Morgan Stanley ETF Trust NPORT-P Calvert US Mid-Cap Core Responsible Index ETF (Dec 2023 report)

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)

Shares

Value

Common

Stocks

(99.7%)

Australia

(

4

.8

%

)

Allkem

Ltd.(a)

7,949

$

60,803

ANZ

Group

Holdings

Ltd.

14,701

260,009

APA

Group

6,881

40,097

ASX

Ltd.

236

10,155

Atlas

Arteria

Ltd.

4,003

15,788

BlueScope

Steel

Ltd.

5,591

89,271

Brambles

Ltd.

7,872

73,052

CAR

Group

Ltd.

711

15,108

Cochlear

Ltd.

353

71,940

Coles

Group

Ltd.

8,848

97,263

Commonwealth

Bank

of

Australia

7,644

583,136

Computershare

Ltd.

2,510

41,773

Fortescue

Ltd.

12,983

257,087

IGO

Ltd.

4,912

30,333

Insurance

Australia

Group

Ltd.

12,076

46,639

Macquarie

Group

Ltd.

1,873

234,687

Medibank

Pvt.

Ltd.

13,538

32,886

National

Australia

Bank

Ltd.

13,726

287,534

Pilbara

Minerals

Ltd.

32,127

86,591

Qantas

Airways

Ltd.(a)

9,690

35,506

QBE

Insurance

Group

Ltd.

7,240

73,165

REA

Group

Ltd.

73

9,023

Reece

Ltd.

1,090

16,653

Sonic

Healthcare

Ltd.

3,406

74,557

South32

Ltd.

50,067

113,764

Suncorp

Group

Ltd.

6,187

58,471

Telstra

Group

Ltd.

8,596

23,227

Transurban

Group

21,120

197,578

Wesfarmers

Ltd.

5,684

221,228

Westpac

Banking

Corp.

15,042

235,043

WiseTech

Global

Ltd.

475

24,429

Woolworths

Group

Ltd.

8,262

209,718

3,626,514

Austria

(

0

.3

%

)

Erste

Group

Bank

AG

1,073

43,536

Mondi

plc

442

8,663

OMV

AG

1,544

67,831

Verbund

AG

477

44,288

voestalpine

AG

1,205

38,016

202,334

Belgium

(

0

.6

%

)

Ackermans

&

van

Haaren

NV

72

12,630

Ageas

SA/NV

180

7,816

Anheuser-Busch

InBev

SA/NV

3,855

248,777

Azelis

Group

NV

412

10,095

D'ieteren

Group

74

14,461

Groupe

Bruxelles

Lambert

NV

730

57,431

KBC

Group

NV

588

38,141

Liberty

Global

Ltd.,

Class

A(a)

436

7,748

Sofina

SA

49

12,200

Solvay

SA

267

8,179

Syensqo

SA(a)

267

27,801

UCB

SA

449

39,133

Umicore

SA

245

6,739

491,151

Shares

Value

Canada

(

9

.3

%

)

Agnico

Eagle

Mines

Ltd.

3,597

$

198,181

Air

Canada(a)

1,355

19,206

Algonquin

Power

&

Utilities

Corp.

3,853

24,428

Alimentation

Couche-Tard,

Inc.

4,823

285,408

Bank

of

Montreal

3,084

306,646

Bank

of

Nova

Scotia

(The)

5,555

271,726

BCE,

Inc.

1,622

64,174

Brookfield

Asset

Management

Ltd.,

Class

A

1,682

67,887

Brookfield

Corp.,

Class

A

4,386

176,790

CAE,

Inc.(a)

2,157

46,785

Cameco

Corp.

4,534

196,441

Canadian

Imperial

Bank

of

Commerce

4,354

210,667

Canadian

National

Railway

Co.

3,209

405,323

Canadian

Pacific

Kansas

City

Ltd.

4,499

357,709

Canadian

Tire

Corp.

Ltd.,

Class

A

266

28,387

CCL

Industries,

Inc.,

Class

B

796

35,973

CGI,

Inc.(a)

1,404

151,144

Constellation

Software,

Inc.

113

281,538

Descartes

Systems

Group,

Inc.

(The)(a)

242

20,432

Dollarama,

Inc.

1,358

98,343

Element

Fleet

Management

Corp.

621

10,154

Empire

Co.

Ltd.,

Class

A

1,062

28,229

FirstService

Corp.

57

9,279

Fortis,

Inc.

1,454

60,107

George

Weston

Ltd.

60

7,485

GFL

Environmental,

Inc.

1,081

37,473

Great-West

Lifeco,

Inc.

1,313

43,674

Hydro

One

Ltd.(b)

2,997

90,233

IGM

Financial,

Inc.

387

10,275

Intact

Financial

Corp.

813

125,693

Loblaw

Cos.

Ltd.

1,008

98,063

Magna

International,

Inc.

1,065

63,233

Manulife

Financial

Corp.

9,534

211,706

Metro,

Inc.,

Class

A

1,693

88,065

National

Bank

of

Canada

1,134

86,860

Nutrien

Ltd.

2,002

113,339

Open

Text

Corp.

2,061

87,045

Power

Corp.

of

Canada

3,739

107,440

Quebecor,

Inc.,

Class

B

355

8,486

RB

Global,

Inc.

916

61,597

Rogers

Communications,

Inc.,

Class

B

1,652

77,714

Royal

Bank

of

Canada

5,963

605,978

Saputo,

Inc.

314

6,389

Shopify,

Inc.,

Class

A(a)

5,224

408,697

Stantec,

Inc.

140

11,295

Sun

Life

Financial,

Inc.

2,739

142,745

Teck

Resources

Ltd.,

Class

B

4,612

195,903

TELUS

Corp.

3,482

62,267

TFI

International,

Inc.

490

66,978

Thomson

Reuters

Corp.

954

140,163

TMX

Group

Ltd.

1,273

30,942

Toromont

Industries

Ltd.

435

38,301

Toronto-Dominion

Bank

(The)

7,452

483,877

West

Fraser

Timber

Co.

Ltd.

440

37,827

WSP

Global,

Inc.

657

92,546

6,997,246

Chile

(

0

.2

%

)

Antofagasta

plc

3,682

78,832

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Chile

(cont’d)

Lundin

Mining

Corp.

10,124

$

83,228

162,060

China

(

0

.8

%

)

BOC

Hong

Kong

Holdings

Ltd.

17,000

46,155

Chow

Tai

Fook

Jewellery

Group

Ltd.

23,400

34,822

ESR

Group

Ltd.(b)

26,800

37,067

NXP

Semiconductors

NV

868

199,362

Prosus

NV

6,694

199,541

Wharf

Holdings

Ltd.

(The)

16,000

51,533

Xinyi

Glass

Holdings

Ltd.

16,000

17,950

586,430

Denmark

(

2

.7

%

)

AP

Moller

-

Maersk

A/S,

Class

B

3

5,397

Carlsberg

A/S,

Class

B

436

54,710

Chr.

Hansen

Holding

A/S

515

43,209

Coloplast

A/S,

Class

B

491

56,170

Danske

Bank

A/S

2,696

72,071

Demant

A/S(a)

468

20,528

DSV

A/S

548

96,269

Genmab

A/S(a)

297

94,843

Jyske

Bank

A/S

161

11,547

Novo

Nordisk

A/S,

Class

B

11,987

1,240,025

Novozymes

A/S,

Class

B

971

53,396

Orsted

A/S(b)

746

41,377

Pandora

A/S

601

83,110

ROCKWOOL

A/S,

Class

B

109

31,917

Tryg

A/S

334

7,271

Vestas

Wind

Systems

A/S(a)

4,313

136,963

2,048,803

Finland

(

0

.9

%

)

Elisa

OYJ

592

27,381

Fortum

OYJ

1,730

24,958

Kesko

OYJ,

Class

B

1,526

30,216

Kone

OYJ,

Class

B

1,191

59,414

Mandatum

OYJ(a)

741

3,331

Metso

OYJ

801

8,114

Neste

OYJ

4,413

157,018

Nokia

OYJ

25,815

87,033

Nordea

Bank

Abp

10,810

133,781

Sampo

OYJ,

Class

A

740

32,379

Stora

Enso

OYJ,

Class

R

3,094

42,808

UPM-Kymmene

OYJ

2,270

85,407

Valmet

OYJ

212

6,115

Wartsila

OYJ

Abp

725

10,511

708,466

France

(

8

.0

%

)

Accor

SA

816

31,188

Air

France-KLM(a)

556

8,348

Air

Liquide

SA

2,240

435,794

Amundi

SA(b)

124

8,438

Arkema

SA

458

52,111

AXA

SA

8,151

265,528

BioMerieux

169

18,781

BNP

Paribas

SA

4,316

298,408

Bouygues

SA

1,803

67,956

Bureau

Veritas

SA

1,390

35,116

Shares

Value

Capgemini

SE

646

$

134,693

Carrefour

SA

1,924

35,206

Cie

de

Saint-Gobain

SA

3,809

280,479

Cie

Generale

des

Etablissements

Michelin

SCA

2,862

102,623

Credit

Agricole

SA

4,382

62,211

Danone

SA

3,220

208,723

Dassault

Systemes

SE

2,720

132,911

Edenred

SE

1,175

70,272

Eiffage

SA

349

37,403

Elis

SA

896

18,697

Engie

SA

7,941

139,633

EssilorLuxottica

SA

1,248

250,354

Eurazeo

SE

166

13,175

Forvia

SE(a)

1,168

26,347

Getlink

SE

1,838

33,633

Hermes

International

SCA

143

303,103

Ipsen

SA

141

16,806

Kering

SA

280

123,412

Legrand

SA

1,121

116,525

L'Oreal

SA

968

481,881

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,007

816,044

Neoen

SA(b)

342

11,439

Orange

SA

7,568

86,141

Pernod

Ricard

SA

1,006

177,527

Publicis

Groupe

SA

1,075

99,750

Renault

SA

830

33,837

Rexel

SA

1,094

29,934

Safran

SA

1,489

262,284

Sartorius

Stedim

Biotech

162

42,859

SCOR

SE

336

9,821

SEB

SA

185

23,093

Societe

Generale

SA

2,020

53,609

Sodexo

SA

420

46,219

SOITEC(a)

228

40,751

Teleperformance

SE

131

19,109

Thales

SA

432

63,922

Valeo

SE

1,595

24,517

Veolia

Environnement

SA

3,056

96,413

Verallia

SA(b)

652

25,107

Vinci

SA

2,197

275,940

6,048,071

Germany

(

6

.5

%

)

adidas

AG

672

136,707

Allianz

SE

1,556

415,872

Bayerische

Motoren

Werke

AG

1,488

165,654

Bechtle

AG

573

28,730

Beiersdorf

AG

350

52,465

BioNTech

SE

ADR(a)

331

34,934

Brenntag

SE

700

64,350

Commerzbank

AG

5,102

60,643

Continental

AG

502

42,655

Covestro

AG(a)(b)

1,303

75,825

CTS

Eventim

AG

&

Co.

KGaA

438

30,288

Daimler

Truck

Holding

AG

2,019

75,874

Deutsche

Boerse

AG

732

150,805

Deutsche

Lufthansa

AG(a)

2,864

25,462

Deutsche

Post

AG

4,551

225,498

Deutsche

Telekom

AG

11,427

274,547

E.ON

SE

5,614

75,348

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Germany

(cont’d)

Evonik

Industries

AG

2,270

$

46,390

GEA

Group

AG

784

32,641

Hannover

Rueck

SE

240

57,345

HeidelbergCement

AG

1,440

128,751

HelloFresh

SE(a)

636

10,054

Henkel

AG

&

Co.

KGaA

539

38,690

HUGO

BOSS

AG

193

14,382

Infineon

Technologies

AG

6,911

288,574

KION

Group

AG

628

26,826

Knorr-Bremse

AG

308

20,006

Mercedes-Benz

Group

AG

3,946

272,652

Merck

KGaA

392

62,399

MTU

Aero

Engines

AG

245

52,842

Muenchener

Rueckversicherungs-Gesellschaft

AG

562

232,867

Nemetschek

SE

435

37,711

Puma

SE

124

6,920

SAP

SE

4,461

687,336

Scout24

SE(b)

307

21,758

Siemens

AG

3,378

634,058

Siemens

Energy

AG(a)

1,354

17,948

Siemens

Healthineers

AG(b)

1,245

72,340

Symrise

AG,

Class

A

463

50,961

Talanx

AG

221

15,783

Telefonica

Deutschland

Holding

AG

2,700

7,015

thyssenkrupp

AG

6,489

45,245

Volkswagen

AG

141

18,449

Vonovia

SE

1,467

46,250

Zalando

SE(a)(b)

572

13,553

4,895,403

Hong

Kong

(

1

.4

%

)

AIA

Group

Ltd.

47,200

411,339

CK

Infrastructure

Holdings

Ltd.

500

2,766

CLP

Holdings

Ltd.

6,500

53,649

Hang

Seng

Bank

Ltd.

8,200

95,614

Hong

Kong

Exchanges

&

Clearing

Ltd.

5,600

192,200

Hongkong

Land

Holdings

Ltd.

1,900

6,612

MTR

Corp.

Ltd.

1,000

3,880

Prudential

plc

9,332

105,545

Sino

Land

Co.

Ltd.

34,000

36,967

Sun

Hung

Kai

Properties

Ltd.

5,000

54,075

Swire

Pacific

Ltd.,

Class

A

2,500

21,163

Swire

Properties

Ltd.

11,000

22,258

Techtronic

Industries

Co.

Ltd.

4,000

47,666

WH

Group

Ltd.(b)

24,000

15,491

1,069,225

Ireland

(

0

.5

%

)

AerCap

Holdings

NV(a)

479

35,599

AIB

Group

plc

2,685

11,508

Bank

of

Ireland

Group

plc

3,424

31,083

Kerry

Group

plc,

Class

A

992

86,197

Kingspan

Group

plc

2,001

173,296

Smurfit

Kappa

Group

plc

608

24,098

361,781

Israel

(

0

.4

%

)

Bank

Hapoalim

BM

4,908

44,311

Bank

Leumi

Le-Israel

BM

2,708

21,892

Shares

Value

Check

Point

Software

Technologies

Ltd.(a)

717

$

109,550

Mizrahi

Tefahot

Bank

Ltd.

546

21,228

Nice

Ltd.

ADR(a)

513

102,349

299,330

Italy

(

1

.9

%

)

A2A

SpA

8,633

17,728

Amplifon

SpA

632

21,880

Assicurazioni

Generali

SpA

5,177

109,257

Banco

BPM

SpA

2,628

13,879

Coca-Cola

HBC

AG

948

27,856

Enel

SpA

39,521

293,811

FinecoBank

Banca

Fineco

SpA

2,378

35,686

Hera

SpA

4,483

14,718

Infrastrutture

Wireless

Italiane

SpA(b)

1,570

19,858

Interpump

Group

SpA

365

18,898

Intesa

Sanpaolo

SpA

72,412

211,453

Italgas

SpA

2,574

14,729

Mediobanca

Banca

di

Credito

Finanziario

SpA

653

8,082

Moncler

SpA

919

56,545

Nexi

SpA(a)(b)

2,361

19,315

Poste

Italiane

SpA(b)

2,169

24,619

PRADA

SpA

4,000

22,872

Prysmian

SpA

1,387

63,079

Recordati

Industria

Chimica

e

Farmaceutica

SpA

506

27,294

Reply

SpA

112

14,785

Snam

SpA

11,500

59,135

Telecom

Italia

SpA(a)

82,838

26,921

Terna

-

Rete

Elettrica

Nazionale

7,880

65,755

UniCredit

SpA

8,542

231,793

1,419,948

Japan

(

16

.9

%

)

Advantest

Corp.

3,300

112,286

Aeon

Co.

Ltd.

3,800

84,933

AGC,

Inc.

2,600

96,564

Aisin

Corp.

1,200

41,989

Ajinomoto

Co.,

Inc.

2,800

108,044

ANA

Holdings,

Inc.(a)

2,100

45,581

Asahi

Group

Holdings

Ltd.

2,800

104,429

Astellas

Pharma,

Inc.

9,200

110,024

Bandai

Namco

Holdings,

Inc.

1,500

30,073

BayCurrent

Consulting,

Inc.

400

14,047

Bridgestone

Corp.

2,700

111,846

Canon,

Inc.

6,300

161,768

Central

Japan

Railway

Co.

3,800

96,604

Chugai

Pharmaceutical

Co.

Ltd.

3,900

147,778

Dai

Nippon

Printing

Co.

Ltd.

2,200

65,120

Daifuku

Co.

Ltd.

1,100

22,257

Dai-ichi

Life

Holdings,

Inc.

2,200

46,690

Daiichi

Sankyo

Co.

Ltd.

8,100

222,466

Daikin

Industries

Ltd.

1,400

228,252

Daito

Trust

Construction

Co.

Ltd.

100

11,597

Daiwa

House

Industry

Co.

Ltd.

3,700

112,118

Daiwa

Securities

Group,

Inc.

11,400

76,747

Denso

Corp.

7,400

111,646

Dentsu

Group,

Inc.

1,300

33,362

Disco

Corp.

300

74,436

East

Japan

Railway

Co.

1,400

80,725

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Japan

(cont’d)

Eisai

Co.

Ltd.

1,400

$

70,030

FANUC

Corp.

3,900

114,721

Fast

Retailing

Co.

Ltd.

600

148,915

Fuji

Electric

Co.

Ltd.

1,200

51,658

FUJIFILM

Holdings

Corp.

1,800

108,181

Fujitsu

Ltd.

400

60,363

Hankyu

Hanshin

Holdings,

Inc.

1,300

41,394

Hoya

Corp.

1,500

187,527

Hulic

Co.

Ltd.

5,600

58,649

Ibiden

Co.

Ltd.

200

11,087

Isuzu

Motors

Ltd.

4,800

61,830

Japan

Airlines

Co.

Ltd.

1,100

21,652

Japan

Exchange

Group,

Inc.

1,100

23,275

Japan

Post

Bank

Co.

Ltd.

3,600

36,669

Kao

Corp.

2,100

86,395

KDDI

Corp.

6,900

219,559

Keyence

Corp.

800

352,504

Kikkoman

Corp.

1,300

79,616

Kirin

Holdings

Co.

Ltd.

1,700

24,913

Komatsu

Ltd.

4,100

107,255

Kose

Corp.

300

22,503

Kubota

Corp.

5,500

82,804

Kyocera

Corp.

6,000

87,587

Kyowa

Kirin

Co.

Ltd.

2,200

36,984

LY

Corp.

23,900

84,713

M3,

Inc.

2,600

43,026

Makita

Corp.

1,200

33,111

MEIJI

Holdings

Co.

Ltd.

1,000

23,755

MinebeaMitsumi,

Inc.

2,400

49,343

MISUMI

Group,

Inc.

500

8,475

Mitsubishi

Chemical

Group

Corp.

12,300

75,381

Mitsubishi

Electric

Corp.

11,900

168,734

Mitsubishi

Estate

Co.

Ltd.

7,400

101,988

Mitsubishi

HC

Capital,

Inc.

8,200

55,070

Mitsubishi

Heavy

Industries

Ltd.

1,300

75,992

Mitsubishi

UFJ

Financial

Group,

Inc.

47,300

406,469

Mitsui

Fudosan

Co.

Ltd.

5,100

125,094

Mizuho

Financial

Group,

Inc.

11,600

198,503

MS&AD

Insurance

Group

Holdings,

Inc.

2,500

98,347

Murata

Manufacturing

Co.

Ltd.

8,100

171,963

Nidec

Corp.

2,600

105,029

Nintendo

Co.

Ltd.

4,100

214,015

Nippon

Paint

Holdings

Co.

Ltd.

6,800

54,987

Nippon

Telegraph

&

Telephone

Corp.

143,900

175,869

Nissan

Chemical

Corp.

300

11,717

Nitori

Holdings

Co.

Ltd.

100

13,392

Nitto

Denko

Corp.

100

7,483

Nomura

Holdings,

Inc.

19,900

90,014

Nomura

Research

Institute

Ltd.

1,500

43,634

Olympus

Corp.

6,300

91,184

Omron

Corp.

200

9,339

Ono

Pharmaceutical

Co.

Ltd.

2,400

42,832

Oracle

Corp.

Japan

100

7,710

Oriental

Land

Co.

Ltd.

4,800

178,783

ORIX

Corp.

5,300

99,850

Osaka

Gas

Co.

Ltd.

2,400

50,135

Otsuka

Corp.

1,200

49,479

Otsuka

Holdings

Co.

Ltd.

1,700

63,777

Shares

Value

Panasonic

Holdings

Corp.

11,700

$

115,896

Rakuten

Group,

Inc.(a)

2,900

12,918

Recruit

Holdings

Co.

Ltd.

6,700

283,388

Renesas

Electronics

Corp.(a)

7,500

135,604

Resona

Holdings,

Inc.

15,500

78,775

SCREEN

Holdings

Co.

Ltd.

200

16,924

Secom

Co.

Ltd.

500

36,016

Sekisui

Chemical

Co.

Ltd.

3,000

43,251

Sekisui

House

Ltd.

3,900

86,642

SG

Holdings

Co.

Ltd.

2,400

34,456

Shin-Etsu

Chemical

Co.

Ltd.

8,400

352,552

Shionogi

&

Co.

Ltd.

1,300

62,686

Shiseido

Co.

Ltd.

1,000

30,160

SMC

Corp.

100

53,738

SoftBank

Corp.

14,100

175,975

SoftBank

Group

Corp.

4,600

205,333

Sompo

Holdings,

Inc.

1,300

63,589

Sony

Group

Corp.

5,500

523,159

Square

Enix

Holdings

Co.

Ltd.

900

32,322

Sumitomo

Electric

Industries

Ltd.

5,000

63,679

Sumitomo

Mitsui

Financial

Group,

Inc.

5,900

287,927

Sumitomo

Mitsui

Trust

Holdings,

Inc.

2,400

46,066

Suntory

Beverage

&

Food

Ltd.

1,200

39,580

Sysmex

Corp.

200

11,148

T&D

Holdings,

Inc.

1,700

27,017

Takeda

Pharmaceutical

Co.

Ltd.

8,200

235,798

TDK

Corp.

1,200

57,174

Terumo

Corp.

2,700

88,519

Toho

Co.

Ltd.

300

10,148

Tokio

Marine

Holdings,

Inc.

8,000

200,255

Tokyo

Electron

Ltd.

1,800

322,450

Tokyo

Gas

Co.

Ltd.

2,500

57,419

Tokyu

Corp.

3,500

42,726

TOPPAN

Holdings,

Inc.

2,500

69,779

Toray

Industries,

Inc.

11,400

59,280

TOTO

Ltd.

100

2,634

Toyota

Industries

Corp.

200

16,314

Toyota

Motor

Corp.

52,700

968,360

Trend

Micro,

Inc.(a)

1,200

64,247

Unicharm

Corp.

1,400

50,626

West

Japan

Railway

Co.

1,200

50,058

Yakult

Honsha

Co.

Ltd.

500

11,232

Yamaha

Corp.

400

9,241

Yamaha

Motor

Co.

Ltd.

3,900

34,842

Yamato

Holdings

Co.

Ltd.

2,400

44,355

Yaskawa

Electric

Corp.

1,300

54,313

ZOZO,

Inc.

800

18,017

12,763,234

Luxembourg

(

0

.0

%

)

Eurofins

Scientific

SE

614

40,003

Netherlands

(

3

.5

%

)

Aalberts

NV

975

42,284

ABN

AMRO

Bank

NV

CVA(b)

1,670

25,070

Adyen

NV(a)(b)

117

150,776

Aegon

Ltd.

4,407

25,548

Akzo

Nobel

NV

822

67,938

Argenx

SE(a)

238

90,309

ASM

International

NV

198

102,788

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Netherlands

(cont’d)

ASML

Holding

NV

1,522

$

1,146,127

ASR

Nederland

NV

216

10,188

BE

Semiconductor

Industries

NV

333

50,193

DSM

BV

447

46,129

Euronext

NV(b)

344

29,887

IMCD

NV

253

44,032

ING

Groep

NV

11,287

168,645

JDE

Peet's

NV

1,454

39,126

Koninklijke

Ahold

Delhaize

NV

4,940

141,963

Koninklijke

KPN

NV

16,683

57,461

Koninklijke

Philips

NV(a)

3,946

91,908

Koninklijke

Vopak

NV

728

24,479

Universal

Music

Group

NV

3,769

107,458

Wolters

Kluwer

NV

1,244

176,858

2,639,167

New

Zealand

(

0

.2

%

)

Auckland

International

Airport

Ltd.

7,424

41,365

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

1,138

17,004

Meridian

Energy

Ltd.

4,694

16,465

Spark

New

Zealand

Ltd.

6,442

21,128

Xero

Ltd.(a)

441

33,793

129,755

Norway

(

0

.6

%

)

AutoStore

Holdings

Ltd.(a)(b)

9,630

18,946

DNB

Bank

ASA

3,754

79,843

Gjensidige

Forsikring

ASA

1,122

20,715

Kongsberg

Gruppen

ASA

583

26,717

Mowi

ASA

3,413

61,164

Norsk

Hydro

ASA

16,977

114,343

Orkla

ASA

6,327

49,117

Salmar

ASA

133

7,454

Schibsted

ASA,

Class

A

982

28,293

Telenor

ASA

4,206

48,290

TOMRA

Systems

ASA

1,639

19,923

474,805

Portugal

(

0

.2

%

)

EDP

-

Energias

de

Portugal

SA

15,618

78,585

Jeronimo

Martins

SGPS

SA

1,662

42,300

120,885

Singapore

(

1

.1

%

)

DBS

Group

Holdings

Ltd.

8,700

220,353

Oversea-Chinese

Banking

Corp.

Ltd.

15,200

149,799

Singapore

Airlines

Ltd.

10,200

50,726

Singapore

Exchange

Ltd.

4,100

30,553

Singapore

Technologies

Engineering

Ltd.

9,500

28,015

Singapore

Telecommunications

Ltd.

46,500

87,071

STMicroelectronics

NV

2,613

130,496

United

Overseas

Bank

Ltd.

5,600

120,779

817,792

South

Africa

(

0

.3

%

)

Anglo

American

plc

8,218

206,446

South

Korea

(

3

.7

%

)

Delivery

Hero

SE(a)(b)

781

21,577

Doosan

Enerbility

Co.

Ltd.(a)

3,724

45,975

Hana

Financial

Group,

Inc.

2,098

70,699

HMM

Co.

Ltd.(a)

1,805

27,442

Shares

Value

HYBE

Co.

Ltd.(a)

183

$

33,179

Hyundai

Mobis

Co.

Ltd.

477

87,778

Hyundai

Motor

Co.

404

63,836

Kakao

Corp.(a)

2,791

117,673

KB

Financial

Group,

Inc.

1,567

65,824

Kia

Corp.(a)

1,244

96,591

Krafton,

Inc.(a)

152

22,849

L&F

Co.

Ltd.(a)

227

35,956

LG

Chem

Ltd.(a)

235

91,051

LG

Electronics,

Inc.(a)

529

41,814

LG

H&H

Co.

Ltd.(a)

115

31,699

LG

Innotek

Co.

Ltd.(a)

113

21,014

NAVER

Corp.

545

94,790

NCSoft

Corp.(a)

71

13,258

POSCO

Holdings,

Inc.

537

208,271

Samsung

Electro-Mechanics

Co.

Ltd.(a)

80

9,516

Samsung

Electronics

Co.

Ltd.

20,531

1,251,404

Shinhan

Financial

Group

Co.

Ltd.

2,170

67,649

SK

Hynix,

Inc.

2,225

244,458

2,764,303

Spain

(

2

.1

%

)

Acciona

SA

99

14,578

Aena

SME

SA(b)

335

60,726

Amadeus

IT

Group

SA

1,748

125,278

Banco

Bilbao

Vizcaya

Argentaria

SA

20,218

183,718

Banco

de

Sabadell

SA

10,259

12,613

Banco

Santander

SA

60,810

253,883

Bankinter

SA

4,710

30,156

CaixaBank

SA

15,853

65,250

Cellnex

Telecom

SA(b)

2,171

85,520

EDP

Renovaveis

SA

1,048

21,446

Enagas

SA

3,966

66,876

Iberdrola

SA

24,855

325,904

Industria

de

Diseno

Textil

SA

4,155

180,977

Naturgy

Energy

Group

SA

804

23,980

Redeia

Corp.

SA

1,764

29,054

Telefonica

SA

24,831

96,936

1,576,895

Sweden

(

2

.7

%

)

Alfa

Laval

AB

1,244

49,795

Assa

Abloy

AB,

Class

B

4,239

122,108

Atlas

Copco

AB,

Class

A

14,608

251,563

Beijer

Ref

AB,

Class

B

1,191

15,942

Boliden

AB

1,864

58,170

Castellum

AB(a)

3,275

46,568

Epiroc

AB,

Class

A

4,100

82,262

EQT

AB

1,607

45,446

Essity

AB,

Class

B

1,531

37,979

Getinge

AB,

Class

B

923

20,543

H

&

M

Hennes

&

Mauritz

AB,

Class

B

2,574

45,111

Hexagon

AB,

Class

B

9,470

113,655

Holmen

AB,

Class

B

462

19,515

Husqvarna

AB,

Class

B

1,895

15,603

Industrivarden

AB,

Class

A

1,094

35,704

Indutrade

AB

1,164

30,238

Investment

AB

Latour,

Class

B

406

10,567

Investor

AB,

Class

B

7,817

181,117

Kinnevik

AB,

Class

B(a)

2,319

24,875

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Sweden

(cont’d)

L

E

Lundbergforetagen

AB,

Class

B

336

$

18,277

Lifco

AB,

Class

B

952

23,352

Nibe

Industrier

AB,

Class

B

7,174

50,400

Saab

AB,

Class

B

239

14,409

Sagax

AB,

Class

B

842

23,177

Sandvik

AB

4,575

99,010

Skandinaviska

Enskilda

Banken

AB,

Class

A

6,084

83,794

SKF

AB,

Class

B

1,693

33,817

SSAB

AB,

Class

A

9,014

68,585

Svenska

Cellulosa

AB

SCA,

Class

B

3,140

47,079

Svenska

Handelsbanken

AB,

Class

A

2,304

25,022

Sweco

AB,

Class

B

727

9,746

Swedbank

AB,

Class

A

2,618

52,813

Swedish

Orphan

Biovitrum

AB(a)

797

21,116

Tele2

AB,

Class

B

1,354

11,627

Trelleborg

AB,

Class

B

996

33,365

Volvo

AB,

Class

B

7,391

191,928

2,014,278

Switzerland

(

5

.2

%

)

ABB

Ltd.

6,573

291,300

Adecco

Group

AG

1,340

65,706

Alcon,

Inc.

1,950

152,080

Avolta

AG(a)

272

10,691

Bachem

Holding

AG

143

11,044

Baloise

Holding

AG

356

55,749

Barry

Callebaut

AG

5

8,430

Belimo

Holding

AG

88

48,493

BKW

AG

93

16,519

Cie

Financiere

Richemont

SA

1,795

246,862

DKSH

Holding

AG

523

36,290

DSM-Firmenich

AG

611

62,095

Emmi

AG

2

2,165

Flughafen

Zurich

AG

135

28,166

Galenica

AG(b)

196

16,942

Geberit

AG

258

165,225

Georg

Fischer

AG

678

49,220

Givaudan

SA

32

132,464

Helvetia

Holding

AG

133

18,315

Julius

Baer

Group

Ltd.

742

41,567

Kuehne

+

Nagel

International

AG

195

67,143

Logitech

International

SA

451

42,740

Lonza

Group

AG

281

118,089

Novartis

AG

7,455

751,745

On

Holding

AG,

Class

A(a)

1,016

27,401

Partners

Group

Holding

AG

71

102,326

PSP

Swiss

Property

AG

213

29,761

Schindler

Holding

AG

250

59,259

SFS

Group

AG

78

9,657

SGS

SA

716

61,710

SIG

Group

AG

1,296

29,796

Sika

AG

586

190,564

Sonova

Holding

AG

193

62,923

Straumann

Holding

AG

421

67,828

Swiss

Life

Holding

AG

98

68,000

Swiss

Prime

Site

AG

363

38,752

Swisscom

AG

97

58,316

Tecan

Group

AG

25

10,200

Temenos

AG

372

34,572

Shares

Value

UBS

Group

AG

9,729

$

301,701

VAT

Group

AG(b)

128

64,103

Zurich

Insurance

Group

AG

504

263,243

3,919,152

Taiwan

(

4

.8

%

)

Accton

Technology

Corp.

1,000

17,041

Advantech

Co.

Ltd.

1,099

13,321

ASE

Technology

Holding

Co.

Ltd.

15,000

65,981

Cathay

Financial

Holding

Co.

Ltd.

62,000

92,423

Chailease

Holding

Co.

Ltd.

1,000

6,289

Chang

Hwa

Commercial

Bank

Ltd.

64,000

37,327

Chunghwa

Telecom

Co.

Ltd.

15,000

58,650

CTBC

Financial

Holding

Co.

Ltd.

78,000

72,052

Delta

Electronics,

Inc.

6,000

61,289

E

Ink

Holdings,

Inc.

2,000

12,838

Eva

Airways

Corp.

34,000

34,841

Evergreen

Marine

Corp.

Taiwan

Ltd.

12,000

56,108

Far

EasTone

Telecommunications

Co.

Ltd.

12,000

31,202

Feng

TAY

Enterprise

Co.

Ltd.

1,120

6,386

Fubon

Financial

Holding

Co.

Ltd.

49,400

104,303

Hotai

Motor

Co.

Ltd.

1,020

23,564

Largan

Precision

Co.

Ltd.

1,000

93,514

Lite-On

Technology

Corp.

7,000

26,686

MediaTek,

Inc.

5,000

165,361

Mega

Financial

Holding

Co.

Ltd.

65,376

83,503

Nanya

Technology

Corp.

12,000

30,498

Novatek

Microelectronics

Corp.

2,000

33,691

Quanta

Computer,

Inc.

15,000

109,724

Realtek

Semiconductor

Corp.

1,000

15,363

Taishin

Financial

Holding

Co.

Ltd.

72,890

42,987

Taiwan

Cement

Corp.

84,000

95,385

Taiwan

Mobile

Co.

Ltd.

12,000

38,553

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

89,000

1,719,653

Unimicron

Technology

Corp.

10,000

57,347

Uni-President

Enterprises

Corp.

33,000

80,106

United

Microelectronics

Corp.

73,000

125,114

Walsin

Lihwa

Corp.

17,000

21,409

Wan

Hai

Lines

Ltd.

22,000

39,426

Yang

Ming

Marine

Transport

Corp.

21,000

35,102

Yuanta

Financial

Holding

Co.

Ltd.

