UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number: | 811-23890 |
| Exact name of registrant as specified in charter: | Macquarie ETF Trust |
| Address of principal executive offices: | 610 Market Street Philadelphia, PA 19106 |
| Name and address of agent for service: | David F. Connor, Esq. 610 Market Street Philadelphia, PA 19106 |
| Registrant’s telephone number, including area code: | (800) 523-1918 |
| Date of fiscal year end: | March 31 |
| Date of reporting period: | September 30, 2024 |
Item 1. Reports to Stockholders.
(a) The registrant’s semiannual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Macquarie Energy Transition ETF: PWER
Principal listing exchange: NYSE Arca
Semi-annual shareholder report — September 30, 2024
This semiannual shareholder report contains important information about Macquarie Energy Transition ETF (Fund) for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference^ |
|---|---|---|
| PWER | $41 | 0.79% |
| Footnote | Description |
Footnote^ | Annualized |
Fund statistics
(as of September 30, 2024)
- Fund net assets$7,319,064
- Total number of portfolio holdings37
- Total advisory fees paid$25,731
- Portfolio turnover rate23%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
| Oil & Gas Exploration & Production | 17.52% |
| Diversified Metals & Mining | 16.40% |
| Electrical Components & Equipment | 9.06% |
| Oil & Gas Equipment & Services | 6.72% |
| Semiconductors | 6.15% |
| Fertilizers & Agricultural Chemicals | 5.63% |
| Copper | 4.85% |
| Oil & Gas Refining & Marketing | 4.80% |
| Aluminum | 4.74% |
| Integrated Oil & Gas | 4.66% |
Top 10 equity holdings
| First Solar, Inc. | 6.15% |
| Hudbay Minerals, Inc. | 5.78% |
| CF Industries Holdings, Inc. | 5.63% |
| Anglo American plc | 4.92% |
| ERO Copper Corp. | 4.85% |
| Alcoa Corp. | 4.74% |
| Sunrun, Inc. | 4.33% |
| MP Materials Corp. | 3.99% |
| Shell plc ADR | 3.80% |
| Wheaton Precious Metals Corp. | 3.79% |
1
TSSR-PWER-1124
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 844 469-9911 and we will begin sending you separate copies of these materials within 30 days after receiving your request. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.
(3983695)
TSSR-PWER-1124
2
Macquarie Focused Emerging Markets Equity ETF: EMEQ
Principal listing exchange: NASDAQ
Semi-annual shareholder report — September 30, 2024
This semiannual shareholder report contains important information about Macquarie Focused Emerging Markets Equity ETF (Fund) for the period of September 4, 2024, to September 30, 2024. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.
What were the Fund's costs for September 4, 2024 (inception of Fund) through September 30, 2024?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investmentFootnote Reference* | Costs paid as a percentage of a $10,000 investmentFootnote Reference^ |
|---|---|---|
| EMEQ | $7 | 0.85% |
| Footnote | Description |
Footnote* | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operation for the last six months. |
Footnote^ | Annualized |
Fund statistics
(as of September 30, 2024)
- Fund net assets$5,426,725
- Total number of portfolio holdings48
- Total advisory fees paid$3,106
- Portfolio turnover rate2%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
| South Korea | 23.34% |
| China | 21.52% |
| Taiwan | 20.54% |
| India | 12.21% |
| Mexico | 5.23% |
| Brazil | 5.20% |
| Hong Kong | 3.02% |
| Indonesia | 2.83% |
| Turkiye | 1.39% |
| Thailand | 1.29% |
Sector allocation
| Information Technology | 36.02% |
| Financials | 14.99% |
| Consumer Discretionary | 11.59% |
| Energy | 11.04% |
| Industrials | 8.92% |
| Communication Services | 6.75% |
| Consumer Staples | 5.35% |
| Healthcare | 3.73% |
| Materials | 0.70% |
Top 10 equity holdings
| Taiwan Semiconductor Manufacturing Co. Ltd. | 15.21% |
| Reliance Industries Ltd. GDR 144A | 8.35% |
| SK Hynix, Inc. | 7.49% |
| Samsung Electronics Co. Ltd. | 6.67% |
| SK Square Co. Ltd. | 5.38% |
| Alibaba Group Holding Ltd. ADR | 4.86% |
| Tencent Holdings Ltd. | 4.68% |
| Hong Kong Exchanges & Clearing Ltd. | 3.02% |
| PDD Holdings, Inc. ADR | 2.58% |
| MediaTek, Inc. | 2.25% |
1
TSSR-EMEQ-1124
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 844 469-9911 and we will begin sending you separate copies of these materials within 30 days after receiving your request. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.
(3984436)
TSSR-EMEQ-1124
2
Macquarie Focused Large Growth ETF: LRGG
Principal listing exchange: NYSE Arca
Semi-annual shareholder report — September 30, 2024
This semiannual shareholder report contains important information about Macquarie Focused Large Growth ETF (Fund) for the period of May 14, 2024, to September 30, 2024. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.
What were the Fund's costs for May 14, 2024 (inception of Fund) through September 30, 2024?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investmentFootnote Reference* | Costs paid as a percentage of a $10,000 investmentFootnote Reference^ |
|---|---|---|
| LRGG | $18 | 0.44% |
| Footnote | Description |
Footnote* | Amount shown reflects the expenses of the Fund from inception date through September 30, 2024. Expenses would be higher if the Fund had been in operation for the last six months. |
Footnote^ | Annualized |
Fund statistics
(as of September 30, 2024)
- Fund net assets$25,070,814
- Total number of portfolio holdings21
- Total advisory fees paid$24,667
- Portfolio turnover rate0%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
| Information Technology | 46.33% |
| Financials | 12.54% |
| Consumer Discretionary | 12.32% |
| Communication Services | 8.31% |
| Healthcare | 8.03% |
| Industrials | 3.96% |
| Consumer Staples | 3.46% |
| Real Estate | 3.42% |
Top 10 equity holdings
| Microsoft Corp. | 13.34% |
| NVIDIA Corp. | 9.86% |
| Apple, Inc. | 7.91% |
| Amazon.com, Inc. | 6.77% |
| Alphabet, Inc., Class C | 6.17% |
| Visa, Inc., Class A | 4.80% |
| UnitedHealth Group, Inc. | 4.69% |
| Motorola Solutions, Inc. | 4.65% |
| Intuit, Inc. | 4.12% |
| Waste Connections, Inc. | 3.96% |
1
TSSR-LRGG-1124
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 844 469-9911 and we will begin sending you separate copies of these materials within 30 days after receiving your request. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.
(3983799)
TSSR-LRGG-1124
2
Macquarie Global Listed Infrastructure ETF: BILD
Principal listing exchange: NYSE Arca
Semi-annual shareholder report — September 30, 2024
This semiannual shareholder report contains important information about Macquarie Global Listed Infrastructure ETF (Fund) for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference^ |
|---|---|---|
| BILD | $26 | 0.49% |
| Footnote | Description |
Footnote^ | Annualized |
Fund statistics
(as of September 30, 2024)
- Fund net assets$5,566,180
- Total number of portfolio holdings28
- Total advisory fees paid$12,725
- Portfolio turnover rate17%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Country allocation
| United States of America | 27.39% |
| United Kingdom | 26.01% |
| Spain | 11.14% |
| Italy | 8.42% |
| Canada | 5.44% |
| Japan | 4.90% |
| New Zealand | 3.51% |
| Australia | 2.94% |
| Switzerland | 2.91% |
| Greece | 2.06% |
Sector allocation
| Electric Utility | 21.11% |
| Water | 20.50% |
| Electricity Transmission | 13.11% |
| Airports | 10.40% |
| Rail/Other Transportation | 7.83% |
| Electricity Generation | 6.00% |
| Energy Infrastructure | 5.94% |
| Telecom Tower REITs | 4.64% |
| Integrated Telecommunication Services | 3.64% |
| Electricity and Gas Distribution | 3.54% |
Top 10 equity holdings
| United Utilities Group plc | 6.98% |
| National Grid plc | 6.12% |
| Severn Trent plc | 5.48% |
| Crown Castle, Inc. | 4.64% |
| Essential Utilities, Inc. | 4.55% |
| NextEra Energy, Inc. | 4.03% |
| EDP Renovaveis SA | 4.02% |
| Exelon Corp. | 3.99% |
| SSE plc | 3.95% |
| Cellnex Telecom SA 144A | 3.64% |
1
TSSR-BILD-1124
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 844 469-9911 and we will begin sending you separate copies of these materials within 30 days after receiving your request. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.
(3983842)
TSSR-BILD-1124
2
Macquarie Tax-Free USA Short Term ETF: STAX
Principal listing exchange: NYSE Arca
Semi-annual shareholder report — September 30, 2024
This semiannual shareholder report contains important information about Macquarie Tax-Free USA Short Term ETF (Fund) for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.
What were the Fund's costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investmentFootnote Reference^ |
|---|---|---|
| STAX | $15 | 0.29% |
| Footnote | Description |
Footnote^ | Annualized |
Fund statistics
(as of September 30, 2024)
- Fund net assets$5,074,787
- Total number of portfolio holdings32
- Total advisory fees paid$7,313
- Portfolio turnover rate15%
Fund holdings
(as of September 30, 2024)
The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.
Sector allocation
| Healthcare Revenue Bonds | 20.29% |
| State General Obligation Revenue Bonds | 17.29% |
| Education Revenue Bonds | 14.19% |
| Water and Sewer Revenue Bonds | 13.72% |
| Transportation Revenue Bonds | 13.67% |
| Leasing Revenue Bonds | 7.93% |
| Electric Revenue Bonds | 5.18% |
| Industrial Development Revenue Bonds | 4.28% |
| Special Tax Revenue Bonds | 2.02% |
State/territory allocation
| Pennsylvania | 19.19% |
| Colorado | 11.92% |
| New York | 11.39% |
| New Jersey | 10.07% |
| Minnesota | 7.10% |
| California | 5.73% |
| Texas | 5.38% |
| Arizona | 5.38% |
| Illinois | 4.86% |
| Washington | 4.16% |
1
TSSR-STAX-1124
Availability of additional information
You can find additional information about the Fund, such as the prospectus, financial information, holdings, and proxy voting information, at macquarie.com/mam/etf-literature. You can also request this information by contacting us at 844 469-9911, weekdays from 9:00am to 5:00pm ET.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 844 469-9911 and we will begin sending you separate copies of these materials within 30 days after receiving your request. If you choose, you may receive these documents through electronic delivery.
For more information, please scan the QR code at left to navigate to additional hosted material at macquarie.com/mam/etf-literature.
(3983862)
TSSR-STAX-1124
2
(b) Not applicable
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
The independent board members are acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Securities Exchange Act of 1934. The Audit Committee consists of the following Board members: Thomas F. Flannery, Beata Kirr, and Brian A. Swain.
Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.
The semi-annual financial statements are attached herewith.
(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information required by Item 13 of Form N-1A.
The Financial Highlights are attached herewith.
Macquarie
Global
Listed
Infrastructure
ETF
Financial
statements
and
other
information
For
the
six
months
ended
September
30,
2024
Table
of
contents
Schedule
of
investments
1
Statement
of
assets
and
liabilities
3
Statement
of
operations
4
Statements
of
changes
in
net
assets
5
Financial
highlights
6
Notes
to
financial
statements
7
Other
Fund
information
16
This
report
and
the
financial
statements
contained
herein
are
submitted
for
the
general
information
of
the
shareholders
of
the
Fund.
This
report
is
not
authorized
for
distribution
to
prospective
investors
in
the
Fund
unless
preceded
or
accompanied
by
an
effective
prospectus.
Form
N-PORT
and
proxy
voting
information
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Fund’s
Form
N-PORT,
as
well
as
a
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
(if
any)
relating
to
portfolio
securities,
is
available
without
charge
(i)
upon
request,
by
calling
844
469-9911;
and
(ii)
on
the
SEC’s
website
at
sec.gov.
In
addition,
a
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
(if
any)
relating
to
portfolio
securities
and
the
Schedule
of
Investments
included
in
the
Fund’s
most
recent
Form
N-PORT
are
available
without
charge
on
the
Fund’s
website
at
macquarie.com/mam/etf-literature.
Information
(if
any)
regarding
how
the
Fund
voted
proxies
relating
to
portfolio
securities
during
the
most
recently
disclosed
12-month
period
ended
June
30
is
available
without
charge
(i)
through
the
Fund’s
website
at
macquarie.com/mam/etf-literature;
and
(ii)
on
the
SEC’s
website
at
sec.gov.
Schedule
of
investments
Macquarie
Global
Listed
Infrastructure
ETF
1
September
30,
2024
(Unaudited)
Number
of
shares
Value
(US
$)
Common
Stocks
—
97.97%
Δ
Australia
-
2.94%
APA
Group
30,523
$
163,752
163,752
Canada
-
5.44%
Canadian
National
Railway
Co.
1,395
163,352
Hydro
One
Ltd.
144A
#
4,028
139,623
302,975
Denmark
-
1.98%
Orsted
A/S
144A
#,†
1,661
110,427
110,427
France
-
1.27%
Vinci
SA
603
70,446
70,446
Greece
-
2.06%
Athens
International
Airport
SA
13,472
114,632
114,632
Italy
-
8.42%
Enav
SpA
144A
#
24,086
106,816
Snam
SpA
32,760
166,690
Terna
-
Rete
Elettrica
Nazionale
21,648
194,900
468,406
Japan
-
4.90%
East
Japan
Railway
Co.
8,400
166,480
West
Japan
Railway
Co.
5,600
106,136
272,616
New
Zealand
-
3.51%
Auckland
International
Airport
Ltd.
41,151
195,290
195,290
Spain
-
11.14%
Cellnex
Telecom
SA
144A
#
4,991
202,395
EDP
Renovaveis
SA
12,792
223,702
Redeia
Corp.
SA
9,978
194,039
620,136
Switzerland
-
2.91%
Flughafen
Zurich
AG
674
161,980
161,980
United
Kingdom
-
26.01%
National
Grid
plc
24,736
340,629
Pennon
Group
plc
24,491
193,840
Severn
Trent
plc
8,642
305,255
SSE
plc
8,726
219,675
Schedule
of
investments
Macquarie
Global
Listed
Infrastructure
ETF
2
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Number
of
shares
Value
(US
$)
Common
Stocks
(continued)
United
Kingdom
(continued)
United
Utilities
Group
plc
27,794
$
388,499
1,447,898
United
States
of
America
-
27.39%
CMS
Energy
Corp.
2,377
167,888
Crown
Castle,
Inc.
2,178
258,376
Essential
Utilities,
Inc.
6,569
253,366
Eversource
Energy
2,960
201,428
Exelon
Corp.
5,482
222,295
NextEra
Energy,
Inc.
2,652
224,174
Sempra
2,357
197,116
1,524,643
Total
Common
Stocks
(cost
$5,034,107)
5,453,201
Short-Term
Investments
—
0.48%
Money
Market
Mutual
Funds
-
0.48%
JPMorgan
U.S.
Government
Money
Market
Fund
—
Class
Morgan
(seven-day
effective
yield
4.41%)
26,583
26,583
Total
Short-Term
Investments
(cost
$26,583)
26,583
Total
Value
of
Securities
—
98.45%
(cost
$5,060,690)
5,479,784
Receivables
and
Other
Assets
Net
of
Liabilities
—
1.55%
86,396
Net
Assets
Applicable
to
200,000
Shares
Outstanding
—
100.00%
$
5,566,180
Δ
Securities
have
been
classified
by
country
of
risk.
#
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
At
September
30,
2024,
the
aggregate
value
of
Rule
144A
securities
was
$559,261,
which
represents
10.05%
of
the
Fund's
net
assets.
See
Note
5
in
“Notes
to
financial
statements."
†
Non-income
producing
security.
Summary
of
abbreviations:
AG
–
Aktiengesellschaft
SpA
–
Stand-by
Purchase
Agreement
Statement
of
assets
and
liabilities
Macquarie
Global
Listed
Infrastructure
ETF
3
September
30,
2024
(Unaudited)
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Assets:
Investments
at
value*
$
5,479,784
Foreign
currency,
at
value**
21
Receivable
for
fund
shares
sold
317,994
Dividends
receivable
6,329
Total
Assets
5,804,128
Liabilities:
Payable
for
securities
purchased
235,720
Management
fees
payable
to
affiliates
2,228
Total
Liabilities
237,948
Total
Net
Assets
$
5,566,180
Net
Assets
Consist
of:
Paid-in-capital
$
5,000,000
Total
distributable
earnings
(loss)
566,180
Total
Net
Assets
$
5,566,180
Shares
outstanding
(unlimited
amount
authorized,
no
par
value)
200,000
Net
asset
value
per
share
$
27.83
*Investments,
at
cost
$
5,060,690
**Foreign
currency,
at
cost
21
Statement
of
operations
Macquarie
Global
Listed
Infrastructure
ETF
Six
months
ended
September
30,
2024
(Unaudited)
4
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Investment
Income:
Dividends
$
123,179
Foreign
tax
withheld
(
9,043
)
114,136
Expenses:
Management
fees
12,725
Total
operating
expenses
12,725
Net
Investment
Income
(Loss)
101,411
Net
Realized
and
Unrealized
Gain
(Loss):
Net
realized
gain
(loss)
on:
Investments
122,057
Foreign
currencies
350
Net
realized
gain
(loss)
122,407
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
381,832
Foreign
currencies
(
83
)
Net
change
in
unrealized
appreciation
(depreciation)
381,749
Net
Realized
and
Unrealized
Gain
(Loss)
504,156
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
605,567
Statements
of
changes
in
net
assets
Macquarie
Global
Listed
Infrastructure
ETF
5
*Date
of
commencement
of
operations.
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Six
months
ended
September
30,
2024
(Unaudited)
For
the
period
November
28,
2023
*
to
March
31,
2024
Increase
(Decrease)
in
Net
Assets
from
Operations:
Net
investment
income
(loss)
$
101,411
$
47,444
Net
realized
gain
(loss)
122,407
13,434
Net
change
in
unrealized
appreciation
(depreciation)
381,749
37,234
Net
increase
(decrease)
in
net
assets
resulting
from
operations
605,567
98,112
Dividends
and
Distributions
to
Shareholders
from:
Distributable
earnings
(94,942
)
(42,557
)
(94,942
)
(42,557
)
Capital
Share
Transactions:
1
Proceeds
from
shares
sold
–
5,000,000
Increase
in
net
assets
derived
from
capital
share
transactions
–
5,000,000
Net
Increase
(Decrease)
in
Net
Assets
510,625
5,055,555
Net
Assets:
Beginning
of
period
5,055,555
–
End
of
period
$
5,566,180
$
5,055,555
Capital
Share
Transactions:
Beginning
of
period
200,000
–
Shares
subscribed
in-kind
–
200,000
Shares
outstanding,
end
of
period
200,000
200,000
1
Capital
share
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
4
in
"Notes
to
financial
statements."
Financial
highlights
Macquarie
Global
Listed
Infrastructure
ETF
6
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Selected
data
for
the
Fund
outstanding
throughout
each
period
were
as
follows:
Six
months
ended
September
30,
2024
1
(Unaudited)
For
the
period
November
28,
2023
2
to
March
31,
2024
Net
asset
value,
beginning
of
period
......
$
25
.28
$
25
.00
Income
(loss)
from
investment
operations:
—
—
Net
investment
income
3
.................
0
.51
0
.24
Net
realized
and
unrealized
gain
...........
2
.51
0
.25
Total
from
investment
operations
..........
3.02
0.49
Less
dividends
and
distributions
from:
—
—
Net
investment
income
.................
(
0
.47
)
(
0
.21
)
Total
dividends
and
distrib
u
tions
...........
(0.47)
(0.21)
Net
asset
value,
end
of
period
...........
$
27.83
$
25.28
Total
return
4
.........................
12.08%
1.97%
Ratios
and
supplemental
data:
$5,566
$5,056
Net
assets,
end
of
period
(000
omitted)
......
$
5,566
$
5,056
Ratio
of
expenses
to
average
net
assets
5
....
0.49%
0.49%
Ratio
of
net
investment
income
to
average
net
assets
.............................
3.90%
2.75%
Portfolio
turnover
6
......................
17%
11%
1
Ratios
have
been
annualized
and
total
return
and
portfolio
turnover
have
not
been
annualized.
2
Date
of
commencement
of
operations;
ratios
have
been
annualized
and
total
return
and
portfolio
turnover
have
not
been
annualized.
3
Calculated
using
average
shares
outstanding.
4
Total
return
is
based
on
the
change
in
net
asset
value
of
a
share
during
the
period
and
assumes
reinvestment
of
dividends
and
distributions
at
net
asset
value.
5
Expense
ratios
do
not
include
expenses
of
any
investment
companies
in
which
the
Fund
invests.
6
Excludes
the
value
of
portfolio
securities
received
or
delivered
as
a
result
of
in-kind
purchases
or
redemptions
of
the
Fund’s
capital
shares.
Notes
to
financial
statements
Macquarie
Global
Listed
Infrastructure
ETF
7
September
30,
2024
Macquarie
ETF
Trust
(Trust)
is
organized
as
a
Delaware
statutory
trust
effective
February
22,
2023
and
is
an
open-end
management
investment
company
registered
with
the
U.S.
Securities
and
Exchange
Commission.
As
of
the
date
of
this
report,
the
Trust
offers
five series.
These
financial
statements
and
the
related
notes
pertain
to
Macquarie
Global
Listed
Infrastructure
ETF (the
Fund).
The
Fund
is
considered
diversified
under
the
Investment
Company
Act
of
1940,
as
amended
(1940
Act).
1.
Significant
Accounting
Policies
The
Fund
follows
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
—
Investment
Companies.
The
following
accounting
policies
are
in
accordance
with
US
generally
accepted
accounting
principles
(US
GAAP)
and
are
consistently
followed
by
the
Fund.
Security
Valuation
—
Equity
securities,
except
those
traded
on
the
Nasdaq
Stock
Market
LLC
(Nasdaq),
are
valued
at
the
last
quoted
sales
price
as
of
the
time
of
the
regular
close
of
the
New
York
Stock
Exchange
(NYSE) on
the
valuation
date.
Equity
securities
traded
on
the
Nasdaq
are
valued
in
accordance
with
the
Nasdaq
Official
Closing
Price,
which
may
not
be
the
last
sales
price.
If,
on
a
particular
day,
an
equity
security
does
not
trade,
the
mean
between
the
bid
and
the
ask
prices
will
be
used,
which
approximates
fair
value.
Equity
securities
listed
on
a
foreign
exchange
are
normally
valued
at
the
last
quoted
sales
price
on
the
valuation
date.
Open-end
investment
companies
are
valued
at
their
published
net
asset
value
(NAV). Investments
for
which
market
quotations
are
not
readily
available
are
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
Rule
2a-
5
under
the
1940
Act
(Rule
2a-5).
As
a
general
principle,
the
fair
value
of
a
security
or
other
asset
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Pursuant
to
Rule
2a-5,
the
Board
of
Trustees
(Board)
has
designated
Delaware
Management
Company
(DMC
or
the
Manager)
as
the
valuation
designee
(Valuation
Designee)
for
the
Fund
to
perform
the
fair
value
determination
relating
to
all
applicable
Fund
investments.
DMC
has
established
a
Pricing
Committee
to
assist
with
its
designated
responsibilities
as
Valuation
Designee,
and
DMC
may
carry
out
its
designated
responsibilities
as
Valuation
Designee
through
the
Pricing
Committee
and
other
teams
and
committees,
which
operate
under
policies
and
procedures
approved
by
the
Board
and
subject
to
the
Board's
oversight.
Fair
value
pricing
may
be
used
more
frequently
for
securities
traded
primarily
in
non-US
markets.
The
Fund
may
use
fair
value
pricing
relatively
frequently
for
securities
traded
primarily
in
non-US
markets.
If
a
foreign
(non-US)
equity
security's
value
has
materially
changed
after
the
close
of
the
security's
primary
exchange
or
principal
market
but
before
the
close
of
the
NYSE,
the
security
may
be
valued
at
fair
value.
With
respect
to
foreign
(non-US)
equity
securities,
the
Fund
may
determine
the
fair
value
of
investments
based
on
information
provided
by
pricing
vendors,
which
may
recommend
fair
value
or
adjustments
with
reference
to
other
securities,
indexes
or
assets.
In
considering
whether
fair
valuation
is
required
and
in
determining
fair
values,
the
Valuation
Designee
may,
among
other
things,
consider
significant
events
(which
may
be
considered
to
include
changes
in
the
value
of
US
securities
or
Notes
to
financial
statements
Macquarie
Global
Listed
Infrastructure
ETF
8
securities
indexes)
that
occur
after
the
close
of
the
relevant
market
and
before
the
close
of
the
NYSE.
The
Valuation
Designee
may
utilize
modeling
tools
provided
by
third-party
vendors
to
determine
fair
values
of
non-US
securities.
Federal
Income
Taxes
—
No
provision
for
federal
income
taxes
has
been
made
as the
Fund
intends
to
continue
to
qualify
for
federal
income
tax
purposes
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended,
and
make
the
requisite
distributions
to
shareholders.
The
Fund
evaluates
tax
positions
taken
or
expected
to
be
taken
in
the
course
of
preparing
the
Fund's
tax
returns
to
determine
whether
the
tax
positions
are
“more-
likely-than-not”
of
being
sustained
by
the
applicable
tax
authority.
Tax
positions
not
deemed
to
meet
the
“more-likely-than-not”
threshold
are
recorded
as
a
tax
benefit
or
expense
in
the
current
period.
Management
has
analyzed the
Fund’s
tax
positions
taken
or
expected
to
be
taken
on the
Fund’s
federal
income
tax
returns
through
the six
months
ended September
30,
2024
and
for
the
open
tax
year
ended
March
31,
2024,
and
has
concluded
that
no
provision
for
federal
income
tax
is
required
in
the
Fund’s
financial
statements.
If
applicable,
the
Fund
recognizes
interest
accrued
on
unrecognized
tax
benefits
in
interest
expense
and
penalties
in
"Other"
on
the
"Statement
of
operations."
During
the
six
months
ended September
30,
2024,
the
Fund
did
not
incur
any
interest
or
tax
penalties.
Foreign
Currency
Transactions
—
Transactions
denominated
in
foreign
currencies
are
recorded
at
the
prevailing
exchange
rates
on
the
valuation
date.
