitomo Heavy Industries, Ltd.		1,200		29,592
Sumitomo Metal Mining Co., Ltd.		2,700		119,747
Sumitomo Mitsui Financial Group, Inc. (C)		13,700		423,029
Sumitomo Mitsui Trust Holdings, Inc.		3,800		116,932
Sumitomo Realty & Development Co., Ltd.		4,800		147,889
Sumitomo Rubber Industries, Ltd. (C)		1,900		16,323
Sundrug Co., Ltd.		700		27,934
Suntory Beverage & Food, Ltd. (C)		1,300		45,959
Suzuken Co., Ltd.		800		28,902
Suzuki Motor Corp.		4,900		226,953
Sysmex Corp.		1,700		204,175
T&D Holdings, Inc.		6,000		70,725
Taiheiyo Cement Corp.		1,300		32,473
Taisei Corp.		2,100		72,309
Taisho Pharmaceutical Holdings Co., Ltd.		600		40,389
Taiyo Yuden Co., Ltd.		1,300		60,879
Takara Bio, Inc.		500		13,405
Takeda Pharmaceutical Co., Ltd.		15,800		574,643
TBS Holdings, Inc.		300		5,265
TDK Corp.		1,300		195,671
Teijin, Ltd.		2,000		37,581
Terumo Corp.		7,200		300,706
THK Co., Ltd.		1,200		38,704
TIS, Inc.		2,300		47,094
Tobu Railway Co., Ltd.		2,100		62,545
Toho Co., Ltd.		1,400		58,986
Toho Gas Co., Ltd.		1,000		66,153
Tohoku Electric Power Co., Inc.		5,000		41,164
Tokai Carbon Co., Ltd. (C)		2,100		26,239
Tokio Marine Holdings, Inc.		7,000		359,882
Tokyo Century Corp.		500		39,615
Tokyo Electric Power Co. Holdings, Inc. (B)		8,000		21,076
Tokyo Electron, Ltd.		1,600		595,089
Tokyo Gas Co., Ltd.		3,900		90,054
Tokyo Tatemono Co., Ltd. (C)		2,100		28,781
Tokyu Corp.		5,700		70,722
Tokyu Fudosan Holdings Corp.		6,000		31,963
Toppan Printing Co., Ltd.		3,500		49,324
Toray Industries, Inc.		16,300		96,447
Toshiba Corp.		4,200		117,362
Tosoh Corp.		3,300		51,396
TOTO, Ltd.		1,600		96,082
Toyo Seikan Group Holdings, Ltd.		1,600		17,465
Toyo Suisan Kaisha, Ltd.		1,000		48,622
Toyoda Gosei Co., Ltd.		700		20,306

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Toyota Boshoku Corp.		900		$   14,601
Toyota Industries Corp.		2,100		166,584
Toyota Motor Corp.		25,500		1,965,262
Toyota Tsusho Corp.		2,400		96,818
Trend Micro, Inc. (B) (C)		1,400		80,546
Tsumura & Co.		700		21,018
Tsuruha Holdings, Inc.		400		56,874
Ube Industries, Ltd.		1,000		18,132
Unicharm Corp.		4,400		208,483
United Urban Investment Corp., REIT		31		38,313
USS Co., Ltd.		2,200		44,450
Welcia Holdings Co., Ltd.		1,000		37,726
West Japan Railway Co.		1,900		99,357
Workman Co., Ltd.		200		17,047
Yakult Honsha Co., Ltd.		1,600		80,585
Yamada Holdings Co., Ltd.		7,800		41,401
Yamaha Corp.		1,600		94,068
Yamaha Motor Co., Ltd.		3,200		65,212
Yamato Holdings Co., Ltd.		3,600		91,739
Yamazaki Baking Co., Ltd. (C)		1,800		30,057
Yaskawa Electric Corp.		2,700		134,157
Yokogawa Electric Corp.		2,400		47,747
Yokohama Rubber Co., Ltd. (C)		1,300		19,315
Z Holdings Corp.		26,500		160,265
Zenkoku Hosho Co., Ltd.		500		22,882
Zensho Holdings Co., Ltd.		900		23,440
Zeon Corp.		2,000		28,650
ZOZO, Inc.		1,000		24,689
				46,232,422
Jordan - 0.0% (A)
Hikma Pharmaceuticals PLC		1,606		55,278
Luxembourg - 0.3%
ArcelorMittal SA (B)		6,950		160,549
Ardagh Group SA		187		3,218
Aroundtown SA		11,992		89,798
Eurofins Scientific SE (B)		1,221		102,530
Millicom International Cellular SA, SDR (B)		1,012		39,901
RTL Group SA (B)		371		18,039
SES SA		3,836		36,215
Shurgard Self Storage SA		249		10,816
Tenaris SA		4,723		38,279
				499,345
Macau - 0.1%
Sands China, Ltd.		24,400		107,149
Wynn Macau, Ltd. (B) (C)		14,400		24,180
				131,329
Mexico - 0.0% (A)
Fresnillo PLC		1,843		28,455
Netherlands - 4.0%
Adyen NV (B) (D)		303		706,251
Akzo Nobel NV		1,930		207,477
ASML Holding NV		4,258		2,071,186
EXOR NV		1,133		91,800
Heineken Holding NV		1,008		95,029
Heineken NV (C)		2,362		263,628
ING Groep NV (B)		39,017		364,775
JDE Peet’s NV (B)		700		31,647

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

Transamerica ETF Trust Annual Report 2020

Page    49

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Netherlands (continued)
Koninklijke Ahold Delhaize NV		11,010		$   311,321
Koninklijke DSM NV		1,815		312,681
Koninklijke KPN NV		35,313		107,456
Koninklijke Philips NV (B)		9,113		488,156
NN Group NV		3,304		143,634
Prosus NV (B)		4,225		456,777
QIAGEN NV (B)		2,309		119,929
Royal Dutch Shell PLC, A Shares		41,024		727,777
Royal Dutch Shell PLC, B Shares		37,072		638,208
Wolters Kluwer NV		2,676		226,118
				7,363,850
New Zealand - 0.4%
a2 Milk Co., Ltd. (B) (C)		7,428		64,552
Auckland International Airport, Ltd. (B)		12,078		65,917
Chorus, Ltd.		4,471		25,463
Contact Energy, Ltd.		7,188		46,112
Fisher & Paykel Healthcare Corp., Ltd.		5,764		136,828
Fletcher Building, Ltd. (B)		8,245		35,025
Genesis Energy, Ltd.		5,115		13,350
Goodman Property Trust, REIT		10,994		18,444
Infratil, Ltd.		7,231		38,006
Mercury NZ, Ltd.		6,268		29,470
Meridian Energy, Ltd.		12,560		67,101
Precinct Properties New Zealand, Ltd.		10,776		13,655
Ryman Healthcare, Ltd.		4,151		45,399
Spark New Zealand, Ltd.		18,524		62,685
Trustpower, Ltd.		689		3,919
Xero, Ltd. (B)		1,172		132,780
				798,706
Norway - 0.8%
Adevinta ASA, B Shares (B)		2,329		39,171
Aker ASA, A Shares		238		15,567
Aker BP ASA		1,081		27,297
Austevoll Seafood ASA		892		9,137
DnB ASA (B)		8,839		173,436
Elkem ASA (D)		2,442		8,094
Entra ASA (C) (D)		1,676		38,015
Equinor ASA		10,753		182,043
Gjensidige Forsikring ASA		1,901		42,496
Kahoot! AS (B)		2,523		28,053
Kongsberg Gruppen ASA		900		18,521
Leroy Seafood Group ASA		2,801		19,812
Mowi ASA		4,500		100,386
NEL ASA (B)		7,850		26,552
Nordic Semiconductor ASA (B)		1,736		27,981
Norsk Hydro ASA		13,659		63,589
Norwegian Finans Holding ASA (B)		1,681		14,362
Orkla ASA		8,114		82,448
Salmar ASA		544		31,997
Scatec ASA (D)		1,121		44,699
Schibsted ASA, B Shares (B)		1,007		37,613
Schibsted ASA, Class A (B)		799		34,183
SpareBank 1 SR-Bank ASA (B)		1,842		19,578
Storebrand ASA (B)		4,679		35,084
Telenor ASA		6,439		109,724
TGS NOPEC Geophysical Co. ASA		1,173		18,180
Tomra Systems ASA		1,170		57,749