89,050

80,083

3,587,120

United

Kingdom

(

10

.0

%

)

3i

Group

plc

3,971

122,557

abrdn

plc

9,482

21,595

Admiral

Group

plc

820

28,057

Ashtead

Group

plc

2,347

163,421

Associated

British

Foods

plc

2,119

63,940

AstraZeneca

plc

5,992

809,692

Auto

Trader

Group

plc(b)

4,631

42,589

Aviva

plc

12,248

67,873

B&M

European

Value

Retail

SA

4,546

32,465

BAE

Systems

plc

16,704

236,473

Barratt

Developments

plc

5,614

40,264

Beazley

plc

1,199

7,979

Berkeley

Group

Holdings

plc

577

34,483

BP

plc

71,672

425,909

BT

Group

plc

34,659

54,610

Bunzl

plc

1,624

66,042

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

United

Kingdom

(cont’d)

Burberry

Group

plc

1,836

$

33,142

Centrica

plc

14,124

25,324

Coca-Cola

Europacific

Partners

plc

1,343

89,632

Compass

Group

plc

9,928

271,602

ConvaTec

Group

plc(b)

8,671

26,993

Croda

International

plc

201

12,940

DCC

plc

1,051

77,414

Dechra

Pharmaceuticals

plc

588

28,919

Diageo

plc

10,012

364,520

Diploma

plc

509

23,243

DS

Smith

plc

6,658

26,082

Halma

plc

3,535

102,927

Hargreaves

Lansdown

plc

1,647

15,411

Howden

Joinery

Group

plc

2,628

27,257

HSBC

Holdings

plc

77,801

630,293

IMI

plc

409

8,780

Inchcape

plc

1,641

14,968

Informa

plc

8,481

84,460

InterContinental

Hotels

Group

plc

1,108

100,145

Intermediate

Capital

Group

plc

1,325

28,385

Intertek

Group

plc

947

51,259

J

Sainsbury

plc

9,814

37,858

JD

Sports

Fashion

plc

7,519

15,907

Johnson

Matthey

plc

1,800

38,951

Kingfisher

plc

10,873

33,724

Legal

&

General

Group

plc

27,861

89,184

Lloyds

Banking

Group

plc

292,627

177,978

London

Stock

Exchange

Group

plc

1,612

190,579

M&G

plc

12,254

34,742

Melrose

Industries

plc

7,198

52,065

National

Grid

plc

18,889

254,763

Next

plc

630

65,198

Pearson

plc

2,530

31,098

Phoenix

Group

Holdings

plc

4,022

27,441

Reckitt

Benckiser

Group

plc

3,388

234,091

RELX

plc

10,244

406,136

Rentokil

Initial

plc

13,454

75,602

Rightmove

plc

3,774

27,693

RS

GROUP

plc

708

7,397

Sage

Group

plc

(The)

5,134

76,738

Schroders

plc

3,564

19,532

Severn

Trent

plc

1,317

43,299

Smith

&

Nephew

plc

4,536

62,364

Smiths

Group

plc

1,928

43,343

Spirax-Sarco

Engineering

plc

392

52,496

SSE

plc

4,949

117,095

St.

James's

Place

plc

1,710

14,902

Standard

Chartered

plc

9,425

80,092

Taylor

Wimpey

plc

14,752

27,654

Tesco

plc

41,151

152,394

Unilever

plc

9,998

484,327

United

Utilities

Group

plc

3,781

51,068

Vodafone

Group

plc

48,142

42,076

Weir

Group

plc

(The)

1,396

33,572

Whitbread

plc

1,122

52,293

Wise

plc,

Class

A(a)

2,208

24,601

WPP

plc

6,370

61,147

7,501,045

Shares

Value

United

States

(

10

.1

%

)

Amcor

plc

3,754

$

36,189

Aon

plc,

Class

A

849

247,076

BRP,

Inc.

340

24,449

Chubb

Ltd.

1,169

264,194

Clarivate

plc(a)

4,462

41,318

CRH

plc

5,819

402,442

CSL

Ltd.

2,187

427,768

CyberArk

Software

Ltd.(a)

145

31,762

Ferguson

plc

1,009

194,808

Ferrovial

SE

2,136

77,912

Flex

Ltd.(a)

2,166

65,976

Garmin

Ltd.

561

72,111

GSK

plc

19,689

363,993

Haleon

plc

27,022

110,801

Holcim

AG

2,854

223,871

ICON

plc(a)

296

83,789

James

Hardie

Industries

plc

CDI(a)

5,332

205,527

Janus

Henderson

Group

plc

464

13,990

Linde

plc

2,074

851,813

Nestle

SA

10,590

1,226,912

QIAGEN

NV(a)

995

43,213

Roche

Holding

AG

2,631

764,308

Sanofi

SA

4,980

493,784

Schneider

Electric

SE

2,277

457,229

Spotify

Technology

SA(a)

532

99,968

Stellantis

NV

8,984

209,896

Swiss

Re

AG

1,002

112,575

TE

Connectivity

Ltd.

1,509

212,014

Waste

Connections,

Inc.

1,432

214,876

7,574,564

Total

Common

Stocks

(Cost

$69,646,689)

75,046,206

No.

of

Warrants

Warrants

(0.0%)

(c)

Canada

(

0.0%

)(c)

Constellation

Software,

Inc.

Expires

03/31/2040

(a)

(

Cost

$0

)

97

511

No.

of

Rights

Rights

(0.0%)

(c)

Taiwan

  (0.0%)

Mega

Financial

Holding

Co.

Ltd.(a)

(

Cost

$0

)  

1,361

275

Shares

Short-Term

Investment

(

0

.1

%

)

Investment

Company

(0.1%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

(d)

(Cost

$108,112)

108,112

108,112

Total

Investments

(

99

.8

%

)

(Cost

$

69,754,801

)

(e)

75,155,104

Other

Assets

in

Excess

of

Liabilities

(0.2%)

141,015

NET

ASSETS

(100.0%)

$75,296,119

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

The

country

classifications

used

for

financial

reporting

purposes

may

differ

from

the

classifications

determined

by

Calvert

Research

and

Management.

(a)

Non-income

producing

security.

(b)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(c)

Amount

is

less

than

0.05%.

(d)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

December

31,

2023,

management

fees

paid

were

reduced

by

$74

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(e)

At

December

31,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$69,754,801.

The

aggregate

gross

unrealized

appreciation

is

$7,119,039

and

the

aggregate

gross

unrealized

depreciation

is

$1,718,736,

resulting

in

net

unrealized

appreciation

of

$5,400,303.

ADR

American

Depositary

Receipt

CDI

CREST

Depository

Interest

CVA

Dutch

Certification

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

68

.3

%

Banks

11

.6

Pharmaceuticals

7

.4

Semiconductors

&

Semiconductor

Equipment

6

.7

Insurance

6

.0

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(87.9%)

Asset-Backed

Securities

(

12.0%

)

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

$

219,339

$

221,218

Avant

Loans

Funding

Trust,

2021-REV1

1.64%,

7/15/30(a)

440,000

429,862

CarNow

Auto

Receivables

Trust,

2023-2A

7.38%,

1/15/26(a)

183,473

183,701

Conn's

Receivables

Funding

LLC,

2023-A

8.01%,

1/17/28(a)

292,935

293,576

Dell

Equipment

Finance

Trust,

2023-2

5.84%,

1/22/29(a)

100,000

100,266

Driven

Brands

Funding

LLC,

2018-1A

4.74%,

4/20/48(a)

236,250

231,705

FHF

Issuer

Trust,

2023-2A

6.79%,

10/15/29(a)

230,000

233,060

GM

Financial

Automobile

Leasing

Trust,

2023-2

5.44%,

10/20/25

42,097

42,073

GM

Financial

Consumer

Automobile

Receivables

Trust,

2023-4

5.89%,

11/16/26

150,000

150,843

Hyundai

Auto

Lease

Securitization

Trust,

2023-B

5.47%,

9/15/25(a)

135,327

135,260

J.P.

Morgan

Mortgage

Trust,

2023-HE2

SOFR30A

+

1.70%,

7.04%,

3/25/54(a)(b)

120,151

120,719

LAD

Auto

Receivables

Trust,

2023-1A

5.68%,

10/15/26(a)

100,747

100,645

2023-2A

5.93%,

6/15/27(a)

137,856

137,982

2023-3A

6.09%,

6/15/26(a)

187,871

188,091

Marlette

Funding

Trust,

2020-1A

3.54%,

3/15/30(a)

88,664

87,821

2023-1A

6.07%,

4/15/33(a)

97,562

97,505

2023-3A

6.49%,

9/15/33(a)

389,466

390,004

Newtek

Small

Business

Loan

Trust,

2023-1

US

Prime

Rate

-

0.50%,

8.00%,

7/25/50(a)(b)

134,497

134,109

Octane

Receivables

Trust,

2023-1A

5.87%,

5/21/29(a)

79,460

79,649

Face

Amount

Value

Oscar

US

Funding

XIII

LLC,

2021-2A

0.86%,

9/10/25(a)

$

67,350

$

66,490

Oscar

US

Funding

XV

LLC,

2023-1A

6.07%,

9/10/26(a)

450,000

450,751

Prodigy

Finance

DAC,

2021-1A

CME

Term

SOFR

1

Month

+

1.36%,

6.72%,

7/25/51(a)(b)

340,119

337,493

2021-1A

CME

Term

SOFR

1

Month

+

2.61%,

7.97%,

7/25/51(a)(b)

134,479

133,844

Prosper

Marketplace

Issuance

Trust,

2023-1A

7.06%,

7/16/29(a)

197,591

198,535

Reach

ABS

Trust,

2023-1A

7.05%,

2/18/31(a)

127,394

127,765

SoFi

Consumer

Loan

Program

Trust,

2023-1S

5.81%,

5/15/31(a)

44,966

44,914

Theorem

Funding

Trust,

2023-1A

7.58%,

4/15/29(a)

64,999

65,752

Upstart

Securitization

Trust,

2021-5

1.31%,

11/20/31(a)

95,266

94,598

Vantage

Data

Centers

Issuer

LLC,

2019-1A

3.19%,

7/15/44(a)

698,367

685,585

5,563,816

Commercial

Mortgage-Backed

Securities

(

12.7%

)

BPR

Trust

CME

Term

SOFR

1

Month

+

3.00%,

8.36%,

5/15/39(a)(b)

150,000

150,563

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.03%,

6.40%,

10/15/36(a)(b)

260,392

259,991

CME

Term

SOFR

1

Month

+

1.06%,

6.43%,

9/15/36(a)(b)

425,000

415,153

CAMB

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.30%,

6.91%,

12/15/37(a)(b)

186,543

185,456

CME

Term

SOFR

1

Month

+

1.80%,

7.41%,

12/15/37(a)(b)

288,000

285,415

Connecticut

Avenue

Securities

Trust

SOFR30A

+

2.95%,

8.29%,

6/25/42(a)(b)

375,815

388,030

CSMC

Trust

CME

Term

SOFR

1

Month

+

3.14%,

8.50%,

9/9/24(a)(b)

500,000

505,002

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

1.19%,

6.56%,

7/15/38(a)(b)

513,392

509,771

CME

Term

SOFR

1

Month

+

1.49%,

6.86%,

7/15/38(a)(b)

280,032

276,473

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(12.7%)

(cont’d)

FHLMC,

REMIC

SOFR30A

+

0.66%,

6.00%,

4/15/36(b)

$

236,579

$

233,368

SOFR30A

+

0.51%,

5.85%,

1/15/42(b)

302,593

298,811

FNMA,

REMIC

SOFR30A

+

0.36%,

5.70%,

6/25/36(b)

231,545

228,674

SOFR30A

+

0.65%,

5.99%,

2/25/38(b)

239,860

238,105

Hawaii

Hotel

Trust

CME

Term

SOFR

1

Month

+

1.20%,

6.56%,

5/15/38(a)(b)

250,000

248,816

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

CME

Term

SOFR

1

Month

+

1.16%,

6.53%,

4/15/38(a)(b)

100,000

99,016

Marlette

Funding

Trust

6.50%,

4/15/33(a)

160,000

161,334

Med

Trust

CME

Term

SOFR

1

Month

+

1.56%,

6.93%,

11/15/38(a)(b)

233,878

229,962

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.92%,

6.28%,

4/15/38(a)(b)

507,370

503,339

ORL

Trust

CME

Term

SOFR

1

Month

+

2.35%,

7.71%,

10/19/36(a)(b)

100,000

100,344

Radnor

RE

Ltd.

SOFR30A

+

1.85%,

7.19%,

11/25/31(a)(b)

155,155

155,375

VMC

Finance

LLC

CME

Term

SOFR

1

Month

+

1.76%,

7.12%,

1/18/37(a)(b)

425,149

417,510

5,890,508

Corporate

Bonds

(

53.8%

)

Automobiles

(1.0%)

General

Motors

Co.

6.13%,

10/1/25

225,000

228,090

Hyundai

Capital

America

5.80%,

6/26/25(a)

246,000

247,404

475,494

Banks

(20.4%)

Banco

Bilbao

Vizcaya

Argentaria

SA

5.86%,

9/14/26(b)

200,000

201,069

Banco

Santander

SA

5.15%,

8/18/25

200,000

198,917

Bank

of

America

Corp.

1.84%,

2/4/25(b)

1,300,000

1,295,034

3.84%,

4/25/25(b)

165,000

163,966

Bank

of

Ireland

Group

plc

6.25%,

9/16/26(a)(b)

600,000

607,058

Bank

of

Montreal

3.30%,

2/5/24

225,000

224,382

6.11%,

3/8/24(b)

100,000

100,061

Face

Amount

Value

BPCE

SA

6.02%,

1/14/25(a)(b)

$

500,000

$

498,920

Citigroup,

Inc.

3.35%,

4/24/25(b)

450,000

446,656

6.10%,

5/1/25(b)

625,000

623,533

6.13%,

1/25/26(b)

200,000

198,868

Discover

Bank

2.45%,

9/12/24

250,000

244,191

Fifth

Third

Bancorp

3.65%,

1/25/24

140,000

139,776

4.30%,

1/16/24

100,000

99,877

HSBC

Holdings

plc

0.98%,

5/24/25(b)

470,000

460,578

ING

Groep

NV

3.55%,

4/9/24

450,000

447,570

Intesa

Sanpaolo

SpA

5.25%,

1/12/24

400,000

399,913

JPMorgan

Chase

&

Co.

3.63%,

5/13/24

225,000

223,646

3.85%,

6/14/25

1,075,000

1,066,609

KeyBank

NA

5.71%,

6/14/24(b)

250,000

247,243

National

Bank

of

Canada

5.25%,

1/17/25

250,000

250,040

Royal

Bank

of

Canada

4.95%,

4/25/25

140,000

140,135

Standard

Chartered

plc

0.99%,

1/12/25(a)(b)

310,000

309,636

Swedbank

AB

6.14%,

9/12/26(a)

218,000

222,468

Toronto-Dominion

Bank

(The)

5.53%,

7/17/26

208,000

212,052

Truist

Financial

Corp.

5.81%,

6/9/25(b)

460,000

453,249

9,475,447

Biotechnology

(0.2%)

Amgen,

Inc.

5.25%,

3/2/25

80,000

80,213

Capital

Markets

(5.9%)

Affiliated

Managers

Group,

Inc.

4.25%,

2/15/24

200,000

199,541

Charles

Schwab

Corp.

(The)

5.90%,

3/18/24(b)

480,000

479,920

Goldman

Sachs

Group,

Inc.

(The)

3.50%,

1/23/25

240,000

235,514

4.00%,

3/3/24

350,000

349,021

5.94%,

10/21/24(b)

400,000

399,460

6.14%,

1/24/25(b)

150,000

149,944

Macquarie

Bank

Ltd.

5.39%,

12/7/26(a)

120,000

121,653

Stifel

Financial

Corp.

4.25%,

7/18/24

350,000

346,630

UBS

Group

AG

2.59%,

9/11/25(a)(b)

475,000

464,822

2,746,505

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(53.8%)

(cont’d)

Consumer

Finance

(4.5%)

AerCap

Ireland

Capital

DAC

1.65%,

10/29/24

$

500,000

$

482,834

Ally

Financial,

Inc.

3.88%,

5/21/24

384,000

380,779

Capital

One

Financial

Corp.

4.17%,

5/9/25(b)

395,000

392,110

Ford

Motor

Credit

Co.

LLC

5.13%,

6/16/25

200,000

197,573

General

Motors

Financial

Co.,

Inc.

3.95%,

4/13/24

200,000

198,846

6.72%,

4/7/25(b)

350,000

350,614

Park

Aerospace

Holdings

Ltd.

5.50%,

2/15/24(a)

100,000

99,823

2,102,579

Diversified

REITs

(0.4%)

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC

6.00%,

4/15/25(a)

175,000

174,689

Diversified

Telecommunication

Services

(2.0%)

AT&T,

Inc.

6.81%,

6/12/24(b)

925,000

928,274

Electric

Utilities

(2.8%)

Enel

Finance

International

NV

2.65%,

9/10/24(a)

400,000

390,748

NextEra

Energy

Capital

Holdings,

Inc.

2.94%,

3/21/24

200,000

198,728

5.75%,

9/1/25

700,000

706,898

1,296,374

Electronic

Equipment,

Instruments

&

Components

(0.9%)

Amphenol

Corp.

4.75%,

3/30/26

40,000

40,089

TD

SYNNEX

Corp.

1.25%,

8/9/24

400,000

389,972

430,061

Entertainment

(1.3%)

Take-Two

Interactive

Software,

Inc.

3.30%,

3/28/24

9,000

8,945

Warnermedia

Holdings,

Inc.

6.41%,

3/15/26

589,000

589,434

598,379

Financial

Services

(2.5%)

Fidelity

National

Information

Services,

Inc.

0.60%,

3/1/24

425,000

421,318

Radian

Group,

Inc.

6.63%,

3/15/25

275,000

276,308

Synchrony

Bank

5.40%,

8/22/25

500,000

492,774

1,190,400

Food

Products

(1.1%)

JDE

Peet's

NV

0.80%,

9/24/24(a)

525,000

505,122

Face

Amount

Value

Ground

Transportation

(0.7%)

Penske

Truck

Leasing

Co.

LP

5.75%,

5/24/26(a)

$

120,000

$

121,031

SMBC

Aviation

Capital

Finance

DAC

3.55%,

4/15/24(a)

200,000

198,672

319,703

Health

Care

Providers

&

Services

(0.2%)

Centene

Corp.

4.25%,

12/15/27

100,000

96,431

Hotels,

Restaurants

&

Leisure

(0.7%)

Hyatt

Hotels

Corp.

1.80%,

10/1/24

325,000

315,484

Insurance

(1.8%)

Assurant,

Inc.

6.10%,

2/27/26

161,000

163,693

GA

Global

Funding

Trust

0.80%,

9/13/24(a)

200,000

192,276

5.89%,

9/13/24(a)(b)

475,000

471,892

827,861

IT

Services

(0.4%)

Kyndryl

Holdings,

Inc.

2.05%,

10/15/26

200,000

182,158

Leisure

Products

(0.7%)

Brunswick

Corp.

0.85%,

8/18/24

325,000

314,616

Machinery

(0.5%)

Daimler

Truck

Finance

North

America

LLC

6.45%,

4/5/24(a)(b)

225,000

225,238

Media

(0.3%)

Charter

Communications

Operating

LLC

4.91%,

7/23/25

150,000

148,659

Oil,

Gas

&

Consumable

Fuels

(0.5%)

Occidental

Petroleum

Corp.

6.95%,

7/1/24

225,000

226,083

Passenger

Airlines

(0.9%)

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.50%,

10/20/25(a)

438,162

431,675

Professional

Services

(0.5%)

Concentrix

Corp.

6.65%,

8/2/26

220,000

225,626

Semiconductors

&

Semiconductor

Equipment

(0.4%)

Broadcom

Corp.

3.63%,

1/15/24

200,000

199,820

Specialized

REITs

(0.4%)

EPR

Properties

4.50%,

4/1/25

200,000

196,344

Technology

Hardware,

Storage

&

Peripherals

(0.8%)

Hewlett

Packard

Enterprise

Co.

5.90%,

10/1/24

355,000

355,994

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(53.8%)

(cont’d)

Textiles,

Apparel

&

Luxury

Goods

(0.5%)

Tapestry,

Inc.

7.05%,

11/27/25

$

225,000

$

230,091

Trading

Companies

&

Distributors

(0.8%)

Air

Lease

Corp.

0.70%,

2/15/24

150,000

149,080

Aviation

Capital

Group

LLC

5.50%,

12/15/24(a)

230,000

228,882

377,962

Wireless

Telecommunication

Services

(0.7%)

Sprint

LLC

7.13%,

6/15/24

340,000

341,704

25,018,986

U.S.

Government

and

Agency

Securities

(

9.4%

)

U.S.

Treasury

Bills

0.00%,

5/16/24

2,100,000

2,059,775

0.00%,

6/13/24

2,387,000

2,332,462

4,392,237

Total

Fixed

Income

Securities

(Cost

$40,658,471)

40,865,547

–

Shares

Short-Term

Investments

(12.3%)

Investment

Company

(

3.50%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

(c)

(Cost

$1,625,209)

1,625,209

1,625,209

Face

Amount

Commercial

Paper

(

8.8%

)

AT&T,

Inc.

5.88%,

2/21/24(a)

$

250,000

247,916

Australia

&

New

Zealand

Banking

Group

Ltd.

5.67%,

5/15/24(a)

500,000

489,837

Brookfield

Renewable

Energy

LP

5.99%,

1/8/24

465,000

464,296

Canadian

Imperial

Bank

of

Commerce

5.84%,

5/14/24

500,000

489,877

DNB

Bank

ASA

5.81%,

7/1/24

500,000

486,749

Harley-Davidson

Financial

Services,

Inc.

6.11%,

1/22/24

250,000

249,050

HSBC

USA,

Inc.

6.36%,

9/9/24(a)

250,000

240,352

Lloyds

Bank

plc

5.79%,

4/1/24

500,000

492,877

Nutrien

Ltd.

5.72%,

1/5/24

475,000

474,495

Face

Amount

Value

Rogers

Communications,

Inc.

5.90%,

1/11/24(a)

$

450,000

$

449,111

Total

Commercial

Paper

(Cost

$4,082,460)

4,084,560

Total

Short-Term

Investments

(Cost

$5,707,669)

5,709,769

Total

Investments

(100.2%)

(Cost

$46,366,140)

(d)

46,575,316

Liabilities

in

Excess

of

Other

Assets

(-0.2%)

(110,645)

Net

Assets

(100.0%)

$46,464,671

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

2023.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

in

the

description

in

the

Portfolio

of

Investments.

Certain

variable

rate

securities

may

not

be

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

in

the

Portfolio

of

Investments.

(c)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

December

31,

2023,

management

fees

paid

were

reduced

by

$396

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(d)

At

December

31,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$46,366,140.

The

aggregate

gross

unrealized

appreciation

is

$227,042

and

the

aggregate

gross

unrealized

depreciation

is

$17,866,

resulting

in

net

unrealized

appreciation

of

$209,176.

CME

Chicago

Mercantile

Exchange

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

27.5

%

Banks

20.3

Commercial

Mortgage-Backed

Securities

12.7

Short-Term

Investments

12.3

Asset-Backed

Securities

11.9

U.S.

Government

and

Agency

Securities

9.4

Capital

Markets

5.9

Total

Investments

100.0%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)

Shares

Value

Common

Stocks

(99.7%)

Aerospace

&

Defense

(0.2%)

Axon

Enterprise,

Inc.(a)

719

$

185,739

Curtiss-Wright

Corp.

388

86,443

HEICO

Corp.

419

74,947

Hexcel

Corp.

855

63,056

Woodward,

Inc.

573

78,002

488,187

Air

Freight

&

Logistics

(0.6%)

CH

Robinson

Worldwide,

Inc.

846

73,086

Expeditors

International

of

Washington,

Inc.

1,064

135,341

FedEx

Corp.

1,679

424,736

GXO

Logistics,

Inc.(a)

887

54,249

United

Parcel

Service,

Inc.,

Class

 B

5,268

828,288

1,515,700

Automobile

Components

(0.2%)

Aptiv

plc(a)

2,050

183,926

Autoliv,

Inc.

610

67,216

BorgWarner,

Inc.

1,703

61,053

Lear

Corp.

431

60,861

Visteon

Corp.(a)

200

24,980

398,036

Automobiles

(2.1%)

Ford

Motor

Co.

28,597

348,598

General

Motors

Co.

9,935

356,865

Harley-Davidson,

Inc.

980

36,103

Rivian

Automotive,

Inc.,

Class

 A(a)

4,820

113,077

Tesla,

Inc.(a)

17,629

4,380,454

Thor

Industries,

Inc.

385

45,526

5,280,623

Banks

(4.2%)

Bank

of

America

Corp.

52,343

1,762,389

Bank

OZK

874

43,551

BOK

Financial

Corp.

229

19,614

Citigroup,

Inc.

14,812

761,929

Citizens

Financial

Group,

Inc.

3,598

119,238

Columbia

Banking

System,

Inc.

1,669

44,529

Comerica,

Inc.

1,017

56,759

Commerce

Bancshares,

Inc.

1,018

54,371

Cullen/Frost

Bankers,

Inc.

482

52,292

East

West

Bancorp,

Inc.

1,082

77,850

Fifth

Third

Bancorp

5,248

181,004

First

Citizens

BancShares,

Inc.,

Class

 A

81

114,937

First

Financial

Bankshares,

Inc.

1,125

34,087

First

Horizon

Corp.

4,277

60,562

FNB

Corp.

2,880

39,658

Home

BancShares,

Inc.

1,536

38,907

Huntington

Bancshares,

Inc.

11,090

141,065

JPMorgan

Chase

&

Co.

19,010

3,233,601

KeyCorp

7,248

104,371

M&T

Bank

Corp.

1,279

175,325

New

York

Community

Bancorp,

Inc.

5,496

56,224

Old

National

Bancorp

2,378

40,164

Pinnacle

Financial

Partners,

Inc.

581

50,675

PNC

Financial

Services

Group,

Inc.

(The)

3,076

476,319

Popular,

Inc.

564

46,287

Prosperity

Bancshares,

Inc.

725

49,104

Regions

Financial

Corp.

7,187

139,284

Shares

Value

SouthState

Corp.

610

$

51,514

Synovus

Financial

Corp.

1,167

43,938

Truist

Financial

Corp.

10,329

381,347

U.S.

Bancorp

12,047

521,394

United

Bankshares,

Inc.

1,077

40,441

Valley

National

Bancorp

3,495

37,956

Webster

Financial

Corp.

1,321

67,054

Wells

Fargo

&

Co.

28,177

1,386,872

Western

Alliance

Bancorp

868

57,106

Wintrust

Financial

Corp.

485

44,984

Zions

Bancorp

NA

1,128

49,485

10,656,187

Beverages

(1.7%)

Celsius

Holdings,

Inc.(a)

1,309

71,367

Coca-Cola

Co.

(The)

28,828

1,698,834

Coca-Cola

Consolidated,

Inc.

42

38,993

Keurig

Dr

Pepper,

Inc.

9,005

300,046

Monster

Beverage

Corp.(a)

6,790

391,172

PepsiCo,

Inc.

10,125

1,719,630

4,220,042

Biotechnology

(2.7%)

AbbVie,

Inc.

12,620

1,955,721

ACADIA

Pharmaceuticals,

Inc.(a)

855

26,770

Alkermes

plc(a)

1,172

32,511

Alnylam

Pharmaceuticals,

Inc.(a)

892

170,738

Amgen,

Inc.

3,822

1,100,813

Apellis

Pharmaceuticals,

Inc.(a)

676

40,465

Arrowhead

Pharmaceuticals,

Inc.(a)

725

22,185

Biogen,

Inc.(a)

1,028

266,016

BioMarin

Pharmaceutical,

Inc.(a)

1,319

127,178

Blueprint

Medicines

Corp.(a)

425

39,202

Denali

Therapeutics,

Inc.(a)

814

17,468

Exact

Sciences

Corp.(a)

1,268

93,807

Exelixis,

Inc.(a)

2,154

51,675

Gilead

Sciences,

Inc.

8,899

720,908

Halozyme

Therapeutics,

Inc.(a)

934

34,521

Incyte

Corp.(a)

1,313

82,443

Ionis

Pharmaceuticals,

Inc.(a)

1,001

50,641

Moderna,

Inc.(a)

2,372

235,895

Neurocrine

Biosciences,

Inc.(a)

682

89,860

Regeneron

Pharmaceuticals,

Inc.(a)

745

654,326

Sarepta

Therapeutics,

Inc.(a)

631

60,847

United

Therapeutics

Corp.(a)

327

71,904

Vertex

Pharmaceuticals,

Inc.(a)

1,837

747,457

6,693,351

Broadline

Retail

(3.4%)

Amazon.com,

Inc.(a)

55,368

8,412,614

eBay,

Inc.

3,280

143,073

Etsy,

Inc.(a)

755

61,193

Macy's,

Inc.

1,699

34,184

8,651,064

Building

Products

(1.1%)

A

O

Smith

Corp.

1,250

103,050

AAON,

Inc.

712

52,595

Advanced

Drainage

Systems,

Inc.

692

97,323

Allegion

plc

892

113,008

AZEK

Co.,

Inc.

(The),

Class

 A(a)

917

35,075

Carlisle

Cos.,

Inc.

844

263,691

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Building

Products

(cont’d)

Carrier

Global

Corp.

8,624

$

495,449

Fortune

Brands

Innovations,

Inc.

809

61,597

Johnson

Controls

International

plc

6,946

400,367

Lennox

International,

Inc.

327

146,339

Masco

Corp.

1,445

96,786

Owens

Corning

1,539

228,126

Simpson

Manufacturing

Co.,

Inc.

440

87,111

Trane

Technologies

plc

2,335

569,507

Trex

Co.,

Inc.(a)

703

58,201

UFP

Industries,

Inc.

391

49,090

Zurn

Elkay

Water

Solutions

Corp.

926

27,234

2,884,549

Capital

Markets

(3.9%)

Affiliated

Managers

Group,

Inc.

258

39,066

Ameriprise

Financial,

Inc.

782

297,027

Ares

Management

Corp.,

Class

 A

1,186

141,039

Bank

of

New

York

Mellon

Corp.

(The)

5,944

309,385

BlackRock,

Inc.

1,136

922,205

Blackstone,

Inc.

5,463

715,216

Blue

Owl

Capital,

Inc.,

Class

 A

3,544

52,806

Carlyle

Group,

Inc.

(The)

1,483

60,343

Cboe

Global

Markets,

Inc.

814

145,348

Charles

Schwab

Corp.

(The)

11,485

790,168

CME

Group,

Inc.

2,782

585,889

Coinbase

Global,

Inc.,

Class

 A(a)

1,298

225,748

Evercore,

Inc.,

Class

 A

277

47,381

FactSet

Research

Systems,

Inc.

288

137,390

Franklin

Resources,

Inc.

2,216

66,015

Goldman

Sachs

Group,

Inc.

(The)

2,520

972,140

Hamilton

Lane,

Inc.,

Class

 A

252

28,587

Houlihan

Lokey,

Inc.,

Class

 A

410

49,163

Interactive

Brokers

Group,

Inc.,

Class

 A

813

67,398

Intercontinental

Exchange,

Inc.

4,394

564,321

Invesco

Ltd.

3,410

60,834

Jefferies

Financial

Group,

Inc.

1,491

60,251

KKR

&

Co.,

Inc.

5,225

432,891

LPL

Financial

Holdings,

Inc.

581

132,247

MarketAxess

Holdings,

Inc.

277

81,120

Moody's

Corp.

1,185

462,814

Morningstar,

Inc.

198

56,676

MSCI,

Inc.,

Class

 A

573

324,118

Nasdaq,

Inc.

2,641

153,548

Northern

Trust

Corp.

1,571

132,561

Raymond

James

Financial,

Inc.

1,459

162,679

S&P

Global,

Inc.

2,372

1,044,913

SEI

Investments

Co.

839

53,319

State

Street

Corp.

2,377

184,122

Stifel

Financial

Corp.

765

52,900

T

Rowe

Price

Group,

Inc.

1,694

182,427

Tradeweb

Markets,

Inc.,

Class

 A

882

80,156

9,874,211

Chemicals

(1.3%)

Air

Products

and

Chemicals,

Inc.

2,252

616,598

Ashland,

Inc.

519

43,757

Axalta

Coating

Systems

Ltd.(a)

2,250

76,433

Balchem

Corp.

335

49,831

Cabot

Corp.

586

48,931

Shares

Value

Celanese

Corp.,

Class

 A

1,118

$

173,704

Eastman

Chemical

Co.

1,204

108,143

Ecolab,

Inc.

2,609

517,495

Element

Solutions,

Inc.

2,376

54,981

FMC

Corp.

1,278

80,578

Huntsman

Corp.

1,716

43,123

International

Flavors

&

Fragrances,

Inc.

2,363

191,332

Livent

Corp.(a)

1,841

33,101

Mosaic

Co.

(The)

3,351

119,731

PPG

Industries,

Inc.

2,420

361,911

Sherwin-Williams

Co.

(The)

2,426

756,669

3,276,318

Commercial

Services

&

Supplies

(0.9%)

Casella

Waste

Systems,

Inc.,

Class

 A(a)

493

42,132

Cintas

Corp.

552

332,668

Clean

Harbors,

Inc.(a)

442

77,133

Copart,

Inc.(a)

6,506

318,794

MSA

Safety,

Inc.

374

63,142

Republic

Services,

Inc.,

Class

 A

1,823

300,631

Rollins,

Inc.

2,078

90,746

Stericycle,

Inc.(a)

826

40,937

Tetra

Tech,

Inc.

460

76,788

Veralto

Corp.

1,652

135,894

Vestis

Corp.

825

17,441

Waste

Management,

Inc.

3,553

636,342

2,132,648

Communications

Equipment

(0.9%)

Arista

Networks,

Inc.(a)

1,691

398,247

Ciena

Corp.(a)

1,005

45,235

Cisco

Systems,

Inc.

27,099

1,369,042

F5,

Inc.(a)

406

72,666

Juniper

Networks,

Inc.

2,155

63,529

Lumentum

Holdings,

Inc.(a)

459

24,061

Motorola

Solutions,

Inc.

1,102

345,025

Viasat,

Inc.(a)

498

13,919

2,331,724

Construction

&

Engineering

(0.3%)

AECOM

1,217

112,487

Comfort

Systems

USA,

Inc.

310

63,758

EMCOR

Group,

Inc.

411

88,542

MasTec,

Inc.(a)

537

40,662

Quanta

Services,

Inc.

1,269

273,850

Valmont

Industries,

Inc.

211

49,271

WillScot

Mobile

Mini

Holdings

Corp.(a)

1,687

75,071

703,641

Construction

Materials

(0.2%)

Summit

Materials,

Inc.,

Class

 A(a)

2,060

79,228

Vulcan

Materials

Co.

2,319

526,436

605,664

Consumer

Finance

(0.7%)

Ally

Financial,

Inc.

2,313

80,770

American

Express

Co.

4,585

858,954

Capital

One

Financial

Corp.

2,913

381,953

Credit

Acceptance

Corp.(a)

50

26,636

Discover

Financial

Services

1,925

216,370

FirstCash

Holdings,

Inc.

304

32,951

OneMain

Holdings,

Inc.

922

45,362

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Consumer

Finance

(cont’d)

SLM

Corp.