The
value
of
all
assets
and
liabilities
denominated
in
foreign
currencies
is
translated
daily
into
US
dollars
at
the
exchange
rate
of
such
currencies
against
the
US
dollar.
Transaction
gains
or
losses
resulting
from
changes
in
exchange
rates
during
the
reporting
period
or
upon
settlement
of
the
foreign
currency
transaction
are
reported
in
operations
for
the
current
period.
The
Fund
generally
does
not
bifurcate
that
portion
of
realized
gains
and
losses
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices.
These
realized
gains
and
losses
are
included
on
the
“Statement
of
operations”
under
“Net
realized
gain
(loss)
on
investments.” The
Fund
reports
certain
foreign
currency
related
transactions
as
components
of
realized
gains
(losses)
for
financial
reporting
purposes,
whereas
such
components
are
treated
as
ordinary
income
(loss)
for
federal
income
tax
purposes.
In-kind
Redemptions
—
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Fund.
Because
such
gains
or
losses
are
not
taxable
to
the
Fund
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Fund’s
tax
year.
These
reclassifications
have
no
effect
on
net
assets
NAV
per
share.
Use
of
Estimates
—
The
preparation
of
financial
statements
in
conformity
with
US
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
fair
value
of
investments,
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
1.
Significant
Accounting
Policies
(continued)
9
the
date
of
the
financial
statements,
and
the
reported
amounts
of
revenues
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates
and
the
differences
could
be
material.
Other
—
Security
transactions
are
recorded
on
the
date
the
securities
are
purchased
or
sold
(trade
date)
for
financial
reporting
purposes.
Costs
used
in
calculating
realized
gains
and
losses
on
the
sale
of
investment
securities
are
those
of
the
specific
securities
sold.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Foreign
dividends
are
also
recorded
on
the
ex-dividend
date
or
as
soon
after
the
ex-dividend
date
that
the
Fund
is
aware
of
such
dividends,
net
of
all
tax
withholdings,
a
portion
of
which
may
be
reclaimable.
Withholding
taxes
and
reclaims
on
foreign
dividends
have
been
recorded
in
accordance
with
the
Fund's
understanding
of
the
applicable
country’s
tax
rules
and
rates.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
"Statement
of
operations"
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes. Income
and
capital
gain
distributions
from
any
investment
companies
(Underlying
Funds)
in
which
the
Fund
invests
are
recorded
on
the
ex-dividend
date.
The
Fund
declares
and
pays
dividends
from
net
investment
income
quarterly
and
distributions
from
net
realized
gain
on
investments,
if
any,
at
least
annually.
The
Fund
may
distribute
more
frequently,
if
necessary
for
tax
purposes.
Dividends
and
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
2.
Investment
Management,
Administration
Agreements,
and
Other
Transactions
with
Affiliates
In
accordance
with
the
terms
of
its
investment
management
agreement,
the
Fund
pays
DMC,
a
series
of
Macquarie
Investment
Management
Business
Trust
(MIMBT),
and
the
investment
manager,
an
annual
unitary
management
fee
which
is
calculated
daily
and
paid
monthly
at
the
rate
of
0.49%
on
the
Fund's
average
daily
net
assets.
From
the
unitary
management
fees,
DMC
pays
most
of
the
expenses
of
the
Fund,
including
the
cost
of
sub-advisory
fees
to
any
investment
sub-adviser,
transfer
agency,
custody,
fund
administration,
legal,
audit
and
other
services.
However,
under
the
investment
management
agreement,
DMC
is
not
responsible
for
(i)
interest
expenses;
(ii)
taxes
(including,
but
not
limited
to,
income,
excise,
transfer
and
withholding
taxes);
(iii)
expenses
of
a
Fund
incurred
with
respect
to
the
acquisition
and
disposition
of
portfolio
securities,
instruments
or
other
investments
and
the
execution
of
portfolio
transactions,
including
brokerage
commissions;
(iv)
expenses
incurred
in
connection
with
any
distribution
plan
adopted
by
the
Trust
in
compliance
with
Rule
12b-1
under
the
1940
Act,
including
distribution
fees;
(v)
litigation
expenses;
(vi)
the
investment
advisory
fee
payable
to
the
Manager;
(vii)
non-routine
or
extraordinary
expenses
(including,
without
limitation,
the
expense
associated
with
proxy
solicitations
and
fund
reorganizations);
and
(viii)
acquired
fund
fees
and
expenses.
1.
Significant
Accounting
Policies
(continued)
Notes
to
financial
statements
Macquarie
Global
Listed
Infrastructure
ETF
10
DMC
entered
into
a
sub-advisory
agreement
on
behalf
of
the
Fund
with
Macquarie
Investment
Management
Global
Limited,
which
is
an
affiliate
of
DMC
(Affiliated
Sub-Advisor).
Although
the
Manager
has
principal
responsibility
for
the
Manager’s
portion
of
the
Fund,
the
Manager
may
permit
the
Affiliated
Sub-Advisor
to
execute
Fund
security
trades
on
behalf
of
the
Manager.
Pursuant
to
the
terms
of
the
sub-advisory
agreement,
the
investment
sub-advisory
fee
is
paid
by
DMC
to
the
Affiliated
Sub-Advisor
based
on
the
extent
to
which
the
Affiliated
Sub-Advisor
provides
services
to
the
Fund.
At
September
30,
2024,
Macquarie
Management
Holdings,
Inc.
directly
owned
94.65%
of
the
Fund.
In
addition
to
the
management
fees
and
other
expenses
of the
Fund, the
Fund
indirectly
bears
the
investment
management
fees
and
other
expenses
of
any
Underlying
Funds,
in
which
it
invests.
The
amount
of
these
fees
and
expenses
incurred
indirectly
by the
Fund
will
vary
based
upon
the
expense
and
fee
levels
of
any
Underlying
Funds
and
the
number
of
shares
that
are
owned
of
any
Underlying
Funds
at
different
times.
MIMBT,
of
which
DMC
is
a
series,
entered
into
a
settlement
agreement
on
September
19,
2024
with
the
U.S.
Securities
and
Exchange
Commission
(SEC)
consenting
to
an
order
(“Settlement
Order”)
relating
to
a
legacy
investment
strategy,
the
Absolute
Return
Mortgage-Backed
Securities
Strategy
(“ARMBS
Strategy”).
MIMBT
no
longer
offers
the
ARMBS
Strategy.
MIMBT
agreed
to
the
Settlement
Order
without
admitting
or
denying
the
SEC’s
findings.
The
Settlement
Order
does
not
impact
MIMBT’s
ability
to
continue
to
provide
services
to
the
Fund.
3.
Investments
For
the six
months
ended
September
30,
2024
,
the
Fund
made
purchases
and
sales
of
investment
securities
other
than
short-term
investments
and
US
government
securities as
follows:
There
were
no
investment
transactions
related
to
in-kind
purchases
and
sales
for
the
period
ended
September
30,
2024.
At
September
30,
2024,
the
cost
and
unrealized
appreciation
(depreciation)
of
investments
for
federal
income
tax
purposes
have
been
estimated
since
final
tax
characteristics
cannot
be
determined
until
fiscal
year
end.
At
September
30,
2024
,
the
cost
and
unrealized
appreciation
(depreciation)
of
investments
for
the
Fund
were
as
follows:
Purchases
$
895,241
Sales
957,019
Cost
of
investments
$
5,060,690
Aggregate
unrealized
appreciation
of
investments
$
466,917
Aggregate
unrealized
depreciation
of
investments
(47,823)
Net
unrealized
appreciation
of
investments
$
419,094
2.
Investment
Management,
Administration
Agreements,
and
Other
Transactions
with
Affiliates
(continued)
11
At
September
30,
2024
,
the
cost
and
unrealized
appreciation
(depreciation)
of
investments
for
federal
income
tax
purposes
have
been
estimated
since
final
tax
characteristics
cannot
be
determined
until
fiscal
year
end.
At
September
30,
2024,
the
cost
and
unrealized
appreciation
(depreciation)
of
investments
for
the
Fund
were
as
follows:
US
GAAP
defines
fair
value
as
the
price
that
the
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
under
current
market
conditions.
A
three-level
hierarchy
for
fair
value
measurements
has
been
established
based
upon
the
transparency
of
inputs
to
the
valuation
of
an
asset
or
liability.
Inputs
may
be
observable
or
unobservable
and
refer
broadly
to
the
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability
based
on
the
best
information
available
under
the
circumstances.
The
Fund's
investment
in
its
entirety
is
assigned
a
level
based
upon
the
observability
of
the
inputs
which
are
significant
to
the
overall
valuation.
The
three-level
hierarchy
of
inputs
is
summarized
as
follows:
Level
1
—
Inputs
are
quoted
prices
in
active
markets
for
identical
investments.
(Examples:
equity
securities,
open-end
investment
companies,
futures
contracts,
and
exchange-traded
options
contracts)
Level
2 —
Other
observable
inputs,
including,
but
not
limited
to:
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
and
default
rates)
or
other
market-corroborated
inputs.
(Examples:
debt
securities,
government
securities,
swap
contracts,
forward
foreign currency
exchange
contracts,
foreign
securities
utilizing
international
fair
value
pricing,
broker-quoted
securities,
and
fair
valued
securities)
Level
3 — Significant
unobservable
inputs,
including
the
Fund's
own
assumptions
used
to
determine
the
fair
value
of
investments.
(Examples:
broker-quoted
securities
and
fair
valued
securities)
Level
3
investments
are
valued
using
significant
unobservable
inputs.
The
Fund
may
also
use
an
income-based
valuation
approach
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Valuations
may
also
be
based
upon
current
market
prices
of
securities
that
are
comparable
in
coupon,
rating,
maturity,
and
industry.
The
derived
value
of
a
Level
3
investment
may
not
represent
the
value
which
is
received
upon
disposition
and
this
could
impact
the
results
of
operations.
3.
Investments
(continued)
Notes
to
financial
statements
Macquarie
Global
Listed
Infrastructure
ETF
12
The
following
table
summarizes
the
valuation
of
the
Fund's
investments
by
fair
value
hierarchy
levels
as
of
September
30,
2024
:
During
the six
months
ended
September
30,
2024
,
there
were
no
transfers
into
or
out
of
Level
3
investments.
The
Fund's
policy
is
to
recognize
transfers
into
or
out
of
Level
3
investments
based
on
fair
value
at
the
beginning
of
the
reporting
period.
A
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
has
a
significant
amount
of
Level
3
investments
at
the
beginning
or
end
of
the
period
in
relation
to
the
Fund's
net
assets.
As
of
September
30,
2024
,
there
were
no
Level
3
investments.
4.
Issuance
and
Redemption
of
Fund
Shares
The
Fund
is
an
exchange-traded
fund
or
ETF.
Individual
Fund
shares
may
only
be
purchased
and
sold
on
a
national
securities
exchange
through
a
broker-dealer
and
investors
may
pay
a
commission
to
such
broker-dealers
in
connection
with
their
purchase
or
sale.
The
price
of
Fund
shares
is
based
on
market
price,
and
because
ETF
shares
trade
at
market
prices
rather
than
NAV,
shares
may
trade
at
a
price
greater
than
NAV
(a
premium)
or
less
than
NAV
(a
discount).
The
Fund
will
only
issue
or
redeem
shares
aggregated
into
blocks
of
25,000 shares
or
multiples
thereof
(“Creation
Units”) to
Authorized
Participants
who
have
entered
into
agreements
with
the
Fund's
Distributor.
An
Authorized
Participant
is
either
(1)
a
“Participating
Party,”
(i.e.,
a
broker-
dealer
or
other
participant
in
the
clearing
process
of
the
Continuous
Net
Settlement
System
of
the
National
Securities
Clearing
Corporation)
(“Clearing
Process”),
or
(2)
a
participant
of
Depository
Trust
Company
(“DTC
Participant”),
and,
in
each
case,
must
have
executed
an
agreement
(“Participation
Agreement”)
with
the
Distributor
with
respect
to
creations
and
redemptions
of
Creation
Units.
The
Fund
will
issue
or
redeem
Creation
Units
in
return
for
a
basket
of
assets
that
the
Fund
specifies
each
day.
Shares
are
listed
on
the
NYSE
Arca,
Inc.
exchange
and
are
publicly
traded.
If
an
investor
buys
or
sells
Fund
shares
on
the
secondary
market,
the
investor
will
pay
or
receive
the
market
price,
which
may
be
higher
or
lower
than
NAV.
The
investor's
transaction
will
be
priced
at
NAV
if
the
investor
purchases
or
redeems
Fund
shares
in
Creation
Units.
Level
1
Level
2
Level
3
Total
Securities
Assets:
Common
Stocks
$
5,453,201
$
–
$
–
$
5,453,201
Short-Term
Investments
26,583
–
–
26,583
Total
Value
of
Securities
$
5,479,784
$
–
$
–
$
5,479,784
3.
Investments
(continued)
13
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
the
Fund's
Administrator
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Additionally,
a
portion
of
the
transaction
fee
is
used
to
offset
transactional
costs
typically
accrued
in
the
Fund's
custody
expenses
directly
related
to
the
issuance
and
redemption
of
Creation
Units.
An
additional
variable
fee
may
be
charged
for
certain
transactions.
Such
fees
would
be
included
in
the
receivable
for
capital
shares
issued
on
the
"Statement
of
assets
and
liabilities"
if
they
are
outstanding
as
of period-end.
Transaction
fees
assessed
during
the
period
are
included
in
the
proceeds
from
shares
issued
on
the
"Statements
of
changes
in
net
assets."
5.
Certain
Principal
Risks
of
the
Fund
Sustainability
risk
—
Investing
with
a
focus
on
companies
that
exhibit
a
commitment
to
sustainable
practices
may
result
in
the
Fund
investing
in
certain
types
of
companies,
industries
or
sectors
that
the
market
may
not
favor.
The
securities
of
such
companies
may
underperform
the
stock
market
as
a
whole
and
the
criteria
used
to
select
companies
for
investment
may
result
in
the
Fund
investing
in
securities
that
underperform
securities
of
companies
that
do
not
exhibit
such
a
commitment
to
sustainability.
Company
size
risk
—
The
risk
that
investments
in
small-
and/or
medium-sized
companies
may
be
more
volatile
than
those
of
larger
companies
because
of
limited
financial
resources
or
dependence
on
narrow
product
lines.
Infrastructure
industry
risk
—
Companies
in
the
infrastructure
industry
may
be
subject
to
a
variety
of
factors
that
could
adversely
affect
their
business
or
operations,
including
high
interest
costs
in
connection
with
capital
construction
programs,
high
degrees
of
leverage,
costs
associated
with
governmental,
environmental
and
other
regulations,
the
level
of
government
spending
on
infrastructure
projects,
and
other
factors.
Foreign
and
emerging
markets
risk
—
The
risk
that
international
investing
(particularly
in
emerging
markets)
may
be
adversely
affected
by
political
instability;
changes
in
currency
exchange
rates;
inefficient
markets
and
higher
transaction
costs;
foreign
economic
conditions;
the
imposition
of
economic
or
trade
sanctions;
or
inadequate
or
different
regulatory
and
accounting
standards.
The
risk
associated
with
international
investing
will
be
greater
in
emerging
markets
than
in
more
developed
foreign
markets
because,
among
other
things,
emerging
markets
may
have
less
stable
political
and
economic
environments.
In
addition,
there
often
is
substantially
less
publicly
available
information
about
issuers
and
such
information
tends
to
be
of
a
lesser
quality.
Economic
markets
and
structures
tend
to
be
less
mature
and
diverse
and
the
securities
markets
may
also
be
smaller,
less
liquid,
and
subject
to
greater
price
volatility.
Rule
144A
securities
— The
Fund
also
may
invest
in
securities
that
normally
are
purchased
or
resold
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
(Rule
144A
securities).
Rule
144A
is
designed
to
facilitate
efficient
trading
among
institutional
investors
by
permitting
the
sale
of
4.
Issuance
and
Redemption
of
Fund
Shares
(continued)
Notes
to
financial
statements
Macquarie
Global
Listed
Infrastructure
ETF
14
certain
unregistered
securities.
Rule
144A
securities
may
be
resold
only
to
qualified
institutional
buyers,
provided
that
certain
other
conditions
for
resale
are
met.
To
the
extent
privately
placed
securities
held
by
a
Fund
qualify
under
Rule
144A
and
an
institutional
market
develops
for
those
securities,
a
Fund
likely
will
be
able
to
dispose
of
the
securities
without
registering
them
under
the
Securities
Act
of
1933.
ETF
Structure
Risks
–
The
Fund
is
structured
as
an
ETF
and
as
a
result
is
subject
to
special
risks.
Shares
are
not
individually
redeemable
and
may
be
redeemed
by
the
Fund
at
NAV
only
in
large
blocks
known
as
“Creation
Units.”
Trading
in
shares
on
the
CBOE
BZX
Exchange,
Inc.
(the
“Exchange”)
may
be
halted
due
to
market
conditions
or
for
reasons
that,
in
the
view
of
the
Exchange,
make
trading
in
Shares
inadvisable,
such
as
extraordinary
market
volatility.
There
can
be
no
assurance
that
Shares
will
continue
to
meet
the
listing
requirements
of
the
Exchange.
An
active
trading
market
for
the
Fund’s
shares
may
not
be
developed
or
maintained.
If
the
Fund’s
shares
are
traded
outside
a
collateralized
settlement
system,
the
number
of
financial
institutions
that
can
act
as
authorized
participants
that
can
post
collateral
on
an
agency
basis
is
limited,
which
may
limit
the
market
for
the
Fund’s
shares.
The
market
prices
of
Shares
will
fluctuate
in
response
to
changes
in
NAV
and
supply
and
demand
for
shares
and
will
include
a
“bid-ask
spread”
charged
by
the
exchange
specialists,
market
makers
or
other
participants
that
trade
the
particular
security.
There
may
be
times
when
the
market
price
and
the
NAV
vary
significantly
particularly
during
times
of
market
stress,
with
the
result
that
investors
may
pay
significantly
more
or
significantly
less
for
Fund
shares
than
the
Fund’s
NAV,
which
is
reflected
in
the
bid
and
ask
price
for
Fund
shares
or
in
the
closing
price.
If
a
shareholder
purchases
shares
at
a
time
when
the
market
price
is
at
a
premium
to
the
NAV
or
sells
shares
at
a
time
when
the
market
price
is
at
a
discount
to
NAV,
the
shareholder
may
sustain
losses
if
the
shares
are
sold
at
a
price
that
is
less
than
the
price
paid
by
the
shareholder
for
the
shares.
When
all
or
a
portion
of
an
ETFs
underlying
securities
trade
in
a
market
that
is
closed
when
the
market
for
the
Fund’s
shares
is
open,
there
may
be
changes
from
the
last
quote
of
the
closed
market
and
the
quote
from
the
Fund’s
domestic
trading
day,
which
could
lead
to
differences
between
the
market
value
of
the
Fund’s
shares
and
the
Fund’s
NAV.
In
stressed
market
conditions,
the
market
for
the
Fund’s
shares
may
become
less
liquid
in
response
to
the
deteriorating
liquidity
of
the
Fund’s
portfolio.
This
adverse
effect
on
the
liquidity
of
the
Fund’s
shares
may,
in
turn,
lead
to
differences
between
the
market
value
of
the
Fund’s
shares
and
the
Fund’s
NAV.
6.
Contractual
Obligations
The
Fund
enters
into
contracts
in
the
normal
course
of
business
that
contain
a
variety
of
indemnifications.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown.
However,
the
Fund
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts.
Management
has
reviewed
the
Fund's
existing
contracts
and
expects
the
risk
of
loss
to
be
remote.
5.
Certain
Principal
Risks
of
the
Fund
(continued)
15
7.
Subsequent
Events
Based
on
approval
by
the
Board
at
the
October
2024
Board
meeting,
on
or
around
December
30,
2024
(the
"Effective
Date"),
the
Fund
will
remove
the
concept
of
sustainable
investing
from
the
Fund's
investment
objective
and
principal
investment
strategies,
including
the
Fund's
current
investment
policy
of
investing
at
least
80%
of
its
net
assets
in
global
listed
infrastructure
companies
that
meet
the
Fund's
sustainable
investment
criteria. In
addition,
on
Effective
Date,
the
Fund
will
also
be
changing
the
definition
of
the
term
"listed
infrastructure
companies"
for
purposes
of
the
Fund's
80%
investment
policy.
Management
has
determined
that
no
other
material
events
or
transactions
occurred
subsequent
to
September
30,
2024,
that
would
require
recognition or
disclosure
in
the
Fund's
financial
statements.
Other
Fund
information
(Unaudited)
Macquarie
Global
Listed
Infrastructure
ETF
16
Changes
in
and
Disagreements
with
Accountants
for
Open-End
Management
Investment
Companies
Not
Applicable.
Proxy
Disclosures
for
Open-End
Management
Investment
Companies
Not
Applicable.
Remuneration
Paid
to
Directors,
Officers,
and
Others
of
Open-End
Management
Investment
Companies
Not
Applicable.
Statement
Regarding
Basis
of
Approval
for
Investment
Advisory
Contract
Not
Applicable.
This
page
is
not
part
of
the
Financial
statements
and
other
information.
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Macquarie
Energy
Transition
ETF
Financial
statements
and
other
information
For
the
six
months
ended
September
30,
2024
Table
of
contents
Schedule
of
investments
1
Statement
of
assets
and
liabilities
4
Statement
of
operations
5
Statements
of
changes
in
net
assets
6
Financial
highlights
7
Notes
to
financial
statements
8
Other
Fund
information
17
This
report
and
the
financial
statements
contained
herein
are
submitted
for
the
general
information
of
the
shareholders
of
the
Fund.
This
report
is
not
authorized
for
distribution
to
prospective
investors
in
the
Fund
unless
preceded
or
accompanied
by
an
effective
prospectus.
Form
N-PORT
and
proxy
voting
information
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Fund’s
Form
N-PORT,
as
well
as
a
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
(if
any)
relating
to
portfolio
securities,
is
available
without
charge
(i)
upon
request,
by
calling
844
469-9911;
and
(ii)
on
the
SEC’s
website
at
sec.gov.
In
addition,
a
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
(if
any)
relating
to
portfolio
securities
and
the
Schedule
of
Investments
included
in
the
Fund’s
most
recent
Form
N-PORT
are
available
without
charge
on
the
Fund’s
website
at
macquarie.com/mam/etf-literature.
Information
(if
any)
regarding
how
the
Fund
voted
proxies
relating
to
portfolio
securities
during
the
most
recently
disclosed
12-month
period
ended
June
30
is
available
without
charge
(i)
through
the
Fund’s
website
at
macquarie.com/mam/etf-literature;
and
(ii)
on
the
SEC’s
website
at
sec.gov.
Schedule
of
investments
Macquarie
Energy
Transition
ETF
1
September
30,
2024
(Unaudited)
Number
of
shares
Value
(US
$)
Common
Stocks
—
97.86%
Agricultural
Products
-
0.94%
Darling
Ingredients,
Inc.
†
1,840
$
68,374
68,374
Aluminum
-
4.74%
Alcoa
Corp.
8,990
346,834
346,834
Coal
&
Consumable
Fuels
-
3.93%
Cameco
Corp.
4,969
237,320
Centrus
Energy
Corp.,
Class
A
†
917
50,297
287,617
Copper
-
4.85%
ERO
Copper
Corp.
†
15,951
355,122
355,122
Diversified
Metals
&
Mining
-
16.40%
Anglo
American
plc
11,083
359,915
Foran
Mining
Corp.
†
14,355
44,473
Hudbay
Minerals,
Inc.
46,013
423,233
Lifezone
Metals
Ltd.
†
5,450
38,150
MP
Materials
Corp.
†
16,541
291,949
NGEx
Minerals
Ltd.
†
5,194
42,859
1,200,579
Electrical
Components
&
Equipment
-
9.06%
Fluence
Energy,
Inc.
†
3,450
78,350
Generac
Holdings,
Inc.
†
1,685
267,713
Sunrun,
Inc.
†
17,568
317,277
663,340
Fertilizers
&
Agricultural
Chemicals
-
5.63%
CF
Industries
Holdings,
Inc.
4,802
412,012
412,012
Gold
-
3.79%
Wheaton
Precious
Metals
Corp.
4,540
277,303
277,303
Heavy
Electrical
Equipment
-
0.75%
Net
Power,
Inc.
†
7,808
54,734
54,734
Industrial
Gases
-
3.54%
Air
Products
and
Chemicals,
Inc.
871
259,332
259,332
Integrated
Oil
&
Gas
-
4.66%
Occidental
Petroleum
Corp.
1,212
62,466
Shell
plc
ADR
4,219
278,244
340,710
Schedule
of
investments
Macquarie
Energy
Transition
ETF
2
Number
of
shares
Value
(US
$)
Common
Stocks
(continued)
Oil
&
Gas
Equipment
&
Services
-
6.72%
Baker
Hughes
Co.,
Class
A
7,636
$
276,041
Schlumberger
NV
5,148
215,959
492,000
Oil
&
Gas
Exploration
&
Production
-
17.52%
ARC
Resources
Ltd.
7,928
134,004
Chesapeake
Energy
Corp.
2,244
184,569
Chord
Energy
Corp.
1,161
151,197
ConocoPhillips
1,988
209,297
EOG
Resources,
Inc.
606
74,496
EQT
Corp.
4,738
173,600
Permian
Resources
Corp.,
Class
A
10,436
142,034
Tourmaline
Oil
Corp.
4,590
213,167
1,282,364
Oil
&
Gas
Refining
&
Marketing
-
4.80%
Marathon
Petroleum
Corp.
730
118,924
Neste
OYJ
5,770
111,951
Valero
Energy
Corp.
890
120,177
351,052
Renewable
Electricity
-
0.53%
Spruce
Power
Holding
Corp.
†
13,574
38,550
38,550
Semiconductor
Equipment
-
2.31%
Enphase
Energy,
Inc.
†
1,497
169,191
169,191
Semiconductors
-
6.15%
First
Solar,
Inc.
†
1,805
450,239
450,239
Steel
-
1.54%
Metallus
,
Inc.
†
7,605
112,782
112,782
Total
Common
Stocks
(cost
$6,336,445)
7,162,135
3
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Number
of
shares
Value
(US
$)
Short-Term
Investments
—
2.16%
Money
Market
Mutual
Funds
-
2.16%
JPMorgan
U.S.