	Shares		Value
COMMON STOCKS (continued)
Norway (continued)
Veidekke ASA		1,093		$   14,144
Yara International ASA		1,717		71,392
				1,391,303
Poland - 0.0% (A)
Allegro.eu SA (B) (D)		2,149		48,851
Portugal - 0.2%
EDP - Energias de Portugal SA		27,767		175,171
Galp Energia SGPS SA		4,551		48,746
Jeronimo Martins SGPS SA		2,455		41,513
Navigator Co. SA		2,225		6,800
NOS SGPS SA		2,473		8,648
				280,878
Singapore - 1.4%
Ascendas, REIT		31,700		71,476
BOC Aviation, Ltd. (D)		2,100		18,146
CapitaLand Integrated Commercial Trust, REIT		45,300		74,035
CapitaLand, Ltd.		24,900		61,795
City Developments, Ltd.		4,600		27,740
ComfortDelGro Corp., Ltd.		20,100		25,398
DBS Group Holdings, Ltd.		17,900		339,134
Genting Singapore, Ltd.		56,700		36,466
Jardine Cycle & Carriage, Ltd.		1,000		14,792
Keppel Corp., Ltd.		14,300		58,211
Keppel, REIT		17,000		14,406
Mapletree Commercial Trust, REIT		21,800		35,133
Mapletree Industrial Trust, REIT		16,700		36,517
Mapletree Logistics Trust, REIT		28,100		42,735
Olam International, Ltd.		7,000		8,104
Oversea-Chinese Banking Corp., Ltd.		40,300		306,751
SATS, Ltd. (B) (C)		6,700		20,176
Sea, Ltd., ADR (B) (C)		3,570		710,608
Sembcorp Industries, Ltd.		8,900		11,515
Singapore Airlines, Ltd. (B)		13,000		42,099
Singapore Exchange, Ltd.		8,200		57,577
Singapore Technologies Engineering, Ltd.		15,000		43,355
Singapore Telecommunications, Ltd.		68,600		119,900
Suntec, REIT		21,500		24,239
United Overseas Bank, Ltd.		15,300		261,512
UOL Group, Ltd.		4,700		27,418
Venture Corp., Ltd.		2,700		39,673
Wilmar International, Ltd.		28,500		100,272
				2,629,183
Spain - 2.1%
ACS Actividades de Construccion y Servicios SA		2,704		89,825
Aena SME SA (B) (D)		735		127,882
Amadeus IT Group SA		4,506		328,373
Banco Bilbao Vizcaya Argentaria SA		66,697		329,285
Banco Santander SA (B)		166,226		516,193
CaixaBank SA		35,898		92,282
Cellnex Telecom SA (D)		3,895		234,093
EDP Renovaveis SA		1,483		41,371
Endesa SA (C)		3,177		86,879
Ferrovial SA (C)		5,029		139,063
Grifols SA (C)		2,941		85,931
Grifols SA, ADR		2,615		48,221
Iberdrola SA		57,801		827,452
Industria de Diseno Textil SA		11,223		357,579

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

Transamerica ETF Trust Annual Report 2020

Page    50

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
Spain (continued)
Naturgy Energy Group SA		3,395		$   78,759
Red Electrica Corp. SA		4,330		88,874
Repsol SA (C)		14,967		151,081
Siemens Gamesa Renewable Energy SA (C)		2,248		91,015
Telefonica SA		50,634		201,038
				3,915,196
Sweden - 3.4%
AAK AB		1,756		35,494
AddTech AB, B Shares		2,600		34,508
Akelius Residential Property AB, D Shares		2,201		4,163
Alfa Laval AB (B)		2,979		82,087
Assa Abloy AB, B Shares		9,920		244,601
Atlas Copco AB, A Shares		6,465		331,494
Atlas Copco AB, B Shares		3,903		175,034
Axfood AB		1,050		24,522
Beijer Ref AB		799		36,620
Boliden AB		2,736		97,080
Castellum AB		2,405		61,117
Electrolux AB, Series B		2,527		58,878
Elekta AB, B Shares		3,687		49,586
Embracer Group AB (B)		1,852		44,335
Epiroc AB, Class A		6,262		114,107
Epiroc AB, Class B		3,901		66,026
EQT AB (C)		2,097		53,724
Essity AB, Class B		6,087		196,043
Evolution Gaming Group AB (D)		1,607		163,350
Fabege AB		2,713		42,731
Fastighets AB Balder, B Shares (B)		979		51,128
Getinge AB, B Shares		2,186		51,133
Hennes & Mauritz AB, B Shares (B)		7,598		159,129
Hexagon AB, B Shares		2,815		257,007
Holmen AB, B Shares		927		44,428
Hufvudstaden AB, A Shares		1,178		19,536
Husqvarna AB, B Shares		4,135		53,622
ICA Gruppen AB		926		46,331
Industrivarden AB, A Shares (B)		1,603		53,521
Industrivarden AB, C Shares (B)		1,681		54,344
Indutrade AB (B)		2,629		56,405
Intrum AB (C)		645		17,027
Investment AB Latour, B Shares		1,244		30,250
Investor AB, A Shares		1,309		95,236
Investor AB, B Shares		4,556		332,413
Kinnevik AB, Class B		2,420		122,436
L E Lundbergforetagen AB, B Shares (B)		639		34,282
Lifco AB, B Shares		424		40,735
Lundin Energy AB		1,916		51,863
Nibe Industrier AB, B Shares		3,565		117,075
Saab AB, B Shares (B) (C)		814		23,738
Sagax AB, D Shares		1,195		4,664
Samhallsbyggnadsbolaget i Norden AB (C)		8,044		28,072
Sandvik AB (B)		10,916		267,565
Securitas AB, B Shares		3,202		51,758
Sinch AB (B) (D)		371		60,534
Skandinaviska Enskilda Banken AB, C Shares (B)		143		1,527
Skandinaviska Enskilda Banken AB, Class A (B)		16,063		165,274
Skanska AB, B Shares		4,003		102,213
SKF AB, B Shares		3,774		98,066
Spotify Technology SA (B)		1,160		365,006

	Shares		Value
COMMON STOCKS (continued)
Sweden (continued)
SSAB AB, A Shares (B)		2,373		$   8,466
SSAB AB, B Shares (B)		6,242		19,898
Svenska Cellulosa AB SCA, Class B (B)		5,997		104,641
Svenska Handelsbanken AB, A Shares (B)		15,368		154,568
Svenska Handelsbanken AB, B Shares (B) (C)		353		3,963
Sweco AB, B Shares		1,592		29,271
Swedbank AB, A Shares (B)		9,285		162,940
Swedish Match AB		1,622		125,967
Swedish Orphan Biovitrum AB (B)		1,945		39,338
Tele2 AB, B Shares		5,010		66,251
Telefonaktiebolaget LM Ericsson, B Shares		26,737		317,879
Telia Co. AB		24,544		101,493
Trelleborg AB, B Shares (B)		2,426		53,911
Volvo AB, B Shares (B)		15,828		373,510
Wallenstam AB, B Shares		2,069		32,902
				6,366,816
Switzerland - 8.1%
ABB, Ltd.		19,085		533,503
Alcon, Inc. (B)		4,918		327,366
Chocoladefabriken Lindt & Spruengli AG		11		197,636
Cie Financiere Richemont SA		5,221		472,988
Credit Suisse Group AG		23,260		299,976
Geberit AG		371		232,602
Givaudan SA		79		333,356
Glencore PLC (B)		109,426		348,521
Kuehne & Nagel International AG		504		114,490
LafargeHolcim, Ltd. (B)		5,114		281,286
Lonza Group AG		745		479,389
Nestle SA		28,818		3,399,021
Novartis AG		24,677		2,335,235
Partners Group Holding AG		187		220,012
Roche Holding AG		7,300		2,552,149
Schindler Holding AG		602		162,450
SGS SA		51		154,047
Siemens Energy AG (B)		3,998		146,753
Sika AG		1,418		387,887
STMicroelectronics NV		6,562		245,284
Swatch Group AG		874		109,902
Swiss Re AG		2,826		266,439
Swisscom AG		254		137,093
UBS Group AG		38,318		540,557
Zurich Insurance Group AG		1,505		635,916
				14,913,858
United Kingdom - 11.2%
3i Group PLC		9,734		154,082
Admiral Group PLC		2,582		102,566
Anglo American PLC		13,635		451,887
Ashtead Group PLC		4,543		213,502
Associated British Foods PLC (B)		3,564		110,298
AstraZeneca PLC		13,127		1,314,214
Auto Trader Group PLC (D)		9,693		78,969
AVEVA Group PLC		1,147		50,204
Aviva PLC		39,288		174,648
B&M European Value Retail SA		8,502		59,992
BAE Systems PLC		32,256		215,523
Barclays PLC (B)		163,188		327,199
Barratt Developments PLC (B)		10,186		93,289