1,802

$

34,454

SoFi

Technologies,

Inc.(a)

7,665

76,267

Synchrony

Financial

3,183

121,559

1,875,276

Consumer

Staples

Distribution

&

Retail

(2.1%)

Albertsons

Cos.,

Inc.,

Class

 A

3,004

69,092

BJ's

Wholesale

Club

Holdings,

Inc.(a)

862

57,461

Casey's

General

Stores,

Inc.

340

93,411

Costco

Wholesale

Corp.

2,800

1,848,224

Dollar

General

Corp.

1,390

188,970

Dollar

Tree,

Inc.(a)

1,377

195,603

Kroger

Co.

(The)

6,525

298,258

Performance

Food

Group

Co.(a)

1,384

95,704

Sprouts

Farmers

Market,

Inc.(a)

955

45,945

Sysco

Corp.

4,571

334,277

Target

Corp.

2,919

415,724

U.S.

Foods

Holding

Corp.(a)

2,244

101,900

Walmart,

Inc.

9,086

1,432,408

5,176,977

Containers

&

Packaging

(0.4%)

AptarGroup,

Inc.

680

84,062

Avery

Dennison

Corp.

812

164,154

Ball

Corp.

3,231

185,847

Berry

Global

Group,

Inc.

1,199

80,801

Crown

Holdings,

Inc.

1,223

112,626

Graphic

Packaging

Holding

Co.

3,091

76,193

Packaging

Corp.

of

America

898

146,293

Sealed

Air

Corp.

1,476

53,903

Silgan

Holdings,

Inc.

836

37,829

Sonoco

Products

Co.

989

55,255

Westrock

Co.

2,584

107,288

1,104,251

Distributors

(0.1%)

Genuine

Parts

Co.

899

124,512

LKQ

Corp.

1,706

81,530

Pool

Corp.

244

97,285

303,327

Diversified

Consumer

Services

(0.1%)

Bright

Horizons

Family

Solutions,

Inc.(a)

429

40,429

Duolingo,

Inc.,

Class

 A(a)

258

58,527

H&R

Block,

Inc.

1,063

51,418

Service

Corp.

International

1,118

76,527

226,901

Diversified

Telecommunication

Services

(0.8%)

AT&T,

Inc.

47,695

800,322

Iridium

Communications,

Inc.

832

34,245

Verizon

Communications,

Inc.

28,093

1,059,106

1,893,673

Electric

Utilities

(1.1%)

Alliant

Energy

Corp.

2,252

115,528

Avangrid,

Inc.

646

20,937

Constellation

Energy

Corp.

2,823

329,980

Evergy,

Inc.

1,984

103,565

Eversource

Energy

3,059

188,802

Exelon

Corp.

8,758

314,412

IDACORP,

Inc.

435

42,769

Shares

Value

NextEra

Energy,

Inc.

18,034

$

1,095,385

NRG

Energy,

Inc.

1,920

99,264

PNM

Resources,

Inc.

759

31,574

Portland

General

Electric

Co.

870

37,706

Xcel

Energy,

Inc.

4,858

300,759

2,680,681

Electrical

Equipment

(1.2%)

Acuity

Brands,

Inc.

317

64,931

AMETEK,

Inc.

2,363

389,635

Atkore,

Inc.(a)

380

60,800

Eaton

Corp.

plc

3,889

936,549

Emerson

Electric

Co.

5,846

568,991

EnerSys

264

26,653

Generac

Holdings,

Inc.(a)

623

80,517

Hubbell,

Inc.,

Class

 B

551

181,240

nVent

Electric

plc

1,653

97,676

Plug

Power,

Inc.(a)

3,574

16,083

Regal

Rexnord

Corp.

684

101,246

Rockwell

Automation,

Inc.

1,177

365,435

Sensata

Technologies

Holding

plc

1,548

58,158

Sunrun,

Inc.(a)

1,404

27,561

2,975,475

Electronic

Equipment,

Instruments

&

Components

(1.0%)

Advanced

Energy

Industries,

Inc.

394

42,914

Amphenol

Corp.,

Class

 A

6,124

607,072

Arrow

Electronics,

Inc.(a)

353

43,154

Avnet,

Inc.

597

30,089

Badger

Meter,

Inc.

311

48,009

Belden,

Inc.

431

33,295

CDW

Corp.

891

202,542

Cognex

Corp.

1,771

73,922

Coherent

Corp.(a)

1,462

63,641

Corning,

Inc.

5,173

157,518

Insight

Enterprises,

Inc.(a)

204

36,147

IPG

Photonics

Corp.(a)

194

21,057

Jabil,

Inc.

818

104,213

Keysight

Technologies,

Inc.(a)

1,811

288,112

Littelfuse,

Inc.

255

68,228

Novanta,

Inc.(a)

365

61,470

TD

SYNNEX

Corp.

327

35,188

Teledyne

Technologies,

Inc.(a)

481

214,665

Trimble,

Inc.(a)

2,534

134,809

Vishay

Intertechnology,

Inc.

872

20,902

Vontier

Corp.

1,022

35,310

Zebra

Technologies

Corp.,

Class

 A(a)

340

92,932

2,415,189

Energy

Equipment

&

Services

(0.2%)

Baker

Hughes

Co.,

Class

 A

16,430

561,577

Entertainment

(1.5%)

AMC

Entertainment

Holdings,

Inc.,

Class

 A(a)

1,337

8,182

Atlanta

Braves

Holdings,

Inc.,

Class

 C(a)

416

16,465

Electronic

Arts,

Inc.

1,623

222,043

Liberty

Media

Corp-Liberty

Formula

One,

Class

 A(a)

1,784

103,436

Liberty

Media

Corp-Liberty

Live,

Class

 A(a)

509

18,604

Live

Nation

Entertainment,

Inc.(a)

1,084

101,462

Madison

Square

Garden

Sports

Corp.(a)

121

22,001

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Entertainment

(cont’d)

Netflix,

Inc.(a)

2,885

$

1,404,649

ROBLOX

Corp.,

Class

 A(a)

3,102

141,824

Roku,

Inc.,

Class

 A(a)

825

75,620

Take-Two

Interactive

Software,

Inc.(a)

1,046

168,354

Walt

Disney

Co.

(The)(a)

13,712

1,238,057

Warner

Bros

Discovery,

Inc.(a)

17,422

198,262

Warner

Music

Group

Corp.,

Class

 A

982

35,146

3,754,105

Financial

Services

(2.9%)

Affirm

Holdings,

Inc.,

Class

 A(a)

1,484

72,924

Block,

Inc.,

Class

 A(a)

3,619

279,930

Equitable

Holdings,

Inc.

2,612

86,980

Essent

Group

Ltd.

838

44,196

Euronet

Worldwide,

Inc.(a)

291

29,533

Fidelity

National

Information

Services,

Inc.

3,967

238,298

Fiserv,

Inc.(a)

3,975

528,039

Jack

Henry

&

Associates,

Inc.

489

79,907

Mastercard,

Inc.,

Class

 A

5,559

2,370,969

MGIC

Investment

Corp.

2,127

41,030

PayPal

Holdings,

Inc.(a)

7,130

437,853

Radian

Group,

Inc.

1,176

33,575

Shift4

Payments,

Inc.,

Class

 A(a)

382

28,398

Toast,

Inc.,

Class

 A(a)

2,451

44,755

Visa,

Inc.,

Class

 A

10,536

2,743,048

Voya

Financial,

Inc.

802

58,514

Western

Union

Co.

(The)

2,597

30,956

WEX,

Inc.(a)

284

55,252

7,204,157

Food

Products

(1.2%)

Bunge

Global

SA

1,301

131,336

Campbell

Soup

Co.

1,806

78,073

Conagra

Brands,

Inc.

4,348

124,614

Darling

Ingredients,

Inc.(a)

1,433

71,421

Flowers

Foods,

Inc.

1,793

40,360

General

Mills,

Inc.

5,263

342,832

Hershey

Co.

(The)

1,361

253,745

Hormel

Foods

Corp.

2,625

84,289

Ingredion,

Inc.

579

62,839

J.M.

Smucker

Co.

(The)

939

118,671

Kellanova

2,600

145,366

Kraft

Heinz

Co.

(The)

7,281

269,251

Lamb

Weston

Holdings,

Inc.

1,304

140,949

Lancaster

Colony

Corp.

173

28,786

McCormick

&

Co.,

Inc.

(Non-Voting)

2,405

164,550

Mondelez

International,

Inc.,

Class

 A

12,356

894,945

Simply

Good

Foods

Co.

(The)(a)

817

32,353

2,984,380

Gas

Utilities

(0.1%)

National

Fuel

Gas

Co.

781

39,183

New

Jersey

Resources

Corp.

857

38,205

ONE

Gas,

Inc.

480

30,585

Southwest

Gas

Holdings,

Inc.

539

34,146

UGI

Corp.

1,853

45,584

187,703

Ground

Transportation

(1.1%)

Avis

Budget

Group,

Inc.

156

27,652

JB

Hunt

Transport

Services,

Inc.

602

120,243

Shares

Value

Knight-Swift

Transportation

Holdings,

Inc.,

Class

 A

1,121

$

64,626

Landstar

System,

Inc.

260

50,349

Old

Dominion

Freight

Line,

Inc.

681

276,030

Ryder

System,

Inc.

335

38,545

Saia,

Inc.(a)

191

83,700

Uber

Technologies,

Inc.(a)

13,217

813,771

Union

Pacific

Corp.

4,426

1,087,114

XPO,

Inc.(a)

852

74,627

2,636,657

Health

Care

Equipment

&

Supplies

(3.1%)

Abbott

Laboratories

12,340

1,358,264

Align

Technology,

Inc.(a)

513

140,562

Baxter

International,

Inc.

3,595

138,983

Becton

Dickinson

&

Co.

2,071

504,972

Boston

Scientific

Corp.(a)

10,423

602,554

CONMED

Corp.

218

23,873

Cooper

Cos.,

Inc.

(The)

352

133,211

DENTSPLY

SIRONA,

Inc.

1,498

53,314

Dexcom,

Inc.(a)

2,718

337,277

Edwards

Lifesciences

Corp.(a)

4,265

325,206

Envista

Holdings

Corp.(a)

1,221

29,377

GE

HealthCare

Technologies,

Inc.

2,801

216,573

Globus

Medical,

Inc.,

Class

 A(a)

817

43,538

Haemonetics

Corp.(a)

358

30,613

Hologic,

Inc.(a)

1,691

120,822

ICU

Medical,

Inc.(a)

145

14,462

IDEXX

Laboratories,

Inc.(a)

587

325,814

Inari

Medical,

Inc.(a)

350

22,722

Inspire

Medical

Systems,

Inc.(a)

207

42,110

Insulet

Corp.(a)

497

107,839

Intuitive

Surgical,

Inc.(a)

2,500

843,400

iRhythm

Technologies,

Inc.(a)

216

23,121

Masimo

Corp.(a)

308

36,101

Medtronic

plc

9,504

782,939

Merit

Medical

Systems,

Inc.(a)

402

30,536

Neogen

Corp.(a)

1,542

31,010

Novocure

Ltd.(a)

692

10,331

Penumbra,

Inc.(a)

265

66,658

QuidelOrtho

Corp.(a)

345

25,426

ResMed,

Inc.

1,041

179,073

Shockwave

Medical,

Inc.(a)

260

49,546

STERIS

plc

703

154,554

Stryker

Corp.

2,539

760,329

Teleflex,

Inc.

335

83,529

Zimmer

Biomet

Holdings,

Inc.

1,490

181,333

7,829,972

Health

Care

Providers

&

Services

(2.7%)

agilon

health,

Inc.(a)

2,142

26,882

AMN

Healthcare

Services,

Inc.(a)

282

21,116

Centene

Corp.(a)

3,773

279,994

Chemed

Corp.

105

61,399

Cigna

Group

(The)

2,052

614,471

CVS

Health

Corp.

9,181

724,932

DaVita,

Inc.(a)

385

40,333

Elevance

Health,

Inc.

1,673

788,920

Encompass

Health

Corp.

705

47,038

Ensign

Group,

Inc.

(The)

388

43,537

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Health

Care

Providers

&

Services

(cont’d)

HealthEquity,

Inc.(a)

560

$

37,128

Henry

Schein,

Inc.(a)

915

69,275

Humana,

Inc.

875

400,584

Laboratory

Corp.

of

America

Holdings

604

137,283

Molina

Healthcare,

Inc.(a)

412

148,860

Option

Care

Health,

Inc.(a)

1,258

42,382

Progyny,

Inc.(a)

650

24,167

Quest

Diagnostics,

Inc.

796

109,752

R1

RCM,

Inc.(a)

1,437

15,189

Select

Medical

Holdings

Corp.

722

16,967

Surgery

Partners,

Inc.(a)

466

14,907

UnitedHealth

Group,

Inc.

6,029

3,174,088

6,839,204

Health

Care

Technology

(0.1%)

Doximity,

Inc.,

Class

 A(a)

820

22,993

Veeva

Systems,

Inc.,

Class

 A(a)

872

167,877

190,870

Hotels,

Restaurants

&

Leisure

(1.9%)

Airbnb,

Inc.,

Class

 A(a)

2,747

373,977

Aramark

2,365

66,456

Booking

Holdings,

Inc.(a)

231

819,408

Chipotle

Mexican

Grill,

Inc.,

Class

 A(a)

248

567,166

Choice

Hotels

International,

Inc.

236

26,739

Darden

Restaurants,

Inc.

1,102

181,059

Domino's

Pizza,

Inc.

318

131,089

Hilton

Grand

Vacations,

Inc.(a)

604

24,269

Hilton

Worldwide

Holdings,

Inc.

1,879

342,147

Hyatt

Hotels

Corp.,

Class

 A

341

44,470

Marriott

International,

Inc.,

Class

 A

1,857

418,772

Marriott

Vacations

Worldwide

Corp.

244

20,713

Planet

Fitness,

Inc.,

Class

 A(a)

642

46,866

Starbucks

Corp.

10,063

966,149

Texas

Roadhouse,

Inc.,

Class

 A

604

73,827

Vail

Resorts,

Inc.

290

61,906

Wendy's

Co.

(The)

1,712

33,350

Wingstop,

Inc.

265

67,994

Wyndham

Hotels

&

Resorts,

Inc.

606

48,728

Yum!

Brands,

Inc.

2,543

332,268

4,647,353

Household

Durables

(0.6%)

D.R.

Horton,

Inc.

2,563

389,525

KB

Home

696

43,472

Leggett

&

Platt,

Inc.

870

22,768

Lennar

Corp.,

Class

 A

2,236

333,253

Meritage

Homes

Corp.

312

54,350

Mohawk

Industries,

Inc.(a)

335

34,673

Newell

Brands,

Inc.

2,625

22,785

NVR,

Inc.(a)

27

189,012

PulteGroup,

Inc.

1,888

194,879

Taylor

Morrison

Home

Corp.,

Class

 A(a)

929

49,562

Tempur

Sealy

International,

Inc.

1,083

55,201

TopBuild

Corp.(a)

277

103,670

Whirlpool

Corp.

339

41,280

1,534,430

Household

Products

(1.2%)

Church

&

Dwight

Co.,

Inc.

1,567

148,176

Clorox

Co.

(The)

787

112,218

Shares

Value

Colgate-Palmolive

Co.

5,213

$

415,528

Kimberly-Clark

Corp.

2,156

261,976

Procter

&

Gamble

Co.

(The)

14,969

2,193,557

3,131,455

Independent

Power

and

Renewable

Electricity

Producers

(0.1%)

AES

Corp.

(The)

5,891

113,402

Brookfield

Renewable

Corp.,

Class

 A

1,143

32,907

Clearway

Energy,

Inc.,

Class

 C

1,015

27,841

Ormat

Technologies,

Inc.

461

34,939

209,089

Insurance

(2.2%)

Aflac,

Inc.

4,078

336,435

Allstate

Corp.

(The)

2,013

281,780

American

Financial

Group,

Inc.

595

70,740

American

International

Group,

Inc.

5,430

367,883

Arch

Capital

Group

Ltd.(a)

2,806

208,402

Axis

Capital

Holdings

Ltd.

628

34,772

Brown

&

Brown,

Inc.

1,793

127,500

Cincinnati

Financial

Corp.

1,190

123,117

Everest

Group

Ltd.

331

117,035

First

American

Financial

Corp.

760

48,974

Globe

Life,

Inc.

713

86,786

Hanover

Insurance

Group,

Inc.

(The)

281

34,119

Hartford

Financial

Services

Group,

Inc.

(The)

2,321

186,562

Kinsale

Capital

Group,

Inc.

176

58,944

Lincoln

National

Corp.

1,374

37,057

Marsh

&

McLennan

Cos.,

Inc.

3,820

723,775

MetLife,

Inc.

4,859

321,326

Old

Republic

International

Corp.

2,005

58,947

Primerica,

Inc.

270

55,555

Principal

Financial

Group,

Inc.

1,837

144,517

Progressive

Corp.

(The)

4,525

720,742

Prudential

Financial,

Inc.

2,792

289,558

Reinsurance

Group

of

America,

Inc.

508

82,184

RenaissanceRe

Holdings

Ltd.

389

76,244

RLI

Corp.

323

42,998

Ryan

Specialty

Holdings,

Inc.,

Class

 A(a)

767

32,996

Selective

Insurance

Group,

Inc.

476

47,353

Travelers

Cos.,

Inc.

(The)

1,763

335,834

Unum

Group

1,499

67,785

W.

R.

Berkley

Corp.

1,561

110,394

White

Mountains

Insurance

Group

Ltd.

19

28,595

Willis

Towers

Watson

plc

797

192,236

5,451,145

Interactive

Media

&

Services

(3.9%)

Alphabet,

Inc.,

Class

 A(a)

68,539

9,574,213

IAC,

Inc.(a)

512

26,819

Pinterest,

Inc.,

Class

 A(a)

3,857

142,863

Snap,

Inc.,

Class

 A(a)

6,876

116,411

ZoomInfo

Technologies,

Inc.,

Class

 A(a)

2,046

37,830

9,898,136

IT

Services

(1.7%)

Accenture

plc,

Class

 A

4,184

1,468,207

Akamai

Technologies,

Inc.(a)

1,002

118,587

Amdocs

Ltd.

815

71,630

Cloudflare,

Inc.,

Class

 A(a)

1,946

162,024

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

IT

Services

(cont’d)

Cognizant

Technology

Solutions

Corp.,

Class

 A

3,336

$

251,968

DXC

Technology

Co.(a)

1,275

29,159

EPAM

Systems,

Inc.(a)

379

112,692

Gartner,

Inc.(a)

564

254,426

International

Business

Machines

Corp.

6,099

997,492

MongoDB,

Inc.,

Class

 A(a)

456

186,436

Okta,

Inc.,

Class

 A(a)

1,012

91,616

Snowflake,

Inc.,

Class

 A(a)

2,010

399,990

Twilio,

Inc.,

Class

 A(a)

1,153

87,478

VeriSign,

Inc.(a)

613

126,254

4,357,959

Leisure

Products

(0.1%)

Brunswick

Corp.

700

67,725

Hasbro,

Inc.

813

41,512

Mattel,

Inc.(a)

2,288

43,197

152,434

Life

Sciences

Tools

&

Services

(1.8%)

Agilent

Technologies,

Inc.

2,080

289,182

Avantor,

Inc.(a)

4,705

107,415

Bio-Rad

Laboratories,

Inc.,

Class

 A(a)

146

47,142

Bio-Techne

Corp.

1,117

86,188

Bruker

Corp.

663

48,717

Charles

River

Laboratories

International,

Inc.(a)

359

84,867

Danaher

Corp.

4,823

1,115,753

Fortrea

Holdings,

Inc.(a)

633

22,092

Illumina,

Inc.(a)

1,132

157,619

IQVIA

Holdings,

Inc.(a)

1,289

298,249

Medpace

Holdings,

Inc.(a)

173

53,030

Mettler-Toledo

International,

Inc.(a)

152

184,370

PerkinElmer,

Inc.

880

96,193

Repligen

Corp.(a)

371

66,706

Thermo

Fisher

Scientific,

Inc.

2,761

1,465,511

Waters

Corp.(a)

421

138,606

West

Pharmaceutical

Services,

Inc.

525

184,863

4,446,503

Machinery

(3.3%)

AGCO

Corp.

633

76,853

Allison

Transmission

Holdings,

Inc.

906

52,684

Caterpillar,

Inc.

4,394

1,299,174

Chart

Industries,

Inc.(a)

430

58,622

CNH

Industrial

NV

9,373

114,163

Cummins,

Inc.

1,433

343,304

Deere

&

Co.

2,545

1,017,669

Donaldson

Co.,

Inc.

1,227

80,184

Dover

Corp.

1,431

220,102

Esab

Corp.

606

52,492

Flowserve

Corp.

1,328

54,740

Fortive

Corp.

3,613

266,025

Franklin

Electric

Co.,

Inc.

416

40,206

Graco,

Inc.

1,712

148,533

IDEX

Corp.

778

168,912

Illinois

Tool

Works,

Inc.

3,089

809,133

Ingersoll

Rand,

Inc.

4,156

321,425

ITT,

Inc.

847

101,064

Lincoln

Electric

Holdings,

Inc.

571

124,170

Shares

Value

Middleby

Corp.

(The)(a)

539

$

79,325

Mueller

Industries,

Inc.

1,165

54,930

Nordson

Corp.

522

137,891

Oshkosh

Corp.

679

73,610

Otis

Worldwide

Corp.

4,217

377,295

PACCAR,

Inc.(a)

5,288

516,373

Parker-Hannifin

Corp.

1,315

605,820

Pentair

plc

1,683

122,371

Snap-on,

Inc.

538

155,396

SPX

Technologies,

Inc.(a)

466

47,071

Stanley

Black

&

Decker,

Inc.

1,541

151,172

Timken

Co.

(The)

674

54,021

Toro

Co.

(The)

1,066

102,325

Watts

Water

Technologies,

Inc.,

Class

 A

277

57,710

Westinghouse

Air

Brake

Technologies

Corp.

1,824

231,466

Xylem,

Inc.

2,471

282,584

8,398,815

Media

(0.9%)

Cable

One,

Inc.

27

15,028

Charter

Communications,

Inc.,

Class

 A(a)

677

263,136

Comcast

Corp.,

Class

 A

26,632

1,167,813

Interpublic

Group

of

Cos.,

Inc.

(The)

2,916

95,178

Liberty

Broadband

Corp.,

Class

 C(a)

897

72,289

New

York

Times

Co.

(The),

Class

 A

1,231

60,307

Nexstar

Media

Group,

Inc.,

Class

 A

254

39,815

Omnicom

Group,

Inc.

1,490

128,900

Paramount

Global,

Class

 B

4,417

65,328

Sirius

XM

Holdings,

Inc.

4,658

25,479

TEGNA,

Inc.

1,453

22,231

Trade

Desk,

Inc.

(The),

Class

 A(a)

2,965

213,361

2,168,865

Metals

&

Mining

(0.6%)

ATI,

Inc.(a)

2,234

101,580

Commercial

Metals

Co.

2,024

101,281

Nucor

Corp.

3,523

613,143

Reliance

Steel

&

Aluminum

Co.

996

278,561

Steel

Dynamics,

Inc.

2,648

312,729

1,407,294

Multi-Utilities

(0.9%)

Ameren

Corp.

2,301

166,454

Black

Hills

Corp.

579

31,237

CMS

Energy

Corp.

2,550

148,078

Consolidated

Edison,

Inc.

3,047

277,186

Dominion

Energy,

Inc.

7,367

346,249

DTE

Energy

Co.

1,819

200,563

NiSource,

Inc.

3,623

96,191

Public

Service

Enterprise

Group,

Inc.

4,384

268,082

Sempra

5,545

414,378

WEC

Energy

Group,

Inc.

2,785

234,413

2,182,831

Oil,

Gas

&

Consumable

Fuels

(0.2%)

Occidental

Petroleum

Corp.

10,094

602,713

Paper

&

Forest

Products

(0.0%)(b)

Louisiana-Pacific

Corp.

406

28,757

Passenger

Airlines

(0.2%)

Alaska

Air

Group,

Inc.(a)

930

36,335

American

Airlines

Group,

Inc.(a)

4,502

61,857

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Passenger

Airlines

(cont’d)

Delta

Air

Lines,

Inc.

4,647

$

186,949

Southwest

Airlines

Co.

4,325

124,906

410,047

Personal

Care

Products

(0.1%)

BellRing

Brands,

Inc.(a)

824

45,674

Coty,

Inc.,

Class

 A(a)

2,274

28,243

elf

Beauty,

Inc.(a)

327

47,199

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

1,470

214,988

336,104

Pharmaceuticals

(3.2%)

Bristol-Myers

Squibb

Co.

14,554

746,766

Catalent,

Inc.(a)

1,251

56,207

Elanco

Animal

Health,

Inc.(a)

3,471

51,718

Eli

Lilly

&

Co.

5,555

3,238,121

Jazz

Pharmaceuticals

plc(a)

435

53,505

Merck

&

Co.,

Inc.

18,113

1,974,679

Organon

&

Co.

1,823

26,288

Perrigo

Co.

plc

963

30,989

Pfizer,

Inc.

40,400

1,163,116

Royalty

Pharma

plc,

Class

 A

2,710

76,124

Zoetis,

Inc.,

Class

 A

3,279

647,176

8,064,689

Professional

Services

(1.0%)

Alight,

Inc.,

Class

 A(a)

2,823

24,080

Automatic

Data

Processing,

Inc.

2,731

636,241

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

976

124,840

Broadridge

Financial

Solutions,

Inc.

787

161,925

Ceridian

HCM

Holding,

Inc.(a)

999

67,053

Concentrix

Corp.

292

28,677

Dun

&

Bradstreet

Holdings,

Inc.

1,859

21,750

Equifax,

Inc.

927

229,238

ExlService

Holdings,

Inc.(a)

1,105

34,089

Exponent,

Inc.

386

33,984

FTI

Consulting,

Inc.(a)

257

51,182

Genpact

Ltd.

1,113

38,632

Insperity,

Inc.

268

31,415

ManpowerGroup,

Inc.

384

30,517

Maximus,

Inc.

462

38,743

Paychex,

Inc.

2,165

257,873

Paycom

Software,

Inc.

343

70,905

Paylocity

Holding

Corp.(a)

286

47,147

Robert

Half,

Inc.

798

70,160

Science

Applications

International

Corp.

353

43,885

SS&C

Technologies

Holdings,

Inc.

1,463

89,404

TransUnion

1,461

100,385

TriNet

Group,

Inc.(a)

249

29,614

Verisk

Analytics,

Inc.,

Class

 A

1,076

257,014

2,518,753

Real

Estate

Management

&

Development

(0.3%)

CBRE

Group,

Inc.,

Class

 A(a)

2,686

250,040

CoStar

Group,

Inc.(a)

3,018

263,743

Howard

Hughes

Holdings,

Inc.(a)

322

27,547

Jones

Lang

LaSalle,

Inc.(a)

414

78,192

Zillow

Group,

Inc.,

Class

 C(a)

1,370

79,268

698,790

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(8.5%)

Advanced

Micro

Devices,

Inc.(a)

10,687

$

1,575,371

Allegro

MicroSystems,

Inc.(a)

481

14,560

Analog

Devices,

Inc.

3,300

655,248

Applied

Materials,

Inc.

5,564

901,757

Broadcom,

Inc.

3,052

3,406,795

Cirrus

Logic,

Inc.(a)

373

31,030

Diodes,

Inc.(a)

299

24,075

Enphase

Energy,

Inc.(a)

872

115,226

Entegris,

Inc.

1,000

119,820

First

Solar,

Inc.(a)

664

114,394

Intel

Corp.

28,167

1,415,392

KLA

Corp.

905

526,076

Lam

Research

Corp.

875

685,353

Lattice

Semiconductor

Corp.(a)

912

62,919

Marvell

Technology,

Inc.

5,697

343,586

Microchip

Technology,

Inc.

3,531

318,426

Micron

Technology,

Inc.

7,334

625,884

MKS

Instruments,

Inc.

639

65,734

Monolithic

Power

Systems,

Inc.

303

191,126

NVIDIA

Corp.

14,597

7,228,726

ON

Semiconductor

Corp.(a)

2,855

238,478

Onto

Innovation,

Inc.(a)

327

49,998

Power

Integrations,

Inc.

380

31,202

Qorvo,

Inc.(a)

660

74,323

QUALCOMM,

Inc.

7,432

1,074,890

Rambus,

Inc.(a)

730

49,822

Silicon

Laboratories,

Inc.(a)

208

27,512

Skyworks

Solutions,

Inc.

1,068

120,065

SolarEdge

Technologies,

Inc.(a)

373

34,913

Teradyne,

Inc.

1,030

111,776

Texas

Instruments,

Inc.

6,062

1,033,329

Universal

Display

Corp.

290

55,465

Wolfspeed,

Inc.(a)

828

36,026

21,359,297

Software

(11.7%)

Adobe,

Inc.(a)

3,022

1,802,925

Altair

Engineering,

Inc.,

Class

 A(a)

364

30,631

ANSYS,

Inc.(a)

583

211,559

Appfolio,

Inc.,

Class

 A(a)

124

21,482

AppLovin

Corp.,

Class

 A(a)

938

37,379

Aspen

Technology,

Inc.(a)

187

41,168

Atlassian

Corp.,

Class

 A(a)

1,023

243,331

Autodesk,

Inc.(a)

1,420

345,742

BILL

Holdings,

Inc.(a)

656

53,523

Box,

Inc.,

Class

 A(a)

960

24,586

Cadence

Design

Systems,

Inc.(a)

1,797

489,449

Confluent,

Inc.,

Class

 A(a)

1,342

31,403

Crowdstrike

Holdings,

Inc.,

Class

 A(a)

1,479

377,618

Datadog,

Inc.,

Class

 A(a)

1,799

218,363

DocuSign,

Inc.,

Class

 A(a)

1,352

80,376

Dolby

Laboratories,

Inc.,

Class

 A

398

34,300

Dropbox,

Inc.,

Class

 A(a)

1,762

51,944

Dynatrace,

Inc.(a)

1,593

87,121

Elastic

NV(a)

528

59,506

Fair

Isaac

Corp.(a)

180

209,522

Five9,

Inc.(a)

476

37,456

Fortinet,

Inc.(a)

4,259

249,279

Gen

Digital,

Inc.

3,944

90,002

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Software

(cont’d)

Guidewire

Software,

Inc.(a)

548

$

59,754

HashiCorp,

Inc.,

Class

 A(a)

632

14,941

HubSpot,

Inc.(a)

319

185,192

Intuit,

Inc.

1,818

1,136,305

Manhattan

Associates,

Inc.(a)

412

88,712

Microsoft

Corp.

43,684

16,426,931

Nutanix,

Inc.,

Class

 A(a)

1,604

76,495

Oracle

Corp.

10,608

1,118,401

Palo

Alto

Networks,

Inc.(a)

2,073

611,286

PTC,

Inc.(a)

788

137,868

Qualys,

Inc.(a)

243

47,696

Roper

Technologies,

Inc.

713

388,706

Salesforce,

Inc.(a)

6,291

1,655,414

SentinelOne,

Inc.,

Class

 A(a)

1,502

41,215

ServiceNow,

Inc.(a)

1,363

962,946

Smartsheet,

Inc.,

Class

 A(a)

864

41,316

Splunk,

Inc.(a)

1,028

156,616

SPS

Commerce,

Inc.(a)

244

47,297

Synopsys,

Inc.(a)

1,008

519,029

Tenable

Holdings,

Inc.(a)

755

34,775

Teradata

Corp.(a)

672

29,239

Tyler

Technologies,

Inc.(a)

280

117,074

Workday,

Inc.,

Class

 A(a)

1,373

379,030

Workiva,

Inc.,

Class

 A(a)

316

32,083

Zoom

Video

Communications,

Inc.,

Class

 A(a)

1,530

110,022

Zscaler,

Inc.(a)

584

129,391

29,376,399

Specialty

Retail

(2.3%)

Academy

Sports

&

Outdoors,

Inc.

502

33,132

Advance

Auto

Parts,

Inc.

374

22,825

Asbury

Automotive

Group,

Inc.(a)

128

28,796

AutoNation,

Inc.(a)

183

27,483

AutoZone,

Inc.(a)

111

287,003

Bath

&

Body

Works,

Inc.

1,476

63,704

Best

Buy

Co.,

Inc.

1,242

97,224

Burlington

Stores,

Inc.(a)

409

79,542

CarMax,

Inc.(a)

1,007

77,277

Chewy,

Inc.,

Class

 A(a)

737

17,415

Dick's

Sporting

Goods,

Inc.

362

53,196

Five

Below,

Inc.(a)

345

73,540

Floor

&

Decor

Holdings,

Inc.,

Class

 A(a)

667

74,410

GameStop

Corp.,

Class

 A(a)

1,691

29,643

Home

Depot,

Inc.

(The)

6,309

2,186,384

Lithia

Motors,

Inc.,

Class

 A

170

55,978

Lowe's

Cos.,

Inc.

3,647

811,640

O'Reilly

Automotive,

Inc.(a)

371

352,480

Penske

Automotive

Group,

Inc.

118

18,940

RH(a)

95

27,691

Ross

Stores,

Inc.

2,104

291,173

TJX

Cos.,

Inc.

(The)

7,221

677,402

Tractor

Supply

Co.

691

148,586

Ulta

Beauty,

Inc.(a)

312

152,877

Williams-Sonoma,

Inc.

381

76,878

5,765,219

Technology

Hardware,

Storage

&

Peripherals

(7.5%)

Apple,

Inc.

92,604

17,829,048

Shares

Value

Dell

Technologies,

Inc.,

Class

 C

1,650

$

126,225

Hewlett

Packard

Enterprise

Co.

8,523

144,721

HP,

Inc.

5,799

174,492

NetApp,

Inc.

1,369

120,691

Pure

Storage,

Inc.,

Class

 A(a)

1,944

69,323

Seagate

Technology

Holdings

plc

1,385

118,238

Super

Micro

Computer,

Inc.(a)

309

87,836

Western

Digital

Corp.(a)

2,136

111,862

18,782,436

Textiles,

Apparel

&

Luxury

Goods

(0.6%)

Capri

Holdings

Ltd.(a)

755

37,931

Columbia

Sportswear

Co.

229

18,215

Crocs,

Inc.(a)

388

36,243

Deckers

Outdoor

Corp.(a)

161

107,617

Lululemon

Athletica,

Inc.(a)

700

357,903

NIKE,

Inc.,

Class

 B

7,518

816,229

PVH

Corp.

403

49,214

Ralph

Lauren

Corp.,

Class

 A

253

36,483

Skechers

USA,

Inc.,

Class

 A(a)

862

53,737

Tapestry,

Inc.

1,496

55,068

VF

Corp.

2,278

42,827

1,611,467

Trading

Companies

&

Distributors

(0.5%)

Air

Lease

Corp.,

Class

 A

1,105

46,344

Applied

Industrial

Technologies,

Inc.

387

66,831

Beacon

Roofing

Supply,

Inc.(a)

330

28,716

Core

&

Main,

Inc.,

Class

 A(a)

1,302

52,614

Fastenal

Co.

3,644

236,022

GATX

Corp.