Government
Money
Market
Fund
—
Class
Morgan
(seven-day
effective
yield
4.41%)
158,421
$
158,421
Total
Short-Term
Investments
(Cost
$158,421)
158,421
Total
Value
of
Securities
—
100.02%
(cost
$6,494,866)
7,320,556
Liabilities
Net
of
Receivables
and
Other
Assets
—
(0.02%)
(1,492)
Net
Assets
Applicable
to
254,000
Shares
Outstanding
—
100.00%
$
7,319,064
†
Non-income
producing
security.
Summary
of
abbreviations:
ADR
–
American
Depositary
Receipt
Statement
of
assets
and
liabilities
Macquarie
Energy
Transition
ETF
4
September
30,
2024
(Unaudited)
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Assets:
Investments
at
value*
$
7,320,556
Foreign
currency,
at
value**
2
Dividends
receivable
3,021
Total
Assets
7,323,579
Liabilities:
Management
fees
payable
to
affiliates
4,515
Total
Liabilities
4,515
Total
Net
Assets
$
7,319,064
Net
Assets
Consist
of:
Paid-in-capital
$
6,574,543
Total
distributable
earnings
(loss)
744,521
Total
Net
Assets
$
7,319,064
Shares
outstanding
(unlimited
amount
authorized,
no
par
value)
254,000
Net
asset
value
per
share
$
28.82
*Investments,
at
cost
$
6,494,866
**Foreign
currency,
at
cost
2
Statement
of
operations
Macquarie
Energy
Transition
ETF
Six
months
ended
September
30,
2024
(Unaudited)
5
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Investment
Income:
Dividends
$
56,185
Foreign
tax
withheld
(
1,084
)
55,101
Expenses:
Management
fees
25,731
Total
operating
expenses
25,731
Net
Investment
Income
(Loss)
29,370
Net
Realized
and
Unrealized
Gain
(Loss):
Net
realized
gain
(loss)
on:
Investments
(
75,323
)
Foreign
currencies
(
265
)
Net
realized
gain
(loss)
(
75,588
)
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
339,905
Net
Realized
and
Unrealized
Gain
(Loss)
264,317
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
293,687
Statements
of
changes
in
net
assets
Macquarie
Energy
Transition
ETF
6
*Date
of
commencement
of
operations.
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Six
months
ended
September
30,
2024
(Unaudited)
For
the
period
November
28,
2023
*
to
March
31,
2024
Increase
(Decrease)
in
Net
Assets
from
Operations:
Net
investment
income
(loss)
$
29,370
$
12,438
Net
realized
gain
(loss)
(75,588
)
(7,905
)
Net
change
in
unrealized
appreciation
(depreciation)
339,905
485,785
Net
increase
(decrease)
in
net
assets
resulting
from
operations
293,687
490,318
Dividends
and
Distributions
to
Shareholders
from:
Distributable
earnings
(30,984
)
(8,500
)
(30,984
)
(8,500
)
Capital
Share
Transactions:
1
Proceeds
from
shares
sold
1,474,543
5,100,000
Increase
in
net
assets
derived
from
capital
share
transactions
1,474,543
5,100,000
Net
Increase
(Decrease)
in
Net
Assets
1,737,246
5,581,818
Net
Assets:
Beginning
of
period
5,581,818
–
End
of
period
$
7,319,064
$
5,581,818
Capital
Share
Transactions:
Beginning
of
period
204,000
–
Shares
sold
–
4,000
Shares
subscribed
in-kind
50,000
200,000
Shares
outstanding,
end
of
period
254,000
204,000
1
Capital
share
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
4
in
"Notes
to
financial
statements."
Financial
highlights
Macquarie
Energy
Transition
ETF
7
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Selected
data
for
the
Fund
outstanding
throughout
each
period
were
as
follows:
Six
months
ended
September
30,
2024
1
(Unaudited)
For
the
period
November
28,
2023
2
to
March
31,
2024
Net
asset
value,
beginning
of
period
......
$
27
.36
$
25
.00
Income
(loss)
from
investment
operations:
—
—
Net
investment
income
3
.................
0
.13
0
.06
Net
realized
and
unrealized
gain
...........
1
.46
2
.34
Total
from
investment
operations
..........
1.59
2.40
Less
dividends
and
distributions
from:
—
—
Net
investment
income
.................
(
0
.13
)
(
0
.04
)
Total
dividends
and
distrib
u
tions
...........
(0.13)
(0.04)
Net
asset
value,
end
of
period
...........
$
28.82
$
27.36
Total
return
4
.........................
5.81%
9.61%
Ratios
and
supplemental
data:
$7,319
$5,582
Net
assets,
end
of
period
(000
omitted)
......
$
7,319
$
5,582
Ratio
of
expenses
to
average
net
assets
5
....
0.79%
0.79%
Ratio
of
net
investment
income
to
average
net
assets
.............................
0.90%
0.69%
Portfolio
turnover
6
......................
23%
15%
1
Ratios
have
been
annualized
and
total
return
and
portfolio
turnover
have
not
been
annualized.
2
Date
of
commencement
of
operations;
ratios
have
been
annualized
and
total
return
and
portfolio
turnover
have
not
been
annualized.
3
Calculated
using
average
shares
outstanding.
4
Total
return
is
based
on
the
change
in
net
asset
value
of
a
share
during
the
period
and
assumes
reinvestment
of
dividends
and
distributions
at
net
asset
value.
5
Expense
ratios
do
not
include
expenses
of
any
investment
companies
in
which
the
Fund
invests.
6
Excludes
the
value
of
portfolio
securities
received
or
delivered
as
a
result
of
in-kind
purchases
or
redemptions
of
the
Fund’s
capital
shares.
Notes
to
financial
statements
Macquarie
Energy
Transition
ETF
8
September
30,
2024
Macquarie
ETF
Trust
(Trust)
is
organized
as
a
Delaware
statutory
trust
effective
February
22,
2023
and
is
an
open-end
management
investment
company
registered
with
the
U.S.
Securities
and
Exchange
Commission.
As
of
the
date
of
this
report,
the
Trust
offers
five series.
These
financial
statements
and
the
related
notes
pertain
to
Macquarie
Energy
Transition
ETF (the
Fund).
The
Fund
is
considered
diversified
under
the
Investment
Company
Act
of
1940,
as
amended
(1940
Act).
1.
Significant
Accounting
Policies
The
Fund
follows
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
—
Investment
Companies.
The
following
accounting
policies
are
in
accordance
with
US
generally
accepted
accounting
principles
(US
GAAP)
and
are
consistently
followed
by
the
Fund.
Security
Valuation
—
Equity
securities,
except
those
traded
on
the
Nasdaq
Stock
Market
LLC
(Nasdaq),
are
valued
at
the
last
quoted
sales
price
as
of
the
time
of
the
regular
close
of
the
New
York
Stock
Exchange
(NYSE) on
the
valuation
date.
Equity
securities
traded
on
the
Nasdaq
are
valued
in
accordance
with
the
Nasdaq
Official
Closing
Price,
which
may
not
be
the
last
sales
price.
If,
on
a
particular
day,
an
equity
security
does
not
trade,
the
mean
between
the
bid
and
the
ask
prices
will
be
used,
which
approximates
fair
value.
Equity
securities
listed
on
a
foreign
exchange
are
normally
valued
at
the
last
quoted
sales
price
on
the
valuation
date.
Open-end
investment
companies
are
valued
at
their
published
net
asset
value
(NAV). Investments
for
which
market
quotations
are
not
readily
available
are
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
Rule
2a-
5
under
the
1940
Act
(Rule
2a-5).
As
a
general
principle,
the
fair
value
of
a
security
or
other
asset
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Pursuant
to
Rule
2a-5,
the
Board
of
Trustees
(Board)
has
designated
Delaware
Management
Company
(DMC
or
the
Manager)
as
the
valuation
designee
(Valuation
Designee)
for
the
Fund
to
perform
the
fair
value
determination
relating
to
all
applicable
Fund
investments.
DMC
has
established
a
Pricing
Committee
to
assist
with
its
designated
responsibilities
as
Valuation
Designee,
and
DMC
may
carry
out
its
designated
responsibilities
as
Valuation
Designee
through
the
Pricing
Committee
and
other
teams
and
committees,
which
operate
under
policies
and
procedures
approved
by
the
Board
and
subject
to
the
Board's
oversight.
Fair
value
pricing
may
be
used
more
frequently
for
securities
traded
primarily
in
non-US
markets.
The
Fund
may
use
fair
value
pricing
relatively
frequently
for
securities
traded
primarily
in
non-US
markets.
If
a
foreign
(non-US)
equity
security's
value
has
materially
changed
after
the
close
of
the
security's
primary
exchange
or
principal
market
but
before
the
close
of
the
NYSE,
the
security
may
be
valued
at
fair
value.
With
respect
to
foreign
(non-US)
equity
securities,
the
Fund
may
determine
the
fair
value
of
investments
based
on
information
provided
by
pricing
vendors,
which
may
recommend
fair
value
or
adjustments
with
reference
to
other
securities,
indexes
or
assets.
In
considering
whether
fair
valuation
is
required
and
in
determining
fair
values,
the
Valuation
Designee
may,
among
other
things,
consider
significant
events
(which
may
be
considered
to
include
changes
in
the
value
of
US
securities
or
9
securities
indexes)
that
occur
after
the
close
of
the
relevant
market
and
before
the
close
of
the
NYSE.
The
Valuation
Designee
may
utilize
modeling
tools
provided
by
third-party
vendors
to
determine
fair
values
of
non-US
securities.
Federal
Income
Taxes
—
No
provision
for
federal
income
taxes
has
been
made
as the
Fund
intends
to
continue
to
qualify
for
federal
income
tax
purposes
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended,
and
make
the
requisite
distributions
to
shareholders.
The
Fund
evaluates
tax
positions
taken
or
expected
to
be
taken
in
the
course
of
preparing
the
Fund's
tax
returns
to
determine
whether
the
tax
positions
are
“more-
likely-than-not”
of
being
sustained
by
the
applicable
tax
authority.
Tax
positions
not
deemed
to
meet
the
“more-likely-than-not”
threshold
are
recorded
as
a
tax
benefit
or
expense
in
the
current
period.
Management
has
analyzed the
Fund’s
tax
positions
taken
or
expected
to
be
taken
on the
Fund’s
federal
income
tax
returns
through
the six
months
ended September
30,
2024
and
for
the
open
tax
year
ended
March
31,
2024,
and
has
concluded
that
no
provision
for
federal
income
tax
is
required
in
the
Fund’s
financial
statements.
If
applicable,
the
Fund
recognizes
interest
accrued
on
unrecognized
tax
benefits
in
interest
expense
and
penalties
in
"Other"
on
the
"Statement
of
operations."
During
the
six
months
ended September
30,
2024,
the
Fund
did
not
incur
any
interest
or
tax
penalties.
Foreign
Currency
Transactions
—
Transactions
denominated
in
foreign
currencies
are
recorded
at
the
prevailing
exchange
rates
on
the
valuation
date.
The
value
of
all
assets
and
liabilities
denominated
in
foreign
currencies
is
translated
daily
into
US
dollars
at
the
exchange
rate
of
such
currencies
against
the
US
dollar.
Transaction
gains
or
losses
resulting
from
changes
in
exchange
rates
during
the
reporting
period
or
upon
settlement
of
the
foreign
currency
transaction
are
reported
in
operations
for
the
current
period.
The
Fund
generally
does
not
bifurcate
that
portion
of
realized
gains
and
losses
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices.
These
realized
gains
and
losses
are
included
on
the
“Statement
of
operations”
under
“Net
realized
gain
(loss)
on
investments.” The
Fund
reports
certain
foreign
currency
related
transactions
as
components
of
realized
gains
(losses)
for
financial
reporting
purposes,
whereas
such
components
are
treated
as
ordinary
income
(loss)
for
federal
income
tax
purposes.
In-kind
Redemptions
—
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Fund.
Because
such
gains
or
losses
are
not
taxable
to
the
Fund
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Fund’s
tax
year.
These
reclassifications
have
no
effect
on
net
assets
NAV
per
share.
Use
of
Estimates
—
The
preparation
of
financial
statements
in
conformity
with
US
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
fair
value
of
investments,
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
1.
Significant
Accounting
Policies
(continued)
Notes
to
financial
statements
Macquarie
Energy
Transition
ETF
10
the
date
of
the
financial
statements,
and
the
reported
amounts
of
revenues
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates
and
the
differences
could
be
material.
Other
—
Security
transactions
are
recorded
on
the
date
the
securities
are
purchased
or
sold
(trade
date)
for
financial
reporting
purposes.
Costs
used
in
calculating
realized
gains
and
losses
on
the
sale
of
investment
securities
are
those
of
the
specific
securities
sold.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Foreign
dividends
are
also
recorded
on
the
ex-dividend
date
or
as
soon
after
the
ex-dividend
date
that
the
Fund
is
aware
of
such
dividends,
net
of
all
tax
withholdings,
a
portion
of
which
may
be
reclaimable.
Withholding
taxes
and
reclaims
on
foreign
dividends
have
been
recorded
in
accordance
with
the
Fund's
understanding
of
the
applicable
country’s
tax
rules
and
rates.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
"Statement
of
operations"
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes. Income
and
capital
gain
distributions
from
any
investment
companies
(Underlying
Funds)
in
which
the
Fund
invests
are
recorded
on
the
ex-dividend
date.
The
Fund
declares
and
pays
dividends
from
net
investment
income
quarterly
and
distributions
from
net
realized
gain
on
investments,
if
any,
at
least
annually.
The
Fund
may
distribute
more
frequently,
if
necessary
for
tax
purposes.
Dividends
and
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
2.
Investment
Management,
Administration
Agreements,
and
Other
Transactions
with
Affiliates
In
accordance
with
the
terms
of
its
investment
management
agreement,
the
Fund
pays
DMC,
a
series
of
Macquarie
Investment
Management Business
Trust
(MIMBT),
and
the
investment
manager,
an
annual
unitary
management fee
which
is
calculated
daily
and
paid
monthly
at
the
rate
of
0.79%
on
the
Fund's
average
daily
net
assets.
From
the
unitary
management
fees,
DMC
pays
most
of
the
expenses
of
the
Fund,
including
the
cost
of
sub-advisory
fees
to
any
investment
sub-adviser,
transfer
agency,
custody,
fund
administration,
legal,
audit
and
other
services.
However,
under
the
investment
management
agreement,
DMC
is
not
responsible
for
(i)
interest
expenses;
(ii)
taxes
(including,
but
not
limited
to,
income,
excise,
transfer
and
withholding
taxes);
(iii)
expenses
of
a
Fund
incurred
with
respect
to
the
acquisition
and
disposition
of
portfolio
securities,
instruments
or
other
investments
and
the
execution
of
portfolio
transactions,
including
brokerage
commissions;
(iv)
expenses
incurred
in
connection
with
any
distribution
plan
adopted
by
the
Trust
in
compliance
with
Rule
12b-1
under
the
1940
Act,
including
distribution
fees;
(v)
litigation
expenses;
(vi)
the
investment
advisory
fee
payable
to
the
Manager;
(vii)
non-routine
or
extraordinary
expenses
(including,
without
limitation,
the
expense
associated
with
proxy
solicitations
and
fund
reorganizations);
and
(viii)
acquired
fund
fees
and
expenses.
1.
Significant
Accounting
Policies
(continued)
11
DMC
entered
into
a
sub-advisory
agreement
on
behalf
of
the
Fund
with
Macquarie
Investment
Management
Global
Limited,
which
is
an
affiliate
of
DMC
(Affiliated
Sub-Advisor).
Although
the
Manager
has
principal
responsibility
for
the
Manager’s
portion
of
the
Fund,
the
Manager
may
permit
the
Affiliated
Sub-Advisor
to
execute
Fund
security
trades
on
behalf
of
the
Manager.
Pursuant
to
the
terms
of
the
sub-advisory
agreement,
the
investment
sub-advisory
fee
is
paid
by
DMC
to
the
Affiliated
Sub-Advisor
based
on
the
extent
to
which
the
Affiliated
Sub-Advisor
provides
services
to
the
Fund.
At
September
30,
2024, Macquarie
Management
Holdings,
Inc.
directly
owned
76.38%
of
the
Fund.
In
addition
to
the
management
fees
and
other
expenses
of the
Fund, the
Fund
indirectly
bears
the
investment
management
fees
and
other
expenses
of
any
Underlying
Funds,
in
which
it
invests.
The
amount
of
these
fees
and
expenses
incurred
indirectly
by the
Fund
will
vary
based
upon
the
expense
and
fee
levels
of
any
Underlying
Funds
and
the
number
of
shares
that
are
owned
of
any
Underlying
Funds
at
different
times.
MIMBT,
of
which
DMC
is
a
series,
entered
into
a
settlement
agreement
on
September
19,
2024
with
the
U.S.
Securities
and
Exchange
Commission
(SEC)
consenting
to
an
order
(“Settlement
Order”)
relating
to
a
legacy
investment
strategy,
the
Absolute
Return
Mortgage-Backed
Securities
Strategy
(“ARMBS
Strategy”).
MIMBT
no
longer
offers
the
ARMBS
Strategy.
MIMBT
agreed
to
the
Settlement
Order
without
admitting
or
denying
the
SEC’s
findings.
The
Settlement
Order
does
not
impact
MIMBT’s
ability
to
continue
to
provide
services
to
the
Fund.
3.
Investments
For
the six
months
ended
September
30,
2024
,
the
Fund
made
purchases
and
sales
of
investment
securities
other
than
short-term
investments
and
US
government
securities as
follows:
For
the six
months
ended
September
30,
2024,
investment
transactions
related
to
in-kind
purchases
and
sales
were
as
follows:
At
September
30,
2024,
the
cost
and
unrealized
appreciation
(depreciation)
of
investments
for
federal
income
tax
purposes
have
been
estimated
since
final
tax
characteristics
cannot
be
determined
until
fiscal
year
end.
At
September
30,
2024
,
the
cost
and
unrealized
appreciation
(depreciation)
of
investments
for
the
Fund
were
as
follows:
Purchases
$
1,514,424
Sales
1,652,065
Purchases
$
1,467,414
Sales
—
2.
Investment
Management,
Administration
Agreements,
and
Other
Transactions
with
Affiliates
(continued)
Notes
to
financial
statements
Macquarie
Energy
Transition
ETF
12
For
federal
income
tax
purposes,
capital
loss
carryforwards
may
be
carried
forward
and
applied
against
future
capital
gains.
At
March
31,
2024,
the
Fund
has
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
US
GAAP
defines
fair
value
as
the
price
that
the
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
under
current
market
conditions.
A
three-level
hierarchy
for
fair
value
measurements
has
been
established
based
upon
the
transparency
of
inputs
to
the
valuation
of
an
asset
or
liability.
Inputs
may
be
observable
or
unobservable
and
refer
broadly
to
the
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability
based
on
the
best
information
available
under
the
circumstances.
The
Fund's
investment
in
its
entirety
is
assigned
a
level
based
upon
the
observability
of
the
inputs
which
are
significant
to
the
overall
valuation.
The
three-level
hierarchy
of
inputs
is
summarized
as
follows:
Level
1
—
Inputs
are
quoted
prices
in
active
markets
for
identical
investments.
(Examples:
equity
securities,
open-end
investment
companies,
futures
contracts,
and
exchange-traded
options
contracts)
Level
2 —
Other
observable
inputs,
including,
but
not
limited
to:
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
and
default
rates)
or
other
market-corroborated
inputs.
(Examples:
debt
securities,
government
securities,
swap
contracts,
forward
foreign currency
exchange
contracts,
foreign
securities
utilizing
international
fair
value
pricing,
broker-quoted
securities,
and
fair
valued
securities)
Cost
of
investments
$
6,494,866
Aggregate
unrealized
appreciation
of
investments
$
1,067,440
Aggregate
unrealized
depreciation
of
investments
(241,750)
Net
unrealized
appreciation
of
investments
$
825,690
Loss
carryforward
character
Short-term
Long-term
Total
$7,326
$—
$7,326
3.
Investments
(continued)
13
Level
3 — Significant
unobservable
inputs,
including
the
Fund's
own
assumptions
used
to
determine
the
fair
value
of
investments.
(Examples:
broker-quoted
securities
and
fair
valued
securities)
Level
3
investments
are
valued
using
significant
unobservable
inputs.
The
Fund
may
also
use
an
income-based
valuation
approach
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Valuations
may
also
be
based
upon
current
market
prices
of
securities
that
are
comparable
in
coupon,
rating,
maturity,
and
industry.
The
derived
value
of
a
Level
3
investment
may
not
represent
the
value
which
is
received
upon
disposition
and
this
could
impact
the
results
of
operations.
The
following
table
summarizes
the
valuation
of
the
Fund's
investments
by
fair
value
hierarchy
levels
as
of
September
30,
2024
:
During
the six
months
ended
September
30,
2024
,
there
were
no
transfers
into
or
out
of
Level
3
investments.
The
Fund's
policy
is
to
recognize
transfers
into
or
out
of
Level
3
investments
based
on
fair
value
at
the
beginning
of
the
reporting
period.
A
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
has
a
significant
amount
of
Level
3
investments
at
the
beginning
or
end
of
the
period
in
relation
to
the
Fund's
net
assets.
As
of
September
30,
2024
,
there
were
no
Level
3
investments.
4.
Issuance
and
Redemption
of
Fund
Shares
The
Fund
is
an
exchange-traded
fund
or
ETF.
Individual
Fund
shares
may
only
be
purchased
and
sold
on
a
national
securities
exchange
through
a
broker-dealer
and
investors
may
pay
a
commission
to
such
broker-dealers
in
connection
with
their
purchase
or
sale.
The
price
of
Fund
shares
is
based
on
market
price,
and
because
ETF
shares
trade
at
market
prices
rather
than
NAV,
shares
may
trade
at
a
price
greater
than
NAV
(a
premium)
or
less
than
NAV
(a
discount).
The
Fund
will
only
issue
or
redeem
shares
aggregated
into
blocks
of
25,000 shares
or
multiples
thereof
(“Creation
Units”) to
Authorized
Participants
who
have
entered
into
agreements
with
the
Fund's
Distributor.
An
Authorized
Participant
is
either
(1)
a
“Participating
Party,”
(i.e.,
a
broker-
dealer
or
other
participant
in
the
clearing
process
of
the
Continuous
Net
Settlement
System
of
the
National
Securities
Clearing
Corporation)
(“Clearing
Process”),
or
(2)
a
participant
of
Depository
Trust
Company
(“DTC
Participant”),
and,
in
each
case,
must
have
executed
an
agreement
Level
1
Level
2
Level
3
Total
Securities
Assets:
Common
Stocks
$
7,162,135
$
–
$
–
$
7,162,135
Short-Term
Investments
158,421
–
–
158,421
Total
Value
of
Securities
$
7,320,556
$
–
$
–
$
7,320,556
3.
Investments
(continued)
Notes
to
financial
statements
Macquarie
Energy
Transition
ETF
14
(“Participation
Agreement”)
with
the
Distributor
with
respect
to
creations
and
redemptions
of
Creation
Units.
The
Fund
will
issue
or
redeem
Creation
Units
in
return
for
a
basket
of
assets
that
the
Fund
specifies
each
day.
Shares
are
listed
on
the
NYSE
Arca,
Inc.
exchange
and
are
publicly
traded.
If
an
investor
buys
or
sells
Fund
shares
on
the
secondary
market,
the
investor
will
pay
or
receive
the
market
price,
which
may
be
higher
or
lower
than
NAV.
The
investor's
transaction
will
be
priced
at
NAV
if
the
investor
purchases
or
redeems
Fund
shares
in
Creation
Units.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
the
Fund's
Administrator
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Additionally,
a
portion
of
the
transaction
fee
is
used
to
offset
transactional
costs
typically
accrued
in
the
Fund's
custody
expenses
directly
related
to
the
issuance
and
redemption
of
Creation
Units.
An
additional
variable
fee
may
be
charged
for
certain
transactions.
Such
fees
would
be
included
in
the
receivable
for
capital
shares
issued
on
the
"Statement
of
assets
and
liabilities"
if
they
are
outstanding
as
of period-end.
Transaction
fees
assessed
during
the
period
are
included
in
the
proceeds
from
shares
issued
on
the
"Statements
of
changes
in
net
assets."
5.
Certain
Principal
Risks
of
the
Fund
Sustainability
risk
—
Investing
with
a
focus
on
companies
that
exhibit
a
commitment
to
sustainable
practices
may
result
in
the
Fund
investing
in
certain
types
of
companies,
industries
or
sectors
that
the
market
may
not
favor.
The
securities
of
such
companies
may
underperform
the
stock
market
as
a
whole
and
the
criteria
used
to
select
companies
for
investment
may
result
in
the
Fund
investing
in
securities
that
underperform
securities
of
companies
that
do
not
exhibit
such
a
commitment
to
sustainability.
Energy
sector
risk
—
Companies
engaged
in
the
transportation,
storage,
processing,
refining,
marketing,
exploration,
production,
and
mining
of
minerals
and
natural
resources
are
subject
to
many
risks
that
can
negatively
impact
the
revenues
and
viability
of
companies
in
this
sector.
These
risks
include,
but
are
not
limited
to,
commodity
price
volatility
risk,
supply
and
demand
risk,
reserve
and
depletion
risk,
operations
risk,
regulatory
risk,
environmental
risk,
terrorism
risk
and
the
risk
of
natural
disasters.
For
example,
the
price
of
energy
securities
may
fluctuate
due
to
real
and
perceived
inflationary
trends
and
the
(often
rapid)
changes
in
supply
of,
or
demand
for,
various
natural
resources;
both
domestic
and
international
political
and
economic
developments;
the
cost
required
to
comply
with
environmental
safety
regulations;
changes
in
methods
for
conserving
energy;
environmental
incidents;
and
the
uncertain
success
rates
for
exploration
projects.
4.
Issuance
and
Redemption
of
Fund
Shares
(continued)
15
Materials
sector
risk
—
Companies
engaged
in
the
production
and
distribution
of
materials
may
be
adversely
affected
by
changes
in
world
events,
political
and
economic
conditions,
energy
conservation,
environmental
policies,
commodity
price
volatility,
changes
in
exchange
rates,
imposition
of
import
controls,
increased
competition,
depletion
of
resources
and
labor
relations.