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

Transamerica ETF Trust Annual Report 2020

Page    51

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Berkeley Group Holdings PLC		1,251		$   81,091
BP PLC		201,363		701,345
British American Tobacco PLC		22,852		845,912
British Land Co. PLC, REIT		9,382		62,713
BT Group PLC		87,743		158,621
Bunzl PLC		3,371		112,573
Burberry Group PLC (B)		4,049		99,045
Clarivate PLC (B)		2,606		77,424
CNH Industrial NV (B)		9,963		125,864
Coca-Cola European Partners PLC		1,999		99,610
Compass Group PLC		17,859		332,740
ConvaTec Group PLC (D)		16,039		43,674
Croda International PLC		1,426		128,574
Diageo PLC		23,320		917,427
Direct Line Insurance Group PLC		13,649		59,517
DS Smith PLC (B)		13,731		70,311
Farfetch, Ltd., Class A (B)		2,020		128,896
Ferguson PLC		2,322		281,983
Fiat Chrysler Automobiles NV (B)		11,005		197,399
GlaxoSmithKline PLC		50,095		918,966
Halma PLC		3,797		127,111
Hargreaves Lansdown PLC		2,752		57,368
HSBC Holdings PLC (B)		206,985		1,071,911
Imperial Brands PLC		9,497		199,337
Informa PLC (B)		15,025		112,756
InterContinental Hotels Group PLC (B)		1,878		120,398
Intertek Group PLC		1,614		124,609
J Sainsbury PLC		17,352		53,487
JD Sports Fashion PLC (B)		4,381		51,502
Johnson Matthey PLC		1,990		65,966
Kingfisher PLC (B)		21,107		78,016
Land Securities Group PLC, REIT		7,515		69,217
Legal & General Group PLC		59,684		217,179
Lloyds Banking Group PLC (B)		708,346		352,839
London Stock Exchange Group PLC		3,164		389,598
M&G PLC		26,006		70,369
Melrose Industries PLC (B)		48,596		118,276
Mondi PLC		4,857		114,162
National Grid PLC		37,872		447,803
Natwest Group PLC (B)		46,096		105,638
Next PLC (B)		1,330		128,826
NMC Health PLC (B) (E) (F) (G) (H)		1,067		0
Ocado Group PLC (B)		6,062		189,511
Pearson PLC (C)		7,532		70,053
Persimmon PLC		3,190		120,657
Phoenix Group Holdings PLC		8,194		78,473
Prudential PLC		26,097		480,519
Reckitt Benckiser Group PLC		7,367		658,800
RELX PLC		19,826		485,788
Rentokil Initial PLC (B)		18,548		129,205
Rightmove PLC (B)		8,866		78,873
Rio Tinto PLC		10,802		807,688
Rio Tinto, Ltd.		3,713		326,139
Rolls-Royce Holdings PLC (B) (C)		83,699		127,284
RSA Insurance Group PLC		10,349		95,829
Sage Group PLC		11,211		89,191
Schroders PLC		1,243		56,700
Segro PLC, REIT		11,919		154,389

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Severn Trent PLC		2,423		$   75,814
Smith & Nephew PLC		8,851		182,693
Smiths Group PLC		3,964		81,523
Spirax-Sarco Engineering PLC		738		113,945
SSE PLC		10,485		214,987
St. James’s Place PLC		5,373		83,251
Standard Chartered PLC (B)		26,519		168,889
Standard Life Aberdeen PLC		22,132		85,103
Subsea 7 SA (B)		2,281		23,402
Taylor Wimpey PLC (B)		36,454		82,619
Tesco PLC		97,962		309,866
THG Holdings PLC (B)		3,689		39,333
Unilever PLC		26,290		1,578,357
United Utilities Group PLC		6,821		83,449
Vodafone Group PLC		268,069		443,169
Weir Group PLC (B)		2,597		70,627
Whitbread PLC (B)		2,015		85,386
WM Morrison Supermarkets PLC		24,103		58,432
WPP PLC		12,316		134,683
				20,731,053
United States - 0.1%
Flex, Ltd. (B)		5,013		90,134
Total Common Stocks (Cost $142,454,958)				165,385,481
PREFERRED STOCKS - 0.5%
Germany - 0.5%
Bayerische Motoren Werke AG, 3.96% (I)		569		38,430
Henkel AG & Co. KGaA, 1.90% (I)		1,782		201,248
Porsche Automobil Holding SE, 3.85% (I)		1,532		105,721
Sartorius AG, 0.09% (I)		341		143,360
Volkswagen AG, 3.20% (I)		1,836		342,402
Total Preferred Stocks (Cost $716,697)				831,161
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
	Principal		Value
U.S. GOVERNMENT OBLIGATION - 4.4%
U.S. Treasury - 4.4%
U.S. Treasury Note 0.25%, 12/31/2025		$  8,190,000		8,196,399
Total U.S. Government Obligation (Cost $8,196,737)				8,196,399

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

Transamerica ETF Trust Annual Report 2020

Page    52

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.0% (A)
Money Market Fund - 0.0% (A)
State Street Institutional Treasury Money Market Fund, 0.01% (I)		36,221		$   36,221
Total Short-Term Investment Company (Cost $36,221)				36,221
OTHER INVESTMENT COMPANY - 0.8%
Securities Lending Collateral - 0.8%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 0.08% (I)		1,503,278		1,503,278
Total Other Investment Company (Cost $1,503,278)				1,503,278
Total Investments (Cost $152,907,891)				175,952,540
Net Other Assets (Liabilities) - 4.9%				8,992,424
Net Assets - 100.0%				$  184,944,964

FUTURES CONTRACTS:

Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
MSCI EAFE Index		99		03/19/2021	$	10,542,485	$	10,547,460	$	4,975	$	—

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Pharmaceuticals		7.7	%	$	13,552,055
Banks		7.1			12,553,724
U.S. Government Obligation		4.7			8,196,399
Insurance		4.5			7,938,660
Chemicals		3.4			5,993,981
Food Products		3.3			5,753,637
Machinery		3.2			5,560,376
Automobiles		2.9			5,191,904
Metals & Mining		2.9			5,170,751
Oil, Gas & Consumable Fuels		2.8			4,948,837
Textiles, Apparel & Luxury Goods		2.7			4,752,930
Capital Markets		2.4			4,204,246
Semiconductors & Semiconductor Equipment		2.4			4,175,081
Electric Utilities		2.1			3,666,258
Electronic Equipment, Instruments & Components		2.1			3,656,103
Electrical Equipment		2.0			3,596,807
Health Care Equipment & Supplies		2.0			3,477,074
Personal Products		2.0			3,447,530
Beverages		1.8			3,233,244
IT Services		1.8			3,177,421
Real Estate Management & Development		1.8			3,150,411
Software		1.7			3,072,598
Diversified Telecommunication Services		1.6			2,865,504
Entertainment		1.5			2,646,548
Professional Services		1.5			2,559,255
Wireless Telecommunication Services		1.4			2,521,996