360

43,279

MSC

Industrial

Direct

Co.,

Inc.,

Class

 A

301

30,479

SiteOne

Landscape

Supply,

Inc.(a)

280

45,500

United

Rentals,

Inc.

695

398,527

WESCO

International,

Inc.

281

48,860

WW

Grainger,

Inc.

285

236,177

1,233,349

Water

Utilities

(0.1%)

American

Water

Works

Co.,

Inc.

1,718

226,759

Essential

Utilities,

Inc.

2,136

79,779

306,538

Wireless

Telecommunication

Services

(0.2%)

T-Mobile

US,

Inc.

3,549

569,011

Total

Common

Stocks

(Cost

$213,990,354)

250,202,198

Short-Term

Investment

(0.2%)

Investment

Company

(0.2%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class(c)

(Cost

$490,001)

490,001

490,001

Total

Investments

(

99.9%

)

(Cost

$214,480,355

)

(d)

250,692,199

Other

Assets

in

Excess

of

Liabilities

(0.1%)

196,892

NET

ASSETS

(100.0%)

$250,889,091

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

(a)

Non-income

producing

security.

(b)

Amount

is

less

than

0.05%.

(c)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

December

31,

2023,

management

fees

paid

were

reduced

by

$280

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(d)

At

December

31,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$214,480,355.

The

aggregate

gross

unrealized

appreciation

is

$40,258,740

and

the

aggregate

gross

unrealized

depreciation

is

$4,046,896,

resulting

in

net

unrealized

appreciation

of

$36,211,844.

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

72.3

%

Software

11.7

Semiconductors

&

Semiconductor

Equipment

8.5

Technology

Hardware,

Storage

&

Peripherals

7.5

Total

Investments

100.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)

Shares

Value

Common

Stocks

(99.7%)

Air

Freight

&

Logistics

(

0

.6

%

)

Expeditors

International

of

Washington,

Inc.

212

$

26,967

United

Parcel

Service,

Inc.,

Class

 B

1,070

168,236

195,203

Automobile

Components

(

0

.2

%

)

Aptiv

plc(a)

413

37,054

BorgWarner,

Inc.

334

11,974

49,028

Automobiles

(

0

.0

%

)

(b)

Thor

Industries,

Inc.

74

8,751

Banks

(

5

.3

%

)

Bank

of

America

Corp.

10,272

345,858

Citigroup,

Inc.

2,830

145,575

Comerica,

Inc.

192

10,716

Commerce

Bancshares,

Inc.

190

10,148

Cullen/Frost

Bankers,

Inc.

90

9,764

East

West

Bancorp,

Inc.

205

14,750

First

Citizens

BancShares,

Inc.,

Class

 A

16

22,703

First

Financial

Bankshares,

Inc.

207

6,272

First

Horizon

Corp.

807

11,427

JPMorgan

Chase

&

Co.

4,222

718,162

KeyCorp

1,347

19,397

M&T

Bank

Corp.

242

33,173

New

York

Community

Bancorp,

Inc.

1,040

10,639

Pinnacle

Financial

Partners,

Inc.

113

9,856

PNC

Financial

Services

Group,

Inc.

(The)

582

90,123

Regions

Financial

Corp.

1,344

26,047

Synovus

Financial

Corp.

218

8,208

U.S.

Bancorp

2,278

98,592

Western

Alliance

Bancorp

158

10,395

Zions

Bancorp

NA

213

9,344

1,611,149

Beverages

(

2

.6

%

)

Celsius

Holdings,

Inc.(a)

211

11,504

Coca-Cola

Co.

(The)

5,744

338,494

Keurig

Dr

Pepper,

Inc.

1,454

48,447

Monster

Beverage

Corp.(a)

1,096

63,141

PepsiCo,

Inc.

2,023

343,586

805,172

Biotechnology

(

3

.8

%

)

AbbVie,

Inc.

2,602

403,232

Amgen,

Inc.

790

227,536

Biogen,

Inc.(a)

211

54,600

Gilead

Sciences,

Inc.

1,845

149,463

Moderna,

Inc.(a)

482

47,935

Regeneron

Pharmaceuticals,

Inc.(a)

153

134,378

Vertex

Pharmaceuticals,

Inc.(a)

377

153,398

1,170,542

Broadline

Retail

(

0

.1

%

)

eBay,

Inc.

759

33,108

Etsy,

Inc.(a)

171

13,859

46,967

Building

Products

(

0

.7

%

)

A

O

Smith

Corp.

180

14,839

AAON,

Inc.

102

7,535

Shares

Value

Carrier

Global

Corp.

1,229

$

70,606

Johnson

Controls

International

plc

985

56,775

Lennox

International,

Inc.

47

21,033

Owens

Corning

129

19,122

Trex

Co.,

Inc.(a)

158

13,081

202,991

Capital

Markets

(

2

.4

%

)

Affiliated

Managers

Group,

Inc.

49

7,419

Ameriprise

Financial,

Inc.

148

56,215

Bank

of

New

York

Mellon

Corp.

(The)

1,125

58,556

Carlyle

Group,

Inc.

(The)

281

11,434

Evercore,

Inc.,

Class

 A

52

8,895

FactSet

Research

Systems,

Inc.

56

26,715

Franklin

Resources,

Inc.

419

12,482

Interactive

Brokers

Group,

Inc.,

Class

 A

153

12,684

Intercontinental

Exchange,

Inc.

831

106,725

Jefferies

Financial

Group,

Inc.

241

9,739

MarketAxess

Holdings,

Inc.

54

15,814

Moody's

Corp.

232

90,610

Morningstar,

Inc.

39

11,163

Nasdaq,

Inc.

500

29,070

Raymond

James

Financial,

Inc.

276

30,774

S&P

Global,

Inc.

468

206,163

State

Street

Corp.

450

34,857

729,315

Chemicals

(

0

.6

%

)

Ashland,

Inc.

75

6,323

Balchem

Corp.

48

7,140

Cabot

Corp.

80

6,680

Celanese

Corp.,

Class

 A

159

24,704

Eastman

Chemical

Co.

173

15,539

Ecolab,

Inc.

372

73,786

FMC

Corp.

177

11,160

Huntsman

Corp.

241

6,056

International

Flavors

&

Fragrances,

Inc.

333

26,963

178,351

Commercial

Services

&

Supplies

(

0

.9

%

)

Clean

Harbors,

Inc.(a)

74

12,914

Copart,

Inc.(a)

1,276

62,524

Republic

Services,

Inc.,

Class

 A

302

49,803

Rollins,

Inc.

408

17,817

Tetra

Tech,

Inc.

79

13,187

Waste

Management,

Inc.

589

105,490

261,735

Communications

Equipment

(

1

.1

%

)

Ciena

Corp.(a)

214

9,632

Cisco

Systems,

Inc.

5,988

302,514

Juniper

Networks,

Inc.

461

13,590

325,736

Construction

&

Engineering

(

0

.3

%

)

AECOM

199

18,394

EMCOR

Group,

Inc.

68

14,649

Quanta

Services,

Inc.

210

45,318

Valmont

Industries,

Inc.

29

6,772

85,133

Construction

Materials

(

0

.2

%

)

Summit

Materials,

Inc.,

Class

 A(a)

180

6,923

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Construction

Materials

(cont’d)

Vulcan

Materials

Co.

195

$

44,267

51,190

Consumer

Finance

(

0

.8

%

)

American

Express

Co.

875

163,922

Credit

Acceptance

Corp.(a)

9

4,794

Discover

Financial

Services

364

40,914

OneMain

Holdings,

Inc.

175

8,610

SoFi

Technologies,

Inc.(a)

1,406

13,990

232,230

Consumer

Staples

Distribution

&

Retail

(

2

.3

%

)

Casey's

General

Stores,

Inc.

54

14,836

Costco

Wholesale

Corp.

650

429,052

Dollar

General

Corp.

321

43,640

Kroger

Co.

(The)

1,047

47,858

Sprouts

Farmers

Market,

Inc.(a)

148

7,120

Sysco

Corp.

738

53,970

Target

Corp.

675

96,134

692,610

Containers

&

Packaging

(

0

.3

%

)

AptarGroup,

Inc.

98

12,115

Ball

Corp.

459

26,402

Graphic

Packaging

Holding

Co.

443

10,920

Sealed

Air

Corp.

218

7,961

Sonoco

Products

Co.

147

8,213

Westrock

Co.

371

15,404

81,015

Distributors

(

0

.1

%

)

LKQ

Corp.

389

18,590

Diversified

Consumer

Services

(

0

.1

%

)

Bright

Horizons

Family

Solutions,

Inc.(a)

86

8,105

Service

Corp.

International

212

14,511

22,616

Diversified

Telecommunication

Services

(

0

.8

%

)

Verizon

Communications,

Inc.

6,213

234,230

Electric

Utilities

(

0

.5

%

)

Avangrid,

Inc.

109

3,533

Eversource

Energy

510

31,477

Exelon

Corp.

1,456

52,271

IDACORP,

Inc.

76

7,472

NRG

Energy,

Inc.

319

16,492

Portland

General

Electric

Co.

153

6,631

Xcel

Energy,

Inc.

808

50,023

167,899

Electrical

Equipment

(

0

.5

%

)

Emerson

Electric

Co.

833

81,076

nVent

Electric

plc

237

14,004

Rockwell

Automation,

Inc.

168

52,161

Sensata

Technologies

Holding

plc

212

7,965

Sunrun,

Inc.(a)

291

5,712

160,918

Electronic

Equipment,

Instruments

&

Components

(

0

.6

%

)

Advanced

Energy

Industries,

Inc.

56

6,099

Amphenol

Corp.,

Class

 A

872

86,441

Avnet,

Inc.

132

6,653

Shares

Value

Badger

Meter,

Inc.

43

$

6,638

Belden,

Inc.

56

4,326

CDW

Corp.

196

44,555

IPG

Photonics

Corp.(a)

40

4,341

Trimble,

Inc.(a)

363

19,312

Zebra

Technologies

Corp.,

Class

 A(a)

75

20,500

198,865

Energy

Equipment

&

Services

(

0

.2

%

)

Baker

Hughes

Co.,

Class

 A

1,473

50,347

Entertainment

(

2

.2

%

)

Atlanta

Braves

Holdings,

Inc.,

Class

 C(a)

84

3,325

Electronic

Arts,

Inc.

357

48,841

Liberty

Media

Corp-Liberty

Formula

One,

Class

 A(a)

350

20,293

Liberty

Media

Corp-Liberty

Live,

Class

 A(a)

102

3,728

Netflix,

Inc.(a)

637

310,143

Roku,

Inc.,

Class

 A(a)

182

16,682

Walt

Disney

Co.

(The)(a)

2,704

244,144

Warner

Bros

Discovery,

Inc.(a)

3,408

38,783

685,939

Financial

Services

(

4

.7

%

)

Equitable

Holdings,

Inc.

494

16,450

Fidelity

National

Information

Services,

Inc.

866

52,021

Fiserv,

Inc.(a)

873

115,969

Jack

Henry

&

Associates,

Inc.

106

17,321

Mastercard,

Inc.,

Class

 A

1,227

523,328

MGIC

Investment

Corp.

403

7,774

PayPal

Holdings,

Inc.(a)

1,567

96,229

Radian

Group,

Inc.

223

6,367

Visa,

Inc.,

Class

 A

2,325

605,314

1,440,773

Food

Products

(

1

.2

%

)

Bunge

Global

SA

210

21,200

Campbell

Soup

Co.

288

12,450

Conagra

Brands,

Inc.

697

19,976

General

Mills,

Inc.

850

55,369

Hershey

Co.

(The)

218

40,644

J.M.

Smucker

Co.

(The)

150

18,957

Kellanova

420

23,482

Kraft

Heinz

Co.

(The)

1,176

43,488

Mondelez

International,

Inc.,

Class

 A

2,014

145,874

381,440

Gas

Utilities

(

0

.1

%

)

ONE

Gas,

Inc.

83

5,289

Southwest

Gas

Holdings,

Inc.

90

5,701

UGI

Corp.

295

7,257

18,247

Ground

Transportation

(

0

.7

%

)

Avis

Budget

Group,

Inc.

31

5,495

Union

Pacific

Corp.

898

220,567

226,062

Health

Care

Equipment

&

Supplies

(

3

.0

%

)

Abbott

Laboratories

2,547

280,348

Align

Technology,

Inc.(a)

104

28,496

Becton

Dickinson

&

Co.

425

103,628

Edwards

Lifesciences

Corp.(a)

876

66,795

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Health

Care

Equipment

&

Supplies

(cont’d)

Globus

Medical,

Inc.,

Class

 A(a)

168

$

8,953

Haemonetics

Corp.(a)

76

6,499

Hologic,

Inc.(a)

347

24,793

ICU

Medical,

Inc.(a)

27

2,693

Insulet

Corp.(a)

101

21,915

iRhythm

Technologies,

Inc.(a)

45

4,817

Medtronic

plc

1,969

162,206

Neogen

Corp.(a)

329

6,616

Penumbra,

Inc.(a)

54

13,583

Stryker

Corp.

526

157,516

Zimmer

Biomet

Holdings,

Inc.

306

37,240

926,098

Health

Care

Providers

&

Services

(

4

.2

%

)

AMN

Healthcare

Services,

Inc.(a)

51

3,819

Centene

Corp.(a)

775

57,513

Cigna

Group

(The)

421

126,069

CVS

Health

Corp.

1,904

150,340

Elevance

Health,

Inc.

347

163,631

Ensign

Group,

Inc.

(The)

82

9,201

Laboratory

Corp.

of

America

Holdings

124

28,184

Quest

Diagnostics,

Inc.

163

22,474

UnitedHealth

Group,

Inc.

1,359

715,473

1,276,704

Hotels,

Restaurants

&

Leisure

(

1

.6

%

)

Airbnb,

Inc.,

Class

 A(a)

604

82,229

Booking

Holdings,

Inc.(a)

51

180,908

Domino's

Pizza,

Inc.

51

21,024

Hilton

Worldwide

Holdings,

Inc.

369

67,191

Marriott

International,

Inc.,

Class

 A

364

82,086

Wendy's

Co.

(The)

263

5,123

Yum!

Brands,

Inc.

411

53,701

492,262

Household

Durables

(

0

.1

%

)

Meritage

Homes

Corp.

54

9,407

Newell

Brands,

Inc.

571

4,956

Tempur

Sealy

International,

Inc.

245

12,488

TopBuild

Corp.(a)

46

17,216

44,067

Household

Products

(

0

.6

%

)

Clorox

Co.

(The)

181

25,809

Colgate-Palmolive

Co.

1,206

96,130

Kimberly-Clark

Corp.

494

60,026

181,965

Independent

Power

and

Renewable

Electricity

Producers

(

0

.1

%

)

AES

Corp.

(The)

962

18,519

Ormat

Technologies,

Inc.

81

6,139

24,658

Insurance

(

2

.3

%

)

Aflac,

Inc.

772

63,690

Allstate

Corp.

(The)

381

53,332

First

American

Financial

Corp.

144

9,279

Hartford

Financial

Services

Group,

Inc.

(The)

439

35,287

Lincoln

National

Corp.

235

6,338

Marsh

&

McLennan

Cos.,

Inc.

722

136,797

MetLife,

Inc.

920

60,840

Shares

Value

Primerica,

Inc.

51

$

10,494

Principal

Financial

Group,

Inc.

348

27,377

Progressive

Corp.

(The)

865

137,777

Prudential

Financial,

Inc.

528

54,759

Reinsurance

Group

of

America,

Inc.

96

15,531

RenaissanceRe

Holdings

Ltd.

75

14,700

Selective

Insurance

Group,

Inc.

90

8,953

Travelers

Cos.,

Inc.

(The)

334

63,624

White

Mountains

Insurance

Group

Ltd.

3

4,515

703,293

Interactive

Media

&

Services

(

0

.1

%

)

Pinterest,

Inc.,

Class

 A(a)

845

31,299

IT

Services

(

0

.6

%

)

Akamai

Technologies,

Inc.(a)

217

25,682

Amdocs

Ltd.

177

15,557

Cognizant

Technology

Solutions

Corp.,

Class

 A

734

55,439

Gartner,

Inc.(a)

111

50,073

Okta,

Inc.,

Class

 A(a)

227

20,550

Twilio,

Inc.,

Class

 A(a)

251

19,043

186,344

Leisure

Products

(

0

.1

%

)

Brunswick

Corp.

99

9,578

Mattel,

Inc.(a)

529

9,988

19,566

Life

Sciences

Tools

&

Services

(

0

.8

%

)

Agilent

Technologies,

Inc.

427

59,366

Charles

River

Laboratories

International,

Inc.(a)

75

17,730

Fortrea

Holdings,

Inc.(a)

135

4,711

Illumina,

Inc.(a)

230

32,025

IQVIA

Holdings,

Inc.(a)

265

61,316

Waters

Corp.(a)

86

28,314

West

Pharmaceutical

Services,

Inc.

108

38,029

241,491

Machinery

(

1

.6

%

)

Cummins,

Inc.

204

48,872

Deere

&

Co.

393

157,149

Flowserve

Corp.

198

8,162

Fortive

Corp.

514

37,846

Franklin

Electric

Co.,

Inc.

60

5,799

IDEX

Corp.

111

24,099

Illinois

Tool

Works,

Inc.

440

115,254

ITT,

Inc.

120

14,318

Lincoln

Electric

Holdings,

Inc.

82

17,832

Nordson

Corp.

75

19,812

Stanley

Black

&

Decker,

Inc.

221

21,680

Westinghouse

Air

Brake

Technologies

Corp.

260

32,994

503,817

Media

(

0

.4

%

)

Cable

One,

Inc.

6

3,340

Interpublic

Group

of

Cos.,

Inc.

(The)

560

18,278

Liberty

Broadband

Corp.,

Class

 C(a)

194

15,635

Nexstar

Media

Group,

Inc.,

Class

 A

47

7,367

Omnicom

Group,

Inc.

287

24,828

Paramount

Global,

Class

 B

845

12,498

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Media

(cont’d)

Trade

Desk,

Inc.

(The),

Class

 A(a)

647

$

46,558

128,504

Metals

&

Mining

(

0

.1

%

)

ATI,

Inc.(a)

185

8,412

Commercial

Metals

Co.

175

8,757

Reliance

Steel

&

Aluminum

Co.

84

23,493

40,662

Multi-Utilities

(

0

.6

%

)

Black

Hills

Corp.

101

5,449

CMS

Energy

Corp.

426

24,738

DTE

Energy

Co.

302

33,298

NiSource,

Inc.

604

16,036

Sempra

922

68,901

WEC

Energy

Group,

Inc.

462

38,887

187,309

Passenger

Airlines

(

0

.1

%

)

Alaska

Air

Group,

Inc.(a)

180

7,032

Southwest

Airlines

Co.

870

25,126

32,158

Personal

Care

Products

(

0

.2

%

)

elf

Beauty,

Inc.(a)

78

11,259

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

338

49,432

60,691

Pharmaceuticals

(

5

.5

%

)

Bristol-Myers

Squibb

Co.

3,012

154,546

Eli

Lilly

&

Co.

1,250

728,650

Merck

&

Co.,

Inc.

3,735

407,189

Organon

&

Co.

350

5,047

Perrigo

Co.

plc

206

6,629

Pfizer,

Inc.

8,344

240,224

Zoetis,

Inc.,

Class

 A

673

132,830

1,675,115

Professional

Services

(

1

.0

%

)

Automatic

Data

Processing,

Inc.

600

139,782

Broadridge

Financial

Solutions,

Inc.

171

35,183

Ceridian

HCM

Holding,

Inc.(a)

225

15,102

Equifax,

Inc.

180

44,512

ExlService

Holdings,

Inc.(a)

230

7,096

FTI

Consulting,

Inc.(a)

50

9,957

Maximus,

Inc.

91

7,631

Paycom

Software,

Inc.

74

15,297

Robert

Half,

Inc.

151

13,276

Science

Applications

International

Corp.

77

9,573

TriNet

Group,

Inc.(a)

49

5,828

303,237

Real

Estate

Management

&

Development

(

0

.2

%

)

CoStar

Group,

Inc.(a)

592

51,735

Zillow

Group,

Inc.,

Class

 C(a)

301

17,416

69,151

Semiconductors

&

Semiconductor

Equipment

(

6

.2

%

)

Analog

Devices,

Inc.

725

143,956

Broadcom,

Inc.

673

751,236

First

Solar,

Inc.(a)

145

24,980

Intel

Corp.

6,225

312,806

KLA

Corp.

199

115,679

Shares

Value

Lam

Research

Corp.

194

$

151,952

Micron

Technology,

Inc.

1,608

137,227

MKS

Instruments,

Inc.

95

9,773

Power

Integrations,

Inc.

84

6,897

QUALCOMM,

Inc.

1,644

237,772

Silicon

Laboratories,

Inc.(a)

44

5,820

Universal

Display

Corp.

64

12,241

1,910,339

Software

(

17

.6

%

)

Adobe,

Inc.(a)

667

397,932

ANSYS,

Inc.(a)

127

46,086

Atlassian

Corp.,

Class

 A(a)

225

53,519

Box,

Inc.,

Class

 A(a)

212

5,429

DocuSign,

Inc.,

Class

 A(a)

295

17,538

Dropbox,

Inc.,

Class

 A(a)

373

10,996

Elastic

NV(a)

119

13,411

Fair

Isaac

Corp.(a)

36

41,904

Fortinet,

Inc.(a)

929

54,374

Gen

Digital,

Inc.

854

19,488

Guidewire

Software,

Inc.(a)

121

13,194

HubSpot,

Inc.(a)

71

41,218

Manhattan

Associates,

Inc.(a)

89

19,164

Microsoft

Corp.

10,782

4,054,463

Palo

Alto

Networks,

Inc.(a)

460

135,645

Roper

Technologies,

Inc.

156

85,047

ServiceNow,

Inc.(a)

302

213,360

Splunk,

Inc.(a)

227

34,584

Synopsys,

Inc.(a)

222

114,310

Teradata

Corp.(a)

141

6,135

Tyler

Technologies,

Inc.(a)

61

25,505

5,403,302

Specialty

Retail

(

2

.7

%

)

Advance

Auto

Parts,

Inc.

82

5,004

Bath

&

Body

Works,

Inc.

331

14,286

Home

Depot,

Inc.

(The)

1,464

507,349

Ross

Stores,

Inc.

487

67,396

TJX

Cos.,

Inc.

(The)

1,686

158,164

Tractor

Supply

Co.

158

33,975

Ulta

Beauty,

Inc.(a)

71

34,789

Williams-Sonoma,

Inc.

88

17,757

838,720

Technology

Hardware,

Storage

&

Peripherals

(

15

.0

%

)

Apple,

Inc.

22,886

4,406,242

Dell

Technologies,

Inc.,

Class

 C

367

28,075

Hewlett

Packard

Enterprise

Co.

1,875

31,837

HP,

Inc.

1,265

38,064

NetApp,

Inc.

301

26,536

Seagate

Technology

Holdings

plc

305

26,038

Western

Digital

Corp.(a)

475

24,876

4,581,668

Textiles,

Apparel

&

Luxury

Goods

(

0

.5

%

)

Deckers

Outdoor

Corp.(a)

37

24,732

Lululemon

Athletica,

Inc.(a)

162

82,829

PVH

Corp.

88

10,747

Ralph

Lauren

Corp.,

Class

 A

57

8,219

Skechers

USA,

Inc.,

Class

 A(a)

194

12,094

Tapestry,

Inc.

327

12,037

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(cont’d)

VF

Corp.

538

$

10,114

160,772

Trading

Companies

&

Distributors

(

0

.4

%

)

Applied

Industrial

Technologies,

Inc.

57

9,843

Fastenal

Co.

836

54,148

GATX

Corp.

52

6,251

MSC

Industrial

Direct

Co.,

Inc.,

Class

 A

68

6,886

WW

Grainger,

Inc.

66

54,694

131,822

Water

Utilities

(

0

.2

%

)

American

Water

Works

Co.,

Inc.

285

37,617

Essential

Utilities,

Inc.

355

13,259

50,876

Total

Common

Stocks

(Cost

$26,188,696)

30,538,934

Short-Term

Investment

(

0

.2

%

)

Investment

Company

(0.2%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class(c)

(Cost

$60,131)

60,131

60,131

Total

Investments

(

99

.9

%

)

(Cost

$

26,248,827

)

(d)

30,599,065

Other

Assets

in

Excess

of

Liabilities

(0.1%)

27,345

NET

ASSETS

(100.0%)

$30,626,410

(a)

Non-income

producing

security.

(b)

Amount

is

less

than

0.05%.

(c)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

December

31,

2023,

management

fees

paid

were

reduced

by

$45

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(d)

At

December

31,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$26,248,827.

The

aggregate

gross

unrealized

appreciation

is

$4,900,845

and

the

aggregate

gross

unrealized

depreciation

is

$550,607,

resulting

in

net

unrealized

appreciation

of

$4,350,238.

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

50

.3

%

Software

17

.7

Technology

Hardware,

Storage

&

Peripherals

15

.0

Semiconductors

&

Semiconductor

Equipment

6

.2

Pharmaceuticals

5

.5

Banks

5

.3

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)

Shares

Value

Common

Stocks

(99.7%)

Aerospace

&

Defense

(

0

.7

%

)

Axon

Enterprise,

Inc.(a)

424

$

109,532

Curtiss-Wright

Corp.

234

52,133

HEICO

Corp.

237

42,392

Hexcel

Corp.

501

36,949

Woodward,

Inc.

330

44,923

285,929

Air

Freight

&

Logistics

(

0

.5

%

)

CH

Robinson

Worldwide,

Inc.

743

64,188

Expeditors

International

of

Washington,

Inc.

856

108,883

GXO

Logistics,

Inc.(a)

685

41,895

214,966

Automobile

Components

(

0

.8

%

)

Aptiv

plc(a)

1,545

138,618

Autoliv,

Inc.

542

59,723

BorgWarner,

Inc.

1,511

54,169

Lear

Corp.

375

52,954

Visteon

Corp.(a)

178

22,232

327,696

Automobiles

(

0

.4

%

)

Harley-Davidson,

Inc.

897

33,046

Rivian

Automotive,

Inc.,

Class

 A(a)

4,390

102,989

Thor

Industries,

Inc.

327

38,668

174,703

Banks

(

3

.2

%

)

Bank

OZK

517

25,762

BOK

Financial

Corp.

133

11,391

Citizens

Financial

Group,

Inc.

2,205

73,074

Columbia

Banking

System,

Inc.

987

26,333

Comerica,

Inc.

623

34,770

Commerce

Bancshares,

Inc.

602

32,153

Cullen/Frost

Bankers,

Inc.

283

30,703

East

West

Bancorp,

Inc.

668

48,063

Fifth

Third

Bancorp

3,284

113,265

First

Citizens

BancShares,

Inc.,

Class

 A

50

70,948

First

Financial

Bankshares,

Inc.

656

19,877

First

Horizon

Corp.

2,626

37,184

FNB

Corp.

1,699

23,395

Home

BancShares,

Inc.

897

22,721

Huntington

Bancshares,

Inc.

6,816

86,699

KeyCorp

4,442

63,965

M&T

Bank

Corp.

787

107,882

New

York

Community

Bancorp,

Inc.

3,384

34,618

Old

National

Bancorp

1,386

23,410

Pinnacle

Financial

Partners,

Inc.

357

31,138

Popular,

Inc.

337

27,658

Prosperity

Bancshares,

Inc.

427

28,921

Regions

Financial

Corp.

4,417

85,601

SouthState

Corp.

356

30,064

Synovus

Financial

Corp.

689

25,941

United

Bankshares,

Inc.

631

23,694

Valley

National

Bancorp

2,063

22,404

Webster

Financial

Corp.

817

41,471

Western

Alliance

Bancorp

513

33,750

Wintrust

Financial

Corp.

287

26,619

Shares

Value

Zions

Bancorp

NA

695

$

30,490

1,293,964

Beverages

(

0

.2

%

)

Celsius

Holdings,

Inc.(a)

774

42,198

Coca-Cola

Consolidated,

Inc.

27

25,067

67,265

Biotechnology

(

2

.0

%

)

ACADIA

Pharmaceuticals,

Inc.(a)

667

20,884

Alkermes

plc(a)

921

25,548

Alnylam

Pharmaceuticals,

Inc.(a)

704

134,753

Apellis

Pharmaceuticals,

Inc.(a)

543

32,504

Arrowhead

Pharmaceuticals,

Inc.(a)

567

17,350

BioMarin

Pharmaceutical,

Inc.(a)

1,052

101,434

Blueprint

Medicines

Corp.(a)

331

30,531

Denali

Therapeutics,

Inc.(a)

640

13,734

Exact

Sciences

Corp.(a)

999

73,906

Exelixis,

Inc.(a)

1,684

40,399

Halozyme

Therapeutics,

Inc.(a)

733

27,092

Incyte

Corp.(a)

1,026

64,422

Ionis

Pharmaceuticals,

Inc.(a)

784

39,663

Neurocrine

Biosciences,

Inc.(a)

533

70,228

Sarepta

Therapeutics,

Inc.(a)

492

47,444

United

Therapeutics

Corp.(a)

255

56,072

795,964

Broadline

Retail

(

0

.5

%

)

eBay,

Inc.

2,625

114,503

Etsy,

Inc.(a)

592

47,982

Macy's,

Inc.

1,362

27,403

189,888

Building

Products

(

3

.2

%

)

A

O

Smith

Corp.

728

60,016

AAON,

Inc.

401

29,622

Advanced

Drainage

Systems,

Inc.

400

56,256

Allegion

plc

520

65,879

AZEK

Co.,

Inc.

(The),

Class

 A(a)

723

27,655

Carlisle

Cos.,

Inc.

303

94,666

Carrier

Global

Corp.

4,106

235,889

Fortune

Brands

Innovations,

Inc.

627

47,740

Lennox

International,

Inc.

190

85,029

Masco

Corp.

1,114

74,616

Owens

Corning

577

85,529

Simpson

Manufacturing

Co.,

Inc.

252

49,891

Trane

Technologies

plc

1,089

265,607

Trex

Co.,

Inc.(a)

537

44,458

UFP

Industries,

Inc.

298

37,414

Zurn

Elkay

Water

Solutions

Corp.

705

20,734

1,281,001

Capital

Markets

(

4

.8

%

)

Affiliated

Managers

Group,

Inc.

158

23,924

Ameriprise

Financial,

Inc.

486

184,597

Ares

Management

Corp.,

Class

 A

749

89,071

Bank

of

New

York

Mellon

Corp.

(The)

3,694

192,273

Blue

Owl

Capital,

Inc.,

Class

 A

2,118

31,558

Carlyle

Group,

Inc.

(The)

916

37,272

Cboe

Global

Markets,

Inc.

501

89,459

Coinbase

Global,

Inc.,

Class

 A(a)

810

140,875

Evercore,

Inc.,

Class

 A

165

28,223

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Capital

Markets

(cont’d)

FactSet

Research

Systems,

Inc.

221

$

105,428

Franklin

Resources,

Inc.

1,377

41,021

Hamilton

Lane,

Inc.,

Class

 A

197

22,348

Houlihan

Lokey,

Inc.,

Class

 A

246

29,498

Interactive

Brokers

Group,

Inc.,

Class

 A

488

40,455

Invesco

Ltd.

2,095

37,375

Jefferies

Financial

Group,

Inc.

885

35,763

LPL

Financial

Holdings,

Inc.

357

81,260

MarketAxess

Holdings,

Inc.

215

62,963

Morningstar,

Inc.

154

44,081

Nasdaq,

Inc.

1,624

94,419

Northern

Trust

Corp.

966

81,511

Raymond

James

Financial,

Inc.

915

102,023

SEI

Investments

Co.

517

32,855

State

Street

Corp.

1,488

115,260

Stifel

Financial

Corp.

472

32,639

T

Rowe

Price

Group,

Inc.

1,059

114,044

Tradeweb

Markets,

Inc.,

Class

 A

542

49,257

1,939,452

Chemicals

(

1

.9

%

)

Ashland,

Inc.

303

25,546

Axalta

Coating

Systems

Ltd.(a)

1,304

44,297

Balchem

Corp.

191

28,411

Cabot

Corp.

328

27,388

Celanese

Corp.,

Class

 A

657

102,078

Eastman

Chemical

Co.

700

62,874

Element

Solutions,

Inc.

1,325

30,660

FMC

Corp.

739

46,594

Huntsman

Corp.

983

24,703

International

Flavors

&

Fragrances,

Inc.

1,363

110,362

Livent

Corp.(a)

1,073

19,293

Mosaic

Co.

(The)

1,929

68,923

PPG

Industries,

Inc.

1,202

179,759

770,888

Commercial

Services

&

Supplies

(

0

.7

%

)

Casella

Waste

Systems,

Inc.,

Class

 A(a)

350

29,911

Clean

Harbors,

Inc.(a)

314

54,796

MSA

Safety,

Inc.

219

36,974

Rollins,

Inc.

1,616

70,571

Stericycle,

Inc.(a)

573

28,398

Tetra

Tech,

Inc.

327

54,586

Vestis

Corp.

658

13,910

289,146

Communications

Equipment

(

0

.4

%

)

Ciena

Corp.(a)

812

36,548

F5,

Inc.(a)

330

59,064

Juniper

Networks,

Inc.

1,756

51,767

Lumentum

Holdings,

Inc.(a)

370

19,395

Viasat,

Inc.(a)

419

11,711

178,485

Construction

&

Engineering

(

1

.1

%

)

AECOM

841

77,734

Comfort

Systems

USA,

Inc.

218

44,836

EMCOR

Group,

Inc.

288

62,044

MasTec,

Inc.(a)

377

28,546

Quanta

Services,

Inc.

762

164,440

Valmont

Industries,

Inc.

121

28,255

Shares

Value

WillScot

Mobile

Mini

Holdings

Corp.(a)

1,159

$

51,575

457,430

Construction

Materials

(

0

.5

%

)

Summit

Materials,

Inc.,

Class

 A(a)

1,303

50,113

Vulcan

Materials

Co.

699

158,680

208,793

Consumer

Finance

(

1

.0

%

)

Ally

Financial,

Inc.

1,424

49,726

Credit

Acceptance

Corp.(a)

30

15,982

Discover

Financial

Services

1,202

135,105

FirstCash

Holdings,

Inc.

180

19,510

OneMain

Holdings,

Inc.

566

27,847

SLM

Corp.

1,067

20,401

SoFi

Technologies,

Inc.(a)

4,562

45,392

Synchrony

Financial

1,956

74,700

388,663

Consumer

Staples

Distribution

&

Retail

(

2

.0

%

)

Albertsons

Cos.,

Inc.,

Class

 A

1,779

40,917

BJ's

Wholesale

Club

Holdings,

Inc.(a)

658

43,862

Casey's

General

Stores,

Inc.

199

54,673

Dollar

Tree,

Inc.(a)

1,098

155,971

Kroger

Co.

(The)

3,684

168,396

Performance

Food

Group

Co.(a)

817

56,496

Sprouts

Farmers

Market,

Inc.(a)

547

26,316

Sysco

Corp.

2,537

185,531

U.S.

Foods

Holding

Corp.(a)

1,320

59,941

792,103

Containers

&

Packaging

(

1

.6

%

)

AptarGroup,

Inc.