Industrial
sector
risk
—
The
value
of
securities
issued
by
companies
in
the
industrial
sector
may
be
adversely
affected
by
supply
and
demand
changes
related
to
their
specific
products
or
services
and
industrial
sector
products
in
general.
The
products
of
manufacturing
companies
may
face
obsolescence
due
to
rapid
technological
developments
and
frequent
new
product
introduction.
Global
events,
trade
disputes
and
changes
in
government
regulations,
economic
conditions
and
exchange
rates
may
adversely
affect
the
performance
of
companies
in
the
industrial
sector.
Companies
in
this
sector
may
be
adversely
affected
by
product
liability
claims.
The
sector
may
also
be
adversely
affected
by
changes
or
trends
in
commodity
prices,
which
may
be
influenced
by
unpredictable
factors.
Renewable
energy
sector
risk
—
Securities
of
companies
in
the
renewable
energy
sector
are
subject
to
swift
price
and
supply
fluctuations
caused
by
events
relating
to
international
events,
taxes
and
other
governmental
regulatory
policies.
Weak
demand
for
renewable
energy
products
and
services
in
general
may
adversely
affect
companies
in
this
sector.
Obsolescence
of
existing
technology,
short
product
cycles,
falling
prices,
competition
from
new
market
entrants
and
general
economic
conditions
can
significantly
affect
the
renewable
energy
sector.
Utilities
sector
risk
— Companies
in
the
utilities
sector
are
subject
to
certain
risks,
including
risks
associated
with
government
regulation,
interest
rate
changes,
financing
difficulties,
supply
and
demand
for
services
or
products,
intense
competition,
natural
resource
conservation
and
commodity
price
fluctuations.
ETF
Structure
Risks
–
The
Fund
is
structured
as
an
ETF
and
as
a
result
is
subject
to
special
risks.
Shares
are
not
individually
redeemable
and
may
be
redeemed
by
the
Fund
at
NAV
only
in
large
blocks
known
as
“Creation
Units.”
Trading
in
shares
on
the
CBOE
BZX
Exchange,
Inc.
(the
“Exchange”)
may
be
halted
due
to
market
conditions
or
for
reasons
that,
in
the
view
of
the
Exchange,
make
trading
in
Shares
inadvisable,
such
as
extraordinary
market
volatility.
There
can
be
no
assurance
that
Shares
will
continue
to
meet
the
listing
requirements
of
the
Exchange.
An
active
trading
market
for
the
Fund’s
shares
may
not
be
developed
or
maintained.
If
the
Fund’s
shares
are
traded
outside
a
collateralized
settlement
system,
the
number
of
financial
institutions
that
can
act
as
authorized
participants
that
can
post
collateral
on
an
agency
basis
is
limited,
which
may
limit
the
market
for
the
Fund’s
shares.
The
market
prices
of
Shares
will
fluctuate
in
response
to
changes
in
NAV
and
supply
and
demand
for
shares
and
will
include
a
“bid-ask
spread”
charged
by
the
exchange
specialists,
market
makers
or
other
participants
that
trade
the
particular
security.
There
may
be
times
when
the
market
price
and
the
NAV
vary
significantly
particularly
during
times
of
market
stress,
with
the
result
that
investors
may
pay
significantly
more
or
significantly
less
for
Fund
shares
than
the
Fund’s
NAV,
which
is
reflected
in
the
bid
and
ask
price
for
Fund
shares
or
in
the
closing
price.
If
a
shareholder
purchases
shares
at
a
time
when
the
market
price
is
at
a
5.
Certain
Principal
Risks
of
the
Fund
(continued)
Notes
to
financial
statements
Macquarie
Energy
Transition
ETF
16
premium
to
the
NAV
or
sells
shares
at
a
time
when
the
market
price
is
at
a
discount
to
NAV,
the
shareholder
may
sustain
losses
if
the
shares
are
sold
at
a
price
that
is
less
than
the
price
paid
by
the
shareholder
for
the
shares.
When
all
or
a
portion
of
an
ETFs
underlying
securities
trade
in
a
market
that
is
closed
when
the
market
for
the
Fund’s
shares
is
open,
there
may
be
changes
from
the
last
quote
of
the
closed
market
and
the
quote
from
the
Fund’s
domestic
trading
day,
which
could
lead
to
differences
between
the
market
value
of
the
Fund’s
shares
and
the
Fund’s
NAV.
In
stressed
market
conditions,
the
market
for
the
Fund’s
shares
may
become
less
liquid
in
response
to
the
deteriorating
liquidity
of
the
Fund’s
portfolio.
This
adverse
effect
on
the
liquidity
of
the
Fund’s
shares
may,
in
turn,
lead
to
differences
between
the
market
value
of
the
Fund’s
shares
and
the
Fund’s
NAV.
Risk
is
increased
in
a
concentrated
portfolio
since
it
holds
a
limited
number
of
securities
with
each
investment
having
a
greater
effect
on
the
overall
performance.
6.
Contractual
Obligations
The
Fund
enters
into
contracts
in
the
normal
course
of
business
that
contain
a
variety
of
indemnifications.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown.
However,
the
Fund
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts.
Management
has
reviewed
the
Fund's
existing
contracts
and
expects
the
risk
of
loss
to
be
remote.
7.
Subsequent
Events
Management
has
determined
that
no
material
events
or
transactions
occurred
subsequent
to
September
30,
2024
,
that
would
require
recognition
or
disclosure
in
the
Fund's
financial
statements.
5.
Certain
Principal
Risks
of
the
Fund
(continued)
Other
Fund
information
(Unaudited)
Macquarie
Energy
Transition
ETF
17
Changes
in
and
Disagreements
with
Accountants
for
Open-End
Management
Investment
Companies
Not
Applicable.
Proxy
Disclosures
for
Open-End
Management
Investment
Companies
Not
Applicable.
Remuneration
Paid
to
Directors,
Officers,
and
Others
of
Open-End
Management
Investment
Companies
Not
Applicable.
Statement
Regarding
Basis
of
Approval
for
Investment
Advisory
Contract
Not
Applicable.
This
page
is
not
part
of
the
Financial
statements
and
other
information.
SA-PWER-1124
(3983695)
Contact
information
Shareholder
assistance
by
phone
844
469-9911,
weekdays
from
9:00am
to
5:00pm
ET
Regular
mail
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ETF
Trust
c/o
Foreside
Financial
Services
Three
Canal
Plaza,
Suite
100
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ME
04101
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Management
•
610
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Street
•
Philadelphia,
PA
19106-2354
Macquarie
Asset
Management
(MAM)
is
the
asset
management
division
of
Macquarie
Group.
MAM
is
an
integrated
asset
manager
across
public
and
private
markets
offering
a
diverse
range
of
capabilities,
including
real
assets,
real
estate,
credit,
equities,
and
multi-asset
solutions.
The
Fund
is distributed
by
Foreside
Financial
Services
LLC.
Other
than
Macquarie
Bank
Limited
ABN
46
008
583
542
("Macquarie
Bank"),
any
Macquarie
Group
entity
noted
in
this
document
is
not
an
authorized
deposit-taking
institution
for
the
purposes
of
the
Banking
Act
1959
(Commonwealth
of
Australia).
The
obligations
of
these
other
Macquarie
Group
entities
do
not
represent
deposits
or
other
liabilities
of
Macquarie
Bank.
Macquarie
Bank
does
not
guarantee
or
otherwise
provide
assurance
in
respect
of
the
obligations
of
these
other
Macquarie
Group
entities.
In
addition,
if
this
document
relates
to
an
investment,
(a)
the
investor
is
subject
to
investment
risk
including
possible
delays
in
repayment
and
loss
of
income
and
principal
invested
and
(b)
none
of
Macquarie
Bank
or
any
other
Macquarie
Group
entity
guarantees
any
particular
rate
of
return
on
or
the
performance
of
the
investment,
nor
do
they
guarantee
repayment
of
capital
in
respect
of
the
investment.
The
Fund
is governed
by
US
laws
and
regulations.
Macquarie
Tax-Free
USA
Short
Term
ETF
Financial
statements
and
other
information
For
the
six
months
ended
September
30,
2024
Table
of
contents
Schedule
of
investments
1
Statement
of
assets
and
liabilities
5
Statement
of
operations
6
Statements
of
changes
in
net
assets
7
Financial
highlights
8
Notes
to
financial
statements
9
Other
Fund
information
16
This
report
and
the
financial
statements
contained
herein
are
submitted
for
the
general
information
of
the
shareholders
of
the
Fund.
This
report
is
not
authorized
for
distribution
to
prospective
investors
in
the
Fund
unless
preceded
or
accompanied
by
an
effective
prospectus.
Form
N-PORT
and
proxy
voting
information
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Fund’s
Form
N-PORT,
as
well
as
a
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
(if
any)
relating
to
portfolio
securities,
is
available
without
charge
(i)
upon
request,
by
calling
844
469-9911;
and
(ii)
on
the
SEC’s
website
at
sec.gov.
In
addition,
a
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
(if
any)
relating
to
portfolio
securities
and
the
Schedule
of
Investments
included
in
the
Fund’s
most
recent
Form
N-PORT
are
available
without
charge
on
the
Fund’s
website
at
macquarie.com/mam/etf-literature.
Information
(if
any)
regarding
how
the
Fund
voted
proxies
relating
to
portfolio
securities
during
the
most
recently
disclosed
12-month
period
ended
June
30
is
available
without
charge
(i)
through
the
Fund’s
website
at
macquarie.com/mam/etf-literature;
and
(ii)
on
the
SEC’s
website
at
sec.gov.
Schedule
of
investments
Macquarie
Tax-Free
USA
Short
Term
ETF
1
September
30,
2024
(Unaudited)
Principal
amount
°
Value
(US
$)
Municipal
Bonds
—
98.57%
Education
Revenue
Bonds
-
14.19%
Arizona
Industrial
Development
Authority
(Equitable
School
Revolving
Fund)
Series
2022A 5.00%
11/1/28
160,000
$
172,694
Colorado
Educational
&
Cultural
Facilities
Authority
Series
2014 4.50%
11/1/29
200,000
200,085
Maricopa
County
Industrial
Development
Authority
Series
2020A
144A 4.00%
7/1/30
#
100,000
100,162
Pennsylvania
Higher
Educational
Facilities
Authority
(Trustees
University)
Series
2016A 5.00%
8/15/27
140,000
145,372
Pennsylvania
State
University
(The)
Series
B 5.00%
9/1/25
100,000
102,109
720,422
Electric
Revenue
Bonds
-
5.18%
City
of
Chaska
Series
2015A 5.00%
10/1/28
155,000
158,480
Utility
Debt
Securitization
Authority
Series
2016A 5.00%
6/15/28
100,000
104,519
262,999
Healthcare
Revenue
Bonds
-
20.29%
Augusta
Development
Authority
(AU
Health
System,
Inc.
Project)
Series
2018 5.00%
7/1/28
135,000
144,204
Colorado
Health
Facilities
Authority
(Valley
View
Hospital
Association
Project)
Series
2017A 5.00%
5/15/27
150,000
158,150
(
CommonSpirit
Health)
Series
2019A-1 5.00%
8/1/29
110,000
120,829
Cumberland
County
Municipal
Authority
(Penn
State
Health)
Series
2019 5.00%
11/1/27
145,000
153,982
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
(Vanderbilt
University
Medical
Center)
Series
2016A 5.00%
7/1/29
165,000
170,626
Schedule
of
investments
Macquarie
Tax-Free
USA
Short
Term
ETF
2
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
Healthcare
Revenue
Bonds
(continued)
Montgomery
County
Higher
Education
and
Health
Authority
(Thomas
Jefferson
University
Project)
Series
2019 5.00%
9/1/29
160,000
$
173,698
Washington
Health
Care
Facilities
Authority
(
CommonSpirit
Health)
Series
2019A-2 5.00%
8/1/28
100,000
108,239
1,029,728
Industrial
Development
Revenue
Bonds
-
4.28%
California
Infrastructure
&
Economic
Development
Bank
Series
2020A-4
144A 8.00%
1/1/50
#,•
150,000
154,488
New
York
Transportation
Development
Corp.
Series
2018 5.00%
1/1/28
60,000
62,578
217,066
Leasing
Revenue
Bonds
-
7.93%
Minneapolis
Special
School
District
No.
1
Series
2020A 5.00%
4/1/25
200,000
202,009
New
Jersey
Transportation
Trust
Fund
Authority
(Transportation
Program)
Series
2014AA 5.00%
6/15/26
200,000
200,256
402,265
Special
Tax
Revenue
Bonds
-
2.02%
Central
Puget
Sound
Regional
Transit
Authority
Series
2015S-1 5.00%
11/1/25
100,000
102,644
102,644
State
General
Obligation
Revenue
Bonds
-
17.29%
Commonwealth
of
Pennsylvania
Series
2017 5.00%
1/1/25
200,000
200,807
District
of
Columbia
Series
2019A 5.00%
10/15/25
195,000
200,009
State
of
Connecticut
Series
2018E 5.00%
9/15/28
150,000
164,857
State
of
New
Jersey
(Covid-19
General
Obligation
Emergency
Bonds)
Series
2020A 5.00%
6/1/29
75,000
83,509
3
Principal
amount
°
Value
(US
$)
Municipal
Bonds
(continued)
State
General
Obligation
Revenue
Bonds
(continued)
State
of
Texas
(College
Student
Loan)
Series
2018 5.00%
8/1/26
(AMT)
220,000
$
228,055
877,237
Transportation
Revenue
Bonds
-
13.67%
City
&
County
of
Denver
Series
2022D 5.25%
11/15/26
(AMT)
120,000
125,867
City
of
Los
Angeles
Department
of
Airports
(Senior
Revenue)
Series
A 5.00%
5/15/28
(AMT)
135,000
136,489
New
Jersey
Turnpike
Authority
Series
2020D 5.00%
1/1/28
220,000
227,338
North
Texas
Tollway
Authority
Series
2015A 5.00%
1/1/28
45,000
45,165
Triborough
Bridge
&
Tunnel
Authority
Series
2021A 5.00%
11/1/25
155,000
159,048
693,907
Water
and
Sewer
Revenue
Bonds
-
13.72%
City
of
Chicago
Series
2004 5.00%
11/1/26
235,000
246,611
New
York
City
Municipal
Water
Finance
Authority
Series
2022,
Sub-Series
BB-2 5.00%
6/15/27
245,000
251,676
Pittsburgh
Water
&
Sewer
Authority
Series
2017A 5.00%
9/1/29
(AGM)
185,000
197,839
696,126
Total
Municipal
Bonds
(cost
$4,938,278)
5,002,394
Total
Value
of
Securities
—
98.57%
(cost
$4,938,278)
5,002,394
Receivables
and
Other
Assets
Net
of
Liabilities
—
1.43%
72,393
Net
Assets
Applicable
to
200,000
Shares
Outstanding
—
100.00%
$
5,074,787
°
Principal
amount
shown
is
stated
in
USD
unless
noted
that
the
security
is
denominated
in
another
currency.
Schedule
of
investments
Macquarie
Tax-Free
USA
Short
Term
ETF
4
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
•
Variable
rate
investment.
Rates
reset
periodically.
Rate
shown
reflects
the
rate
in
effect
at
September
30,
2024.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
are
indicated
in
their
descriptions.
The
reference
rate
descriptions
(i.e.
SOFR01M,
SOFR03M,
etc.)
used
in
this
report
are
identical
for
different
securities,
but
the
underlying
reference
rates
may
differ
due
to
the
timing
of
the
reset
period.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions,
or
for
mortgage-backed
securities,
are
impacted
by
the
individual
mortgages
which
are
paying
off
over
time.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
descriptions.
#
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
At
September
30,
2024,
the
aggregate
value
of
Rule
144A
securities
was
$254,650,
which
represents
5.02%
of
the
Fund's
net
assets.
See
Note
5
in
“Notes
to
financial
statements."
Summary
of
abbreviations:
AGM
–
Insured
by
Assured
Guaranty
Municipal
Corporation
AMT
–
Subject
to
Alternative
Minimum
Tax
SOFR01M
–
Secured
Overnight
Financing
Rate
1
Month
SOFR03M
–
Secured
Overnight
Financing
Rate
3
Month
Statement
of
assets
and
liabilities
Macquarie
Tax-Free
USA
Short
Term
ETF
5
September
30,
2024
(Unaudited)
w
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Assets:
Investments
at
value*
$
5,002,394
Cash
17,090
Interest
receivable
70,465
Total
Assets
5,089,949
Liabilities:
Distribution
payable
to
shareholders
13,951
Management
fees
payable
to
affiliates
1,211
Total
Liabilities
15,162
Total
Net
Assets
$
5,074,787
Net
Assets
Consist
of:
Paid-in-capital
$
5,007,500
Total
distributable
earnings
(loss)
67,287
Total
Net
Assets
$
5,074,787
Shares
outstanding
(unlimited
amount
authorized,
no
par
value)
200,000
Net
asset
value
per
share
$
25.37
*Investments,
at
cost
$
4,938,278
Statement
of
operations
Macquarie
Tax-Free
USA
Short
Term
ETF
Six
months
ended
September
30,
2024
(Unaudited)
6
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Investment
Income:
Interest
$
88,029
88,029
Expenses:
Management
fees
7,313
Total
operating
expenses
7,313
Net
Investment
Income
(Loss)
80,716
Net
Realized
and
Unrealized
Gain
(Loss):
Net
realized
gain
(loss)
on
investments
3,171
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
45,092
Net
Realized
and
Unrealized
Gain
(Loss)
48,263
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
128,979
Statements
of
changes
in
net
assets
Macquarie
Tax-Free
USA
Short
Term
ETF
7
*Date
of
commencement
of
operations.
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Six
months
ended
September
30,
2024
(Unaudited)
For
the
period
November
28,
2023
*
to
March
31,
2024
Increase
(Decrease)
in
Net
Assets
from
Operations:
Net
investment
income
(loss)
$
80,716
$
52,164
Net
realized
gain
(loss)
3,171
–
Net
change
in
unrealized
appreciation
(depreciation)
45,092
19,024
Net
increase
(decrease)
in
net
assets
resulting
from
operations
128,979
71,188
Dividends
and
Distributions
to
Shareholders
from:
Distributable
earnings
(80,716
)
(52,164
)
(80,716
)
(52,164
)
Capital
Share
Transactions:
1
Proceeds
from
shares
sold
–
5,007,500
Increase
in
net
assets
derived
from
capital
share
transactions
–
5,007,500
Net
Increase
(Decrease)
in
Net
Assets
48,263
5,026,524
Net
Assets:
Beginning
of
period
5,026,524
–
End
of
period
$
5,074,787
$
5,026,524
Capital
Share
Transactions:
Beginning
of
period
200,000
–
Shares
subscribed
in-kind
–
200,000
Shares
outstanding,
end
of
period
200,000
200,000
1
Capital
share
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
4
in
"Notes
to
financial
statements."
Financial
highlights
Macquarie
Tax-Free
USA
Short
Term
ETF
8
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Selected
data
for
the
Fund
outstanding
throughout
each
period
were
as
follows:
Six
months
ended
September
30,
2024
1
(Unaudited)
For
the
period
November
28,
2023
2
to
March
31,
2024
Net
asset
value,
beginning
of
period
......
$
25
.13
$
25
.00
Income
(loss)
from
investment
operations:
—
—
Net
investment
income
3
.................
0
.40
0
.26
Net
realized
and
unrealized
gain
...........
0
.24
0
.13
Total
from
investment
operations
..........
0.64
0.39
Less
dividends
and
distributions
from:
—
—
Net
investment
income
.................
(
0
.40
)
(
0
.26
)
Total
dividends
and
distrib
u
tions
...........
(0.40)
(0.26)
Net
asset
value,
end
of
period
...........
$
25.37
$
25.13
Total
return
4
.........................
2.59%
1.56%
Ratios
and
supplemental
data:
$5,075
$5,027
Net
assets,
end
of
period
(000
omitted)
......
$
5,075
$
5,027
Ratio
of
expenses
to
average
net
assets
.....
0.29%
0.29%
Ratio
of
net
investment
income
to
average
net
assets
.............................
3.20%
3.02%
Portfolio
turnover
......................
15%
9%
1
Ratios
have
been
annualized
and
total
return
and
portfolio
turnover
have
not
been
annualized.
2
Date
of
commencement
of
operations;
ratios
have
been
annualized
and
total
return
and
portfolio
turnover
have
not
been
annualized.
3
Calculated
using
average
shares
outstanding.
4
Total
return
is
based
on
the
change
in
net
asset
value
of
a
share
during
the
period
and
assumes
reinvestment
of
dividends
and
distributions
at
net
asset
value.
Notes
to
financial
statements
Macquarie
Tax-Free
USA
Short
Term
ETF
9
September
30,
2024
Macquarie
ETF
Trust
(Trust)
is
organized
as
a
Delaware
statutory
trust
effective
February
22,
2023
and
is
an
open-end
management
investment
company
registered
with
the
U.S.
Securities
and
Exchange
Commission.
As
of
the
date
of
this
report,
the
Trust
offers
five series.
These
financial
statements
and
the
related
notes
pertain
to
Macquarie
Tax-Free
USA
Short
Term
ETF (the
Fund).
The
Fund
is
considered
diversified
under
the
Investment
Company
Act
of
1940,
as
amended
(1940
Act).
1.
Significant
Accounting
Policies
The
Fund
follows
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
—
Investment
Companies.
The
following
accounting
policies
are
in
accordance
with
US
generally
accepted
accounting
principles
(US
GAAP)
and
are
consistently
followed
by
the
Fund.
Security
Valuation
—
Fixed
income
securities
are
generally
priced
based
upon
valuations
provided
by
an
independent
pricing
service
or
broker
in
accordance
with
methodologies
included
within
Delaware
Management
Company
(DMC
or
the
Manager)'s
Pricing
Policy
(the
Policy).
Fixed
income
security
valuations
are
then
reviewed
by
DMC
as
part
of
its
duties
as
the
Fund's
valuation
designee
(Valuation
Designee)
and,
to
the
extent
required
by
the
Policy
and
applicable
regulation,
fair
valued
consistent
with
the
Policy.
To
the
extent
current
market
prices
are
not
available,
the
pricing
service
may
take
into
account
developments
related
to
the
specific
security,
as
well
as
transactions
in
comparable
securities.
Valuations
for
fixed
income
securities
utilize
matrix
systems,
which
reflect
such
factors
as
security
prices,
yields,
maturities,
and
ratings,
and
are
supplemented
by
dealer
and
exchange quotations. Investments
for
which
market
quotations
are
not
readily
available
are
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
Rule
2a-5
under
the
1940
Act
(Rule
2a-5).
As
a
general
principle,
the
fair
value
of
a
security
or
other
asset
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Pursuant
to
Rule
2a-5,
the
Board
of
Trustees
(Board)
has
designated
DMC
as
the
Valuation
Designee
for
the
Fund
to
perform
the
fair
value
determination
relating
to
all
applicable
Fund
investments.
DMC
has
established
a
Pricing
Committee
to
assist
with
its
designated
responsibilities
as
Valuation
Designee,
and
DMC
may
carry
out
its
designated
responsibilities
as
Valuation
Designee
through
the
Pricing
Committee
and
other
teams
and
committees,
which
operate
under
policies
and
procedures
approved
by
the
Board
and
subject
to
the
Board's
oversight.
Fair
value
pricing
may
be
used
more
frequently
for
securities
traded
primarily
in
non-US
markets.
In
considering
whether
fair
valuation
is
required
and
in
determining
fair
values,
the
Valuation
Designee
may,
among
other
things,
consider
significant
events
(which
may
be
considered
to
include
changes
in
the
value
of
US
securities
or
securities
indexes)
that
occur
after
the
close
of
the
relevant
market
and
before
the
close
of
the
New
York
Stock
Exchange.
The
Valuation
Designee
may
utilize
modeling
tools
provided
by
third-party
vendors
to
determine
fair
values
of
non-US
securities.
Federal
Income
Taxes
—
No
provision
for
federal
income
taxes
has
been
made
as the
Fund
intends
to
continue
to
qualify
for
federal
income
tax
purposes
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended,
and
make
the
requisite
Notes
to
financial
statements
Macquarie
Tax-Free
USA
Short
Term
ETF
10
distributions
to
shareholders.
The
Fund
evaluates
tax
positions
taken
or
expected
to
be
taken
in
the
course
of
preparing
the
Fund's
tax
returns
to
determine
whether
the
tax
positions
are
“more-
likely-than-not”
of
being
sustained
by
the
applicable
tax
authority.
Tax
positions
not
deemed
to
meet
the
“more-likely-than-not”
threshold
are
recorded
as
a
tax
benefit
or
expense
in
the
current
period.
Management
has
analyzed the
Fund’s
tax
positions
taken
or
expected
to
be
taken
on the
Fund’s
federal
income
tax
returns
through
the six
months
ended September
30,
2024
and
for
the
open
tax
year
ended
March
31,
2024,
and
has
concluded
that
no
provision
for
federal
income
tax
is
required
in
the
Fund’s
financial
statements.
If
applicable,
the
Fund
recognizes
interest
accrued
on
unrecognized
tax
benefits
in
interest
expense
and
penalties
in
"Other"
on
the
"Statement
of
operations."
During
the
six
months
ended September
30,
2024,
the
Fund
did
not
incur
any
interest
or
tax
penalties.
In-kind
Redemptions
—
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Fund.
Because
such
gains
or
losses
are
not
taxable
to
the
Fund
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Fund’s
tax
year.
These
reclassifications
have
no
effect
on
net
assets
NAV
per
share.
Use
of
Estimates
—
The
preparation
of
financial
statements
in
conformity
with
US
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
fair
value
of
investments,
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements,
and
the
reported
amounts
of
revenues
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates
and
the
differences
could
be
material.
Other
—
Security
transactions
are
recorded
on
the
date
the
securities
are
purchased
or
sold
(trade
date)
for
financial
reporting
purposes.
Costs
used
in
calculating
realized
gains
and
losses
on
the
sale
of
investment
securities
are
those
of
the
specific
securities
sold.
Interest
income
is
recorded
on
an
accrual
basis.
Discounts
and
premiums
on
debt
securities
are
accreted
or
amortized
to
interest
income,
respectively,
over
the
lives
of
the
respective
securities
using
the
effective
interest
method.