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

Transamerica ETF Trust Annual Report 2020

Page    53

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Food & Staples Retailing		1.4	%	$	2,498,010
Household Durables		1.4			2,447,136
Equity Real Estate Investment Trusts		1.3			2,352,654
Trading Companies & Distributors		1.3			2,277,088
Hotels, Restaurants & Leisure		1.2			2,195,263
Industrial Conglomerates		1.2			2,042,711
Aerospace & Defense		1.1			1,864,579
Building Products		1.1			1,858,338
Road & Rail		1.0			1,710,636
Specialty Retail		0.9			1,625,468
Biotechnology		0.9			1,563,528
Auto Components		0.9			1,550,856
Multi-Utilities		0.9			1,497,227
Household Products		0.8			1,481,837
Internet & Direct Marketing Retail		0.8			1,452,670
Diversified Financial Services		0.8			1,449,428
Construction & Engineering		0.8			1,410,938
Tobacco		0.8			1,395,169
Air Freight & Logistics		0.6			1,070,373
Construction Materials		0.6			992,734
Multiline Retail		0.5			945,165
Life Sciences Tools & Services		0.5			900,323
Health Care Providers & Services		0.5			846,765
Transportation Infrastructure		0.5			831,242
Gas Utilities		0.5			799,334
Commercial Services & Supplies		0.4			735,910
Media		0.4			661,323
Paper & Forest Products		0.4			643,768
Technology Hardware, Storage & Peripherals		0.3			563,396
Communications Equipment		0.3			535,918
Health Care Technology		0.3			529,823
Interactive Media & Services		0.3			528,197
Leisure Products		0.3			522,586
Marine		0.2			397,982
Containers & Packaging		0.2			299,067
Airlines		0.1			262,981
Independent Power & Renewable Electricity Producers		0.1			245,140
Water Utilities		0.1			159,263
Energy Equipment & Services		0.1			108,100
Consumer Finance		0.0	(A)		50,094
Money Market Funds		0.0	(A)		36,221
Distributors		0.0	(A)		31,093
Diversified Consumer Services		0.0	(A)		15,598
Investments		99.1			174,449,262
Short-Term Investments		0.9			1,503,278
Total Investments		100.0	%	$	175,952,540

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

Transamerica ETF Trust Annual Report 2020

Page    54

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2020

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	$	2,746,871	$	162,638,610	$	0	$	165,385,481
Preferred Stocks		—		831,161		—		831,161
Right		—		—		0		0
U.S. Government Obligation		—		8,196,399		—		8,196,399
Short-Term Investment Company		36,221		—		—		36,221
Other Investment Company		1,503,278		—		—		1,503,278
Total Investments	$	4,286,370	$	171,666,170	$	0	$	175,952,540
Other Financial Instruments
Futures Contracts (L)	$	4,975	$	—	$	—	$	4,975
Total Other Financial Instruments	$	4,975	$	—	$	—	$	4,975
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)	Percentage rounds to less than 0.1% or (0.1)%.
(B)	Non-income producing securities.
(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $6,025,935, collateralized by cash collateral of $1,503,278 and non-cash collateral, such as U.S. government securities and irrevocable letters of credit, of $4,813,613. 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)	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 December 31, 2020, the total value of 144A securities is $3,135,105, representing 1.7% of the Fund’s net assets.
(E)	Securities deemed worthless.
(F)	Fair valued as determined in good faith in accordance with procedures established by the Board. At December 31, 2020, the total value of securities is $0, representing 0.00% of the Fund’s net assets.
(G)	Securities are Level 3 of the fair value hierarchy.
(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 December 31, 2020.
(J)	The Fund recognizes transfers in and out of Level 3 as of December 31, 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)	Derivative instruments 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 Annual Report 2020

Page    55

STATEMENTS OF ASSETS AND LIABILITIES

At December 31, 2020

	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)	$	93,561,059		$	386,724,374	$	37,321,377		$	52,874,823	$	175,952,540
Cash		—			194,878		2,249			—		—
Cash collateral pledged at broker for:
Futures contracts		13,500			66,000		6,000			19,080		784,080
Foreign currency, at value (C)		—			—		—			510,869		245,199
Receivables and other assets:
Investments sold		30,268,563			38,680,727		17,887,244			—		27,663,598
Net income from securities lending		765			788		624			199		2,600
Dividends		53,840			237,292		18,078			31,970		129,357
Interest		340			454		190			—		—
Tax reclaims		—			—		—			1,329		385,940
Variation margin receivable on futures contracts		6,679			84,932		4,363			16,336		—
Total assets		123,904,746			425,989,445		55,240,125			53,454,606		205,163,314
Liabilities:
Cash collateral received upon return of:
Securities on loan		64,568			251,242		357,686			77,562		1,503,278
Payables and other liabilities:
Investments purchased		30,881,699			38,860,169		17,883,250			891,933		17,936,156
Investment management fees		34,431			115,226		13,385			25,795		77,076
Variation margin payable on futures contracts		—			—		—			—		701,840
Total liabilities		30,980,698			39,226,637		18,254,321			995,290		20,218,350
Net assets	$	92,924,048		$	386,762,808	$	36,985,804		$	52,459,316	$	184,944,964
Net assets consist of:
Paid-in capital	$	96,187,482		$	345,719,247	$	42,131,294		$	45,472,846	$	192,298,150
Total distributable earnings (accumulated losses)		(3,263,434	)		41,043,561		(5,145,490	)		6,986,470		(7,353,186	)
Net assets	$	92,924,048		$	386,762,808	$	36,985,804		$	52,459,316	$	184,944,964
Shares outstanding		1,750,000			6,040,000		710,000			900,000		3,750,000
Net asset value per share	$	53.10		$	64.03	$	52.09		$	58.29	$	49.32
(A) Investments, at cost	$	83,305,080		$	338,859,838	$	33,972,724		$	41,739,776	$	152,907,891
(B) Securities on loan, at value	$	1,908,183		$	513,114	$	1,148,199		$	1,496,642	$	6,025,935
(C) Foreign currency, at cost	$	—		$	—	$	—		$	507,959	$	242,373

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

Transamerica ETF Trust Annual Report 2020

Page    56

STATEMENTS OF OPERATIONS

For the year ended December 31, 2020

	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	$	589,754		$	3,985,508		$	163,491		$	565,578		$	1,961,983
Interest income		186,320			666,535			83,810			72,473			271,719
Non-cash dividend income		—			—			—			—			166,561
Net income from securities lending		11,442			36,177			10,851			4,996			29,390
Withholding taxes on foreign income		(88	)		—			(160	)		(62,980	)		(161,942	)
Total investment income		787,428			4,688,220			257,992			580,067			2,267,711
Expenses:
Investment management fees		396,769			1,373,987			154,577			267,241			865,337
Total expenses		396,769			1,373,987			154,577			267,241			865,337
Net investment income (loss)		390,659			3,314,233			103,415			312,826			1,402,374
Net realized gain (loss) on:
Investments		(4,328,966	)		12,233,071			(3,751,296	)		(1,942,833	)		(19,327,078	)
In-kind redemptions		581,328			16,935,958			795,325			—			1,069,493
Swap agreements		—			(731,352	)		(75,866	)		—			—
Futures contracts		24,550			727,763			(2,674	)		296,164			374,177
Foreign currency transactions		—			—			—			(30,261	)		(20,568	)
Net realized gain (loss)		(3,723,088	)		29,165,440			(3,034,511	)		(1,676,930	)		(17,903,976	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,237,865			(16,575,453	)		570,675			7,469,129			8,091,176
Futures contracts		(6,128	)		(85,030	)		(4,482	)		(6,553	)		(11,227	)
Translation of assets and liabilities denominated in foreign currencies		—			—			—			(335	)		27,396
Net change in unrealized appreciation (depreciation)		1,231,737			(16,660,483	)		566,193			7,462,241			8,107,345
Net realized and change in unrealized gain (loss)		(2,491,351	)		12,504,957			(2,468,318	)		5,785,311			(9,796,631	)
Net increase (decrease) in net assets resulting from operations	$	(2,100,692	)	$	15,819,190		$	(2,364,903	)	$	6,098,137		$	(8,394,257	)