387

47,841

Avery

Dennison

Corp.

471

95,217

Ball

Corp.

1,859

106,930

Berry

Global

Group,

Inc.

684

46,095

Crown

Holdings,

Inc.

710

65,384

Graphic

Packaging

Holding

Co.

1,809

44,592

Packaging

Corp.

of

America

521

84,876

Sealed

Air

Corp.

855

31,225

Silgan

Holdings,

Inc.

485

21,946

Sonoco

Products

Co.

579

32,349

Westrock

Co.

1,501

62,321

638,776

Distributors

(

0

.6

%

)

Genuine

Parts

Co.

710

98,335

LKQ

Corp.

1,323

63,226

Pool

Corp.

187

74,559

236,120

Diversified

Consumer

Services

(

0

.4

%

)

Bright

Horizons

Family

Solutions,

Inc.(a)

332

31,288

Duolingo,

Inc.,

Class

 A(a)

201

45,597

H&R

Block,

Inc.

828

40,050

Service

Corp.

International

842

57,635

174,570

Diversified

Telecommunication

Services

(

0

.1

%

)

Iridium

Communications,

Inc.

694

28,565

Electric

Utilities

(

2

.0

%

)

Alliant

Energy

Corp.

1,582

81,157

Avangrid,

Inc.

439

14,228

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Electric

Utilities

(cont’d)

Constellation

Energy

Corp.

1,593

$

186,206

Evergy,

Inc.

1,406

73,393

Eversource

Energy

1,967

121,403

IDACORP,

Inc.

312

30,676

NRG

Energy,

Inc.

1,355

70,053

PNM

Resources,

Inc.

525

21,840

Portland

General

Electric

Co.

625

27,087

Xcel

Energy,

Inc.

2,814

174,215

800,258

Electrical

Equipment

(

2

.0

%

)

Acuity

Brands,

Inc.

182

37,279

AMETEK,

Inc.

1,161

191,437

Atkore,

Inc.(a)

218

34,880

EnerSys

197

19,889

Generac

Holdings,

Inc.(a)

358

46,268

Hubbell,

Inc.,

Class

 B

318

104,600

nVent

Electric

plc

961

56,785

Plug

Power,

Inc.(a)

2,694

12,123

Regal

Rexnord

Corp.

391

57,876

Rockwell

Automation,

Inc.

589

182,873

Sensata

Technologies

Holding

plc

902

33,888

Sunrun,

Inc.(a)

1,050

20,612

798,510

Electronic

Equipment,

Instruments

&

Components

(

3

.0

%

)

Advanced

Energy

Industries,

Inc.

220

23,962

Arrow

Electronics,

Inc.(a)

267

32,641

Avnet,

Inc.

454

22,882

Badger

Meter,

Inc.

174

26,860

Belden,

Inc.

249

19,235

CDW

Corp.

705

160,261

Cognex

Corp.

1,024

42,742

Coherent

Corp.(a)

845

36,783

Corning,

Inc.

4,291

130,661

Insight

Enterprises,

Inc.(a)

161

28,528

IPG

Photonics

Corp.(a)

161

17,475

Jabil,

Inc.

699

89,053

Keysight

Technologies,

Inc.(a)

960

152,726

Littelfuse,

Inc.

145

38,796

Novanta,

Inc.(a)

210

35,366

TD

SYNNEX

Corp.

256

27,548

Teledyne

Technologies,

Inc.(a)

266

118,713

Trimble,

Inc.(a)

1,470

78,204

Vishay

Intertechnology,

Inc.

697

16,707

Vontier

Corp.

857

29,609

Zebra

Technologies

Corp.,

Class

 A(a)

291

79,539

1,208,291

Energy

Equipment

&

Services

(

0

.4

%

)

Baker

Hughes

Co.,

Class

 A

5,123

175,104

Entertainment

(

2

.2

%

)

AMC

Entertainment

Holdings,

Inc.,

Class

 A(a)

1,182

7,234

Atlanta

Braves

Holdings,

Inc.,

Class

 C(a)

326

12,903

Electronic

Arts,

Inc.

1,243

170,055

Liberty

Media

Corp-Liberty

Formula

One,

Class

 A(a)

1,388

80,476

Liberty

Media

Corp-Liberty

Live,

Class

 A(a)

393

14,364

Live

Nation

Entertainment,

Inc.(a)

834

78,062

Shares

Value

Madison

Square

Garden

Sports

Corp.(a)

95

$

17,274

ROBLOX

Corp.,

Class

 A(a)

2,644

120,884

Roku,

Inc.,

Class

 A(a)

693

63,520

Take-Two

Interactive

Software,

Inc.(a)

847

136,325

Warner

Bros

Discovery,

Inc.(a)

12,631

143,741

Warner

Music

Group

Corp.,

Class

 A

769

27,522

872,360

Financial

Services

(

2

.1

%

)

Affirm

Holdings,

Inc.,

Class

 A(a)

1,254

61,622

Block,

Inc.,

Class

 A(a)

2,735

211,552

Equitable

Holdings,

Inc.

1,605

53,447

Essent

Group

Ltd.

492

25,948

Euronet

Worldwide,

Inc.(a)

242

24,561

Fidelity

National

Information

Services,

Inc.

3,001

180,270

Jack

Henry

&

Associates,

Inc.

403

65,854

MGIC

Investment

Corp.

1,315

25,366

Radian

Group,

Inc.

728

20,784

Shift4

Payments,

Inc.,

Class

 A(a)

311

23,120

Toast,

Inc.,

Class

 A(a)

2,003

36,575

Voya

Financial,

Inc.

492

35,896

Western

Union

Co.

(The)

2,060

24,555

WEX,

Inc.(a)

237

46,108

835,658

Food

Products

(

1

.8

%

)

Bunge

Global

SA

770

77,731

Campbell

Soup

Co.

1,059

45,781

Conagra

Brands,

Inc.

2,559

73,341

Darling

Ingredients,

Inc.(a)

847

42,214

Flowers

Foods,

Inc.

1,058

23,816

Hormel

Foods

Corp.

1,554

49,899

Ingredion,

Inc.

346

37,551

J.M.

Smucker

Co.

(The)

555

70,141

Kellanova

1,538

85,990

Lamb

Weston

Holdings,

Inc.

784

84,743

Lancaster

Colony

Corp.

103

17,138

McCormick

&

Co.,

Inc.

(Non-Voting)

1,420

97,156

Simply

Good

Foods

Co.

(The)(a)

494

19,562

725,063

Gas

Utilities

(

0

.3

%

)

National

Fuel

Gas

Co.

563

28,246

New

Jersey

Resources

Corp.

602

26,837

ONE

Gas,

Inc.

339

21,601

Southwest

Gas

Holdings,

Inc.

381

24,137

UGI

Corp.

1,307

32,152

132,973

Ground

Transportation

(

1

.5

%

)

Avis

Budget

Group,

Inc.

137

24,285

JB

Hunt

Transport

Services,

Inc.

503

100,469

Knight-Swift

Transportation

Holdings,

Inc.,

Class

 A

1,009

58,169

Landstar

System,

Inc.

230

44,539

Old

Dominion

Freight

Line,

Inc.

472

191,316

Ryder

System,

Inc.

281

32,332

Saia,

Inc.(a)

171

74,936

XPO,

Inc.(a)

734

64,291

590,337

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Health

Care

Equipment

&

Supplies

(

3

.9

%

)

Align

Technology,

Inc.(a)

400

$

109,600

Baxter

International,

Inc.

2,861

110,606

CONMED

Corp.

170

18,617

Cooper

Cos.,

Inc.

(The)

275

104,071

DENTSPLY

SIRONA,

Inc.

1,172

41,712

Envista

Holdings

Corp.(a)

955

22,977

GE

HealthCare

Technologies,

Inc.

2,088

161,444

Globus

Medical,

Inc.,

Class

 A(a)

639

34,052

Haemonetics

Corp.(a)

281

24,028

Hologic,

Inc.(a)

1,322

94,457

ICU

Medical,

Inc.(a)

113

11,271

Inari

Medical,

Inc.(a)

276

17,918

Inspire

Medical

Systems,

Inc.(a)

162

32,956

Insulet

Corp.(a)

387

83,971

iRhythm

Technologies,

Inc.(a)

167

17,876

Masimo

Corp.(a)

240

28,130

Merit

Medical

Systems,

Inc.(a)

314

23,852

Neogen

Corp.(a)

1,213

24,393

Novocure

Ltd.(a)

542

8,092

Penumbra,

Inc.(a)

207

52,069

QuidelOrtho

Corp.(a)

269

19,825

ResMed,

Inc.

804

138,304

Shockwave

Medical,

Inc.(a)

202

38,493

STERIS

plc

559

122,896

Teleflex,

Inc.

262

65,327

Zimmer

Biomet

Holdings,

Inc.

1,137

138,373

1,545,310

Health

Care

Providers

&

Services

(

2

.2

%

)

agilon

health,

Inc.(a)

1,671

20,971

AMN

Healthcare

Services,

Inc.(a)

222

16,623

Centene

Corp.(a)

2,635

195,543

Chemed

Corp.

82

47,950

DaVita,

Inc.(a)

300

31,428

Encompass

Health

Corp.

551

36,763

Ensign

Group,

Inc.

(The)

302

33,887

HealthEquity,

Inc.(a)

465

30,830

Henry

Schein,

Inc.(a)

714

54,057

Laboratory

Corp.

of

America

Holdings

481

109,326

Molina

Healthcare,

Inc.(a)

325

117,426

Option

Care

Health,

Inc.(a)

982

33,084

Progyny,

Inc.(a)

464

17,252

Quest

Diagnostics,

Inc.

622

85,761

R1

RCM,

Inc.(a)

1,137

12,018

Select

Medical

Holdings

Corp.

578

13,583

Surgery

Partners,

Inc.(a)

366

11,708

868,210

Health

Care

Technology

(

0

.4

%

)

Doximity,

Inc.,

Class

 A(a)

640

17,946

Veeva

Systems,

Inc.,

Class

 A(a)

723

139,192

157,138

Hotels,

Restaurants

&

Leisure

(

2

.4

%

)

Aramark

1,402

39,396

Choice

Hotels

International,

Inc.

177

20,054

Darden

Restaurants,

Inc.

656

107,781

Domino's

Pizza,

Inc.

191

78,736

Hilton

Grand

Vacations,

Inc.(a)

440

17,679

Hilton

Worldwide

Holdings,

Inc.

1,238

225,427

Shares

Value

Hyatt

Hotels

Corp.,

Class

 A

251

$

32,733

Marriott

Vacations

Worldwide

Corp.

190

16,129

Planet

Fitness,

Inc.,

Class

 A(a)

493

35,989

Texas

Roadhouse,

Inc.,

Class

 A

357

43,636

Vail

Resorts,

Inc.

219

46,750

Wendy's

Co.

(The)

1,020

19,870

Wingstop,

Inc.

154

39,513

Wyndham

Hotels

&

Resorts,

Inc.

473

38,034

Yum!

Brands,

Inc.

1,418

185,276

947,003

Household

Durables

(

2

.5

%

)

D.R.

Horton,

Inc.

1,458

221,587

KB

Home

477

29,793

Leggett

&

Platt,

Inc.

657

17,194

Lennar

Corp.,

Class

 A

1,301

193,901

Meritage

Homes

Corp.

221

38,498

Mohawk

Industries,

Inc.(a)

261

27,013

Newell

Brands,

Inc.

2,076

18,020

NVR,

Inc.(a)

18

126,008

PulteGroup,

Inc.

1,237

127,683

Taylor

Morrison

Home

Corp.,

Class

 A(a)

642

34,251

Tempur

Sealy

International,

Inc.

831

42,356

TopBuild

Corp.(a)

201

75,226

Whirlpool

Corp.

266

32,391

983,921

Household

Products

(

0

.5

%

)

Church

&

Dwight

Co.,

Inc.

1,248

118,011

Clorox

Co.

(The)

617

87,978

205,989

Independent

Power

and

Renewable

Electricity

Producers

(

0

.4

%

)

AES

Corp.

(The)

4,138

79,657

Brookfield

Renewable

Corp.,

Class

 A

827

23,809

Clearway

Energy,

Inc.,

Class

 C

688

18,872

Ormat

Technologies,

Inc.

328

24,859

147,197

Insurance

(

4

.1

%

)

Allstate

Corp.

(The)

1,252

175,255

American

Financial

Group,

Inc.

366

43,514

Arch

Capital

Group

Ltd.(a)

1,753

130,195

Axis

Capital

Holdings

Ltd.

371

20,542

Brown

&

Brown,

Inc.

1,401

99,625

Cincinnati

Financial

Corp.

732

75,733

Everest

Group

Ltd.

204

72,130

First

American

Financial

Corp.

575

37,053

Globe

Life,

Inc.

438

53,313

Hanover

Insurance

Group,

Inc.

(The)

169

20,520

Hartford

Financial

Services

Group,

Inc.

(The)

1,452

116,712

Kinsale

Capital

Group,

Inc.

104

34,831

Lincoln

National

Corp.

804

21,684

Old

Republic

International

Corp.

1,232

36,221

Primerica,

Inc.

165

33,950

Principal

Financial

Group,

Inc.

1,154

90,785

Prudential

Financial,

Inc.

1,736

180,041

Reinsurance

Group

of

America,

Inc.

313

50,637

RenaissanceRe

Holdings

Ltd.

239

46,844

RLI

Corp.

191

25,426

Ryan

Specialty

Holdings,

Inc.,

Class

 A(a)

465

20,004

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Insurance

(cont’d)

Selective

Insurance

Group,

Inc.

283

$

28,153

Unum

Group

923

41,738

W.

R.

Berkley

Corp.

959

67,820

White

Mountains

Insurance

Group

Ltd.

12

18,060

Willis

Towers

Watson

plc

498

120,118

1,660,904

Interactive

Media

&

Services

(

0

.7

%

)

IAC,

Inc.(a)

416

21,790

Pinterest,

Inc.,

Class

 A(a)

3,268

121,047

Snap,

Inc.,

Class

 A(a)

5,869

99,362

ZoomInfo

Technologies,

Inc.,

Class

 A(a)

1,674

30,952

273,151

IT

Services

(

3

.0

%

)

Akamai

Technologies,

Inc.(a)

843

99,769

Amdocs

Ltd.

674

59,238

Cloudflare,

Inc.,

Class

 A(a)

1,617

134,631

Cognizant

Technology

Solutions

Corp.,

Class

 A

2,533

191,317

DXC

Technology

Co.(a)

1,072

24,517

EPAM

Systems,

Inc.(a)

320

95,149

Gartner,

Inc.(a)

387

174,579

MongoDB,

Inc.,

Class

 A(a)

361

147,595

Okta,

Inc.,

Class

 A(a)

854

77,313

Twilio,

Inc.,

Class

 A(a)

956

72,532

VeriSign,

Inc.(a)

514

105,863

1,182,503

Leisure

Products

(

0

.3

%

)

Brunswick

Corp.

402

38,893

Hasbro,

Inc.

648

33,087

Mattel,

Inc.(a)

1,744

32,927

104,907

Life

Sciences

Tools

&

Services

(

3

.5

%

)

Agilent

Technologies,

Inc.

1,461

203,123

Avantor,

Inc.(a)

3,676

83,923

Bio-Rad

Laboratories,

Inc.,

Class

 A(a)

114

36,810

Bio-Techne

Corp.

873

67,361

Bruker

Corp.

519

38,136

Charles

River

Laboratories

International,

Inc.(a)

281

66,428

Fortrea

Holdings,

Inc.(a)

493

17,206

Illumina,

Inc.(a)

896

124,759

IQVIA

Holdings,

Inc.(a)

901

208,473

Medpace

Holdings,

Inc.(a)

135

41,382

Mettler-Toledo

International,

Inc.(a)

117

141,916

PerkinElmer,

Inc.

704

76,954

Repligen

Corp.(a)

289

51,962

Waters

Corp.(a)

334

109,963

West

Pharmaceutical

Services,

Inc.

395

139,087

1,407,483

Machinery

(

6

.3

%

)

AGCO

Corp.

370

44,922

Allison

Transmission

Holdings,

Inc.

532

30,936

Chart

Industries,

Inc.(a)

253

34,492

CNH

Industrial

NV

5,397

65,735

Cummins,

Inc.

720

172,490

Donaldson

Co.,

Inc.

717

46,856

Shares

Value

Dover

Corp.

797

$

122,587

Esab

Corp.

337

29,191

Flowserve

Corp.

780

32,152

Fortive

Corp.

1,908

140,486

Franklin

Electric

Co.,

Inc.

236

22,809

Graco,

Inc.

1,015

88,061

IDEX

Corp.

457

99,219

Ingersoll

Rand,

Inc.

2,120

163,961

ITT,

Inc.

484

57,751

Lincoln

Electric

Holdings,

Inc.

340

73,936

Middleby

Corp.

(The)(a)

314

46,211

Mueller

Industries,

Inc.

661

31,166

Nordson

Corp.

303

80,040

Oshkosh

Corp.

386

41,846

Otis

Worldwide

Corp.

2,071

185,292

PACCAR,

Inc.(a)

2,492

243,344

Pentair

plc

977

71,038

Snap-on,

Inc.

312

90,118

SPX

Technologies,

Inc.(a)

259

26,162

Stanley

Black

&

Decker,

Inc.

895

87,800

Timken

Co.

(The)

377

30,217

Toro

Co.

(The)

614

58,938

Watts

Water

Technologies,

Inc.,

Class

 A

160

33,334

Westinghouse

Air

Brake

Technologies

Corp.

1,002

127,154

Xylem,

Inc.

1,296

148,211

2,526,455

Media

(

1

.4

%

)

Cable

One,

Inc.

24

13,358

Interpublic

Group

of

Cos.,

Inc.

(The)

2,219

72,428

Liberty

Broadband

Corp.,

Class

 C(a)

739

59,556

New

York

Times

Co.

(The),

Class

 A

936

45,855

Nexstar

Media

Group,

Inc.,

Class

 A

187

29,312

Omnicom

Group,

Inc.

1,162

100,525

Paramount

Global,

Class

 B

3,449

51,011

Sirius

XM

Holdings,

Inc.

3,657

20,004

TEGNA,

Inc.

1,142

17,472

Trade

Desk,

Inc.

(The),

Class

 A(a)

2,284

164,357

573,878

Metals

&

Mining

(

1

.3

%

)

ATI,

Inc.(a)

1,163

52,882

Commercial

Metals

Co.

1,101

55,094

Nucor

Corp.

1,205

209,718

Reliance

Steel

&

Aluminum

Co.

342

95,650

Steel

Dynamics,

Inc.

889

104,991

518,335

Multi-Utilities

(

2

.2

%

)

Ameren

Corp.

1,463

105,833

Black

Hills

Corp.

423

22,821

CMS

Energy

Corp.

1,715

99,590

Consolidated

Edison,

Inc.

1,785

162,382

DTE

Energy

Co.

1,153

127,130

NiSource,

Inc.

2,558

67,915

Public

Service

Enterprise

Group,

Inc.

2,578

157,645

WEC

Energy

Group,

Inc.

1,685

141,826

885,142

Paper

&

Forest

Products

(

0

.1

%

)

Louisiana-Pacific

Corp.

321

22,736

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Passenger

Airlines

(

0

.8

%

)

Alaska

Air

Group,

Inc.(a)

826

$

32,272

American

Airlines

Group,

Inc.(a)

4,157

57,117

Delta

Air

Lines,

Inc.

3,506

141,046

Southwest

Airlines

Co.

3,658

105,643

336,078

Personal

Care

Products

(

0

.2

%

)

BellRing

Brands,

Inc.(a)

651

36,085

Coty,

Inc.,

Class

 A(a)

1,856

23,052

elf

Beauty,

Inc.(a)

262

37,817

96,954

Pharmaceuticals

(

0

.6

%

)

Catalent,

Inc.(a)

976

43,852

Elanco

Animal

Health,

Inc.(a)

2,718

40,498

Jazz

Pharmaceuticals

plc(a)

341

41,943

Organon

&

Co.

1,421

20,491

Perrigo

Co.

plc

758

24,392

Royalty

Pharma

plc,

Class

 A

2,116

59,439

230,615

Professional

Services

(

3

.1

%

)

Alight,

Inc.,

Class

 A(a)

1,742

14,859

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

761

97,340

Broadridge

Financial

Solutions,

Inc.

646

132,915

Ceridian

HCM

Holding,

Inc.(a)

841

56,448

Concentrix

Corp.

243

23,865

Dun

&

Bradstreet

Holdings,

Inc.

1,523

17,819

Equifax,

Inc.

653

161,480

ExlService

Holdings,

Inc.(a)

880

27,148

Exponent,

Inc.

294

25,884

FTI

Consulting,

Inc.(a)

203

40,427

Genpact

Ltd.

931

32,315

Insperity,

Inc.

206

24,147

ManpowerGroup,

Inc.

281

22,331

Maximus,

Inc.

354

29,686

Paycom

Software,

Inc.

286

59,122

Paylocity

Holding

Corp.(a)

243

40,059

Robert

Half,

Inc.

598

52,576

Science

Applications

International

Corp.

292

36,301

SS&C

Technologies

Holdings,

Inc.

1,198

73,210

TransUnion

1,121

77,024

TriNet

Group,

Inc.(a)

194

23,072

Verisk

Analytics,

Inc.,

Class

 A

732

174,846

1,242,874

Real

Estate

Management

&

Development

(

1

.2

%

)

CBRE

Group,

Inc.,

Class

 A(a)

1,649

153,505

CoStar

Group,

Inc.(a)

2,062

180,198

Howard

Hughes

Holdings,

Inc.(a)

207

17,709

Jones

Lang

LaSalle,

Inc.(a)

293

55,339

Zillow

Group,

Inc.,

Class

 C(a)

1,145

66,250

473,001

Semiconductors

&

Semiconductor

Equipment

(

3

.1

%

)

Allegro

MicroSystems,

Inc.(a)

406

12,290

Cirrus

Logic,

Inc.(a)

298

24,791

Diodes,

Inc.(a)

248

19,969

Enphase

Energy,

Inc.(a)

664

87,741

Entegris,

Inc.

833

99,810

Shares

Value

First

Solar,

Inc.(a)

506

$

87,174

Lattice

Semiconductor

Corp.(a)

760

52,432

MKS

Instruments,

Inc.

373

38,371

Monolithic

Power

Systems,

Inc.

245

154,541

ON

Semiconductor

Corp.(a)

2,224

185,771

Onto

Innovation,

Inc.(a)

270

41,283

Power

Integrations,

Inc.

310

25,454

Qorvo,

Inc.(a)

538

60,584

Rambus,

Inc.(a)

595

40,609

Silicon

Laboratories,

Inc.(a)

173

22,883

Skyworks

Solutions,

Inc.

907

101,965

SolarEdge

Technologies,

Inc.(a)

279

26,114

Teradyne,

Inc.

868

94,195

Universal

Display

Corp.

244

46,667

Wolfspeed,

Inc.(a)

693

30,152

1,252,796

Software

(

5

.5

%

)

Altair

Engineering,

Inc.,

Class

 A(a)

299

25,161

ANSYS,

Inc.(a)

467

169,465

Appfolio,

Inc.,

Class

 A(a)

106

18,363

AppLovin

Corp.,

Class

 A(a)

786

31,322

Aspen

Technology,

Inc.(a)

150

33,022

BILL

Holdings,

Inc.(a)

568

46,343

Box,

Inc.,

Class

 A(a)

771

19,745

Confluent,

Inc.,

Class

 A(a)

1,159

27,121

Datadog,

Inc.,

Class

 A(a)

1,391

168,840

DocuSign,

Inc.,

Class

 A(a)

1,121

66,643

Dolby

Laboratories,

Inc.,

Class

 A

325

28,008

Dropbox,

Inc.,

Class

 A(a)

1,419

41,832

Dynatrace,

Inc.(a)

1,338

73,175

Elastic

NV(a)

445

50,151

Fair

Isaac

Corp.(a)

129

150,157

Five9,

Inc.(a)

398

31,319

Gen

Digital,

Inc.

3,247

74,097

Guidewire

Software,

Inc.(a)

452

49,286

HashiCorp,

Inc.,

Class

 A(a)

572

13,522

HubSpot,

Inc.(a)

263

152,682

Manhattan

Associates,

Inc.(a)

339

72,993

Nutanix,

Inc.,

Class

 A(a)

1,352

64,477

PTC,

Inc.(a)

668

116,873

Qualys,

Inc.(a)

199

39,060

SentinelOne,

Inc.,

Class

 A(a)

1,270

34,849

Smartsheet,

Inc.,

Class

 A(a)

722

34,526

Splunk,

Inc.(a)

849

129,345

SPS

Commerce,

Inc.(a)

203

39,350

Tenable

Holdings,

Inc.(a)

644

29,663

Teradata

Corp.(a)

543

23,626

Tyler

Technologies,

Inc.(a)

238

99,513

Workiva,

Inc.,

Class

 A(a)

266

27,007

Zoom

Video

Communications,

Inc.,

Class

 A(a)

1,304

93,771

Zscaler,

Inc.(a)

489

108,343

2,183,650

Specialty

Retail

(

2

.8

%

)

Academy

Sports

&

Outdoors,

Inc.

367

24,222

Advance

Auto

Parts,

Inc.

294

17,943

Asbury

Automotive

Group,

Inc.(a)

103

23,172

AutoNation,

Inc.(a)

135

20,274

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Specialty

Retail

(cont’d)

Bath

&

Body

Works,

Inc.

1,131

$

48,814

Best

Buy

Co.,

Inc.

965

75,540

Burlington

Stores,

Inc.(a)

320

62,234

CarMax,

Inc.(a)

788

60,471

Chewy,

Inc.,

Class

 A(a)

587

13,871

Dick's

Sporting

Goods,

Inc.

284

41,734

Five

Below,

Inc.(a)

270

57,553

Floor

&

Decor

Holdings,

Inc.,

Class

 A(a)

521

58,123

GameStop

Corp.,

Class

 A(a)

1,331

23,332

Lithia

Motors,

Inc.,

Class

 A

134

44,124

Penske

Automotive

Group,

Inc.

93

14,927

RH(a)

74

21,570

Ross

Stores,

Inc.

1,629

225,437

Tractor

Supply

Co.

546

117,406

Ulta

Beauty,

Inc.(a)

242

118,578

Williams-Sonoma,

Inc.

299

60,332

1,129,657

Technology

Hardware,

Storage

&

Peripherals

(

2

.0

%

)

Dell

Technologies,

Inc.,

Class

 C

1,415

108,248

Hewlett

Packard

Enterprise

Co.

7,155

121,492

HP,

Inc.

4,653

140,009

NetApp,

Inc.

1,146

101,031

Pure

Storage,

Inc.,

Class

 A(a)

1,631

58,161

Seagate

Technology

Holdings

plc

1,184

101,078

Super

Micro

Computer,

Inc.(a)

259

73,623

Western

Digital

Corp.(a)

1,799

94,214

797,856

Textiles,

Apparel

&

Luxury

Goods

(

0

.8

%

)

Capri

Holdings

Ltd.(a)

565

28,386

Columbia

Sportswear

Co.

176

13,999

Crocs,

Inc.(a)

291

27,182

Deckers

Outdoor

Corp.(a)

127

84,891

PVH

Corp.

299

36,514

Ralph

Lauren

Corp.,

Class

 A

196

28,263

Skechers

USA,

Inc.,

Class

 A(a)

660

41,144

Tapestry,

Inc.

1,137

41,853

VF

Corp.

1,833

34,460

336,692

Trading

Companies

&

Distributors

(

2

.0

%

)

Air

Lease

Corp.,

Class

 A

619

25,961

Applied

Industrial

Technologies,

Inc.

226

39,028

Beacon

Roofing

Supply,

Inc.(a)

263

22,886

Core

&

Main,

Inc.,

Class

 A(a)

754

30,469

Fastenal

Co.

2,874

186,149

GATX

Corp.

208

25,006

MSC

Industrial

Direct

Co.,

Inc.,

Class

 A

223

22,581

SiteOne

Landscape

Supply,

Inc.(a)

221

35,913

United

Rentals,

Inc.

346

198,403

WESCO

International,

Inc.

222

38,601

WW

Grainger,

Inc.

226

187,284

812,281

Water

Utilities

(

0

.5

%

)

American

Water

Works

Co.,

Inc.

1,046

138,062

Shares

Value

Essential

Utilities,

Inc.

1,503

$

56,137

194,199

Total

Common

Stocks

(Cost

$37,617,313)

39,969,836

Short-Term

Investment

(

0

.2

%

)

Investment

Company

(0.2%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class(b)

(Cost

$84,669)

84,669

84,669

Total

Investments

(

99

.9

%

)

(Cost

$

37,701,982

)

(c)

40,054,505

Other

Assets

in

Excess

of

Liabilities

(0.1%)

30,990

NET

ASSETS

(100.0%)

$40,085,495

(a)

Non-income

producing

security.

(b)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

December

31,

2023,

management

fees

paid

were

reduced

by

$41

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(c)

At

December

31,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$37,701,982.

The

aggregate

gross

unrealized

appreciation

is

$3,503,832

and

the

aggregate

gross

unrealized

depreciation

is

$1,151,309,

resulting

in

net

unrealized

appreciation

of

$2,352,523.

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

88

.2

%

Machinery

6

.3

Software

5

.5

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Calvert

US

Select

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)

Shares

Value

Common

Stocks

(99.7%)

Air

Freight

&

Logistics

(

0

.3

%

)

Expeditors

International

of

Washington,

Inc.

583

$

74,158

Automobiles

(

0

.8

%

)

General

Motors

Co.

5,744

206,325

Banks

(

2

.1

%

)

Citizens

Financial

Group,

Inc.

923

30,588

Fifth

Third

Bancorp

2,345

80,879

Huntington

Bancshares,

Inc.

5,643

71,779

KeyCorp

883

12,715

Regions

Financial

Corp.

2,277

44,129

Truist

Financial

Corp.

6,247

230,639

Webster

Financial

Corp.

1,537

78,018

548,747

Biotechnology

(

2

.7

%

)

Alnylam

Pharmaceuticals,

Inc.(a)

496

94,939

Amgen,

Inc.

1,071

308,469

Exact

Sciences

Corp.(a)

601

44,462

Gilead

Sciences,

Inc.

2,147

173,928

Moderna,

Inc.(a)

68

6,763

Regeneron

Pharmaceuticals,

Inc.(a)

41

36,010

Vertex

Pharmaceuticals,

Inc.(a)

130

52,896

717,467

Broadline

Retail

(

0

.4

%

)

eBay,

Inc.

1,135

49,509

Etsy,

Inc.(a)

105

8,510

Macy's,

Inc.

1,895

38,127

96,146

Building

Products

(

0

.6

%

)

Trane

Technologies

plc

657

160,242

Capital

Markets

(

4

.9

%

)

Charles

Schwab

Corp.

(The)

2,473

170,142

FactSet

Research

Systems,

Inc.

146

69,649

Franklin

Resources,

Inc.

596

17,755

Intercontinental

Exchange,

Inc.

1,715

220,258

LPL

Financial

Holdings,

Inc.

127

28,908

Morningstar,

Inc.

284

81,292

MSCI,

Inc.,

Class

 A

51

28,848

Nasdaq,

Inc.

1,630

94,768

S&P

Global,

Inc.

995

438,317

State

Street

Corp.

1,349

104,494

T

Rowe

Price

Group,

Inc.

419

45,122

1,299,553

Chemicals

(

2

.6

%

)

Ecolab,

Inc.

887

175,937

FMC

Corp.

996

62,798

Linde

plc

451

185,230

Mosaic

Co.

(The)

2,921

104,367

Sherwin-Williams

Co.

(The)

499

155,638

683,970

Commercial

Services

&

Supplies

(

0

.5

%

)

Cintas

Corp.

67

40,378

MSA

Safety,

Inc.

411

69,389

Tetra

Tech,

Inc.

128

21,367

Shares

Value

Veralto

Corp.

157

$

12,915

144,049

Communications

Equipment

(

1

.2

%

)

Ciena

Corp.(a)

253

11,388

Cisco

Systems,

Inc.

4,812

243,102

Lumentum

Holdings,

Inc.(a)

191

10,012

Motorola

Solutions,

Inc.

150

46,964

311,466

Consumer

Finance

(

1

.2

%

)

American

Express

Co.

852

159,614

Capital

One

Financial

Corp.

415

54,415

Discover

Financial

Services

1,004

112,849

326,878

Consumer

Staples

Distribution

&

Retail

(

0

.6

%

)

Target

Corp.

1,174

167,201

Containers

&

Packaging

(

0

.4

%

)

Ball

Corp.

2,048

117,801

Distributors

(

0

.1

%

)

Genuine

Parts

Co.

227

31,440

Diversified

Consumer

Services

(

0

.4

%

)

Bright

Horizons

Family

Solutions,

Inc.(a)

677

63,801

Service

Corp.

International

694

47,504

111,305

Diversified

Telecommunication

Services

(

1

.0

%

)

Verizon

Communications,

Inc.

7,011

264,315

Electric

Utilities

(

1

.0

%

)

Eversource

Energy

3,308

204,170

NextEra

Energy,

Inc.

1,131

68,697

272,867

Electrical

Equipment

(

2

.6

%

)

Eaton

Corp.

plc

1,908

459,485

Emerson

Electric

Co.

1,162

113,097

Rockwell

Automation,

Inc.

344

106,805

679,387

Entertainment

(

2

.5

%

)

Electronic

Arts,

Inc.

197

26,952

Netflix,

Inc.(a)

621

302,352

Walt

Disney

Co.

(The)(a)

3,619

326,760

656,064

Financial

Services

(

3

.5

%

)

Fidelity

National

Information

Services,

Inc.

565

33,940

Mastercard,

Inc.,

Class

 A

937

399,640

MGIC

Investment

Corp.

1,190

22,955

PayPal

Holdings,

Inc.(a)

913

56,067

Rocket

Cos.,

Inc.,

Class

 A(a)

1,405

20,344

Visa,

Inc.,

Class

 A

1,486

386,880

919,826

Food

Products

(

2

.0

%

)

Darling

Ingredients,

Inc.(a)

128

6,380

General

Mills,

Inc.

4,457

290,329

J.M.

Smucker

Co.

(The)

1,151

145,463

McCormick

&

Co.,

Inc.

(Non-Voting)

1,435

98,183

540,355

Morgan

Stanley

ETF

Trust

Calvert

US

Select

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Ground

Transportation

(

0

.1

%

)

Knight-Swift

Transportation

Holdings,

Inc.,

Class

 A

360

$

20,754

Health

Care

Equipment

&

Supplies

(

2

.3

%

)

Boston

Scientific

Corp.(a)

1,551

89,663

Edwards

Lifesciences

Corp.(a)

1,404

107,055

Hologic,

Inc.(a)

1,153

82,382

IDEXX

Laboratories,

Inc.(a)

227

125,997

ResMed,

Inc.

514

88,418

STERIS

plc

522

114,762

608,277

Health

Care

Providers

&

Services

(

1

.3

%

)

DaVita,

Inc.(a)

226

23,676

Humana,

Inc.

505

231,194

Laboratory

Corp.

of

America

Holdings

293

66,596

Quest

Diagnostics,

Inc.

108

14,891

336,357

Health

Care

REITs

(

0

.1

%

)

Ventas,

Inc.

683

34,041

Hotel

&

Resort

REITs

(

0

.1

%

)

Host

Hotels

&

Resorts,

Inc.

901

17,543

Hotels,

Restaurants

&

Leisure

(

0

.8

%

)

Darden

Restaurants,

Inc.

572

93,980

Planet

Fitness,

Inc.,

Class

 A(a)

291

21,243

Vail

Resorts,

Inc.

450

96,061

211,284

Household

Products

(

0

.4

%

)

Church

&

Dwight

Co.,

Inc.

301

28,462

Clorox

Co.

(The)

574

81,847

110,309

Industrial

REITs

(

0

.9

%

)

Prologis,

Inc.

1,743

232,342

Insurance

(

4

.2

%

)

Allstate

Corp.

(The)

201

28,136

Hartford

Financial

Services

Group,

Inc.

(The)

589

47,344

MetLife,

Inc.

4,781

316,167

Primerica,

Inc.

260

53,498

Progressive

Corp.

(The)

1,779

283,359

Prudential

Financial,

Inc.

1,918

198,916

Travelers

Cos.,

Inc.

(The)

902

171,822

1,099,242

IT

Services

(

2

.5

%

)

Accenture

plc,

Class

 A

1,537

539,349

Akamai

Technologies,

Inc.(a)

493

58,346

Snowflake,

Inc.,

Class

 A(a)

134

26,666

Twilio,

Inc.,

Class

 A(a)

282

21,395

VeriSign,

Inc.(a)

130

26,775

672,531

Leisure

Products

(

0

.4

%

)

Hasbro,

Inc.

1,541

78,683

Mattel,

Inc.(a)

1,396

26,357

105,040

Life

Sciences

Tools

&

Services

(

1

.5

%

)

Agilent

Technologies,

Inc.

891

123,876

Shares

Value

Danaher

Corp.

470

$

108,730

Fortrea

Holdings,

Inc.(a)

296

10,330

Waters

Corp.(a)

182

59,920

West

Pharmaceutical

Services,

Inc.

246

86,621

389,477

Machinery

(

5

.0

%

)

Caterpillar,

Inc.

772

228,257

Cummins,

Inc.

970

232,383

Deere

&

Co.

422

168,745

Illinois

Tool

Works,

Inc.

793

207,719

Parker-Hannifin

Corp.

759

349,671

Pentair

plc

763

55,478

Stanley

Black

&

Decker,

Inc.

342

33,550

Xylem,

Inc.

360

41,170

1,316,973

Media

(

0

.9

%

)

Interpublic

Group

of

Cos.,

Inc.

(The)

2,757

89,988

Omnicom

Group,

Inc.

1,576

136,340

226,328

Metals

&

Mining

(

0

.9

%

)

Nucor

Corp.

1,331

231,647

Multi-Utilities

(

0

.6

%

)

Consolidated

Edison,

Inc.

780

70,957

Sempra

1,154

86,238

157,195

Office

REITs

(

0

.0

%

)

(b)

Boston

Properties,

Inc.

185

12,981

Personal

Care

Products

(

0

.6

%

)

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

1,057

154,586

Pharmaceuticals

(

5

.6

%

)

Bristol-Myers

Squibb

Co.

2,632

135,048

Eli

Lilly

&

Co.

1,088

634,217

Merck

&

Co.,

Inc.

5,612

611,820

Pfizer,

Inc.

3,170

91,264

1,472,349

Professional

Services

(

2

.4

%

)

Automatic

Data

Processing,

Inc.

750

174,727

FTI

Consulting,

Inc.(a)

308

61,338

Genpact

Ltd.

731

25,373

ManpowerGroup,

Inc.

396

31,470

Paylocity

Holding

Corp.(a)

63

10,386

Robert

Half,

Inc.

187

16,441

Verisk

Analytics,

Inc.,

Class

 A

1,344

321,028

640,763

Real

Estate

Management

&

Development

(

0

.4

%

)

CBRE

Group,

Inc.,

Class

 A(a)

186

17,315

Jones

Lang

LaSalle,

Inc.(a)

483

91,224

108,539

Residential

REITs

(

0

.2

%

)

Equity

Residential

783

47,888

Retail

REITs

(

0

.5

%

)

Brixmor

Property

Group,

Inc.

652

15,172

Kimco

Realty

Corp.

948

20,202

Morgan

Stanley

ETF

Trust

Calvert

US

Select

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Retail

REITs

(cont’d)

Simon

Property

Group,

Inc.

650

$

92,716

128,090

Semiconductors

&

Semiconductor

Equipment

(

6

.3

%

)

Advanced

Micro

Devices,

Inc.(a)

985

145,199

Applied

Materials,

Inc.

902

146,187

First

Solar,

Inc.(a)

165

28,426

Intel

Corp.

4,110

206,528

Micron

Technology,

Inc.

1,113

94,983

NVIDIA

Corp.

1,826

904,272

ON

Semiconductor

Corp.(a)

251

20,966

Texas

Instruments,

Inc.

741

126,311

1,672,872

Software

(

13

.4

%

)

Adobe,

Inc.(a)

402

239,833

Autodesk,

Inc.(a)

375

91,305

Cadence

Design

Systems,

Inc.(a)

450

122,566

HubSpot,

Inc.(a)

143

83,017

Intuit,

Inc.

224

140,007

Microsoft

Corp.

5,726

2,153,205

Salesforce,

Inc.(a)

999

262,877

ServiceNow,

Inc.(a)

341

240,913

Splunk,

Inc.(a)

363

55,303

Synopsys,

Inc.(a)

133

68,483

Workday,

Inc.,

Class

 A(a)

327

90,272

3,547,781

Specialized

REITs

(

1

.5

%

)

American

Tower

Corp.

1,036

223,652

Equinix,

Inc.

28

22,551

Extra

Space

Storage,

Inc.

76

12,185

Iron

Mountain,

Inc.

1,938

135,621

394,009

Specialty

Retail

(

3

.9

%

)

Best

Buy

Co.,

Inc.

839

65,677

Dick's

Sporting

Goods,

Inc.

94

13,813

Gap,

Inc.

(The)

1,633

34,146

Home

Depot,

Inc.

(The)

1,042

361,105

Lowe's

Cos.,

Inc.

887

197,402

O'Reilly

Automotive,

Inc.(a)

51

48,454

TJX

Cos.,

Inc.

(The)

989

92,778

Tractor

Supply

Co.

324

69,670

Ulta

Beauty,

Inc.(a)

278

136,217

Williams-Sonoma,

Inc.

105

21,187

1,040,449

Technology

Hardware,

Storage

&

Peripherals

(

8

.2

%

)

Apple,

Inc.

10,166

1,957,260

Hewlett

Packard

Enterprise

Co.

8,181

138,913

HP,

Inc.

2,610

78,535

2,174,708

Textiles,

Apparel

&

Luxury

Goods

(

1

.4

%

)

Capri

Holdings

Ltd.(a)

503

25,271

Lululemon

Athletica,

Inc.(a)

351

179,463

NIKE,

Inc.,

Class

 B

1,055

114,541

Ralph

Lauren

Corp.,

Class

 A

129

18,602

Tapestry,

Inc.

834

30,699

368,576

Shares

Value

Trading

Companies

&

Distributors

(

1

.1

%

)

Core

&

Main,

Inc.,

Class

 A(a)

233

$

9,415

Ferguson

plc

751

144,996

United

Rentals,

Inc.

258

147,942

302,353

Water

Utilities

(

0

.8

%

)

American

Water

Works

Co.,

Inc.

1,604

211,712

Total

Common

Stocks

(Cost

$22,862,668)

26,376,558

Short-Term

Investment

(

0

.2

%

)

Investment

Company

(0.2%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class(c)

(Cost

$49,777)

49,777

49,777

Total

Investments

(

99

.9

%

)

(Cost

$

22,912,445

)

(d)

26,426,335

Other

Assets

in

Excess

of

Liabilities

(0.1%)

20,497

NET

ASSETS

(100.0%)

$26,446,832

(a)

Non-income

producing

security.

(b)

Amount

is

less

than

0.05%.

(c)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

December

31,

2023,

management

fees

paid

were

reduced

by

$20

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(d)

At

December

31,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$22,912,445.

The

aggregate

gross

unrealized

appreciation

is

$4,297,761

and

the

aggregate

gross

unrealized

depreciation

is

$783,871,

resulting

in

net

unrealized

appreciation

of

$3,513,890.

REIT

Real

Estate

Investment

Trust

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

66

.5

%

Software

13

.4

Technology

Hardware,

Storage

&

Peripherals

8

.2

Semiconductors

&

Semiconductor

Equipment

6

.3

Pharmaceuticals

5

.6

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(95.7%)

Corporate

Bonds

(

95

.7

%

)

Aerospace

&

Defense

(2.9%)

Bombardier,

Inc.

7.88%,

4/15/27(a)

$

109,000

$

109,123

8.75%,

11/15/30(a)

40,000

42,638

Moog,

Inc.

4.25%,

12/15/27(a)

111,000

104,922

TransDigm,

Inc.

4.63%,

1/15/29

52,000

48,854

5.50%,

11/15/27

142,000

139,240

6.25%,

3/15/26(a)

103,000

102,927

6.75%,

8/15/28(a)

68,000

69,654

617,358

Air

Freight

&

Logistics

(0.4%)

Cargo

Aircraft

Management,

Inc.

4.75%,

2/1/28(a)

96,000

87,970

Automobile

Components

(1.6%)

Clarios

Global

LP

6.75%,

5/15/25(a)

155,000

156,461

8.50%,

5/15/27(a)

100,000

100,536

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

7/15/29

56,000

52,980

5.25%,

7/15/31

28,000

25,439

335,416

Automobiles

(1.7%)

Ford

Motor

Co.

3.25%,

2/12/32

216,000

179,738

6.10%,

8/19/32

175,000

176,493

356,231

Broadline

Retail

(0.6%)

Match

Group

Holdings

II

LLC

3.63%,

10/1/31(a)

139,000

120,229

Building

Products

(3.8%)

Builders

FirstSource,

Inc.

4.25%,

2/1/32(a)

208,000

187,925

5.00%,

3/1/30(a)

51,000

49,303

CP

Atlas

Buyer,

Inc.

7.00%,

12/1/28(a)

2,000

1,743

Emerald

Debt

Merger

Sub

LLC

6.63%,

12/15/30(a)

106,000

108,398

Masonite

International

Corp.

5.38%,

2/1/28(a)

69,000

66,334

PGT

Innovations,

Inc.

4.38%,

10/1/29(a)

47,000

46,883

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/28(a)

117,000

115,367

Standard

Industries,

Inc.

4.38%,

7/15/30(a)

163,000

149,892

5.00%,

2/15/27(a)

25,000

24,393

Summit

Materials

LLC

7.25%,

1/15/31(a)

51,000

53,771

804,009

Face

Amount

Value

Capital

Markets

(1.9%)

AG

TTMT

Escrow

Issuer

LLC

8.63%,

9/30/27(a)

$

55,000

$

57,882

Compass

Group

Diversified

Holdings

LLC

5.25%,

4/15/29(a)

116,000

109,702

Jane

Street

Group

4.50%,

11/15/29(a)

131,000

122,307

MSCI,

Inc.

3.88%,

2/15/31(a)

128,000

117,107

406,998

Chemicals

(1.4%)

Avient

Corp.

7.13%,

8/1/30(a)

112,000

116,580

NOVA

Chemicals

Corp.

4.25%,

5/15/29(a)

80,000

67,453

WR

Grace

Holdings

LLC

4.88%,

6/15/27(a)

119,000

114,639

298,672

Commercial

Services

&

Supplies

(3.6%)

Allied

Universal

Holdco

LLC

6.63%,

7/15/26(a)

109,000

108,530

Clean

Harbors,

Inc.

4.88%,

7/15/27(a)

117,000

114,762

Covanta

Holding

Corp.

4.88%,

12/1/29(a)

103,000

90,113

GFL

Environmental,

Inc.

3.50%,

9/1/28(a)

112,000

103,606

4.25%,

6/1/25(a)

74,000

72,953

4.75%,

6/15/29(a)

138,000

130,138

WASH

Multifamily

Acquisition,

Inc.

5.75%,

4/15/26(a)

138,000

132,950

753,052

Consumer

Finance

(1.1%)

Ford

Motor

Credit

Co.

LLC

4.13%,

8/17/27

220,000

208,462

Macquarie

Airfinance

Holdings

Ltd.

8.13%,

3/30/29(a)

15,000

15,691

224,153

Consumer

Staples

Distribution

&

Retail

(2.1%)

Albertsons

Cos.,

Inc.

4.88%,

2/15/30(a)

139,000

133,220

5.88%,

2/15/28(a)

47,000

47,061

7.50%,

3/15/26(a)

25,000

25,480

Performance

Food

Group,

Inc.

4.25%,

8/1/29(a)

155,000

142,323

US

Foods,

Inc.

4.75%,

2/15/29(a)

103,000

97,902

445,986

Containers

&

Packaging

(1.4%)

Ball

Corp.

6.88%,

3/15/28

109,000

113,313

Berry

Global,

Inc.

5.63%,

7/15/27(a)

68,000

67,561

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(95.7%)

(cont’d)

Owens-Brockway

Glass

Container,

Inc.

7.25%,

5/15/31(a)

$

111,000

$

112,680

293,554

Distributors

(1.2%)

Ritchie

Bros

Holdings,

Inc.

6.75%,

3/15/28(a)

66,000

68,034

7.75%,

3/15/31(a)

66,000

70,446

Windsor

Holdings

III

LLC

8.50%,

6/15/30(a)

111,000

116,137

254,617

Diversified

Consumer

Services

(1.0%)

GEMS

MENASA

Cayman

Ltd.

7.13%,

7/31/26(a)

220,000

216,731

Diversified

REITs

(1.6%)

HAT

Holdings

I

LLC

3.38%,

6/15/26(a)

185,000

173,991

VICI

Properties

LP

3.75%,

2/15/27(a)

15,000

14,169

4.63%,

12/1/29(a)

57,000

53,766

5.63%,

5/1/24(a)

76,000

75,800

5.75%,

2/1/27(a)

26,000

26,097

343,823

Diversified

Telecommunication

Services

(3.4%)

CCO

Holdings

LLC

4.50%,

8/15/30(a)

270,000

243,761

4.75%,

3/1/30

-

2/1/32(a)

200,000

180,857

6.38%,

9/1/29(a)

112,000

110,599

Virgin

Media

Finance

plc

5.00%,

7/15/30(a)

220,000

194,241

729,458

Electric

Utilities

(2.5%)

FirstEnergy

Corp.

4.15%,

7/15/27(b)

99,000

95,281

NextEra

Energy

Operating

Partners

LP

4.50%,

9/15/27(a)

73,000

70,319

NRG

Energy,

Inc.

3.63%,

2/15/31(a)

70,000

60,227

3.88%,

2/15/32(a)

56,000

48,005

10.25%,

3/15/28(a)(c)(d)

78,000

81,282

Pattern

Energy

Operations

LP

4.50%,

8/15/28(a)

69,000

65,318

Vistra

Operations

Co.

LLC

5.00%,

7/31/27(a)

121,000

117,881

538,313

Electronic

Equipment,

Instruments

&

Components

(0.8%)

Coherent

Corp.

5.00%,

12/15/29(a)

104,000

98,883

Sensata

Technologies,

Inc.

3.75%,

2/15/31(a)

81,000

71,506

170,389

Energy

Equipment

&

Services

(0.7%)

Transocean,

Inc.

8.75%,

2/15/30(a)

62,700

65,557

Face

Amount

Value

Weatherford

International

Ltd.

8.63%,

4/30/30(a)

$

77,000

$

80,462

146,019

Entertainment

(0.8%)

Cinemark

USA,

Inc.

5.25%,

7/15/28(a)

98,000

90,001

Playtika

Holding

Corp.

4.25%,

3/15/29(a)

94,000

82,111

172,112

Financial

Services

(0.6%)

Rocket

Mortgage

LLC

2.88%,

10/15/26(a)

32,000

29,547

3.63%,

3/1/29(a)

100,000

90,623

120,170

Food

Products

(1.3%)

Darling

Ingredients,

Inc.

6.00%,

6/15/30(a)

173,000

173,244

Pilgrim's

Pride

Corp.

3.50%,

3/1/32

130,000

110,073

283,317

Gas

Utilities

(1.0%)

Ferrellgas

LP

5.88%,

4/1/29(a)

120,000

113,485

Superior

Plus

LP

4.50%,

3/15/29(a)

103,000

95,602

209,087

Ground

Transportation

(0.5%)

Hertz

Corp.

(The)

4.63%,

12/1/26(a)

14,000

12,564

5.00%,

12/1/29(a)

117,000

96,128

108,692

Health

Care

Equipment

&

Supplies

(2.0%)

Avantor

Funding,

Inc.

4.63%,

7/15/28(a)

121,000

117,032

Bausch

&

Lomb

Escrow

Corp.

8.38%,

10/1/28(a)

56,000

59,147

Medline

Borrower

LP

5.25%,

10/1/29(a)

253,000

238,811

414,990

Health

Care

Providers

&

Services

(6.9%)

Encompass

Health

Corp.

4.75%,

2/1/30

67,000

63,169

HCA,

Inc.

5.63%,

9/1/28

109,000

111,624

HealthEquity,

Inc.

4.50%,

10/1/29(a)

125,000

116,220

Heartland

Dental

LLC

10.50%,

4/30/28(a)

106,000

110,112

Legacy

LifePoint

Health

LLC

4.38%,

2/15/27(a)

101,000

93,356

LifePoint

Health,

Inc.

9.88%,

8/15/30(a)

56,000

56,663

ModivCare

Escrow

Issuer,

Inc.

5.00%,

10/1/29(a)

48,000

39,296

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(95.7%)

(cont’d)

ModivCare,

Inc.

5.88%,

11/15/25(a)

$

96,000

$

94,908

Molina

Healthcare,

Inc.

3.88%,

11/15/30

-

5/15/32(a)

213,000

189,671

Option

Care

Health,

Inc.

4.38%,

10/31/29(a)

188,000

170,134

Tenet

Healthcare

Corp.

4.38%,

1/15/30

15,000

13,918

4.88%,

1/1/26

76,000

75,197

5.13%,

11/1/27

77,000

75,327

6.13%,

10/1/28

120,000

119,766

US

Acute

Care

Solutions

LLC

6.38%,

3/1/26(a)

162,000

135,545

1,464,906

Hotels,

Restaurants

&

Leisure

(8.9%)

1011778

BC

ULC

3.88%,

1/15/28(a)

109,000

103,054

4.00%,

10/15/30(a)

135,000

121,247

Boyne

USA,

Inc.

4.75%,

5/15/29(a)

76,000

71,550

Caesars

Entertainment,

Inc.

4.63%,

10/15/29(a)

194,000

175,228

7.00%,

2/15/30(a)

112,000

114,919

Churchill

Downs,

Inc.

5.75%,

4/1/30(a)

100,000

97,616

Dave

&

Buster's,

Inc.

7.63%,

11/1/25(a)

109,000

110,477

IRB

Holding

Corp.

7.00%,

6/15/25(a)

55,000

55,043

Jacobs

Entertainment,

Inc.

6.75%,

2/15/29(a)

123,000

115,734

Life

Time,

Inc.

5.75%,

1/15/26(a)

165,000

163,917

Light

&

Wonder

International,

Inc.

7.00%,

5/15/28(a)

111,000

112,218

NCL

Corp.

Ltd.

7.75%,

2/15/29(a)

95,000

95,663

NCL

Finance

Ltd.

6.13%,

3/15/28(a)

100,000

95,815

Raising

Cane's

Restaurants

LLC

9.38%,

5/1/29(a)

55,000

58,764

Royal

Caribbean

Cruises

Ltd.

11.63%,

8/15/27(a)

102,000

111,065

SeaWorld

Parks

&

Entertainment,

Inc.

5.25%,

8/15/29(a)

77,000

72,071

Viking

Cruises

Ltd.

5.88%,

9/15/27(a)

145,000

140,052

Yum!

Brands,

Inc.

3.63%,

3/15/31

81,000

73,137

1,887,570

Household

Durables

(1.5%)

Taylor

Morrison

Communities,

Inc.

5.88%,

6/15/27(a)

91,000

91,559

Tempur

Sealy

International,

Inc.

3.88%,

10/15/31(a)

120,000

101,599

Face

Amount

Value

TopBuild

Corp.

4.13%,

2/15/32(a)

$

135,000

$

120,283

313,441

Household

Products

(0.2%)

Spectrum

Brands,

Inc.

3.88%,

3/15/31(a)

56,000

51,024

Independent

Power

and

Renewable

Electricity

Producers

(0.6%)

Calpine

Corp.

5.00%,

2/1/31(a)

56,000

51,409

5.13%,

3/15/28(a)

74,000

70,996

122,405

Insurance

(0.9%)

Alliant

Holdings

Intermediate

LLC

7.00%,

1/15/31(a)

31,000

32,720

HUB

International

Ltd.

7.25%,

6/15/30(a)

55,000

58,130

Jones

Deslauriers

Insurance

Management,

Inc.

8.50%,

3/15/30(a)

100,000

105,139

195,989

IT

Services

(2.3%)

Arches

Buyer,

Inc.

4.25%,

6/1/28(a)

102,000

92,485

Booz

Allen

Hamilton,

Inc.

3.88%,

9/1/28(a)

111,000

104,673

4.00%,

7/1/29(a)

47,000

44,099

Gartner,

Inc.

4.50%,

7/1/28(a)

144,000

136,649

Presidio

Holdings,

Inc.

4.88%,

2/1/27(a)

119,000

116,755

494,661

Life

Sciences

Tools

&

Services

(0.5%)

Fortrea

Holdings,

Inc.

7.50%,

7/1/30(a)

107,000

110,020

Machinery

(1.6%)

Calderys

Financing

LLC

11.25%,

6/1/28(a)

101,000

105,913

Chart

Industries,

Inc.

9.50%,

1/1/31(a)

117,000

127,179

Roller

Bearing

Co.

of

America,

Inc.

4.38%,

10/15/29(a)

125,000

115,835

348,927

Media

(3.1%)

Clear

Channel

Outdoor

Holdings,

Inc.

5.13%,

8/15/27(a)

123,000

117,497

DISH

Network

Corp.

11.75%,

11/15/27(a)

74,000

77,306

McGraw-Hill

Education,

Inc.

5.75%,

8/1/28(a)

101,000

97,492

Outfront

Media

Capital

LLC

4.63%,

3/15/30(a)

94,000

83,910

Sirius

XM

Radio,

Inc.

3.13%,

9/1/26(a)

62,000

58,308

Stagwell

Global

LLC

5.63%,

8/15/29(a)

66,000

60,781

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(95.7%)

(cont’d)

Townsquare

Media,

Inc.

6.88%,

2/1/26(a)

$

67,000

$

65,696

Univision

Communications,

Inc.

7.38%,

6/30/30(a)

57,000

56,903

8.00%,

8/15/28(a)

18,000

18,582

Urban

One,

Inc.

7.38%,

2/1/28(a)

26,000

22,125

658,600

Metals

&

Mining

(3.0%)

Big

River

Steel

LLC

6.63%,

1/31/29(a)

55,000

56,142

Cleveland-Cliffs,

Inc.

6.75%,

3/15/26(a)

111,000

111,549

Compass

Minerals

International,

Inc.

6.75%,

12/1/27(a)

166,000

164,557

Eldorado

Gold

Corp.

6.25%,

9/1/29(a)

84,000

79,340

Hudbay

Minerals,

Inc.

4.50%,

4/1/26(a)

57,000

55,270

6.13%,

4/1/29(a)

35,000

34,363

Novelis

Corp.

3.25%,

11/15/26(a)

45,000

42,393

4.75%,

1/30/30(a)

100,000

94,205

637,819

Oil,

Gas

&

Consumable

Fuels

(11.6%)

Aethon

United

BR

LP

8.25%,

2/15/26(a)

109,000

109,656

Antero

Midstream

Partners

LP

5.75%,

3/1/27(a)

95,000

94,322

Callon

Petroleum

Co.

7.50%,

6/15/30(a)

37,000

37,354

8.00%,

8/1/28(a)

53,000

54,187

Cheniere

Energy

Partners

LP

4.00%,

3/1/31

108,000

98,331

Cheniere

Energy,

Inc.

4.63%,

10/15/28

118,000

115,265

Civitas

Resources,

Inc.

8.63%,

11/1/30(a)

34,000

36,093

CrownRock

LP

5.63%,

10/15/25(a)

53,000

52,963

DT

Midstream,

Inc.

4.13%,

6/15/29(a)

127,000

116,988

Enviva

Partners

LP

6.50%,

1/15/26(a)

68,000

33,566

EQM

Midstream

Partners

LP

4.50%,

1/15/29(a)

87,000

82,271

4.75%,

1/15/31(a)

70,000

65,239

6.50%,

7/1/27(a)

41,000

41,773

7.50%,

6/1/30(a)

62,000

66,722

Kinetik

Holdings

LP

5.88%,

6/15/30(a)

113,000

111,008

New

Fortress

Energy,

Inc.

6.50%,

9/30/26(a)

53,000

50,949

Occidental

Petroleum

Corp.

8.50%,

7/15/27

51,000

55,677

8.88%,

7/15/30

98,000

114,794

Face

Amount

Value

Parkland

Corp.

4.63%,

5/1/30(a)

$

100,000

$

92,109

Permian

Resources

Operating

LLC

5.88%,

7/1/29(a)

177,000

172,802

Plains

All

American

Pipeline

LP

9.75%,

1/29/24(c)(d)

91,000

88,384

Southwestern

Energy

Co.

4.75%,

2/1/32

125,000

115,807

Sunoco

LP

4.50%,

4/30/30

111,000

102,881

TerraForm

Power

Operating

LLC

4.75%,

1/15/30(a)

32,000

29,795

5.00%,

1/31/28(a)

89,000

86,527

Venture

Global

Calcasieu

Pass

LLC

4.13%,

8/15/31(a)

64,000

56,466

Venture

Global

LNG,

Inc.

8.38%,

6/1/31(a)

217,000

217,214

9.50%,

2/1/29(a)

20,000

21,176

9.88%,

2/1/32(a)

16,000

16,676

Vital

Energy,

Inc.

9.75%,

10/15/30

54,000

56,021

Western

Midstream

Operating

LP

4.05%,

2/1/30(b)

65,000

60,861

2,453,877

Passenger

Airlines

(1.4%)

American

Airlines,

Inc.

7.25%,

2/15/28(a)

117,000

118,445

United

Airlines,

Inc.

4.38%,

4/15/26(a)

59,000

57,536

4.63%,

4/15/29(a)

68,000

63,667

VistaJet

Malta

Finance

plc

6.38%,

2/1/30(a)

94,000

65,723

305,371

Personal

Care

Products

(0.9%)

BellRing

Brands,

Inc.

7.00%,

3/15/30(a)

116,000

120,151

Edgewell

Personal

Care

Co.

4.13%,

4/1/29(a)

80,000

72,898

193,049

Pharmaceuticals

(0.2%)

Catalent

Pharma

Solutions,

Inc.

3.50%,

4/1/30(a)

46,000

40,067

Professional

Services

(0.9%)

AMN

Healthcare,

Inc.

4.63%,

10/1/27(a)

56,000

53,043

VT

Topco,

Inc.

8.50%,

8/15/30(a)

122,000

127,055

180,098

Real

Estate

Management

&

Development

(0.2%)

Cushman

&

Wakefield

US

Borrower

LLC

6.75%,

5/15/28(a)

48,000

47,809

Semiconductors

&

Semiconductor

Equipment

(0.4%)

ON

Semiconductor

Corp.

3.88%,

9/1/28(a)

91,000

84,484

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(95.7%)

(cont’d)

Software

(2.7%)

Central

Parent

LLC

8.00%,

6/15/29(a)

$

53,000

$

55,360

Clarivate

Science

Holdings

Corp.

4.88%,

7/1/29(a)

128,000

120,240

Cloud

Software

Group,

Inc.

6.50%,

3/31/29(a)

61,000

58,148

9.00%,

9/30/29(a)

66,000

62,787

Fair

Isaac

Corp.

4.00%,

6/15/28(a)

85,000

80,494

NCR

Voyix

Corp.

5.13%,

4/15/29(a)

74,000

70,427

Open

Text

Corp.

3.88%,

2/15/28(a)

63,000

58,580

SS&C

Technologies,

Inc.

5.50%,

9/30/27(a)

67,000

66,086

572,122

Specialty

Retail

(4.3%)

Asbury

Automotive

Group,

Inc.

4.63%,

11/15/29(a)

34,000

31,508

5.00%,

2/15/32(a)

14,000

12,740

Bath

&

Body

Works,

Inc.

6.75%,

7/1/36

40,000

40,308

6.88%,

11/1/35

18,000

18,251

Evergreen

Acqco

1

LP

9.75%,

4/26/28(a)

74,000

78,868

Group

1

Automotive,

Inc.

4.00%,

8/15/28(a)

128,000

118,783

LCM

Investments

Holdings

II

LLC

4.88%,

5/1/29(a)

91,000

84,645

Lithia

Motors,

Inc.

3.88%,

6/1/29(a)

91,000

82,281

4.38%,

1/15/31(a)

92,000

83,725

Murphy

Oil

USA,

Inc.

4.75%,

9/15/29

62,000

58,813

Sonic

Automotive,

Inc.

4.63%,

11/15/29(a)

129,000

117,552

4.88%,

11/15/31(a)

134,000

119,591

Valvoline,

Inc.

3.63%,

6/15/31(a)

74,000

63,288

910,353

Technology

Hardware,

Storage

&

Peripherals

(0.9%)

Seagate

HDD

Cayman

8.25%,

12/15/29(a)

84,000

90,658

9.63%,

12/1/32

80,000

91,548

182,206

Trading

Companies

&

Distributors

(1.1%)

Imola

Merger

Corp.

4.75%,

5/15/29(a)

134,000

127,481

WESCO

Distribution,

Inc.

7.25%,

6/15/28(a)

108,000

111,082

238,563

Face

Amount

Value

Transportation

Infrastructure

(0.4%)

Seaspan

Corp.

5.50%,

8/1/29(a)

$

107,000

$

89,607

Wireless

Telecommunication

Services

(1.3%)

Sprint

LLC

7.13%,

6/15/24

48,000

48,241

7.63%,

2/15/25

-

3/1/26

140,000

143,707

T-Mobile

USA,

Inc.

2.25%,

2/15/26

54,000

51,206

2.88%,

2/15/31

41,000

36,170

279,324

Total

Fixed

Income

Securities

(Cost

$19,093,511)

20,313,638

–

Shares

Short-Term

Investments

(

2

.7

%

)

Investment

Company

(

2

.70

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

(e)

(Cost

$569,282)

569,282

569,282

Total

Investments

(98.4%)

(Cost

$19,662,793)

(f)

20,882,920

Other

Assets

in

Excess

of

Liabilities

(1.6%)

331,501

Net

Assets

(100.0%)

$21,214,421

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Multi-step

—

Coupon

rate

changes

in

predetermined

increments

to

maturity.

Rate

disclosed

is

as

of

December

31,

2023.

Maturity

date

disclosed

is

the

ultimate

maturity

date.

(c)

Perpetual

—

One

or

more

securities

do

not

have

a

predetermined

maturity

date.

Rates

for

these

securities

are

fixed

for

a

period

of

time,

after

which

they

revert

to

a

floating

rate.

Interest

rates

in

effect

are

as

of

December

31,

2023.

(d)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

2023.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

in

the

description

in

the

Portfolio

of

Investments.

Certain

variable

rate

securities

may

not

be

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

in

the

Portfolio

of

Investments.

(e)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

December

31,

2023,

management

fees

paid

were

reduced

by

$342

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(f)

At

December

31,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$19,662,793.

The

aggregate

gross

unrealized

appreciation

is

$1,245,181

and

the

aggregate

gross

unrealized

depreciation

is

$25,054,

resulting

in

net

unrealized

appreciation

of

$1,220,127.

REIT

Real

Estate

Investment

Trust

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

72

.2

%

Oil,

Gas

&

Consumable

Fuels

11

.8

Hotels,

Restaurants

&

Leisure

9

.0

Health

Care

Providers

&

Services

7

.0

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(92.7%)

Municipal

Bonds

(

92

.7

%

)

Arizona

(

3

.6

%

)

City

of

Mesa

AZ,

Utility

System

Series

2014

4.00%,

7/1/37

$

250,000

$

250,582

City

of

Phoenix

Civic

Improvement

Corp.,

Excise

Tax

Series

2015

A

5.00%,

7/1/25

500,000

516,288

766,870

California

(

6

.4

%

)

California

Community

Choice

Financing

Authority,

Series

2023

F

5.50%,

10/1/54(a)

495,000

549,417

Los

Angeles

Department

of

Water

&

Power

Water

System,

Series

2022

CC

5.00%,

7/1/42

500,000

578,378

Menifee

Union

School

District,

Series

2017

A

3.25%,

8/1/37

250,000

237,985

1,365,780

Colorado

(

6

.3

%

)

Board

of

Governors

of

Colorado

State

University

System,

Series

2023

A-2

4.38%,

3/1/48(a)

500,000

530,670

Colorado

Health

Facilities

Authority,

AdventHealth

Obligated

Group

Series

A-1

5.00%,

11/15/58(a)

500,000

545,236

CommonSpirit

Health

Obligated

Group

Series

2019

B-2

5.00%,

8/1/49(a)

250,000

258,572

1,334,478

Connecticut

(

3

.8

%

)

Connecticut

State

Health

&

Educational

Facilities

Authority,

Quinnipiac

University

Series

M

5.00%,

7/1/29

250,000

260,514

State

of

Connecticut

Special

Tax,

Series

2021

A

5.00%,

5/1/41

500,000

558,443

818,957

District

of

Columbia

(

3

.8

%

)

District

of

Columbia

Income

Tax,

Series

2023

A

5.00%,

5/1/38

250,000

294,630

Metropolitan

Washington

Airports

Authority

Aviation,

Series

A

(AMT)

5.00%,

10/1/31

500,000

518,553

813,183

Georgia

(

5

.0

%

)

Main

Street

Natural

Gas,

Inc.,

Series

2022

B

5.00%,

12/1/52

-

7/1/53(a)

1,000,000

1,061,353

Face

Amount

Value

Illinois

(

11

.2

%

)

Chicago

Board

of

Education,

Series

2012

B

5.00%,

12/1/33

$

500,000

$

500,021

City

of

Chicago

IL,

Series

2021

A

5.00%,

1/1/34

250,000

273,249

Illinois

Finance

Authority,

Ascension

Health

Credit

Group

Series

2016

C

5.00%,

2/15/41

500,000

513,100

State

of

Illinois

Water

Revolving

Fund

-

Clean

Water

Program

Series

2017

5.00%,

7/1/32

425,000

455,152

Railsplitter

Tobacco

Settlement

Authority,

Series

2017

5.00%,

6/1/24

250,000

251,978

State

of

Illinois

IL,

Series

2020

5.50%,

5/1/39

315,000

348,942

2,342,442

Kentucky

(

1

.2

%

)

Kentucky

Economic

Development

Finance

Authority,

Republic

Services,

Inc.

Series

2010

B

3.75%,

4/1/31(a)

250,000

250,079

Massachusetts

(

1

.9

%

)

Massachusetts

Clean

Water

Trust

(The),

Massachusetts

Clean

Water

State

Revolving

Fund

Series

B-25

5.00%,

2/1/43

350,000

401,978

Michigan

(

2

.9

%

)

City

of

Detroit

MI,

Series

2020

5.50%,

4/1/40

250,000

269,267

Michigan

State

Housing

Development

Authority,

Series

B

3.35%,

12/1/34

335,000

334,643

603,910

Nebraska

(

2

.8

%

)

Nebraska

Public

Power

District,

Series

2016

A

5.00%,

1/1/25

575,000

586,826

New

Jersey

(

2

.6

%

)

New

Jersey

Transportation

Trust

Fund

Authority,

Series

2022

CC

5.00%,

6/15/42

500,000

557,229

New

York

(

13

.5

%

)

New

York

City

Transitional

Finance

Authority,

Future

Tax

Secured

Series

2024

C

5.00%,

5/1/37

500,000

600,716

New

York

State

Urban

Development

Corp.,

State

of

New

York

Sales

Tax

Series

2023

A

5.00%,

3/15/44

500,000

568,052

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(92.7%)

(cont’d)

New

York

(13.5%)

(cont’d)

New

York

Transportation

Development

Corp.,

Delta

Air

Lines,

Inc.

Series

2023

5.63%,

4/1/40

$

250,000

$

269,438

JFK

International

Air

Terminal

LLC

Series

2022

(AMT)

5.00%,

12/1/32

500,000

559,861

JFK

NTO

LLC

Series

2023

(AMT)

5.50%,

6/30/38

250,000

278,163

Utility

Debt

Securitization

Authority,

Series

2023

TE-1

5.00%,

12/15/41

500,000

588,766

2,864,996

North

Carolina

(

1

.2

%

)

North

Carolina

Municipal

Power

Agency

No.

1,

Series

A

5.00%,

1/1/27

250,000

260,506

Ohio

(

1

.2

%

)

County

of

Franklin

OH,

Trinity

Health

Corp.

Obligated

Group

Series

2013

OH

4.30%,

12/1/46(a)

250,000

250,172

Pennsylvania

(

9

.0

%

)

Allegheny

County

Industrial

Development

Authority,

United

States

Steel

Corp.

Series

2019

4.88%,

11/1/24

220,000

219,818

City

of

Philadelphia

PA,

Airport

Series

2017

B

(AMT)

5.00%,

7/1/25

500,000

511,268

Pennsylvania

Economic

Development

Financing

Authority,

UPMC

Obligated

Group

Series

2014

A

5.00%,

2/1/25

250,000

252,520

Waste

Management

Obligated

Group

Series

2013

4.87%,

8/1/45(a)

500,000

500,161

School

District

of

Philadelphia

(The),

Series

2024

A

5.00%,

6/28/24

420,000

422,832

1,906,599

Puerto

Rico

(

3

.3

%

)

Commonwealth

of

Puerto

Rico,

Series

2022

A-1

5.63%,

7/1/27

221,000

233,933

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax,

Series

A-2

4.33%,

7/1/40

465,000

462,774

696,707

Texas

(

9

.2

%

)

Cypress-Fairbanks

Independent

School

District,

Series

2023

A

5.00%,

2/15/37

250,000

295,545

Face

Amount

Value

Dallas

Independent

School

District,

Series

2023

5.00%,

2/15/42

$

260,000

$

295,275

Harris

County

Cultural

Education

Facilities

Finance

Corp.,

Memorial

Hermann

Health

System

Obligated

Group

Series

2022

A

5.00%,

7/1/29

250,000

277,275

Texas

Children's

Hospital

Obligated

Group

Series

2015-1

5.00%,

10/1/28

500,000

518,092

North

Texas

Tollway

Authority,

Series

2023

A

5.00%,

1/1/41

250,000

282,897

Texas

Private

Activity

Bond

Surface

Transportation

Corp.,

NTE

Mobility

Partners

Segments

3

LLC

Series

2023

5.38%,

6/30/38

250,000

268,347

1,937,431

Virginia

(

1

.7

%

)

Virginia

Small

Business

Financing

Authority,

95

Express

Lanes

LLC

Series

2022

(AMT)

5.00%,

7/1/38

335,000

355,362

Washington

(

2

.1

%

)

Energy

Northwest,

Bonneville

Power

Administration

Series

2021

A

5.00%,

7/1/41

405,000

455,158

Total

Fixed

Income

Securities

(Cost

$18,510,867)

19,630,016

–

Shares

Short-Term

Investments

(

6

.1

%

)

Investment

Company

(

0

.2

%

)

BlackRock

Liquidity

Funds

-

MuniCash

-

Institutional

Shares  

(Cost

$36,699)

36,699

36,699

Face

Amount

Municipal

Bonds

(

5

.9

%

)

Pennsylvania

(

5

.9

%

)

Delaware

Valley

Regional

Finance

Authority,

Series

2022

E

3.70%,

3/1/52(a)

$

500,000

500,000

Philadelphia

Gas

Works

Co.,

Series

C-8

3.75%,

8/1/31(a)

750,000

750,000

Total

Municipal

Bonds

(Cost

$1,250,000)

1,250,000

Total

Short-Term

Investments

(Cost

$1,286,699)

1,286,699

Total

Investments

(98.8%)

(Cost

$19,797,566)

(b)

20,916,715

Other

Assets

in

Excess

of

Liabilities

(1.2%)

246,077

Net

Assets

(100.0%)

$21,162,792

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

(a)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

2023.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

in

the

description

in

the

Portfolio

of

Investments.

Certain

variable

rate

securities

may

not

be

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

in

the

Portfolio

of

Investments.

(b)

At

December

31,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$19,797,566.

The

aggregate

gross

unrealized

appreciation

is

$1,119,149

and

the

aggregate

gross

unrealized

depreciation

is

$–,

resulting

in

net

unrealized

appreciation

of

$1,119,149.

AMT

Alternative

Minimum

Tax

Summary

of

Investments

by

State

Classification  

Percentage

of

Total

Investments

Other*

32

.7

%

Pennsylvania

15

.1

New

York

13

.7

Illinois

11

.2

Texas

9

.3

California

6

.5

Colorado

6

.4

Georgia

5

.1

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(91.9%)

Asset-Backed

Securities

(

22.3%

)

ACHV

ABS

TRUST,

2023-4CP

6.81%,

11/25/30(a)

$

168,986

$

169,218

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

99,700

100,554

Avant

Loans

Funding

Trust,

2021-REV1

1.21%,

7/15/30(a)

53,166

52,791

Bank

of

America

Auto

Trust,

2023-2A

5.85%,

8/17/26(a)

200,000

201,217

CarNow

Auto

Receivables

Trust,

2023-2A

7.38%,

1/15/26(a)

81,544

81,645

Conn's

Receivables

Funding

LLC,

2023-A

8.01%,

1/17/28(a)

101,012

101,233

Continental

Airlines

Pass-Through

Trust,

2012-2A

4.00%,

10/29/24

50,280

49,185

Dell

Equipment

Finance

Trust,

2023-1

5.65%,

9/22/28(a)

250,567

250,654

Donlen

Fleet

Lease

Funding

LLC,

2021-2

CME

Term

SOFR

1

Month

+

0.44%,

5.80%,

12/11/34(a)(b)

43,738

43,701

Driven

Brands

Funding

LLC,

2018-1A

4.74%,

4/20/48(a)

37,800

37,073

FHF

Issuer

Trust,

2023-2A

6.79%,

10/15/29(a)

200,000

202,661

Ford

Credit

Auto

Owner

Trust,

2023-B

5.57%,

6/15/26

250,000

250,281

FREED

ABS

Trust,

2022-4FP

7.58%,

12/18/29(a)

151,698

152,318

GM

Financial

Consumer

Automobile

Receivables

Trust,

2023-2

5.10%,

5/18/26

215,974

215,490

Hyundai

Auto

Lease

Securitization

Trust,

2022-C

4.38%,

10/15/25(a)

100,000

99,347

J.P.

Morgan

Mortgage

Trust,

2023-HE3

SOFR30A

+

1.60%,

6.94%,

5/25/54(a)(b)

75,000

75,563

LAD

Auto

Receivables

Trust,

2023-1A

5.68%,

10/15/26(a)

173,159

172,984

2023-4A

6.21%,

10/15/26(a)

100,000

100,304

Face

Amount

Value

LL

ABS

Trust,

2022-1A

5.05%,

11/15/29(a)

$

255,000

$

251,683

Marlette

Funding

Trust,

2023-2A

6.04%,

6/15/33(a)

132,233

132,074

2023-3A

6.49%,

9/15/33(a)

204,470

204,752

Octane

Receivables

Trust,

2022-1A

4.18%,

3/20/28(a)

182,322

180,285

Oscar

US

Funding

XIV

LLC,

2022-1A

2.30%,

4/10/26(a)

260,000

254,404

Prodigy

Finance

DAC,

2021-1A

CME

Term

SOFR

1

Month

+

1.36%,

6.72%,

7/25/51(a)(b)

246,555

244,651

Progress

Residential

Trust,

2019-SFR4

3.68%,

10/17/36(a)

100,000

97,104

SoFi

Consumer

Loan

Program

Trust,

2023-1S

5.81%,

5/15/31(a)

196,725

196,500

Stack

Infrastructure

Issuer

LLC,

2019-2A

3.08%,

10/25/44(a)

67,000

65,065

Theorem

Funding

Trust,

2023-1A

7.58%,

4/15/29(a)

219,591

222,133

Vantage

Data

Centers

Issuer

LLC,

2019-1A

3.19%,

7/15/44(a)

287,000

281,747

4,486,617

Commercial

Mortgage-Backed

Securities

(

7.4%

)

BPR

Trust

CME

Term

SOFR

1

Month

+

3.00%,

8.36%,

5/15/39(a)(b)

100,000

100,375

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.03%,

6.40%,

10/15/36(a)(b)

109,196

109,028

CME

Term

SOFR

1

Month

+

0.81%,

6.18%,

9/15/36(a)(b)

200,000

195,494

CAMB

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.30%,

6.91%,

12/15/37(a)(b)

200,000

198,834

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

1.19%,

6.56%,

7/15/38(a)(b)

210,024

208,543

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.92%,

6.28%,

4/15/38(a)(b)

207,560

205,911

ORL

Trust

CME

Term

SOFR

1

Month

+

2.35%,

7.71%,

10/19/36(a)(b)

200,000

200,688

PNMAC

GMSR

Issuer

Trust

CME

Term

SOFR

1

Month

+

3.51%,

8.87%,

8/25/25(a)(b)

65,385

65,411

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(7.4%)

(cont’d)

VMC

Finance

LLC

CME

Term

SOFR

1

Month

+

1.76%,

7.12%,

1/18/37(a)(b)

$

205,116

$

201,430

1,485,714

Corporate

Bonds

(

52.9%

)

Aerospace

&

Defense

(0.5%)

Boeing

Co.

(The)

2.80%,

3/1/24

100,000

99,452

Automobiles

(0.9%)

Hyundai

Capital

America

5.80%,

6/26/25(a)

100,000

100,571

6.25%,

11/3/25(a)

70,000

71,076

171,647

Banks

(21.6%)

Australia

&

New

Zealand

Banking

Group

Ltd.

4.50%,

3/19/24(a)

200,000

199,437

Banco

Santander

SA

5.15%,

8/18/25

200,000

198,917

Bank

of

America

Corp.

1.84%,

2/4/25(b)

200,000

199,236

3.84%,

4/25/25(b)

350,000

347,808

Bank

of

Ireland

Group

plc

6.25%,

9/16/26(a)(b)

250,000

252,941

Bank

of

Montreal

6.11%,

3/8/24(b)

100,000

100,061

Barclays

plc

3.93%,

5/7/25(b)

200,000

198,650

BPCE

SA

6.02%,

1/14/25(a)(b)

250,000

249,460

Citigroup,

Inc.

3.35%,

4/24/25(b)

100,000

99,257

6.10%,

5/1/25(b)

400,000

399,061

Discover

Bank

2.45%,

9/12/24

250,000

244,191

Fifth

Third

Bancorp

3.65%,

1/25/24

70,000

69,888

HSBC

Holdings

plc

2.63%,

11/7/25(b)

210,000

204,814

ING

Groep

NV

3.55%,

4/9/24

200,000

198,920

JPMorgan

Chase

&

Co.

3.85%,

6/14/25

410,000

406,799

5.55%,

12/15/25(b)

110,000

110,111

KeyCorp

3.88%,

5/23/25(b)

100,000

97,786

Royal

Bank

of

Canada

4.95%,

4/25/25

150,000

150,144

Standard

Chartered

plc

0.99%,

1/12/25(a)(b)

200,000

199,765

Swedbank

AB

6.14%,

9/12/26(a)

200,000

204,099

Truist

Financial

Corp.

5.81%,

6/9/25(b)

210,000

206,918

4,338,263

Face

Amount

Value

Capital

Markets

(4.7%)

Charles

Schwab

Corp.

(The)

5.90%,

3/18/24(b)

$

200,000

$

199,967

Goldman

Sachs

Group,

Inc.

(The)

3.50%,

1/23/25

100,000

98,131

4.00%,

3/3/24

310,000

309,133

Stifel

Financial

Corp.

4.25%,

7/18/24

100,000

99,037

UBS

Group

AG

2.59%,

9/11/25(a)(b)

250,000

244,643

950,911

Chemicals

(0.5%)

Celanese

US

Holdings

LLC

6.05%,

3/15/25

110,000

110,752

Consumer

Finance

(4.0%)

AerCap

Ireland

Capital

DAC

1.65%,

10/29/24

160,000

154,507

Ally

Financial,

Inc.

3.88%,

5/21/24

150,000

148,742

Capital

One

Financial

Corp.

4.17%,

5/9/25(b)

150,000

148,902

General

Motors

Financial

Co.,

Inc.

3.95%,

4/13/24

100,000

99,423

6.72%,

4/7/25(b)

150,000

150,263

Park

Aerospace

Holdings

Ltd.

5.50%,

2/15/24(a)

110,000

109,805

811,642

Diversified

REITs

(0.9%)

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC

6.00%,

4/15/25(a)

70,000

69,875

VICI

Properties

LP

5.63%,

5/1/24(a)

110,000

109,711

179,586

Diversified

Telecommunication

Services

(1.0%)

AT&T,

Inc.

6.81%,

6/12/24(b)

200,000

200,708

Electric

Utilities

(2.2%)

NextEra

Energy

Capital

Holdings,

Inc.

6.05%,

3/1/25

300,000

302,859

Southern

Co.

(The)

4.48%,

8/1/24(c)

150,000

148,818

451,677

Electronic

Equipment,

Instruments

&

Components

(0.8%)

TD

SYNNEX

Corp.

1.25%,

8/9/24

160,000

155,989

Entertainment

(1.0%)

Warnermedia

Holdings,

Inc.

6.41%,

3/15/26

200,000

200,148

Financial

Services

(1.7%)

Radian

Group,

Inc.

6.63%,

3/15/25

100,000

100,475

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(52.9%)

(cont’d)

Synchrony

Bank

5.40%,

8/22/25

$

250,000

$

246,387

346,862

Food

Products

(0.8%)

JDE

Peet's

NV

0.80%,

9/24/24(a)

160,000

153,942

Health

Care

Providers

&

Services

(1.4%)

Centene

Corp.

4.25%,

12/15/27

80,000

77,145

HCA,

Inc.

5.00%,

3/15/24

100,000

99,828

5.38%,

2/1/25

100,000

99,902

276,875

Insurance

(2.2%)

Athene

Global

Funding

2.50%,

1/14/25(a)

200,000

192,792

GA

Global

Funding

Trust

6.77%,

4/11/25(a)(b)

250,000

249,620

442,412

IT

Services

(0.4%)

Kyndryl

Holdings,

Inc.

2.05%,

10/15/26

80,000

72,863

Media

(0.5%)

Fox

Corp.

4.03%,

1/25/24

110,000

109,868

Multi-Utilities

(0.5%)

Dominion

Energy,

Inc.

3.30%,

3/15/25

100,000

97,697

Oil,

Gas

&

Consumable

Fuels

(2.3%)

Midwest

Connector

Capital

Co.

LLC

3.90%,

4/1/24(a)

250,000

248,614

Occidental

Petroleum

Corp.

6.95%,

7/1/24

100,000

100,481

Williams

Cos.,

Inc.

(The)

4.30%,

3/4/24

110,000

109,738

458,833

Passenger

Airlines

(0.6%)

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.50%,

10/20/25(a)

112,500

110,835

Professional

Services

(0.5%)

Concentrix

Corp.

6.65%,

8/2/26

100,000

102,557

Specialized

REITs

(0.5%)

EPR

Properties

4.50%,

4/1/25

100,000

98,172

Technology

Hardware,

Storage

&

Peripherals

(0.5%)

Hewlett

Packard

Enterprise

Co.

5.90%,

10/1/24

100,000

100,280

Textiles,

Apparel

&

Luxury

Goods

(0.5%)

Tapestry,

Inc.

7.05%,

11/27/25

100,000

102,263

Face

Amount

Value

Tobacco

(0.7%)

Altria

Group,

Inc.

3.80%,

2/14/24

$

150,000

$

149,535

Trading

Companies

&

Distributors

(1.0%)

Air

Lease

Corp.

0.70%,

2/15/24

100,000

99,387

Aviation

Capital

Group

LLC

5.50%,

12/15/24(a)

100,000

99,514

198,901

Wireless

Telecommunication

Services

(0.7%)

Sprint

LLC

7.13%,

6/15/24

150,000

150,752

10,643,422

U.S.

Government

and

Agency

Securities

(

9.3%

)

U.S.

Treasury

Bills

0.00%,

5/16/24

961,000

942,592

0.00%,

6/13/24

962,000

940,020

1,882,612

Total

Fixed

Income

Securities

(Cost

$18,394,970)

18,498,365

–

Shares

Short-Term

Investments

(7.5%)

Investment

Company

(

0.40%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

(d)

(Cost

$75,043)

75,043

75,043

Face

Amount

Commercial

Paper

(

7.1%

)

American

Honda

Finance

Corp.

5.77%,

1/22/24

$

200,000

199,262

Brookfield

Renewable

Energy

LP

5.99%,

1/8/24

100,000

99,849

Harley-Davidson

Financial

Services,

Inc.

6.24%,

3/27/24

75,000

73,886

HSBC

USA,

Inc.

6.49%,

10/11/24

250,000

239,143

Jabil,

Inc.

6.15%,

1/2/24(a)

75,000

74,949

Nutrien

Ltd.

5.72%,

1/5/24

250,000

249,734

Rogers

Communications,

Inc.

5.90%,

1/11/24(a)

250,000

249,506

Svenska

Handelsbanken

AB

5.90%,

9/18/24(a)

250,000

240,735

Total

Commercial

Paper

(Cost

$1,425,158)

1,427,064

Total

Short-Term

Investments

(Cost

$1,500,201)

1,502,107

Total

Investments

(99.4%)

(Cost

$19,895,171)

(e)

20,000,472

Other

Assets

in

Excess

of

Liabilities

(0.6%)

112,542

Net

Assets

(100.0%)

$20,113,014

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

2023.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

in

the

description

in

the

Portfolio

of

Investments.

Certain

variable

rate

securities

may

not

be

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

in

the

Portfolio

of

Investments.

(c)

Multi-step

—

Coupon

rate

changes

in

predetermined

increments

to

maturity.

Rate

disclosed

is

as

of

December

31,

2023.

Maturity

date

disclosed

is

the

ultimate

maturity

date.

(d)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

December

31,

2023,

management

fees

paid

were

reduced

by

$253

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(e)

At

December

31,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$19,895,171.

The

aggregate

gross

unrealized

appreciation

is

$106,044

and

the

aggregate

gross

unrealized

depreciation

is

$743,

resulting

in

net

unrealized

appreciation

of

$105,301.

CME

Chicago

Mercantile

Exchange

ICE

Intercontinental

Exchange

LIBOR

London

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

31.5

%

Asset-Backed

Securities

22.4

Banks

21.7

U.S.

Government

and

Agency

Securities

9.4

Short-Term

Investments

7.6

Commercial

Mortgage-Backed

Securities

7.4

Total

Investments

100.0%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)

Shares

Value

Common

Stocks

(98.1%)

Aerospace

&

Defense

(

2

.9

%

)

General

Dynamics

Corp.

488

$

126,719

Huntington

Ingalls

Industries,

Inc.

538

139,686

L3Harris

Technologies,

Inc.

682

143,643

Lockheed

Martin

Corp.

269

121,922

RTX

Corp.

1,651

138,915

670,885

Air

Freight

&

Logistics

(

0

.0

%

)

(a)

United

Parcel

Service,

Inc.,

Class

 B

46

7,233

Automobile

Components

(

1

.0

%

)

BorgWarner,

Inc.

3,125

112,031

Gentex

Corp.

3,896

127,244

239,275

Automobiles

(

0

.1

%

)

Ford

Motor

Co.

1,435

17,493

Banks

(

3

.2

%

)

Cullen/Frost

Bankers,

Inc.

1,605

174,126

FNB

Corp.

11,239

154,761

Prosperity

Bancshares,

Inc.

2,340

158,488

Regions

Financial

Corp.

2,732

52,946

United

Bankshares,

Inc.

5,323

199,879

740,200

Beverages

(

2

.3

%

)

Brown-Forman

Corp.,

Class

 B

2,261

129,103

Coca-Cola

Co.

(The)

2,240

132,003

Keurig

Dr

Pepper,

Inc.

4,212

140,344

PepsiCo,

Inc.

741

125,852

527,302

Biotechnology

(

1

.0

%

)

AbbVie,

Inc.

772

119,637

Gilead

Sciences,

Inc.

1,472

119,246

238,883

Building

Products

(

0

.7

%

)

Johnson

Controls

International

plc

2,800

161,392

Capital

Markets

(

1

.8

%

)

Artisan

Partners

Asset

Management,

Inc.,

Class

 A

3,731

164,835

CME

Group,

Inc.

551

116,041

T

Rowe

Price

Group,

Inc.

1,248

134,397

415,273

Chemicals

(

5

.8

%

)

Air

Products

and

Chemicals,

Inc.

422

115,544

Ashland,

Inc.

1,592

134,222

Corteva,

Inc.

2,441

116,973

Dow,

Inc.

2,431

133,316

DuPont

de

Nemours,

Inc.

1,603

123,319

Eastman

Chemical

Co.

1,715

154,041

FMC

Corp.

1,248

78,686

Huntsman

Corp.

5,300

133,189

Linde

plc

314

128,963

LyondellBasell

Industries

NV,

Class

 A

1,304

123,984

PPG

Industries,

Inc.

691

103,339

1,345,576

Shares

Value

Communications

Equipment

(

1

.1

%

)

Cisco

Systems,

Inc.

2,249

$

113,620

Juniper

Networks,

Inc.

4,615

136,050

249,670

Construction

&

Engineering

(

0

.5

%

)

MDU

Resources

Group,

Inc.

6,355

125,829

Consumer

Staples

Distribution

&

Retail

(

1

.1

%

)

Costco

Wholesale

Corp.

212

139,937

Walmart,

Inc.

756

119,183

259,120

Containers

&

Packaging

(

2

.7

%

)

Amcor

plc

13,886

133,861

AptarGroup,

Inc.

959

118,552

International

Paper

Co.

3,252

117,560

Packaging

Corp.

of

America

783

127,558

Sonoco

Products

Co.

2,287

127,775

625,306

Distributors

(

0

.6

%

)

Genuine

Parts

Co.

49

6,786

LKQ

Corp.

2,829

135,198

141,984

Diversified

Telecommunication

Services

(

1

.2

%

)

AT&T,

Inc.

8,246

138,368

Verizon

Communications,

Inc.

3,857

145,409

283,777

Electric

Utilities

(

4

.9

%

)

Alliant

Energy

Corp.

2,384

122,299

American

Electric

Power

Co.,

Inc.

1,591

129,221

Duke

Energy

Corp.

1,337

129,742

Evergy,

Inc.

2,375

123,975

OGE

Energy

Corp.

3,476

121,417

Portland

General

Electric

Co.

2,903

125,816

PPL

Corp.

4,958

134,362

Southern

Co.

(The)

1,782

124,954

Xcel

Energy,

Inc.

2,014

124,687

1,136,473

Electrical

Equipment

(

0

.4

%

)

Emerson

Electric

Co.

858

83,509

Electronic

Equipment,

Instruments

&

Components

(

1

.3

%

)

Amphenol

Corp.,

Class

 A

1,445

143,243

Corning,

Inc.

5,302

161,446

304,689

Energy

Equipment

&

Services

(

0

.5

%

)

Baker

Hughes

Co.,

Class

 A

3,470

118,605

Financial

Services

(

1

.4

%

)

MGIC

Investment

Corp.

7,043

135,859

Radian

Group,

Inc.

4,165

118,911

Western

Union

Co.

(The)

6,174

73,594

328,364

Food

Products

(

4

.5

%

)

Archer-Daniels-Midland

Co.

1,557

112,446

Bunge

Global

SA

1,184

119,525

Cal-Maine

Foods,

Inc.

2,440

140,031

Conagra

Brands,

Inc.

4,301

123,267

Hormel

Foods

Corp.

4,366

140,192

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Food

Products

(cont’d)

Ingredion,

Inc.

1,292

$

140,221

Kellanova

2,377

132,898

Kraft

Heinz

Co.

(The)

3,767

139,304

1,047,884

Gas

Utilities

(

1

.8

%

)

Atmos

Energy

Corp.

1,060

122,854

National

Fuel

Gas

Co.

2,243

112,532

New

Jersey

Resources

Corp.

2,866

127,766

ONE

Gas,

Inc.

821

52,314

415,466

Health

Care

Equipment

&

Supplies

(

2

.3

%

)

Abbott

Laboratories

1,302

143,311

Becton

Dickinson

&

Co.

467

113,869

Medtronic

plc

1,645

135,515

Stryker

Corp.

459

137,452

530,147

Health

Care

Providers

&

Services

(

4

.9

%

)

Cardinal

Health,

Inc.

1,227

123,682

Cencora,

Inc.

607

124,666

Chemed

Corp.

236

138,001

Cigna

Group

(The)

396

118,582

Laboratory

Corp.

of

America

Holdings

588

133,647

Patterson

Cos.,

Inc.

4,110

116,929

Premier,

Inc.,

Class

 A

6,162

137,782

Quest

Diagnostics,

Inc.

967

133,330

UnitedHealth

Group,

Inc.

224

117,929

1,144,548

Hotels,

Restaurants

&

Leisure

(

3

.0

%

)

Cracker

Barrel

Old

Country

Store,

Inc.

1,787

137,742

Darden

Restaurants,

Inc.

883

145,077

Texas

Roadhouse,

Inc.,

Class

 A

1,311

160,244

Vail

Resorts,

Inc.

562

119,970

Wendy's

Co.

(The)

6,376

124,204

687,237

Household

Durables

(

2

.2

%

)

Garmin

Ltd.

1,131

145,379

Leggett

&

Platt,

Inc.

5,360

140,271

MDC

Holdings,

Inc.

3,134

173,153

Whirlpool

Corp.

319

38,845

497,648

Household

Products

(

2

.2

%

)

Church

&

Dwight

Co.,

Inc.

1,352

127,845

Colgate-Palmolive

Co.

1,671

133,195

Kimberly-Clark

Corp.

1,004

121,996

Procter

&

Gamble

Co.

(The)

835

122,361

505,397

Industrial

Conglomerates

(

0

.9

%

)

3M

Co.

1,335

145,942

Honeywell

International,

Inc.

262

54,944

200,886

Insurance

(

5

.3

%

)

Aflac,

Inc.

1,479

122,017

American

Financial

Group,

Inc.

1,086

129,115

Cincinnati

Financial

Corp.

1,187

122,807

Fidelity

National

Financial,

Inc.

3,003

153,213

Shares

Value

Hartford

Financial

Services

Group,

Inc.

(The)

1,668

$

134,074

MetLife,

Inc.

365

24,137

Old

Republic

International

Corp.

4,405

129,507

Principal

Financial

Group,

Inc.

1,734

136,414

Prudential

Financial,

Inc.

1,263

130,986

Travelers

Cos.,

Inc.

(The)

721

137,343

1,219,613

IT

Services

(

2

.4

%

)

Accenture

plc,

Class

 A

393

137,908

Amdocs

Ltd.

1,466

128,847

Cognizant

Technology

Solutions

Corp.,

Class

 A

2,078

156,951

International

Business

Machines

Corp.

828

135,419

559,125

Leisure

Products

(

0

.5

%

)

Hasbro,

Inc.

2,197

112,179

Machinery

(

1

.7

%

)

Cummins,

Inc.

530

126,972

Donaldson

Co.,

Inc.

1,997

130,504

Snap-on,

Inc.

468

135,177

392,653

Media

(

1

.8

%

)

Interpublic

Group

of

Cos.,

Inc.

(The)

4,102

133,889

New

York

Times

Co.

(The),

Class

 A

2,779

136,143

Omnicom

Group,

Inc.

1,588

137,378

407,410

Metals

&

Mining

(

2

.3

%

)

Newmont

Corp.

2,649

109,642

Reliance

Steel

&

Aluminum

Co.

472

132,009

Royal

Gold,

Inc.

1,111

134,387

Southern

Copper

Corp.

1,676

144,253

520,291

Multi-Utilities

(

3

.9

%

)

Ameren

Corp.

1,550

112,127

Avista

Corp.

3,695

132,059

Consolidated

Edison,

Inc.

1,348

122,628

Dominion

Energy,

Inc.

3,543

166,521

Public

Service

Enterprise

Group,

Inc.

1,951

119,304

Sempra

1,706

127,489

WEC

Energy

Group,

Inc.

1,465

123,309

903,437

Oil,

Gas

&

Consumable

Fuels

(

9

.5

%

)

Antero

Midstream

Corp.

9,517

119,248

Chevron

Corp.

737

109,931

Civitas

Resources,

Inc.

1,594

108,998

ConocoPhillips

969

112,472

Coterra

Energy,

Inc.

3,485

88,937

CVR

Energy,

Inc.

3,853

116,746

Devon

Energy

Corp.

2,500

113,250

Diamondback

Energy,

Inc.

725

112,433

DT

Midstream,

Inc.

2,186

119,793

EOG

Resources,

Inc.

903

109,218

Exxon

Mobil

Corp.

1,102

110,178

HF

Sinclair

Corp.

2,256

125,366

Kinder

Morgan,

Inc.

6,934

122,316

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(cont’d)

Magnolia

Oil

&

Gas

Corp.,

Class

 A

5,144

$

109,516

ONEOK,

Inc.

1,357

95,288

Phillips

66

1,093

145,522

Pioneer

Natural

Resources

Co.

487

109,516

Valero

Energy

Corp.

1,148

149,240

Williams

Cos.,

Inc.

(The)

3,436

119,676

2,197,644

Pharmaceuticals

(

2

.4

%

)

Bristol-Myers

Squibb

Co.

2,142

109,906

Johnson

&

Johnson

771

120,847

Merck

&

Co.,

Inc.

1,141

124,392

Pfizer,

Inc.

3,007

86,571

Royalty

Pharma

plc,

Class

 A

4,343

121,995

563,711

Professional

Services

(

2

.2

%

)

Automatic

Data

Processing,

Inc.

29

6,756

ManpowerGroup,

Inc.

2,185

173,642

Paychex,

Inc.

1,565

186,407

Robert

Half,

Inc.

1,597

140,408

507,213

Semiconductors

&

Semiconductor

Equipment

(

1

.7

%

)

Analog

Devices,

Inc.

618

122,710

Skyworks

Solutions,

Inc.

1,131

127,147

Texas

Instruments,

Inc.

834

142,164

392,021

Software

(

0

.5

%

)

Dolby

Laboratories,

Inc.,

Class

 A

1,422

122,548

Specialty

Retail

(

0

.6

%

)

Best

Buy

Co.,

Inc.

1,705

133,467

Technology

Hardware,

Storage

&

Peripherals

(

1

.3

%

)

Hewlett

Packard

Enterprise

Co.

4,048

68,735

HP,

Inc.

4,468

134,442

Xerox

Holdings

Corp.

5,777

105,892

309,069

Textiles,

Apparel

&

Luxury

Goods

(

3

.2

%

)

Carter's,

Inc.

1,841

137,873

Columbia

Sportswear

Co.

1,686

134,104

Steven

Madden

Ltd.

3,784

158,928

Tapestry,

Inc.

4,384

161,375

VF

Corp.

7,416

139,421

731,701

Tobacco

(

0

.9

%

)

Altria

Group,

Inc.

2,217

89,434

Philip

Morris

International,

Inc.

1,285

120,893

210,327

Trading

Companies

&

Distributors

(

1

.6

%

)

Fastenal

Co.

1,972

127,727

MSC

Industrial

Direct

Co.,

Inc.,

Class

 A

446

45,162

Watsco,

Inc.

460

197,096

369,985

Total

Common

Stocks

(Cost

$21,210,421)

22,702,445

Shares

Value

Short-Term

Investment

(

1

.7

%

)

Investment

Company

(1.7%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class(b)

(Cost

$402,981)

402,981

$

402,981

Total

Investments

(

99

.8

%

)

(Cost

$

21,613,402

)

(c)

23,105,426

Total

Written

Options

(-0.1%)

(Premiums

Received

$

(

46,270

)

)

(31,350)

Other

Assets

in

Excess

of

Liabilities

(0.2%)

58,930

NET

ASSETS

(100.0%)

$23,133,006

(a)

Amount

is

less

than

0.05%.

(b)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

December

31,

2023,

management

fees

paid

were

reduced

by

$144

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(c)

At

December

31,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$21,613,402.

The

aggregate

gross

unrealized

appreciation

is

$1,739,117

and

the

aggregate

gross

unrealized

depreciation

is

$247,093,

resulting

in

net

unrealized

appreciation

of

$1,492,024.

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Call

Options

Written:

The

Fund

had

the

following

call

options

written

open

at

December

31,

2023:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

SPDR

S&P

500

ETF

Trust

165

USD

479

1/03/24

$

7,842,615

$

(

10,457

)

$

(

14,289

)

$

3,832

SPDR

S&P

500

ETF

Trust

163

USD

484

1/08/24

7,747,553

(

4,593

)

(

15,909

)

11,316

SPDR

S&P

500

ETF

Trust

163

USD

484

1/12/24

7,747,553

(

16,300

)

(

16,072

)

(

228

)

Total

$(31,350)

$(46,270)

$14,920

USD

United

States

Dollar

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

79

.4

%

Oil,

Gas

&

Consumable

Fuels

9

.5

Chemicals

5

.8

Insurance

5

.3

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)

Shares

Value

Common

Stocks

(101.6%)

Aerospace

&

Defense

(

1

.8

%

)

Boeing

Co.

(The)(a)

380

$

99,051

HEICO

Corp.

222

39,709

HEICO

Corp.,

Class

 A

185

26,351

Howmet

Aerospace,

Inc.

1,002

54,228

Lockheed

Martin

Corp.

258

116,936

Northrop

Grumman

Corp.

142

66,476

402,751

Air

Freight

&

Logistics

(

0

.3

%

)

Expeditors

International

of

Washington,

Inc.

475

60,420

Automobile

Components

(

0

.1

%

)

Mobileye

Global,

Inc.,

Class

 A(a)

253

10,960

Automobiles

(

1

.9

%

)

Rivian

Automotive,

Inc.,

Class

 A(a)

747

17,524

Tesla,

Inc.(a)

1,593

395,829

413,353

Banks

(

3

.6

%

)

Bank

of

America

Corp.

5,820

195,959

Citizens

Financial

Group,

Inc.

1,361

45,103

First

Citizens

BancShares,

Inc.,

Class

 A

12

17,028

Huntington

Bancshares,

Inc.

4,797

61,018

JPMorgan

Chase

&

Co.

1,952

332,035

Wells

Fargo

&

Co.

2,885

142,000

793,143

Beverages

(

1

.9

%

)

Brown-Forman

Corp.,

Class

 A

185

11,024

Brown-Forman

Corp.,

Class

 B

908

51,847

Coca-Cola

Co.

(The)

3,088

181,976

PepsiCo,

Inc.

1,094

185,805

430,652

Biotechnology

(

2

.3

%

)

AbbVie,

Inc.

1,190

184,414

Alnylam

Pharmaceuticals,

Inc.(a)

113

21,629

Amgen,

Inc.

393

113,192

BioMarin

Pharmaceutical,

Inc.(a)

176

16,970

Moderna,

Inc.(a)

169

16,807

Regeneron

Pharmaceuticals,

Inc.(a)

79

69,385

Vertex

Pharmaceuticals,

Inc.(a)

205

83,413

505,810

Broadline

Retail

(

3

.8

%

)

Amazon.com,

Inc.(a)

5,168

785,226

Coupang,

Inc.(a)

272

4,404

MercadoLibre,

Inc.(a)

34

53,432

843,062

Building

Products

(

0

.5

%

)

Builders

FirstSource,

Inc.(a)

193

32,219

Carlisle

Cos.,

Inc.

115

35,930

Lennox

International,

Inc.

104

46,542

114,691

Capital

Markets

(

1

.9

%

)

Ares

Management

Corp.,

Class

 A

381

45,309

Blue

Owl

Capital,

Inc.,

Class

 A

827

12,322

Charles

Schwab

Corp.

(The)

1,078

74,167

Coinbase

Global,

Inc.,

Class

 A(a)

139

24,175

Shares

Value

Franklin

Resources,

Inc.

1,221

$

36,374

Interactive

Brokers

Group,

Inc.,

Class

 A

189

15,668

KKR

&

Co.,

Inc.

772

63,960

LPL

Financial

Holdings,

Inc.

89

20,258

Morgan

Stanley(b)

725

67,606

Nasdaq,

Inc.

743

43,198

Tradeweb

Markets,

Inc.,

Class

 A

207

18,812

421,849

Chemicals

(

1

.7

%

)

Celanese

Corp.,

Class

 A

247

38,376

International

Flavors

&

Fragrances,

Inc.

451

36,518

Linde

plc

410

168,391

LyondellBasell

Industries

NV,

Class

 A

666

63,323

PPG

Industries,

Inc.

444

66,400

Westlake

Corp.

75

10,497

383,505

Commercial

Services

&

Supplies

(

1

.2

%

)

Cintas

Corp.

148

89,194

Republic

Services,

Inc.,

Class

 A

465

76,683

Waste

Management,

Inc.

553

99,042

264,919

Communications

Equipment

(

0

.6

%

)

Cisco

Systems,

Inc.

2,733

138,071

Construction

Materials

(

0

.1

%

)

CRH

plc

438

30,292

Consumer

Finance

(

0

.6

%

)

American

Express

Co.

538

100,789

Synchrony

Financial

1,014

38,725

139,514

Consumer

Staples

Distribution

&

Retail

(

1

.8

%

)

Albertsons

Cos.,

Inc.,

Class

 A

735

16,905

Costco

Wholesale

Corp.

339

223,767

Walmart,

Inc.

1,042

164,271

404,943

Containers

&

Packaging

(

0

.2

%

)

Amcor

plc

5,061

48,788

Diversified

REITs

(

0

.2

%

)

WP

Carey,

Inc.

846

54,829

Diversified

Telecommunication

Services

(

0

.5

%

)

AT&T,

Inc.

6,764

113,500

Electric

Utilities

(

1

.2

%

)

Alliant

Energy

Corp.

1,177

60,380

Avangrid,

Inc.

470

15,233

Entergy

Corp.

669

67,696

FirstEnergy

Corp.

1,407

51,581

PPL

Corp.

2,432

65,907

260,797

Electrical

Equipment

(

0

.5

%

)

AMETEK,

Inc.

475

78,323

Hubbell,

Inc.,

Class

 B

87

28,617

106,940

Electronic

Equipment,

Instruments

&

Components

(

0

.4

%

)

Jabil,

Inc.

76

9,682

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(cont’d)

TE

Connectivity

Ltd.

601

$

84,441

94,123

Energy

Equipment

&

Services

(

0

.3

%

)

Halliburton

Co.

483

17,461

Schlumberger

NV

1,004

52,248

69,709

Entertainment

(

1

.4

%

)

Netflix,

Inc.(a)

258

125,615

ROBLOX

Corp.,

Class

 A(a)

400

18,288

Spotify

Technology

SA(a)

123

23,113

Walt

Disney

Co.

(The)(a)

1,386

125,142

Warner

Music

Group

Corp.,

Class

 A

187

6,693

298,851

Financial

Services

(

4

.5

%

)

Apollo

Global

Management,

Inc.

459

42,774

Berkshire

Hathaway,

Inc.,

Class

 B(a)

874

311,721

Block,

Inc.,

Class

 A(a)

545

42,156

Mastercard,

Inc.,

Class

 A

567

241,831

PayPal

Holdings,

Inc.(a)

905

55,576

Rocket

Cos.,

Inc.,

Class

 A(a)

621

8,992

Visa,

Inc.,

Class

 A

1,110

288,989

992,039

Food

Products

(

0

.7

%

)

Campbell

Soup

Co.

1,056

45,651

Conagra

Brands,

Inc.

1,711

49,037

Kellanova

1,178

65,862

160,550

Ground

Transportation

(

1

.0

%

)

Uber

Technologies,

Inc.(a)

1,369

84,289

Union

Pacific

Corp.

574

140,986

225,275

Health

Care

Equipment

&

Supplies

(

2

.5

%

)

Abbott

Laboratories

1,502

165,325

Align

Technology,

Inc.(a)

107

29,318

Dexcom,

Inc.(a)

325

40,329

Insulet

Corp.(a)

125

27,123

Intuitive

Surgical,

Inc.(a)

279

94,124

Medtronic

plc

1,301

107,176

ResMed,

Inc.

256

44,037

Zimmer

Biomet

Holdings,

Inc.

449

54,643

562,075

Health

Care

Providers

&

Services

(

2

.8

%

)

Cencora,

Inc.

327

67,159

CVS

Health

Corp.

1,047

82,671

Humana,

Inc.

146

66,840

Laboratory

Corp.

of

America

Holdings

183

41,594

Molina

Healthcare,

Inc.(a)

89

32,157

UnitedHealth

Group,

Inc.

616

324,306

614,727

Health

Care

REITs

(

0

.3

%

)

Healthpeak

Properties,

Inc.

3,407

67,459

Health

Care

Technology

(

0

.0

%

)

(c)

Veeva

Systems,

Inc.,

Class

 A(a)

25

4,813

Shares

Value

Hotels,

Restaurants

&

Leisure

(

2

.2

%

)

Airbnb,

Inc.,

Class

 A(a)

340

$

46,288

Booking

Holdings,

Inc.(a)

24

85,133

Darden

Restaurants,

Inc.

361

59,312

DoorDash,

Inc.,

Class

 A(a)

227

22,448

DraftKings,

Inc.,

Class

 A(a)

567

19,987

McDonald's

Corp.

451

133,726

MGM

Resorts

International(a)

790

35,297

Yum!

Brands,

Inc.

568

74,215

476,406

Household

Durables

(

0

.5

%

)

Lennar

Corp.,

Class

 B

266

35,657

PulteGroup,

Inc.

618

63,790

99,447

Household

Products

(

1

.4

%

)

Kimberly-Clark

Corp.

616

74,850

Procter

&

Gamble

Co.

(The)

1,655

242,524

317,374

Industrial

Conglomerates

(

0

.4

%

)

3M

Co.

890

97,295

Insurance

(

2

.3

%

)

Brown

&

Brown,

Inc.

698

49,635

Hartford

Financial

Services

Group,

Inc.

(The)

900

72,342

Loews

Corp.

912

63,466

Markel

Group,

Inc.(a)

37

52,536

Principal

Financial

Group,

Inc.

562

44,213

Prudential

Financial,

Inc.

754

78,197

Travelers

Cos.,

Inc.

(The)

443

84,387

W.

R.

Berkley

Corp.

868

61,385

506,161

Interactive

Media

&

Services

(

6

.2

%

)

Alphabet,

Inc.,

Class

 A(a)

3,415

477,041

Alphabet,

Inc.,

Class

 C(a)

2,977

419,549

Meta

Platforms,

Inc.,

Class

 A(a)

1,240

438,910

Pinterest,

Inc.,

Class

 A(a)

410

15,186

Snap,

Inc.,

Class

 A(a)

1,090

18,454

1,369,140

IT

Services

(

1

.8

%

)

Accenture

plc,

Class

 A

459

161,068

Amdocs

Ltd.

314

27,597

Cloudflare,

Inc.,

Class

 A(a)

288

23,979

International

Business

Machines

Corp.

722

118,083

MongoDB,

Inc.,

Class

 A(a)

53

21,669

Snowflake,

Inc.,

Class

 A(a)

206

40,994

393,390

Life

Sciences

Tools

&

Services

(

0

.9

%

)

Bio-Rad

Laboratories,

Inc.,

Class

 A(a)

49

15,822

Illumina,

Inc.(a)

171

23,810

Thermo

Fisher

Scientific,

Inc.

303

160,829

200,461

Machinery

(

1

.9

%

)

Caterpillar,

Inc.

401

118,563

Deere

&

Co.

256

102,367

Dover

Corp.

451

69,368

Nordson

Corp.

225

59,436

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Machinery

(cont’d)

Otis

Worldwide

Corp.

876

$

78,376

428,110

Media

(

0

.6

%

)

Comcast

Corp.,

Class

 A

2,717

119,140

Trade

Desk,

Inc.

(The),

Class

 A(a)

249

17,918

137,058

Metals

&

Mining

(

0

.4

%

)

Newmont

Corp.

877

36,299

Southern

Copper

Corp.

215

18,505

Steel

Dynamics,

Inc.

278

32,832

87,636

Multi-Utilities

(

1

.2

%

)

Ameren

Corp.

808

58,451

CenterPoint

Energy,

Inc.

2,225

63,568

CMS

Energy

Corp.

1,118

64,922

DTE

Energy

Co.

641

70,677

257,618

Office

REITs

(

0

.3

%

)

Alexandria

Real

Estate

Equities,

Inc.

524

66,427

NET

Lease

Office

Properties

56

1,035

67,462

Oil,

Gas

&

Consumable

Fuels

(

3

.5

%

)

Cheniere

Energy,

Inc.

212

36,191

Chevron

Corp.

1,157

172,578

Devon

Energy

Corp.

1,204

54,541

Diamondback

Energy,

Inc.

406

62,963

EQT

Corp.

430

16,624

Exxon

Mobil

Corp.

2,739

273,845

Marathon

Oil

Corp.

2,184

52,765

Occidental

Petroleum

Corp.

796

47,529

Targa

Resources

Corp.

572

49,690

766,726

Passenger

Airlines

(

0

.3

%

)

Delta

Air

Lines,

Inc.

1,629

65,535

Pharmaceuticals

(

4

.0

%

)

Eli

Lilly

&

Co.

508

296,123

Johnson

&

Johnson

1,690

264,891

Merck

&

Co.,

Inc.

1,783

194,383

Pfizer,

Inc.

3,566

102,665

Royalty

Pharma

plc,

Class

 A

690

19,382

877,444

Professional

Services

(

0

.4

%

)

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

148

18,931

Paycom

Software,

Inc.

101

20,879

SS&C

Technologies

Holdings,

Inc.

696

42,532

82,342

Residential

REITs

(

1

.2

%

)

AvalonBay

Communities,

Inc.

371

69,459

Equity

Residential

1,070

65,441

Essex

Property

Trust,

Inc.

161

39,918

Mid-America

Apartment

Communities,

Inc.

420

56,473

Sun

Communities,

Inc.

281

37,556

268,847

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(

8

.3

%

)

Advanced

Micro

Devices,

Inc.(a)

1,022

$

150,653

Broadcom,

Inc.

259

289,109

GLOBALFOUNDRIES,

Inc.(a)

98

5,939

Intel

Corp.

2,634

132,359

KLA

Corp.

139

80,801

Lam

Research

Corp.

140

109,656

Marvell

Technology,

Inc.

684

41,252

Micron

Technology,

Inc.

836

71,344

NVIDIA

Corp.

1,356

671,518

ON

Semiconductor

Corp.(a)

444

37,087

QUALCOMM,

Inc.

802

115,993

Texas

Instruments,

Inc.

736

125,459

1,831,170

Software

(

11

.6

%

)

Adobe,

Inc.(a)

278

165,855

Aspen

Technology,

Inc.(a)

32

7,045

Atlassian

Corp.,

Class

 A(a)

119

28,305

Bentley

Systems,

Inc.,

Class

 B

217

11,323

Crowdstrike

Holdings,

Inc.,

Class

 A(a)

182

46,468

Datadog,

Inc.,

Class

 A(a)

204

24,762

HubSpot,

Inc.(a)

32

18,577

Intuit,

Inc.

181

113,130

Microsoft

Corp.

4,223

1,588,017

Oracle

Corp.

799

84,239

Palantir

Technologies,

Inc.,

Class

 A(a)

942

16,174

Palo

Alto

Networks,

Inc.(a)

210

61,925

Salesforce,

Inc.(a)

642

168,936

ServiceNow,

Inc.(a)

155

109,506

Splunk,

Inc.(a)

130

19,805

Workday,

Inc.,

Class

 A(a)

196

54,108

Zoom

Video

Communications,

Inc.,

Class

 A(a)

322

23,155

Zscaler,

Inc.(a)

97

21,491

2,562,821

Specialized

REITs

(

0

.3

%

)

Extra

Space

Storage,

Inc.

424

67,980

Specialty

Retail

(

2

.1

%

)

Chewy,

Inc.,

Class

 A(a)

286

6,758

Home

Depot,

Inc.

(The)

739

256,100

Lowe's

Cos.,

Inc.

592

131,750

Ross

Stores,

Inc.

540

74,731

469,339

Technology

Hardware,

Storage

&

Peripherals

(

7

.5

%

)

Apple,

Inc.

8,512

1,638,815

Dell

Technologies,

Inc.,

Class

 C

299

22,874

1,661,689

Textiles,

Apparel

&

Luxury

Goods

(

0

.7

%

)

Lululemon

Athletica,

Inc.(a)

94

48,061

NIKE,

Inc.,

Class

 B

883

95,868

143,929

Trading

Companies

&

Distributors

(

0

.6

%

)

Ferguson

plc

290

55,990

United

Rentals,

Inc.

114

65,370

121,360

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Shares

Value

Wireless

Telecommunication

Services

(

0

.4

%

)

T-Mobile

US,

Inc.

561

$

89,945

Total

Common

Stocks

(Cost

$20,356,534)

22,479,095

Short-Term

Investment

(

1

.8

%

)

Investment

Company

(1.8%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class(d)

(Cost

$400,987)

400,987

400,987

Total

Investments

Excluding

Purchased

Options

(103.4%)

(Cost

$20,757,521)

22,880,082

Total

Purchased

Options

Outstanding

(1.1%)

(Cost

$513,873)

253,740

Total

Investments

(

104

.5

%

)

(Cost

$

21,271,394

)

(e)

23,133,822

Total

Written

Options

(-3.7%)

(Premiums

Received

$

(

500,055

)

)

(814,788)

Other

Assets

in

Excess

of

Liabilities

((0.9)%)

(c)

(182,738)

NET

ASSETS

(100.0%)

$22,136,296

(a)

Non-income

producing

security.

(b)

For

the

period

ended

December

31,

2023

,

the

cost

of

purchases

of

Morgan

Stanley,

Common

Stock,

and

its

affiliated

broker-dealers,

which

may

be

deemed

affiliates

of

the

Adviser

under

the

Investment

Company

Act

of

1940,

was

$

56,800

.

(c)

Amount

is

less

than

0.05%.

(d)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

December

31,

2023,

management

fees

paid

were

reduced

by

$170

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(e)

At

December

31,

2023,

the

aggregate

cost

for

federal

income

tax

purposes

is

$21,271,394.

The

aggregate

gross

unrealized

appreciation

is

$2,281,526

and

the

aggregate

gross

unrealized

depreciation

is

$419,098,

resulting

in

net

unrealized

appreciation

of

$1,862,428.

REIT

Real

Estate

Investment

Trust

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2023

(unaudited)(cont’d)

Put

Options

Purchased:

The

Fund

had

the

following

put

options

purchased

open

at

December

31,

2023

:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Paid

Unrealized

Depreciation

S&P

500

Index

12

USD

4,035

3/28/24

$

5,723,796

$

13,080

$

96,081

$

(

83,001

)

S&P

500

Index

12

USD

3,975

6/28/24

5,723,796

35,916

122,568

(

86,652

)

S&P

500

Index

12

USD

3,950

9/30/24

5,723,796

61,440

151,903

(

90,463

)

S&P

500

Index

12

USD

4,300

12/31/24

5,723,796

143,304

143,321

(

17

)

Total

$253,740

$513,873

$(260,133)

Call

Options

Written:

The

Fund

had

the

following

call

options

written

open

at

December

31,

2023:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Depreciation

S&P

500

Index

12

USD

4,750

3/28/24

$

5,723,796

$

(

196,140

)

$

(

56,518

)

$

(

139,622

)

S&P

500

Index

12

USD

4,875

6/28/24

5,723,796

(

204,324

)

(

78,566

)

(

125,758

)

S&P

500

Index

12

USD

4,975

9/30/24

5,723,796

(

232,860

)

(

104,065

)

(

128,795

)

S&P

500

Index

12

USD

5,400

12/31/24

5,723,796

(

106,356

)

(

106,339

)

(

17

)

Total

$(739,680)

$(345,488)

$(394,192)

Put

Options

Written:

The

Fund

had

the

following

put

options

written

open

at

December

31,

2023:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

12

USD

3,425

3/28/24

$

5,723,796

$

(

4,080

)

$

(

30,799

)

$

26,719

S&P

500

Index

12

USD

3,225

6/28/24

5,723,796

(

11,820

)

(

38,846

)

27,026

S&P

500

Index

12

USD

3,050

9/30/24

5,723,796

(

18,420

)

(

44,151

)

25,731

S&P

500

Index

12

USD

3,350

12/31/24

5,723,796

(

40,788

)

(

40,771

)

(

17

)

Total

$(75,108)

$(154,567)

$79,459

USD

United

States

Dollar

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

67

.9

%

Software

11

.1

Semiconductors

&

Semiconductor

Equipment

7

.9

Technology

Hardware,

Storage

&

Peripherals

7

.2

Interactive

Media

&

Services

5

.9

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

First

Quarter

Report

—

December

31,

2023

(unaudited)

Notes

to

the

Portfolio

of

Investments

Morgan

Stanley

ETF

Trust

1.

Security

Valuation:

(1)

An

equity

portfolio

security

list-

ed

or

traded

on

an

exchange

is

valued

at

its

latest

reported

sales

price

(or

at

the

exchange

official

closing

price

if

such

exchange

reports

an

official

closing

price),

and

if

there

were

no

sales

on

a

given

day

and

if

there

is

no

official

ex-

change

closing

price

for

that

day,

the

security

is

valued

at

the

mean

between

the

last

reported

bid

and

asked

prices

if

such

bid

and

asked

prices

are

available

on

the

rele-

vant

exchanges.

If

only

bid

prices

are

available

then

the

latest

bid

price

may

be

used.

Listed

equity

securities

not

traded

on

the

valuation

date

with

no

reported

bid

and

asked

prices

available

on

the

exchange

are

valued

at

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

or

more

reputable

brokers/dealers.

In

cases

where

a

security

is

traded

on

more

than

one

exchange,

the

security

is

valued

on

the

exchange

designated

as

the

primary

market;

(2)

all

other

equity

portfolio

securities

for

which

over-the-counter

(“OTC”)

market

quotations

are

readily

available

are

valued

at

the

latest

reported

sales

price

(or

at

the

market

official

closing

price

if

such

market

reports

an

official

closing

price),

and

if

there

was

no

trading

in

the

security

on

a

given

day

and

if

there

is

no

official

closing

price

from

relevant

markets

for

that

day,

the

security

is

valued

at

the

mean

between

the

last

reported

bid

and

asked

prices

if

such

bid

and

asked

prices

are

available

on

the

relevant

markets.

An

unlisted

equity

security

that

does

not

trade

on

the

valuation

date

and

for

which

bid

and

asked

prices

from

the

relevant

markets

are

unavailable

is

valued

at

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

or

more

reputable

brokers/dealers;

(3)

certain

portfolio

securities

may

be

valued

by

an

outside

pricing

service/vendor

approved

by

the

Trust’s

Board

of

Trustees

(the

“Trustees”).

The

pricing

service/vendor

may

employ

a

pricing

model

that

takes

into

account,

among

other

things,

bids,

yield

spreads

and/or

other

market

data

and

specific

security

characteris-

tics.

If

Morgan

Stanley

Investment

Management

Inc.

(the

“Adviser”)

a

wholly-owned

subsidiary

of

Morgan

Stanley,

determines

that

the

price

provided

by

the

outside

pricing

service/vendor

or

exchange

does

not

reflect

the

security’s

fair

value

or

is

unable

to

provide

a

price,

prices

from

bro-

kers

or

dealers

may

also

be

utilized.

In

these

circumstanc-

es,

the

value

of

the

security

will

be

the

mean

of

bid

and

asked

prices

obtained

from

reputable brokers/dealers;

(4)

listed

options

are

valued

at

the

last

reported

sales

price

on

the

exchange

on

which

they

are

listed

(or

at

the

exchange

official

closing

price

if

such

exchange

reports

an

official

closing

price).

If

an

official

closing

price

or

last

reported

sales

price

is

unavailable,

the

listed

option

should

be

fair

valued

at

the

mean

between

its

latest

bid

and

ask

prices.

Unlisted

options

are

valued

at

the

mean

between

their

latest

bid

and

ask

prices

from

a

broker/dealer

or

valued

by

a

pricing

service/vendor; (5)

when

market

quotations

are

not

readily

available,

as

defined

by

Rule

2a-5

under

the

Act,

including

circumstances

under

which

the

Adviser

determines

that

the

closing

price,

last

sale

price

or

the

mean

between

the

last

reported

bid

and

asked

prices

are

not

reflective

of

a

security’s

market

value,

portfolio

securities

are

valued

at

their

fair

value

as

determined

in

good

faith

under

procedures

established

by

and

under

the

general

supervision

of

the

Trustees; and

(6)

investments

in

mutual

funds,

including

the

Morgan

Stanley

Institu-

tional

Liquidity

Funds,

are

valued

at

the

net

asset

value

(“NAV”)

as

of

the

close

of

each

business

day.

In

connection

with

Rule

2a-5

of

the

Act,

the

Trust-

ees

have

designated

the

Trust's

Adviser

as

its

valuation

designee.

The

valuation

designee

has

responsibility

for

determining

fair

value

and

to

make

the

actual

calculations

pursuant

to

the

fair

valuation

methodologies

previously

approved

by

the

Trustees.

Under

procedures

approved

by

the

Trustees,

the

Trust’s

Adviser

has

formed

a

Valuation

Committee

whose

members

are

approved

by

the

Trustees.

The

Valuation

Committee

provides

administration

and

oversight

of

the

Trust’s

valuation

policies

and

procedures,

which

are

reviewed

at

least

annually

by

the

Trustees.

These

procedures

allow

the Trust

to

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers

and

other

market

sources

to

determine

fair

value.

First

Quarter

Report

—

December

31,

2023

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

2.

Fair

Value

Measurement:

Financial

Accounting

Stan-

dards

Board

(“FASB”)

Accounting

Standards

Codifica-

tion

TM

(“ASC”),

“Fair

Value

Measurement”

(“ASC

820”),

defines

fair

value

as

the

price

that

would

be

received

to

sell

an

asset

or

pay to

transfer

a

liability

in

an orderly

transaction

between

market

participants

at

the

measure-

ment

date. ASC

820

establishes

a

three tier

hierarchy

to

distinguish

between

(1)

inputs

that

reflect

the

assump-

tions

market

participants

would

use

in

valuing

an

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity

(observable

inputs)

and

(2)

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

partici-

pants

would

use

in

valuing

an

asset

or

liability

developed

based

on

the

best

information

available

in

the

circum-

stances

(unobservable

inputs)

and

to

establish

classifica-

tion

of

fair

value

measurements

for

disclosure

purposes.

Various

inputs

are

used

in

determining

the

value

of

the

Fund’s

investments.

The

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Level

2

-

other

significant

observable

inputs

(includ-

ing

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

 Level

3

-

significant

unobservable

inputs

including

the

Fund’s

own

assumptions

in

determin-

ing

the

fair

value

of

investments.

Factors

considered

in

making

this

determination

may

include,

but

are

not

limited

to,

infor-

mation

obtained

by

contacting

the

issuer,

analysts,

or

the

appropriate

stock

exchange

(for

exchange-traded

securities),

analysis

of

the

issuer’s

financial

statements

or

other

available

documents

and,

if

necessary,

available

information

concerning

other

securities

in

similar

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities

and

the

determination

of

the

significance

of

a

particular

input

to

the

fair

value

mea-

surement

in

its

entirety

requires

judgment

and

considers

factors

specific

to

each

security. 

First

Quarter

Report

—

December

31,

2023

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

December

31,

2023:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Calvert

International

Responsible

Index

ETF

Assets:  

Common

Stocks

Aerospace

&

Defense

$

784

$

—

$

—

$

784

Air

Freight

&

Logistics

401

—

—

401

Automobile

Components

676

—

—

676

Automobiles

1,926

—

—

1,926

Banks

8,733

—

—

8,733

Beverages

1,132

—

—

1,132

Biotechnology

669

—

—

669

Broadline

Retail

658

—

—

658

Building

Products

1,217

—

—

1,217

Capital

Markets

2,051

—

—

2,051

Chemicals

2,923

46

—

2,969

Commercial

Services

&

Supplies

662

—

—

662

Communications

Equipment

104

—

—

104

Construction

&

Engineering

585

—

—

585

Construction

Materials

654

402

—

1,057

Consumer

Staples

Distribution

&

Retail

1,349

—

—

1,349

Containers

&

Packaging

177

—

—

177

Distributors

29

—

—

29

Diversified

Consumer

Services

31

—

—

31

Diversified

Telecommunication

Services

1,352

—

—

1,352

Electric

Utilities

1,259

—

—

1,259

Electrical

Equipment

1,512

—

—

1,512

Electronic

Equipment,

Instruments

&

Components

1,440

—

—

1,440

Entertainment

563

—

—

563

Financial

Services

884

—

—

884

Food

Products

2,078

—

—

2,078

Gas

Utilities

312

—

—

312

Ground

Transportation

1,145

—

—

1,145

Health

Care

Equipment

&

Supplies

1,370

—

—

1,370

Health

Care

Providers

&

Services

113

—

—

113

Health

Care

Technology

43

—

—

43

Hotels,

Restaurants

&

Leisure

827

—

—

827

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Common

Stocks

(cont’d)

Household

Durables

$

1,008

$

—

$

—

$

1,008

Household

Products

361

—

—

361

Independent

Power

and

Renewable

Electricity

Producers

49

—

—

49

Industrial

Conglomerates

789

—

—

789

Insurance

4,481

—

—

4,480

Interactive

Media

&

Services

413

—

—

413

IT

Services

892

—

—

892

Leisure

Products

64

—

—

64

Life

Sciences

Tools

&

Services

349

—

—

349

Machinery

2,070

—

—

2,070

Marine

Transportation

231

—

—

231

Media

307

—

—

307

Metals

&

Mining

1,872

61

—

1,933

Multi-Utilities

648

—

—

648

Oil,

Gas

&

Consumable

Fuels

872

—

—

872

Paper

&

Forest

Products

241

—

—

241

Passenger

Airlines

241

—

—

241

Personal

Care

Products

1,301

—

—

1,301

Pharmaceuticals

5,590

—

—

5,591

Professional

Services

1,374

—

—

1,373

Real

Estate

Management

&

Development

833

—

—

833

Semiconductors

&

Semiconductor

Equipment

5,020

—

—

5,020

Software

1,732

—

—

1,732

Specialty

Retail

539

—

—

539

Technology

Hardware,

Storage

&

Peripherals

1,714

—

—

1,714

Textiles,

Apparel

&

Luxury

Goods

1,877

—

—

1,877

Trading

Companies

&

Distributors

737

—

—

737

Transportation

Infrastructure

377

—

—

377

Water

Utilities

94

—

—

94

Wireless

Telecommunication

Services

802

—

—

802

Total

Common

Stocks

74,537

509

—

75,046

First

Quarter

Report

—

December

31,

2023

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Rights

Banks

$

—

$

0

(1)

$

—

$

0

Warrants

Software

—

1

—

1

Short-Term

Investment

Investment

Company

108

—

—

108

Total

Assets

$74,645

$510

$—

$75,155

(1)

Value

is

less

than

$500

First

Quarter

Report

—

December

31,

2023

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

December

31,

2023:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Calvert

Ultra-Short

Investment

Grade

ETF

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

$

—‌

$

5,564‌

$

—‌

$

5,564‌

Commercial

Mortgage-

Backed

Securities

—‌

5,890‌

—‌

5,890‌

Corporate

Bonds

—‌

25,019‌

—‌

25,019‌

U.S.

Government

and

Agency

Securities

—‌

4,392‌

—‌

4,392‌

—‌

—‌

—‌

—‌

Total

Fixed

Income

Securities

—‌

40,865‌

—‌

40,865‌

—‌

—‌

—‌

—‌

Short-Term

Investments

Investment

Company

1,625‌

—‌

—‌

1,625‌

Commercial

Paper

—‌

4,085‌

—‌

4,085‌

Total

Short-Term

Investments

1,625‌

4,085‌

—‌

5,710‌

Total

Assets

$1,625‌

$44,950‌

$—‌

$46,575‌

First

Quarter

Report

—

December

31,

2023

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

December

31,

2023:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Assets:  

Common

Stocks

$

250,202

(1)

$

—

$

—

$

250,202

Short-Term

Investment

Investment

Company

490

—

—

490

Total

Assets

$250,692

$—

$—

$250,692

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

2023

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

December

31,

2023:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Assets:  

Common

Stocks

$

30,539

(1)

$

—

$

—

$

30,539

Short-Term

Investment

Investment

Company

60

—

—

60

Total

Assets

$30,599

$—

$—

$30,599

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

2023

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

December

31,

2023:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Assets:  

Common

Stocks

$

39,970

(1)

$

—

$

—

$

39,970

Short-Term

Investment

Investment

Company

85

—

—

85

Total

Assets

$40,055

$—

$—

$40,055

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

2023

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

December

31,

2023:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Calvert

US

Select

Equity

ETF

Assets:  

Common

Stocks

$

26,377

(1)

$

—

$

—

$

26,377

Short-Term

Investment

Investment

Company

49

—

—

49

Total

Assets

$26,426

$—

$—

$26,426

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

2023

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

December

31,

2023:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Eaton

Vance

High

Yield

ETF

Assets:

Fixed

Income

Securities

Corporate

Bonds

$

—‌

$

20,314‌

$

—‌

$

20,314‌

—‌

—‌

—‌

—‌

Short-Term

Investments

Investment

Company

569‌

—‌

—‌

569‌

Total

Assets

$569‌

$20,314‌

$—‌

$20,883‌

First

Quarter

Report

—

December

31,

2023

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

December

31,

2023:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Eaton

Vance

Intermediate

Municipal

Income

ETF

Assets:

Fixed

Income

Securities

Municipal

Bonds

$

—‌

$

19,630‌

$

—‌

$

19,630‌

—‌

—‌

—‌

—‌

Short-Term

Investments

Investment

Company

37‌

—‌

—‌

37‌

Municipal

Bonds

—‌

1,250‌

—‌

1,250‌

Total

Short-Term

Investments

37‌

1,250‌

—‌

1,287‌

Total

Assets

$37‌

$20,880‌

$—‌

$20,917‌

First

Quarter

Report

—

December

31,

2023

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

December

31,

2023:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Eaton

Vance

Ultra-Short

Income

ETF

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

$

—‌

$

4,487‌

$

—‌

$

4,487‌

Commercial

Mortgage-

Backed

Securities

—‌

1,486‌

—‌

1,486‌

Corporate

Bonds

—‌

10,642‌

—‌

10,642‌

U.S.

Government

and

Agency

Securities

—‌

1,883‌

—‌

1,883‌

—‌

—‌

—‌

—‌

Total

Fixed

Income

Securities

—‌

18,498‌

—‌

18,498‌

—‌

—‌

—‌

—‌

Short-Term

Investments

Investment

Company

75‌

—‌

—‌

75‌

Commercial

Paper

—‌

1,427‌

—‌

1,427‌

Total

Short-Term

Investments

75‌

1,427‌

—‌

1,502‌

Total

Assets

$75‌

$19,925‌

$—‌

$20,000‌

First

Quarter

Report

—

December

31,

2023

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

December

31,

2023:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Parametric

Equity

Premium

Income

ETF

Assets:  

Common

Stocks

$

22,702

(1)

$

—

$

—

$

22,702

Short-Term

Investment

Investment

Company

403

—

—

403

Total

Assets

$23,105

$—

$—

$23,105

Liabilities:

Written

Options

—

(

31)

—

(

31)

Total

Liabilities

$—

$(31)

$—

$(31)

Total

$23,105

$(31)

$—

$23,074

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

2023

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

December

31,

2023:

Transfers

between

investment

levels

may

occur

as

the

markets

fluctuate

and/or

the

availability

of

data

used

in

an

investment’s

valuation

changes. 

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Parametric

Hedged

Equity

ETF

Assets:  

Common

Stocks

$

22,479

(1)

$

—

$

—

$

22,479

Purchased

Options

254

—

—

254

Short-Term

Investment

Investment

Company

401

—

—

401

Total

Assets

$23,134

$—

$—

$23,134

Liabilities:

Written

Options

(

815)

—

—

(

815)

Total

Liabilities

$(815)

$—

$—

$(815)

Total

$22,319

$—

$—

$22,319

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.