Premiums
on
callable
debt
securities
are
amortized
to
interest
income
to
the
earliest
call
date
using
the
effective
interest
method.
The
Fund
declares
and
pays
dividends
from
net
investment
income
monthly
and
distributions
from
net
realized
gain
on
investments,
if
any,
at
least
annually.
The
Fund
may
distribute
more
frequently,
if
necessary
for
tax
purposes.
Dividends
and
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
2.
Investment
Management,
Administration
Agreements,
and
Other
Transactions
with
Affiliates
In
accordance
with
the
terms
of
its
investment
management
agreement,
the
Fund
pays
DMC,
a
series
of
Macquarie
Investment
Management
Business
Trust
(MIMBT)
and
the
investment
manager,
an
annual
unitary
management fee
which
is
calculated
daily
and
paid
monthly
at
the
rate
of
0.29%
on
the
Fund's
average
daily
net
assets.
1.
Significant
Accounting
Policies
(continued)
11
From
the
unitary
management
fees,
DMC
pays
most
of
the
expenses
of
the
Fund,
including
the
cost
of
sub-advisory
fees
to
any
investment
sub-adviser,
transfer
agency,
custody,
fund
administration,
legal,
audit
and
other
services.
However,
under
the
investment
management
agreement,
DMC
is
not
responsible
for
(i)
interest
expenses;
(ii)
taxes
(including,
but
not
limited
to,
income,
excise,
transfer
and
withholding
taxes);
(iii)
expenses
of
a
Fund
incurred
with
respect
to
the
acquisition
and
disposition
of
portfolio
securities,
instruments
or
other
investments
and
the
execution
of
portfolio
transactions,
including
brokerage
commissions;
(iv)
expenses
incurred
in
connection
with
any
distribution
plan
adopted
by
the
Trust
in
compliance
with
Rule
12b-1
under
the
1940
Act,
including
distribution
fees;
(v)
litigation
expenses;
(vi)
the
investment
advisory
fee
payable
to
the
Manager;
(vii)
non-routine
or
extraordinary
expenses
(including,
without
limitation,
the
expense
associated
with
proxy
solicitations
and
fund
reorganizations);
and
(viii)
acquired
fund
fees
and
expenses.
At
September
30,
2024,
Macquarie
Management
Holdings,
Inc.
directly
owned
95.02%
of
the
Fund.
MIMBT,
of
which
DMC
is
a
series,
entered
into
a
settlement
agreement
on
September
19,
2024
with
the
U.S.
Securities
and
Exchange
Commission
(SEC)
consenting
to
an
order
("Settlement
Order")
relating
to
a
legacy
investment
strategy,
the
Absolute
Return
Mortgage-Backed
Securities
Strategy
("ARMBS
Strategy").
MIMBT
no
longer
offers
the
ARMBS
Strategy.
MIMBT
agreed
to
the
Settlement
Order
without
admitting
or
denying
the
SEC's
findings.
The
Settlement
Order
does
not
impact
MIMBT's
ability
to
continue
to
provide
services
to
the
Fund.
3.
Investments
For
the six
months
ended
September
30,
2024
,
the
Fund
made
purchases
and
sales
of
investment
securities
other
than
short-term
investments
and
US
government
securities as
follows:
There
were
no
investment
transactions
related
to
in-kind
purchases
and
sales
for
the six
months
ended
September
30,
2024.
At
September
30,
2024,
the
cost
and
unrealized
appreciation
(depreciation)
of
investments
for
federal
income
tax
purposes
have
been
estimated
since
final
tax
characteristics
cannot
be
determined
until
fiscal
year
end.
At
September
30,
2024
,
the
cost
and
unrealized
appreciation
(depreciation)
of
investments
for
the
Fund
were
as
follows:
Purchases
$
919,774
Sales
751,137
Cost
of
investments
$
4,938,278
Aggregate
unrealized
appreciation
of
investments
$
66,605
Aggregate
unrealized
depreciation
of
investments
(2,489)
Net
unrealized
appreciation
of
investments
$
64,116
2.
Investment
Management,
Administration
Agreements,
and
Other
Transactions
with
Affiliates
(continued)
Notes
to
financial
statements
Macquarie
Tax-Free
USA
Short
Term
ETF
12
US
GAAP
defines
fair
value
as
the
price
that
the
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
under
current
market
conditions.
A
three-level
hierarchy
for
fair
value
measurements
has
been
established
based
upon
the
transparency
of
inputs
to
the
valuation
of
an
asset
or
liability.
Inputs
may
be
observable
or
unobservable
and
refer
broadly
to
the
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability
based
on
the
best
information
available
under
the
circumstances.
The
Fund's
investment
in
its
entirety
is
assigned
a
level
based
upon
the
observability
of
the
inputs
which
are
significant
to
the
overall
valuation.
The
three-level
hierarchy
of
inputs
is
summarized
as
follows:
Level
1
—
Inputs
are
quoted
prices
in
active
markets
for
identical
investments.
(Examples:
equity
securities,
open-end
investment
companies,
futures
contracts,
and
exchange-traded
options
contracts)
Level
2 —
Other
observable
inputs,
including,
but
not
limited
to:
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
and
default
rates)
or
other
market-corroborated
inputs.
(Examples:
debt
securities,
government
securities,
swap
contracts,
forward
foreign currency
exchange
contracts,
foreign
securities
utilizing
international
fair
value
pricing,
broker-quoted
securities,
and
fair
valued
securities)
Level
3 — Significant
unobservable
inputs,
including
the
Fund's
own
assumptions
used
to
determine
the
fair
value
of
investments.
(Examples:
broker-quoted
securities
and
fair
valued
securities)
Level
3
investments
are
valued
using
significant
unobservable
inputs.
The
Fund
may
also
use
an
income-based
valuation
approach
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Valuations
may
also
be
based
upon
current
market
prices
of
securities
that
are
comparable
in
coupon,
rating,
maturity,
and
industry.
The
derived
value
of
a
Level
3
investment
may
not
represent
the
value
which
is
received
upon
disposition
and
this
could
impact
the
results
of
operations.
The
following
table
summarizes
the
valuation
of
the
Fund's
investments
by
fair
value
hierarchy
levels
as
of
September
30,
2024
:
3.
Investments
(continued)
13
During
the six
months
ended
September
30,
2024
,
there
were
no
transfers
into
or
out
of
Level
3
investments.
The
Fund's
policy
is
to
recognize
transfers
into
or
out
of
Level
3
investments
based
on
fair
value
at
the
beginning
of
the
reporting
period.
A
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
has
a
significant
amount
of
Level
3
investments
at
the
beginning
or
end
of
the
period
in
relation
to
the
Fund's
net
assets.
As
of
September
30,
2024
,
there
were
no
Level
3
investments.
4.
Issuance
and
Redemption
of
Fund
Shares
The
Fund
is
an
exchange-traded
fund
or
ETF.
Individual
Fund
shares
may
only
be
purchased
and
sold
on
a
national
securities
exchange
through
a
broker-dealer
and
investors
may
pay
a
commission
to
such
broker-dealers
in
connection
with
their
purchase
or
sale.
The
price
of
Fund
shares
is
based
on
market
price,
and
because
ETF
shares
trade
at
market
prices
rather
than
NAV,
shares
may
trade
at
a
price
greater
than
NAV
(a
premium)
or
less
than
NAV
(a
discount).
The
Fund
will
only
issue
or
redeem
shares
aggregated
into
blocks
of
50,000
shares
or
multiples
thereof
(“Creation
Units”) to
Authorized
Participants
who
have
entered
into
agreements
with
the
Fund's
Distributor.
An
Authorized
Participant
is
either
(1)
a
“Participating
Party,”
(i.e.,
a
broker-
dealer
or
other
participant
in
the
clearing
process
of
the
Continuous
Net
Settlement
System
of
the
National
Securities
Clearing
Corporation)
(“Clearing
Process”),
or
(2)
a
participant
of
Depository
Trust
Company
(“DTC
Participant”),
and,
in
each
case,
must
have
executed
an
agreement
(“Participation
Agreement”)
with
the
Distributor
with
respect
to
creations
and
redemptions
of
Creation
Units.
The
Fund
will
issue
or
redeem
Creation
Units
in
return
for
a
basket
of
assets
that
the
Fund
specifies
each
day.
Shares
are
listed
on
the
NYSE
Arca,
Inc.
exchange
and
are
publicly
traded.
If
an
investor
buys
or
sells
Fund
shares
on
the
secondary
market,
the
investor
will
pay
or
receive
the
market
price,
which
may
be
higher
or
lower
than
NAV.
The
investor's
transaction
will
be
priced
at
NAV
if
the
investor
purchases
or
redeems
Fund
shares
in
Creation
Units.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
the
Fund's
Administrator
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Additionally,
a
portion
of
the
transaction
fee
is
used
to
offset
transactional
costs
typically
accrued
in
the
Fund's
custody
expenses
directly
related
to
the
issuance
and
redemption
of
Creation
Units.
An
additional
variable
fee
may
be
charged
for
certain
transactions.
Such
fees
would
be
included
in
the
receivable
for
capital
shares
issued
on
the
"Statement
of
Level
1
Level
2
Level
3
Total
Securities
Assets:
Municipal
Bonds
$
–
$
5,002,394
$
–
$
5,002,394
3.
Investments
(continued)
Notes
to
financial
statements
Macquarie
Tax-Free
USA
Short
Term
ETF
14
assets
and
liabilities"
if
they
are
outstanding
as
of
period-end.
Transaction
fees
assessed
during
the
period
are
included
in
the
proceeds
from
shares
issued
on
the
"Statements
of
changes
in
net
assets."
5.
Certain
Principal
Risks
of
the
Fund
Sustainability
risk
—
Investing
with
a
focus
on
companies
that
exhibit
a
commitment
to
sustainable
practices
may
result
in
the
Fund
investing
in
certain
types
of
companies,
industries
or
sectors
that
the
market
may
not
favor.
The
securities
of
such
companies
may
underperform
the
stock
market
as
a
whole
and
the
criteria
used
to
select
companies
for
investment
may
result
in
the
Fund
investing
in
securities
that
underperform
securities
of
companies
that
do
not
exhibit
such
a
commitment
to
sustainability.
Interest
rate
risk
—
The
risk
that
the
prices
of
bonds
and
other
fixed
income
securities
will
increase
as
interest
rates
fall
and
decrease
as
interest
rates
rise.
Interest
rate
changes
are
influenced
by
a
number
of
factors,
such
as
government
policy,
monetary
policy,
inflation
expectations,
and
the
supply
and
demand
of
bonds.
Bonds
and
other
fixed
income
securities
with
longer
maturities
or
duration
generally
are
more
sensitive
to
interest
rate
changes.
A
fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates
when
interest
rates
are
low
or
inflation
rates
are
high
or
rising.
High
yield
(junk
bond)
risk
—
The
risk
that
high
yield
securities,
commonly
known
as
“junk
bonds,”
are
subject
to
reduced
creditworthiness
of
issuers,
increased
risk
of
default,
and
a
more
limited
and
less
liquid
secondary
market.
High
yield
securities
may
also
be
subject
to
greater
price
volatility
and
risk
of
loss
of
income
and
principal
than
are
higher-rated
securities.
High
yield
bonds
are
sometimes
issued
by
municipalities
that
have
less
financial
strength
and
therefore
have
less
ability
to
make
projected
debt
payments
on
the
bonds.
Credit
risk
—
The
risk
that
an
issuer
of
a
debt
security,
including
a
governmental
issuer
or
an
entity
that
insures
a
bond,
may
be
unable
to
make
interest
payments
and/or
repay
principal
in
a
timely
manner.
Call
risk
—
The
risk
that
a
bond
issuer
will
prepay
the
bond
during
periods
of
low
interest
rates,
forcing
a
fund
to
reinvest
that
money
at
interest
rates
that
might
be
lower
than
rates
on
the
called
bond.
Alternative
minimum
tax
risk
—
If
a
fund
invests
in
bonds
whose
income
is
subject
to
the
alternative
minimum
tax,
that
portion
of
the
fund’s
distributions
would
be
taxable
for
shareholders
who
are
subject
to
this
tax.
Geographic
concentration
risk
—
The
risk
that
heightened
sensitivity
to
regional,
state,
US
territories
or
possessions
(such
as
the
Commonwealth
of
Puerto
Rico,
Guam,
or
the
US
Virgin
Islands),
and
local
political
and
economic
conditions
could
adversely
affect
the
holdings
in
and
performance
of
a
fund.
There
is
also
the
risk
that
there
could
be
an
inadequate
supply
of
municipal
bonds
in
a
particular
state
or
US
territory
or
possession.
4.
Issuance
and
Redemption
of
Fund
Shares
(continued)
15
ETF
Structure
Risks
–
The
Fund
is
structured
as
an
ETF
and
as
a
result
is
subject
to
special
risks.
Shares
are
not
individually
redeemable
and
may
be
redeemed
by
the
Fund
at
NAV
only
in
large
blocks
known
as
“Creation
Units.”
Trading
in
shares
on
the
CBOE
BZX
Exchange,
Inc.
(the
“Exchange”)
may
be
halted
due
to
market
conditions
or
for
reasons
that,
in
the
view
of
the
Exchange,
make
trading
in
Shares
inadvisable,
such
as
extraordinary
market
volatility.
There
can
be
no
assurance
that
Shares
will
continue
to
meet
the
listing
requirements
of
the
Exchange.
An
active
trading
market
for
the
Fund’s
shares
may
not
be
developed
or
maintained.
If
the
Fund’s
shares
are
traded
outside
a
collateralized
settlement
system,
the
number
of
financial
institutions
that
can
act
as
authorized
participants
that
can
post
collateral
on
an
agency
basis
is
limited,
which
may
limit
the
market
for
the
Fund’s
shares.
The
market
prices
of
Shares
will
fluctuate
in
response
to
changes
in
NAV
and
supply
and
demand
for
shares
and
will
include
a
“bid-ask
spread”
charged
by
the
exchange
specialists,
market
makers
or
other
participants
that
trade
the
particular
security.
There
may
be
times
when
the
market
price
and
the
NAV
vary
significantly
particularly
during
times
of
market
stress,
with
the
result
that
investors
may
pay
significantly
more
or
significantly
less
for
Fund
shares
than
the
Fund’s
NAV,
which
is
reflected
in
the
bid
and
ask
price
for
Fund
shares
or
in
the
closing
price.
If
a
shareholder
purchases
shares
at
a
time
when
the
market
price
is
at
a
premium
to
the
NAV
or
sells
shares
at
a
time
when
the
market
price
is
at
a
discount
to
NAV,
the
shareholder
may
sustain
losses
if
the
shares
are
sold
at
a
price
that
is
less
than
the
price
paid
by
the
shareholder
for
the
shares.
When
all
or
a
portion
of
an
ETFs
underlying
securities
trade
in
a
market
that
is
closed
when
the
market
for
the
Fund’s
shares
is
open,
there
may
be
changes
from
the
last
quote
of
the
closed
market
and
the
quote
from
the
Fund’s
domestic
trading
day,
which
could
lead
to
differences
between
the
market
value
of
the
Fund’s
shares
and
the
Fund’s
NAV.
In
stressed
market
conditions,
the
market
for
the
Fund’s
shares
may
become
less
liquid
in
response
to
the
deteriorating
liquidity
of
the
Fund’s
portfolio.
This
adverse
effect
on
the
liquidity
of
the
Fund’s
shares
may,
in
turn,
lead
to
differences
between
the
market
value
of
the
Fund’s
shares
and
the
Fund’s
NAV.
6.
Contractual
Obligations
The
Fund
enters
into
contracts
in
the
normal
course
of
business
that
contain
a
variety
of
indemnifications.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown.
However,
the
Fund
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts.
Management
has
reviewed
the
Fund's
existing
contracts
and
expects
the
risk
of
loss
to
be
remote.
7.
Subsequent
Events
Management
has
determined
that
no
material
events
or
transactions
occurred
subsequent
to
September
30,
2024
,
that
would
require
recognition
or
disclosure
in
the
Fund's
financial
statements.
5.
Certain
Principal
Risks
of
the
Fund
(continued)
Other
Fund
information
(Unaudited)
Macquarie
Tax-Free
USA
Short
Term
ETF
16
Changes
in
and
Disagreements
with
Accountants
for
Open-End
Management
Investment
Companies
Not
Applicable.
Proxy
Disclosures
for
Open-End
Management
Investment
Companies
Not
Applicable.
Remuneration
Paid
to
Directors,
Officers,
and
Others
of
Open-End
Management
Investment
Companies
Not
Applicable.
Statement
Regarding
Basis
of
Approval
for
Investment
Advisory
Contract
Not
Applicable.
This
page
is
not
part
of
the
Financial
statements
and
other
information.
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is
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asset
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and
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LLC.
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Macquarie
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entity
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The
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regulations.
Macquarie
Focused
Large
Growth
ETF
Financial
statements
and
other
information
For
the
period
ended
September
30,
2024
Table
of
contents
Schedule
of
investments
1
Statement
of
assets
and
liabilities
3
Statement
of
operations
4
Statement
of
changes
in
net
assets
5
Financial
highlights
6
Notes
to
financial
statements
7
Other
Fund
information
15
This
report
and
the
financial
statements
contained
herein
are
submitted
for
the
general
information
of
the
shareholders
of
the
Fund.
This
report
is
not
authorized
for
distribution
to
prospective
investors
in
the
Fund
unless
preceded
or
accompanied
by
an
effective
prospectus.
Form
N-PORT
and
proxy
voting
information
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Fund’s
Form
N-PORT,
as
well
as
a
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
(if
any)
relating
to
portfolio
securities,
is
available
without
charge
(i)
upon
request,
by
calling
844
469-9911;
and
(ii)
on
the
SEC’s
website
at
sec.gov.
In
addition,
a
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
(if
any)
relating
to
portfolio
securities
and
the
Schedule
of
Investments
included
in
the
Fund’s
most
recent
Form
N-PORT
are
available
without
charge
on
the
Fund’s
website
at
macquarie.com/mam/etf-literature.
Information
(if
any)
regarding
how
the
Fund
voted
proxies
relating
to
portfolio
securities
during
the
most
recently
disclosed
12-month
period
ended
June
30
is
available
without
charge
(i)
through
the
Fund’s
website
at
macquarie.com/mam/etf-literature;
and
(ii)
on
the
SEC’s
website
at
sec.gov.
Schedule
of
investments
Macquarie
Focused
Large
Growth
ETF
1
September
30,
2024
(Unaudited)
Number
of
shares
Value
(US
$)
Common
Stocks
—
98.37%
^
Communication
Services
-
8.31%
Alphabet,
Inc.,
Class
C
9,250
$
1,546,507
Electronic
Arts,
Inc.
3,747
537,470
2,083,977
Consumer
Discretionary
-
12.32%
Amazon.com,
Inc.
†
9,103
1,696,162
Ferrari
NV
1,665
782,733
LVMH
Moet
Hennessy
Louis
Vuitton
SE
ADR
3,972
610,139
3,089,034
Consumer
Staples
-
3.46%
Coca-Cola
Co.
(The)
12,074
867,638
867,638
Financials
-
12.54%
Intercontinental
Exchange,
Inc.
5,231
840,308
MSCI,
Inc.,
Class
A
740
431,368
S&P
Global,
Inc.
1,295
669,023
Visa,
Inc.,
Class
A
4,379
1,204,006
3,144,705
Healthcare
-
8.03%
Danaher
Corp.
3,009
836,562
UnitedHealth
Group,
Inc.
2,011
1,175,792
2,012,354
Industrials
-
3.96%
Waste
Connections,
Inc.
5,550
992,451
992,451
Information
Technology
-
46.33%
Apple,
Inc.
8,510
1,982,830
Intuit,
Inc.
1,665
1,033,965
Microsoft
Corp.
7,770
3,343,430
Motorola
Solutions,
Inc.
2,590
1,164,542
NVIDIA
Corp.
20,350
2,471,304
Synopsys,
Inc.
†
1,480
749,457
VeriSign,
Inc.
†
4,582
870,397
11,615,925
Real
Estate
-
3.42%
CoStar
Group,
Inc.
†
11,362
857,149
857,149
Total
Common
Stocks
(cost
$23,334,213)
24,663,233
Schedule
of
investments
Macquarie
Focused
Large
Growth
ETF
2
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Number
of
shares
Value
(US
$)
Short-Term
Investments
—
1.62%
Money
Market
Mutual
Funds
-
1.62%
JPMorgan
U.S.
Government
Money
Market
Fund
—
Class
Morgan
(seven-day
effective
yield
4.41%)
405,516
$
405,516
Total
Short-Term
Investments
(Cost
$405,516)
405,516
Total
Value
of
Securities
—
99.99%
(cost
$23,739,729)
25,068,749
Receivables
and
Other
Assets
Net
of
Liabilities
—
0.01%
2,065
Net
Assets
Applicable
to
925,000
Shares
Outstanding
—
100.00%
$
25,070,814
^
Narrow
industries
are
utilized
for
compliance
purposes
for
concentration
whereas
broad
sectors
are
used
for
financial
reporting.
†
Non-income
producing
security.
Summary
of
abbreviations:
ADR
–
American
Depositary
Receipt
MSCI
–
Morgan
Stanley
Capital
International
S&P
–
Standard
&
Poor’s
Financial
Services
LLC
Statement
of
assets
and
liabilities
Macquarie
Focused
Large
Growth
ETF
3
September
30,
2024
(Unaudited)
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Assets:
Investments
at
value*
$
25,068,749
Dividends
receivable
10,786
Total
Assets
25,079,535
Liabilities:
Management
fees
payable
to
affiliates
8,721
Total
Liabilities
8,721
Total
Net
Assets
$
25,070,814
Net
Assets
Consist
of:
Paid-in-capital
$
23,727,468
Total
distributable
earnings
(loss)
1,343,346
Total
Net
Assets
$
25,070,814
Shares
outstanding
(unlimited
amount
authorized,
no
par
value)
925,000
Net
asset
value
per
share
$
27.10
*Investments,
at
cost
$
23,739,729
Statement
of
operations
Macquarie
Focused
Large
Growth
ETF
For
the
period
May
14,
2024*
to
September
30,
2024
(Unaudited)
4
*Date
of
commencement
of
operations.
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Investment
Income:
Dividends
$
45,180
Foreign
tax
withheld
(
203
)
44,977
Expenses:
Management
fees
24,667
Total
operating
expenses
24,667
Net
Investment
Income
(Loss)
20,310
Net
Realized
and
Unrealized
Gain
(Loss):
Net
realized
gain
(loss)
on
investments
(
5,984
)
Net
unrealized
appreciation
(depreciation)
on
investments
1,329,020
Net
Realized
and
Unrealized
Gain
(Loss)
1,323,036
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
1,343,346
Statement
of
changes
in
net
assets
Macquarie
Focused
Large
Growth
ETF
5
*Date
of
commencement
of
operations.
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
For
the
period
May
14,
2024
*
to
September
30,
2024
(Unaudited)
Increase
(Decrease)
in
Net
Assets
from
Operations:
Net
investment
income
(loss)
$
20,310
Net
realized
gain
(loss)
(5,984
)
Net
unrealized
appreciation
(depreciation)
1,329,020
Net
increase
(decrease)
in
net
assets
resulting
from
operations
1,343,346
Capital
Share
Transactions:
1
Proceeds
from
shares
sold
23,727,468
Increase
in
net
assets
derived
from
capital
share
transactions
23,727,468
Net
Increase
(Decrease)
in
Net
Assets
25,070,814
Net
Assets:
Beginning
of
period
–
End
of
period
$
25,070,814
Capital
Share
Transactions:
Beginning
of
period
–
Shares
subscribed
in-kind
925,000
Shares
outstanding,
end
of
period
925,000
1
Capital
share
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
4
in
"Notes
to
financial
statements."
Financial
highlights
Macquarie
Focused
Large
Growth
ETF
6
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Selected
data
for
the
Fund
outstanding
throughout
the
period
were
as
follows:
For
the
period
May
14,
2024
1
to
September
30,
2024
Net
asset
value,
beginning
of
period
.........................
$
25
.00
Income
(loss)
from
investment
operations:
—
Net
investment
income
2
....................................
0
.04
Net
realized
and
unrealized
gain
..............................
2
.06
Total
from
investment
operations
.............................
2.10
Net
asset
value,
end
of
period
..............................
$
27.10
Total
return
3
............................................
8.40%
Ratios
and
supplemental
data:
$25,071
Net
assets,
end
of
period
(000
omitted)
.........................
$
25,071
Ratio
of
expenses
to
average
net
assets
4
.......................
0.44%
Ratio
of
net
investment
income
to
average
net
assets
..............
0.36%
Portfolio
turnover
5
.........................................
0%
6
1
Date
of
commencement
of
operations;
ratios
have
been
annualized
and
total
return
and
portfolio
turnover
have
not
been
annualized.
2
Calculated
using
average
shares
outstanding.
3
Total
return
is
based
on
the
change
in
net
asset
value
of
a
share
during
the
period
and
assumes
reinvestment
of
dividends
and
distributions
at
net
asset
value.
4
Expense
ratios
do
not
include
expenses
of
any
investment
companies
in
which
the
Fund
invests.
5
Excludes
the
value
of
portfolio
securities
received
or
delivered
as
a
result
of
in-kind
purchases
or
redemptions
of
the
Fund’s
capital
shares.
6
Rounds
to
less
than
1%
Notes
to
financial
statements
Macquarie
Focused
Large
Growth
ETF
7
September
30,
2024
Macquarie
ETF
Trust
(Trust)
is
organized
as
a
Delaware
statutory
trust
effective
February
22,
2023
and
is
an
open-end
management
investment
company
registered
with
the
U.S.
Securities
and
Exchange
Commission.
As
of
the
date
of
this
report,
the
Trust
offers
five series.
These
financial
statements
and
the
related
notes
pertain
to
Macquarie
Focused
Large
Growth
ETF (the
Fund).
The
Fund
commenced
operations
on
May
14,
2024.
The
Fund
is
considered
non-
diversified
under
the
Investment
Company
Act
of
1940,
as
amended
(1940
Act).
1.
Significant
Accounting
Policies
The
Fund
follows
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
—
Investment
Companies.
The
following
accounting
policies
are
in
accordance
with
US
generally
accepted
accounting
principles
(US
GAAP)
and
are
consistently
followed
by
the
Fund.
Security
Valuation
—
Equity
securities,
except
those
traded
on
the
Nasdaq
Stock
Market
LLC
(Nasdaq),
are
valued
at
the
last
quoted
sales
price
as
of
the
time
of
the
regular
close
of
the
New
York
Stock
Exchange
(NYSE) on
the
valuation
date.
Equity
securities
traded
on
the
Nasdaq
are
valued
in
accordance
with
the
Nasdaq
Official
Closing
Price,
which
may
not
be
the
last
sales
price.
If,
on
a
particular
day,
an
equity
security
does
not
trade,
the
mean
between
the
bid
and
the
ask
prices
will
be
used,
which
approximates
fair
value.
Equity
securities
listed
on
a
foreign
exchange
are
normally
valued
at
the
last
quoted
sales
price
on
the
valuation
date.
Open-end
investment
companies
are
valued
at
their
published
net
asset
value
(NAV). Investments
for
which
market
quotations
are
not
readily
available
are
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
Rule
2a-
5
under
the
1940
Act
(Rule
2a-5).
As
a
general
principle,
the
fair
value
of
a
security
or
other
asset
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Pursuant
to
Rule
2a-5,
the
Board
of
Trustees
(Board)
has
designated
Delaware
Management
Company
(DMC
or
the
Manager)
as
the
valuation
designee
(Valuation
Designee)
for
the
Fund
to
perform
the
fair
value
determination
relating
to
all
applicable
Fund
investments.
DMC
has
established
a
Pricing
Committee
to
assist
with
its
designated
responsibilities
as
Valuation
Designee,
and
DMC
may
carry
out
its
designated
responsibilities
as
Valuation
Designee
through
the
Pricing
Committee
and
other
teams
and
committees,
which
operate
under
policies
and
procedures
approved
by
the
Board
and
subject
to
the
Board's
oversight.
Fair
value
pricing
may
be
used
more
frequently
for
securities
traded
primarily
in
non-US
markets.
The
Fund
may
use
fair
value
pricing
relatively
frequently
for
securities
traded
primarily
in
non-US
markets.
If
a
foreign
(non-US)
equity
security's
value
has
materially
changed
after
the
close
of
the
security's
primary
exchange
or
principal
market
but
before
the
close
of
the
NYSE,
the
security
may
be
valued
at
fair
value.
With
respect
to
foreign
(non-US)
equity
securities,
the
Fund
may
determine
the
fair
value
of
investments
based
on
information
provided
by
pricing
vendors,
which
may
recommend
fair
value
or
adjustments
with
reference
to
other
securities,
indexes
or
assets.
In
considering
whether
fair
valuation
is
required
and
in
determining
fair
values,
the
Valuation
Designee
may,
among
other
things,
consider
significant
events
(which
may
be
considered
to
include
changes
in
the
value
of
US
securities
or
Notes
to
financial
statements
Macquarie
Focused
Large
Growth
ETF
8
securities
indexes)
that
occur
after
the
close
of
the
relevant
market
and
before
the
close
of
the
NYSE.
The
Valuation
Designee
may
utilize
modeling
tools
provided
by
third-party
vendors
to
determine
fair
values
of
non-US
securities.
Federal
Income
Taxes
—
No
provision
for
federal
income
taxes
has
been
made
as the
Fund
intends
to
continue
to
qualify
for
federal
income
tax
purposes
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended,
and
make
the
requisite
distributions
to
shareholders.
The
Fund
evaluates
tax
positions
taken
or
expected
to
be
taken
in
the
course
of
preparing
the
Fund's
tax
returns
to
determine
whether
the
tax
positions
are
“more-
likely-than-not”
of
being
sustained
by
the
applicable
tax
authority.
Tax
positions
not
deemed
to
meet
the
“more-likely-than-not”
threshold
are
recorded
as
a
tax
benefit
or
expense
in
the
current
period.
During
the
period
ended September
30,
2024,
the
Fund
did
not
incur
any
interest
or
tax
penalties.
Foreign
Currency
Transactions
—
Transactions
denominated
in
foreign
currencies
are
recorded
at
the
prevailing
exchange
rates
on
the
valuation
date.
The
value
of
all
assets
and
liabilities
denominated
in
foreign
currencies
is
translated
daily
into
US
dollars
at
the
exchange
rate
of
such
currencies
against
the
US
dollar.
Transaction
gains
or
losses
resulting
from
changes
in
exchange
rates
during
the
reporting
period
or
upon
settlement
of
the
foreign
currency
transaction
are
reported
in
operations
for
the
current
period.
The
Fund
generally
does
not
bifurcate
that
portion
of
realized
gains
and
losses
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices.
These
realized
gains
and
losses
are
included
on
the
“Statement
of
operations”
under
“Net
realized
gain
(loss)
on
investments.” The
Fund
reports
certain
foreign
currency
related
transactions
as
components
of
realized
gains
(losses)
for
financial
reporting
purposes,
whereas
such
components
are
treated
as
ordinary
income
(loss)
for
federal
income
tax
purposes.
In-kind
Redemptions
—
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Fund.
Because
such
gains
or
losses
are
not
taxable
to
the
Fund
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Fund’s
tax
year.
These
reclassifications
have
no
effect
on
net
assets
NAV
per
share.
Use
of
Estimates
—
The
preparation
of
financial
statements
in
conformity
with
US
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
fair
value
of
investments,
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements,
and
the
reported
amounts
of
revenues
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates
and
the
differences
could
be
material.
Other
—
Security
transactions
are
recorded
on
the
date
the
securities
are
purchased
or
sold
(trade
date)
for
financial
reporting
purposes.
Costs
used
in
calculating
realized
gains
and
losses
on
the
sale
of
investment
securities
are
those
of
the
specific
securities
sold.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Foreign
dividends
are
also
recorded
on
the
ex-dividend
date
1.
Significant
Accounting
Policies
(continued)
9
or
as
soon
after
the
ex-dividend
date
that
the
Fund
is
aware
of
such
dividends,
net
of
all
tax
withholdings,
a
portion
of
which
may
be
reclaimable.
Withholding
taxes
and
reclaims
on
foreign
dividends
have
been
recorded
in
accordance
with
the
Fund's
understanding
of
the
applicable
country’s
tax
rules
and
rates.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
"Statement
of
operations"
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes. Income
and
capital
gain
distributions
from
any
investment
companies
(Underlying
Funds)
in
which
the
Fund
invests
are
recorded
on
the
ex-dividend
date.
The
Fund
declares
and
pays
dividends
from
net
investment
income
and
distributions
from
net
realized
gain
on
investments,
if
any,
at
least
annually.
The
Fund
may
distribute
more
frequently,
if
necessary
for
tax
purposes.
Dividends
and
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
2.
Investment
Management,
Administration
Agreements,
and
Other
Transactions
with
Affiliates
In
accordance
with
the
terms
of
its
investment
management
agreement,
the
Fund
pays
DMC,
a
series
of
Macquarie
Investment
Management
Business
Trust
(MIMBT)
and
the
investment
manager,
an
annual
unitary
management
fee
which
is
calculated
daily
and
paid
monthly
at
the
rate
of
0.44%
on
the
Fund's
average
daily
net
assets.
From
the
unitary
management
fees,
DMC
pays
most
of
the
expenses
of
the
Fund,
including
the
cost
of
sub-advisory
fees
to
any
investment
sub-adviser,
transfer
agency,
custody,
fund
administration,
legal,
audit
and
other
services.
However,
under
the
investment
management
agreement,
DMC
is
not
responsible
for
(i)
interest
expenses;
(ii)
taxes
(including,
but
not
limited
to,
income,
excise,
transfer
and
withholding
taxes);
(iii)
expenses
of
a
Fund
incurred
with
respect
to
the
acquisition
and
disposition
of
portfolio
securities,
instruments
or
other
investments
and
the
execution
of
portfolio
transactions,
including
brokerage
commissions;
(iv)
expenses
incurred
in
connection
with
any
distribution
plan
adopted
by
the
Trust
in
compliance
with
Rule
12b-1
under
the
1940
Act,
including
distribution
fees;
(v)
litigation
expenses;
(vi)
the
investment
advisory
fee
payable
to
the
Manager;
(vii)
non-routine
or
extraordinary
expenses
(including,
without
limitation,
the
expense
associated
with
proxy
solicitations
and
fund
reorganizations);
and
(viii)
acquired
fund
fees
and
expenses.
DMC
entered
into
a
sub-advisory
agreement
on
behalf
of
the
Fund
with
Macquarie
Investment
Management
Global
Limited,
which
is
an
affiliate
of
DMC
(Affiliated
Sub-Advisor).
Although
the
Manager
has
principal
responsibility
for
the
Manager’s
portion
of
the
Fund,
the
Manager
may
permit
the
Affiliated
Sub-Advisor
to
execute
Fund
security
trades
on
behalf
of
the
Manager.
Pursuant
to
the
terms
of
the
sub-advisory
agreement,
the
investment
sub-advisory
fee
is
paid
by
DMC
to
the
Affiliated
Sub-Advisor
based
on
the
extent
to
which
the
Affiliated
Sub-Advisor
provides
services
to
the
Fund.
1.
Significant
Accounting
Policies
(continued)
Notes
to
financial
statements
Macquarie
Focused
Large
Growth
ETF
10
In
addition
to
the
management
fees
and
other
expenses
of the
Fund, the
Fund
indirectly
bears
the
investment
management
fees
and
other
expenses
of
any
Underlying
Funds,
in
which
it
invests.
The
amount
of
these
fees
and
expenses
incurred
indirectly
by the
Fund
will
vary
based
upon
the
expense
and
fee
levels
of
any
Underlying
Funds
and
the
number
of
shares
that
are
owned
of
any
Underlying
Funds
at
different
times.
MIMBT,
of
which
DMC
is
a
series,
entered
into
a
settlement
agreement
on
September
19,
2024
with
the
U.S.
Securities
and
Exchange
Commission
(SEC)
consenting
to
an
order
(“Settlement
Order”)
relating
to
a
legacy
investment
strategy,
the
Absolute
Return
Mortgage-Backed
Securities
Strategy
(“ARMBS
Strategy”).
MIMBT
no
longer
offers
the
ARMBS
Strategy.
MIMBT
agreed
to
the
Settlement
Order
without
admitting
or
denying
the
SEC’s
findings.
The
Settlement
Order
does
not
impact
MIMBT’s
ability
to
continue
to
provide
services
to
the
Fund.
3.
Investments
For
the period
ended
September
30,
2024
,
the
Fund
made
purchases
and
sales
of
investment
securities
other
than
short-term
investments
and
US
government
securities as
follows:
For
the period
ended
September
30,
2024,
investment
transactions
related
to
in-kind
purchases
and
sales
were
as
follows:
At
September
30,
2024,
the
cost
and
unrealized
appreciation
(depreciation)
of
investments
for
federal
income
tax
purposes
have
been
estimated
since
final
tax
characteristics
cannot
be
determined
until
fiscal
year
end.
At
September
30,
2024
,
the
cost
and
unrealized
appreciation
(depreciation)
of
investments
for
the
Fund
were
as
follows:
US
GAAP
defines
fair
value
as
the
price
that
the
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
under
current
market
conditions.
A
three-level
hierarchy
for
fair
value
measurements
has
been
established
based
upon
the
transparency
of
inputs
to
the
valuation
of
an
asset
or
liability.
Inputs
may
be
observable
or
unobservable
and
refer
broadly
to
the
assumptions
that
market
Purchases
$
56,157
Sales
109,172
Purchases
$
23,393,272
Sales
—
Cost
of
investments
$
23,739,729
Aggregate
unrealized
appreciation
of
investments
$
1,435,652
Aggregate
unrealized
depreciation
of
investments
(106,632)
Net
unrealized
appreciation
of
investments
$
1,329,020
2.
Investment
Management,
Administration
Agreements,
and
Other
Transactions
with
Affiliates
(continued)
11
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability
based
on
the
best
information
available
under
the
circumstances.
The
Fund's
investment
in
its
entirety
is
assigned
a
level
based
upon
the
observability
of
the
inputs
which
are
significant
to
the
overall
valuation.
The
three-level
hierarchy
of
inputs
is
summarized
as
follows:
Level
1
—
Inputs
are
prices
in
active
markets
for
identical
investments.
(Examples:
equity
securities,
open-end
investment
companies,
futures
contracts,
and
exchange-traded
options
contracts)
Level
2 —
Other
observable
inputs,
including,
but
not
limited
to:
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
and
default
rates)
or
other
market-corroborated
inputs.
(Examples:
debt
securities,
government
securities,
swap
contracts,
forward
foreign currency
exchange
contracts,
foreign
securities
utilizing
international
fair
value
pricing,
broker-quoted
securities,
and
fair
valued
securities)
Level
3 — Significant
unobservable
inputs,
including
the
Fund's
own
assumptions
used
to
determine
the
fair
value
of
investments.
(Examples:
broker-quoted
and
fair
valued
securities)
Level
3
investments
are
valued
using
significant
unobservable
inputs.
The
Fund
may
also
use
an
income-based
valuation
approach
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Valuations
may
also
be
based
upon
current
market
prices
of
securities
that
are
comparable
in
coupon,
rating,
maturity,
and
industry.
The
derived
value
of
a
Level
3
investment
may
not
represent
the
value
which
is
received
upon
disposition
and
this
could
impact
the
results
of
operations.
The
following
table
summarizes
the
valuation
of
the
Fund's
investments
by
fair
value
hierarchy
levels
as
of
September
30,
2024
:
Level
1
Level
2
Level
3
Total
Securities
Assets:
Common
Stocks
$
24,663,233
$
–
$
–
$
24,663,233
Short-Term
Investments
405,516
–
–
405,516
Total
Value
of
Securities
$
25,068,749
$
–
$
–
$
25,068,749
3.
Investments
(continued)
Notes
to
financial
statements
Macquarie
Focused
Large
Growth
ETF
12
During
the period
ended
September
30,
2024
,
there
were
no
transfers
into
or
out
of
Level
3
investments.
The
Fund's
policy
is
to
recognize
transfers
into
or
out
of
Level
3
investments
based
on
fair
value
at
the
beginning
of
the
reporting
period.
A
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
has
a
significant
amount
of
Level
3
investments
at
the
beginning
or
end
of
the
period
in
relation
to
the
Fund's
net
assets.
As
of
September
30,
2024
,
there
were
no
Level
3
investments.
4.
Issuance
and
Redemption
of
Fund
Shares
The
Fund
is
an
exchange-traded
fund
or
ETF.
Individual
Fund
shares
may
only
be
purchased
and
sold
on
a
national
securities
exchange
through
a
broker-dealer
and
investors
may
pay
a
commission
to
such
broker-dealers
in
connection
with
their
purchase
or
sale.
The
price
of
Fund
shares
is
based
on
market
price,
and
because
ETF
shares
trade
at
market
prices
rather
than
NAV,
shares
may
trade
at
a
price
greater
than
NAV
(a
premium)
or
less
than
NAV
(a
discount).
The
Fund
will
only
issue
or
redeem
shares
aggregated
into
blocks
of
25,000 shares
or
multiples
thereof
(“Creation
Units”) to
Authorized
Participants
who
have
entered
into
agreements
with
the
Fund's
Distributor.
An
Authorized
Participant
is
either
(1)
a
“Participating
Party,”
(i.e.,
a
broker-
dealer
or
other
participant
in
the
clearing
process
of
the
Continuous
Net
Settlement
System
of
the
National
Securities
Clearing
Corporation)
(“Clearing
Process”),
or
(2)
a
participant
of
Depository
Trust
Company
(“DTC
Participant”),
and,
in
each
case,
must
have
executed
an
agreement
(“Participation
Agreement”)
with
the
Distributor
with
respect
to
creations
and
redemptions
of
Creation
Units.
The
Fund
will
issue
or
redeem
Creation
Units
in
return
for
a
basket
of
assets
that
the
Fund
specifies
each
day.
Shares
are
listed
on
the
NYSE
Arca,
Inc.
exchange
and
are
publicly
traded.
If
an
investor
buys
or
sells
Fund
shares
on
the
secondary
market,
the
investor
will
pay
or
receive
the
market
price,
which
may
be
higher
or
lower
than
NAV.
The
investor's
transaction
will
be
priced
at
NAV
if
the
investor
purchases
or
redeems
Fund
shares
in
Creation
Units.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
the
Fund's
Administrator
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Additionally,
a
portion
of
the
transaction
fee
is
used
to
offset
transactional
costs
typically
accrued
in
the
Fund's
custody
expenses
directly
related
to
the
issuance
and
redemption
of
Creation
Units.
An
additional
variable
fee
may
be
charged
for
certain
transactions.
Such
fees
would
be
included
in
the
receivable
for
capital
shares
issued
on
the
"Statement
of
assets
and
liabilities"
if
they
are
outstanding
as
of period-end.
Transaction
fees
assessed
during
the
period
are
included
in
the
proceeds
from
shares
issued
on
the
"Statement
of
changes
in
net
assets."
3.
Investments
(continued)
13
5.
Certain
Principal
Risks
of
the
Fund
Growth
Stock
Risk —
Growth
stocks
reflect
projections
of
future
earnings
and
revenue.
These
prices
may
rise
or
fall
dramatically
depending
on
whether
those
projections
are
met.
These
companies'
stock
prices
may
be
more
volatile,
particularly
over
the
short
term.
Large-capitalization
company
risk —
Large-capitalization
companies
tend
to
be
less
volatile
than
companies
with
smaller
market
capitalizations.
This
potentially
lower
risk
means
that
the
Fund's
share
price
may
not
rise
as
much
as
the
share
prices
of
funds
that
focus
on
smaller-capitalization
companies.
Liquidity
risk
—
The
possibility
that
investments
cannot
be
readily
sold
within
seven
calendar
days
at
approximately
the
price
at
which
a
fund
has
valued
them.
Information
technology
sector risk —
The
risk
that
investment
risks
associated
with
investing
in
the
information
technology
sector,
in
addition
to
other
risks,
include
the
intense
competition
to
which
information
technology
companies
may
be
subject;
the
dramatic
and
often
unpredictable
changes
in
growth
rates
and
competition
for
qualified
personnel
among
information
technology
companies;
effects
on
profitability
from
being
heavily
dependent
on
patent
and
intellectual
property
rights
and
the
loss
or
impairment
of
those
rights;
obsolescence
of
existing
technology;
general
economic
conditions;
and
government
regulation. To
the
extent
the
Fund
focuses
its
investments
in
the
information
technology
sector,
the
Fund
will
be
more
susceptible
to
the
risks,
events
and
other
factors
affecting
companies
in
this
sector.
Industry
and
sector
risk
—
The
risk
that
the
value
of
securities
in
a
particular
industry
or
sector
(such
as
the
infrastructure
industry)
will
decline
because
of
changing
expectations
for
the
performance
of
that
industry
or
sector.
Government
and
regulatory
risk
—
The
risk
that
governments
or
regulatory
authorities
may
take
actions
that
could
adversely
affect
various
sectors
of
the
securities
markets
and
affect
fund
performance.
Foreign
risk —
The
risk
that
foreign
securities
may
be
adversely
affected
by
political
instability,
changes
in
currency
exchange
rates,
inefficient
markets
and
higher
transaction
costs,
foreign
economic
or
government
conditions,
the
imposition
of
economic
and/or
trade
sanctions,
inadequate
or
different
regulatory
and
accounting
standards,
and
the
possibility
that
significant
events
in
foreign
markets,
including
broad
market
moves,
may
affect
the
value
of
fund
shares.
ETF
Structure
Risks
–
The
Fund
is
structured
as
an
ETF
and
as
a
result
is
subject
to
special
risks.
Shares
are
not
individually
redeemable
and
may
be
redeemed
by
the
Fund
at
NAV
only
in
large
blocks
known
as
“Creation
Units.”
Trading
in
shares
on
the
CBOE
BZX
Exchange,
Inc.
(the
“Exchange”)
may
be
halted
due
to
market
conditions
or
for
reasons
that,
in
the
view
of
the
Exchange,
make
trading
in
Shares
inadvisable,
such
as
extraordinary
market
volatility.
There
can
be
no
assurance
that
Shares
will
continue
to
meet
the
listing
requirements
of
the
Exchange.
An
active
trading
market
for
the
Fund’s
shares
may
not
be
developed
or
maintained.
If
the
Fund’s
shares
are
traded
outside
a
collateralized
settlement
system,
the
number
of
financial
institutions
that
can
act
as
authorized
participants
that
can
post
collateral
on
an
agency
basis
is
limited,
which
Notes
to
financial
statements
Macquarie
Focused
Large
Growth
ETF
14
may
limit
the
market
for
the
Fund’s
shares.
The
market
prices
of
Shares
will
fluctuate
in
response
to
changes
in
NAV
and
supply
and
demand
for
shares
and
will
include
a
“bid-ask
spread”
charged
by
the
exchange
specialists,
market
makers
or
other
participants
that
trade
the
particular
security.
There
may
be
times
when
the
market
price
and
the
NAV
vary
significantly
particularly
during
times
of
market
stress,
with
the
result
that
investors
may
pay
significantly
more
or
significantly
less
for
Fund
shares
than
the
Fund’s
NAV,
which
is
reflected
in
the
bid
and
ask
price
for
Fund
shares
or
in
the
closing
price.
If
a
shareholder
purchases
shares
at
a
time
when
the
market
price
is
at
a
premium
to
the
NAV
or
sells
shares
at
a
time
when
the
market
price
is
at
a
discount
to
NAV,
the
shareholder
may
sustain
losses
if
the
shares
are
sold
at
a
price
that
is
less
than
the
price
paid
by
the
shareholder
for
the
shares.
When
all
or
a
portion
of
an
ETFs
underlying
securities
trade
in
a
market
that
is
closed
when
the
market
for
the
Fund’s
shares
is
open,
there
may
be
changes
from
the
last
quote
of
the
closed
market
and
the
quote
from
the
Fund’s
domestic
trading
day,
which
could
lead
to
differences
between
the
market
value
of
the
Fund’s
shares
and
the
Fund’s
NAV.
In
stressed
market
conditions,
the
market
for
the
Fund’s
shares
may
become
less
liquid
in
response
to
the
deteriorating
liquidity
of
the
Fund’s
portfolio.
This
adverse
effect
on
the
liquidity
of
the
Fund’s
shares
may,
in
turn,
lead
to
differences
between
the
market
value
of
the
Fund’s
shares
and
the
Fund’s
NAV.
6.
Contractual
Obligations
The
Fund
enters
into
contracts
in
the
normal
course
of
business
that
contain
a
variety
of
indemnifications.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown.
However,
the
Fund
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts.
Management
has
reviewed
the
Fund's
existing
contracts
and
expects
the
risk
of
loss
to
be
remote.
7.
Subsequent
Events
Management
has
determined
that
no
material
events
or
transactions
occurred
subsequent
to
September
30,
2024
,
that
would
require
recognition
or
disclosure
in
the
Fund's
financial
statements.
5.
Certain
Principal
Risks
of
the
Fund
(continued)
Other
Fund
information
(Unaudited)
Macquarie
Focused
Large
Growth
ETF
15
Changes
in
and
Disagreements
with
Accountants
for
Open-End
Management
Investment
Companies
Not
Applicable.
Proxy
Disclosures
for
Open-End
Management
Investment
Companies
Not
Applicable.
Remuneration
Paid
to
Directors,
Officers,
and
Others
of
Open-End
Management
Investment
Companies
Not
Applicable.
Statement
Regarding
Basis
of
Approval
for
Investment
Advisory
Contact
Board
Consideration
of
Investment
Management
Agreement
and
Sub-Advisory
Agreement
at
a
Meeting
Held
on
April
24,
2024
At
a
meeting
held
on
April
24,
2024
(the
“Contract
Approval
Meeting”),
the
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Trustees
each
of
whom
is
not
an
“interested
person”
as
defined
under
the
Investment
Company
Act
of
1940
(the
“Independent
Trustees”),
approved
the
Investment
Management
Agreement
with
Delaware
Management
Company
(“DMC”
or
the
“Adviser”)
on
behalf
of
the
Macquarie
Focused
Large
Growth
ETF
and
Macquarie
Focused
Emerging
Markets
Equity
ETF
(each,
a
“Fund”
and
together,
the
“Funds”)
and
the
Sub-Advisory
Agreement
with
Macquarie
Investment
Management
Global
Limited
(“MIMGL”)
on
behalf
of
the
Funds.
Prior
to
the
Contract
Approval
Meeting,
the
Independent
Trustees
were
assisted
in
their
evaluation
of
the
Investment
Management
Agreement
and
the
Sub-Advisory
Agreement
by
independent
legal
counsel,
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
DMC
was
guided
by
a
detailed
set
of
requests
for
information
submitted
to
them
by
independent
legal
counsel
on
behalf
of
the
Independent
Trustees
prior
to
the
Contract
Approval
Meeting.
Prior
to
the
Contract
Approval
Meeting,
and
in
response
to
the
requests,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
approval
of
the
Investment
Management
Agreement
and
the
Sub-Advisory
Agreement.
In
considering
and
approving
the
Investment
Management
Agreement
and
the
Sub-Advisory
Agreement,
the
Trustees
considered
the
information
they
believed
relevant,
including
but
not
limited
to
the
information
discussed
below.
The
Board
did
not
identify
any
particular
information
or
consideration
that
was
all-important
or
controlling,
and
each
individual
Trustee
may
have
attributed
different
weights
to
various
factors.
Other
Fund
information
(Unaudited)
Macquarie
Focused
Large
Growth
ETF
16
After
its
deliberations,
the
Board,
including
the
Independent
Trustees,
unanimously
approved
the
Investment
Management
Agreement
and
the
Sub-Advisory
Agreement
for
an
initial
two-year
term.
The
following
summarizes
a
number
of
important,
but
not
necessarily
all,
factors
considered
by
the
Board
in
support
of
its
approval.
The
nature,
extent
and
quality
of
services
to
be
provided
by
the
Adviser
and
MIMGL.
The
Board
reviewed
the
services
that
the
Adviser
and
MIMGL
would
provide
to
each
Fund.
In
connection
with
the
investment
advisory
services
to
be
provided,
the
Board
noted
the
responsibilities
that
the
Adviser
would
have
as
the
Funds’
investment
adviser,
including:
the
overall
supervisory
responsibility
for
the
general
management
and
investment
of
each
Fund’s
securities
portfolio;
providing
oversight
of
the
investment
performance
and
processes
and
compliance
with
the
Fund’s
investment
objectives,
policies
and
limitations;
the
implementation
of
the
investment
management
program
of
each
Fund;
the
management
of
the
day-to-day
investment
and
reinvestment
of
the
assets
of
each
Fund;
determining
daily
baskets
of
deposit
securities
and
cash
components;
executing
portfolio
security
trades
for
purchases
and
redemptions
of
Fund
shares
conducted
on
a
cash-in-lieu
basis;
the
review
of
brokerage
matters;
the
oversight
of
general
portfolio
compliance
with
relevant
law;
and
the
implementation
of
Board
directives
as
they
relate
to
the
Funds.
The
Board
also
took
into
account
the
Adviser’s
oversight
of
the
Funds’
operations
and
the
Funds’
other
service
providers.
The
Board
reviewed
the
Adviser’s
and
MIMGL’s
experience,
resources
and
strengths
in
managing
other
pooled
investment
vehicles,
including
the
personnel
of
each.
Based
on
its
consideration
and
review
of
the
foregoing
information,
the
Board
determined,
within
the
context
of
its
full
deliberations,
that
each
Fund
was
likely
to
benefit
from
the
nature,
quality
and
extent
of
these
services,
as
well
as
the
ability
of
the
Adviser
and
MIMGL
to
render
such
services
based
on
their
experience,
personnel,
operations
and
resources.
Fees,
expenses
and
profitability
.
The
Board
compared
both
the
services
to
be
rendered
and
the
proposed
fees
to
be
paid
to
the
Adviser
with
the
fees
that
the
Adviser
receives
pursuant
to
its
other
advisory
agreements,
as
well
as
the
fees
paid
to
other
investment
advisers
with
respect
to
similar
funds.
In
particular,
the
Board
compared
each
Fund’s
proposed
advisory
fee
and
total
expense
ratio
to
other
investment
companies
considered
to
be
in
that
Fund’s
peer
group.
Management
responded
to
questions
from
the
Trustees,
explaining
that
the
nature
of
the
Funds
and
their
anticipated
investments
warranted
the
proposed
advisory
fees
for
each.
The
Board
also
received
and
considered
information
about
the
fee
rates
charged
to
other
accounts
and
clients
managed
by
the
Adviser,
including
information
about
the
differences
in
services
provided
to
the
non-registered
investment
company
clients,
as
applicable.
The
Board
also
discussed
the
anticipated
costs
and
projected
profitability
of
the
Adviser
in
connection
with
its
service
as
investment
adviser
to
each
Fund,
including
operational
costs.
The
Board
also
considered
the
Adviser’s
assumption
of
business,
entrepreneurial,
overall
managerial
and
other
risks
by
sponsoring
and
advising
the
Funds.
After
comparing
each
Fund’s
proposed
fees
and
total
expense
ratios
with
those
of
other
funds
in
each
Fund’s
peer
group,
and
in
light
of
the
nature,
extent
and
quality
of
services
proposed
to
be
provided
by
the
Adviser
and
MIMGL
and
the
costs
they
expected
to
incur
in
rendering
those
services,
the
Board
concluded,
within
the
context
of
its
17
full
deliberations,
that
the
level
of
fees
proposed
to
be
paid
to
the
Adviser
with
respect
to
Fund
was
fair
and
reasonable
in
light
of
the
nature,
extent
and
quality
of
the
services
proposed
to
be
provided
by
the
Adviser
and
MIMGL.
The
Board
also
considered
that
the
Adviser
and
its
affiliates
may
experience
reputational
“fall-out”
benefits
based
on
the
success
of
the
Funds,
but
that
such
benefits
are
not
easily
quantifiable.
The
extent
to
which
economies
of
scale
would
be
realized
as
each
Fund
grows
and
whether
fee
levels
would
reflect
such
economies
of
scale.
The
Board
next
discussed
potential
economies
of
scale.
Since
the
Funds
had
not
commenced
operations,
and
the
eventual
aggregate
amount
of
assets
was
uncertain,
Management
was
not
able
to
provide
the
Board
with
specific
information
concerning
the
extent
to
which
economies
of
scale
would
be
realized
as
each
Fund
grows
and
whether
fee
levels
would
reflect
such
economies
of
scale,
if
any.
The
Board
recognized
the
uncertainty
in
launching
a
new
investment
product
and
estimating
future
asset
levels.
The
Trustees
noted
that
any
reduction
in
fixed
costs
associated
with
the
management
of
the
Funds
would
be
enjoyed
by
the
Adviser,
but
that
a
unitary
advisory
fee
provides
a
level
of
certainty
in
expenses
for
the
Funds.
Investment
performance
of
the
Funds
and
the
Adviser
.
Because
each
Fund
is
newly
formed
and
had
not
commenced
operations,
the
Board
did
not
consider
the
investment
performance
of
each
Fund
or
the
Adviser.
This
page
is
not
part
of
the
Financial
statements
and
other
information.
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by
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including
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and
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and
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Macquarie
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entity
guarantees
any
particular
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return
on
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the
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investment,
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repayment
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The
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Macquarie
Focused
Emerging
Markets
Equity
ETF
Financial
statements
and
other
information
For
the
period
ended
September
30,
2024
Table
of
contents
Schedule
of
investments
1
Statement
of
assets
and
liabilities
4
Statement
of
operations
5
Statement
of
changes
in
net
assets
6
Financial
highlights
7
Notes
to
financial
statements
8
Other
Fund
information
17
This
report
and
the
financial
statements
contained
herein
are
submitted
for
the
general
information
of
the
shareholders
of
the
Fund.
This
report
is
not
authorized
for
distribution
to
prospective
investors
in
the
Fund
unless
preceded
or
accompanied
by
an
effective
prospectus.
Form
N-PORT
and
proxy
voting
information
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Fund’s
Form
N-PORT,
as
well
as
a
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
(if
any)
relating
to
portfolio
securities,
is
available
without
charge
(i)
upon
request,
by
calling
844
469-9911;
and
(ii)
on
the
SEC’s
website
at
sec.gov.
In
addition,
a
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
(if
any)
relating
to
portfolio
securities
and
the
Schedule
of
Investments
included
in
the
Fund’s
most
recent
Form
N-PORT
are
available
without
charge
on
the
Fund’s
website
at
macquarie.com/mam/etf-literature.
Information
(if
any)
regarding
how
the
Fund
voted
proxies
relating
to
portfolio
securities
during
the
most
recently
disclosed
12-month
period
ended
June
30
is
available
without
charge
(i)
through
the
Fund’s
website
at
macquarie.com/mam/etf-literature;
and
(ii)
on
the
SEC’s
website
at
sec.gov.
Schedule
of
investments
Macquarie
Focused
Emerging
Markets
Equity
ETF
1
September
30,
2024
(Unaudited)
Number
of
shares
Value
(US
$)
Common
Stocks
—
97.00%
Δ
Brazil
-
3.09%
Ambev
SA
ADR
†
21,880
$
53,387
Petroleo
Brasileiro
SA
ADR
7,916
114,070
167,457
China
-
21.52%
Alibaba
Group
Holding
Ltd.
ADR
2,483
263,496
Baidu,
Inc.
ADR
†
296
31,166
BeiGene
Ltd.
ADR
†
260
58,373
Bilibili,
Inc.
ADR
†
1,352
31,610
China
Resources
Beer
Holdings
Co.
Ltd.
18,236
79,758
Innovent
Biologics,
Inc.
144A
#,†
9,184
55,644
Meituan,
Class
B
144A
#,†
5,416
119,831
New
Oriental
Education
&
Technology
Group,
Inc.
ADR
495
37,541
PDD
Holdings,
Inc.
ADR
†
1,040
140,202
TAL
Education
Group
ADR
†
3,124
36,988
Tencent
Holdings
Ltd.
4,440
253,931
Trip.com
Group
Ltd.
ADR
†
524
31,141
ZTO
Express
Cayman,
Inc.
ADR
1,128
27,941
1,167,622
Hong
Kong
-
3.02%
Hong
Kong
Exchanges
&
Clearing
Ltd.
3,912
164,152
164,152
India
-
12.21%
Dr
Reddy's
Laboratories
Ltd.
ADR
390
30,986
HDFC
Bank
Ltd.
ADR
1,706
106,727
Infosys
Ltd.
ADR
3,232
71,977
Reliance
Industries
Ltd.
GDR
144A
#
6,509
453,026
662,716
Indonesia
-
2.83%
Astra
International
Tbk.
PT
113,612
37,896
Bank
Central
Asia
Tbk.
PT
114,448
78,050
Unilever
Indonesia
Tbk.
PT
258,780
37,774
153,720
Malaysia
-
1.12%
Public
Bank
Bhd.
55,200
61,043
61,043
Mexico
-
5.23%
America
Movil
SAB
de
CV
ADR
3,044
49,800
Cemex
SAB
de
CV
ADR
6,264
38,210
Coca-Cola
Femsa
SAB
de
CV
ADR
580
51,458
Schedule
of
investments
Macquarie
Focused
Emerging
Markets
Equity
ETF
2
Number
of
shares
Value
(US
$)
Common
Stocks
(continued)
Mexico
(continued)
Fomento
Economico
Mexicano
SAB
de
CV
ADR
488
$
48,170
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
10,804
76,545
Wal-Mart
de
Mexico
SAB
de
CV
6,595
19,818
284,001
Peru
-
0.96%
Credicorp
Ltd.
288
52,119
52,119
Singapore
-
0.46%
Grab
Holdings
Ltd.,
Class
A
†
6,598
25,072
25,072
South
Korea
-
23.34%
Samsung
Biologics
Co.
Ltd.
144A
#,†
77
57,528
Samsung
C&T
Corp.
959
101,055
Samsung
Electronics
Co.
Ltd.
7,702
362,218
Samsung
Life
Insurance
Co.
Ltd.
664
47,323
SK
Hynix,
Inc.
3,043
406,293
SK
Square
Co.
Ltd.
†
4,725
291,948
1,266,365
Taiwan
-
20.54%
Delta
Electronics,
Inc.
4,084
49,104
FIT
Hon
Teng
Ltd.
144A
#,†
73,920
23,106
Hon
Hai
Precision
Industry
Co.
Ltd.
16,004
94,821
MediaTek,
Inc.
3,284
121,931
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
27,296
825,440
1,114,402
Thailand
-
1.29%
Bangkok
Bank
PCL
8,100
37,885
PTT
PCL
30,400
32,122
70,007
Turkiye
-
1.39%
Akbank
TAS
41,836
75,359
75,359
Total
Common
Stocks
(cost
$4,840,567)
5,264,035
Preferred
Stocks
—
2.11%
Δ
Brazil
-
2.11%
Banco
Bradesco
SA
14,308
38,059
3
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Number
of
shares
Value
(US
$)
Preferred
Stocks
(continued)
Brazil
(continued)
Itau
Unibanco
Holding
SA
11,456
$
76,183
Total
Preferred
Stocks
(cost
$116,445)
114,242
Short-Term
Investments
—
0.38%
Money
Market
Mutual
Funds
-
0.38%
JPMorgan
U.S.
Government
Money
Market
Fund
—
Class
Morgan
(seven-day
effective
yield
4.41%)
20,692
20,692
Total
Short-Term
Investments
(cost
$20,692)
20,692
Total
Value
of
Securities
—
99.49%
(cost
$4,977,704)
5,398,969
Receivables
and
Other
Assets
Net
of
Liabilities
—
0.51%
27,756
Net
Assets
Applicable
to
200,000
Shares
Outstanding
—
100.00%
$
5,426,725
Δ
Securities
have
been
classified
by
country
of
risk.
†
Non-income
producing
security.
#
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
At
September
30,
2024,
the
aggregate
value
of
Rule
144A
securities
was
$709,135,
which
represents
13.07%
of
the
Fund's
net
assets.
See
Note
5
in
“Notes
to
financial
statements."
Summary
of
abbreviations:
ADR
–
American
Depositary
Receipt
GDR
–
Global
Depositary
Receipt
Statement
of
assets
and
liabilities
Macquarie
Focused
Emerging
Markets
Equity
ETF
4
September
30,
2024
(Unaudited)
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Assets:
Investments
at
value*
$
5,398,969
Cash
250
Receivable
for
fund
shares
sold
22,924
Dividends
receivable
7,695
Total
Assets
5,429,838
Liabilities:
Management
fees
payable
to
affiliates
3,106
Payable
for
securities
purchased
7
Total
Liabilities
3,113
Total
Net
Assets
$
5,426,725
Net
Assets
Consist
of:
Paid-in-capital
$
5,001,836
Total
distributable
earnings
(loss)
424,889
Total
Net
Assets
$
5,426,725
Shares
outstanding
(unlimited
amount
authorized,
no
par
value)
200,000
Net
asset
value
per
share
$
27.13
*Investments,
at
cost
$
4,977,704
Statement
of
operations
Macquarie
Focused
Emerging
Markets
Equity
ETF
For
the
period
September
4,
2024*
to
September
30,
2024
(Unaudited)
5
*Date
of
commencement
of
operations.
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Investment
Income:
Dividends
$
10,305
Foreign
tax
withheld
(
1,259
)
9,046
Expenses:
Management
fees
3,106
Total
operating
expenses
3,106
Net
Investment
Income
(Loss)
5,940
Net
Realized
and
Unrealized
Gain
(Loss):
Net
realized
gain
(loss)
on:
Investments
6,016
Foreign
currencies
(
8,381
)
Net
realized
gain
(loss)
(
2,365
)
Net
unrealized
appreciation
(depreciation)
on:
Investments
421,265
Foreign
currencies
49
Net
unrealized
appreciation
(depreciation)
421,314
Net
Realized
and
Unrealized
Gain
(Loss)
418,949
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
424,889
Statement
of
changes
in
net
assets
Macquarie
Focused
Emerging
Markets
Equity
ETF
6
*Date
of
commencement
of
operations.
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
For
the
period
September
4,
2024
*
to
September
30,
2024
(Unaudited)
Increase
(Decrease)
in
Net
Assets
from
Operations:
Net
investment
income
(loss)
$
5,940
Net
realized
gain
(loss)
(2,365
)
Net
unrealized
appreciation
(depreciation)
421,314
Net
increase
(decrease)
in
net
assets
resulting
from
operations
424,889
Capital
Share
Transactions:
1
Proceeds
from
shares
sold
5,001,836
Increase
in
net
assets
derived
from
capital
share
transactions
5,001,836
Net
Increase
(Decrease)
in
Net
Assets
5,426,725
Net
Assets:
Beginning
of
period
–
End
of
period
$
5,426,725
Capital
Share
Transactions:
Beginning
of
period
–
Shares
subscribed
in-kind
200,000
Shares
outstanding,
end
of
period
200,000
1
Capital
share
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
4
in
"Notes
to
financial
statements."
Financial
highlights
Macquarie
Focused
Emerging
Markets
Equity
ETF
7
See
accompanying
notes,
which
are
an
integral
part
of
the
financial
statements.
Selected
data
for
the
Fund
outstanding
throughout
the
period
were
as
follows:
For
the
period
September
4,
2024
1
to
September
30,
2024
Net
asset
value,
beginning
of
period
.........................
$
25
.00
Income
(loss)
from
investment
operations:
—
Net
investment
income
2
....................................
0
.03
Net
realized
and
unrealized
gain
..............................
2
.10
Total
from
investment
operations
.............................
2.13
Net
asset
value,
end
of
period
..............................
$
27.13
Total
return
3
............................................
8.52%
Ratios
and
supplemental
data:
$5,427
Net
assets,
end
of
period
(000
omitted)
.........................
$
5,427
Ratio
of
expenses
to
average
net
assets
4
.......................
0.85%
Ratio
of
net
investment
income
to
average
net
assets
..............
1.62%
Portfolio
turnover
5
.........................................
2%
1
Date
of
commencement
of
operations;
ratios
have
been
annualized
and
total
return
and
portfolio
turnover
have
not
been
annualized.
2
Calculated
using
average
shares
outstanding.
3
Total
return
is
based
on
the
change
in
net
asset
value
of
a
share
during
the
period
and
assumes
reinvestment
of
dividends
and
distributions
at
net
asset
value.
4
Expense
ratios
do
not
include
expenses
of
any
investment
companies
in
which
the
Fund
invests.
5
Excludes
the
value
of
portfolio
securities
received
or
delivered
as
a
result
of
in-kind
purchases
or
redemptions
of
the
Fund’s
capital
shares.
Notes
to
financial
statements
Macquarie
Focused
Emerging
Markets
Equity
ETF
8
September
30,
2024
Macquarie
ETF
Trust
(Trust)
is
organized
as
a
Delaware
statutory
trust
effective
February
22,
2023
and
is
an
open-end
management
investment
company
registered
with
the
U.S.
Securities
and
Exchange
Commission.
As
of
the
date
of
this
report,
the
Trust
offers
five series.
These
financial
statements
and
the
related
notes
pertain
to
Macquarie
Focused
Emerging
Markets
Equity
ETF (the
Fund).
The
Fund
commenced
operations
on
September
4,
2024.
The
Fund
is
considered
non-diversified
under
the
Investment
Company
Act
of
1940,
as
amended
(1940
Act).
1.
Significant
Accounting
Policies
The
Fund
follows
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
—
Investment
Companies.
The
following
accounting
policies
are
in
accordance
with
US
generally
accepted
accounting
principles
(US
GAAP)
and
are
consistently
followed
by
the
Fund.
Security
Valuation
—
Equity
securities,
except
those
traded
on
the
Nasdaq
Stock
Market
LLC
(Nasdaq),
are
valued
at
the
last
quoted
sales
price
as
of
the
time
of
the
regular
close
of
the
New
York
Stock
Exchange
(NYSE) on
the
valuation
date.
Equity
securities
traded
on
the
Nasdaq
are
valued
in
accordance
with
the
Nasdaq
Official
Closing
Price,
which
may
not
be
the
last
sales
price.
If,
on
a
particular
day,
an
equity
security
does
not
trade,
the
mean
between
the
bid
and
the
ask
prices
will
be
used,
which
approximates
fair
value.
Equity
securities
listed
on
a
foreign
exchange
are
normally
valued
at
the
last
quoted
sales
price
on
the
valuation
date.
Open-end
investment
companies
are
valued
at
their
published
net
asset
value
(NAV). Investments
for
which
market
quotations
are
not
readily
available
are
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
Rule
2a-
5
under
the
1940
Act
(Rule
2a-5).
As
a
general
principle,
the
fair
value
of
a
security
or
other
asset
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
Pursuant
to
Rule
2a-5,
the
Board
of
Trustees
(Board)
has
designated
Delaware
Management
Company
(DMC
or
the
Manager)
as
the
valuation
designee
(Valuation
Designee)
for
the
Fund
to
perform
the
fair
value
determination
relating
to
all
applicable
Fund
investments.
DMC
has
established
a
Pricing
Committee
to
assist
with
its
designated
responsibilities
as
Valuation
Designee,
and
DMC
may
carry
out
its
designated
responsibilities
as
Valuation
Designee
through
the
Pricing
Committee
and
other
teams
and
committees,
which
operate
under
policies
and
procedures
approved
by
the
Board
and
subject
to
the
Board's
oversight.
Fair
value
pricing
may
be
used
more
frequently
for
securities
traded
primarily
in
non-US
markets.
The
Fund
may
use
fair
value
pricing
relatively
frequently
for
securities
traded
primarily
in
non-US
markets.
If
a
foreign
(non-US)
equity
security's
value
has
materially
changed
after
the
close
of
the
security's
primary
exchange
or
principal
market
but
before
the
close
of
the
NYSE,
the
security
may
be
valued
at
fair
value.
With
respect
to
foreign
(non-US)
equity
securities,
the
Fund
may
determine
the
fair
value
of
investments
based
on
information
provided
by
pricing
vendors,
which
may
recommend
fair
value
or
adjustments
with
reference
to
other
securities,
indexes
or
assets.
In
considering
whether
fair
valuation
is
required
and
in
determining
fair
values,
the
Valuation
Designee
may,
among
other
things,
consider
significant
events
(which
may
be
considered
to
include
changes
in
the
value
of
US
securities
or
9
securities
indexes)
that
occur
after
the
close
of
the
relevant
market
and
before
the
close
of
the
NYSE.
The
Valuation
Designee
may
utilize
modeling
tools
provided
by
third-party
vendors
to
determine
fair
values
of
non-US
securities.
Federal
Income
Taxes
—
No
provision
for
federal
income
taxes
has
been
made
as the
Fund
intends
to
continue
to
qualify
for
federal
income
tax
purposes
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended,
and
make
the
requisite
distributions
to
shareholders.
The
Fund
evaluates
tax
positions
taken
or
expected
to
be
taken
in
the
course
of
preparing
the
Fund's
tax
returns
to
determine
whether
the
tax
positions
are
“more-
likely-than-not”
of
being
sustained
by
the
applicable
tax
authority.
Tax
positions
not
deemed
to
meet
the
“more-likely-than-not”
threshold
are
recorded
as
a
tax
benefit
or
expense
in
the
current
period.
During
the
period
ended September
30,
2024,
the
Fund
did
not
incur
any
interest
or
tax
penalties.
Foreign
Currency
Transactions
—
Transactions
denominated
in
foreign
currencies
are
recorded
at
the
prevailing
exchange
rates
on
the
valuation
date.
The
value
of
all
assets
and
liabilities
denominated
in
foreign
currencies
is
translated
daily
into
US
dollars
at
the
exchange
rate
of
such
currencies
against
the
US
dollar.
Transaction
gains
or
losses
resulting
from
changes
in
exchange
rates
during
the
reporting
period
or
upon
settlement
of
the
foreign
currency
transaction
are
reported
in
operations
for
the
current
period.
The
Fund
generally
does
not
bifurcate
that
portion
of
realized
gains
and
losses
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices.
These
realized
gains
and
losses
are
included
on
the
“Statement
of
operations”
under
“Net
realized
gain
(loss)
on
investments.” The
Fund
reports
certain
foreign
currency
related
transactions
as
components
of
realized
gains
(losses)
for
financial
reporting
purposes,
whereas
such
components
are
treated
as
ordinary
income
(loss)
for
federal
income
tax
purposes.
In-kind
Redemptions
—
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Fund.
Because
such
gains
or
losses
are
not
taxable
to
the
Fund
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Fund’s
tax
year.
These
reclassifications
have
no
effect
on
net
assets
NAV
per
share.
Use
of
Estimates
—
The
preparation
of
financial
statements
in
conformity
with
US
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
fair
value
of
investments,
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements,
and
the
reported
amounts
of
revenues
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates
and
the
differences
could
be
material.
Other
—
Security
transactions
are
recorded
on
the
date
the
securities
are
purchased
or
sold
(trade
date)
for
financial
reporting
purposes.
Costs
used
in
calculating
realized
gains
and
losses
on
the
sale
of
investment
securities
are
those
of
the
specific
securities
sold.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Foreign
dividends
are
also
recorded
on
the
ex-dividend
date
1.
Significant
Accounting
Policies
(continued)
Notes
to
financial
statements
Macquarie
Focused
Emerging
Markets
Equity
ETF
10
or
as
soon
after
the
ex-dividend
date
that
the
Fund
is
aware
of
such
dividends,
net
of
all
tax
withholdings,
a
portion
of
which
may
be
reclaimable.
Withholding
taxes
and
reclaims
on
foreign
dividends
have
been
recorded
in
accordance
with
the
Fund's
understanding
of
the
applicable
country’s
tax
rules
and
rates.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
"Statement
of
operations"
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes. Income
and
capital
gain
distributions
from
any
investment
companies
(Underlying
Funds)
in
which
the
Fund
invests
are
recorded
on
the
ex-dividend
date.
The
Fund
declares
and
pays
dividends
from
net
investment
income
and
distributions
from
net
realized
gain
on
investments,
if
any,
at
least
annually.
The
Fund
may
distribute
more
frequently,
if
necessary
for
tax
purposes.
Dividends
and
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
2.
Investment
Management,
Administration
Agreements,
and
Other
Transactions
with
Affiliates
In
accordance
with
the
terms
of
its
investment
management
agreement,
the
Fund
pays
DMC,
a
series
of
Macquarie
Investment
Management
Business
Trust
(MIMBT),
and
the
investment
manager,
an
annual
unitary
management
fee
which
is
calculated
daily
and
paid
monthly
at
the
rate
of
0.85%
on
the
Fund's
average
daily
net
assets.
From
the
unitary
management
fees,
DMC
pays
most
of
the
expenses
of
the
Fund,
including
the
cost
of
sub-advisory
fees
to
any
investment
sub-adviser,
transfer
agency,
custody,
fund
administration,
legal,
audit
and
other
services.
However,
under
the
investment
management
agreement,
DMC
is
not
responsible
for
(i)
interest
expenses;
(ii)
taxes
(including,
but
not
limited
to,
income,
excise,
transfer
and
withholding
taxes);
(iii)
expenses
of
a
Fund
incurred
with
respect
to
the
acquisition
and
disposition
of
portfolio
securities,
instruments
or
other
investments
and
the
execution
of
portfolio
transactions,
including
brokerage
commissions;
(iv)
expenses
incurred
in
connection
with
any
distribution
plan
adopted
by
the
Trust
in
compliance
with
Rule
12b-1
under
the
1940
Act,
including
distribution
fees;
(v)
litigation
expenses;
(vi)
the
investment
advisory
fee
payable
to
the
Manager;
(vii)
non-routine
or
extraordinary
expenses
(including,
without
limitation,
the
expense
associated
with
proxy
solicitations
and
fund
reorganizations);
and
(viii)
acquired
fund
fees
and
expenses.
DMC
entered
into
a
sub-advisory
agreement
on
behalf
of
the
Fund
with
Macquarie
Investment
Management
Global
Limited,
which
is
an
affiliate
of
DMC
(Affiliated
Sub-Advisor).
Although
the
Manager
has
principal
responsibility
for
the
Manager’s
portion
of
the
Fund,
the
Manager
may
permit
the
Affiliated
Sub-Advisor
to
execute
Fund
security
trades
on
behalf
of
the
Manager.