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

Transamerica ETF Trust Annual Report 2020

Page    57

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	DeltaShares® S&P 400 Managed Risk ETF						DeltaShares® S&P 500 Managed Risk ETF						DeltaShares® S&P 600 Managed Risk ETF
	December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
From operations:
Net investment income (loss)	$	390,659		$	1,281,224		$	3,314,233		$	6,908,628		$	103,415		$	487,843
Net realized gain (loss)		(3,723,088	)		1,175,297			29,165,440			11,234,862			(3,034,511	)		217,584
Net change in unrealized appreciation (depreciation)		1,231,737			10,734,059			(16,660,483	)		65,022,706			566,193			3,869,077
Net increase (decrease) in net assets resulting from operations		(2,100,692	)		13,190,580			15,819,190			83,166,196			(2,364,903	)		4,574,504
Dividends and/or distributions to shareholders:
Dividends and/or distributions to shareholders		(407,034	)		(1,326,963	)		(3,348,511	)		(7,172,785	)		(109,028	)		(514,864	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(407,034	)		(1,326,963	)		(3,348,511	)		(7,172,785	)		(109,028	)		(514,864	)
Capital share transactions:
Proceeds from shares sold		1,591,684			—			71,220,778			8,055,870			1,553,925			—
Cost of shares redeemed		(3,924,593	)		(17,942,947	)		(125,014,760	)		(42,721,348	)		(3,801,091	)		(2,626,876	)
Net increase (decrease) in net assets resulting from capital share transactions		(2,332,909	)		(17,942,947	)		(53,793,982	)		(34,665,478	)		(2,247,166	)		(2,626,876	)
Net increase (decrease) in net assets		(4,840,635	)		(6,079,330	)		(41,323,303	)		41,327,933			(4,721,097	)		1,432,764
Net assets:
Beginning of year		97,764,683			103,844,013			428,086,111			386,758,178			41,706,901			40,274,137
End of year	$	92,924,048		$	97,764,683		$	386,762,808		$	428,086,111		$	36,985,804		$	41,706,901
Capital share transactions - shares:
Shares issued		30,000			—			1,200,000			150,000			30,000			—
Shares redeemed		(80,000	)		(350,000	)		(2,110,000	)		(750,000	)		(70,000	)		(50,000	)
Net increase (decrease) in shares outstanding		(50,000	)		(350,000	)		(910,000	)		(600,000	)		(40,000	)		(50,000	)

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

Transamerica ETF Trust Annual Report 2020

Page    58

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years and period ended:

	DeltaShares® S&P EM 100 & Managed Risk ETF						DeltaShares® S&P International Managed Risk ETF
	December 31, 2020			December 31, 2019 (A)			December 31, 2020			December 31, 2019
From operations:
Net investment income (loss)	$	312,826		$	1,018,541		$	1,402,374		$	5,661,204
Net realized gain (loss)		(1,676,930	)		(2,410,535	)		(17,903,976	)		4,683,284
Net change in unrealized appreciation (depreciation)		7,462,241			3,680,935			8,107,345			25,538,716
Net increase (decrease) in net assets resulting from operations		6,098,137			2,288,941			(8,394,257	)		35,883,204
Dividends and/or distributions to shareholders:
Dividends and/or distributions to shareholders		(421,586	)		(979,022	)		(1,169,430	)		(6,314,088	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(421,586	)		(979,022	)		(1,169,430	)		(6,314,088	)
Capital share transactions:
Proceeds from shares sold		—			45,472,846			2,194,268			4,595,782
Cost of shares redeemed		—			—			(7,445,558	)		(36,595,032	)
Net increase (decrease) in net assets resulting from capital share transactions		—			45,472,846			(5,251,290	)		(31,999,250	)
Net increase (decrease) in net assets		5,676,551			46,782,765			(14,814,977	)		(2,430,134	)
Net assets:
Beginning of period/year		46,782,765			—			199,759,941			202,190,075
End of period/year	$	52,459,316		$	46,782,765		$	184,944,964		$	199,759,941
Capital share transactions - shares:
Shares issued		—			900,000			50,000			100,000
Shares redeemed		—			—			(150,000	)		(750,000	)
Net increase (decrease) in shares outstanding		—			900,000			(100,000	)		(650,000	)

(A) Fund commenced operations on March 20, 2019.

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

Transamerica ETF Trust Annual Report 2020

Page    59

FINANCIAL HIGHLIGHTS

For a share outstanding during the period and years indicated:	DeltaShares® S&P 400 Managed Risk ETF
	December 31, 2020			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)		0.22			0.67			0.66			0.27
Net realized and unrealized gain (loss)		(1.20	)		6.03			(5.58	)		3.94
Total investment operations		(0.98	)		6.70			(4.92	)		4.21
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.69	)		(0.66	)		(0.27	)
Net realized gains		—			—			—			(0.06	)
Total dividends and/or distributions to shareholders		(0.23	)		(0.69	)		(0.66	)		(0.33	)
Net asset value, end of period/year	$	53.10		$	54.31		$	48.30		$	53.88
Total return		(1.77	)%		13.95	%		(9.19	)%		8.42	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	92,924		$	97,765		$	103,844		$	131,994
Expenses to average net assets		0.45	%(D)		0.45	%(D)		0.45	%		0.45	%(E)
Net investment income (loss) to average net assets		0.44	%		1.30	%		1.23	%		1.25	%(E)
Portfolio turnover rate (F)		821	%		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 period and years indicated:	DeltaShares® S&P 500 Managed Risk ETF
	December 31, 2020			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)		0.50			0.94			0.91			0.36
Net realized and unrealized gain (loss)		2.44			10.41			(2.86	)		4.09
Total investment operations		2.94			11.35			(1.95	)		4.45
Dividends and/or distributions to shareholders:
Net investment income		(0.51	)		(0.98	)		(0.91	)		(0.34	)
Net realized gains		—			—			(0.01	)		(0.01	)
Total dividends and/or distributions to shareholders		(0.51	)		(0.98	)		(0.92	)		(0.35	)
Net asset value, end of period/year	$	64.03		$	61.60		$	51.23		$	54.10
Total return		4.88	%		22.30	%		(3.68	)%		8.94	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	386,763		$	428,086		$	386,758		$	419,310
Expenses to average net assets		0.35	%(D)		0.35	%(D)		0.35	%		0.35	%(E)
Net investment income (loss) to average net assets		0.84	%		1.66	%		1.65	%		1.64	%(E)
Portfolio turnover rate (F)		689	%		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 Annual Report 2020

Page    60

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	DeltaShares® S&P 600 Managed Risk ETF
	December 31, 2020			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)		0.15			0.64			0.59			0.24
Net realized and unrealized gain (loss)		(3.51	)		5.30			(3.52	)		4.09
Total investment operations		(3.36	)		5.94			(2.93	)		4.33
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.67	)		(0.64	)		(0.24	)
Net realized gains		—			—			(0.03	)		(0.15	)
Total dividends and/or distributions to shareholders		(0.16	)		(0.67	)		(0.67	)		(0.39	)
Net asset value, end of period/year	$	52.09		$	55.61		$	50.34		$	53.94
Total return		(6.02	)%		11.85	%		(5.47	)%		8.65	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	36,986		$	41,707		$	40,274		$	59,331
Expenses to average net assets		0.45	%(D)		0.45	%(D)		0.45	%		0.45	%(E)
Net investment income (loss) to average net assets		0.30	%		1.21	%		1.07	%		1.12	%(E)
Portfolio turnover rate (F)		894	%		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 period and year indicated:	DeltaShares® S&P EM 100 & Managed Risk ETF
	December 31, 2020			December 31, 2019 (A)
Net asset value, beginning of period/year	$	51.98		$	50.14
Investment operations:
Net investment income (loss) (B)		0.35			1.18
Net realized and unrealized gain (loss)		6.43			1.75
Total investment operations		6.78			2.93
Dividends and/or distributions to shareholders:
Net investment income		(0.47	)		(1.09	)
Net asset value, end of period/year	$	58.29		$	51.98
Total return		13.20	%		5.85	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	52,459		$	46,783
Expenses to average net assets (D)		0.60	%		0.60	%(E)
Net investment income (loss) to average net assets		0.70	%		3.10	%(E)
Portfolio turnover rate		647	%		274	%(C)(F)

(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 Annual Report 2020

Page    61

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	DeltaShares® S&P International Managed Risk ETF
	December 31, 2020			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)		0.37			1.38			1.33			0.32
Net realized and unrealized gain (loss)		(2.63	)		7.12			(8.15	)		3.16
Total investment operations		(2.26	)		8.50			(6.82	)		3.48
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(1.54	)		(1.37	)		(0.34	)
Net realized gains		—			—			(0.01	)		(0.01	)
Total dividends and/or distributions to shareholders		(0.31	)		(1.54	)		(1.38	)		(0.35	)
Net asset value, end of period/year	$	49.32		$	51.89		$	44.93		$	53.13
Total return		(4.25	)%		19.12	%		(13.09	)%		6.97	%(C)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	184,945		$	199,760		$	202,190		$	244,408
Expenses to average net assets		0.50	%(D)		0.50	%(D)		0.50	%		0.50	%(E)
Net investment income (loss) to average net assets		0.81	%		2.85	%		2.60	%		1.47	%(E)
Portfolio turnover rate (F)		690	%		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 Annual Report 2020

Page    62

NOTES TO FINANCIAL STATEMENTS

At December 31, 2020

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 Annual Report 2020

Page    63

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2020

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. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. 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 Annual Report 2020

Page    64

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2020

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 December 31, 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 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 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.

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

Transamerica ETF Trust Annual Report 2020

Page    65

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2020

3. INVESTMENT VALUATION (continued)

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 Fund 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 (“REITs”): 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 December 31, 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. Typically the lending agent is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. 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 Transamerica family of mutual funds is a significant shareholder of the Navigator as of December 31, 2020. No individual fund has a significant holding in the Navigator.

Transamerica ETF Trust Annual Report 2020

Page    66

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2020

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

The value of loaned securities and related cash and non-cash collateral outstanding at December 31, 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 December 31, 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	$	64,568	$	—	$	—	$	—	$	64,568
Total Borrowings	$	64,568	$	—	$	—	$	—	$	64,568
S&P 500 Managed Risk
Securities Lending Transactions
Common Stocks	$	251,242	$	—	$	—	$	—	$	251,242
Total Borrowings	$	251,242	$	—	$	—	$	—	$	251,242
S&P 600 Managed Risk
Securities Lending Transactions
Common Stocks	$	357,686	$	—	$	—	$	—	$	357,686
Total Borrowings	$	357,686	$	—	$	—	$	—	$	357,686
S&P EM 100 & Managed Risk
Securities Lending Transactions
Common Stocks	$	77,562	$	—	$	—	$	—	$	77,562
Total Borrowings	$	77,562	$	—	$	—	$	—	$	77,562
S&P International Managed Risk
Securities Lending Transactions
Common Stocks	$	1,503,278	$	—	$	—	$	—	$	1,503,278
Total Borrowings	$	1,503,278	$	—	$	—	$	—	$	1,503,278

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.

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At December 31, 2020

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 December 31, 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. 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.

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At December 31, 2020

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

Open centrally cleared swap agreements and open OTC swap agreements at December 31, 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 December 31, 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)	$	—	$	—	$	6,144	$	—	$	—	$	6,144
Total	$	—	$	—	$	6,144	$	—	$	—	$	6,144
S&P 500 Managed Risk
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	26,362	$	—	$	—	$	26,362
Total	$	—	$	—	$	26,362	$	—	$	—	$	26,362
S&P 600 Managed Risk
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	863	$	—	$	—	$	863
Total	$	—	$	—	$	863	$	—	$	—	$	863
S&P EM 100 & Managed Risk
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	7,240	$	—	$	—	$	7,240
Total	$	—	$	—	$	7,240	$	—	$	—	$	7,240
S&P International Managed Risk
Futures contracts:
Total distributable earnings (accumulated losses) (A) (B)	$	—	$	—	$	4,975	$	—	$	—	$	4,975
Total	$	—	$	—	$	4,975	$	—	$	—	$	4,975

(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 December 31, 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	$	—		$	—	$	24,550		$	—	$	—	$	24,550
Total	$	—		$	—	$	24,550		$	—	$	—	$	24,550
S&P 500 Managed Risk
Swap agreements	$	(13,970	)	$	—	$	(717,382	)	$	—	$	—	$	(731,352	)
Futures contracts		1,359			—		726,404			—		—		727,763
Total	$	(12,611	)	$	—	$	9,022		$	—	$	—	$	(3,589	)

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At December 31, 2020

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
Swap agreements	$	—	$	—	$	(75,866	)	$	—	$	—	$	(75,866	)
Futures contracts		—		—		(2,674	)		—		—		(2,674	)
Total	$	—	$	—	$	(78,540	)	$	—	$	—	$	(78,540	)
S&P EM 100 & Managed Risk
Futures contracts	$	—	$	—	$	296,164		$	—	$	—	$	296,164
Total	$	—	$	—	$	296,164		$	—	$	—	$	296,164
S&P International Managed Risk
Futures contracts	$	—	$	—	$	374,177		$	—	$	—	$	374,177
Total	$	—	$	—	$	374,177		$	—	$	—	$	374,177
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	$	—	$	—	$	(6,128	)	$	—	$	—	$	(6,128	)
Total	$	—	$	—	$	(6,128	)	$	—	$	—	$	(6,128	)
S&P 500 Managed Risk
Futures contracts	$	—	$	—	$	(85,030	)	$	—	$	—	$	(85,030	)
Total	$	—	$	—	$	(85,030	)	$	—	$	—	$	(85,030	)
S&P 600 Managed Risk
Futures contracts	$	—	$	—	$	(4,482	)	$	—	$	—	$	(4,482	)
Total	$	—	$	—	$	(4,482	)	$	—	$	—	$	(4,482	)
S&P EM 100 & Managed Risk
Futures contracts	$	—	$	—	$	(6,553	)	$	—	$	—	$	(6,553	)
Total	$	—	$	—	$	(6,553	)	$	—	$	—	$	(6,553	)
S&P International Managed Risk
Futures contracts	$	—	$	—	$	(11,227	)	$	—	$	—	$	(11,227	)
Total	$	—	$	—	$	(11,227	)	$	—	$	—	$	(11,227	)

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 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
Total return swaps:
Average notional value — long	$	—	$	3,511,978	$	—	$	—	$	—
Futures contracts:
Average notional value of contracts — long	$	486,355	$	2,807,219	$	227,593	$	530,871	$	2,377,290

(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 year ranging from 237,598 to 1,166,462 in notional value.

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.

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At December 31, 2020

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

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.

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.

Market risk: The market values of a Fund’s securities and other assets will fluctuate, sometimes sharply and unpredictably, due to changes in general market conditions, overall economic trends or events, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, political developments, investor sentiment, public health emergencies such as a pandemic, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets 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 or other assets.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, 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. As a result, whether or not a 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 go down.

The COVID-19 pandemic has caused substantial market disruption around the world, including the U.S. There have been periods of extreme volatility, and periods where there have been no buyers for certain securities, including U.S.Treasury securities. Some sectors of the economy and individual issuers have experienced particularly large losses. The pandemic has reduced liquidity of particular investments and asset classes; resulted in significant disruptions to business operations, including business closures; strained healthcare systems; disrupted supply chains, consumer demand and employee availability; and restricted travel. These conditions may continue for an extended period of time, or worsen. The pandemic may result in a sustained domestic or global economic downturn or

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2020

7. RISK FACTORS (continued)

recession. Developing or emerging market countries may be more adversely impacted. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These actions have resulted in significant expansion of public debt, including in the U.S. The long-term consequences of this level of public debt are not known. In addition, certain interest rates have been reduced to very low levels. This and other government intervention into the economy and financial markets to address the pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results.

The COVID-19 pandemic could continue to adversely affect the value and liquidity of a Fund’s investments, impair a Fund’s ability to satisfy redemption requests, and negatively impact a Fund’s performance.

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 securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the Fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. In addition, emerging market securities may have low trading volumes and may be or become illiquid.

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 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.

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.

Real estate investment trusts (“REITs”) and real estate risk: Investing in real estate investment trusts “REITs” involves unique risks. When a Fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2020

7. RISK FACTORS (continued)

resources, may trade less frequently and in limited volume, may engage in dilutive offerings and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, a Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to a Fund.

8. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Funds’ investment manager, is directly owned by Transamerica Life Insurance Company (“TLIC”) and AUSA Holding, LLC (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation (“Commonwealth”). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, 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, external counsel fees, independent trustee expenses, 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 year ended December 31, 2020.

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2020

9. PURCHASES AND SALES OF SECURITIES

For the year ended December 31, 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	$	51,642,924	$	684,650,512	$	79,938,539	$	656,376,337
S&P 500 Managed Risk		287,683,715		2,412,987,074		357,118,349		2,382,652,791
S&P 600 Managed Risk		18,826,807		296,449,392		35,193,023		279,405,630
S&P EM 100 & Managed Risk		44,756,049		247,507,594		43,275,836		248,527,516
S&P International Managed Risk		152,001,397		1,042,945,417		164,579,469		1,037,887,568

For the year ended December 31, 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 year.