Pursuant
to
the
terms
of
the
sub-advisory
agreement,
the
investment
sub-advisory
fee
is
paid
by
DMC
to
the
Affiliated
Sub-Advisor
based
on
the
extent
to
which
the
Affiliated
Sub-Advisor
provides
services
to
the
Fund.
1.
Significant
Accounting
Policies
(continued)
11
At
September
30,
2024,
Macquarie
Management
Holdings,
Inc.
directly
owned
50.00%
of
the
Fund.
In
addition
to
the
management
fees
and
other
expenses
of the
Fund, the
Fund
indirectly
bears
the
investment
management
fees
and
other
expenses
of
any
Underlying
Funds,
in
which
it
invests.
The
amount
of
these
fees
and
expenses
incurred
indirectly
by the
Fund
will
vary
based
upon
the
expense
and
fee
levels
of
any
Underlying
Funds
and
the
number
of
shares
that
are
owned
of
any
Underlying
Funds
at
different
times.
MIMBT,
of
which
DMC
is
a
series,
entered
into
a
settlement
agreement
on
September
19,
2024
with
the
U.S.
Securities
and
Exchange
Commission
(SEC)
consenting
to
an
order
(“Settlement
Order”)
relating
to
a
legacy
investment
strategy,
the
Absolute
Return
Mortgage-Backed
Securities
Strategy
(“ARMBS
Strategy”).
MIMBT
no
longer
offers
the
ARMBS
Strategy.
MIMBT
agreed
to
the
Settlement
Order
without
admitting
or
denying
the
SEC’s
findings.
The
Settlement
Order
does
not
impact
MIMBT’s
ability
to
continue
to
provide
services
to
the
Fund.
3.
Investments
For
the period
ended
September
30,
2024
,
the
Fund
made
purchases
and
sales
of
investment
securities
other
than
short-term
investments
and
US
government
securities as
follows:
For
the
period
ended
September
30,
2024,
investment
transactions
related
to
in-kind
purchases
and
sales
were
as
follows:
At
September
30,
2024,
the
cost
and
unrealized
appreciation
(depreciation)
of
investments
for
federal
income
tax
purposes
have
been
estimated
since
final
tax
characteristics
cannot
be
determined
until
fiscal
year
end.
At
September
30,
2024
,
the
cost
and
unrealized
appreciation
(depreciation)
of
investments
for
the
Fund
were
as
follows:
Purchases
$
3,108,047
Sales
97,323
Purchases
$
1,940,272
Sales
—
Cost
of
investments
$
4,977,704
Aggregate
unrealized
appreciation
of
investments
$
500,813
Aggregate
unrealized
depreciation
of
investments
(79,548)
Net
unrealized
appreciation
of
investments
$
421,265
2.
Investment
Management,
Administration
Agreements,
and
Other
Transactions
with
Affiliates
(continued)
Notes
to
financial
statements
Macquarie
Focused
Emerging
Markets
Equity
ETF
12
US
GAAP
defines
fair
value
as
the
price
that
the
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
under
current
market
conditions.
A
three-level
hierarchy
for
fair
value
measurements
has
been
established
based
upon
the
transparency
of
inputs
to
the
valuation
of
an
asset
or
liability.
Inputs
may
be
observable
or
unobservable
and
refer
broadly
to
the
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
the
reporting
entity’s
own
assumptions
about
the
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability
based
on
the
best
information
available
under
the
circumstances.
The
Fund's
investment
in
its
entirety
is
assigned
a
level
based
upon
the
observability
of
the
inputs
which
are
significant
to
the
overall
valuation.
The
three-level
hierarchy
of
inputs
is
summarized
as
follows:
Level
1
—
Inputs
are
quoted
prices
in
active
markets
for
identical
investments.
(Examples:
equity
securities,
open-end
investment
companies,
futures
contracts,
and
exchange-traded
options
contracts)
Level
2 —
Other
observable
inputs,
including,
but
not
limited
to:
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
and
default
rates)
or
other
market-corroborated
inputs.
(Examples:
debt
securities,
government
securities,
swap
contracts,
forward
foreign currency
exchange
contracts,
foreign
securities
utilizing
international
fair
value
pricing,
broker-quoted
securities,
and
fair
valued
securities)
Level
3 — Significant
unobservable
inputs,
including
the
Fund's
own
assumptions
used
to
determine
the
fair
value
of
investments.
(Examples:
broker-quoted
securities
and
fair
valued
securities)
Level
3
investments
are
valued
using
significant
unobservable
inputs.
The
Fund
may
also
use
an
income-based
valuation
approach
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Valuations
may
also
be
based
upon
current
market
prices
of
securities
that
are
comparable
in
coupon,
rating,
maturity,
and
industry.
The
derived
value
of
a
Level
3
investment
may
not
represent
the
value
which
is
received
upon
disposition
and
this
could
impact
the
results
of
operations.
The
following
table
summarizes
the
valuation
of
the
Fund's
investments
by
fair
value
hierarchy
levels
as
of
September
30,
2024
:
3.
Investments
(continued)
13
During
the period
ended
September
30,
2024
,
there
were
no
transfers
into
or
out
of
Level
3
investments.
The
Fund's
policy
is
to
recognize
transfers
into
or
out
of
Level
3
investments
based
on
fair
value
at
the
beginning
of
the
reporting
period.
A
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
has
a
significant
amount
of
Level
3
investments
at
the
beginning
or
end
of
the
period
in
relation
to
the
Fund's
net
assets.
As
of
September
30,
2024
,
there
were
no
Level
3
investments.
4.
Issuance
and
Redemption
of
Fund
Shares
The
Fund
is
an
exchange-traded
fund
or
ETF.
Individual
Fund
shares
may
only
be
purchased
and
sold
on
a
national
securities
exchange
through
a
broker-dealer
and
investors
may
pay
a
commission
to
such
broker-dealers
in
connection
with
their
purchase
or
sale.
The
price
of
Fund
shares
is
based
on
market
price,
and
because
ETF
shares
trade
at
market
prices
rather
than
NAV,
shares
may
trade
at
a
price
greater
than
NAV
(a
premium)
or
less
than
NAV
(a
discount).
The
Fund
will
only
issue
or
redeem
shares
aggregated
into
blocks
of
50,000 shares
or
multiples
thereof
(“Creation
Units”) to
Authorized
Participants
who
have
entered
into
agreements
with
the
Fund's
Distributor.
An
Authorized
Participant
is
either
(1)
a
“Participating
Party,”
(i.e.,
a
broker-
dealer
or
other
participant
in
the
clearing
process
of
the
Continuous
Net
Settlement
System
of
the
National
Securities
Clearing
Corporation)
(“Clearing
Process”),
or
(2)
a
participant
of
Depository
Trust
Company
(“DTC
Participant”),
and,
in
each
case,
must
have
executed
an
agreement
(“Participation
Agreement”)
with
the
Distributor
with
respect
to
creations
and
redemptions
of
Creation
Units.
The
Fund
will
issue
or
redeem
Creation
Units
in
return
for
a
basket
of
assets
that
the
Fund
specifies
each
day.
Shares
are
listed
on
the
Nasdaq
exchange
and
are
publicly
traded.
If
an
investor
buys
or
sells
Fund
shares
on
the
secondary
market,
the
investor
will
pay
or
receive
the
market
price,
which
may
be
higher
or
lower
than
NAV.
The
investor's
transaction
will
be
priced
at
NAV
if
the
investor
purchases
or
redeems
Fund
shares
in
Creation
Units.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
the
Fund's
Administrator
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Level
1
Level
2
Level
3
Total
Securities
Assets:
Common
Stocks
$
5,264,035
$
–
$
–
$
5,264,035
Preferred
Stocks
114,242
–
–
114,242
Short-Term
Investments
20,692
–
–
20,692
Total
Value
of
Securities
$
5,398,969
$
–
$
–
$
5,398,969
3.
Investments
(continued)
Notes
to
financial
statements
Macquarie
Focused
Emerging
Markets
Equity
ETF
14
Creation
Units
for
cash.
Additionally,
a
portion
of
the
transaction
fee
is
used
to
offset
transactional
costs
typically
accrued
in
the
Fund's
custody
expenses
directly
related
to
the
issuance
and
redemption
of
Creation
Units.
An
additional
variable
fee
may
be
charged
for
certain
transactions.
Such
fees
would
be
included
in
the
receivable
for
capital
shares
issued
on
the
"Statement
of
assets
and
liabilities"
if
they
are
outstanding
as
of period-end.
Transaction
fees
assessed
during
the
period
are
included
in
the
proceeds
from
shares
issued
on
the
"Statement
of
changes
in
net
assets."
5.
Certain
Principal
Risks
of
the
Fund
Foreign
and
emerging
markets
risk
—
The
risk
that
international
investing
(particularly
in
emerging
markets)
may
be
adversely
affected
by
political
instability;
changes
in
currency
exchange
rates;
inefficient
markets
and
higher
transaction
costs;
foreign
economic
conditions;
the
imposition
of
economic
or
trade
sanctions;
or
inadequate
or
different
regulatory
and
accounting
standards.
Information
about
non-U.S.
companies
may
be
unreliable
or
outdated,
the
Manager's
reliance
on
such
data
may
affect
the
Fund's
performance,
and
the
rights
and
remedies
associated
with
investments
in
a
fund
that
invests
significantly
in
foreign
securities
may
be
different
than
those
with
a
fund
that
invests
in
domestic
securities.
Company
size
risk
—
The
risk
that
investments
in
small-
and/or
medium-sized
companies
may
be
more
volatile
than
those
of
larger
companies
because
of
limited
financial
resources
or
dependence
on
narrow
product
lines.
Liquidity
risk
—
The
possibility
that
investments
cannot
be
readily
sold
within
seven
calendar
days
at
approximately
the
price
at
which
a
fund
has
valued
them.
Industry
and
sector
risk
—
The
risk
that
the
value
of
securities
in
a
particular
industry
or
sector
(such
as
the
infrastructure
industry)
will
decline
because
of
changing
expectations
for
the
performance
of
that
industry
or
sector.
Information
technology
sector risk —
The
risk
that
the
value
of
a
fund's
shares
will
be
affected
by
factors
particular
to
the
information
technology
and
related
sectors
(such
as
government
regulation)
and
may
fluctuate
more
widely
than
that
of
a
fund
that
invests
in
a
broad
range
of
sectors.
Financials
sector
risk
—
The
risk
that
the
value
of
a
fund's
shares
will
be
affected
by
factors
particular
to
the
financials
and
related
sectors
(such
as
government
regulation)
and
may
fluctuate
more
widely
than
that
of
a
fund
that
invests
in
a
range
of
sectors.
Government
and
regulatory
risk
—
The
risk
that
governments
or
regulatory
authorities
may
take
actions
that
could
adversely
affect
various
sectors
of
the
securities
markets
and
affect
fund
performance.
Geographic focus
risk
—
Geographic
focus
risk
is
the
risk
that
local
political
and
economic
conditions
could
adversely
affect
the
performance
of
a
fund
investing
a
substantial
amount
of
assets
in
securities
of
issuers
located
in
a
single
country
or
a
limited
number
of
countries.
4.
Issuance
and
Redemption
of
Fund
Shares
(continued)
15
Growth
stock risk
—
Growth
stocks
reflect
projections
of
future
earnings
and
revenue.
These
prices
may
rise
or
fall
dramatically
depending
on
whether
those
projections
are
met.
These
companies'
stock
prices
may
be
more
volatile,
particularly
over
the
short
term.
Rule
144A
securities
— The
Fund
also
may
invest
in
securities
that
normally
are
purchased
or
resold
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
(Rule
144A
securities).
Rule
144A
is
designed
to
facilitate
efficient
trading
among
institutional
investors
by
permitting
the
sale
of
certain
unregistered
securities.
Rule
144A
securities
may
be
resold
only
to
qualified
institutional
buyers,
provided
that
certain
other
conditions
for
resale
are
met.
To
the
extent
privately
placed
securities
held
by
a
Fund
qualify
under
Rule
144A
and
an
institutional
market
develops
for
those
securities,
a
Fund
likely
will
be
able
to
dispose
of
the
securities
without
registering
them
under
the
Securities
Act
of
1933.
ETF
Structure
Risks
–
The
Fund
is
structured
as
an
and
as
a
result
is
subject
to
special
risks.
Shares
are
not
individually
redeemable
and
may
be
redeemed
by
the
Fund
at
NAV
only
in
large
blocks
known
as
“Creation
Units.”
Trading
in
shares
on
the
CBOE
BZX
Exchange,
Inc.
(the
“Exchange”)
may
be
halted
due
to
market
conditions
or
for
reasons
that,
in
the
view
of
the
Exchange,
make
trading
in
Shares
inadvisable,
such
as
extraordinary
market
volatility.
There
can
be
no
assurance
that
Shares
will
continue
to
meet
the
listing
requirements
of
the
Exchange.
An
active
trading
market
for
the
Fund’s
shares
may
not
be
developed
or
maintained.
If
the
Fund’s
shares
are
traded
outside
a
collateralized
settlement
system,
the
number
of
financial
institutions
that
can
act
as
authorized
participants
that
can
post
collateral
on
an
agency
basis
is
limited,
which
may
limit
the
market
for
the
Fund’s
shares.
The
market
prices
of
Shares
will
fluctuate
in
response
to
changes
in
NAV
and
supply
and
demand
for
shares
and
will
include
a
“bid-ask
spread”
charged
by
the
exchange
specialists,
market
makers
or
other
participants
that
trade
the
particular
security.
There
may
be
times
when
the
market
price
and
the
NAV
vary
significantly
particularly
during
times
of
market
stress,
with
the
result
that
investors
may
pay
significantly
more
or
significantly
less
for
Fund
shares
than
the
Fund’s
NAV,
which
is
reflected
in
the
bid
and
ask
price
for
Fund
shares
or
in
the
closing
price.
If
a
shareholder
purchases
shares
at
a
time
when
the
market
price
is
at
a
premium
to
the
NAV
or
sells
shares
at
a
time
when
the
market
price
is
at
a
discount
to
NAV,
the
shareholder
may
sustain
losses
if
the
shares
are
sold
at
a
price
that
is
less
than
the
price
paid
by
the
shareholder
for
the
shares.
When
all
or
a
portion
of
an
ETFs
underlying
securities
trade
in
a
market
that
is
closed
when
the
market
for
the
Fund’s
shares
is
open,
there
may
be
changes
from
the
last
quote
of
the
closed
market
and
the
quote
from
the
Fund’s
domestic
trading
day,
which
could
lead
to
differences
between
the
market
value
of
the
Fund’s
shares
and
the
Fund’s
NAV.
In
stressed
market
conditions,
the
market
for
the
Fund’s
shares
may
become
less
liquid
in
response
to
the
deteriorating
liquidity
of
the
Fund’s
portfolio.
This
adverse
effect
on
the
liquidity
of
the
Fund’s
shares
may,
in
turn,
lead
to
differences
between
the
market
value
of
the
Fund’s
shares
and
the
Fund’s
NAV.
5.
Certain
Principal
Risks
of
the
Fund
(continued)
Notes
to
financial
statements
Macquarie
Focused
Emerging
Markets
Equity
ETF
16
6.
Contractual
Obligations
The
Fund
enters
into
contracts
in
the
normal
course
of
business
that
contain
a
variety
of
indemnifications.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown.
However,
the
Fund
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts.
Management
has
reviewed
the
Fund's
existing
contracts
and
expects
the
risk
of
loss
to
be
remote.
7.
Subsequent
Events
Management
has
determined
that
no
material
events
or
transactions
occurred
subsequent
to
September
30,
2024
,
that
would
require
recognition
or
disclosure
in
the
Fund's
financial
statements.
Other
Fund
information
(Unaudited)
Macquarie
Focused
Emerging
Markets
Equity
ETF
17
Changes
in
and
Disagreements
with
Accountants
for
Open-End
Management
Investment
Companies
Not
Applicable.
Proxy
Disclosures
for
Open-End
Management
Investment
Companies
Not
Applicable.
Remuneration
Paid
to
Directors,
Officers,
and
Others
of
Open-End
Management
Investment
Companies
Not
Applicable.
Statement
Regarding
Basis
of
Approval
for
Investment
Advisory
Contact
Board
Consideration
of
Investment
Management
Agreement
and
Sub-Advisory
Agreement
at
a
Meeting
Held
on
April
24,
2024
At
a
meeting
held
on
April
24,
2024
(the
“Contract
Approval
Meeting”),
the
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Trustees
each
of
whom
is
not
an
“interested
person”
as
defined
under
the
Investment
Company
Act
of
1940
(the
“Independent
Trustees”),
approved
the
Investment
Management
Agreement
with
Delaware
Management
Company
(“DMC”
or
the
“Adviser”)
on
behalf
of
the
Macquarie
Focused
Large
Growth
ETF
and
Macquarie
Focused
Emerging
Markets
Equity
ETF
(each,
a
“Fund”
and
together,
the
“Funds”)
and
the
Sub-Advisory
Agreement
with
Macquarie
Investment
Management
Global
Limited
(“MIMGL”)
on
behalf
of
the
Funds.
Prior
to
the
Contract
Approval
Meeting,
the
Independent
Trustees
were
assisted
in
their
evaluation
of
the
Investment
Management
Agreement
and
the
Sub-Advisory
Agreement
by
independent
legal
counsel,
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
DMC
was
guided
by
a
detailed
set
of
requests
for
information
submitted
to
them
by
independent
legal
counsel
on
behalf
of
the
Independent
Trustees
prior
to
the
Contract
Approval
Meeting.
Prior
to
the
Contract
Approval
Meeting,
and
in
response
to
the
requests,
the
Board
received
and
reviewed
materials
specifically
relating
to
the
approval
of
the
Investment
Management
Agreement
and
the
Sub-Advisory
Agreement.
In
considering
and
approving
the
Investment
Management
Agreement
and
the
Sub-Advisory
Agreement,
the
Trustees
considered
the
information
they
believed
relevant,
including
but
not
limited
to
the
information
discussed
below.
The
Board
did
not
identify
any
particular
information
or
consideration
that
was
all-important
or
controlling,
and
each
individual
Trustee
may
have
attributed
different
weights
to
various
factors.
Other
Fund
information
(Unaudited)
Macquarie
Focused
Emerging
Markets
Equity
ETF
18
After
its
deliberations,
the
Board,
including
the
Independent
Trustees,
unanimously
approved
the
Investment
Management
Agreement
and
the
Sub-Advisory
Agreement
for
an
initial
two-year
term.
The
following
summarizes
a
number
of
important,
but
not
necessarily
all,
factors
considered
by
the
Board
in
support
of
its
approval.
The
nature,
extent
and
quality
of
services
to
be
provided
by
the
Adviser
and
MIMGL.
The
Board
reviewed
the
services
that
the
Adviser
and
MIMGL
would
provide
to
each
Fund.
In
connection
with
the
investment
advisory
services
to
be
provided,
the
Board
noted
the
responsibilities
that
the
Adviser
would
have
as
the
Funds’
investment
adviser,
including:
the
overall
supervisory
responsibility
for
the
general
management
and
investment
of
each
Fund’s
securities
portfolio;
providing
oversight
of
the
investment
performance
and
processes
and
compliance
with
the
Fund’s
investment
objectives,
policies
and
limitations;
the
implementation
of
the
investment
management
program
of
each
Fund;
the
management
of
the
day-to-day
investment
and
reinvestment
of
the
assets
of
each
Fund;
determining
daily
baskets
of
deposit
securities
and
cash
components;
executing
portfolio
security
trades
for
purchases
and
redemptions
of
Fund
shares
conducted
on
a
cash-in-lieu
basis;
the
review
of
brokerage
matters;
the
oversight
of
general
portfolio
compliance
with
relevant
law;
and
the
implementation
of
Board
directives
as
they
relate
to
the
Funds.
The
Board
also
took
into
account
the
Adviser’s
oversight
of
the
Funds’
operations
and
the
Funds’
other
service
providers.
The
Board
reviewed
the
Adviser’s
and
MIMGL’s
experience,
resources
and
strengths
in
managing
other
pooled
investment
vehicles,
including
the
personnel
of
each.
Based
on
its
consideration
and
review
of
the
foregoing
information,
the
Board
determined,
within
the
context
of
its
full
deliberations,
that
each
Fund
was
likely
to
benefit
from
the
nature,
quality
and
extent
of
these
services,
as
well
as
the
ability
of
the
Adviser
and
MIMGL
to
render
such
services
based
on
their
experience,
personnel,
operations
and
resources.
Fees,
expenses
and
profitability
.
The
Board
compared
both
the
services
to
be
rendered
and
the
proposed
fees
to
be
paid
to
the
Adviser
with
the
fees
that
the
Adviser
receives
pursuant
to
its
other
advisory
agreements,
as
well
as
the
fees
paid
to
other
investment
advisers
with
respect
to
similar
funds.
In
particular,
the
Board
compared
each
Fund’s
proposed
advisory
fee
and
total
expense
ratio
to
other
investment
companies
considered
to
be
in
that
Fund’s
peer
group.
Management
responded
to
questions
from
the
Trustees,
explaining
that
the
nature
of
the
Funds
and
their
anticipated
investments
warranted
the
proposed
advisory
fees
for
each.
The
Board
also
received
and
considered
information
about
the
fee
rates
charged
to
other
accounts
and
clients
managed
by
the
Adviser,
including
information
about
the
differences
in
services
provided
to
the
non-registered
investment
company
clients,
as
applicable.
The
Board
also
discussed
the
anticipated
costs
and
projected
profitability
of
the
Adviser
in
connection
with
its
service
as
investment
adviser
to
each
Fund,
including
operational
costs.
The
Board
also
considered
the
Adviser’s
assumption
of
business,
entrepreneurial,
overall
managerial
and
other
risks
by
sponsoring
and
advising
the
Funds.
After
comparing
each
Fund’s
proposed
fees
and
total
expense
ratios
with
those
of
other
funds
in
each
Fund’s
peer
group,
and
in
light
of
the
nature,
extent
and
quality
of
services
proposed
to
be
provided
by
the
Adviser
and
MIMGL
and
the
costs
they
expected
to
incur
in
rendering
those
services,
the
Board
concluded,
within
the
context
of
its
19
full
deliberations,
that
the
level
of
fees
proposed
to
be
paid
to
the
Adviser
with
respect
to
Fund
was
fair
and
reasonable
in
light
of
the
nature,
extent
and
quality
of
the
services
proposed
to
be
provided
by
the
Adviser
and
MIMGL.
The
Board
also
considered
that
the
Adviser
and
its
affiliates
may
experience
reputational
“fall-out”
benefits
based
on
the
success
of
the
Funds,
but
that
such
benefits
are
not
easily
quantifiable.
The
extent
to
which
economies
of
scale
would
be
realized
as
each
Fund
grows
and
whether
fee
levels
would
reflect
such
economies
of
scale.
The
Board
next
discussed
potential
economies
of
scale.
Since
the
Funds
had
not
commenced
operations,
and
the
eventual
aggregate
amount
of
assets
was
uncertain,
Management
was
not
able
to
provide
the
Board
with
specific
information
concerning
the
extent
to
which
economies
of
scale
would
be
realized
as
each
Fund
grows
and
whether
fee
levels
would
reflect
such
economies
of
scale,
if
any.
The
Board
recognized
the
uncertainty
in
launching
a
new
investment
product
and
estimating
future
asset
levels.
The
Trustees
noted
that
any
reduction
in
fixed
costs
associated
with
the
management
of
the
Funds
would
be
enjoyed
by
the
Adviser,
but
that
a
unitary
advisory
fee
provides
a
level
of
certainty
in
expenses
for
the
Funds.
Investment
performance
of
the
Funds
and
the
Adviser
.
Because
each
Fund
is
newly
formed
and
had
not
commenced
operations,
the
Board
did
not
consider
the
investment
performance
of
each
Fund
or
the
Adviser.
This
page
is
not
part
of
the
Financial
statements
and
other
information.
SA-EMEQ-1124
(3984436)
Contact
information
Shareholder
assistance
by
phone
844
469-9911,
weekdays
from
9:00am
to
5:00pm
ET
Regular
mail
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ETF
Trust
c/o
Foreside
Financial
Services
Three
Canal
Plaza,
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ME
04101
Macquarie
Asset
Management
•
610
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Street
•
Philadelphia,
PA
19106-2354
Macquarie
Asset
Management
(MAM)
is
the
asset
management
division
of
Macquarie
Group.
MAM
is
an
integrated
asset
manager
across
public
and
private
markets
offering
a
diverse
range
of
capabilities,
including
real
assets,
real
estate,
credit,
equities,
and
multi-asset
solutions.
The
Fund
is distributed
by
Foreside
Financial
Services
LLC.
Other
than
Macquarie
Bank
Limited
ABN
46
008
583
542
("Macquarie
Bank"),
any
Macquarie
Group
entity
noted
in
this
document
is
not
an
authorized
deposit-taking
institution
for
the
purposes
of
the
Banking
Act
1959
(Commonwealth
of
Australia).
The
obligations
of
these
other
Macquarie
Group
entities
do
not
represent
deposits
or
other
liabilities
of
Macquarie
Bank.
Macquarie
Bank
does
not
guarantee
or
otherwise
provide
assurance
in
respect
of
the
obligations
of
these
other
Macquarie
Group
entities.
In
addition,
if
this
document
relates
to
an
investment,
(a)
the
investor
is
subject
to
investment
risk
including
possible
delays
in
repayment
and
loss
of
income
and
principal
invested
and
(b)
none
of
Macquarie
Bank
or
any
other
Macquarie
Group
entity
guarantees
any
particular
rate
of
return
on
or
the
performance
of
the
investment,
nor
do
they
guarantee
repayment
of
capital
in
respect
of
the
investment.
The
Fund
is governed
by
US
laws
and
regulations.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The information is included as part of the material filed under Item 7 of this form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The information is included as part of the material filed under Item 7 of this form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S‑K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.
(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.
Item 19. Exhibits.
(a)(1) Not applicable.
(a)(2) Not applicable.
(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit [99.CERT].
(a)(3)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(3)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906 CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.
MACQUARIE ETF TRUST
/s/JOHN C. LEONARD
By: John C. Leonard
Title: President and Chief Executive Officer
Date: December 4, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/JOHN C. LEONARD
By: John C. Leonard
Title: President and Chief Executive Officer
Date: December 4, 2024
/s/RICHARD SALUS
By: Richard Salus
Title: Chief Financial Officer
Date: December 4, 2024