Fund	In-Kind Purchases		In-Kind Sales
S&P 400 Managed Risk	$	1,072,299	$	1,854,076
S&P 500 Managed Risk		40,273,059		49,736,769
S&P 600 Managed Risk		791,531		3,190,757
S&P International Managed Risk		568,649		6,093,506

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 capital shares (“Creation Units”). Effective September 1, 2020, S&P 400 Managed Risk, S&P 500 Managed Risk and S&P 600 Managed Risk issue or redeem capital shares in blocks of 10,000 Creation Units; prior to the effective date these Funds issued and redeemed capital shares in blocks of 50,000 Creation Units. The S&P EM 100 & Managed Risk and S&P International Managed Risk Funds issue and redeem capital shares in blocks of 50,000 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. In-kind sales are reflected as in-kind redemptions within the Statements of Operations.

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.

Transamerica ETF Trust Annual Report 2020

Page    74

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2020

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, futures contracts mark to market, forward contracts mark to market, passive foreign investment company inclusions and partnership basis adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to redemptions in-kind, and distributions in excess of current earnings. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

Fund	Paid-in Capital		Total Distributable Earnings
S&P 400 Managed Risk	$	562,059	$	(562,059	)
S&P 500 Managed Risk		16,782,596		(16,782,596	)
S&P 600 Managed Risk		780,240		(780,240	)
S&P EM 100 & Managed Risk		—		—
S&P International Managed Risk		1,043,228		(1,043,228	)

As of December 31, 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	$	83,416,931	$	10,419,001	$	(274,873	)	$	10,144,128
S&P 500 Managed Risk		341,512,446		45,822,937		(611,009	)		45,211,928
S&P 600 Managed Risk		34,015,593		3,419,444		(113,660	)		3,305,784
S&P EM 100 & Managed Risk		42,542,155		10,924,069		(591,382	)		10,332,687
S&P International Managed Risk		157,066,793		19,793,593		(907,876	)		18,885,717

As of December 31, 2020, the capital loss carryforwards available to offset future realized capital gains are as follows.

	Unlimited
Fund	Short-Term		Long-Term
S&P 400 Managed Risk	$	5,233,988	$	8,173,574
S&P 500 Managed Risk		—		4,168,367
S&P 600 Managed Risk		3,947,925		4,503,349
S&P EM 100 & Managed Risk		3,477,684		—
S&P International Managed Risk		—		26,587,638

During the year ended December 31, 2020, the capital loss carryforwards utilized or expired are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards utilized or expired.

Fund	Capital Loss Carryforwards Utilized/Expired
S&P 500 Managed Risk	$	5,717,933

The tax character of distributions paid may differ from the character of distributions shown within the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2020 and 2019 are as follows:

	2020 Distributions Paid From						2019 Distributions Paid From
Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Long-Term Capital Gain		Return of Capital
S&P 400 Managed Risk	$	407,034	$	—	$	—	$	1,326,963	$	—	$	—
S&P 500 Managed Risk		3,348,511		—		—		7,172,785		—		—
S&P 600 Managed Risk		109,028		—		—		514,864		—		—
S&P EM 100 & Managed Risk		421,586		—		—		979,022		—		—
S&P International Managed Risk		1,169,430		—		—		6,314,088		—		—

Transamerica ETF Trust Annual Report 2020

Page    75

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2020

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

As of December 31, 2020, the tax basis components of distributable earnings are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferred		Other Temporary Differences		Net Unrealized Appreciation (Depreciation)
S&P 400 Managed Risk	$	—	$	—	$	—	$	(13,407,562	)	$	—	$	—	$	10,144,128
S&P 500 Managed Risk		—		—		—		(4,168,367	)		—		—		45,211,928
S&P 600 Managed Risk		—		—		—		(8,451,274	)		—		—		3,305,784
S&P EM 100 & Managed Risk		130,574		—		—		(3,477,684	)		—		—		10,333,580
S&P International Managed Risk		314,843		—		—		(26,587,638	)		—		—		18,919,609

12. LEGAL PROCEEDINGS

On September 30, 2020, Transamerica Asset Management, Inc. (“TAM”), the investment manager of the funds, entered into a settlement with the Securities and Exchange Commission (the “SEC”) relating to expense recaptures. The recaptures at issue, which TAM self-reported to the SEC, involved amounts previously voluntarily waived and/or reimbursed to four money market funds to prevent the funds from experiencing a negative yield. In some cases recaptures under the voluntary yield waiver arrangements exceeded contractual expense limits. The recaptured amounts were not reflected in the funds’ prospectus fee tables. The funds involved were Transamerica Government Money Market, Transamerica BlackRock Government Money Market VP, Transamerica Partners Government Money Market and Transamerica Partners Institutional Government Money Market. The two Transamerica Partners Government Money Market funds reorganized into Transamerica Government Money Market in October of 2017.

Under the settlement order, TAM agreed to pay affected fund investors approximately $5.3 million in disgorgement and approximately $690,000 in prejudgment interest. These amounts represent expenses incurred above the applicable expense limit (plus interest). TAM was also censured and ordered to cease and desist from committing or causing any violations of certain statutory provisions and SEC rules. The settlement order imposes no civil penalty on TAM based upon TAM having self-reported the matter, the prompt remedial steps taken by TAM, and TAM’s cooperation in the SEC staff’s investigation. The settlement order does not affect TAM’s ability to manage the funds.

The foregoing is only a brief summary of the settlement order. A copy of the settlement order is available on the SEC’s website at https://www.sec.gov.

The settlement had no impact on the Funds’ financial statements.

Transamerica ETF Trust Annual Report 2020

Page    76

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Transamerica ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Transamerica ETF Trust (the “Trust”) (comprising 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 and DeltaShares ^® S&P International Managed Risk ETF (collectively referred to as the “Funds”)), including the schedules of investments, as of December 31, 2020, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising Transamerica ETF Trust at December 31, 2020, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Funds comprising the Transamerica ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
DeltaShares ® S&P 400 Managed Risk ETF DeltaShares ® S&P 500 Managed Risk ETF DeltaShares ® S&P 600 Managed Risk ETF DeltaShares ® S&P International Managed Risk ETF	For the year ended December 31, 2020	For each of the two years in the period ended December 31, 2020	For each of the three years in the period ended December 31, 2020 and the period from July 31, 2017 (commencement of operations) through December 31, 2017
DeltaShares ® S&P EM 100 & Managed Risk ETF	For the year ended December 31, 2020	For the year ended December 31, 2020 and the period from March 20, 2019 (commencement of operations) through December 31, 2019

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 26, 2021

Transamerica ETF Trust Annual Report 2020

Page    77

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended December 31, 2020, the Funds designated the following maximum amounts of qualified dividend income are as follows:

Fund	Qualified Dividend Income
S&P 400 Managed Risk	$	407,034
S&P 500 Managed Risk		3,348,511
S&P 600 Managed Risk		109,028
S&P EM 100 & Managed Risk		421,586
S&P International Managed Risk		1,169,430

For corporate shareholders, investment income (dividend income plus short-term gains, if any) which qualifies for the maximum dividends received deductions are as follows:

Fund	Dividend Received Deduction Percentage
S&P 400 Managed Risk		100	%
S&P 500 Managed Risk		100
S&P 600 Managed Risk		100

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

Fund	Foreign Source Income		Foreign Taxes
S&P EM 100 & Managed Risk	$	297,459	$	60,944
S&P International Managed Risk		1,261,425		115,349

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2020. Complete information will be computed and reported in conjunction with your 2020 Form 1099-DIV.

Transamerica ETF Trust Annual Report 2020

Page    78

Management of the Trust

Board Members and Officers

The members of the Board (“Board Members”) and executive officers of the Trust are listed below.

“Interested Board Member” means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” “Independent Board Member” means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund’s assets by the Investment Manager and the sub-advisers.

The funds are among the funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); (iii) Transamerica ETF Trust (“TET”) and (iv) Transamerica Asset Allocation Variable Funds (“TAAVF”). The Transamerica Fund Family consists of 121 funds as of the date of this Annual Report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TF, TST or TAAVF. TF, TST and TAAVF are overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

Further information about the Trust’s Board Members and Officers is available in the Fund’s Statement of Additional Information, which can be obtained without charge by calling 1-888-316-8077 or visiting the Fund’s website at www.deltashares.com.

The Board Members, their age, their positions with the Trust, and their principal occupations at least for the past five years (their titles may have varied during that period), the number of funds in Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS
Marijn P. Smit (47)	Chairman of the Board, President and Chief Executive Officer	Since 2017	Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present); Senior Vice President, Transamerica Retirement Solutions LLC (2012 – present);	121	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (2016 – present)

Transamerica ETF Trust Annual Report 2020

Page    79

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS — continued
Marijn P. Smit (continued)			Trust Officer, Massachusetts Fidelity Trust Company (2014 – present); President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Life Insurance Company (2010 – 2016);
			Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).
INDEPENDENT BOARD MEMBERS
James S. Parsons (63)	Trustee	Since 2017	Retired 2009	8
Francis J. Enderle (55)	Trustee	Since 2017	Consultant, Lattice Strategies/Hartford Funds (2014 – present)	8	Chair, BlackRock Canada Independent Review Committee (2010 –  2017); Director, WineInStyle (Japan) (2006 – 2017)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica ETF Trust Annual Report 2020

Page    80

OFFICERS

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (47)	Chairman of the Board, President and Chief Executive Officer	Since 2017	See Interested Board Members Table Above.
Timothy J. Bresnahan (52)	Senior Counsel and Assistant Secretary	Since 2019	Assistant Secretary (2019 – present), Secretary (2019), TET; Assistant Secretary, TF, TST and TAAVF (2020 – present); Senior Counsel, TAM (2008 – present).
Thomas R. Wald (60)	Chief Investment Officer	Since 2017	Chief Investment Officer, TF, TST and TAAVF (2014 – present); TET (2017 – present); Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Director (2017 – 2020), Akaan Transamerica, S.A. de C.V., Sociedad Operadora de Fondos de Inversión; Chief Investment Officer, Transamerica Investments & Retirement (2014 – 2020); Director, Transamerica Funds Services, Inc. (2019 – present); Director (2019 – present); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Director, TFS (2019 – present); and Trust Officer, Massachusetts Fidelity Trust Company (2015 – present).
Christopher A. Staples, CFA (50)	Vice President and Chief Investment Officer	Since 2017	Vice President and Chief Investment Officer, Advisory Services, TF and TST (2007 – present); Vice President and Chief Investment Officer, TET (2017 – present); Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present); Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018); Director (2005 – 2019), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM; Director, TFS (2005 – 2019); Trust Officer, Massachusetts Fidelity Trust Company (2010 – present); Registered Representative (2007 – 2016), Transamerica Capital, Inc. (“TCI”); and Registered Representative, TFA (2005 – present).

Transamerica ETF Trust Annual Report 2020

Page    81

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Francine J. Rosenberger (53)	Chief Compliance Officer	Since 2019	Chief Compliance Officer, TF, TST, TET and TAAVF (2019 – present); Chief Compliance Officer (2019 – present), TAM; and General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019).
Molly Possehl (42)	Anti-Money Laundering Officer	Since 2019	Anti-Money Laundering Officer, TF, TST, TET and TAAVF (2019 – present); Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present); and Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present).
Erin D. Nelson (43)	Chief Legal Officer and Secretary	Since 2019	Chief Legal Officer and Secretary, TF, TST, TET and TAAVF (2019 – present); Assistant General Counsel II and Assistant Secretary, TAM (2019 – present); Assistant Secretary (2019 – present), TFS; and Senior Vice President and Chief Compliance Officer, ALPS Advisors, Inc. (2015 – 2019).
Vincent J. Toner (50)	Vice President and Treasurer	Since 2017	Vice President and Treasurer, TF, TST and TAAVF (2014 – present), Vice President and Treasurer (2017 – present), Vice President, Principal Financial Officer and Treasurer (2020 – present), TET; Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President (2016 – present), Treasurer (2016 – 2019), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer (2014 – 2019), Senior Vice President (2019 – present, TFS; Vice President (2016 – present), TCI; and Trust Officer (2015 – present), Massachusetts Fidelity Trust Company.

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica ETF Trust Annual Report 2020

Page    82

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 provide 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. To the extent provided by mail, 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 Annual Report 2020

Page    83

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 Annual Report 2020

Page    84

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

272765 12/20

Item 2: Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function.

(b) The Registrant’s code of ethics is reasonably designed as described in this Form N-CSR.

(c) During the period covered by the report no amendments were made to the provisions of this code of ethics.

(d) During the period covered by the report, the Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e) Not Applicable.

(f) The Registrant has filed this code of ethics as an exhibit pursuant to Item 13(a)(1) of Form N-CSR.

Item 3: Audit Committee Financial Experts.

The Registrant’s Board of Trustees has determined that Francis J. Enderle is an “audit committee financial expert,” as such term is defined in Item 3 of Form N-CSR. Mr. Enderle is “independent” under the standards set forth in Item 3 of Form N-CSR. The designation of Mr. Enderle as “audit committee financial expert” pursuant to Item 3 of Form N-CSR does not (i) impose upon him any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon him as a member of the Registrant’s audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant’s audit committee or Board of Trustees.

Item 4: Principal Accountant Fees and Services.

		Fiscal Year Ended 12/31 (in thousands)
		2020		2019
(a)	Audit Fees	$	113	$	110
(b)	Audit Related Fees(1)	$	0	$	0
(c)	Tax Fees(2)	$	28	$	14
(d)	All Other Fees(3)	$	11	$	7

⁽¹⁾ Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements including review of documents and issuances of consents related to Securities and Exchange Commission Form N-IA filing of the funds comprising the Registrant.

⁽²⁾  Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of the distributions for excise tax purposes, fiscal year end taxable income calculations and certain fiscal year end shareholder reporting items on behalf of the funds comprising the Registrant.

⁽³⁾  All Other Fees represent service fees for analysis of potential Passive Foreign Investment Company holdings.

(e)(1) Audit Committee Pre-Approval Policies and Procedures. Generally, the Registrant’s Audit Committee must preapprove (i) all audit and non-audit services performed for the Registrant by the independent accountant and (ii) all non-audit services performed by the Registrant’s independent accountant for the Registrant’s investment adviser, and certain of the adviser’s affiliates that provide ongoing services to the Registrant, if the services to be provided by the accountant relate directly to the operations and financial reporting of the Registrant.

The Audit Committee may delegate preapproval authority to one or more of its members. The member or members to whom such authority is delegated shall report any preapproval decisions to the Audit Committee at its next scheduled meeting.

In accordance with the Procedures, the annual audit services engagement terms and fees for the Registrant will be subject to the preapproval of the Audit Committee. In addition to the annual audit services engagement approved by the Audit Committee, the Audit Committee may grant preapproval for other audit services, which are those services that only the independent accountant reasonably can provide.

Requests or applications to provide services that require separate approval by the Audit Committee will be submitted to the Audit Committee by both the independent accountant and the Registrant’s treasurer, and must include a joint statement as to whether, in their view, the request or application is consistent with the Securities and Exchange Commissions’ rules on auditor independence.

Management will promptly report to the Chair of the Audit Committee any violation of this Procedure of which it becomes aware.

(e)(2) The percentage of services described in paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for fiscal years ended 2020 and 2019 was zero.

(f) Not Applicable.

(g) Not Applicable.

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintain the principal accountant’s independence.

Item 5: Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934 comprised of the following individuals: James S. Parson and Francis J. Enderle.

Item 6: Schedule of Investments.

(a) The schedules of investments and consolidated schedules of investments are included in the 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) The Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.

(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:	March 8, 2021

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:	March 8, 2021

By:	/s/ Vincent J. Toner
	Vincent J. Toner
	(Vice President, Treasurer, Principal Financial Officer and Principal Accounting Officer)
Date:	March 8, 2021

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
13(a)(1)	Code of Ethics for Principal Executive and Principal Financial Officers
13(a)(2)(i)	Section 302 N-CSR Certification of Principal Executive Officer
13(a)(2)(ii)	Section 302 N-CSR Certification of Principal Financial Officer
13(b)	Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer