Morgan Stanley ETF Trust - Calvert International Responsible Index ETF

CVIE | NYSE Arca

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Calvert International Responsible Index ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CVIE	$19	0.18%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World ex USA Index (the Index).

↑ An out-of-Index position in Taiwan Semiconductor Manufacturing Co. contributed to returns as strong revenues were driven by surging demand for AI infrastructure chips

↑ An out-of-Index position in SK hynix, Inc., a memory semiconductor firm, contributed to returns as it reported record second quarter revenue amid accelerating AI-memory demand

↑ Not owning Index component BHP Group Ltd., helped returns as weaker iron ore and coal prices and softer Chinese demand weighed on earnings expectations

↑ Among sectors, stock selection in information technology and stock selection and an underweight exposure to energy helped returns

↓ Not owning Index component firm Rheinmetall AG hurt returns as strong defense-business growth was offset by contract delays and margin pressure

↓ Not owning Index component and aerospace firm Rolls-Royce Holdings hurt returns as shares rallied on robust earnings growth, margin expansion, and higher engine output

↓ Not owning Index component Airbus SE hurt returns as the company delivered solid results and strong order intake

↓ Among sectors, stock selection in the industrials, financials, and consumer staples sectors detracted from performance during the period

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Calvert International Responsible Index ETF - NAV	MSCI World ex USA Index	Calvert International Responsible Index
01/23	$10,000	$10,000	$10,000
03/23	$9,973	$9,961	$10,004
06/23	$10,360	$10,263	$10,378
09/23	$9,834	$9,842	$9,838
12/23	$10,980	$10,876	$11,001
03/24	$11,619	$11,484	$11,655
06/24	$11,652	$11,415	$11,658
09/24	$12,445	$12,300	$12,464
12/24	$11,587	$11,387	$11,595
03/25	$12,100	$12,093	$12,102
06/25	$13,818	$13,550	$13,804
09/25	$14,501	$14,272	$14,562

Average Annual Total Returns (%)

	1 Year	Since Inception
Calvert International Responsible Index ETF - NAV (Inception January 30, 2023)	16.52%	14.96%
MSCI World ex USA Index	16.03%	14.28%
Calvert International Responsible Index	16.83%	15.15%

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.morganstanley.com/im/shareholderreports.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$230,978,657
# of Portfolio Holdings	736
Portfolio Turnover Rate	11%
Total Management Fees Paid	$268,808

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2025
Short Term Investments	0.1%
Energy	0.6%
Real Estate	1.7%
Utilities	3.0%
Communication Services	4.7%
Materials	6.4%
Consumer Staples	6.4%
Consumer Discretionary	8.6%
Health Care	8.7%
Industrials	17.0%
Information Technology	17.0%
Financials	25.8%

Top Ten Holdings (% of total investments)^{Footnote
Referencea}

Taiwan Semiconductor Manufacturing Co. Ltd.	3.9%
ASML Holding NV	1.6%
Samsung Electronics Co. Ltd.	1.4%
SAP SE	1.2%
Nestle SA	1.0%
HSBC Holdings plc	1.0%
AstraZeneca plc	1.0%
Novartis AG	1.0%
Roche Holding AG	1.0%
Siemens AG	1.0%
Total	14.1%

Footnote	Description
Footnote^a	Excluding cash equivalents

Material Fund Changes

This is a summary of certain changes to the Fund since September 30, 2024.

For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 1, 2026 at www.morganstanley.com/im/shareholderreports or upon request by contacting us at 1-800-836-2414.

Effective July 1, 2025, Gordon Wotherspoon began serving as a portfolio manager of the Fund. Jennifer Mihara will continue to serve as a portfolio manager of the Fund. Prior to July 1, 2025, the Fund was managed by Jennifer Mihara and James Reber, who intends to retire.

Additional Information

An image of a QR code that, when scanned, navigates the user to the following URL: http://www.morganstanley.com/im/shareholderreports

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements, and holdings, please scan the QR code or visit morganstanley.com/im/shareholderreports. For proxy information, please visit www.morganstanley.com/im/en-us/institutional-investor/about-us/proxy-voting/vote-summary-report.html

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-836-2414 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

CVIE-TSR-AR

Morgan Stanley ETF Trust - Calvert Ultra-Short Investment Grade ETF

CVSB | NYSE Arca

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Calvert Ultra-Short Investment Grade ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CVSB	$24	0.23%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 9-12 Months Short Treasury Index (the Index).

↑ Allocation to investment grade corporates was the primary driver of outperformance as credit spreads tightened across sectors—particularly within financials and banking

↑ Exposure to securitized credit also supported returns, with strong performance across non-agency residential mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities

↑ Agency residential mortgage-backed securities exposure contributed positively amid a broader rally in the asset class

↓ A modest underweight to duration detracted slightly from relative performance, as front-end rates declined meaningfully over the year

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Calvert Ultra-Short Investment Grade ETF - NAV	Bloomberg U.S. Universal Index	Bloomberg 9-12 Months Short Treasury Index
01/23	$10,000	$10,000	$10,000
03/23	$10,059	$10,018	$10,088
06/23	$10,197	$9,959	$10,150
09/23	$10,354	$9,672	$10,281
12/23	$10,555	$10,334	$10,465
03/24	$10,715	$10,285	$10,563
06/24	$10,865	$10,305	$10,685
09/24	$11,068	$10,840	$10,897
12/24	$11,198	$10,544	$10,993
03/25	$11,338	$10,825	$11,114
06/25	$11,477	$10,976	$11,222
09/25	$11,622	$11,210	$11,357

Average Annual Total Returns (%)

	1 Year	Since Inception
Calvert Ultra-Short Investment Grade ETF - NAV (Inception January 30, 2023)	5.01%	5.80%
Bloomberg U.S. Universal Index	3.40%	4.38%
Bloomberg 9-12 Months Short Treasury Index	4.22%	4.89%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$187,564,267
# of Portfolio Holdings	226
Portfolio Turnover Rate	134%
Total Management Fees Paid	$438,959

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote
Referencea}

Value	Value
Cash & Equivalents	4.9%
Not Rated	3.3%
B	0.1%
BBB	24.8%
A	24.5%
AA	33.5%
AAA	8.9%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Asset Allocation (% of total investments)

Value	Value
Investment Company	3.8%
Commercial Papers	4.1%
Commercial Mortgage-Backed Securities	12.6%
Asset-Backed Securities	14.8%
U.S. Government and Agency Securities	16.1%
Corporate Bonds	48.6%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

CVSB-TSR-AR

Morgan Stanley ETF Trust - Calvert US Large-Cap Core Responsible Index ETF

CVLC | NYSE Arca

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Calvert US Large-Cap Core Responsible Index ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CVLC	$16	0.15%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000^® Index (the Index).

↓ Not owning Index component Palantir Technologies, Inc. hurt returns, as shares rose sharply due to expanding AI-software contracts and accelerating commercial growth

↓ An underweight position in Tesla, Inc. hurt as it surged over the year, powered by record EV deliveries and strong investor enthusiasm around autonomous-driving progress

↓ Not owning Index component and Facebook parent Meta Platforms, Inc also detracted as it generated double-digit total return amid AI and advertising segments momentum

↓ Among sectors, stock selection and an overweight position in healthcare, along with stock selection in consumer discretionary and information technology sectors, detracted

↑ Not owning Index component and energy major Exxon Mobil Corp. helped as shares lagged due to oil-price weakness and lower refining margins despite strong prior earnings

↑ Not owning Index component Berkshire Hathaway, Inc. contributed to returns as it under-performed the benchmark amid write-downs and slowed growth

↑An overweight position in Broadcom Inc. helped returns as it delivered strong results driven by its AI-networking business and robust semantic-software revenue growth

↑ Among sectors, an underweight position in energy and favorable stock selection in financials contributed to Index-relative returns

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Calvert US Large-Cap Core Responsible Index ETF - NAV	Russell 1000^® Index	Calvert US Large-Cap Core Responsible Index
01/23	$10,000	$10,000	$10,000
03/23	$10,241	$10,227	$10,246
06/23	$11,128	$11,104	$11,140
09/23	$10,685	$10,755	$10,699
12/23	$12,058	$12,042	$12,080
03/24	$13,278	$13,281	$13,310
06/24	$13,772	$13,756	$13,812
09/24	$14,582	$14,592	$14,632
12/24	$14,979	$14,993	$15,036
03/25	$14,106	$14,320	$14,163
06/25	$15,700	$15,910	$15,774
09/25	$16,837	$17,182	$16,927

Average Annual Total Returns (%)

	1 Year	Since Inception
Calvert US Large-Cap Core Responsible Index ETF - NAV (Inception January 30, 2023)	15.46%	21.58%
Russell 1000^® Index	17.75%	22.52%
Calvert US Large-Cap Core Responsible Index	15.68%	21.84%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$605,870,064
# of Portfolio Holdings	789
Portfolio Turnover Rate	7%
Total Management Fees Paid	$684,283

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2025
Short Term Investments	0.2%
Energy	0.4%
Utilities	1.9%
Materials	2.6%
Real Estate	2.8%
Consumer Staples	5.2%
Communication Services	7.8%
Consumer Discretionary	9.1%
Health Care	9.7%
Industrials	10.5%
Financials	14.7%
Information Technology	35.1%

Top Ten Holdings (% of total investments)^{Footnote
Referencea}

NVIDIA Corp.	7.2%
Microsoft Corp.	6.3%
Apple, Inc.	6.3%
Alphabet, Inc., Class A	4.5%
Amazon.com, Inc.	3.6%
Broadcom, Inc.	2.6%
JPMorgan Chase & Co.	1.6%
Eli Lilly & Co.	1.2%
Visa, Inc., Class A	1.1%
Netflix, Inc.	1.0%
Total	35.4%

Footnote	Description
Footnote^a	Excluding cash equivalents

Material Fund Changes

This is a summary of certain changes to the Fund since September 30, 2024.

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

CVLC-TSR-AR

Morgan Stanley ETF Trust - Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF

CDEI | NYSE Arca

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CDEI	$15	0.14%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000^® Index (the Index).

↓ Not owning Index component Tesla, Inc. hurt returns as its shares advanced on resilient vehicle deliveries and growing investor optimism around autonomous-driving technology

↓ An overweight position in Apple Inc. hampered returns as softer hardware demand and modest iPhone sales growth weighed on investor sentiment

↓ Not owning Index component Palantir Technologies Inc. hampered returns as it performed strongly on expanding Artificial Intelligence software contracts and commercial adoption

↓ Among sectors, an overweight position and stock selection in health care, and stock selection in consumer discretionary and information technology sectors hurt returns

↑ An overweight position in NVIDIA Corporation aided returns as sustained AI-chip demand and strong data-center revenue growth supported its robust results

↑ An overweight position in Alphabet, Inc.- Google's parent company - Helped relative returns

↑ An overweight position in Broadcom, Inc. aided returns as demand for AI- related semiconductors and networking products supported its robust earnings growth

↑ Among sectors, underweight positions in energy and materials helped returns

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF - NAV	Russell 1000^® Index	Calvert US Large-Cap Diversity Research Index
01/23	$10,000	$10,000	$10,000
03/23	$10,442	$10,227	$10,447
06/23	$11,504	$11,104	$11,516
09/23	$10,923	$10,755	$10,937
12/23	$12,403	$12,042	$12,425
03/24	$13,261	$13,281	$13,290
06/24	$13,742	$13,756	$13,777
09/24	$14,381	$14,592	$14,425
12/24	$14,728	$14,993	$14,779
03/25	$13,843	$14,320	$13,895
06/25	$15,413	$15,910	$15,481
09/25	$16,380	$17,182	$16,465

Average Annual Total Returns (%)

	1 Year	Since Inception
Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF - NAV (Inception January 30, 2023)	13.90%	20.33%
Russell 1000^® Index	17.75%	22.52%
Calvert US Large-Cap Diversity Research Index	14.15%	20.58%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$19,805,415
# of Portfolio Holdings	272
Portfolio Turnover Rate	37%
Total Management Fees Paid	$34,573

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2025
Short Term Investments	0.2%
Energy	0.4%
Materials	0.4%
Real Estate	1.6%
Utilities	2.2%
Industrials	4.3%
Consumer Staples	5.0%
Consumer Discretionary	6.1%
Health Care	10.3%
Communication Services	11.0%
Financials	17.6%
Information Technology	40.9%

Top Ten Holdings (% of total investments)^{Footnote
Referencea}

NVIDIA Corp.	9.2%
Apple, Inc.	8.3%
Microsoft Corp.	8.2%
Alphabet, Inc., Class A	6.5%
JPMorgan Chase & Co.	3.4%
Amazon.com, Inc.	3.3%
Eli Lilly & Co.	3.1%
Visa, Inc., Class A	2.7%
Netflix, Inc.	2.4%
Mastercard, Inc., Class A	2.3%
Total	49.4%

Footnote	Description
Footnote^a	Excluding cash equivalents

Material Fund Changes

This is a summary of certain changes to the Fund since September 30, 2024.

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

CDEI-TSR-AR

Morgan Stanley ETF Trust - Calvert US Mid-Cap Core Responsible Index ETF

CVMC | NYSE Arca

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Calvert US Mid-Cap Core Responsible Index ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CVMC	$15	0.15%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell Midcap^® Index (the Index).

↓ Not owning Index component Palantir Technologies, Inc. hampered returns, as its shares gained strongly on AI-software contract wins and accelerated commercial growth

↓ Not owning Index component Robinhood Markets, Inc. hurt, as its stocks rallied with a return to profitability and increased retail and crypto trading activity

↓ Not owning Index component Strategy Inc., Inc. hurt, as the company outperformed due to strong software-subscription growth and favorable market positioning

↓ Among sectors, stock selection in information technology and financials, and stock selection and an overweight position in health care hampered returns

↑ An out-of-Index position in Snowflake Inc., aided returns as the company delivered strong product-revenue growth and expanded its enterprise customer base

↑ An out-of-Index position in data storage firm Seagate Technology Holdings Plc helped as robust high-capacity storage demand and supply-chain recovery boosted results

↑ An underweight position in D.R. Horton, Inc. aided returns, as housing affordability challenges and high financing costs weighed on new home orders

↑ Among sectors, an underweight position in materials helped Index-relative returns

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Calvert US Mid-Cap Core Responsible Index ETF - NAV	S&P 500^® Index	Calvert US Mid-Cap Core Responsible Index	Russell Midcap^® Index
01/23	$10,000	$10,000	$10,000	$10,000
03/23	$9,791	$10,262	$9,792	$9,789
06/23	$10,216	$11,160	$10,224	$10,255
09/23	$9,594	$10,794	$9,603	$9,775
12/23	$10,806	$12,056	$10,827	$11,028
03/24	$11,714	$13,329	$11,744	$11,977
06/24	$11,203	$13,900	$11,236	$11,576
09/24	$12,257	$14,718	$12,301	$12,642
12/24	$12,164	$15,073	$12,214	$12,721
03/25	$11,642	$14,429	$11,693	$12,288
06/25	$12,499	$16,008	$12,561	$13,336
09/25	$13,120	$17,308	$13,193	$14,046

Average Annual Total Returns (%)

	1 Year	Since Inception
Calvert US Mid-Cap Core Responsible Index ETF - NAV (Inception January 30, 2023)	7.04%	10.72%
S&P 500^® Index	17.60%	22.86%
Calvert US Mid-Cap Core Responsible Index	7.25%	10.96%
Russell Midcap^® Index	11.11%	13.60%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$79,327,386
# of Portfolio Holdings	629
Portfolio Turnover Rate	24%
Total Management Fees Paid	$103,415

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2025
Short Term Investments	0.2%
Energy	0.9%
Communication Services	3.4%
Materials	4.2%
Utilities	6.0%
Consumer Staples	6.3%
Real Estate	7.4%
Consumer Discretionary	10.0%
Health Care	10.8%
Financials	15.2%
Information Technology	15.6%
Industrials	20.0%

Top Ten Holdings (% of total investments)^{Footnote
Referencea}

Marvell Technology, Inc.	0.7%
Corning, Inc.	0.6%
TE Connectivity plc	0.6%
Quanta Services, Inc.	0.6%
United Rentals, Inc.	0.6%
Sempra	0.6%
Truist Financial Corp.	0.6%
General Motors Co.	0.5%
Vertiv Holdings Co., Class A	0.5%
Cummins, Inc.	0.5%
Total	5.8%

Footnote	Description
Footnote^a	Excluding cash equivalents

Material Fund Changes

This is a summary of certain changes to the Fund since September 30, 2024.

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

CVMC-TSR-AR

Morgan Stanley ETF Trust - Calvert US Select Equity ETF

CVSE | NYSE Arca

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Calvert US Select Equity ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
CVSE	$30	0.29%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000^® Index (the Index).

↓ Not owning Index component, Broadcom Inc. hurt returns as its stock surged on AI- semiconductor revenue climb and infrastructure software double digit growth

↓ Not owning Index component, Tesla, Inc. hurt returns as its shares advanced on resilient vehicle deliveries and growing investor optimism around autonomous-driving technology

↓ An overweight position in global professional services firm, Accenture Plc, hurt returns as cautious enterprise spending and macro uncertainty weighed on activity

↓ Among sectors, stock selections in information technology and industrials, and an underweight position in communication services sector detracted

↑ Not owning Index component, UnitedHealth Group helped Index-relative performance as rising medical costs and weaker insurer sentiment pressured its shares

↑ An overweight position in Netflix, Inc. helped returns as subscriber growth and expanding ad-supported offerings drove its investor confidence

↑ An overweight position in Tapestry, Inc. helped returns as its shares strengthened on solid brand performance and improved margins supporting earnings momentum

↑ Among sectors, avoiding the weak energy sector and stock selections in real estate helped returns

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Calvert US Select Equity ETF - NAV	Russell 1000^® Index
01/23	$10,000	$10,000
03/23	$10,132	$10,227
06/23	$10,875	$11,104
09/23	$10,300	$10,755
12/23	$11,649	$12,042
03/24	$12,921	$13,281
06/24	$13,068	$13,756
09/24	$13,960	$14,592
12/24	$13,880	$14,993
03/25	$13,241	$14,320
06/25	$14,645	$15,910
09/25	$15,345	$17,182

Average Annual Total Returns (%)

	1 Year	Since Inception
Calvert US Select Equity ETF - NAV (Inception January 30, 2023)	9.92%	17.42%
Russell 1000^® Index	17.75%	22.52%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$14,113,508
# of Portfolio Holdings	163
Portfolio Turnover Rate	37%
Total Management Fees Paid	$63,187

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2025
Short Term Investments	0.1%
Consumer Staples	1.7%
Utilities	2.5%
Materials	2.7%
Real Estate	3.6%
Communication Services	5.1%
Consumer Discretionary	7.0%
Health Care	10.3%
Industrials	12.8%
Financials	16.3%
Information Technology	37.9%

Top Ten Holdings (% of total investments)^{Footnote
Referencea}

NVIDIA Corp.	8.5%
Microsoft Corp.	7.6%
Apple, Inc.	6.4%
Netflix, Inc.	2.5%
Parker-Hannifin Corp.	2.2%
BlackRock, Inc.	1.9%
Visa, Inc., Class A	1.8%
American Express Co.	1.7%
Eli Lilly & Co.	1.7%
Eaton Corp. plc	1.7%
Total	36.0%

Footnote	Description
Footnote^a	Excluding cash equivalents

Material Fund Changes

This is a summary of certain changes to the Fund since September 30, 2024.

The Board of Trustees of Morgan Stanley ETF Trust (the "Trust") approved a Plan of Liquidation with respect to the Fund, a portfolio of the Trust. Pursuant to the Plan of Liquidation, the assets of the Fund were liquidated, known or reasonable ascertainable liabilities of the Fund were satisfied, the remaining proceeds were distributed to the Fund's shareholders and all the issued and outstanding shared of the Fund were redeemed (the "Liquidation"). The Liquidation occurred at the close of business on October 17, 2025.

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

CVSE-TSR-AR

Morgan Stanley ETF Trust - Eaton Vance Floating-Rate ETF

EVLN | NYSE Arca

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance Floating-Rate ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EVLN	$61	0.59%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Morningstar^® LSTA^® US Leveraged Loan Index.

↓ The Fund’s underweight to the diversified telecom services and media industries hurt Index-relative performance, as these segments generally outperformed

↓ Loan positioning in the BB and B credit tiers generally weighed on Index-relative returns

↓ The largest single name detractor from relative performance was a Fund overweight to a contract production and packaging of beverages that completed an out-of-court restructuring

↑ The Fund’s allocation to debt tranches of collateralized loan obligations (CLOs) helped returns, as CLO debt rated BBB and BB generally outperformed the Index

↑ Loan selection was positive in automobile components. The Fund’s top contributor was an underweight to a defaulted auto components company

↑ An underweight exposure to CCC-rated loans aided Index-relative results, as lower-rated loans generally underperformed higher-rated loans during the period

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance Floating-Rate ETF - NAV	Bloomberg U.S. Universal Index	Morningstar LSTA U.S. Leveraged Loan Total Return Index
02/24	$10,000	$10,000	$10,000
03/24	$10,098	$10,037	$10,167
06/24	$10,257	$10,056	$10,360
09/24	$10,464	$10,579	$10,572
12/24	$10,718	$10,290	$10,812
03/25	$10,747	$10,564	$10,864
06/25	$11,025	$10,711	$11,115
09/25	$11,190	$10,939	$11,312

Average Annual Total Returns (%)

	1 Year	Since Inception
Eaton Vance Floating-Rate ETF - NAV (Inception February 6, 2024)	6.94%	7.06%
Bloomberg U.S. Universal Index	3.40%	5.61%
Morningstar LSTA U.S. Leveraged Loan Total Return Index	7.00%	7.78%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$1,485,819,315
# of Portfolio Holdings	424
Portfolio Turnover Rate	81%
Total Management Fees Paid	$7,668,476

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Industry Weightings (% of total investments)

Value	Value
Others	50.2%
Health Care Providers & Services	2.6%
Specialty Retail	2.6%
Chemicals	2.7%
Machinery	3.6%
Hotels, Restaurants & Leisure	4.3%
Commercial Services & Supplies	5.5%
Insurance	5.8%
Financial Services	10.9%
Software	11.8%

Asset Allocation (% of total investments)

Value	Value
Common Stocks	0.1%
Corporate Bonds	4.6%
Asset-Backed Securities	7.4%
Investment Company	8.2%
Variable Rate Senior Loan Interests	79.7%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

EVLN-TSR-AR

Morgan Stanley ETF Trust - Eaton Vance High Income Municipal ETF

EVYM | NASDAQ

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance High Income Municipal ETF for the period of February 25, 2025 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
EVYM	$23	0.39%^{Footnote Reference1}

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operations for the full year.
Footnote¹	Annualized

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the ICE US Broad Municipal Index (the Index).

↑ An out of index position and security selection in non-rated securities improved returns for the period

↑ Security selection and underweight position in 4% coupon bonds contributed positively to returns as 4% coupon bonds generally underperformed in the index

↑ Security selections in transportation bonds helped Fund returns as transportation bonds in the fund meaningfully outperformed transportation bonds in the index

↓ Security selections and an underweight position in 5% coupon bonds detracted from Index-relative performance during the period

↓ A large overweight to long maturity bonds (22 years and longer) detracted from Fund performance

↓ An underweight position to A-rated bonds detracted from as this was the best performing rating category in the index for the performance period

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance High Income Municipal ETF - NAV	ICE U.S. Broad Municipal Index	35% ICE BBB Muni / 35% ICE Core HY Unrated Muni / 30% ICE US Muni Securities Custom Index^{Footnote Reference1}
02/25	$10,000	$10,000	$10,000
03/25	$9,922	$9,853	$9,846
04/25	$9,786	$9,802	$9,739
05/25	$9,727	$9,786	$9,716
06/25	$9,814	$9,857	$9,781
07/25	$9,703	$9,834	$9,702
08/25	$9,768	$9,918	$9,766
09/25	$10,128	$10,144	$10,050

Footnote

Description

Footnote¹

The custom blend of 35% ICE BofA BBB Municipal Index/35% ICE Core High Yield and Unrated Municipal Index/30% ICE U.S. Municipal Securities Index are comprised of ICE BofA BBB Municipal Index a benchmark that includes a portfolio of municipal bonds with an investment grade of BBB. ICE Core High Yield and Unrated Municipal Index a benchmark that tracks the performance of publicly traded, U.S. dollar-denominated, tax-exempt debt, including lower-rated and unrated municipal bonds, issued by U.S. states, territories, and their political subdivisions. ICE U.S. Municipal Securities Index a benchmark that is designed to track the performance of USD-denominated municipal debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. market.

Average Annual Total Returns (%)

	Since Inception^{Footnote Reference*}
Eaton Vance High Income Municipal ETF - NAV (Inception February 25, 2025)	1.28%
ICE U.S. Broad Municipal Index	1.44%
35% ICE BBB Muni / 35% ICE Core HY Unrated Muni / 30% ICE US Muni Securities Custom Index^{Footnote Reference1}	0.50%

Footnote	Description
Footnote^*	Returns for periods less than one year are not annualized.
Footnote¹	The custom blend of 35% ICE BofA BBB Municipal Index/35% ICE Core High Yield and Unrated Municipal Index/30% ICE U.S. Municipal Securities Index are comprised of ICE BofA BBB Municipal Index a benchmark that includes a portfolio of municipal bonds with an investment grade of BBB. ICE Core High Yield and Unrated Municipal Index a benchmark that tracks the performance of publicly traded, U.S. dollar-denominated, tax-exempt debt, including lower-rated and unrated municipal bonds, issued by U.S. states, territories, and their political subdivisions. ICE U.S. Municipal Securities Index a benchmark that is designed to track the performance of USD-denominated municipal debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. market.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$40,450,828
# of Portfolio Holdings	79
Portfolio Turnover Rate	82%
Total Management Fees Paid	$74,609

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote
Referencea}

Value	Value
Cash & Equivalents	0.9%
Not Rated	37.7%
B	3.0%
BB	18.7%
BBB	22.8%
A	11.2%
AA	5.7%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2025
Short Term Investments	0.1%
Hospital	2.6%
Housing	3.7%
Water & Sewer	4.4%
Transportation	8.4%
General Obligation	8.5%
Education	22.0%
Other Revenue	50.3%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

EVYM-TSR-AR

Morgan Stanley ETF Trust - Eaton Vance High Yield ETF

EVHY | NYSE Arca

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance High Yield ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EVHY	$49	0.48%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA BB-B U.S. High Yield Index (the Index).

↓ Underweight allocations in the broadcasting, telecommunications, and energy sectors detracted from relative performance

↓ Credit selection in services, healthcare, and energy hampered returns relative to the Index

↓ The Fund’s credit selection in BB-rated securities and overweight position in securities with durations of less than a year also hurt

↑ Selections in the retail, financial services, and air transportation sectors, as well as underweight allocations to, and selections in, the chemicals and technology sectors helped

↑ A small allocation to CCC-rated securities and selections in B-rated securities also contributed to relative returns

↑ An underweight exposure to securities with durations between 1-3 years and an overweight position as well as selections in securities with duration between 3-5 years helped

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance High Yield ETF - NAV	Bloomberg U.S. Universal Index	ICE BofA BB-B U.S. High Yield Index
10/23	$10,000	$10,000	$10,000
12/23	$10,761	$10,760	$10,793
03/24	$10,885	$10,709	$10,932
06/24	$11,037	$10,730	$11,064
09/24	$11,488	$11,288	$11,550
12/24	$11,452	$10,979	$11,530
03/25	$11,586	$11,271	$11,664
06/25	$12,008	$11,429	$12,069
09/25	$12,237	$11,672	$12,344

Average Annual Total Returns (%)

	1 Year	Since Inception
Eaton Vance High Yield ETF - NAV (Inception October 16, 2023)	6.52%	10.85%
Bloomberg U.S. Universal Index	3.40%	8.24%
ICE BofA BB-B U.S. High Yield Index	6.87%	11.38%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$21,252,641
# of Portfolio Holdings	282
Portfolio Turnover Rate	29%
Total Management Fees Paid	$101,469

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote
Referencea}

Value	Value
Cash & Equivalents	0.5%
CCC	0.5%
B	31.2%
BB	62.5%
BBB	5.3%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2025
Short Term Investments	3.2%
Real Estate	0.3%
Information Technology	4.4%
Consumer Staples	4.9%
Utilities	5.9%
Financials	6.8%
Materials	7.7%
Communication Services	8.5%
Energy	8.5%
Health Care	9.6%
Industrials	19.0%
Consumer Discretionary	21.2%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

EVHY-TSR-AR

Morgan Stanley ETF Trust - Eaton Vance Intermediate Municipal Income ETF

EVIM | NYSE Arca

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance Intermediate Municipal Income ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EVIM	$10	0.10%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA 2-17 Year US Municipal Securities Index (the Index).

↓ Security selections and an overweight position in 4% coupon bonds detracted from Index-relative performance during the period

↓ Security selections in AA-rated bonds also hampered Fund performance

↓ An underweight position to bonds with 4-8 years to maturity detracted from performance, as this was the best performing part of the curve for the year

↑ An out-of-index position in Alternative Minimum Tax (AMT) bonds contributed positively to performance as AMT bonds significantly outperformed the Index

↑ Security selections in bonds with 8-12 years remaining to maturity helped Fund performance relative to the Index during the period

↑ Security selections and an underweight position in State General Obligation (GO) bonds helped Fund returns as GO bonds generally underperformed the Index

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance Intermediate Municipal Income ETF - NAV	Bloomberg Municipal Bond Index	ICE BofA 2-17 Year U.S. Municipal Securities Index
10/23	$10,000	$10,000	$10,000
12/23	$10,664	$10,762	$10,614
03/24	$10,678	$10,720	$10,585
06/24	$10,717	$10,718	$10,560
09/24	$10,985	$11,009	$10,850
12/24	$10,891	$10,875	$10,739
03/25	$10,876	$10,851	$10,754
06/25	$10,939	$10,838	$10,846
09/25	$11,278	$11,162	$11,142

Average Annual Total Returns (%)

	1 Year	Since Inception
Eaton Vance Intermediate Municipal Income ETF - NAV (Inception October 16, 2023)	2.67%	6.33%
Bloomberg Municipal Bond Index	1.39%	5.79%
ICE BofA 2-17 Year U.S. Municipal Securities Index	2.69%	5.69%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$111,282,227
# of Portfolio Holdings	191
Portfolio Turnover Rate	86%
Total Management Fees Paid	$68,617

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote
Referencea}

Value	Value
Cash & Equivalents	3.5%
Not Rated	1.7%
BB	1.7%
BBB	5.3%
A	27.3%
AA	47.0%
AAA	13.5%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2025
Short Term Investments	3.1%
Other	1.0%
Housing	1.2%
Certificate of Participation/Lease	1.5%
Water & Sewer	3.3%
Utility	3.8%
Hospital	11.8%
Education	13.1%
Transportation	15.5%
General Obligation	18.5%
Other Revenue	27.2%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

EVIM-TSR-AR

Morgan Stanley ETF Trust - Eaton Vance Mortgage Opportunities ETF

EVMO | NYSE Arca

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance Mortgage Opportunities ETF for the period of November 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EVMO	$61	0.64%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg US MBS Index (the Index).

↑ An underweight in duration helped returns as yields rose on the back-end of the yield curve, with U.S. Treasury 10-year yield rising 37 basis points.

↑ An underweight in low coupon agency Mortgage-Backed Security passthroughs, with longer duration profiles, helped as they were more negatively impacted by the rising rates

↑ Out-of-Index allocations to non-agency residential Mortgage-Backed Security and commercial Mortgage-Backed Security contributed to outperformance due to high cash flow carry

↑ On an absolute basis, all sectors performed well and posted positive returns for the period

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance Mortgage Opportunities ETF - NAV	Bloomberg U.S. Universal Index	Bloomberg Mortgage Backed Securitiess Index
09/15	$10,000	$10,000	$10,000
09/16	$10,723	$10,611	$10,361
09/17	$11,219	$10,713	$10,393
09/18	$11,345	$10,606	$10,297
09/19	$12,244	$11,674	$11,100
09/20	$12,547	$12,454	$11,583
09/21	$12,929	$12,479	$11,534
09/22	$11,661	$10,617	$9,921
09/23	$12,075	$10,788	$9,904
09/24	$13,755	$12,090	$11,124
09/25	$14,722	$12,502	$11,501

Average Annual Total Returns (%)

	1 Year	5 years	10 years
Eaton Vance Mortgage Opportunities ETF - NAV	7.03%	3.25%	3.94%
Bloomberg U.S. Universal Index	3.40%	0.08%	2.26%
Bloomberg Mortgage Backed Securitiess Index	3.39%	-0.14%	1.41%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$699,364,441
# of Portfolio Holdings	683
Portfolio Turnover Rate	105%
Total Management Fees Paid	$1,284,223

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote
Referencea}

Value	Value
Cash & Equivalents	-6.6%
Not Rated	36.7%
CC	0.1%
CCC	1.8%
B	1.7%
BB	2.2%
BBB	3.9%
A	3.2%
AA	50.9%
AAA	6.1%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Asset Allocation (% of total investments)

Value	Value
Commercial Papers	1.0%
Investment Company	3.1%
Corporate Bonds	3.2%
U.S. Government and Agency Securities	6.9%
Asset-Backed Securities	17.8%
Mortgage-Backed Securities	33.9%
Commercial Mortgage-Backed Securities	34.1%

Material Fund Changes

This is a summary of certain changes to the Fund since September 30, 2024.

The Fund converted from Morgan Stanley Mortgage Securities Trust on August 1, 2025. The conversion, approved by the Board of Trustees in March 2025, was deemed in the best interest of shareholders. The Fund and its former corresponding fund have the same investment objectives and principal investment strategies. Returns prior to the conversion are those of the former corresponding fund.

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

EVMO-TSR-AR

Morgan Stanley ETF Trust - Eaton Vance Short Duration Income ETF

EVSD | NASDAQ

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance Short Duration Income ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EVSD	$23	0.22%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 1-5 Year U.S. Credit Index (the Index).

↑ Exposure to securitized credit was the primary driver of outperformance, with strong contributions from positioning in asset-backed securities, commercial mortgage-backed securities, and non-agency residential mortgage-backed securities

↑ Limited but selective exposure to high yield corporate issuers added value, as spreads tightened and several key names outperformed

↑ Agency residential mortgage-backed securities also contributed positively, benefiting from a sector-wide rally

↓ Duration and curve positioning modestly detracted from relative performance, as the yield curve steepened and front-end rates rallied significantly

↓ An underweight to investment grade credit—particularly within industrials—detracted as spreads tightened across sectors

↓ Underweights to sovereign and government-related debt also detracted, as these sectors posted positive returns during the period

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance Short Duration Income ETF - NAV	Bloomberg U.S. Universal Index	Bloomberg U.S. Credit 1-5 Year Index	Short Duration Income Blend Index^{Footnote Reference1}
09/15	$10,000	$10,000	$10,000	$10,000
09/16	$10,743	$10,611	$10,308	$10,049
09/17	$10,989	$10,713	$10,467	$10,109
09/18	$11,185	$10,606	$10,473	$10,219
09/19	$11,624	$11,674	$11,171	$10,565
09/20	$11,996	$12,454	$11,738	$10,959
09/21	$12,184	$12,479	$11,865	$10,992
09/22	$11,499	$10,617	$10,933	$10,435
09/23	$11,981	$10,788	$11,340	$10,724
09/24	$13,052	$12,090	$12,405	$11,565
09/25	$13,820	$12,502	$13,016	$12,135

Footnote

Description

Footnote¹

The Short Duration Income Blend Index is a performance linked benchmark of the old benchmarks represented by the Bloomberg 1-3 Year U.S. Government/Credit Index (benchmark that tracks the securities in the 1-3 year maturity range of the Bloomberg U.S. Government/Credit Index) for periods from the Fund’s inception to January 8, 2016, the ICE BofA 1-Year U.S. Treasury Note Index (benchmark that tracks one-year U.S. government securities) from January 9, 2016 to July 31, 2019, the Bloomberg 1-3 Year U.S. Government/Credit Index from August 1, 2019 to June 13, 2024, and the Fund’s new additional index represented by the Bloomberg U.S. Credit 1-5 Year Index for periods thereafter.

Average Annual Total Returns (%)

	1 Year	5 years	10 years
Eaton Vance Short Duration Income ETF - NAV	5.88%	2.87%	3.29%
Bloomberg U.S. Universal Index	3.40%	0.08%	2.26%
Bloomberg U.S. Credit 1-5 Year Index	4.93%	2.09%	2.67%
Short Duration Income Blend Index^{Footnote Reference1}	4.93%	2.06%	1.95%

Footnote

Description

Footnote¹

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$666,607,725
# of Portfolio Holdings	501
Portfolio Turnover Rate	124%
Total Management Fees Paid	$806,145

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote
Referencea}

Value	Value
Cash & Equivalents	4.0%
Not Rated	11.0%
CCC	0.1%
B	0.1%
BB	3.1%
BBB	26.8%
A	19.2%
AA	30.4%
AAA	5.3%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Asset Allocation (% of total investments)

Value	Value
Commercial Papers	0.5%
Foreign Government and Agency Securities	0.6%
Mortgage-Backed Securities	5.8%
Investment Companies	6.0%
U.S. Government and Agency Securities	8.5%
Commercial Mortgage-Backed Securities	14.4%
Asset-Backed Securities	21.6%
Corporate Bonds	42.6%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

EVSD-TSR-AR

Morgan Stanley ETF Trust - Eaton Vance Short Duration Municipal Income ETF

EVSM | NYSE Arca

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance Short Duration Municipal Income ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EVSM	$19	0.19%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the ICE BofA 1-3 Year US Municipal Securities Index (the Index).

↑ An out-of-index position in Alternative Minimum Tax (AMT) bonds contributed positively to performance as AMT bonds significantly outperformed the Index

↑ An out-of-index position in bonds with 4-6 years remaining to maturity boosted Fund performance relative to the Index during the period

↑ Security selections and an underweight position in State General Obligation (GO) bonds helped Fund returns as GO bonds generally underperformed the Index

↓ An overweight to bonds with 0-1 years remaining to maturity detracted from Index-relative performance during the period

↓ Security selections in A-rated bonds also hampered Fund performance

↓ An overweight position to hospital bonds detracted from performance relative to the Index

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance Short Duration Municipal Income ETF - NAV	Bloomberg Municipal Bond Index	ICE BofA 1-3 Year US Municipal Securities Index	Short Duration Municipal Income Blended Index^{Footnote Reference1}
12/18	$10,000	$10,000	$10,000	$10,000
09/19	$10,120	$10,720	$10,232	$10,103
09/20	$10,212	$11,158	$10,498	$10,167
09/21	$10,218	$11,452	$10,555	$10,174
09/22	$10,280	$10,135	$10,178	$10,260
09/23	$10,538	$10,405	$10,397	$10,430
09/24	$11,147	$11,484	$10,966	$11,000
09/25	$11,548	$11,644	$11,307	$11,343

Footnote

Description

Footnote¹

The Short Duration Municipal Income Blended Index is a performance linked benchmark of the old and new benchmark of the Fund. The old benchmark represented by Bloomberg BVAL Municipal AAA Yield Curve (Callable) 3-Month Index from the Fund’s inception to July 30, 2023 and the Fund's new additional benchmark represented by ICE BofA 1-3 Year US Municipal Securities Index for the periods thereafter.

Average Annual Total Returns (%)

	1 Year	5 years	Since Inception
Eaton Vance Short Duration Municipal Income ETF - NAV (Inception December 19, 2018)	3.59%	2.49%	2.14%
Bloomberg Municipal Bond Index	1.39%	0.86%	2.27%
ICE BofA 1-3 Year US Municipal Securities Index	3.11%	1.50%	1.83%
Short Duration Municipal Income Blended Index^{Footnote Reference1}	3.11%	2.21%	1.88%

Footnote

Description

Footnote¹

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$481,060,021
# of Portfolio Holdings	269
Portfolio Turnover Rate	23%
Total Management Fees Paid	$536,100

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote
Referencea}

Value	Value
Cash & Equivalents	17.4%
Not Rated	0.9%
BB	1.7%
BBB	2.9%
A	22.2%
AA	41.3%
AAA	13.6%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2025
Short Term Investments	2.6%
Certificate of Participation/Lease	0.2%
Housing	0.4%
Other	0.7%
Utility	4.8%
Water & Sewer	5.1%
Education	10.5%
Transportation	11.2%
General Obligation	13.7%
Hospital	15.7%
Other Revenue	35.1%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

EVSM-TSR-AR

Morgan Stanley ETF Trust - Eaton Vance Total Return Bond ETF

EVTR | NYSE

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance Total Return Bond ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EVTR	$30	0.30%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg U.S. Aggregate Bond Index (the Index).

↑ High yield corporate exposure was the top contributor to relative performance, supported by strong security selection and out-of-benchmark positioning

↑ Overweight positions in securitized credit—including commercial mortgage-backed securities, asset-backed securities, and non-agency residential mortgage-backed securities —added via sector allocation and security selection

↑ Overweight positioning within the agency mortgage-backed securities sector contributed positively to returns

↑ An underweight to government-related debt was beneficial, as the sector underperformed during the quarter

↓ Exposure to bank loans detracted from performance, as the sector lagged broader credit markets

↓ An underweight to U.S. Treasuries detracted, given the rally in rates over the period

↓ An underweight to emerging market sovereigns detracted from relative results, as the sector performed well

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance Total Return Bond ETF - NAV	Bloomberg U.S. Universal Index	Bloomberg U.S. Aggregate Bond Index
09/15	$10,000	$10,000	$10,000
09/16	$11,480	$10,611	$10,519
09/17	$11,800	$10,713	$10,527
09/18	$11,757	$10,606	$10,399
09/19	$13,030	$11,674	$11,470
09/20	$13,848	$12,454	$12,271
09/21	$14,070	$12,479	$12,161
09/22	$11,878	$10,617	$10,385
09/23	$12,119	$10,788	$10,452
09/24	$13,811	$12,090	$11,661
09/25	$14,391	$12,502	$11,998

Average Annual Total Returns (%)

	1 Year	5 years	10 years
Eaton Vance Total Return Bond ETF - NAV	4.20%	0.77%	3.71%
Bloomberg U.S. Universal Index	3.40%	0.08%	2.26%
Bloomberg U.S. Aggregate Bond Index	2.88%	-0.45%	1.84%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$3,247,617,590
# of Portfolio Holdings	705
Portfolio Turnover Rate	401%
Total Management Fees Paid	$5,428,308

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote
Referencea}

Value	Value
Cash & Equivalents	-12.9%
Not Rated	5.4%
CCC	0.3%
B	3.6%
BB	3.7%
BBB	22.1%
A	9.0%
AA	64.0%
AAA	4.8%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Asset Allocation (% of total investments)

Value	Value
Foreign Government and Agency Securities	0.4%
Investment Companies	0.5%
Commercial Mortgage-Backed Securities	8.8%
Asset-Backed Securities	11.2%
Corporate Bonds	25.3%
Mortgage-Backed Securities	26.1%
U.S. Government and Agency Securities	27.7%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

EVTR-TSR-AR

Morgan Stanley ETF Trust - Eaton Vance Ultra-Short Income ETF

EVSB | NYSE Arca

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Eaton Vance Ultra-Short Income ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
EVSB	$17	0.16%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Bloomberg 9-12 Months Short Treasury Index (the Index).

↑ Allocation to investment grade corporates was the primary driver of outperformance as credit spreads tightened—particularly within the financial sector—with banks leading performance

↑ Exposure to securitized credit also supported returns, with strong performance across non-agency residential mortgage-backed securities, asset-based securities, and commercial mortgage-backed securities as spreads rallied

↑ Agency residential mortgage-backed securities exposure contributed positively, benefiting from a broader rally in the sector and supportive demand dynamic

↓ A modest underweight to duration detracted slightly, as front-end interest rates declined meaningfully over the year, leading to a rally in short-duration assets

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Eaton Vance Ultra-Short Income ETF - NAV	Bloomberg U.S. Universal Index	Bloomberg 9-12 Months Short Treasury Index
10/23	$10,000	$10,000	$10,000
12/23	$10,178	$10,760	$10,153
03/24	$10,330	$10,709	$10,249
06/24	$10,480	$10,730	$10,367
09/24	$10,679	$11,288	$10,572
12/24	$10,805	$10,979	$10,665
03/25	$10,943	$11,271	$10,783
06/25	$11,080	$11,429	$10,888
09/25	$11,227	$11,672	$11,019

Average Annual Total Returns (%)

	1 Year	Since Inception
Eaton Vance Ultra-Short Income ETF - NAV (Inception October 16, 2023)	5.13%	6.08%
Bloomberg U.S. Universal Index	3.40%	8.24%
Bloomberg 9-12 Months Short Treasury Index	4.22%	5.09%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$239,380,593
# of Portfolio Holdings	272
Portfolio Turnover Rate	136%
Total Management Fees Paid	$258,405

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Credit Quality (% of net assets)^{Footnote
Referencea}

Value	Value
Cash & Equivalents	1.1%
Not Rated	3.8%
BB	1.8%
BBB	30.2%
A	23.3%
AA	30.5%
AAA	9.3%

Footnote	Description
Footnote^a	Security ratings disclosed with the exception for those labeled "Not Rated" is an aggregation of the highest security level rating amongst S&P Global Ratings, Moody's Investors Services, Inc., and Fitch Ratings, each a Nationally Recognized Statistical Ratings Organization.

Asset Allocation (% of total investments)

Value	Value
Foreign Government and Agency Securities	0.2%
Investment Companies	0.5%
Commercial Papers	3.1%
U.S. Government and Agency Securities	12.1%
Commercial Mortgage-Backed Securities	12.3%
Asset-Backed Securities	17.3%
Corporate Bonds	54.5%

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

EVSB-TSR-AR

Morgan Stanley ETF Trust - Parametric Equity Plus ETF

PEPS | NASDAQ

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Parametric Equity Plus ETF for the period of November 7, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
PEPS	$28	0.28%^{Footnote Reference1}

Footnote	Description
Footnote^*	Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operations for the full year.
Footnote¹	Annualized

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500^® Index (the Index).

↑The strategy’s core element, Beta-neutral Call Writing, combining call writing with incremental equity exposure aiming to capture the Volatility Risk Premium, outperformed

↑The Fund’s equity portfolio, which tracks the Index while aiming to optimize tax efficiency, outperformed the Index during the period

↓The Tail Risk Hedge overlay, with a fixed annual budget of 0.50%, detracted, as the Index's largest drawdown during the period was not sufficient to trigger the hedge’s monetization

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Parametric Equity Plus ETF - NAV	S&P 500^® Index
11/24	$10,000	$10,000
12/24	$9,896	$9,870
01/25	$10,217	$10,145
02/25	$10,085	$10,013
03/25	$9,417	$9,449
04/25	$9,332	$9,385
05/25	$9,899	$9,975
06/25	$10,424	$10,483
07/25	$10,738	$10,718
08/25	$11,032	$10,935
09/25	$11,494	$11,334

Average Annual Total Returns (%)

	Since Inception^{Footnote Reference*}
Parametric Equity Plus ETF - NAV (Inception November 7, 2024)	14.94%
S&P 500^® Index	13.34%

Footnote	Description
Footnote^*	Returns for periods less than one year are not annualized.

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$24,197,627
# of Portfolio Holdings	204
Portfolio Turnover Rate	24%
Total Management Fees Paid	$56,261

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2025
Short Term Investments	3.0%
Other	0.7%
Materials	1.9%
Real Estate	2.0%
Utilities	2.4%
Energy	2.8%
Consumer Staples	4.7%
Industrials	7.7%
Health Care	8.8%
Consumer Discretionary	10.0%
Communication Services	10.5%
Financials	12.6%
Information Technology	32.9%

Top Ten Holdings (% of total investments)^{Footnote
Referencea}

NVIDIA Corp.	7.1%
Microsoft Corp.	6.6%
Apple, Inc.	6.3%
Amazon.com, Inc.	3.7%
Meta Platforms, Inc., Class A	2.9%
Broadcom, Inc.	2.8%
Alphabet, Inc., Class A	2.4%
Alphabet, Inc., Class C	2.2%
Tesla, Inc.	2.0%
JPMorgan Chase & Co.	1.7%
Total	37.7%

Footnote	Description
Footnote^a	Excluding cash equivalents

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

PEPS-TSR-AR

Morgan Stanley ETF Trust - Parametric Equity Premium Income ETF

PAPI | NYSE Arca

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Parametric Equity Premium Income ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PAPI	$29	0.29%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the Russell 1000^® Value Index (the Index).

↓ The Fund’s use of derivatives ― specifically, written call options on the SPDR^® S&P 500^® ETF Trust ― detracted from Index-relative returns during the period

↓ An out-of-Index allocation to Cogent Communications Holdings Inc. detracted due to overhang from unprofitable legacy Sprint landline assets

↓ An overweight position in Huntsman Corporation was a relative headwind due to tariff issues as 2/3rd of revenue comes from ex-US locations

↓ An overweight position in ManpowerGroup Inc. underperformed due to a slower jobs growth and weakening U.S. labor market

↑ An out-of-Index allocation to InterDigital, Inc. aided returns following a favorable licensing agreement with Samsung to use IDCC technology

↑ An underweight position in UnitedHealth Group boosted relative results by minimizing the major drawdown following poor earnings due to Medicade and ACA exchange exposure

↑ An overweight position in Premier, Inc. lifted performance due to strong earnings results and divestitures of certain underperforming assets

↑ An out-of-Index allocation to CVR Energy, Inc. was additive to results as refiners benefitted from reduced crack spreads and decreased throughput

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Parametric Equity Premium Income ETF - NAV	S&P 500^® Index	Russell 1000^® Value Index
10/23	$10,000	$10,000	$10,000
12/23	$10,433	$10,944	$10,952
03/24	$11,165	$12,099	$11,936
06/24	$10,879	$12,617	$11,677
09/24	$11,638	$13,360	$12,778
12/24	$11,359	$13,682	$12,525
03/25	$11,719	$13,097	$12,793
06/25	$11,430	$14,530	$13,277
09/25	$11,961	$15,711	$13,985

Average Annual Total Returns (%)

	1 Year	Since Inception
Parametric Equity Premium Income ETF - NAV (Inception October 16, 2023)	2.78%	9.57%
S&P 500^® Index	17.60%	26.02%
Russell 1000^® Value Index	9.44%	18.73%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$250,647,067
# of Portfolio Holdings	195
Portfolio Turnover Rate	27%
Total Management Fees Paid	$488,055

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2025
Short Term Investments	1.0%
Communication Services	5.4%
Consumer Staples	9.6%
Materials	9.7%
Financials	10.3%
Industrials	10.4%
Consumer Discretionary	10.4%
Utilities	10.6%
Information Technology	10.7%
Health Care	10.9%
Energy	11.0%

Top Ten Holdings (% of total investments)^{Footnote
Referencea}

Corning, Inc.	0.8%
InterDigital, Inc.	0.8%
Newmont Corp.	0.7%
CVR Energy, Inc.	0.7%
Electronic Arts, Inc.	0.7%
Royal Gold, Inc.	0.7%
Baker Hughes Co., Class A	0.7%
HF Sinclair Corp.	0.6%
Steven Madden Ltd.	0.6%
UnitedHealth Group, Inc.	0.6%
Total	6.9%

Footnote	Description
Footnote^a	Excluding cash equivalents

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

PAPI-TSR-AR

Morgan Stanley ETF Trust - Parametric Hedged Equity ETF

PHEQ | NYSE Arca

Annual Shareholder Report September 30, 2025

This Annual shareholder report contains important information about Morgan Stanley ETF Trust - Parametric Hedged Equity ETF for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.morganstanley.com/im/shareholderreports. You can also request this information by contacting us at 1-800-836-2414.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Ticker	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PHEQ	$31	0.29%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the S&P 500^® Index (the Index).

↓ The defensive put-spread collar structure was the primary driver of the Fund’s underperformance relative to the Index during the period

↓ Written call options were the largest detractor from Fund performance as the Index advanced above sold call strikes during the period

↓ Long put spreads detracted from performance relative to the Index due to time decay and financial tranches that expired “out of the money” during the period

↑ The Fund’s equity portfolio, which closely tracks the Index while seeking to optimize tax efficiencies, outperformed the Index during the period

Fund Performance

Comparison of the change in value of $10,000 investment for the period indicated.

	Parametric Hedged Equity ETF - NAV	S&P 500^® Index
10/23	$10,000	$10,000
12/23	$10,600	$10,944
03/24	$11,019	$12,099
06/24	$11,350	$12,617
09/24	$11,776	$13,360
12/24	$12,136	$13,682
03/25	$11,848	$13,097
06/25	$12,720	$14,530
09/25	$13,331	$15,711

Average Annual Total Returns (%)

	1 Year	Since Inception
Parametric Hedged Equity ETF - NAV (Inception October 16, 2023)	13.21%	15.81%
S&P 500^® Index	17.60%	26.02%

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Total Net Assets	$110,533,245
# of Portfolio Holdings	202
Portfolio Turnover Rate	13%
Total Management Fees Paid	$246,293

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Sector¯SECTOR DIVERSIFICATION	9/30/2025
Short Term Investments	1.5%
Other	1.3%
Real Estate	1.6%
Materials	1.8%
Utilities	2.3%
Energy	2.8%
Consumer Staples	4.9%
Industrials	8.1%
Health Care	8.6%
Consumer Discretionary	10.1%
Communication Services	10.6%
Financials	12.7%
Information Technology	33.7%

Top Ten Holdings (% of total investments)^{Footnote
Referencea}

NVIDIA Corp.	7.3%
Microsoft Corp.	6.8%
Apple, Inc.	6.5%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc., Class A	3.0%
Alphabet, Inc., Class A	2.5%
Broadcom, Inc.	2.5%
Alphabet, Inc., Class C	2.2%
Tesla, Inc.	2.0%
JPMorgan Chase & Co.	1.8%
Total	38.2%

Footnote	Description
Footnote^a	Excluding cash equivalents

Additional Information

Householding

Not FDIC Insured | May Lose Value | No Bank Guarantee

Annual Shareholder Report September 30, 2025

PHEQ-TSR-AR

(b) Not applicable.

Item 2. Code of Ethics

The registrant has adopted a code of ethics (the "Code of Ethics") that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1 (212) 259-1155. The Registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant's Board of Trustees have determined that Jakki L. Haussler, an “independent” Trustee, is an “audit committee financial expert" serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services

(a) – (d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended September 30, 2024 and September 30, 2025 by the registrant’s principal accountant, Ernst & Young LLP, for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by Ernst & Young LLP during those periods.

2025

Registrant Covered Entities(1)

Audit Fees $1,063,656 $ N/A

Non-Audit Fees

Audit Related Fees $ -(2) $ -(2)

Tax Fees $ -(3) $ -(4)

All Other Fees $ $ -(5)

Total Non-Audit Fees $ $

Total $1,063,656 $-

2024

Registrant Covered Entities(1)

Audit Fees $842,635 $ N/A

Non-Audit Fees

Audit Related Fees $ -(2) $ -(2)

Tax Fees $ -(3) $ -(4)

All Other Fees $ $372,395 (5)

Total Non-Audit Fees $ $372,395

Total $842,635 $372,395

N/A – Not applicable, as not required by Item 4.

(1) Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant.

(2) Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities' and funds advised by the Adviser or its affiliates, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

(3) Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant’s tax returns.

(4) Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of Covered Entities' tax returns.

(5) The Fees included under “All Other Fees” are for services provided by Ernst & Young LLP related to surprise examinations for certain investment accounts to satisfy SEC Custody Rules and consulting services related to merger integration for sister entity to the Adviser.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) See table above.

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

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) whose members are:

Nancy C. Everett, Eddie A. Grier and Jakki L. Haussler.

Item 6. Schedule of Investments

(a) Please see the schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Morgan

Stanley

ETF

Trust

Annual

Financial

Statements

and

Additional

Information

September

30,

2025

Morgan

Stanley

Investment

Management

Ticker

Symbol

Ticker

Symbol

Calvert

International

Responsible

Index

ETF

CVIE

Calvert

Ultra-Short

Investment

Grade

ETF

CVSB

Calvert

Large-Cap

Core

Responsible

Index

ETF

CVLC

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

CDEI

Calvert

Mid-Cap

Core

Responsible

Index

ETF

CVMC

Calvert

Select

Equity

ETF

CVSE

Eaton

Vance

Floating-Rate

ETF

EVLN

Eaton

Vance

High

Income

Municipal

ETF

EVYM

Eaton

Vance

High

Yield

ETF

EVHY

Eaton

Vance

Intermediate

Municipal

Income

ETF

EVIM

Eaton

Vance

Mortgage

Opportunities

ETF

EVMO

Eaton

Vance

Short

Duration

Income

ETF

EVSD

Eaton

Vance

Short

Duration

Municipal

Income

ETF

EVSM

Eaton

Vance

Total

Return

Bond

ETF

EVTR

Eaton

Vance

Ultra-Short

Income

ETF

EVSB

Parametric

Equity

Plus

ETF

PEPS

Parametric

Equity

Premium

Income

ETF

PAPI

Parametric

Hedged

Equity

ETF

PHEQ

Morgan

Stanley

ETF

Trust

Annual

Report

—

September

30,

2025

Table

Contents

(unaudited)

Items

and

Form

N-CSR:

Portfolio

Investments

Calvert

International

Responsible

Index

ETF

...........................................................

Calvert

Ultra-Short

Investment

Grade

ETF

.............................................................

Calvert

Large-Cap

Core

Responsible

Index

ETF

....................................................

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

........................................

Calvert

Mid-Cap

Core

Responsible

Index

ETF

......................................................

Calvert

Select

Equity

ETF

.........................................................................

Eaton

Vance

Floating-Rate

ETF

.......................................................................

Eaton

Vance

High

Income

Municipal

ETF

..............................................................

Eaton

Vance

High

Yield

ETF

..........................................................................

Eaton

Vance

Intermediate

Municipal

Income

ETF

......................................................

Eaton

Vance

Mortgage

Opportunities

ETF

............................................................

Eaton

Vance

Short

Duration

Income

ETF

..............................................................

Eaton

Vance

Short

Duration

Municipal

Income

ETF

....................................................

Eaton

Vance

Total

Return

Bond

ETF

..................................................................

108

Eaton

Vance

Ultra-Short

Income

ETF

..................................................................

121

Parametric

Equity

Plus

ETF

..........................................................................

129

Parametric

Equity

Premium

Income

ETF

..............................................................

134

Parametric

Hedged

Equity

ETF

.......................................................................

138

Statements

Assets

and

Liabilities

.....................................................................

142

Statements

Operations

...............................................................................

147

Statements

Changes

Net

Assets

...................................................................

153

Financial

Highlights

.....................................................................................

164

Notes

Financial

Statements

...........................................................................

182

Report

Independent

Registered

Public

Accounting

Firm

................................................

217

Morgan

Stanley

ETF

Trust

Annual

Report

—

September

30,

2025

Table

Contents

(unaudited)

(cont’d)

This

report

authorized

for

distribution

only

when

preceded

accompanied

prospectus

summary

prospectus

the

applicable

Fund

Morgan

Stanley

ETF

Trust.

receive

prospectus

and/or

statement

additional

information

(“SAI”),

which

contains

complete

information

such

investment

objectives,

charges,

expenses,

policies

for

voting

proxies,

risk

considerations

and

describes

detail

each

the

Fund’s

investment

policies

the

prospective

investor,

please

call

toll

free

(800)

836-2414.

Please

read

the

prospectuses

carefully

before

you

invest

send

money.

Additionally,

you

can

access

Fund

information

including

performance

and

characteristics

through

Morgan

Stanley

Investment

Mangement

Website:

www.morganstanley.com/im/shareholderreports.

There

assurance

that

fund

will

achieve

its

investment

objective.

Funds

are

subject

market

risk,

which

the

possibility

that

market

values

securities

owned

Fund

will

decline

and,

therefore,

the

value

Fund’s

may

less

than

what

you

paid

for

them.

Accordingly,

you

can

lose

money

investing

Fund.

Please

see

the

prospectus

for

complete

information

investment

risks.

Item

Form

N-CSR:

Investment

Advisory

Agreement

Approval

................................................................

219

Federal

Tax

Notice

..........................................................................................

225

Items

and

Form

N-CSR

are

Not

Applicable.

For

Item

Form

N-CSR,

see

Item

Annual

Report

—

September

30,

2025

Portfolio

Investments

Calvert

International

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Common

Stocks

(99.5%)

Australia

(

)

ANZ

Group

Holdings

Ltd.

33,699

740,537

APA

Group

9,115

53,559

ASX

Ltd.

1,672

64,822

BlueScope

Steel

Ltd.

13,637

204,746

Brambles

Ltd.

19,197

315,026

CAR

Group

Ltd.

1,757

42,761

Cochlear

Ltd.

853

157,617

Coles

Group

Ltd.

21,570

332,415

Commonwealth

Bank

Australia

16,664

1,840,334

Computershare

Ltd.

3,974

95,428

Evolution

Mining

Ltd.

44,140

316,317

Fortescue

Ltd.

36,550

451,778

Goodman

Group

20,713

449,276

Insurance

Australia

Group

Ltd.

29,534

160,250

Macquarie

Group

Ltd.

3,952

573,556

Medibank

Pvt.

Ltd.

33,236

106,003

National

Australia

Bank

Ltd.

31,624

923,865

Northern

Star

Resources

Ltd.

32,967

517,652

Pro

Medicus

Ltd.

553

112,810

Qantas

Airways

Ltd.

20,635

149,104

QBE

Insurance

Group

Ltd.

17,662

240,634

REA

Group

Ltd.

519

79,351

Scentre

Group

35,072

94,685

SGH

Ltd.

1,995

65,912

Sonic

Healthcare

Ltd.

3,629

51,484

South32

Ltd.

104,755

189,927

Stockland

29,923

121,176

Suncorp

Group

Ltd.

12,855

172,335

Technology

One

Ltd.

2,264

57,617

Telstra

Group

Ltd.

41,153

131,253

Transurban

Group

42,423

387,384

Vicinity

Ltd.

39,769

66,314

Wesfarmers

Ltd.

13,005

791,870

Westpac

Banking

Corp.

34,660

893,758

WiseTech

Global

Ltd.

1,889

112,808

Woolworths

Group

Ltd.

13,928

246,071

11,310,435

Austria

(

)

ANDRITZ

757

53,237

Erste

Group

Bank

2,613

255,240

Mondi

plc

3,855

53,090

OMV

3,748

199,863

Verbund

AG(a)

1,157

84,084

645,514

Belgium

(

)

Ackermans

van

Haaren

202

51,700

Ageas

SA/NV

180

12,447

Anheuser-Busch

InBev

SA/NV

9,486

565,762

D'ieteren

Group

188

35,139

Elia

Group

SA/NV

648

74,671

Groupe

Bruxelles

Lambert

1,867

166,698

KBC

Group

1,512

180,090

Lotus

Bakeries

47,079

Sofina

SA(a)

14,440

Syensqo

732

59,041

Value

UCB

1,131

312,045

1,519,112

Brazil

(

)

(b)

Yara

International

ASA

1,870

68,320

Canada

(

)

Agnico

Eagle

Mines

Ltd.

7,578

1,276,341

Alimentation

Couche-Tard,

Inc.(a)

11,134

594,021

AltaGas

Ltd.(a)

5,608

172,789

Bank

Montreal

7,510

978,615

Bank

Nova

Scotia

(The)(a)

13,547

875,975

Brookfield

Asset

Management

Ltd.,

Class

4,138

235,489

Brookfield

Corp.,

Class

13,746

943,167

CAE,

Inc.(a)(c)

5,361

158,746

Cameco

Corp.(a)

9,623

807,621

Canadian

Imperial

Bank

Commerce(a)

10,621

848,718

Canadian

National

Railway

Co.

6,476

610,699

Canadian

Pacific

Kansas

City

Ltd.(a)

10,953

815,749

Canadian

Tire

Corp.

Ltd.,

Class

666

79,282

CCL

Industries,

Inc.,

Class

1,976

111,373

Celestica,

Inc.(a)(c)

1,269

312,276

CGI,

Inc.

3,101

276,209

Constellation

Software,

Inc.

240

651,516

Descartes

Systems

Group,

Inc.

(The)(c)

602

56,683

Dollarama,

Inc.

3,318

437,584

Element

Fleet

Management

Corp.(a)

621

16,082

Emera,

Inc.

1,126

54,023

Empire

Co.

Ltd.,

Class

2,671

95,866

FirstService

Corp.

10,860

Fortis,

Inc.

4,599

233,271

George

Weston

Ltd.

1,041

63,498

Gildan

Activewear,

Inc.(a)

1,464

84,577

Great-West

Lifeco,

Inc.

3,263

132,424

Hydro

One

Ltd.(d)

6,107

217,872

Financial

Corp.,

Inc.(a)

511

58,098

IGM

Financial,

Inc.

387

14,087

Intact

Financial

Corp.

1,736

337,757

Kinross

Gold

Corp.

31,674

786,103

Loblaw

Cos.

Ltd.

9,840

380,605

Magna

International,

Inc.

3,890

184,312

Manulife

Financial

Corp.

21,933

683,348

Metro,

Inc.,

Class

4,146

278,456

National

Bank

Canada(a)

3,936

418,092

Nutrien

Ltd.(a)

5,669

332,922

Open

Text

Corp.(a)

2,288

85,523

Power

Corp.

Canada(a)

7,958

344,349

Global,

Inc.

2,245

243,164

Rogers

Communications,

Inc.,

Class

B(a)

1,566

53,910

Royal

Bank

Canada

14,044

2,069,918

Saputo,

Inc.(a)

2,905

70,553

Shopify,

Inc.,

Class

A(c)

12,725

1,890,509

Stantec,

Inc.(a)

885

95,444

Sun

Life

Financial,

Inc.

6,693

401,907

Teck

Resources

Ltd.,

Class

14,115

619,186

TELUS

Corp.

3,286

51,756

TFI

International,

Inc.(a)

709

62,397

Thomson

Reuters

Corp.(a)

1,964

304,966

TMX

Group

Ltd.

3,171

121,308

Toromont

Industries

Ltd.(a)

1,075

119,357

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

International

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Canada

(cont’d)

Toronto-Dominion

Bank

(The)

17,409

1,392,020

WSP

Global,

Inc.(a)

1,597

313,846

22,865,219

Chile

(

)

Antofagasta

plc

8,928

330,320

Lundin

Mining

Corp.(a)

20,313

303,009

633,329

China

(

)

BOC

Hong

Kong

Holdings

Ltd.

47,000

220,688

Chow

Tai

Fook

Jewellery

Group

Ltd.(a)

38,000

75,981

Lenovo

Group

Ltd.

56,000

83,115

Prosus

14,903

1,048,762

Wharf

Holdings

Ltd.

(The)(a)

41,000

117,279

1,545,825

Congo,

Democratic

Republic

the

(

)

Ivanhoe

Mines

Ltd.,

Class

A(a)(c)

15,056

159,680

Denmark

(

)

Moller

Maersk

A/S,

Class

B(a)

82,341

Carlsberg

A/S,

Class

662

76,924

Coloplast

A/S,

Class

920

78,571

Danske

Bank

A/S

6,694

285,214

Demant

A/S(c)

1,251

43,326

DSV

A/S

1,564

311,051

Genmab

A/S(c)

672

203,723

Jyske

Bank

A/S

161

17,928

Novo

Nordisk

A/S,

Class

28,682

1,554,762

Novonesis

Novozymes

Class

4,344

265,844

Orsted

A/S(a)(c)(d)

4,862

86,832

Pandora

A/S

872

113,614

ROCKWOOL

A/S,

Class

2,102

78,056

Tryg

A/S

334

8,473

Vestas

Wind

Systems

A/S

11,447

215,687

3,422,346

Finland

(

)

Amer

Sports,

Inc.(c)

1,346

46,773

Elisa

OYJ

1,476

77,391

Fortum

OYJ

4,378

82,780

Kesko

OYJ,

Class

3,838

81,559

Kone

OYJ,

Class

2,933

199,722

Metso

OYJ

5,281

72,449

Neste

OYJ

11,240

205,665

Nokia

OYJ

55,832

267,377

Nordea

Bank

Abp

26,412

432,887

Orion

OYJ,

Class

1,210

92,552

Sampo

OYJ,

Class

14,560

167,147

Stora

Enso

OYJ,

Class

10,339

113,325

UPM-Kymmene

OYJ

4,779

130,563

Valmet

OYJ

3,153

104,686

Wartsila

OYJ

Abp

3,293

98,393

2,173,269

France

(

)

Accor

2,040

96,521

Air

Liquide

6,255

1,298,804

Alstom

SA(c)

2,402

62,380

Amundi

SA(d)

124

9,812

Arkema

756

47,574

Value

AXA

17,793

848,964

BioMerieux

429

57,317

BNP

Paribas

9,924

900,993

Bouygues

3,425

154,089

Bureau

Veritas

3,469

108,499

Capgemini

1,389

201,480

Carrefour

3,438

52,049

Cie

Saint-Gobain

7,938

854,235

Cie

Generale

des

Etablissements

Michelin

SCA

7,035

252,243

Covivio

1,006

67,559

Credit

Agricole

10,845

212,889

Danone

7,859

684,264

Dassault

Systemes

6,675

223,427

Eiffage

869

110,901

Elis

2,303

66,190

Engie

19,470

417,287

EssilorLuxottica

3,028

981,187

Gecina

496

49,673

Getlink

4,646

85,420

Hermes

International

SCA

322

787,466

Ipsen

361

48,147

Kering

547

181,455

Legrand

2,741

452,461

L'Oreal

2,170

938,823

LVMH

Moet

Hennessy

Louis

Vuitton

2,204

1,346,849

Orange

18,650

302,384

Pernod

Ricard

1,070

104,946

Publicis

Groupe

2,634

252,591

Renault

1,497

61,163

Rexel

2,772

90,604

Safran

3,749

1,320,894

Sartorius

Stedim

Biotech

202

40,803

SCOR

2,457

86,539

Societe

Generale

5,849

387,025

Sodexo

694

43,632

SPIE

976

52,481

Technip

Energies

1,224

57,596

Thales

1,052

329,278

Unibail-Rodamco-Westfield

800

84,006

Veolia

Environnement

7,516

255,724

Vinci

5,356

741,695

15,810,319

Germany

(

)

adidas

1,632

343,739

Allianz

3,776

1,584,430

Aumovio

SE(c)

617

25,440

Bayerische

Motoren

Werke

2,965

297,422

Bechtle

AG(a)

1,418

65,327

Beiersdorf

642

67,083

BioNTech

ADR(a)(c)

813

80,178

Brenntag

1,714

102,427

Carl

Zeiss

Meditec

774

38,311

Commerzbank

9,767

367,974

Continental

1,235

81,371

CTS

Eventim

Co.

KGaA

837

81,955

Daimler

Truck

Holding

6,785

278,967

Deutsche

Boerse

1,774

475,079

Deutsche

Post

10,155

452,339

Deutsche

Telekom

34,440

1,172,998

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

International

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Germany

(cont’d)

E.ON

19,613

368,772

Evonik

Industries

4,379

75,935

GEA

Group

1,930

142,413

Hannover

Rueck

580

174,731

HeidelbergCement

3,020

679,166

Henkel

Co.

KGaA

1,964

145,613

Infineon

Technologies

14,671

571,853

KION

Group

1,554

104,816

Knorr-Bremse

753

70,592

LEG

Immobilien

1,289

102,454

Mercedes-Benz

Group

6,626

415,957

Merck

KGaA

1,516

194,806

MTU

Aero

Engines

585

268,478

Muenchener

Rueckversicherungs-Gesellschaft

1,362

868,927

Nemetschek

1,059

137,760

SAP

10,547

2,822,019

Scout24

SE(d)

751

93,990

Siemens

7,996

2,151,662

Siemens

Energy

AG(c)

7,904

922,587

Siemens

Healthineers

AG(d)

3,049

164,737

Symrise

AG,

Class

1,600

139,083

Talanx

544

72,299

thyssenkrupp

13,003

178,233

Volkswagen

1,726

189,976

Vonovia

6,813

212,368

Zalando

SE(c)(d)

3,134

95,703

16,879,970

Hong

Kong

(

)

AIA

Group

Ltd.

99,600

955,434

Infrastructure

Holdings

Ltd.

500

3,283

CLP

Holdings

Ltd.

16,500

136,653

Hang

Seng

Bank

Ltd.

12,200

185,776

Hong

Kong

China

Gas

Co.

Ltd.

70,000

60,807

Hong

Kong

Exchanges

Clearing

Ltd.

11,900

675,898

Hongkong

Land

Holdings

Ltd.

9,400

59,502

Link

REIT

38,500

197,894

Power

Assets

Holdings

Ltd.

7,000

44,328

Prudential

plc

20,139

281,954

Sino

Land

Co.

Ltd.

76,000

96,197

Sun

Hung

Kai

Properties

Ltd.(a)

11,500

137,729

Swire

Pacific

Ltd.,

Class

2,500

21,187

Techtronic

Industries

Co.

Ltd.

14,500

185,490

Group

Ltd.(d)

106,500

115,369

Wharf

Real

Estate

Investment

Co.

Ltd.

34,000

100,489

3,257,990

Ireland

(

)

AerCap

Holdings

2,163

261,723

AIB

Group

plc

14,002

126,827

Bank

Ireland

Group

plc

13,739

226,066

Kerry

Group

plc,

Class

2,410

217,161

Kingspan

Group

plc

4,962

412,455

1,244,232

Israel

(

)

Bank

Hapoalim

14,442

293,532

Check

Point

Software

Technologies

Ltd.(c)

1,499

310,158

Mizrahi

Tefahot

Bank

Ltd.

1,326

87,234

Value

Nice

Ltd.(c)

1,214

176,539

Nova

Ltd.(c)

516

164,945

Wix.com

Ltd.(c)

756

134,288

1,166,696

Italy

(

)

A2A

SpA

21,766

56,910

Banca

Monte

dei

Paschi

Siena

SpA(a)

20,490

181,384

Banco

BPM

SpA

6,573

98,199

BPER

Banca

SpA

6,226

68,974

Coca-Cola

HBC

2,288

107,823

Enel

SpA

87,729

830,784

Ferrari

1,197

578,437

FinecoBank

Banca

Fineco

SpA

5,870

126,841

Generali

11,048

433,358

Hera

SpA

11,317

50,888

Infrastrutture

Wireless

Italiane

SpA(d)

3,968

46,633

Intesa

Sanpaolo

SpA

152,767

1,006,905

Moncler

SpA

2,251

131,796

Poste

Italiane

SpA(d)

5,368

127,243

PRADA

SpA

8,700

52,321

Prysmian

SpA

3,386

334,644

Recordati

Industria

Chimica

Farmaceutica

SpA

1,242

75,387

SpA

273

38,847

Ryanair

Holdings

plc

4,050

117,446

Snam

SpA

28,283

169,947

Telecom

Italia

SpA(c)

206,655

108,040

Terna

Rete

Elettrica

Nazionale

19,346

196,196

UniCredit

SpA

15,058

1,139,755

6,078,758

Japan

(

)

Advantest

Corp.

8,100

802,414

Aeon

Co.

Ltd.

26,700

324,080

AGC,

Inc.

6,600

215,336

Aisin

Corp.(a)

11,000

190,418

Ajinomoto

Co.,

Inc.

13,600

390,476

ANA

Holdings,

Inc.

2,500

48,365

Asahi

Group

Holdings

Ltd.

19,900

238,918

Asahi

Kasei

Corp.

9,800

77,169

Asics

Corp.

5,400

141,386

Astellas

Pharma,

Inc.(a)

11,700

126,624

Bandai

Namco

Holdings,

Inc.

4,200

139,872

BayCurrent,

Inc.

1,100

64,712

Bridgestone

Corp.

4,600

213,009

Canon,

Inc.(a)

9,600

281,538

Capcom

Co.

Ltd.

3,100

84,331

Central

Japan

Railway

Co.

5,100

146,325

Chugai

Pharmaceutical

Co.

Ltd.

7,700

335,731

Dai

Nippon

Printing

Co.

Ltd.

10,000

170,098

Daifuku

Co.

Ltd.

3,200

102,631

Dai-ichi

Life

Holdings,

Inc.

25,900

204,209

Daiichi

Sankyo

Co.

Ltd.

17,500

392,281

Daikin

Industries

Ltd.

2,800

323,386

Daito

Trust

Construction

Co.

Ltd.

500

10,971

Daiwa

House

Industry

Co.

Ltd.

7,500

269,804

Daiwa

Securities

Group,

Inc.(a)

25,600

208,162

Denso

Corp.

15,500

223,824

Disco

Corp.

900

283,051

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

International

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Japan

(cont’d)

East

Japan

Railway

Co.

9,100

222,754

Ebara

Corp.

5,000

114,379

Eisai

Co.

Ltd.(a)

2,500

84,103

FANUC

Corp.

10,800

311,253

Fast

Retailing

Co.

Ltd.

1,500

456,841

Fuji

Electric

Co.

Ltd.

2,500

168,104

FUJIFILM

Holdings

Corp.

13,200

328,561

Fujikura

Ltd.

2,600

254,137

Fujitsu

Ltd.

16,000

376,942

Hankyu

Hanshin

Holdings,

Inc.(a)

2,500

73,774

Hoya

Corp.

3,500

484,583

Hulic

Co.

Ltd.

13,800

151,172

IHI

Corp.

8,400

156,771

Isuzu

Motors

Ltd.

12,200

154,227

ITOCHU

Corp.

11,100

632,441

Japan

Airlines

Co.

Ltd.

3,200

64,547

Japan

Exchange

Group,

Inc.

8,100

90,511

Japan

Post

Bank

Co.

Ltd.

12,600

154,598

Kajima

Corp.

1,900

55,451

Kao

Corp.

4,200

183,211

Kawasaki

Heavy

Industries

Ltd.(a)

1,300

85,884

KDDI

Corp.

30,900

493,217

Keyence

Corp.

2,100

783,568

Kikkoman

Corp.(a)

8,700

73,831

Kirin

Holdings

Co.

Ltd.

6,300

92,337

Komatsu

Ltd.

10,100

352,409

Kubota

Corp.

10,900

137,314

Kyocera

Corp.

17,600

236,773

Kyowa

Kirin

Co.

Ltd.(a)

4,800

74,604

Corp.

41,800

134,571

M3,

Inc.

7,500

121,006

Makita

Corp.

3,200

103,994

Marubeni

Corp.

11,500

287,568

MEIJI

Holdings

Co.

Ltd.(a)

3,000

62,197

Mitsubishi

Chemical

Group

Corp.(a)

31,000

178,452

Mitsubishi

Electric

Corp.

25,900

666,043

Mitsubishi

Estate

Co.

Ltd.

15,300

352,070

Mitsubishi

Capital,

Inc.(a)

20,700

171,118

Mitsubishi

Heavy

Industries

Ltd.

36,600

960,012

Mitsubishi

UFJ

Financial

Group,

Inc.

117,500

1,902,120

Mitsui

Fudosan

Co.

Ltd.

34,400

375,205

Mizuho

Financial

Group,

Inc.

24,400

822,985

MonotaRO

Co.

Ltd.

2,900

42,279

MS&AD

Insurance

Group

Holdings,

Inc.

13,300

301,821

Murata

Manufacturing

Co.

Ltd.

18,100

344,596

NEC

Corp.

9,500

304,429

Nidec

Corp.

7,100

126,435

Nintendo

Co.

Ltd.

10,100

874,534

Nippon

Paint

Holdings

Co.

Ltd.(a)

12,900

88,102

Nippon

Sanso

Holdings

Corp.(a)

1,200

42,576

Nissin

Foods

Holdings

Co.

Ltd.(a)

2,600

48,981

Nitori

Holdings

Co.

Ltd.(a)

2,000

38,591

Nitto

Denko

Corp.(a)

6,300

149,827

Nomura

Holdings,

Inc.

42,900

314,893

Nomura

Research

Institute

Ltd.

3,500

134,263

NTT,

Inc.

229,100

239,658

Obayashi

Corp.

6,700

110,047

Olympus

Corp.

12,800

161,942

Value

Oracle

Corp.

Japan

100

10,211

Oriental

Land

Co.

Ltd.

9,000

217,081

ORIX

Corp.

13,300

349,127

Osaka

Gas

Co.

Ltd.(a)

6,400

185,615

Otsuka

Corp.

6,400

133,639

Otsuka

Holdings

Co.

Ltd.

3,700

196,628

Pan

Pacific

International

Holdings

Corp.

8,500

56,040

Panasonic

Holdings

Corp.

19,600

213,382

Rakuten

Group,

Inc.(c)

15,300

99,310

Recruit

Holdings

Co.

Ltd.

15,300

823,842

Renesas

Electronics

Corp.

14,200

163,811

Resona

Holdings,

Inc.(a)

27,600

281,907

Ryohin

Keikaku

Co.

Ltd.

2,700

53,768

Sanrio

Co.

Ltd.

1,300

61,104

SCREEN

Holdings

Co.

Ltd.(a)

200

18,203

Secom

Co.

Ltd.

3,000

110,052

Seibu

Holdings,

Inc.

1,700

61,535

Sekisui

Chemical

Co.

Ltd.

9,000

167,664

Sekisui

House

Ltd.

9,000

204,909

Seven

Holdings

Co.

Ltd.

19,000

255,800

Shimadzu

Corp.

2,400

60,615

Shin-Etsu

Chemical

Co.

Ltd.

18,900

620,223

Shionogi

Co.

Ltd.

8,100

141,942

Shiseido

Co.

Ltd.

4,100

70,059

SMC

Corp.

400

122,879

SoftBank

Corp.

341,900

503,308

SoftBank

Group

Corp.

10,100

1,276,117

Sompo

Holdings,

Inc.

9,900

306,268

Sony

Financial

Group,

Inc.(c)

64,200

71,196

Sony

Group

Corp.

64,200

1,848,922

Subaru

Corp.(a)

3,800

77,858

Sumitomo

Electric

Industries

Ltd.

11,000

313,744

Sumitomo

Mitsui

Financial

Group,

Inc.

37,700

1,064,579

Sumitomo

Mitsui

Trust

Group,

Inc.

6,400

186,047

Suntory

Beverage

Food

Ltd.

3,200

100,078

T&D

Holdings,

Inc.

5,700

139,604

Takeda

Pharmaceutical

Co.

Ltd.

17,500

510,616

TDK

Corp.

21,300

309,450

Terumo

Corp.

15,100

249,446

Tokio

Marine

Holdings,

Inc.

17,800

754,561

Tokyo

Electron

Ltd.

4,300

766,460

Tokyo

Gas

Co.

Ltd.

5,900

210,012

Tokyu

Corp.(a)

8,000

97,589

TOPPAN

Holdings,

Inc.

4,700

120,611

Toray

Industries,

Inc.

26,400

168,752

Toyo

Suisan

Kaisha

Ltd.

700

50,056

Toyota

Industries

Corp.

800

90,016

Toyota

Motor

Corp.

98,300

1,894,079

Trend

Micro,

Inc.

1,300

71,204

West

Japan

Railway

Co.(a)

6,400

140,347

Yamaha

Motor

Co.

Ltd.(a)

14,700

110,336

Yaskawa

Electric

Corp.

2,400

51,234

Yokogawa

Electric

Corp.

2,400

69,054

Yokohama

Financial

Group,

Inc.

9,900

76,115

ZOZO,

Inc.(a)

9,000

82,767

38,707,505

Luxembourg

(

)

Eurofins

Scientific

2,005

145,428

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

International

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Netherlands

(

)

ABN

AMRO

Bank

CVA(d)

4,226

135,202

Adyen

NV(c)(d)

285

456,735

Aegon

Ltd.

11,240

90,157

Akzo

Nobel

2,184

155,386

Argenx

SE(c)

748

542,018

ASM

International

585

350,827

ASML

Holding

3,807

3,701,283

ASR

Nederland

216

14,653

Semiconductor

Industries

813

121,079

Euronext

NV(d)

846

126,540

IMCD

621

64,159

ING

Groep

27,615

715,702

JDE

Peet's

1,879

68,828

Koninklijke

Ahold

Delhaize

12,088

488,912

Koninklijke

KPN

41,392

198,613

Koninklijke

Vopak

1,838

84,245

Nebius

Group

NV,

Class

A(c)

1,920

215,558

Group

1,753

123,281

NXP

Semiconductors

2,731

621,931

Randstad

1,142

48,495

Universal

Music

Group

NV(a)

9,264

267,124

Wolters

Kluwer

2,522

343,915

8,934,643

New

Zealand

(

)

Auckland

International

Airport

Ltd.

18,052

82,469

Fisher

Paykel

Healthcare

Corp.

Ltd.

5,037

108,194

Meridian

Energy

Ltd.

11,432

36,916

Xero

Ltd.(c)

1,065

110,992

338,571

Norway

(

)

DNB

Bank

ASA

9,153

249,013

Gjensidige

Forsikring

ASA

2,758

80,864

Kongsberg

Gruppen

ASA

7,047

225,225

Mowi

ASA

8,331

175,977

Norsk

Hydro

ASA

34,186

231,571

Orkla

ASA

15,480

161,632

Salmar

ASA

1,263

67,456

Telenor

ASA

10,290

170,545

Vend

Marketplaces

ASA,

Class

2,402

85,398

1,447,681

Portugal

(

)

Banco

Comercial

Portugues

SA,

Class

69,321

61,300

EDP

16,044

76,043

Jeronimo

Martins

SGPS

4,024

97,795

235,138

Singapore

(

)

CapitaLand

Integrated

Commercial

Trust

33,500

59,471

CapitaLand

Investment

Ltd.

27,900

58,181

DBS

Group

Holdings

Ltd.

21,550

854,516

Grab

Holdings

Ltd.,

Class

A(c)

26,120

157,242

Oversea-Chinese

Banking

Corp.

Ltd.

33,900

432,045

Singapore

Airlines

Ltd.

25,100

126,867

Singapore

Exchange

Ltd.

10,200

130,707

Singapore

Technologies

Engineering

Ltd.

24,100

160,860

Singapore

Telecommunications

Ltd.

101,800

325,930

STMicroelectronics

7,118

199,312

Value

United

Overseas

Bank

Ltd.

13,600

364,579

2,869,710

South

Africa

(

)

Anglo

American

plc

20,052

751,057

South

Korea

(

)

Doosan

Enerbility

Co.

Ltd.(c)

6,959

310,986

Hana

Financial

Group,

Inc.

3,951

245,556

Hyundai

Electric

Co.

Ltd.

405

167,998

HMM

Co.

Ltd.

4,545

64,949

Hyundai

Mobis

Co.

Ltd.

1,157

246,153

Hyundai

Motor

Co.

1,762

270,005

Kakao

Corp.

2,284

97,022

Financial

Group,

Inc.

3,832

315,453

Kia

Corp.

2,720

195,220

Krafton,

Inc.(c)

273

56,914

Chem

Ltd.

819

162,276

Electronics,

Inc.

810

43,645

Energy

Solution

Ltd.(c)

693

171,639

Meritz

Financial

Group,

Inc.

938

75,880

NAVER

Corp.

1,714

328,006

POSCO

Holdings,

Inc.

1,669

328,316

Samsung

Biologics

Co.

Ltd.(c)(d)

257

182,623

Samsung

C&T

Corp.

787

103,546

Samsung

Electro-Mechanics

Co.

Ltd.

675

93,092

Samsung

Electronics

Co.

Ltd.

54,021

3,230,364

Samsung

Heavy

Industries

Co.

Ltd.(c)

7,632

119,127

Samsung

Life

Insurance

Co.

Ltd.

785

87,617

Samsung

SDS

Co.

Ltd.

465

54,419

Shinhan

Financial

Group

Co.

Ltd.

5,327

268,808

Hynix,

Inc.

6,046

1,497,441

Square

Co.

Ltd.(c)

779

111,877

Woori

Financial

Group,

Inc.

3,517

65,048

8,893,980

Spain

(

)

Aena

SME

SA(d)

8,160

222,932

Amadeus

Group

4,255

337,202

Banco

Bilbao

Vizcaya

Argentaria

49,207

943,986

Banco

Sabadell

22,347

86,580

Banco

Santander

139,965

1,458,228

Bankinter

11,557

181,886

CaixaBank

38,689

406,353

Cellnex

Telecom

SA(d)

5,284

182,946

EDP

Renovaveis

9,448

124,235

Grifols

4,567

66,085

Iberdrola

64,542

1,220,365

Industria

Diseno

Textil

10,107

557,352

Redeia

Corp.

4,322

83,421

Telefonica

SA(a)

52,447

270,809

6,142,380

Sweden

(

)

AAK

1,969

51,157

AddTech

AB,

Class

2,157

69,927

Alfa

Laval

3,058

139,154

Assa

Abloy

AB,

Class

10,360

359,404

Atlas

Copco

AB,

Class

43,523

734,599

Beijer

Ref

AB,

Class

5,580

86,921

Boliden

8,716

354,310

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

International

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Sweden

(cont’d)

Castellum

AB(a)

8,113

91,606

Epiroc

AB,

Class

10,049

211,774

EQT

3,957

136,854

Essity

AB,

Class

5,587

145,871

Hennes

Mauritz

AB,

Class

B(a)

6,383

118,820

Hexagon

AB,

Class

23,184

275,566

Holmen

AB,

Class

1,157

43,923

Industrivarden

AB,

Class

2,702

107,111

Indutrade

2,891

66,268

Investment

Latour,

Class

406

9,613

Investor

AB,

Class

19,058

595,259

Lundbergforetagen

AB,

Class

840

43,577

Lifco

AB,

Class

2,356

79,531

Nibe

Industrier

AB,

Class

26,211

103,124

Saab

AB,

Class

3,900

237,992

Sagax

AB,

Class

2,119

44,183

Sandvik

11,194

311,288

Skandinaviska

Enskilda

Banken

AB,

Class

14,902

291,094

Skanska

AB,

Class

2,715

70,338

SKF

AB,

Class

4,194

103,888

SSAB

AB,

Class

25,873

154,616

Svenska

Cellulosa

SCA,

Class

7,759

102,485

Svenska

Handelsbanken

AB,

Class

10,772

140,051

Sweco

AB,

Class

727

12,108

Swedbank

AB,

Class

8,793

264,507

Swedish

Orphan

Biovitrum

AB(c)

1,994

60,745

Tele2

AB,

Class

1,354

23,091

Telia

Co.

18,975

72,337

Trelleborg

AB,

Class

2,456

91,437

Volvo

AB,

Class

18,015

515,704

6,320,233

Switzerland

(

)

ABB

Ltd.

16,148

1,162,745

Accelleron

Industries

903

75,945

Avolta

702

37,973

Baloise

Holding

708

174,676

Barry

Callebaut

AG(a)

64,355

Belimo

Holding

209

218,307

BKW

271

57,839

Chocoladefabriken

Lindt

Spruengli

150,242

Cie

Financiere

Richemont

4,405

838,890

DSM-Firmenich

1,990

169,433

Emmi

1,726

Flughafen

Zurich

353

107,578

Galderma

Group

1,137

197,534

Geberit

742

556,651

Georg

Fischer

1,764

137,278

Givaudan

332,924

Helvetia

Holding

366

89,517

Julius

Baer

Group

Ltd.

1,944

134,216

Kuehne

Nagel

International

361

67,184

Logitech

International

1,195

130,271

Lonza

Group

681

451,006

Holding

AG,

Class

A(c)

1,995

84,488

Partners

Group

Holding

156

202,533

PSP

Swiss

Property

570

97,882

Schindler

Holding

628

226,018

SFS

Group

10,465

Value

SGS

1,818

188,366

SIG

Group

AG(c)

2,938

30,282

Sika

1,444

321,252

Sonova

Holding

489

133,054

Straumann

Holding

769

82,015

Sulzer

297

50,293

Swatch

Group

(The),

Class

BR(a)

353

66,272

Swiss

Life

Holding

238

255,804

Swiss

Prime

Site

951

132,964

Swisscom

237

171,933

Temenos

1,021

82,342

UBS

Group

25,442

1,039,029

VAT

Group

AG(d)

322

127,174

Zurich

Insurance

Group

1,224

871,200

9,329,656

Taiwan

(

)

Accton

Technology

Corp.

3,000

102,861

Advantech

Co.

Ltd.

1,099

11,503

Alchip

Technologies

Ltd.

1,000

113,689

ASE

Technology

Holding

Co.

Ltd.

35,000

188,333

Asia

Vital

Components

Co.

Ltd.

2,000

64,374

Cathay

Financial

Holding

Co.

Ltd.

125,000

269,046

Chang

Hwa

Commercial

Bank

Ltd.

226,497

146,029

Chunghwa

Telecom

Co.

Ltd.

35,000

153,307

CTBC

Financial

Holding

Co.

Ltd.

199,000

280,107

Delta

Electronics,

Inc.

16,000

448,323

Ink

Holdings,

Inc.

5,000

39,455

E.Sun

Financial

Holding

Co.

Ltd.

112,111

122,675

Elite

Material

Co.

Ltd.

2,000

80,386

Eva

Airways

Corp.

100,000

125,008

Evergreen

Marine

Corp.

Taiwan

Ltd.

19,000

111,589

Far

EasTone

Telecommunications

Co.

Ltd.

51,000

147,923

Fubon

Financial

Holding

Co.

Ltd.

116,306

336,958

Hotai

Motor

Co.

Ltd.

1,020

19,846

Jentech

Precision

Industrial

Co.

Ltd.

1,000

79,073

King

Slide

Works

Co.

Ltd.

1,000

107,947

Lite-On

Technology

Corp.

28,000

158,475

MediaTek,

Inc.

13,000

560,896

Mega

Financial

Holding

Co.

Ltd.

178,819

249,354

Novatek

Microelectronics

Corp.

2,000

27,987

Quanta

Computer,

Inc.

35,000

333,027

Realtek

Semiconductor

Corp.

1,000

18,046

Taiwan

Mobile

Co.

Ltd.

33,000

118,020

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

210,000

8,991,732

TCC

Group

Holdings

Co.

Ltd.

134,000

105,519

Financial

Holding

Co.

Ltd.

271,045

160,076

Uni-President

Enterprises

Corp.

95,000

244,373

United

Microelectronics

Corp.

155,000

231,651

Wan

Hai

Lines

Ltd.

33,000

80,448

Wiwynn

Corp.

1,000

108,767

Yageo

Corp.

12,000

66,934

Yang

Ming

Marine

Transport

Corp.

36,000

62,603

Yuanta

Financial

Holding

Co.

Ltd.

180,549

206,448

14,672,788

United

Kingdom

(

)

Group

plc

9,637

529,967

Admiral

Group

plc

1,980

89,260

Ashtead

Group

plc

4,947

330,332

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

International

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

United

Kingdom

(cont’d)

Associated

British

Foods

plc

3,492

96,323

AstraZeneca

plc

15,455

2,324,227

Auto

Trader

Group

plc(d)

11,237

119,118

Aviva

plc

29,748

274,375

BAE

Systems

plc

40,585

1,123,859

Barclays

plc

136,920

699,010

Barratt

Redrow

plc

12,905

67,671

Beazley

plc

2,899

35,363

Berkeley

Group

Holdings

plc

1,339

69,080

Group

plc

84,220

216,511

Bunzl

plc

2,950

93,076

Centrica

plc

34,311

76,877

Coca-Cola

Europacific

Partners

plc(a)

3,283

296,816

Compass

Group

plc

22,025

749,126

ConvaTec

Group

plc(d)

21,061

65,544

Croda

International

plc

1,498

54,476

DCC

plc(a)

2,551

163,720

Diageo

plc

21,840

521,511

Diploma

plc

1,229

87,685

Halma

plc

7,248

336,300

Hikma

Pharmaceuticals

plc

2,292

52,341

Howden

Joinery

Group

plc

6,374

72,308

HSBC

Holdings

plc

168,602

2,369,567

ICG

plc

3,205

95,950

IMI

plc

989

30,406

Informa

plc

20,595

254,159

InterContinental

Hotels

Group

plc

2,386

287,970

International

Consolidated

Airlines

Group

24,149

125,398

Intertek

Group

plc

2,287

145,239

Investec

plc

6,502

48,576

Sainsbury

plc

23,836

107,071

Kingfisher

plc

26,410

109,647

Land

Securities

Group

plc

6,773

53,014

Legal

General

Group

plc

67,701

216,702

Lloyds

Banking

Group

plc

690,955

778,910

London

Stock

Exchange

Group

plc

3,564

408,191

LondonMetric

Property

plc

20,172

49,348

M&G

plc

29,770

101,295

Marks

Spencer

Group

plc

13,539

66,370

Melrose

Industries

plc

17,484

143,155

National

Grid

plc

51,780

743,395

NatWest

Group

plc

71,171

499,264

plc

1,512

251,644

Pearson

plc

4,637

65,887

Persimmon

plc

2,914

45,422

Phoenix

Group

Holdings

plc

17,515

151,582

Reckitt

Benckiser

Group

plc

5,937

456,564

RELX

plc

22,231

1,063,489

Rentokil

Initial

plc

25,823

130,513

Rightmove

plc

9,160

87,294

Sage

Group

plc

(The)

12,460

184,332

Schroders

plc

18,587

93,991

Segro

plc

4,480

39,489

Severn

Trent

plc

3,197

111,275

Smith

Nephew

plc

11,002

197,904

Smiths

Group

plc

4,668

147,658

Spirax

Group

plc

669

61,317

SSE

plc

9,954

233,137

Value

St.

James's

Place

plc

4,024

68,731

Standard

Chartered

plc

20,276

391,449

Taylor

Wimpey

plc

35,834

49,663

Tesco

plc

86,947

520,946

Unilever

plc

25,342

1,499,628

UNITE

Group

plc

(The)

4,395

42,499

United

Utilities

Group

plc

9,181

141,564

Verona

Pharma

plc

ADR(c)

1,038

110,765

Vodafone

Group

plc

237,618

275,344

Weir

Group

plc

(The)

3,376

124,043

Whitbread

plc

2,722

117,878

Wise

plc,

Class

A(c)

10,758

149,748

21,992,259

United

States

(

)

Alcon

4,838

360,153

Amrize

Ltd.(c)

10,394

501,257

ARM

Holdings

plc

ADR(c)

11,201

1,584,829

Chubb

Ltd.

3,195

901,789

CSL

Ltd.

5,371

704,401

CyberArk

Software

Ltd.(c)

817

394,734

Experian

plc

9,764

488,758

Ferrovial

5,340

305,823

Galaxy

Digital,

Inc.,

Class

A(c)

1,738

58,783

Garmin

Ltd.

1,362

335,352

GFL

Environmental,

Inc.

2,689

127,446

GSK

plc

43,809

927,675

Haleon

plc

75,970

339,620

Holcim

7,562

639,690

ICON

plc(c)

796

139,300

James

Hardie

Industries

plc

CDI(c)

13,851

257,359

Monday.com

Ltd.(c)

576

111,565

Nestle

25,817

2,369,761

Novartis

18,190

2,287,774

QIAGEN

2,331

104,149

Roche

Holding

6,916

2,257,984

Sanofi

11,783

1,086,647

Schneider

Electric

6,258

1,745,696

Spotify

Technology

SA(c)

1,381

963,938

Stellantis

16,220

149,755

Swiss

2,485

459,041

Waste

Connections,

Inc.

3,266

574,161

20,177,440

Total

Common

Stocks

(Cost

$187,694,342)

229,739,483

Preferred

Stocks

(0.0%)(b)

Germany

(

)

(b)

FUCHS

3.07%

(acquisition

cost

—

$53,891;

acquired

6/20/25)

1,021

45,647

No.

Rights

(0.0%)

(b)

Belgium

(

0.0%

)(b)

Sofina

Expires

10/02/2025

(a)(c)

(

Cost

)

109

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

International

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

No.

Warrants

Value

Warrants

(0.0%)(b)

Canada

(

0.0%

)(b)

Constellation

Software,

Inc.

Expires

03/31/2040

(c)(e)

(

Cost

)

–

Short-Term

Investments

(

)

Investment

Company

(

0.0%

)(b)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$118,157)

118,157

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(0.6%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$1,359,824)

1,359,824

Total

Short-Term

Investments

(Cost

$1,477,981)

1,477,981

Total

Investments

(

100

)

(Cost

189,226,214

)

including

9,798,608

Securities

Loaned

(f)

231,263,220

Liabilities

Excess

Other

Assets

(

-0.1%

)

(284,563)

NET

ASSETS

(100.0%)

$230,978,657

The

country

classifications

used

for

financial

reporting

purposes

may

differ

from

the

classifications

determined

Calvert

Research

and

Management.

(a)

All

portion

this

security

was

loan

September

30,

2025.

(b)

Amount

less

than

0.05%.

(c)

Non-income

producing

security.

(d)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

liquid.

(e)

September

30,

2025,

the

fund

held

fair

valued

security

$0,

representing

0.0%

net

assets.

This

security

has

been

fair

valued

using

significant

unobservable

inputs

determined

good

faith

under

procedures

established

and

under

the

general

supervision

the

Trust's

Directors.

(f)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$191,820,632.

The

aggregate

gross

unrealized

appreciation

$46,056,212

and

the

aggregate

gross

unrealized

depreciation

$6,594,635,

resulting

net

unrealized

appreciation

$39,461,577.

ADR

American

Depositary

Receipt

CDI

CREST

Depository

Interest

CVA

Dutch

Certification

REIT

Real

Estate

Investment

Trust

Sector

Classification

Portfolio

Classification

Percentage

Total

Investments

Financials

Information

Technology

Industrials

Other**

Health

Care

Consumer

Discretionary

Consumer

Staples

Materials

Total

Investments

100

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Sectors

representing

less

than

total

investments.

Annual

Report

—

September

30,

2025

Portfolio

Investments

Calvert

Ultra-Short

Investment

Grade

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Fixed

Income

Securities

(94.6%)

Asset-Backed

Securities

(

)

Ally

Bank

Auto

Credit-Linked

Notes,

2024-A

5.83%,

5/17/32(a)

324,850

330,518

2024-B

5.12%,

9/15/32(a)

312,590

315,385

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

78,508

79,303

Auxilior

Term

Funding

LLC,

2024-1A

5.84%,

3/15/27(a)

71,635

71,969

BHG

Securitization

Trust,

2022-C

5.93%,

10/17/35(a)

401,090

402,393

Blue

Owl

Asset

Leasing

Trust

LLC,

2024-1A

5.05%,

3/15/29(a)

1,403,641

1,409,720

Cajun

Global

LLC,

2021-1

3.93%,

11/20/51(a)

625,625

617,591

Chase

Auto

Credit

Linked

Notes,

2025-1

4.75%,

2/25/33(a)

799,420

803,230

Chesapeake

Funding

LLC,

2024-1A

SOFR30A

0.77%,

5.14%,

5/15/36(a)(b)

126,171

126,099

Clarus

Capital

Funding

LLC,

2024-1A

4.71%,

8/20/32(a)

155,869

156,475

Crossroads

Asset

Trust,

2024-A

5.90%,

8/20/30(a)

642,080

650,876

2025-A

4.91%,

2/20/32(a)

700,000

704,821

Master

Finance

LLC,

2017-1A

4.03%,

11/20/47(a)

208,125

205,980

2019-1A

4.02%,

5/20/49(a)

557,420

555,605

2021-1A

2.05%,

11/20/51(a)

442,750

431,206

DLLMT

LLC,

2024-1A

5.08%,

2/22/27(a)

135,032

135,443

Driven

Brands

Funding

LLC,

2019-1A

4.64%,

4/20/49(a)

1,683,109

1,682,899

2020-2A

3.24%,

1/20/51(a)

675,535

653,492

Enterprise

Fleet

Financing

LLC,

2023-1

5.51%,

1/22/29(a)

69,115

69,313

2024-2

5.74%,

12/20/26(a)

103,848

104,366

Face

Amount

Value

FHF

Issuer

Trust,

2023-2A

6.79%,

10/15/29(a)

81,059

82,082

2024-2A

5.89%,

6/15/30(a)

44,879

45,312

GLS

Auto

Select

Receivables

Trust,

2024-1A

5.24%,

3/15/30(a)

68,308

68,826

Mortgage-Backed

Securities

Trust,

2025-HE1

SOFR30A

1.55%,

5.91%,

10/25/55(a)(b)

441,027

444,740

J.P.

Morgan

Mortgage

Trust,

2023-HE2

SOFR30A

1.70%,

6.09%,

3/20/54(a)(b)

458,980

461,759

2024-HE1

SOFR30A

1.50%,

5.89%,

8/25/54(a)(b)

1,205,175

1,209,942

2024-HE2

SOFR30A

1.20%,

5.59%,

10/20/54(a)(b)

143,073

143,180

LAD

Auto

Receivables

Trust,

2023-3A

6.12%,

9/15/27(a)

16,916

16,934

Lendbuzz

Securitization

Trust,

2023-1A

6.92%,

8/15/28(a)

399,481

405,120

2023-2A

7.09%,

10/16/28(a)

443,789

451,125

2023-3A

7.50%,

12/15/28(a)

429,092

437,032

2024-1A

6.19%,

8/15/29(a)

73,185

73,673

2024-3A

4.97%,

10/15/29(a)

179,797

180,000

2025-2A

5.18%,

5/15/30(a)

190,000

190,604

Mercury

Financial

Credit

Card

Master

Trust,

2024-2A

6.56%,

7/20/29(a)

207,000

208,682

MMP

Capital

LLC,

2025-A

5.36%,

12/15/31(a)

275,435

277,685

Newtek

Small

Business

Loan

Trust,

2023-1

Prime

Rate

0.50%,

6.75%,

7/25/50(a)(b)

89,015

89,689

OBX

Trust,

2025-HE1

SOFR30A

1.60%,

5.96%,

2/25/55(a)(b)

832,545

840,684

Octane

Receivables

Trust,

2023-1A

5.87%,

5/21/29(a)

7,804

7,817

2024-2A

5.80%,

7/20/32(a)

245,852

248,144

2024-3A

4.94%,

5/20/30(a)

1,446,925

1,455,297

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Ultra-Short

Investment

Grade

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Asset-Backed

Securities

(15.3%)

(cont’d)

2024-RVM1

5.01%,

1/22/46(a)

379,397

384,718

OneMain

Financial

Issuance

Trust,

2021-1A

1.95%,

6/16/36(a)

277,000

261,497

Oportun

Funding

Trust,

2024-3

5.26%,

8/15/29(a)

276,102

276,352

Oportun

Issuance

Trust,

2024-1A

6.55%,

4/8/31(a)

60,817

60,838

2025-A

5.01%,

2/8/33(a)

525,000

525,820

Oscar

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

42,458

42,573

Pagaya

Debt

Grantor

Trust,

2024-9

5.07%,

3/15/32(a)

156,164

156,643

Pagaya

Debt

Grantor

Trust,

2025-1

5.16%,

7/15/32(a)

706,485

713,184

PEAC

Solutions

Receivables

LLC,

2024-1A

5.79%,

6/21/27(a)

290,455

293,082

2024-2A

4.74%,

4/20/27(a)

180,316

180,728

Prodigy

Finance

DAC,

2021-1A

CME

Term

SOFR

Month

1.36%,

5.52%,

7/25/51(a)(b)

392,272

392,283

2021-1A

CME

Term

SOFR

Month

2.61%,

6.77%,

7/25/51(a)(b)

491,523

497,410

2021-1A

CME

Term

SOFR

Month

6.01%,

10.17%,

7/25/51(a)(b)

159,855

164,881

Prosper

Marketplace

Issuance

Trust,

2024-1A

6.12%,

8/15/29(a)

14,362

14,368

RCKT

Trust,

2025-1A

4.90%,

7/25/34(a)

371,926

372,840

Reach

ABS

Trust,

2024-2A

5.88%,

7/15/31(a)

348,186

350,025

2025-1A

4.96%,

8/16/32(a)

271,165

271,978

SERVPRO

Master

Issuer

LLC,

2019-1A

3.88%,

10/25/49(a)

536,283

531,399

SoFi

Consumer

Loan

Program

Trust,

2025-1

4.80%,

2/27/34(a)

307,868

309,493

Stack

Infrastructure

Issuer

LLC,

2021-1A

1.88%,

3/26/46(a)

1,090,000

1,074,846

Face

Amount

Value

Tesla

Lease

Electric

Vehicle

Securitization

LLC,

2025-A

4.14%,

6/20/28(a)

895,000

896,087

Theorem

Funding

Trust,

2022-2A

9.27%,

12/15/28(a)

1,216,392

1,222,125

2022-3A

8.95%,

4/15/29(a)

492,976

499,832

2023-1A

7.58%,

4/15/29(a)

2,200

2,203

Towd

Point

Mortgage

Trust,

2025-HE2

SOFR30A

1.35%,

5.69%,

9/25/65(a)(b)

625,000

627,439

Tricolor

Auto

Securitization

Trust,

2024-2A

6.36%,

12/15/27(a)

39,491

37,957

2024-3A

5.22%,

6/15/28(a)

250,783

228,847

Truist

Bank

Auto

Credit-Linked

Notes,

2025-1

4.73%,

9/26/33(a)

754,101

755,585

Wendy's

Funding

LLC,

2019-1A

3.78%,

6/15/49(a)

465,009

462,451

Wingspire

Equipment

Finance

LLC,

2024-1A

4.99%,

9/20/32(a)

129,220

130,020

28,582,515

Commercial

Mortgage-Backed

Securities

(

)

BPR

Trust

CME

Term

SOFR

Month

3.00%,

7.15%,

5/15/39(a)(b)

150,000

150,831

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.06%,

5.21%,

9/15/36(a)(b)

411,752

410,607

Connecticut

Avenue

Securities

Trust

SOFR30A

1.00%,

5.36%,

12/25/41(a)(b)

35,855

35,963

SOFR30A

1.00%,

5.36%,

7/25/45(a)(b)

556,675

558,468

SOFR30A

2.95%,

7.30%,

6/25/42(a)(b)

230,420

236,937

Extended

Stay

America

Trust

CME

Term

SOFR

Month

1.30%,

0.00%,

10/15/42(a)(b)

515,000

517,897

CME

Term

SOFR

Month

1.19%,

5.34%,

7/15/38(a)(b)

463,802

464,162

CME

Term

SOFR

Month

1.49%,

5.64%,

7/15/38(a)(b)

674,621

675,274

FHLMC

STACR

REMIC

Trust

SOFR30A

1.35%,

5.71%,

2/25/44(a)(b)

78,139

78,545

FHLMC,

REMIC

SOFR30A

0.51%,

4.89%,

1/15/42(b)

208,182

206,849

SOFR30A

0.66%,

5.04%,

4/15/36(b)

173,710

172,438

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Ultra-Short

Investment

Grade

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(13.0%)

(cont’d)

SOFR30A

1.00%,

5.36%,

3/25/55(b)

370,738

370,963

SOFR30A

1.00%,

5.36%,

3/25/55(b)

895,748

896,284

SOFR30A

1.10%,

5.46%,

5/25/54(b)

697,433

700,819

SOFR30A

1.15%,

5.51%,

7/25/55(b)

678,768

680,105

SOFR30A

1.20%,

5.56%,

3/25/54(b)

2,090,525

2,097,076

SOFR30A

1.25%,

5.61%,

3/25/54(b)

558,814

563,112

SOFR30A

1.25%,

5.61%,

5/25/54(b)

936,049

940,677

SOFR30A

1.40%,

5.76%,

1/25/54(b)

621,382

626,022

SOFR30A

1.43%,

5.79%,

12/25/54(b)

2,080,326

2,091,499

FHLMC,

Strips

SOFR30A

1.30%,

5.66%,

10/25/53(b)

302,835

304,677

FNMA,

REMIC

SOFR30A

0.36%,

4.72%,

6/25/36(b)

153,328

152,317

SOFR30A

0.65%,

5.01%,

2/25/38(b)

202,282

202,001

SOFR30A

0.95%,

5.31%,

1/25/54(b)

455,804

457,554

SOFR30A

1.05%,

5.41%,

12/25/54(b)

841,275

842,670

SOFR30A

1.05%,

5.41%,

9/25/55(b)

865,197

866,518

GNMA

SOFR30A

0.90%,

5.29%,

7/20/53(b)

814,654

814,649

SOFR30A

1.00%,

5.39%,

9/20/64(b)

533,367

535,825

SOFR30A

1.05%,

5.44%,

12/20/54(b)

915,567

917,423

HILT

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.94%,

6.09%,

5/15/37(a)(b)

505,000

506,572

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.64%,

5.79%,

6/15/41(a)(b)

760,600

762,809

INTOWN

Mortgage

Trust

CME

Term

SOFR

Month

1.75%,

5.90%,

3/15/42(a)(b)

865,000

864,880

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

CME

Term

SOFR

Month

1.41%,

5.57%,

4/15/38(a)(b)

100,000

100,021

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

0.92%,

5.07%,

4/15/38(a)(b)

67,866

67,890

NRTH

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.39%,

0.00%,

10/15/40(a)(b)

125,000

124,843

Face

Amount

Value

NRTH

Mortgage

Trust

CME

Term

SOFR

Month

1.64%,

5.79%,

3/15/39(a)(b)

760,000

759,354

Oceanview

Mortgage

Trust

SOFR30A

0.95%,

5.30%,

5/25/55(a)(b)

1,447,607

1,451,509

ORL

Trust

CME

Term

SOFR

Month

1.49%,

5.64%,

12/15/39(a)(b)

637,000

638,093

Reach

Abs

Trust

6.30%,

2/18/31(a)

22,167

22,200

SHR

Trust

CME

Term

SOFR

Month

1.95%,

6.10%,

10/15/41(a)(b)

605,000

606,803

Trust

CME

Term

SOFR

Month

1.59%,

5.74%,

6/15/39(a)(b)

510,000

509,835

Wingspire

Equipment

Finance

LLC

4.33%,

9/20/33(a)

305,000

305,104

24,288,075

Corporate

Bonds

(

)

Aerospace

Defense

(0.2%)

Hexcel

Corp.

4.20%,

2/15/27(c)(d)

375,000

373,575

Automobiles

(1.6%)

Hyundai

Capital

America

1.50%,

6/15/26(a)

45,000

44,149

4.88%,

6/23/27(a)

1,764,000

1,779,833

Stellantis

Finance

US,

Inc.

1.71%,

1/29/27(a)

560,000

539,614

Volkswagen

Group

America

Finance

LLC

4.45%,

9/11/27(a)

200,000

200,554

4.90%,

8/14/26(a)

400,000

401,965

2,966,115

Banks

(21.0%)

Banco

Santander

4.18%,

3/24/28(b)

1,800,000

1,797,702

Bank

America

Corp.

1.73%,

7/22/27(b)

4,585,000

4,493,924

Bank

Ireland

Group

plc

2.03%,

9/30/27(a)(b)

1,816,000

1,775,278

Bank

Nova

Scotia

(The)

4.50%,

12/16/25

951,000

951,360

Barclays

plc

6.50%,

9/13/27(b)

450,000

459,175

7.33%,

11/2/26(b)

1,300,000

1,303,022

BPCE

5.98%,

1/18/27(a)(b)

450,000

451,721

CaixaBank

6.68%,

9/13/27(a)(b)(d)

1,696,000

1,733,163

Citigroup,

Inc.

1.12%,

1/28/27(b)

2,988,000

2,957,365

Fifth

Third

Bank

3.85%,

3/15/26

625,000

623,921

ING

Groep

6.08%,

9/11/27(b)(d)

1,700,000

1,729,287

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Ultra-Short

Investment

Grade

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(49.8%)

(cont’d)

Intesa

Sanpaolo

SpA

5.71%,

1/15/26(a)

1,200,000

1,202,701

7.00%,

11/21/25(a)

610,000

612,243

JPMorgan

Chase

Co.

1.04%,

2/4/27(b)(d)

2,725,000

2,695,243

1.05%,

11/19/26(b)

2,025,000

2,016,015

Lloyds

Banking

Group

plc

4.58%,

12/10/25

340,000

340,085

National

Bank

Canada

4.70%,

3/5/27(b)(d)

1,465,000

1,467,242

PNC

Bank

4.54%,

5/13/27(b)

990,000

991,710

4.78%,

1/15/27(b)

1,700,000

1,702,202

Royal

Bank

Canada

5.07%,

7/23/27(b)(d)

2,000

2,015

Santander

Group

Holdings

plc

6.83%,

11/21/26(b)

1,518,000

1,522,549

Societe

Generale

1.49%,

12/14/26(a)(b)

1,305,000

1,296,992

5.25%,

2/19/27(a)

849,000

858,502

5.52%,

1/19/28(a)(b)

225,000

228,058

Swedbank

6.14%,

9/12/26(a)

200,000

203,799

Truist

Bank

4.42%,

7/24/28(b)

1,223,000

1,228,470

Truist

Financial

Corp.

5.90%,

10/28/26(b)

275,000

275,233

6.05%,

6/8/27(b)(d)

875,000

885,282

Bank

4.73%,

5/15/28(b)(d)

560,000

565,042

Wachovia

Corp.

6.61%,

10/1/25

850,000

Wells

Fargo

Co.

3.20%,

6/17/27(b)

2,145,000

2,130,082

39,349,383

Capital

Markets

(7.6%)

Apollo

Management

Holdings

4.40%,

5/27/26(a)

1,699,000

1,697,782

Bank

New

York

Mellon

(The)

4.59%,

4/20/27(b)

273,000

273,859

Citadel

Finance

LLC

3.38%,

3/9/26(a)

1,000,000

993,545

Citadel

4.88%,

1/15/27(a)

876,000

878,057

Goldman

Sachs

Bank

USA

5.41%,

5/21/27(b)

105,000

105,824

Goldman

Sachs

Group,

Inc.

(The)

1.09%,

12/9/26(b)

1,875,000

1,863,378

1.43%,

3/9/27(b)

719,000

709,837

4.25%,

10/21/25

1,329,000

1,328,147

HAT

Holdings

LLC

3.38%,

6/15/26(a)

1,035,000

1,025,117

8.00%,

6/15/27(a)

684,000

712,410

Jefferies

Financial

Group,

Inc.

4.50%,

9/15/26(d)

995,000

997,133

4.75%,

8/11/26

905,000

906,997

Face

Amount

Value

Marex

Group

plc

5.83%,

5/8/28(d)

590,000

598,735

UBS

Group

1.31%,

2/2/27(a)(b)

275,000

272,275

1.49%,

8/10/27(a)(b)(d)

473,000

461,917

5.71%,

1/12/27(a)(b)

1,450,000

1,455,225

14,280,238

Consumer

Finance

(3.0%)

Ally

Financial,

Inc.

5.75%,

11/20/25

1,308,000

1,308,810

Avolon

Holdings

Funding

Ltd.

5.50%,

1/15/26(a)

500,000

500,698

Ford

Motor

Credit

Co.

LLC

3.38%,

11/13/25

1,400,000

1,397,479

4.39%,

1/8/26(d)

775,000

774,782

4.54%,

8/1/26

350,000

349,787

6.95%,

3/6/26

925,000

932,470

Stellantis

Financial

Services

Corp.

4.95%,

9/15/28(a)

400,000

399,961

5,663,987

Containers

Packaging

(1.6%)

Berry

Global,

Inc.

1.57%,

1/15/26

371,000

367,840

4.88%,

7/15/26(a)(d)

1,401,000

1,401,233

Silgan

Holdings,

Inc.

1.40%,

4/1/26(a)

375,000

369,170

Sonoco

Products

Co.

4.45%,

9/1/26

925,000

926,584

3,064,827

Electric

Utilities

(2.5%)

Enel

Finance

International

7.05%,

10/14/25(a)(c)

1,665,000

1,666,474

NextEra

Energy

Capital

Holdings,

Inc.

4.69%,

9/1/27

1,280,000

1,294,167

NRG

Energy,

Inc.

2.00%,

12/2/25(a)

1,700,000

1,691,126

4,651,767

Electronic

Equipment,

Instruments

Components

(0.9%)

Vontier

Corp.

1.80%,

4/1/26

1,808,000

1,783,311

Financial

Services

(0.9%)

Radian

Group,

Inc.

4.88%,

3/15/27

1,000,000

1,003,104

Rocket

Mortgage

LLC

2.88%,

10/15/26(a)(d)

655,000

642,116

1,645,220

Food

Products

(1.2%)

JDE

Peet's

1.38%,

1/15/27(a)

500,000

481,288

Smithfield

Foods,

Inc.

4.25%,

2/1/27(a)

1,767,000

1,755,619

2,236,907

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Ultra-Short

Investment

Grade

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(49.8%)

(cont’d)

Health

Care

Providers

Services

(0.7%)

Centene

Corp.

4.25%,

12/15/27

1,300,000

1,277,662

Independent

Power

and

Renewable

Electricity

Producers

(0.4%)

AES

Corp.

(The)

1.38%,

1/15/26

730,000

723,338

Insurance

(2.6%)

American

National

Group,

Inc.

5.00%,

6/15/27(d)

1,305,000

1,316,463

Aon

Global

Ltd.

3.88%,

12/15/25

2,211,000

2,208,108

Athene

Global

Funding

1.61%,

6/29/26(a)

24,000

23,558

5.68%,

2/23/26(a)

247,000

248,153

Fortitude

Global

Funding

4.63%,

10/6/28(a)

658,000

658,769

Global

Funding

Trust

1.63%,

1/15/26(a)

304,000

301,575

2.25%,

1/6/27(a)

230,000

224,409

4,981,035

Services

(0.5%)

Genpact

Luxembourg

SARL

1.75%,

4/10/26

69,000

68,016

Kyndryl

Holdings,

Inc.

2.05%,

10/15/26

990,000

967,235

1,035,251

Multi-Utilities

(0.2%)

Algonquin

Power

Utilities

Corp.

5.37%,

6/15/26(c)

390,000

392,893

Office

REITs

(0.5%)

COPT

Defense

Properties

2.25%,

3/15/26(d)

935,000

925,605

Passenger

Airlines

(0.8%)

Delta

Air

Lines,

Inc.

4.75%,

10/20/28(a)(d)

449,000

451,712

Delta

Air

Lines,

Inc./SkyMiles

Ltd.

4.50%,

10/20/25(a)

1,008,389

1,007,174

1,458,886

Professional

Services

(0.4%)

Concentrix

Corp.

6.65%,

8/2/26

679,000

689,235

Semiconductors

Semiconductor

Equipment

(1.0%)

Intel

Corp.

2.60%,

5/19/26

975,000

965,148

4.88%,

2/10/26

37,000

37,079

Skyworks

Solutions,

Inc.

1.80%,

6/1/26

920,000

904,952

1,907,179

Specialized

REITs

(0.6%)

EPR

Properties

4.75%,

12/15/26

1,102,000

1,104,955

Face

Amount

Value

Technology

Hardware,

Storage

Peripherals

(0.4%)

Dell

International

LLC

4.90%,

10/1/26(d)

672,000

675,909

Trading

Companies

Distributors

(1.2%)

Air

Lease

Corp.

1.88%,

8/15/26

37,000

36,241

5.30%,

6/25/26

350,000

352,406

Aviation

Capital

Group

LLC

1.95%,

9/20/26(a)

950,000

928,643

4.88%,

10/1/25(a)

956,000

2,273,290

93,460,568

U.S.

Government

and

Agency

Securities

(

)

U.S.

Treasury

Notes

1.88%,

6/30/26(d)

11,340,000

11,182,014

2.75%,

4/30/27

3,400,000

3,353,516

4.13%,

10/31/26

4,450,000

4,469,643

4.88%,

5/31/26

11,900,000

11,979,988

30,985,161

Total

Fixed

Income

Securities

(Cost

$176,716,776)

177,316,319

–

Short-Term

Investments

(

)

Investment

Company

(

)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$7,251,421)

7,251,421

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(6.3%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$11,887,462)

11,887,462

Face

Amount

Commercial

Paper

(

)

Air

Lease

Corp.

3.66%,

10/9/25

1,400,000

1,398,419

Brookfield

Infrastructure

Holdings

Canada,

Inc.

4.94%,

10/7/25

1,770,000

1,768,485

Brookfield

Renewable

Partners

4.31%,

11/24/25

480,000

476,869

4.78%,

10/1/25

900,000

899,895

CVS

Health

Corp.

3.71%,

10/6/25(a)

1,075,000

1,074,179

Sustainable

Infrastructure

Capital,

Inc.

3.90%,

10/14/25

900,000

898,199

International

Flavors

Fragrances,

Inc.

3.79%,

10/6/25(a)

1,000,000

999,293

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Ultra-Short

Investment

Grade

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Commercial

Paper

(4.2%)

(cont’d)

Sonoco

Products

Co.

4.54%,

10/10/25

420,000

419,449

Total

Commercial

Paper

(Cost

$7,935,609)

7,934,788

Total

Short-Term

Investments

(Cost

$27,074,492)

27,073,671

Total

Investments

(

109

)

(

Cost

203,791,268

)

including

13,723,104

Securities

Loaned

(e)

204,389,990

Liabilities

Excess

Other

Assets

(-9.0%)

(16,825,723)

Net

Assets

(100.0%)

$187,564,267

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

liquid.

(b)

Floating

variable

rate

securities:

The

rates

disclosed

are

September

30,

2025.

For

securities

based

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

the

description

the

Portfolio

Investments.

Certain

variable

rate

securities

may

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

are

based

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description

the

Portfolio

Investments.

(c)

Multi-step

—

Coupon

rate

changes

predetermined

increments

maturity.

Rate

disclosed

September

30,

2025.

Maturity

date

disclosed

the

ultimate

maturity

date.

(d)

All

portion

this

security

was

loan

September

30,

2025.

(e)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$203,849,387.

The

aggregate

gross

unrealized

appreciation

$630,420

and

the

aggregate

gross

unrealized

depreciation

$88,435,

resulting

net

unrealized

appreciation

$541,985.

CME

Chicago

Mercantile

Exchange

DAC

Designated

Activity

Company

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

Day

Average

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Ultra-Short

Investment

Grade

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

September

30,

2025:

Number

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation/

(Depreciation)

Short:

U.S.

Treasury

Year

Notes

Dec-25

(

400,000

)

(

416,797

)

(

301

)

U.S.

Treasury

Year

Notes

Dec-25

(

300,000

)

(

327,586

)

1,683

1,382

Portfolio

Composition*

Classification

Percentage

Total

Investments

Corporate

Bonds

U.S.

Government

and

Agency

Securities

Asset-Backed

Securities

Commercial

Mortgage-Backed

Securities

Short-Term

Investments

Total

Investments

100

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Does

not

include

open

futures

contracts

with

value

744,383

and

net

unrealized

appreciation

1,382

Annual

Report

—

September

30,

2025

Portfolio

Investments

Calvert

Large-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Common

Stocks

(99.7%)

Aerospace

Defense

(

)

ATI,

Inc.

(a)

4,030

327,800

Axon

Enterprise,

Inc.

(a)

1,127

808,780

Curtiss-Wright

Corp.

569

308,933

General

Electric

Co.

13,619

4,096,868

HEICO

Corp.

1,549

500,048

Loar

Holdings,

Inc.

(a)

412

32,960

Moog,

Inc.,

Class

(b)

421

87,429

Woodward,

Inc.

859

217,078

6,379,896

Air

Freight

Logistics

(

)

Robinson

Worldwide,

Inc.

3,468

459,163

Expeditors

International

Washington,

Inc.

3,985

488,521

FedEx

Corp.

5,941

1,400,947

GXO

Logistics,

Inc.

(a)

1,481

78,330

United

Parcel

Service,

Inc.,

Class

17,324

1,447,074

3,874,035

Automobile

Components

(

)

Aptiv

plc

(a)

6,366

548,877

Autoliv,

Inc.

2,127

262,684

BorgWarner,

Inc.

6,344

278,882

Lear

Corp.

1,567

157,656

Modine

Manufacturing

Co.

(a)

1,525

216,794

1,464,893

Automobiles

(

)

Ford

Motor

Co.

113,240

1,354,351

General

Motors

Co.

24,397

1,487,485

Rivian

Automotive,

Inc.,

Class

(a)(b)

22,409

328,964

3,170,800

Banks

(

)

Bank

America

Corp.

90,205

4,653,676

Bank

OZK

1,526

77,796

BOK

Financial

Corp.

300

33,432

Cadence

Bank

2,435

91,410

Citigroup,

Inc.

24,641

2,501,062

Citizens

Financial

Group,

Inc.

5,744

305,351

Columbia

Banking

System,

Inc.

2,800

72,072

Comerica,

Inc.

1,711

117,238

Commerce

Bancshares,

Inc.

1,739

103,923

Cullen/Frost

Bankers,

Inc.

(b)

798

101,162

East

West

Bancorp,

Inc.

1,834

195,229

Fifth

Third

Bancorp

(b)

8,839

393,777

First

Citizens

BancShares,

Inc.,

Class

121

216,488

First

Financial

Bankshares,

Inc.

1,858

62,522

First

Horizon

Corp.

6,741

152,414

Flagstar

Financial,

Inc.

4,201

48,522

FNB

Corp.

4,760

76,684

Glacier

Bancorp,

Inc.

1,584

77,093

Hancock

Whitney

Corp.

1,126

70,499

Home

BancShares,

Inc.

2,491

70,495

Huntington

Bancshares,

Inc.

19,466

336,178

JPMorgan

Chase

Co.

29,914

9,435,773

KeyCorp

12,678

236,952

M&T

Bank

Corp.

2,089

412,828

Old

National

Bancorp

4,658

102,243

Pinnacle

Financial

Partners,

Inc.

1,024

96,041

PNC

Financial

Services

Group,

Inc.

(The)

5,266

1,058,097

Value

Popular,

Inc.

887

112,658

Regions

Financial

Corp.

(b)

11,947

315,042

SouthState

Bank

Corp.

1,343

132,782

Synovus

Financial

Corp.

1,846

90,602

Truist

Financial

Corp.

17,279

789,996

U.S.

Bancorp

20,849

1,007,632

UMB

Financial

Corp.

(b)

978

115,746

United

Bankshares,

Inc.

1,862

69,285

Valley

National

Bancorp

6,499

68,889

Webster

Financial

Corp.

2,216

131,719

Wells

Fargo

Co.

42,250

3,541,395

Western

Alliance

Bancorp

(b)

1,409

122,189

Wintrust

Financial

Corp.

886

117,342

Zions

Bancorp

1,952

110,444

27,824,678

Beverages

(

)

Celsius

Holdings,

Inc.

(a)

2,898

166,606

Coca-Cola

Co.

(The)

51,006

3,382,718

Coca-Cola

Consolidated,

Inc.

962

112,708

Keurig

Pepper,

Inc.

21,421

546,450

Monster

Beverage

Corp.

(a)

11,474

772,315

PepsiCo,

Inc.

19,369

2,720,182

Primo

Brands

Corp.,

Class

4,202

92,864

7,793,843

Biotechnology

(

)

AbbVie,

Inc.

21,574

4,995,244

Alkermes

plc

(a)(b)

2,028

60,840

Alnylam

Pharmaceuticals,

Inc.

(a)

1,578

719,568

Amgen,

Inc.

6,763

1,908,519

Biogen,

Inc.

(a)

1,842

258,027

BioMarin

Pharmaceutical,

Inc.

(a)

2,382

129,009

Exact

Sciences

Corp.

(a)

2,353

128,733

Exelixis,

Inc.

(a)

3,285

135,671

Gilead

Sciences,

Inc.

15,588

1,730,268

Halozyme

Therapeutics,

Inc.

(a)

1,459

107,003

Incyte

Corp.

(a)

1,989

168,687

Insmed,

Inc.

(a)

2,241

322,726

Ionis

Pharmaceuticals,

Inc.

(a)

1,991

130,251

Madrigal

Pharmaceuticals,

Inc.

(a)

209

95,860

Moderna,

Inc.

(a)(b)

4,329

111,818

Neurocrine

Biosciences,

Inc.

(a)

1,214

170,421

Regeneron

Pharmaceuticals,

Inc.

1,284

721,955

Revolution

Medicines,

Inc.

(a)

2,042

95,361

Roivant

Sciences

Ltd.

(a)

5,423

82,050

United

Therapeutics

Corp.

(a)

550

230,565

Vertex

Pharmaceuticals,

Inc.

(a)

3,215

1,259,123

13,561,699

Broadline

Retail

(

)

Amazon.com,

Inc.

(a)

99,006

21,738,747

eBay,

Inc.

4,964

451,476

Etsy,

Inc.

(a)

1,066

70,772

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

667

85,643

22,346,638

Building

Products

(

)

AAON,

Inc.

(b)

1,020

95,309

Advanced

Drainage

Systems,

Inc.

1,079

149,657

Allegion

plc

1,296

229,846

Smith

Corp.

1,750

128,467

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Large-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Building

Products

(cont’d)

Armstrong

World

Industries,

Inc.

465

91,145

Builders

FirstSource,

Inc.

(a)

1,171

141,984

Carlisle

Cos.,

Inc.

1,250

411,200

Carrier

Global

Corp.

12,125

723,862

CSW

Industrials,

Inc.

251

60,930

Fortune

Brands

Innovations,

Inc.

1,302

69,514

Johnson

Controls

International

plc

(b)

9,863

1,084,437

Lennox

International,

Inc.

(b)

482

255,151

Masco

Corp.

2,273

159,996

Owens

Corning

2,447

346,153

Simpson

Manufacturing

Co.,

Inc.

627

104,997

Trane

Technologies

plc

3,360

1,417,786

Trex

Co.,

Inc.

(a)

1,162

60,041

UFP

Industries,

Inc.

646

60,395

Zurn

Elkay

Water

Solutions

Corp.

1,617

76,047

5,666,917

Capital

Markets

(

)

Affiliated

Managers

Group,

Inc.

368

87,742

Ameriprise

Financial,

Inc.

1,262

619,958

Ares

Management

Corp.,

Class

2,757

440,817

Bank

New

York

Mellon

Corp.

(The)

9,445

1,029,127

BlackRock,

Inc.

1,931

2,251,295

Blackstone,

Inc.

9,769

1,669,034

Blue

Owl

Capital,

Inc.,

Class

(b)

8,020

135,779

Carlyle

Group,

Inc.

(The)

3,450

216,315

Cboe

Global

Markets,

Inc.

1,400

343,350

Charles

Schwab

Corp.

(The)

23,000

2,195,810

CME

Group,

Inc.

4,817

1,301,505

Coinbase

Global,

Inc.,

Class

(a)

2,784

939,572

Evercore,

Inc.,

Class

483

162,926

FactSet

Research

Systems,

Inc.

496

142,099

Franklin

Resources,

Inc.

(b)

3,745

86,622

Goldman

Sachs

Group,

Inc.

(The)

4,043

3,219,643

Hamilton

Lane,

Inc.,

Class

526

70,900

Houlihan

Lokey,

Inc.,

Class

729

149,678

Interactive

Brokers

Group,

Inc.,

Class

5,766

396,758

Intercontinental

Exchange,

Inc.

7,635

1,286,345

Invesco

Ltd.

5,946

136,401

Janus

Henderson

Group

plc

1,685

74,999

Jefferies

Financial

Group,

Inc.

2,204

144,186

KKR

Co.,

Inc.

9,248

1,201,778

LPL

Financial

Holdings,

Inc.

1,055

350,988

MarketAxess

Holdings,

Inc.

481

83,814

Moody's

Corp.

2,046

974,878

Morningstar,

Inc.

328

76,099

MSCI,

Inc.,

Class

984

558,331

Nasdaq,

Inc.

6,097

539,280

Northern

Trust

Corp.

2,555

343,903

PJT

Partners,

Inc.,

Class

302

53,674

Raymond

James

Financial,

Inc.

2,410

415,966

S&P

Global,

Inc.

4,018

1,955,601

SEI

Investments

Co.

1,372

116,414

State

Street

Corp.

3,789

439,562

Stifel

Financial

Corp.

1,331

151,029

Rowe

Price

Group,

Inc.

2,897

297,348

TPG,

Inc.,

Class

1,754

100,767

Tradeweb

Markets,

Inc.,

Class

1,556

172,685

Value

Virtu

Financial,

Inc.,

Class

1,049

37,239

24,970,217

Chemicals

(

)

Air

Products

and

Chemicals,

Inc.

3,350

913,612

Axalta

Coating

Systems

Ltd.

(a)

3,270

93,588

Balchem

Corp.

488

73,229

Celanese

Corp.,

Class

1,654

69,600

Eastman

Chemical

Co.

1,728

108,950

Ecolab,

Inc.

3,846

1,053,266

Element

Solutions,

Inc.

(b)

3,422

86,132

FMC

Corp.

(b)

1,880

63,224

International

Flavors

Fragrances,

Inc.

3,820

235,083

Linde

plc

6,430

3,054,250

Mosaic

Co.

(The)

4,793

166,221

PPG

Industries,

Inc.

3,413

358,741

RPM

International,

Inc.

1,918

226,094

Sherwin-Williams

Co.

(The)

3,505

1,213,641

7,715,631

Commercial

Services

Supplies

(

)

Casella

Waste

Systems,

Inc.,

Class

(a)

827

78,466

Cintas

Corp.

3,729

765,415

Clean

Harbors,

Inc.

(a)

673

156,284

Copart,

Inc.

(a)

11,663

524,485

MSA

Safety,

Inc.

557

95,843

Republic

Services,

Inc.,

Class

2,685

616,154

Tetra

Tech,

Inc.

3,480

116,162

Veralto

Corp.

3,292

350,960

Waste

Management,

Inc.

5,342

1,179,674

3,883,443

Communications

Equipment

(

)

Arista

Networks,

Inc.

(a)

12,304

1,792,816

Ciena

Corp.

(a)

1,649

240,210

Cisco

Systems,

Inc.

46,874

3,207,119

F5,

Inc.

(a)

675

218,153

Lumentum

Holdings,

Inc.

(a)(b)

803

130,656

Motorola

Solutions,

Inc.

1,968

899,947

6,488,901

Construction

Engineering

(

)

AECOM

1,752

228,584

API

Group

Corp.

(a)

4,955

170,303

Comfort

Systems

USA,

Inc.

462

381,233

Construction

Partners,

Inc.,

Class

(a)(b)

615

78,105

Dycom

Industries,

Inc.

(a)

378

110,285

EMCOR

Group,

Inc.

588

381,930

IES

Holdings,

Inc.

(a)(b)

119

47,320

MasTec,

Inc.

(a)

801

170,461

Quanta

Services,

Inc.

1,937

802,732

Sterling

Infrastructure,

Inc.

(a)(b)

390

132,475

Valmont

Industries,

Inc.

295

114,380

WillScot

Holdings

Corp.

2,357

49,756

2,667,564

Construction

Materials

(

)

CRH

plc

14,412

1,727,999

Knife

River

Corp.

(a)

1,668

128,219

Vulcan

Materials

Co.

3,897

1,198,795

3,055,013

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Large-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Consumer

Finance

(

)

Ally

Financial,

Inc.

3,701

145,079

American

Express

Co.

7,358

2,444,033

Capital

One

Financial

Corp.

8,512

1,809,481

Credit

Acceptance

Corp.

(a)(b)

38,755

FirstCash

Holdings,

Inc.

527

83,488

OneMain

Holdings,

Inc.

(b)

1,591

89,828

SLM

Corp.

2,768

76,618

SoFi

Technologies,

Inc.

(a)

15,917

420,527

Synchrony

Financial

(b)

4,974

353,403

5,461,212

Consumer

Staples

Distribution

Retail

(

)

Albertsons

Cos.,

Inc.,

Class

6,668

116,757

BJ's

Wholesale

Club

Holdings,

Inc.

(a)(b)

1,425

132,881

Casey's

General

Stores,

Inc.

611

345,411

Costco

Wholesale

Corp.

4,819

4,460,611

Dollar

General

Corp.

2,390

247,007

Dollar

Tree,

Inc.

(a)

2,218

209,313

Kroger

Co.

(The)

10,854

731,668

Maplebear,

Inc.

(a)

2,848

104,692

Performance

Food

Group

Co.

(a)(b)

2,541

264,366

Sprouts

Farmers

Market,

Inc.

(a)

1,609

175,059

Sysco

Corp.

7,895

650,074

Target

Corp.

4,936

442,759

U.S.

Foods

Holding

Corp.

(a)

3,700

283,494

Walmart,

Inc.

47,367

4,881,643

13,045,735

Containers

Packaging

(

)

Amcor

plc

34,829

284,901

AptarGroup,

Inc.

989

132,190

Avery

Dennison

Corp.

1,169

189,577

Ball

Corp.

4,116

207,529

Crown

Holdings,

Inc.

1,747

168,743

Graphic

Packaging

Holding

Co.

(b)

4,429

86,675

International

Paper

Co.

7,921

367,534

Packaging

Corp.

America

1,331

290,065

Sealed

Air

Corp.

(b)

2,202

77,841

Silgan

Holdings,

Inc.

(b)

1,343

57,762

Smurfit

WestRock

plc

7,871

335,068

2,197,885

Distributors

(

)

Genuine

Parts

Co.

1,508

209,009

LKQ

Corp.

2,787

85,115

Pool

Corp.

392

121,547

415,671

Diversified

Consumer

Services

(

)

ADT,

Inc.

5,385

46,903

Adtalem

Global

Education,

Inc.

(a)

461

71,202

Bright

Horizons

Family

Solutions,

Inc.

(a)

742

80,559

Duolingo,

Inc.,

Class

(a)

511

164,460

H&R

Block,

Inc.

1,744

88,194

Service

Corp.

International

1,797

149,546

Stride,

Inc.

(a)

558

83,109

683,973

Diversified

REITs

(

)

Essential

Properties

Realty

Trust,

Inc.

(b)

2,624

78,090

Value

Carey,

Inc.

2,876

194,332

272,422

Diversified

Telecommunication

Services

(

)

AT&T,

Inc.

84,736

2,392,944

Verizon

Communications,

Inc.

50,003

2,197,632

4,590,576

Electric

Utilities

(

)

Alliant

Energy

Corp.

3,410

229,868

Constellation

Energy

Corp.

4,145

1,363,995

Evergy,

Inc.

3,018

229,428

Eversource

Energy

4,921

350,080

Exelon

Corp.

13,419

603,989

IDACORP,

Inc.

716

94,619

NextEra

Energy,

Inc.

27,347

2,064,425

NRG

Energy,

Inc.

2,546

412,325

Portland

General

Electric

Co.

(b)

1,452

63,888

TXNM

Energy,

Inc.

1,218

68,878

Xcel

Energy,

Inc.

7,847

632,861

6,114,356

Electrical

Equipment

(

)

Acuity,

Inc.

463

159,453

AMETEK,

Inc.

3,483

654,804

Eaton

Corp.

plc

5,883

2,201,713

Emerson

Electric

Co.

8,505

1,115,686

Vernova,

Inc.

3,616

2,223,478

Hubbell,

Inc.,

Class

800

344,248

NEXTracker,

Inc.,

Class

(a)

2,206

163,222

nVent

Electric

plc

2,407

237,426

Regal

Rexnord

Corp.

999

143,297

Rockwell

Automation,

Inc.

1,699

593,851

Vertiv

Holdings

Co.,

Class

5,674

855,980

8,693,158

Electronic

Equipment,

Instruments

Components

(

)

Amphenol

Corp.,

Class

18,378

2,274,277

Arrow

Electronics,

Inc.

(a)

559

67,639

Badger

Meter,

Inc.

445

79,468

CDW

Corp.

1,550

246,884

Cognex

Corp.

2,539

115,017

Coherent

Corp.

(a)

2,320

249,910

Corning,

Inc.

9,293

762,305

Flex

Ltd.

(a)

4,425

256,517

Itron,

Inc.

(a)

685

85,324

Jabil,

Inc.

1,240

269,291

Keysight

Technologies,

Inc.

(a)

2,582

451,643

Littelfuse,

Inc.

369

95,575

Ralliant

Corp.

1,741

76,134

SYNNEX

Corp.

842

137,877

Connectivity

plc

4,469

981,080

Teledyne

Technologies,

Inc.

(a)

701

410,814

Trimble,

Inc.

(a)

3,592

293,287

Vontier

Corp.

1,733

72,734

Zebra

Technologies

Corp.,

Class

(a)

598

177,702

7,103,478

Energy

Equipment

Services

(

)

Baker

Hughes

Co.,

Class

29,104

1,417,947

Entertainment

(

)

Electronic

Arts,

Inc.

2,680

540,556

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Large-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Entertainment

(cont’d)

Liberty

Media

Corp-Liberty

Formula

One,

Class

(a)

3,359

319,844

Netflix,

Inc.

(a)

4,888

5,860,321

Roku,

Inc.,

Class

(a)

1,535

153,700

Take-Two

Interactive

Software,

Inc.

(a)

2,016

520,854

Walt

Disney

Co.

(The)

23,689

2,712,391

Warner

Bros

Discovery,

Inc.

(a)

31,712

619,335

Warner

Music

Group

Corp.,

Class

1,890

64,373

10,791,374

Financial

Services

(

)

Affirm

Holdings,

Inc.,

Class

(a)

3,222

235,464

Apollo

Global

Management,

Inc.

5,457

727,254

Corpay,

Inc.

(a)

806

232,176

Equitable

Holdings,

Inc.

4,004

203,323

Essent

Group

Ltd.

1,282

81,484

Euronet

Worldwide,

Inc.

(a)

458

40,217

Fidelity

National

Information

Services,

Inc.

6,193

408,367

Fiserv,

Inc.

(a)

6,399

825,023

Jack

Henry

Associates,

Inc.

860

128,080

Jackson

Financial,

Inc.,

Class

917

92,828

Mastercard,

Inc.,

Class

9,561

5,438,392

MGIC

Investment

Corp.

3,046

86,415

Cooper

Group,

Inc.

835

176,010

PayPal

Holdings,

Inc.

(a)

11,324

759,388

PennyMac

Financial

Services,

Inc.

(b)

389

48,189

Shift4

Payments,

Inc.,

Class

(a)(b)

781

60,449

Toast,

Inc.,

Class

(a)

5,477

199,965

Visa,

Inc.,

Class

(b)

19,198

6,553,813

Voya

Financial,

Inc.

1,291

96,567

16,393,404

Food

Products

(

)

Bunge

Global

(b)

2,193

178,181

Campbell's

Co.

(The)

(b)

3,171

100,140

Conagra

Brands,

Inc.

7,856

143,843

Darling

Ingredients,

Inc.

(a)

2,593

80,046

General

Mills,

Inc.

8,815

444,452

Hershey

Co.

(The)

2,404

449,668

Hormel

Foods

Corp.

4,807

118,925

Ingredion,

Inc.

(b)

1,053

128,582

J.M.

Smucker

Co.

(The)

1,726

187,443

Kellanova

4,588

376,308

Kraft

Heinz

Co.

(The)

(b)

14,102

367,216

Lamb

Weston

Holdings,

Inc.

2,287

132,829

McCormick

Co.,

Inc.

(Non-Voting)

4,382

293,200

Mondelez

International,

Inc.,

Class

21,368

1,334,859

Pilgrim's

Pride

Corp.

687

27,975

Post

Holdings,

Inc.

(a)(b)

793

85,232

4,448,899

Gas

Utilities

(

)

(c)

Southwest

Gas

Holdings,

Inc.

851

66,667

UGI

Corp.

2,860

95,124

161,791

Ground

Transportation

(

)

Hunt

Transport

Services,

Inc.

2,303

308,993

Knight-Swift

Transportation

Holdings,

Inc.,

Class

4,649

183,682

Landstar

System,

Inc.

1,015

124,398

Value

Lyft,

Inc.,

Class

(a)

4,379

96,382

Old

Dominion

Freight

Line,

Inc.

5,361

754,722

Ryder

System,

Inc.

1,168

220,331

Saia,

Inc.

(a)

784

234,698

Uber

Technologies,

Inc.

(a)

23,776

2,329,335

Union

Pacific

Corp.

9,772

2,309,808

XPO,

Inc.

(a)

3,380

436,933

6,999,282

Health

Care

Equipment

Supplies

(

)

Abbott

Laboratories

21,758

2,914,267

Align

Technology,

Inc.

(a)

854

106,938

Baxter

International,

Inc.

6,421

146,206

Becton

Dickinson

Co.

(b)

3,600

673,812

Boston

Scientific

Corp.

(a)

18,535

1,809,572

Cooper

Cos.,

Inc.

(The)

(a)

2,488

170,577

Dexcom,

Inc.

(a)

4,869

327,635

Edwards

Lifesciences

Corp.

(a)

7,239

562,977

HealthCare

Technologies,

Inc.

5,731

430,398

Glaukos

Corp.

(a)

695

56,677

Globus

Medical,

Inc.,

Class

(a)

1,410

80,751

Hologic,

Inc.

(a)

2,778

187,487

IDEXX

Laboratories,

Inc.

(a)

994

635,057

Insulet

Corp.

(a)

881

271,991

Intuitive

Surgical,

Inc.

(a)

4,483

2,004,932

Medtronic

plc

16,126

1,535,840

Merit

Medical

Systems,

Inc.

(a)

729

60,675

Penumbra,

Inc.

(a)

475

120,327

ResMed,

Inc.

1,830

500,926

STERIS

plc

1,234

305,341

Stryker

Corp.

4,506

1,665,733

Teleflex,

Inc.

552

67,543

Zimmer

Biomet

Holdings,

Inc.

2,490

245,265

14,880,927

Health

Care

Providers

Services

(

)

Centene

Corp.

(a)

6,106

217,862

Chemed

Corp.

179

80,145

Cigna

Group

(The)

3,308

953,531

CorVel

Corp.

(a)

387

29,962

CVS

Health

Corp.

15,939

1,201,641

DaVita,

Inc.

(a)(b)

480

63,778

Elevance

Health,

Inc.

2,827

913,460

Encompass

Health

Corp.

1,250

158,775

Ensign

Group,

Inc.

(The)

702

121,285

Guardant

Health,

Inc.

(a)

1,494

93,345

HealthEquity,

Inc.

(a)

1,001

94,865

Henry

Schein,

Inc.

(a)

1,313

87,144

Humana,

Inc.

1,509

392,596

Labcorp

Holdings,

Inc.

1,043

299,404

Molina

Healthcare,

Inc.

(a)

675

129,168

Option

Care

Health,

Inc.

(a)

2,024

56,186

Quest

Diagnostics,

Inc.

1,399

266,621

UnitedHealth

Group,

Inc.

11,369

3,925,716

9,085,484

Health

Care

REITs

(

)

Alexandria

Real

Estate

Equities,

Inc.

2,273

189,432

American

Healthcare

REIT,

Inc.

2,222

93,346

CareTrust

REIT,

Inc.

(b)

2,955

102,479

Healthcare

Realty

Trust,

Inc.,

Class

4,646

83,767

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Large-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Health

Care

REITs

(cont’d)

Healthpeak

Properties,

Inc.

9,218

176,525

Omega

Healthcare

Investors,

Inc.

3,915

165,291

Ventas,

Inc.

6,008

420,500

Welltower,

Inc.

8,875

1,580,993

2,812,333

Health

Care

Technology

(

)

Veeva

Systems,

Inc.,

Class

(a)

1,775

528,790

Waystar

Holding

Corp.

(a)

1,072

40,650

569,440

Hotel

Resort

REITs

(

)

(c)

Host

Hotels

Resorts,

Inc.

9,027

153,640

Ryman

Hospitality

Properties,

Inc.

(b)

814

72,926

226,566

Hotels,

Restaurants

Leisure

(

)

Airbnb,

Inc.,

Class

(a)

4,976

604,186

Aramark

4,323

166,003

Booking

Holdings,

Inc.

382

2,062,521

Brinker

International,

Inc.

(a)

725

91,843

Cava

Group,

Inc.

(a)(b)

1,642

99,193

Chipotle

Mexican

Grill,

Inc.,

Class

(a)

22,003

862,298

Choice

Hotels

International,

Inc.

(b)

344

36,777

Darden

Restaurants,

Inc.

1,930

367,395

Domino's

Pizza,

Inc.

557

240,462

DoorDash,

Inc.,

Class

(a)

4,091

1,112,711

Hilton

Worldwide

Holdings,

Inc.

3,024

784,547

Hyatt

Hotels

Corp.,

Class

534

75,791

Life

Time

Group

Holdings,

Inc.

(a)

1,632

45,043

Marriott

International,

Inc.,

Class

2,957

770,121

Planet

Fitness,

Inc.,

Class

(a)(b)

1,103

114,491

Shake

Shack,

Inc.,

Class

(a)

635

59,442

Starbucks

Corp.

18,769

1,587,857

Texas

Roadhouse,

Inc.,

Class

1,092

181,436

Vail

Resorts,

Inc.

482

72,093

Wingstop,

Inc.

(b)

459

115,521

Wyndham

Hotels

Resorts,

Inc.

984

78,622

Yum!

Brands,

Inc.

4,585

696,920

10,225,273

Household

Durables

(

)

Horton,

Inc.

3,498

592,806

Lennar

Corp.,

Class

3,104

391,228

Mohawk

Industries,

Inc.

(a)

548

70,648

NVR,

Inc.

(a)

281,213

PulteGroup,

Inc.

2,607

344,463

Somnigroup

International,

Inc.

2,200

185,526

Taylor

Morrison

Home

Corp.,

Class

(a)

1,280

84,493

Toll

Brothers,

Inc.

1,273

175,853

TopBuild

Corp.

(a)

370

144,618

2,270,848

Household

Products

(

)

Church

Dwight

Co.,

Inc.

2,648

232,044

Clorox

Co.

(The)

1,327

163,619

Colgate-Palmolive

Co.

8,788

702,513

Kimberly-Clark

Corp.

3,608

448,619

Procter

Gamble

Co.

(The)

25,489

3,916,385

5,463,180

Value

Independent

Power

and

Renewable

Electricity

Producers

(

)

(c)

AES

Corp.

(The)

9,434

124,151

Brookfield

Renewable

Corp.

1,929

66,396

Clearway

Energy,

Inc.,

Class

1,239

35,002

225,549

Industrial

REITs

(

)

Americold

Realty

Trust,

Inc.

(b)

3,789

46,377

EastGroup

Properties,

Inc.

702

118,820

First

Industrial

Realty

Trust,

Inc.

1,748

89,970

Lineage,

Inc.

927

35,819

Prologis,

Inc.

12,304

1,409,054

Rexford

Industrial

Realty,

Inc.

3,144

129,250

STAG

Industrial,

Inc.

(b)

2,472

87,237

Terreno

Realty

Corp.

(b)

1,345

76,329

1,992,856

Insurance

(

)

Aflac,

Inc.

6,440

719,348

Allstate

Corp.

(The)

3,520

755,568

American

Financial

Group,

Inc.

959

139,745

American

International

Group,

Inc.

7,417

582,531

Aon

plc,

Class

2,804

999,850

Arch

Capital

Group

Ltd.

4,844

439,496

Arthur

Gallagher

Co.

3,342

1,035,151

Axis

Capital

Holdings

Ltd.

1,013

97,045

Brown

Brown,

Inc.

3,706

347,586

Cincinnati

Financial

Corp.

2,060

325,686

Everest

Group

Ltd.

556

194,728

First

American

Financial

Corp.

1,283

82,420

Globe

Life,

Inc.

1,080

154,408

Hanover

Insurance

Group,

Inc.

(The)

475

86,274

Hartford

Insurance

Group,

Inc.

(The)

3,762

501,813

Kinsale

Capital

Group,

Inc.

297

126,302

Lincoln

National

Corp.

2,523

101,753

Marsh

McLennan

Cos.,

Inc.

6,596

1,329,292

MetLife,

Inc.

7,544

621,399

Old

Republic

International

Corp.

3,087

131,105

Primerica,

Inc.

433

120,196

Principal

Financial

Group,

Inc.

2,971

246,326

Progressive

Corp.

(The)

7,849

1,938,311

Prudential

Financial,

Inc.

4,716

489,238

Reinsurance

Group

America,

Inc.

885

170,035

RenaissanceRe

Holdings

Ltd.

604

153,374

Ryan

Specialty

Holdings,

Inc.,

Class

1,457

82,117

Selective

Insurance

Group,

Inc.

811

65,748

Travelers

Cos.,

Inc.

(The)

3,009

840,173

Unum

Group

2,266

176,249

Berkley

Corp.

3,988

305,561

Willis

Towers

Watson

plc

(b)

1,305

450,812

13,809,640

Interactive

Media

Services

(

)

Alphabet,

Inc.,

Class

111,098

27,007,924

Pinterest,

Inc.,

Class

(a)

7,052

226,863

Reddit,

Inc.,

Class

(a)

1,413

324,976

Snap,

Inc.,

Class

(a)

12,962

99,937

27,659,700

Services

(

)

Accenture

plc,

Class

7,371

1,817,689

Akamai

Technologies,

Inc.

(a)

1,669

126,443

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Large-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Services

(cont’d)

Amdocs

Ltd.

1,314

107,814

Cloudflare,

Inc.,

Class

(a)

3,641

781,322

Cognizant

Technology

Solutions

Corp.,

Class

5,773

387,195

EPAM

Systems,

Inc.

(a)

635

95,752

Gartner,

Inc.

(a)

967

254,195

GoDaddy,

Inc.,

Class

(a)

1,631

223,170

International

Business

Machines

Corp.

11,040

3,115,046

Kyndryl

Holdings,

Inc.

(a)

2,694

80,901

MongoDB,

Inc.,

Class

(a)

926

287,412

Snowflake,

Inc.,

Class

(a)

3,806

858,443

Twilio,

Inc.,

Class

(a)

1,737

173,856

VeriSign,

Inc.

998

279,011

8,588,249

Leisure

Products

(

)

(c)

Hasbro,

Inc.

1,437

108,997

Mattel,

Inc.

(a)

3,492

58,770

167,767

Life

Sciences

Tools

Services

(

)

Agilent

Technologies,

Inc.

3,552

455,899

Avantor,

Inc.

(a)

8,360

104,333

Bio-Rad

Laboratories,

Inc.,

Class

(a)

232

65,050

Bio-Techne

Corp.

1,936

107,700

Bruker

Corp.

1,300

42,237

Charles

River

Laboratories

International,

Inc.

(a)

612

95,753

Danaher

Corp.

8,208

1,627,318

Illumina,

Inc.

(a)

1,881

178,639

IQVIA

Holdings,

Inc.

(a)

2,120

402,673

Medpace

Holdings,

Inc.

(a)

287

147,564

Mettler-Toledo

International,

Inc.

(a)

255

313,041

PerkinElmer,

Inc.

1,456

127,618

Repligen

Corp.

(a)

669

89,425

Thermo

Fisher

Scientific,

Inc.

4,744

2,300,935

Waters

Corp.

(a)

747

223,958

West

Pharmaceutical

Services,

Inc.

899

235,835

6,517,978

Machinery

(

)

AGCO

Corp.

940

100,646

Allison

Transmission

Holdings,

Inc.

1,259

106,864

Caterpillar,

Inc.

6,707

3,200,245

Chart

Industries,

Inc.

(a)

678

135,702

CNH

Industrial

(b)

13,274

144,023

Cummins,

Inc.

2,063

871,349

Deere

Co.

3,790

1,733,015

Donaldson

Co.,

Inc.

1,755

143,647

Dover

Corp.

2,067

344,838

Esab

Corp.

861

96,208

ESCO

Technologies,

Inc.

390

82,333

Federal

Signal

Corp.

898

106,853

Flowserve

Corp.

1,971

104,739

Fortive

Corp.

5,106

250,143

Gates

Industrial

Corp.

plc

(a)

3,835

95,185

Graco,

Inc.

2,485

211,125

IDEX

Corp.

1,139

185,384

Illinois

Tool

Works,

Inc.

4,400

1,147,344

Ingersoll

Rand,

Inc.

(b)

6,008

496,381

ITT,

Inc.

1,174

209,864

JBT

Marel

Corp.

773

108,568

Value

Lincoln

Electric

Holdings,

Inc.

819

193,145

Middleby

Corp.

(The)

(a)

757

100,628

Mueller

Industries,

Inc.

1,635

165,315

Nordson

Corp.

773

175,432

Oshkosh

Corp.

963

124,901

Otis

Worldwide

Corp.

5,940

543,094

PACCAR,

Inc.

7,805

767,388

Parker-Hannifin

Corp.

1,915

1,451,857

Pentair

plc

2,468

273,356

RBC

Bearings,

Inc.

(a)

469

183,046

Snap-on,

Inc.

780

270,293

SPX

Technologies,

Inc.

(a)

683

127,571

Stanley

Black

Decker,

Inc.

2,337

173,709

Timken

Co.

(The)

(b)

952

71,571

Toro

Co.

(The)

1,477

112,547

Watts

Water

Technologies,

Inc.,

Class

410

114,505

Westinghouse

Air

Brake

Technologies

Corp.

2,560

513,203

Xylem,

Inc.

3,678

542,505

15,778,522

Media

(

)

Charter

Communications,

Inc.,

Class

(a)

1,119

307,843

Comcast

Corp.,

Class

43,392

1,363,377

Interpublic

Group

Cos.,

Inc.

(The)

4,815

134,387

Liberty

Broadband

Corp.,

Class

(a)

1,549

98,423

New

York

Times

Co.

(The),

Class

2,101

120,597

Nexstar

Media

Group,

Inc.,

Class

(b)

372

73,559

Omnicom

Group,

Inc.

2,525

205,863

Paramount

Skydance

Corp.,

Class

(b)

3,489

66,012

Sirius

Holdings,

Inc.

2,903

67,567

Trade

Desk,

Inc.

(The),

Class

(a)

5,258

257,695

2,695,323

Metals

Mining

(

)

Carpenter

Technology

Corp.

1,386

340,319

Commercial

Metals

Co.

3,279

187,821

Nucor

Corp.

6,740

912,798

Reliance,

Inc.

1,544

433,602

Steel

Dynamics,

Inc.

4,075

568,177

2,442,717

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

)

AGNC

Investment

Corp.

(b)

13,908

136,159

Annaly

Capital

Management,

Inc.

(b)

8,606

173,927

Rithm

Capital

Corp.

7,101

80,881

Starwood

Property

Trust,

Inc.

(b)

4,634

89,761

480,728

Multi-Utilities

(

)

Ameren

Corp.

(b)

3,582

373,889

CMS

Energy

Corp.

3,957

289,890

Consolidated

Edison,

Inc.

4,786

481,089

Dominion

Energy,

Inc.

(b)

11,333

693,239

DTE

Energy

Co.

2,751

389,074

NiSource,

Inc.

6,245

270,408

Public

Service

Enterprise

Group,

Inc.

6,626

553,006

Sempra

8,665

779,677

WEC

Energy

Group,

Inc.

(b)

4,271

489,414

4,319,686

Office

REITs

(

)

BXP,

Inc.

2,099

156,040

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Large-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Office

REITs

(cont’d)

COPT

Defense

Properties

1,502

43,648

Cousins

Properties,

Inc.

2,220

64,247

Kilroy

Realty

Corp.

(b)

1,561

65,952

Vornado

Realty

Trust

2,391

96,907

426,794

Oil,

Gas

Consumable

Fuels

(

)

Occidental

Petroleum

Corp.

19,870

938,858

Paper

Forest

Products

(

)

(c)

Louisiana-Pacific

Corp.

747

66,363

Passenger

Airlines

(

)

Alaska

Air

Group,

Inc.

(a)

3,392

168,854

American

Airlines

Group,

Inc.

(a)

19,210

215,920

Delta

Air

Lines,

Inc.

19,232

1,091,416

1,476,190

Personal

Care

Products

(

)

BellRing

Brands,

Inc.

(a)

1,358

49,363

elf

Beauty,

Inc.

(a)

600

79,488

Estee

Lauder

Cos.,

Inc.

(The),

Class

2,541

223,913

Kenvue,

Inc.

20,895

339,126

691,890

Pharmaceuticals

(

)

Bristol-Myers

Squibb

Co.

25,605

1,154,786

Corcept

Therapeutics,

Inc.

(a)(b)

1,177

97,820

Elanco

Animal

Health,

Inc.

(a)(b)

6,203

124,928

Eli

Lilly

Co.

9,561

7,295,043

Jazz

Pharmaceuticals

plc

(a)(b)

727

95,819

Merck

Co.,

Inc.

31,408

2,636,073

Pfizer,

Inc.

71,481

1,821,336

Royalty

Pharma

plc,

Class

(b)

4,293

151,457

Zoetis,

Inc.,

Class

5,569

814,856

14,192,118

Professional

Services

(

)

Amentum

Holdings,

Inc.

(a)

2,414

57,815

Automatic

Data

Processing,

Inc.

4,798

1,408,213

Booz

Allen

Hamilton

Holding

Corp.,

Class

1,607

160,620

Broadridge

Financial

Solutions,

Inc.

1,382

329,151

Dayforce,

Inc.

(a)

1,802

124,140

Equifax,

Inc.

1,623

416,348

ExlService

Holdings,

Inc.

(a)

1,847

81,323

FTI

Consulting,

Inc.

(a)

419

67,731

Genpact

Ltd.

(b)

1,904

79,759

Parsons

Corp.

(a)

626

51,908

Paychex,

Inc.

3,823

484,604

Paycom

Software,

Inc.

606

126,133

Paylocity

Holding

Corp.

(a)

526

83,776

Robert

Half,

Inc.

1,301

44,208

Science

Applications

International

Corp.

543

53,958

SS&C

Technologies

Holdings,

Inc.

2,482

220,302

TransUnion

2,544

213,136

Solutions,

Inc.,

Class

816

57,822

Verisk

Analytics,

Inc.,

Class

1,836

461,772

4,522,719

Real

Estate

Management

Development

(

)

CBRE

Group,

Inc.,

Class

(a)

3,928

618,896

CoStar

Group,

Inc.

(a)

5,514

465,216

Value

Jones

Lang

LaSalle,

Inc.

(a)

624

186,127

Zillow

Group,

Inc.,

Class

(a)

2,532

195,090

1,465,329

Residential

REITs

(

)

AvalonBay

Communities,

Inc.

(b)

1,887

364,512

Camden

Property

Trust

1,396

149,065

Equity

LifeStyle

Properties,

Inc.

2,514

152,600

Equity

Residential

5,034

325,851

Essex

Property

Trust,

Inc.

851

227,778

Invitation

Homes,

Inc.

8,122

238,218

Mid-America

Apartment

Communities,

Inc.

1,544

215,743

Sun

Communities,

Inc.

1,644

212,076

UDR,

Inc.

(b)

4,388

163,497

2,049,340

Retail

REITs

(

)

Brixmor

Property

Group,

Inc.

4,044

111,938

Federal

Realty

Investment

Trust

1,138

115,291

Kimco

Realty

Corp.

8,821

192,739

Kite

Realty

Group

Trust

2,899

64,648

NNN

REIT,

Inc.

(b)

2,489

105,957

Phillips

Edison

Co.,

Inc.

1,664

57,125

Realty

Income

Corp.

(b)

12,140

737,990

Regency

Centers

Corp.

2,398

174,814

Simon

Property

Group,

Inc.

4,300

806,981

2,367,483

Semiconductors

Semiconductor

Equipment

(

)

Advanced

Micro

Devices,

Inc.

(a)

19,130

3,095,043

Allegro

MicroSystems,

Inc.

(a)

1,467

42,836

Analog

Devices,

Inc.

5,820

1,429,974

Applied

Materials,

Inc.

9,429

1,930,493

Astera

Labs,

Inc.

(a)

1,509

295,462

Broadcom,

Inc.

48,397

15,966,654

Cirrus

Logic,

Inc.

(a)

605

75,800

Enphase

Energy,

Inc.

(a)

1,358

48,060

Entegris,

Inc.

1,791

165,596

First

Solar,

Inc.

(a)

1,091

240,598

Intel

Corp.

51,741

1,735,911

KLA

Corp.

1,562

1,684,773

Lam

Research

Corp.

14,949

2,001,671

Lattice

Semiconductor

Corp.

(a)(b)

1,599

117,239

Marvell

Technology,

Inc.

10,121

850,873

Microchip

Technology,

Inc.

6,276

403,045

Micron

Technology,

Inc.

13,245

2,216,153

MKS,

Inc.

1,011

125,132

Monolithic

Power

Systems,

Inc.

544

500,828

NVIDIA

Corp.

234,702

43,790,699

Semiconductor

Corp.

(a)

4,829

238,118

Qorvo,

Inc.

(a)

1,091

99,368

QUALCOMM,

Inc.

12,789

2,127,578

Rambus,

Inc.

(a)

1,268

132,126

Skyworks

Solutions,

Inc.

1,755

135,100

Teradyne,

Inc.

1,882

259,039

Texas

Instruments,

Inc.

10,770

1,978,772

Universal

Display

Corp.

518

74,400

81,761,341

Software

(

)

ACI

Worldwide,

Inc.

(a)

1,208

63,746

Adobe,

Inc.

(a)

5,015

1,769,041

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Large-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Software

(cont’d)

Appfolio,

Inc.,

Class

(a)

261

71,947

AppLovin

Corp.,

Class

(a)(b)

2,650

1,904,131

Atlassian

Corp.,

Class

(a)

1,952

311,734

Autodesk,

Inc.

(a)

2,519

800,211

Bentley

Systems,

Inc.,

Class

(b)

1,866

96,062

Box,

Inc.,

Class

(a)(b)

1,659

53,536

Cadence

Design

Systems,

Inc.

(a)

3,220

1,131,057

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

6,858

62,476

Clearwater

Analytics

Holdings,

Inc.,

Class

(a)

3,277

59,051

CommVault

Systems,

Inc.

(a)

518

97,788

Confluent,

Inc.,

Class

(a)

3,406

67,439

Crowdstrike

Holdings,

Inc.,

Class

(a)

2,865

1,404,939

Datadog,

Inc.,

Class

(a)

3,719

529,586

Docusign,

Inc.,

Class

(a)

2,376

171,286

Dolby

Laboratories,

Inc.,

Class

719

52,034

Dropbox,

Inc.,

Class

(a)(b)

2,403

72,595

Dynatrace,

Inc.

(a)

3,535

171,271

Elastic

(a)

1,099

92,854

Fair

Isaac

Corp.

(a)

307

459,435

Fortinet,

Inc.

(a)

7,572

636,654

Gen

Digital,

Inc.

6,615

187,800

Guidewire

Software,

Inc.

(a)

984

226,182

HubSpot,

Inc.

(a)

601

281,148

Intuit,

Inc.

3,225

2,202,385

Manhattan

Associates,

Inc.

(a)

708

145,126

MARA

Holdings,

Inc.

(a)(b)

4,310

78,701

Microsoft

Corp.

73,894

38,273,397

Nutanix,

Inc.,

Class

(a)

3,099

230,535

Oracle

Corp.

19,489

5,481,086

Palo

Alto

Networks,

Inc.

(a)

7,848

1,598,010

PTC,

Inc.

(a)

1,417

287,679

Holdings,

Inc.

(a)(b)

710

51,397

Qualys,

Inc.

(a)

424

56,108

Roper

Technologies,

Inc.

1,271

633,835

Salesforce,

Inc.

11,000

2,607,000

Samsara,

Inc.,

Class

(a)

3,304

123,074

SentinelOne,

Inc.,

Class

(a)

3,594

63,290

ServiceNow,

Inc.

(a)

2,456

2,260,208

SPS

Commerce,

Inc.

(a)

443

46,134

Synopsys,

Inc.

(a)

2,175

1,073,123

Tyler

Technologies,

Inc.

(a)

508

265,765

Varonis

Systems,

Inc.,

Class

(a)

1,270

72,987

Workday,

Inc.,

Class

(a)

2,552

614,343

Zscaler,

Inc.

(a)

1,160

347,605

67,285,791

Specialized

REITs

(

)

American

Tower

Corp.

6,211

1,194,500

Crown

Castle,

Inc.

5,772

556,940

CubeSmart

3,008

122,305

Digital

Realty

Trust,

Inc.

4,527

782,628

Equinix,

Inc.

1,292

1,011,946

Extra

Space

Storage,

Inc.

2,794

393,786

Iron

Mountain,

Inc.

3,478

354,547

Lamar

Advertising

Co.,

Class

1,145

140,171

National

Storage

Affiliates

Trust

946

28,588

Public

Storage

2,108

608,896

SBA

Communications

Corp.,

Class

1,408

272,237

Value

Weyerhaeuser

Co.

7,744

191,974

5,658,518

Specialty

Retail

(

)

AutoNation,

Inc.

(a)

307

67,162

AutoZone,

Inc.

(a)

181

776,534

Bath

Body

Works,

Inc.

2,226

57,342

Best

Buy

Co.,

Inc.

2,129

160,995

Boot

Barn

Holdings,

Inc.

(a)(b)

329

54,522

Burlington

Stores,

Inc.

(a)

681

173,315

CarMax,

Inc.

(a)

1,629

73,093

Carvana

Co.,

Class

(a)

1,399

527,759

Dick's

Sporting

Goods,

Inc.

597

132,665

Five

Below,

Inc.

(a)

586

90,654

Floor

Decor

Holdings,

Inc.,

Class

(a)

1,153

84,976

GameStop

Corp.,

Class

(a)

4,456

121,560

Gap,

Inc.

(The)

2,617

55,978

Group

Automotive,

Inc.

137

59,939

Home

Depot,

Inc.

(The)

10,832

4,389,018

Lithia

Motors,

Inc.,

Class

274

86,584

Lowe's

Cos.,

Inc.

6,101

1,533,242

O'Reilly

Automotive,

Inc.

(a)

9,167

988,294

Penske

Automotive

Group,

Inc.

200

34,782

Ross

Stores,

Inc.

3,485

531,079

TJX

Cos.,

Inc.

(The)

12,104

1,749,512

Tractor

Supply

Co.

5,755

327,287

Ulta

Beauty,

Inc.

(a)(b)

487

266,267

Urban

Outfitters,

Inc.

(a)

610

43,572

Wayfair,

Inc.,

Class

(a)

1,041

92,993

Williams-Sonoma,

Inc.

(b)

1,276

249,394

12,728,518

Technology

Hardware,

Storage

Peripherals

(

)

Apple,

Inc.

149,858

38,158,342

Dell

Technologies,

Inc.,

Class

3,679

521,572

Hewlett

Packard

Enterprise

Co.

15,608

383,332

HP,

Inc.

11,073

301,518

NetApp,

Inc.

2,358

279,329

Pure

Storage,

Inc.,

Class

(a)

3,665

307,164

Sandisk

Corp.

(a)

1,628

182,661

Seagate

Technology

Holdings

plc

2,513

593,219

Super

Micro

Computer,

Inc.

(a)

6,060

290,516

Western

Digital

Corp.

4,077

489,485

41,507,138

Textiles,

Apparel

Luxury

Goods

(

)

Crocs,

Inc.

(a)(b)

577

48,208

Deckers

Outdoor

Corp.

(a)

1,586

160,773

Lululemon

Athletica,

Inc.

(a)

1,126

200,349

NIKE,

Inc.,

Class

12,724

887,245

Ralph

Lauren

Corp.,

Class

410

128,560

Tapestry,

Inc.

2,256

255,424

Corp.

3,995

57,648

1,738,207

Trading

Companies

Distributors

(

)

Air

Lease

Corp.,

Class

1,576

100,312

Applied

Industrial

Technologies,

Inc.

567

148,015

Core

Main,

Inc.,

Class

(a)(b)

2,871

154,546

Fastenal

Co.

12,478

611,921

Ferguson

Enterprises,

Inc.

2,142

481,050

FTAI

Aviation

Ltd.

1,526

254,628

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Large-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Trading

Companies

Distributors

(cont’d)

GATX

Corp.

(b)

534

93,343

QXO,

Inc.

(a)

7,442

141,845

SiteOne

Landscape

Supply,

Inc.

(a)

477

61,438

United

Rentals,

Inc.

968

924,111

Watsco,

Inc.

532

215,088

WESCO

International,

Inc.

517

109,346

Grainger,

Inc.

488

465,044

3,760,687

Water

Utilities

(

)

American

Water

Works

Co.,

Inc.

2,680

373,029

Essential

Utilities,

Inc.

3,722

148,508

521,537

Wireless

Telecommunication

Services

(

)

T-Mobile

US,

Inc.

5,273

1,262,251

Total

Common

Stocks

(Cost

$472,044,562)

604,289,169

Short-Term

Investments

(1.0%)

Investment

Company

(0.2%

)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$1,341,675)

1,341,675

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(0.8%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$4,729,896)

4,729,896

Total

Short-Term

Investments

(Cost

$6,071,571)

6,071,571

–

Total

Investments

(

100

)

(Cost

478,116,133

)

including

16,581,661

Securities

Loaned

(d)

610,360,740

Liabilities

Excess

Other

Assets

(

-0.7%

)

(4,490,676)

NET

ASSETS

(100.0%)

605,870,064

(a)

Non-income

producing

security.

(b)

All

portion

this

security

was

loan

September

30,

2025.

(c)

Amount

less

than

0.05%.

(d)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$478,709,430.

The

aggregate

gross

unrealized

appreciation

$147,520,280

and

the

aggregate

gross

unrealized

depreciation

$15,868,969,

resulting

net

unrealized

appreciation

$131,651,311.

REIT

Real

Estate

Investment

Trust

Sector

Classification

Portfolio

Classification

Percentage

Total

Investments

Information

Technology

Financials

Industrials

Health

Care

Consumer

Discretionary

Other**

Communication

Services

Consumer

Staples

Total

Investments

100

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Sectors

representing

less

than

total

investments.

Annual

Report

—

September

30,

2025

Portfolio

Investments

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Common

Stocks

(99.7%)

Aerospace

Defense

(

)

Axon

Enterprise,

Inc.

(a)

50,235

Air

Freight

Logistics

(

)

Expeditors

International

Washington,

Inc.

3,433

FedEx

Corp.

14,856

United

Parcel

Service,

Inc.,

Class

297

24,808

43,097

Automobile

Components

(

)

Aptiv

plc

(a)

4,311

BorgWarner,

Inc.

116

5,099

9,410

Automobiles

(

)

Ford

Motor

Co.

3,648

43,630

Banks

(

)

Bank

America

Corp.

6,928

357,416

BOK

Financial

Corp.

(b)

2,563

Cadence

Bank

2,290

East

West

Bancorp,

Inc.

128

13,626

Hancock

Whitney

Corp.

2,755

JPMorgan

Chase

Co.

2,161

681,644

Popular,

Inc.

7,748

Synovus

Financial

Corp.

128

6,282

UMB

Financial

Corp.

(b)

8,048

United

Bankshares,

Inc.

1,302

Zions

Bancorp

135

7,638

1,091,312

Beverages

(

)

Coca-Cola

Co.

(The)

3,636

241,140

PepsiCo,

Inc.

1,278

179,482

420,622

Biotechnology

(

)

Alkermes

plc

(a)(b)

144

4,320

Amgen,

Inc.

504

142,229

Insmed,

Inc.

(a)

165

23,762

Neurocrine

Biosciences,

Inc.

(a)

12,634

Revolution

Medicines,

Inc.

(a)

1,728

United

Therapeutics

Corp.

(a)

17,188

Vertex

Pharmaceuticals,

Inc.

(a)

240

93,993

295,854

Broadline

Retail

(

)

Amazon.com,

Inc.

(a)

3,006

660,027

eBay,

Inc.

427

38,836

Etsy,

Inc.

(a)

5,909

704,772

Building

Products

(

)

AAON,

Inc.

1,775

Allegion

plc

9,399

Johnson

Controls

International

plc

(b)

228

25,069

Simpson

Manufacturing

Co.,

Inc.

7,368

Trane

Technologies

plc

208

87,768

131,379

Capital

Markets

(

)

Ameriprise

Financial,

Inc.

23,580

Cboe

Global

Markets,

Inc.

24,034

Value

CME

Group,

Inc.

336

90,784

FactSet

Research

Systems,

Inc.

10,027

Hamilton

Lane,

Inc.,

Class

2,291

Intercontinental

Exchange,

Inc.

133

22,408

Invesco

Ltd.

280

6,423

KKR

Co.,

Inc.

357

46,392

LPL

Financial

Holdings,

Inc.

6,654

MarketAxess

Holdings,

Inc.

3,485

Moody's

Corp.

146

69,566

MSCI,

Inc.,

Class

39,719

Nasdaq,

Inc.

426

37,680

Raymond

James

Financial,

Inc.

150

25,890

S&P

Global,

Inc.

286

139,199

Tradeweb

Markets,

Inc.,

Class

107

11,875

560,007

Chemicals

(

)

Eastman

Chemical

Co.

3,027

Ecolab,

Inc.

101

27,660

International

Flavors

Fragrances,

Inc.

137

8,431

Mosaic

Co.

(The)

196

6,797

45,915

Commercial

Services

Supplies

(

)

(c)

Tetra

Tech,

Inc.

240

8,011

Communications

Equipment

(

)

Cisco

Systems,

Inc.

3,701

253,223

Motorola

Solutions,

Inc.

156

71,337

324,560

Construction

Engineering

(

)

Comfort

Systems

USA,

Inc.

23,105

Quanta

Services,

Inc.

40,613

63,718

Consumer

Finance

(

)

Ally

Financial,

Inc.

257

10,074

American

Express

Co.

514

170,730

Capital

One

Financial

Corp.

594

126,273

SLM

Corp.

187

5,176

SoFi

Technologies,

Inc.

(a)

1,109

29,300

Synchrony

Financial

347

24,654

366,207

Consumer

Staples

Distribution

Retail

(

)

(c)

Albertsons

Cos.,

Inc.,

Class

1,558

Containers

Packaging

(

)

Amcor

plc

908

7,427

Ball

Corp.

127

6,403

Crown

Holdings,

Inc.

3,864

Smurfit

WestRock

plc

122

5,194

22,888

Diversified

Consumer

Services

(

)

Duolingo,

Inc.,

Class

(a)

10,943

H&R

Block,

Inc.

3,590

14,533

Diversified

REITs

(

)

(c)

Carey,

Inc.

101

6,825

Diversified

Telecommunication

Services

(

)

AT&T,

Inc.

1,665

47,019

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Diversified

Telecommunication

Services

(cont’d)

Verizon

Communications,

Inc.

3,947

173,471

220,490

Electric

Utilities

(

)

Constellation

Energy

Corp.

292

96,088

Eversource

Energy

164

11,667

Exelon

Corp.

945

42,535

NextEra

Energy,

Inc.

1,014

76,547

Portland

General

Electric

Co.

2,508

229,345

Electrical

Equipment

(

)

Vernova,

Inc.

255

156,799

Electronic

Equipment,

Instruments

Components

(

)

Amphenol

Corp.,

Class

479

59,276

CDW

Corp.

122

19,432

Itron,

Inc.

(a)

4,484

Jabil,

Inc.

6,515

Keysight

Technologies,

Inc.

(a)

160

27,987

Connectivity

plc

277

60,810

Trimble,

Inc.

(a)

221

18,045

196,549

Energy

Equipment

Services

(

)

Baker

Hughes

Co.,

Class

919

44,774

Entertainment

(

)

Electronic

Arts,

Inc.

211

42,559

Netflix,

Inc.

(a)

396

474,772

517,331

Financial

Services

(

)

Affirm

Holdings,

Inc.,

Class

(a)

255

18,635

Equitable

Holdings,

Inc.

171

8,683

Mastercard,

Inc.,

Class

769

437,415

MGIC

Investment

Corp.

210

5,958

PayPal

Holdings,

Inc.

(a)

892

59,818

Toast,

Inc.,

Class

(a)

433

15,809

Visa,

Inc.,

Class

1,589

542,453

1,088,771

Food

Products

(

)

Campbell's

Co.

(The)

(b)

176

5,558

General

Mills,

Inc.

496

25,008

Hershey

Co.

(The)

12,533

J.M.

Smucker

Co.

(The)

5,104

Mondelez

International,

Inc.,

Class

644

40,231

88,434

Gas

Utilities

(

)

(c)

Southwest

Gas

Holdings,

Inc.

5,405

UGI

Corp.

1,497

6,902

Health

Care

Equipment

Supplies

(

)

Boston

Scientific

Corp.

(a)

1,379

134,632

HealthCare

Technologies,

Inc.

427

32,068

Glaukos

Corp.

(a)

4,077

Hologic,

Inc.

(a)

204

13,768

Intuitive

Surgical,

Inc.

(a)

334

149,375

Medtronic

plc

476

45,334

ResMed,

Inc.

136

37,227

Value

Stryker

Corp.

336

124,209

540,690

Health

Care

Providers

Services

(

)

Centene

Corp.

(a)

449

16,020

HealthEquity,

Inc.

(a)

6,350

Henry

Schein,

Inc.

(a)

6,305

UnitedHealth

Group,

Inc.

432

149,170

177,845

Health

Care

REITs

(

)

Alexandria

Real

Estate

Equities,

Inc.

158

13,167

Ventas,

Inc.

423

29,606

42,773

Hotel

Resort

REITs

(

)

(c)

Host

Hotels

Resorts,

Inc.

295

5,021

Hotels,

Restaurants

Leisure

(

)

Booking

Holdings,

Inc.

102,586

Hilton

Worldwide

Holdings,

Inc.

215

55,780

Hyatt

Hotels

Corp.,

Class

5,252

Marriott

International,

Inc.,

Class

210

54,692

Texas

Roadhouse,

Inc.,

Class

3,489

Vail

Resorts,

Inc.

1,346

Yum!

Brands,

Inc.

260

39,520

262,665

Household

Durables

(

)

PulteGroup,

Inc.

184

24,312

Taylor

Morrison

Home

Corp.,

Class

(a)

5,743

Toll

Brothers,

Inc.

12,433

TopBuild

Corp.

(a)

9,771

52,259

Household

Products

(

)

Church

Dwight

Co.,

Inc.

226

19,804

Clorox

Co.

(The)

113

13,933

Colgate-Palmolive

Co.

755

60,355

Kimberly-Clark

Corp.

309

38,421

Procter

Gamble

Co.

(The)

2,194

337,108

469,621

Independent

Power

and

Renewable

Electricity

Producers

(

)

(c)

AES

Corp.

(The)

350

4,606

Industrial

REITs

(

)

EastGroup

Properties,

Inc.

7,955

Rexford

Industrial

Realty,

Inc.

217

8,921

STAG

Industrial,

Inc.

(b)

169

5,964

22,840

Insurance

(

)

American

International

Group,

Inc.

227

17,829

Aon

plc,

Class

138

49,208

Axis

Capital

Holdings

Ltd.

6,610

First

American

Financial

Corp.

2,313

Hartford

Insurance

Group,

Inc.

(The)

263

35,081

Primerica,

Inc.

8,328

Principal

Financial

Group,

Inc.

205

16,996

Progressive

Corp.

(The)

548

135,329

Prudential

Financial,

Inc.

328

34,027

Travelers

Cos.,

Inc.

(The)

188

52,493

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Insurance

(cont’d)

Unum

Group

7,389

365,603

Interactive

Media

Services

(

)

Alphabet,

Inc.,

Class

5,312

1,291,347

Pinterest,

Inc.,

Class

(a)

552

17,758

1,309,105

Services

(

)

Akamai

Technologies,

Inc.

(a)

130

9,849

Cognizant

Technology

Solutions

Corp.,

Class

138

9,256

GoDaddy,

Inc.,

Class

(a)

128

17,514

International

Business

Machines

Corp.

872

246,043

Twilio,

Inc.,

Class

(a)

119

11,911

VeriSign,

Inc.

22,086

316,659

Life

Sciences

Tools

Services

(

)

Bio-Rad

Laboratories,

Inc.,

Class

(a)

1,963

Bio-Techne

Corp.

3,226

Thermo

Fisher

Scientific,

Inc.

108

52,382

Waters

Corp.

(a)

5,397

62,968

Machinery

(

)

AGCO

Corp.

2,142

Cummins,

Inc.

128

54,063

Deere

Co.

235

107,456

IDEX

Corp.

11,393

JBT

Marel

Corp.

7,584

Otis

Worldwide

Corp.

159

14,537

Parker-Hannifin

Corp.

(b)

25,777

Toro

Co.

(The)

6,782

Westinghouse

Air

Brake

Technologies

Corp.

11,427

241,161

Media

(

)

Comcast

Corp.,

Class

3,423

107,551

Interpublic

Group

Cos.,

Inc.

(The)

134

3,740

New

York

Times

Co.

(The),

Class

148

8,495

Omnicom

Group,

Inc.

5,299

Paramount

Skydance

Corp.,

Class

(b)

291

5,506

130,591

Metals

Mining

(

)

Steel

Dynamics,

Inc.

12,967

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

)

Annaly

Capital

Management,

Inc.

(b)

416

8,407

Rithm

Capital

Corp.

194

2,210

10,617

Multi-Utilities

(

)

CMS

Energy

Corp.

278

20,366

Consolidated

Edison,

Inc.

336

33,775

Dominion

Energy,

Inc.

518

31,686

DTE

Energy

Co.

107

15,133

NiSource,

Inc.

4,287

Public

Service

Enterprise

Group,

Inc.

248

20,698

Sempra

611

54,978

180,923

Value

Office

REITs

(

)

(c)

COPT

Defense

Properties

1,453

Cousins

Properties,

Inc.

150

4,341

5,794

Oil,

Gas

Consumable

Fuels

(

)

Occidental

Petroleum

Corp.

629

29,720

Passenger

Airlines

(

)

Delta

Air

Lines,

Inc.

609

34,561

Personal

Care

Products

(

)

(c)

elf

Beauty,

Inc.

(a)

6,889

Pharmaceuticals

(

)

Bristol-Myers

Squibb

Co.

1,903

85,825

Elanco

Animal

Health,

Inc.

(a)(b)

230

4,632

Eli

Lilly

Co.

796

607,348

Merck

Co.,

Inc.

2,338

196,228

Zoetis,

Inc.,

Class

414

60,577

954,610

Professional

Services

(

)

Booz

Allen

Hamilton

Holding

Corp.,

Class

113

11,294

Broadridge

Financial

Solutions,

Inc.

109

25,961

Dayforce,

Inc.

(a)

141

9,713

Genpact

Ltd.

(b)

149

6,242

Parsons

Corp.

(a)

4,146

Paycom

Software,

Inc.

2,914

Science

Applications

International

Corp.

4,074

64,344

Residential

REITs

(

)

AvalonBay

Communities,

Inc.

(b)

15,647

Camden

Property

Trust

10,358

Essex

Property

Trust,

Inc.

9,100

35,105

Retail

REITs

(

)

Federal

Realty

Investment

Trust

8,004

NNN

REIT,

Inc.

3,789

Realty

Income

Corp.

855

51,975

Regency

Centers

Corp.

167

12,174

75,942

Semiconductors

Semiconductor

Equipment

(

)

Allegro

MicroSystems,

Inc.

(a)

110

3,212

Analog

Devices,

Inc.

330

81,081

Applied

Materials,

Inc.

745

152,531

Cirrus

Logic,

Inc.

(a)

4,761

Entegris,

Inc.

7,119

First

Solar,

Inc.

(a)

10,365

Intel

Corp.

4,081

136,918

KLA

Corp.

124

133,746

Lam

Research

Corp.

1,181

158,136

Lattice

Semiconductor

Corp.

(a)(b)

125

9,165

Monolithic

Power

Systems,

Inc.

10,127

NVIDIA

Corp.

9,735

1,816,356

Teradyne,

Inc.

148

20,371

Texas

Instruments,

Inc.

850

156,171

Universal

Display

Corp.

5,171

2,705,230

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Software

(

)

ACI

Worldwide,

Inc.

(a)

4,591

Adobe,

Inc.

(a)

396

139,689

Autodesk,

Inc.

(a)

199

63,216

Box,

Inc.,

Class

(a)(b)

123

3,969

CommVault

Systems,

Inc.

(a)

7,740

Confluent,

Inc.,

Class

(a)

268

5,306

Datadog,

Inc.,

Class

(a)

294

41,866

Dropbox,

Inc.,

Class

(a)(b)

189

5,710

Dynatrace,

Inc.

(a)

247

11,967

Elastic

(a)

7,351

Gen

Digital,

Inc.

516

14,649

Intuit,

Inc.

255

174,142

Microsoft

Corp.

3,124

1,618,076

Nutanix,

Inc.,

Class

(a)

209

15,548

Palo

Alto

Networks,

Inc.

(a)

620

126,244

PTC,

Inc.

(a)

112

22,738

Holdings,

Inc.

(a)(b)

2,099

Salesforce,

Inc.

869

205,953

SentinelOne,

Inc.,

Class

(a)

323

5,688

ServiceNow,

Inc.

(a)

194

178,534

SPS

Commerce,

Inc.

(a)

3,020

Synopsys,

Inc.

(a)

143

70,555

Workday,

Inc.,

Class

(a)

201

48,387

2,777,038

Specialized

REITs

(

)

American

Tower

Corp.

178

34,233

Digital

Realty

Trust,

Inc.

319

55,149

Extra

Space

Storage,

Inc.

196

27,624

117,006

Specialty

Retail

(

)

Bath

Body

Works,

Inc.

104

2,679

TJX

Cos.,

Inc.

(The)

403

58,250

60,929

Technology

Hardware,

Storage

Peripherals

(

)

Apple,

Inc.

6,444

1,640,837

Dell

Technologies,

Inc.,

Class

290

41,113

Hewlett

Packard

Enterprise

Co.

1,230

30,209

HP,

Inc.

868

23,635

NetApp,

Inc.

185

21,915

Seagate

Technology

Holdings

plc

22,898

1,780,607

Textiles,

Apparel

Luxury

Goods

(

)

Deckers

Outdoor

Corp.

(a)

135

13,685

Lululemon

Athletica,

Inc.

(a)

17,081

Tapestry,

Inc.

194

21,965

Corp.

117

1,688

54,419

Trading

Companies

Distributors

(

)

Core

Main,

Inc.,

Class

(a)(b)

177

9,528

United

Rentals,

Inc.

57,280

Watsco,

Inc.

6,064

WESCO

International,

Inc.

4,019

76,891

Value

Water

Utilities

(

)

American

Water

Works

Co.,

Inc.

12,666

Total

Common

Stocks

(Cost

$18,303,555)

19,754,593

Short-Term

Investments

(0.5%)

Investment

Company

(0.2%

)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$43,038)

43,038

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(0.3%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$55,905)

55,905

Total

Short-Term

Investments

(Cost

$98,943)

98,943

–

Total

Investments

(

100

)

(Cost

18,402,498

)

including

126,670

Securities

Loaned

(d)

19,853,536

Liabilities

Excess

Other

Assets

(

-0.2%

)

(48,121)

NET

ASSETS

(100.0%)

19,805,415

(a)

Non-income

producing

security.

(b)

All

portion

this

security

was

loan

September

30,

2025.

(c)

Amount

less

than

0.05%.

(d)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$18,404,735.

The

aggregate

gross

unrealized

appreciation

$1,996,235

and

the

aggregate

gross

unrealized

depreciation

$547,434,

resulting

net

unrealized

appreciation

$1,448,801.

REIT

Real

Estate

Investment

Trust

Sector

Classification

Portfolio

Classification

Percentage

Total

Investments

Information

Technology

Financials

Communication

Services

Health

Care

Other**

Consumer

Discretionary

Consumer

Staples

Total

Investments

100

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Sectors

representing

less

than

total

investments.

Annual

Report

—

September

30,

2025

Portfolio

Investments

Calvert

Mid-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Common

Stocks

(99.6%)

Aerospace

Defense

(

)

ATI,

Inc.

(a)

1,635

132,991

Curtiss-Wright

Corp.

316

171,569

HEICO

Corp.

848

273,752

Loar

Holdings,

Inc.

(a)

229

18,320

Moog,

Inc.,

Class

233

48,387

Woodward,

Inc.

475

120,037

765,056

Air

Freight

Logistics

(

)

Robinson

Worldwide,

Inc.

1,113

147,361

Expeditors

International

Washington,

Inc.

1,281

157,038

GXO

Logistics,

Inc.

(a)

1,158

61,247

365,646

Automobile

Components

(

)

Aptiv

plc

(a)

2,044

176,234

Autoliv,

Inc.

684

84,474

BorgWarner,

Inc.

2,038

89,590

Lear

Corp.

503

50,607

Modine

Manufacturing

Co.

(a)

490

69,658

470,563

Automobiles

(

)

Ford

Motor

Co.

(b)

30,089

359,864

General

Motors

Co.

7,122

434,228

Rivian

Automotive,

Inc.,

Class

(a)

7,198

105,667

899,759

Banks

(

)

Bank

OZK

843

42,976

BOK

Financial

Corp.

166

18,499

Cadence

Bank

1,347

50,566

Citizens

Financial

Group,

Inc.

3,180

169,049

Columbia

Banking

System,

Inc.

1,547

39,820

Comerica,

Inc.

947

64,889

Commerce

Bancshares,

Inc.

962

57,489

Cullen/Frost

Bankers,

Inc.

(b)

441

55,906

East

West

Bancorp,

Inc.

1,015

108,047

Fifth

Third

Bancorp

(b)

4,893

217,983

First

Citizens

BancShares,

Inc.,

Class

123,452

First

Financial

Bankshares,

Inc.

1,026

34,525

First

Horizon

Corp.

3,729

84,313

Flagstar

Financial,

Inc.

2,319

26,785

FNB

Corp.

2,631

42,385

Glacier

Bancorp,

Inc.

876

42,635

Hancock

Whitney

Corp.

622

38,943

Home

BancShares,

Inc.

1,377

38,969

Huntington

Bancshares,

Inc.

10,774

186,067

KeyCorp

7,016

131,129

M&T

Bank

Corp.

1,157

228,646

Old

National

Bancorp

2,575

56,521

Pinnacle

Financial

Partners,

Inc.

567

53,179

Popular,

Inc.

492

62,489

Regions

Financial

Corp.

(b)

6,612

174,358

SouthState

Bank

Corp.

744

73,559

Synovus

Financial

Corp.

1,021

50,111

Truist

Financial

Corp.

9,542

436,260

UMB

Financial

Corp.

(b)

541

64,027

United

Bankshares,

Inc.

1,028

38,252

Valley

National

Bancorp

3,590

38,054

Value

Webster

Financial

Corp.

1,226

72,874

Western

Alliance

Bancorp

(b)

780

67,642

Wintrust

Financial

Corp.

491

65,028

Zions

Bancorp

1,080

61,106

3,116,533

Beverages

(

)

Celsius

Holdings,

Inc.

(a)

1,428

82,096

Coca-Cola

Consolidated,

Inc.

474

55,534

Keurig

Pepper,

Inc.

10,356

264,181

Primo

Brands

Corp.,

Class

2,070

45,747

447,558

Biotechnology

(

)

Alkermes

plc

(a)(b)

1,276

38,280

Alnylam

Pharmaceuticals,

Inc.

(a)

940

428,640

Biogen,

Inc.

(a)

1,162

162,773

BioMarin

Pharmaceutical,

Inc.

(a)

1,502

81,348

Exact

Sciences

Corp.

(a)

1,483

81,135

Exelixis,

Inc.

(a)

2,069

85,450

Halozyme

Therapeutics,

Inc.

(a)

919

67,399

Incyte

Corp.

(a)

1,254

106,352

Insmed,

Inc.

(a)

1,415

203,774

Ionis

Pharmaceuticals,

Inc.

(a)

1,255

82,102

Madrigal

Pharmaceuticals,

Inc.

(a)

133

61,002

Moderna,

Inc.

(a)(b)

2,728

70,464

Neurocrine

Biosciences,

Inc.

(a)

766

107,531

Revolution

Medicines,

Inc.

(a)

1,287

60,103

Roivant

Sciences

Ltd.

(a)

3,413

51,639

United

Therapeutics

Corp.

(a)

348

145,885

1,833,877

Broadline

Retail

(

)

eBay,

Inc.

3,365

306,047

Etsy,

Inc.

(a)

723

48,000

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

452

58,037

412,084

Building

Products

(

)

AAON,

Inc.

(b)

567

52,980

Advanced

Drainage

Systems,

Inc.

600

83,220

Allegion

plc

719

127,515

Smith

Corp.

970

71,208

Armstrong

World

Industries,

Inc.

316

61,939

Builders

FirstSource,

Inc.

(a)

794

96,273

Carlisle

Cos.,

Inc.

424

139,479

CSW

Industrials,

Inc.

140

33,985

Fortune

Brands

Innovations,

Inc.

882

47,090

Lennox

International,

Inc.

(b)

268

141,868

Masco

Corp.

1,541

108,471

Owens

Corning

925

130,850

Simpson

Manufacturing

Co.,

Inc.

349

58,444

Trex

Co.,

Inc.

(a)

787

40,664

UFP

Industries,

Inc.

437

40,855

Zurn

Elkay

Water

Solutions

Corp.

1,095

51,498

1,286,339

Capital

Markets

(

)

Affiliated

Managers

Group,

Inc.

205

48,878

Ameriprise

Financial,

Inc.

700

343,875

Blue

Owl

Capital,

Inc.,

Class

(b)

4,437

75,118

Carlyle

Group,

Inc.

(The)

1,909

119,694

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Mid-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Capital

Markets

(cont’d)

Cboe

Global

Markets,

Inc.

776

190,314

Evercore,

Inc.,

Class

268

90,402

FactSet

Research

Systems,

Inc.

389

111,445

Franklin

Resources,

Inc.

(b)

2,070

47,879

Hamilton

Lane,

Inc.,

Class

411

55,399

Houlihan

Lokey,

Inc.,

Class

404

82,949

Invesco

Ltd.

3,288

75,427

Janus

Henderson

Group

plc

932

41,483

Jefferies

Financial

Group,

Inc.

1,220

79,812

LPL

Financial

Holdings,

Inc.

584

194,291

MarketAxess

Holdings,

Inc.

377

65,692

Morningstar,

Inc.

257

59,627

MSCI,

Inc.,

Class

585

331,935

Nasdaq,

Inc.

3,375

298,519

Northern

Trust

Corp.

1,415

190,459

PJT

Partners,

Inc.,

Class

167

29,681

Raymond

James

Financial,

Inc.

1,335

230,421

SEI

Investments

Co.

758

64,316

State

Street

Corp.

2,098

243,389

Stifel

Financial

Corp.

737

83,627

Rowe

Price

Group,

Inc.

1,604

164,635

TPG,

Inc.,

Class

970

55,727

Tradeweb

Markets,

Inc.,

Class

862

95,665

Virtu

Financial,

Inc.,

Class

594

21,087

3,491,746

Chemicals

(

)

Axalta

Coating

Systems

Ltd.

(a)

1,811

51,831

Balchem

Corp.

272

40,816

Celanese

Corp.,

Class

916

38,545

Eastman

Chemical

Co.

958

60,402

Element

Solutions,

Inc.

(b)

1,896

47,722

FMC

Corp.

(b)

1,042

35,043

International

Flavors

Fragrances,

Inc.

2,119

130,403

Mosaic

Co.

(The)

2,657

92,145

PPG

Industries,

Inc.

1,894

199,079

RPM

International,

Inc.

1,065

125,542

821,528

Commercial

Services

Supplies

(

)

Casella

Waste

Systems,

Inc.,

Class

(a)

516

48,958

Clean

Harbors,

Inc.

(a)

422

97,997

Copart,

Inc.

(a)

6,898

310,203

MSA

Safety,

Inc.

309

53,170

Tetra

Tech,

Inc.

2,171

72,468

Veralto

Corp.

2,055

219,083

801,879

Communications

Equipment

(

)

Ciena

Corp.

(a)

1,159

168,832

F5,

Inc.

(a)

476

153,838

Lumentum

Holdings,

Inc.

(a)(b)

565

91,931

414,601

Construction

Engineering

(

)

AECOM

1,095

142,865

API

Group

Corp.

(a)

3,092

106,272

Comfort

Systems

USA,

Inc.

289

238,477

Construction

Partners,

Inc.,

Class

(a)(b)

385

48,895

Dycom

Industries,

Inc.

(a)

237

69,147

EMCOR

Group,

Inc.

367

238,381

Value

IES

Holdings,

Inc.

(a)(b)

29,426

MasTec,

Inc.

(a)

501

106,618

Quanta

Services,

Inc.

1,094

453,375

Sterling

Infrastructure,

Inc.

(a)(b)

244

82,882

Valmont

Industries,

Inc.

164

63,588

WillScot

Holdings

Corp.

1,469

31,011

1,610,937

Construction

Materials

(

)

Knife

River

Corp.

(a)

1,088

83,634

Vulcan

Materials

Co.

1,051

323,309

406,943

Consumer

Finance

(

)

Ally

Financial,

Inc.

2,048

80,281

Credit

Acceptance

Corp.

(a)(b)

22,413

FirstCash

Holdings,

Inc.

291

46,100

OneMain

Holdings,

Inc.

(b)

880

49,685

SLM

Corp.

1,531

42,378

SoFi

Technologies,

Inc.

(a)

8,811

232,787

Synchrony

Financial

(b)

2,754

195,672

669,316

Consumer

Staples

Distribution

Retail

(

)

Albertsons

Cos.,

Inc.,

Class

3,285

57,520

BJ's

Wholesale

Club

Holdings,

Inc.

(a)(b)

966

90,080

Casey's

General

Stores,

Inc.

302

170,727

Dollar

General

Corp.

1,620

167,427

Dollar

Tree,

Inc.

(a)

1,504

141,932

Kroger

Co.

(The)

5,091

343,184

Maplebear,

Inc.

(a)

1,403

51,574

Performance

Food

Group

Co.

(a)(b)

1,253

130,362

Sprouts

Farmers

Market,

Inc.

(a)

794

86,387

Sysco

Corp.

3,803

313,139

Target

Corp.

3,347

300,226

U.S.

Foods

Holding

Corp.

(a)

1,825

139,832

1,992,390

Containers

Packaging

(

)

Amcor

plc

19,315

157,997

AptarGroup,

Inc.

549

73,379

Avery

Dennison

Corp.

649

105,248

Ball

Corp.

2,283

115,109

Crown

Holdings,

Inc.

970

93,692

Graphic

Packaging

Holding

Co.

(b)

2,453

48,005

International

Paper

Co.

4,394

203,882

Packaging

Corp.

America

739

161,050

Sealed

Air

Corp.

(b)

1,220

43,127

Silgan

Holdings,

Inc.

(b)

743

31,957

Smurfit

WestRock

plc

4,366

185,861

1,219,307

Distributors

(

)

Genuine

Parts

Co.

1,023

141,788

LKQ

Corp.

1,887

57,629

Pool

Corp.

268

83,099

282,516

Diversified

Consumer

Services

(

)

ADT,

Inc.

4,203

36,608

Adtalem

Global

Education,

Inc.

(a)

361

55,756

Bright

Horizons

Family

Solutions,

Inc.

(a)

581

63,079

Duolingo,

Inc.,

Class

(a)

401

129,058

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Mid-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Diversified

Consumer

Services

(cont’d)

H&R

Block,

Inc.

1,364

68,978

Service

Corp.

International

1,406

117,007

Stride,

Inc.

(a)

436

64,938

535,424

Diversified

REITs

(

)

Essential

Properties

Realty

Trust,

Inc.

(b)

1,636

48,687

Carey,

Inc.

1,796

121,356

170,043

Electric

Utilities

(

)

Alliant

Energy

Corp.

2,129

143,516

Evergy,

Inc.

1,885

143,298

Eversource

Energy

3,074

218,684

Exelon

Corp.

7,844

353,058

IDACORP,

Inc.

447

59,071

NRG

Energy,

Inc.

1,590

257,501

Portland

General

Electric

Co.

(b)

905

39,820

TXNM

Energy,

Inc.

760

42,978

Xcel

Energy,

Inc.

4,612

371,958

1,629,884

Electrical

Equipment

(

)

Acuity,

Inc.

257

88,508

AMETEK,

Inc.

1,799

338,212

Hubbell,

Inc.,

Class

445

191,488

NEXTracker,

Inc.,

Class

(a)

1,222

90,416

nVent

Electric

plc

1,335

131,684

Regal

Rexnord

Corp.

554

79,466

Rockwell

Automation,

Inc.

894

312,480

Vertiv

Holdings

Co.,

Class

2,874

433,572

1,665,826

Electronic

Equipment,

Instruments

Components

(

)

Arrow

Electronics,

Inc.

(a)

379

45,859

Badger

Meter,

Inc.

247

44,109

CDW

Corp.

1,090

173,615

Cognex

Corp.

1,408

63,782

Coherent

Corp.

(a)

1,287

138,636

Corning,

Inc.

5,920

485,618

Flex

Ltd.

(a)

3,109

180,229

Itron,

Inc.

(a)

380

47,333

Jabil,

Inc.

873

189,589

Keysight

Technologies,

Inc.

(a)

1,433

250,660

Littelfuse,

Inc.

206

53,356

Ralliant

Corp.

946

41,369

SYNNEX

Corp.

570

93,338

Connectivity

plc

2,185

479,673

Teledyne

Technologies,

Inc.

(a)

391

229,142

Trimble,

Inc.

(a)

1,993

162,728

Vontier

Corp.

1,217

51,077

Zebra

Technologies

Corp.,

Class

(a)

420

124,807

2,854,920

Energy

Equipment

Services

(

)

Baker

Hughes

Co.,

Class

7,636

372,026

Entertainment

(

)

Electronic

Arts,

Inc.

1,797

362,455

Liberty

Media

Corp-Liberty

Formula

One,

Class

(a)

2,292

218,244

Roku,

Inc.,

Class

(a)

1,078

107,940

Value

Take-Two

Interactive

Software,

Inc.

(a)

1,346

347,752

Warner

Bros

Discovery,

Inc.

(a)

20,532

400,990

Warner

Music

Group

Corp.,

Class

1,477

50,307

1,487,688

Financial

Services

(

)

Affirm

Holdings,

Inc.,

Class

(a)

2,266

165,599

Corpay,

Inc.

(a)

567

163,330

Equitable

Holdings,

Inc.

2,216

112,529

Essent

Group

Ltd.

708

45,001

Euronet

Worldwide,

Inc.

(a)

321

28,187

Fidelity

National

Information

Services,

Inc.

4,201

277,014

Jack

Henry

Associates,

Inc.

604

89,954

Jackson

Financial,

Inc.,

Class

507

51,324

MGIC

Investment

Corp.

1,685

47,803

Cooper

Group,

Inc.

466

98,228

PennyMac

Financial

Services,

Inc.

(b)

215

26,634

Shift4

Payments,

Inc.,

Class

(a)(b)

548

42,415

Toast,

Inc.,

Class

(a)

3,849

140,527

Voya

Financial,

Inc.

715

53,482

1,342,027

Food

Products

(

)

Bunge

Global

(b)

1,082

87,913

Campbell's

Co.

(The)

(b)

1,563

49,360

Conagra

Brands,

Inc.

3,873

70,915

Darling

Ingredients,

Inc.

(a)

1,277

39,421

General

Mills,

Inc.

4,348

219,226

Hershey

Co.

(The)

1,186

221,841

Hormel

Foods

Corp.

2,369

58,609

Ingredion,

Inc.

(b)

520

63,497

J.M.

Smucker

Co.

(The)

850

92,310

Kellanova

2,263

185,611

Kraft

Heinz

Co.

(The)

(b)

6,955

181,108

Lamb

Weston

Holdings,

Inc.

1,127

65,456

McCormick

Co.,

Inc.

(Non-Voting)

2,162

144,659

Pilgrim's

Pride

Corp.

338

13,763

Post

Holdings,

Inc.

(a)(b)

391

42,025

1,535,714

Gas

Utilities

(

)

Southwest

Gas

Holdings,

Inc.

532

41,677

UGI

Corp.

1,783

59,302

100,979

Ground

Transportation

(

)

Hunt

Transport

Services,

Inc.

740

99,286

Knight-Swift

Transportation

Holdings,

Inc.,

Class

1,492

58,949

Landstar

System,

Inc.

327

40,077

Lyft,

Inc.,

Class

(a)

3,075

67,681

Old

Dominion

Freight

Line,

Inc.

1,557

219,194

Ryder

System,

Inc.

376

70,928

Saia,

Inc.

(a)

252

75,439

XPO,

Inc.

(a)

1,085

140,258

771,812

Health

Care

Equipment

Supplies

(

)

Align

Technology,

Inc.

(a)

539

67,494

Baxter

International,

Inc.

4,045

92,105

Becton

Dickinson

Co.

2,147

401,854

Cooper

Cos.,

Inc.

(The)

(a)

1,568

107,502

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Mid-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Health

Care

Equipment

Supplies

(cont’d)

Dexcom,

Inc.

(a)

3,070

206,580

Edwards

Lifesciences

Corp.

(a)

4,426

344,210

HealthCare

Technologies,

Inc.

3,614

271,411

Glaukos

Corp.

(a)

439

35,800

Globus

Medical,

Inc.,

Class

(a)

888

50,856

Hologic,

Inc.

(a)

1,750

118,107

IDEXX

Laboratories,

Inc.

(a)

601

383,973

Insulet

Corp.

(a)

556

171,654

Merit

Medical

Systems,

Inc.

(a)

459

38,203

Penumbra,

Inc.

(a)

300

75,996

ResMed,

Inc.

1,151

315,063

STERIS

plc

779

192,756

Teleflex,

Inc.

349

42,704

Zimmer

Biomet

Holdings,

Inc.

1,571

154,743

3,071,011

Health

Care

Providers

Services

(

)

Centene

Corp.

(a)

3,849

137,332

Chemed

Corp.

114

51,042

CorVel

Corp.

(a)

214

16,568

DaVita,

Inc.

(a)(b)

303

40,260

Encompass

Health

Corp.

788

100,092

Ensign

Group,

Inc.

(The)

442

76,364

Guardant

Health,

Inc.

(a)

941

58,794

HealthEquity,

Inc.

(a)

703

66,623

Henry

Schein,

Inc.

(a)

827

54,888

Humana,

Inc.

953

247,942

Labcorp

Holdings,

Inc.

658

188,886

Molina

Healthcare,

Inc.

(a)

426

81,519

Option

Care

Health,

Inc.

(a)

1,274

35,366

Quest

Diagnostics,

Inc.

884

168,473

1,324,149

Health

Care

REITs

(

)

Alexandria

Real

Estate

Equities,

Inc.

1,420

118,342

American

Healthcare

REIT,

Inc.

1,385

58,184

CareTrust

REIT,

Inc.

(b)

1,843

63,915

Healthcare

Realty

Trust,

Inc.,

Class

2,896

52,215

Healthpeak

Properties,

Inc.

5,752

110,151

Omega

Healthcare

Investors,

Inc.

2,445

103,228

506,035

Health

Care

Technology

(

)

Veeva

Systems,

Inc.,

Class

(a)

1,181

351,832

Waystar

Holding

Corp.

(a)

752

28,516

380,348

Hotel

Resort

REITs

(

)

Host

Hotels

Resorts,

Inc.

5,633

95,873

Ryman

Hospitality

Properties,

Inc.

(b)

508

45,512

141,385

Hotels,

Restaurants

Leisure

(

)

Aramark

2,131

81,830

Brinker

International,

Inc.

(a)

357

45,225

Cava

Group,

Inc.

(a)(b)

809

48,872

Choice

Hotels

International,

Inc.

(b)

268

28,652

Darden

Restaurants,

Inc.

953

181,413

Domino's

Pizza,

Inc.

276

119,152

Hyatt

Hotels

Corp.,

Class

418

59,327

Life

Time

Group

Holdings,

Inc.

(a)

1,274

35,162

Value

Planet

Fitness,

Inc.,

Class

(a)(b)

863

89,579

Shake

Shack,

Inc.,

Class

(a)

313

29,300

Texas

Roadhouse,

Inc.,

Class

539

89,555

Vail

Resorts,

Inc.

378

56,538

Wingstop,

Inc.

(b)

227

57,131

Wyndham

Hotels

Resorts,

Inc.

770

61,523

Yum!

Brands,

Inc.

2,185

332,120

1,315,379

Household

Durables

(

)

Horton,

Inc.

2,042

346,058

Lennar

Corp.,

Class

1,940

244,518

Mohawk

Industries,

Inc.

(a)

372

47,958

NVR,

Inc.

(a)

184,797

PulteGroup,

Inc.

1,628

215,108

Somnigroup

International,

Inc.

1,491

125,736

Taylor

Morrison

Home

Corp.,

Class

(a)

799

52,742

Toll

Brothers,

Inc.

796

109,959

TopBuild

Corp.

(a)

232

90,679

1,417,555

Household

Products

(

)

Church

Dwight

Co.,

Inc.

1,795

157,296

Clorox

Co.

(The)

901

111,093

Kimberly-Clark

Corp.

2,445

304,011

572,400

Independent

Power

and

Renewable

Electricity

Producers

(

)

AES

Corp.

(The)

5,886

77,460

Brookfield

Renewable

Corp.

1,203

41,407

Clearway

Energy,

Inc.,

Class

792

22,374

141,241

Industrial

REITs

(

)

Americold

Realty

Trust,

Inc.

(b)

2,359

28,874

EastGroup

Properties,

Inc.

439

74,305

First

Industrial

Realty

Trust,

Inc.

1,091

56,154

Lineage,

Inc.

577

22,295

Rexford

Industrial

Realty,

Inc.

1,962

80,658

STAG

Industrial,

Inc.

(b)

1,541

54,382

Terreno

Realty

Corp.

(b)

839

47,613

364,281

Insurance

(

)

American

Financial

Group,

Inc.

531

77,377

American

International

Group,

Inc.

4,106

322,485

Arch

Capital

Group

Ltd.

2,682

243,338

Axis

Capital

Holdings

Ltd.

561

53,744

Brown

Brown,

Inc.

2,415

226,503

Cincinnati

Financial

Corp.

1,141

180,392

Everest

Group

Ltd.

308

107,871

First

American

Financial

Corp.

1,002

64,369

Globe

Life,

Inc.

599

85,639

Hanover

Insurance

Group,

Inc.

(The)

264

47,950

Hartford

Insurance

Group,

Inc.

(The)

2,083

277,851

Kinsale

Capital

Group,

Inc.

164

69,743

Lincoln

National

Corp.

1,395

56,260

Old

Republic

International

Corp.

1,707

72,496

Primerica,

Inc.

240

66,622

Principal

Financial

Group,

Inc.

1,644

136,304

Prudential

Financial,

Inc.

2,611

270,865

Reinsurance

Group

America,

Inc.

490

94,144

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Mid-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Insurance

(cont’d)

RenaissanceRe

Holdings

Ltd.

335

85,067

Ryan

Specialty

Holdings,

Inc.,

Class

806

45,426

Selective

Insurance

Group,

Inc.

449

36,401

Unum

Group

1,254

97,536

Berkley

Corp.

2,207

169,100

Willis

Towers

Watson

plc

722

249,415

3,136,898

Interactive

Media

Services

(

)

Pinterest,

Inc.,

Class

(a)

4,956

159,434

Reddit,

Inc.,

Class

(a)

994

228,610

Snap,

Inc.,

Class

(a)

9,101

70,169

458,213

Services

(

)

Akamai

Technologies,

Inc.

(a)

1,173

88,866

Amdocs

Ltd.

923

75,732

Cognizant

Technology

Solutions

Corp.,

Class

3,945

264,591

EPAM

Systems,

Inc.

(a)

448

67,554

Gartner,

Inc.

(a)

707

185,849

GoDaddy,

Inc.,

Class

(a)

1,148

157,081

Kyndryl

Holdings,

Inc.

(a)

1,890

56,757

MongoDB,

Inc.,

Class

(a)

652

202,368

Twilio,

Inc.,

Class

(a)

1,221

122,210

VeriSign,

Inc.

702

196,258

1,417,266

Leisure

Products

(

)

Hasbro,

Inc.

974

73,878

Mattel,

Inc.

(a)

2,362

39,752

113,630

Life

Sciences

Tools

Services

(

)

Agilent

Technologies,

Inc.

2,240

287,504

Avantor,

Inc.

(a)

5,265

65,707

Bio-Rad

Laboratories,

Inc.,

Class

(a)

148

41,498

Bio-Techne

Corp.

1,221

67,924

Bruker

Corp.

818

26,577

Charles

River

Laboratories

International,

Inc.

(a)

387

60,550

Illumina,

Inc.

(a)

1,187

112,729

IQVIA

Holdings,

Inc.

(a)

1,338

254,140

Medpace

Holdings,

Inc.

(a)

181

93,063

Mettler-Toledo

International,

Inc.

(a)

163

200,100

PerkinElmer,

Inc.

918

80,463

Repligen

Corp.

(a)

422

56,409

Waters

Corp.

(a)

472

141,510

West

Pharmaceutical

Services,

Inc.

568

149,004

1,637,178

Machinery

(

)

AGCO

Corp.

521

55,783

Allison

Transmission

Holdings,

Inc.

698

59,246

Chart

Industries,

Inc.

(a)

376

75,256

CNH

Industrial

7,358

79,834

Cummins,

Inc.

1,025

432,929

Donaldson

Co.,

Inc.

974

79,722

Dover

Corp.

1,147

191,354

Esab

Corp.

477

53,300

ESCO

Technologies,

Inc.

216

45,600

Federal

Signal

Corp.

498

59,257

Flowserve

Corp.

1,093

58,082

Value

Fortive

Corp.

2,832

138,740

Gates

Industrial

Corp.

plc

(a)

2,125

52,742

Graco,

Inc.

1,379

117,160

IDEX

Corp.

632

102,864

Ingersoll

Rand,

Inc.

3,295

272,233

ITT,

Inc.

652

116,552

JBT

Marel

Corp.

430

60,393

Lincoln

Electric

Holdings,

Inc.

454

107,067

Middleby

Corp.

(The)

(a)

420

55,831

Mueller

Industries,

Inc.

907

91,707

Nordson

Corp.

429

97,362

Oshkosh

Corp.

534

69,260

Otis

Worldwide

Corp.

3,205

293,033

PACCAR,

Inc.

3,906

384,038

Pentair

plc

1,370

151,741

RBC

Bearings,

Inc.

(a)

260

101,475

Snap-on,

Inc.

434

150,394

SPX

Technologies,

Inc.

(a)

379

70,790

Stanley

Black

Decker,

Inc.

1,298

96,480

Timken

Co.

(The)

(b)

528

39,695

Toro

Co.

(The)

819

62,408

Watts

Water

Technologies,

Inc.,

Class

228

63,676

Westinghouse

Air

Brake

Technologies

Corp.

1,392

279,054

Xylem,

Inc.

1,979

291,903

4,456,961

Media

(

)

Interpublic

Group

Cos.,

Inc.

(The)

3,766

105,109

Liberty

Broadband

Corp.,

Class

(a)

1,088

69,131

New

York

Times

Co.

(The),

Class

1,644

94,366

Nexstar

Media

Group,

Inc.,

Class

(b)

292

57,740

Omnicom

Group,

Inc.

1,976

161,103

Paramount

Skydance

Corp.,

Class

(b)

3,203

60,601

Sirius

Holdings,

Inc.

2,268

52,788

Trade

Desk,

Inc.

(The),

Class

(a)

3,696

181,141

781,979

Metals

Mining

(

)

Carpenter

Technology

Corp.

547

134,310

Commercial

Metals

Co.

1,734

99,324

Nucor

Corp.

1,864

252,441

Reliance,

Inc.

535

150,244

Steel

Dynamics,

Inc.

1,337

186,418

822,737

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

)

AGNC

Investment

Corp.

(b)

7,692

75,304

Annaly

Capital

Management,

Inc.

(b)

4,761

96,220

Rithm

Capital

Corp.

3,925

44,706

Starwood

Property

Trust,

Inc.

(b)

2,562

49,626

265,856

Multi-Utilities

(

)

Ameren

Corp.

(b)

2,237

233,498

CMS

Energy

Corp.

2,470

180,952

Consolidated

Edison,

Inc.

2,915

293,016

Dominion

Energy,

Inc.

6,469

395,709

DTE

Energy

Co.

1,718

242,977

NiSource,

Inc.

3,899

168,826

Public

Service

Enterprise

Group,

Inc.

3,923

327,413

Sempra

4,909

441,712

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Mid-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Multi-Utilities

(cont’d)

WEC

Energy

Group,

Inc.

(b)

2,620

300,226

2,584,329

Office

REITs

(

)

BXP,

Inc.

1,310

97,385

COPT

Defense

Properties

935

27,171

Cousins

Properties,

Inc.

1,383

40,024

Kilroy

Realty

Corp.

(b)

974

41,152

Vornado

Realty

Trust

1,491

60,430

266,162

Oil,

Gas

Consumable

Fuels

(

)

Occidental

Petroleum

Corp.

5,563

262,852

Paper

Forest

Products

(

)

Louisiana-Pacific

Corp.

506

44,953

Passenger

Airlines

(

)

Alaska

Air

Group,

Inc.

(a)

1,090

54,260

American

Airlines

Group,

Inc.

(a)

6,145

69,070

Delta

Air

Lines,

Inc.

5,141

291,752

415,082

Personal

Care

Products

(

)

BellRing

Brands,

Inc.

(a)

919

33,406

elf

Beauty,

Inc.

(a)

407

53,919

Estee

Lauder

Cos.,

Inc.

(The),

Class

1,723

151,831

Kenvue,

Inc.

14,160

229,817

468,973

Pharmaceuticals

(

)

Corcept

Therapeutics,

Inc.

(a)

741

61,585

Elanco

Animal

Health,

Inc.

(a)(b)

3,907

78,687

Jazz

Pharmaceuticals

plc

(a)(b)

459

60,496

Royalty

Pharma

plc,

Class

(b)

2,705

95,432

296,200

Professional

Services

(

)

Amentum

Holdings,

Inc.

(a)

1,336

31,997

Booz

Allen

Hamilton

Holding

Corp.,

Class

1,259

125,837

Broadridge

Financial

Solutions,

Inc.

972

231,501

Dayforce,

Inc.

(a)

1,266

87,215

Equifax,

Inc.

1,031

264,482

ExlService

Holdings,

Inc.

(a)

1,297

57,107

FTI

Consulting,

Inc.

(a)

328

53,021

Genpact

Ltd.

(b)

1,335

55,923

Parsons

Corp.

(a)

439

36,402

Paycom

Software,

Inc.

426

88,668

Paylocity

Holding

Corp.

(a)

370

58,930

Robert

Half,

Inc.

1,016

34,524

Science

Applications

International

Corp.

381

37,860

SS&C

Technologies

Holdings,

Inc.

1,745

154,886

TransUnion

1,906

159,685

Solutions,

Inc.,

Class

638

45,209

Verisk

Analytics,

Inc.,

Class

1,116

280,685

1,803,932

Real

Estate

Management

Development

(

)

CBRE

Group,

Inc.,

Class

(a)

2,265

356,874

CoStar

Group,

Inc.

(a)

3,349

282,555

Jones

Lang

LaSalle,

Inc.

(a)

390

116,329

Value

Zillow

Group,

Inc.,

Class

(a)

1,778

136,995

892,753

Residential

REITs

(

)

AvalonBay

Communities,

Inc.

(b)

1,178

227,554

Camden

Property

Trust

872

93,112

Equity

LifeStyle

Properties,

Inc.

1,569

95,238

Equity

Residential

3,143

203,446

Essex

Property

Trust,

Inc.

532

142,395

Invitation

Homes,

Inc.

5,071

148,733

Mid-America

Apartment

Communities,

Inc.

964

134,700

Sun

Communities,

Inc.

1,027

132,483

UDR,

Inc.

(b)

2,738

102,018

1,279,679

Retail

REITs

(

)

Brixmor

Property

Group,

Inc.

2,523

69,837

Federal

Realty

Investment

Trust

711

72,031

Kimco

Realty

Corp.

5,506

120,306

Kite

Realty

Group

Trust

1,807

40,296

NNN

REIT,

Inc.

(b)

1,554

66,154

Phillips

Edison

Co.,

Inc.

1,037

35,600

Realty

Income

Corp.

(b)

6,879

418,175

Regency

Centers

Corp.

1,497

109,131

931,530

Semiconductors

Semiconductor

Equipment

(

)

Allegro

MicroSystems,

Inc.

(a)

1,028

30,018

Astera

Labs,

Inc.

(a)

1,061

207,744

Cirrus

Logic,

Inc.

(a)

426

53,374

Enphase

Energy,

Inc.

(a)

871

30,825

Entegris,

Inc.

1,258

116,315

First

Solar,

Inc.

(a)

702

154,812

Lattice

Semiconductor

Corp.

(a)(b)

1,123

82,338

Marvell

Technology,

Inc.

6,427

540,318

Microchip

Technology,

Inc.

4,310

276,788

MKS,

Inc.

561

69,435

Monolithic

Power

Systems,

Inc.

367

337,875

Semiconductor

Corp.

(a)

3,395

167,408

Qorvo,

Inc.

(a)

767

69,858

Rambus,

Inc.

(a)

891

92,842

Skyworks

Solutions,

Inc.

1,234

94,993

Teradyne,

Inc.

1,324

182,235

Universal

Display

Corp.

364

52,281

2,559,459

Software

(

)

ACI

Worldwide,

Inc.

(a)

849

44,802

Appfolio,

Inc.,

Class

(a)

183

50,446

Bentley

Systems,

Inc.,

Class

(b)

1,310

67,439

Box,

Inc.,

Class

(a)(b)

1,162

37,498

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

4,811

43,828

Clearwater

Analytics

Holdings,

Inc.,

Class

(a)

2,299

41,428

CommVault

Systems,

Inc.

(a)

365

68,905

Confluent,

Inc.,

Class

(a)

2,390

47,322

Datadog,

Inc.,

Class

(a)

2,449

348,738

Docusign,

Inc.,

Class

(a)

1,669

120,318

Dolby

Laboratories,

Inc.,

Class

504

36,474

Dropbox,

Inc.,

Class

(a)(b)

1,686

50,934

Dynatrace,

Inc.

(a)

2,484

120,350

Elastic

(a)

772

65,226

Fair

Isaac

Corp.

(a)

188

281,348

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Mid-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Software

(cont’d)

Gen

Digital,

Inc.

4,649

131,985

Guidewire

Software,

Inc.

(a)

692

159,063

HubSpot,

Inc.

(a)

422

197,412

Manhattan

Associates,

Inc.

(a)

498

102,080

MARA

Holdings,

Inc.

(a)(b)

3,026

55,255

Nutanix,

Inc.,

Class

(a)

2,178

162,021

PTC,

Inc.

(a)

996

202,208

Holdings,

Inc.

(a)(b)

498

36,050

Qualys,

Inc.

(a)

298

39,434

Samsara,

Inc.,

Class

(a)

2,321

86,457

SentinelOne,

Inc.,

Class

(a)

2,521

44,395

SPS

Commerce,

Inc.

(a)

312

32,492

Tyler

Technologies,

Inc.

(a)

358

187,291

Varonis

Systems,

Inc.,

Class

(a)

890

51,148

Zscaler,

Inc.

(a)

815

244,223

3,156,570

Specialized

REITs

(

)

Crown

Castle,

Inc.

3,388

326,908

CubeSmart

1,877

76,319

Extra

Space

Storage,

Inc.

1,744

245,800

Iron

Mountain,

Inc.

2,444

249,141

Lamar

Advertising

Co.,

Class

715

87,530

National

Storage

Affiliates

Trust

588

17,769

SBA

Communications

Corp.,

Class

881

170,341

Weyerhaeuser

Co.

4,969

123,182

1,296,990

Specialty

Retail

(

)

AutoNation,

Inc.

(a)

207

45,285

Bath

Body

Works,

Inc.

1,505

38,769

Best

Buy

Co.,

Inc.

1,444

109,195

Boot

Barn

Holdings,

Inc.

(a)(b)

224

37,121

Burlington

Stores,

Inc.

(a)

463

117,834

CarMax,

Inc.

(a)

1,103

49,492

Dick's

Sporting

Goods,

Inc.

403

89,555

Five

Below,

Inc.

(a)

398

61,571

Floor

Decor

Holdings,

Inc.,

Class

(a)

782

57,633

GameStop

Corp.,

Class

(a)

3,018

82,331

Gap,

Inc.

(The)

1,770

37,860

Group

Automotive,

Inc.

40,251

Lithia

Motors,

Inc.,

Class

186

58,776

Penske

Automotive

Group,

Inc.

136

23,652

Ross

Stores,

Inc.

2,362

359,945

Tractor

Supply

Co.

4,025

228,902

Ulta

Beauty,

Inc.

(a)

331

180,974

Urban

Outfitters,

Inc.

(a)

412

29,429

Wayfair,

Inc.,

Class

(a)

704

62,888

Williams-Sonoma,

Inc.

(b)

865

169,064

1,880,527

Technology

Hardware,

Storage

Peripherals

(

)

Hewlett

Packard

Enterprise

Co.

10,971

269,448

HP,

Inc.

7,784

211,958

NetApp,

Inc.

1,658

196,407

Pure

Storage,

Inc.,

Class

(a)

2,577

215,978

Sandisk

Corp.

(a)

1,145

128,469

Seagate

Technology

Holdings

plc

1,715

404,843

Super

Micro

Computer,

Inc.

(a)(b)

4,261

204,272

Value

Western

Digital

Corp.

2,866

344,092

1,975,467

Textiles,

Apparel

Luxury

Goods

(

)

Crocs,

Inc.

(a)(b)

390

32,585

Deckers

Outdoor

Corp.

(a)

1,076

109,074

Lululemon

Athletica,

Inc.

(a)

764

135,939

Ralph

Lauren

Corp.,

Class

277

86,856

Tapestry,

Inc.

1,529

173,113

Corp.

2,702

38,990

576,557

Trading

Companies

Distributors

(

)

Air

Lease

Corp.,

Class

873

55,566

Applied

Industrial

Technologies,

Inc.

314

81,970

Core

Main,

Inc.,

Class

(a)(b)

1,591

85,644

Fastenal

Co.

8,458

414,780

Ferguson

Enterprises,

Inc.

1,453

326,315

FTAI

Aviation

Ltd.

847

141,330

GATX

Corp.

(b)

296

51,741

QXO,

Inc.

(a)

5,229

99,665

SiteOne

Landscape

Supply,

Inc.

(a)

325

41,860

United

Rentals,

Inc.

474

452,509

Watsco,

Inc.

297

120,077

WESCO

International,

Inc.

352

74,448

1,945,905

Water

Utilities

(

)

American

Water

Works

Co.,

Inc.

1,674

233,004

Essential

Utilities,

Inc.

2,323

92,688

325,692

Total

Common

Stocks

(Cost

$70,160,358)

79,063,035

Short-Term

Investments

(3.6%)

Investment

Company

(0.3%

)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$191,937)

191,937

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(3.3%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$2,639,576)

2,639,576

Total

Short-Term

Investments

(Cost

$2,831,513)

2,831,513

–

Total

Investments

(

103

)

(Cost

72,991,871

)

including

5,466,501

Securities

Loaned

(c)

81,894,548

Liabilities

Excess

Other

Assets

(

-3.2%

)

(2,567,162)

NET

ASSETS

(100.0%)

79,327,386

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Mid-Cap

Core

Responsible

Index

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

(a)

Non-income

producing

security.

(b)

All

portion

this

security

was

loan

September

30,

2025.

(c)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$73,232,981.

The

aggregate

gross

unrealized

appreciation

$13,138,743

and

the

aggregate

gross

unrealized

depreciation

$4,477,176,

resulting

net

unrealized

appreciation

$8,661,567.

REIT

Real

Estate

Investment

Trust

Sector

Classification

Portfolio

Classification

Percentage

Total

Investments

Industrials

Information

Technology

Financials

Health

Care

Consumer

Discretionary

Other**

Real

Estate

Consumer

Staples

Utilities

Total

Investments

100

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Sectors

representing

less

than

total

investments.

Annual

Report

—

September

30,

2025

Portfolio

Investments

Calvert

Select

Equity

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Common

Stocks

(99.9%)

Aerospace

Defense

(

)

Hexcel

Corp.

119

7,461

Air

Freight

Logistics

(

)

(a)

Expeditors

International

Washington,

Inc.

4,658

Automobile

Components

(

)

(a)

Aptiv

plc

(b)

4,397

Banks

(

)

Citizens

Financial

Group,

Inc.

1,899

100,951

PNC

Financial

Services

Group,

Inc.

(The)

439

88,208

Regions

Financial

Corp.

256

6,751

195,910

Biotechnology

(

)

Alnylam

Pharmaceuticals,

Inc.

(b)

13,224

Amgen,

Inc.

176

49,667

Exact

Sciences

Corp.

(b)

4,432

Gilead

Sciences,

Inc.

366

40,626

Halozyme

Therapeutics,

Inc.

(b)

217

15,915

Neurocrine

Biosciences,

Inc.

(b)

2,386

Regeneron

Pharmaceuticals,

Inc.

33,736

United

Therapeutics

Corp.

(b)

36,891

Vertex

Pharmaceuticals,

Inc.

(b)

213

83,419

280,296

Broadline

Retail

(

)

eBay,

Inc.

1,309

119,054

Etsy,

Inc.

(b)

254

16,863

135,917

Building

Products

(

)

Trane

Technologies

plc

264

111,397

Capital

Markets

(

)

BlackRock,

Inc.

232

270,482

Charles

Schwab

Corp.

(The)

1,398

133,467

Intercontinental

Exchange,

Inc.

112

18,870

Nasdaq,

Inc.

744

65,807

Northern

Trust

Corp.

414

55,724

Raymond

James

Financial,

Inc.

161

27,789

S&P

Global,

Inc.

296

144,066

State

Street

Corp.

408

47,332

763,537

Chemicals

(

)

Ecolab,

Inc.

462

126,523

FMC

Corp.

369

12,409

Linde

plc

33,725

Mosaic

Co.

(The)

1,385

48,032

Sherwin-Williams

Co.

(The)

26,316

247,005

Commercial

Services

Supplies

(

)

Cintas

Corp.

610

125,209

Copart,

Inc.

(b)

778

34,987

Global,

Inc.

354

38,359

Tetra

Tech,

Inc.

408

13,619

212,174

Communications

Equipment

(

)

Cisco

Systems,

Inc.

2,842

194,450

Value

Lumentum

Holdings,

Inc.

(b)

205

33,355

227,805

Construction

Materials

(

)

CRH

plc

795

95,321

Consumer

Finance

(

)

American

Express

Co.

733

243,473

Capital

One

Financial

Corp.

931

197,912

441,385

Consumer

Staples

Distribution

Retail

(

)

Target

Corp.

618

55,434

U.S.

Foods

Holding

Corp.

(b)

403

30,878

86,312

Diversified

Consumer

Services

(

)

Bright

Horizons

Family

Solutions,

Inc.

(b)

238

25,840

Service

Corp.

International

306

25,465

51,305

Electric

Utilities

(

)

Eversource

Energy

6,118

Exelon

Corp.

2,505

112,750

NextEra

Energy,

Inc.

474

35,782

154,650

Electrical

Equipment

(

)

Eaton

Corp.

plc

631

236,152

Emerson

Electric

Co.

997

130,786

Regal

Rexnord

Corp.

5,881

Rockwell

Automation,

Inc.

218

76,198

449,017

Electronic

Equipment,

Instruments

Components

(

)

Flex

Ltd.

(b)

1,172

67,941

Entertainment

(

)

Electronic

Arts,

Inc.

528

106,497

Netflix,

Inc.

(b)

290

347,687

Walt

Disney

Co.

(The)

1,344

153,888

608,072

Financial

Services

(

)

Equitable

Holdings,

Inc.

475

24,120

Mastercard,

Inc.,

Class

388

220,698

PayPal

Holdings,

Inc.

(b)

652

43,723

Rocket

Cos.,

Inc.,

Class

(c)

654

12,675

Visa,

Inc.,

Class

749

255,694

556,910

Food

Products

(

)

Darling

Ingredients,

Inc.

(b)

471

14,540

General

Mills,

Inc.

1,718

86,621

J.M.

Smucker

Co.

(The)

2,606

McCormick

Co.,

Inc.

(Non-Voting)

703

47,038

150,805

Health

Care

Equipment

Supplies

(

)

Abbott

Laboratories

1,658

222,072

Boston

Scientific

Corp.

(b)

1,789

174,660

Edwards

Lifesciences

Corp.

(b)

283

22,009

IDEXX

Laboratories,

Inc.

(b)

62,611

Insulet

Corp.

(b)

167

51,558

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Select

Equity

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Health

Care

Equipment

Supplies

(cont’d)

ResMed,

Inc.

26,826

559,736

Health

Care

Providers

Services

(

)

DaVita,

Inc.

(b)

129

17,140

Humana,

Inc.

144

37,465

54,605

Health

Care

REITs

(

)

Ventas,

Inc.

268

18,757

Health

Care

Technology

(

)

Veeva

Systems,

Inc.,

Class

(b)

161

47,964

Hotels,

Restaurants

Leisure

(

)

Darden

Restaurants,

Inc.

491

93,467

Planet

Fitness,

Inc.,

Class

(b)

275

28,545

Vail

Resorts,

Inc.

165

24,679

146,691

Industrial

REITs

(

)

Prologis,

Inc.

1,353

154,946

Insurance

(

)

Aon

plc,

Class

118

42,076

Hartford

Insurance

Group,

Inc.

(The)

229

30,546

MetLife,

Inc.

1,464

120,590

Progressive

Corp.

(The)

538

132,859

Travelers

Cos.,

Inc.

(The)

12,286

338,357

Services

(

)

Accenture

plc,

Class

675

166,455

Akamai

Technologies,

Inc.

(b)

328

24,849

Twilio,

Inc.,

Class

(b)

405

40,536

VeriSign,

Inc.

122

34,108

265,948

Life

Sciences

Tools

Services

(

)

Danaher

Corp.

149

29,541

Thermo

Fisher

Scientific,

Inc.

134

64,992

94,533

Machinery

(

)

Deere

Co.

245

112,029

Ingersoll

Rand,

Inc.

509

42,054

Parker-Hannifin

Corp.

411

311,600

Pentair

plc

602

66,677

Westinghouse

Air

Brake

Technologies

Corp.

167

33,478

565,838

Media

(

)

Interpublic

Group

Cos.,

Inc.

(The)

1,593

44,461

Omnicom

Group,

Inc.

874

71,257

115,718

Metals

Mining

(

)

Nucor

Corp.

285

38,598

Steel

Dynamics,

Inc.

4,601

43,199

Multi-Utilities

(

)

Consolidated

Edison,

Inc.

731

73,480

Public

Service

Enterprise

Group,

Inc.

1,173

97,899

171,379

Value

Personal

Care

Products

(

)

(a)

Estee

Lauder

Cos.,

Inc.

(The),

Class

4,759

Pharmaceuticals

(

)

Bristol-Myers

Squibb

Co.

765

34,501

Eli

Lilly

Co.

317

241,871

Merck

Co.,

Inc.

1,047

87,875

Pfizer,

Inc.

2,000

50,960

415,207

Professional

Services

(

)

Automatic

Data

Processing,

Inc.

742

217,777

Verisk

Analytics,

Inc.,

Class

15,845

233,622

Real

Estate

Management

Development

(

)

CBRE

Group,

Inc.,

Class

(b)

626

98,633

CoStar

Group,

Inc.

(b)

8,184

Jones

Lang

LaSalle,

Inc.

(b)

155

46,233

153,050

Residential

REITs

(

)

Equity

Residential

527

34,113

Semiconductors

Semiconductor

Equipment

(

)

Advanced

Micro

Devices,

Inc.

(b)

538

87,043

Analog

Devices,

Inc.

23,587

Applied

Materials,

Inc.

418

85,581

First

Solar,

Inc.

(b)

5,072

Intel

Corp.

520

17,446

KLA

Corp.

53,930

Lam

Research

Corp.

785

105,112

Micron

Technology,

Inc.

462

77,302

NVIDIA

Corp.

6,396

1,193,366

QUALCOMM,

Inc.

443

73,697

Texas

Instruments,

Inc.

237

43,544

1,765,680

Software

(

)

Adobe,

Inc.

(b)

140

49,385

Atlassian

Corp.,

Class

(b)

6,069

Autodesk,

Inc.

(b)

307

97,525

Cadence

Design

Systems,

Inc.

(b)

199

69,901

Elastic

(b)

169

14,279

Guidewire

Software,

Inc.

(b)

140

32,180

Intuit,

Inc.

217

148,192

Microsoft

Corp.

2,072

1,073,192

Palo

Alto

Networks,

Inc.

(b)

547

111,380

Salesforce,

Inc.

497

117,789

ServiceNow,

Inc.

(b)

153

140,803

Synopsys,

Inc.

(b)

46,872

Workday,

Inc.,

Class

(b)

16,610

1,924,177

Specialized

REITs

(

)

American

Tower

Corp.

277

53,272

Extra

Space

Storage,

Inc.

537

75,685

128,957

Specialty

Retail

(

)

Best

Buy

Co.,

Inc.

665

50,287

Dick's

Sporting

Goods,

Inc.

132

29,333

Gap,

Inc.

(The)

672

14,374

Home

Depot,

Inc.

(The)

293

118,721

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Calvert

Select

Equity

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Specialty

Retail

(cont’d)

Lithia

Motors,

Inc.,

Class

6,004

Lowe's

Cos.,

Inc.

128

32,168

TJX

Cos.,

Inc.

(The)

534

77,184

Tractor

Supply

Co.

306

17,402

Ulta

Beauty,

Inc.

(b)

100

54,675

Williams-Sonoma,

Inc.

230

44,954

445,102

Technology

Hardware,

Storage

Peripherals

(

)

Apple,

Inc.

3,542

901,899

Dell

Technologies,

Inc.,

Class

280

39,696

Hewlett

Packard

Enterprise

Co.

2,855

70,119

HP,

Inc.

3,316

90,295

1,102,009

Textiles,

Apparel

Luxury

Goods

(

)

Deckers

Outdoor

Corp.

(b)

180

18,246

Lululemon

Athletica,

Inc.

(b)

177

31,494

NIKE,

Inc.,

Class

384

26,776

Ralph

Lauren

Corp.,

Class

171

53,619

Tapestry,

Inc.

696

78,801

208,936

Trading

Companies

Distributors

(

)

Core

Main,

Inc.,

Class

(b)

536

28,853

Ferguson

Enterprises,

Inc.

264

59,289

United

Rentals,

Inc.

117

111,695

WESCO

International,

Inc.

127

26,861

226,698

Water

Utilities

(

)

American

Water

Works

Co.,

Inc.

195

27,142

Total

Common

Stocks

(Cost

$12,625,280)

14,099,398

Short-Term

Investments

(0.2%)

Investment

Company

(0.1%

)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$9,037)

9,037

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(0.1%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$12,875)

12,875

Total

Short-Term

Investments

(Cost

$21,912)

21,912

–

Total

Investments

(

100

)

(Cost

12,647,192

)

including

12,113

Securities

Loaned

(d)

14,121,310

Liabilities

Excess

Other

Assets

(

-0.1%

)

(7,802)

NET

ASSETS

(100.0%)

14,113,508

(a)

Amount

less

than

0.05%.

(b)

Non-income

producing

security.

(c)

All

portion

this

security

was

loan

September

30,

2025.

(d)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$12,652,712.

The

aggregate

gross

unrealized

appreciation

$2,025,779

and

the

aggregate

gross

unrealized

depreciation

$557,182,

resulting

net

unrealized

appreciation

$1,468,597.

REIT

Real

Estate

Investment

Trust

Sector

Classification

Portfolio

Classification

Percentage

Total

Investments

Information

Technology

Financials

Industrials

Other**

Health

Care

Consumer

Discretionary

Communication

Services

Total

Investments

100

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Sectors

representing

less

than

total

investments.

Annual

Report

—

September

30,

2025

Portfolio

Investments

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Common

Stocks

(0.1%)

Beverages

(0.1%)

BrewCo

Borrower

LLC

97,785

782,280

Software

(0.0%)(a)

Cohesity,

Inc.

Series

16,507

392,041

Series

G-1

11,404

270,845

662,886

Total

Common

Stocks

(Cost

$1,434,324)

1,445,166

–

Face

Amount

Fixed

Income

Securities

(95.1%)

Asset-Backed

Securities

(

)

Ares

LVII

CLO

Ltd.,

2020-57A

CME

Term

SOFR

Month

6.53%,

10.85%,

1/25/35(b)(c)

2,750,000

2,763,577

Ares

LXI

CLO

Ltd.,

2021-61A

CME

Term

SOFR

Month

6.84%,

11.17%,

4/20/37(b)(c)

2,000,000

2,019,302

Ares

LXXVII

CLO

Ltd.,

2025-77A

CME

Term

SOFR

Month

5.55%,

9.87%,

7/15/38(b)(c)

2,000,000

2,022,004

Ballyrock

CLO

Ltd.,

2021-1A

CME

Term

SOFR

Month

5.25%,

9.57%,

1/15/38(b)(c)

3,500,000

3,435,880

Ballyrock

CLO

Ltd.,

2021-16A

CME

Term

SOFR

Month

3.75%,

8.08%,

4/20/38(b)(c)

2,100,000

2,080,751

2021-16A

CME

Term

SOFR

Month

5.15%,

9.48%,

4/20/38(b)(c)

3,000,000

2,865,402

Barings

CLO

Ltd.,

2022-4A

CME

Term

SOFR

Month

6.75%,

11.08%,

10/20/37(b)(c)

3,750,000

3,825,709

2024-3A

CME

Term

SOFR

Month

5.90%,

10.23%,

7/20/37(b)(c)

3,000,000

3,036,009

Battalion

CLO

XXIX

Ltd.,

2025-29A

CME

Term

SOFR

Month

6.35%,

10.63%,

3/31/38(b)(c)

2,000,000

2,031,776

Bear

Mountain

Park

CLO

Ltd.,

2022-1A

CME

Term

SOFR

Month

5.95%,

10.27%,

7/15/37(b)(c)

3,000,000

3,014,979

Benefit

Street

Partners

CLO

Ltd.,

2018-15A

CME

Term

SOFR

Month

6.45%,

10.77%,

7/15/37(b)(c)

3,000,000

3,023,889

Face

Amount

Value

Benefit

Street

Partners

CLO

XVI

Ltd.,

2018-16A

CME

Term

SOFR

Month

4.90%,

9.22%,

1/17/38(b)(c)

3,000,000

2,983,506

BlueMountain

CLO

XXX

Ltd.,

2020-30A

CME

Term

SOFR

Month

6.70%,

11.02%,

4/15/35(b)(c)

2,000,000

1,970,676

BlueMountain

CLO

XXXIV

Ltd.,

2022-34A

CME

Term

SOFR

Month

7.55%,

11.88%,

4/20/35(b)(c)

1,000,000

998,980

Bowling

Green

Park

CLO

LLC,

2019-1A

CME

Term

SOFR

Month

4.50%,

8.83%,

4/18/35(b)(c)

3,825,000

3,691,190

Bryant

Park

Funding

Ltd.,

2023-19A

CME

Term

SOFR

Month

5.00%,

9.32%,

4/15/38(b)(c)

5,000,000

4,908,100

2024-23A

CME

Term

SOFR

Month

6.73%,

10.94%,

5/15/37(b)(c)

3,500,000

3,553,897

Canyon

Capital

CLO

Ltd.,

2019-1A

CME

Term

SOFR

Month

7.50%,

11.82%,

7/15/37(b)(c)

3,000,000

3,012,447

Carlyle

CLO

Ltd.,

2019-3A

CME

Term

SOFR

Month

7.34%,

11.67%,

4/20/37(b)(c)

2,000,000

2,029,754

2021-1A

CME

Term

SOFR

Month

7.30%,

11.62%,

1/15/40(b)(c)

4,000,000

4,120,112

CIFC

Funding

Ltd.,

2022-1A

CME

Term

SOFR

Month

6.40%,

10.72%,

4/17/35(b)(c)

1,000,000

1,005,405

Crown

Point

CLO

Ltd.,

2021-10A

CME

Term

SOFR

Month

7.11%,

11.44%,

7/20/34(b)(c)

3,000,000

3,015,849

Elmwood

CLO

Ltd.,

2020-3A

CME

Term

SOFR

Month

5.90%,

10.23%,

7/18/37(b)(c)

3,000,000

2,985,000

Elmwood

CLO

Ltd.,

2021-4A

CME

Term

SOFR

Month

4.70%,

9.03%,

1/20/38(b)(c)

2,500,000

2,493,900

Golub

Capital

Partners

CLO

52BR

Ltd.,

2020-52A

CME

Term

SOFR

Month

6.75%,

11.08%,

4/20/37(b)(c)

4,000,000

4,035,200

Golub

Capital

Partners

CLO

53B

Ltd.,

2021-53A

CME

Term

SOFR

Month

4.70%,

9.03%,

7/20/34(b)(c)

5,000,000

4,951,530

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Asset-Backed

Securities

(7.7%)

(cont’d)

Golub

Capital

Partners

CLO

74B

Ltd.,

2024-74A

CME

Term

SOFR

Month

6.10%,

10.42%,

7/25/37(b)(c)

2,500,000

2,528,057

Harvest

CLO

Ltd.,

2024-2A

CME

Term

SOFR

Month

6.90%,

11.22%,

10/15/37(b)(c)

3,000,000

3,038,673

2024-3A

CME

Term

SOFR

Month

6.70%,

11.03%,

1/18/38(b)(c)

3,000,000

3,047,685

Jamestown

CLO

Ltd.,

2020-15A

CME

Term

SOFR

Month

7.06%,

11.38%,

7/15/35(b)(c)

2,000,000

1,976,912

Madison

Park

Funding

LIX

Ltd.,

2021-59A

CME

Term

SOFR

Month

6.40%,

10.73%,

4/18/37(b)(c)

1,500,000

1,506,839

Madison

Park

Funding

XXII

Ltd.,

2016-22A

CME

Term

SOFR

Month

5.90%,

10.22%,

1/15/38(b)(c)

3,000,000

3,012,345

Marble

Point

CLO

XXIII

Ltd.,

2021-4A

CME

Term

SOFR

Month

7.55%,

11.88%,

1/22/35(b)(c)

1,250,000

1,255,357

Neuberger

Berman

CLO

XVII

Ltd.,

2014-17A

CME

Term

SOFR

Month

6.75%,

11.08%,

7/22/38(b)(c)

1,000,000

1,015,980

Neuberger

Berman

Loan

Advisers

CLO

Ltd.,

2024-59A

CME

Term

SOFR

Month

4.80%,

9.12%,

1/23/39(b)(c)

2,000,000

2,017,500

New

Mountain

CLO

Ltd.,

CLO-6A

CME

Term

SOFR

Month

6.10%,

10.42%,

10/15/37(b)(c)

2,000,000

2,031,572

Oaktree

CLO

Ltd.,

2019-4A

CME

Term

SOFR

Month

6.59%,

10.92%,

7/20/37(b)(c)

4,000,000

4,041,704

OCP

Aegis

CLO

Ltd.,

2023-29A

CME

Term

SOFR

Month

5.00%,

9.33%,

1/20/36(b)(c)

3,000,000

2,958,270

Octagon

Ltd.,

2022-1A

CME

Term

SOFR

Month

7.00%,

11.33%,

10/20/37(b)(c)

4,000,000

4,084,096

Post

CLO

Ltd.,

2018-1A

CME

Term

SOFR

Month

7.68%,

12.00%,

10/16/37(b)(c)

2,000,000

2,058,872

Face

Amount

Value

Sixth

Street

CLO

XIV

Ltd.,

2019-14A

CME

Term

SOFR

Month

4.65%,

8.98%,

1/20/38(b)(c)

3,500,000

3,522,834

113,971,520

Corporate

Bonds

(

)

Aerospace

Defense

(0.1%)

Goat

Holdco

LLC

6.75%,

2/1/32(b)(d)

1,150,000

1,179,779

Building

Products

(0.3%)

Smyrna

Ready

Mix

Concrete

LLC

8.88%,

11/15/31(b)

3,800,000

4,016,344

Capital

Markets

(0.4%)

Issuer

LLC

6.25%,

3/1/28(b)

2,400,000

2,406,439

Focus

Financial

Partners

LLC

6.75%,

9/15/31(b)(d)

3,250,000

3,330,772

5,737,211

Chemicals

(0.5%)

INEOS

Finance

plc

7.50%,

4/15/29(b)(d)

750,000

730,610

Olympus

Water

Holding

Corp.

7.25%,

2/15/33(b)

2,025,000

2,028,375

9.75%,

11/15/28(b)

4,800,000

5,040,600

7,799,585

Commercial

Services

Supplies

(0.2%)

Allied

Universal

Holdco

LLC

4.63%,

6/1/28(b)

1,550,000

1,521,260

Madison

IAQ

LLC

4.13%,

6/30/28(b)

1,800,000

1,758,376

3,279,636

Construction

Engineering

(0.1%)

Artera

Services

LLC

8.50%,

2/15/31(b)

2,100,000

1,857,393

Diversified

Telecommunication

Services

(0.1%)

Altice

France

5.13%,

7/15/29(b)

2,500,000

2,147,625

Health

Care

Equipment

Supplies

(0.1%)

Bausch

Lomb

Corp.

8.38%,

10/1/28(b)(d)

1,000,000

1,043,438

Hotel

Resort

REITs

(0.2%)

Park

Intermediate

Holdings

LLC

5.88%,

10/1/28(b)

3,050,000

3,046,786

Hotels,

Restaurants

Leisure

(0.7%)

Caesars

Entertainment,

Inc.

6.50%,

2/15/32(b)

4,250,000

4,337,605

Fertitta

Entertainment

LLC

4.63%,

1/15/29(b)

3,550,000

3,381,564

Sabre

GLBL,

Inc.

10.75%,

11/15/29(b)(d)

2,165,000

2,100,372

9,819,541

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(4.8%)

(cont’d)

Insurance

(0.8%)

Alliant

Holdings

Intermediate

LLC

7.00%,

1/15/31(b)

1,750,000

1,809,532

AmWINS

Group,

Inc.

6.38%,

2/15/29(b)

3,750,000

3,828,590

Panther

Escrow

Issuer

LLC

7.13%,

6/1/31(b)

3,500,000

3,642,863

Ryan

Specialty

LLC

5.88%,

8/1/32(b)

2,750,000

2,782,838

12,063,823

Passenger

Airlines

(0.3%)

American

Airlines,

Inc.

5.75%,

4/20/29(b)

4,500,000

4,520,589

Professional

Services

(0.1%)

CoreLogic,

Inc.

4.50%,

5/1/28(b)

1,350,000

1,313,317

Real

Estate

Management

Development

(0.1%)

Cushman

Wakefield

Borrower

LLC

6.75%,

5/15/28(b)

1,400,000

1,413,840

Software

(0.4%)

Central

Parent,

Inc.

7.25%,

6/15/29(b)

200,000

172,961

Cloud

Software

Group,

Inc.

8.25%,

6/30/32(b)

3,090,000

3,281,142

9.00%,

9/30/29(b)

2,650,000

2,751,605

6,205,708

Technology

Hardware,

Storage

Peripherals

(0.3%)

Diebold

Nixdorf,

Inc.

7.75%,

3/31/30(b)

4,650,000

4,916,744

Textiles,

Apparel

Luxury

Goods

(0.1%)

Champ

Acquisition

Corp.

8.38%,

12/1/31(b)

1,475,000

1,571,812

71,933,171

Variable

Rate

Senior

Loan

Interests (

)

Aerospace

Defense

(1.4%)

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

Term

Loan,

B1,

CME

Term

SOFR

Month

2.00%,

6.16%,

10/31/31(c)

180,656

180,930

First

Lien,

Initial

Term

Loan,

B2,

CME

Term

SOFR

Month

2.00%,

6.16%,

10/31/31(c)

68,716

68,820

Goat

Holdco

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.91%,

1/27/32(c)

5,481,228

5,493,972

Kaman

Corp.,

First

Lien,

Delayed

Draw

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.83%,

2/26/32(c)

37,279

37,202

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.75%;

CME

Term

SOFR

Month

2.75%,

6.91%,

2/26/32(c)

4,226,293

4,217,608

Face

Amount

Value

Signia

Aerospace

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.91%,

12/11/31(c)

428,158

429,492

TransDigm,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.25%,

3/22/30(c)

2,969,925

2,970,355

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.50%,

2/28/31(c)

7,677,813

7,682,688

21,081,067

Air

Freight

Logistics

(0.2%)

Stonepeak

Nile

Parent

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.01%,

4/09/32(c)

782,437

782,828

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.75%,

7.08%,

4/09/32(c)

1,600,000

1,601,400

2,384,228

Automobile

Components

(1.3%)

Adient

LLC,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

Month

2.25%,

6.41%,

1/31/31(c)

8,599,005

8,611,775

Autokiniton

Holdings,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.43%,

4/06/28(c)

1,912,654

1,896,721

Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.91%,

1/28/32(c)

5,500,000

5,510,312

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

Term

Loan,

CME

Term

SOFR

Month

3.75%,

8.18%,

10/04/28(c)

1,268,970

1,253,254

First

Brands

Group

LLC,

First

Lien,

2021

Term

Loan,

CME

Term

SOFR

Month

5.00%,

9.57%,

3/30/27(c)

1,246,736

453,282

First

Lien,

2022-II

Incremental

Term

Loan,

CME

Term

SOFR

Month

5.00%,

9.57%,

3/30/27(c)

1,221,859

445,215

LCI

Industries,

First

Lien,

2025

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.41%,

3/25/32(c)

847,875

852,644

19,023,203

Banks

(0.9%)

Armor

Holdco,

Inc.,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

Month

3.75%,

7.92%,

12/11/28(c)

3,265,560

3,271,275

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests (82.6%)

(cont’d)

Chrysaor

Bidco

SARL,

First

Lien,

USD

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.33%,

10/30/31(c)

3,401,903

3,420,732

Dragon

Buyer,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.75%,

7.05%,

9/30/31(c)

2,989,969

2,996,980

First

Advantage

Holdings

LLC,

First

Lien,

Term

Loan,

B3,

CME

Term

SOFR

Month

2.75%,

6.91%,

10/31/31(c)

4,773,568

4,670,650

14,359,637

Beverages

(1.2%)

BrewCo

Borrower

LLC,

First

Lien,

First

Out

Term

Loan,

CME

Term

SOFR

Month

1.00%,

5.20%,

9/30/30(c)

184,425

138,319

Celsius

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.54%,

4/01/32(c)

1,695,750

1,697,870

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.55%,

3/31/28(c)

12,630,689

12,642,814

Sazerac

Co.,

Inc.,

First

Lien,

Incremental

Term

Loan,

B1,

CME

Term

SOFR

Month

2.50%,

6.70%,

6/25/32(c)

2,250,000

2,266,256

16,745,259

Broadline

Retail

(0.3%)

CNT

Holdings

Corp.,

First

Lien,

2025

Replacement

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.56%,

11/08/32(c)

4,962,437

4,965,092

Building

Products

(2.2%)

ACProducts

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.25%,

8.51%,

5/17/28(c)

1,227,564

1,031,571

Chariot

Buyer

LLC,

First

Lien,

Amendment

No.

Incremental

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.22%,

9/08/32(c)

5,208,291

5,219,697

Cornerstone

Building

Brands,

Inc.,

First

Lien,

New

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.50%,

4/12/28(c)

2,751,639

2,620,303

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.12%,

8/04/31(c)

6,982,500

6,959,807

Face

Amount

Value

PHRG

Borrower

LLC,

First

Lien,

Closing

Date

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.32%,

2/20/32(c)

2,150,000

2,148,205

MIWD

Holdco

LLC,

First

Lien,

2024

Incremental

Term

Loan,

CME

Term

SOFR

Month

2.75%,

7.07%,

3/28/31(c)

2,600,125

2,612,943

Oldcastle

BuildingEnvelope,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

4.25%,

8.25%,

4/30/29(c)

1,425,504

1,334,792

Quikrete

Holdings,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

Month

2.25%,

6.41%,

4/14/31(c)

4,131,356

4,134,764

First

Lien,

Term

Loan,

B3,

CME

Term

SOFR

Month

2.25%,

6.41%,

2/10/32(c)

3,756,125

3,758,041

Smyrna

Ready

Mix

Concrete

LLC,

First

Lien,

2025

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.17%,

3/30/29(c)

374,060

374,995

30,195,118

Capital

Markets

(2.2%)

Acuren

Delaware

Holdco,

Inc.,

First

Lien,

Amendment

No.

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.91%,

7/30/31(c)

1,845,352

1,851,810

Aragorn

Parent

Corp.,

First

Lien,

2025

Replacement

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.66%,

12/15/28(c)

7,394,912

7,446,381

Aretec

Group,

Inc.,

First

Lien,

Term

Loan,

B3,

CME

Term

SOFR

Month

3.50%,

7.66%,

8/09/30(c)

5,370,198

5,376,051

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.32%,

4/07/28(c)

3,597,873

3,604,457

Focus

Financial

Partners

LLC,

First

Lien,

Incremental

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.91%,

9/15/31(c)

6,039,705

6,047,980

GIH

Borrower

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.50%,

11/26/31(c)

4,962,500

4,984,831

HDI

Aerospace

Intermediate

Holding

III

Corp.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.50%,

8.83%,

2/11/32(c)

1,169,125

1,174,246

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests (82.6%)

(cont’d)

Victory

Capital

Holdings,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.00%,

6.00%,

9/10/32(c)

2,725,000

2,723,311

33,209,067

Chemicals

(2.4%)

A-AP

Buyer,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.75%,

9/09/31(c)

669,938

671,197

Discovery

Purchaser

Corp.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.75%,

8.08%,

10/04/29(c)

3,572,432

3,560,536

INEOS

Finance

LLC,

First

Lien,

New

2031

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.16%,

2/07/31(c)

1,141,353

1,028,645

First

Lien,

2030

Dollar

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.41%,

2/18/30(c)

4,578,922

4,161,096

Lonza

Group

AG,

First

Lien,

USD

Term

Loan,

CME

Term

SOFR

Month

3.93%,

8.03%,

7/03/28(c)

2,008,065

1,818,815

LTI

Holdings,

Inc.,

First

Lien,

2024

Term

Loan,

CME

Term

SOFR

Month

3.75%,

7.91%,

7/29/29(c)

3,981,913

4,022,449

Minerals

Technologies,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.00%,

6.16%,

11/26/31(c)

1,017,313

1,019,856

Momentive

Performance

Materials,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.16%,

3/29/28(c)

1,591,010

1,600,954

Natgasoline

LLC,

First

Lien,

2025

Term

Loan,

CME

Term

SOFR

Month

5.50%,

9.50%,

3/25/30(c)

1,209,688

1,227,331

Olympus

Water

Holding

Corp.,

First

Lien,

Dollar

Term

Loan,

B6,

CME

Term

SOFR

Month

3.00%,

7.30%,

6/23/31(c)

5,573,376

5,525,779

Paint

Intermediate

III

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.24%,

10/09/31(c)

920,375

920,720

Rohm

Holding

GmbH,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

5.50%,

0.25%

PIK,

9.70%,

1/31/29(c)(e)

3,025,008

2,707,382

Face

Amount

Value

Tronox

Finance

LLC,

First

Lien,

2024

Term

Loan,

CME

Term

SOFR

Month

2.50%;

CME

Term

SOFR

Month

2.50%,

6.57%,

9/30/31(c)

3,721,875

3,217,096

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.25%,

8.73%,

4/23/29(c)

1,437,690

1,165,255

W.R.

Grace

Holdings

LLC,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

Month

3.00%,

7.00%,

8/19/32(c)

1,600,000

1,606,672

34,253,783

Commercial

Services

Supplies

(5.6%)

Allied

Universal

Holdco

LLC,

First

Lien,

Amendment

No.

Replacement

Dollar

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.51%,

8/20/32(c)

1,050,000

1,055,135

Amspec

Parent

LLC,

First

Lien,

Amendment

No.

Other

Delayed

Draw

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.50%,

12/22/31(c)

127,680

128,538

First

Lien,

Amendment

No.

Other

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.50%,

12/22/31(c)

2,074,800

2,088,743

APi

Group

DE,

Inc.,

First

Lien,

2021

Incremental

Term

Loan,

CME

Term

SOFR

Month

1.75%,

5.91%,

1/03/29(c)

1,529,122

1,529,756

Astro

Acquisition

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.12%,

8/30/32(c)

1,650,000

1,659,290

Camelot

Acquisition

LLC,

First

Lien,

Incremental

Term

Loan.

CME

Term

SOFR

Month

2.75%,

6.91%,

1/31/31(c)

8,869,842

8,825,493

CohnReznick

Advisory

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.30%,

3/31/32(c)

1,356,750

1,360,997

Emerald

Expositions

Holding,

Inc.,

First

Lien,

Commitment

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.41%,

1/30/32(c)

498,750

502,281

Garda

World

Security

Corp.,

First

Lien,

Twelfth

Additional

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.17%,

2/01/29(c)

5,743,108

5,757,466

GFL

Environmental

Services,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.67%,

3/03/32(c)

3,300,000

3,303,300

HomeServe

USA

Corp.,

First

Lien,

Amendment

No.

Refinancing

Term

Loan,

CME

Term

SOFR

Month

1.75%,

5.89%,

10/21/30(c)

5,476,020

5,469,750

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests (82.6%)

(cont’d)

JFL-Tiger

Acquisition

Co.,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.75%,

7.89%,

10/17/30(c)

2,558,446

2,573,375

Madison

IAQ

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.70%,

6/21/28(c)

11,653,188

11,676,378

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

Term

Loan,

CME

Term

SOFR

Month

5.00%,

9.43%,

4/11/29(c)

3,317,977

3,167,026

Northstar

Group

Services,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

4.75%,

8.88%,

5/31/30(c)

4,253,951

4,283,197

Polaris

BidCo

SARL,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.75%,

7.05%,

3/26/31(c)

5,279,941

5,304,361

Prime

Security

Services

Borrower

LLC,

First

Lien,

2024-1

Refinancing

Term

Loan,

B1,

CME

Term

SOFR

Month

2.00%,

6.13%,

10/15/30(c)

7,708,153

7,697,978

Raven

Acquisition

Holdings

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.16%,

11/19/31(c)

6,920,847

6,926,419

SCUR-Alpha

1503

GmbH,

First

Lien,

USD

Term

Loan,

B1,

CME

Term

SOFR

Month

5.50%,

9.81%,

3/28/30(c)

2,761,482

2,551,899

Spin

Holdco,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.39%,

3/06/28(c)

3,251,176

2,737,962

Stepstone

Group

MidCo

GmbH

(The),

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

4.50%,

8.61%,

12/04/31(c)

1,575,000

1,498,219

Tidal

Waste

Recycling

Holdings

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.00%,

10/03/31(c)

1,144,250

1,152,357

81,249,920

Communications

Equipment

(0.4%)

Delta

Topco,

Inc.,

First

Lien,

Fourth

Amendment

Refinancing

Term

Loan,

CME

Term

SOFR

Month

2.75%,

7.02%,

11/30/29(c)

4,779,915

4,734,219

Viavi

Solutions,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.32%,

6/11/32(c)

1,500,000

1,505,940

6,240,159

Face

Amount

Value

Construction

Engineering

(2.0%)

Apple

Bidco

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.66%,

9/23/31(c)

6,985,162

6,992,322

Artera

Services

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

4.50%,

8.80%,

2/18/31(c)

1,487,418

1,335,419

Azuria

Water

Solutions,

Inc.,

First

Lien,

2025

Replacement

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.16%,

5/17/28(c)

973,989

976,424

Brown

Group

Holding

LLC,

First

Lien,

Incremental

Term

Loan,

B2,

CME

Term

SOFR

Month

2.75%;

CME

Term

SOFR

Month

2.75%,

6.99%,

7/01/31(c)

6,181,270

6,199,381

Construction

Partners,

Inc.,

First

Lien,

Closing

Date

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.66%,

11/03/31(c)

942,875

946,378

Cube

A&D

Buyer,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.58%,

10/18/31(c)

746,250

750,448

Green

Infrastructure

Partners,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.75%,

9/24/32(c)

2,525,000

2,530,530

Kodiak

Building

Partners,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.75%,

7.75%,

12/04/31(c)

2,221,140

2,214,355

Red

SPV

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.39%,

3/15/32(c)

4,738,125

4,745,043

Service

Logic

Acquisition,

Inc.,

First

Lien,

Amendment

No.

Refinancing

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.31%,

10/29/27(c)

1,485,019

1,490,595

28,180,895

Construction

Materials

(0.0%)(a)

Knife

River

Corp.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.00%,

6.12%,

3/08/32(c)

572,125

574,093

Consumer

Finance

(0.4%)

Citrin

Cooperman

Advisors

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.00%,

4/01/32(c)

2,865,152

2,856,656

Sabre

GLBL,

Inc.,

First

Lien,

2021

Other

Term

Loan,

B1,

CME

Term

SOFR

Month

3.50%,

7.78%,

12/17/27(c)

2,182,886

2,078,293

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests (82.6%)

(cont’d)

First

Lien,

2021

Other

Term

Loan,

B2,

CME

Term

SOFR

Month

3.50%,

7.78%,

12/17/27(c)

460,565

438,497

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

Month

5.00%,

9.26%,

6/30/28(c)

142,242

134,004

Shift4

Payments

LLC,

First

Lien,

Amendment

No.

Term

Loan,

CME

Term

SOFR

Month

2.75%,

7.05%,

6/30/32(c)

2,075,000

2,093,156

7,600,606

Consumer

Staples

Distribution

Retail

(0.9%)

Boots

Group

Bidco

Ltd.

(The),

First

Lien,

Closing

Date

Dollar

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.70%,

8/30/32(c)

6,775,000

6,801,795

Heritage

Grocers

Group

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

6.75%,

10.85%,

8/01/29(c)

2,754,375

2,356,905

Turquoise

Topco

Ltd.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.23%,

8/13/32(c)

2,725,000

2,730,123

11,888,823

Containers

Packaging

(1.2%)

Altium

Packaging

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.66%,

6/11/31(c)

1,664,037

1,635,699

Berlin

Packaging

LLC,

First

Lien,

2025

Replacement

Term

Loan,

CME

Term

SOFR

Month

3.25%;

CME

Term

SOFR

Month

3.25%,

7.50%,

6/09/31(c)

2,985,000

2,997,388

Charter

Generation,

Inc.,

First

Lien,

2024

Replacement

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.93%,

11/29/30(c)

5,123,313

5,144,267

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.18%,

7.34%,

4/13/29(c)

6,448,965

6,447,546

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.51%,

9/27/32(c)

2,850,000

2,848,219

ProAmpac

Borrower

LLC,

First

Lien,

2024

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.27%,

9/15/28(c)

374,158

376,029

19,449,148

Face

Amount

Value

Distributors

(0.9%)

Gates

Corp.,

First

Lien,

Initial

Dollar

Term

Loan,

B5,

CME

Term

SOFR

Month

1.75%,

5.91%,

6/04/31(c)

5,440,038

5,439,630

Gloves

Buyer,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.16%,

5/21/32(c)

4,500,000

4,381,875

Windsor

Holdings

III

LLC,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.92%,

8/01/30(c)

2,665,364

2,670,921

12,492,426

Diversified

Consumer

Services

(2.3%)

Anticimex

Global

AB,

First

Lien,

Term

Loan,

B6,

CME

Term

SOFR

Day

3.40%,

7.76%,

11/16/28(c)

701,255

704,411

Belron

Finance

2019

LLC,

First

Lien,

2031

Incremental

Dollar

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.74%,

10/16/31(c)

2,970,056

2,988,634

Fugue

Finance

BV,

First

Lien,

Fourteenth

Amendment

Dollar

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.95%,

1/09/32(c)

7,905,036

7,932,585

KUEHG

Corp.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.75%,

6/12/30(c)

10,097,442

10,102,693

Lernen

Bidco

Ltd.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Day

3.50%,

7.84%,

10/27/31(c)

1,956,725

1,966,919

First

Lien,

USD

Term

Loan,

B3,

CME

Term

SOFR

Day

3.50%,

7.84%,

10/27/31(c)

1,396,500

1,403,776

Mavis

Tire

Express

Services

Topco

Corp.,

First

Lien,

2025

Incremental

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.20%,

5/04/28(c)

3,960,100

3,964,218

Spring

Education

Group,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.25%,

9/30/30(c)

2,481,061

2,492,300

Wand

NewCo

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.66%,

1/30/31(c)

3,347,768

3,340,286

34,895,822

Diversified

Telecommunication

Services

(1.0%)

Altice

France

SA,

First

Lien,

Term

Loan,

B14,

CME

Term

SOFR

Month

5.50%,

9.82%,

8/15/28(c)

3,473,418

3,369,215

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests (82.6%)

(cont’d)

Level

Financing,

Inc.,

First

Lien,

Term

Loan,

B4,

CME

Term

SOFR

Month

3.25%,

7.42%,

3/29/32(c)

3,000,000

3,006,255

Lumen

Technologies,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

Month

2.35%,

6.78%,

4/16/29(c)

3,060,484

3,045,610

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

Month

2.35%,

6.78%,

4/15/30(c)

6,560,036

6,527,268

15,948,348

Electric

Utilities

(0.6%)

Cogentrix

Finance

Holdco

LLC,

First

Lien,

Repricing

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.57%,

2/26/32(c)

3,795,000

3,805,512

MRP

Buyer

LLC,

First

Lien,

Closing

Date

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.25%,

6/04/32(c)

4,302,419

4,236,549

First

Lien,

Delayed

Draw

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.25%,

6/04/32(c)

330,113

325,059

8,367,120

Electrical

Equipment

(1.2%)

BCP

Summit

Holdings

LP,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.16%,

1/30/32(c)

2,000,000

2,011,570

Indicor

LLC,

First

Lien,

Dollar

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.75%,

11/22/29(c)

4,426,344

4,437,144

LSF12

Crown

Commercial

Bidco

LLC,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.78%,

12/02/31(c)

6,225,000

6,242,523

WEC

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.53%,

1/27/31(c)

5,436,961

5,444,872

18,136,109

Electronic

Equipment,

Instruments

Components

(0.6%)

Ingram

Micro,

Inc.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

Month

2.25%,

6.25%,

9/22/31(c)

3,835,125

3,854,301

Holdings

US,

Inc.,

First

Lien,

Senior

USD

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.41%,

3/17/32(c)

1,346,625

1,349,992

Face

Amount

Value

Spectris,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.09%,

9/24/32(c)

1,125,000

1,128,516

VeriFone

Systems,

Inc.,

First

Lien,

2025-1

Refinancing

Term

Loan,

CME

Term

SOFR

Month

5.25%,

9.82%,

8/18/28(c)(e)

1,374,697

1,333,642

7,666,451

Entertainment

(0.7%)

Playtika

Holding

Corp.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

Month

2.75%,

7.03%,

3/13/28(c)

8,569,337

8,449,881

TKO

Worldwide

Holdings

LLC,

First

Lien,

Term

Loan,

B5,

CME

Term

SOFR

Month

2.00%,

6.04%,

11/21/31(c)

1,995,000

2,000,267

10,450,148

Financial

Services

(3.5%)

Accelya

Lux

Finco

Sarl,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

5.00%,

8.78%,

9/06/32(c)

1,417,500

1,396,238

AllSpring

Buyer

LLC,

First

Lien,

2024

Specified

Refinancing

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.81%,

11/01/30(c)

2,748,590

2,756,671

Blackhawk

Network

Holdings,

Inc.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

Month

4.00%,

8.21%,

3/12/29(c)

992,500

997,542

Boost

Newco

Borrower

LLC,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

Month

2.00%,

6.00%,

1/31/31(c)

12,726,265

12,759,417

CPI

Holdco

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.00%,

6.16%,

5/19/31(c)

1,658,250

Hightower

Holding

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.75%,

7.07%,

2/03/32(c)

3,443,320

3,445,489

Kestra

Advisor

Services

Holdings

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.16%,

3/24/31(c)

2,974,780

2,978,960

Mariner

Wealth

Advisors

LLC,

First

Lien,

Amendment

No.

Refinancing

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.80%,

12/31/30(c)

4,794,925

4,814,129

Mermaid

Bidco,

Inc.,

First

Lien,

USD

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.57%,

7/03/31(c)

4,479,238

4,480,178

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests (82.6%)

(cont’d)

OID-OL

Intermediate

LLC,

First

Lien,

Initial

Second

Out

Term

Loan,

CME

Term

SOFR

Month

4.25%,

8.71%,

2/02/29(c)

1,997,930

1,682,846

First

Lien,

Initial

First

Out

Term

Loan,

CME

Term

SOFR

Month

6.00%,

10.31%,

2/01/29(c)

487,652

505,230

Orion

Advisor

Solutions,

Inc.,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.57%,

9/24/30(c)

2,128,540

2,137,480

Orion

Finco,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.32%,

5/21/32(c)

3,325,000

3,345,781

Osaic

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.16%,

8/02/32(c)

2,671,109

2,672,632

Trans

Union

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

B9,

CME

Term

SOFR

Month

1.75%,

5.91%,

6/24/31(c)

4,641,426

4,643,144

Walker

Dunlop,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.00%,

6.14%,

3/15/32(c)

1,641,750

1,643,802

WEX,

Inc.,

First

Lien,

Term

Loan,

B3,

CME

Term

SOFR

Month

1.75%,

5.91%,

3/05/32(c)

1,890,500

1,885,178

53,802,967

Food

Products

(1.5%)

AAG

GSI

Bidco,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

5.00%,

9.00%,

10/31/31(c)

920,375

Alltech,

Inc.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

Month

4.25%,

8.53%,

8/13/30(c)

2,435,320

2,442,930

Froneri

International

Ltd.,

First

Lien,

Term

Loan,

B4,

CME

Term

SOFR

Month

2.00%,

6.20%,

9/30/31(c)

5,702,494

5,668,051

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.59%,

7/16/32(c)

2,025,000

2,023,147

Nomad

Foods

LLC,

First

Lien,

2023

USD

Term

Loan,

B4,

CME

Term

SOFR

Month

2.50%,

6.54%,

11/13/29(c)

7,415,000

7,432,648

Face

Amount

Value

Pretzel

Parent,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.50%,

8.66%,

10/01/31(c)

2,663,000

2,665,503

21,152,654

Ground

Transportation

(1.2%)

Aggreko

Holdings,

Inc.,

First

Lien,

2025

Amended

Dollar

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.21%,

5/21/31(c)

552,320

554,739

AIT

Worldwide

Logistics

Holdings,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.25%,

4/08/30(c)

3,605,044

3,618,203

Avis

Budget

Car

Rental

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.66%,

7/16/32(c)

748,125

743,449

First

Student

Bidco,

Inc.,

First

Lien,

Eleventh

Amendment

Repricing

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.71%,

8/15/30(c)

2,411,924

2,416,748

Hertz

Corp.

(The),

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.50%,

8.07%,

6/30/28(c)

1,711,023

1,541,725

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.50%,

8.07%,

6/30/28(c)

336,568

303,266

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

Term

Loan,

B4,

CME

Term

SOFR

Month

3.25%,

7.41%,

1/25/29(c)

4,964,784

4,910,469

Student

Transportation

America

Holdings,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.25%,

6/24/32(c)

3,770,550

3,785,293

First

Lien,

Delayed

Draw

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.38%,

6/24/32(c)

270,000

271,056

18,144,948

Health

Care

Equipment

Supplies

(1.2%)

Bausch

Lomb

Corp.,

First

Lien,

Third

Amendment

Term

Loan,

CME

Term

SOFR

Month

4.25%,

8.41%,

1/15/31(c)

6,292,745

6,304,544

Medline

Borrower

LP,

First

Lien,

2030

Refinancing

Term

Loan,

CME

Term

SOFR

Month

2.00%,

6.16%,

10/23/30(c)

10,146,020

10,151,601

Sotera

Health

Holdings

LLC,

First

Lien,

2025

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.66%,

5/30/31(c)

1,397,633

1,401,420

17,857,565

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests (82.6%)

(cont’d)

Health

Care

Providers

Services

(2.5%)

Concentra

Health

Services,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

Month

2.00%,

6.16%,

7/28/31(c)

5,483,632

5,511,077

Examworks

Bidco,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.91%,

11/01/28(c)

1,567,125

1,571,811

Hanger,

Inc.,

First

Lien,

Delayed

Draw

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.66%,

10/23/31(c)

61,759

61,967

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.82%,

10/23/31(c)

3,197,738

3,208,531

Heartland

Dental

LLC,

First

Lien,

2025

Replacement

Term

Loan,

CME

Term

SOFR

Month

3.75%,

7.91%,

8/25/32(c)

3,142,125

3,140,570

Mamba

Purchaser,

Inc.,

First

Lien,

Fifth

Amendment

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.89%,

10/16/31(c)

2,942,625

2,954,587

MED

ParentCo

LP,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.41%,

4/15/31(c)

4,972,538

4,988,425

Medical

Solutions

Holdings,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.81%,

11/01/28(c)

1,572,643

1,210,935

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.75%,

7.85%,

3/02/28(c)

120,215

119,930

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.75%;

CME

Term

SOFR

Month

3.75%,

7.88%,

3/02/28(c)

4,807,877

4,796,458

Pacific

Dental

Services,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.64%,

3/17/31(c)

7,987,277

7,990,592

Phoenix

Newco,

Inc.,

First

Lien,

Sixth

Amendment

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.66%,

11/15/28(c)

2,195,500

2,199,847

Select

Medical

Corp.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

Month

2.00%,

6.16%,

12/03/31(c)

1,811,313

1,816,982

Waystar

Technologies,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.00%,

6.32%,

10/22/29(c)

557,025

558,069

40,129,781

Face

Amount

Value

Health

Care

Technology

(1.1%)

AthenaHealth

Group,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.91%,

2/15/29(c)

8,903,087

8,896,587

Cotiviti,

Inc.,

First

Lien,

New

Term

Loan,

CME

Term

SOFR

Month

2.75%,

7.03%,

5/01/31(c)

6,834,076

6,725,858

15,622,445

Hotels,

Restaurants

Leisure

(3.8%)

City

Football

Group

Ltd.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.78%,

7/22/30(c)

3,195,707

3,202,370

Fertitta

Entertainment

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.41%,

1/29/29(c)

5,508,285

5,506,578

Flutter

Financing

BV,

First

Lien,

Third

Incremental

Term

Loan,

CME

Term

SOFR

Month

2.00%,

6.00%,

6/04/32(c)

1,421,438

1,422,134

GBT

III

LLC,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

Month

2.50%,

6.81%,

7/25/31(c)

7,847,746

7,874,036

Golden

State

Foods

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.25%,

8.25%,

12/04/31(c)

698,237

700,831

Herschend

Entertainment

Co.

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.41%,

5/27/32(c)

897,750

902,239

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.66%,

12/15/27(c)

8,744,696

8,756,283

Light

Wonder

International,

Inc.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

Month

2.25%,

6.39%,

4/16/29(c)

7,702,695

7,734,006

Ontario

Gaming

GTA

LP,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

4.25%,

8.24%,

8/01/30(c)

3,546,886

3,469,297

Sabre

GLBL,

Inc.,

First

Lien,

2024

Term

Loan,

B1,

CME

Term

SOFR

Month

6.00%,

10.26%,

11/15/29(c)

1,275,998

1,207,413

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

Term

Loan,

CME

Term

SOFR

Month

2.75%,

7.04%,

4/04/29(c)

2,461,206

2,443,756

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests (82.6%)

(cont’d)

SeaWorld

Parks

Entertainment,

Inc.,

First

Lien,

Term

Loan,

B3,

CME

Term

SOFR

Month

2.00%,

6.16%,

12/04/31(c)

6,784,200

6,787,016

Voyager

Parent

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

4.75%,

8.75%,

7/01/32(c)

5,825,000

5,843,960

55,849,919

Household

Durables

(0.6%)

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.28%,

7/31/28(c)

5,372,805

5,389,488

Somnigroup

International,

Inc.,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

Day

2.25%,

6.64%,

10/24/31(c)

2,603,475

2,622,454

8,011,942

Household

Products

(0.6%)

Energizer

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.00%,

6.14%,

3/19/32(c)

4,264,313

4,278,513

Kronos

Acquisition

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.00%,

6/27/31(c)

5,330,601

3,950,482

8,228,995

Independent

Power

and

Renewable

Electricity

Producers

(0.4%)

Invenergy

Thermal

Operating

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Day

3.50%,

7.79%,

5/17/32(c)

2,109,375

2,129,583

First

Lien,

Term

Loan,

CME

Term

SOFR

Day

3.50%,

7.79%,

5/17/32(c)

140,625

141,972

Lightning

Power

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.25%,

8/18/31(c)

4,455,000

4,456,960

6,728,515

Insurance

(5.1%)

Acrisure

LLC,

First

Lien,

Term

Loan,

B6,

CME

Term

SOFR

Month

3.00%,

7.16%,

11/06/30(c)

3,965,025

3,963,181

Alera

Group,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.41%,

5/31/32(c)

4,700,000

4,722,819

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.67%,

9/19/31(c)

9,072,888

9,057,691

Face

Amount

Value

Asurion

LLC,

First

Lien,

New

Term

Loan,

B11,

CME

Term

SOFR

Month

4.25%,

8.51%,

8/21/28(c)

3,877,651

3,894,344

Second

Lien,

New

Term

Loan,

B3,

CME

Term

SOFR

Month

5.25%,

9.53%,

1/31/28(c)

2,357,000

2,301,021

Second

Lien,

New

Term

Loan,

B4,

CME

Term

SOFR

Month

5.25%,

9.53%,

1/19/29(c)

3,200,000

3,070,448

Broadstreet

Partners

Group

LLC,

First

Lien,

2024

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.91%,

6/16/31(c)

9,075,253

9,093,948

CRC

Insurance

Group

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.75%,

5/06/31(c)

1,608,871

1,611,389

HUB

International

Ltd.,

First

Lien,

2025

Incremental

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.58%,

6/20/30(c)

10,547,742

10,575,061

IMA

Financial

Group,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.16%,

11/01/28(c)

3,514,805

3,521,712

Ryan

Specialty

LLC,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

Month

2.00%,

6.16%,

9/15/31(c)

2,183,500

2,186,917

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.82%,

7/31/31(c)

9,426,694

9,425,233

Trucordia

Insurance

Holdings

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.41%,

6/17/32(c)

3,000,000

3,011,250

USI,

Inc.,

First

Lien,

2024

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.25%,

11/21/29(c)

10,509,286

10,507,657

76,942,671

Services

(2.1%)

Endurance

International

Group,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.84%,

2/10/28(c)

4,837,018

3,506,838

Foundever

Worldwide

Corp.,

First

Lien,

Initial

Dollar

Term

Loan,

CME

Term

SOFR

Month

3.75%,

8.03%,

8/28/28(c)

1,379,985

703,165

Gainwell

Acquisition

Corp.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.10%,

10/01/27(c)

3,416,668

3,368,834

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests (82.6%)

(cont’d)

Indy

Holdco

LLC,

First

Lien,

Thirteenth

Amendment

Refinancing

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.66%,

10/31/30(c)

2,992,500

2,990,166

Plano

HoldCo,

Inc.,

First

Lien,

Closing

Date

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.80%,

10/02/31(c)

845,750

828,835

Speedster

Bidco

GmbH,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.24%,

11/13/31(c)

4,004,900

4,019,939

Synechron,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.75%,

8.06%,

10/03/31(c)

1,542,250

1,538,394

Tempo

Acquisition

LLC,

First

Lien,

Seventh

Incremental

Term

Loan,

CME

Term

SOFR

Month

1.75%,

5.91%,

8/31/28(c)

7,501,544

7,353,614

Virtusa

Corp.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

Month

3.25%,

4.00%,

2/15/29(c)

1,171,879

1,160,160

Corp.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

Month

6.50%,

10.96%,

10/26/29(c)

5,306,381

5,212,777

30,682,722

Leisure

Products

(1.8%)

Bombardier

Recreational

Products,

Inc.,

First

Lien,

2024

Extended

Term

Loan,

CME

Term

SOFR

Month

2.75%,

7.01%,

1/22/31(c)

2,700,000

2,707,439

EOC

Borrower

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.16%,

3/24/32(c)

8,478,750

8,498,887

GSM

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

5.00%,

9.00%,

9/29/31(c)

2,823,485

2,789,081

Horizon

Finco

LP,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

4.75%,

9.06%,

10/31/31(c)

3,556,827

3,502,372

MajorDrive

Holdings

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.56%,

6/01/28(c)

3,571,499

3,492,122

Recess

Holdings,

Inc.,

First

Lien,

Amendment

No.

Term

Loan,

CME

Term

SOFR

Month

3.75%,

8.07%,

2/21/30(c)

6,035,299

6,066,019

Face

Amount

Value

Sabre

GLBL,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

4.25%,

8.51%,

6/30/28(c)

86,208

80,784

27,136,704

Machinery

(3.7%)

Alliance

Laundry

Systems

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.39%,

8/19/31(c)

2,785,186

2,785,255

Apex

Tool

Group

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

5.25%,

9.71%,

2/08/29(c)(e)

38,216

31,879

First

Lien,

Incremental

Term

Loan,

CME

Term

SOFR

Month

10.00%,

2.50%

PIK,

14.32%,

2/08/30(c)(e)

90,982

67,781

Cleanova

Holding

Ltd.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.75%,

8.81%,

5/24/32(c)

1,250,000

CPM

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.50%,

8.78%,

9/28/28(c)

2,946,250

2,943,024

Crosby

Acquisition

Corp.,

First

Lien,

Amendment

No.

Replacement

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.66%,

8/16/29(c)

2,558,609

2,572,208

Crown

Equipment

Corp.,

First

Lien,

Initial

Term

Loan,

B1,

CME

Term

SOFR

Month

2.25%,

6.53%,

10/10/31(c)

1,915,375

1,920,767

Dynamo

Bidco,

Inc.,

First

Lien,

USD

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.78%,

10/01/31(c)

3,958,125

3,975,441

Engineered

Machinery

Holdings,

Inc.,

First

Lien,

Incremental

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.76%,

5/19/28(c)

4,424,673

4,455,093

Second

Lien,

Incremental

Amendment

No.

Term

Loan,

CME

Term

SOFR

Month

6.00%,

10.26%,

5/21/29(c)

3,150,000

3,165,750

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.91%,

10/23/28(c)

3,122,646

3,140,539

Hayward

Industries,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.76%,

5/30/28(c)

2,246,094

2,251,091

Madison

Safety

Flow

LLC,

First

Lien,

2025

Incremental

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.91%,

9/26/31(c)

1,593,389

1,597,213

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests (82.6%)

(cont’d)

Pro

Mach

Group,

Inc.,

First

Lien,

Amendment

No.

Refinancing

Term

Loan,

CME

Term

SOFR

Month

2.75%,

7.07%,

8/31/28(c)

3,534,709

3,545,207

SPX

FLOW,

Inc.,

First

Lien,

Amendment

No.

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.91%,

4/05/29(c)

6,400,364

6,437,358

STS

Operating,

Inc.,

First

Lien,

First

Refinancing

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.26%,

3/25/31(c)

3,559,755

3,541,226

Elevator

Midco

GmbH,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

Month

3.00%,

7.20%,

4/30/30(c)

11,380,482

11,421,622

55,101,454

Media

(0.5%)

Charter

Communications

Operating

LLC,

First

Lien,

Term

Loan,

B5,

CME

Term

SOFR

Month

2.25%,

6.54%,

12/15/31(c)

7,099,350

7,104,461

Metals

Mining

(0.3%)

Arsenal

AIC

Parent

LLC,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.91%,

8/19/30(c)

3,793,984

3,798,727

WireCo

WorldGroup,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.75%,

8.08%,

11/13/28(c)

545,833

535,599

4,334,326

Oil,

Gas

Consumable

Fuels

(2.6%)

Apro

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.75%,

7.94%,

7/09/31(c)

2,326,500

2,328,245

CQP

Holdco

LP,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.00%,

6.30%,

12/31/30(c)

10,906,236

10,918,833

Discovery

Energy

Holding

Corp.,

First

Lien,

Initial

Dollar

Term

Loan,

CME

Term

SOFR

Month

3.75%,

7.75%,

5/01/31(c)

3,614,989

3,625,165

EPIC

Crude

Services

LP,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.83%,

10/15/31(c)

3,868,953

3,878,219

Freeport

LNG

Investments

LLLP,

First

Lien,

2025

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.58%,

12/21/28(c)

2,497,204

2,501,450

Face

Amount

Value

GIP

Pilot

Acquisition

Partners

LP,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.00%,

6.29%,

10/04/30(c)

6,715,787

6,719,984

Hilcorp

Energy

LP,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.00%,

6.15%,

2/06/30(c)

1,840,750

1,846,116

Matador

Bidco

SARL,

First

Lien,

2024

Specified

Refinancing

Term

Loan,

CME

Term

SOFR

Month

4.25%,

8.51%,

7/16/29(c)

5,063,774

5,111,247

WhiteWater

Matterhorn

Holdings

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.63%,

6/16/32(c)

1,100,000

1,100,688

38,029,947

Passenger

Airlines

(1.3%)

AAdvantage

Loyalty

Ltd.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.58%,

4/20/28(c)

7,557,529

7,554,922

First

Lien,

2025

Incremental

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.58%,

5/28/32(c)

3,750,000

3,771,094

Vista

Management

Holding,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.75%,

8.04%,

4/01/31(c)

1,361,250

1,372,596

WestJet

Loyalty

LP,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.25%,

2/14/31(c)

5,429,893

5,443,006

18,141,618

Personal

Care

Products

(0.9%)

Conair

Holdings

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.75%,

8.03%,

5/17/28(c)

2,260,334

1,438,138

Journey

Personal

Care

Corp.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.75%,

7.91%,

3/01/28(c)

5,332,519

5,304,203

OPAL

LLC,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

Month

3.25%,

7.25%,

4/23/32(c)

5,830,000

5,852,591

12,594,932

Pharmaceuticals

(0.4%)

1261229

Ltd.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

6.25%,

10.41%,

10/08/30(c)

3,266,813

3,226,990

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests (82.6%)

(cont’d)

Amneal

Pharmaceuticals

LLC,

First

Lien,

Amendment

No.

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.66%,

8/02/32(c)

1,325,000

1,326,100

Padagis

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

4.75%,

9.29%,

7/06/28(c)

841,000

752,695

5,305,785

Professional

Services

(1.6%)

CoreLogic,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.78%,

6/02/28(c)

5,648,840

5,659,433

Creative

Artists

Agency

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.66%,

10/01/31(c)

2,658,007

2,665,024

EAB

Global,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.16%,

8/16/30(c)

2,230,408

2,178,830

EmployBridge

Holding

Co.,

First

Lien,

Second

Out

Term

Loan,

CME

Term

SOFR

Month

4.75%,

9.01%,

1/18/30(c)

954,914

168,814

First

Lien,

First

Out

Term

Loan,

CME

Term

SOFR

Month

5.50%,

9.80%,

1/21/30(c)

1,004,428

653,883

Ensemble

RCM

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.31%,

8/01/29(c)

7,759,404

7,789,821

Grant

Thornton

Advisors

LLC,

First

Lien,

2025

Incremental

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.66%,

6/02/31(c)

1,628,724

1,620,914

First

Lien,

2025-2

Incremental

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.16%,

6/02/31(c)

3,250,000

3,249,025

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.75%,

7.79%,

7/18/31(c)

893,512

848,837

24,834,581

Real

Estate

Management

Development

(0.1%)

Cushman

Wakefield

Borrower

LLC,

First

Lien,

2025-1

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.91%,

1/31/30(c)

1,946,218

1,954,333

Software

(11.9%)

Applied

Systems,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.25%,

2/24/31(c)

4,108,226

4,116,606

Face

Amount

Value

Arctera

Holdings

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

8.00%,

4.50%

PIK,

12.30%,

12/10/29(c)

(e)

1,281,642

1,304,609

Ascend

Learning

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.16%,

12/11/28(c)

6,118,611

6,118,917

Avalara,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.55%,

3/26/32(c)

2,518,688

2,522,529

Azalea

Topco,

Inc.,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.32%,

4/30/31(c)

3,351,048

3,345,820

Boxer

Parent

Co.,

Inc.,

First

Lien,

2031

Replacement

Dollar

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.20%,

7/30/31(c)

7,735,867

7,732,231

Second

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

5.75%,

9.95%,

7/30/32(c)

3,100,000

3,027,351

Central

Parent

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.25%,

7/06/29(c)

3,230,031

2,802,197

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.25%,

8/16/32(c)

10,959,614

11,005,699

Cloudera,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.75%,

8.17%,

10/09/28(c)

5,644,016

5,567,567

Clover

Holdings

LLC,

First

Lien,

Initial

Floating

Rate

Term

Loan,

CME

Term

SOFR

Month

3.75%,

7.94%,

12/09/31(c)

5,336,625

5,348,312

Constant

Contact,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.58%,

2/10/28(c)

2,473,602

2,304,123

Cotiviti,

Inc.,

First

Lien,

Amendment

No.

Term

Loan,

CME

Term

SOFR

Month

2.75%,

7.03%,

3/26/32(c)

1,000,000

983,750

Admiral

Bidco

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.25%,

8.41%,

6/26/31(c)

2,044,632

2,046,329

ECI

Macola/Max

Holding

LLC,

First

Lien,

2025

Repricing

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.75%,

5/09/30(c)

8,473,847

8,484,439

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests (82.6%)

(cont’d)

Epicor

Software

Corp.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.66%,

5/30/31(c)

12,031,313

12,060,248

Genesys

Cloud

Services,

Inc.,

First

Lien,

2025

Dollar

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.66%,

1/30/32(c)

3,047,229

3,031,673

Imprivata,

Inc.,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.00%,

12/01/27(c)

4,734,710

4,760,254

Informatica

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.41%,

10/27/28(c)

6,880,329

6,901,830

Marcel

Bidco

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Day

3.00%,

7.37%,

11/12/30(c)

2,715,728

2,722,517

McAfee

Corp.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

Month

3.00%,

7.22%,

3/01/29(c)

9,318,236

8,928,035

Oceankey

Corp.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.76%,

12/15/28(c)

5,523,969

5,539,492

Open

Text

Corp.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

1.75%,

5.91%,

1/31/30(c)

1,441,677

1,442,030

PointClickCare

Technologies,

Inc.,

First

Lien,

2025

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.75%,

11/03/31(c)

3,019,375

3,026,350

Polaris

Newco

LLC,

First

Lien,

Dollar

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.57%,

6/02/28(c)

3,526,239

3,406,012

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien,

Second

Amendment

Refinancing

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.55%,

10/28/30(c)

5,593,203

5,615,129

Project

Boost

Purchaser

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.75%,

7.07%,

7/16/31(c)

6,811,551

6,800,448

Project

Ruby

Ultimate

Parent

Corp.,

First

Lien,

Incremental

Term

Loan,

B5,

CME

Term

SOFR

Month

2.75%,

7.03%,

3/10/28(c)

6,494,987

6,505,996

Proofpoint,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.16%,

8/31/28(c)

5,991,550

6,022,526

Face

Amount

Value

Quartz

AcquireCo

LLC,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

Month

2.25%,

6.25%,

6/28/30(c)

1,425,085

1,423,903

Rackspace

Finance

LLC,

First

Lien,

2024

Incremental

Super-Priority

Term

Loan,

CME

Term

SOFR

Month

6.25%,

10.54%,

5/15/28(c)

2,955,000

2,995,631

RealPage,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.26%,

4/24/28(c)

1,691,192

1,688,942

First

Lien,

2024-1

Incremental

Term

Loan,

CME

Term

SOFR

Month

3.75%,

7.75%,

4/24/28(c)

2,100,251

2,109,576

Rocket

Software,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.75%,

7.91%,

11/28/28(c)

2,019,938

2,026,674

Starlight

Parent

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.03%,

4/16/32(c)

4,750,000

4,672,812

UKG,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.50%,

6.81%,

2/10/31(c)

14,164,481

14,166,393

Vision

Solutions,

Inc.,

First

Lien,

New

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.57%,

4/24/28(c)

3,403,106

3,297,609

175,854,559

Specialty

Retail

(2.6%)

America

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.70%,

2/07/28(c)

3,216,784

3,239,462

Great

Outdoors

Group

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.41%,

1/23/32(c)

5,130,524

5,134,372

Harbor

Freight

Tools

USA,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.41%,

6/11/31(c)

3,560,259

3,502,227

LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

Incremental

Term

Loan,

CME

Term

SOFR

Month

3.75%,

7.99%,

6/06/31(c)

174,558

170,679

Group

OpCo

Acquistion

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

2.50%;

CME

Term

SOFR

Month

2.50%,

6.70%,

4/23/31(c)

3,526,954

3,523,657

Park

River

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.55%,

12/28/27(c)

5,436,641

5,443,437

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests (82.6%)

(cont’d)

Peer

Holding

III

BV,

First

Lien,

Term

Loan,

B5B,

CME

Term

SOFR

Month

2.50%,

6.80%,

7/01/31(c)

4,937,688

4,949,019

QXO

Building

Products,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.16%,

4/30/32(c)

6,000,000

6,057,060

RealTruck

Group,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

3.75%,

8.03%,

1/31/28(c)

4,744,110

4,322,002

White

Cap

Supply

Holdings

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.25%,

7.42%,

10/19/29(c)

4,396,038

4,401,907

40,743,822

Technology

Hardware,

Storage

Peripherals

(0.0%)(a)

Clover

Holdings

SPV

III

LLC,

First

Lien,

Margin

Term

Loan,

15.00%

PIK,

15.00%,

12/09/27(c)

(e)

453,497

467,102

NCR

Atleos

Escrow

Corp.,

First

Lien,

Term

Loan,

CME

Term

SOFR

Month

3.00%,

6.73%,

4/16/29(c)

725,000

727,266

1,194,368

Textiles,

Apparel

Luxury

Goods

(1.1%)

ABG

Intermediate

Holdings

LLC,

First

Lien,

2025

Delayed

Draw

Term

Loan,

CME

Term

SOFR

Month

2.25%,

6.41%,

2/13/32(c)

1,368,125

1,367,845

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

Month

2.25%,

6.41%,

12/21/28(c)

5,011,162

5,007,629

Beach

Acquisition

Bidco

LLC,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

Month

3.25%,

7.31%,

9/13/32(c)

5,000,000

5,030,225

Hanesbrands,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.75%,

6.91%,

3/08/32(c)

1,983,918

1,995,385

Varsity

Brands,

Inc.,

First

Lien,

2025-2

Replacement

Term

Loan,

CME

Term

SOFR

Month

3.00%,

7.03%,

8/26/31(c)

4,477,500

4,483,657

17,884,741

Trading

Companies

Distributors

(0.2%)

Foundation

Building

Materials,

Inc.,

First

Lien,

2024

Incremental

Term

Loan,

CME

Term

SOFR

Month

4.00%,

8.31%,

1/29/31(c)

1,399,509

1,403,644

Face

Amount

Value

Herc

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

Month

2.00%,

6.25%,

6/02/32(c)

850,000

855,206

2,258,850

Wireless

Telecommunication

Services

(0.1%)

Crown

Subsea

Communications

Holding,

Inc.,

First

Lien,

2025

Term

Loan,

CME

Term

SOFR

Month

3.50%,

7.82%,

1/30/31(c)

1,496,222

1,507,630

1,226,493,757

Total

Fixed

Income

Securities

(Cost

$1,419,389,638)

1,412,398,448

–

Short-Term

Investments

(

)

Investment

Company

(

)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$125,882,805)

125,882,805

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(0.1%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$1,838,618)

1,838,618

Total

Short-Term

Investments

(Cost

$127,721,423)

127,721,423

Total

Investments

(

103

)

(

Cost

1,548,545,385

)

including

1,859,549

Securities

Loaned

(f)

1,541,565,037

Liabilities

Excess

Other

Assets

(-3.6%)(g)

(55,745,722)

Net

Assets

(100.0%)

$1,485,819,315

(a)

Amount

less

than

0.05%.

(b)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

liquid.

(c)

Floating

variable

rate

securities:

The

rates

disclosed

are

September

30,

2025.

For

securities

based

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

the

description

the

Portfolio

Investments.

Certain

variable

rate

securities

may

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

are

based

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description

the

Portfolio

Investments.

(d)

All

portion

this

security

was

loan

September

30,

2025.

(e)

Income

may

paid

additional

securities

and/or

cash

the

descretion

the

issuer.

(f)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$1,549,077,867.

The

aggregate

gross

unrealized

appreciation

$7,238,106

and

the

aggregate

gross

unrealized

depreciation

$14,744,358,

resulting

net

unrealized

depreciation

$7,506,252.

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Floating-Rate

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

September

30,

2025,

the

Fund

had

unfunded

loan

commitments

$2,533,008,

which

could

extended

the

option

the

borrowers,

pursuant

the

following

loan

agreements:

Borrower

Unfunded

Loan

Commitments

($)

Value

($)

Unrealized

Appriciation/

(Depriciation)

($)

Amspec

Parent

LLC

192,400

193,290

890

Azuria

Water

Solutions,

Inc.

146,104

146,469

365

Chrysaor

Bidco

SARL

255,410

254,887

(523)

Citrin

Cooperman

Advisors

LLC

183,924

184,300

376

CohnReznick

Advisory

LLC

313,275

315,835

2,560

Hanger,

Inc.

351,596

352,913

1,317

Kaman

Corp.

357,589

359,690

2,101

MRP

Buyer

LLC

215,293

214,138

(1,155)

Raven

Acquisition

Holdings

LLC

496,596

497,230

634

Signia

Aerospace

LLC

20,821

20,834

$2,533,008

$2,539,586

$6,578

(g)

CME

Chicago

Mercantile

Exchange

CLO

Collateralized

Loan

Obligation

PIK

Payment-in-Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

TBD

Determined

Portfolio

Composition*

Classification

Percentage

Total

Investments

Variable

Rate

Senior

Loan

Interests

Short-Term

Investments

Asset-Backed

Securities

Other**

Total

Investments

100

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Industries

and/or

investment

types

representing

less

than

total

investments.

Annual

Report

—

September

30,

2025

Portfolio

Investments

Eaton

Vance

High

Income

Municipal

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Fixed

Income

Securities

(97.9%)

Municipal

Bonds

(

)

Education

(

)

Arizona

Industrial

Development

Authority,

Somerset

Academy

Las

Vegas

Series

2021

3.00%,

12/15/31(a)

210,000

197,022

California

Municipal

Finance

Authority,

California

Baptist

University

Series

2025

5.63%,

11/1/54(a)

500,000

506,394

California

School

Finance

Authority,

Magnolia

Public

Schools

Obligated

Group

Series

2025

4.25%,

7/1/35(a)

700,000

702,961

Capital

Projects

Finance

Authority,

Imagine

School

North

Port,

Inc.

Series

2025

6.25%,

6/15/45(a)

500,000

503,352

Capital

Trust

Authority,

Johns

Classical

Academy,

Inc.

Series

2025

5.13%,

6/15/50(a)

500,000

453,476

Dayton-Montgomery

County

Port

Authority,

Dayton

Regional

STEM

Schools,

Inc.

Series

2024

5.00%,

12/1/60

325,000

315,386

Development

Authority

Cobb

County

(The),

Bethel

Christian

Academy,

Inc.

Series

2025

6.25%,

6/1/55(a)

555,000

566,472

District

Columbia,

International

School

Obligated

Group

Series

2019

5.00%,

7/1/49

745,000

735,901

Florida

Development

Finance

Corp.,

Renaissance

Charter

School,

Inc.

Series

2025

6.00%,

6/15/55(a)

500,000

505,431

Iowa

Higher

Education

Loan

Authority,

Series

2025

5.00%,

10/1/45

500,000

483,182

Louisiana

Public

Facilities

Authority,

Acadiana

Renaissance

Charter

Academy

Series

2025

6.00%,

6/15/45(a)

500,000

507,690

Navajo

County

Unified

School

District

No.

27,

Kayenta

Series

2025

6.00%,

7/1/44

500,000

547,493

Public

Finance

Authority,

Liberty

Classical

Schools

Educational

Services,

Inc.

Series

2025

6.50%,

6/15/45(a)

350,000

344,189

Triad

Educational

Services,

Inc.

Series

2025

5.25%,

6/15/45

750,000

742,293

Face

Amount

Value

San

Antonio

Education

Facilities

Corp.,

University

the

Incarnate

Word

Series

2025

5.00%,

10/1/50

350,000

325,509

Sierra

Vista

Industrial

Development

Authority,

American

Leadership

Academy,

Inc.

Series

2024

5.00%,

6/15/44(a)

500,000

471,811

Washington

State

Housing

Finance

Commission,

Evergreen

School

(The)

Series

2025

4.50%,

7/1/55

1,000,000

914,178

8,822,740

General

Obligation

(

)

Chicago

Board

Education,

Series

2022

5.00%,

12/1/47

500,000

450,264

Series

2015

5.25%,

12/1/39

500,000

497,228

City

Chicago,

Series

2025

6.00%,

1/1/42

500,000

538,695

City

Chicago

IL,

Series

2024

5.25%,

1/1/45

375,000

369,581

Series

2019

5.50%,

1/1/49

985,000

974,659

Mida

Cormont

Public

Infrastructure

District,

Series

2025

8.50%,

6/15/55(a)

546,000

556,483

3,386,910

Hospital

(

)

Denver

Health

Hospital

Authority,

Series

2025

5.13%,

12/1/50

500,000

504,906

Industrial

Development

Authority

the

County

Yavapai

(The),

Yavapai

Community

Hospital

Association

Obligated

Group

Series

2019

4.00%,

8/1/43

115,000

105,681

Massachusetts

Development

Finance

Agency,

Seven

Hills

Foundation

Obligated

Group

Series

2025

6.00%,

9/1/45

405,000

434,686

1,045,273

Housing

(

)

Public

Finance

Authority,

Campus

Real

Estate

Holding

Corp.

LLC

Series

2025

5.25%,

6/1/45

370,000

371,654

Series

2025

5.50%,

6/1/55

600,000

605,993

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

High

Income

Municipal

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(97.9%)

(cont’d)

Housing

(3.6%)

(cont’d)

KSU

Bixby

Real

Estate

Foundation

LLC

Series

2025

5.75%,

6/15/55

500,000

492,230

1,469,877

Other

Revenue

(

)

Alachua

County

Housing

Finance

Authority,

Woodland

Park

LLC

Series

2025

6.30%,

7/1/55(a)

300,000

308,631

Series

2025

7.00%,

7/1/29(a)

300,000

304,529

Atlanta

Development

Authority

(The),

Westside

Tax

Allocation

District

Gulch

Area

Series

2024

A-2

5.50%,

4/1/39(a)

1,000,000

1,016,025

Baldwin

County

Industrial

Development

Authority,

Novelis

Corp.

Series

2025

(AMT)

5.00%,

6/1/55(a)(b)

500,000

511,835

Berks

County

Industrial

Development

Authority,

Highlands

Wyomissing

Obligated

Group

Series

2017

5.00%,

5/15/32

500,000

508,586

California

Municipal

Finance

Authority,

Witmer

Manor

Community

Partners

Series

2025

6.00%,

11/1/43

1,000,000

1,015,215

California

Public

Finance

Authority,

Kendal

Sonoma

Obligated

Group

Series

2021

5.00%,

11/15/56(a)

405,000

349,549

City

Lavon,

Series

2025

5.75%,

9/15/45(a)

850,000

868,321

City

Valparaiso

IN,

Pratt

Paper

LLC

Project

Series

2024

(AMT)

5.00%,

1/1/54(a)

750,000

728,348

County

Denton

TX,

Green

Meadows

Public

Improvement

District

Improvement

Area

No.

Project

Series

2025

5.63%,

12/31/55(a)

500,000

510,168

Downtown

Revitalization

Public

Infrastructure

District,

City

Salt

Lake

City

Revitalization

Series

2025

5.00%,

7/15/35(a)

300,000

301,903

Florida

Development

Finance

Corp.,

GFL

Solid

Waste

Southeast

LLC

Series

2024

(AMT)

4.38%,

10/1/54(a)(b)

500,000

505,086

Florida

Local

Government

Finance

Commission,

Ponte

Vedra

Pine

Co.

LLC

Obligated

Group

Series

2025

6.63%,

11/15/45(a)

500,000

520,293

Face

Amount

Value

Texas

Street

Public

Facility

Corp.,

Series

2025

5.00%,

5/1/38

1,000,000

1,012,361

Hoover

Industrial

Development

Board,

United

States

Steel

Corp.

Series

2019

(AMT)

5.75%,

10/1/49

750,000

758,025

Iowa

Finance

Authority,

Lifespace

Communities,

Inc.

Obligated

Group

Series

2016

5.00%,

5/15/41

205,000

204,448

Jefferson

County

Port

Authority,

JSW

Steel

USA

Ohio,

Inc.

Series

2021

(AMT)

3.50%,

12/1/51(a)

500,000

379,615

Series

2023

5.00%,

12/1/53(a)(b)

150,000

151,761

Kingston

One

Community

Development

District,

Assessment

Area

One

2025

Project

Series

2025

5.75%,

5/1/45

250,000

254,473

Series

2025

6.00%,

5/1/57

500,000

508,927

Lakewood

Ranch

Stewardship

District,

Series

2025

5.80%,

5/1/45(c)

565,000

577,228

Villages

Lakewood

Ranch

South

Project

Series

2016

5.13%,

5/1/46

1,000,000

999,943

Mobile

County

Industrial

Development

Authority,

AM/NS

Calvert

LLC

Series

2024

(AMT)

5.00%,

6/1/54

750,000

722,316

New

Hampshire

Business

Finance

Authority,

Series

2025-1

4.17%,

1/20/41(b)

497,850

454,649

New

Hope

Cultural

Education

Facilities

Finance

Corp.,

Bella

Vida

Forefront

Living

Obligated

Group

Series

2025

5.50%,

10/1/35

755,000

785,340

Niagara

Area

Development

Corp.,

Reworld

Holding

Corp.

Series

2018

(AMT)

4.75%,

11/1/42(a)

750,000

683,043

North

Carolina

Medical

Care

Commission,

Penick

Village

Obligated

Group

Series

2024

5.50%,

9/1/44

760,000

768,364

Ohio

Housing

Finance

Agency,

Havens

Edge

Apartments

LLC

Series

2025

5.70%,

8/1/43(a)

500,000

512,334

Point

Phase

Public

Infrastructure

District

No.

Series

2025

A-1

5.88%,

3/1/45

500,000

511,459

Puerto

Rico

Sales

Tax

Financing

Corp.,

Series

A-1

5.00%,

7/1/58

447,000

432,067

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

High

Income

Municipal

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(97.9%)

(cont’d)

Other

Revenue

(48.8%)

(cont’d)

Sales

Tax

Series

A-1

0.00%,

7/1/51

1,532,000

385,371

St.

Louis

County

Industrial

Development

Authority,

Friendship

Village

St.

Louis

Obligated

Group

Series

2017

5.00%,

9/1/48

500,000

477,519

Stamford

Housing

Authority,

TJH

Senior

Living

LLC

Obligated

Group

Series

2025

6.25%,

10/1/60

530,000

522,350

Tempe

Industrial

Development

Authority,

Mirabella

ASU,

Inc.

Series

2017

6.00%,

10/1/37(a)

300,000

225,674

Series

2017

6.13%,

10/1/52(a)

300,000

193,007

Vermont

Economic

Development

Authority,

Casella

Waste

Systems,

Inc.

Series

2022

A-2

(AMT)

4.38%,

6/1/52(a)(b)

500,000

498,164

Washington

State

Housing

Finance

Commission,

Bayview

Manor

Homes

Obligated

Group

Series

5.00%,

7/1/36(a)

100,000

100,154

West

Virginia

Economic

Development

Authority,

Commercial

Metals

Co.

Series

2025

(AMT)

4.63%,

4/15/55(b)

205,000

207,348

19,774,429

Transportation

(

)

California

Municipal

Finance

Authority,

LAX

Integrated

Express

Solutions

LLC

Series

2018

(AMT)

5.00%,

12/31/47

1,000,000

999,970

City

Houston

TX,

Airport

System,

United

Airlines,

Inc.

Series

2024

(AMT)

5.25%,

7/15/34

500,000

535,814

United

Airlines,

Inc.

Series

2024

(AMT)

5.50%,

7/15/37

500,000

540,169

Public

Finance

Authority,

400

Peach

Partners

LLC

Series

2025

(AMT)

5.75%,

12/31/65

725,000

746,000

Series

2025

(AMT)

6.50%,

6/30/60

500,000

548,628

3,370,581

Water

Sewer

(

)

Beaufort-Jasper

Water

Sewer

Authority,

Series

2025

4.00%,

3/1/47

395,000

369,147

Face

Amount

Value

Charlotte

County

Industrial

Development

Authority,

MSKP

Town

Country

Utility

LLC

Series

2025

(AMT)

5.13%,

10/1/35

500,000

511,105

Chisholm

Creek

Utility

Authority,

Series

2025

4.00%,

9/1/45

430,000

399,000

City

Hot

Springs

AR,

Wastewater

Series

2025

4.38%,

12/1/50

485,000

466,615

1,745,867

Total

Fixed

Income

Securities

(Cost

$39,209,672)

39,615,677

–

Short-Term

Investments

(

)

Investment

Company

(

)

BlackRock

Liquidity

Funds

MuniCash

Institutional

Shares 2.90%

(Cost

$57,279)

57,273

57,279

Face

Amount

Municipal

Bonds

(

)

Other

Revenue

(

)

Maine

State

Housing

Authority,

Series

2017

G-1

4.20%,

11/15/50(b)(d)

200,000

New

York

State

Housing

Finance

Agency,

160

Madison

Avenue

LLC

Series

2013

4.09%,

11/1/46(b)(d)

150,000

350,000

Total

Municipal

Bonds

(Cost

$350,000)

350,000

Total

Short-Term

Investments

(Cost

$407,279)

407,279

Total

Investments

(

)

(

Cost

39,616,951

)

(e)

40,022,956

Other

Assets

Excess

Liabilities

(1.1%)

427,872

Net

Assets

(100.0%)

$40,450,828

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

liquid.

(b)

Floating

variable

rate

securities:

The

rates

disclosed

are

September

30,

2025.

For

securities

based

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

the

description

the

Portfolio

Investments.

Certain

variable

rate

securities

may

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

are

based

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description

the

Portfolio

Investments.

(c)

When-issued

security.

(d)

The

date

disclosed

the

final

maturity

date.

Principal

owed

can

recovered

through

demand

the

interest

reset

date.

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

High

Income

Municipal

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

(e)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$39,651,698.

The

aggregate

gross

unrealized

appreciation

$717,303

and

the

aggregate

gross

unrealized

depreciation

$346,045,

resulting

net

unrealized

appreciation

$371,258.

AMT

Alternative

Minimum

Tax

September

30,

2025

the

concentration

the

Fund’s

investments

the

various

states

and

territories,

determined

percentage

net

assets,

follows:

State/Territory

Percentage

Net

Assets

Florida

Texas

Others,

representing

less

than

10%

individually

Total

Investments

Sector

Classification

Portfolio

Classification

Percentage

Total

Investments

Other

Revenue

Education

Other*

General

Obligation

Transportation

Total

Investments

100

Sectors

representing

less

than

total

investments.

Annual

Report

—

September

30,

2025

Portfolio

Investments

Eaton

Vance

High

Yield

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Fixed

Income

Securities

(98.4%)

Corporate

Bonds

(

)

Aerospace

Defense

(2.7%)

Axon

Enterprise,

Inc.

6.13%,

3/15/30(a)(b)

20,000

20,590

6.25%,

3/15/33(a)(b)

15,000

15,477

Bombardier,

Inc.

7.00%,

6/1/32(a)

30,000

31,393

7.25%,

7/1/31(a)(b)

30,000

31,838

7.88%,

4/15/27(a)

61,000

61,305

8.75%,

11/15/30(a)

40,000

43,186

Moog,

Inc.

4.25%,

12/15/27(a)

111,000

109,508

TransDigm,

Inc.

4.63%,

1/15/29

52,000

51,003

6.25%,

1/31/34(a)

15,000

15,438

6.38%,

3/1/29(a)

25,000

25,591

6.63%,

3/1/32(a)

40,000

41,232

6.75%,

8/15/28

1/31/34(a)

123,000

126,288

572,849

Air

Freight

Logistics

(0.1%)

Stonepeak

Nile

Parent

LLC

7.25%,

3/15/32(a)

28,000

29,508

Automobile

Components

(1.7%)

Clarios

Global

6.75%,

2/15/30

9/15/32(a)(b)

150,000

154,465

Goodyear

Tire

Rubber

Co.

(The)

5.00%,

7/15/29

56,000

54,121

5.25%,

7/15/31

28,000

26,325

Poindexter

Co.,

Inc.

8.75%,

12/15/31(a)(b)

56,000

58,722

Patrick

Industries,

Inc.

6.38%,

11/1/32(a)(b)

64,000

64,992

358,625

Broadline

Retail

(0.6%)

Match

Group

Holdings

LLC

3.63%,

10/1/31(a)

139,000

126,087

Building

Products

(5.4%)

AmeriTex

HoldCo

Intermediate

LLC

7.63%,

8/15/33(a)

86,000

89,589

Builders

FirstSource,

Inc.

4.25%,

2/1/32(a)

208,000

195,785

5.00%,

3/1/30(a)

51,000

50,530

Atlas

Buyer,

Inc.

9.75%,

7/15/30(a)

51,000

53,461

12.75%,

1/15/31(a)(c)(d)

3,000

2,968

EMRLD

Borrower

6.63%,

12/15/30(a)

134,000

137,913

North

America

Holdings,

Inc.

5.88%,

1/31/31(a)

28,000

28,454

6.13%,

7/31/32(a)(b)

36,000

36,905

Masterbrand,

Inc.

7.00%,

7/15/32(a)

87,000

90,024

Quikrete

Holdings,

Inc.

6.38%,

3/1/32(a)

80,000

82,930

6.75%,

3/1/33(a)(b)

86,000

89,478

Face

Amount

Value

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/28(a)

117,000

117,134

Standard

Industries,

Inc.

3.38%,

1/15/31(a)

25,000

22,661

4.38%,

7/15/30(a)

163,000

156,387

1,154,219

Capital

Markets

(1.0%)

Financial

Corp.

4.10%,

6/15/51

50,000

36,294

Compass

Group

Diversified

Holdings

LLC

5.25%,

4/15/29(a)

101,750

94,083

Focus

Financial

Partners

LLC

6.75%,

9/15/31(a)(b)

81,000

83,013

213,390

Chemicals

(2.6%)

Avient

Corp.

6.25%,

11/1/31(a)

35,000

35,570

7.13%,

8/1/30(a)

122,000

125,472

Celanese

Holdings

LLC

7.20%,

11/15/33(b)(e)

127,000

132,112

Olympus

Water

Holding

Corp.

7.25%,

2/15/33(a)

200,000

200,333

Grace

Holdings

LLC

4.88%,

6/15/27(a)

61,000

60,698

554,185

Commercial

Services

Supplies

(3.0%)

Allied

Universal

Holdco

LLC

6.88%,

6/15/30(a)

30,000

30,861

7.88%,

2/15/31(a)

65,000

68,209

Clarivate

Science

Holdings

Corp.

4.88%,

7/1/29(a)

83,000

78,513

Clean

Harbors,

Inc.

4.88%,

7/15/27(a)

117,000

6.38%,

2/1/31(a)

15,000

15,373

GFL

Environmental,

Inc.

4.75%,

6/15/29(a)

213,000

210,613

Reworld

Holding

Corp.

4.88%,

12/1/29(a)

103,000

96,962

Wrangler

Holdco

Corp.

6.63%,

4/1/32(a)

25,000

26,090

643,621

Construction

Engineering

(0.6%)

Arcosa,

Inc.

6.88%,

8/15/32(a)

67,000

70,036

Artera

Services

LLC

8.50%,

2/15/31(a)

60,000

53,069

123,105

Consumer

Finance

(0.6%)

Azorra

Finance

Ltd.

7.25%,

1/15/31(a)

47,000

49,058

Phoenix

Aviation

Capital

Ltd.

9.25%,

7/15/30(a)

81,000

86,255

135,313

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

High

Yield

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(98.4%)

(cont’d)

Consumer

Staples

Distribution

Retail

(2.2%)

Albertsons

Cos.,

Inc.

4.88%,

2/15/30(a)

117,000

115,094

5.88%,

2/15/28(a)

47,000

47,055

Performance

Food

Group,

Inc.

4.25%,

8/1/29(a)

155,000

150,733

6.13%,

9/15/32(a)

40,000

41,023

Foods,

Inc.

4.75%,

2/15/29(a)

103,000

101,578

455,483

Containers

Packaging

(1.9%)

Ball

Corp.

6.88%,

3/15/28

109,000

111,166

Clydesdale

Acquisition

Holdings,

Inc.

6.75%,

4/15/32(a)(b)

69,000

70,835

8.75%,

4/15/30(a)

78,000

80,199

Toucan

FinCo

Ltd.

9.50%,

5/15/30(a)

150,000

147,080

409,280

Distributors

(1.1%)

Global

Holdings,

Inc.

6.75%,

3/15/28(a)

66,000

67,557

7.75%,

3/15/31(a)

66,000

69,112

Windsor

Holdings

III

LLC

8.50%,

6/15/30(a)

96,000

101,603

238,272

Diversified

Consumer

Services

(1.2%)

Adtalem

Global

Education,

Inc.

5.50%,

3/1/28(a)(b)

100,000

99,753

Wand

NewCo

Inc.

7.63%,

1/30/32(a)

149,000

157,106

256,859

Diversified

Telecommunication

Services

(3.6%)

CCO

Holdings

LLC

4.25%,

2/1/31(a)

13,000

11,984

4.50%,

8/15/30(a)

257,000

242,890

4.75%,

3/1/30

2/1/32(a)

100,000

95,444

6.38%,

9/1/29(a)

112,000

113,631

Level

Financing,

Inc.

7.00%,

3/31/34(a)

18,333

18,664

Virgin

Media

Secured

Finance

plc

4.50%,

8/15/30(a)

200,000

188,744

Windstream

Services

LLC

7.50%,

10/15/33(a)

95,000

95,034

766,391

Electric

Utilities

(4.3%)

Alpha

Generation

LLC

6.75%,

10/15/32(a)(b)

115,000

118,795

NRG

Energy,

Inc.

3.63%,

2/15/31(a)

70,000

64,775

3.88%,

2/15/32(a)

56,000

51,647

5.75%,

1/15/34(a)

35,000

34,986

6.00%,

2/1/33

1/15/36(a)

85,000

85,843

6.25%,

11/1/34(a)

30,000

30,772

Face

Amount

Value

10.25%,

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

78,000

85,267

Pattern

Energy

Operations

4.50%,

8/15/28(a)

69,000

67,303

Vistra

Operations

Co.

LLC

5.00%,

7/31/27(a)

136,000

135,652

6.88%,

4/15/32(a)

55,000

57,563

XPLR

Infrastructure

Operating

Partners

4.50%,

9/15/27(a)

115,000

112,899

8.38%,

1/15/31(a)

30,000

31,464

8.63%,

3/15/33(a)

30,000

31,483

908,449

Electronic

Equipment,

Instruments

Components

(0.8%)

Coherent

Corp.

5.00%,

12/15/29(a)

44,000

43,445

Insight

Enterprises,

Inc.

6.63%,

5/15/32(a)

51,000

52,350

Sensata

Technologies,

Inc.

3.75%,

2/15/31(a)

81,000

74,826

170,621

Energy

Equipment

Services

(1.4%)

Kodiak

Gas

Services

LLC

6.50%,

10/1/33(a)

36,000

36,677

6.75%,

10/1/35(a)

15,000

15,411

Transocean

International

Ltd.

7.88%,

10/15/32(a)

10,000

8.75%,

2/15/30(a)

49,500

52,120

WBI

Operating

LLC

6.25%,

10/15/30(a)

40,000

6.50%,

10/15/33(a)

30,000

29,963

Weatherford

International

Ltd.

6.75%,

10/15/33(a)

30,000

30,040

8.63%,

4/30/30(a)

77,000

78,767

292,978

Entertainment

(1.2%)

Cinemark

USA,

Inc.

5.25%,

7/15/28(a)

98,000

97,544

7.00%,

8/1/32(a)

40,000

41,608

Playtika

Holding

Corp.

4.25%,

3/15/29(a)

94,000

86,389

Warnermedia

Holdings,

Inc.

5.05%,

3/15/42(b)

44,000

35,154

260,695

Financial

Services

(1.9%)

Block,

Inc.

5.63%,

8/15/30(a)(b)

45,000

45,626

6.00%,

8/15/33(a)

52,000

53,285

Rocket

Cos.,

Inc.

6.13%,

8/1/30(a)

45,000

46,217

6.38%,

8/1/33(a)

70,000

72,336

Rocket

Mortgage

LLC

3.63%,

3/1/29(a)

100,000

95,453

Shift4

Payments

LLC

6.75%,

8/15/32(a)(b)

42,000

43,453

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

High

Yield

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(98.4%)

(cont’d)

UWM

Holdings

LLC

6.25%,

3/15/31(a)

53,000

52,781

409,151

Food

Products

(1.8%)

Darling

Ingredients,

Inc.

6.00%,

6/15/30(a)

140,000

141,488

Pilgrim's

Pride

Corp.

3.50%,

3/1/32

130,000

119,098

6.88%,

5/15/34(b)

30,000

33,160

Post

Holdings,

Inc.

6.25%,

2/15/32(a)

45,000

46,320

Viking

Baked

Goods

Acquisition

Corp.

8.63%,

11/1/31(a)

34,000

34,092

374,158

Gas

Utilities

(1.0%)

Ferrellgas

5.88%,

4/1/29(a)

120,000

111,770

Superior

Plus

4.50%,

3/15/29(a)(b)

103,000

99,453

211,223

Ground

Transportation

(0.7%)

Avis

Budget

Car

Rental

LLC

8.38%,

6/15/32(a)(b)

40,000

41,872

EquipmentShare.com,

Inc.

8.63%,

5/15/32(a)(b)

31,000

33,508

NESCO

Holdings

II,

Inc.

5.50%,

4/15/29(a)

15,000

14,701

Watco

Cos.

LLC

7.13%,

8/1/32(a)

55,000

56,975

147,056

Health

Care

Equipment

Supplies

(1.7%)

Avantor

Funding,

Inc.

4.63%,

7/15/28(a)

121,000

119,133

Medline

Borrower

5.25%,

10/1/29(a)

253,000

251,000

370,133

Health

Care

Providers

Services

(5.5%)

Concentra

Health

Services,

Inc.

6.88%,

7/15/32(a)(b)

62,000

64,457

Encompass

Health

Corp.

4.75%,

2/1/30

67,000

66,278

Global

Medical

Response,

Inc.

7.38%,

10/1/32(a)(b)

51,000

52,527

HealthEquity,

Inc.

4.50%,

10/1/29(a)

125,000

121,359

Heartland

Dental

LLC

10.50%,

4/30/28(a)

30,000

31,648

LifePoint

Health,

Inc.

9.88%,

8/15/30(a)

56,000

60,715

Molina

Healthcare,

Inc.

3.88%,

11/15/30

5/15/32(a)

200,000

184,020

6.25%,

1/15/33(a)(b)

26,000

26,312

Option

Care

Health,

Inc.

4.38%,

10/31/29(a)

188,000

181,481

Face

Amount

Value

Team

Health

Holdings,

Inc.

9.00%

Cash,

4.50%

PIK,

13.50%,

6/30/28(a)(d)

67,819

72,024

Tenet

Healthcare

Corp.

4.38%,

1/15/30

15,000

14,601

5.13%,

11/1/27

77,000

76,924

6.13%,

10/1/28

120,000

120,171

Acute

Care

Solutions

LLC

9.75%,

5/15/29(a)

86,000

88,170

1,160,687

Health

Care

Technology

(0.4%)

IQVIA,

Inc.

6.25%,

6/1/32(a)

73,000

75,146

Hotels,

Restaurants

Leisure

(8.3%)

1011778

ULC

3.88%,

1/15/28(a)(b)

109,000

106,541

4.00%,

10/15/30(a)(b)

135,000

127,368

Caesars

Entertainment,

Inc.

4.63%,

10/15/29(a)

194,000

185,631

6.00%,

10/15/32(a)

45,000

44,351

6.50%,

2/15/32(a)

40,000

40,825

7.00%,

2/15/30(a)

112,000

115,275

Carnival

Corp.

5.75%,

8/1/32(a)

45,000

45,852

6.00%,

5/1/29(a)(b)

145,000

147,257

Churchill

Downs,

Inc.

5.75%,

4/1/30(a)

100,000

99,978

Mohegan

Tribal

Gaming

Authority

8.25%,

4/15/30(a)(b)

82,000

85,262

NCL

Corp.

Ltd.

6.75%,

2/1/32(a)

55,000

56,598

7.75%,

2/15/29(a)(b)

95,000

101,206

NCL

Finance

Ltd.

6.13%,

3/15/28(a)

70,000

71,576

Raising

Cane's

Restaurants

LLC

9.38%,

5/1/29(a)

120,000

126,119

Rivers

Enterprise

Lender

LLC

6.25%,

10/15/30(a)

50,000

50,477

Viking

Cruises

Ltd.

5.88%,

9/15/27(a)(b)

145,000

145,151

Voyager

Parent

LLC

9.25%,

7/1/32(a)

115,000

121,689

Yum!

Brands,

Inc.

3.63%,

3/15/31(b)

96,000

89,765

1,760,921

Household

Durables

(1.6%)

Somnigroup

International,

Inc.

3.88%,

10/15/31(a)

120,000

110,060

Taylor

Morrison

Communities,

Inc.

5.88%,

6/15/27(a)

91,000

92,181

TopBuild

Corp.

4.13%,

2/15/32(a)

135,000

126,658

328,899

Independent

Power

and

Renewable

Electricity

Producers

(0.7%)

Calpine

Corp.

5.00%,

2/1/31(a)

56,000

55,871

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

High

Yield

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(98.4%)

(cont’d)

5.13%,

3/15/28(a)

74,000

74,093

Clearway

Energy

Operating

LLC

3.75%,

2/15/31(a)(b)

27,000

24,805

154,769

Insurance

(3.4%)

Alliant

Holdings

Intermediate

LLC

6.50%,

10/1/31(a)(b)

12,000

12,284

7.00%,

1/15/31(a)

82,000

84,790

AmWINS

Group,

Inc.

6.38%,

2/15/29(a)

100,000

102,096

HUB

International

Ltd.

7.25%,

6/15/30(a)

105,000

109,585

Jones

Deslauriers

Insurance

Management,

Inc.

8.50%,

3/15/30(a)

100,000

105,142

Panther

Escrow

Issuer

LLC

7.13%,

6/1/31(a)

185,000

192,551

Ryan

Specialty

LLC

5.88%,

8/1/32(a)

103,000

104,230

710,678

Interactive

Media

Services

(0.4%)

Snap,

Inc.

6.88%,

3/1/33(a)(b)

78,000

79,810

Services

(0.4%)

Arches

Buyer,

Inc.

4.25%,

6/1/28(a)

95,000

93,177

Life

Sciences

Tools

Services

(0.3%)

Fortrea

Holdings,

Inc.

7.50%,

7/1/30(a)

70,000

66,373

Machinery

(2.2%)

Calderys

Financing

LLC

11.25%,

6/1/28(a)

101,000

107,220

Chart

Industries,

Inc.

9.50%,

1/1/31(a)

117,000

125,454

Esab

Corp.

6.25%,

4/15/29(a)

62,000

63,770

New

Flyer

Holdings,

Inc.

9.25%,

7/1/30(a)

49,000

52,483

Roller

Bearing

Co.

America,

Inc.

4.38%,

10/15/29(a)

125,000

121,562

470,489

Media

(3.4%)

Clear

Channel

Outdoor

Holdings,

Inc.

7.13%,

2/15/31(a)(b)

50,000

51,719

7.50%,

3/15/33(a)(b)

18,000

18,833

7.88%,

4/1/30(a)

85,000

89,314

DISH

Network

Corp.

11.75%,

11/15/27(a)

74,000

78,372

EchoStar

Corp.

10.75%,

11/30/29

69,000

75,966

McGraw-Hill

Education,

Inc.

5.75%,

8/1/28(a)

101,000

101,027

7.38%,

9/1/31(a)

30,000

31,194

Outfront

Media

Capital

LLC

4.63%,

3/15/30(a)

119,000

114,472

Face

Amount

Value

Sinclair

Television

Group,

Inc.

8.13%,

2/15/33(a)(b)

52,000

53,408

Stagwell

Global

LLC

5.63%,

8/15/29(a)

69,000

67,085

Univision

Communications,

Inc.

9.38%,

8/1/32(a)(b)

45,000

47,993

729,383

Metals

Mining

(3.3%)

Arsenal

AIC

Parent

LLC

11.50%,

10/1/31(a)

92,000

102,293

Big

River

Steel

LLC

6.63%,

1/31/29(a)

55,000

55,066

Cleveland-Cliffs,

Inc.

7.38%,

5/1/33(a)(b)

55,000

56,192

7.50%,

9/15/31(a)(b)

45,000

46,414

7.63%,

1/15/34(a)(b)

30,000

30,932

Compass

Minerals

International,

Inc.

6.75%,

12/1/27(a)

28,000

28,102

8.00%,

7/1/30(a)(b)

59,000

61,716

Eldorado

Gold

Corp.

6.25%,

9/1/29(a)(b)

84,000

84,379

Hudbay

Minerals,

Inc.

4.50%,

4/1/26(a)

69,000

68,834

6.13%,

4/1/29(a)(b)

35,000

35,314

Novelis

Corp.

3.88%,

8/15/31(a)(b)

26,000

23,726

4.75%,

1/30/30(a)

100,000

96,549

689,517

Oil,

Gas

Consumable

Fuels

(7.3%)

Aethon

United

7.50%,

10/1/29(a)

60,000

62,618

Civitas

Resources,

Inc.

8.63%,

11/1/30(a)

77,000

79,805

Kinetik

Holdings

5.88%,

6/15/30(a)

113,000

113,742

Matador

Resources

Co.

6.50%,

4/15/32(a)

55,000

55,565

NGL

Energy

Operating

LLC

8.13%,

2/15/29(a)(b)

21,000

21,547

8.38%,

2/15/32(a)

33,000

33,843

Parkland

Corp.

4.63%,

5/1/30

200,000

97,539

Permian

Resources

Operating

LLC

5.88%,

7/1/29(a)

177,000

177,925

6.25%,

2/1/33(a)

40,000

40,775

Plains

All

American

Pipeline

8.58%,

11/15/73(c)(f)

91,000

91,276

Energy

Co.

7.00%,

8/1/32(a)

45,000

45,068

Sunoco

4.50%,

4/30/30

111,000

106,960

5.88%,

3/15/34(a)

45,000

44,639

7.25%,

5/1/32(a)

45,000

47,260

7.88%,

9/18/30(a)(c)(f)

155,000

157,535

TerraForm

Power

Operating

LLC

4.75%,

1/15/30(a)

32,000

30,953

5.00%,

1/31/28(a)

89,000

88,424

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

High

Yield

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(98.4%)

(cont’d)

Venture

Global

LNG,

Inc.

7.00%,

1/15/30(a)

30,000

31,065

8.38%,

6/1/31(a)

101,000

106,118

9.00%,

9/30/29(a)(c)(f)

56,000

55,539

9.50%,

2/1/29(a)

20,000

22,053

9.88%,

2/1/32(a)

5,000

5,447

Vital

Energy,

Inc.

7.88%,

4/15/32(a)

2,000

1,943

9.75%,

10/15/30(b)

31,000

32,390

1,550,029

Passenger

Airlines

(0.6%)

VistaJet

Malta

Finance

plc

6.38%,

2/1/30(a)

104,000

101,455

9.50%,

6/1/28(a)

17,000

17,714

119,169

Personal

Care

Products

(1.1%)

BellRing

Brands,

Inc.

7.00%,

3/15/30(a)

116,000

119,921

Edgewell

Personal

Care

Co.

4.13%,

4/1/29(a)

80,000

76,207

Prestige

Brands,

Inc.

3.75%,

4/1/31(a)

35,000

32,264

228,392

Pharmaceuticals

(1.9%)

1261229

Ltd.

10.00%,

4/15/32(a)(b)

200,000

205,168

Amneal

Pharmaceuticals

LLC

6.88%,

8/1/32(a)

28,000

28,993

Endo

Finance

Holdings,

Inc.

8.50%,

4/15/31(a)

55,000

59,077

Teva

Pharmaceutical

Finance

Netherlands

III

4.10%,

10/1/46

143,000

106,847

400,085

Professional

Services

(1.4%)

Amentum

Holdings,

Inc.

7.25%,

8/1/32(a)

41,000

42,606

AMN

Healthcare,

Inc.

4.63%,

10/1/27(a)

76,000

76,017

CACI

International,

Inc.

6.38%,

6/15/33(a)(b)

40,000

41,312

Science

Applications

International

Corp.

5.88%,

11/1/33(a)

40,000

40,037

Topco,

Inc.

8.50%,

8/15/30(a)

102,000

103,848

303,820

Real

Estate

Management

Development

(0.3%)

Cushman

Wakefield

Borrower

LLC

6.75%,

5/15/28(a)

68,000

68,672

Semiconductors

Semiconductor

Equipment

(0.4%)

Semiconductor

Corp.

3.88%,

9/1/28(a)

91,000

88,430

Face

Amount

Value

Software

(1.6%)

Cloud

Software

Group,

Inc.

6.50%,

3/31/29(a)

61,000

61,617

9.00%,

9/30/29(a)

66,000

68,531

Fair

Isaac

Corp.

4.00%,

6/15/28(a)

85,000

82,766

Open

Text

Corp.

3.88%,

2/15/28(a)

63,000

61,334

SS&C

Technologies,

Inc.

5.50%,

9/30/27(a)

67,000

66,955

341,203

Specialty

Retail

(5.4%)

Asbury

Automotive

Group,

Inc.

4.63%,

11/15/29(a)

34,000

33,025

5.00%,

2/15/32(a)

14,000

13,454

Bath

Body

Works,

Inc.

6.75%,

7/1/36(b)

40,000

41,220

6.88%,

11/1/35(b)

18,000

18,751

Cougar

Subsidiary

LLC

8.00%,

5/15/32(a)

69,000

73,460

Group

Automotive,

Inc.

4.00%,

8/15/28(a)

128,000

124,498

6.38%,

1/15/30(a)

20,000

20,498

LBM

Acquisition

LLC

9.50%,

6/15/31(a)(b)

72,000

75,749

LCM

Investments

Holdings

LLC

4.88%,

5/1/29(a)

91,000

89,226

Lithia

Motors,

Inc.

3.88%,

6/1/29(a)

91,000

86,989

4.38%,

1/15/31(a)

92,000

87,435

Park

River

Holdings,

Inc.

8.00%,

3/15/31(a)

53,000

53,707

Sonic

Automotive,

Inc.

4.63%,

11/15/29(a)

129,000

125,376

4.88%,

11/15/31(a)

134,000

128,233

Specialty

Building

Products

Holdings

LLC

7.75%,

10/15/29(a)

68,000

69,138

Valvoline,

Inc.

3.63%,

6/15/31(a)

112,000

102,783

1,143,542

Technology

Hardware,

Storage

Peripherals

(1.2%)

Diebold

Nixdorf,

Inc.

7.75%,

3/31/30(a)

75,000

79,302

Seagate

Data

Storage

Technology

Pte.

Ltd.

8.25%,

12/15/29(a)

84,000

89,133

9.63%,

12/1/32(a)

80,000

90,684

259,119

Textiles,

Apparel

Luxury

Goods

(1.7%)

Beach

Acquisition

Bidco

LLC

10.00%,

7/15/33(a)(b)(d)

200,000

216,232

Champ

Acquisition

Corp.

8.38%,

12/1/31(a)

53,000

56,479

Hanesbrands,

Inc.

9.00%,

2/15/31(a)

81,000

85,844

358,555

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

High

Yield

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(98.4%)

(cont’d)

Trading

Companies

Distributors

(2.0%)

Herc

Holdings,

Inc.

7.00%,

6/15/30(a)

45,000

46,779

7.25%,

6/15/33(a)

35,000

36,565

Imola

Merger

Corp.

4.75%,

5/15/29(a)

134,000

130,449

WESCO

Distribution,

Inc.

6.38%,

3/15/29

3/15/33(a)

72,000

74,480

6.63%,

3/15/32(a)

33,000

34,336

7.25%,

6/15/28(a)

108,000

109,495

432,104

Transportation

Infrastructure

(0.5%)

Seaspan

Corp.

5.50%,

8/1/29(a)

107,000

103,267

Total

Fixed

Income

Securities

(Cost

$19,829,340)

20,897,887

–

Short-Term

Investments

(

)

Investment

Company

(

)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$696,140)

696,140

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(11.1%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$2,374,314)

2,374,314

Total

Short-Term

Investments

(Cost

$3,070,454)

3,070,454

Total

Investments

(

112

)

(

Cost

22,899,794

)

including

3,066,057

Securities

Loaned

(g)

23,968,341

Liabilities

Excess

Other

Assets

(-12.8%)

(2,715,700)

Net

Assets

(100.0%)

$21,252,641

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

liquid.

(b)

All

portion

this

security

was

loan

September

30,

2025.

(c)

Floating

variable

rate

securities:

The

rates

disclosed

are

September

30,

2025.

For

securities

based

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

the

description

the

Portfolio

Investments.

Certain

variable

rate

securities

may

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

are

based

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description

the

Portfolio

Investments.

(d)

Income

may

paid

additional

securities

and/or

cash

the

descretion

the

issuer.

(e)

Multi-step

—

Coupon

rate

changes

predetermined

increments

maturity.

Rate

disclosed

September

30,

2025.

Maturity

date

disclosed

the

ultimate

maturity

date.

(f)

Perpetual

—

One

securities

not

have

predetermined

maturity

date.

Rates

for

these

securities

are

fixed

for

period

time,

after

which

they

revert

floating

rate.

Interest

rates

effect

are

September

30,

2025.

(g)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$22,899,794.

The

aggregate

gross

unrealized

appreciation

$1,083,953

and

the

aggregate

gross

unrealized

depreciation

$15,406,

resulting

net

unrealized

appreciation

$1,068,547.

PIK

Payment-in-Kind

Sector

Classification

Portfolio

Classification

Percentage

Total

Investments

Consumer

Discretionary

Industrials

Other**

Health

Care

Energy

Communication

Services

Materials

Financials

Utilities

Total

Investments

100

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Sectors

representing

less

than

total

investments.

Annual

Report

—

September

30,

2025

Portfolio

Investments

Eaton

Vance

Intermediate

Municipal

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Fixed

Income

Securities

(95.9%)

Corporate

Bonds

(

)

Health

Care

Providers

Services

(0.9%)

Providence

Joseph

Health

Obligated

Group

5.37%,

10/1/32

1,000,000

1,031,455

Municipal

Bonds

(

)

Certificate

Participation/Lease

(

)

Adams

County

School

District

No.

Series

2025

5.00%,

12/1/38

1,000,000

1,093,612

City

Golden

CO,

Series

2025

5.00%,

12/1/37

525,000

584,844

1,678,456

Education

(

)

Arlington

Higher

Education

Finance

Corp.,

Lifeschool

Dallas

Series

2024

4.00%,

8/15/44

275,000

259,588

Board

Governors

Colorado

State,

University

System

Series

2025

5.00%,

3/1/37

625,000

701,645

Board

Governors

Colorado

State

University

System,

Series

2023

A-2

4.38%,

3/1/48(a)

500,000

513,907

Build

NYC

Resource

Corp.,

Nightingale-Bamford

School

Series

2025

5.00%,

7/1/40

1,000,000

1,074,131

Success

Academy

Charter

Schools

Inc

Obligated

Group

Series

2025

4.00%,

9/1/43

830,000

771,031

Colorado

Educational

Cultural

Facilities

Authority,

Kent

Denver

School

Series

2025

4.00%,

6/1/35

1,000,000

1,032,618

Connecticut

State

Health

Educational

Facilities

Authority,

Quinnipiac

University

Series

5.00%,

7/1/29

250,000

252,863

Yale

University

Series

2025

B-2

5.00%,

7/1/64(a)

1,000,000

1,137,454

Connecticut

State

Higher

Education

Supplement

Loan

Authority,

Series

2025

B-2

(AMT)

5.00%,

11/15/45(a)

250,000

251,719

Series

2025

B-1

(AMT)

5.25%,

11/15/34

265,000

285,253

Madison

County

Capital

Resource

Corp.,

Colgate

University

Series

2025

5.00%,

7/1/33

100,000

116,123

Massachusetts

Development

Finance

Agency,

President

and

Fellows

Harvard

College

Series

2025

A-2

5.00%,

5/15/55(a)

310,000

360,226

Face

Amount

Value

Trustees

Boston

College

Series

2025

5.00%,

7/1/40

750,000

823,437

Navajo

County

Unified

School

District

No.

27,

Kayenta

Series

2025

5.50%,

7/1/35

490,000

546,173

New

Hampshire

Health

and

Education

Facilities

Authority

Act,

Trustees

Dartmouth

College

Series

2025

5.00%,

6/1/35

250,000

289,926

New

Jersey

Educational

Facilities

Authority,

Trustees

Princeton

University

(The)

Series

2024

A-1

5.00%,

3/1/36

750,000

861,459

New

Jersey

Higher

Education

Student

Assistance

Authority,

Series

2025-1B

(AMT)

5.00%,

12/1/31

1,000,000

1,064,704

New

Jersey

Institute

Technology,

Series

2025

5.00%,

7/1/38

200,000

226,107

New

York

State

Dormitory

Authority,

Series

2025

5.00%,

10/1/32

220,000

252,458

Private

Colleges

Universities

Authority,

Emory

University

Series

2025

5.25%,

9/1/39

910,000

1,032,980

Rhode

Island

Health

and

Educational

Building

Corp.,

Town

East

Greenwich

Series

2025

5.00%,

5/15/35

570,000

654,330

Town

North

Providence

Series

2025

5.00%,

5/15/41

1,000,000

1,068,324

Sierra

Vista

Industrial

Development

Authority,

American

Leadership

Academy,

Inc.

Series

2024

5.00%,

6/15/34(b)

250,000

258,815

University

North

Carolina

Chapel

Hill,

Series

2012

3.81%,

12/1/41(a)

500,000

502,453

University

Washington,

Series

2024

5.00%,

4/1/44

250,000

264,950

14,602,674

General

Obligation

(

)

Belmont-Redwood

Shores

School

District,

Series

5.00%,

8/1/39

30,000

34,368

Charlton

County

School

District,

Series

2025

6.00%,

4/1/41

150,000

173,625

Chicago

Board

Education,

Series

2012

5.00%,

12/1/33

500,000

500,025

City

Chicago

IL,

Series

2024

5.00%,

1/1/33

250,000

266,726

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Intermediate

Municipal

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(95.0%)

(cont’d)

General

Obligation

(18.6%)

(cont’d)

Series

2021

5.00%,

1/1/34

20,000

20,711

Series

2024

5.00%,

1/1/35

135,000

143,455

Series

2019

5.50%,

1/1/49

490,000

484,856

City

Detroit

MI,

Series

2020

5.50%,

4/1/40

250,000

262,502

City

New

York

NY,

Series

2024

5.00%,

4/1/39

630,000

687,743

City

Philadelphia,

Series

2025

5.00%,

8/1/34

1,000,000

1,156,400

Commonwealth

Massachusetts,

Series

2015

4.00%,

5/1/45

450,000

421,225

Commonwealth

Pennsylvania,

Series

2018

4.00%,

3/1/38

500,000

504,951

Commonwealth

Puerto

Rico,

Series

2022

A-1

5.63%,

7/1/27

371,000

384,116

Cupertino

Union

School

District,

Series

5.75%,

8/1/42

650,000

757,350

Cypress-Fairbanks

Independent

School

District,

Series

2023

5.00%,

2/15/37

250,000

276,614

Dallas

Independent

School

District,

Series

2023

5.00%,

2/15/42

260,000

272,998

Series

2025

A-6

5.00%,

2/15/55(a)

500,000

552,160

Detroit

City

School

District,

Series

2001

6.00%,

5/1/29

1,000,000

1,073,399

DuPage

County

Forest

Preserve

District,

Series

2025

5.00%,

11/1/33

200,000

230,633

Forney

Independent

School

District,

Series

2025

5.25%,

8/15/41

1,055,000

1,172,404

Harris

County

Improvement

District

No.

18,

Series

2024

4.00%,

9/1/39

640,000

641,212

Harris

County

Municipal

Utility

District

No.

165,

Series

2024

3.38%,

3/1/41

500,000

452,006

L'Anse

Creuse

Public

Schools,

Series

2025

5.00%,

5/1/38

750,000

840,847

Maricopa

County

Elementary

School

District

No.

Washington

Series

2025

5.00%,

7/1/38

500,000

556,317

Face

Amount

Value

Maricopa

County

Union

High

School

District

No.

201,

Buckeye

Series

2025

5.00%,

7/1/33

500,000

573,081

Menifee

Union

School

District,

Series

2017

3.25%,

8/1/37

250,000

240,977

Mt.

San

Antonio

Community

College

District,

Series

2025

5.00%,

8/1/45

1,000,000

1,084,464

Northside

Independent

School

District,

Series

2020

3.55%,

6/1/50(a)

750,000

760,820

Oregon

City

School

District

No.

62,

Series

2025

5.00%,

6/15/38

450,000

505,184

Prosper

Independent

School

District,

Series

2022

4.00%,

2/15/53(a)

1,000,000

1,032,225

Raindance

Metropolitan

District

No.

Series

2024

4.00%,

12/1/44

315,000

291,881

Riverside

Community

College

District,

Series

2025

4.00%,

8/1/42

200,000

200,137

State

Connecticut,

Series

2025

5.00%,

3/15/33

500,000

575,591

State

Illinois

IL,

Series

2020

5.50%,

5/1/39

315,000

334,492

State

Maryland,

Series

2017

3.00%,

8/1/31

310,000

310,588

State

Oregon,

Series

2025

5.00%,

5/15/34

500,000

546,954

State

Texas,

Series

2025

4.20%,

8/1/32

500,000

501,793

Series

2025

4.39%,

8/1/33

750,000

756,936

United

City

Yorkville

IL,

Series

2025

5.00%,

12/30/36

350,000

389,689

Village

Westchester

IL,

Series

2025

5.00%,

12/15/38

655,000

709,037

20,680,492

Hospital

(

)

Allegheny

County

Hospital

Development

Authority,

UPMC

Obligated

Group

Series

2017

D-2

3.59%,

11/15/47(a)

500,000

495,884

California

Statewide

Communities

Development

Authority,

Series

2025

5.00%,

10/1/30(b)

1,000,000

1,118,061

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Intermediate

Municipal

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(95.0%)

(cont’d)

Hospital

(11.8%)

(cont’d)

City

Minneapolis

MN,

Children's

Health

Care

Obligated

Group

Series

2025

5.00%,

8/15/44

800,000

831,558

Colorado

Health

Facilities

Authority,

AdventHealth

Obligated

Group

Series

A-1

5.00%,

11/15/58(a)

500,000

530,251

CommonSpirit

Health

Obligated

Group

Series

2019

B-2

5.00%,

8/1/49(a)

500,000

502,594

Harris

County

Cultural

Education

Facilities

Finance

Corp.,

Memorial

Hermann

Health

System

Obligated

Group

Series

2022

5.00%,

7/1/29

250,000

271,948

Texas

Children's

Hospital

Obligated

Group

Series

2015-1

5.00%,

10/1/28

500,000

500,509

Idaho

Health

Facilities

Authority,

St.

Luke's

Health

System

Ltd.

Obligated

Group

Series

2025

5.00%,

3/1/60(a)

1,000,000

1,095,305

Illinois

Finance

Authority,

Ascension

Health

Credit

Group

Series

2016

5.00%,

2/15/41

500,000

511,266

Indiana

Finance

Authority,

Indiana

University

Health,

Inc.

Obligated

Group

Series

2025

D-4

5.00%,

10/1/57(a)

1,000,000

1,118,900

Industrial

Development

Authority

the

County

Yavapai

(The),

Yavapai

Community

Hospital

Association

Obligated

Group

Series

2019

4.00%,

8/1/43

540,000

496,239

Michigan

State

Hospital

Finance

Authority,

Corewell

Health

Obligated

Group

Series

2025

B-1

5.00%,

8/15/55(a)

750,000

824,128

New

York

State

Dormitory

Authority,

Montefiore

Obligated

Group

Series

2024

5.00%,

11/1/35

500,000

544,710

White

Plains

Hospital

Obligated

Group

Series

2024

5.00%,

10/1/35

250,000

270,235

Pennsylvania

Higher

Educational

Facilities

Authority,

Thomas

Jefferson

University

Obligated

Group

Series

2024

B-1

5.25%,

11/1/40

750,000

816,553

Shelby

County

Health

Educational

Housing

Facilities

Board,

Baptist

Memorial

Health

Care

Obligated

Group

Series

2024

5.25%,

9/1/39

500,000

530,843

South

Carolina

Jobs-Economic

Development

Authority,

Novant

Health

Obligated

Group

Series

2024

5.50%,

11/1/48

250,000

264,969

Face

Amount

Value

South

Dakota

Health

Educational

Facilities

Authority,

Sanford

Obligated

Group

Series

2025

C-2

5.00%,

11/1/51(a)

1,000,000

1,101,982

University

Colorado

Hospital

Authority,

Series

2024

5.00%,

11/15/31

250,000

282,744

Wisconsin

Health

Educational

Facilities

Authority,

Hospital

Sisters

Services

Obligated

Group

Series

2025

5.00%,

8/15/37

1,000,000

1,092,665

13,201,344

Housing

(

)

Public

Finance

Authority,

KSU

Bixby

Real

Estate

Foundation

LLC

Series

2025

5.00%,

6/15/35

600,000

657,300

Series

2025

5.00%,

6/15/39

350,000

370,284

Washington

State

Housing

Finance

Commission,

Provident

Group-SH

Properties

LLC

Series

2024

5.50%,

7/1/44

250,000

261,468

1,289,052

Other

Revenue

(

)

Alaska

Municipal

Bond

Bank

Authority,

Series

2025-3

5.00%,

10/1/37

330,000

367,187

Black

Belt

Energy

Gas

District,

Series

2025

5.00%,

10/1/35

535,000

559,167

Series

2025

5.00%,

12/1/55(a)

650,000

701,087

Buckeye

Tobacco

Settlement

Financing

Authority,

Series

2020

A-2

4.00%,

6/1/37

500,000

489,924

California

Community

Choice

Financing

Authority,

Series

2024

5.00%,

1/1/55(a)

90,000

95,360

Series

2024

5.00%,

8/1/55(a)

325,000

350,571

Series

2023

5.50%,

10/1/54(a)

490,000

536,816

California

Municipal

Finance

Authority,

HumanGood

California

Obligated

Group

Series

2025

5.00%,

10/1/43

1,000,000

1,016,794

California

Statewide

Communities

Development

Authority,

Foothill

Oak

Park

Apartments

LLC

Series

2025

H-1

4.25%,

9/1/67(a)

1,000,000

1,024,625

City

Mesa

AZ,

Utility

System

Series

2014

4.00%,

7/1/37

215,000

215,036

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Intermediate

Municipal

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(95.0%)

(cont’d)

Other

Revenue

(27.0%)

(cont’d)

City

Whiting

IN,

Products

North

America,

Inc.

Series

2008

4.20%,

6/1/44(a)

1,000,000

1,046,791

Colorado

Housing

and

Finance

Authority,

Fitz

Affordable

Owner

LLC

Series

2024

4.48%,

3/1/44

245,000

243,932

District

Columbia

Housing

Finance

Agency,

Carl

West

LLC

Series

2023

A-2

4.40%,

9/1/45(a)

500,000

517,362

Downtown

Revitalization

Public

Infrastructure

District,

City

Salt

Lake

City

Revitalization

Series

2025

5.00%,

6/1/39

1,300,000

1,360,818

Empire

State

Development

Corp.,

State

New

York

Sales

Tax

Series

2023

5.00%,

3/15/44

500,000

525,975

Cimarron

Ventanas

PFC,

Series

2024

4.00%,

12/1/34

500,000

501,619

Texas

Street

Public

Facility

Corp.,

Series

2025

5.00%,

5/1/38

750,000

759,271

Idaho

State

Building

Authority,

State

Idaho

Sales

Tax

Series

2025

5.00%,

6/1/34

970,000

1,130,470

Industrial

Development

Board

the

City

Mobile

Alabama,

Alabama

Power

Co.

Series

2008

3.30%,

7/15/34(a)

500,000

500,754

Iowa

Finance

Authority,

Lifespace

Communities,

Inc.

Obligated

Group

Series

2024

5.00%,

5/15/39

500,000

509,049

Lewisburg

Industrial

Development

Board,

Waste

Management,

Inc.

Tennessee

Series

2012

(AMT)

3.85%,

7/2/35(a)

500,000

499,941

Long

Island

Power

Authority,

Series

2025

5.00%,

9/1/38

1,000,000

1,120,526

Main

Street

Natural

Gas,

Inc.,

Series

2022

5.00%,

12/1/52(a)

500,000

529,916

Series

2023

5.00%,

7/1/53(a)

500,000

538,163

Series

2025

5.00%,

6/1/55(a)

500,000

544,246

Michigan

State

Housing

Development

Authority,

Series

3.35%,

12/1/34

335,000

329,572

Series

2024

3.40%,

6/1/30

45,000

45,821

Face

Amount

Value

Mission

Economic

Development

Corp.,

Republic

Services,

Inc.

Series

2012

(AMT)

3.85%,

1/1/26(a)

500,000

499,941

Missouri

State

Environmental

Improvement

Energy

Resources

Authority,

Evergy

Metro,

Inc.

Series

2008

(AMT)

4.05%,

5/1/38(a)

725,000

732,877

Montgomery

County

Housing

Opportunities

Commission,

Series

2025

3.85%,

7/1/34

500,000

512,680

New

Jersey

Transportation

Trust

Fund

Authority,

Series

2022

5.00%,

6/15/42

500,000

526,065

New

York

City

Housing

Development

Corp.,

Spruce

Owner

LLC

Series

2024

4.00%,

12/15/31

375,000

387,869

New

York

City

Transitional

Finance

Authority,

Future

Tax

Secured

Series

2024

5.00%,

5/1/37

500,000

553,341

New

York

Energy

Finance

Development

Corp.,

Series

2025

5.00%,

7/1/56(a)

720,000

769,876

New

York

State

Dormitory

Authority,

Series

2025

5.00%,

3/15/36

200,000

230,209

New

York

State

Energy

Research

Development

Authority,

Rochester

Gas

and

Electric

Corp.

Series

2004

(AMT)

4.00%,

5/15/32

365,000

373,128

New

York

State

Housing

Finance

Agency,

State

New

York

Personal

Income

Tax

Series

2024

A-2

3.45%,

6/15/54(a)

750,000

759,622

New

York

Transportation

Development

Corp.,

Delta

Air

Lines,

Inc.

Series

2023

(AMT)

5.63%,

4/1/40

250,000

261,356

North

Lawrence

Community

Schools

Building

Corp.,

North

Lawrence

Community

Schools

Series

2025

5.00%,

1/15/33

270,000

303,747

Series

2025

5.00%,

7/15/33

85,000

95,866

Oklahoma

County

Finance

Authority,

Oklahoma

County

Independent

School

District

No.

Western

Heights

Series

2025

5.00%,

9/1/35

910,000

949,586

Oregon

State

Lottery,

Series

2025

5.00%,

4/1/38

500,000

564,083

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax,

Series

A-2

4.33%,

7/1/40

1,000,000

957,907

South

Carolina

Public

Service

Authority,

Series

2025

5.00%,

12/1/44

500,000

520,615

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Intermediate

Municipal

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(95.0%)

(cont’d)

Other

Revenue

(27.0%)

(cont’d)

Southeast

Energy

Authority

Cooperative

District,

Series

2025

5.00%,

1/1/56(a)

25,000

26,414

Tennessee

Energy

Acquisition

Corp.,

Series

2025

5.00%,

12/1/35

835,000

903,786

Tobacco

Settlement

Financing

Corp.,

Series

2018

5.00%,

6/1/34

500,000

516,465

Vancouver

Housing

Authority,

Series

2024

4.00%,

8/1/34

735,000

724,924

Virginia

Housing

Development

Authority,

Series

2024

4.05%,

10/1/44

350,000

336,986

Virginia

Resources

Authority,

Series

2025

4.13%,

11/1/40

250,000

255,708

West

Virginia

Economic

Development

Authority,

Commercial

Metals

Co.

Series

2025

(AMT)

4.63%,

4/15/55(a)

775,000

783,877

Wisconsin

Health

Educational

Facilities

Authority,

Wisconsin

Housing

Preservation

Corp.

Series

2024

3.63%,

11/1/29

800,000

804,090

Wisconsin

Housing

Economic

Development

Authority,

Housing

Series

2024

3.75%,

11/1/55(a)

490,000

494,514

29,906,325

Transportation

(

)

Chicago

O'Hare

International

Airport,

Series

2018

(AMT)

5.00%,

1/1/38

1,000,000

1,024,785

City

Atlanta,

Department

Aviation

Series

2025

B-1

(AMT)

5.00%,

7/1/40

1,000,000

1,058,856

City

Houston,

Airport

System

Series

2025

(AMT)

5.25%,

7/1/39

1,000,000

1,090,911

City

Houston

TX,

Airport

System,

United

Airlines,

Inc.

Series

2024

(AMT)

5.50%,

7/15/36

535,000

581,598

City

Los

Angeles

CA,

Department

Airports

Series

2025

(AMT)

5.00%,

5/15/35

500,000

564,252

City

Salt

Lake

City

UT,

Airport

Series

2017

(AMT)

5.00%,

7/1/36

555,000

564,502

Face

Amount

Value

Columbus

Regional

Airport

Authority,

Series

2025

5.00%,

1/1/37

725,000

817,574

Metropolitan

Transportation

Authority,

Series

2025

5.00%,

11/15/34

1,000,000

1,143,035

Series

A-1

5.00%,

11/15/46

440,000

440,758

Metropolitan

Washington

Airports

Authority

Aviation,

Series

(AMT)

5.00%,

10/1/31

500,000

507,992

New

Jersey

Turnpike

Authority,

Series

2025

5.00%,

1/1/33

1,000,000

1,144,320

New

York

Transportation

Development

Corp.,

JFK

International

Air

Terminal

LLC

Series

2022

(AMT)

5.00%,

12/1/32

500,000

546,944

JFK

Millennium

Partners

LLC

Series

2024

(AMT)

5.25%,

12/31/54

795,000

810,509

JFK

NTO

LLC

Series

2023

(AMT)

5.50%,

6/30/38

250,000

265,192

Series

2025

(AMT)

6.00%,

6/30/42

250,000

273,863

North

Texas

Tollway

Authority,

Series

2023

5.00%,

1/1/41

250,000

265,073

Pennsylvania

Turnpike

Commission,

Series

2024-1

5.00%,

6/1/36

750,000

852,899

Port

Authority

New

York

New

Jersey,

Series

(AMT)

5.00%,

9/15/32

1,000,000

1,042,677

Series

202

(AMT)

5.00%,

10/15/35

750,000

767,044

San

Francisco

City

County

Airport

Commission,

San

Francisco

International

Airport

Series

2025

(AMT)

5.00%,

5/1/35

750,000

837,329

South

Jersey

Transportation

Authority,

Series

2025

5.00%,

11/1/37

690,000

767,722

State

Alaska

International

Airports

System,

Series

2025

5.00%,

10/1/33

315,000

361,839

State

Connecticut

CT,

Special

Tax

Series

2021

5.00%,

5/1/41

500,000

530,107

State

Maryland

Department

Transportation,

Series

2019

2.50%,

10/1/33

300,000

281,079

Texas

Private

Activity

Bond

Surface

Transportation

Corp.,

NTE

Mobility

Partners

Segments

LLC

Series

2023

(AMT)

5.38%,

6/30/38

250,000

263,857

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Intermediate

Municipal

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(95.0%)

(cont’d)

Transportation

(15.5%)

(cont’d)

Texas

Transportation

Commission,

State

Highway

249

System

Series

2019

0.00%,

8/1/40

400,000

199,732

Virginia

Small

Business

Financing

Authority,

Express

Lanes

LLC

Series

2022

(AMT)

5.00%,

7/1/38

335,000

346,336

17,350,785

Utility

(

)

Development

Authority

Monroe

County

(The),

Georgia

Power

Co.

Series

2008

3.35%,

11/1/48(a)

750,000

762,733

Oglethorpe

Power

Corp.

Series

2013

3.60%,

1/1/39(a)

500,000

510,663

Energy

Northwest,

Bonneville

Power

Administration

Series

2021

5.00%,

7/1/41

825,000

872,760

Intermountain

Power

Agency,

Intermountain

Power

Agency

Series

2025

5.00%,

7/1/38

550,000

592,874

Los

Angeles

Department

Water

Power,

Power

System

Series

2025

5.00%,

7/1/35

100,000

114,665

North

Carolina

Municipal

Power

Agency

No.

Series

5.00%,

1/1/27

250,000

251,545

Northern

Illinois

Municipal

Power

Agency,

Series

2016

4.00%,

12/1/41

250,000

240,525

3,345,765

Water

Sewer

(

)

Berkeley

County

Public

Service

Sewer

District,

Series

2025

5.00%,

6/1/40

240,000

253,865

City

Seattle

WA,

Water

System

Series

2025

5.00%,

5/1/39

550,000

615,212

Indiana

Finance

Authority,

Series

2025

5.00%,

2/1/39

750,000

831,690

Jersey

City

Municipal

Utilities

Authority,

Water

Fund

Series

2025

5.75%,

10/15/38

615,000

729,378

Massachusetts

Clean

Water

Trust

(The),

Massachusetts

Clean

Water

State

Revolving

Fund

Series

B-25

5.00%,

2/1/43

350,000

373,515

Face

Amount

Value

New

York

City

Municipal

Water

Finance

Authority,

Water

Sewer

System

Series

2025

AA-1

5.00%,

6/15/51

450,000

470,208

Oklahoma

Water

Resources

Board,

Series

2024

4.00%,

10/1/44

445,000

426,154

3,700,022

105,754,915

Total

Fixed

Income

Securities

(Cost

$104,706,395)

106,786,370

–

Short-Term

Investments

(

)

Investment

Company

(

)

BlackRock

Liquidity

Funds

MuniCash

Institutional

Shares 2.90%

(Cost

$3,458,206)

3,457,860

3,458,206

Face

Amount

Municipal

Bonds

(

)

Other

Revenue

(

)

New

York

City

Transitional

Finance

Authority,

Series

2019

A-4

3.70%,

8/1/45(a)(c)

500,000

Utility

(

)

Development

Authority

Burke

County

(The),

Georgia

Power

Co.

Series

2009-1

3.85%,

7/1/49(a)(c)

500,000

Indiana

Municipal

Power

Agency,

Series

2019

3.88%,

1/1/42(a)(c)

400,000

900,000

Total

Municipal

Bonds

(Cost

$1,400,000)

1,400,000

Total

Short-Term

Investments

(Cost

$4,858,206)

4,858,206

Total

Investments

(

100

)

(

Cost

109,564,601

)

(d)

111,644,576

Liabilities

Excess

Other

Assets

(-0.3%)

(362,349)

Net

Assets

(100.0%)

$111,282,227

(a)

Floating

variable

rate

securities:

The

rates

disclosed

are

September

30,

2025.

For

securities

based

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

the

description

the

Portfolio

Investments.

Certain

variable

rate

securities

may

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

are

based

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description

the

Portfolio

Investments.

(b)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

liquid.

(c)

The

date

disclosed

the

final

maturity

date.

Principal

owed

can

recovered

through

demand

the

interest

reset

date.

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Intermediate

Municipal

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

(d)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$109,564,601.

The

aggregate

gross

unrealized

appreciation

$2,372,945

and

the

aggregate

gross

unrealized

depreciation

$292,970,

resulting

net

unrealized

appreciation

$2,079,975.

AMT

Alternative

Minimum

Tax

September

30,

2025

the

concentration

the

Fund’s

investments

the

various

states

and

territories,

determined

percentage

net

assets,

follows:

State/Territory

Percentage

Net

Assets

New

York

Texas

Others,

representing

less

than

10%

individually

Total

Investments

100

Sector

Classification

Portfolio

Classification

Percentage

Total

Investments

Other

Revenue

General

Obligation

Transportation

Other*

Education

Hospital

Total

Investments

100

Sectors

representing

less

than

total

investments.

Annual

Report

—

September

30,

2025

Portfolio

Investments

Eaton

Vance

Mortgage

Opportunities

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Fixed

Income

Securities

(100.9%)

Asset-Backed

Securities

(

)

ABFC

Trust,

2004-OPT2

CME

Term

SOFR

Month

0.89%,

5.05%,

10/25/33(a)

211,936

212,026

2004-OPT4

CME

Term

SOFR

Month

1.01%,

5.17%,

2/25/34(a)

175,428

176,645

2005-WF1

CME

Term

SOFR

Month

1.06%,

5.22%,

7/25/34(a)

108,615

108,370

ABFS

Mortgage

Loan

Trust,

0.00%,

4/25/34

3,324,696

400,000

ACE

Securities

Corp.

Net

Interest

Margin

Trust,

2000-1

0.00%,

11/25/29(b)

1,236,000

867,573

ACM

Auto

Trust,

2024-1A

11.40%,

1/21/31(b)

2,951,470

2,980,124

2024-2A

9.21%,

8/20/31(b)

6,300,000

6,338,905

2025-1A

7.87%,

11/20/31(b)

2,500,000

2,504,515

Amortizing

Residential

Collateral

Trust,

2001-BC6W

CME

Term

SOFR

Month

0.40%,

5.08%,

10/25/31(a)

401,314

397,362

2002-BC7

CME

Term

SOFR

Month

0.87%,

5.03%,

10/25/32(a)

272,782

255,067

Bayview

Financial

Revolving

Asset

Trust,

2005-E

CME

Term

SOFR

Month

1.11%,

5.28%,

12/28/40(a)(b)

708,704

766,797

2005-E

CME

Term

SOFR

Month

3.61%,

7.78%,

12/28/40(a)(b)

354,352

1,369,477

Bear

Stearns

Asset-Backed

Securities

Trust,

2001-3

CME

Term

SOFR

Month

1.41%,

5.57%,

10/27/32(a)

12,026

12,027

2005-SD1

CME

Term

SOFR

Month

3.79%,

7.95%,

8/25/43(a)

1,268,159

1,482,885

Cascade

Funding

Mortgage

Trust,

2022-AB2

2.00%,

2/25/52(a)(b)

1,074,710

1,010,426

2022-HB10

3.25%,

11/25/35(a)(b)

1,200,000

1,196,108

Cascade

Asset

Trust,

2022-MH1

4.25%,

8/25/54(b)(c)

1,721,000

1,679,742

Cendant

Mortgage

Corp.,

2003-A

6.00%,

7/25/43(a)(b)

63,330

63,974

Face

Amount

Value

CFMT

LLC,

2022-HB9

3.25%,

9/25/37(a)(b)

1,650,000

1,566,975

2023-HB11

4.00%,

2/25/37(a)(b)

1,000,000

964,282

2023-HB12

4.25%,

4/25/33(a)(b)

2,900,000

2,831,691

2023-HB12

4.25%,

4/25/33(a)(b)

2,500,000

2,402,691

2024-HB13

3.00%,

5/25/34(a)(b)

3,000,000

2,819,986

Conseco

Finance

Corp.,

1996-4

7.75%,

6/15/27(a)

311,628

312,978

Corevest

American

Finance

Trust,

2020-4

3.98%,

12/15/52(a)(b)

478,204

578

CoreVest

American

Finance

Trust,

2020-3

3.77%,

8/15/53(a)(b)

175,742

3,336

2021-2

3.09%,

7/15/54(a)(b)

2,193,984

45,856

Countrywide

Asset-Backed

Certificates,

2004-SD2

CME

Term

SOFR

Month

2.29%,

6.45%,

3/25/33(a)(b)

444,693

460,845

CWHEQ

Revolving

Home

Equity

Loan

Trust,

2005-F

CME

Term

SOFR

Month

0.35%,

4.50%,

12/15/35(a)

5,431,177

5,268,410

Delta

Funding

Home

Equity

Loan

Trust,

1999-3

CME

Term

SOFR

Month

0.93%,

5.08%,

9/15/29(a)

492,275

473,457

Facilities

Data

Center

Subordinated

Pass

Through

Trust,

0.00%,

11/10/28(a)(b)

350,000

95,375

ECAF

Ltd.,

2015-1A

3.47%,

6/15/40(b)

17,286

14,996

2015-1A

4.95%,

6/15/40(b)

296,341

267,455

EquiFirst

Mortgage

Loan

Trust,

2004-2

CME

Term

SOFR

Month

3.11%,

7.27%,

10/25/34(a)

132,472

125,701

European

Residential

Loan

Securitisation

DAC,

2019-NPL1

EURIBOR

Month

3.25%,

5.16%,

7/24/54(a)

EUR

901,472

1,066,551

2019-NPL1

EURIBOR

Month

7.25%,

9.16%,

7/24/54(a)

1,570,455

1,903,738

Falcon

Aerospace

Ltd.,

2019-1

3.60%,

9/15/39(b)

144,595

142,466

Finance

America

HECM

Buyout,

2024-HB1

6.00%,

10/1/34(a)(b)

1,250,000

1,258,185

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Mortgage

Opportunities

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Asset-Backed

Securities

(20.2%)

(cont’d)

2024-HB1

6.00%,

10/1/34(a)(b)

6,800,000

6,242,050

Financial

Asset

Securities

Corp.

AAA

Trust,

2005-1A

CME

Term

SOFR

Month

0.52%,

4.69%,

2/27/35(a)(b)

132,395

130,243

FMC

GMSR

Issuer

Trust,

2020-GT1

4.45%,

1/25/26(a)(b)

2,000,000

1,983,777

2021-GT1

3.62%,

7/25/26(a)(b)

1,200,000

1,153,828

2021-GT1

4.36%,

7/25/26(a)(b)

1,000,000

958,618

2022-GT1

6.19%,

4/25/27(b)

3,524,925

3,530,275

2022-GT2

7.90%,

7/25/27(b)

3,999,008

4,022,121

2022-GT2

10.07%,

7/25/27(b)

2,500,000

2,553,099

FMC

Issuer

Trust-FMSR,

2024-FT1

6.56%,

9/25/29(b)

3,800,000

3,824,136

FortiFi,

2023-1A

6.23%,

9/20/59(b)

767,701

768,462

GAIA

Aviation

Ltd.,

2019-1

3.97%,

12/15/44(b)(c)

448,817

435,466

GITSIT

Mortgage

Loan

Trust,

2025-NPL1

6.28%,

2/25/55(b)(c)

1,465,505

1,470,585

Harvest

SBA

Loan

Trust,

2023-1

SOFR30A

3.25%,

7.69%,

10/25/50(a)(b)

1,414,380

1,462,243

2024-1

SOFR30A

2.25%,

6.69%,

12/25/51(a)(b)

2,039,890

2,054,632

JOL

Air

Ltd.,

2019-1

3.97%,

4/15/44(b)

1,224,685

1,216,064

Kestrel

Aircraft

Funding

Ltd.,

2018-1A

4.25%,

12/15/38(b)

135,759

134,931

KGS-Alpha

SBA

COOF

Trust,

2012-2

0.95%,

8/25/38(a)(b)

244,375

3,376

Lehman

ABS

Manufactured

Housing

Contract

Trust,

2001-B

6.63%,

4/15/40(a)

52,156

52,639

2002-A

0.00%,

6/15/33

1,040,313

1,036,253

loanDepot

GMSR

Trust,

2025-GT1

CME

Term

SOFR

Month

2.85%,

7.00%,

5/16/30(a)(b)

5,000,000

5,012,642

Face

Amount

Value

LoanMe

Trust

Prime,

2018-1

6.00%,

9/15/34(b)(c)

225,419

225,099

LSF11

Boson

Investments

Sarl

Compartment

2021-NPLA

EURIBOR

Month

2.00%,

4.03%,

11/25/60(a)(b)

EUR

1,357,080

1,599,070

2021-NPLX

EURIBOR

Month

2.00%,

4.03%,

11/25/60(a)

996,338

1,174,001

MASTR

Asset

Securitization

Trust,

2002-NC1

CME

Term

SOFR

Month

3.26%,

7.42%,

10/25/32(a)

1,487,290

1,438,859

Merrill

Lynch

Mortgage

Investors

Trust,

2004-FM1

CME

Term

SOFR

Month

2.81%,

6.97%,

1/25/35(a)

58,399

56,678

METAL

LLC,

2017-1

4.58%,

10/15/42(b)

234,665

158,399

NALP

Business

Loan

Trust,

2024-1

6.49%,

12/27/49(b)

1,571,498

1,597,721

New

Century

Home

Equity

Loan

Trust,

2003-5

CME

Term

SOFR

Month

0.91%,

0.00%,

11/25/33(a)

179,348

113,634

Newtek

Small

Business

Loan

Trust,

2022-1

Prime

Rate

0.70%,

6.55%,

10/25/49(a)(b)

723,606

727,265

2023-1

Prime

Rate

0.50%,

6.75%,

7/25/50(a)(b)

597,416

601,941

NRM

FNT1

Excess

LLC,

2024-FNT1

7.40%,

11/25/31(b)(c)

3,641,746

3,709,960

NRZ

Excess

Spread-Collateralized

Notes,

2020-PLS1

3.84%,

12/25/25(b)

215,019

214,278

NRZ

FHT

Excess

LLC,

2020-FHT1

4.21%,

11/25/25(b)

461,019

460,176

Oakwood

Mortgage

Investors,

Inc.,

1999-D

7.84%,

11/15/29(a)

44,181

44,781

2000-C

7.72%,

4/15/30

13,301

13,361

2001-C

7.40%,

6/15/31(a)

848,508

62,127

Ocwen

Loan

Investment

Trust,

2023-HB1

3.00%,

6/25/36(a)(b)

500,000

493,169

2023-HB1

3.00%,

6/25/36(a)(b)

1,000,000

979,210

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Mortgage

Opportunities

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Asset-Backed

Securities

(20.2%)

(cont’d)

Palatino

SPV,

EURIBOR

Month

2.50%,

4.56%,

12/1/45(a)

EUR

751,476

847,135

Pioneer

Aircraft

Finance

Ltd.,

2019-1

4.95%,

6/15/44(b)

2,366,072

2,256,143

PNMAC

GMSR

Issuer

Trust,

2024-GT1

CME

Term

SOFR

Month

3.20%,

7.36%,

3/25/29(a)(b)

4,000,000

4,040,710

2025-GT1

CME

Term

SOFR

Month

2.45%,

6.61%,

8/26/30(a)(b)

3,300,000

3,319,505

PRET

LLC,

2021-RN3

5.84%,

9/25/51(b)(c)

1,225,433

1,226,801

2025-NPL3

6.71%,

4/25/55(b)(c)

3,124,026

3,155,026

Prosil

Acquisition

SA,

EURIBOR

Month

2.00%,

4.03%,

10/31/39(a)

EUR

559,383

530,619

Quest

Trust,

2002-X1

CME

Term

SOFR

Month

3.86%,

8.02%,

5/25/33(a)(b)

305,403

345,749

Raptor

Aircraft

Finance

LLC,

2019-1

4.21%,

8/23/44(b)

1,426,863

1,293,337

RCO

VIII

Mortgage

LLC,

2025-3

6.43%,

5/25/30(b)(c)

2,053,927

2,060,129

ReadyCap

Lending

Small

Business

Loan

Trust,

2019-2

Prime

Rate

0.50%,

6.75%,

12/27/44(a)(b)

96,178

96,114

Retained

Vantage

Data

Centers

Issuer

LLC,

2023-1A

5.25%,

9/15/48(b)

CAD

2,000,000

1,451,960

RMF

Buyout

Issuance

Trust,

2021-HB1

3.15%,

11/25/31(a)(b)

500,000

487,004

2021-HB1

3.69%,

11/25/31(a)(b)

2,000,000

1,910,653

2021-HB1

4.70%,

11/25/31(a)(b)

5,250,000

4,997,194

2021-HB1

6.00%,

11/25/31(a)(b)

1,500,000

1,433,209

2021-HB1

6.00%,

11/25/31(a)(b)

2,578,249

2,331,743

2022-HB1

4.50%,

4/25/32(a)(b)

1,500,000

1,305,399

Saluda

Grade

Alternative

Mortgage

Trust,

2025-NPL1

7.12%,

1/25/30(b)(c)

2,019,430

2,028,158

Face

Amount

Value

Saxon

Asset

Securities

Trust,

2002-3

CME

Term

SOFR

Month

1.24%,

5.40%,

12/25/32(a)

211,072

197,777

Shenton

Aircraft

Investment

Ltd.,

2015-1A

4.75%,

10/15/42(b)

570,419

553,149

2015-1A

5.75%,

10/15/42(b)

185,466

157,741

STAR

Trust,

2022-SFR3

CME

Term

SOFR

Month

2.55%,

6.69%,

5/17/39(a)(b)

2,100,000

2,105,717

2022-SFR3

CME

Term

SOFR

Month

4.50%,

8.64%,

5/17/39(a)(b)

1,900,443

1,911,474

2024-SFR4

CME

Term

SOFR

Month

2.95%,

7.09%,

10/17/41(a)(b)

1,850,000

1,866,321

2025-SFR6

CME

Term

SOFR

Month

2.40%,

6.54%,

8/17/42(a)(b)

1,850,000

1,861,054

Start

Ltd.,

2019-1

4.09%,

3/15/44(b)

164,549

163,567

Terwin

Mortgage

Trust

TMTS,

2004-3HE

CME

Term

SOFR

Month

0.94%,

5.10%,

3/25/35(a)

179,149

176,806

Tricolor

Auto

Securitization

Trust,

2025-2A

8.35%,

4/15/31(b)

500,000

62,390

VINE

Trust,

2023-SFR1

4.75%,

12/17/40(b)

1,500,000

1,426,149

141,161,477

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series (

)

FHLMC

SOFR30A

2.17%,

6.12%,

9/1/54(a)

1,584,473

1,615,452

FHLMC

Gold

Pool,

Year

3.50%,

1/1/44

98,665

93,674

4.00%,

12/1/41

10/1/44

213,910

208,452

4.50%,

3/1/41

9/1/41

217,203

217,859

5.00%,

12/1/40

5/1/41

41,025

41,884

5.50%,

7/1/37

5,038

5,240

6.00%,

12/1/37

7,581

8,016

6.50%,

6/1/29

3,280

3,392

7.50%,

5/1/35

12,408

13,156

8.00%,

8/1/32

4,783

5,032

8.50%,

8/1/31

9,047

9,561

FHLMC

Gold

Pool,

Other

2.00%,

4/1/51

10/1/51

1,245,550

982,931

2.50%,

5/1/50

11/1/52

5,938,112

4,889,017

3.00%,

4/1/50

12/1/51

9,761,129

8,546,280

3.50%,

6/1/42

8/1/49

343,420

321,103

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Mortgage

Opportunities

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series (38.4%)

(cont’d)

4.00%,

7/1/49

11/1/52

1,712,993

1,602,234

4.50%,

1/1/49

10/1/52

1,469,680

1,414,100

6.00%,

6/1/55

2,091,138

2,120,752

FNMA,

Year

3.50%,

8/1/45

5/1/48

531,046

493,107

FNMA,

Other

1.50%,

1/1/51

3/1/51

1,118,129

878,409

2.00%,

11/1/50

11/1/51

9,761,072

7,692,448

2.50%,

2/1/50

2/1/52

8,125,522

6,704,268

3.00%,

8/1/46

4/1/52

2,383,667

2,082,571

3.50%,

9/1/42

10/1/52

3,995,459

3,641,635

4.50%,

9/1/48

8/1/49

289,169

279,940

6.00%,

5/1/55

2,699,334

2,737,560

GNMA

II,

Year

7.00%,

8/20/55

1,998,213

2,043,913

GNMA

II,

Other

2.50%,

3/20/50

5/20/50

449,579

380,835

3.00%,

9/20/49

8/20/50

970,603

855,208

3.07%,

3/20/71(a)

836,785

761,226

3.50%,

8/20/49

10/20/50

1,313,792

1,188,186

4.00%,

1/20/49

11/20/51

764,676

716,941

4.50%,

12/20/48

12/20/49

202,005

195,963

5.00%,

1/20/49

6/20/49

130,607

129,752

6.00%,

8/20/52

10/20/54

1,317,779

1,329,507

6.50%,

6/20/53

90,467

92,042

7.00%,

8/20/64

1,048,004

1,078,850

GNMA

II,

Single

Family,

Year

2.50%,

4/20/51

1,723,893

1,470,137

3.50%,

5/20/43

5/20/45

292,881

275,637

4.00%,

7/15/44

10/15/55

5,478,415

5,154,384

4.50%,

4/20/49

8/20/54

1,099,701

1,069,468

5.00%,

5/20/41

11/15/55

10,767,910

10,718,378

5.50%,

8/20/54

12/20/54

5,193,188

5,274,333

6.00%,

8/20/54

10/15/55

7,432,966

7,568,278

6.50%,

11/20/52

10/15/55

9,216,498

9,430,362

7.00%,

12/20/52

9/20/55

3,245,693

3,307,887

7.50%,

10/20/53

8/20/54

248,160

256,958

8.00%,

7/20/54

1,542,959

1,561,903

UMBS

Pool,

Year

5.50%,

11/1/54

9/1/55

54,826,216

55,351,959

Face

Amount

Value

UMBS,

Year

4.00%,

4/1/45

9/1/48

722,759

696,634

4.50%,

8/1/40

9/1/41

56,847

56,940

5.00%,

12/1/40

7/1/41

58,233

59,379

5.50%,

8/1/37

7/1/55

23,570,312

23,786,831

6.00%,

7/1/53

10/1/55

14,175,992

14,513,638

6.50%,

2/1/28

11/1/33

112,446

117,713

7.00%,

10/1/30

6/1/32

7,559

7,924

7.50%,

8/1/37

14,858

15,745

8.00%,

4/1/33

13,947

14,694

8.50%,

10/1/32

15,193

16,034

UMBS,

Single

Family,

Year

2.00%,

10/25/55,

TBA

5,000,000

4,031,250

2.50%,

10/25/55,

TBA

8,000,000

6,741,875

3.00%,

10/25/55,

TBA

25,000,000

21,965,820

4.50%,

10/25/55,

TBA

10,000,000

9,702,344

5.00%,

10/25/55,

TBA

20,000,000

19,836,719

5.50%,

10/25/55,

TBA

10,000,000

10,084,766

268,468,486

Commercial

Mortgage-Backed

Securities

(

)

A&D

Mortgage

Trust

7.05%,

11/25/68(b)(c)

1,522,371

1,549,325

Adjustable

Rate

Mortgage

Trust

5.04%,

4/25/35(a)

56,118

53,919

Alba

plc

SONIO

0.72%,

4.70%,

11/25/42(a)

GBP

252,175

329,963

Alternative

Loan

Trust

5.50%,

1/25/36

29,687

16,581

5.75%,

3/25/34

87,872

89,877

CME

Term

SOFR

Month

39.33%,

14.39%,

5/25/37(a)

70,081

68,352

ATLX

Trust

3.85%,

4/25/63(b)(c)

1,700,000

1,608,474

4.39%,

4/25/64(a)(b)

1,500,000

1,453,156

4.39%,

4/25/64(a)(b)

1,500,000

1,438,505

Banna

RMBS

DAC

SONIO

2.10%,

6.07%,

12/30/63(a)

GBP

200,000

270,398

Bayview

Commercial

Asset

Trust

CME

Term

SOFR

Month

0.47%,

4.63%,

7/25/37(a)(b)

1,035,038

988,751

CME

Term

SOFR

Month

0.56%,

4.72%,

10/25/36(a)(b)

352,349

339,107

CME

Term

SOFR

Month

0.58%,

4.74%,

7/25/37(a)(b)

1,123,095

1,057,507

CME

Term

SOFR

Month

0.65%,

4.81%,

10/25/36(a)(b)

399,443

379,874

CME

Term

SOFR

Month

0.67%,

4.83%,

10/25/36(a)(b)

612,528

579,432

CME

Term

SOFR

Month

0.77%,

5.10%,

11/25/35(a)(b)

363,457

359,671

CME

Term

SOFR

Month

1.76%,

6.09%,

11/25/35(a)(b)

514,623

592,953

Bear

Stearns

Asset-Backed

Securities

Trust

CME

Term

SOFR

Month

25.26%,

11.60%,

3/25/36(a)

410,151

124,471

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Mortgage

Opportunities

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(38.6%)

(cont’d)

Boston

Lending

Trust

2.00%,

7/25/61(a)(b)

1,362,069

1,252,589

2.00%,

7/25/61(a)(b)

1,167,304

1,002,639

3.25%,

5/25/62(a)(b)

1,800,000

1,718,696

Brean

Asset-Backed

Securities

Trust

4.00%,

9/25/63(b)

577,455

572,654

4.00%,

9/25/63(b)

2,977,654

2,815,685

4.00%,

9/25/63(b)

1,624,175

1,462,068

4.50%,

5/25/64(b)

1,567,966

1,542,204

Trust

CME

Term

SOFR

Month

5.29%,

9.44%,

5/15/38(a)(b)

1,800,000

1,824,754

Cascade

Funding

Mortgage

Trust

3.00%,

3/25/35(a)(b)

5,000,000

4,634,127

4.00%,

10/25/54(a)(b)

1,500,000

1,378,896

CFMT

LLC

3.00%,

6/25/34(a)(b)

4,500,000

4,213,563

3.00%,

6/25/34(a)(b)

4,000,000

3,640,893

4.00%,

8/25/34(a)(b)

1,750,000

1,670,857

4.00%,

5/25/55(a)(b)

7,343,897

5,591,572

4.00%,

5/25/55(a)(b)

2,532,378

1,766,512

6.41%,

11/25/29(b)(c)

1,806,827

1,813,263

Champs

Trust

8.04%,

10/25/60(a)(b)

4,094,144

4,244,575

8.29%,

1/25/60(a)(b)

2,322,596

2,425,563

8.68%,

4/25/60(a)(b)

4,431,985

4,644,180

8.74%,

11/25/59(a)(b)

1,963,361

2,054,904

8.98%,

7/25/59(a)(b)

957,410

994,710

CHL

Mortgage

Pass-Through

Trust

5.19%,

5/20/34(a)

66,520

61,703

5.50%,

10/25/34

164,353

165,491

6.08%,

10/25/33(a)

117,121

115,394

CHL

Mortgage

Pass-Through

Trust

Resecuritization

6.00%,

12/25/36

59,081

32,574

Citigroup

Commercial

Mortgage

Trust

0.60%,

9/10/58(a)

44,354

Citigroup

Mortgage

Loan

Trust

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.40%,

6.31%,

11/25/35(a)

81,338

81,006

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

CME

Term

SOFR

Month

3.41%,

7.57%,

2/25/32(a)

183,513

174,741

CSFB

Mortgage-Backed

Pass-Through

Certificates

Trust

4.89%,

5/25/34(a)

175,899

168,408

6.50%,

11/25/35

470,334

88,405

CSMC

Trust

CME

Term

SOFR

Month

3.57%,

7.72%,

5/9/26(a)(b)

815,707

803,371

CME

Term

SOFR

Month

3.83%,

7.98%,

8/15/26(a)(b)

5,547,170

5,272,245

EFMT

5.00%,

7/25/54(b)

2,854,439

2,800,224

5.00%,

12/25/54(b)

2,708,552

2,640,295

5.00%,

5/25/55(a)(b)

2,972,225

2,869,133

Face

Amount

Value

E-MAC

EURIBOR

Month

1.40%,

7.28%,

11/25/54(a)

EUR

1,500,000

1,011,150

EURIBOR

Month

0.50%,

10.16%,

5/25/52(a)

49,614

57,915

E-MAC

EURIBOR

Month

0.18%,

4.20%,

7/25/36(a)

98,238

113,377

EURIBOR

Month

0.23%,

6.44%,

4/25/38(a)

54,739

59,187

E-MAC

Program

EURIBOR

Month

2.00%,

5.24%,

1/25/48(a)

133,994

149,165

EURIBOR

Month

0.32%,

6.19%,

7/25/46(a)

1,521,739

1,475,184

E-MAC

Program

EURIBOR

Month

2.00%,

6.19%,

4/25/48(a)

85,578

95,497

EMF-NL

Prime

EURIBOR

Month

0.80%,

2.84%,

4/17/41(a)

33,023

38,654

EURIBOR

Month

0.85%,

2.89%,

4/17/41(a)

200,000

225,350

Eurohome

Italy

Mortgages

Srl

EURIBOR

Month

0.60%,

2.59%,

11/2/54(a)

2,497,788

2,779,012

Eurohome

Mortgages

plc

EURIBOR

Month

0.21%,

2.22%,

8/2/50(a)

128,155

142,556

Eurosail-NL

EURIBOR

Month

1.10%,

3.14%,

4/17/40(a)

500,000

583,359

EURIBOR

Month

1.80%,

3.84%,

10/17/40(a)

262,977

308,751

EURIBOR

Month

2.20%,

4.24%,

10/17/40(a)

500,000

589,111

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

3.00%,

1/25/56(c)

1,399,341

1,221,580

3.00%,

8/25/56(c)

1,423,547

1,240,225

3.00%,

5/25/57(c)

1,260,293

1,193,070

3.00%,

5/25/57(c)

1,351,873

1,178,523

3.00%,

9/25/55

3,390,218

2,969,479

3.00%,

7/25/56

140,838

122,190

3.00%,

5/25/57

465,061

402,785

3.00%,

8/25/57

539,658

467,123

3.00%,

11/25/57

461,399

404,066

3.00%,

3/25/58

320,669

276,988

3.00%,

7/25/58

1,130,645

984,772

3.00%,

10/25/58

117,509

102,582

3.00%,

2/25/59

302,985

259,286

3.00%,

2/25/59

797,840

682,335

3.00%,

5/25/60

534,031

478,771

3.00%,

10/25/62

2,182,051

1,836,577

3.00%,

11/25/63

2,965,678

2,494,820

3.25%,

7/25/56(c)

1,176,047

1,042,076

3.25%,

6/25/57(c)

867,945

785,938

3.50%,

7/25/58

813,569

729,964

3.50%,

5/25/64

1,445,862

1,258,734

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Mortgage

Opportunities

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(38.6%)

(cont’d)

4.00%,

3/25/58

432,378

411,539

4.00%,

8/25/58

686,514

647,615

4.00%,

10/25/58

181,415

172,068

4.00%,

2/25/59

613,501

578,793

4.25%,

5/25/60(a)(b)

1,200,000

1,152,978

4.50%,

6/25/57

221,322

216,341

4.50%,

2/25/59(a)(b)

5,647,000

5,385,409

4.75%,

7/25/58(a)(b)

3,213,654

3,147,445

4.75%,

8/25/58(a)(b)

3,833,303

3,734,156

4.75%,

10/25/58(a)

3,743,925

3,671,234

FHLMC

Whole

Loan

Securities

Trust

3.00%,

9/25/45

40,540

35,758

3.00%,

10/25/46

290,778

252,107

3.00%,

12/25/46

532,458

458,807

3.00%,

5/25/47

928,734

801,573

3.50%,

5/25/45

35,942

32,846

3.50%,

5/25/47

705,102

627,658

FHLMC,

REMIC

SOFR30A

11.69%,

0.08%,

12/15/43(a)

56,035

41,620

3.50%,

2/15/42

76,419

70,768

2.00%,

10/25/50

8,031,887

1,040,149

REMIC

SOFR30A

5.89%,

1.51%,

11/15/43(a)

215,673

17,671

SOFR30A

5.89%,

1.51%,

6/15/44(a)

99,457

11,017

1.79%,

10/15/39(a)

100,802

5,511

1.87%,

8/15/42(a)

174,483

8,261

1.87%,

4/15/39(a)

122,981

6,867

1.88%,

10/15/41(a)

49,631

3,045

1.90%,

9/15/41(a)

339,146

21,146

1.93%,

10/15/40(a)

380,831

21,762

5.00%,

8/15/41

21,055

4,543

FHLMC,

Strips

REMIC

7.00%,

6/15/30

25,359

2,965

Finance

America

Structured

Securities

Trust

3.50%,

11/25/74(b)

2,489,268

2,411,946

Flagstar

Mortgage

Trust

3.00%,

3/25/50(a)(b)

99,286

85,909

FNMA,

REMIC

0.00%,

4/25/39(a)

12,251

10,867

2.00%,

7/25/50

555,307

353,310

5.00%,

7/25/50

194,850

196,745

6.00%,

10/25/55

2,442,702

2,435,786

REMIC

SOFR30A

5.54%,

1.18%,

11/25/41(a)

45,818

759

1.57%,

3/25/46(a)

601,011

32,365

SOFR30A

5.94%,

1.58%,

6/25/42(a)

343,173

36,440

1.74%,

3/25/44(a)

126,400

7,699

1.92%,

10/25/39(a)

170,195

9,791

SOFR30A

6.44%,

2.08%,

8/25/41(a)

19,349

314

Face

Amount

Value

FNMA,

Strips

REMIC

7.00%,

11/25/27

3,264

163

8.00%,

5/25/30

13,432

1,766

8.00%,

6/25/30

6,782

826

Galton

Funding

Mortgage

Trust

4.00%,

2/25/59(a)(b)

493,870

475,996

GMAC

Financiera

Sociedad

Financiera

Objeto

Ltdo

3.99%,

3/25/36

MXN

15,560,707

1,425,669

GNMA

CME

Term

SOFR

Month

0.56%,

4.92%,

2/20/61(a)

12,863

12,877

CME

Term

SOFR

Month

0.81%,

5.17%,

8/20/63(a)

5,350

5,373

CME

Term

SOFR

Month

0.88%,

5.24%,

2/20/66(a)

730

728

6.00%,

9/20/55

3,000,000

2,992,310

3.50%,

6/20/41

26,684

588

4.50%,

5/20/40

13,564

475

5.00%,

10/20/40

6,841

276

REMIC

0.01%,

12/20/62(a)

95,075

280

0.02%,

1/20/63(a)

43,892

144

0.06%,

9/20/62(a)

41,007

464

0.10%,

8/20/61(a)

82,299

1,595

0.11%,

4/20/62(a)

553

0.22%,

10/20/62(a)

68,896

2,956

0.23%,

5/20/63(a)

70,149

1,339

0.27%,

5/20/61(a)

5,320

245

0.27%,

10/20/61(a)

1,134

0.29%,

5/20/62(a)

16,793

920

0.29%,

5/20/62(a)

10,617

582

0.30%,

1/20/62(a)

97,783

0.33%,

4/20/61(a)

15,101

969

0.34%,

12/20/67(a)

62,282

2,320

0.51%,

11/20/61(a)

46,975

4,746

0.56%,

5/20/72(a)

8,491,275

461,432

0.76%,

8/20/58(a)

193,022

2,290

0.84%,

7/20/69(a)

1,618,115

78,717

0.95%,

9/20/69(a)

1,728,981

88,811

0.98%,

8/20/69(a)

2,598,862

155,434

1.03%,

12/20/70(a)

5,768,333

282,913

1.04%,

11/20/69(a)

1,262,975

69,763

1.09%,

6/20/69(a)

1,622,279

64,487

1.12%,

8/20/63(a)

181,175

3,098

1.26%,

4/20/62(a)

90,759

1,922

1.28%,

6/20/63(a)

542,107

22,402

1.35%,

1/20/64(a)

326,515

8,972

1.51%,

5/20/64(a)

611,811

15,344

1.51%,

5/20/60(a)

228,418

13,750

1.54%,

5/20/64(a)

612,932

21,478

1.56%,

10/20/64(a)

403,297

8,420

1.62%,

5/20/63(a)

537,825

18,110

1.63%,

9/20/65(a)

215,927

3,027

1.63%,

11/20/60(a)

654,790

44,311

1.65%,

4/20/60(a)

66,007

5,786

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Mortgage

Opportunities

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(38.6%)

(cont’d)

1.65%,

4/20/60(a)

33,841

2,966

1.65%,

4/20/63(a)

181,637

7,364

1.67%,

4/20/60(a)

1.68%,

3/20/68(a)

115,798

4,230

1.68%,

9/20/66(a)

391,556

12,215

1.75%,

11/20/64(a)

1,319,204

72,947

CME

Term

SOFR

Month

5.89%,

1.75%,

8/20/42(a)

185,465

19,475

1.78%,

7/20/67(a)

803,214

23,474

1.80%,

10/20/66(a)

349,055

11,450

1.81%,

6/20/65(a)

8,954,228

324,948

CME

Term

SOFR

Month

5.99%,

1.85%,

4/20/41(a)

59,077

4,726

CME

Term

SOFR

Month

5.99%,

1.85%,

8/20/42(a)

171,579

19,503

1.86%,

4/20/67(a)

396,671

11,806

1.87%,

6/20/67(a)

386,731

10,822

1.88%,

8/20/66(a)

6,081,696

287,200

CME

Term

SOFR

Month

6.03%,

1.89%,

12/20/43(a)

233,050

28,896

1.90%,

1/20/66(a)

898,490

23,766

1.94%,

9/20/65(a)

239,496

8,827

1.95%,

6/20/66(a)

207,251

8,232

1.95%,

2/20/65(a)

1,030,860

43,217

1.98%,

4/20/65(a)

219,487

8,354

1.98%,

8/20/67(a)

589,036

17,205

2.00%,

8/20/63(a)

26,942

858

2.00%,

11/20/50

6,276,793

816,325

2.01%,

6/20/64(a)

780,877

49,875

2.02%,

7/20/65(a)

101,056

5,642

CME

Term

SOFR

Month

6.19%,

2.05%,

9/20/43(a)

103,463

5,006

2.12%,

12/20/66(a)

3,063,442

178,616

2.16%,

3/20/67(a)

3,433,070

193,766

2.19%,

11/20/67(a)

746,156

23,862

2.21%,

2/20/63(a)

7,889

346

2.22%,

10/20/69(a)

9,686,703

370,388

2.24%,

5/20/67(a)

2,865,800

103,901

2.24%,

7/20/66(a)

9,548,401

301,815

2.25%,

10/20/64(a)

2,060,549

165,490

2.28%,

7/20/67(a)

1,170,967

63,324

2.28%,

3/20/67(a)

232,722

9,771

CME

Term

SOFR

Month

6.44%,

2.29%,

8/16/34(a)

86,221

4,340

2.29%,

1/20/67(a)

184,037

7,028

2.29%,

1/20/68(a)

842,100

50,566

2.29%,

6/20/67(a)

674,321

34,221

2.30%,

9/20/64(a)

944,953

74,809

2.31%,

2/20/68(a)

177,999

7,652

2.32%,

10/20/67(a)

658,089

31,958

2.32%,

6/20/66(a)

5,500,127

194,751

2.32%,

2/20/68(a)

873,870

33,509

2.33%,

1/20/68(a)

205,797

8,793

2.33%,

8/20/67(a)

312,245

13,716

2.34%,

10/20/60(a)

35,475

3,539

2.34%,

2/20/68(a)

662,020

29,080

2.34%,

10/20/67(a)

665,870

20,367

Face

Amount

Value

2.36%,

2/20/68(a)

3,946,421

173,117

2.36%,

2/20/68(a)

2,795,885

96,207

2.38%,

7/20/65(a)

259,616

13,610

2.44%,

7/20/63(a)

4,049

418

2.50%,

11/20/51

1,540,638

222,008

2.54%,

2/20/60(a)

50,739

2,984

2.59%,

4/20/66(a)

11,064,412

561,906

2.61%,

10/20/67(a)

745,541

39,760

2.61%,

11/20/67(a)

946,522

56,712

2.64%,

6/20/66(a)

3,271,328

293,876

2.76%,

3/20/62(a)

16,311

1,519

2.78%,

10/20/66(a)

312,161

14,561

2.80%,

10/20/67(a)

8,913,175

708,250

2.82%,

5/20/62(a)

25,908

4,028

3.10%,

4/20/62(a)

83,262

11,706

3.23%,

2/20/63(a)

27,075

3,705

3.50%,

10/16/42

540,667

89,359

3.50%,

5/20/43

348,215

58,560

3.62%,

9/20/60(a)

21,213

4,082

5.00%,

2/16/41

18,628

3,659

Great

Hall

Mortgages

No.

plc

EURIBOR

Month

0.22%,

2.23%,

3/18/39(a)

EUR

356,476

414,940

Mortgage

Securities

Trust

3.35%,

7/10/48

36,240

35,465

0.39%,

9/10/47(a)

113,171

GSAA

Trust

6.00%,

4/1/34

137,532

139,043

GSR

Mortgage

Loan

Trust

CME

Term

SOFR

Month

0.36%,

4.52%,

3/25/35(a)

35,916

21,696

5.00%,

2/25/34

9,805

9,572

5.50%,

11/25/35

2,275

2,174

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

1.75%,

5.88%,

3/25/33(a)

2,946

2,934

6.00%,

9/25/35

214,624

217,790

Harvest

Commercial

Capital

Loan

Trust

5.73%,

9/25/46(a)(b)

1,500,000

1,481,449

5.96%,

4/25/52(a)(b)

1,554,000

1,437,830

6.16%,

10/25/56

1,788,035

1,835,822

6.34%,

9/25/46(a)(b)

1,380,000

1,334,547

ICAP

Trust

6.47%,

7/25/30(b)(c)

1,500,000

1,521,493

Impac

CMB

Trust

CME

Term

SOFR

Month

0.63%,

4.79%,

11/25/35(a)

939,614

855,172

CME

Term

SOFR

Month

0.91%,

5.07%,

10/25/34(a)

18,922

19,088

IMS

Ecuadorian

Mortgage

Trust

3.40%,

8/18/43(b)

273,671

267,908

IndyMac

INDX

Mortgage

Loan

Trust

6.87%,

11/25/34(a)

13,457

13,744

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

0.70%,

12/15/49(a)

1,399,507

5,405

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Mortgage

Opportunities

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(38.6%)

(cont’d)

J.P.

Morgan

Mortgage

Trust

3.00%,

10/25/50(a)(b)

79,455

68,856

4.06%,

7/27/37(a)(b)

57,650

54,135

4.06%,

12/25/34(a)

38,183

34,933

Lansdowne

Mortgage

Securities

No.

plc

EURIBOR

Month

0.30%,

2.31%,

6/15/45(a)

EUR

339,200

391,856

Legacy

Mortgage

Asset

Trust

7.50%,

4/25/61(b)(c)

2,542,694

2,551,667

LHOME

Mortgage

Trust

7.63%,

11/25/28(b)(c)

1,500,000

1,513,045

8.00%,

6/25/28(b)(c)

617,820

620,245

8.00%,

8/25/28(b)(c)

1,300,000

1,305,288

LOANDEPOT

GMSR

Master

Trust

CME

Term

SOFR

Month

3.15%,

7.51%,

7/16/30(a)(b)

2,700,000

2,713,475

Mansard

Mortgages

plc

SONIO

0.72%,

4.72%,

10/15/48(a)

GBP

347,749

456,847

MASTR

Adjustable

Rate

Mortgages

Trust

5.27%,

6/25/34(a)

138,967

130,812

MASTR

Alternative

Loan

Trust

5.00%,

5/25/33

110,768

101,754

MASTR

Asset

Securitization

Trust

5.50%,

10/25/25

910

856

MASTR

Reperforming

Loan

Trust

7.50%,

5/25/35(b)

91,625

66,162

MERIT

Securities

Corp.

ICE

LIBOR

USD

Month

2.25%,

7.21%,

9/28/32(a)(b)

258,271

249,043

Merrill

Lynch

Mortgage

Investors

Trust

4.62%,

1/25/37(a)

6,636

6,463

CME

Term

SOFR

Month

0.93%,

4.77%,

4/25/29(a)

6,338

6,250

Morgan

Stanley

Mortgage

Loan

Trust

6.56%,

2/25/34(a)

48,820

47,791

Multifamily

Trust

CME

Term

SOFR

Month

2.11%,

6.27%,

4/25/46(a)(b)

1,782,682

1,765,316

National

City

Mortgage

Capital

Trust

6.00%,

3/25/38

53,750

51,717

Natixis

Commercial

Mortgage

Securities

Trust

4.27%,

5/15/39(a)(b)

1,000,000

923,923

Newgate

Funding

plc

SONIO

3.12%,

7.09%,

12/15/50(a)

GBP

333,269

442,005

NRM

FHT1

Excess

Owner

LLC

6.55%,

3/25/32(b)(c)

5,204,580

5,293,585

OBX

3.00%,

1/25/52(a)(b)

1,753,316

1,520,796

OBX

Trust

5.50%,

9/25/55(a)(b)

2,000,000

2,009,844

Ocwen

Loan

Investment

Trust

3.00%,

2/25/37(b)

1,500,000

1,435,207

3.00%,

2/25/37(b)

2,000,000

1,835,053

Onity

Loan

Investment

Trust

5.00%,

8/25/37(a)(b)

2,000,000

1,954,843

Face

Amount

Value

5.00%,

8/25/37(a)(b)

3,000,000

2,846,233

PRET

LLC

5.96%,

11/25/54(b)(c)

542,729

544,387

Prime

Mortgage

Trust

CME

Term

SOFR

Month

0.83%,

4.99%,

2/25/35(a)

695,000

614,495

PRKCM

Trust

6.43%,

5/25/59(b)(c)

815,614

831,748

6.60%,

2/25/58(b)(c)

2,038,377

2,045,136

7.22%,

11/25/58(b)(c)

1,308,249

1,333,257

Prpm

Fundido

DAC

EURIBOR

Month

2.00%,

3.95%,

4/29/75(a)(b)

EUR

4,000,000

4,585,788

PRPM

LLC

4.00%,

5/25/54(b)(c)

2,000,000

1,840,176

6.47%,

5/25/30(b)(c)

2,933,340

2,950,220

PRPM

Trust

4.40%,

4/25/67(b)(c)

732,750

742,734

Rain

City

Mortgage

Trust

6.53%,

11/25/29(a)(b)

2,122,000

2,152,251

Rate

Mortgage

Trust

6.00%,

12/25/54(a)(b)

2,675,881

2,720,409

RBSSP

Resecuritization

Trust

93.49%,

9/26/37(a)(b)

34,174

249,758

RCKT

Mortgage

Trust

6.50%,

6/25/54(a)(b)

80,693

82,585

RCO

Trust

6.25%,

3/2/55(b)(c)

4,957,905

4,945,754

RCO

Mortgage

LLC

5.87%,

1/25/30(b)(c)

374,087

378,465

Real

Estate

Asset

Liquidity

Trust

1.13%,

2/12/55(a)(b)

CAD

7,254,076

177,221

Redwood

Funding

Trust

7.50%,

7/25/59(b)(c)

3,921,894

3,926,433

Reperforming

Loan

Trust

8.50%,

6/25/35(b)

36,944

36,630

Residential

Asset

Securitization

Trust

0.50%,

4/25/37

13,203,545

272,681

Resloc

plc

EURIBOR

Month

0.45%,

2.46%,

12/15/43(a)

EUR

243,426

270,155

RiverView

HECM

Pass-Through

Certificates

CME

Term

SOFR

Month

0.38%,

4.54%,

5/25/47(a)

1,662,767

1,449,635

RMF

Buyout

Issuance

Trust

4.75%,

10/25/50(a)(b)

1,200,000

1,073,395

6.00%,

10/25/50(b)

8,021,144

6,386,719

6.00%,

10/25/50(a)(b)

1,662,000

1,574,071

RMF

Proprietary

Issuance

Trust

2.13%,

9/25/61(a)(b)

1,082,681

968,191

2.75%,

10/25/63(a)(b)

3,909,593

3,750,491

3.00%,

1/25/62(a)(b)

3,157,564

3,016,029

3.25%,

4/26/60(a)(b)

782,468

760,547

3.25%,

4/26/60(a)(b)

1,430,130

1,285,029

3.75%,

6/25/62(a)(b)

2,250,000

2,046,055

3.75%,

6/25/62(a)(b)

2,000,000

1,782,986

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Mortgage

Opportunities

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(38.6%)

(cont’d)

4.00%,

8/25/62(a)(b)

2,149,786

2,099,759

Saluda

Grade

Alternative

Mortgage

Trust

7.50%,

2/25/30(b)(c)

2,200,000

2,219,418

7.50%,

5/25/50(a)(b)

2,500,000

2,561,839

7.77%,

5/25/30(b)(c)

4,181,193

4,175,273

Seasoned

Credit

Risk

Transfer

Trust

3.25%,

11/25/64

686,000

627,719

3.25%,

6/25/65

3,000,000

2,552,450

Sequoia

Mortgage

Trust

CME

Term

SOFR

Month

0.89%,

5.03%,

1/20/36(a)

49,350

40,292

Structured

Adjustable

Rate

Mortgage

Loan

Trust

CME

Term

SOFR

Month

0.35%,

4.51%,

3/25/35(a)

133,800

121,934

Structured

Asset

Mortgage

Investments

Trust

CME

Term

SOFR

Month

0.57%,

4.73%,

5/25/45(a)

62,453

56,686

Structured

Asset

Securities

Corp.

Mortgage-Backed

Pass-

Through

Certificates

Trust

0.00%,

11/25/30(a)

41,367

40,660

Casita

CME

Term

SOFR

Month

0.34%,

4.50%,

8/26/35(a)(b)

7,453,613

6,111,962

Sutherland

Commercial

Mortgage

Trust

2.23%,

12/25/41(a)(b)

506,289

445,699

TDA

FTA

EURIBOR

Month

0.19%,

2.17%,

12/28/50(a)

EUR

356,689

387,192

TIAA

Bank

Mortgage

Loan

Trust

4.00%,

11/25/48(a)(b)

107,144

101,300

UBS

Commercial

Mortgage

Trust

1.07%,

3/15/51(a)

8,171,736

148,289

VCC

Trust

8.16%,

5/25/55(b)(c)

4,181,704

4,164,123

Velocity

Commercial

Capital

Loan

Trust

2.57%,

5/25/51(a)(b)

1,519,250

1,159,680

6.17%,

9/25/55(a)(b)

1,225,000

1,223,103

WaMu

Mortgage

Backed

Pass-Through

Certificates

6.17%,

12/19/39(a)

145,851

145,690

Waterfall

Commercial

Mortgage

Trust

4.10%,

9/14/22(a)(b)

589,568

582,876

269,954,510

Corporate

Bonds

(

)

Banks

(0.5%)

Nordea

Kredit

Realkreditaktieselskab

4.00%,

10/1/56

DKK

25,000,000

3,885,456

Financial

Services

(3.2%)

CSFB

Mortgage

Securities

5.15%,

12/3/28(b)

1,020,000

884,684

Nykredit

Realkredit

A/S

4.00%,

10/1/46

10/1/56

DKK

88,995,878

14,052,955

Face

Amount

Value

Realkredit

Danmark

A/S

4.00%,

10/1/56

DKK

45,767,699

7,160,356

22,097,995

25,983,451

Total

Fixed

Income

Securities

(Cost

$688,179,582)

705,567,924

–

Short-Term

Investments

(

)

Investment

Company

(

)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$24,683,898)

24,683,898

Face

Amount

Commercial

Paper

(

)

Banco

Santander

4.46%,

1/14/26(b)

3,000,000

2,964,278

Danske

Bank

A/S

4.57%,

1/9/26(b)

2,000,000

1,977,393

HSBC

USA,

Inc.

4.79%,

1/27/26(b)

3,000,000

2,959,233

Total

Commercial

Paper

(Cost

$7,892,442)

7,900,904

U.S.

Government

and

Agency

Securities

(

)

U.S.

Treasury

Bills

3.96%,

2/19/26

10,000,000

9,854,082

4.15%,

12/26/25

10,000,000

9,908,095

4.19%,

11/20/25(d)

25,000,000

24,862,327

4.23%,

11/28/25

5,000,000

4,967,822

4.23%,

1/2/26

5,000,000

4,950,287

Total

U.S.

Government

and

Agency

Securities

(Cost

$54,516,863)

54,542,613

Total

Short-Term

Investments

(Cost

$87,093,203)

87,127,415

Total

Investments

(

113

)

(

Cost

775,272,785

)

(e)

(f)

792,695,339

Liabilities

Excess

Other

Assets

(-13.3%)

(93,330,898)

Net

Assets

(100.0%)

$699,364,441

(a)

Floating

variable

rate

securities:

The

rates

disclosed

are

September

30,

2025.

For

securities

based

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

the

description

the

Portfolio

Investments.

Certain

variable

rate

securities

may

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

are

based

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description

the

Portfolio

Investments.

(b)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

liquid.

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Mortgage

Opportunities

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

(c)

Multi-step

—

Coupon

rate

changes

predetermined

increments

maturity.

Rate

disclosed

September

30,

2025.

Maturity

date

disclosed

the

ultimate

maturity

date.

(d)

All

portion

the

security

pledged

collateral

for

futures

contracts.

(e)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$775,695,593.

The

aggregate

gross

unrealized

appreciation

$22,893,769

and

the

aggregate

gross

unrealized

depreciation

$5,552,522,

resulting

net

unrealized

appreciation

$17,341,247.

(f)

Securities

are

available

for

collateral

connection

with

open

futures

contracts.

CME

Chicago

Mercantile

Exchange

DAC

Designated

Activity

Company

EURIBOR

Euro

Interbank

Offered

Rate

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

Interest

Only

LIBOR

London

Interbank

Offered

Rate

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR30A

Secured

Overnight

Financing

Rate

Day

Average

STRIPS

Separate

Trading

Registered

Interest

and

Principal

Securities.

The

STRIPS

Program

lets

investors

hold

and

trade

individual

interest

and

principal

components

eligible

notes

and

bonds

separate

securities.

TBA

Announced;

Security

subject

delayed

delivery

Schedule

TBA

sales

commitments

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

(2.1)%

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

(2.1)%

GNMA

II,

Single

Family,

Year,

5.00%,

TBA,

10/15/55

(

3,700,000

)

(

3,680,933

)

GNMA

II,

Single

Family,

Year,

6.00%,

TBA,

10/15/55

(

6,900,000

)

(

7,019,294

)

GNMA

II,

Single

Family,

Year,

6.50%,

TBA,

10/15/55

(

4,000,000

)

(

4,109,270

)

Total

Securities

Sold

Short

(proceeds

$14,801,148)

(

14,809,497

)

Foreign

Currency

Forward

Exchange

Contracts:

The

Fund

had

the

following

foreign

currency

forward

exchange

contracts

open

September

30,

2025:

Counterparty

Contract

Deliver

Exchange

for

Delivery

Date

Unrealized

Appreciation

(Depreciation)

Barclays

Bank

plc

26,324,016

MXN

1,421,036

12/17/25

(

4,559

)

BNP

Paribas

159,960,265

DKK

25,382,890

12/17/25

92,227

Citibank

N.A.

2,066,851

CAD

1,504,070

12/17/25

13,527

Citibank

N.A.

19,414,428

EUR

22,960,007

12/17/25

64,570

Deutsche

Bank

1,045,993

GBP

1,418,040

12/17/25

11,150

176,915

CAD

Canadian

Dollar

DKK

Denmark

Krone

EUR

Euro

GBP

British

Pound

MXN

Mexican

Peso

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

September

30,

2025:

Number

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

Long:

U.S.

Treasury

Year

Notes

Dec-25

19,000,000

19,797,852

10,949

U.S.

Treasury

Year

Notes

603

Dec-25

60,300,000

65,844,774

69,435

U.S.

Treasury

Year

Notes

Dec-25

9,700,000

10,912,500

30,896

U.S.

Treasury

Long

Bonds

Dec-25

1,500,000

1,748,906

31,964

143,244

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Mortgage

Opportunities

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Portfolio

Composition

Classification

Percentage

Total

Investments

Commercial

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

Asset-Backed

Securities

Other*

U.S.

Government

and

Agency

Securities

Total

Investments

100

Industries

and/or

investment

types

representing

less

than

total

investments.

Does

not

include

open

futures

contracts

with

value

98,304,032

and

total

unrealized

appreciation

143,244

Does

not

include

open

foreign

currency

forward

exchange

contracts

with

net

unrealized

appreciation

176,915

Annual

Report

—

September

30,

2025

Portfolio

Investments

Eaton

Vance

Short

Duration

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Fixed

Income

Securities

(95.0%)

Asset-Backed

Securities

(

)

AASET

Ltd.,

2025-2A

5.52%,

2/16/50(a)

2,504,016

2,535,142

ACHV

ABS

Trust,

2024-3AL

5.45%,

12/26/31(a)

275,347

278,120

2024-3AL

5.68%,

12/26/31(a)

113,698

114,878

ACM

Auto

Trust,

2024-2A

6.06%,

2/20/29(a)

303,629

303,467

2025-1A

5.38%,

6/20/29(a)

221,341

220,668

2025-2A

5.55%,

6/20/28(a)

1,346,041

1,341,549

AGL

CLO

Ltd.,

2021-13A

CME

Term

SOFR

Month

1.80%,

6.07%,

10/20/34(a)(b)

2,000,000

2,002,636

ALTDE

Trust,

2025-1A

5.90%,

8/15/50(a)

741,674

760,713

Alterna

Funding

III

LLC,

2024-1A

6.26%,

5/16/39(a)

737,477

739,410

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

203,407

205,466

ARES

XLIV

CLO

Ltd.,

2017-44A

CME

Term

SOFR

Month

1.75%,

6.04%,

4/15/34(a)(b)

3,000,000

3,003,702

Auxilior

Term

Funding

LLC,

2023-1A

6.18%,

12/15/28(a)

306,486

308,786

2024-1A

5.84%,

3/15/27(a)

87,821

88,231

BHG

Securitization

Trust,

2023-A

5.55%,

4/17/36(a)

220,530

220,891

Bridge

Trust,

2025-SFR1

4.20%,

9/17/42(a)

750,000

709,493

Cajun

Global

LLC,

2021-1

3.93%,

11/20/51(a)

1,346,538

1,329,245

Cascade

Asset

Trust,

2022-MH1

4.25%,

8/25/54(a)(c)

1,311,238

1,279,803

Castlelake

Aircraft

Structured

Trust,

2025-1A

5.78%,

2/15/50(a)

1,832,100

1,862,814

2025-2A

5.47%,

8/15/50(a)

1,224,995

1,235,661

2025-2A

6.30%,

8/15/50(a)

1,435,402

1,448,727

Face

Amount

Value

CFMT

LLC,

2023-HB12

4.25%,

4/25/33(a)(b)

2,025,000

2,004,436

Chase

Auto

Credit

Linked

Notes,

2025-1

4.75%,

2/25/33(a)

2,328,495

2,339,594

2025-1

4.85%,

2/25/33(a)

639,536

642,542

Chesapeake

Funding

LLC,

2024-1A

5.52%,

5/15/36(a)

490,013

496,340

Cloud

Capital

Holdco

LP,

2024-1A

5.78%,

11/22/49(a)

780,000

792,909

2024-2A

5.92%,

11/22/49(a)

250,000

255,448

Cologix

Data

Centers

Issuer

LLC,

2021-1A

3.30%,

12/26/51(a)

2,660,000

2,597,337

Commonbond

Student

Loan

Trust,

2021-AGS

1.20%,

3/25/52(a)

652,906

557,412

Crockett

Partners

Equipment

Co.

IIA

LLC,

2024-1C

6.05%,

1/20/31(a)

390,000

395,846

Crossroads

Asset

Trust,

2024-A

5.90%,

8/20/30(a)

197,761

200,470

DataBank

Issuer

LLC,

2025-1A

5.18%,

9/27/55(a)

3,230,000

3,239,229

Master

Finance

LLC,

2021-1A

2.05%,

11/20/51(a)

899,938

876,474

Dext

ABS

LLC,

2023-2

6.56%,

5/15/34(a)

352,140

354,874

Diamond

Infrastructure

Funding

LLC,

2021-1A

1.76%,

4/15/49(a)

600,000

575,714

Driven

Brands

Funding

LLC,

2019-1A

4.64%,

4/20/49(a)

2,891,845

2,891,485

2019-2A

3.98%,

10/20/49(a)

1,986,279

1,972,764

2020-1A

3.79%,

7/20/50(a)

680,339

668,820

2020-2A

3.24%,

1/20/51(a)

1,374,365

1,329,519

2021-1A

2.79%,

10/20/51(a)

845,183

797,917

ECMC

Group

Student

Loan

Trust,

2020-3A

SOFR30A

1.11%,

5.47%,

1/27/70(a)(b)

416,963

419,570

ELFI

Graduate

Loan

Program

LLC,

2021-A

1.53%,

12/26/46(a)

940,360

843,200

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Asset-Backed

Securities

(22.0%)

(cont’d)

Falcon

Aerospace

Ltd.,

2019-1

3.60%,

9/15/39(a)

68,855

67,841

FIGRE

Trust,

2025-FL1

5.27%,

7/25/55(a)(c)

1,492,524

1,503,368

2025-FL1

5.67%,

7/25/55(a)(c)

1,968,060

1,982,337

FMC

GMSR

Issuer

Trust,

2020-GT1

4.45%,

1/25/26(a)(b)

1,500,000

1,487,833

2022-GT2

7.90%,

7/25/27(a)

1,600,000

1,609,248

FOCUS

Brands

Funding

LLC,

2017-1A

5.09%,

4/30/47(a)

2,246,040

2,245,679

GAIA

Aviation

Ltd.,

2019-1

3.97%,

12/15/44(a)(c)

354,117

343,583

Gilead

Aviation

LLC,

2025-1A

5.79%,

3/15/50(a)

614,467

628,582

GLS

Auto

Select

Receivables

Trust,

2024-1A

5.24%,

3/15/30(a)

419,410

422,592

2024-2A

5.58%,

6/17/30(a)

130,290

131,967

Goddard

Funding

LLC,

2024-1A

6.83%,

10/30/54(a)

653,065

669,524

Golub

Capital

Partners

ABS

Funding

Ltd.,

2020-1A

3.21%,

1/22/29(a)

412,130

411,524

2021-1A

2.77%,

4/20/29(a)

1,128,510

1,123,998

Mortgage-Backed

Securities

Trust,

2025-HE1

SOFR30A

1.55%,

5.91%,

10/25/55(a)(b)

1,217,618

1,227,868

Horizon

Aircraft

Finance

Ltd.,

2024-1

5.38%,

9/15/49(a)

1,073,500

1,086,305

J.P.

Morgan

Mortgage

Trust,

2023-HE2

SOFR30A

1.70%,

6.09%,

3/20/54(a)(b)

461,429

464,223

2024-HE1

SOFR30A

1.50%,

5.89%,

8/25/54(a)(b)

224,427

225,315

2024-HE2

SOFR30A

1.20%,

5.59%,

10/20/54(a)(b)

247,126

247,311

Jamestown

CLO

Ltd.,

2016-9A

CME

Term

SOFR

Month

2.00%,

6.26%,

7/25/34(a)(b)

4,000,000

4,005,304

Face

Amount

Value

Jersey

Mike's

Funding,

2021-1A

2.89%,

2/15/52(a)

586,575

574,299

Jersey

Mike's

Funding

LLC,

2019-1A

4.43%,

2/15/50(a)

746,630

746,166

LAD

Auto

Receivables

Trust,

2024-1A

5.23%,

1/18/28(a)

406,783

407,809

Lendbuzz

Securitization

Trust,

2024-1A

6.19%,

8/15/29(a)

558,866

562,597

2024-3A

4.97%,

10/15/29(a)

287,676

288,000

2025-1A

5.10%,

10/15/30(a)

681,524

682,534

2025-2A

5.18%,

5/15/30(a)

2,200,000

2,206,997

2025-2A

5.13%,

11/15/30(a)

1,165,000

1,161,081

loanDepot

GMSR

Trust,

2025-GT1

CME

Term

SOFR

Month

2.85%,

7.00%,

5/16/30(a)(b)

1,282,000

1,285,242

Loanpal

Solar

Loan

Ltd.,

2021-1GS

2.29%,

1/20/48(a)

778,889

654,220

2021-2GS

2.22%,

3/20/48(a)

1,035,332

845,059

Lunar

Structured

Aircraft

Portfolio

Notes,

2021-1

2.64%,

10/15/46(a)

1,258,855

1,190,800

MACH

Cayman

Ltd.,

2019-1

3.47%,

10/15/39(a)

91,965

90,909

MAPS

Trust,

2021-1A

2.52%,

6/15/46(a)

212,952

203,865

Marlette

Funding

Trust,

2025-1A

4.95%,

7/16/35(a)

2,245,000

2,255,941

2025-1A

5.26%,

7/16/35(a)

753,000

758,196

Mission

Lane

Credit

Card

Master

Trust,

2025-C

4.78%,

12/16/30(a)

1,600,000

1,604,923

MMP

Capital

LLC,

2025-A

5.36%,

12/15/31(a)

725,312

731,238

Monroe

Capital

ABS

Funding

Ltd.,

2021-1A

2.82%,

4/22/31(a)

674,021

669,366

Mosaic

Solar

Loan

Trust,

2019-2A

3.28%,

9/20/40(a)

1,438,167

1,285,140

2020-1A

2.10%,

4/20/46(a)

133,401

117,575

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Asset-Backed

Securities

(22.0%)

(cont’d)

2021-1A

2.05%,

12/20/46(a)

649,275

520,361

Navigator

Aviation

Ltd.,

2024-1

5.40%,

8/15/49(a)

572,946

574,539

Neighborly

Issuer

LLC,

2021-1A

3.58%,

4/30/51(a)

1,239,963

1,176,367

Newtek

Small

Business

Loan

Trust,

2023-1

Prime

Rate

0.50%,

6.75%,

7/25/50(a)(b)

448,062

451,456

NRM

FNT1

Excess

LLC,

2024-FNT1

7.40%,

11/25/31(a)(c)

291,340

296,797

NRZ

Excess

Spread-Collateralized

Notes,

2021-FHT1

3.10%,

7/25/26(a)

329,928

324,787

2021-GNT1

3.47%,

11/25/26(a)

353,437

346,012

NRZ

FHT

Excess

LLC,

2020-FHT1

4.21%,

11/25/25(a)

149,831

149,557

OBX

Trust,

2025-HE1

SOFR30A

1.60%,

5.96%,

2/25/55(a)(b)

2,202,217

2,223,745

Octane

Receivables

Trust,

2023-1A

5.87%,

5/21/29(a)

57,748

57,844

OneMain

Financial

Issuance

Trust,

2019-2A

3.66%,

10/14/36(a)

695,000

675,409

2021-1A

1.95%,

6/16/36(a)

1,627,000

1,535,941

2022-2A

5.24%,

10/14/34(a)

4,415,000

4,410,873

Oportun

Funding

Trust,

2024-3

5.48%,

8/15/29(a)

800,000

802,349

Oportun

Issuance

Trust,

2021-B

1.96%,

5/8/31(a)

271,263

266,147

2025-A

5.01%,

2/8/33(a)

500,000

500,781

2025-A

5.30%,

2/8/33(a)

274,000

274,358

2025-A

5.89%,

2/8/33(a)

1,234,000

1,235,966

2025-C

4.93%,

7/8/33(a)

1,590,000

1,595,905

2025-C

5.18%,

7/8/33(a)

2,770,000

2,780,219

Option

One

Mortgage

Loan

Trust,

2000-5

CME

Term

SOFR

Month

0.61%,

4.75%,

8/20/30(b)

25,971

26,415

Face

Amount

Value

Oscar

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

129,497

129,846

Oscar

Funding

XVII

LLC,

2024-2A

4.63%,

12/10/27(a)

409,903

410,140

Pagaya

Debt

Grantor

Trust,

2025-1

5.16%,

7/15/32(a)

356,607

359,988

PEAC

Solutions

Receivables

LLC,

2024-1A

5.79%,

6/21/27(a)

275,610

278,102

2025-1A

5.04%,

7/20/32(a)

430,000

438,238

Alift

Loan

Funding

LP,

2024-1

5.84%,

9/15/39(a)

286,468

293,561

Planet

Fitness

Master

Issuer

LLC,

2022-1A

4.01%,

12/5/51(a)

482,500

451,059

2024-1A

5.77%,

6/5/54(a)

1,053,360

1,075,055

PNMAC

GMSR

Issuer

Trust,

2024-GT1

CME

Term

SOFR

Month

3.20%,

7.36%,

3/25/29(a)(b)

700,000

707,124

2025-GT1

CME

Term

SOFR

Month

2.45%,

6.61%,

8/26/30(a)(b)

1,135,000

1,141,709

Post

Road

Equipment

Finance

LLC,

2024-1A

5.59%,

11/15/29(a)

285,704

287,233

RAM

LLC,

2025-1

5.45%,

5/15/40(a)

1,618,592

1,627,270

RCKT

Trust,

2025-1A

5.16%,

7/25/34(a)

1,690,000

1,701,116

Reach

ABS

Trust,

2024-2A

5.88%,

7/15/31(a)

139,275

140,010

ReadyCap

Lending

Small

Business

Loan

Trust,

2019-2

Prime

Rate

0.50%,

6.75%,

12/27/44(a)(b)

19,236

19,223

Research-Driven

Pagaya

Motor

Asset

Trust,

2025-1A

5.04%,

6/27/33(a)

1,805,233

1,815,475

2025-1A

5.49%,

6/27/33(a)

1,200,000

1,207,220

2025-4A

5.12%,

4/25/34(a)

930,000

934,732

Retained

Vantage

Data

Centers

Issuer

LLC,

2023-1A

5.00%,

9/15/48(a)

1,106,000

1,108,118

Service

Experts

Issuer

LLC,

2025-1A

5.38%,

1/20/37(a)

1,925,270

1,936,160

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Asset-Backed

Securities

(22.0%)

(cont’d)

ServiceMaster

Funding

LLC,

2020-1

2.84%,

1/30/51(a)

2,668,496

2,517,493

SERVPRO

Master

Issuer

LLC,

2019-1A

3.88%,

10/25/49(a)

1,071,623

1,061,865

SoFi

Consumer

Loan

Program

Trust,

2025-2

4.97%,

6/25/34(a)

945,000

955,751

STAR

Trust,

2021-SFR2

CME

Term

SOFR

Month

2.96%,

7.11%,

1/17/39(a)(b)

509,000

510,067

2022-SFR3

CME

Term

SOFR

Month

4.50%,

8.64%,

5/17/39(a)(b)

551,577

554,779

2025-SFR5

CME

Term

SOFR

Month

1.45%,

5.59%,

2/17/42(a)(b)

1,277,314

1,281,551

2025-SFR5

CME

Term

SOFR

Month

1.95%,

6.09%,

2/17/42(a)(b)

497,000

497,728

2025-SFR6

CME

Term

SOFR

Month

1.65%,

5.79%,

8/17/42(a)(b)

1,129,000

1,130,516

Start

Ltd.,

2019-1

4.09%,

3/15/44(a)

937,927

932,330

Start

Ltd.,

2018-1

4.09%,

5/15/43(a)

683,616

683,788

Stream

Innovations

Issuer

Trust,

2024-1A

6.27%,

7/15/44(a)

229,804

239,392

Subway

Funding

LLC,

2024-3A

5.25%,

7/30/54(a)

623,800

624,982

2024-3A

5.57%,

7/30/54(a)

496,250

498,958

Sunnova

Helios

Issuer

LLC,

2021-A

1.80%,

2/20/48(a)

708,262

559,370

Tesla

Lease

Electric

Vehicle

Securitization

LLC,

2025-A

4.27%,

11/20/28(a)

2,205,000

2,209,007

Theorem

Funding

Trust,

2022-3A

8.95%,

4/15/29(a)

840,032

851,714

2023-1A

7.58%,

4/15/29(a)

9,038

9,049

Towd

Point

Mortgage

Trust,

2025-HE2

SOFR30A

1.35%,

5.69%,

9/25/65(a)(b)

3,275,000

3,287,783

Face

Amount

Value

Tricon

Residential

Trust,

2025-SFR1

CME

Term

SOFR

Month

1.60%,

5.74%,

3/17/42(a)(b)

1,620,000

1,624,272

Truist

Bank

Auto

Credit-Linked

Notes,

2025-1

4.73%,

9/26/33(a)

2,582,473

2,587,555

UPX

HIL

Issuer

Trust,

2025-1

5.16%,

1/25/47(a)

2,933,020

2,947,870

VCP

RRL

ABS

Ltd.,

2021-1A

2.15%,

10/20/31(a)

180,540

176,017

Wendy's

Funding

LLC,

2019-1A

3.78%,

6/15/49(a)

404,126

401,903

Willis

Engine

Structured

Trust

VIII,

2025-A

5.58%,

6/15/50(a)

1,645,718

1,669,922

Wingspire

Equipment

Finance

LLC,

2024-1A

4.99%,

9/20/32(a)

287,432

289,210

146,837,740

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series (

)

FHLMC

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.18%,

6.46%,

6/1/38(b)

33,991

34,803

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.33%,

6.60%,

7/1/38(b)

75,615

77,270

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.32%,

6.63%,

3/1/37(b)

99,196

101,429

Treasury

Yield

Curve

Rate

Note

Constant

Maturity

Year

2.32%,

6.68%,

1/1/36(b)

77,150

78,806

FHLMC

Gold

Pool,

Year

7.50%,

5/1/35

5,305

5,624

8.00%,

8/1/32

2,392

2,516

8.50%,

8/1/31

3,016

3,187

GNMA

Year

8.50%,

7/15/30

GNMA

Single

Family,

Year

6.00%,

11/15/38

36,164

37,774

UMBS

Pool,

Year

5.50%,

11/1/54

9/1/55

21,922,733

22,124,470

UMBS,

Year

5.50%,

11/1/54

2/1/55

9,857,012

9,947,516

6.00%,

9/1/37

20,595

21,726

6.50%,

2/1/28

10/1/32

57,171

59,706

7.00%,

7/1/29

3/1/37

57,907

60,972

7.50%,

8/1/37

6,604

6,998

8.00%,

4/1/33

10,847

11,429

8.50%,

10/1/32

5,697

6,013

UMBS,

Single

Family,

Year

5.50%,

10/25/55,

TBA

1,784,000

1,799,122

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series (5.9%)

(cont’d)

6.00%,

9/25/55,

TBA

4,659,000

4,762,736

39,142,172

Commercial

Mortgage-Backed

Securities

(

)

Ajax

Mortgage

Loan

Trust

1.70%,

5/25/59(a)(c)

357,105

338,858

Angel

Oak

Commercial

Mortgage

Trust

2.07%,

5/25/50(a)(b)

211,146

203,157

BAMLL

Commercial

Mortgage

Securities

Trust

3.47%,

11/5/32(a)

591,000

552,501

BAMLL

Trust

CME

Term

SOFR

Month

2.35%,

6.50%,

8/15/39(a)(b)

534,000

536,445

CME

Term

SOFR

Month

2.90%,

7.05%,

8/15/39(a)(b)

770,000

774,085

Bellemeade

Ltd.

SOFR30A

3.85%,

8.21%,

9/25/31(a)(b)

2,100,000

2,180,178

Mortgage

Trust

CME

Term

SOFR

Month

1.50%,

5.65%,

12/15/35(a)(b)

1,328,000

1,316,825

BFLD

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.84%,

5.99%,

11/15/41(a)(b)

500,000

501,764

BFLD

Mortgage

Trust

CME

Term

SOFR

Month

1.89%,

6.04%,

7/15/41(a)(b)

2,042,000

2,051,524

Brean

Asset-Backed

Securities

Trust

5.25%,

1/25/63(a)(c)

1,623,939

1,624,984

Bunker

Hill

Loan

Depositary

Trust

1.72%,

2/25/55(a)(b)

24,875

24,693

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

0.81%,

4.96%,

4/15/34(a)(b)

1,100,000

1,085,341

CME

Term

SOFR

Month

2.11%,

6.26%,

6/15/27(a)(b)

750,000

754,982

CME

Term

SOFR

Month

3.89%,

8.04%,

6/15/27(a)(b)

980,000

993,761

Trust

CME

Term

SOFR

Month

1.85%,

6.00%,

7/15/42(a)(b)

1,675,000

1,682,862

COMM

Mortgage

Trust

5.50%,

8/10/40(a)

1,000,000

1,005,514

CSMC

Trust

3.90%,

4/25/62(a)(b)

1,184,915

1,143,569

CME

Term

SOFR

Month

3.83%,

7.98%,

8/15/26(a)(b)

2,054,302

1,952,488

Durst

Commercial

Mortgage

Trust

6.02%,

8/10/42(a)(b)

995,000

1,012,089

7.02%,

8/10/42(a)(b)

719,000

740,420

Extended

Stay

America

Trust

CME

Term

SOFR

Month

1.60%,

0.00%,

10/15/42(a)(b)

1,900,000

1,910,687

CME

Term

SOFR

Month

1.49%,

5.64%,

7/15/38(a)(b)

1,011,931

1,012,910

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

3.00%,

2/25/59

427,162

396,442

Face

Amount

Value

FHLMC

STACR

REMIC

Trust

SOFR30A

7.80%,

12.16%,

11/25/41(a)(b)

880,000

934,502

SOFR30A

8.50%,

12.86%,

2/25/42(a)(b)

1,035,000

1,122,637

FHLMC

STACR

Trust

SOFR30A

6.25%,

10.61%,

9/25/41(a)(b)

660,000

684,228

FHLMC,

REMIC

SOFR30A

1.00%,

5.36%,

2/25/54(b)

2,169,331

2,172,441

SOFR30A

1.00%,

5.36%,

3/25/55(b)

183,080

183,192

SOFR30A

1.00%,

5.36%,

3/25/55(b)

1,191,088

1,191,801

SOFR30A

1.05%,

5.41%,

4/25/54(b)

2,069,708

2,072,472

SOFR30A

1.10%,

5.46%,

4/25/54(b)

757,513

761,227

SOFR30A

1.10%,

5.46%,

5/25/54(b)

679,821

683,122

SOFR30A

1.10%,

5.46%,

9/25/54(b)

2,076,611

2,080,653

SOFR30A

1.15%,

5.51%,

7/25/55(b)

3,211,093

3,217,418

SOFR30A

1.20%,

5.56%,

8/25/54(b)

2,918,578

2,928,433

SOFR30A

1.25%,

5.61%,

5/25/54(b)

2,734,351

2,747,869

SOFR30A

1.40%,

5.76%,

1/25/54(b)

1,457,745

1,468,630

SOFR30A

1.43%,

5.79%,

12/25/54(b)

995,239

1,000,584

7.50%,

9/15/29

50,629

51,793

FHLMC,

Strips

SOFR30A

1.30%,

5.66%,

10/25/53(b)

1,126,275

1,133,125

FNMA,

REMIC

SOFR30A

0.95%,

5.31%,

1/25/54(b)

467,046

468,839

SOFR30A

1.05%,

5.41%,

9/25/55(b)

2,556,922

2,560,827

SOFR30A

1.15%,

5.51%,

6/25/54(b)

1,358,218

1,361,699

SOFR30A

1.15%,

5.51%,

6/25/54(b)

1,956,952

1,960,420

SOFR30A

1.20%,

5.56%,

5/25/54(b)

657,473

660,833

SOFR30A

1.30%,

5.66%,

10/25/53(b)

3,131,644

3,148,395

Fontainebleau

Miami

Beach

Mortgage

Trust

CME

Term

SOFR

Month

1.85%,

6.00%,

12/15/39(a)(b)

1,875,000

1,879,396

Commercial

Mortgage

Trust

7.07%,

11/10/39(a)

920,000

941,401

GNMA

CME

Term

SOFR

Month

0.39%,

4.75%,

5/20/63(b)

2,528

2,512

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(14.7%)

(cont’d)

CME

Term

SOFR

Month

0.56%,

4.92%,

5/20/62(b)

CME

Term

SOFR

Month

0.61%,

4.97%,

3/20/61(b)

16,791

16,823

CME

Term

SOFR

Month

0.67%,

5.03%,

9/20/62(b)

34,729

34,930

CME

Term

SOFR

Month

0.71%,

5.07%,

1/20/64(b)

10,074

10,101

SOFR30A

0.90%,

5.29%,

7/20/53(b)

1,769,967

1,769,956

SOFR30A

0.95%,

5.34%,

3/20/54(b)

549,469

550,829

SOFR30A

1.00%,

5.39%,

12/20/54(b)

980,958

982,249

SOFR30A

1.00%,

5.39%,

6/20/55(b)

2,201,004

2,202,943

SOFR30A

1.00%,

5.39%,

9/20/64(b)

2,101,466

2,111,152

SOFR30A

1.05%,

5.44%,

12/20/54(b)

1,822,113

1,825,807

SOFR30A

1.10%,

5.49%,

8/20/65(b)

2,477,199

2,482,293

Great

Wolf

Trust

CME

Term

SOFR

Month

1.54%,

5.69%,

3/15/39(a)(b)

1,391,000

1,395,240

GWT

CME

Term

SOFR

Month

1.69%,

5.84%,

5/15/41(a)(b)

570,000

571,822

Hawaii

Hotel

Trust

CME

Term

SOFR

Month

1.39%,

5.54%,

3/15/42(a)(b)

520,000

521,025

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.64%,

5.79%,

6/15/41(a)(b)

322,500

323,436

CME

Term

SOFR

Month

1.99%,

6.14%,

6/15/41(a)(b)

400,000

401,397

Home

Ltd.

SOFR30A

4.15%,

8.51%,

1/25/34(a)(b)

1,005,000

1,029,209

Hudson

Yards

Mortgage

Trust

6.55%,

1/13/40(a)(b)

1,075,000

1,119,609

HYT

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.84%,

5.99%,

9/15/41(a)(b)

380,000

381,085

CME

Term

SOFR

Month

2.84%,

6.99%,

9/15/41(a)(b)

297,000

298,080

INTOWN

Mortgage

Trust

CME

Term

SOFR

Month

2.25%,

6.40%,

3/15/42(a)(b)

1,976,000

1,976,588

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.94%,

6.09%,

6/15/39(a)(b)

436,000

437,505

LHOME

Mortgage

Trust

7.02%,

1/25/29(a)(c)

610,000

614,901

Marlette

Funding

Trust

7.20%,

4/15/33(a)

1,380,098

1,388,510

Face

Amount

Value

MFA

Trust

6.33%,

9/25/54(c)

440,819

441,686

New

Residential

Mortgage

Loan

Trust

3.75%,

5/28/52(a)(b)

22,907

22,112

3.75%,

8/25/55(a)(b)

52,246

51,086

3.78%,

9/25/57(a)(b)

140,485

132,626

6.28%,

3/5/35(a)(b)

540,000

546,633

NRM

FHT1

Excess

Owner

LLC

6.55%,

3/25/32(a)(c)

473,144

481,235

NRTH

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.39%,

0.00%,

10/15/40(a)(b)

435,000

434,455

NRTH

Mortgage

Trust

CME

Term

SOFR

Month

1.64%,

5.79%,

3/15/39(a)(b)

480,000

479,592

NYCT

Trust

CME

Term

SOFR

Month

1.99%,

6.14%,

8/15/29(a)(b)

1,020,000

1,026,209

Oceanview

Mortgage

Loan

Trust

1.73%,

5/28/50(a)(b)

126,007

119,540

ORL

Trust

CME

Term

SOFR

Month

1.49%,

5.64%,

12/15/39(a)(b)

712,000

713,221

CME

Term

SOFR

Month

1.89%,

6.04%,

12/15/39(a)(b)

2,642,000

2,648,295

CME

Term

SOFR

Month

2.79%,

6.94%,

12/15/39(a)(b)

254,000

255,104

PENN

Commercial

Mortgage

Trust

5.52%,

8/10/42(a)(b)

960,000

978,375

PRM5

Trust

5.81%,

3/10/33(a)(b)

600,000

598,758

Provident

Funding

Mortgage

Trust

6.00%,

8/25/55(a)(b)

1,035,364

1,054,062

Radian

Mortgage

Capital

Trust

6.00%,

12/25/55(a)(b)

678,726

690,330

Radnor

Ltd.

SOFR30A

2.70%,

7.06%,

7/25/33(a)(b)

470,013

472,703

Reach

Abs

Trust

6.30%,

2/18/31(a)

31,625

31,672

SDR

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.74%,

5.89%,

5/15/39(a)(b)

437,000

436,548

Sequoia

Mortgage

Trust

CME

Term

SOFR

Month

0.73%,

4.87%,

8/20/34(b)

42,025

39,260

SHR

Trust

CME

Term

SOFR

Month

1.95%,

6.10%,

10/15/41(a)(b)

500,000

501,490

Silver

Hill

Trust

3.10%,

11/25/49(a)(b)

54,838

54,307

Trust

CME

Term

SOFR

Month

1.59%,

5.74%,

6/15/39(a)(b)

375,000

374,879

TYSN

Mortgage

Trust

6.80%,

12/10/33(a)(b)

540,000

570,621

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(14.7%)

(cont’d)

Wingspire

Equipment

Finance

LLC

4.33%,

9/20/33(a)

1,105,000

1,105,376

97,920,276

Corporate

Bonds

(

)

Aerospace

Defense

(0.9%)

BAE

Systems

plc

5.00%,

3/26/27(a)

826,000

835,963

Boeing

Co.

(The)

6.30%,

5/1/29(d)

3,339,000

3,544,454

Hexcel

Corp.

4.20%,

2/15/27(c)

1,777,000

1,770,250

6,150,667

Automobile

Components

(0.2%)

Clarios

Global

6.75%,

2/15/30(a)

1,215,000

1,256,073

Automobiles

(1.5%)

General

Motors

Co.

6.80%,

10/1/27(d)

2,420,000

2,525,271

Hyundai

Capital

America

4.50%,

9/18/30(a)(d)

2,232,000

2,222,346

4.90%,

6/23/28(a)

3,691,000

3,744,473

Stellantis

Finance

US,

Inc.

6.38%,

9/12/32(a)

1,315,000

1,372,752

9,864,842

Banks

(11.9%)

AIB

Group

plc

6.61%,

9/13/29(a)(b)

1,725,000

1,831,712

Banco

Santander

4.18%,

3/24/28(b)

1,883,000

1,880,596

5.59%,

8/8/28(d)

3,100,000

3,222,722

6.61%,

11/7/28

756,000

808,584

Bank

America

Corp.

3.42%,

12/20/28(b)(d)

483,000

475,714

3.50%,

4/19/26

400,000

398,810

4.38%,

4/27/28(b)(d)

4,757,000

4,774,924

5.08%,

1/20/27(b)

1,408,000

1,410,718

5.16%,

1/24/31(b)(d)

3,552,000

3,667,053

BNP

Paribas

5.13%,

1/13/29(a)(b)

1,838,000

1,875,074

BPCE

5.88%,

1/14/31(a)(b)

974,000

1,017,528

6.71%,

10/19/29(a)(b)

774,000

822,045

CaixaBank

5.67%,

3/15/30(a)(b)

3,176,000

3,295,352

Canadian

Imperial

Bank

Commerce

4.58%,

9/8/31(b)(d)

1,690,000

1,696,264

4.86%,

3/30/29(b)

974,000

989,387

Citizens

Financial

Group,

Inc.

5.25%,

3/5/31(b)

624,000

639,705

HSBC

Holdings

plc

5.60%,

5/17/28(b)

2,000,000

2,042,459

HSBC

USA,

Inc.

4.65%,

6/3/28

395,000

400,673

ING

Groep

5.07%,

3/25/31(b)

4,804,000

4,922,432

Face

Amount

Value

Intesa

Sanpaolo

SpA

5.71%,

1/15/26(a)

3,684,000

3,692,291

7.00%,

11/21/25(a)

1,096,000

1,100,030

JPMorgan

Chase

Co.

3.63%,

12/1/27(d)

300,000

297,669

4.92%,

1/24/29(b)(d)

325,000

330,910

5.01%,

1/23/30(b)

544,000

557,391

5.10%,

4/22/31(b)(d)

2,558,000

2,643,256

5.14%,

1/24/31(b)

2,405,000

2,484,406

5.57%,

4/22/28(b)(d)

1,408,000

1,439,140

6.09%,

10/23/29(b)(d)

4,378,000

4,620,966

KeyBank

5.85%,

11/15/27

675,000

696,473

National

Bank

Canada

4.70%,

3/5/27(b)

650,000

650,995

NatWest

Group

plc

5.12%,

5/23/31(b)(d)

3,751,000

3,847,669

PNC

Bank

2.70%,

10/22/29

540,000

508,212

PNC

Financial

Services

Group,

Inc.

(The)

4.90%,

5/13/31(b)(d)

871,000

889,729

5.30%,

1/21/28(b)

1,315,000

1,334,730

Royal

Bank

Canada

4.70%,

8/6/31(b)

3,549,000

3,597,340

4.97%,

8/2/30(b)(d)

355,000

363,412

4.97%,

5/2/31(b)(d)

1,357,000

1,390,235

5.15%,

2/4/31(b)

2,642,000

2,723,059

Societe

Generale

5.51%,

5/22/31(a)(b)

3,010,000

3,097,685

Swedbank

6.14%,

9/12/26(a)

1,516,000

1,544,794

Synovus

Bank

5.63%,

2/15/28

827,000

844,481

Synovus

Financial

Corp.

6.17%,

11/1/30(b)

2,132,000

2,214,081

Truist

Financial

Corp.

6.05%,

6/8/27(b)

1,360,000

1,375,981

Westpac

New

Zealand

Ltd.

5.13%,

2/26/27(a)(d)

770,000

781,595

79,198,282

Biotechnology

(0.3%)

Biogen,

Inc.

5.05%,

1/15/31(d)

1,595,000

1,640,473

Building

Products

(0.2%)

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/28(a)(d)

1,415,000

1,416,624

Capital

Markets

(5.8%)

Antares

Holdings

2.75%,

1/15/27(a)

373,000

361,611

3.75%,

7/15/27(a)(d)

1,270,000

1,235,160

Bank

New

York

Mellon

(The)

4.73%,

4/20/29(b)

995,000

1,011,549

Bank

New

York

Mellon

Corp.

(The)

4.94%,

2/11/31(b)(d)

720,000

739,776

Blue

Owl

Credit

Income

Corp.

6.60%,

9/15/29

1,844,000

1,923,084

6.65%,

3/15/31(d)

978,000

1,028,342

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(43.4%)

(cont’d)

Charles

Schwab

Corp.

(The)

5.88%,

8/24/26

600,000

608,985

Financial

Corp.

7.50%,

5/30/29(a)(d)

2,619,000

2,792,278

Citadel

6.00%,

1/23/30(a)

2,746,000

2,855,399

Citadel

Securities

Global

Holdings

LLC

5.50%,

6/18/30(a)(d)

1,880,000

1,930,537

Deutsche

Bank

5.37%,

1/10/29(b)(d)

2,692,000

2,750,307

Goldman

Sachs

Bank

USA

5.28%,

3/18/27(b)

600,000

602,803

5.41%,

5/21/27(b)

841,000

847,604

Goldman

Sachs

Group,

Inc.

(The)

5.22%,

4/23/31(b)(d)

3,214,000

3,324,287

HAT

Holdings

LLC

3.75%,

9/15/30(a)

1,996,000

1,842,012

Jefferies

Financial

Group,

Inc.

2.63%,

10/15/31(d)

860,000

765,250

2.75%,

10/15/32(d)

844,000

734,560

4.15%,

1/23/30(d)

1,314,000

1,297,804

LPL

Holdings,

Inc.

4.00%,

3/15/29(a)

1,888,000

1,848,149

Marex

Group

plc

6.40%,

11/4/29(d)

1,928,000

1,988,937

Oaktree

Strategic

Credit

Fund

6.50%,

7/23/29

1,495,000

1,550,118

8.40%,

11/14/28

1,333,000

1,447,859

UBS

Group

4.25%,

3/23/28(a)

5,216,000

5,217,669

38,704,080

Chemicals

(0.3%)

Celanese

Holdings

LLC

6.67%,

7/15/27(c)(d)

2,101,000

2,156,647

Consumer

Finance

(3.0%)

Aircastle

Ltd.

5.75%,

10/1/31(a)

752,000

783,895

Ally

Financial,

Inc.

5.74%,

5/15/29(b)

1,984,000

2,031,282

5.75%,

11/20/25

4,850,000

4,853,002

6.85%,

1/3/30(b)

613,000

648,698

Azorra

Finance

Ltd.

7.75%,

4/15/30(a)(d)

1,200,000

1,266,503

Ford

Motor

Credit

Co.

LLC

3.38%,

11/13/25

2,845,000

2,839,878

5.11%,

5/3/29

2,604,000

2,585,356

5.30%,

9/6/29(d)

664,000

662,534

5.88%,

11/7/29

335,000

340,938

General

Motors

Financial

Co.,

Inc.

5.40%,

4/6/26(d)

827,000

831,695

6.05%,

10/10/25

255,000

255,095

Stellantis

Financial

Services

Corp.

5.40%,

9/15/30(a)

2,019,000

2,024,159

Synchrony

Financial

5.02%,

7/29/29(b)(d)

722,000

728,440

19,851,475

Face

Amount

Value

Containers

Packaging

(0.1%)

Amcor

Flexibles

North

America,

Inc.

5.10%,

3/17/30

916,000

937,240

Diversified

REITs

(0.3%)

VICI

Properties

3.88%,

2/15/29(a)

2,190,000

2,139,537

Diversified

Telecommunication

Services

(0.5%)

CCO

Holdings

LLC

5.13%,

5/1/27(a)

3,405,000

3,384,841

Electric

Utilities

(1.4%)

Capital

Power

Holdings,

Inc.

5.26%,

6/1/28(a)

3,532,000

3,600,432

Liberty

Utilities

Co.

5.58%,

1/31/29(a)

1,077,000

1,111,526

NextEra

Energy

Capital

Holdings,

Inc.

4.69%,

9/1/27

2,416,000

2,442,740

4.90%,

2/28/28

729,000

741,919

XPLR

Infrastructure

Operating

Partners

3.88%,

10/15/26(a)(d)

1,679,000

1,656,175

9,552,792

Electronic

Equipment,

Instruments

Components

(0.4%)

Vontier

Corp.

1.80%,

4/1/26

2,856,000

2,817,000

Financial

Services

(1.6%)

Enact

Holdings,

Inc.

6.25%,

5/28/29

2,406,000

2,517,227

Essent

Group

Ltd.

6.25%,

7/1/29

2,432,000

2,549,128

Sustainable

Infrastructure

Capital,

Inc.

6.38%,

7/1/34(d)

1,610,000

1,639,309

Radian

Group,

Inc.

4.88%,

3/15/27

2,369,000

2,376,355

Rocket

Mortgage

LLC

3.63%,

3/1/29(a)(d)

1,630,000

1,555,878

10,637,897

Food

Products

(1.0%)

JDE

Peet's

1.38%,

1/15/27(a)

2,300,000

2,213,926

Smithfield

Foods,

Inc.

4.25%,

2/1/27(a)

4,619,000

4,589,250

6,803,176

Gas

Utilities

(0.1%)

Ferrellgas

5.38%,

4/1/26(a)

919,000

910,425

Ground

Transportation

(0.2%)

Ashtead

Capital,

Inc.

4.38%,

8/15/27(a)

320,000

320,102

Uber

Technologies,

Inc.

4.50%,

8/15/29(a)(d)

920,000

919,115

1,239,217

Health

Care

Equipment

Supplies

(0.1%)

Medline

Borrower

5.25%,

10/1/29(a)(d)

841,000

834,350

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(43.4%)

(cont’d)

Health

Care

Providers

Services

(1.3%)

Centene

Corp.

2.45%,

7/15/28(d)

886,000

824,009

4.63%,

12/15/29

3,960,000

3,842,116

HCA,

Inc.

3.13%,

3/15/27(d)

320,000

315,648

5.50%,

3/1/32

2,405,000

2,506,687

5.88%,

2/15/26

1,480,000

1,481,947

8,970,407

Health

Care

REITs

(0.5%)

CTR

Partnership

3.88%,

6/30/28(a)

1,948,000

1,896,282

DOC

LLC

2.63%,

11/1/31(d)

1,527,000

1,361,675

3,257,957

Hotels,

Restaurants

Leisure

(0.2%)

Las

Vegas

Sands

Corp.

6.00%,

6/14/30

1,398,000

1,456,493

Insurance

(3.2%)

American

International

Group,

Inc.

3.40%,

6/30/30

1,916,000

1,836,963

American

National

Global

Funding

5.25%,

6/3/30(a)

1,137,000

1,160,319

5.55%,

1/28/30(a)

303,000

312,352

American

National

Group,

Inc.

5.75%,

10/1/29(d)

1,122,000

1,161,348

6.14%,

6/13/32(a)(d)

546,000

573,191

Athene

Global

Funding

4.95%,

1/7/27(a)

1,683,000

1,698,101

5.52%,

3/25/27(a)

2,712,000

2,762,556

5.62%,

5/8/26(a)

1,184,000

1,194,292

Athene

Holding

Ltd.

6.65%,

2/1/33

300,000

325,775

Fortitude

Global

Funding

4.63%,

10/6/28(a)

2,005,000

2,007,342

Fortitude

Group

Holdings

LLC

6.25%,

4/1/30(a)

1,259,000

1,308,067

Global

Funding

Trust

4.40%,

9/23/27(a)

306,000

306,745

Global

Atlantic

Fin

Co.

4.40%,

10/15/29(a)

3,313,000

3,264,919

Intact

Financial

Corp.

5.46%,

9/22/32(a)

1,050,000

1,082,783

Jones

Deslauriers

Insurance

Management,

Inc.

8.50%,

3/15/30(a)

281,000

295,450

NLG

Global

Funding

4.35%,

9/15/30(a)

1,630,000

1,613,941

5.40%,

1/23/30(a)

65,000

67,379

20,971,523

Services

(0.3%)

Kyndryl

Holdings,

Inc.

3.15%,

10/15/31

2,417,000

2,198,358

Face

Amount

Value

Media

(0.4%)

Charter

Communications

Operating

LLC

6.10%,

6/1/29

1,999,000

2,098,111

Videotron

Ltd.

3.63%,

6/15/29(a)

709,000

687,553

2,785,664

Multi-Utilities

(0.7%)

Algonquin

Power

Utilities

Corp.

5.37%,

6/15/26(c)

4,825,000

4,860,787

Office

REITs

(0.2%)

COPT

Defense

Properties

2.00%,

1/15/29

387,000

358,700

2.75%,

4/15/31(d)

907,000

821,604

1,180,304

Oil,

Gas

Consumable

Fuels

(0.8%)

ONEOK,

Inc.

5.38%,

6/1/29

1,926,000

1,984,241

Raizen

Fuels

Finance

6.25%,

7/8/32(a)

1,792,000

1,751,232

TerraForm

Power

Operating

LLC

5.00%,

1/31/28(a)

1,465,000

1,455,518

5,190,991

Passenger

Airlines

(1.6%)

A/S

Mileage

Plan

Ltd.

5.02%,

10/20/29(a)

2,119,000

2,121,051

5.31%,

10/20/31(a)

190,000

189,228

American

Airlines,

Inc.

5.50%,

4/20/26(a)

954,514

955,746

Delta

Air

Lines,

Inc.

4.75%,

10/20/28(a)

4,112,200

4,137,035

Delta

Air

Lines,

Inc./SkyMiles

Ltd.

4.50%,

10/20/25(a)

148,413

148,234

United

Airlines,

Inc.

4.38%,

4/15/26(a)

3,289,000

3,286,777

10,838,071

Personal

Care

Products

(0.1%)

Edgewell

Personal

Care

Co.

4.13%,

4/1/29(a)(d)

622,000

592,509

Pharmaceuticals

(0.4%)

Utah

Acquisition

Sub,

Inc.

3.95%,

6/15/26

2,393,000

2,382,722

Professional

Services

(0.5%)

Concentrix

Corp.

6.65%,

8/2/26

3,066,000

3,112,215

Semiconductors

Semiconductor

Equipment

(0.9%)

Broadcom,

Inc.

2.45%,

2/15/31(a)(d)

885,000

805,189

4.11%,

9/15/28

447,000

448,502

Foundry

Holdco

LLC

5.90%,

1/25/33(a)

3,186,000

3,362,530

Qorvo,

Inc.

3.38%,

4/1/31(a)

1,446,000

1,329,846

5,946,067

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(43.4%)

(cont’d)

Software

(0.4%)

Oracle

Corp.

4.80%,

9/26/32(d)

2,825,000

2,829,353

5.20%,

9/26/35

9,000

9,053

2,838,406

Specialized

REITs

(0.3%)

EPR

Properties

3.75%,

8/15/29(d)

100,000

96,301

4.95%,

4/15/28

1,915,000

1,930,243

2,026,544

Specialty

Retail

(0.4%)

Lithia

Motors,

Inc.

3.88%,

6/1/29(a)

1,915,000

1,830,597

Sonic

Automotive,

Inc.

4.63%,

11/15/29(a)(d)

1,109,000

1,077,842

2,908,439

Technology

Hardware,

Storage

Peripherals

(0.2%)

Seagate

Data

Storage

Technology

Pte.

Ltd.

9.63%,

12/1/32(a)

1,262,000

1,430,546

Tobacco

(0.6%)

BAT

Capital

Corp.

3.56%,

8/15/27

575,000

569,248

Imperial

Brands

Finance

plc

5.50%,

2/1/30(a)

3,009,000

3,122,870

3,692,118

Transportation

Infrastructure

(0.2%)

Seaspan

Corp.

5.50%,

8/1/29(a)

1,037,000

1,000,824

Wireless

Telecommunication

Services

(0.4%)

T-Mobile

USA,

Inc.

2.55%,

2/15/31

2,545,000

2,313,175

289,449,758

Sovereign

(

)

Petroleos

Mexicanos

6.50%,

3/13/27

2,032,000

2,058,761

Romania

Government

Bond

7.13%,

1/17/33(a)

301,000

321,616

Romanian

Government

Bond

3.00%,

2/14/31

2,116,000

1,882,397

4,262,774

U.S.

Government

and

Agency

Securities

(

)

U.S.

Treasury

Bonds

3.00%,

5/15/45

80,000

62,281

6.25%,

5/15/30

1,056,000

1,168,159

U.S.

Treasury

Notes

0.63%,

5/15/30

78,000

67,819

0.63%,

8/15/30

542,000

467,380

1.00%,

7/31/28

71,000

66,020

1.25%,

5/31/28

90,000

84,621

1.25%,

9/30/28

288,000

268,678

1.38%,

10/31/28

37,000

34,580

1.38%,

12/31/28

845,000

786,857

1.63%,

8/15/29

1,787,000

1,658,350

Face

Amount

Value

1.75%,

11/15/29

1,234,000

1,144,824

2.50%,

2/28/26(d)

10,696,000

10,635,041

3.25%,

6/30/27

1,132,000

1,124,748

3.75%,

6/30/30

75,000

75,045

4.13%,

2/28/27

2,322,000

2,336,195

4.13%,

3/31/29

4,517,000

4,586,608

4.25%,

12/31/25

215,000

215,163

4.25%,

1/31/26(d)

242,000

242,190

4.25%,

3/15/27

213,000

214,756

4.38%,

8/15/26

380,000

382,007

4.50%,

3/31/26(d)

1,282,000

1,286,169

4.50%,

7/15/26

1,183,000

1,189,681

4.50%,

5/31/29

4,751,000

4,885,086

4.63%,

2/28/26

831,000

833,383

4.63%,

6/30/26

17,870,700

17,978,959

4.88%,

11/30/25

1,427,000

1,428,731

4.88%,

4/30/26

127,000

127,751

4.88%,

5/31/26

2,815,000

2,833,922

56,185,004

Total

Fixed

Income

Securities

(Cost

$628,952,447)

633,797,724

–

Investment

Companies

(

)

Eaton

Vance

Floating-Rate

ETF

(See

Note

209,000

10,381,030

Eaton

Vance

Ultra-Short

Income

ETF

(See

Note

G)(d)

100,000

5,096,500

Total

Investment

Companies

(Cost

$15,535,210)

15,477,530

Short-Term

Investments

(

)

Investment

Company

(

)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$25,186,113)

25,186,113

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(3.6%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$23,903,038)

23,903,038

Face

Amount

Commercial

Paper

(

)

International

Flavors

Fragrances,

Inc.

4.35%,

11/14/25

(Cost

$3,257,287)

3,275,000

3,257,438

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

U.S.

Government

and

Agency

Security

(

)

U.S.

Treasury

Bill

4.21%,

11/20/25(d)(e)

(Cost

$1,521,004)

1,530,000

1,521,574

Total

Short-Term

Investments

(Cost

$53,867,442)

53,868,163

Total

Investments

(

105

)

(

Cost

698,355,099

)

including

40,371,077

Securities

Loaned

(f)

(g)

703,143,417

Liabilities

Excess

Other

Assets

(-5.5%)

(36,535,692)

Net

Assets

(100.0%)

$666,607,725

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

liquid.

(b)

Floating

variable

rate

securities:

The

rates

disclosed

are

September

30,

2025.

For

securities

based

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

the

description

the

Portfolio

Investments.

Certain

variable

rate

securities

may

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

are

based

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description

the

Portfolio

Investments.

(c)

Multi-step

—

Coupon

rate

changes

predetermined

increments

maturity.

Rate

disclosed

September

30,

2025.

Maturity

date

disclosed

the

ultimate

maturity

date.

(d)

All

portion

this

security

was

loan

September

30,

2025.

(e)

All

portion

the

security

pledged

collateral

for

futures

contracts.

(f)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$698,592,054.

The

aggregate

gross

unrealized

appreciation

$6,130,951

and

the

aggregate

gross

unrealized

depreciation

$1,713,706,

resulting

net

unrealized

appreciation

$4,417,245.

(g)

Securities

are

available

for

collateral

connection

with

open

futures

contracts.

CME

Chicago

Mercantile

Exchange

CLO

Collateralized

Loan

Obligation

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SDR

Swedish

Depositary

Receipt

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

Day

Average

TBA

Announced;

Security

subject

delayed

delivery

Schedule

TBA

sales

commitments

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

(2.3)%

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

(2.3)%

UMBS,

Single

Family,

Year,

6.00%,

TBA,

9/25/55

(

4,659,000

)

(

4,762,736

)

UMBS,

Single

Family,

Year,

5.50%,

TBA,

10/25/55

(

1,287,000

)

(

1,297,909

)

UMBS,

Single

Family,

Year,

5.50%,

TBA,

11/25/55

(

8,973,000

)

(

9,042,751

)

Total

Securities

Sold

Short

(proceeds

$15,123,614)

(

15,103,396

)

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

September

30,

2025:

Number

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation/

(Depreciation)

Long:

U.S.

Treasury

Year

Notes

675

Dec-25

135,000,000

140,668,946

32,502

U.S.

Treasury

Year

Notes

640

Dec-25

64,000,000

69,885,000

(

99,783

)

U.S.

Treasury

Long

Bonds

Dec-25

200,000

233,188

4,262

Short:

U.S.

Treasury

Year

Notes

263

Dec-25

(

26,300,000

)

(

29,587,500

)

(

75,302

)

U.S.

Treasury

Year

Ultra

Bonds

Dec-25

(

6,100,000

)

(

7,019,766

)

(

14,321

)

(

152,642

)

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Portfolio

Composition*

Classification

Percentage

Total

Investments

Corporate

Bonds

Asset-Backed

Securities

Commercial

Mortgage-Backed

Securities

U.S.

Government

and

Agency

Securities

Other**

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

Total

Investments

100

***

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Industries

and/or

investment

types

representing

less

than

total

investments.

***

Does

not

include

open

futures

contracts

with

value

247,394,400

and

net

unrealized

depreciation

152,642

Annual

Report

—

September

30,

2025

Portfolio

Investments

Eaton

Vance

Short

Duration

Municipal

Income

ETF

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Fixed

Income

Securities

(83.8%)

Corporate

Bonds

(

)

Diversified

Consumer

Services

(0.2%)

Trustees

Dartmouth

College

4.27%,

6/1/30

1,000,000

1,008,064

Health

Care

Providers

Services

(0.6%)

Providence

Joseph

Health

Obligated

Group

5.37%,

10/1/32(a)

2,500,000

2,578,636

3,586,700

Municipal

Bonds

(

)

Certificate

Participation/Lease

(

)

City

Lone

Tree

CO,

Series

2024

5.00%,

12/1/26

1,095,000

1,124,839

Education

(

)

Board

Governors

Colorado

State

University

System,

Series

2023

A-2

4.38%,

3/1/48(b)

1,000,000

1,027,814

Clifton

Higher

Education

Finance

Corp.,

IDEA

Public

Schools

Series

2019

4.00%,

8/15/31

1,450,000

1,503,925

Colorado

Educational

Cultural

Facilities

Authority,

University

Denver

Series

2017

4.00%,

3/1/32

2,055,000

2,079,844

Connecticut

State

Health

Educational

Facilities

Authority,

Fairfield

University

Series

5.00%,

7/1/26

1,000,000

1,016,941

Yale

University

Series

2025

B-1

5.00%,

7/1/64(b)

2,500,000

2,774,732

Connecticut

State

Higher

Education

Supplement

Loan

Authority,

Series

2025

B-2

(AMT)

5.00%,

11/15/45(b)

750,000

755,156

Massachusetts

Development

Finance

Agency,

President

and

Fellows

Harvard

College

Series

2025

A-1

5.00%,

5/15/55(b)

2,190,000

2,497,893

Massachusetts

Educational

Financing

Authority,

Series

2024

(AMT)

5.00%,

7/1/29

575,000

607,101

New

Hampshire

Health

and

Education

Facilities

Authority

Act,

Trustees

Dartmouth

College

Series

2025

5.00%,

6/1/32

4,000,000

4,564,649

University

System

New

Hampshire

Series

2017

5.00%,

7/1/30

1,035,000

1,077,561

New

Jersey

Higher

Education

Student

Assistance

Authority,

Series

2025-1B

(AMT)

5.00%,

12/1/29

2,000,000

2,113,201

Ohio

Higher

Educational

Facility

Commission,

Denison

University

Series

5.00%,

11/1/29

1,150,000

1,258,846

Face

Amount

Value

Racine

Unified

School

District,

Series

2025

4.00%,

4/1/30

4,000,000

4,122,491

Saginaw

Valley

State

University,

Series

2016

5.00%,

7/1/30

1,750,000

1,778,901

State

Public

School

Building

Authority,

School

District

Philadelphia

(The)

Series

2006

5.00%,

6/1/29

1,000,000

1,079,399

University

Illinois,

Auxiliary

Facilities

System

Series

2016

4.00%,

4/1/29

2,500,000

2,514,381

University

Kentucky,

Series

2014

3.00%,

10/1/25

1,600,000

University

Michigan,

Series

2017

5.00%,

4/1/33

2,895,000

2,993,352

University

North

Carolina

Chapel

Hill,

Series

2012

3.81%,

12/1/41(b)

3,000,000

3,014,721

Washington

State

University,

Series

2025

5.00%,

4/1/31

1,440,000

1,618,165

Western

Michigan

University,

Series

2025

5.00%,

11/15/30

2,450,000

2,725,296

42,724,369

General

Obligation

(

)

Argyle

Independent

School

District,

Series

2025

B-2

4.00%,

8/15/57(b)

2,500,000

2,600,904

Chicago

Board

Education,

Series

2017

5.00%,

12/1/25

1,200,000

1,201,983

City

Bristol

VA,

Series

2023

5.00%,

9/1/27

860,000

860,508

City

Chicago

IL,

Series

2020

5.00%,

1/1/27

2,000,000

2,033,947

City

Hamilton

OH,

Series

2024

4.00%,

12/17/25

835,000

836,628

City

New

York

NY,

Series

5.00%,

8/1/30

2,000,000

2,014,935

City

Philadelphia,

Series

2025

5.00%,

8/1/30

750,000

835,161

City

San

Antonio

TX,

Series

2023

5.64%,

2/1/26

1,500,000

1,504,196

Commonwealth

Pennsylvania,

Series

2016

5.00%,

9/15/29

1,260,000

1,286,940

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Municipal

Income

ETF

100

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(83.0%)

(cont’d)

General

Obligation

(13.5%)

(cont’d)

Commonwealth

Puerto

Rico,

Series

2022

A-1

5.63%,

7/1/27

4,000,014

4,141,431

Cook

County

School

District

No.

87,

Berkeley

Series

2021

5.00%,

12/1/27

1,000,000

1,052,385

County

Baltimore,

Series

2024

5.00%,

2/1/31

3,500,000

3,955,937

Cypress-Fairbanks

Independent

School

District,

Series

2023

5.00%,

2/15/26

1,000,000

1,009,206

Dallas

Independent

School

District,

Series

2025

A-2

5.00%,

2/15/55(b)

2,000,000

2,061,512

Denton

Independent

School

District,

Series

B-2

4.00%,

8/15/55(b)

1,000,000

1,066,807

Detroit

City

School

District,

Series

2001

6.00%,

5/1/29

3,000,000

3,220,196

Dickinson

Independent

School

District,

Series

2013

3.10%,

8/1/37(b)

1,500,000

1,507,049

DuPage

County

Forest

Preserve

District,

Series

2025

5.00%,

11/1/27

825,000

867,474

Paso

County

Hospital

District,

Series

2024

5.00%,

8/15/30

1,400,000

1,540,190

Fort

Bend

Independent

School

District,

Series

2025

3.80%,

8/1/55(b)

1,850,000

1,898,330

Hutto

Independent

School

District,

Series

2015

4.00%,

2/1/55(b)

1,000,000

1,031,807

Metropolitan

District

(The),

Series

2016C

5.00%,

11/1/31

2,500,000

2,561,112

Navarro

Independent

School

District,

Series

2025

4.00%,

2/15/62(b)

1,500,000

1,549,608

New

Caney

Independent

School

District,

Series

2018

4.00%,

2/15/50(b)

600,000

614,456

Northside

Independent

School

District,

Series

2020

3.55%,

6/1/50(b)

2,500,000

2,536,068

Oklahoma

County

Independent

School

District

No.

12,

Edmond

Series

2025

4.00%,

8/1/27

2,000,000

2,048,502

Prosper

Independent

School

District,

Series

2022

4.00%,

2/15/53(b)

3,000,000

3,096,675

Face

Amount

Value

School

District

Philadelphia

(The),

Series

2019

5.00%,

9/1/28

1,000,000

1,064,555

South

Country

Central

School

District

Brookhaven,

Series

2025

4.13%,

5/29/26

1,900,000

1,917,452

State

Connecticut,

Series

2021

3.00%,

6/1/32

1,900,000

1,901,887

Series

2025

5.00%,

3/15/29

750,000

814,087

State

Hawaii

HI,

Series

5.00%,

10/1/30

2,400,000

2,451,555

State

Illinois

IL,

Series

2017

5.00%,

11/1/28

2,500,000

2,613,107

State

Maryland,

Series

2017

3.00%,

8/1/31

1,895,000

1,898,592

State

Texas,

Series

2025

3.98%,

8/1/30

400,000

401,418

Series

2025

4.12%,

8/1/31

960,000

964,877

Series

2015

5.00%,

8/1/27

2,500,000

2,503,738

65,465,215

Hospital

(

)

Allegheny

County

Hospital

Development

Authority,

UPMC

Obligated

Group

Series

2017

D-2

3.59%,

11/15/47(b)

2,000,000

1,983,536

California

Health

Facilities

Financing

Authority,

Adventist

Health

System/West

Obligated

Group

Series

2024

5.00%,

12/1/28

1,000,000

1,059,477

California

Statewide

Communities

Development

Authority,

Series

2025

5.00%,

10/1/30(c)

3,000,000

3,354,181

City

Minneapolis

MN,

Children's

Health

Care

Obligated

Group

Series

2025

5.00%,

8/15/28

1,500,000

1,605,719

Series

2025

5.00%,

8/15/29

1,250,000

1,366,004

City

South

Miami

Health

Facilities

Authority,

Inc.,

Baptist

Health

South

Florida

Obligated

Group

Series

2025

5.00%,

8/15/65(b)

1,230,000

1,352,500

Colorado

Health

Facilities

Authority,

AdventHealth

Obligated

Group

Series

A-1

5.00%,

11/15/58(b)

2,000,000

2,121,003

CommonSpirit

Health

Obligated

Group

Series

2019

B-2

5.00%,

8/1/49(b)

1,500,000

1,507,782

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Municipal

Income

ETF

101

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(83.0%)

(cont’d)

Hospital

(13.9%)

(cont’d)

Connecticut

State

Health

Educational

Facilities

Authority,

Yale-New

Haven

Health

Obligated

Group

Series

2024

5.00%,

7/1/26

875,000

890,414

County

Franklin,

Trinity

Health

Corp.

Obligated

Group

Series

2013

3.00%,

12/1/46(b)

2,000,000

2,000,049

County

Montgomery

OH,

Kettering

Health

Network

Obligated

Group

Series

2021

5.00%,

8/1/26

1,050,000

1,069,124

District

Columbia,

Children's

National

Medical

Center

Obligated

Group

Series

2015

5.00%,

7/15/26

1,000,000

1,006,078

Harris

County

Cultural

Education

Facilities

Finance

Corp.,

Memorial

Hermann

Health

System

Obligated

Group

Series

2022

5.00%,

7/1/29

880,000

957,255

Series

2022

5.00%,

6/1/50(b)

1,500,000

1,589,271

Texas

Children's

Hospital

Obligated

Group

Series

2015-1

5.00%,

10/1/28

2,610,000

2,612,660

Health

Educational

Facilities

Authority

the

State

Missouri,

BJC

Healthcare

Obligated

Group

Series

2021

4.00%,

7/1/26

1,100,000

1,110,449

Luke's

Health

System

Obligated

Group

Series

2016

5.00%,

11/15/28

1,300,000

1,319,187

Illinois

Finance

Authority,

Ascension

Health

Credit

Group

Series

2016

5.00%,

2/15/26

1,925,000

1,940,561

OSF

Healthcare

System

Obligated

Group

Series

2020

B-2

5.00%,

5/15/50(b)

2,500,000

2,526,692

Indiana

Finance

Authority,

Indiana

University

Health,

Inc.

Obligated

Group

Series

2025

D-1

5.00%,

10/1/64(b)

2,000,000

2,157,935

Massachusetts

Development

Finance

Agency,

Beth

Israel

Lahey

Health

Obligated

Group

Series

5.00%,

7/1/30

4,000,000

4,447,148

New

York

State

Dormitory

Authority,

Memorial

Sloan-Kettering

Cancer

Center

Series

2025

2-A

5.00%,

7/1/48(b)

3,000,000

3,268,366

Montefiore

Obligated

Group

Series

2024

5.00%,

11/1/26

375,000

382,530

White

Plains

Hospital

Obligated

Group

Series

2024

5.00%,

10/1/31

200,000

217,791

Face

Amount

Value

North

Carolina

Medical

Care

Commission,

Duke

University

Health

System,

Inc.

Obligated

Group

Series

2025

5.00%,

6/1/55(b)

2,000,000

2,188,977

Roanoke

Economic

Development

Authority,

Carilion

Clinic

Obligated

Group

Series

2020

5.00%,

7/1/53(b)

2,500,000

2,713,810

Shelby

County

Health

Educational

Housing

Facilities

Board,

Baptist

Memorial

Health

Care

Obligated

Group

Series

2024

5.00%,

9/1/49(b)

750,000

799,013

South

Carolina

Jobs-Economic

Development

Authority,

Novant

Health

Obligated

Group

Series

2024

5.00%,

11/1/31

2,500,000

2,790,597

South

Dakota

Health

Educational

Facilities

Authority,

Sanford

Obligated

Group

Series

2025

C-2

5.00%,

11/1/51(b)

500,000

550,991

Series

2025

C-1

5.00%,

11/1/52(b)

1,850,000

1,994,326

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.,

CHRISTUS

Health

Obligated

Group

Series

2024

5.00%,

7/1/30

1,500,000

1,639,522

Texas

Health

Resources

Obligated

Group

Series

2025

5.00%,

11/15/64(b)

3,500,000

3,896,676

University

Colorado

Hospital

Authority,

Series

2024

5.00%,

11/15/31

2,000,000

2,261,949

University

Wisconsin

Hospitals

Clinics,

Series

2024

5.00%,

4/1/54(b)

2,000,000

2,214,642

Washington

Health

Care

Facilities

Authority,

Series

2025

5.00%,

10/1/30

3,000,000

3,290,909

66,187,124

Housing

(

)

Public

Finance

Authority,

KSU

Bixby

Real

Estate

Foundation

LLC

Series

2025

5.00%,

6/15/27

390,000

403,470

Series

2025

5.00%,

6/15/31

475,000

520,613

Series

2025

5.00%,

6/15/33

750,000

827,708

1,751,791

Other

Revenue

(

)

Alaska

Housing

Finance

Corp.,

Series

2025-1

2.80%,

12/1/29

490,000

486,440

Series

2025-1

3.00%,

6/1/30

300,000

298,990

Series

2025-1

3.05%,

12/1/30

540,000

537,571

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Municipal

Income

ETF

102

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(83.0%)

(cont’d)

Other

Revenue

(30.9%)

(cont’d)

Arizona

Industrial

Development

Authority,

Diamond

View

Ballpark

Village

Series

2025

2.76%,

7/1/47(b)

2,590,000

2,572,564

Bergen

County

Improvement

Authority

(The),

Series

2024

4.00%,

10/16/25

1,000,000

1,000,510

Series

2025

4.00%,

5/21/26

2,500,000

2,520,979

Black

Belt

Energy

Gas

District,

Series

2025

5.00%,

5/1/30

1,000,000

1,070,175

Series

2023

D-1

5.50%,

6/1/49(b)

2,450,000

2,626,518

California

Community

Choice

Financing

Authority,

Series

2023

5.50%,

10/1/54(b)

995,000

1,090,065

California

Municipal

Finance

Authority,

United

Airlines,

Inc.

Series

2019

(AMT)

4.00%,

7/15/29

2,330,000

2,345,252

View

San

Bruno

Series

2024

A-1

5.00%,

6/1/56(b)

2,500,000

2,654,560

California

Pollution

Control

Financing

Authority,

Waste

Management,

Inc.

Series

2003

(AMT)

4.25%,

11/1/38(b)

1,000,000

1,022,985

California

State

Public

Works

Board,

Series

2023

5.00%,

9/1/27

1,600,000

1,680,625

State

California

Department

General

Services

Series

2024

5.00%,

4/1/26

1,000,000

1,004,735

Casino

Reinvestment

Development

Authority,

Inc.,

Series

2024

5.00%,

11/1/30

750,000

829,350

Series

2024

5.00%,

11/1/31

1,000,000

1,117,421

Central

Puget

Sound

Regional

Transit

Authority,

Sales

Motor

Vehicle

Rental

Car

Tax

Series

2016

S-1

5.00%,

11/1/30

2,580,000

2,642,062

Chandler

Industrial

Development

Authority,

Intel

Corp.

Series

2019

(AMT)

4.00%,

6/1/49(b)

1,500,000

1,531,854

Series

2007

(AMT)

4.10%,

12/1/37(b)

2,000,000

2,012,879

City

Whiting

IN,

Products

North

America,

Inc.

Series

2019

(AMT)

5.00%,

12/1/44(b)

2,500,000

2,533,246

Colorado

Housing

and

Finance

Authority,

Series

2025

E-2

3.35%,

10/1/29

2,000,000

2,034,333

Face

Amount

Value

Series

2025

F-2

3.80%,

4/1/28

2,000,000

2,028,075

Colorado

Science

and

Technology

Park

Metropolitan

District

No.

Series

2024

5.00%,

12/1/27

360,000

375,999

Series

2024

5.00%,

12/1/28

400,000

425,532

County

Delaware,

Series

2015

3.50%,

12/1/31

2,750,000

2,750,697

County

Square

Redevelopment

Corp.,

County

Greenville

Series

2025

5.00%,

4/1/30

500,000

556,638

Detroit

Downtown

Development

Authority,

Catalyst

Development

Area

Series

2024

5.00%,

7/1/28

1,000,000

1,063,192

Series

2024

5.00%,

7/1/29

1,000,000

1,083,686

Florida

Development

Finance

Corp.,

GFL

Solid

Waste

Southeast

LLC

Series

2024

(AMT)

4.38%,

10/1/54(b)(c)

2,000,000

2,020,345

Waste

Management,

Inc.

Series

2025

(AMT)

3.40%,

9/1/50(b)

1,200,000

1,200,031

Florida

Housing

Finance

Corp.,

Osprey

Sound

Apartments

Series

2025

3.00%,

3/1/43(b)

2,250,000

2,251,924

Hawaii

Housing

Finance

Development

Corp.,

Hale

Moiliili

Series

2024

3.30%,

12/1/29(b)

1,500,000

1,516,270

Illinois

Finance

Authority,

Field

Museum

Natural

History

Series

2019

4.06%,

11/1/34(b)

1,580,000

1,578,980

Indiana

Finance

Authority,

Republic

Services,

Inc.

Series

2010

(AMT)

3.80%,

5/1/28(b)

2,000,000

1,999,137

Industrial

Development

Authority

the

City

Phoenix

Arizona

(The),

Series

2025

3.10%,

2/1/59(b)

1,500,000

1,506,424

Industrial

Development

Board

the

City

Mobile

Alabama,

Alabama

Power

Co.

Series

2008

3.30%,

7/15/34(b)

2,000,000

2,003,014

Iowa

Finance

Authority,

Gevo

Iowa

RNG

LLC

Series

2021

(AMT)

3.88%,

1/1/42(b)

415,000

414,292

Kansas

Development

Finance

Authority,

Manhattan

Series

2025

2.70%,

10/1/46(b)

1,500,000

1,491,281

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Municipal

Income

ETF

103

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(83.0%)

(cont’d)

Other

Revenue

(30.9%)

(cont’d)

Kentucky

State

Property

Building

Commission,

Commonwealth

Kentucky

Series

5.00%,

4/1/30

750,000

829,885

Lambertson

Farms

Metropolitan

District

No.

Series

2024

5.00%,

12/15/26

1,220,000

1,247,512

Lawton

Industrial

Development

Authority,

Sales

Tax

Series

2025

4.00%,

7/1/27

200,000

199,834

Series

2025

4.10%,

7/1/28

280,000

279,266

Series

2025

4.20%,

7/1/29

225,000

224,160

Series

2025

4.35%,

7/1/30

250,000

248,824

Lewisburg

Industrial

Development

Board,

Waste

Management,

Inc.

Tennessee

Series

2012

(AMT)

3.85%,

7/2/35(b)

1,000,000

999,882

Long

Island

Power

Authority,

Series

2025

3.00%,

9/1/55(b)

1,715,000

1,706,907

Series

2022

5.00%,

9/1/52(b)

2,000,000

2,056,833

Lower

Alabama

Gas

District

(The),

Series

2016

5.00%,

9/1/27

1,500,000

1,547,607

Main

Street

Natural

Gas,

Inc.,

Series

2021

4.00%,

7/1/52(b)

2,500,000

2,553,033

Series

2025

5.00%,

6/1/29

500,000

531,783

Series

2025

5.00%,

12/1/29

1,000,000

1,071,015

Series

2023

5.00%,

5/1/54(b)

1,500,000

1,607,679

Maricopa

County

Industrial

Development

Authority,

Marbella

Ranch

LLLP

Series

2025

2.81%,

5/1/48(b)

2,500,000

2,492,462

Massachusetts

Port

Authority,

Bosfuel

Corp.

Series

2019

A-1

(AMT)

5.00%,

7/1/32

1,000,000

1,061,851

Metropolitan

Pier

Exposition

Authority,

State

Illinois

McCormick

Place

Expansion

Project

Fund

Series

2023

5.00%,

12/15/28

1,000,000

1,040,907

Series

2024

5.00%,

6/15/29

1,535,000

1,597,647

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund,

Series

2008

B-3B

5.00%,

11/15/30

1,730,000

1,777,527

Michigan

State

Building

Authority,

Series

2016

5.00%,

10/15/31

2,870,000

2,937,235

Face

Amount

Value

Michigan

State

Housing

Development

Authority,

Series

2025

A-1

3.55%,

10/1/31

2,000,000

2,003,683

HOM

Flats

West

Project

Series

2025

2.70%,

10/1/43(b)

2,345,000

2,331,369

Mission

Economic

Development

Corp.,

Republic

Services,

Inc.

Series

2012

(AMT)

3.85%,

1/1/26(b)

1,000,000

999,882

Missouri

State

Environmental

Improvement

Energy

Resources

Authority,

Evergy

Metro,

Inc.

Series

2008

(AMT)

4.05%,

5/1/38(b)

2,500,000

2,527,164

New

Jersey

Housing

Mortgage

Finance

Agency,

Series

2024

D-2

2.95%,

5/1/28

1,000,000

999,205

New

Mexico

Municipal

Energy

Acquisition

Authority,

Series

2025

5.00%,

6/1/54(b)

3,000,000

3,231,862

New

York

City

Housing

Development

Corp.,

Series

2024

F-2

3.40%,

11/1/64(b)

2,000,000

2,017,802

Series

2025

C-2

3.75%,

5/1/65(b)

1,000,000

1,018,347

Spruce

Owner

LLC

Series

2024

4.00%,

12/15/31

1,000,000

1,034,319

New

York

City

Industrial

Development

Agency,

Yankee

Stadium

LLC

Series

2020

4.00%,

3/1/31

1,265,000

1,311,435

New

York

Energy

Finance

Development

Corp.,

Series

2025

5.00%,

7/1/56(b)

1,445,000

1,545,098

New

York

State

Dormitory

Authority,

Series

2017

5.00%,

2/15/32

2,500,000

2,597,667

New

York

State

Energy

Research

Development

Authority,

Rochester

Gas

and

Electric

Corp.

Series

2004

(AMT)

4.00%,

5/15/32

1,085,000

1,109,162

New

York

State

Housing

Finance

Agency,

State

New

York

Personal

Income

Tax

Series

2024

A-2

3.35%,

6/15/54(b)

750,000

753,508

Series

2024

B-2

3.35%,

12/15/54(b)

1,650,000

1,661,608

North

Carolina

Housing

Finance

Agency,

Series

3.20%,

7/1/56(b)

1,015,000

1,015,056

North

Lawrence

Community

Schools

Building

Corp.,

North

Lawrence

Community

Schools

Series

2025

5.00%,

7/15/29

250,000

269,906

Series

2025

5.00%,

7/15/31

320,000

355,800

Series

2025

5.00%,

1/15/32

260,000

290,426

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Municipal

Income

ETF

104

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(83.0%)

(cont’d)

Other

Revenue

(30.9%)

(cont’d)

Oklahoma

County

Finance

Authority,

Oklahoma

County

Independent

School

District

No.

Western

Heights

Series

2025

5.00%,

9/1/30

1,100,000

1,168,134

Oklahoma

Development

Finance

Authority,

Oklahoma

State

Regents

for

Higher

Education

Series

2016

4.00%,

6/1/31

2,335,000

2,350,080

Oregon

State

Lottery,

Series

2025

5.00%,

4/1/30

500,000

555,960

Parish

John

the

Baptist,

Marathon

Oil

Corp.

Series

2017

3.30%,

6/1/37(b)

2,895,000

2,932,881

Pennsylvania

Economic

Development

Financing

Authority,

Waste

Management

Obligated

Group

Series

2011

(AMT)

4.25%,

7/1/41(b)

1,000,000

1,007,772

Philadelphia

Gas

Works

Co.,

Series

5.00%,

10/1/33

2,425,000

2,465,550

Raleigh

Housing

Authority,

WCO

Tryon

Series

2025

2.95%,

9/1/59(b)

2,460,000

2,455,415

Sales

Tax

Securitization

Corp.,

Series

2020

5.00%,

1/1/26

1,875,000

1,884,336

Series

2020

5.00%,

1/1/27

1,290,000

1,325,018

South

Carolina

Public

Service

Authority,

Series

2025

5.00%,

12/1/28

1,250,000

1,345,515

State

Illinois

IL,

Sales

Tax

Series

2021

5.00%,

6/15/28

2,770,000

2,930,744

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

II,

Series

2012

3.53%,

9/15/27(b)

895,000

894,956

Triborough

Bridge

Tunnel

Authority,

Series

2025

5.00%,

3/1/28

1,500,000

1,589,166

Real

Estate

Transfer

Tax

Series

2025

5.00%,

12/1/28

1,000,000

1,081,811

Utah

Transit

Authority,

Series

2025

5.00%,

12/15/33

2,000,000

2,333,517

Virgin

Islands

Transportation

Infrastructure

Corp.,

Series

2025

5.00%,

9/1/29

1,000,000

1,060,003

Virginia

Housing

Development

Authority,

Series

2023

4.10%,

10/1/27

2,000,000

2,001,398

Face

Amount

Value

Warner

Robins

Housing

Authority

Resident

Council

Corp.,

Arbours

Wellston

LLC

Series

2024

5.00%,

2/1/29(b)

1,000,000

1,049,082

Washington

State

Housing

Finance

Commission,

Ardea

Twg

LLLP

Series

2023

5.00%,

12/1/43(b)

1,000,000

1,012,573

West

Virginia

Economic

Development

Authority,

Appalachian

Power

Co.

Series

2011

(AMT)

3.30%,

1/1/41(b)

2,500,000

2,518,846

Commercial

Metals

Co.

Series

2025

(AMT)

4.63%,

4/15/55(b)

2,330,000

2,356,687

Wisconsin

Housing

Economic

Development

Authority,

Housing

Series

2024

3.75%,

11/1/55(b)

1,330,000

1,342,252

Wisconsin

Housing

Economic

Development

Authority

Housing,

Series

2023

3.88%,

11/1/54(b)

485,000

485,381

149,110,856

Transportation

(

)

Chicago

Midway

International

Airport,

Series

2023

5.00%,

1/1/26

1,000,000

1,006,117

Chicago

O'Hare

International

Airport,

Series

2024

5.00%,

1/1/28

1,260,000

1,330,159

City

County

Denver,

Airport

System

Series

2018

(AMT)

5.00%,

12/1/32

1,500,000

1,571,118

City

County

Denver

CO,

Airport

System

Series

2018

(AMT)

5.00%,

12/1/31

5,000,000

5,263,886

City

Austin,

Airport

System

Series

2022

(AMT)

5.00%,

11/15/30

1,305,000

1,430,652

City

Cleveland

OH,

Airport

System

Series

2025

5.00%,

1/1/30

600,000

656,853

City

Houston,

Airport

System

Series

2025

(AMT)

5.00%,

7/1/29

3,000,000

3,215,552

County

Broward

FL,

Airport

System

Series

(AMT)

5.00%,

10/1/29

2,000,000

2,003,076

Dallas

Fort

Worth

International

Airport,

Series

2023

5.00%,

11/1/25

1,250,000

1,252,161

Series

2023

(AMT)

5.00%,

11/1/27

1,250,000

1,302,950

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Municipal

Income

ETF

105

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(83.0%)

(cont’d)

Transportation

(10.0%)

(cont’d)

E-470

Public

Highway

Authority,

Series

2024

3.54%,

9/1/39(b)

1,000,000

997,965

Massachusetts

Port

Authority,

Series

2019

(AMT)

5.00%,

7/1/26

1,000,000

1,014,622

Metropolitan

Transportation

Authority,

Series

2020

5.00%,

11/15/29

2,500,000

2,722,282

Series

2025

5.00%,

11/15/30

4,000,000

4,425,213

New

Jersey

Turnpike

Authority,

Series

2024

5.00%,

1/1/28

2,500,000

2,640,896

North

Carolina

Turnpike

Authority,

Series

2017

5.00%,

1/1/29

1,090,000

1,119,671

North

Texas

Tollway

Authority,

Tollway

System

Series

2023

5.00%,

1/1/27

1,000,000

1,031,392

Pennsylvania

Turnpike

Commission,

Series

2016

5.00%,

6/1/29

1,000,000

1,014,418

Series

2025-2

5.00%,

12/1/45(b)

1,000,000

1,128,702

Pennsylvania

Turnpike

Commission

Registration

Fee,

Series

2023

3.74%,

7/15/41(b)

2,000,000

1,997,408

Port

Authority

New

York

New

Jersey,

Series

242

(AMT)

5.00%,

12/1/26

1,500,000

1,535,991

Series

242

(AMT)

5.00%,

12/1/27

1,500,000

1,567,256

Series

248

5.00%,

1/15/28

1,000,000

1,060,290

Port

Seattle,

Series

(AMT)

5.00%,

4/1/31

2,000,000

2,001,581

State

Alaska

International

Airports

System,

Series

2025

5.00%,

10/1/28

350,000

375,834

State

Connecticut,

Series

4.00%,

9/1/34

1,985,000

1,993,816

Wayne

County

Airport

Authority,

Detroit

Metropolitan

Wayne

County

Airport

Series

(AMT)

5.00%,

12/1/31

2,500,000

2,506,472

48,166,333

Utility

(

)

City

Springfield

IL,

Electric

Series

2024

5.00%,

3/1/30

2,500,000

2,725,668

Face

Amount

Value

Development

Authority

Burke

County

(The),

Georgia

Power

Co.

Series

2012-2

3.30%,

12/1/49(b)

750,000

761,732

Series

2013-1

3.38%,

11/1/53(b)

500,000

503,037

Development

Authority

Monroe

County

(The),

Georgia

Power

Co.

Series

2008

3.35%,

11/1/48(b)

2,250,000

2,288,201

Oglethorpe

Power

Corp.

Series

2013

3.60%,

1/1/39(b)

2,000,000

2,042,650

Energy

Northwest,

Bonneville

Power

Administration

Series

2020A

5.00%,

7/1/31

1,040,000

1,155,992

Grand

River

Dam

Authority,

Series

2016

5.00%,

6/1/29

1,165,000

1,193,088

Louisa

Industrial

Development

Authority,

Virginia

Electric

and

Power

Co.

Series

2008

3.13%,

11/1/35(b)

1,000,000

1,009,700

Missouri

Joint

Municipal

Electric

Utility

Commission,

Series

2023

5.00%,

1/1/26

1,345,000

1,352,479

Municipal

Electric

Authority

Georgia,

Series

2024

5.00%,

1/1/26

1,000,000

1,005,914

Series

2021

5.00%,

1/1/29

1,225,000

1,317,361

North

Carolina

Municipal

Power

Agency

No.

Series

5.00%,

1/1/27

530,000

533,275

15,889,097

Water

Sewer

(

)

Clairton

Municipal

Authority,

Series

2024

5.00%,

12/1/27

1,450,000

1,513,506

Illinois

Finance

Authority,

Series

2020

3.88%,

5/1/40(b)

1,500,000

1,539,182

New

Jersey

Economic

Development

Authority,

New

Jersey-American

Water

Co.,

Inc.

Series

2020

(AMT)

1.10%,

11/1/29(b)

2,000,000

1,874,992

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

for

Texas

Series

2023

5.00%,

10/15/25

1,000,000

1,000,901

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Municipal

Income

ETF

106

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(83.0%)

(cont’d)

Water

Sewer

(1.8%)

(cont’d)

Trinity

River

Authority,

Central

Regional

Wastewater

System

Series

2017

5.00%,

8/1/29

2,835,000

2,960,738

8,889,319

399,308,943

Total

Fixed

Income

Securities

(Cost

$398,554,297)

402,895,643

–

Short-Term

Investments

(

)

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(0.1%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$320,250)

320,250

Investment

Company

(

)

BlackRock

Liquidity

Funds

MuniCash

Institutional

Shares 2.90%

(Cost

$12,610,406)

12,609,145

12,610,406

Face

Amount

Municipal

Bonds

(

)

Education

(

)

Health

Educational

Facilities

Authority

the

State

Missouri,

St.

Louis

University

Series

2008

3.50%,

10/1/35(b)(d)

2,115,000

Massachusetts

Development

Finance

Agency,

Trustees

Boston

University

Series

2008

U6E

3.25%,

10/1/42(b)(d)

1,600,000

University

Delaware,

Series

2005

3.90%,

11/1/35(b)(d)

3,000,000

Series

2013

3.90%,

11/1/37(b)(d)

1,700,000

8,415,000

General

Obligation

(

)

City

New

York

NY,

Series

2014

I-2

3.70%,

3/1/40(b)(d)

500,000

Series

2015

F-6

3.70%,

6/1/44(b)(d)

1,120,000

1,620,000

Hospital

(

)

County

Hamilton,

TriHealth

Obligated

Group

Series

2021

3.95%,

8/15/51(b)(d)

2,500,000

Face

Amount

Value

Harris

County

Health

Facilities

Development

Corp.,

Houston

Methodist

Hospital

Obligated

Group

Series

A-2

3.70%,

12/1/41(b)(d)

5,000,000

Iowa

Finance

Authority,

Iowa

Health

System

Obligated

Group

Series

2018

3.85%,

7/1/41(b)(d)

3,000,000

10,500,000

Other

Revenue

(

)

City

Gainesville

FL,

Utilities

System

Series

2012

3.70%,

10/1/42(b)(d)

6,000,000

Gulf

Coast

Industrial

Development

Authority,

Exxon

Mobil

Corp.

Series

2012

3.70%,

11/1/41(b)(d)

5,800,000

Mississippi

Business

Finance

Corp.,

Chevron

USA,

Inc.

Series

2007

3.50%,

12/1/30(b)

4,950,000

New

York

City

Transitional

Finance

Authority,

Series

2019

A-4

3.70%,

8/1/45(b)(d)

3,770,000

Series

2019

C-4

3.85%,

11/1/44(b)(d)

2,000,000

22,520,000

Transportation

(

)

Metropolitan

Transportation

Authority,

Series

2012

G-3

3.65%,

11/1/31(b)

4,000,000

Metropolitan

Washington

Airports

Authority,

Aviation

Series

2009

D-2

3.90%,

10/1/39(b)(d)

2,565,000

6,565,000

Utility

(

)

Development

Authority

Burke

County

(The),

Georgia

Power

Co.

Series

2009-1

3.85%,

7/1/49(b)(d)

4,500,000

Indiana

Municipal

Power

Agency,

Series

2019

3.88%,

1/1/42(b)(d)

3,000,000

7,500,000

Water

Sewer

(

)

District

Columbia

Water

Sewer

Authority,

Series

2025

C-2

3.70%,

10/1/60(b)

8,395,000

New

York

City

Municipal

Water

Finance

Authority,

Water

Sewer

System

Series

AA-6

3.70%,

6/15/48(b)(d)

1,500,000

Series

2023

3.85%,

6/15/53(b)(d)

3,000,000

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Short

Duration

Municipal

Income

ETF

107

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Municipal

Bonds

(15.2%)

(cont’d)

Water

Sewer

(3.4%)

(cont’d)

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Series

2024

3.90%,

12/1/54(b)(d)

3,300,000

16,195,000

Total

Municipal

Bonds

(Cost

$73,315,000)

73,315,000

Total

Short-Term

Investments

(Cost

$86,245,656)

86,245,656

Total

Investments

(

101

)

(

Cost

484,799,953

)

including

309,436

Securities

Loaned

(e)

489,141,299

Liabilities

Excess

Other

Assets

(-1.7%)

(8,081,278)

Net

Assets

(100.0%)

$481,060,021

(a)

All

portion

this

security

was

loan

September

30,

2025.

(b)

Floating

variable

rate

securities:

The

rates

disclosed

are

September

30,

2025.

For

securities

based

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

the

description

the

Portfolio

Investments.

Certain

variable

rate

securities

may

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

are

based

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description

the

Portfolio

Investments.

(c)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

liquid.

(d)

The

date

disclosed

the

final

maturity

date.

Principal

owed

can

recovered

through

demand

the

interest

reset

date.

(e)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$484,799,953.

The

aggregate

gross

unrealized

appreciation

$4,481,261

and

the

aggregate

gross

unrealized

depreciation

$139,915,

resulting

net

unrealized

appreciation

$4,341,346.

AMT

Alternative

Minimum

Tax

September

30,

2025

the

concentration

the

Fund’s

investments

the

various

states

and

territories,

determined

percentage

net

assets,

follows:

State/Territory

Percentage

Net

Assets

Texas

New

York

Others,

representing

less

than

10%

individually

Total

Investments

101

Sector

Classification

Portfolio*

Classification

Percentage

Total

Investments

Other

Revenue

Hospital

General

Obligation

Transportation

Education

Other**

Water

Sewer

Total

Investments

100

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Sectors

representing

less

than

total

investments.

Annual

Report

—

September

30,

2025

Portfolio

Investments

Eaton

Vance

Total

Return

Bond

ETF

108

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Fixed

Income

Securities

(116.6%)

Asset-Backed

Securities

(

)

AASET,

2025-1A

5.94%,

2/16/50(a)

8,594,891

8,799,418

AASET

Ltd.,

2025-2A

6.01%,

2/16/50(a)

4,148,154

4,174,836

Abry

Liquid

Credit

CLO

Ltd.,

2025-1A

CME

Term

SOFR

Month

3.25%,

0.00%,

10/20/38(a)(b)

3,000,000

3,011,250

ACHV

ABS

Trust,

2024-3AL

5.45%,

12/26/31(a)

1,238,839

1,251,314

2024-3AL

5.68%,

12/26/31(a)

511,432

516,738

2024-3AL

6.75%,

12/26/31(a)

1,515,280

1,538,448

ACM

Auto

Trust,

2025-1A

5.38%,

6/20/29(a)

2,569,475

2,561,664

2025-2A

5.55%,

6/20/28(a)

1,519,533

1,514,464

Ally

Bank

Auto

Credit-Linked

Notes,

2024-B

5.12%,

9/15/32(a)

1,090,444

1,100,196

ALTDE

Trust,

2025-1A

5.90%,

8/15/50(a)

5,363,909

5,501,605

American

Homes

Rent

Trust,

2015-SFR2

6.07%,

10/17/52(a)

1,001,000

998,469

Aqua

Finance

Trust,

2019-A

3.47%,

7/16/40(a)

397,561

389,183

Ballyrock

CLO

Ltd.,

2021-1A

CME

Term

SOFR

Month

2.85%,

7.17%,

1/15/38(a)(b)

1,000,000

1,005,983

Ballyrock

CLO

Ltd.,

2021-16A

CME

Term

SOFR

Month

2.75%,

7.08%,

4/20/38(a)(b)

1,500,000

1,494,415

Barings

CLO

Ltd.,

2019-4A

CME

Term

SOFR

Month

4.60%,

8.92%,

7/15/37(a)(b)

1,000,000

1,008,712

Battalion

CLO

XXIX

Ltd.,

2025-29A

CME

Term

SOFR

Month

3.30%,

7.58%,

3/31/38(a)(b)

1,500,000

1,514,781

BCMSC

Trust,

1998-C

7.51%,

1/15/29(b)

565,776

564,134

Benefit

Street

Partners

CLO

Ltd.,

2025-41A

CME

Term

SOFR

Month

2.75%,

7.07%,

7/25/38(a)(b)

1,500,000

1,515,591

Face

Amount

Value

Birch

Grove

CLO

Ltd.,

2025-14A

CME

Term

SOFR

Month

3.50%,

7.83%,

7/22/37(a)(b)

3,000,000

3,012,846

Bridge

Trust,

2025-SFR1

4.20%,

9/17/42(a)

3,585,000

3,391,378

Bryant

Park

Funding

Ltd.,

2023-19A

CME

Term

SOFR

Month

2.80%,

7.12%,

4/15/38(a)(b)

3,000,000

3,011,508

2023-20A

CME

Term

SOFR

Month

3.40%,

7.73%,

4/15/38(a)(b)

3,000,000

3,021,759

2023-21A

CME

Term

SOFR

Month

2.75%,

0.00%,

10/18/38(a)(b)

2,000,000

2,007,500

Cajun

Global

LLC,

2021-1

3.93%,

11/20/51(a)

7,925,225

7,823,448

Castlelake

Aircraft

Structured

Trust,

2025-1A

5.78%,

2/15/50(a)

9,441,993

9,600,284

2025-1A

7.75%,

2/15/50(a)

3,013,260

3,031,918

2025-2A

5.47%,

8/15/50(a)

2,090,340

2,108,540

2025-2A

6.30%,

8/15/50(a)

6,514,439

6,574,916

CFMT

LLC,

2022-HB9

3.25%,

9/25/37(a)(b)

1,840,000

1,747,415

Chase

Auto

Credit

Linked

Notes,

2025-1

4.75%,

2/25/33(a)

3,211,384

3,226,692

Cloud

Capital

Holdco

LP,

2024-1A

5.78%,

11/22/49(a)

4,500,000

4,574,476

2024-2A

5.92%,

11/22/49(a)

4,224,000

4,316,046

Cologix

Data

Centers

Issuer

LLC,

2021-1A

3.30%,

12/26/51(a)

12,425,000

12,132,297

DataBank

Issuer

LLC,

2025-1A

5.18%,

9/27/55(a)

9,870,000

9,898,203

Master

Finance

LLC,

2017-1A

4.03%,

11/20/47(a)

2,538,200

2,512,038

2021-1A

2.05%,

11/20/51(a)

2,229,150

2,171,030

Dell

Equipment

Finance

Trust,

2023-3

5.93%,

4/23/29(a)

448,818

451,880

Driven

Brands

Funding

LLC,

2019-1A

4.64%,

4/20/49(a)

3,160,048

3,159,655

2019-2A

3.98%,

10/20/49(a)

2,731,133

2,712,551

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Total

Return

Bond

ETF

109

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Asset-Backed

Securities

(13.1%)

(cont’d)

2020-1A

3.79%,

7/20/50(a)

3,068,016

3,016,069

2020-2A

3.24%,

1/20/51(a)

11,279,108

10,911,065

2021-1A

2.79%,

10/20/51(a)

5,929,428

5,597,832

ELFI

Graduate

Loan

Program

LLC,

2022-A

4.51%,

8/26/47(a)

1,098,512

1,084,927

Elmwood

CLO

Ltd.,

2024-8A

CME

Term

SOFR

Month

2.85%,

7.18%,

10/18/37(a)(b)

1,000,000

1,007,974

Falcon

Aerospace

Ltd.,

2019-1

3.60%,

9/15/39(a)

444,112

437,573

FIGRE

Trust,

2025-FL1

5.27%,

7/25/55(a)(c)

7,608,577

7,663,855

2025-HE5

5.29%,

8/25/55(a)(b)

2,690,009

2,727,528

FirstKey

Homes

Trust,

2021-SFR2

3.41%,

9/17/38(a)

1,000,000

965,472

2021-SFR3

3.98%,

12/17/38(a)

1,000,000

963,352

FMC

GMSR

Issuer

Trust,

2022-GT2

7.90%,

7/25/27(a)

2,675,000

2,690,461

FMC

Issuer

Trust-FMSR,

2024-FT1

6.56%,

9/25/29(a)

2,810,000

2,827,848

FOCUS

Brands

Funding

LLC,

2017-1A

5.09%,

4/30/47(a)

9,382,355

9,380,845

FortiFi,

2023-1A

6.23%,

9/20/59(a)

2,379,874

2,382,233

Galaxy

CLO

Ltd.,

2023-31A

CME

Term

SOFR

Month

3.20%,

7.51%,

7/15/38(a)(b)

2,350,000

2,363,421

GCI

Funding

LLC,

2020-1

2.82%,

10/18/45(a)

484,767

461,027

Gilead

Aviation

LLC,

2025-1A

5.79%,

3/15/50(a)

4,145,216

4,240,434

Goddard

Funding

LLC,

2024-1A

6.83%,

10/30/54(a)

1,497,683

1,535,427

Golub

Capital

Partners

ABS

Funding

Ltd.,

2020-1A

3.21%,

1/22/29(a)

996,992

995,524

2021-1A

2.77%,

4/20/29(a)

572,433

570,144

Face

Amount

Value

Goodgreen

Trust,

2020-1A

5.53%,

4/15/55(a)

1,362,173

1,068,065

2021-1A

5.74%,

10/15/56(a)

1,937,445

1,420,924

Harvest

CLO

Ltd.,

2024-2A

CME

Term

SOFR

Month

3.25%,

7.57%,

10/15/37(a)(b)

1,500,000

1,508,424

Horizon

Aircraft

Finance

Ltd.,

2024-1

5.38%,

9/15/49(a)

4,351,000

4,402,900

Jersey

Mike's

Funding,

2021-1A

2.89%,

2/15/52(a)

2,468,750

2,417,084

Jersey

Mike's

Funding

LLC,

2019-1A

4.43%,

2/15/50(a)

1,893,170

1,891,995

JOL

Air

Ltd.,

2019-1

4.95%,

4/15/44(a)

141,637

140,314

KKR

CLO

Ltd.,

48A

CME

Term

SOFR

Month

2.95%,

0.00%,

10/20/38(a)(b)

3,000,000

3,011,250

Lendbuzz

Securitization

Trust,

2025-2A

5.13%,

11/15/30(a)

2,940,000

2,930,109

2025-2A

5.28%,

4/15/31(a)

4,545,000

4,477,987

loanDepot

GMSR

Trust,

2025-GT1

CME

Term

SOFR

Month

2.85%,

7.00%,

5/16/30(a)(b)

6,401,000

6,417,185

Loanpal

Solar

Loan

Ltd.,

2021-1GS

2.29%,

1/20/48(a)

811,602

681,697

Lunar

Aircraft

Ltd.,

2020-1A

3.38%,

2/15/45(a)

226,140

221,828

MACH

Cayman

Ltd.,

2019-1

3.47%,

10/15/39(a)

200,652

198,347

Madison

Park

Funding

Ltd.,

2022-55A

CME

Term

SOFR

Month

3.15%,

7.48%,

7/18/37(a)(b)

1,500,000

1,512,582

Magnetite

XXII

Ltd.,

2019-22A

CME

Term

SOFR

Month

4.15%,

8.47%,

7/15/36(a)(b)

500,000

500,950

2019-22A

CME

Term

SOFR

Month

2.90%,

7.22%,

7/15/36(a)(b)

1,500,000

1,502,440

Marlette

Funding

Trust,

2025-1A

5.26%,

7/16/35(a)

3,504,000

3,528,177

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Total

Return

Bond

ETF

110

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Asset-Backed

Securities

(13.1%)

(cont’d)

MidOcean

Credit

CLO

Ltd.,

2024-15A

CME

Term

SOFR

Month

3.35%,

7.68%,

7/21/37(a)(b)

2,000,000

2,008,850

MMP

Capital

LLC,

2025-A

5.72%,

12/15/31(a)

3,105,000

3,163,413

Mosaic

Solar

Loan

Trust,

2019-2A

3.28%,

9/20/40(a)

4,529,329

4,047,392

2020-1A

2.10%,

4/20/46(a)

366,851

323,331

Navigator

Aviation

Ltd.,

2024-1

5.40%,

8/15/49(a)

1,893,214

1,898,478

2025-1

5.11%,

10/15/50(a)

4,600,000

4,626,220

Neighborly

Issuer

LLC,

2021-1A

3.58%,

4/30/51(a)

4,734,838

4,491,996

New

Mountain

CLO

Ltd.,

CLO-3A

CME

Term

SOFR

Month

2.95%,

7.23%,

10/20/38(a)(b)

3,000,000

3,028,746

New

Mountain

CLO

Ltd.,

CLO-7A

CME

Term

SOFR

Month

3.85%,

8.13%,

3/31/38(a)(b)

2,000,000

2,023,532

Newtek

Small

Business

Loan

Trust,

2023-1

Prime

Rate

0.50%,

6.75%,

7/25/50(a)(b)

642,222

647,086

NRM

FNT1

Excess

LLC,

2024-FNT1

7.40%,

11/25/31(a)(c)

2,286,207

2,329,031

Oaktree

CLO

Ltd.,

2019-4A

CME

Term

SOFR

Month

4.70%,

9.03%,

7/20/37(a)(b)

1,000,000

1,006,249

OneMain

Financial

Issuance

Trust,

2019-2A

3.66%,

10/14/36(a)

3,305,000

3,211,835

Oportun

Funding

Trust,

2024-3

5.48%,

8/15/29(a)

1,020,000

1,022,994

Oportun

Issuance

Trust,

2021-B

1.96%,

5/8/31(a)

1,736,081

1,703,344

2021-C

2.18%,

10/8/31(a)

921,031

903,904

2025-A

5.01%,

2/8/33(a)

3,500,000

3,505,465

2025-A

5.30%,

2/8/33(a)

1,515,000

1,516,981

2025-A

5.89%,

2/8/33(a)

6,476,000

6,486,317

Face

Amount

Value

2025-C

4.93%,

7/8/33(a)

5,235,000

5,254,441

2025-C

5.18%,

7/8/33(a)

4,775,000

4,792,616

Oscar

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

502,066

503,420

Planet

Fitness

Master

Issuer

LLC,

2019-1A

3.86%,

12/5/49(a)

245,050

235,476

2024-1A

5.77%,

6/5/54(a)

6,606,270

6,742,333

PNMAC

GMSR

Issuer

Trust,

2025-GT1

CME

Term

SOFR

Month

2.45%,

6.61%,

8/26/30(a)(b)

4,985,000

5,014,464

RCKT

Trust,

2025-1A

5.16%,

7/25/34(a)

2,585,000

2,602,003

ReadyCap

Lending

Small

Business

Loan

Trust,

2019-2

Prime

Rate

0.50%,

6.75%,

12/27/44(a)(b)

64,119

64,076

Research-Driven

Pagaya

Motor

Asset

Trust,

2025-1A

5.49%,

6/27/33(a)

4,300,000

4,325,872

Retained

Vantage

Data

Centers

Issuer

LLC,

2023-1A

5.00%,

9/15/48(a)

1,423,000

1,425,725

2025-1A

5.09%,

8/15/50(a)

11,370,000

11,419,452

Service

Experts

Issuer

LLC,

2025-1A

5.38%,

1/20/37(a)

4,639,901

4,666,146

ServiceMaster

Funding

LLC,

2020-1

2.84%,

1/30/51(a)

14,116,296

13,317,493

2021-1

2.87%,

7/30/51(a)

2,659,637

2,479,461

SERVPRO

Master

Issuer

LLC,

2019-1A

3.88%,

10/25/49(a)

4,476,875

4,436,111

2024-1A

6.17%,

1/25/54(a)

620,550

642,195

Silver

Point

CLO

Ltd.,

2025-12A

CME

Term

SOFR

Month

2.65%,

6.65%,

10/15/38(a)(b)

1,700,000

1,706,375

Sixth

Street

CLO

Ltd.,

2020-15A

CME

Term

SOFR

Month

3.15%,

7.47%,

10/24/37(a)(b)

750,000

757,405

Sixth

Street

CLO

Ltd.,

2021-20A

CME

Term

SOFR

Month

2.95%,

7.21%,

7/17/38(a)(b)

2,250,000

2,276,550

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Total

Return

Bond

ETF

111

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Asset-Backed

Securities

(13.1%)

(cont’d)

SoFi

Consumer

Loan

Program

Trust,

2025-2

5.22%,

6/25/34(a)

5,169,000

5,231,520

STAR

Trust,

2021-SFR1

CME

Term

SOFR

Month

3.31%,

7.46%,

4/17/38(a)(b)

800,000

799,336

2021-SFR2

CME

Term

SOFR

Month

2.96%,

7.11%,

1/17/39(a)(b)

2,490,894

2,496,118

2022-SFR3

CME

Term

SOFR

Month

4.50%,

8.64%,

5/17/39(a)(b)

988,230

993,967

2024-SFR4

CME

Term

SOFR

Month

2.95%,

7.09%,

10/17/41(a)(b)

3,095,000

3,122,304

2025-SFR5

CME

Term

SOFR

Month

1.45%,

5.59%,

2/17/42(a)(b)

7,030,721

7,054,043

2025-SFR5

CME

Term

SOFR

Month

1.95%,

6.09%,

2/17/42(a)(b)

2,753,000

2,757,034

2025-SFR5

CME

Term

SOFR

Month

2.45%,

6.59%,

2/17/42(a)(b)

1,670,000

1,672,346

2025-SFR6

CME

Term

SOFR

Month

1.65%,

5.79%,

8/17/42(a)(b)

5,179,000

5,185,955

2025-SFR6

CME

Term

SOFR

Month

2.00%,

6.14%,

8/17/42(a)(b)

1,200,000

1,203,795

Start

Ltd.,

2019-1

4.09%,

3/15/44(a)

1,324,945

1,317,039

Start

Ltd.,

2018-1

4.09%,

5/15/43(a)

1,424,199

1,424,557

Subway

Funding

LLC,

2024-3A

5.25%,

7/30/54(a)

2,790,375

2,795,661

2024-3A

5.57%,

7/30/54(a)

5,456,765

5,486,543

Sunbird

Engine

Finance

LLC,

2020-1A

3.67%,

2/15/45(a)

528,482

519,652

Taco

Bell

Funding

LLC,

2021-1A

1.95%,

8/25/51(a)

1,139,700

1,101,429

Towd

Point

Mortgage

Trust,

2025-HE2

SOFR30A

1.35%,

5.69%,

9/25/65(a)(b)

6,060,000

6,083,652

Tricon

Residential

Trust,

2025-SFR1

CME

Term

SOFR

Month

1.35%,

5.49%,

3/17/42(a)(b)

1,800,000

1,803,345

Face

Amount

Value

Truist

Bank

Auto

Credit-Linked

Notes,

2025-1

4.73%,

9/26/33(a)

6,451,820

6,464,517

UPX

HIL

Issuer

Trust,

2025-1

5.16%,

1/25/47(a)

10,900,255

10,955,443

Wendy's

Funding

LLC,

2018-1A

3.88%,

3/15/48(a)

1,844,512

1,819,676

2019-1A

3.78%,

6/15/49(a)

1,013,843

1,008,267

Willis

Engine

Structured

Trust

VII,

2023-A

8.00%,

10/15/48(a)

425,762

441,588

Willis

Engine

Structured

Trust

VIII,

2025-A

5.58%,

6/15/50(a)

5,735,229

5,819,579

426,766,994

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series (

)

FHLMC

Gold

Pool,

Year

4.00%,

6/1/44

114,139

111,067

6.00%,

8/1/37

11/1/37

2,181

2,295

6.50%,

8/1/29

119

FHLMC

Gold

Pool,

Other

3.50%,

4/1/49

8/1/49

157,494

144,976

4.00%,

10/1/49

11/1/49

97,309

92,268

5.41%,

8/1/37

1,324

1,332

5.44%,

1/1/37

2/1/38

22,163

22,871

5.46%,

8/1/37

1/1/38

24,052

24,858

5.50%,

8/1/37

11/1/37

34,850

36,293

5.62%,

12/1/36

8/1/37

23,618

24,580

FNMA,

Year

3.50%,

2/1/48

5/1/48

784,918

728,388

5.62%,

12/1/36

14,894

15,483

FNMA,

Other

3.50%,

1/1/48

1/1/50

889,197

818,971

4.00%,

8/1/49

9/1/49

321,650

304,987

4.50%,

3/1/49

8/1/49

300,494

290,861

GNMA

Year

6.50%,

5/15/40

121,705

126,630

GNMA

II,

Other

4.50%,

5/20/49

7/20/49

123,364

119,665

GNMA

II,

Single

Family,

Year

3.50%,

11/20/40

7/20/46

306,896

289,667

4.00%,

8/20/41

11/20/49

1,596,884

1,527,059

4.50%,

4/20/49

22,149

21,817

5.00%,

12/20/48

13,163

13,114

UMBS

Pool,

Year

4.00%,

4/1/49

284,537

272,286

4.50%,

2/1/49

230,802

227,442

5.00%,

11/1/54

13,389,696

13,289,448

5.50%,

11/1/54

9/1/55

135,314,898

136,559,444

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Total

Return

Bond

ETF

112

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series (30.6%)

(cont’d)

UMBS,

Year

4.00%,

11/1/41

9/1/48

1,368,359

1,328,141

4.50%,

3/1/41

11/1/44

354,209

354,817

5.00%,

10/1/54

17,794,390

17,661,164

5.50%,

5/1/54

9/1/55

169,476,289

171,067,441

6.00%,

7/1/55

10/1/55

88,702,722

90,716,360

6.50%,

6/1/26

1/1/34

184,711

192,385

7.00%,

5/1/28

12/1/33

29,676

31,235

UMBS,

Single

Family,

Year

4.00%,

9/25/55

10/25/55

48,160,000

45,400,206

4.50%,

10/25/55,

TBA

6,657,175

6,459,020

5.00%,

10/25/55,

TBA

290,283,000

287,913,115

5.50%,

10/25/55,

TBA

213,750,908

215,562,778

6.00%,

10/25/55,

TBA

338,000

345,315

992,097,898

Commercial

Mortgage-Backed

Securities

(

)

Ajax

Mortgage

Loan

Trust

1.70%,

5/25/59(a)(c)

937,400

889,502

BAHA

Trust

7.77%,

12/10/41(a)(b)

7,590,653

7,922,114

BAMLL

Commercial

Mortgage

Securities

Trust

3.47%,

11/5/32(a)

3,440,000

3,215,914

BAMLL

Trust

CME

Term

SOFR

Month

2.35%,

6.50%,

8/15/39(a)(b)

3,515,000

3,531,095

Banc

America

Alternative

Loan

Trust

6.36%,

10/25/36(c)

369,807

104,344

BANK

3.02%,

12/15/53(b)

4,200,000

2,296,443

0.95%,

10/17/52(b)

13,614,068

359,576

BBCMS

Mortgage

Trust

0.64%,

12/15/55(b)

17,905,822

607,088

Bear

Stearns

ARM

Trust

5.24%,

2/25/34(b)

297,409

282,308

Benchmark

Mortgage

Trust

0.93%,

9/15/48(a)(b)

25,152,299

388,975

Mortgage

Trust

CME

Term

SOFR

Month

1.50%,

5.65%,

12/15/35(a)(b)

4,222,000

4,186,472

CME

Term

SOFR

Month

2.00%,

6.15%,

12/15/35(a)(b)

2,500,000

2,436,323

BFLD

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.84%,

5.99%,

11/15/41(a)(b)

3,000,000

3,010,586

BFLD

Mortgage

Trust

CME

Term

SOFR

Month

1.89%,

6.04%,

7/15/41(a)(b)

9,715,000

9,760,310

BFLD

Trust

5.59%,

10/10/30(a)(b)

8,008,000

8,036,007

BPR

Trust

CME

Term

SOFR

Month

3.00%,

7.15%,

5/15/39(a)(b)

2,320,000

2,332,860

Face

Amount

Value

BRAVO

Residential

Funding

Trust

2.00%,

5/25/59(a)(b)

1,009,264

948,287

Brean

Asset-Backed

Securities

Trust

1.40%,

10/25/63(a)(b)

1,868,913

1,763,683

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

3.14%,

7.29%,

6/15/27(a)(b)

5,100,000

5,162,680

CME

Term

SOFR

Month

3.89%,

8.04%,

6/15/27(a)(b)

4,980,000

5,049,925

CME

Term

SOFR

Month

4.34%,

8.49%,

6/15/27(a)(b)

1,449,086

1,471,657

Trust

CME

Term

SOFR

Month

2.75%,

6.90%,

7/15/42(a)(b)

6,658,000

6,696,843

CME

Term

SOFR

Month

3.65%,

7.80%,

7/15/42(a)(b)

3,975,000

4,001,294

Caister

Finance

DAC

SONIO

2.45%,

6.44%,

8/17/35(a)(b)

GBP

6,495,000

8,816,240

ChaseFlex

Trust

6.00%,

2/25/37

578,228

189,066

Citigroup

Commercial

Mortgage

Trust

0.60%,

9/10/58(b)

94,369

0.75%,

11/10/48(b)

1,209,640

1,037

COLT

Trust

1.67%,

9/25/61(a)(b)

980,313

897,621

CSMC

Trust

CME

Term

SOFR

Month

3.83%,

7.98%,

8/15/26(a)(b)

10,473,057

9,953,998

Durst

Commercial

Mortgage

Trust

7.02%,

8/10/42(a)(b)

3,499,000

3,603,241

Extended

Stay

America

Trust

CME

Term

SOFR

Month

2.60%,

0.00%,

10/15/42(a)(b)

12,850,000

12,938,328

CME

Term

SOFR

Month

2.36%,

6.51%,

7/15/38(a)(b)

3,533,326

3,538,599

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

3.00%,

9/25/55

811,533

710,819

3.00%,

8/25/57

577,389

499,783

3.00%,

3/25/58

801,672

692,471

4.25%,

8/25/59(a)(b)

2,700,000

2,598,477

4.25%,

11/25/60(a)(b)

750,000

724,427

4.75%,

10/25/58(b)

993,692

974,399

FHLMC

STACR

REMIC

Trust

SOFR30A

7.80%,

12.16%,

11/25/41(a)(b)

8,365,000

8,883,078

SOFR30A

8.50%,

12.86%,

2/25/42(a)(b)

4,695,000

5,092,543

FHLMC

STACR

Trust

SOFR30A

6.25%,

10.61%,

9/25/41(a)(b)

2,940,000

3,047,925

FHLMC,

Multifamily

Structured

Pass-Through

Certificates

REMIC

2.72%,

1/25/49(b)

17,200,000

2,041,441

2.72%,

1/25/49(b)

4,091,469

450,360

2.74%,

2/25/49(b)

9,522,157

1,108,367

2.83%,

8/25/48(b)

5,484,002

581,358

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Total

Return

Bond

ETF

113

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(10.3%)

(cont’d)

3.17%,

11/25/36(b)

4,400,000

1,036,129

3.32%,

5/25/32(b)

11,220,034

1,922,210

FHLMC,

REMIC

SOFR30A

1.05%,

5.41%,

4/25/54(b)

9,784,076

9,797,140

SOFR30A

1.15%,

5.51%,

7/25/55(b)

4,768,778

4,778,171

SOFR30A

1.20%,

5.56%,

8/25/54(b)

6,782,694

6,805,595

SOFR30A

1.43%,

5.79%,

12/25/54(b)

4,506,911

4,531,118

REMIC

SOFR30A

5.89%,

1.51%,

11/15/43(b)

286,195

23,450

FNMA,

REMIC

SOFR30A

1.05%,

5.41%,

9/25/55(b)

10,365,616

10,381,447

SOFR30A

1.15%,

5.51%,

6/25/54(b)

9,463,262

9,480,032

7.00%,

9/25/32

52,301

54,929

8.00%,

9/18/27

5,378

219

FNMA,

Strips

REMIC

6.50%,

9/25/29

10,382

764

6.50%,

9/25/29

3,996

288

6.50%,

9/25/29

5,954

410

6.50%,

12/25/29

9,850

676

6.50%,

12/25/29

3,835

267

6.50%,

12/25/29

5,706

403

6.50%,

12/25/29

6,373

462

Fontainebleau

Miami

Beach

Mortgage

Trust

CME

Term

SOFR

Month

4.25%,

8.40%,

12/15/39(a)(b)

4,945,000

4,975,254

FREMF

Mortgage

Trust

SOFR30A

5.36%,

9.72%,

7/25/26(a)(b)

44,850

2,534

Commercial

Mortgage

Trust

7.07%,

11/10/39(a)

1,775,000

1,816,289

GNMA

SOFR30A

1.00%,

5.39%,

12/20/54(b)

4,845,932

4,852,309

SOFR30A

1.00%,

5.39%,

9/20/64(b)

5,042,986

5,066,229

REMIC

5.00%,

2/16/41

55,884

10,977

Great

Wolf

Trust

CME

Term

SOFR

Month

1.54%,

5.69%,

3/15/39(a)(b)

1,370,000

1,374,176

CME

Term

SOFR

Month

2.89%,

7.04%,

3/15/39(a)(b)

3,200,000

3,222,626

Mortgage

Securities

Trust

0.39%,

9/10/47(b)

327,485

1.13%,

10/10/48(b)

1,328,416

Face

Amount

Value

GWT

CME

Term

SOFR

Month

1.69%,

5.84%,

5/15/41(a)(b)

6,338,000

6,358,264

Hawaii

Hotel

Trust

CME

Term

SOFR

Month

1.39%,

5.54%,

3/15/42(a)(b)

3,045,000

3,051,005

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.64%,

5.79%,

6/15/41(a)(b)

3,164,100

3,173,289

CME

Term

SOFR

Month

2.54%,

6.69%,

6/15/41(a)(b)

232,394

233,442

Hudson

Yards

Mortgage

Trust

6.55%,

1/13/40(a)(b)

1,925,000

2,004,881

HYT

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

2.34%,

6.49%,

9/15/41(a)(b)

289,000

289,941

INTOWN

Mortgage

Trust

CME

Term

SOFR

Month

2.25%,

6.40%,

3/15/42(a)(b)

3,061,000

3,061,911

CME

Term

SOFR

Month

2.85%,

7.00%,

3/15/42(a)(b)

5,357,000

5,364,530

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

0.61%,

4/15/46(b)

4,635,457

12,675

0.70%,

12/15/49(b)

3,430,762

13,249

J.P.

Morgan

Mortgage

Trust

4.84%,

6/25/37(b)

41,728

32,829

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.62%,

5.77%,

6/15/39(a)(b)

4,000,000

4,017,639

CME

Term

SOFR

Month

1.94%,

6.09%,

6/15/39(a)(b)

885,000

888,054

CME

Term

SOFR

Month

3.19%,

7.34%,

6/15/39(a)(b)

4,608,000

4,649,909

LHOME

Mortgage

Trust

7.02%,

1/25/29(a)(c)

3,290,000

3,316,434

8.00%,

6/25/28(a)(c)

431,612

433,306

MF1X

CME

Term

SOFR

Month

2.82%,

6.97%,

12/15/34(a)(b)

4,350,000

4,357,929

Natixis

Commercial

Mortgage

Securities

Trust

4.46%,

1/15/43(a)(b)

800,000

682,517

6.28%,

3/5/35(a)(b)

3,110,000

3,148,199

6.28%,

3/5/35(a)(b)

3,400,000

3,366,465

NRM

FHT1

Excess

Owner

LLC

6.55%,

3/25/32(a)(c)

6,200,435

6,306,470

NRTH

Mortgage

Trust

CME

Term

SOFR

Month

1.64%,

5.79%,

3/15/39(a)(b)

4,633,000

4,629,060

NYC

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

2.44%,

6.59%,

2/15/42(a)(b)

5,830,000

5,807,851

NYCT

Trust

CME

Term

SOFR

Month

1.99%,

6.14%,

8/15/29(a)(b)

5,919,078

5,955,106

Olympic

Tower

Mortgage

Trust

3.57%,

5/10/39(a)

2,900,000

2,774,334

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Total

Return

Bond

ETF

114

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(10.3%)

(cont’d)

ORL

Trust

CME

Term

SOFR

Month

1.49%,

5.64%,

12/15/39(a)(b)

3,847,000

3,853,598

CME

Term

SOFR

Month

1.89%,

6.04%,

12/15/39(a)(b)

6,260,000

6,274,914

CME

Term

SOFR

Month

2.79%,

6.94%,

12/15/39(a)(b)

1,367,000

1,372,942

PENN

Commercial

Mortgage

Trust

6.12%,

8/10/42(a)(b)

2,926,000

2,983,126

PRM5

Trust

5.81%,

3/10/33(a)(b)

1,150,000

1,147,620

Provident

Funding

Mortgage

Trust

6.00%,

8/25/55(a)(b)

4,693,651

4,778,417

Radian

Mortgage

Capital

Trust

6.00%,

12/25/55(a)(b)

3,083,354

3,136,072

SDR

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.39%,

5.54%,

5/15/39(a)(b)

1,193,000

1,191,436

Commercial

Mortgage

Securities

Trust

3.85%,

3/15/37(a)(b)

1,900,000

1,586,350

SHR

Trust

CME

Term

SOFR

Month

1.95%,

6.10%,

10/15/41(a)(b)

3,475,000

3,485,356

SLG

Office

Trust

0.26%,

7/15/41(a)(b)

34,800,000

412,383

Trust

CME

Term

SOFR

Month

1.59%,

5.74%,

6/15/39(a)(b)

3,350,000

3,348,919

CME

Term

SOFR

Month

3.24%,

7.39%,

6/15/39(a)(b)

2,400,000

2,411,520

TYSN

Mortgage

Trust

6.80%,

12/10/33(a)(b)

1,127,000

1,190,908

Vantage

Data

Centers

Germany

Borrower

Lux

SARL

4.29%,

6/28/50(a)

EUR

5,327,000

6,386,440

Wells

Fargo

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.54%,

5.69%,

8/15/42(a)(b)

5,600,000

5,604,943

335,026,240

Corporate

Bonds

(

)

Aerospace

Defense

(0.4%)

Boeing

Co.

(The)

5.81%,

5/1/50

5,128,000

5,126,532

5.93%,

5/1/60

3,288,000

3,287,267

TransDigm,

Inc.

6.63%,

3/1/32(a)

5,341,000

5,505,476

13,919,275

Automobile

Components

(0.1%)

Clarios

Global

6.75%,

2/15/30(a)

2,823,000

2,918,432

Automobiles

(0.3%)

General

Motors

Co.

5.40%,

10/15/29(d)

139,000

143,616

Face

Amount

Value

Stellantis

Finance

US,

Inc.

6.45%,

3/18/35(a)

8,187,000

8,397,156

8,540,772

Banks

(5.9%)

AIB

Group

plc

5.32%,

5/15/31(a)(b)

10,123,000

10,426,199

Banco

Santander

4.18%,

3/24/28(b)

6,000

5,992

5.54%,

3/14/30(b)

5,425,000

5,621,065

Bank

America

Corp.

2.59%,

4/29/31(b)

11,691,000

10,837,295

4.27%,

7/23/29(b)

151,000

151,555

5.16%,

1/24/31(b)(d)

3,828,000

3,951,993

Bank

Nova

Scotia

(The)

8.00%,

1/27/84(b)

9,567,000

10,282,028

Barclays

plc

8.00%,

3/15/29(b)(e)

5,252,000

5,566,499

BBVA

Mexico

Institucion

Banca

Multiple

Grupo

Financiero

5.13%,

1/18/33(a)(b)

3,187,000

3,131,945

7.63%,

2/11/35(a)(b)

3,571,000

3,765,619

8.13%,

1/8/39(a)(b)

2,647,000

2,887,866

8.45%,

6/29/38(a)(b)

1,047,000

1,162,543

BNP

Paribas

5.91%,

11/19/35(a)(b)(d)

1,054,000

1,092,800

7.75%,

8/16/29(a)(b)(e)

5,920,000

6,285,572

CaixaBank

6.84%,

9/13/34(a)(b)

7,863,000

8,765,842

Canadian

Imperial

Bank

Commerce

7.00%,

10/28/85(b)

6,119,000

6,291,403

Intesa

Sanpaolo

SpA

8.25%,

11/21/33(a)(b)

13,318,000

15,722,484

JPMorgan

Chase

Co.

5.10%,

4/22/31(b)(d)

12,445,000

12,859,779

5.14%,

1/24/31(b)(d)

4,678,000

4,832,454

5.58%,

4/22/30(b)

10,838,000

11,323,515

Nordea

Kredit

Realkreditaktieselskab

3.50%,

10/1/53

10/1/56

DKK

41,048,000

6,272,165

PNC

Financial

Services

Group,

Inc.

(The)

5.58%,

1/29/36(b)(d)

3,318,000

3,463,265

6.88%,

10/20/34(b)(d)

192,000

217,596

Royal

Bank

Canada

4.70%,

8/6/31(b)(d)

2,068,000

2,096,168

4.97%,

5/2/31(b)(d)

3,990,000

4,087,720

5.15%,

2/4/31(b)

7,407,000

7,634,254

Santander

Group

Holdings

plc

3.82%,

11/3/28(b)

4,855,000

4,807,534

Societe

Generale

3.65%,

7/8/35(a)(b)

2,519,000

2,348,032

6.10%,

4/13/33(a)(b)

3,003,000

3,166,793

Swedbank

5.34%,

9/20/27(a)

675,000

691,564

Synovus

Financial

Corp.

6.17%,

11/1/30(b)

10,188,000

10,580,233

Toronto-Dominion

Bank

(The)

8.13%,

10/31/82(b)

11,912,000

12,606,478

U.S.

Bancorp

5.84%,

6/12/34(b)

1,962,000

2,091,333

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Total

Return

Bond

ETF

115

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(29.7%)

(cont’d)

UniCredit

SpA

5.46%,

6/30/35(a)(b)

2,500,000

2,521,528

Westpac

Banking

Corp.

3.02%,

11/18/36(b)(d)

5,742,000

5,123,736

192,672,847

Biotechnology

(0.3%)

Biogen,

Inc.

6.45%,

5/15/55

8,396,000

9,008,757

Building

Products

(0.6%)

EMRLD

Borrower

6.63%,

12/15/30(a)(d)

1,279,000

1,316,346

Masterbrand,

Inc.

7.00%,

7/15/32(a)

6,477,000

6,702,147

Quikrete

Holdings,

Inc.

6.38%,

3/1/32(a)(d)

6,254,000

6,483,046

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/28(a)(d)

6,380,000

6,387,324

20,888,863

Capital

Markets

(3.9%)

Antares

Holdings

6.50%,

2/8/29(a)

4,666,000

4,771,734

Apollo

Debt

Solutions

BDC

5.88%,

8/30/30(a)

6,469,000

6,585,617

Blue

Owl

Credit

Income

Corp.

6.60%,

9/15/29

1,986,000

2,071,174

6.65%,

3/15/31

1,977,000

2,078,765

Brookfield

Asset

Management

Ltd.

5.80%,

4/24/35

9,364,000

9,814,809

6.08%,

9/15/55(d)

4,794,000

4,977,926

Brookfield

Finance,

Inc.

6.30%,

1/15/55(b)

7,792,000

7,737,518

Financial

Corp.

7.50%,

5/30/29(a)

14,273,000

15,217,328

Citadel

6.38%,

1/23/32(a)

10,325,000

10,934,494

Citadel

Securities

Global

Holdings

LLC

6.20%,

6/18/35(a)

5,395,000

5,671,397

Goldman

Sachs

Bank

USA

5.41%,

5/21/27(b)

24,000

24,188

HAT

Holdings

LLC

3.75%,

9/15/30(a)

2,093,000

1,931,529

Jefferies

Financial

Group,

Inc.

6.20%,

4/14/34(d)

8,468,000

9,006,539

LPL

Holdings,

Inc.

4.00%,

3/15/29(a)

4,774,000

4,673,232

4.38%,

5/15/31(a)

3,127,000

3,028,770

5.75%,

6/15/35(d)

3,939,000

4,042,542

Marex

Group

plc

6.40%,

11/4/29

9,529,000

9,830,175

Nuveen

LLC

5.85%,

4/15/34(a)

3,378,000

3,556,764

Oaktree

Strategic

Credit

Fund

6.19%,

7/15/30(a)

9,787,000

10,003,184

Raymond

James

Financial,

Inc.

4.90%,

9/11/35(d)

6,270,000

6,204,604

Face

Amount

Value

5.65%,

9/11/55(d)

5,998,000

5,957,613

128,119,902

Chemicals

(0.5%)

Celanese

Holdings

LLC

1.40%,

8/5/26

1,217,000

1,179,963

7.20%,

11/15/33(c)(d)

3,520,000

3,661,689

Cerdia

Finanz

GmbH

9.38%,

10/3/31(a)

6,164,000

6,541,545

Olympus

Water

Holding

Corp.

9.75%,

11/15/28(a)

5,599,000

5,879,650

17,262,847

Commercial

Services

Supplies

(0.2%)

Allied

Universal

Holdco

LLC

7.88%,

2/15/31(a)

1,844,000

1,935,040

Reworld

Holding

Corp.

4.88%,

12/1/29(a)(d)

3,479,000

3,275,053

5,210,093

Construction

Engineering

(0.1%)

Artera

Services

LLC

8.50%,

2/15/31(a)

4,903,900

4,337,366

Consumer

Finance

(1.1%)

Aircastle

Ltd.

5.75%,

10/1/31(a)

3,519,000

3,668,253

Ally

Financial,

Inc.

2.20%,

11/2/28

416,000

388,913

4.70%,

5/15/26(b)(e)

2,485,000

2,424,099

6.85%,

1/3/30(b)

4,472,000

4,732,422

8.00%,

11/1/31

3,040,000

3,460,187

Azorra

Finance

Ltd.

7.75%,

4/15/30(a)

500,000

527,710

Ford

Motor

Credit

Co.

LLC

4.00%,

11/13/30

3,045,000

2,841,325

5.30%,

9/6/29(d)

1,316,839

1,313,931

7.35%,

3/6/30

6,500,000

6,959,657

General

Motors

Financial

Co.,

Inc.

2.40%,

4/10/28

141,000

134,550

5.95%,

4/4/34

5,074,000

5,271,626

Stellantis

Financial

Services

Corp.

5.40%,

9/15/30(a)(d)

4,443,000

4,454,353

36,177,026

Containers

Packaging

(0.2%)

Toucan

FinCo

Ltd.

9.50%,

5/15/30(a)

6,962,000

6,826,450

Diversified

Consumer

Services

(0.2%)

Wand

NewCo

Inc.

7.63%,

1/30/32(a)

6,206,000

6,543,606

Diversified

REITs

(0.1%)

VICI

Properties

5.75%,

4/1/34(d)

4,259,000

4,427,983

Diversified

Telecommunication

Services

(0.2%)

Bell

Canada

6.88%,

9/15/55(b)

5,839,000

6,065,436

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Total

Return

Bond

ETF

116

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(29.7%)

(cont’d)

Electric

Utilities

(1.1%)

Alpha

Generation

LLC

6.75%,

10/15/32(a)(d)

5,318,000

5,493,497

American

Electric

Power

Co.,

Inc.

5.80%,

3/15/56(b)(d)

9,890,000

9,880,070

California

Buyer

Ltd.

6.38%,

2/15/32(a)(d)

6,289,000

6,450,319

Vistra

Operations

Co.

LLC

5.70%,

12/30/34(a)

7,373,000

7,636,083

XPLR

Infrastructure

Operating

Partners

8.38%,

1/15/31(a)

1,018,000

1,067,658

8.63%,

3/15/33(a)(d)

6,252,000

6,561,124

37,088,751

Entertainment

(0.2%)

Playtika

Holding

Corp.

4.25%,

3/15/29(a)

6,896,000

6,337,665

Financial

Services

(3.2%)

Apollo

Global

Management,

Inc.

5.15%,

8/12/35(d)

7,588,000

7,629,217

Enact

Holdings,

Inc.

6.25%,

5/28/29

9,309,000

9,739,344

Essent

Group

Ltd.

6.25%,

7/1/29

2,753,000

2,885,587

Global

Payments,

Inc.

5.40%,

8/15/32

9,169,000

9,385,642

Sustainable

Infrastructure

Capital,

Inc.

6.38%,

7/1/34(d)

15,123,000

15,398,309

NMI

Holdings,

Inc.

6.00%,

8/15/29(d)

3,301,000

3,415,842

Nykredit

Realkredit

A/S

3.50%,

4/1/53

10/1/56

DKK

268,528,333

41,141,792

Realkredit

Danmark

A/S

3.50%,

10/1/56

24,176,000

3,681,389

Rocket

Cos.,

Inc.

6.38%,

8/1/33(a)

3,174,000

3,279,897

Rocket

Mortgage

LLC

3.63%,

3/1/29(a)(d)

1,536,000

1,466,153

3.88%,

3/1/31(a)

6,332,000

5,918,354

103,941,526

Food

Products

(0.1%)

Smithfield

Foods,

Inc.

5.20%,

4/1/29(a)

2,595,000

2,630,396

Gas

Utilities

(0.1%)

Ferrellgas

5.88%,

4/1/29(a)(d)

5,076,000

4,727,872

Ground

Transportation

(0.2%)

NESCO

Holdings

II,

Inc.

5.50%,

4/15/29(a)(d)

7,182,000

7,038,863

Health

Care

Providers

Services

(1.2%)

Centene

Corp.

2.50%,

3/1/31

7,942,000

6,846,314

3.38%,

2/15/30

9,610,000

8,846,600

Global

Medical

Response,

Inc.

7.38%,

10/1/32(a)

1,000,000

1,029,935

Face

Amount

Value

HCA,

Inc.

4.63%,

3/15/52

330,000

272,697

5.95%,

9/15/54(d)

3,499,000

3,493,723

6.20%,

3/1/55(d)

7,804,000

8,061,414

LifePoint

Health,

Inc.

9.88%,

8/15/30(a)

5,481,000

5,942,434

Acute

Care

Solutions

LLC

9.75%,

5/15/29(a)

4,337,000

4,446,433

38,939,550

Health

Care

REITs

(0.3%)

CTR

Partnership

3.88%,

6/30/28(a)(d)

4,704,000

4,579,112

Healthpeak

LLC

4.75%,

1/15/33

3,871,000

3,847,983

8,427,095

Hotels,

Restaurants

Leisure

(0.9%)

Las

Vegas

Sands

Corp.

6.00%,

6/14/30

12,155,000

12,663,572

Royal

Caribbean

Cruises

Ltd.

5.38%,

1/15/36

8,415,000

8,467,328

Voyager

Parent

LLC

9.25%,

7/1/32(a)

6,143,000

6,500,278

27,631,178

Insurance

(2.5%)

Alliant

Holdings

Intermediate

LLC

7.00%,

1/15/31(a)(d)

6,315,000

6,529,825

American

International

Group,

Inc.

5.45%,

5/7/35(d)

10,513,000

10,958,361

American

National

Group,

Inc.

6.00%,

7/15/35(d)

4,521,000

4,618,875

6.14%,

6/13/32(a)(d)

3,108,000

3,262,778

7.00%,

12/1/55(b)(d)

5,062,000

5,222,582

Athene

Holding

Ltd.

6.63%,

5/19/55

8,186,000

8,768,381

Belrose

Funding

Trust

6.79%,

5/15/55(a)

8,837,000

9,578,518

Fortitude

Global

Funding

4.63%,

10/6/28(a)

100,000

100,117

Fortitude

Group

Holdings

LLC

6.25%,

4/1/30(a)(d)

3,096,000

3,216,660

Global

Atlantic

Fin

Co.

3.13%,

6/15/31(a)

1,169,000

1,056,177

4.70%,

10/15/51(a)(b)

2,960,000

2,916,372

6.75%,

3/15/54(a)

7,239,000

7,670,754

7.95%,

10/15/54(a)(b)

3,577,000

3,790,722

Intact

Financial

Corp.

5.46%,

9/22/32(a)

3,204,000

3,304,035

Liberty

Mutual

Group,

Inc.

4.13%,

12/15/51(a)(b)

8,100,000

7,957,463

Panther

Escrow

Issuer

LLC

7.13%,

6/1/31(a)(d)

1,354,000

1,409,268

80,360,888

Services

(0.4%)

Arches

Buyer,

Inc.

4.25%,

6/1/28(a)

6,423,000

6,299,750

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Total

Return

Bond

ETF

117

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(29.7%)

(cont’d)

Kyndryl

Holdings,

Inc.

6.35%,

2/20/34(d)

5,904,000

6,312,269

12,612,019

Life

Sciences

Tools

Services

(0.0%)(f)

Fortrea

Holdings,

Inc.

7.50%,

7/1/30(a)(d)

1,360,000

1,289,539

Machinery

(0.3%)

Calderys

Financing

LLC

11.25%,

6/1/28(a)

3,549,000

3,767,540

New

Flyer

Holdings,

Inc.

9.25%,

7/1/30(a)

6,162,000

6,600,047

10,367,587

Media

(0.8%)

Charter

Communications

Operating

LLC

3.90%,

6/1/52

165,000

111,832

4.40%,

12/1/61

3,564,000

2,471,329

4.80%,

3/1/50(d)

10,042,000

7,958,723

Clear

Channel

Outdoor

Holdings,

Inc.

7.88%,

4/1/30(a)

5,999,000

6,303,455

McGraw-Hill

Education,

Inc.

5.75%,

8/1/28(a)

5,480,000

5,481,439

Virgin

Media

Vendor

Financing

Notes

DAC

5.00%,

7/15/28(a)

3,711,000

3,638,320

25,965,098

Metals

Mining

(0.3%)

Compass

Minerals

International,

Inc.

6.75%,

12/1/27(a)

229,000

229,839

First

Quantum

Minerals

Ltd.

8.00%,

3/1/33(a)(d)

6,383,000

6,747,513

Nexa

Resources

6.75%,

4/9/34(a)

3,035,000

3,225,163

10,202,515

Multi-Utilities

(0.1%)

Dominion

Energy,

Inc.

6.00%,

2/15/56(b)(d)

2,526,000

2,546,865

Oil,

Gas

Consumable

Fuels

(0.8%)

Occidental

Petroleum

Corp.

5.38%,

1/1/32(d)

1,332,000

1,355,672

Petrobras

Global

Finance

6.50%,

7/3/33

1,724,000

1,790,072

Raizen

Fuels

Finance

5.70%,

1/17/35(a)

4,309,000

3,972,252

6.45%,

3/5/34(a)

2,876,000

2,791,553

6.95%,

3/5/54(a)

2,452,000

2,257,393

Sunoco

7.88%,

9/18/30(a)(b)(e)

7,672,000

7,797,476

TerraForm

Power

Operating

LLC

4.75%,

1/15/30(a)

4,060,000

3,927,222

5.00%,

1/31/28(a)(d)

2,010,000

1,996,991

25,888,631

Passenger

Airlines

(0.7%)

A/S

Mileage

Plan

Ltd.

5.02%,

10/20/29(a)

9,389,000

9,398,086

Face

Amount

Value

5.31%,

10/20/31(a)(d)

1,154,000

1,149,313

American

Airlines,

Inc.

5.50%,

4/20/26(a)

1,209,250

1,210,811

Delta

Air

Lines,

Inc.

4.75%,

10/20/28(a)(d)

12,516,783

12,592,375

24,350,585

Personal

Care

Products

(0.2%)

Edgewell

Personal

Care

Co.

4.13%,

4/1/29(a)

5,327,000

5,074,428

Pharmaceuticals

(0.1%)

Royalty

Pharma

plc

5.20%,

9/25/35

2,917,000

2,915,647

Semiconductors

Semiconductor

Equipment

(0.4%)

Foundry

Holdco

LLC

6.10%,

1/25/36(a)(d)

8,119,000

8,635,425

Intel

Corp.

4.90%,

8/5/52

40,000

34,428

Qorvo,

Inc.

3.38%,

4/1/31(a)

3,471,000

3,192,183

11,862,036

Software

(0.7%)

Cloud

Software

Group,

Inc.

6.50%,

3/31/29(a)

6,153,000

6,215,270

McAfee

Corp.

7.38%,

2/15/30(a)

4,933,000

4,581,555

Oracle

Corp.

3.60%,

4/1/50

3,627,000

2,555,091

5.20%,

9/26/35(d)

8,722,000

8,773,349

22,125,265

Specialized

REITs

(0.2%)

EPR

Properties

3.60%,

11/15/31

4,305,000

3,975,905

3.75%,

8/15/29(d)

711,000

684,701

4.95%,

4/15/28

1,641,000

1,654,062

Extra

Space

Storage

2.55%,

6/1/31(d)

185,000

166,551

6,481,219

Technology

Hardware,

Storage

Peripherals

(0.2%)

Seagate

Data

Storage

Technology

Pte.

Ltd.

9.63%,

12/1/32(a)

4,870,500

5,520,980

Textiles,

Apparel

Luxury

Goods

(0.2%)

Beach

Acquisition

Bidco

LLC

10.00%,

7/15/33(a)(g)

4,567,000

4,937,667

Transportation

Infrastructure

(0.2%)

Seaspan

Corp.

5.50%,

8/1/29(a)

5,890,000

5,684,528

Wireless

Telecommunication

Services

(0.2%)

Zegona

Finance

plc

8.63%,

7/15/29(a)

6,924,000

7,383,269

965,251,317

Sovereign

(

)

Petroleos

Mexicanos

6.84%,

1/23/30

10,801,000

10,993,128

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Total

Return

Bond

ETF

118

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Sovereign

(0.5%)

(continued)

Romanian

Government

Bond

2.00%,

4/14/33

EUR

5,657,000

5,228,490

16,221,618

U.S.

Government

and

Agency

Securities

(

)

U.S.

Treasury

Bonds

1.13%,

5/15/40

14,027,000

8,938,651

1.25%,

5/15/50

458,000

224,787

2.25%,

8/15/46

11,715,000

7,819,762

2.50%,

2/15/45

10,004,000

7,168,882

2.50%,

5/15/46

71,718,000

50,451,932

3.00%,

5/15/45

37,307,000

29,044,082

4.00%,

11/15/52

17,535,000

15,521,215

4.50%,

2/15/36(d)

1,838,000

1,899,530

4.75%,

2/15/45

700,000

704,539

5.00%,

5/15/45

74,366,000

77,241,873

U.S.

Treasury

Notes

0.50%,

4/30/27

38,308,000

36,477,147

0.63%,

5/15/30

54,134,000

47,068,033

0.63%,

8/15/30

41,330,000

35,639,860

0.88%,

11/15/30

141,961,000

123,112,350

1.13%,

2/15/31

6,995,000

6,113,931

1.25%,

8/15/31

32,366,000

27,997,854

1.38%,

11/15/31

40,812,000

35,332,670

1.50%,

2/15/30

22,923,000

20,909,179

1.63%,

8/15/29

5,363,000

4,976,906

1.75%,

11/15/29

65,953,000

61,186,866

2.75%,

8/15/32

304,000

282,649

3.63%,

3/31/30

12,000,000

11,952,891

3.88%,

9/30/29

179,201,000

180,457,507

3.88%,

4/30/30

50,728,000

51,057,930

3.88%,

7/31/30

7,100,000

7,143,820

4.00%,

2/29/28

18,392,000

18,556,881

4.13%,

10/31/31

3,750,000

3,805,444

4.25%,

11/15/34

7,203,000

7,285,722

4.25%,

5/15/35

163,706,000

165,240,744

4.25%,

8/15/35

6,105,000

6,155,080

4.63%,

2/15/35

2,608,000

2,710,894

1,052,479,611

Total

Fixed

Income

Securities

(Cost

$3,761,008,320)

3,787,843,678

–

Investment

Companies

(

)

Eaton

Vance

High

Yield

ETF

(See

Note

9,300

495,085

Eaton

Vance

Short

Duration

Income

ETF

(See

Note

235,000

12,080,175

Eaton

Vance

Ultra-Short

Income

ETF

(See

Note

27,000

1,376,055

Total

Investment

Companies

(Cost

$13,784,891)

13,951,315

Value

Short-Term

Investments

(

)

Investment

Company

(

)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$4,059,107)

4,059,107

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(2.7%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$85,937,163)

85,937,163

Face

Amount

U.S.

Government

and

Agency

Security

(

)

U.S.

Treasury

Bill

4.20%,

11/20/25(d)(h)

(Cost

$1,888,854)

1,900,000

1,889,537

Total

Short-Term

Investments

(Cost

$91,885,124)

91,885,807

Total

Investments

(

119

)

(

Cost

3,866,678,335

)

including

101,734,670

Securities

Loaned

(i)

(j)

3,893,680,800

Liabilities

Excess

Other

Assets

(-19.9%)

(646,063,210)

Net

Assets

(100.0%)

$3,247,617,590

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

liquid.

(b)

Floating

variable

rate

securities:

The

rates

disclosed

are

September

30,

2025.

For

securities

based

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

the

description

the

Portfolio

Investments.

Certain

variable

rate

securities

may

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

are

based

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description

the

Portfolio

Investments.

(c)

Multi-step

—

Coupon

rate

changes

predetermined

increments

maturity.

Rate

disclosed

September

30,

2025.

Maturity

date

disclosed

the

ultimate

maturity

date.

(d)

All

portion

this

security

was

loan

September

30,

2025.

(e)

Perpetual

—

One

securities

not

have

predetermined

maturity

date.

Rates

for

these

securities

are

fixed

for

period

time,

after

which

they

revert

floating

rate.

Interest

rates

effect

are

September

30,

2025.

(f)

Amount

less

than

0.05%.

(g)

Income

may

paid

additional

securities

and/or

cash

the

descretion

the

issuer.

(h)

All

portion

the

security

pledged

collateral

for

TBA

commitments.

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Total

Return

Bond

ETF

119

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

(i)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$3,877,508,552.

The

aggregate

gross

unrealized

appreciation

$41,628,333

and

the

aggregate

gross

unrealized

depreciation

$22,790,984,

resulting

net

unrealized

appreciation

$18,837,349.

(j)

Securities

are

available

for

collateral

connection

with

open

TBA

Commitments.

ARM

Adjustable

Rate

Mortgage

CME

Chicago

Mercantile

Exchange

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

Interest

Only

PIK

Payment-in-Kind

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SDR

Swedish

Depositary

Receipt

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

Day

Average

STRIPS

Separate

Trading

Registered

Interest

and

Principal

Securities.

The

STRIPS

Program

lets

investors

hold

and

trade

individual

interest

and

principal

components

eligible

notes

and

bonds

separate

securities.

TBA

Announced;

Security

subject

delayed

delivery

Schedule

TBA

sales

commitments

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

(4.9)%

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

(4.9)%

UMBS,

Single

Family,

Year,

4.00%,

TBA,

9/25/55

(

24,080,000

)

(

22,701,983

)

UMBS,

Single

Family,

Year,

5.50%,

TBA,

10/25/55

(

44,517,000

)

(

44,894,351

)

UMBS,

Single

Family,

Year,

6.00%,

TBA,

10/25/55

(

338,000

)

(

345,315

)

UMBS,

Single

Family,

Year,

6.00%,

TBA,

11/25/55

(

90,000,000

)

(

91,930,081

)

Total

Securities

Sold

Short

(proceeds

$159,984,866)

(

159,871,730

)

Foreign

Currency

Forward

Exchange

Contracts:

The

Fund

had

the

following

foreign

currency

forward

exchange

contracts

open

September

30,

2025:

Counterparty

Contract

Deliver

Exchange

for

Delivery

Date

Unrealized

Appreciation

(Depreciation)

Bank

America

N.A.

MXN

10,384,815

558,408

12/17/25

3,988

Bank

America

N.A.

HUF

81,827,124

244,400

12/17/25

762

BNP

Paribas

BRL

3,254,914

600,039

12/17/25

480

BNP

Paribas

INR

21,176,666

237,413

12/17/25

Citibank

N.A.

933,704

DKK

148,450

12/17/25

826

Citibank

N.A.

EGP

39,566,413

789,709

12/17/25

7,471

Citibank

N.A.

AUD

352,231

232,297

12/17/25

988

CREDIT

AGRICOLE

CIB

15,667,677

DKK

2,478,144

12/17/25

992

CREDIT

AGRICOLE

CIB

11,864,702

DKK

1,885,518

12/17/25

9,638

Deutsche

Bank

AUD

4,575,252

3,031,329

12/17/25

(

1,118

)

Deutsche

Bank

7,453,270

EUR

8,827,019

12/17/25

37,377

Goldman

Sachs

Group,

Inc.

CZK

4,442,341

214,973

12/17/25

(

323

)

Goldman

Sachs

Group,

Inc.

5,290,710,979

KRW

3,807,911

12/17/25

22,380

Goldman

Sachs

Group,

Inc.

24,370

DKK

3,878

12/17/25

J.P.

Morgan

Chase

Bank

BRL

45,144,351

8,319,852

12/17/25

9,105

J.P.

Morgan

Chase

Bank

MXN

155,219,976

8,371,490

12/17/25

34,553

J.P.

Morgan

Chase

Bank

6,481,296

GBP

8,789,008

12/17/25

71,482

J.P.

Morgan

Chase

Bank

20,887,467

DKK

3,314,678

12/17/25

12,246

J.P.

Morgan

Chase

Bank

KRW

5,295,639,499

3,853,616

12/17/25

(

64,560

)

J.P.

Morgan

Chase

Bank

INR

269,440,034

3,051,589

12/17/25

(

30,605

)

J.P.

Morgan

Chase

Bank

EGP

368,230,090

7,374,927

12/17/25

44,134

Standard

Chartered

Bank

EUR

174,264

205,585

12/17/25

(

)

State

Street

Bank

and

Trust

Company

DKK

2,920,333

461,632

12/17/25

UBS

43,452,504

DKK

6,878,471

12/17/25

8,373

UBS

HUF

1,271,472,605

3,805,967

12/17/25

3,489

UBS

CZK

79,134,431

3,841,384

12/17/25

(

17,666

)

UBS

234,365,134

DKK

37,216,470

12/17/25

161,957

316,030

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Total

Return

Bond

ETF

120

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

AUD

Australian

Dollar

BRL

Brazilian

Real

CZK

Czech

Republic

Koruna

DKK

Denmark

Krone

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HUF

Hungarian

Forint

INR

Indian

Rupee

KRW

Korea

(Rep.)

Won

MXN

Mexican

Peso

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

September

30,

2025:

Number

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation/

(Depreciation)

Long:

U.S.

Treasury

Year

Notes

1,897

Dec-25

189,700,000

207,143,509

18,592

U.S.

Treasury

Year

Notes

401

Dec-25

40,100,000

45,112,500

118,440

U.S.

Treasury

Year

Ultra

Bonds

947

Dec-25

94,700,000

108,978,984

(

392,805

)

U.S.

Treasury

Long

Bonds

1,368

Dec-25

136,800,000

159,500,250

2,425,165

Short:

U.S.

Treasury

Year

Notes

1,996

Dec-25

(

399,200,000

)

(

415,963,282

)

45,420

U.S.

Treasury

Ultra

Bonds

255

Dec-25

(

25,500,000

)

(

30,615,938

)

21,361

2,236,173

Portfolio

Composition*

Classification

Percentage

Total

Investments

U.S.

Government

and

Agency

Securities

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

Corporate

Bonds

Asset-Backed

Securities

Commercial

Mortgage-Backed

Securities

Other**

Total

Investments

100

***

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Industries

and/or

investment

types

representing

less

than

total

investments.

***

Does

not

include

open

futures

contracts

with

value

967,314,463

and

net

unrealized

appreciation

2,236,173

Does

not

include

open

foreign

currency

forward

exchange

contracts

with

net

unrealized

appreciation

316,030

Annual

Report

—

September

30,

2025

Portfolio

Investments

Eaton

Vance

Ultra-Short

Income

ETF

121

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Fixed

Income

Securities

(97.8%)

Asset-Backed

Securities

(

)

ACHV

ABS

Trust,

2024-3AL

5.45%,

12/26/31(a)

74,321

75,070

ACM

Auto

Trust,

2024-2A

6.06%,

2/20/29(a)

118,811

118,748

2025-1A

5.38%,

6/20/29(a)

288,705

287,827

2025-2A

5.55%,

6/20/28(a)

663,096

660,883

Alaska

Airlines

Pass-Through

Trust,

2020-1

4.80%,

8/15/27(a)

699,267

700,889

Ally

Bank

Auto

Credit-Linked

Notes,

2024-A

5.83%,

5/17/32(a)

950,185

966,765

2024-A

6.02%,

5/17/32(a)

135,354

137,424

2024-B

5.12%,

9/15/32(a)

164,521

165,992

Alterna

Funding

III

LLC,

2024-1A

6.26%,

5/16/39(a)

150,431

150,825

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

35,686

36,047

Auxilior

Term

Funding

LLC,

2024-1A

5.84%,

3/15/27(a)

285,849

287,185

BHG

Securitization

Trust,

2022-C

5.93%,

10/17/35(a)

96,262

96,574

Blue

Owl

Asset

Leasing

Trust

LLC,

2024-1A

5.05%,

3/15/29(a)

56,707

56,953

Cajun

Global

LLC,

2021-1

3.93%,

11/20/51(a)

618,888

610,940

Chase

Auto

Credit

Linked

Notes,

2025-1

4.75%,

2/25/33(a)

968,440

973,056

Chesapeake

Funding

LLC,

2023-2A

6.16%,

10/15/35(a)

170,968

173,444

2024-1A

SOFR30A

0.77%,

5.14%,

5/15/36(a)(b)

95,068

95,015

Clarus

Capital

Funding

LLC,

2024-1A

4.71%,

8/20/32(a)

82,519

82,840

Crossroads

Asset

Trust,

2025-A

4.91%,

2/20/32(a)

2,150,000

2,164,809

Master

Finance

LLC,

2017-1A

4.03%,

11/20/47(a)

208,125

205,980

Face

Amount

Value

2019-1A

4.02%,

5/20/49(a)

314,900

313,875

2021-1A

2.05%,

11/20/51(a)

587,125

571,817

DLLMT

LLC,

2024-1A

5.08%,

2/22/27(a)

75,273

75,502

Driven

Brands

Funding

LLC,

2019-1A

4.64%,

4/20/49(a)

1,714,125

1,713,912

2019-2A

3.98%,

10/20/49(a)

436,797

433,826

2020-1A

3.79%,

7/20/50(a)

329,974

324,387

2020-2A

3.24%,

1/20/51(a)

470,545

455,191

Enterprise

Fleet

Financing

LLC,

2023-1

5.51%,

1/22/29(a)

52,102

52,252

2024-2

5.74%,

12/20/26(a)

75,290

75,665

FHF

Issuer

Trust,

2023-2A

6.79%,

10/15/29(a)

70,486

71,375

FIGRE

Trust,

2025-FL1

5.27%,

7/25/55(a)(c)

555,577

559,613

GLS

Auto

Select

Receivables

Trust,

2024-1A

5.24%,

3/15/30(a)

34,154

34,413

Financial

Consumer

Automobile

Receivables

Trust,

2024-1

5.12%,

2/16/27

126

Mortgage-Backed

Securities

Trust,

2025-HE1

SOFR30A

1.55%,

5.91%,

10/25/55(a)(b)

546,490

551,090

J.P.

Morgan

Mortgage

Trust,

2023-HE1

SOFR30A

1.75%,

6.14%,

11/25/53(a)(b)

63,152

63,513

2023-HE2

SOFR30A

1.70%,

6.09%,

3/20/54(a)(b)

441,012

443,682

2023-HE3

SOFR30A

1.60%,

5.99%,

5/20/54(a)(b)

32,941

33,110

2024-HE2

SOFR30A

1.20%,

5.59%,

10/20/54(a)(b)

104,053

104,131

Lendbuzz

Securitization

Trust,

2023-2A

7.09%,

10/16/28(a)

141,812

144,156

2023-3A

7.50%,

12/15/28(a)

974,395

992,428

2024-1A

6.19%,

8/15/29(a)

266,127

267,903

2024-3A

4.97%,

10/15/29(a)

71,919

72,000

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Ultra-Short

Income

ETF

122

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Asset-Backed

Securities

(17.6%)

(cont’d)

2025-1A

5.10%,

10/15/30(a)

163,566

163,808

2025-2A

5.18%,

5/15/30(a)

650,000

652,067

Mercury

Financial

Credit

Card

Master

Trust,

2024-2A

6.56%,

7/20/29(a)

147,000

148,194

MMP

Capital

LLC,

2025-A

5.36%,

12/15/31(a)

335,113

337,850

NMEF

Funding

LLC,

2025-A

4.72%,

7/15/32(a)

1,319,707

1,326,305

2025-B

4.64%,

1/18/33(a)

320,000

321,441

OBX

Trust,

2025-HE1

SOFR30A

1.60%,

5.96%,

2/25/55(a)(b)

1,526,333

1,541,254

Octane

Receivables

Trust,

2024-2A

5.80%,

7/20/32(a)

163,902

165,429

2024-3A

4.94%,

5/20/30(a)

140,673

141,487

2024-RVM1

5.01%,

1/22/46(a)

108,399

109,920

OneMain

Financial

Issuance

Trust,

2021-1A

1.95%,

6/16/36(a)

295,000

278,490

2022-2A

5.24%,

10/14/34(a)

1,155,000

1,153,920

2022-S1

4.13%,

5/14/35(a)

2,561,512

2,559,462

Oportun

Funding

Trust,

2024-3

5.26%,

8/15/29(a)

124,246

124,358

2024-3

5.48%,

8/15/29(a)

150,000

150,440

Oportun

Issuance

Trust,

2021-B

1.96%,

5/8/31(a)

363,492

356,638

2024-1A

6.55%,

4/8/31(a)

32,423

32,434

2025-A

5.01%,

2/8/33(a)

600,000

600,937

2025-C

5.18%,

7/8/33(a)

455,000

456,679

Oscar

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

56,257

56,409

Oscar

Funding

XVII

LLC,

2024-2A

4.63%,

12/10/27(a)

146,536

146,620

Pagaya

Debt

Grantor

Trust,

2024-9

5.07%,

3/15/32(a)

82,962

83,216

Face

Amount

Value

Pagaya

Debt

Grantor

Trust,

2025-1

5.16%,

7/15/32(a)

403,706

407,534

PEAC

Solutions

Receivables

LLC,

2024-1A

5.79%,

6/21/27(a)

193,637

195,388

Prodigy

Finance

DAC,

2021-1A

CME

Term

SOFR

Month

1.36%,

5.52%,

7/25/51(a)(b)

701,599

701,618

Prosper

Marketplace

Issuance

Trust,

2024-1A

6.12%,

8/15/29(a)

2,926

2,927

RCKT

Trust,

2025-1A

4.90%,

7/25/34(a)

1,900,955

1,905,625

2025-1A

4.99%,

7/25/34(a)

1,100,000

1,105,294

Reach

ABS

Trust,

2024-2A

5.88%,

7/15/31(a)

69,637

70,005

2025-1A

4.96%,

8/16/32(a)

418,046

419,299

Research-Driven

Pagaya

Motor

Asset

Trust,

2025-1A

5.04%,

6/27/33(a)

801,389

805,935

2025-4A

5.12%,

4/25/34(a)

430,000

432,188

SERVPRO

Master

Issuer

LLC,

2019-1A

3.88%,

10/25/49(a)

446,745

442,677

SoFi

Consumer

Loan

Program

Trust,

2025-1

4.80%,

2/27/34(a)

523,968

526,734

2025-2

4.82%,

6/25/34(a)

594,114

597,385

Stack

Infrastructure

Issuer

LLC,

2021-1A

1.88%,

3/26/46(a)

1,325,000

1,306,579

STAR

Trust,

2025-SFR5

CME

Term

SOFR

Month

1.45%,

5.59%,

2/17/42(a)(b)

424,440

425,848

Taco

Bell

Funding

LLC,

2021-1A

1.95%,

8/25/51(a)

594,413

574,452

Tesla

Lease

Electric

Vehicle

Securitization

LLC,

2025-A

4.14%,

6/20/28(a)

1,160,000

1,161,408

Theorem

Funding

Trust,

2022-2A

9.27%,

12/15/28(a)

81,394

81,778

2022-3A

8.95%,

4/15/29(a)

242,544

245,918

2023-1A

7.58%,

4/15/29(a)

278,979

279,305

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Ultra-Short

Income

ETF

123

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Asset-Backed

Securities

(17.6%)

(cont’d)

Towd

Point

Mortgage

Trust,

2025-HE2

SOFR30A

1.35%,

5.69%,

9/25/65(a)(b)

815,000

818,181

Tricon

Residential

Trust,

2025-SFR1

CME

Term

SOFR

Month

1.35%,

5.49%,

3/17/42(a)(b)

350,000

350,650

2025-SFR1

CME

Term

SOFR

Month

1.60%,

5.74%,

3/17/42(a)(b)

280,000

280,738

Truist

Bank

Auto

Credit-Linked

Notes,

2025-1

4.73%,

9/26/33(a)

979,459

981,387

Verdant

Receivables

LLC,

2025-1A

4.85%,

3/13/28(a)

1,055,000

1,061,108

Wendy's

Funding

LLC,

2019-1A

3.78%,

6/15/49(a)

511,775

508,960

Wingspire

Equipment

Finance

LLC,

2024-1A

4.99%,

9/20/32(a)

82,833

83,346

42,080,858

Commercial

Mortgage-Backed

Securities

(

)

BFLD

Mortgage

Trust

CME

Term

SOFR

Month

1.89%,

6.04%,

7/15/41(a)(b)

660,000

663,078

BPR

Trust

CME

Term

SOFR

Month

3.00%,

7.15%,

5/15/39(a)(b)

200,000

201,109

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

0.81%,

4.96%,

9/15/36(a)(b)

193,766

193,509

CME

Term

SOFR

Month

2.11%,

6.26%,

6/15/27(a)(b)

415,000

417,757

Connecticut

Avenue

Securities

Trust

SOFR30A

1.00%,

5.36%,

12/25/41(a)(b)

130,721

131,117

SOFR30A

1.00%,

5.36%,

7/25/45(a)(b)

682,893

685,092

Extended

Stay

America

Trust

CME

Term

SOFR

Month

1.30%,

0.00%,

10/15/42(a)(b)

665,000

668,740

CME

Term

SOFR

Month

1.19%,

5.34%,

7/15/38(a)(b)

274,065

274,278

CME

Term

SOFR

Month

1.49%,

5.64%,

7/15/38(a)(b)

158,536

158,689

CME

Term

SOFR

Month

1.81%,

5.96%,

7/15/38(a)(b)

84,328

84,410

FHLMC

STACR

REMIC

Trust

SOFR30A

1.25%,

5.61%,

3/25/44(a)(b)

175,079

176,252

SOFR30A

1.35%,

5.71%,

2/25/44(a)(b)

273,486

274,909

Face

Amount

Value

FHLMC,

REMIC

SOFR30A

1.00%,

5.36%,

2/25/54(b)

800,188

801,335

SOFR30A

1.00%,

5.36%,

3/25/55(b)

1,528,720

1,529,651

SOFR30A

1.00%,

5.36%,

3/25/55(b)

741,003

741,447

SOFR30A

1.05%,

5.41%,

4/25/54(b)

560,626

561,375

SOFR30A

1.10%,

5.46%,

1/25/54(b)

541,869

543,960

SOFR30A

1.10%,

5.46%,

5/25/54(b)

165,552

166,356

SOFR30A

1.10%,

5.46%,

9/25/54(b)

1,181,885

1,184,186

SOFR30A

1.15%,

5.51%,

7/25/55(b)

1,331,429

1,334,051

SOFR30A

1.20%,

5.56%,

8/25/54(b)

652,801

655,006

SOFR30A

1.25%,

5.61%,

3/25/54(b)

430,645

433,369

SOFR30A

1.25%,

5.61%,

3/25/54(b)

76,504

77,092

SOFR30A

1.25%,

5.61%,

5/25/54(b)

1,196,278

1,202,193

SOFR30A

1.40%,

5.76%,

1/25/54(b)

806,914

812,938

SOFR30A

1.43%,

5.79%,

12/25/54(b)

324,835

326,580

FHLMC,

Strips

SOFR30A

1.30%,

5.66%,

10/25/53(b)

391,304

393,684

FNMA,

REMIC

SOFR30A

0.95%,

5.31%,

1/25/54(b)

261,117

262,119

SOFR30A

1.05%,

5.41%,

9/25/55(b)

1,073,037

1,074,676

SOFR30A

1.15%,

5.51%,

6/25/54(b)

561,220

562,658

SOFR30A

1.15%,

5.51%,

6/25/54(b)

302,862

303,398

SOFR30A

1.20%,

5.56%,

5/25/54(b)

301,189

302,728

SOFR30A

1.30%,

5.66%,

10/25/53(b)

555,431

558,402

GNMA

SOFR30A

0.90%,

5.29%,

7/20/53(b)

1,125,277

1,125,270

SOFR30A

0.95%,

5.34%,

3/20/54(b)

350,725

351,593

SOFR30A

1.00%,

5.39%,

12/20/54(b)

402,193

402,722

SOFR30A

1.00%,

5.39%,

6/20/55(b)

1,152,907

1,153,923

SOFR30A

1.00%,

5.39%,

9/20/64(b)

952,060

956,448

SOFR30A

1.05%,

5.44%,

12/20/54(b)

1,132,055

1,134,351

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Ultra-Short

Income

ETF

124

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(12.4%)

(cont’d)

SOFR30A

1.10%,

5.49%,

8/20/65(b)

1,104,294

1,106,564

GWT

CME

Term

SOFR

Month

1.69%,

5.84%,

5/15/41(a)(b)

540,000

541,727

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.64%,

5.79%,

6/15/41(a)(b)

140,000

140,407

Home

Ltd.

SOFR30A

4.15%,

8.51%,

1/25/34(a)(b)

555,000

568,369

INTOWN

Mortgage

Trust

CME

Term

SOFR

Month

1.75%,

5.90%,

3/15/42(a)(b)

840,000

839,883

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

0.92%,

5.07%,

4/15/38(a)(b)

27,763

27,773

NRTH

Commercial

Mortgage

Trust

CME

Term

SOFR

Month

1.39%,

0.00%,

10/15/40(a)(b)

155,000

154,806

Oceanview

Mortgage

Trust

SOFR30A

0.95%,

5.30%,

5/25/55(a)(b)

1,818,229

1,823,130

ORL

Trust

CME

Term

SOFR

Month

1.49%,

5.64%,

12/15/39(a)(b)

651,000

652,117

Radnor

Ltd.

SOFR30A

2.70%,

7.06%,

7/25/33(a)(b)

444,916

447,462

Reach

Abs

Trust

6.30%,

2/18/31(a)

22,286

22,318

Trust

CME

Term

SOFR

Month

1.59%,

5.74%,

6/15/39(a)(b)

140,000

139,955

Wingspire

Equipment

Finance

LLC

4.33%,

9/20/33(a)

395,000

395,134

29,740,096

Corporate

Bonds

(

)

Aerospace

Defense

(0.9%)

Boeing

Co.

(The)

2.20%,

2/4/26

1,750,000

1,736,967

Hexcel

Corp.

4.20%,

2/15/27(c)

475,000

473,196

2,210,163

Automobiles

(1.5%)

Hyundai

Capital

America

4.88%,

6/23/27(a)

1,048,000

1,057,406

5.45%,

6/24/26(a)(d)

165,000

166,379

6.25%,

11/3/25(a)

844,000

845,258

Stellantis

Finance

US,

Inc.

1.71%,

1/29/27(a)

700,000

674,517

Volkswagen

Group

America

Finance

LLC

4.45%,

9/11/27(a)

750,000

752,078

3,495,638

Face

Amount

Value

Banks

(20.4%)

Banco

Santander

4.18%,

3/24/28(b)

2,200,000

2,197,192

Bank

America

Corp.

1.73%,

7/22/27(b)

5,045,000

4,944,785

Bank

Ireland

Group

plc

2.03%,

9/30/27(a)(b)

2,355,000

2,302,192

Bank

Nova

Scotia

(The)

4.50%,

12/16/25

700,000

700,265

Barclays

plc

5.20%,

5/12/26

825,000

829,066

7.33%,

11/2/26(b)

1,525,000

1,528,545

BPCE

1.00%,

1/20/26(a)

500,000

495,021

5.98%,

1/18/27(a)(b)

575,000

577,200

CaixaBank

6.68%,

9/13/27(a)(b)(d)

1,990,000

2,033,605

Citigroup,

Inc.

1.12%,

1/28/27(b)

575,000

569,105

Fifth

Third

Bank

3.85%,

3/15/26

480,000

479,171

ING

Groep

6.08%,

9/11/27(b)(d)

2,125,000

2,161,609

Intesa

Sanpaolo

SpA

5.71%,

1/15/26(a)

1,675,000

1,678,770

7.00%,

11/21/25(a)

478,000

479,757

JPMorgan

Chase

Co.

1.04%,

2/4/27(b)

2,250,000

2,225,430

1.05%,

11/19/26(b)

3,768,000

3,751,281

Lloyds

Banking

Group

plc

4.58%,

12/10/25

1,120,000

1,120,280

National

Bank

Canada

4.70%,

3/5/27(b)

1,542,000

1,544,360

NatWest

Group

plc

4.80%,

4/5/26

90,000

90,284

PNC

Bank

4.54%,

5/13/27(b)

1,113,000

1,114,923

4.78%,

1/15/27(b)

1,060,000

1,061,373

Royal

Bank

Canada

4.65%,

1/27/26(d)

1,705,000

1,706,138

5.07%,

7/23/27(b)(d)

1,100,000

1,108,357

Santander

Group

Holdings

plc

6.83%,

11/21/26(b)

1,740,000

1,745,214

Societe

Generale

1.49%,

12/14/26(a)(b)

1,995,000

1,982,758

5.25%,

2/19/27(a)

571,000

577,391

5.52%,

1/19/28(a)(b)

500,000

506,795

Swedbank

6.14%,

9/12/26(a)

700,000

713,295

Toronto-Dominion

Bank

(The)

1.20%,

6/3/26

480,000

471,236

Truist

Bank

4.42%,

7/24/28(b)

1,501,000

1,507,713

Truist

Financial

Corp.

5.90%,

10/28/26(b)

1,749,000

1,750,482

U.S.

Bancorp

3.10%,

4/27/26(d)

480,000

477,444

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Ultra-Short

Income

ETF

125

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(55.3%)

(cont’d)

Bank

4.73%,

5/15/28(b)

570,000

575,132

Wachovia

Corp.

6.61%,

10/1/25

1,055,000

Wells

Fargo

Co.

3.20%,

6/17/27(b)

2,785,000

2,765,631

48,826,800

Capital

Markets

(7.5%)

Bank

New

York

Mellon

(The)

4.59%,

4/20/27(b)

535,000

536,682

Citadel

Finance

LLC

3.38%,

3/9/26(a)(d)

1,390,000

1,381,028

Citadel

4.88%,

1/15/27(a)

1,008,000

1,010,367

Deutsche

Bank

2.13%,

11/24/26(b)

2,000,000

1,992,766

Goldman

Sachs

Bank

USA

5.41%,

5/21/27(b)

555,000

559,358

Goldman

Sachs

Group,

Inc.

(The)

1.09%,

12/9/26(b)

4,225,000

4,198,811

HAT

Holdings

LLC

3.38%,

6/15/26(a)

1,853,000

1,835,306

8.00%,

6/15/27(a)

395,000

411,407

Jefferies

Financial

Group,

Inc.

4.50%,

9/15/26(d)

1,290,000

1,292,765

4.75%,

8/11/26

1,120,000

1,122,471

Marex

Group

plc

5.83%,

5/8/28(d)

745,000

756,030

UBS

Group

1.31%,

2/2/27(a)(b)

300,000

297,028

1.49%,

8/10/27(a)(b)(d)

504,000

492,190

4.70%,

8/5/27(a)(b)(d)

1,600,000

1,605,501

5.71%,

1/12/27(a)(b)

372,000

373,340

17,865,050

Chemicals

(0.5%)

Celanese

Holdings

LLC

1.40%,

8/5/26(d)

900,000

872,610

6.67%,

7/15/27(c)(d)

430,000

441,389

1,313,999

Consumer

Finance

(3.3%)

AerCap

Ireland

Capital

DAC

4.45%,

10/1/25

1,023,000

Ally

Financial,

Inc.

5.75%,

11/20/25

1,700,000

1,701,052

Ford

Motor

Credit

Co.

LLC

3.38%,

11/13/25

1,850,000

1,846,669

4.39%,

1/8/26(d)

830,000

829,767

6.95%,

3/6/26

1,505,000

1,517,154

General

Motors

Financial

Co.,

Inc.

1.50%,

6/10/26

480,000

471,066

Stellantis

Financial

Services

Corp.

4.95%,

9/15/28(a)

510,000

509,950

7,898,658

Face

Amount

Value

Containers

Packaging

(1.9%)

Berry

Global,

Inc.

1.57%,

1/15/26

619,000

613,727

4.88%,

7/15/26(a)

1,356,000

1,356,226

Canpack

3.13%,

11/1/25(a)

775,000

773,560

Silgan

Holdings,

Inc.

1.40%,

4/1/26(a)

558,000

549,325

Sonoco

Products

Co.

4.45%,

9/1/26

1,200,000

1,202,055

4,494,893

Diversified

REITs

(0.2%)

VICI

Properties

4.25%,

12/1/26(a)

550,000

548,079

Diversified

Telecommunication

Services

(0.5%)

CCO

Holdings

LLC

5.13%,

5/1/27(a)(d)

1,100,000

1,093,488

Electric

Utilities

(2.5%)

Enel

Finance

International

7.05%,

10/14/25(a)(c)

1,975,000

1,976,749

NextEra

Energy

Capital

Holdings,

Inc.

4.69%,

9/1/27(d)

1,229,000

1,242,602

NRG

Energy,

Inc.

2.00%,

12/2/25(a)

1,625,000

1,616,518

Vistra

Operations

Co.

LLC

5.05%,

12/30/26(a)

1,032,097

1,038,803

5,874,672

Electronic

Equipment,

Instruments

Components

(0.9%)

Vontier

Corp.

1.80%,

4/1/26

2,193,000

2,163,053

Financial

Services

(1.6%)

Global

Payments,

Inc.

4.80%,

4/1/26

1,080,000

1,081,282

Radian

Group,

Inc.

4.88%,

3/15/27

1,300,000

1,304,036

Rocket

Mortgage

LLC

2.88%,

10/15/26(a)(d)

1,137,420

1,115,046

Western

Union

Co.

(The)

1.35%,

3/15/26

229,500

226,249

3,726,613

Food

Products

(1.0%)

JDE

Peet's

1.38%,

1/15/27(a)

220,000

211,767

Smithfield

Foods,

Inc.

4.25%,

2/1/27(a)

2,278,000

2,263,328

2,475,095

Ground

Transportation

(0.2%)

Penske

Truck

Leasing

Co.

4.45%,

1/29/26(a)

515,000

514,907

Health

Care

Providers

Services

(1.3%)

Centene

Corp.

4.25%,

12/15/27

1,823,000

1,791,676

HCA,

Inc.

5.00%,

3/1/28(d)

491,000

500,137

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Ultra-Short

Income

ETF

126

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Face

Amount

Value

Corporate

Bonds

(55.3%)

(cont’d)

5.38%,

9/1/26

725,000

728,225

3,020,038

Hotels,

Restaurants

Leisure

(0.9%)

Las

Vegas

Sands

Corp.

3.50%,

8/18/26

2,102,000

2,085,851

Independent

Power

and

Renewable

Electricity

Producers

(0.4%)

AES

Corp.

(The)

1.38%,

1/15/26

918,000

909,622

Insurance

(2.2%)

American

National

Group,

Inc.

5.00%,

6/15/27

1,645,000

1,659,450

Athene

Global

Funding

4.86%,

8/27/26(a)

679,000

683,603

Fortitude

Global

Funding

4.63%,

10/6/28(a)

840,000

840,982

Global

Funding

Trust

1.63%,

1/15/26(a)

948,000

940,437

2.25%,

1/6/27(a)

390,000

380,521

SBL

Holdings,

Inc.

5.13%,

11/13/26(a)(d)

790,000

796,810

5,301,803

Services

(0.4%)

Kyndryl

Holdings,

Inc.

2.05%,

10/15/26

1,110,000

1,084,476

Media

(0.1%)

Videotron

Ltd.

5.13%,

4/15/27(a)

356,000

356,038

Multi-Utilities

(0.7%)

Algonquin

Power

Utilities

Corp.

5.37%,

6/15/26(c)

1,642,000

1,654,179

Office

REITs

(0.3%)

COPT

Defense

Properties

2.25%,

3/15/26(d)

830,000

821,660

Oil,

Gas

Consumable

Fuels

(1.1%)

Continental

Resources,

Inc.

2.27%,

11/15/26(a)

1,115,000

1,087,437

EQT

Corp.

6.50%,

7/1/27

869,000

889,856

7.50%,

6/1/27

750,000

764,605

2,741,898

Passenger

Airlines

(1.6%)

American

Airlines,

Inc.

5.50%,

4/20/26(a)

1,095,033

1,096,447

Delta

Air

Lines,

Inc.

4.75%,

10/20/28(a)(d)

120,428

121,155

Delta

Air

Lines,

Inc./SkyMiles

Ltd.

4.50%,

10/20/25(a)

1,216,565

1,215,100

United

Airlines,

Inc.

4.38%,

4/15/26(a)

1,368,000

1,367,075

3,799,777

Face

Amount

Value

Pharmaceuticals

(1.0%)

Utah

Acquisition

Sub,

Inc.

3.95%,

6/15/26

2,385,000

2,374,756

Professional

Services

(0.5%)

Concentrix

Corp.

6.65%,

8/2/26

1,173,000

1,190,681

Semiconductors

Semiconductor

Equipment

(0.5%)

Skyworks

Solutions,

Inc.

1.80%,

6/1/26(d)

1,148,000

1,129,223

Specialized

REITs

(0.6%)

EPR

Properties

4.75%,

12/15/26

1,410,000

1,413,781

Technology

Hardware,

Storage

Peripherals

(0.1%)

Dell

International

LLC

4.90%,

10/1/26

250,000

251,454

Trading

Companies

Distributors

(0.5%)

Aviation

Capital

Group

LLC

1.95%,

9/20/26(a)(d)

1,216,000

1,188,663

Wireless

Telecommunication

Services

(0.2%)

Sprint

LLC

7.63%,

3/1/26

480,000

481,084

T-Mobile

USA,

Inc.

2.63%,

4/15/26

83,000

82,337

563,421

132,388,429

Sovereign

(

)

Petroleos

Mexicanos

6.88%,

8/4/26(d)

546,000

553,563

U.S.

Government

and

Agency

Securities

(

)

U.S.

Treasury

Notes

1.88%,

6/30/26(d)

15,262,700

15,050,064

4.88%,

5/31/26

14,245,000

14,340,751

29,390,815

Total

Fixed

Income

Securities

(Cost

$233,366,964)

234,153,761

–

Investment

Company

(

)

Eaton

Vance

Floating-Rate

ETF

(See

Note

(Cost

$750,300)

15,000

745,050

Short-Term

Investments

(

)

Investment

Company

(

)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$374,248)

374,248

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Ultra-Short

Income

ETF

127

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(9.6%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$23,048,161)

23,048,161

Face

Amount

Commercial

Paper

(

)

Brookfield

Infrastructure

Holdings

Canada,

Inc.

4.94%,

10/7/25

2,160,000

2,158,152

Brookfield

Renewable

Partners

4.31%,

11/24/25

620,000

615,955

4.78%,

10/1/25

1,100,000

1,099,871

CVS

Health

Corp.

3.71%,

10/6/25(a)

1,225,000

1,224,064

Sustainable

Infrastructure

Capital,

Inc.

3.90%,

10/14/25

1,175,000

1,172,649

International

Flavors

Fragrances,

Inc.

4.35%,

11/14/25

1,160,000

1,153,780

Total

Commercial

Paper

(Cost

$7,424,955)

7,424,471

Total

Short-Term

Investments

(Cost

$30,847,364)

30,846,880

Total

Investments

(

111

)

(

Cost

264,964,628

)

including

25,767,067

Securities

Loaned

(e)

265,745,691

Liabilities

Excess

Other

Assets

(-11.0%)

(26,365,098)

Net

Assets

(100.0%)

$239,380,593

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

liquid.

(b)

Floating

variable

rate

securities:

The

rates

disclosed

are

September

30,

2025.

For

securities

based

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

the

description

the

Portfolio

Investments.

Certain

variable

rate

securities

may

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

are

based

current

market

conditions.

These

securities

not

indicate

reference

rate

and

spread

their

description

the

Portfolio

Investments.

(c)

Multi-step

—

Coupon

rate

changes

predetermined

increments

maturity.

Rate

disclosed

September

30,

2025.

Maturity

date

disclosed

the

ultimate

maturity

date.

(d)

All

portion

this

security

was

loan

September

30,

2025.

(e)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$265,023,194.

The

aggregate

gross

unrealized

appreciation

$804,121

and

the

aggregate

gross

unrealized

depreciation

$82,016,

resulting

net

unrealized

appreciation

$722,105.

CME

Chicago

Mercantile

Exchange

DAC

Designated

Activity

Company

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

Day

Average

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Eaton

Vance

Ultra-Short

Income

ETF

128

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

September

30,

2025:

Number

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation/

(Depreciation)

Short:

U.S.

Treasury

Year

Notes

Dec-25

(

2,800,000

)

(

2,917,578

)

(

2,104

)

U.S.

Treasury

Year

Notes

Dec-25

(

700,000

)

(

764,367

)

1,712

(

392

)

Portfolio

Composition*

Classification

Percentage

Total

Investments

Corporate

Bonds

Asset-Backed

Securities

Commercial

Mortgage-Backed

Securities

U.S.

Government

and

Agency

Securities

Other**

Total

Investments

100

***

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Industries

and/or

investment

types

representing

less

than

total

investments.

***

Does

not

include

open

futures

contracts

with

value

3,681,945

and

net

unrealized

depreciation

392

Annual

Report

—

September

30,

2025

Portfolio

Investments

Parametric

Equity

Plus

ETF

129

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Common

Stocks

(96.7%)

Aerospace

Defense

(

)

General

Electric

Co.

646

194,330

HEICO

Corp.

136

43,903

HEICO

Corp.,

Class

150

38,113

RTX

Corp.

902

150,932

427,278

Air

Freight

Logistics

(

)

Expeditors

International

Washington,

Inc.

314

38,493

Automobiles

(

)

Ford

Motor

Co.

(a)

6,484

77,549

Tesla,

Inc.

(b)(c)

1,096

487,413

564,962

Banks

(

)

Bank

America

Corp.

(c)

3,942

203,368

Citizens

Financial

Group,

Inc.

748

39,764

First

Citizens

BancShares,

Inc.,

Class

26,837

Huntington

Bancshares,

Inc.

2,922

50,463

JPMorgan

Chase

Co.

(c)

1,347

424,884

Wells

Fargo

Co.

1,955

163,868

909,184

Beverages

(

)

Coca-Cola

Co.

(The)

(c)

2,429

161,091

PepsiCo,

Inc.

864

121,340

282,431

Biotechnology

(

)

AbbVie,

Inc.

(c)

978

226,446

Alnylam

Pharmaceuticals,

Inc.

(b)

118

53,808

Natera,

Inc.

(b)

155

24,950

305,204

Broadline

Retail

(

)

Amazon.com,

Inc.

(b)(c)

4,119

904,409

Coupang,

Inc.

(b)

825

26,565

MercadoLibre,

Inc.

(b)

70,108

1,001,082

Building

Products

(

)

Carlisle

Cos.,

Inc.

102

33,554

Lennox

International,

Inc.

(a)

119

62,994

96,548

Capital

Markets

(

)

Ares

Management

Corp.,

Class

427

68,273

Bank

New

York

Mellon

Corp.

(The)

889

96,865

Blue

Owl

Capital,

Inc.,

Class

(a)

449

7,602

Charles

Schwab

Corp.

(The)

1,305

124,588

Interactive

Brokers

Group,

Inc.,

Class

852

58,626

LPL

Financial

Holdings,

Inc.

121

40,255

Morgan

Stanley

(See

Note

493

78,367

Nasdaq,

Inc.

816

72,175

Robinhood

Markets,

Inc.,

Class

(a)(b)

414

59,277

State

Street

Corp.

694

80,511

Rowe

Price

Group,

Inc.

(a)

626

64,253

Tradeweb

Markets,

Inc.,

Class

569

63,148

813,940

Chemicals

(

)

Dow,

Inc.

2,789

63,952

Value

Linde

plc

312

148,200

PPG

Industries,

Inc.

647

68,006

280,158

Commercial

Services

Supplies

(

)

Republic

Services,

Inc.,

Class

337

77,335

Communications

Equipment

(

)

Cisco

Systems,

Inc.

(c)

2,482

169,818

Ubiquiti,

Inc.

20,478

190,296

Construction

Materials

(

)

CRH

plc

663

79,494

Consumer

Staples

Distribution

Retail

(

)

Costco

Wholesale

Corp.

(c)

237

219,374

Walmart,

Inc.

(c)

2,064

212,716

432,090

Diversified

Telecommunication

Services

(

)

AT&T,

Inc.

4,965

140,212

Electric

Utilities

(

)

Alliant

Energy

Corp.

765

51,569

Edison

International

1,104

61,029

Entergy

Corp.

680

63,369

FirstEnergy

Corp.

1,357

62,178

PPL

Corp.

1,496

55,591

293,736

Electrical

Equipment

(

)

Eaton

Corp.

plc

333

124,625

Vernova,

Inc.

158

97,154

Hubbell,

Inc.,

Class

33,995

Rockwell

Automation,

Inc.

236

82,489

338,263

Electronic

Equipment,

Instruments

Components

(

)

Connectivity

plc

477

104,716

Entertainment

(

)

Netflix,

Inc.

(b)(c)

192

230,193

ROBLOX

Corp.,

Class

(b)

314

43,495

Spotify

Technology

(b)

58,632

TKO

Group

Holdings,

Inc.,

Class

128

25,851

Walt

Disney

Co.

(The)

1,242

142,209

Warner

Music

Group

Corp.,

Class

306

10,422

510,802

Financial

Services

(

)

Affirm

Holdings,

Inc.,

Class

(b)

6,650

Berkshire

Hathaway,

Inc.,

Class

(b)(c)

660

331,809

Mastercard,

Inc.,

Class

(c)

421

239,469

Rocket

Cos.,

Inc.,

Class

(a)

600

11,628

Toast,

Inc.,

Class

(b)

455

16,612

Visa,

Inc.,

Class

(a)(c)

868

296,318

902,486

Food

Products

(

)

Hershey

Co.

(The)

272

50,878

Ground

Transportation

(

)

CSX

Corp.

2,405

85,402

Uber

Technologies,

Inc.

(b)

1,401

137,256

222,658

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Parametric

Equity

Plus

ETF

130

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Health

Care

Equipment

Supplies

(

)

Abbott

Laboratories

(c)

1,137

152,290

Align

Technology,

Inc.

(b)

336

42,074

Baxter

International,

Inc.

1,444

32,880

Edwards

Lifesciences

Corp.

(b)

816

63,460

Intuitive

Surgical,

Inc.

(b)

276

123,435

414,139

Health

Care

Providers

Services

(

)

Cencora,

Inc.

263

82,195

CVS

Health

Corp.

1,287

97,027

HCA

Healthcare,

Inc.

170

72,454

Molina

Healthcare,

Inc.

(b)

326

62,383

UnitedHealth

Group,

Inc.

(c)

382

131,905

445,964

Health

Care

REITs

(

)

Alexandria

Real

Estate

Equities,

Inc.

417

34,753

Healthpeak

Properties,

Inc.

3,352

64,191

98,944

Health

Care

Technology

(

)

Veeva

Systems,

Inc.,

Class

(b)

170

50,645

Hotels,

Restaurants

Leisure

(

)

DraftKings,

Inc.,

Class

(b)

413

15,446

Flutter

Entertainment

plc

(b)

153

38,862

Hilton

Worldwide

Holdings,

Inc.

313

81,205

Marriott

International,

Inc.,

Class

301

78,392

McDonald's

Corp.

(c)

481

146,171

Yum!

Brands,

Inc.

423

64,296

424,372

Household

Products

(

)

Procter

Gamble

Co.

(The)

(c)

1,332

204,662

Industrial

Conglomerates

(

)

Co.

595

92,332

Insurance

(

)

Hartford

Insurance

Group,

Inc.

(The)

554

73,898

Loews

Corp.

459

46,079

Markel

Group,

Inc.

(b)

13,380

MetLife,

Inc.

947

78,004

Principal

Financial

Group,

Inc.

799

66,245

Ryan

Specialty

Holdings,

Inc.,

Class

(a)

825

46,497

Berkley

Corp.

782

59,917

Willis

Towers

Watson

plc

144

49,745

433,765

Interactive

Media

Services

(

)

Alphabet,

Inc.,

Class

(c)

2,392

581,495

Alphabet,

Inc.,

Class

(c)

2,147

522,902

Meta

Platforms,

Inc.,

Class

(c)

944

693,255

Pinterest,

Inc.,

Class

(b)

476

15,313

Reddit,

Inc.,

Class

(b)

21,619

Snap,

Inc.,

Class

(b)

571

4,402

1,838,986

Services

(

)

Accenture

plc,

Class

7,151

Amdocs

Ltd.

381

31,261

Cloudflare,

Inc.,

Class

(b)

204

43,776

CoreWeave,

Inc.,

Class

(b)

221

30,244

Value

Okta,

Inc.,

Class

(b)

7,795

Snowflake,

Inc.,

Class

(b)

204

46,012

166,239

Life

Sciences

Tools

Services

(

)

Illumina,

Inc.

(b)

690

65,529

Thermo

Fisher

Scientific,

Inc.

278

134,836

200,365

Machinery

(

)

Caterpillar,

Inc.

166

79,207

Otis

Worldwide

Corp.

779

71,224

Westinghouse

Air

Brake

Technologies

Corp.

357

71,568

221,999

Media

(

)

Fox

Corp.,

Class

640

40,359

Fox

Corp.,

Class

352

20,166

60,525

Metals

Mining

(

)

Reliance,

Inc.

102

28,645

Southern

Copper

Corp.

598

72,573

101,218

Multi-Utilities

(

)

Ameren

Corp.

(a)

591

61,689

CMS

Energy

Corp.

934

68,425

DTE

Energy

Co.

503

71,139

WEC

Energy

Group,

Inc.

648

74,254

275,507

Oil,

Gas

Consumable

Fuels

(

)

Cheniere

Energy,

Inc.

331

77,778

Chevron

Corp.

(c)

1,136

176,410

Devon

Energy

Corp.

1,801

63,143

Exxon

Mobil

Corp.

(c)

2,220

250,305

Occidental

Petroleum

Corp.

1,541

72,812

Venture

Global,

Inc.,

Class

2,863

40,626

681,074

Personal

Care

Products

(

)

Estee

Lauder

Cos.,

Inc.

(The),

Class

256

22,559

Pharmaceuticals

(

)

Eli

Lilly

Co.

(c)

425

324,275

Johnson

(c)

1,292

239,563

Merck

Co.,

Inc.

1,764

148,052

Royalty

Pharma

plc,

Class

340

11,995

723,885

Professional

Services

(

)

Booz

Allen

Hamilton

Holding

Corp.,

Class

641

64,068

Broadridge

Financial

Solutions,

Inc.

293

69,784

SS&C

Technologies

Holdings,

Inc.

750

66,570

TransUnion

608

50,938

251,360

Residential

REITs

(

)

AvalonBay

Communities,

Inc.

(a)

352

67,996

Equity

Residential

931

60,263

Invitation

Homes,

Inc.

2,181

63,969

Sun

Communities,

Inc.

255

32,895

225,123

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Parametric

Equity

Plus

ETF

131

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Retail

REITs

(

)

Realty

Income

Corp.

(a)

1,332

80,972

Semiconductors

Semiconductor

Equipment

(

)

Advanced

Micro

Devices,

Inc.

(b)

1,050

169,880

Broadcom,

Inc.

(c)

2,040

673,016

GLOBALFOUNDRIES,

Inc.

(b)

419

15,017

Lam

Research

Corp.

1,231

164,831

Micron

Technology,

Inc.

846

141,553

Monolithic

Power

Systems,

Inc.

66,286

NVIDIA

Corp.

(c)

9,206

1,717,655

Semiconductor

Corp.

(b)

948

46,746

QUALCOMM,

Inc.

626

104,141

Teradyne,

Inc.

286

39,365

3,138,490

Software

(

)

AppLovin

Corp.,

Class

(b)

114

81,914

Atlassian

Corp.,

Class

(b)

12,776

Bentley

Systems,

Inc.,

Class

(a)

595

30,631

Crowdstrike

Holdings,

Inc.,

Class

(b)

170

83,365

Fair

Isaac

Corp.

(b)

73,330

Microsoft

Corp.

(c)

3,096

1,603,573

Oracle

Corp.

469

131,902

Palantir

Technologies,

Inc.,

Class

(b)

875

159,617

Salesforce,

Inc.

(c)

616

145,992

Samsara,

Inc.,

Class

(b)

402

14,974

ServiceNow,

Inc.

(b)

144

132,520

Strategy,

Inc.,

Class

(b)

102

32,865

Synopsys,

Inc.

(b)

178

87,823

Zoom

Communications,

Inc.,

Class

(b)

300

24,750

Zscaler,

Inc.

(b)

139

41,653

2,657,685

Specialized

REITs

(

)

VICI

Properties,

Inc.,

Class

2,105

68,644

Specialty

Retail

(

)

Best

Buy

Co.,

Inc.

209

15,805

Carvana

Co.,

Class

(b)

10,185

Home

Depot,

Inc.

(The)

(c)

541

219,208

Ross

Stores,

Inc.

488

74,366

Ulta

Beauty,

Inc.

(a)(b)

46,474

Williams-Sonoma,

Inc.

(a)

256

50,035

416,073

Technology

Hardware,

Storage

Peripherals

(

)

Apple,

Inc.

(c)

6,009

1,530,072

Dell

Technologies,

Inc.,

Class

413

58,551

Pure

Storage,

Inc.,

Class

(b)

229

19,192

Seagate

Technology

Holdings

plc

500

118,030

Super

Micro

Computer,

Inc.

(b)

336

16,108

1,741,953

Textiles,

Apparel

Luxury

Goods

(

)

Deckers

Outdoor

Corp.

(b)

238

24,126

Tobacco

(

)

Philip

Morris

International,

Inc.

(c)

951

154,252

Trading

Companies

Distributors

(

)

Ferguson

Enterprises,

Inc.

210

47,162

Value

Watsco,

Inc.

160

64,688

111,850

Total

Common

Stocks

(Cost

$19,587,239)

23,389,954

Short-Term

Investments

(3.4%)

Investment

Company

(3.0%

)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$738,707)

738,707

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(0.4%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$94,732)

94,732

Total

Short-Term

Investments

(Cost

$833,439)

833,439

–

Total

Investments

Excluding

Purchased

Options

(

100

)

(Cost

20,420,678

)

24,223,393

Total

Purchased

Options

Outstanding

(0.7%)

(Cost

$197,387)

166,002

Total

Investments

(

100

)

(Cost

20,618,065

)

including

549,990

Securities

Loaned

(d)

(e)

24,389,395

Total

Written

Options

(-0.7%)

(Premiums

Received

(

202,032

)

(170,520)

Liabilities

Excess

Other

Assets

(

-0.1%

)

(21,248)

NET

ASSETS

(100.0%)

24,197,627

(a)

All

portion

this

security

was

loan

September

30,

2025.

(b)

Non-income

producing

security.

(c)

All

portion

the

security

pledged

collateral

for

Written

options.

(d)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$20,635,079.

The

aggregate

gross

unrealized

appreciation

$4,106,574

and

the

aggregate

gross

unrealized

depreciation

$320,746,

resulting

net

unrealized

appreciation

$3,785,828.

(e)

Securities

are

available

for

collateral

connection

with

open

Written

options.

REIT

Real

Estate

Investment

Trust

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Parametric

Equity

Plus

ETF

132

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Put

Options

Purchased:

The

Fund

had

the

following

put

options

purchased

open

September

30,

2025:

Description

Number

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Paid

Unrealized

Depreciation

S&P

500

Mini-SPX

Index

USD

440

10/17/25

2,928,728

132

4,550

(

4,418

)

S&P

500

Mini-SPX

Index

USD

380

10/17/25

399,372

2,924

(

2,906

)

S&P

500

Mini-SPX

Index

USD

455

11/21/25

2,795,604

1,155

4,721

(

3,566

)

S&P

500

Mini-SPX

Index

USD

420

11/21/25

998,430

263

4,132

(

3,869

)

S&P

500

Mini-SPX

Index

USD

465

12/19/25

3,394,662

3,978

4,836

(

858

)

S&P

500

Mini-SPX

Index

USD

420

12/19/25

931,868

651

4,570

(

3,919

)

S&P

500

Mini-SPX

Index

USD

440

1/16/26

1,064,992

1,632

4,374

(

2,742

)

S&P

500

Mini-SPX

Index

USD

460

2/20/26

1,064,992

2,944

4,646

(

1,702

)

S&P

500

Mini-SPX

Index

USD

460

3/20/26

1,264,678

4,503

4,765

(

262

)

Total

$15,276

$39,518

$(24,242)

Call

Options

Purchased:

The

Fund

had

the

following

call

options

purchased

open

September

30,

2025:

Description

Number

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Paid

Unrealized

Depreciation

SPDR

S&P

500

ETF

Trust

USD

670

12/19/25

5,595,912

150,726

157,869

(

7,143

)

Call

Options

Written:

The

Fund

had

the

following

call

options

written

open

September

30,

2025:

Description

Number

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

USD

6,720

10/01/25

3,993,714

(

744

)

(

5,392

)

4,648

S&P

500

Index

USD

6,780

10/03/25

3,993,714

(

522

)

(

9,711

)

9,189

S&P

500

Index

USD

6,725

10/03/25

3,993,714

(

4,800

)

(

5,692

)

892

S&P

500

Index

USD

6,735

10/06/25

3,993,714

(

5,892

)

(

4,792

)

(

1,100

)

S&P

500

Index

USD

6,760

10/08/25

3,993,714

(

6,726

)

(

8,991

)

2,265

S&P

500

Index

USD

6,770

10/13/25

3,993,714

(

9,870

)

(

7,972

)

(

1,898

)

Total

$(28,554)

$(42,550)

$13,996

Put

Options

Written:

The

Fund

had

the

following

put

options

written

open

September

30,

2025:

Description

Number

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation

SPDR

S&P

500

ETF

Trust

USD

670

12/19/25

5,595,912

(

141,966

)

(

159,482

)

17,516

USD

United

States

Dollar

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Parametric

Equity

Plus

ETF

133

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Sector

Classification

Portfolio

Classification

Percentage

Total

Investments

Information

Technology

Other**

Financials

Communication

Services

Consumer

Discretionary

Health

Care

Industrials

Total

Investments

100

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Sectors

representing

less

than

total

investments.

Annual

Report

—

September

30,

2025

Portfolio

Investments

Parametric

Equity

Premium

Income

ETF

134

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Common

Stocks

(99.2%)

Aerospace

Defense

(

)

General

Dynamics

Corp.

(a)

4,356

1,485,396

Huntington

Ingalls

Industries,

Inc.

(b)

5,073

1,460,567

L3Harris

Technologies,

Inc.

(a)

5,171

1,579,275

RTX

Corp.

8,914

1,491,580

6,016,818

Air

Freight

Logistics

(

)

Expeditors

International

Washington,

Inc.

(a)

11,245

1,378,525

United

Parcel

Service,

Inc.,

Class

12,795

1,068,766

2,447,291

Automobile

Components

(

)

Gentex

Corp.

46,170

1,306,611

Lear

Corp.

(a)

13,546

1,362,863

2,669,474

Banks

(

)

Cullen/Frost

Bankers,

Inc.

(b)

9,841

1,247,543

Prosperity

Bancshares,

Inc.

18,459

1,224,755

Regions

Financial

Corp.

(b)

52,929

1,395,738

3,868,036

Beverages

(

)

Brown-Forman

Corp.,

Class

41,627

1,127,259

Coca-Cola

Co.

(The)

17,359

1,151,249

Keurig

Pepper,

Inc.

38,473

981,446

Molson

Coors

Beverage

Co.,

Class

(a)

24,861

1,124,960

PepsiCo,

Inc.

(a)

9,422

1,323,226

5,708,140

Biotechnology

(

)

AbbVie,

Inc.

6,635

1,536,268

Gilead

Sciences,

Inc.

(a)

12,240

1,358,640

2,894,908

Building

Products

(

)

Smith

Corp.

17,979

1,319,838

Johnson

Controls

International

plc

(b)

12,489

1,373,166

2,693,004

Capital

Markets

(

)

CME

Group,

Inc.

4,374

1,181,811

Janus

Henderson

Group

plc

29,984

1,334,588

Rowe

Price

Group,

Inc.

12,200

1,252,208

3,768,607

Chemicals

(

)

Air

Products

and

Chemicals,

Inc.

4,511

1,230,240

Ashland,

Inc.

23,861

1,143,181

Corteva,

Inc.

18,297

1,237,426

Dow,

Inc.

44,576

1,022,128

DuPont

Nemours,

Inc.

17,178

1,338,166

Eastman

Chemical

Co.

16,478

1,038,938

FMC

Corp.

(b)

30,228

1,016,568

Huntsman

Corp.

107,126

961,991

Linde

plc

(a)

2,780

1,320,500

LyondellBasell

Industries

NV,

Class

20,500

1,005,320

Mosaic

Co.

(The)

37,945

1,315,933

PPG

Industries,

Inc.

11,213

1,178,598

13,808,989

Value

Communications

Equipment

(

)

Cisco

Systems,

Inc.

(a)

19,897

1,361,353

Consumer

Staples

Distribution

Retail

(

)

Costco

Wholesale

Corp.

1,263

1,169,071

Walmart,

Inc.

(a)

13,182

1,358,537

2,527,608

Containers

Packaging

(

)

Amcor

plc

134,679

1,101,674

AptarGroup,

Inc.

7,991

1,068,077

International

Paper

Co.

23,219

1,077,362

Packaging

Corp.

America

6,397

1,394,098

Sonoco

Products

Co.

(b)

27,985

1,205,874

5,847,085

Distributors

(

)

Genuine

Parts

Co.

(a)

10,455

1,449,063

LKQ

Corp.

(a)

40,936

1,250,185

2,699,248

Diversified

Telecommunication

Services

(

)

AT&T,

Inc.

(a)

45,815

1,293,816

Cogent

Communications

Holdings,

Inc.

(b)

26,648

1,021,951

Verizon

Communications,

Inc.

(a)

29,276

1,286,680

3,602,447

Electric

Utilities

(

)

Alliant

Energy

Corp.

(a)

19,446

1,310,855

American

Electric

Power

Co.,

Inc.

(a)

11,462

1,289,475

Duke

Energy

Corp.

9,984

1,235,520

Evergy,

Inc.

(a)

19,149

1,455,707

FirstEnergy

Corp.

30,094

1,378,907

IDACORP,

Inc.

(a)(b)

10,460

1,382,289

OGE

Energy

Corp.

(a)

28,750

1,330,263

Portland

General

Electric

Co.

(b)

31,088

1,367,872

PPL

Corp.

33,733

1,253,518

Southern

Co.

(The)

13,310

1,261,389

Xcel

Energy,

Inc.

(a)

16,990

1,370,243

14,636,038

Electrical

Equipment

(

)

Emerson

Electric

Co.

8,632

1,132,346

Electronic

Equipment,

Instruments

Components

(

)

Avnet,

Inc.

24,348

1,272,913

Badger

Meter,

Inc.

6,048

1,080,052

Corning,

Inc.

25,117

2,060,348

SYNNEX

Corp.

9,404

1,539,905

5,953,218

Energy

Equipment

Services

(

)

Baker

Hughes

Co.,

Class

33,639

1,638,892

Helmerich

Payne,

Inc.

66,958

1,479,102

Noble

Corp.

plc

48,008

1,357,667

4,475,661

Entertainment

(

)

Electronic

Arts,

Inc.

8,316

1,677,337

Financial

Services

(

)

Essent

Group

Ltd.

(a)

22,123

1,406,138

Jack

Henry

Associates,

Inc.

6,642

989,193

MGIC

Investment

Corp.

48,767

1,383,520

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Parametric

Equity

Premium

Income

ETF

135

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Financial

Services

(cont’d)

Western

Union

Co.

(The)

(a)(b)

152,737

1,220,368

4,999,219

Food

Products

(

)

Archer-Daniels-Midland

Co.

24,904

1,487,765

Bunge

Global

(b)

16,806

1,365,487

Cal-Maine

Foods,

Inc.

(b)

13,475

1,267,997

Conagra

Brands,

Inc.

67,144

1,229,407

Flowers

Foods,

Inc.

79,283

1,034,643

Hormel

Foods

Corp.

45,149

1,116,986

Ingredion,

Inc.

(b)

8,906

1,087,512

Kraft

Heinz

Co.

(The)

(b)

43,766

1,139,667

9,729,464

Gas

Utilities

(

)

Atmos

Energy

Corp.

(b)

8,289

1,415,347

National

Fuel

Gas

Co.

(a)

15,127

1,397,281

ONE

Gas,

Inc.

16,264

1,316,408

4,129,036

Health

Care

Equipment

Supplies

(

)

Abbott

Laboratories

(a)

9,982

1,336,989

Becton

Dickinson

Co.

7,054

1,320,297

Medtronic

plc

14,867

1,415,933

Stryker

Corp.

(a)

3,341

1,235,068

5,308,287

Health

Care

Providers

Services

(

)

Cardinal

Health,

Inc.

(a)

8,362

1,312,500

Cencora,

Inc.

(a)

4,499

1,406,073

Chemed

Corp.

(a)

2,764

1,237,553

Cigna

Group

(The)

3,949

1,138,299

Elevance

Health,

Inc.

(a)

4,085

1,319,945

Labcorp

Holdings,

Inc.

4,900

1,406,594

Premier,

Inc.,

Class

56,008

1,557,022

Quest

Diagnostics,

Inc.

(a)

7,499

1,429,159

UnitedHealth

Group,

Inc.

4,576

1,580,093

12,387,238

Hotels,

Restaurants

Leisure

(

)

Darden

Restaurants,

Inc.

(a)

6,416

1,221,350

Texas

Roadhouse,

Inc.,

Class

6,682

1,110,215

Vail

Resorts,

Inc.

8,509

1,272,691

Wendy's

Co.

(The)

(a)(b)

124,433

1,139,806

4,744,062

Household

Durables

(

)

Garmin

Ltd.

5,879

1,447,527

Lennar

Corp.,

Class

11,320

1,426,773

Whirlpool

Corp.

(b)

14,226

1,118,164

3,992,464

Household

Products

(

)

Church

Dwight

Co.,

Inc.

(a)

13,084

1,146,551

Kimberly-Clark

Corp.

(a)

9,782

1,216,294

Procter

Gamble

Co.

(The)

(a)

8,093

1,243,489

3,606,334

Insurance

(

)

Aflac,

Inc.

(a)

12,305

1,374,469

American

Financial

Group,

Inc.

10,089

1,470,169

Cincinnati

Financial

Corp.

(a)

8,134

1,285,985

Fidelity

National

Financial,

Inc.

(a)

22,085

1,335,922

Value

Hartford

Insurance

Group,

Inc.

(The)

9,726

1,297,351

Old

Republic

International

Corp.

(a)

35,011

1,486,917

Principal

Financial

Group,

Inc.

(a)

15,575

1,291,323

Prudential

Financial,

Inc.

11,976

1,242,390

Travelers

Cos.,

Inc.

(The)

(a)

4,617

1,289,159

Unum

Group

15,849

1,232,735

13,306,420

Services

(

)

Accenture

plc,

Class

4,474

1,103,288

Amdocs

Ltd.

14,511

1,190,628

Cognizant

Technology

Solutions

Corp.,

Class

16,447

1,103,100

International

Business

Machines

Corp.

4,866

1,372,991

4,770,007

Leisure

Products

(

)

Hasbro,

Inc.

(a)

18,249

1,384,187

Polaris,

Inc.

27,174

1,579,624

2,963,811

Life

Sciences

Tools

Services

(

)

Danaher

Corp.

6,493

1,287,302

Machinery

(

)

Cummins,

Inc.

3,480

1,469,847

Donaldson

Co.,

Inc.

18,299

1,497,773

Graco,

Inc.

(a)

14,732

1,251,631

Snap-on,

Inc.

3,883

1,345,576

5,564,827

Media

(

)

Comcast

Corp.,

Class

38,021

1,194,620

Fox

Corp.,

Class

(a)

23,916

1,508,143

Fox

Corp.,

Class

(a)

24,526

1,405,094

Interpublic

Group

Cos.,

Inc.

(The)

(a)

49,599

1,384,308

New

York

Times

Co.

(The),

Class

(a)

23,790

1,365,546

Omnicom

Group,

Inc.

(a)

16,985

1,384,787

8,242,498

Metals

Mining

(

)

Newmont

Corp.

21,862

1,843,185

Reliance,

Inc.

(a)

4,291

1,205,042

Royal

Gold,

Inc.

(a)

8,349

1,674,642

4,722,869

Multi-Utilities

(

)

Ameren

Corp.

(a)(b)

12,333

1,287,319

Consolidated

Edison,

Inc.

11,712

1,177,290

Dominion

Energy,

Inc.

(a)

22,272

1,362,378

Public

Service

Enterprise

Group,

Inc.

15,575

1,299,890

Sempra

16,450

1,480,171

WEC

Energy

Group,

Inc.

(b)

11,139

1,276,418

7,883,466

Oil,

Gas

Consumable

Fuels

(

)

Antero

Midstream

Corp.

(a)

69,897

1,358,798

Chevron

Corp.

8,873

1,377,888

Chord

Energy

Corp.

11,405

1,133,315

ConocoPhillips

13,290

1,257,101

Coterra

Energy,

Inc.

(a)(b)

53,608

1,267,829

CVR

Energy,

Inc.

(a)

48,467

1,768,076

Devon

Energy

Corp.

37,768

1,324,146

Midstream,

Inc.

(b)

12,188

1,377,975

EOG

Resources,

Inc.

(b)

11,043

1,238,141

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Parametric

Equity

Premium

Income

ETF

136

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Oil,

Gas

Consumable

Fuels

(cont’d)

Exxon

Mobil

Corp.

(a)

11,434

1,289,184

Sinclair

Corp.

30,946

1,619,714

International

Seaways,

Inc.

(a)(b)

32,600

1,502,208

Kinder

Morgan,

Inc.

(a)

46,716

1,322,530

ONEOK,

Inc.

14,910

1,087,983

Phillips

(a)

10,673

1,451,741

Valero

Energy

Corp.

8,967

1,526,721

Williams

Cos.,

Inc.

(The)

20,862

1,321,608

23,224,958

Pharmaceuticals

(

)

Johnson

7,952

1,474,460

Merck

Co.,

Inc.

16,171

1,357,232

Pfizer,

Inc.

55,141

1,404,993

Royalty

Pharma

plc,

Class

(a)

37,140

1,310,299

5,546,984

Professional

Services

(

)

Automatic

Data

Processing,

Inc.

3,914

1,148,759

ManpowerGroup,

Inc.

28,839

1,092,998

Paychex,

Inc.

7,912

1,002,925

Robert

Half,

Inc.

31,420

1,067,652

4,312,334

Semiconductors

Semiconductor

Equipment

(

)

Analog

Devices,

Inc.

5,587

1,372,726

Power

Integrations,

Inc.

22,271

895,517

QUALCOMM,

Inc.

8,469

1,408,903

Skyworks

Solutions,

Inc.

17,587

1,353,847

Texas

Instruments,

Inc.

7,129

1,309,811

6,340,804

Software

(

)

Dolby

Laboratories,

Inc.,

Class

16,282

1,178,328

InterDigital,

Inc.

(a)

5,796

2,000,953

Microsoft

Corp.

2,666

1,380,855

Roper

Technologies,

Inc.

2,251

1,122,551

5,682,687

Specialty

Retail

(

)

Best

Buy

Co.,

Inc.

17,350

1,312,007

Penske

Automotive

Group,

Inc.

(a)

7,795

1,355,628

TJX

Cos.,

Inc.

(The)

(a)

9,381

1,355,930

4,023,565

Technology

Hardware,

Storage

Peripherals

(

)

Hewlett

Packard

Enterprise

Co.

61,743

1,516,408

HP,

Inc.

45,082

1,227,583

2,743,991

Textiles,

Apparel

Luxury

Goods

(

)

Carter's,

Inc.

(b)

43,366

1,223,788

Columbia

Sportswear

Co.

20,545

1,074,503

Oxford

Industries,

Inc.

(b)

28,477

1,154,458

Steven

Madden

Ltd.

(b)

47,747

1,598,570

5,051,319

Tobacco

(

)

Altria

Group,

Inc.

(a)

20,184

1,333,355

Philip

Morris

International,

Inc.

(a)

7,518

1,219,420

2,552,775

Value

Trading

Companies

Distributors

(

)

Fastenal

Co.

28,170

1,381,456

MSC

Industrial

Direct

Co.,

Inc.,

Class

(b)

15,806

1,456,365

Watsco,

Inc.

2,566

1,037,434

3,875,255

Total

Common

Stocks

(Cost

$239,327,648)

248,779,584

Short-Term

Investments

(5.7%)

Investment

Company

(1.1%

)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$2,692,783)

2,692,783

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(4.6%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$11,604,481)

11,604,481

Total

Short-Term

Investments

(Cost

$14,297,264)

14,297,264

–

Total

Investments

(

104

)

(Cost

253,624,912

)

including

21,597,517

Securities

Loaned

(c)

(d)

263,076,848

Total

Written

Options

(-0.1%)

(Premiums

Received

(

493,464

)

(358,462)

Liabilities

Excess

Other

Assets

(

-4.8%

)

(12,071,319)

NET

ASSETS

(100.0%)

250,647,067

(a)

All

portion

the

security

pledged

collateral

for

Written

options.

(b)

All

portion

this

security

was

loan

September

30,

2025.

(c)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$253,899,671.

The

aggregate

gross

unrealized

appreciation

$24,462,016

and

the

aggregate

gross

unrealized

depreciation

$15,149,836,

resulting

net

unrealized

appreciation

$9,312,180.

(d)

Securities

are

available

for

collateral

connection

with

open

Written

options.

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Parametric

Equity

Premium

Income

ETF

137

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Call

Options

Written:

The

Fund

had

the

following

call

options

written

open

September

30,

2025:

Description

Number

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

SPDR

S&P

500

ETF

Trust

1259

USD

676

10/03/25

83,872,062

(

14,992

)

(

180,792

)

165,800

SPDR

S&P

500

ETF

Trust

1200

USD

675

10/08/25

79,941,600

(

98,035

)

(

144,720

)

46,685

SPDR

S&P

500

ETF

Trust

1306

USD

675

10/13/25

87,003,108

(

245,435

)

(

167,952

)

(

77,483

)

Total

$(358,462)

$(493,464)

$135,002

USD

United

States

Dollar

Sector

Classification

Portfolio

Classification

Percentage

Total

Investments

Energy

Health

Care

Information

Technology

Utilities

Consumer

Discretionary

Industrials

Financials

Materials

Consumer

Staples

Communication

Services

Other**

Total

Investments

100

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Sectors

representing

less

than

total

investments.

Annual

Report

—

September

30,

2025

Portfolio

Investments

Parametric

Hedged

Equity

ETF

138

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Common

Stocks

(103.2%)

Aerospace

Defense

(

)

Boeing

Co.

(The)

(a)

2,987

644,684

General

Electric

Co.

1,238

372,415

HEICO

Corp.

828

267,295

HEICO

Corp.,

Class

679

172,527

Howmet

Aerospace,

Inc.

3,168

621,657

Lockheed

Martin

Corp.

975

486,730

TransDigm

Group,

Inc.

214

282,056

2,847,364

Air

Freight

Logistics

(

)

Expeditors

International

Washington,

Inc.

1,932

236,844

Automobile

Components

(

)

Aptiv

plc

(a)

2,068

178,303

Automobiles

(

)

Ford

Motor

Co.

32,319

386,535

Tesla,

Inc.

(a)(b)

5,150

2,290,308

2,676,843

Banks

(

)

Bank

America

Corp.

(b)

19,268

994,036

Citizens

Financial

Group,

Inc.

4,771

253,626

First

Citizens

BancShares,

Inc.,

Class

85,880

Huntington

Bancshares,

Inc.

15,063

260,138

JPMorgan

Chase

Co.

(b)

6,622

2,088,777

Wells

Fargo

Co.

9,780

819,760

4,502,217

Beverages

(

)

Coca-Cola

Co.

(The)

(b)

12,619

836,892

PepsiCo,

Inc.

(b)

4,553

639,424

1,476,316

Biotechnology

(

)

AbbVie,

Inc.

(b)

5,174

1,197,988

Alnylam

Pharmaceuticals,

Inc.

(a)

556

253,536

Amgen,

Inc.

1,951

550,572

Natera,

Inc.

(a)

161

25,916

2,028,012

Broadline

Retail

(

)

Amazon.com,

Inc.

(a)

19,227

4,221,672

Coupang,

Inc.

(a)

2,062

66,397

MercadoLibre,

Inc.

(a)

127

296,791

4,584,860

Building

Products

(

)

Builders

FirstSource,

Inc.

(a)

923

111,913

Carlisle

Cos.,

Inc.

579

190,468

Lennox

International,

Inc.

(c)

416

220,214

522,595

Capital

Markets

(

)

Ares

Management

Corp.,

Class

1,180

188,670

Blue

Owl

Capital,

Inc.,

Class

(c)

1,442

24,413

Carlyle

Group,

Inc.

(The)

562

35,238

Charles

Schwab

Corp.

(The)

6,072

579,694

Coinbase

Global,

Inc.,

Class

(a)

871

293,954

Interactive

Brokers

Group,

Inc.,

Class

2,062

141,886

LPL

Financial

Holdings,

Inc.

149

49,571

Morgan

Stanley

(See

Note

2,479

394,062

Value

Nasdaq,

Inc.

3,592

317,712

Robinhood

Markets,

Inc.,

Class

(a)(c)

2,485

355,802

Tradeweb

Markets,

Inc.,

Class

832

92,335

2,473,337

Chemicals

(

)

Dow,

Inc.

12,985

297,746

Linde

plc

(b)

1,505

714,875

PPG

Industries,

Inc.

1,510

158,716

1,171,337

Commercial

Services

Supplies

(

)

Cintas

Corp.

1,988

408,057

Republic

Services,

Inc.,

Class

1,664

381,855

Waste

Management,

Inc.

2,011

444,089

1,234,001

Communications

Equipment

(

)

Cisco

Systems,

Inc.

(b)

13,876

949,396

Construction

Materials

(

)

CRH

plc

1,318

158,028

Consumer

Finance

(

)

American

Express

Co.

1,993

661,995

Synchrony

Financial

(c)

3,257

231,410

893,405

Consumer

Staples

Distribution

Retail

(

)

Costco

Wholesale

Corp.

(b)

1,155

1,069,103

Walmart,

Inc.

(b)

11,293

1,163,856

2,232,959

Containers

Packaging

(

)

Amcor

plc

20,572

168,279

Diversified

Telecommunication

Services

(

)

AT&T,

Inc.

(b)

26,709

754,262

Electric

Utilities

(

)

Alliant

Energy

Corp.

4,576

308,468

Entergy

Corp.

5,206

485,147

FirstEnergy

Corp.

5,240

240,097

PPL

Corp.

9,322

346,406

1,380,118

Electrical

Equipment

(

)

AMETEK,

Inc.

1,778

334,264

Hubbell,

Inc.,

Class

445

191,488

Vertiv

Holdings

Co.,

Class

271

40,883

566,635

Electronic

Equipment,

Instruments

Components

(

)

Corning,

Inc.

5,134

421,142

Connectivity

plc

2,336

512,822

933,964

Entertainment

(

)

Netflix,

Inc.

(a)(b)

945

1,132,979

ROBLOX

Corp.,

Class

(a)

2,133

295,463

Spotify

Technology

(a)

423

295,254

Walt

Disney

Co.

(The)

4,440

508,380

Warner

Bros

Discovery,

Inc.

(a)

16,681

325,780

Warner

Music

Group

Corp.,

Class

764

26,022

2,583,878

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Parametric

Hedged

Equity

ETF

139

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Financial

Services

(

)

Berkshire

Hathaway,

Inc.,

Class

(a)(b)

3,187

1,602,232

Block,

Inc.,

Class

(a)

4,088

295,440

Mastercard,

Inc.,

Class

2,127

1,209,859

Rocket

Cos.,

Inc.,

Class

(c)

5,863

113,625

Visa,

Inc.,

Class

(c)

4,143

1,414,337

4,635,493

Food

Products

(

)

Kellanova

3,865

317,007

Ground

Transportation

(

)

Hunt

Transport

Services,

Inc.

1,427

191,461

Union

Pacific

Corp.

2,240

529,469

720,930

Health

Care

Equipment

Supplies

(

)

Dexcom,

Inc.

(a)

3,890

261,758

Intuitive

Surgical,

Inc.

(a)

1,111

496,873

Medtronic

plc

5,877

559,726

ResMed,

Inc.

1,036

283,584

Zimmer

Biomet

Holdings,

Inc.

1,252

123,322

1,725,263

Health

Care

Providers

Services

(

)

Cencora,

Inc.

1,251

390,975

Centene

Corp.

(a)

11,267

402,006

Labcorp

Holdings,

Inc.

1,314

377,197

UnitedHealth

Group,

Inc.

839

289,707

1,459,885

Health

Care

REITs

(

)

Alexandria

Real

Estate

Equities,

Inc.

2,706

225,518

Healthpeak

Properties,

Inc.

12,991

248,778

474,296

Health

Care

Technology

(

)

Veeva

Systems,

Inc.,

Class

(a)

563

167,723

Hotels,

Restaurants

Leisure

(

)

Airbnb,

Inc.,

Class

(a)

2,703

328,198

Booking

Holdings,

Inc.

113

610,118

Darden

Restaurants,

Inc.

1,801

342,838

DraftKings,

Inc.,

Class

(a)

1,862

69,639

Las

Vegas

Sands

Corp.

1,996

107,365

Yum!

Brands,

Inc.

2,479

376,808

1,834,966

Household

Durables

(

)

PulteGroup,

Inc.

2,309

305,088

Household

Products

(

)

Kimberly-Clark

Corp.

2,339

290,831

Procter

Gamble

Co.

(The)

6,193

951,555

1,242,386

Industrial

Conglomerates

(

)

Co.

3,068

476,092

Insurance

(

)

Brown

Brown,

Inc.

2,831

265,519

Hartford

Insurance

Group,

Inc.

(The)

2,843

379,228

Loews

Corp.

2,836

284,706

Markel

Group,

Inc.

(a)

135

258,034

Principal

Financial

Group,

Inc.

2,279

188,952

Value

Prudential

Financial,

Inc.

3,117

323,358

Travelers

Cos.,

Inc.

(The)

1,511

421,901

Berkley

Corp.

3,502

268,323

2,390,021

Interactive

Media

Services

(

)

Alphabet,

Inc.,

Class

(b)

12,083

2,937,377

Alphabet,

Inc.,

Class

(b)

10,786

2,626,931

Meta

Platforms,

Inc.,

Class

4,747

3,486,102

Pinterest,

Inc.,

Class

(a)

1,037

33,360

9,083,770

Services

(

)

Amdocs

Ltd.

1,029

84,430

Cloudflare,

Inc.,

Class

(a)

755

162,015

International

Business

Machines

Corp.

2,702

762,396

MongoDB,

Inc.,

Class

(a)

1,379

428,014

Okta,

Inc.,

Class

(a)

484

44,383

Snowflake,

Inc.,

Class

(a)

471

106,234

1,587,472

Life

Sciences

Tools

Services

(

)

Illumina,

Inc.

(a)

1,488

141,315

Thermo

Fisher

Scientific,

Inc.

1,322

641,197

West

Pharmaceutical

Services,

Inc.

1,217

319,256

1,101,768

Machinery

(

)

Caterpillar,

Inc.

1,210

577,351

Deere

Co.

1,100

502,986

Dover

Corp.

1,479

246,742

Otis

Worldwide

Corp.

3,935

359,777

1,686,856

Metals

Mining

(

)

Newmont

Corp.

5,124

432,004

Southern

Copper

Corp.

410

49,758

Steel

Dynamics,

Inc.

770

107,361

589,123

Multi-Utilities

(

)

Ameren

Corp.

(c)

3,305

344,976

CenterPoint

Energy,

Inc.

(c)

9,040

350,752

CMS

Energy

Corp.

4,284

313,846

DTE

Energy

Co.

2,473

349,756

1,359,330

Oil,

Gas

Consumable

Fuels

(

)

Cheniere

Energy,

Inc.

1,029

241,794

Chevron

Corp.

(b)

5,570

864,965

Devon

Energy

Corp.

6,110

214,217

EOG

Resources,

Inc.

(c)

2,996

335,911

Exxon

Mobil

Corp.

11,620

1,310,155

Targa

Resources

Corp.

1,738

291,185

3,258,227

Passenger

Airlines

(

)

Delta

Air

Lines,

Inc.

3,257

184,835

Pharmaceuticals

(

)

Eli

Lilly

Co.

(b)

2,027

1,546,601

Johnson

(b)

6,825

1,265,492

Merck

Co.,

Inc.

8,343

700,228

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Parametric

Hedged

Equity

ETF

140

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Value

Pharmaceuticals

(cont’d)

Royalty

Pharma

plc,

Class

1,650

58,212

3,570,533

Professional

Services

(

)

Booz

Allen

Hamilton

Holding

Corp.,

Class

812

81,159

SS&C

Technologies

Holdings,

Inc.

2,829

251,102

TransUnion

515

43,147

375,408

Residential

REITs

(

)

AvalonBay

Communities,

Inc.

(c)

1,515

292,652

Equity

Residential

4,348

281,446

Essex

Property

Trust,

Inc.

629

168,358

Mid-America

Apartment

Communities,

Inc.

1,720

240,336

Sun

Communities,

Inc.

1,306

168,474

1,151,266

Semiconductors

Semiconductor

Equipment

(

)

Advanced

Micro

Devices,

Inc.

(a)

1,754

283,780

Broadcom,

Inc.

8,863

2,923,992

Entegris,

Inc.

722

66,756

First

Solar,

Inc.

(a)

446

98,356

KLA

Corp.

555

598,623

Marvell

Technology,

Inc.

714

60,026

Microchip

Technology,

Inc.

5,306

340,751

Monolithic

Power

Systems,

Inc.

535

492,542

NVIDIA

Corp.

(b)

46,113

8,603,764

QUALCOMM,

Inc.

3,463

576,105

Texas

Instruments,

Inc.

3,264

599,695

14,644,390

Software

(

)

Adobe,

Inc.

(a)

998

352,045

AppLovin

Corp.,

Class

(a)

370

265,860

Atlassian

Corp.,

Class

(a)

186

29,704

Bentley

Systems,

Inc.,

Class

(c)

895

46,075

Crowdstrike

Holdings,

Inc.,

Class

(a)

885

433,986

HubSpot,

Inc.

(a)

164

76,719

Microsoft

Corp.

(b)

15,275

7,911,686

Oracle

Corp.

(b)

3,767

1,059,431

Palantir

Technologies,

Inc.,

Class

(a)

5,444

993,095

Palo

Alto

Networks,

Inc.

(a)

2,716

553,032

Salesforce,

Inc.

1,709

405,033

ServiceNow,

Inc.

(a)

482

443,575

Strategy,

Inc.,

Class

(a)

607

195,581

Synopsys,

Inc.

(a)

875

431,716

Zoom

Communications,

Inc.,

Class

(a)

2,216

182,820

Zscaler,

Inc.

(a)

417

124,958

13,505,316

Specialized

REITs

(

)

Extra

Space

Storage,

Inc.

1,945

274,128

Specialty

Retail

(

)

Carvana

Co.,

Class

(a)

797

300,660

Home

Depot,

Inc.

(The)

2,754

1,115,893

Ross

Stores,

Inc.

2,288

348,669

Ulta

Beauty,

Inc.

(a)(c)

627

342,812

2,108,034

Technology

Hardware,

Storage

Peripherals

(

)

Apple,

Inc.

(b)

30,114

7,667,928

Value

Super

Micro

Computer,

Inc.

(a)(c)

5,062

242,672

7,910,600

Textiles,

Apparel

Luxury

Goods

(

)

Deckers

Outdoor

Corp.

(a)

1,842

186,724

Tobacco

(

)

Philip

Morris

International,

Inc.

2,982

483,681

Trading

Companies

Distributors

(

)

Ferguson

Enterprises,

Inc.

879

197,406

United

Rentals,

Inc.

514

490,695

688,101

Total

Common

Stocks

(Cost

$96,748,860)

114,051,665

Short-Term

Investments

(1.9%)

Investment

Company

(1.6%

)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$1,705,273)

1,705,273

Security

held

Collateral

Loaned

Securities

(

)

Investment

Company

(0.3%)

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio

Institutional

Class

4.04%

(See

Note

(Cost

$367,399)

367,399

Total

Short-Term

Investments

(Cost

$2,072,672)

2,072,672

–

Total

Investments

Excluding

Purchased

Options

(

105

)

(Cost

98,821,532

)

116,124,337

Total

Purchased

Options

Outstanding

(1.3%)

(Cost

$2,733,668)

1,447,980

Total

Investments

(

106

)

(Cost

101,555,200

)

including

3,518,392

Securities

Loaned

(d)

(e)

117,572,317

Total

Written

Options

(-5.2%)

(Premiums

Received

(

3,190,642

)

(5,707,739)

Liabilities

Excess

Other

Assets

(

-1.2%

)

(1,331,333)

NET

ASSETS

(100.0%)

110,533,245

(a)

Non-income

producing

security.

(b)

All

portion

the

security

pledged

collateral

for

Written

options.

(c)

All

portion

this

security

was

loan

September

30,

2025.

(d)

September

30,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

$97,773,186.

The

aggregate

gross

unrealized

appreciation

$19,863,460

and

the

aggregate

gross

unrealized

depreciation

$2,581,427,

resulting

net

unrealized

appreciation

$17,282,033.

(e)

Securities

are

available

for

collateral

connection

with

open

Written

options.

REIT

Real

Estate

Investment

Trust

Annual

Report

—

September

30,

2025

Portfolio

Investments

(cont’d)

Parametric

Hedged

Equity

ETF

141

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Put

Options

Purchased:

The

Fund

had

the

following

put

options

purchased

open

September

30,

2025:

Description

Number

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Paid

Unrealized

Depreciation

S&P

500

Index

USD

5,300

12/31/25

27,290,379

75,850

568,003

(

492,153

)

S&P

500

Index

USD

5,025

3/31/26

26,624,760

152,200

646,012

(

493,812

)

S&P

500

Index

USD

5,575

6/30/26

25,293,522

402,800

690,266

(

287,466

)

S&P

500

Index

USD

6,000

9/30/26

27,290,379

817,130

829,387

(

12,257

)

Total

$1,447,980

$2,733,668

$(1,285,688)

Call

Options

Written:

The

Fund

had

the

following

call

options

written

open

September

30,

2025:

Description

Number

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

USD

6,625

12/31/25

27,290,379

(

995,029

)

(

500,299

)

(

494,730

)

S&P

500

Index

USD

6,350

3/31/26

26,624,760

(

2,387,800

)

(

555,980

)

(

1,831,820

)

S&P

500

Index

USD

6,900

6/30/26

25,293,522

(

1,236,710

)

(

591,481

)

(

645,229

)

S&P

500

Index

USD

7,500

9/30/26

27,290,379

(

612,950

)

(

614,082

)

1,132

Total

$(5,232,489)

$(2,261,842)

$(2,970,647)

Put

Options

Written:

The

Fund

had

the

following

put

options

written

open

September

30,

2025:

Description

Number

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation

S&P

500

Index

USD

4,100

12/31/25

27,290,379

(

20,910

)

(

218,103

)

197,193

S&P

500

Index

USD

3,900

3/31/26

26,624,760

(

58,000

)

(

227,323

)

169,323

S&P

500

Index

USD

4,350

6/30/26

25,293,522

(

131,480

)

(

218,171

)

86,691

S&P

500

Index

USD

4,700

9/30/26

27,290,379

(

264,860

)

(

265,203

)

343

Total

$(475,250)

$(928,800)

$453,550

USD

United

States

Dollar

Sector

Classification

Portfolio

Classification

Percentage

Total

Investments

Information

Technology

Other**

Financials

Communication

Services

Consumer

Discretionary

Health

Care

Industrials

Total

Investments

100

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

Collateral

Loaned

Securities)

September

30,

2025.

Sectors

representing

less

than

total

investments.

Annual

Report

—

September

30,

2025

Statements

Assets

and

Liabilities

142

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Calvert

Ultra-Short

Investment

Grade

ETF

Calvert

Large-Cap

Core

Responsible

Index

ETF

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Assets:

Investments

Securities

Unaffiliated

Issuers,

Cost

187,748,233

184,652,385

472,044,562

18,303,555

Investments

Securities

Affiliated

Issuers,

Cost

1,477,981

19,138,883

6,071,571

98,943

Total

Investments

Securities,

Cost

189,226,214

203,791,268

478,116,133

18,402,498

Investments

Securities

Unaffiliated

Issuers,

Value

(1)

229,785,239

185,251,107

604,289,169

19,754,593

Investments

Securities

Affiliated

Issuers,

Value

1,477,981

19,138,883

6,071,571

98,943

Total

Investments

Securities,

Value

231,263,220

204,389,990

610,360,740

19,853,536

Foreign

Currency,

Value

(2)

360,962

—

602

—

Cash

19,492

—

Due

from

Custodian

—

930,208

—

Receivable

for

Investments

Sold

—

854,233

—

Interest

Receivable

—

1,340,486

—

Dividends

Receivable

728,359

14,807

315,064

10,224

Receivable

for

Variation

Margin

Futures

Contracts

—

42,352

—

Receivable

from

Securities

Lending

Income

2,833

238

1,319

Total

Assets

232,374,866

207,572,314

610,677,725

19,863,771

Liabilities:

Collateral

Securities

Loaned,

Value

1,359,824

11,887,462

4,729,896

55,905

Payable

for

Investments

Purchased

—

7,415,772

—

Payable

for

Management

Fee

35,923

37,127

77,155

2,451

Payable

for

Dividends

Shareholders

254

667,684

—

Payable

Bank

—

610

—

Other

Liabilities

208

—

Total

Liabilities

1,396,209

20,008,047

4,807,661

58,356

Net

Assets

230,978,657

187,564,267

605,870,064

19,805,415

Net

Assets

Consist

of:

Paid-in-Capital

193,099,672

187,104,864

476,003,432

18,886,439

Total

Distributable

Earnings

37,878,985

459,403

129,866,632

918,976

Net

Assets

230,978,657

187,564,267

605,870,064

19,805,415

Outstanding

$0.001

Par

Value

(unlimited

authorized)

3,400,000

3,700,000

7,402,000

250,000

Net

Asset

Value

Per

.93

.69

.85

.22

Including:

—

(1)

Securities

Loan,

Value:

9,798,608

13,723,104

16,581,661

126,670

(2)

Cost

Foreign

cash:

361,185

—

602

—

Annual

Report

—

September

30,

2025

Statements

Assets

and

Liabilities

(cont’d)

143

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Calvert

Mid-Cap

Core

Responsible

Index

ETF

Calvert

Select

Equity

ETF

Eaton

Vance

Floating-

Rate

ETF

Eaton

Vance

High

Income

Municipal

ETF

Assets:

Investments

Securities

Unaffiliated

Issuers,

Cost

70,160,358

12,625,280

1,420,823,962

39,616,951

Investments

Securities

Affiliated

Issuers,

Cost

2,831,513

21,912

127,721,423

—

Total

Investments

Securities,

Cost

72,991,871

12,647,192

1,548,545,385

39,616,951

Investments

Securities

Unaffiliated

Issuers,

Value

(1)

79,063,035

14,099,398

1,413,843,614

40,022,956

Investments

Securities

Affiliated

Issuers,

Value

2,831,513

21,912

127,721,423

—

Total

Investments

Securities,

Value

81,894,548

14,121,310

1,541,565,037

40,022,956

Foreign

Currency,

Value

(2)

383

—

Net

Unrealized

Appreciation

Unfunded

Commitments

—

6,578

—

Cash

—

11,627,312

—

Receivable

for

Investments

Sold

—

8,217,765

—

Interest

Receivable

—

8,175,350

602,552

Dividends

Receivable

82,401

8,476

433,521

—

Receivable

from

Securities

Lending

Income

398

140

233

—

Total

Assets

81,977,730

14,129,926

1,570,025,796

40,625,508

Liabilities:

Collateral

Securities

Loaned,

Value

2,639,576

12,875

1,838,618

—

Payable

for

Investments

Purchased

—

73,219,267

—

Payable

for

Management

Fee

10,379

3,542

756,386

13,718

Payable

for

Dividends

Shareholders

—

8,386,681

160,960

Payable

Bank

389

—

Other

Liabilities

—

5,529

—

Total

Liabilities

2,650,344

16,418

84,206,481

174,680

Net

Assets

79,327,386

14,113,508

1,485,819,315

40,450,828

Net

Assets

Consist

of:

Paid-in-Capital

71,362,762

13,768,805

1,503,039,884

40,237,823

Total

Distributable

Earnings

(Accumulated

Loss)

7,964,624

344,703

(

17,220,569

)

213,005

Net

Assets

79,327,386

14,113,508

1,485,819,315

40,450,828

Outstanding

$0.001

Par

Value

(unlimited

authorized)

1,250,000

190,000

29,900,000

820,001

Net

Asset

Value

Per

.46

.28

.69

.33

Including:

—

(1)

Securities

Loan,

Value:

5,466,501

12,113

1,859,549

—

(2)

Cost

Foreign

cash:

383

—

Annual

Report

—

September

30,

2025

Statements

Assets

and

Liabilities

(cont’d)

144

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Eaton

Vance

Intermediate

Municipal

Income

ETF

Eaton

Vance

Mortgage

Opportunities

ETF

Eaton

Vance

Short

Duration

Income

ETF

Assets:

Investments

Securities

Unaffiliated

Issuers,

Cost

19,829,340

109,564,601

750,539,975

633,730,738

Investments

Securities

Affiliated

Issuers,

Cost

3,070,454

—

24,732,810

64,624,361

Total

Investments

Securities,

Cost

22,899,794

109,564,601

775,272,785

698,355,099

Investments

Securities

Unaffiliated

Issuers,

Value

(1)

20,897,887

111,644,576

767,963,650

638,576,736

Investments

Securities

Affiliated

Issuers,

Value

3,070,454

—

24,731,689

64,566,681

Total

Investments

Securities,

Value

23,968,341

111,644,576

792,695,339

703,143,417

Foreign

Currency,

Value

(2)

—

2,461,054

Unrealized

appreciation

open

foreign

currency

forward

exchange

contracts

—

181,474

—

Due

from

Custodian

—

7,363,181

Receivable

for

Investments

Sold

52,167

—

15,199,285

24,078,534

Receivable

for

Fund

Units

Sold

—

5,042,004

—

Interest

Receivable

322,223

1,246,434

2,610,578

4,983,352

Dividends

Receivable

2,033

—

34,884

215,463

Receivable

for

Variation

Margin

Futures

Contracts

—

28,681

95,208

Receivable

from

Securities

Lending

Income

284

—

2,169

Affiliate

Fund

Waiver

—

5,071

Total

Assets

24,345,048

112,891,010

818,253,299

739,886,400

Liabilities:

Securities

Sold

Short,

Value

(proceeds $—,

$—,

$14,801,148

and

$15,123,614,

respectively)

—

14,809,497

15,103,396

Collateral

Securities

Loaned,

Value

2,374,314

—

23,903,038

Payable

for

Investments

Purchased

592,175

1,250,000

101,032,317

30,553,037

Payable

for

Management

Fee

8,905

9,529

262,295

123,807

Unrealized

Depreciation

Foreign

Currency

Forward

Exchange

Contracts

—

4,559

—

Payable

for

Dividends

Shareholders

117,012

349,252

2,497,577

2,366,434

Payable

Bank

157,798

1,228,946

Reorganization

Expenses

—

124,815

—

Other

Liabilities

—

Total

Liabilities

3,092,407

1,608,783

118,888,858

73,278,675

Net

Assets

21,252,641

111,282,227

699,364,441

666,607,725

Net

Assets

Consist

of:

Paid-in-Capital

20,000,000

109,308,088

693,327,310

676,884,981

Total

Distributable

Earnings

(Accumulated

Loss)

1,252,641

1,974,139

6,037,131

(

10,277,256

)

Net

Assets

21,252,641

111,282,227

699,364,441

666,607,725

Outstanding

$0.001

Par

Value

(unlimited

authorized)

400,000

2,125,000

13,884,429

12,978,924

Net

Asset

Value

Per

.13

.37

.36

Including:

—

(1)

Securities

Loan,

Value:

3,066,057

—

40,371,077

(2)

Cost

Foreign

cash:

—

2,444,657

—

4,559

—

The

Fund

acquired

all

the

assets

and

liabilities

the

Morgan

Stanley

Mortgage

Securities

Trust ("Predecessor

Fund")

reorganization

that

occurred

the

business

August

2025

("Reorganization").

The

Predecessor

Fund

ceased

operations

immediately

following

the

Reorganization.

result,

all

financial

information

prior

the

Reorganization,

reflects

the

Predecessor

Fund's

Class

shares.

See

Notes

Financial

Statements

for

further

Information

the

Reorganization.

Annual

Report

—

September

30,

2025

Statements

Assets

and

Liabilities

(cont’d)

145

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Muncipal

Income

ETF

Eaton

Vance

Total

Return

Bond

ETF

Eaton

Vance

Ultra-Short

Income

ETF

Parametric

Equity

Plus

ETF

Assets:

Investments

Securities

Unaffiliated

Issuers,

Cost

484,479,703

3,762,897,174

240,791,919

19,720,768

Investments

Securities

Affiliated

Issuers,

Cost

320,250

103,781,161

24,172,709

897,297

Total

Investments

Securities,

Cost

484,799,953

3,866,678,335

264,964,628

20,618,065

Investments

Securities

Unaffiliated

Issuers,

Value

(1)

488,821,049

3,789,733,215

241,578,232

23,477,589

Investments

Securities

Affiliated

Issuers,

Value

320,250

103,947,585

24,167,459

911,806

Total

Investments

Securities,

Value

489,141,299

3,893,680,800

265,745,691

24,389,395

Foreign

Currency,

Value

(2)

—

44,458

—

Unrealized

appreciation

open

foreign

currency

forward

exchange

contracts

—

430,377

—

Cash

—

656,769

—

Cash

Pledged

for

Written

Options

—

66,289

Due

from

Custodian

—

3,831,993

1,205,986

—

Receivable

for

Investments

Sold

—

260,754,117

1,104,026

—

Receivable

for

Fund

Units

Sold

—

32,939,220

—

Interest

Receivable

4,735,412

27,203,662

1,735,019

—

Dividends

Receivable

—

512,645

12,064

13,006

Receivable

for

Variation

Margin

Futures

Contracts

—

9,933,000

40,032

—

Receivable

from

Securities

Lending

Income

16,732

490

120

Affiliate

Fund

Waiver

—

2,963

394

—

Total

Assets

493,876,713

4,230,006,736

269,843,702

24,468,811

Liabilities:

Securities

Sold

Short,

Value

(proceeds $—,

$159,984,866,

$—

and

$—,

respectively)

—

159,871,730

—

Written

Options

Outstanding,

Value

(Premiums

Received

$—,

$—

and

$202,032,

respectively)

—

170,520

Due

Authorized

Participant

(Note

—

23,422,703

—

Collateral

Securities

Loaned,

Value

320,250

85,937,163

23,048,161

94,732

Collateral

TBA

Commitments

—

750,000

—

Payable

for

Investments

Purchased

11,253,790

699,638,301

6,502,966

—

Payable

for

Management

Fee

75,938

827,028

34,274

5,932

Unrealized

Depreciation

Foreign

Currency

Forward

Exchange

Contracts

—

114,347

—

Payable

for

Dividends

Shareholders

1,166,713

11,827,874

877,537

—

Payable

Bank

—

171

—

Other

Liabilities

—

Total

Liabilities

12,816,692

982,389,146

30,463,109

271,184

Net

Assets

481,060,021

3,247,617,590

239,380,593

24,197,627

Net

Assets

Consist

of:

Paid-in-Capital

476,891,652

3,343,707,179

238,428,298

21,450,591

Total

Distributable

Earnings

(Accumulated

Loss)

4,168,369

(

96,089,589

)

952,295

2,747,036

Net

Assets

481,060,021

3,247,617,590

239,380,593

24,197,627

Outstanding

$0.001

Par

Value

(unlimited

authorized)

9,552,962

63,119,193

4,700,000

850,001

Net

Asset

Value

Per

.36

.45

.93

.47

Including:

—

(1)

Securities

Loan,

Value:

309,436

101,734,670

25,767,067

549,990

(2)

Cost

Foreign

cash:

—

44,243

—

114,347

—

170,520

Annual

Report

—

September

30,

2025

Statements

Assets

and

Liabilities

(cont’d)

146

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Parametric

Hedged

Equity

ETF

Assets:

Investments

Securities

Unaffiliated

Issuers,

Cost

239,327,648

99,187,522

Investments

Securities

Affiliated

Issuers,

Cost

14,297,264

2,367,678

Total

Investments

Securities,

Cost

253,624,912

101,555,200

Investments

Securities

Unaffiliated

Issuers,

Value

(1)

248,779,584

115,105,583

Investments

Securities

Affiliated

Issuers,

Value

14,297,264

2,466,734

Total

Investments

Securities,

Value

263,076,848

117,572,317

Cash

Pledged

for

Written

Options

1,019,965

140,313

Receivable

for

Investments

Sold

—

879,285

Dividends

Receivable

306,794

54,221

Receivable

from

Securities

Lending

Income

1,622

883

Total

Assets

264,405,229

118,647,019

Liabilities:

Written

Options

Outstanding,

Value

(Premiums

Received

$493,464

and

$3,190,642,

respectively)

358,462

5,707,739

Collateral

Securities

Loaned,

Value

11,604,481

367,399

Payable

for

Investments

Purchased

—

2,012,089

Payable

for

Management

Fee

63,024

26,544

Payable

for

Dividends

Shareholders

1,732,195

—

Payable

Bank

—

Total

Liabilities

13,758,162

8,113,774

Net

Assets

250,647,067

110,533,245

Net

Assets

Consist

of:

Paid-in-Capital

252,149,985

106,223,466

Total

Distributable

Earnings

(Accumulated

Loss)

(

1,502,918

)

4,309,779

Net

Assets

250,647,067

110,533,245

Outstanding

$0.001

Par

Value

(unlimited

authorized)

9,650,000

3,450,000

Net

Asset

Value

Per

.97

.04

Including:

—

(1)

Securities

Loan,

Value:

21,597,517

3,518,392

358,462

5,707,739

Annual

Report

—

September

30,

2025

Statements

Operations

147

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Calvert

Ultra-Short

Investment

Grade

ETF

Calvert

Large-Cap

Core

Responsible

Index

ETF

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Investment

Income:

Dividends

from

Securities

Unaffiliated

Issuers

4,450,375

—

5,730,985

296,907

Dividends

from

Securities

Affiliated

Issuers

(Note

14,623

283,805

47,179

2,471

Income

from

Securities

Loaned

Affiliated

Issuers

Net

(Note

7,038

1,745

3,072

106

Interest

from

Securities

Unaffiliated

Issuers

—

8,784,008

—

Less:

Foreign

Taxes

Withheld

(

503,795

)

—

(

734

)

(

)

Income

from

Securities

Loaned

Net

14,325

907

11,614

582

Total

Investment

Income

3,982,566

9,070,465

5,792,116

300,061

Expenses:

Management

Fee

(Note

268,808

438,959

684,283

34,573

Total

Expenses

268,808

438,959

684,283

34,573

Rebate

from

Morgan

Stanley

Affiliates

(Note

(

518

)

(

9,715

)

(

1,607

)

(

)

Net

Expenses

268,290

429,244

682,676

34,491

Net

Investment

Income

3,714,276

8,641,221

5,109,440

265,570

Realized

Gain

(Loss):

Investments

Sold

(

2,319,293

)

112,651

352,198

312,928

In-kind

Redemptions

Investments

1,258,672

62,647

12,693,346

3,249,557

Foreign

Currency

Transactions

6,830

—

Futures

Contracts

—

26,789

—

Net

Realized

Gain

(Loss)

(

1,053,791

)

202,087

13,045,544

3,562,485

Change

Unrealized

Appreciation

(Depreciation):

Investments

24,715,431

195,274

52,519,497

(

296,391

)

Foreign

Currency

Translation

10,442

—

Futures

Contracts

—

2,747

—

Net

Change

Unrealized

Appreciation

(Depreciation)

24,725,873

198,021

52,519,497

(

296,391

)

Net

Realized

Gain

(Loss)

and

Change

Unrealized

Appreciation

(Depreciation)

23,672,082

400,108

65,565,041

3,266,094

Net

Increase

Net

Assets

Resulting

from

Operations

27,386,358

9,041,329

70,674,481

3,531,664

Annual

Report

—

September

30,

2025

Statements

Operations

(cont’d)

148

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Calvert

Mid-Cap

Core

Responsible

Index

ETF

Calvert

Select

Equity

ETF

Eaton

Vance

Floating-

Rate

ETF

Eaton

Vance

High

Income

Municipal

ETF

Investment

Income:

Dividends

from

Securities

Unaffiliated

Issuers

1,044,703

294,535

—

Dividends

from

Securities

Affiliated

Issuers

(Note

9,374

1,512

4,465,015

—

Income

from

Securities

Loaned

Affiliated

Issuers

Net

(Note

1,144

492

1,511

—

Interest

from

Securities

Unaffiliated

Issuers

—

98,115,152

1,006,855

Less:

Foreign

Taxes

Withheld

(

519

)

(

)

—

Income

from

Securities

Loaned

Net

2,910

538

740

—

Total

Investment

Income

1,057,612

297,029

102,582,418

1,006,855

Expenses:

Management

Fee

(Note

103,415

63,187

7,668,476

74,609

Total

Expenses

103,415

63,187

7,668,476

74,609

Rebate

from

Morgan

Stanley

Affiliates

(Note

(

315

)

(

)

(

147,597

)

—

Net

Expenses

103,100

63,136

7,520,879

74,609

Net

Investment

Income

954,512

233,893

95,061,539

932,246

Realized

Gain

(Loss):

Investments

Sold

1,135,987

(

594,549

)

(

7,727,586

)

(

190,805

)

In-kind

Redemptions

Investments

1,682,444

3,463,831

—

Foreign

Currency

Transactions

—

51,463

—

Net

Realized

Gain

(Loss)

2,818,431

2,869,282

(

7,676,123

)

(

190,805

)

Change

Unrealized

Appreciation

(Depreciation):

Investments

1,267,127

(

3,488,226

)

(

3,634,943

)

406,005

Unfunded

Commitments

—

9,074

—

Net

Change

Unrealized

Appreciation

(Depreciation)

1,267,127

(

3,488,226

)

(

3,625,869

)

406,005

Net

Realized

Gain

(Loss)

and

Change

Unrealized

Appreciation

(Depreciation)

4,085,558

(

618,944

)

(

11,301,992

)

215,200

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

5,040,070

(

385,051

)

83,759,547

1,147,446

For

the

period

from

February

25,

2025

(Commencement

Operations)

September

30,

2025.

Annual

Report

—

September

30,

2025

Statements

Operations

(cont’d)

149

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Eaton

Vance

Intermediate

Municipal

Income

ETF

Eaton

Vance

Mortgage

Opportunities

ETF

For

the

period

aaaaaaaaaaaaaaaa

from

aaaaaaaaaaaaaaaa

November

2024

aaaaaaaaaaaaaaaa

aaaaa

aaaaaaa

Year

ended

September

30,

2025

October

31,

2024

Investment

Income:

Interest

and

dividends

from

Securities

Affiliated

Issuers

(Note

29,178

—

436,951

808,428

Income

from

Securities

Loaned

Affiliated

Issuers

Net

(Note

2,316

—

Interest

from

Securities

Unaffiliated

Issuers

1,496,084

2,682,727

26,632,560

19,937,679

Less:

Foreign

Taxes

Withheld

—

(

12,473

)

—

Income

from

Securities

Loaned

Net

600

—

Total

Investment

Income

1,528,178

2,682,729

27,057,038

20,746,107

Expenses:

—

Management

Fee

(Note

101,469

198,988

478,173

—

Advisory

Fees

(Note

—

1,984,722

1,654,062

Sub

Transfer

Agency

Fees

(Note

—

455,560

—

Sub

Transfer

Agency

Fees

and

Expenses

(Class

(Note

—

42,208

Sub

Transfer

Agency

Fees

and

Expenses

(Class

(Note

—

189

Sub

Transfer

Agency

Fees

and

Expenses

(Class

(Note

—

267,294

Sub

Transfer

Agency

Fees

and

Expenses

(Class

(Note

—

2,014

Administration

Fees

(Note

—

337,825

281,542

Professional

Fees

—

342,537

246,085

Distribution

Fee

(Note

—

171,927

—

Distribution

Fee

(Class

(Note

—

131,668

Distribution

Fee

(Class

(Note

—

1,483

Distribution

Fee

(Class

(Note

—

30,941

Registration

Fees

—

179,172

107,767

Reorganization

Fees

—

545,734

—

Custodian

Fees

(Note

—

52,571

62,317

Transfer

Agency

Fees

(Note

—

48,503

—

Transfer

Agency

Fees

and

Expenses

(Class

(Note

—

20,160

Transfer

Agency

Fees

and

Expenses

(Class

(Note

—

2,840

Transfer

Agency

Fees

and

Expenses

(Class

(Note

—

15,871

Transfer

Agency

Fees

and

Expenses

(Class

(Note

—

2,925

Transfer

Agency

Fees

and

Expenses

(Class

R6)

(Note

—

3,616

Shareholder

Reporting

Fees

—

99,381

—

Shareholder

Reports

and

Notices

—

54,189

Trustees'

Fees

and

Expenses

—

12,790

7,971

Other

Expenses

—

96,932

104,271

Total

Expenses

101,469

198,988

4,805,827

3,039,413

Waiver

Advisory

and

Other

Fees

(Note

—

(

130,371

)

(

1,156,169

)

—

Less:

Waiver

Advisory

Fees

(Note

—

(

230,032

)

Less:

Reimbursement

Transfer

Agency

and

Sub

Transfer

Agency

Fees

(Note

—

(

175,265

)

Less:

Reimbursement

Class

Specific

Expenses

(Class

(Note

—

(

9,686

)

Less:

Reimbursement

Class

Specific

Expenses

(Class

(Note

—

(

2,585

)

Less:

Reimbursement

Class

Specific

Expenses

(Class

(Note

—

(

135,250

)

Less:

Reimbursement

Class

Specific

Expenses

(Class

(Note

—

(

298

)

Less:

Reimbursement

Class

Specific

Expenses

(Class

R6)

(Note

—

(

3,616

)

Less:

Rebate

from

Morgan

Stanley

Affiliated

Cash

Sweep

(Note

—

(

23,131

)

Reimbursement

Class

Specific

Expenses

(Note

—

(

22,503

)

—

Rebate

from

Morgan

Stanley

Affiliates

(Note

(

956

)

—

(

14,043

)

—

Net

Expenses

100,513

68,617

3,613,112

2,459,550

Net

Investment

Income

1,427,665

2,614,112

23,443,926

18,286,557

Annual

Report

—

September

30,

2025

Statements

Operations

(cont’d)

150

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Eaton

Vance

Intermediate

Municipal

Income

ETF

Eaton

Vance

Mortgage

Opportunities

ETF

For

the

period

aaaaaaaaaaaaaaaa

from

aaaaaaaaaaaaaaaa

November

2024

aaaaaaaaaaaaaaaa

aaaaa

aaaaaaa

Year

ended

September

30,

2025

October

31,

2024

Realized

Gain

(Loss):

Investments

Sold

230,942

(

187,473

)

3,459,468

5,809,939

Investments

Affiliates

—

(

)

TBA

Sales

Commitments

—

3,194,059

—

Foreign

Currency

Forward

Exchange

Contracts

—

(

1,817,057

)

607,056

Foreign

Currency

Transactions

—

66,328

73,068

Futures

Contracts

—

(

245,322

)

2,539,705

Net

Realized

Gain

(Loss)

230,942

(

187,473

)

4,657,476

9,029,707

Change

Unrealized

Appreciation

(Depreciation):

—

Investments

(

338,991

)

1,015,671

15,266,596

14,395,784

Investments

Affiliates

—

394

2,254

TBA

Sales

Commitments

—

(

8,349

)

—

Foreign

Currency

Forward

Exchange

Contracts

—

114,827

(

855,424

)

Foreign

Currency

Translation

—

43,746

(

12,194

)

Futures

Contracts

—

3,104,907

(

772,954

)

Net

Change

Unrealized

Appreciation

(Depreciation)

(

338,991

)

1,015,671

18,522,121

12,757,466

Net

Realized

Gain

(Loss)

and

Change

Unrealized

Appreciation

(Depreciation)

(

108,049

)

828,198

23,179,597

21,787,173

Net

Increase

Net

Assets

Resulting

from

Operations

1,319,616

3,442,310

46,623,523

40,073,730

The

Fund

acquired

all

the

assets

and

liabilities

the

Morgan

Stanley

Mortgage

Securities

Trust

("Predecessor

Fund")

reorganization

that

occurred

the

business

August

2025

("Reorganization").

The

Predecessor

Fund

ceased

operations

immediately

following

the

Reorganization.

result,

all

financial

information

prior

the

Reorganization,

reflects

the

Predecessor

Fund's

Class

shares.

See

Notes

Financial

Statements

for

further

Information

the

Reorganization.

Annual

Report

—

September

30,

2025

Statements

Operations

(cont’d)

151

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Eaton

Vance

Total

Return

Bond

ETF

Eaton

Vance

Ultra-Short

Income

ETF

Investment

Income:

Dividends

from

Securities

Unaffiliated

Issuers

16,294

—

Dividends

from

Securities

Affiliated

Issuers

(Note

1,307,953

—

9,561,117

236,831

Income

from

Securities

Loaned

Affiliated

Issuers

Net

(Note

25,697

123,739

2,517

Interest

from

Securities

Unaffiliated

Issuers

15,947,728

9,847,646

77,352,937

7,158,335

Income

from

Securities

Loaned

Net

15,280

59,313

1,630

Total

Investment

Income

17,312,952

9,847,653

87,097,106

7,399,313

Expenses:

Management

Fee

(Note

806,145

536,100

5,428,308

258,405

Total

Expenses

806,145

536,100

5,428,308

258,405

Rebate

from

Morgan

Stanley

Affiliates

(Note

(

58,704

)

—

(

361,931

)

(

8,913

)

Net

Expenses

747,441

536,100

5,066,377

249,492

Net

Investment

Income

16,565,511

9,311,553

82,030,729

7,149,821

Realized

Gain

(Loss):

Investments

Sold

1,116,959

70,713

(

9,140,825

)

103,984

Investments

Affiliates

(

180,762

)

—

(

820,266

)

(

8,840

)

In-kind

Redemptions

Investments

—

334,466

5,704

TBA

Sales

Commitments

450,530

—

12,982,758

—

Foreign

Currency

Forward

Exchange

Contracts

—

1,005,762

—

Foreign

Currency

Transactions

—

(

95,900

)

—

Futures

Contracts

326,320

—

(

3,805,256

)

18,941

Swap

Agreements

(

1,119

)

—

Net

Realized

Gain

1,711,928

70,713

460,739

119,789

Change

Unrealized

Appreciation

(Depreciation):

Investments

3,465,569

2,325,829

30,051,751

533,878

Investments

Affiliates

(

22,148

)

—

221,408

(

5,250

)

TBA

Sales

Commitments

20,218

—

70,521

—

Foreign

Currency

Forward

Exchange

Contracts

—

316,030

—

Foreign

Currency

Translation

—

561

(

247

)

—

Futures

Contracts

(

258,094

)

—

2,026,078

1,492

Net

Change

Unrealized

Appreciation

(Depreciation)

3,205,545

2,326,390

32,685,541

530,120

Net

Realized

Gain

and

Change

Unrealized

Appreciation

(Depreciation)

4,917,473

2,397,103

33,146,280

649,909

Net

Increase

Net

Assets

Resulting

from

Operations

21,482,984

11,708,656

115,177,009

7,799,730

Annual

Report

—

September

30,

2025

Statements

Operations

(cont’d)

152

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Parametric

Equity

Plus

ETF

Parametric

Equity

Premium

Income

ETF

Parametric

Hedged

Equity

ETF

Investment

Income:

Dividends

from

Securities

Unaffiliated

Issuers

238,873

5,411,879

1,077,465

Dividends

from

Securities

Affiliated

Issuers

(Note

30,306

101,021

75,689

Income

from

Securities

Loaned

Affiliated

Issuers

Net

(Note

188

4,941

1,932

Income

from

Securities

Loaned

Net

288

6,479

1,795

Total

Investment

Income

269,655

5,524,320

1,156,881

Expenses:

Management

Fee

(Note

56,261

488,055

246,293

Total

Expenses

56,261

488,055

246,293

Rebate

from

Morgan

Stanley

Affiliates

(Note

(

974

)

(

3,377

)

(

2,305

)

Net

Expenses

55,287

484,678

243,988

Net

Investment

Income

214,368

5,039,642

912,893

Realized

Gain

(Loss):

Investments

Sold

(

1,056,856

)

(

4,266,759

)

(

4,998,477

)

Investments

Affiliates

—

321

In-kind

Redemptions

Investments

27,992

4,805,992

4,737,869

In-Kind

Redemptions

Investments

Affiliates

(

328

)

—

21,096

Written

Options

Contracts

(

5,692

)

(

1,973,164

)

(

299,688

)

Net

Realized

Loss

(

1,034,884

)

(

1,433,931

)

(

538,879

)

Change

Unrealized

Appreciation

(Depreciation):

Investments

3,756,821

5,204,837

13,062,000

Investments

Affiliates

14,509

—

90,599

Written

Options

Contracts

31,512

146,860

(

1,939,641

)

Net

Change

Unrealized

Appreciation

(Depreciation)

3,802,842

5,351,697

11,212,958

Net

Realized

Loss

and

Change

Unrealized

Appreciation

(Depreciation)

2,767,958

3,917,766

10,674,079

Net

Increase

Net

Assets

Resulting

from

Operations

2,982,326

8,957,408

11,586,972

For

the

period

from

November

2024

(Commencement

Operations)

September

30,

2025.

Annual

Report

—

September

30,

2025

Statements

Changes

Net

Assets

153

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Calvert

Ultra-Short

Investment

Grade

ETF

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Increase

(Decrease)

Net

Assets:

Operations:

Net

Investment

Income

3,714,276

‌

2,224,567

‌

8,641,221

‌

3,211,047

‌

Net

Realized

Gain

(Loss)

(

1,053,791

)

(

1,178,370

)

202,087

‌

152,635

‌

Net

Change

Unrealized

Appreciation

(Depreciation)

24,725,873

‌

19,512,368

‌

198,021

‌

397,811

‌

Net

Increase

Net

Assets

Resulting

from

Operations

27,386,358

‌

20,558,565

‌

9,041,329

‌

3,761,493

‌

Dividends

and

Distributions

Shareholders:

Dividends

and

Distributions

(

4,141,388

)

(

2,208,567

)

(

9,135,431

)

(

3,140,530

)

Total

Dividends

and

Distributions

Shareholders

(

4,141,388

)

(

2,208,567

)

(

9,135,431

)

(

3,140,530

)

Capital

Transactions:

(1)

Subscribed

–

‌

–

‌

139,622,622

‌

51,853,688

‌

Subscribed

In-Kind

93,741,530

‌

43,344,328

‌

3,799,265

‌

–

‌

Redeemed

–

‌

–

‌

(

24,073,433

)

–

‌

Redeemed

In-Kind

(

5,792,396

)

–

‌

(

30,440,095

)

–

‌

Net

Increase

Net

Assets

Resulting

from

Capital

Transactions

87,949,134

‌

43,344,328

‌

88,908,359

‌

51,853,688

‌

Total

Increase

Net

Assets

111,194,104

‌

61,694,326

‌

88,814,257

‌

52,474,651

‌

Net

Assets:

Beginning

Period

119,784,553

‌

58,090,227

‌

98,750,010

‌

46,275,359

‌

End

Period

230,978,657

‌

119,784,553

‌

187,564,267

‌

98,750,010

‌

Capital

Transactions:

Beginning

Period

2,000,000

‌

1,200,000

‌

1,950,000

‌

925,000

‌

Subscribed

–

‌

–

‌

2,750,000

‌

1,025,000

‌

Subscribed

In-Kind

1,500,000

‌

800,000

‌

75,000

‌

–

‌

Redeemed

–

‌

–

‌

(

475,000

)

–

‌

Redeemed

In-Kind

(

100,000

)

–

‌

(

600,000

)

–

‌

Outstanding,

End

Period

Net

Increase

3,400,000

‌

2,000,000

‌

3,700,000

‌

1,950,000

‌

(1)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Annual

Report

—

September

30,

2025

Statements

Changes

Net

Assets

(cont’d)

154

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Calvert

Large-Cap

Core

Responsible

Index

ETF

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Increase

(Decrease)

Net

Assets:

Operations:

Net

Investment

Income

5,109,440

‌

3,445,361

‌

265,570

‌

438,833

‌

Net

Realized

Gain

13,045,544

‌

12,025,249

‌

3,562,485

‌

7,445,034

‌

Net

Change

Unrealized

Appreciation

(Depreciation)

52,519,497

‌

71,324,083

‌

(

296,391

)

871,457

‌

Net

Increase

Net

Assets

Resulting

from

Operations

70,674,481

‌

86,794,693

‌

3,531,664

‌

8,755,324

‌

Dividends

and

Distributions

Shareholders:

Dividends

and

Distributions

(

5,075,428

)

(

3,466,142

)

(

269,737

)

(

449,376

)

Total

Dividends

and

Distributions

Shareholders

(

5,075,428

)

(

3,466,142

)

(

269,737

)

(

449,376

)

Capital

Transactions:

(1)

Subscribed

In-Kind

207,064,961

‌

107,681,207

‌

7,193,822

‌

29,384,260

‌

Redeemed

In-Kind

(

35,896,938

)

(

39,782,792

)

(

22,303,958

)

(

30,412,206

)

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Capital

Transactions

171,168,023

‌

67,898,415

‌

(

15,110,136

)

(

1,027,946

)

Total

Increase

(Decrease)

Net

Assets

236,767,076

‌

151,226,966

‌

(

11,848,209

)

7,278,002

‌

Net

Assets:

Beginning

Period

369,102,988

‌

217,876,022

‌

31,653,624

‌

24,375,622

‌

End

Period

605,870,064

‌

369,102,988

‌

19,805,415

‌

31,653,624

‌

Capital

Transactions:

Beginning

Period

5,152,000

‌

4,102,000

‌

450,000

‌

450,000

‌

Subscribed

In-Kind

2,750,000

‌

1,650,000

‌

100,000

‌

450,000

‌

Redeemed

In-Kind

(

500,000

)

(

600,000

)

(

300,000

)

(

450,000

)

Outstanding,

End

Period

Net

Increase

7,402,000

‌

5,152,000

‌

250,000

‌

450,000

‌

(1)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Annual

Report

—

September

30,

2025

Statements

Changes

Net

Assets

(cont’d)

155

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Calvert

Mid-Cap

Core

Responsible

Index

ETF

Calvert

Select

Equity

ETF

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Increase

(Decrease)

Net

Assets:

Operations:

Net

Investment

Income

954,512

‌

593,427

‌

233,893

‌

335,826

‌

Net

Realized

Gain

2,818,431

‌

1,353,771

‌

2,869,282

‌

3,576,516

‌

Net

Change

Unrealized

Appreciation

(Depreciation)

1,267,127

‌

8,681,011

‌

(

3,488,226

)

4,567,289

‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Operations

5,040,070

‌

10,628,209

‌

(

385,051

)

8,479,631

‌

Dividends

and

Distributions

Shareholders:

Dividends

and

Distributions

(

1,011,915

)

(

588,367

)

(

245,755

)

(

341,318

)

Total

Dividends

and

Distributions

Shareholders

(

1,011,915

)

(

588,367

)

(

245,755

)

(

341,318

)

Capital

Transactions:

(1)

Subscribed

In-Kind

15,121,688

‌

40,643,915

‌

4,187,052

‌

12,853,585

‌

Redeemed

In-Kind

(

5,973,670

)

(

8,328,958

)

(

18,840,724

)

(

13,543,749

)

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Capital

Transactions

9,148,018

‌

32,314,957

‌

(

14,653,672

)

(

690,164

)

Total

Increase

(Decrease)

Net

Assets

13,176,173

‌

42,354,799

‌

(

15,284,478

)

7,448,149

‌

Net

Assets:

Beginning

Period

66,151,213

‌

23,796,414

‌

29,397,986

‌

21,949,837

‌

End

Period

79,327,386

‌

66,151,213

‌

14,113,508

‌

29,397,986

‌

Capital

Transactions:

Beginning

Period

1,100,000

‌

500,000

‌

430,000

‌

430,000

‌

Subscribed

In-Kind

250,000

‌

750,000

‌

60,000

‌

210,000

‌

Redeemed

In-Kind

(

100,000

)

(

150,000

)

(

300,000

)

(

210,000

)

Outstanding,

End

Period

Net

Increase

1,250,000

‌

1,100,000

‌

190,000

‌

430,000

‌

(1)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Annual

Report

—

September

30,

2025

Statements

Changes

Net

Assets

(cont’d)

156

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Eaton

Vance

High

Income

Municipal

ETF

Year

Ended

September

30,

2025

For

the

Period

from

February

2024

September

30,

2024

For

the

Period

from

February

25,

2025

September

30,

2025

Increase

(Decrease)

Net

Assets:

Operations:

Net

Investment

Income

95,061,539

‌

34,140,408

‌

932,246

‌

Net

Realized

Loss

(

7,676,123

)

(

208,351

)

(

190,805

)

Net

Change

Unrealized

Appreciation

(Depreciation)

(

3,625,869

)

(

3,347,901

)

406,005

‌

Net

Increase

Net

Assets

Resulting

from

Operations

83,759,547

‌

30,584,156

‌

1,147,446

‌

Dividends

and

Distributions

Shareholders:

Dividends

and

Distributions

(

97,039,720

)

(

34,524,552

)

(

934,441

)

Paid-in-Capital

–

‌

(

3,156,395

)

–

‌

Total

Dividends

and

Distributions

Shareholders

(

97,039,720

)

(

37,680,947

)

(

934,441

)

Capital

Transactions:

(1)

Subscribed

497,409,432

‌

349,292,362

(2)

45,067,695

‌

Subscribed

In-Kind

27,999,868

‌

705,219,380

‌

—

‌

Redeemed

(

64,805,893

)

–

‌

(

4,829,872

)

Redeemed

In-Kind

(

8,918,870

)

–

‌

–

‌

Net

Increase

Net

Assets

Resulting

from

Capital

Transactions

451,684,537

‌

1,054,511,742

‌

40,237,823

‌

Total

Increase

Net

Assets

438,404,364

‌

1,047,414,951

‌

40,450,828

‌

Net

Assets:

Beginning

Period

1,047,414,951

‌

–

‌

–

‌

End

Period

1,485,819,315

‌

1,047,414,951

‌

40,450,828

‌

Capital

Transactions:

Beginning

Period

20,920,000

‌

–

‌

–

‌

Subscribed

9,920,000

‌

6,920,000

(2)

920,001

‌

Subscribed

In-Kind

560,000

‌

14,000,000

‌

–

‌

Redeemed

(

1,320,000

)

–

‌

(

100,000

)

Redeemed

In-Kind

(

180,000

)

–

‌

–

‌

Outstanding,

End

Period

Net

Increase

29,900,000

‌

20,920,000

‌

820,001

‌

Commencement

Operations

(1)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

(2)

Total

consists

subscriptions

for

seed

capital

the

Adviser

and

other

parties

the

Fund.

Annual

Report

—

September

30,

2025

Statements

Changes

Net

Assets

(cont’d)

157

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Eaton

Vance

Intermediate

Municipal

Income

ETF

Year

Ended

September

30,

2025

For

the

Period

from

October

16,

2023

September

30,

2024

Year

Ended

September

30,

2025

For

the

Period

from

October

16,

2023

September

30,

2024

Increase

(Decrease)

Net

Assets:

Operations:

Net

Investment

Income

1,427,665

‌

1,389,229

‌

2,614,112

‌

795,956

‌

Net

Realized

Gain

(Loss)

230,942

‌

123,396

‌

(

187,473

)

94,583

‌

Net

Change

Unrealized

Appreciation

(Depreciation)

(

338,991

)

1,407,538

‌

1,015,671

‌

1,064,304

‌

Net

Increase

Net

Assets

Resulting

from

Operations

1,319,616

‌

2,920,163

‌

3,442,310

‌

1,954,843

‌

Dividends

and

Distributions

Shareholders:

Dividends

and

Distributions

(

1,597,833

)

(

1,389,305

)

(

2,629,788

)

(

793,226

)

Total

Dividends

and

Distributions

Shareholders

(

1,597,833

)

(

1,389,305

)

(

2,629,788

)

(

793,226

)

Capital

Transactions:

(1)

Subscribed

–

‌

20,000,000

‌

84,007,679

‌

25,300,409

‌

Net

Increase

Net

Assets

Resulting

from

Capital

Transactions

–

‌

20,000,000

‌

84,007,679

‌

25,300,409

‌

Total

Increase

(Decrease)

Net

Assets

(

278,217

)

21,530,858

‌

84,820,201

‌

26,462,026

‌

Net

Assets:

Beginning

Period

21,530,858

‌

–

‌

26,462,026

‌

–

‌

End

Period

21,252,641

‌

21,530,858

‌

111,282,227

‌

26,462,026

‌

Capital

Transactions:

Beginning

Period

400,000

‌

–

‌

500,000

‌

–

‌

Subscribed

–

‌

400,000

‌

1,625,000

‌

500,000

‌

Outstanding,

End

Period

Net

Increase

400,000

‌

400,000

‌

2,125,000

‌

500,000

‌

Commencement

Operations

(1)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Annual

Report

—

September

30,

2025

Statements

Changes

Net

Assets

(cont’d)

158

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Mortgage

Opportunities

ETF

‌

For

the

Period

November

2024

September

30,

2025

‌

Year

Ended

October

31,

2024

‌

Year

Ended

October

31,

2023

‌

Increase

(Decrease)

Net

Assets:

Operations:

Net

Investment

Income

23,443,926

‌

18,286,557

‌

11,203,805

‌

Net

Realized

Gain

(Loss)

4,657,476

‌

9,029,707

‌

(

8,093,302

)

Net

Change

Unrealized

Appreciation

(Depreciation)

18,522,121

‌

12,757,466

‌

851,537

‌

Net

Increase

Net

Assets

Resulting

from

Operations

46,623,523

‌

40,073,730

‌

3,962,040

‌

Dividends

and

Distributions

Shareholders:

Dividends

and

Distributions

(

27,827,102

)

(

19,401,023

)

(

11,904,632

)

Total

Dividends

and

Distributions

Shareholders

(

27,827,102

)

(

19,401,023

)

(

11,904,632

)

Capital

Transactions:

(1)

Subscribed

358,307,282

‌

252,128,864

‌

192,429,657

‌

Subscribed

In-Kind

38,142,255

‌

–

‌

–

‌

Distributions

Reinvested

22,973,162

‌

16,442,794

‌

9,537,130

‌

Redeemed

(

209,104,408

)

(

99,279,806

)

(

112,574,912

)

Class

Subscribed

–

‌

19,311,508

‌

16,477,927

‌

Distributions

Reinvested

–

‌

2,689,868

‌

2,159,494

‌

Redeemed

–

‌

(

11,085,168

)

(

11,788,800

)

Class

Subscribed

–

‌

–

‌

–

‌

Distributions

Reinvested

–

‌

14,337

‌

19,341

‌

Redeemed

–

‌

(

14,373

)

(

495,867

)

Class

Subscribed

–

‌

2,805,677

‌

459,076

‌

Distributions

Reinvested

–

‌

137,012

‌

134,411

‌

Redeemed

–

‌

(

921,882

)

(

1,069,882

)

Class

R6:

Subscribed

–

‌

4,478

‌

–

‌

Distributions

Reinvested

–

‌

695

‌

601

‌

Redeemed

–

‌

(

)

–

‌

Net

Increase

Net

Assets

Resulting

from

Capital

Transactions

210,318,291

‌

182,233,972

‌

95,288,176

‌

Total

Increase

Net

Assets

229,114,712

‌

202,906,679

‌

87,345,584

‌

Net

Assets:

Beginning

Period

470,249,729

‌

267,343,050

‌

179,997,466

‌

End

Period

699,364,441

‌

470,249,729

‌

267,343,050

‌

Annual

Report

—

September

30,

2025

Statements

Changes

Net

Assets

(cont’d)

159

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Mortgage

Opportunities

ETF

‌

For

the

Period

November

2024

September

30,

2025

‌

Year

Ended

October

31,

2024

‌

Year

Ended

October

31,

2023

‌

Capital

Transactions:

Subscribed

7,261,801

‌

33,121,861

‌

25,780,390

‌

Subscribed

In-Kind

760,000

‌

–

‌

–

‌

Issued

Distributions

Reinvested

466,588

‌

2,165,500

‌

1,289,336

‌

Redeemed

(

4,244,114

)

(

13,167,160

)

(

15,160,414

)

Class

Subscribed

–

‌

2,494,658

‌

2,195,154

‌

Issued

Distributions

Reinvested

–

‌

349,223

‌

286,895

‌

Redeemed

–

‌

(

1,433,534

)

(

1,574,634

)

Class

Subscribed

–

‌

–

‌

–

‌

Issued

Distributions

Reinvested

–

‌

1,881

‌

2,589

‌

Redeemed

–

‌

(

1,891

)

(

65,954

)

Class

Subscribed

–

‌

363,212

‌

61,081

‌

Issued

Distributions

Reinvested

–

‌

17,916

‌

17,980

‌

Redeemed

–

‌

(

121,125

)

(

144,347

)

Class

R6:

Subscribed

–

‌

587

‌

–

‌

Issued

Distributions

Reinvested

–

‌

Redeemed

–

‌

(

)

–

‌

The

Fund

acquired

all

the

assets

and

liabilities

the

Morgan

Stanley

Mortgage

Securities

Trust ("Predecessor

Fund")

reorganization

that

occurred

the

business

August

2025

("Reorganization").

The

Predecessor

Fund

ceased

operations

immediately

following

the

Reorganization.

result,

all

financial

information

prior

the

Reorganization,

reflects

the

Predecessor

Fund's

Class

shares.

See

Notes

Financial

Statements

for

further

Information

the

Reorganization.

(1)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Annual

Report

—

September

30,

2025

Statements

Changes

Net

Assets

(cont’d)

160

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Increase

(Decrease)

Net

Assets:

Operations:

Net

Investment

Income

16,565,511

‌

9,925,441

‌

9,311,553

‌

4,941,724

‌

Net

Realized

Gain

(Loss)

1,711,928

‌

(

10,974,293

)

70,713

‌

(

100,775

)

Net

Change

Unrealized

Appreciation

(Depreciation)

3,205,545

‌

23,326,507

‌

2,326,390

‌

3,058,956

‌

Net

Increase

Net

Assets

Resulting

from

Operations

21,482,984

‌

22,277,655

‌

11,708,656

‌

7,899,905

‌

Dividends

and

Distributions

Shareholders:

Dividends

and

Distributions

(

16,418,431

)

(

10,744,586

)

(

9,337,352

)

(

5,464,781

)

Total

Dividends

and

Distributions

Shareholders

(

16,418,431

)

(

10,744,586

)

(

9,337,352

)

(

5,464,781

)

Capital

Transactions:

(1)

Subscribed

43,293,354

‌

24,103,512

‌

340,420,533

‌

40,411,530

‌

Subscribed

In-Kind

440,141,248

‌

1,270,804

‌

–

‌

–

‌

Distributions

Reinvested

–

‌

7,736,546

‌

–

‌

2,715,831

‌

Redeemed

–

‌

(

222,571,263

)

(

4,955,723

)

(

89,980,362

)

Redeemed

In-Kind

–

‌

(

13,754,820

)

–

‌

–

‌

Net

Increase

(Decrease)

Net

Assets

Resulting

from

Capital

Transactions

483,434,602

‌

(

203,215,221

)

335,464,810

‌

(

46,853,001

)

Total

Increase

(Decrease)

Net

Assets

488,499,155

‌

(

191,682,152

)

337,836,114

‌

(

44,417,877

)

Net

Assets:

Beginning

Period

178,108,570

‌

369,790,722

‌

143,223,907

‌

187,641,784

‌

End

Period

666,607,725

‌

178,108,570

‌

481,060,021

‌

143,223,907

‌

Capital

Transactions:

Beginning

Period

3,503,924

‌

7,589,568

‌

2,852,962

‌

3,804,619

‌

Subscribed

850,000

‌

486,506

‌

6,800,000

‌

810,018

‌

Subscribed

In-Kind

8,625,000

‌

25,000

‌

–

‌

–

‌

Issued

Distributions

Reinvested

–

‌

156,772

‌

–

‌

54,750

‌

Redeemed

–

‌

(

4,478,922

)

(

100,000

)

(

1,816,425

)

Redeemed

In-Kind

–

‌

(

275,000

)

–

‌

–

‌

Outstanding,

End

Period

Net

Increase

12,978,924

‌

3,503,924

‌

9,552,962

‌

2,852,962

‌

The

Fund

acquired

all

the

assets

and

liabilities

the

Morgan

Stanley

Institutional

Fund

Trust

Short

Duration

Income

Portfolio

("Short

Duration

Income")

reorganization

that

occurred

the

business

June

14,

2024

("Reorganization").

Short

Duration

Income

ceased

operations

immediately

following

the

Reorganization.

result,

all

financial

information

prior

the

Reorganization,

has

been

retroactively

adjusted

reflect

the

Reorganization.

See

Notes

Financial

Statements

for

further

Information

the

Reorganization.

The

Fund

acquired

all

the

assets

and

liabilities

the

Morgan

Stanley

Institutional

Fund

Trust

Short

Duration

Municipal

Income

Portfolio

("Short

Duration

Municipal

Income")

reorganization

that

occurred

the

business

March

22,

2024

("Reorganization").

Short

Duration

Municipal

Income

ceased

operations

immediately

following

the

Reorganization.

result,

all

financial

information

prior

the

Reorganization,

has

been

retroactively

adjusted

reflect

the

Reorganization.

See

Notes

Financial

Statements

for

further

Information

the

Reorganization.

(1)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Annual

Report

—

September

30,

2025

Statements

Changes

Net

Assets

(cont’d)

161

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Eaton

Vance

Ultra-Short

Income

ETF

Year

Ended

September

30,

2025

Year

Ended

September

30,

2024

Year

Ended

September

30,

2025

For

the

Period

from

October

16,

2023

September

30,

2024

Increase

(Decrease)

Net

Assets:

Operations:

Net

Investment

Income

82,030,729

‌

24,776,968

‌

7,149,821

‌

1,868,402

‌

Net

Realized

Gain

(Loss)

460,739

‌

(

15,705,180

)

119,789

‌

62,244

‌

Net

Change

Unrealized

Appreciation

(Depreciation)

32,685,541

‌

52,794,019

‌

530,120

‌

250,551

‌

Net

Increase

Net

Assets

Resulting

from

Operations

115,177,009

‌

61,865,807

‌

7,799,730

‌

2,181,197

‌

Dividends

and

Distributions

Shareholders:

Dividends

and

Distributions

(

82,351,742

)

(

27,111,352

)

(

7,205,179

)

(

1,817,749

)

Total

Dividends

and

Distributions

Shareholders

(

82,351,742

)

(

27,111,352

)

(

7,205,179

)

(

1,817,749

)

Capital

Transactions:

(1)

Subscribed

117,392,412

‌

71,672,853

‌

144,935,782

‌

43,961,619

‌

Subscribed

In-Kind

2,430,948,885

‌

315,393,523

‌

90,163,187

‌

–

‌

Distributions

Reinvested

–

‌

13,735,675

‌

–

‌

–

‌

Redeemed

–

‌

(

287,390,471

)

(

35,552,325

)

–

‌

Redeemed

In-Kind

(

22,096,422

)

(

15,738,559

)

(

5,085,669

)

–

‌

Net

Increase

Net

Assets

Resulting

from

Capital

Transactions

2,526,244,875

‌

97,673,021

‌

194,460,975

‌

43,961,619

‌

Total

Increase

Net

Assets

2,559,070,142

‌

132,427,476

‌

195,055,526

‌

44,325,067

‌

Net

Assets:

Beginning

Period

688,547,448

‌

556,119,972

‌

44,325,067

‌

–

‌

End

Period

3,247,617,590

‌

688,547,448

‌

239,380,593

‌

44,325,067

‌

Capital

Transactions:

Beginning

Period

13,319,193

‌

11,570,335

‌

875,000

‌

–

‌

Subscribed

2,320,000

‌

1,450,907

‌

2,850,000

‌

875,000

‌

Subscribed

In-Kind

47,920,000

‌

6,160,000

‌

1,775,000

‌

–

‌

Issued

Distributions

Reinvested

–

‌

281,829

‌

–

‌

–

‌

Redeemed

–

‌

(

5,823,878

)

(

700,000

)

–

‌

Redeemed

In-Kind

(

440,000

)

(

320,000

)

(

100,000

)

–

‌

Outstanding,

End

Period

Net

Increase

63,119,193

‌

13,319,193

‌

4,700,000

‌

875,000

‌

The

Fund

acquired

all

the

assets

and

liabilities

the

Morgan

Stanley

Institutional

Fund

Trust

Core

Plus

Fixed

Income

Portfolio

("Core

Plus

Fixed

Income")

reorganization

that

occurred

the

business

March

22,

2024

("Reorganization").

Core

Plus

Fixed

Income

ceased

operations

immediately

following

the

Reorganization.

result,

all

financial

information

prior

the

Reorganization,

has

been

retroactively

adjusted

reflect

the

Reorganization.

See

Notes

Financial

Statements

for

further

Information

the

Reorganization.

Commencement

Operations

(1)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Annual

Report

—

September

30,

2025

Statements

Changes

Net

Assets

(cont’d)

162

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Parametric

Equity

Plus

ETF

Parametric

Equity

Premium

Income

ETF

For

the

Period

from

November

2024

September

30,

2025

Year

Ended

September

30,

2025

For

the

Period

from

October

16,

2023

September

30,

2024

Increase

(Decrease)

Net

Assets:

Operations:

Net

Investment

Income

214,368

‌

5,039,642

‌

1,072,555

‌

Net

Realized

Gain

(Loss)

(

1,034,884

)

(

1,433,931

)

285,000

‌

Net

Change

Unrealized

Appreciation

(Depreciation)

3,802,842

‌

5,351,697

‌

4,235,241

‌

Net

Increase

Net

Assets

Resulting

from

Operations

2,982,326

‌

8,957,408

‌

5,592,796

‌

Dividends

and

Distributions

Shareholders:

Dividends

and

Distributions

(

207,534

)

(

7,019,105

)

(

1,083,910

)

Paid-in-Capital

–

‌

(

6,226,543

)

(

1,483,735

)

Total

Dividends

and

Distributions

Shareholders

(

207,534

)

(

13,245,648

)

(

2,567,645

)

Capital

Transactions:

(1)

Subscribed

‌

–

‌

20,000,000

‌

Subscribed

In-Kind

23,781,237

‌

210,869,709

‌

83,419,817

‌

Redeemed

In-Kind

(

2,358,427

)

(

32,104,479

)

(

30,274,891

)

Net

Increase

Net

Assets

Resulting

from

Capital

Transactions

21,422,835

‌

178,765,230

‌

73,144,926

‌

Total

Increase

Net

Assets

24,197,627

‌

174,476,990

‌

76,170,077

‌

Net

Assets:

Beginning

Period

–

‌

76,170,077

‌

–

‌

End

Period

24,197,627

‌

250,647,067

‌

76,170,077

‌

Capital

Transactions:

Beginning

Period

–

‌

2,800,000

‌

–

‌

Subscribed

‌

–

‌

800,000

‌

Subscribed

In-Kind

950,000

‌

8,050,000

‌

3,150,000

‌

Redeemed

In-Kind

(

100,000

)

(

1,200,000

)

(

1,150,000

)

Outstanding,

End

Period

Net

Increase

850,001

‌

9,650,000

‌

2,800,000

‌

Commencement

Operations

(1)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Annual

Report

—

September

30,

2025

Statements

Changes

Net

Assets

(cont’d)

163

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Year

Ended

September

30,

2025

For

the

Period

from

October

16,

2023

September

30,

2024

Increase

(Decrease)

Net

Assets:

Operations:

Net

Investment

Income

912,893

‌

350,122

‌

Net

Realized

Gain

(Loss)

(

538,879

)

2,071,249

‌

Net

Change

Unrealized

Appreciation

(Depreciation)

11,212,958

‌

2,287,062

‌

Net

Increase

Net

Assets

Resulting

from

Operations

11,586,972

‌

4,708,433

‌

Dividends

and

Distributions

Shareholders:

Dividends

and

Distributions

(

917,558

)

(

351,527

)

Paid-in-Capital

(

271,827

)

(

303,181

)

Total

Dividends

and

Distributions

Shareholders

(

1,189,385

)

(

654,708

)

Capital

Transactions:

(1)

Subscribed

–

‌

20,000,000

‌

Subscribed

In-Kind

80,923,485

‌

43,953,787

‌

Redeemed

In-Kind

(

22,393,553

)

(

26,401,786

)

Net

Increase

Net

Assets

Resulting

from

Capital

Transactions

58,529,932

‌

37,552,001

‌

Total

Increase

Net

Assets

68,927,519

‌

41,605,726

‌

Net

Assets:

Beginning

Period

41,605,726

‌

–

‌

End

Period

110,533,245

‌

41,605,726

‌

Capital

Transactions:

Beginning

Period

1,450,000

‌

–

‌

Subscribed

–

‌

800,000

‌

Subscribed

In-Kind

2,750,000

‌

1,600,000

‌

Redeemed

In-Kind

(

750,000

)

(

950,000

)

Outstanding,

End

Period

Net

Increase

3,450,000

‌

1,450,000

‌

Commencement

Operations

(1)

Capital

transactions

may

include

transaction

fees

associated

with

Creation

and

Redemption

transactions

which

occurred

during

the

period.

See

Note

the

Financial

Statements.

Annual

Report

—

September

30,

2025

Financial

Highlights

Calvert

International

Responsible

Index

ETF

164

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

aaaa

For

the

Period

from

January

30,

2023

(1)

September

30,

2023

2025

aaa

2024

aaa

Net

Asset

Value,

Beginning

Period

.89‌

.41‌

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

.53‌

.39‌

.02‌

Net

Realized

and

Unrealized

Gain

(Loss)

.14‌

.37‌

(

.82‌

)

Total

from

Investment

Operations

.67‌

.76‌

(

.80‌

)

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(

.63‌

)

(

.28‌

)

(

.79‌

)

Net

Asset

Value,

End

Period

.93‌

.89‌

.41‌

Total

Return

(3)

.52‌

.55‌

(

.66‌

)

(4)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$230,979

$119,785

$—

Net

Assets,

End

Period

(Thousands)

230,979‌

119,785‌

58,090‌

Ratio

Expenses

(5)

.18‌

(6)

Ratio

Net

Investment

Income

(5)

.49‌

.52‌

.01‌

(6)

Ratio

Rebate

from

Morgan

Stanley

Affiliates

.00‌

(7)

.00‌

(7)

.00‌

(6)

(7)

Portfolio

Turnover

Rate

(8)

11‌

10‌

13‌

(4)

(1)

Commencement

Operations.

(2)

Per

amount

based

average

outstanding.

(3)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(4)

Not

annualized.

(5)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(6)

Annualized.

(7)

Amount

less

than

0.005%.

(8)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Annual

Report

—

September

30,

2025

Financial

Highlights

Calvert

Ultra-Short

Investment

Grade

ETF

165

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

aaaa

For

the

Period

from

January

30,

2023

(1)

September

30,

2023

2025

aaa

2024

aaa

Net

Asset

Value,

Beginning

Period

.64‌

.03‌

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

.40‌

.87‌

.82‌

Net

Realized

and

Unrealized

Gain

(Loss)

.08‌

.48‌

(

.07‌

)

Total

from

Investment

Operations

.48‌

.35‌

.75‌

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(

.43‌

)

(

.74‌

)

(

.72‌

)

Net

Asset

Value,

End

Period

.69‌

.64‌

.03‌

Total

Return

(3)

.01‌

.89‌

.54‌

(4)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$187,564

$98,750

$—

Net

Assets,

End

Period

(Thousands)

187,564‌

98,750‌

46,275‌

Ratio

Expenses

(5)

.23‌

.24‌

(6)

Ratio

Net

Investment

Income

(5)

.73‌

.70‌

.42‌

(6)

Ratio

Rebate

from

Morgan

Stanley

Affiliates

.01‌

.00‌

(7)

.00‌

(6)

(7)

Portfolio

Turnover

Rate

134‌

(8)

81‌

54‌

(4)

(1)

Commencement

Operations.

(2)

Per

amount

based

average

outstanding.

(3)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(4)

Not

annualized.

(5)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(6)

Annualized.

(7)

Amount

less

than

0.005%.

(8)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Annual

Report

—

September

30,

2025

Financial

Highlights

Calvert

Large-Cap

Core

Responsible

Index

ETF

166

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

aaaa

For

the

Period

from

January

30,

2023

(1)

September

30,

2023

2025

aaa

2024

aaa

Net

Asset

Value,

Beginning

Period

.64‌

.11‌

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

.83‌

.76‌

.45‌

Net

Realized

and

Unrealized

Gain

.18‌

.53‌

.98‌

Total

from

Investment

Operations

.01‌

.29‌

.43‌

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(

.80‌

)

(

.76‌

)

(

.32‌

)

Net

Asset

Value,

End

Period

.85‌

.64‌

.11‌

Total

Return

(3)

.46‌

.47‌

.85‌

(4)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$605,870

$369,103

$—

Net

Assets,

End

Period

(Thousands)

605,870‌

369,103‌

217,876‌

Ratio

Expenses

(5)

.15‌

(6)

Ratio

Net

Investment

Income

(5)

.12‌

.20‌

.25‌

(6)

Ratio

Rebate

from

Morgan

Stanley

Affiliates

.00‌

(7)

.00‌

(7)

.00‌

(6)

(7)

Portfolio

Turnover

Rate

(8)

7‌

10‌

6‌

(4)

(1)

Commencement

Operations.

(2)

Per

amount

based

average

outstanding.

(3)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(4)

Not

annualized.

(5)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(6)

Annualized.

(7)

Amount

less

than

0.005%.

(8)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Annual

Report

—

September

30,

2025

Financial

Highlights

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

167

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

aaaa

For

the

Period

from

January

30,

2023

(1)

September

30,

2023

2025

aaa

2024

aaa

Net

Asset

Value,

Beginning

Period

.34‌

.17‌

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

.78‌

.86‌

.49‌

Net

Realized

and

Unrealized

Gain

.93‌

.21‌

.13‌

Total

from

Investment

Operations

.71‌

.07‌

.62‌

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(

.83‌

)

(

.90‌

)

(

.45‌

)

Net

Asset

Value,

End

Period

.22‌

.34‌

.17‌

Total

Return

(3)

.90‌

.65‌

.23‌

(4)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$19,805

$31,654

$—

Net

Assets,

End

Period

(Thousands)

19,805‌

31,654‌

24,376‌

Ratio

Expenses

(5)

.14‌

(6)

Ratio

Net

Investment

Income

(5)

.07‌

.35‌

.36‌

(6)

Ratio

Rebate

from

Morgan

Stanley

Affiliates

.00‌

(7)

.00‌

(7)

.00‌

(6)

(7)

Portfolio

Turnover

Rate

(8)

37‌

44‌

19‌

(4)

(1)

Commencement

Operations.

(2)

Per

amount

based

average

outstanding.

(3)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(4)

Not

annualized.

(5)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(6)

Annualized.

(7)

Amount

less

than

0.005%.

(8)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Annual

Report

—

September

30,

2025

Financial

Highlights

Calvert

Mid-Cap

Core

Responsible

Index

ETF

168

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

aaaa

For

the

Period

from

January

30,

2023

(1)

September

30,

2023

2025

aaa

2024

aaa

Net

Asset

Value,

Beginning

Period

.14‌

.59‌

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

.83‌

.69‌

.44‌

Net

Realized

and

Unrealized

Gain

(Loss)

.35‌

.47‌

(

.46‌

)

Total

from

Investment

Operations

.18‌

.16‌

(

.02‌

)

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(

.86‌

)

(

.61‌

)

(

.39‌

)

Net

Asset

Value,

End

Period

.46‌

.14‌

.59‌

Total

Return

(3)

.04‌

.76‌

(

.06‌

)

(4)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$79,327

$66,151

$—

Net

Assets,

End

Period

(Thousands)

79,327‌

66,151‌

23,796‌

Ratio

Expenses

(5)

.15‌

(6)

Ratio

Net

Investment

Income

(5)

.38‌

.26‌

.32‌

(6)

Ratio

Rebate

from

Morgan

Stanley

Affiliates

.00‌

(7)

.00‌

(7)

.00‌

(6)

(7)

Portfolio

Turnover

Rate

(8)

24‌

28‌

16‌

(4)

(1)

Commencement

Operations.

(2)

Per

amount

based

average

outstanding.

(3)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(4)

Not

annualized.

(5)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(6)

Annualized.

(7)

Amount

less

than

0.005%.

(8)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Annual

Report

—

September

30,

2025

Financial

Highlights

Calvert

Select

Equity

ETF

169

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

aaaa

For

the

Period

from

January

30,

2023

(1)

September

30,

2023

2025

aaa

2024

aaa

Net

Asset

Value,

Beginning

Period

.37‌

.05‌

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

.74‌

.75‌

.50‌

Net

Realized

and

Unrealized

Gain

.98‌

.31‌

.01‌

Total

from

Investment

Operations

.72‌

.06‌

.51‌

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(

.81‌

)

(

.74‌

)

(

.46‌

)

Net

Asset

Value,

End

Period

.28‌

.37‌

.05‌

Total

Return

(3)

.92‌

.53‌

.00‌

(4)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$14,114

$29,398

$—

Net

Assets,

End

Period

(Thousands)

14,114‌

29,398‌

21,950‌

Ratio

Expenses

(5)

.29‌

(6)

Ratio

Net

Investment

Income

(5)

.07‌

.24‌

.45‌

(6)

Ratio

Rebate

from

Morgan

Stanley

Affiliates

.00‌

(7)

.00‌

(7)

.00‌

(6)

(7)

Portfolio

Turnover

Rate

(8)

37‌

9‌

18‌

(4)

(1)

Commencement

Operations.

(2)

Per

amount

based

average

outstanding.

(3)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(4)

Not

annualized.

(5)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(6)

Annualized.

(7)

Amount

less

than

0.005%.

(8)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Annual

Report

—

September

30,

2025

Financial

Highlights

Eaton

Vance

Floating-Rate

ETF

170

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

2025

For

the

Period

from

February

2024

(1)

September

30,

2024

Net

Asset

Value,

Beginning

Period

.07‌

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

.72‌

.59‌

Net

Realized

and

Unrealized

Loss

(

.34‌

)

(

.30‌

)

Total

from

Investment

Operations

.38‌

.29‌

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(

.76‌

)

(

.98‌

)

Paid-in-Capital

—‌

(

.24‌

)

Total

Distributions

(

.76‌

)

(

.22‌

)

Net

Asset

Value,

End

Period

.69‌

.07‌

Total

Return

(3)

.94‌

.64‌

(4)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$1,485,819

$1,047,415

Net

Assets,

End

Period

(Thousands)

1,485,819‌

1,047,415‌

Ratio

Expenses

(5)

.59‌

.55‌

(6)

Ratio

Net

Investment

Income

(5)

.44‌

.90‌

(6)

Ratio

Rebate

from

Morgan

Stanley

Affiliates

.01‌

.05‌

(6)

Portfolio

Turnover

Rate

(7)

81‌

32‌

(4)

(1)

Commencement

Operations.

(2)

Per

amount

based

average

outstanding.

(3)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(4)

Not

annualized.

(5)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(6)

Annualized.

(7)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Annual

Report

—

September

30,

2025

Financial

Highlights

Eaton

Vance

High

Income

Municipal

ETF

171

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

For

the

Period

from

February

25,

2025

(1)

September

30,

2025

Net

Asset

Value,

Beginning

Period

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

.41‌

Net

Realized

and

Unrealized

Loss

(

.81‌

)

Total

from

Investment

Operations

.60‌

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(

.27‌

)

Net

Asset

Value,

End

Period

.33‌

Total

Return

(3)

.28‌

(4)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$40,451

Net

Assets,

End

Period

(Thousands)

40,451‌

Ratio

Expenses

.39‌

(5)

Ratio

Net

Investment

Income

.87‌

(5)

Portfolio

Turnover

Rate

82‌

(4)

(1)

Commencement

Operations.

(2)

Per

amount

based

average

outstanding.

(3)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(4)

Not

annualized.

(5)

Annualized.

Annual

Report

—

September

30,

2025

Financial

Highlights

Eaton

Vance

High

Yield

ETF

172

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

2025

For

the

Period

from

October

16,

2023

(1)

September

30,

2024

Net

Asset

Value,

Beginning

Period

.83‌

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

.57‌

.47‌

Net

Realized

and

Unrealized

Gain

(Loss)

(

.28‌

)

.83‌

Total

from

Investment

Operations

.29‌

.30‌

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(

.99‌

)

(

.47‌

)

Net

Asset

Value,

End

Period

.13‌

.83‌

Total

Return

(3)

.52‌

.88‌

(4)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$21,253

$21,531

Net

Assets,

End

Period

(Thousands)

21,253‌

21,531‌

Ratio

Expenses

(5)

.48‌

.47‌

(6)

Ratio

Net

Investment

Income

(5)

.75‌

.89‌

(6)

Ratio

Rebate

from

Morgan

Stanley

Affiliates

.00‌

(7)

.01‌

(6)

Portfolio

Turnover

Rate

29‌

22‌

(4)

(1)

Commencement

Operations.

(2)

Per

amount

based

average

outstanding.

(3)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(4)

Not

annualized.

(5)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(6)

Annualized.

(7)

Amount

less

than

0.005%.

Annual

Report

—

September

30,

2025

Financial

Highlights

Eaton

Vance

Intermediate

Municipal

Income

ETF

173

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

2025

For

the

Period

from

October

16,

2023

(1)

September

30,

2024

Net

Asset

Value,

Beginning

Period

.92‌

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

.97‌

.98‌

Net

Realized

and

Unrealized

Gain

(Loss)

(

.61‌

)

.89‌

Total

from

Investment

Operations

.36‌

.87‌

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(

.91‌

)

(

.95‌

)

Net

Asset

Value,

End

Period

.37‌

.92‌

Total

Return

(3)

.67‌

.85‌

(4)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$111,282

$26,462

Net

Assets,

End

Period

(Thousands)

111,282‌

26,462‌

Ratio

Expenses

Before

Expense

Limitation

.29‌

(5)

Ratio

Expenses

After

Expense

Limitation

.10‌

.29‌

(5)

Ratio

Net

Investment

Income

.81‌

.96‌

(5)

Portfolio

Turnover

Rate

86‌

81‌

(4)

(1)

Commencement

Operations.

(2)

Per

amount

based

average

outstanding.

(3)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(4)

Not

annualized.

(5)

Annualized.

Annual

Report

—

September

30,

2025

Financial

Highlights

Eaton

Vance

Mortgage

Opportunities

ETF

174

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

PERIOD

ENDED

EXPENSE

RATIO

NET

INVESTMENT

INCOME

RATIO

October

31,

2024

0.69%

5.19%

Selected

Per

Data

and

Ratios

For

the

Period

November

2024

September

30,

2025

(1)

Year

Ended

October

31,

2024

(1)

2023

(1)

2022

(1)

2021

(1)

2020

(1)

Net

Asset

Value,

Beginning

Period

(2)

$48.77‌

$45.41‌

$46.36‌

$53.59‌

$53.78‌

$54.80‌

Income

(Loss)

from

Investment

Operations:

(2)

—

Net

Investment

Income

(3)

39‌

2.54‌

2.47‌

1.78‌

1.46‌

1.71‌

Net

Realized

and

Unrealized

Gain

(Loss)

5‌

3.48‌

(0.76‌)

(7.23‌)

(0.25‌)

(0.38‌)

Total

from

Investment

Operations

2.34‌

6.02‌

1.71‌

(5.45‌)

1.21‌

1.33‌

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(0.74‌)

(2.66‌)

(1.78‌)

(1.40‌)

(2.16‌)

Net

Realized

Gain

—‌

(0.19‌)

Total

Distributions

(0.74‌)

(2.66‌)

(1.78‌)

(1.40‌)

(2.35‌)

Net

Asset

Value,

End

Period

(2)

$50.37‌

$48.77‌

$45.41‌

$46.36‌

$53.59‌

$53.78‌

Total

Return

(4)

(5)

(6)

8.42‌

13.51‌%

(

)

3.58‌%

(10.33‌)%

2.28‌%

(

)

2.58‌%

(

)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$699,364

$—

Net

Assets,

End

Period

(Thousands)

$699,364‌

$405,824‌

$219,485‌

$136,895‌

$135,147‌

$116,307‌

Ratio

Expenses

Before

Expense

Limitation

86‌

(

)

0.81‌%

0.91‌%

0.87‌%

0.91‌%

Ratio

Expenses

After

Expense

Limitation

(10)

64‌

(

)

0.64‌%

)

0.70‌%

0.69‌%

Ratio

Net

Investment

Income

After

Expense

Limitation

(10)

49‌

(

)

5.24‌%

)

5.27‌%

3.57‌%

2.59‌%

3.20‌%

Ratio

Net

Investment

Income

before

Expense

Limitation

27‌

(

)

5.07‌%

5.06‌%

2.41‌%

2.98‌%

Ratio

Rebate

from

Morgan

Stanley

Affiliates

0‌

(

)

(

)

0.01‌%

0.00‌%

)

0.01‌%

Portfolio

Turnover

Rate

05‌

(

)(1

)

383‌%

429‌%

334‌%

371‌%

233‌%

(1)

The

Fund

acquired

all

the

assets

and

liabilities

the

Morgan

Stanley

Mortgage

Securities

Trust

("Predecessor

Fund")

reorganization

that

occurred

the

business

August

2025

("Reorganization").

The

Predecessor

Fund

ceased

operations

immediately

following

the

Reorganization.

result,

all

financial

information

prior

the

Reorganization,

reflects

the

Predecessor

Fund's

Class

shares.

See

Notes

Financial

Statements

for

further

Information

the

Reorganization.

(2)

Per

amounts

reflect

the

conversion

the

Predecessor

Fund

into

the

Fund

the

August

2025.

(3)

Per

amount

based

average

outstanding.

(4)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(5)

Not

annualized.

(6)

The

Morgan

Stanley

Mortgage

Securities

Trust

was

designated

the

accounting

survivor

the

Reorganization.

result,

the

Fund

assumed

the

Morgan

Stanley

Mortgage

Securities

Trust's

historical

performance

and

the

performance

information

reflects

that

the

Class

the

Morgan

Stanley

Mortgage

Securities

Trust.

(7)

Reflects

prior

period

transfer

agency

and

sub

transfer

agency

fees

that

were

reimbursed

the

current

period.

The

amount

the

reimbursement

was

immaterial

the

total

return

Class

shares.

(8)

Calculated

using

the

NAV

for

GAAP

financial

reporting

purposes

and

such

differs

from

the

total

return

presented

the

Fund

Report

and

Performance

Summary.

(9)

Annualized.

(10)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(11)

the

Fund

had

not

received

the

reimbursement

transfer

agency

and

sub

transfer

agency

fees

from

the

Adviser,

the

net

expenses

and

net

investment

income

ratios,

would

have

been

follows

for

Class

(12)

Amount

less

than

0.005%.

(13)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Annual

Report

—

September

30,

2025

Financial

Highlights

Eaton

Vance

Short

Duration

Income

ETF

175

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

2025

2024

(1)

2023

(1)

2022

(1)

2021

(1)

Net

Asset

Value,

Beginning

Period

(2)

$50.83‌

$48.76‌

$48.14‌

$51.74‌

$51.62‌

Income

(Loss)

from

Investment

Operations:

(2)

—

Net

Investment

Income

(3)

2.51‌

0.45‌

1.37‌

0.75‌

0.62‌

Net

Realized

and

Unrealized

Gain

(Loss)

0.40‌

2.68‌

0.61‌

(3.60‌)

0.18‌

Total

from

Investment

Operations

2.91‌

3.13‌

1.98‌

(2.85‌)

0.80‌

Distributions

from

and/or

Excess

of:

(2)

—

Net

Investment

Income

(2.38‌)

(1.06‌)

(1.30‌)

(0.75‌)

(0.68‌)

Net

Realized

Gain

—‌

(0.06‌)

—‌

Total

Distributions

(2.38‌)

(1.06‌)

(1.36‌)

(0.75‌)

(0.68‌)

Net

Asset

Value,

End

Period

(2)

$51.36‌

$50.83‌

$48.76‌

$48.14‌

$51.74‌

Total

Return

(4)

(5)

5.88‌%

8.94‌%

4.19‌%

(5.62‌)%

1.57‌%

Ratios

Average

Net

Assets

and

Supplemental

Data:

$666,608

$178,109

$—

Net

Assets,

End

Period

(Thousands)

$666,608‌

$178,109‌

$160,099‌

$178,175‌

$255,659‌

Ratio

Expenses

0.22‌%

(6)

0.58‌%

(7)

0.47‌%

(7)

0.44‌%

(7)

0.45‌%

(7)

Ratio

Expenses

After

Expense

Limitation

(6)

N/A‌

0.27‌%

0.30‌%

Ratio

Net

Investment

Income

(6)

4.93‌%

4.04‌%

2.76‌%

1.48‌%

1.25‌%

Ratio

Rebate

from

Morgan

Stanley

Affiliates

0.02‌%

0.01‌%

0.00‌%

(8)

0.00‌%

(8)

0.00‌%

(8)

Portfolio

Turnover

Rate

124‌%

(9)

117‌%

(9)

26‌%

53‌%

(1)

The

Fund

acquired

all

the

assets

and

liabilities

the

Morgan

Stanley

Institutional

Fund

Trust -

Short

Duration

Income

Portfolio

(“Short

Duration

Income”)

reorganization

that

occurred

the

business

June

14,

2024

(“Reorganization”).

Short

Duration

Income

ceased

operations

immediately

following

the

Reorganization.

result,

all

financial

information

prior

the

Reorganization,

reflects

Short

Duration

Income's

Class

and

has

been

retroactively

adjusted

reflect

the

Reorganization.

See

Notes

Financial

Statements

for

further

Information

the

Reorganization.

(2)

Per

amounts

reflect

the

conversion

Short

Duration

Income

into

the

Fund

the

June

14,

2024.

(3)

Per

amount

based

average

outstanding.

(4)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(5)

Short

Duration

Income

was

designated

the

accounting

survivor

the

Reorganization.

result,

the

Fund

assumed

Short

Duration

Income's

historical

performance

and

the

performance

information

reflects

that

the

Class

Short

Duration

Income.

(6)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(7)

Reflects

ratio

expenses

before

expense

limitation.

(8)

Amount

less

than

0.005%.

(9)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Annual

Report

—

September

30,

2025

Financial

Highlights

Eaton

Vance

Short

Duration

Municipal

Income

ETF

176

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

2025

2024

(1)

2023

(1)

2022

(1)

2021

(1)

Net

Asset

Value,

Beginning

Period

(2)

$50.20‌

$49.36‌

$49.51‌

Income

(Loss)

from

Investment

Operations:

(2)

—

Net

Investment

Income

(3)

1.65‌

1.81‌

1.53‌

0.30‌

0.05‌

Net

Realized

and

Unrealized

Gain

(Loss)

0.12‌

0.28‌

(0.29‌)

0.00‌

Total

from

Investment

Operations

1.77‌

2.09‌

1.24‌

0.30‌

0.05‌

Distributions

from

and/or

Excess

of:

(2)

—

Net

Investment

Income

(1.61‌)

(1.25‌)

(1.39‌)

(0.30‌)

(0.05‌)

Net

Asset

Value,

End

Period

(2)

$50.36‌

$50.20‌

$49.36‌

$49.51‌

Total

Return

(4)

(5)

3.59‌%

5.78‌%

2.51‌%

0.61‌%

0.06‌%

Ratios

Average

Net

Assets

and

Supplemental

Data:

$481,060

$143,224

$—

Net

Assets,

End

Period

(Thousands)

$481,060‌

$143,224‌

$95,009‌

$71,284‌

$66,358‌

Ratio

Expenses

0.19‌%

(6)

0.41‌%

(7)

0.43‌%

(7)

0.46‌%

(7)

0.40‌%

(7)

Ratio

Expenses

After

Expense

Limitation

(6)

N/A‌

0.21‌%

0.15‌%

0.13‌%

Ratio

Net

Investment

Income

(6)

3.30‌%

3.62‌%

3.09‌%

0.59‌%

0.07‌%

Ratio

Rebate

from

Morgan

Stanley

Affiliates

0.0

0‌%

(

)

0.00‌

(

)

0.00‌

(

)

N/A‌

Portfolio

Turnover

Rate

23‌%

18‌%

N/A‌

(9)

N/A‌

(9)

N/A‌

(9)

(1)

The

Fund

acquired

all

the

assets

and

liabilities

the

Morgan

Stanley

Institutional

Fund

Trust -

Short

Duration

Municipal

Income

Portfolio

(“Short

Duration

Municipal

Income”)

reorganization

that

occurred

the

business

March

22,

2024

(“Reorganization”).

Short

Duration

Municipal

Income

ceased

operations

immediately

following

the

Reorganization.

result,

all

financial

information

prior

the

Reorganization,

reflects

Short

Duration

Municipal

Income's

Class

and

has

been

retroactively

adjusted

reflect

the

Reorganization.

See

Notes

Financial

Statements

for

further

Information

the

Reorganization.

(2)

Per

amounts

reflect

the

conversion

Short

Duration

Municipal

Income

into

the

Fund

the

March

22,

2024.

(3)

Per

amount

based

average

outstanding.

(4)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(5)

Short

Duration

Municipal

Income

was

designated

the

accounting

survivor

the

Reorganization.

result,

the

Fund

assumed

Short

Duration

Municipal

Income's

historical

performance

and

the

performance

information

reflects

that

the

Class

Short

Duration

Municipal

Income.

(6)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(7)

Reflects

ratio

expenses

before

expense

limitation.

(8)

Amount

less

than

0.005%.

(9)

During

the

reporting

period,

the

Fund

did

not

hold

any

long-term

investments

and

accordingly

portfolio

turnover

not

applicable.

Annual

Report

—

September

30,

2025

Financial

Highlights

Eaton

Vance

Total

Return

Bond

ETF

177

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

2025

2024

(1)

2023

(1)

2022

(1)

2021

(1)

Net

Asset

Value,

Beginning

Period

(2)

$51.70‌

$48.08‌

$49.66‌

$60.59‌

$62.59‌

Income

(Loss)

from

Investment

Operations:

(2)

—

Net

Investment

Income

(3)

2.45‌

2.71‌

2.42‌

1.52‌

1.37‌

Net

Realized

and

Unrealized

Gain

(Loss)

(0.37‌)

2.69‌

(1.37‌)

(10.82‌)

(0.37‌)

Total

from

Investment

Operations

2.08‌

5.40‌

1.05‌

(9.30‌)

1.00‌

Distributions

from

and/or

Excess

of:

(2)

—

Net

Investment

Income

(2.33‌)

(1.78‌)

(2.63‌)

(1.47‌)

(1.37‌)

Net

Realized

Gain

—‌

(0.16‌)

(1.63‌)

Total

Distributions

(2.33‌)

(1.78‌)

(2.63‌)

(1.63‌)

(3.00‌)

Net

Asset

Value,

End

Period

(2)

$51.45‌

$51.70‌

$48.08‌

$49.66‌

$60.59‌

Total

Return

(4)

(5)

4.20‌%

13.96‌%

2.03‌%

(15.58‌)%

1.61‌%

Ratios

Average

Net

Assets

and

Supplemental

Data:

$3,247,618

$688,547

$—

Net

Assets,

End

Period

(Thousands)

$3,247,618‌

$688,547‌

$423,920‌

$470,728‌

$727,989‌

Ratio

Expenses

0.30‌%

(6)

0.54‌%

(7)

0.63‌%

(7)

0.63‌%

(7)

0.62‌%

(7)

Ratio

Expenses

After

Expense

Limitation

(6)

N/A‌

0.35‌%

0.40‌%

0.41‌%

Ratio

Net

Investment

Income

(6)

4.84‌%

5.45‌%

4.81‌%

2.74‌%

2.26‌%

Ratio

Rebate

from

Morgan

Stanley

Affiliates

0.02‌%

0.01‌%

Portfolio

Turnover

Rate

(8)

401‌%

367‌%

431‌%

266‌%

434‌%

(1)

The

Fund

acquired

all

the

assets

and

liabilities

the

Morgan

Stanley

Institutional

Fund

Trust -

Core

Plus

Fixed

Income

Portfolio

(“Core

Plus

Fixed

Income”)

reorganization

that

occurred

the

business

March

22,

2024

(“Reorganization”).

Core

Plus

Fixed

Income

ceased

operations

immediately

following

the

Reorganization.

result,

all

financial

information

prior

the

Reorganization,

reflects

Core

Plus

Fixed

Income's

Class

and

has

been

retroactively

adjusted

reflect

the

Reorganization.

See

Notes

Financial

Statements

for

further

Information

the

Reorganization.

(2)

Per

amounts

reflect

the

conversion

Core

Plus

Fixed

Income

into

the

Fund

the

March

22,

2024.

(3)

Per

amount

based

average

outstanding.

(4)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(5)

Core

Plus

Fixed

Income

was

designated

the

accounting

survivor

the

Reorganization.

result,

the

Fund

assumed

Core

Plus

Fixed

Income's

historical

performance

and

the

performance

information

reflects

that

the

Class

Core

Plus

Fixed

Income.

(6)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(7)

Reflects

ratio

expenses

before

expense

limitation.

(8)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Annual

Report

—

September

30,

2025

Financial

Highlights

Eaton

Vance

Ultra-Short

Income

ETF

178

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

2025

For

the

Period

from

October

16,

2023

(1)

September

30,

2024

Net

Asset

Value,

Beginning

Period

.66‌

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

.39‌

.78‌

Net

Realized

and

Unrealized

Gain

.15‌

.54‌

Total

from

Investment

Operations

.54‌

.32‌

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(

.27‌

)

(

.66‌

)

Net

Asset

Value,

End

Period

.93‌

.66‌

Total

Return

(3)

.13‌

.79‌

(4)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$239,381

$44,325

Net

Assets,

End

Period

(Thousands)

239,381‌

44,325‌

Ratio

Expenses

(5)

.16‌

.17‌

(6)

Ratio

Net

Investment

Income

(5)

.70‌

.74‌

(6)

Ratio

Rebate

from

Morgan

Stanley

Affiliates

.01‌

.00‌

(6)

(7)

Portfolio

Turnover

Rate

136‌

(8)

89‌

(4)

(1)

Commencement

Operations.

(2)

Per

amount

based

average

outstanding.

(3)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(4)

Not

annualized.

(5)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(6)

Annualized.

(7)

Amount

less

than

0.005%.

(8)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Annual

Report

—

September

30,

2025

Financial

Highlights

Parametric

Equity

Plus

ETF

179

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

For

the

Period

from

November

2024

(1)

September

30,

2025

Net

Asset

Value,

Beginning

Period

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

.25‌

Net

Realized

and

Unrealized

Gain

.46‌

Total

from

Investment

Operations

.71‌

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(

.24‌

)

Net

Asset

Value,

End

Period

.47‌

Total

Return

(3)

.94‌

(4)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$24,198

Net

Assets,

End

Period

(Thousands)

24,198‌

Ratio

Expenses

(5)

.28‌

(6)

Ratio

Net

Investment

Income

(5)

.10‌

(6)

Ratio

Rebate

from

Morgan

Stanley

Affiliates

.01‌

(6)

Portfolio

Turnover

Rate

(7)

24‌

(4)

(1)

Commencement

Operations.

(2)

Per

amount

based

average

outstanding.

(3)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(4)

Not

annualized.

(5)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(6)

Annualized.

(7)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Annual

Report

—

September

30,

2025

Financial

Highlights

Parametric

Equity

Premium

Income

ETF

180

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

2025

For

the

Period

from

October

16,

2023

(1)

September

30,

2024

Net

Asset

Value,

Beginning

Period

$27.20‌

$25.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

0.78‌

Net

Realized

and

Unrealized

Gain

(Loss)

(0.08‌)

3.19‌

Total

from

Investment

Operations

0.70‌

3.97‌

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(0.97‌)

(0.70‌)

Paid-in-Capital

(0.96‌)

(1.07‌)

Total

Distributions

(1.93‌)

(1.77‌)

Net

Asset

Value,

End

Period

$25.97‌

$27.20‌

Total

Return

(3)

2.78‌%

16.38‌%

(4)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$250,647

$76,170

Net

Assets,

End

Period

(Thousands)

$250,647‌

$76,170‌

Ratio

Expenses

(5)

0.29‌%

(6)

Ratio

Net

Investment

Income

(5)

2.99‌%

09‌

(6)

Ratio

Rebate

from

Morgan

Stanley

Affiliates

0.00‌%

(7)

0.00‌%

(6)(7)

Portfolio

Turnover

Rate

(8)

27‌%

38‌%

(4)

(1)

Commencement

Operations.

(2)

Per

amount

based

average

outstanding.

(3)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(4)

Not

annualized.

(5)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(6)

Annualized.

(7)

Amount

less

than

0.005%.

(8)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

Annual

Report

—

September

30,

2025

Financial

Highlights

Parametric

Hedged

Equity

ETF

181

The

accompanying

notes

are

integral

part

the

financial

statements.

Morgan

Stanley

ETF

Trust

Selected

Per

Data

and

Ratios

Year

Ended

September

30,

2025

For

the

Period

from

October

16,

2023

(1)

September

30,

2024

Net

Asset

Value,

Beginning

Period

.69‌

.00‌

Income

(Loss)

from

Investment

Operations:

—

Net

Investment

Income

(2)

.32‌

Net

Realized

and

Unrealized

Gain

.45‌

.03‌

Total

from

Investment

Operations

.77‌

.35‌

Distributions

from

and/or

Excess

of:

—

Net

Investment

Income

(

.32‌

)

(

.39‌

)

Paid-in-Capital

(

.10‌

)

(

.27‌

)

Total

Distributions

(

.42‌

)

(

.66‌

)

Net

Asset

Value,

End

Period

.04‌

.69‌

Total

Return

(3)

.21‌

.64‌

(4)

Ratios

Average

Net

Assets

and

Supplemental

Data:

$110,533

$41,606

Net

Assets,

End

Period

(Thousands)

110,533‌

41,606‌

Ratio

Expenses

(5)

.29‌

(6)

Ratio

Net

Investment

Income

(5)

.07‌

.21‌

(6)

Ratio

Rebate

from

Morgan

Stanley

Affiliates

.00‌

(7)

.00‌

(6)

(7)

Portfolio

Turnover

Rate

(8)

13‌

25‌

(4)

(1)

Commencement

Operations.

(2)

Per

amount

based

average

outstanding.

(3)

Calculated

based

the

net

asset

value

the

last

business

day

the

period.

(4)

Not

annualized.

(5)

The

Ratio

Expenses

and

Ratio

Net

Investment

Income

reflect

the

rebate

certain

Fund

expenses

connection

with

the

investments

Morgan

Stanley

affiliates

during

the

period.

The

effect

the

rebate

the

ratios

disclosed

the

above

table

“Ratio

Rebate

from

Morgan

Stanley

Affiliates.”

(6)

Annualized.

(7)

Amount

less

than

0.005%.

(8)

In-kind

transactions

are

not

included

portfolio

turnover

calculations.

182

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

Morgan

Stanley

ETF

Trust

Morgan

Stanley

ETF

Trust

(the

“Trust”)

open-end,

management

investment

company

established

under

Delaware

law

Delaware

statutory

trust.

Pursuant

its

Declaration

Trust dated

May

31,

2016,

and

Amended

and

Restated

September

28,

2022

(the

“Declaration

Trust”),

the

Trust

authorized

establish

multiple

series.

The

Trust

is registered

under

the

Investment

Company

Act

1940,

amended

(the

“Act”). Each Fund

diversified

series

the

Trust,

except

for

Calvert

Large-Cap

Di-

versity,

Equity

and

Inclusion

Index

ETF,

which

non-diversified (individually

referred

“Fund”,

collectively

the

“Funds”).

The

Trust

applies

investment

company

accounting

and

reporting

guidance

Accounting

Standard

Codification

(“ASC”)

Topic

946.

the

preparation

these

financial

statements,

management

has

evaluated

subsequent

events

occurring

after

the

date

of each

Fund's

Statement

Assets

and

Liabilities

through

the

date

that

the

financial

statements

were

issued.

Investment

objectives

each

fund

are

follows:

meeting

held

September

28,

2023,

the

Board

Trustees

(the

"Trustees")

the

Trust

unanimously

approved

the

reorga-

nization

Short

Duration

Municipal

Income

and

Core

Plus

Fixed

Income (the "Predecessor

Funds")

into

exchange-traded

funds

(each,

"ETF"),

which

will

managed

Morgan

Stanley

Investment

Management

Inc.

(the

"Adviser").

March

22,

2024,

pursuant

the

Plan

Reorganization,

approved

the

respective shareholders

the

Predecessor

Funds

January

2024, each

Predecessor

Fund

was

converted

into

ETF,

the

Eaton

Vance

Short

Duration

Municipal

Income

ETF

and

Eaton

Vance Total

Return

Bond ETF

(the

"Survivor

Funds") with

the

identical

investment

objectives

and

similar

principal

investment

strategies

the

Predecessor

Funds

(each,a

"Reorganization").

These

tax-free

acquisitions

the

Predecessor

Funds

were

designated

the

accounting

survivors

the

Reorganizations.

result,

the

Survivor Funds

assumed

the

Predecessor

Fund's

accounting

and

financial

histo-

ry. Short

Duration

Municipal

Income

and

Core

Plus

Fixed

Income shareholders became

shareholders

the

respective Survivor

Fund

and

received shares

the

respective Survivor Fund

with

aggregate

value

equal

the

aggregate

net

asset

value

the

respec-

tive Predecessor

Fund's

held

immediately

prior

the

respective Reorganization.

The

assets

and

liabilities

the

Predecessor

Fund's

were

transferred

exchange

for

Survivor Fund's

Shares,

tax-free

exchange

follows:

Fund

Objective

Calvert

International

Responsible

Index

ETF

Seeks

track

the

performance

the

Calvert

International

Responsible

Index.

Calvert

Ultra-Short

Investment

Grade

ETF

Seeks

maximize

income,

the

extent

consistent

with

preservation

capital.

Calvert

Large-Cap

Core

Responsible

Index

ETF

Seeks

track

the

performance

the

Calvert

Large-Cap

Core

Responsible

Index.

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Seeks

track

the

performance

the

Calvert

Large-Cap

Diversity

Research

Index.

Calvert

Mid-Cap

Core

Responsible

Index

ETF

Seeks

track

the

performance

the

Calvert

Mid-Cap

Core

Responsible

Index.

Calvert

Select

Equity

ETF

Seeks

provide

long-term

capital

appreciation.

Eaton

Vance

Floating-Rate

ETF

Seeks

provide

high

level

current

income.

Eaton

Vance

High

Income

Municipal

ETF

Seeks

provide

high

current

income

exempt

from

regular

federal

income

tax.

Eaton

Vance

High

Yield

ETF

Seeks

provide

high

level

current

income.

The

Fund’s

secondary

objectives

are

seek

growth

income

and

capital.

Eaton

Vance

Intermediate

Municipal

Income

ETF

Seeks

provide

current

income

exempt

from

regular

federal

income

tax.

Eaton

Vance

Mortgage

Opportunities

ETF

Seeks

high

level

current

income.

Eaton

Vance

Short

Duration

Income

ETF

Seeks

provide

above-average

total

return

over

market

cycle

three

five

years.

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Seeks

provide

current

income

exempt

from

regular

federal

income

tax.

Eaton

Vance

Total

Return

Bond

ETF

Seeks

above-average

total

return

over

market

cycle

three

five

years.

Eaton

Vance

Ultra-Short

Income

ETF

Seeks

maximize

income,

the

extent

consistent

with

preservation

capital.

Parametric

Equity

Plus

ETF

Seeks

provide

longterm

capital

appreciation.

Parametric

Equity

Premium

Income

ETF

Seeks

provide

consistent

monthly

income

while

maintaining

prospects

for

capital

appreciation.

Parametric

Hedged

Equity

ETF

Seeks

provide

capital

appreciation

while

limiting

losses

experienced

investors

(before

fees,

expenses,

and

taxes)

through

the

incorporation

option

overlay

hedge

strategy.

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

183

Morgan

Stanley

ETF

Trust

meeting

held

December

2023,

the

Trustees of

the

Trust

unanimously

approved

the

reorganization

of Short

Duration

Income

(the

"Predecessor

Fund") into

exchange-traded

fund

("ETF"),

which

will

managed

the

Adviser.

June

14,

2024,

pursuant

the

Plan

Reorganization,

approved

the

shareholders

the

Predecessor

Fund

March

15,

2024,

the

Predecessor

Fund

was

converted

into

ETF,

the

Eaton

Vance

Short

Duration

Income

ETF (the

"Survivor

Fund") with

the

identical

invest-

ment

objectives

and

similar

principal

investment

strategies

the

Predecessor

Fund

(the

"Reorganization").

This

tax-free

acquisition

the

Predecessor

Fund

was

designated

the

accounting

survivor

the

Reorganization.

result,

the

Survivor Fund

assumed

the

Predecessor

Fund's

accounting

and

financial

history.

Predecessor

Fund

shareholders

became

shareholders

the

Survivor Fund

and

received

the

Survivor

Fund

with

aggregate

value

equal

the

aggregate

net

asset

value

the

Predecessor

Fund

held

immediately

prior

the

Reorganization.

The

assets

and

liabilities

the

Predecessor

Fund's

were

transferred

exchange

for

Survivor Fund's

Shares,

tax-free

exchange

follows:

meeting

held

March

12,

2025,

the

Trustees of

the

Trust

unanimously

approved

the

reorganization

Morgan

Stanley Mort-

gage

Securities

Trust (the

"Predecessor

Fund") into

exchange-traded

fund

("ETF"),

which

will

managed

the

Adviser

and

changed

the

fiscal

year

end

the

Fund

September

30th.

August

2025,

pursuant

the

Plan

Reorganization,

approved

the

shareholders

the

Predecessor

Fund

on June

11,

2025,

the

Predecessor

Fund

was

converted

into

ETF,

the

Eaton

Vance Mortgage

Opportunities

ETF (the

"Survivor Fund") with

the

identical

investment

objectives

and

similar

principal

invest-

ment

strategies

the

Predecessor

Fund

(the

"Reorganization").

This

tax-free

acquisition

the

Predecessor

Fund

was

designated

the

accounting

survivor

the

Reorganization.

result,

the

Survivor Fund

assumed

the

Predecessor

Fund's

accounting

and

financial

history.

Predecessor

Fund

shareholders

became

shareholders

the

Survivor Fund

and

received

the

Survivor

Fund

with

aggregate

value

equal

the

aggregate

net

asset

value

the

Predecessor

Fund

held

immediately

prior

the

Reorga-

nization.

The

assets

and

liabilities

the

Predecessor

Fund's

were

transferred

exchange

for

Survivor Fund's

Shares,

tax-free

exchange

follows:

Fund

outstanding

before

the

Conversion

outstanding

immediately

after

the

Conversion

Aggregate

net

assets

before

the

Conversion

Aggregate

net

assets

immediately

after

the

Conversion

Short

Duration

Municipal

Income

Portfolio

12,391,520

-0-

$125,149,069

-0-

Eaton

Vance

Short

Duration

Municipal

Income

ETF

-0-

2,502,962

-0

$125,148,029

Core

Plus

Fixed

Income

Portfolio

38,247,818

-0-

363,962,896

-0-

Eaton

Vance

Total

Return

Bond

ETF

-0-

7,279,194

-0

363,961,956

Represents

the

accounting

survivor.

Includes

unrealized

appreciation

investments

$1,206,820

with

fair

value

$123,548,378

and

identified

cost

$122,341,558.

Includes

unrealized

depreciation

investments

$18,057,023

with

fair

value

$406,626,891

and

identified

cost

$424,683,914.

Fund

outstanding

before

the

Conversion

outstanding

immediately

after

the

Conversion

Aggregate

net

assets

before

the

Conversion

Aggregate

net

assets

immediately

after

the

Conversion

Short

Duration

Income

Portfolio

23,287,610

-0-

$187,695,023

-0-

Eaton

Vance

Short

Duration

Income

ETF

-0-

3,753,924

-0

$187,695,459

Represents

the

accounting

survivor.

Includes

unrealized

depreciation

investments

$2,320,421

with

fair

value

$174,066,222

and

identified

cost

$176,386,643.

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

184

Morgan

Stanley

ETF

Trust

For

financial

reporting

purposes,

assets

received

and

issued

the

Survivor

Funds

were

recorded

fair

value

and

the

cost

basis

the

investments

received

from

the

Predecessor

Funds

were

carried

forward

the Survivor

Funds.

Significant

Accounting

Policies:

The

following

significant

accounting

policies

are

conformity

with

U.S.

generally

accepted

accounting

principles

(“GAAP”).

Such

policies

are

consistently

followed

the Trust

the

preparation

its

financial

statements.

GAAP

may

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

and

disclosures

the

finan-

cial

statements.

Actual

results

may

differ

from

those

estimates.

Security

Valuation:

(1)

equity

portfolio

security

listed

traded

exchange

valued

its

latest

reported

sales

price

(or

the

exchange

official

closing

price

such

exchange

reports

official

closing

price),

and

there

were

sales

given

day

and

there

official

exchange

closing

price

for

that

day,

the

security

valued

the

mean

between

the

last

reported

bid

and

asked

prices

such

bid

and

asked

prices

are

available

the

relevant

exchanges.

only

bid

prices

are

available

then

the

latest

bid

price

may

used.

Listed

equity

securities

not

traded

the

valuation

date

with

reported

bid

and

asked

prices

available

the

exchange

are

valued

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

reputable

brokers/dealers.

cases

where

security

traded

than

one

exchange,

the

security

valued

the

exchange

designated

the

primary

market;

(2)

all

other

equity

portfolio

securities

for

which

over-the-counter

(“OTC”)

market

quotations

are

readily

available

are

valued

the

latest

reported

sales

price

(or

the

market

official

closing

price

such

market

reports

official

closing

price),

and

there

was

trading

the

security

given

day

and

there

official

closing

price

from

relevant

markets

for

that

day,

the

security

valued

the

mean

between

the

last

reported

bid

and

asked

prices

such

bid

and

asked

prices

are

available

the

relevant

markets.

unlisted

equity

security

that

does

not

trade

the

valuation

date

and

for

which

bid

and

asked

prices

from

the

relevant

markets

are

unavailable

valued

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

reputable

brokers/dealers;

(3)

fixed

income

securities

may

valued

outside

pricing

service/vendor

approved

the Trustees.

The

pricing

service/vendor

may

employ

pricing

model

that

takes

into

account,

among

other

things,

bids,

yield

spreads

and/or

other

market

data

and

specific

security

characteristics.

If the

Adviser

Morgan

Stanley

Investment

Management

Limited (“MSIM

Limited”)

(Eaton

Vance

High

Yield

ETF) or

Paramet-

ric

Portfolio

Associated

LLC

(the

“Sub-Advisers”)

(Parametric

Equity

Plus

ETF,

Parametric

Equity

Income

ETF,

and

Paramet-

ric

Hedged

Equity

ETF)

each a

wholly-owned

subsidiary

Morgan

Stanley,

determines

that

the

price

provided

the

outside

pricing

service/vendor

exchange

does

not

reflect

the

security’s

fair

value

unable

provide

price,

prices

from

brokers

dealers

may

also

utilized.

these

circumstances,

the

value

the

security

will

the

mean

bid

and

asked

prices

obtained

from

reputable brokers/dealers;

(4)

listed

options

are

valued

the

last

reported

sales

price

the

exchange

which

they

are

listed

(or

the

exchange

official

closing

price

such

exchange

reports

official

closing

price).

official

closing

price

last

reported

sales

price

unavailable,

the

listed

option

should

fair

valued

the

mean

between

its

latest

bid

and

ask

prices.

Unlisted

options

are

valued

the

mean

between

their

latest

bid

and

ask

prices

from

broker/dealer

valued

pricing

service/vendor;

(5)

futures

are

valued

the

settlement

price

the

exchange

which

they

trade

or,

settlement

price

unavailable,

the

last

sale

price

the

exchange; (6)

when

market

quotations

are

not

readily

available,

defined

Rule

2a-5

under

the

Act,

including

circumstances

under

which

the

Adviser

determines

that

the

closing

price,

last

sale

price

the

mean

between

the

last

reported

bid

and

asked

prices

are

not

reflective

security’s

market

value,

portfolio

securities

are

valued

their

fair

value

determined

good

faith

under

procedures

established

and

under

the

general

supervision

the

Trustees;

(7)

senior loans

are

valued

using

price

provided

approved

valuation

vendor

and

valuation

not

available

from

any

the

approved

valuation

vendor,

then

quote

from

the

broker/dealer

will

used;

(8)

investments

Exchange

Traded

Funds

are

valued

market

price;

(9) foreign

exchange

transactions

(“spot

contracts”) and

foreign

exchange

forward

Fund

outstanding

before

the

Conversion

outstanding

immediately

after

the

Conversion

Aggregate

net

assets

before

the

Conversion

Aggregate

net

assets

immediately

after

the

Conversion

Morgan

Stanley

Mortgage

Securities

Trust

75,742,770

-0-

$598,227,656

-0-

Eaton

Vance

Mortgage

Opportunities

ETF

-0-

11,964,429

-0

$598,223,549

Represents

the

accounting

survivor.

Includes

unrealized

appreciation

investments

$17,443,429

with

fair

value

$715,803,705

and

identified

cost

$698,360,276.

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

185

Morgan

Stanley

ETF

Trust

contracts

(“forward

contracts”)

are

valued

daily

using

independent

pricing

vendor

the

spot

and

forward

rates,

respec-

tively,

the

New

York

Stock

Exchange;

and (10)

investments

mutual

funds,

including

the

Morgan

Stanley

Institutional

Liquidity

Funds,

are

valued

the

net

asset

value

(“NAV”)

the

each

business

day.

connection

with

Rule

2a-5

the

Act,

the

Trustees

have

designated

the

Trust's

Adviser

its

valuation

designee.

The

valu-

ation

designee

has

responsibility

for

determining

fair

value

and

make

the

actual

calculations

pursuant

the

fair

valuation

methodologies

previously

approved

the

Trustees.

Under

procedures

approved

the

Trustees,

the

Trust’s

Adviser

has

formed

Valuation

Committee

whose

members

are

approved

the

Trustees.

The

Valuation

Committee

provides

administration

and

oversight

the

Trust’s

valuation

policies

and

procedures,

which

are

reviewed

least

annually

the

Trustees.

These

proce-

dures

allow

the Trust

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers

and

other

market

sources

determine

fair

value.

Fair

Value

Measurement:

Financial

Accounting

Standards

Board

(“FASB”)

ASC

820,

“Fair

Value

Measurement”

(“ASC

820”),

defines

fair

value

the

price

that

would

received

sell

asset

paid to

transfer

liability

an orderly

transac-

tion

between

market

participants

the

measurement

date. ASC

820

establishes

three tier

hierarchy

distinguish

between

(1)

inputs

that

reflect

the

assumptions

market

participants

would

use

valuing

asset

liability

developed

based

market

data

obtained

from

sources

independent

the

reporting

entity

(observable

inputs);

and

(2)

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

participants

would

use

valuing

asset

liability

developed

based

the

best

information

available

the

circumstances

(unobservable

inputs)

and

establish

classification

fair

value

mea-

surements

for

disclosure

purposes.

Various

inputs

are

used

determining

the

value

the

Fund’s

investments.

The

inputs

are

summarized

the

three

broad

levels

listed

below:

Level

–

unadjusted

quoted

prices

active

markets

for

identical

investments.

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

including each

Fund’s

own

assumptions

determining

the

fair

value

in-

vestments.

Factors

considered

making

this

determination

may

include,

but

are

not

limited

to,

information

obtained

contacting

the

issuer,

analysts,

the

appropriate

stock

exchange

(for

exchange-traded

securities),

analysis

the

issuer’s

financial

statements

other

available

documents

and,

necessary,

available

information

concerning

other

securities

similar

circumstances.

The

inputs

methodology

used

for

valuing

securities

are

not

necessarily

indication

the

risk

associated

with

investing

those

securities

and

the

determination

the

significance

particular

input

the

fair

value

measurement

its

entirety

requires

judg-

ment

and

considers

factors

specific

each

security.

The

following

summary

the

inputs

used

value each

Fund's

investments

September

30,

2025:

Calvert

International

Responsible

Index

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Common

Stocks

229,739,483

(1)

—

229,739,483

Preferred

Stocks

45,647

—

45,647

Rights

109

—

109

Warrants

—

(2)

—

(2)

Short-Term

Investments

Investment

Company

1,477,981

—

1,477,981

Total

Assets

$231,263,220

$—

$231,263,220

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

186

Morgan

Stanley

ETF

Trust

Following

reconciliation

investments

which

significant

unobservable

inputs

(Level

were

used

determining

fair

value:

(1)

The

level

classification

major

category

investments

the

same

the

category

presentation

the

Portfolio

Investments.

(2)

Includes

security

valued

zero.

Warrants

Beginning

Balance

—

Purchases

—

Sales

—

Transfers

—

(1)

Transfers

out

—

Corporate

actions

—

Change

unrealized

appreciation

(depreciation)

—

Realized

gains

(losses)

—

Ending

Balance

—

(1)

Net

change

unrealized

appreciation

(depreciation)

from

Investments

still

held

September

30,

2025

—

(1)

Includes

security

valued

zero.

Calvert

Ultra-Short

Investment

Grade

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

—

28,582,515

—

28,582,515

Commercial

Mortgage-Backed

Securities

—

24,288,075

—

24,288,075

Corporate

Bonds

—

93,460,568

—

93,460,568

U.S.

Government

and

Agency

Securities

—

30,985,161

—

30,985,161

Total

Fixed

Income

Securities

—

177,316,319

—

177,316,319

Short-Term

Investments

Investment

Company

19,138,883

—

19,138,883

Commercial

Paper

—

7,934,788

—

7,934,788

Total

Short-Term

Investments

19,138,883

7,934,788

—

27,073,671

Futures

Contracts

1,683

—

1,683

Total

Assets

$19,140,566

$185,251,107

$—

$204,391,673

Liabilities:

Futures

Contracts

(301)

—

(301)

Total

$19,140,265

$185,251,107

$—

$204,391,372

Calvert

Large-Cap

Core

Responsible

Index

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Common

Stocks

604,289,169

(1)

—

604,289,169

Short-Term

Investments

Investment

Company

6,071,571

—

6,071,571

Total

Assets

$610,360,740

$—

$610,360,740

(1)

The

level

classification

major

category

investments

the

same

the

category

presentation

the

Portfolio

Investments.

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

187

Morgan

Stanley

ETF

Trust

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Common

Stocks

19,754,593

(1)

—

19,754,593

Short-Term

Investments

Investment

Company

98,943

—

98,943

Total

Assets

$19,853,536

$—

$19,853,536

(1)

The

level

classification

major

category

investments

the

same

the

category

presentation

the

Portfolio

Investments.

Calvert

Mid-Cap

Core

Responsible

Index

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Common

Stocks

79,063,035

(1)

—

79,063,035

Short-Term

Investments

Investment

Company

2,831,513

—

2,831,513

Total

Assets

$81,894,548

$—

$81,894,548

(1)

The

level

classification

major

category

investments

the

same

the

category

presentation

the

Portfolio

Investments.

Calvert

Select

Equity

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Common

Stocks

14,099,398

(1)

—

14,099,398

Short-Term

Investments

Investment

Company

21,912

—

21,912

Total

Assets

$14,121,310

$—

$14,121,310

(1)

The

level

classification

major

category

investments

the

same

the

category

presentation

the

Portfolio

Investments.

Eaton

Vance

Floating-Rate

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Common

Stocks

—

1,445,166

—

1,445,166

—

Fixed

Income

Securities

Asset-Backed

Securities

—

113,971,520

—

113,971,520

Corporate

Bonds

—

71,933,171

—

71,933,171

Variable

Rate

Senior

Loan

Interests

—

1,226,493,757

—

1,226,493,757

Total

Fixed

Income

Securities

—

1,412,398,448

—

1,412,398,448

Short-Term

Investments

Investment

Company

127,721,423

—

127,721,423

Total

Assets

$127,721,423

$1,413,843,614

$—

$1,541,565,037

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

188

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Income

Municipal

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Municipal

Bonds

—

39,615,677

—

39,615,677

Short-Term

Investments

Investment

Company

57,279

—

57,279

Municipal

Bonds

—

350,000

—

350,000

Total

Short-Term

Investments

57,279

350,000

—

407,279

Total

Assets

$57,279

$39,965,677

$—

$40,022,956

Eaton

Vance

High

Yield

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Corporate

Bonds

—

20,897,887

—

20,897,887

Short-Term

Investments

Investment

Company

3,070,454

—

3,070,454

Total

Assets

$3,070,454

$20,897,887

$—

$23,968,341

Eaton

Vance

Intermediate

Municipal

Income

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Corporate

Bonds

—

1,031,455

—

1,031,455

Municipal

Bonds

—

105,754,915

—

105,754,915

Total

Fixed

Income

Securities

—

106,786,370

—

106,786,370

Short-Term

Investments

Investment

Company

3,458,206

—

3,458,206

Municipal

Bonds

—

1,400,000

—

1,400,000

Total

Short-Term

Investments

3,458,206

1,400,000

—

4,858,206

Total

Assets

$3,458,206

$108,186,370

$—

$111,644,576

Eaton

Vance

Mortgage

Opportunities

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

—

141,161,477

—

141,161,477

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

268,468,486

—

268,468,486

Commercial

Mortgage-Backed

Securities

—

269,954,510

—

269,954,510

Corporate

Bonds

—

25,983,451

—

25,983,451

Total

Fixed

Income

Securities

—

705,567,924

—

705,567,924

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

189

Morgan

Stanley

ETF

Trust

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Short-Term

Investments

Investment

Company

24,683,898

—

24,683,898

Commercial

Paper

—

7,900,904

—

7,900,904

U.S.

Government

and

Agency

Securities

—

54,542,613

—

54,542,613

Total

Short-Term

Investments

24,683,898

62,443,517

—

87,127,415

Foreign

Currency

Forward

Exchange

Contracts

—

181,474

—

181,474

Futures

Contracts

143,244

—

143,244

Total

Assets

$24,827,142

$768,192,915

$—

$793,020,057

Liabilities:

TBA

sales

commitments:

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

(14,809,497)

—

(14,809,497)

Foreign

Currency

Forward

Exchange

Contracts

—

(4,559)

—

(4,559)

Total

Liabilities

$—

$(14,814,056)

$—

$(14,814,056)

Total

$24,827,142

$753,378,859

$—

$778,206,001

Eaton

Vance

Short

Duration

Income

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

—

146,837,740

—

146,837,740

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

39,142,172

—

39,142,172

Commercial

Mortgage-Backed

Securities

—

97,920,276

—

97,920,276

Corporate

Bonds

—

289,449,758

—

289,449,758

Sovereign

—

4,262,774

—

4,262,774

U.S.

Government

and

Agency

Securities

—

56,185,004

—

56,185,004

Total

Fixed

Income

Securities

—

633,797,724

—

633,797,724

Investment

Companies

15,477,530

—

15,477,530

Short-Term

Investments

Investment

Company

49,089,151

—

49,089,151

Commercial

Paper

—

3,257,438

—

3,257,438

U.S.

Government

and

Agency

Security

—

1,521,574

—

1,521,574

Total

Short-Term

Investments

49,089,151

4,779,012

—

53,868,163

Futures

Contracts

36,764

—

36,764

Total

Assets

$64,603,445

$638,576,736

$—

$703,180,181

Liabilities:

TBA

sales

commitments:

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

(15,103,396)

—

(15,103,396)

Futures

Contracts

(189,406)

—

(189,406)

Total

Liabilities

$(189,406)

$(15,103,396)

$—

$(15,292,802)

Total

$64,414,039

$623,473,340

$—

$687,887,379

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

190

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Corporate

Bonds

—

3,586,700

—

3,586,700

Municipal

Bonds

—

399,308,943

—

399,308,943

Total

Fixed

Income

Securities

—

402,895,643

—

402,895,643

Short-Term

Investments

Investment

Companies

12,930,656

—

12,930,656

Municipal

Bonds

—

73,315,000

—

73,315,000

Total

Short-Term

Investments

12,930,656

73,315,000

—

86,245,656

Total

Assets

$12,930,656

$476,210,643

$—

$489,141,299

Eaton

Vance

Total

Return

Bond

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

—

426,766,994

—

426,766,994

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

992,097,898

—

992,097,898

Commercial

Mortgage-Backed

Securities

—

335,026,240

—

335,026,240

Corporate

Bonds

—

965,251,317

—

965,251,317

Sovereign

—

16,221,618

—

16,221,618

U.S.

Government

and

Agency

Securities

—

1,052,479,611

—

1,052,479,611

Total

Fixed

Income

Securities

—

3,787,843,678

—

3,787,843,678

Investment

Companies

13,951,315

—

13,951,315

Short-Term

Investments

Investment

Company

89,996,270

—

89,996,270

U.S.

Government

and

Agency

Security

—

1,889,537

—

1,889,537

Total

Short-Term

Investments

89,996,270

1,889,537

—

91,885,807

Foreign

Currency

Forward

Exchange

Contracts

—

430,377

—

430,377

Futures

Contracts

2,628,978

—

2,628,978

Total

Assets

$106,576,563

$3,790,163,592

$—

$3,896,740,155

Liabilities:

TBA

sales

commitments:

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

(159,871,730)

—

(159,871,730)

Foreign

Currency

Forward

Exchange

Contracts

—

(114,347)

—

(114,347)

Futures

Contracts

(392,805)

—

(392,805)

Total

Liabilities

$(392,805)

$(159,986,077)

$—

$(160,378,882)

Total

$106,183,758

$3,630,177,515

$—

$3,736,361,273

Eaton

Vance

Ultra-Short

Income

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

—

42,080,858

—

42,080,858

Commercial

Mortgage-Backed

Securities

—

29,740,096

—

29,740,096

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

191

Morgan

Stanley

ETF

Trust

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Corporate

Bonds

—

132,388,429

—

132,388,429

Sovereign

—

553,563

—

553,563

U.S.

Government

and

Agency

Securities

—

29,390,815

—

29,390,815

Total

Fixed

Income

Securities

—

234,153,761

—

234,153,761

Investment

Company

745,050

—

745,050

Short-Term

Investments

Investment

Company

23,422,409

—

23,422,409

Commercial

Paper

—

7,424,471

—

7,424,471

Total

Short-Term

Investments

23,422,409

7,424,471

—

30,846,880

Futures

Contracts

1,712

—

1,712

Total

Assets

$24,169,171

$241,578,232

$—

$265,747,403

Liabilities:

Futures

Contracts

(2,104)

—

(2,104)

Total

$24,167,067

$241,578,232

$—

$265,745,299

Parametric

Equity

Plus

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Common

Stocks

23,389,954

(1)

—

23,389,954

Purchased

Options

15,276

150,726

—

166,002

Short-Term

Investments

Investment

Company

833,439

—

833,439

Total

Assets

$24,238,669

$150,726

$—

$24,389,395

Liabilities:

Written

Options

(28,554

)

(141,966

)

—

(170,520

)

Total

Liabilities

$(28,554

)

$(141,966

)

$—

$(170,520

)

Total

$24,210,115

$8,760

$—

$24,218,875

(1)

The

level

classification

major

category

investments

the

same

the

category

presentation

the

Portfolio

Investments.

Parametric

Equity

Premium

Income

ETF

Investment

Type

Level

Unadjusted

quoted

prices

Level

Other

significant

observable

inputs

Level

Significant

unobservable

inputs

Total

Assets:

Common

Stocks

248,779,584

(1)

—

248,779,584

Short-Term

Investments

Investment

Company

14,297,264

—

14,297,264

Total

Assets

$263,076,848

$—

$263,076,848

Liabilities:

Written

Options

—

(358,462

)

—

(358,462

)

Total

Liabilities

$—

$(358,462

)

$—

$(358,462

)

Total

$263,076,848

$(358,462

)

$—

$262,718,386

(1)

The

level

classification

major

category

investments

the

same

the

category

presentation

the

Portfolio

Investments.

Parametric

Hedged

Equity

ETF

‌

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

192

Morgan

Stanley

ETF

Trust

Transfers

between

investment

levels

may

occur

the

markets

fluctuate

and/or

the

availability

data

used

investment’s

valua-

tion

changes.

Foreign

Currency

Translation

and

Foreign

Investments:

The

books

and

records

of each

Fund

are

maintained

U.S.

dollars.

Foreign

currency

amounts

are

translated

into

U.S.

dollars

follows:

investments,

other

assets

and

liabilities

the

prevailing

rate

exchange

the

valuation

date;

investment

transactions

and

investment

income

the

prevailing

rates

exchange

the

dates

such

transactions.

Although

the investments

and

other

assets

and

liabilities

certain

funds

are

presented

the

prevailing

rate

exchange and

market

values

the

period,

the

Funds

not

isolate

that

portion

the

results

operations

arising

result

changes

the

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

the

market

prices

securities

held

pe-

riod

end.

Similarly,

the

Funds

not

isolate

the

effect

changes

foreign

exchange

rates

from

the

fluctuations

arising

from

changes

the

market

prices

securities

sold

during

the

period.

Accordingly,

realized

and

unrealized

foreign

currency

gains

(losses)

investments

securities

are

included

the

reported

net

realized

and

unrealized

gains

(losses)

investment

trans-

actions

and

balances.

However,

pursuant

U.S.

federal

income

tax

regulations,

gains

and

losses

from

certain

foreign

currency

transactions

and

the

foreign

currency

portion

gains

and

losses

realized

sales

and

maturities

foreign

denominated

debt

securities

are

treated

ordinary

income

for

U.S.

federal

income

tax

purposes.

Net

realized

gains

(losses)

foreign

currency

transactions

represent

net

foreign

exchange

gains

(losses)

from

foreign

currency

forward

exchange

contracts,

disposition

foreign

currencies,

currency

gains

(losses)

realized

between

the

trade

and

settlement

dates

securities

transactions,

and

the

difference

between

the

amount

investment

income

and

foreign

withholding

taxes

recorded

the

Funds'

books

and

the

U.S.

dollar

equivalent

amounts

actually

received

paid.

The

change

unrealized

cur-

rency

gains

(losses)

foreign

currency

translation

for

the

period

reflected

the

Statements

Operations.

Foreign

security

and

currency

transactions

may

involve

certain

considerations

and

risks

not

typically

associated

with

those

U.S.

dollar

denominated

transactions

result

of,

among

other

factors,

fluctuations

exchange

rates

relation

the

U.S.

dollar,

the

possibility

lower

levels

governmental

supervision

and

regulation

foreign

securities

markets

and

the

possibili-

political

economic

instability.

Governmental

approval

for

foreign

investments

may

required

advance

making

investment

under

certain

circum-

stances

some

countries,

and

the

extent

foreign

investments

U.S.

companies

may

subject

limitation

other

countries.

Foreign

ownership

limitations

also

may

imposed

the

charters

individual

companies

prevent,

among

oth-

concerns,

violations

foreign

investment

limitations.

result,

additional

class

(identified

“Foreign”

the

Portfolio

Investments)

may

created

and

offered

for

investment.

The

“local”

and

“foreign

shares”

market

values

may

differ.

the

absence

trading

the

foreign

such

markets, each

Fund

values

the

foreign

the

closing

exchange

price

the

local

shares.

Investment

Type

Level

Unadjusted

quoted

prices

‌

Level

Other

significant

observable

inputs

‌

Level

Significant

unobservable

inputs

‌

Total

‌

Assets:

Common

Stocks

114,051,665

(1)

—

114,051,665

Purchased

Options

1,447,980

—

1,447,980

Short-Term

Investments

‌

Investment

Company

2,072,672

—

2,072,672

Total

Assets

$117,572,317

$—

$117,572,317

Liabilities:

Written

Options

(5,707,739

)

—

(5,707,739

)

Total

Liabilities

$(5,707,739

)

$—

$(5,707,739

)

Total

$111,864,578

$—

$111,864,578

(1)

The

level

classification

major

category

investments

the

same

the

category

presentation

the

Portfolio

Investments.

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

193

Morgan

Stanley

ETF

Trust

Derivatives:

Certain

Funds

may,

but are

not

required

to,

use

derivative

instruments

for

variety

purposes,

including

hedg-

ing,

risk

management,

portfolio

management

earn

income.

Derivatives

are

financial

instruments

whose

value

based,

part,

the

value

underlying

asset,

interest

rate,

index

financial

instrument.

Prevailing

interest

rates

and

volatility

levels,

among

other

things,

also

affect

the

value

derivative

instruments.

derivative

instrument

often

has

risks

similar

its

underlying

asset

and

may

have

additional

risks,

including

imperfect

correlation

between

the

value

the

derivative

and

the

underlying

asset,

risks

default

the

counterparty

certain

transactions,

magnification

losses

incurred

due

changes

the

market

value

the

securities,

instruments,

indices

interest

rates

which

the

derivative

instrument

relates,

risks

that

the

transactions

may

not

liquid

and

risks

arising

from

margin

requirements,

risks

arising

from

mispricing

valuation

complex-

ity

and

operational

and

legal

risks. The

use

derivatives

involves

risks

that

are

different

from,

and

possibly

greater

than,

the

risks

associated

with

other

portfolio

investments.

Derivatives

may

involve

the

use

highly

specialized

instruments

that

require

investment

techniques

and

risk

analyses

different

from

those

associated

with

other

portfolio

investments.

All

the

Funds'

holdings,

including

derivative

instruments,

are

marked-to-market

each

day

with

the

change

value

reflected

unrealized

appreciation

(depreciation).

Upon

disposition,

realized

gain

loss

recognized.

These derivative

transactions

may

give

rise

form

leverage.

Leverage

magnifies

the

potential

for

gain

and

the

risk

loss.

Leverage

associated

with

derivative

transactions

may

cause

the

Funds

liquidate

portfolio

positions

when

may

not

advantageous

satisfy their

obligations

may

cause

the

Funds

volatile

than

the

Funds

had

not

been

leveraged.

Although

the

Adviser

and/or

Sub-Advisers seek

use

derivatives

further

the

Funds'

investment

objectives,

there

assurance

that

the

use

derivatives

will

achieve

this

result.

Following

description

the

derivative

instruments

and

techniques

that

the

Funds

used

during

the

period

and

their

associ-

ated

risks:

Foreign

Currency

Forward

Exchange

Contracts:

connection

with their

investments

foreign

securities,

certain

Funds

also

entered

into

contracts

with

banks

and

brokers/dealers

purchase

sell

foreign

currencies

future

date.

foreign

cur-

rency

forward

exchange

contract

(“currency

contract”)

negotiated

agreement

between

the

contracting

parties

exchange

specified

amount

currency

specified

future

time

specified

rate.

The

rate

can

higher

lower

than

the

spot

rate

between

the

currencies

that

are

the

subject

the

contract.

Currency

contracts

may

used

protect

against

uncertainty

the

level

future

foreign

currency

exchange

rates

gain

modify

exposure

particular

currency.

the

extent

hedged

the

use

currency

contracts,

the

precise

matching

the

currency

contract

amounts

and

the

value

the

securities

involved

will

not

generally

possible

because

the

future

value

such

securities

foreign

currencies

will

change

conse-

quence

market

movements

the

value

those

securities

between

the

date

which

the

contract

entered

into

and

the

date

matures.

Furthermore,

such

transactions

may

reduce

preclude

the

opportunity

for

gain

the

value

the

currency

should

move

the

direction

opposite

the

position

taken.

There

additional

risk

the

extent

that

currency

contracts

create

exposure

currencies

which

Fund’s

securities

are

not

denominated.

Unanticipated

changes

currency

prices

may

result

poorer

overall

performance

for

Fund

than

had

not

entered

into

such

contracts.

The

use

currency

contracts

involves

the

risk

loss

from

the

insolvency

bankruptcy

the

counterparty

the

contract

the

failure

the

counterpar-

make

payments

otherwise

comply

with

the

terms

the

contract.

currency

contract

marked-to-market

daily

and

the

change

market

value

recorded

by a

Fund

unrealized

gain

loss.

Fund

records

realized

gains

(losses)

when

the

currency

contract

closed

equal

the

difference

between

the

value

the

currency

contract

the

time

was

opened

and

the

value

the

time

was

closed.

Futures:

futures

contract

standardized,

exchange-traded

agreement

buy

sell

specific

quantity

underlying

asset,

reference

rate

index

specific

price

specific

future

time.

The

value

futures

contract

tends

increase

and

decrease

tandem

with

the

value

the

underlying

instrument.

Depending

the

terms

the

particular

contract,

futures

contracts

are

settled

through

either

physical

delivery

the

underlying

instrument

the

settlement

date

payment

cash

settlement

amount

the

settlement

date.

During

the

period

the

futures

contract

open,

payments

are

received

from

made

the

broker

based

upon

changes

the

value

the

contract

(the

variation

margin)

and

are

recorded

unrealized

gains

losses

Fund.

Gains

(losses)

are

realized

upon

the

expiration

closing

the

futures

contract.

decision

whether,

when

and

how

use

futures

contracts

involves

the

exercise

skill

and

judgment

and

even

well-conceived

futures

transac-

tion

may

unsuccessful

because

market

behavior

unexpected

events.

addition

the

derivatives

risks

discussed

above,

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

194

Morgan

Stanley

ETF

Trust

the

prices

futures

contracts

can

highly

volatile,

using

futures

contracts

can

lower

total

return

and

the

potential

loss

from

futures

contracts

can

exceed

the

Fund’s

initial

investment

such

contracts.

assurance

can

given

that

liquid

market

will

exist

for

any

particular

futures

contract

any

particular

time.

Options:

With

respect

options, a

Fund

subject

equity

risk,

interest

rate

risk

and

foreign

currency

exchange

risk

the

normal

course

pursuing

its

investment

objectives.

If a

Fund

buys

option,

buys

legal

contract

giving

the

right

buy

sell

specific

amount

the

underlying

instrument

foreign

currency,

futures

contract

the

underlying

instrument

foreign

currency,

agreed-upon

price

during

period

time

specified

date

typically

exchange

for

premium

paid

by a

Fund. A

Fund

may

purchase

and/or write

put

and

call

options.

Purchasing

call

options

tends

increase a

Fund's

exposure

the

underlying

(or

similar)

instrument.

Purchasing

put

options

tends

decrease a

Fund's

exposure

the

under-

lying

(or

similar)

instrument.

When

entering

into

purchased

option

contracts, a

Fund

bears

the

risk

interest

exchange

rates

securities

prices

moving

unexpectedly,

which

case, a

Fund

may

not

achieve

the

anticipated

benefits

the

purchased

option

contracts;

however

the

risk

loss

limited

the

premium

paid.

Purchased

options

are

reported

part

"Total

Investments

Securities"

the

Statements

Assets

and

Liabilities.

Upon

the

exercise

closing

purchased

call

option,

the

premium

paid

added

the

cost

the

security

financial

instrument

purchased.

Upon

the

exercise

closing

purchased

put

option,

the

premium

paid

offset

against

the

proceeds

the

sale

the

underlying

security

financial

instru-

ment

order

determine

the

realized

gain

loss

investments. As

the

buyer

call

option, a

Fund

pays

the

premium

the

option

writer

and

has

the

right

purchase

the

underlying

security

from

the

option

writer

the

exercise

price.

the

mar-

ket

price

the

underlying

security

rises

above

the

exercise

price, a

Fund

could

exercise

the

option

and

acquire

the

underlying

security

below-market

price,

which

could

result

gain

to a

Fund,

minus

the

premium

paid.

the

buyer

put

op-

tion, a

Fund

pays

the

premium

the

option

writer

and

has

the

right

sell

the

underlying

security

the

option

writer

the

exercise

price.

the

market

price

the

underlying

security

declines

below

the

exercise

price, a

Fund

could

exercise

the

option

and

sell

the

underlying

security

above-market

price,

which

could

result

gain

to a

Fund,

minus

the

premium

paid.

If a

Fund writes

option,

sells

another

party

the

right

buy

from

sell

to a

Fund

specific

amount

the

underlying

instrument

foreign

currency,

futures

contract

the

underlying

instrument

foreign

currency,

agreed-upon

price

during

period

time

specified

date

typically

exchange

for

premium

received

by a

Fund. A

Fund

may

write

call

and

put

options

stock

indexes,

futures,

securities

currencies

owns

which

may

invest.

Writing

put

options

tend

increase a

Fund's

exposure

the

underlying

instrument.

Writing

call

options

tend

decrease a

Fund's

exposure

the

underlying

instruments.

When a

Fund

writes

call

put

option,

amount

equal

the

premium

received

recorded

liability.

Any

liability

recorded

subsequently

adjusted

reflect

the

current

value

the

options

written.

Premiums

received

from

writing

options

which

expire

are

treated

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

are

closed

are

added

offset

against

the

proceeds

amount

paid

the

transaction

determine

the

net

realized

gain

loss.

Fund

writer

option

has

control

over

whether

the

underlying

future,

security

currency

may

sold

(call)

purchased

(put)

and

result

bears

the

market

risk

unfavorable

change

the

price

the

future,

security

curren-

underlying

the

written

option.

When

options

are

purchased

OTC, a

Fund

bears

the

risk

that

the

counterparty

that

wrote

the

option

will

unable

unwilling

perform

its

obligations

under

the

option

contract.

Options

may

also

illiquid

and a

Fund

may

have

difficulty

closing

out

its

position.

decision

whether,

when

and

how

use

options

involves

the

exercise

skill

and

judgment

and

even

well-conceived

option

transaction

may

unsuccessful

because

market

behavior

unex-

pected

events.

The

prices

options

can

highly

volatile

and

the

use

options

can

lower

total

returns.

Swaps:

Certain

Funds

may

enter

into

OTC

swap

contracts

cleared

swap

transactions.

swap

contract

agreement

between

two

parties

pursuant

which

the

parties

exchange

payments

specified

dates

the

basis

specified

notional

amount,

with

the

payments

calculated

reference

specified

securities,

indices,

reference

rates,

currencies

other

instru-

ments.

Typically

swap

agreements

provide

that

when

the

period

payment

dates

for

both

parties

are

the

same,

the

payments

are

made

net

basis

(i.e.,

the

two

payment

streams

are

netted

out,

with

only

the

net

amount

paid

one

party

the

other). A

Fund’s

obligations

rights

under

swap

contract

entered

into

net

basis

will

generally

equal

only

the

net

amount

paid

received

under

the

agreement,

based

the

relative

values

the

positions

held

each

party.

Cleared

swap

trans-

actions

may

help

reduce

counterparty

credit

risk.

cleared

swap, a

Fund’s

ultimate

counterparty

clearinghouse

rather

than

swap

dealer,

bank

other

financial

institution.

OTC

swap

agreements

are

not

entered

into

traded

exchanges

and

often

there

central

clearing

guaranty

function

for

OTC

swaps.

These

OTC

swaps

are

often

subject

credit

risk

the

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

195

Morgan

Stanley

ETF

Trust

risk

default

non-performance

the

counterparty.

Both

OTC

and

cleared

swaps

could

result

losses

interest

rates,

foreign

currency

exchange

rates

other

factors

are

not

correctly

anticipated

by a

Fund

the

reference

index,

security

investments

not

perform

expected.

During

the

period

swap

agreements

are

open,

payments

are

received

from

made

the

counterparty

clearing-house

based

changes

the

value

the

contract

variation

margin,

respectively.

The

Dodd-

Frank

Wall

Street

Reform

and

Consumer

Protection

Act

and

regulatory

developments

require

the

clearing

and

ex-

change-trading

certain

standardized

swap

transactions.

Mandatory

exchange-trading

and

clearing

occurring

phased-

basis

based

the

type

market

participant

and

U.S.

Commodities

Futures

Trading

Commission

(“CFTC”)

approval

contracts

for

central

clearing

and

exchange

trading.

Certain

Funds use

swaps

during

the

period

included

those

based

the

credit

underlying

security

commonly

referred

“credit

default

swaps.” A

Fund

may

either

the

buyer

seller

credit

default

swap.

Where a

Fund

the

buyer

credit

default

swap

contract,

would

typically

entitled

receive

the

par(or

other

agreed-upon)

value

referenced

debt

obligation

from

the

counterparty

the

contract

only

the

event

default

similar

event

the

issuer

the

debt

obliga-

tion.

default

occurs, a

Fund

would

have

paid

the

counterparty

periodic

stream

payments

over

the

term

the

con-

tract

and

received

benefit

from

the

contract.

When a

Fund

the

seller

credit

default

swap

contract,

typically

receives

the

stream

payments

but

obligated

pay

amount

equal

the

par

(or

other

agreed-upon)

value

referenced

debt

obligation

upon

the

default

similar

event

the

issuer

the

referenced

debt

obligation.

The

use

credit

default

swaps

could

result

losses

to a

Fund

the

Adviser

fails

correctly

evaluate

the

creditworthiness

the

issuer

the

referenced

debt

obligation.

If a

Fund

seller

protection

and

credit

event

occurs,

defined

under

the

terms

that

particular

swap

agreement,

the

Fund

will

either

(i)

pay

the

buyer

protection

amount

equal

the

notional

amount

the

swap

agreement

and

take

delivery

the

referenced

obligation,

other

deliverable

obligations

underlying

securities

comprising

the

referenced

index

(ii)

pay

net

settlement

amount

the

form

cash

securities

equal

the

notional

amount

the

swap

agreement

less

the

recovery

value

the

referenced

obligation

underlying

securities

comprising

the

referenced

index.

If a

Fund

buyer

protection

and

credit

event

occurs,

defined

under

the

terms

that

particular

swap

agreement, a

Fund

will

either

(i)

receive

from

the

seller

protection

amount

equal

the

notional

amount

the

swap

agreement

and

deliver

the

referenced

obligation,

other

deliverable

obligations

underlying

securities

comprising

the

referenced

index

(ii)

receive

net

settle-

ment

amount

the

form

cash

securities

equal

the

notional

amount

the

swap

agreement

less

the

recovery

value

the

referenced

obligation

underlying

securities

comprising

the

referenced

index.

Recovery

values

are

estimated

market

makers

considering

either

industry

standard

recovery

rates

entity

specific

factors

and

considerations

until

credit

event

occurs.

credit

event

has

occurred,

the

recovery

value

determined

facilitated

auction

whereby

minimum

number

allowable

broker

bids,

together

with

specified

valuation

method,

are

used

calculate

the

settlement

value. A

Fund’s

maxi-

mum

risk

loss

from

counterparty

risk

the

date

the

statement

assets

and

liabilities,

either

the

protection

seller

the

protection

buyer,

the

fair

value

the

swap

agreement.

applicable,

the

current

credit

rating

each

individual

issuer

listed

the

table

following

the

Portfolio

Investments

and

serves

indicator

the

current

status

the

payment/performance

risk

the

credit

derivative.

Alternatively,

for

credit

default

swaps

index

credits,

the

quoted

market

prices

and

current

values

serve

indicator

the

current

status

the

payment/performance

risk

the

credit

derivative.

Generally,

lower

credit

ratings

and

increasing

market

values,

absolute

terms,

represent

deterioration

the

credit

and

greater

likelihood

adverse

credit

event

the

issuer.

When a

Fund

has

unrealized

loss

swap

agreement, a

Fund

has

instructed

the

custodian

pledge

cash

liquid

secu-

rities

collateral

with

value

approximately

equal

the

amount

the

unrealized

loss.

Collateral

pledges

are

monitored

and

subsequently

adjusted

and

when

the

swap

valuations

fluctuate.

applicable,

cash

collateral

included

with

“Due

from

(to)

Broker”

the

Statements

Assets

and

Liabilities.

Upfront

payments

paid

received

by a

Fund

will

reflected

asset

liability,

respectively,

the

Statements

Assets

and

Liabilities.

Changes

market

value,

any,

are

reflected

component

net

change

unrealized

appreciation

(de-

preciation)

the

Statements

Operations.

Once

the

interim

payments

are

settled

cash,

the

net

amount

recorded

realized

gain

(loss)

swap

agreement

the

Statements

Operations,

addition

any

realized

gains

(loss)

recorded

upon

the

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

196

Morgan

Stanley

ETF

Trust

termination

swap

agreements.

FASB

ASC

815,

“Derivatives

and

Hedging”

(“ASC

815”),

intended

improve

financial

reporting

about

derivative

in-

struments

requiring

enhanced

disclosures

enable

investors

better

understand

how

and

why a

Fund

uses

derivative

instruments,

how

these

derivative

instruments

are

accounted

for

and

their

effects

on a

Fund’s

financial

position

and

results

operations.

The

following

tables

set

forth

the

fair

value

of each

Fund’s

derivative

contracts

primary

risk

exposure

September

30,

2025:

Asset

Derivatives

Statements

Assets

and

Primary

Risk

Fund

Liabilities

Location

Exposure

Value

Calvert

Ultra-Short

Investment

Grade

ETF

Futures

Contracts

..........................

Variation

Margin

Futures

Contracts

Interest

Rate

Risk

1,683

(a)

Eaton

Vance

Mortgage

Opportunities

ETF

Foreign

Currency

Forward

Exchange

Contracts

...................

Unrealized

Appreciation

Foreign

Currency

Forward

Exchange

Contracts

Currency

Risk

181,474

Futures

Contracts

..........................

Variation

Margin

Futures

Contracts

Interest

Rate

Risk

143,244

(a)

Total

...............................

$324,718

Eaton

Vance

Short

Duration

Income

ETF

Futures

Contracts

..........................

Variation

Margin

Futures

Contracts

Interest

Rate

Risk

36,764

(a)

Eaton

Vance

Total

Return

Bond

ETF

Foreign

Currency

Forward

Exchange

Contracts

...................

Unrealized

Appreciation

Foreign

Currency

Forward

Exchange

Contracts

Currency

Risk

430,377

Futures

Contracts

..........................

Variation

Margin

Futures

Contracts

Interest

Rate

Risk

2,628,978

(a)

Total

...............................

$3,059,355

Eaton

Vance

Ultra-Short

Income

ETF

Futures

Contracts

..........................

Variation

Margin

Futures

Contracts

Interest

Rate

Risk

1,712

(a)

Parametric

Equity

Plus

ETF

Purchased

Options

Contracts

..................

Investments,

Value

Purchased

Options

Contracts

Equity

Risk

166,002

(b)

Parametric

Hedged

Equity

ETF

Purchased

Options

Contracts

..................

Investments,

Value

Purchased

Options

Contracts

Equity

Risk

1,447,980

(b)

(a)

This

Amount

represents

the

cumulative

appreciation

(depreciation)

reported

the

Portfolio

investments.

The

Statements

Assets

and

Liabilities

only

reflect

the

current

day's

net

variation

margin.

(b)

Amounts

are

included

Investments

Securities

the

Statements

Assets

and

Liabilities.

Liability

Derivatives

‌

Statements

Assets

and

Primary

Risk

‌

Fund

Liabilities

Location

Exposure

Value

‌

Calvert

Ultra-Short

Investment

Grade

ETF

‌

Futures

Contracts

..........................

Variation

Margin

Futures

Contracts

Interest

Rate

Risk

(301

)(a)

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

197

Morgan

Stanley

ETF

Trust

The

following

tables

set

forth

primary

risk

exposure each

Fund’s

realized

gains

(losses)

and

change

unrealized

appreciation

(depreciation)

type

derivative

contract

for

the

year

ended

September

30,

2025

accordance

with

ASC

815:

Liability

Derivatives

Statements

Assets

and

Primary

Risk

Fund

Liabilities

Location

Exposure

Value

Eaton

Vance

Mortgage

Opportunities

ETF

‌

Foreign

Currency

Forward

Exchange

Contracts

...................

Unrealized

Appreciation

Foreign

Currency

Forward

Exchange

Contracts

Currency

Risk

(4,559

)

Eaton

Vance

Short

Duration

Income

ETF

‌

Futures

Contracts

..........................

Variation

Margin

Futures

Contracts

Interest

Rate

Risk

(189,406

)(a)

Eaton

Vance

Total

Return

Bond

ETF

‌

Foreign

Currency

Forward

Exchange

Contracts

...................

Unrealized

Appreciation

Foreign

Currency

Forward

Exchange

Contracts

Currency

Risk

(114,347

)

Futures

Contracts

..........................

Variation

Margin

Futures

Contracts

Interest

Rate

Risk

(392,805

)(a)

Total

...............................

$(507,152

)

Eaton

Vance

Ultra-Short

Income

ETF

‌

Futures

Contracts

..........................

Variation

Margin

Futures

Contracts

Interest

Rate

Risk

(2,104

)(a)

Parametric

Equity

Plus

ETF

‌

Written

Options

Contracts

.....................

Written

Options

Outstanding,

Value

Equity

Risk

(170,520

)

Parametric

Equity

Premium

Income

ETF

‌

Written

Options

Contracts

.....................

Written

Options

Outstanding,

Value

Equity

Risk

(358,462

)

Parametric

Hedged

Equity

ETF

‌

Written

Options

Contracts

.....................

Written

Options

Outstanding,

Value

Equity

Risk

(5,707,739

)

(a)

This

Amount

represents

the

cumulative

appreciation

(depreciation)

reported

the

Portfolio

investments.

The

Statements

Assets

and

Liabilities

only

reflect

the

current

day's

net

variation

margin.

Fund

Derivative

Realized

Gain

(Loss)

‌

Primary

Risk

Exposure

‌

Calvert

Ultra-Short

Investment

Grade

ETF

‌

Interest

Rate

Risk

................................

Futures

Contracts

26,789

Eaton

Vance

Mortgage

Opportunities

ETF

‌

Currency

Risk

...................................

Foreign

Currency

Forward

Exchange

Contracts

(1,817,057

)

Interest

Rate

Risk

................................

Futures

Contracts

(245,322

)

Total

.....................................

$(2,062,379

)

Eaton

Vance

Short

Duration

Income

ETF

‌

Interest

Rate

Risk

................................

Futures

Contracts

326,320

Credit

Risk

.....................................

Swap

Agreement

(1,119

)

Total

.....................................

$325,201

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

198

Morgan

Stanley

ETF

Trust

Fund

Derivative

Realized

Gain

(Loss)

Primary

Risk

Exposure

Eaton

Vance

Total

Return

Bond

ETF

‌

Currency

Risk

...................................

Foreign

Currency

Forward

Exchange

Contracts

1,005,762

Interest

Rate

Risk

................................

Futures

Contracts

(3,805,256

)

Total

.....................................

$(2,799,494

)

Eaton

Vance

Ultra-Short

Income

ETF

‌

Interest

Rate

Risk

................................

Futures

Contracts

18,941

Parametric

Equity

Plus

ETF

‌

Equity

Risk

.....................................

Investments

Purchased

Options

Contracts

202,192

(a)

Equity

Risk

.....................................

Written

Options

Contracts

(5,692

)

Total

.....................................

$196,500

Parametric

Equity

Premium

Income

ETF

‌

Equity

Risk

.....................................

Written

Options

Contracts

(1,973,164

)

Parametric

Hedged

Equity

ETF

‌

Equity

Risk

.....................................

Investments

Purchased

Options

Contracts

(1,761,127

)(a)

Equity

Risk

.....................................

Written

Options

Contracts

(299,688

)

Total

.....................................

$(2,060,815

)

(a)

Amounts

are

included

Realized

Gain

(Loss)

Investments

Sold

the

Statements

Operations.

Fund

Derivative

Change

Unrealized

Appreciation

(Depreciation)

‌

Primary

Risk

Exposure

‌

Calvert

Ultra-Short

Investment

Grade

ETF

‌

Interest

Rate

Risk

................................

Futures

Contracts

2,747

Eaton

Vance

Mortgage

Opportunities

ETF

‌

Currency

Risk

...................................

Foreign

Currency

Forward

Exchange

Contracts

114,827

Interest

Rate

Risk

................................

Futures

Contracts

3,104,907

Total

.....................................

$3,219,734

Eaton

Vance

Short

Duration

Income

ETF

‌

Interest

Rate

Risk

................................

Futures

Contracts

(258,094

)

Eaton

Vance

Total

Return

Bond

ETF

‌

Currency

Risk

...................................

Foreign

Currency

Forward

Exchange

Contracts

316,030

Interest

Rate

Risk

................................

Futures

Contracts

2,026,078

Total

.....................................

$2,342,108

Eaton

Vance

Ultra-Short

Income

ETF

‌

Interest

Rate

Risk

................................

Futures

Contracts

1,492

Parametric

Equity

Plus

ETF

‌

Equity

Risk

.....................................

Investments

Purchased

Options

Contracts

(31,385

)(a)

Equity

Risk

.....................................

Written

Options

Contracts

31,512

Total

.....................................

$127

Parametric

Equity

Premium

Income

ETF

‌

Equity

Risk

.....................................

Written

Options

Contracts

146,860

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

199

Morgan

Stanley

ETF

Trust

September

30,

2025 each

Fund's

derivative

assets

and

liabilities

are

follows:

Fund

typically

enters

into

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

(“ISDA

Master

Agreements”)

similar

master

agreements

(collectively,

“Master

Agreements”)

with

its

contract

counterparties

for

certain

OTC

derivatives

order

to,

among

other

things,

reduce

its

credit

risk

counterparties.

ISDA

Master

Agreements

include

provisions

for

general

obligations,

representations,

collateral

and

events

default

termination.

Under

ISDA

Master

Agreement,

Fund

typically

may

offset

with

the

counterparty

certain

OTC

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/

posted

and

create

one

single

net

payment

(close-out

netting)

the

event

default,

termination

and/or

potential

deterioration

the

credit

quality

the

counterparty.

Various

Master

Agreements

govern

the

terms

certain

transactions

with

counterparties,

including

transactions

such

swap,

forward,

repurchase

and

reverse

repurchase

agreements.

These

Master

Agreements

typically

attempt

reduce

the

counterparty

risk

associated

with

such

transactions

specifying

credit

protection

mechanisms

and

providing

standardization

that

improves

legal

certainty.

Cross-termination

provisions

under

Master

Agreements

typically

provide

that

default

connection

with

one

transaction

between

Fund

and

counterparty

gives

the

non-defaulting

party

the

right

terminate

any

other

transactions

place

with

the

defaulting

party

create

one

single

net

payment

due

to/due

from

the

defaulting

party

and

may

feature

certain

Master

Agreements.

the

event

Fund

exercises

its

right

terminate

Master

Agreement

after

counter-

party

experiences

termination

event

defined

the

Master

Agreement,

the

return

collateral

with

market

value

excess

Fund’s

net

liability

may

delayed

denied.

The

following

table

presents

derivative

financial

instruments

that

are

subject

enforceable

netting

arrangements

September

30,

2025:

Fund

Derivative

Change

Unrealized

Appreciation

(Depreciation)

Primary

Risk

Exposure

Parametric

Hedged

Equity

ETF

‌

Equity

Risk

.....................................

Investments

Purchased

Options

Contracts

(1,032,708

)(a)

Equity

Risk

.....................................

Written

Options

Contracts

(1,939,641

)

Total

.....................................

$(2,972,349

)

(a)

Amounts

are

included

Change

Unrealized

Appreciation

(Depreciation)

Investments

the

Statements

Operations.

Gross

Amounts

Assets

and

Liabilities

Presented

the

Statements

Assets

and

Liabilities

Fund

Assets

Liabilities

Derivatives(a)

Eaton

Vance

Mortgage

Opportunities

ETF

Foreign

Currency

Forward

Exchange

Contracts

........................................

$181,474

$(4,559)

Eaton

Vance

Total

Return

Bond

ETF

Foreign

Currency

Forward

Exchange

Contracts

........................................

430,377

(114,347)

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

200

Morgan

Stanley

ETF

Trust

For

the

year

ended September

30,

2025,

the

approximate

average

monthly

amount

outstanding

for

each

derivative

type

fol-

lows:

Eaton

Vance

Mortgage

Opportunities

ETF

Gross

Amounts

Not

Offset

the

Statements

Assets

and

Liabilities

Counterparty

Gross

Asset

Derivatives

Presented

the

Statements

Assets

and

Liabilities

Financial

Instrument

Collateral

Received

Net

Amount

(Not

less

than

$0)

BNP

Paribas

....................................

92,227

–

92,227

Citibank

N.A.

......................................

78,097

–

78,097

Deutsche

Bank

..................................

11,150

–

11,150

Total

$181,474

$–

$181,474

Counterparty

Gross

Liability

Derivatives

Presented

the

Statements

Assets

and

Liabilities

Financial

Instrument

Collateral

Pledged

Net

Amount

(Not

less

than

$0)

Barclays

Bank

plc

...................................

4,559

–

4,559

Total

$4,559

$–

$4,559

Eaton

Vance

Total

Return

Bond

ETF

Gross

Amounts

Not

Offset

the

Statements

Assets

and

Liabilities

Counterparty

Gross

Asset

Derivatives

Presented

the

Statements

Assets

and

Liabilities

Financial

Instrument

Collateral

Received

Net

Amount

(Not

less

than

$0)

Bank

America

N.A.

................................

4,750

–

4,750

BNP

Paribas

....................................

501

–

501

Citibank

N.A.

......................................

9,285

–

9,285

CREDIT

AGRICOLE

CIB

...............................

10,630

–

10,630

Deutsche

Bank

..................................

37,377

(1,118)

–

36,259

Goldman

Sachs

Group,

Inc.

............................

22,405

(323)

–

22,082

J.P.

Morgan

Chase

Bank

...............................

171,520

(95,165)

–

76,355

State

Street

Bank

and

Trust

Company

.....................

–

UBS

..........................................

173,819

(17,666)

–

156,153

Total

$430,377

$(114,272)

$–

$316,105

Counterparty

Gross

Liability

Derivatives

Presented

the

Statements

Assets

and

Liabilities

Financial

Instrument

Collateral

Pledged

Net

Amount

(Not

less

than

$0)

Deutsche

Bank

..................................

1,118

(1,118)

–

Goldman

Sachs

Group,

Inc.

............................

323

(323)

–

J.P.

Morgan

Chase

Bank

...............................

95,165

(95,165)

–

Standard

Chartered

Bank

..............................

–

UBS

..........................................

17,666

(17,666)

–

Total

$114,347

$(114,272)

$–

$75

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

201

Morgan

Stanley

ETF

Trust

Senior

Loans:

Senior

Loans

are

typically

structured

syndicate

lenders

(“Lenders”),

one

which

adminis-

ters

the

Senior

Loan

behalf

the

Lenders

(“Agent”).

Lenders

may

sell

interests

Senior

Loans

third

parties

(“Partic-

ipations”)

may

assign

all

portion

their

interest

Senior

Loan

third

parties

(“Assignments”).

Senior

Loans

are

exempt

from

registration

under

the

Securities

Act

1933.

Unfunded

Loan

Commitments:

Certain Funds

may

enter

into

certain

loan

agreements

all

portion

which

may

unfunded.

The

Portfolios are

obligated

fund

these

commitments

the

borrower’s

discretion.

These

commitments

are

dis-

closed

the

accompanying

Portfolio

Investments.

September

30,

2025, each

applicable Fund

had

sufficient

cash

and/or

securities

cover

these

commitments.

When

Issued/Delayed

Delivery

Securities:

Certain

Funds

purchase

and

sells

when-issued

and

delayed

delivery

securities.

Securities

purchased

when-issued

delayed

delivery

basis

are

purchased

for

delivery

beyond

the

normal

settlement

date

stated

price

and

yield,

and

income

accrues

to a

Fund

such

securities

prior

delivery

date.

Payment

and

delivery

for

when-issued

and

delayed

delivery

securities

can

take

place

month

after

the

date

the

transaction.

When a

Fund

enters

into

purchase

transaction

when-issued

delayed

delivery

basis,

securities

are

available

for

collateral

amount

least

equal

value

to a

Fund’s

commitments

purchase

such

securities.

Purchasing

securities

when-

issued

delayed

delivery

basis

may

involve

risk

that

the

market

price

the

time

delivery

may

lower

than

the

agreed

upon

purchase

price,

which

case

there

could

unrealized

loss

the

time

delivery.

Purchasing

investments

when-issued

delayed

delivery

basis

may

considered

form

leverage

which

may

increase

the

impact

that

gains

(losses)

may

have

the

Fund.

Securities

Lending:

Certain

Funds

may lend

securities

qualified

financial

institutions,

such

broker/dealers,

earn

additional

income.

Any

increase

decrease

the

fair

value

the

securities

loaned

that

might

occur

and

any

interest

earned

dividends

declared

those

securities

during

the

term

the

loan

would

remain

the

Fund.

The

Fund

would

receive

cash

securities

collateral

amount

equal

exceeding

100%

the

current

fair

value

the

loaned

securities.

The

Fund

Average

Notional

Amount

Derivative

Calvert

Ultra-Short

Investment

Grade

ETF

Futures

Contracts

................................................................

1,048,694

Eaton

Vance

Mortgage

Opportunities

ETF

Foreign

Currency

Forward

Exchange

Contracts

............................................

41,542,988

Futures

Contracts

................................................................

172,934,521

Eaton

Vance

Short

Duration

Income

ETF

Futures

Contracts

................................................................

139,542,449

Swap

Agreements

................................................................

83,485

Eaton

Vance

Total

Return

Bond

ETF

Foreign

Currency

Forward

Exchange

Contracts

............................................

54,485,941

Futures

Contracts

................................................................

447,519,400

Eaton

Vance

Ultra-Short

Income

ETF

Futures

Contracts

................................................................

1,351,033

Parametric

Equity

Plus

ETF

Purchased

Options

Contracts

........................................................

190,244

Written

Options

Contracts

...........................................................

166,205

Parametric

Equity

Premium

Income

ETF

Written

Options

Contracts

...........................................................

488,204

Parametric

Hedged

Equity

ETF

Purchased

Options

Contracts

........................................................

1,262,368

Written

Options

Contracts

...........................................................

2,757,830

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

202

Morgan

Stanley

ETF

Trust

collateral

marked-to-market

daily

by JPMorgan

Chase

Bank

N.A. (“JPMorgan”),

the

securities

lending

agent,

ensure

that

minimum

100%

collateral

coverage

maintained.

Based

pre-established

guidelines,

the

securities

lending

agent

invests

any

cash

collateral

that

received

affiliated

mon-

market

portfolio.

Securities

lending

income

generated

from

the

earnings

the

invested

collateral

and

borrowing

fees,

less

any

rebates

owed

the

borrowers

and

compensation

the

lending

agent,

and

recorded

“Income

from

Securities

Loaned

—

Net”

the

Funds'

Statements

Operations.

Risks

securities

lending

transactions

are

that

borrower

may

not

provide

additional

collateral

when

required

return

the

securities

when

due,

and

that

the

value

the

short-term

investments

will

less

than

the

amount

cash

collateral

plus

any

rebate

that

required

returned

the

borrower.

Fund

has

the

right

under

the

securities

lending

agreement

recover

the

securities

from

the

borrower

demand.

The

following

table

presents

financial

instruments

that

are

subject

enforceable

netting

arrangements

September

30,

2025:

Gross

Amount

Not

Offset

the

Statements

Assets

and

Liabilities

Gross

Asset

Amount

Presented

the

Statements

Assets

and

Liabilities

Financial

Instrument

Collateral

Received

Net

Amount

(not

less

than

$0)

Fund

Calvert

International

Responsible

Index

ETF

................

9,798,608(a)

–

9,798,608(b)(c)

–

Calvert

Ultra-Short

Investment

Grade

ETF

..................

13,723,104(a)

–

13,723,104(c)(d)

–

Calvert

Large-Cap

Core

Responsible

Index

ETF

............

16,581,661(a)

–

16,581,661(c)(e)

–

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

126,670(a)

–

126,670(c)(f)

–

Calvert

Mid-Cap

Core

Responsible

Index

ETF

.............

5,466,501(a)

–

5,466,501(c)(g)

–

Calvert

Select

Equity

ETF

...........................

12,113(a)

–

12,113(c)(h)

–

Eaton

Vance

Floating-Rate

ETF

.........................

1,859,549(a)

–

1,859,549(c)(i)

–

Eaton

Vance

High

Yield

ETF

............................

3,066,057(a)

–

3,066,057(c)(j)

–

Eaton

Vance

Short

Duration

Income

ETF

...................

40,371,077(a)

–

40,371,077(c)(k)

–

Eaton

Vance

Short

Duration

Municipal

Income

ETF

...........

309,436(a)

–

309,436(c)(l)

–

Eaton

Vance

Total

Return

Bond

ETF

......................

101,734,670(a)

–

101,734,670(c)(m)

–

Eaton

Vance

Ultra-Short

Income

ETF

.....................

25,767,067(a)

–

25,767,067(c)(n)

–

Parametric

Equity

Plus

ETF

............................

549,990(a)

–

549,990(c)(o)

–

Parametric

Equity

Premium

Income

ETF

...................

21,597,517(a)

–

21,597,517(c)(p)

–

Parametric

Hedged

Equity

ETF

..........................

3,518,392(a)

–

3,518,392(c)(q)

–

(a)

Represents

market

value

loaned

securities

year

end.

(b)

The

Fund

received

cash

collateral

$1,359,824,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

addition,

the

Fund

received

non-cash

collateral

$9,095,483

the

form

U.S.

Government

obligations,

which

the

Fund

cannot

sell

repledge,

and

accordingly

are

not

reflected

the

Portfolio

Investments.

(c)

The

actual

collateral

received

greater

than

the

amount

shown

here

due

overcollateralization.

(d)

The

Fund

received

cash

collateral

$11,887,462,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

addition,

the

Fund

received

non-cash

collateral

$2,183,303

the

form

U.S.

Government

obligations,

which

the

Fund

cannot

sell

repledge,

and

accordingly

are

not

reflected

the

Portfolio

Investments.

(e)

The

Fund

received

cash

collateral

$4,729,896,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

addition,

the

Fund

received

non-cash

collateral

$12,189,679

the

form

U.S.

Government

obligations,

which

the

Fund

cannot

sell

repledge,

and

accordingly

are

not

reflected

the

Portfolio

Investments.

(f)

The

Fund

received

cash

collateral

$55,905,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

addition,

the

Fund

received

non-cash

collateral

$72,937

the

form

U.S.

Government

obligations,

which

the

Fund

cannot

sell

repledge,

and

accordingly

are

not

reflected

the

Portfolio

Investments.

(g)

The

Fund

received

cash

collateral

$2,639,576,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

addition,

the

Fund

received

non-cash

collateral

$2,950,217

the

form

U.S.

Government

obligations,

which

the

Fund

cannot

sell

repledge,

and

accordingly

are

not

reflected

the

Portfolio

Investments.

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

203

Morgan

Stanley

ETF

Trust

FASB

ASC

860,

"Transfers

Servicing:

Repurchase-to-Maturity

Transactions,

Repurchase

Financings,

and

Disclosures",

in-

tended

provide

increased

transparency

about

the

types

collateral

pledged

securities

lending

transactions

and

other

similar

transactions

that

are

accounted

for

secured

borrowings.

The

following

table

displays

breakdown

transactions

accounted

for

secured

borrowings,

the

gross

obligations

class

col-

lateral

pledged

and

the

remaining

contractual

maturity

those

transactions

September

30,

2025:

(h)

The

Fund

received

cash

collateral

$12,875,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

addition,

the

Fund

received

non-cash

collateral

$21

the

form

U.S.

Government

obligations,

which

the

Fund

cannot

sell

repledge,

and

accordingly

are

not

reflected

the

Portfolio

Investments.

(i)

The

Fund

received

cash

collateral

$1,838,618,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

addition,

the

Fund

received

non-cash

collateral

$120,312

the

form

U.S.

Government

obligations,

which

the

Fund

cannot

sell

repledge,

and

accordingly

are

not

reflected

the

Portfolio

Investments.

(j)

The

Fund

received

cash

collateral

$2,374,314,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

addition,

the

Fund

received

non-cash

collateral

$816,744

the

form

U.S.

Government

obligations,

which

the

Fund

cannot

sell

repledge,

and

accordingly

are

not

reflected

the

Portfolio

Investments.

(k)

The

Fund

received

cash

collateral

$23,903,038,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

addition,

the

Fund

received

non-cash

collateral

$17,824,991

the

form

U.S.

Government

obligations,

which

the

Fund

cannot

sell

repledge,

and

accordingly

are

not

reflected

the

Portfolio

Investments.

(l)

The

Fund

received

cash

collateral

$320,250,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

(m)

The

Fund

received

cash

collateral

$85,937,163,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

addition,

the

Fund

received

non-cash

collateral

$19,426,612

the

form

U.S.

Government

obligations,

which

the

Fund

cannot

sell

repledge,

and

accordingly

are

not

reflected

the

Portfolio

Investments.

(n)

The

Fund

received

cash

collateral

$23,048,161,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

addition,

the

Fund

received

non-cash

collateral

$3,419,467

the

form

U.S.

Government

obligations,

which

the

Fund

cannot

sell

repledge,

and

accordingly

are

not

reflected

the

Portfolio

Investments.

(o)

The

Fund

received

cash

collateral

$94,732,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

addition,

the

Fund

received

non-cash

collateral

$464,550

the

form

U.S.

Government

obligations,

which

the

Fund

cannot

sell

repledge,

and

accordingly

are

not

reflected

the

Portfolio

Investments.

(p)

The

Fund

received

cash

collateral

$11,604,481,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

addition,

the

Fund

received

non-cash

collateral

$10,407,079

the

form

U.S.

Government

obligations,

which

the

Fund

cannot

sell

repledge,

and

accordingly

are

not

reflected

the

Portfolio

Investments.

(q)

The

Fund

received

cash

collateral

$367,399,

which

was

subsequently

invested

the

Morgan

Stanley

Institutional

Liquidity

Fund

reported

the

Portfolio

Investments.

addition,

the

Fund

received

non-cash

collateral

$3,214,467

the

form

U.S.

Government

obligations,

which

the

Fund

cannot

sell

repledge,

and

accordingly

are

not

reflected

the

Portfolio

Investments.

Remaining

Contractual

Maturity

the

Agreements

Fund

Overnight

and

Continuous

<30

days

Between

days

>90

Days

Total

Calvert

International

Responsible

Index

ETF

Securities

Lending

Transactions

Common

Stocks

$1,359,824

$—

$1,359,824

Total

Borrowings

$1,359,824

$—

$1,359,824

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$1,359,824

Calvert

Ultra-Short

Investment

Grade

ETF

Securities

Lending

Transactions

Common

Stocks

$11,887,462

$—

$11,887,462

Total

Borrowings

$11,887,462

$—

$11,887,462

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$11,887,462

Calvert

Large-Cap

Core

Responsible

Index

ETF

Securities

Lending

Transactions

Common

Stocks

$4,729,896

$—

$4,729,896

Total

Borrowings

$4,729,896

$—

$4,729,896

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$4,729,896

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

204

Morgan

Stanley

ETF

Trust

Remaining

Contractual

Maturity

the

Agreements

Fund

Overnight

and

Continuous

<30

days

Between

days

>90

Days

Total

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Securities

Lending

Transactions

Common

Stocks

$55,905

$—

$55,905

Total

Borrowings

$55,905

$—

$55,905

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$55,905

Calvert

Mid-Cap

Core

Responsible

Index

ETF

Securities

Lending

Transactions

Common

Stocks

$2,639,576

$—

$2,639,576

Total

Borrowings

$2,639,576

$—

$2,639,576

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$2,639,576

Calvert

Select

Equity

ETF

Securities

Lending

Transactions

Common

Stocks

$12,875

$—

$12,875

Total

Borrowings

$12,875

$—

$12,875

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$12,875

Eaton

Vance

Floating-Rate

ETF

Securities

Lending

Transactions

Common

Stocks

$1,838,618

$—

$1,838,618

Total

Borrowings

$1,838,618

$—

$1,838,618

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$1,838,618

Eaton

Vance

High

Yield

ETF

Securities

Lending

Transactions

Common

Stocks

$2,374,314

$—

$2,374,314

Total

Borrowings

$2,374,314

$—

$2,374,314

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$2,374,314

Eaton

Vance

Short

Duration

Income

ETF

Securities

Lending

Transactions

Common

Stocks

$23,903,038

$—

$23,903,038

Total

Borrowings

$23,903,038

$—

$23,903,038

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$23,903,038

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Securities

Lending

Transactions

Common

Stocks

$320,250

$—

$320,250

Total

Borrowings

$320,250

$—

$320,250

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$320,250

Eaton

Vance

Total

Return

Bond

ETF

Securities

Lending

Transactions

Common

Stocks

$85,937,163

$—

$85,937,163

Total

Borrowings

$85,937,163

$—

$85,937,163

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$85,937,163

Eaton

Vance

Ultra-Short

Income

ETF

Securities

Lending

Transactions

Common

Stocks

$23,048,161

$—

$23,048,161

Total

Borrowings

$23,048,161

$—

$23,048,161

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$23,048,161

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

205

Morgan

Stanley

ETF

Trust

Indemnifications:

The Trust

enters

into

contracts

that

contain

variety

indemnification

clauses.

The

Trust’s

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the

Funds

that

have

not yet

occurred.

10.

Dividends

and

Distributions

Shareholders:

Dividends

and

distributions

shareholders

are

recorded

the

ex-div-

idend

date.

Dividends

from

net

investment

income,

any,

are

declared

and

paid

monthly

quarterly.

Net

realized

capital

gains,

any,

are

distributed

least

annually.

11.

Security

Transactions

and Income:

Security

transactions

are

accounted

for

the

trade

date

(date

the

order

buy

sell

executed).

Realized

gains

and

losses

the

sale

investment

securities

are

determined

the

specific

identified

cost

meth-

od.

Dividend

income

and

other

distributions

are

recorded

the

ex-dividend

date

(except

for

certain

foreign

dividends

which

may

recorded

soon

the

Fund

informed

such

dividends)

net

applicable

withholding

taxes.

Non-cash

dividends

received

the

form

stock,

any,

are

recognized

the

ex-dividend

date

and

recorded

non-cash

dividend

income

fair

value.

Interest

income

recognized

the

accrual

basis

(except

where

collection

doubt)

net

applicable

withholding

taxes.

Discounts

are

accreted

and

premiums

are

amortized

over

the

life

the

respective

securities.

12.

Segment

Reporting:

During

the

reporting

period,

the Trust

adopted

FASB

Accounting

Standards

Update

No.

2023-07,

Segment

Reporting

(Topic

280):

Improvements

Reportable

Segment

Disclosures,

(ASU

2023-07),

which

requires

incremental

disclosures

public

entity’s

reportable

segments. Each

Fund

operates

single

reportable

segment,

investment

company

whose

investment

objective

included

the

beginning

the

Notes

the

Financial

Statements.

connection

with

the

adoption

ASU

2023-07,

the

Funds'

President

acts

the

Trust’s

Chief

Operating

Decision

Maker

("CODM"),

who

responsible

for

assessing

the

performance

of each

Fund’s

single

segment

and

deciding

how

allocate

the

segment’s

resources.

perform

this

function,

the

CODM

reviews

the

information

in each

Fund’s

financial

statements.

Management/Sub-Advisory Fees:

The

Adviser

provides

investment

advice

and

portfolio

management

services

pursuant

Management

Agreement

(the

“Agreement”)

and,

subject

the

supervision

the

Trust’s

Trustees,

makes

oversees each

Fund’s

day-to-day

investment

decisions,

arranges

for

the

execution

portfolio

transactions

and

generally

manages each

Fund’s

invest-

ments.

Under

the

Agreement,

the

Adviser pays substantially

all

the

expenses

of each

Fund

(including

expenses

the

Trust

relating

to each

Fund),

except

for

the

distribution

fees,

any,

brokerage

expenses,

acquired

fund

fees

and

expenses,

taxes,

interest,

litigation

expenses,

and

other

extraordinary

expenses,

including

the

costs

proxies,

not

incurred

the

ordinary

course

of each

Fund’s

busi-

Remaining

Contractual

Maturity

the

Agreements

Fund

Overnight

and

Continuous

<30

days

Between

days

>90

Days

Total

Parametric

Equity

Plus

ETF

Securities

Lending

Transactions

Common

Stocks

$94,732

$—

$94,732

Total

Borrowings

$94,732

$—

$94,732

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$94,732

Parametric

Equity

Premium

Income

ETF

Securities

Lending

Transactions

Common

Stocks

$11,604,481

$—

$11,604,481

Total

Borrowings

$11,604,481

$—

$11,604,481

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$11,604,481

Parametric

Hedged

Equity

ETF

Securities

Lending

Transactions

Common

Stocks

$367,399

$—

$367,399

Total

Borrowings

$367,399

$—

$367,399

Gross

amount

recognized

liabilities

for

securities

lending

transactions

$367,399

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

206

Morgan

Stanley

ETF

Trust

ness.

compensation

for

its

services,

the

Adviser

paid

monthly

the

following annual

rate

the

average

daily

net

assets

each

Fund.

Prior

August

2025,

Morgan

Stanley

Mortgage

Securities

Trust

(the

"Predecessor

Fund")

paid

advisory

fee

the

Adviser,

accrued

daily

and

paid

monthly

applying

the

following

annual

rates

the

net

assets

determined

the

each

business

day:

0.47%

the

portion

the

daily

net

assets

not

exceeding

billion;

0.445%

the

portion

the

daily

net

assets

exceeding

billion

but

not

exceeding

$1.5

billion;

0.42%

the

portion

the

daily

net

assets

exceeding

$1.5

billion

but

not

exceeding

billion;

0.395%

the

portion

the

daily

net

assets

exceeding

billion

but

not

exceeding

$2.5

billion;

0.37%

the

portion

the

daily

net

assets

exceeding

$2.5

billion

but

not

exceeding

billion;

0.345%

the

portion

the

daily

net

assets

exceeding

billion

but

not

exceeding

$7.5

billion;

0.32%

the

portion

the

daily

net

assets

exceeding

$7.5

billion

but

not

exceeding

$10

bil-

lion;

0.295%

the

portion

the

daily

net

assets

exceeding

$10

billion

but

not

exceeding

$12.5

billion;

and

0.27%

the

portion

the

daily

net

assets

exceeding

$12.5

billion.

The

Adviser/Administrator

had

agreed

reduce

its

advisory

fee,

its

administration

fee

and/or

reimburse

the

Predecessor Fund

that

total

annual

operating

expenses,

excluding

certain

investment

expenses,

taxes,

interest

and

other

extraordinary

expenses

(including

litigation),

will

not

exceed

1.00%

for

Class

1.30%

for

Class

0.70%

for

Class

1.80%

for

Class

and

0.65%

for

Class

R6.

These

fee

waivers

and/or

expense

reimbursements

will

continue

for

least

one

year

from

the

date

the

Predecessor Fund’s

prospectus

until

such

time

that

the

Trustees

act

discontinue

all

portion

such

waivers

and/or

expense

reimbursements

when

they

deem

such

action

appropriate.

addition

the

Adviser

served

the

Ad-

ministrator

the

Predecessor

Fund

pursuant

Administration

Agreement

for

annual

fee

0.08%

the

Predecessor

Fund's

average

daily

net

assets.

The

advisory

fees

and

waiver

advisory

fees

are

reflected

the

Statements

Operations.

Effective

October

2024,

the

Adviser

has

agreed

reduce

its

management

fee

for Eaton

Vance

Intermediate

Municipal

Income

ETF so

that

Total

Annual

Fund

Operating

Expenses,

excluding

the

distribution

fees,

any,

brokerage

expenses,

acquired

fund

fees

and

expenses,

taxes,

interest,

litigation

expenses,

and

other

extraordinary

expenses,

including

the

costs

proxies,

not

incurred

the

ordinary

course

the

Fund's

business,

will

not

exceed

0.10%.

The

fee

waiver

will

continue

until

February

2026

until

such

time

the

Trustees

Morgan

Stanley

ETF

Trust

acts

discontinue

all

portion

such

waiver

when

deems

such

action

appropriate.

expected

that

the

duration

the

fee

waiver

will

not

extended.

The

Adviser

has

entered

into

Sub-Advisory

Agreement

with

the

Sub-Advisers,

each

wholly-owned

subsidiary

Morgan

Stanley.

The

Sub-Advisers

provide Eaton

Vance

High

Yield

ETF,

Parametric

Plus

Equity

ETF,

Parametric

Equity

Premium

Income

ETF

and

Parametric

Hedged

Equity

ETF, with

investment

advisory

services

subject

the

overall

supervision

the

Adviser

and

the

Trust's

Fund

Management

Fee

Calvert

International

Responsible

Index

ETF

..........................................................

0.18

Calvert

Ultra-Short

Investment

Grade

ETF

............................................................

0.24

Calvert

Large-Cap

Core

Responsible

Index

ETF

......................................................

0.15

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

............................................

0.14

Calvert

Mid-Cap

Core

Responsible

Index

ETF

.......................................................

0.15

Calvert

Select

Equity

ETF

.....................................................................

0.29

Eaton

Vance

Floating-Rate

ETF

...................................................................

0.60

Eaton

Vance

High

Income

Municipal

ETF

............................................................

0.39

Eaton

Vance

High

Yield

ETF

......................................................................

0.48

Eaton

Vance

Intermediate

Municipal

Income

ETF

.......................................................

0.29

Eaton

Vance

Mortgage

Opportunities

ETF

............................................................

0.45

Eaton

Vance

Short

Duration

Income

ETF

.............................................................

0.24

Eaton

Vance

Short

Duration

Municipal

Income

ETF

.....................................................

0.19

Eaton

Vance

Total

Return

Bond

ETF

................................................................

0.32

Eaton

Vance

Ultra-Short

Income

ETF

...............................................................

0.17

Parametric

Equity

Plus

ETF

......................................................................

0.29

Parametric

Equity

Premium

Income

ETF

.............................................................

0.29

Parametric

Hedged

Equity

ETF

....................................................................

0.29

Fund

Advisory

Fees

Waived

and/or

Reimbursed

Eaton

Vance

Intermediate

Municipal

Income

ETF

.........................................................

$130,371

Eaton

Vance

Mortgage

Opportunities

ETF

..............................................................

1,178,672

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

207

Morgan

Stanley

ETF

Trust

Officers

and

Trustees.

The

Adviser

pays

the

Sub-Advisers

monthly

basis

portion

the

net

advisory

fees

the

Adviser

receives

from each

Fund.

Distribution

and

Shareholder Services

Plan:

The

Trustees

have

adopted

distribution

and

services

plan

(“Plan”) pursuant

Rule

12b-1

under the

Act.

Under the

Plan, each

Fund

authorized

pay

distribution

fees

connection

with

the

sale

its

and

pay

service

fees

connection

with

the

provision

ongoing

services

shareholders

of each

Fund

and

the

maintenance

shareholder

accounts

amount

0.25%

its

average

daily

net

assets.

Rule

12b-1

fees

are

currently

paid

the

Funds

and

there

are

current

plans

impose

these

fees.

Prior

August

2025,

Morgan

Stanley

Mortgage

Securities

Trust

(the

"Predecessor

Fund"),

the

Predecessor

Fund was

distributed

Morgan

Stanley

Distribution,

Inc.

(the

“Distributor”),

affiliate

the

Adviser/Administrator.

The

Predeces-

sor Fund

had

adopted

Plan

Distribution

(the

“Plan”)

pursuant

Rule

12b-1

under

the

Act.

The

Plan

provides

that

the

Predecessor

Fund

will

pay

the

Distributor

fee

which

accrued

daily

and

paid

monthly

the

following

annual

rates:

(i)

Class

—

0.25%

the

average

daily

net

assets

Class

shares;

(ii)

Class

—

0.50%

the

average

daily

net

assets

Class

shares;

and

(iii)

Class

—

1.00%

the

average

daily

net

assets

Class

shares.

Dividend

Disbursing

and

Transfer

Agent:

The

Trust’s

dividend

disbursing

and

transfer

agent

JPMorgan.

Prior

August

2025,

Morgan

Stanley

Mortgage

Securities

Trust

(the

"Predecessor

Fund"),

the

dividend

disbursing

and

trans-

fer

agent

was

SS&C

Global

Investor

Distribution

Solution,

Inc.

("SS&C

GIDS").

Pursuant

Transfer

Agency

Agreement,

the

Predecessor

Fund

paid

SS&C

GIDS

fee

based

the

number

classes,

accounts

and

transaction

relating

the

Predecessor

Fund.

Eaton

Vance

Management

("EVM"),

affiliate

Morgan

Stanley,

provided

co-transfer

agency

and

services

the

Predecessor

Fund

pursuant

Co-Transfer

Agency

Services

Agreement.

For

the

period

November

2024

through

August

2025,

co-transfer

agency

fees

and

expenses

incurred

EVM,

included

"Transfer

Agency

Fees"

and

"Sub

Transfer

Agency

Fees"

the

Statements

Operations,

amounted

$504,063.

Effective

August

2025,

JPMorgan

serves

the

Transfer

Agent

the

Eaton

Vance

Mortgage

Opportunities

ETF,

the

Surviving

Fund.

Custodian

and

Administrator:

JPMorgan also

serves

Custodian

and

Administrator for

the

Trust in

accordance

with

Cus-

todian

and

Administration Agreement.

Prior

August

2025,

Morgan

Stanley

Mortgage

Securities

Trust

(the

"Predecessor

Fund"),

State

Street

Bank

and

Trust

Compa-

served

custodian

for

the

Predecessor

Fund

accordance

with

Custodian

Agreement.

Effective

August

2025,

JPMorgan

serves

Custodian

and

Administrator

for

the

Eaton

Vance

Mortgage

Opportunities

ETF,

the

surviving

Fund

accordance

with

Custodian

and

Administration

Agreement.

Issuance

and

Redemption

Fund

Each

Fund

exchange-traded

fund

ETF.

Individual

Fund

may

only

purchased

and

sold

national

securities

exchange

through

broker-dealer

and

investors

may

pay

commission

such

broker-dealers

connection

with

their

purchase

sale.

The

price

Fund

based

market

price,

and

because

ETF

trade

market

prices

rather

than

NAV,

may

trade

price

greater

than

NAV

premium)

less

than

NAV

discount).

Each Fund

will

only

issue

redeem

aggregated

into

blocks

multiples

thereof

(“Creation

Units”)

Authorized

Participants

who

have

entered

into

agreements

with

Foreside

Fund

Services,

LLC,

which

the

Fund's

Distributor.

Authorized

Participant

either

(1)

“Participating

Party,”

(i.e.,

broker-dealer

other

participant

the

clearing

process

the

Continuous

Net

Settlement

System

the

National

Securities

Clearing

Corporation)

(“Clearing

Process”),

(2)

participant

Depository

Trust

Company (“DTC

Participant”),

and,

each

case,

must

have

executed

agreement

(“Participation

Agreement”)

with

the

Distributor

with

respect

creations

and

redemptions

Creation

Units. Each

Fund

will

issue

redeem

Creation

Units

return

for

basket

assets

that each

Fund

specifies

each

day.

are

listed

the

New

York

Stock

Exchange Arca

(“NYSE

Arca”),

the

New

York

Stock

Exchange

("NYSE"), or

the

Nasdaq

Stock

Market

("NASDAQ") and

are

publicly

traded.

If an

investor buys

sells

respective Fund

the

secondary

market, the

investor will

pay

receive

the

market

price,

which

may

higher

lower

than

NAV. The

investor's transaction

will

priced

NAV

if the

investor purchases

redeems

respective Fund

Creation

Units.

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

208

Morgan

Stanley

ETF

Trust

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

purchase

transaction

fee

and

redemption

transaction

fee

directly

to each

Fund's

Administrator

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

Creation

Units,

including

Creation

Units

for

cash.

Additionally,

portion

the

transaction

fee

used

offset

transactional

costs

typically

accrued

the

Fund's

custody

expenses

directly

the

issuance

and

redemption

Creation

Units.

addi-

tional

variable

fee

may

charged

for

certain

transactions.

Such

fees

would

included

the

receivable

for

capital

issued

the

Statements

Assets

and

Liabilities

they

are

outstanding

year end. Transaction

fees

assessed

during

the

period

are

includ-

the

proceeds

from

issued

the

Statements

Changes

Net

Assets.

Security

Transactions

and

Transactions

with

Affiliates:

For

the

year

ended

September

30,

2025,

purchases

and

sales

investment

securities

excluding

short

term

investments

and

In-Kind

transactions

for

each

Fund were

follows:

For

the

year

ended

September

30,

2025,

purchases

and

sales

in-kind

transactions

were

follows:

Certain Funds

invest

the

Institutional

Class

the

Morgan

Stanley

Institutional

Liquidity

Funds

Government

Portfolio:

Insti-

tutional

Class (the

“Liquidity

Funds”),

open-end

management

investment

company

managed

the

Adviser,

both

directly

and

Purc

hases

Sal

Fund

Government

Non-Government

Government

Non-Government

Calvert

International

Responsible

Index

ETF

–

25,010,092

$–

$16,153,855

Calvert

Ultra-Short

Investment

Grade

ETF

90,350,049

190,335,080

55,693,835

115,739,684

Calvert

Large-Cap

Core

Responsible

Index

ETF

–

30,489,055

–

29,875,315

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

–

9,315,134

–

9,511,965

Calvert

Mid-Cap

Core

Responsible

Index

ETF

–

16,330,503

–

16,289,377

Calvert

Select

Equity

ETF

–

8,045,151

–

8,044,584

Eaton

Vance

Floating-Rate

ETF

–

1,353,555,531

–

1,023,590,780

Eaton

Vance

High

Income

Municipal

ETF

–

63,336,914

–

23,608,999

Eaton

Vance

High

Yield

ETF

–

6,246,480

–

5,867,136

Eaton

Vance

Intermediate

Municipal

Income

ETF

–

137,331,720

–

57,992,098

Eaton

Vance

Mortgage

Opportunities

ETF

42,148,749

753,140,510

33,992,349

467,551,623

Eaton

Vance

Short

Duration

Income

ETF

12,956,675

604,042,999

3,741,187

391,506,747

Eaton

Vance

Short

Duration

Municipal

Income

ETF

–

396,752,876

–

63,502,646

Eaton

Vance

Total

Return

Bond

ETF

900,316,395

8,008,491,503

990,990,824

6,622,771,077

Eaton

Vance

Ultra-Short

Income

ETF

64,923,154

222,441,853

39,435,484

106,813,107

Parametric

Equity

Plus

ETF

–

5,018,563

–

4,617,344

Parametric

Equity

Premium

Income

ETF

–

45,368,985

–

54,131,665

Parametric

Hedged

Equity

ETF

–

10,566,265

–

12,746,521

Purchases

Sales

Fund

Kind

Calvert

International

Responsible

Index

ETF

$83,576,079

$5,200,921

Calvert

Ultra-Short

Investment

Grade

ETF

2,373,733

18,824,250

Calvert

Large-Cap

Core

Responsible

Index

ETF

205,592,131

35,735,377

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

7,162,833

22,065,490

Calvert

Mid-Cap

Core

Responsible

Index

ETF

14,991,227

5,947,834

Calvert

Select

Equity

ETF

4,180,020

18,804,461

Eaton

Vance

Floating-Rate

ETF

19,479,659

–

Eaton

Vance

Mortgage

Opportunities

ETF

21,174,959

–

Eaton

Vance

Short

Duration

Income

ETF

255,791,280

–

Eaton

Vance

Total

Return

Bond

ETF

1,762,559,684

14,297,645

Eaton

Vance

Ultra-Short

Income

ETF

63,999,527

3,762,115

Parametric

Equity

Plus

ETF

22,711,174

2,286,975

Parametric

Equity

Premium

Income

ETF

207,729,632

31,746,286

Parametric

Hedged

Equity

ETF

80,465,183

22,088,137

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

209

Morgan

Stanley

ETF

Trust

portion

the

securities

held

collateral

loaned

securities.

summary

the

Funds'

transactions

the

Liquidity

Funds

during the

year

ended September

30,

2025 were

follows:

Management

fees

paid

the

respective Funds

are

reduced

amount

equal

to their

pro-rata

the

management fees

paid

the

respective Funds

due

to their

investment

the

Liquidity

Fund

("Rebate"). For

the

year

ended September

30,

2025,

manage-

ment

fees

paid were

reduced

for

each

fund as

follows:

Certain Funds

invest

affiliated

investments

managed

the

Adviser

and

Sub-Adviser.

summary

each

Funds

transac-

tions

affiliated

investments

during

the year

ended September

30,

2025 is

follows:

Fund

Value

September

30,

2024

Purchases

Cost

Proceeds

from

Sales

Dividend

Income

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

September

30,

2025

Calvert

International

Responsible

Index

ETF

115,222

40,000,232

38,637,473

21,661

–

1,477,981

Calvert

Ultra-Short

Investment

Grade

ETF

3,720,757

225,678,187

210,260,061

285,550

–

19,138,883

Calvert

Large-Cap

Core

Responsible

Index

ETF

533,180

74,565,180

69,026,789

50,251

–

6,071,571

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

51,092

6,480,804

6,432,953

2,577

–

98,943

Calvert

Mid-Cap

Core

Responsible

Index

ETF

115,885

25,300,449

22,584,821

10,518

–

2,831,513

Calvert

Select

Equity

ETF

40,544

7,047,330

7,065,962

2,004

–

21,912

Eaton

Vance

Floating-Rate

ETF

194,653,131

596,313,565

663,245,273

4,466,526

–

127,721,423

Eaton

Vance

High

Yield

ETF

1,036,639

17,157,440

15,123,625

31,494

–

3,070,454

Eaton

Vance

Mortgage

Opportunities

ETF

53,350,722

365,403,384

394,070,208

433,466

–

24,683,898

Eaton

Vance

Short

Duration

Income

ETF

4,919,330

404,347,926

360,178,105

821,311

–

49,089,151

Eaton

Vance

Short

Duration

Municipal

Income

ETF

–

565,525

245,275

–

320,250

Eaton

Vance

Total

Return

Bond

ETF

44,629,406

1,587,793,552

1,542,426,688

8,482,771

–

89,996,270

Eaton

Vance

Ultra-Short

Income

ETF

129,504

209,823,753

186,530,848

213,342

–

23,422,409

Parametric

Equity

Plus

ETF*

–

6,187,029

5,353,590

29,089

–

833,439

Parametric

Equity

Premium

Income

ETF

2,763,970

89,393,772

77,860,478

105,962

–

14,297,264

Parametric

Hedged

Equity

ETF

535,843

20,737,855

19,201,026

70,038

–

2,072,672

Commencement

Operations

November

2024

Fund

Rebate

Value

Calvert

International

Responsible

Index

ETF

............................................................

$518

Calvert

Ultra-Short

Investment

Grade

ETF

..............................................................

9,715

Calvert

Large-Cap

Core

Responsible

Index

ETF

........................................................

1,607

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

..............................................

Calvert

Mid-Cap

Core

Responsible

Index

ETF

.........................................................

315

Calvert

Select

Equity

ETF

.......................................................................

Eaton

Vance

Floating-Rate

ETF

.....................................................................

147,597

Eaton

Vance

High

Yield

ETF

........................................................................

956

Eaton

Vance

Mortgage

Opportunities

ETF

..............................................................

14,043

Eaton

Vance

Short

Duration

Income

ETF

...............................................................

26,838

Eaton

Vance

Total

Return

Bond

ETF

..................................................................

284,908

Eaton

Vance

Ultra-Short

Income

ETF

.................................................................

7,211

Parametric

Equity

Plus

ETF

........................................................................

974

Parametric

Equity

Premium

Income

ETF

...............................................................

3,377

Parametric

Hedged

Equity

ETF

......................................................................

2,305

Fund

Value

September

30,

2024

Purchases

Cost

Proceeds

from

Sales

Dividend

and

Interest

Income

‌

Realized

Gain

(Loss)

‌

Change

Unrealized

Appreciation

(Depreciation)

Value

September

30,

2025

Investments

Eaton

Vance

Mortgage

Opportunities

ETF

Morgan

Stanley

Mortgage

Loan

Trust

56,170

–

8,772

3,485

–

393

47,791

Eaton

Vance

Short

Duration

Income

ETF

Eaton

Vance

Floating-Rate

ETF

4,199,996

13,329,631

6,936,077

383,733

(181,662

)

(30,858)

10,381,030

Eaton

Vance

Ultra-Short

Income

ETF

1,014,400

4,582,390

509,900

128,606

900

8,710

5,096,500

Eaton

Vance

Total

Return

Bond

ETF

Eaton

Vance

Floating-Rate

ETF

6,601,862

24,120,941

29,960,941

746,574

(820,266

)

–

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

210

Morgan

Stanley

ETF

Trust

Management

fees

paid

the

respective Funds

are

reduced

amount

equal

to their

pro-rata

the

management fees

paid

the

affiliated

investment

("Rebate"). For

the

year

ended September

30,

2025,

management

fees

paid

were

reduced

for

each Fund as

follows:

Certain

Funds

are permitted

purchase

and

sell

securities

(“cross-trade”)

from

and

other

Morgan

Stanley

funds

well

other

funds

and

client

accounts

for

which

the

Adviser

affiliate

the

Adviser

serves

investment

adviser,

pursuant

procedures

approved

the Trustees

compliance

with

Rule

17a-7

under

the

Act

(the

“Rule”).

result

change

the

Rule

2a-5

under

the

Act which

impacts

transactions

under

Rule

17a-7,

security

eligible

security for

purposes

Rule

17a-7

only

when

there

"readily

available

market

quotation"

for

the

security.

The

Funds'

Rule

17a-7 policy

was

amended

effective

September

2022,

reflect

the

new

requirement

Rule

2a-5.

For

the

year

ended September

30,

2025,

the

Funds

did

not

engage

any

cross-trade

transactions.

Each

Trustee

receives

annual

retainer

fee

for

serving

Trustee

the

Morgan

Stanley

Funds.

The

aggregate

compensation

paid

each

Trustee

allocated

pro

rata

basis

among

each

the

operational

funds

the

Morgan

Stanley

Funds

based

the

relative

net

assets

each

the

funds.

The

fund

also

reimburses

such

Trustees

for

travel

and

other

out-of-pocket

expenses

incurred

them

connection

with

attending

such

meetings.

The

Adviser

pays

these

expenses

from

the

Management

Fees

receives

from

the

funds.

The

Trust

has

Deferred

Compensation

Plan

(the

“DC

Plan”),

which

allows

each

Trustee

defer

payment

all,

portion,

the

fees

she

receives

for

serving

the

Board

Trustees

throughout

the

year.

Each

eligible

Trustee

generally

may

elect

have

the

deferred

amounts

credited

with

return

equal

the

total

return

one

the

Morgan

Stanley

Funds

that

are

offered

investment

options

under

the

Plan.

the

Trustee’s

election,

distributions

are

either

one

lump

sum

payment,

the

form

equal

annual

installments

over

period

five

years.

The

rights

eligible

Trustee

and

the

beneficiaries

the

amounts

held

under

the

Plan

are

unsecured

and

such

amounts

are

subject

the

claims

the

creditors

the

Trust.

Other:

September

30,

2025,

Morgan

Stanley

Investment

Management

Inc.

held

outstanding

the

following

Funds:

Fund

Value

September

30,

2024

Purchases

Cost

Proceeds

from

Sales

Dividend

and

Interest

Income

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

September

30,

2025

Investments

(cont’d)

Eaton

Vance

High

Yield

ETF

–

498,666

–

31,541

–

(3,581)

495,085

Eaton

Vance

Short

Duration

Income

ETF

–

11,919,925

–

362,578

–

160,250

12,080,175

Eaton

Vance

Ultra-Short

Income

ETF

1,166,560

203,160

–

61,392

–

6,335

1,376,055

Eaton

Vance

Ultra-Short

Income

ETF

Eaton

Vance

Floating-Rate

ETF

–

1,457,740

698,600

26,006

(8,840

)

(5,250)

745,050

Parametric

Equity

Plus

ETF*

Morgan

Stanley

–

71,045

6,859

1,405

(328

)

14,509

78,367

Parametric

Hedged

Equity

ETF

Morgan

Stanley

129,362

264,867

112,183

7,583

21,417

90,599

394,062

Commencement

Operations

November

2024

Fund

Rebate

Eaton

Vance

Short

Duration

Income

ETF

...............................................................

$31,866

Eaton

Vance

Total

Return

Bond

ETF

..................................................................

77,023

Eaton

Vance

Ultra-Short

Income

ETF

.................................................................

1,702

Fund

Percentage

Ownership

‌

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

............................................

36.0

Calvert

Mid-Cap

Core

Responsible

Index

ETF

.......................................................

26.4

Eaton

Vance

High

Income

Municipal

ETF

............................................................

61.1

Eaton

Vance

High

Yield

ETF

......................................................................

45.6

Eaton

Vance

Intermediate

Municipal

Income

ETF

.......................................................

17.5

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

211

Morgan

Stanley

ETF

Trust

Federal

Income

Taxes:

is each

Fund's

intention

continue

qualify

regulated

investment

company

and

distribute

all

its

taxable

and

tax

exempt income.

Accordingly,

provision

for

federal

income

taxes

required

the

financial

statements.

Each Fund

may

subject

taxes

imposed

countries

which

invests.

Such

taxes

are

generally

based

income

and/or

capital

gains

earned

repatriated.

Taxes

are

accrued

based

net

investment

income,

net

realized

gains

and

net

unrealized

appreciation

such

income

and/or

gains

are

earned.

Taxes

may

also

based

transactions

foreign

currency

and

are

accrued

based

the

value

investments

denominated

such

currency.

FASB

ASC

740-10,

“Income

Taxes—Overall”,

sets

forth

minimum

threshold

for

financial

statement

recognition

the

benefit

tax

position

taken

expected

taken

tax

return.

Management

has

concluded

there

are

significant

uncertain

tax

positions

that

would

require

recognition

the

financial

statements

the

Funds.

applicable,

the

Funds

recognize

interest

accrued

unrecognized

tax

benefits

“Interest

Expense”

and

penalties

“Other

Expenses”

the

Statements

Operations.

The

Funds

file

tax

returns

with

the

U.S.

Internal

Revenue

Service,

New

York

and

various

states. Generally

each

the

tax

years

the

four

year

period

ended

September

30,

2025 remains

subject

examination

taxing

authorities.

The

tax

character

distributions

paid

may

differ

from

the

character

distributions

shown

for

GAAP

purposes

due

short-term

capital

gains

being

treated

ordinary

income

for

tax

purposes.

The

tax

character

distributions

paid

during

fiscal

years 2025

and

2024 was

follows:

Fund

Percentage

Ownership

‌

Parametric

Equity

Plus

ETF

......................................................................

93.6

Parametric

Hedged

Equity

ETF

....................................................................

28.4

2025

Distributions

Paid

From:

2024

Distributions

Paid

From:

Ordinary

Long-Term

Tax-Exempt

Paid-in

Ordinary

Long-Term

Tax-Exempt

Paid-in

Fund

Income

Capital

Gain

Income

Capital

Income

Capital

Gain

Income

Capital

Calvert

International

Responsible

Index

ETF

....

4,141,388

–

2,208,567

–

Calvert

Ultra-

Short

Investment

Grade

ETF

...

9,128,917

6,514

–

3,130,528

10,002

–

Calvert

Large-Cap

Core

Responsible

Index

ETF

....

5,075,428

–

3,466,142

–

Calvert

Large-

Cap

Diversity,

Equity

and

Inclusion

Index

ETF

........

269,737

–

449,376

–

Calvert

Mid-Cap

Core

Responsible

Index

ETF

....

1,011,915

–

588,367

–

Calvert

Select

Equity

ETF

...

245,755

–

341,318

–

Eaton

Vance

Floating-Rate

ETF

........

97,039,720

–

34,524,552

–

3,156,395

Eaton

Vance

High

Income

Municipal

ETF

220,631

–

713,810

–

Eaton

Vance

High

Yield

ETF

....

1,387,514

210,319

–

1,389,305

–

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

212

Morgan

Stanley

ETF

Trust

The

amount

and

character

income

and

gains

distributed

are

determined

accordance

with

income

tax

regulations

which

may

differ

from

GAAP.

These

book/tax

differences

are

either

considered

temporary

permanent

nature.

Temporary

differences

are

attributable

differing

book

and

tax

treatments

for

the

timing

the

recognition

gains

(losses)

certain

investment

transactions

and

the

timing

the

deductibility

certain

expenses.

For

the

year ended September

30,

2025,

some

the

Funds

recorded

permanent differences

primarily

one

the

following:

tax

adjustments

to in-kind

redemptions, REIT

securities

distribution

excess

current

earnings. These

permanent differences resulted

the

following

reclassifications

among

the

components

net

assets

for

the

Funds

listed

below

September

30,

2025:

2025

Distributions

Paid

From:

2024

Distributions

Paid

From:

Ordinary

Long-Term

Tax-Exempt

Paid-in

Ordinary

Long-Term

Tax-Exempt

Paid-in

Fund

Income

Capital

Gain

Income

Capital

Income

Capital

Gain

Income

Capital

Eaton

Vance

Intermediate

Municipal

Income

ETF

19,570

–

2,610,218

–

101,438

–

691,788

–

Eaton

Vance

Mortgage

Opportunities

ETF

........

27,827,102

–

19,401,023

–

Eaton

Vance

Short

Duration

Income

ETF

16,418,431

–

10,744,586

–

Eaton

Vance

Short

Duration

Municipal

Income

ETF

1,100,439

–

8,236,913

–

1,020,972

–

4,443,809

–

Eaton

Vance

Total

Return

Bond

ETF

........

82,351,742

–

27,111,352

–

Eaton

Vance

Ultra-Short

Income

ETF

7,185,342

19,837

–

1,817,749

–

Parametric

Equity

Plus

ETF

....

207,534

–

Parametric

Equity

Premium

Income

ETF

........

7,019,105

–

6,226,543

1,083,910

–

1,483,735

Parametric

Hedged

Equity

ETF

........

917,558

–

271,827

351,527

–

303,181

Total

Fund

Distributable

Earnings/

(Accumulated

Loss)

Paid-In

Capital

Calvert

International

Responsible

Index

ETF

.......................................

(1,215,860)

1,215,860

Calvert

Ultra-Short

Investment

Grade

ETF

.........................................

(62,479)

62,479

Calvert

Large-Cap

Core

Responsible

Index

ETF

...................................

(12,685,606)

12,685,606

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

.........................

(3,241,142)

3,241,142

Calvert

Mid-Cap

Core

Responsible

Index

ETF

....................................

(1,674,816)

1,674,816

Calvert

Select

Equity

ETF

..................................................

(3,449,007)

3,449,007

Eaton

Vance

Total

Return

Bond

ETF

.............................................

(315,514)

315,514

Eaton

Vance

Ultra-Short

Income

ETF

............................................

(5,704)

5,704

Parametric

Equity

Plus

ETF

...................................................

(27,756)

27,756

Parametric

Equity

Premium

Income

ETF

..........................................

(4,813,839)

4,813,839

Parametric

Hedged

Equity

ETF

.................................................

(4,750,739)

4,750,739

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

213

Morgan

Stanley

ETF

Trust

September

30,

2025,

the

components

distributable

earnings

for each

Fund

tax

basis

were

follows:

September

30,

2025,

the

following Funds

had

available

for

federal

income

tax

purposes

unused

short-term

and/or

long-term cap-

ital

losses

that

not

have

expiration

date:

the

extent

that

capital

loss

carryforwards

are

used

offset

any

future

capital

gains

realized,

capital

gains

tax

liability

will

incurred

certain

Funds

for

gains

realized

and

not

distributed.

the

extent

that

capital

gains

are

offset,

such

gains

will

not

distributed

the

shareholders.

During

the

year

ended September

30,

2025,

the

following Funds

utilized

capital

loss

carryforwards

for

U.S.

federal

income

tax

purposes.

Undistributed

Ordinary

Long-Term

Tax-Exempt

Fund

Income

Capital

Gain

Income

Calvert

International

Responsible

Index

ETF

......................

2,231,286

–

Calvert

Ultra-Short

Investment

Grade

ETF

........................

585,102

–

Calvert

Large-Cap

Core

Responsible

Index

ETF

..................

251,802

–

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

........

7,265

–

Calvert

Mid-Cap

Core

Responsible

Index

ETF

...................

48,121

–

Calvert

Select

Equity

ETF

.................................

2,279

–

Eaton

Vance

Floating-Rate

ETF

...............................

7,388,587

–

Eaton

Vance

High

Income

Municipal

ETF

........................

–

158,765

Eaton

Vance

High

Yield

ETF

..................................

301,106

–

Eaton

Vance

Intermediate

Municipal

Income

ETF

...................

–

430,889

Eaton

Vance

Mortgage

Opportunities

ETF

........................

–

Eaton

Vance

Short

Duration

Income

ETF

.........................

3,165,804

–

Eaton

Vance

Short

Duration

Municipal

Income

ETF

.................

–

1,117,401

Eaton

Vance

Total

Return

Bond

ETF

............................

11,516,225

–

Eaton

Vance

Ultra-Short

Income

ETF

...........................

1,107,726

–

Parametric

Equity

Plus

ETF

..................................

9,804

–

Parametric

Equity

Premium

Income

ETF

.........................

–

Parametric

Hedged

Equity

ETF

................................

–

Fund

Short-term

Losses

(No

Expiration)

Long-term

Losses

(No

Expiration)

Calvert

International

Responsible

Index

ETF

.......................................

1,760,578

2,053,301

Calvert

Large-Cap

Core

Responsible

Index

ETF

...................................

2,036,480

–

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

.........................

–

537,090

Calvert

Mid-Cap

Core

Responsible

Index

ETF

....................................

367,730

377,334

Calvert

Select

Equity

ETF

..................................................

733,225

392,951

Eaton

Vance

Floating-Rate

ETF

................................................

4,174,379

4,541,844

Eaton

Vance

High

Income

Municipal

ETF

.........................................

156,058

–

Eaton

Vance

Intermediate

Municipal

Income

ETF

....................................

187,473

–

Eaton

Vance

Mortgage

Opportunities

ETF

.........................................

4,325,443

4,448,654

Eaton

Vance

Short

Duration

Income

ETF

..........................................

–

15,493,871

Eaton

Vance

Short

Duration

Municipal

Income

ETF

..................................

6,198

23,867

Eaton

Vance

Total

Return

Bond

ETF

.............................................

25,203,307

89,411,981

Parametric

Equity

Plus

ETF

...................................................

995,750

52,846

Parametric

Equity

Premium

Income

ETF

..........................................

8,646,600

436,303

Parametric

Hedged

Equity

ETF

.................................................

7,075,658

5,896,597

Fund

Capital

Loss

Carryforward

Utilized

Calvert

Large-Cap

Core

Responsible

Index

ETF

........................................................

745,947

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

..............................................

306,630

Calvert

Mid-Cap

Core

Responsible

Index

ETF

.........................................................

1,269,305

Eaton

Vance

Mortgage

Opportunities

ETF

..............................................................

7,995,523

Eaton

Vance

Short

Duration

Income

ETF

...............................................................

1,742,523

Eaton

Vance

Short

Duration

Municipal

Income

ETF

.......................................................

70,713

Eaton

Vance

Total

Return

Bond

ETF

..................................................................

9,326,812

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

214

Morgan

Stanley

ETF

Trust

Qualified

late

year

losses

are

capital

losses

and

specified

ordinary

losses,

including

currency

losses,

incurred

after October

but

within

the

taxable

year

that,

elected,

are

deemed

arise

the

first

day

the

Funds'

taxable

year.

For

the

year

ended Sep-

tember

30,

2025, the

Fund

listed

below

intends

defer

to October

2025

for

U.S.

federal

income

tax

purposes

the

following

losses:

Credit

Facility:

The Eaton

Vance

Floating-Rate ETF participated

$100,000,000

committed

revolving

line

credit

(the

“Facility”)

with

JPMorgan.

This

Facility

used

for

temporary

emergency

purposes

funding

shareholder

redemption

requests.

The

interest

rate

for

any

funds

drawn

will

based

the

secured

overnight

financing

rate,

federal

funds

rate

the

over-

night

bank

funding

rate

plus

spread.

The

Facility

also

has

commitment

fee

0.25%

per

annum

based

the

unused

portion

the

Facility.

During

the

year

ended September

30,

2025,

the Eaton

Vance

Floating

Rate ETF

did

not

have

any

borrowings

under

the

Facility.

Principal

Risks:

Market Risk:

The

value

investment

each

Fund

based

the

values

each

Fund’s

investments,

which

change

due

economic

and

other

events

that

affect

the

U.S.

and

global

markets

generally,

well

those

that

affect

are

perceived

expected

affect

particular

regions,

countries,

industries,

companies,

issuers,

sectors,

asset

classes

governments.

The

risks

associated

with

these

developments

may

magnified

certain

social,

political,

economic

and

other

conditions

and

events

adversely

interrupt

otherwise

affect

the

global

economy

and

financial

markets.

Securities

each

Fund’s

portfolio

may

underperform

otherwise

adversely

affected

due

inflation

(or

expectations

for

inflation),

deflation

(or

expectations

for

deflation),

interest

rates

(or

changes

interest

rates),

global

demand

for

particular

products

resources,

market

financial

system

instability

uncertainty,

em-

bargoes,

the

threat

actual

imposition

tariffs,

sanctions

and

other

trade

barriers,

natural

disasters

and

extreme

weather

events,

health

emergencies

(such

epidemics

and

pandemics),

terrorism,

regulatory

events

and

governmental

quasi-governmental

ac-

tions.

The

occurrence

global

events,

such

terrorist

attacks,

natural

disasters,

health

emergencies,

social

and

political

(including

geopolitical)

discord

and

tensions

debt

crises

and

downgrades,

among

others,

may

result

increased

market

volatility

and

may

have

long

term

effects

both

the

U.S.

and

global

financial

markets.

The

occurrence

such

events

may

sudden

and

unexpected,

and

difficult

predict

when

similar

events

affecting

the

U.S.

global

financial

markets

economies

may

occur,

the

effects

that

such

events

may

have

and

the

duration

those

effects

(which

may

last

for

extended

periods).

Any

such

event(s)

could

have

significant

adverse

impact

the

value,

liquidity

and

risk

profile

each

Fund’s

portfolio,

well

its

ability

sell

securities

and/or

meet

redemptions.

Any

such

event(s)

similar

types

factors

and

developments,

may

also

adversely

affect

the

financial

performance

each

Fund’s

investments

(and,

turn,

the

Fund’s

investment

results)

and/or

negatively

impact

broad

segments

businesses

and

populations

and

have

significant

and

rapid

negative

impact

the

performance

the

Fund’s

investments,

and

exacerbate

preexisting

risks

the

Fund.

addition,

active

trading

market

may

exist

for

certain

investments

held

the

Funds,

which

may

impair

the

ability

the

Funds

sell

realize

the

current

valuation

such

investments

the

event

the

need

liquidate

such

assets.

Tracking

Error

Risk:

(Calvert

International

Responsible

Index

ETF,

Calvert

Large-Cap

Core

Responsible

Index

ETF,

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

and

Calvert

Mid-Cap

Core

Responsible

Index

ETF

only)

Tracking

error

risk

refers

the

risk

that

Fund’s

performance

may

not

match

correlate

that

the

index

attempts

track,

either

daily

aggregate

basis.

Tracking

error

may

occur

because

of,

among

other

things,

transaction

costs,

Fund’s

hold-

ing

cash,

differences

accrual

dividends,

changes

the

index

the

need

meet

new

existing

regulatory

requirements.

Factors

such

Fund

expenses,

imperfect

correlation

between

Fund’s

investments

and

the

index,

rounding

prices,

changes

the

composition

the

index,

regulatory

policies,

limitations

Fund

investments

imposed

Fund

diversification

and/or

con-

centration

policies,

high

portfolio

turnover

rate

and

the

use

leverage

all

contribute

tracking

error.

Unlike

Fund,

the

returns

Qualified

Late

Year

Post-October

Ordinary

Capital

Fund

Losses

Eaton

Vance

Mortgage

Opportunities

ETF

.........................................

32,441

–

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

215

Morgan

Stanley

ETF

Trust

index

are

not

reduced

investment

and

other

operating

expenses,

including

the

trading

costs

associated

with

implementing

changes

its

portfolio

investments.

Tracking

error

risk

may

cause

Fund’s

performance

less

than

expected.

Tracking

error

risk

may

heightened

during

times

market

volatility,

unusual

market

conditions

other

abnormal

circumstances.

Fund

may

required

deviate

its

investments

from

the

securities

and

relative

weightings

the

index

comply

with

applicable

laws

and

regulations

because

market

restrictions

other

legal

reasons,

including

regulatory

limits

other

restrictions

securities

that

may

purchased

the

Adviser

and

its

affiliates.

the

extent

that

Fund

uses

representative

sampling

method

indexing,

may

have

larger

tracking

error

than

used

replication

method

indexing.

Index

Risk:

(Calvert

International

Responsible

Index

ETF,

Calvert

Large-Cap

Core

Responsible

Index

ETF,

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

and

Calvert

Mid-Cap

Core

Responsible

Index

ETF

only)

Fund’s

return

may

not

track

the

return

the

index

for

number

reasons

and

therefore

may

not

achieve

its

investment

objective.

For

example,

Fund

incurs

number

operating

expenses

not

applicable

the

index,

and

incurs

costs

buying

and

selling

securities,

especially

when

rebalancing

the

Fund’s

securities

holdings

reflect

changes

the

composition

the

index.

addition,

Fund’s

return

may

differ

from

the

return

the

index

because

of,

among

other

things,

pricing

differences

and

the

inabili-

purchase

certain

securities

included

the

index

due

regulatory

other

restrictions.

addition,

the

extent

that

Fund

uses

representative

sampling

approach,

the

Fund

may

not

well

correlated

with

the

return

the

index

when

the

Fund

purchases

all

the

securities

the

index

the

proportions

which

they

are

represented

the

index.

Errors

the

construction

calculation

the

index

may

occur

from

time

time.

Any

such

errors

may

not

identified

and

corrected

the

index

provider

for

some

period

time,

which

may

have

adverse

impact

Fund

and

its

shareholders.

The

risk

that

Fund

may

not

track

the

performance

the

index

may

heightened

during

times

increased

market

volatility

other

unusual

market

conditions.

Authorized

Participant

Concentration

Risk:

Only

authorized

participant

may

engage

creation

redemption

transactions

directly

with

Fund.

Fund

has

limited

number

intermediaries

that

act

authorized

participants

and

none

these

autho-

rized

participants

will

obligated

engage

creation

redemption

transactions.

There

can

assurance

that

active

trading

market

for

Fund’s

will

develop

maintained.

the

extent

that

these

intermediaries

exit

the

business

are

unable

choose

not

proceed

with

creation

and/or

redemption

orders

with

respect

Fund,

such

during

periods

market

stress,

and

other

authorized

participant

creates

redeems,

may

trade

discount

net

asset

value

(“NAV”)

per

and

possibly

face

trading

halts

and/or

delisting.

Authorized

participant

concentration

risk

may

heightened

the

extent

Fund

invests

securities

issued

non-U.S.

issuers

other

securities

instruments

that

have

lower

trading

volumes.

Cash

Transaction Risk:

Calvert

Ultra-Short

Investment

Grade

ETF,

Eaton

Vance

Floating-Rate

ETF,

Eaton

Vance

Interme-

diate

Municipal

Income

ETF,

Eaton

Vance

Mortgage

Opportunities

ETF,

Eaton Vance

Short

Duration

Income

ETF, Eaton

Vance

Short

Duration

Municipal

Income

ETF

and

Eaton

Vance

Ultra-Short

Income

ETF

only)

Unlike

certain

ETFs,

Fund

may

effect

creations

and

redemptions

cash

partially

cash.

Therefore,

may

required

sell

portfolio

securities

and

sub-

sequently

recognize

gains

such

sales

that

Fund

might

not

have

recognized

were

distribute

portfolio

securities

in-kind.

such,

investments

may

less

tax-efficient

than

investment

ETF

that

distributes

portfolio

securities

entirely

in-kind.

Trading

Risk:

The

market

prices

are

expected

fluctuate,

some

cases

materially,

response

changes

Fund’s

NAV,

the

intra-day

value

the

Fund’s

holdings,

and

supply

and

demand

for

shares.

The

Adviser

and/or

Sub-Adviser,

applicable,

cannot

predict

whether

will

trade

above,

below

their

NAV.

Disruptions

creations

and

redemptions,

the

existence

significant

market

volatility

potential

lack

active

trading

market

for

the

(including

through

trading

halt),

well

other

factors,

may

result

the

trading

significantly

above

(at

premium)

below

(at

discount)

NAV

the

intraday

value

Fund’s

holdings.

You

may

pay

significantly

receive

significantly

less

than

Fund’s

NAV

per

during

periods

when

there

significant

premium

discount.

Buying

selling

the

secondary

market

may

require

paying

brokerage

commissions

other

charges

imposed

brokers

determined

that

broker.

Brokerage

commissions

are

often

fixed

amount

and

may

significant

proportional

cost

when

seeking

buy

sell

relatively

small

amounts

shares.

addition,

the

market

price

shares,

the

price

any

exchange-traded

security,

includes

“bid-ask

spread”

charged

the

market

makers

other

participants

that

trade

the

particular

security.

The

spread

Fund’s

varies

over

time

based

the

Fund’s

trading

volume

and

Annual

Report

—

September

30,

2025

Notes

Financial

Statements

(cont’d)

216

Morgan

Stanley

ETF

Trust

market

liquidity

and

may

increase

Fund’s

trading

volume,

the

spread

the

Fund’s

underlying

securities,

market

liquidity

decrease.

Large Transaction

Risk:

Fund

may

experience

adverse

effects

when

large

shareholders,

number

shareholders

collectively,

purchase

redeem

large

amounts

the

Fund

(“large

shareholder

transactions”).

addition,

third

party

investor,

the

Adviser,

affiliate

the

Adviser,

authorized

participant,

lead

market

maker,

another

entity

(i.e.,

seed

investor)

may

in-

vest

Fund

and

hold

its

investment

solely

facilitate

commencement

the

Fund

facilitate

the

Fund’s

achieving

specified

size

scale.

Any

such

investment

may

held

for

limited

period

time.

There

can

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

Fund

would

maintained

such

levels

that

Fund

would

continue

meet

applicable

listing

requirements.

Such

larger

than

normal

redemptions

may

cause

Fund

sell

portfolio

securities

times

when

would

not

otherwise

so,

which

may

negatively

impact

the

Fund’s

NAV

and

liquidity.

Similarly,

large

Fund

purchases

may

adversely

affect

Fund’s

performance

the

extent

that

Fund

delayed

investing

new

cash

and

required

maintain

larger

cash

position

than

ordinarily

would.

These

transactions

may

also

result

taxable

income

and/or

gains

for

Fund,

which

may

increase

taxable

distributions

shareholders,

and

may

also

increase

transaction

costs.

The

effects

taxable

income

and/or

gains

resulting

from

large

shareholder

transactions

would

particularly

impact

non-redeeming

shareholders

who

not

hold

their

Fund

through

tax

deferred

retirement

account,

such

401(k)

plan

IRA.

the

extent

that

such

transactions

result

short-term

capital

gains,

such

gains

when

distributed

Fund

will

generally

taxed

the

ordinary

income

tax

rate

for

individual

shareholders

who

hold

Fund

taxable

account.

addition,

large

redemption

could

result

Fund’s

current

expenses

being

allocated

over

smaller

asset

base,

leading

increase

the

Fund’s

expense

ratio.

number

circumstances

may

cause

Fund

experience

large

redemptions,

including,

but

not

limited

to,

the

occurrence

significant

events

affecting

investor

demand

for

securities

asset

classes

which

the

Fund

invests;

changes

the

eligibility

criteria

for

the

Fund;

liquidation,

reorganization,

repositioning,

other

announced

Fund

event;

changes

investment

objectives,

strategies,

policies,

risks,

investment

per-

sonnel.

Although

large

shareholder

transactions

may

frequent

under

certain

circumstances,

Fund

generally

subject

the

risk

that

shareholders

can

purchase

redeem

significant

percentage

Fund

any

time.

addition,

large

shareholder

transactions

may

account

for

large

percentage

the

trading

volume

Fund’s

listing

exchange

and

may,

therefore,

have

mate-

rial

upward

downward

effect

the

market

price

the

shares.

Subsequent

Event:

The Trustees

the

Trust

approved

Plan

Liquidation

with

respect

the

Calvert

Select

Equity

ETF

(the

"Fund"),

series

the

Trust.

Pursuant

the

Plan

Liquidation,

the

assets

the

Fund

will

liquidated,

known

reason-

ably

ascertainable

liabilities

the

Fund

will

satisfied

provided

for,

the

remaining

proceeds

will

distributed

the

Fund’s

shareholders

and

all

the

issued

and

outstanding

the

Fund

will

redeemed

(the

“Liquidation”).

The

Fund liquidated

the

business

October

17,

2025.

217

Annual

Report

—

September

30,

2025

Report

Independent

Registered

Public

Accounting

Firm

Morgan

Stanley

ETF

Trust

the

Shareholders

Calvert

International

Responsible

Index

ETF,

Calvert

Ultra-Short

Investment

Grade

ETF,

Calvert

Large-Cap

Core

Responsible

Index

ETF,

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF,

Calvert

Mid-Cap

Core

Responsible

Index

ETF,

Calvert

Select

Equity

ETF,

Eaton

Vance

Floating-Rate

ETF,

Eaton

Vance

High

Income

Municipal

ETF,

Eaton

Vance

High

Yield

ETF,

Eaton

Vance

Intermediate

Municipal

Income

ETF,

Eaton

Vance

Mortgage

Opportunities

ETF,

Eaton

Vance

Short

Duration

Income

ETF,

Eaton

Vance

Short

Duration

Municipal

Income

ETF,

Eaton

Vance

Total

Return

Bond

ETF,

Eaton

Vance

Ultra-Short

Income

ETF,

Parametric

Equity

Plus

ETF,

Parametric

Equity

Premium

Income

ETF

and

Parametric

Hedged

Equity

ETF

and

the

Board

Trustees

Morgan

Stanley

ETF

Trust

Opinion

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities

Calvert

International

Responsible

Index

ETF,

Calvert

Ultra-Short

Investment

Grade

ETF,

Calvert

Large-Cap

Core

Responsible

Index

ETF,

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF,

Calvert

Mid-Cap

Core

Responsible

Index

ETF,

Calvert

Select

Equity

ETF,

Eaton

Vance

Float-

ing-Rate

ETF,

Eaton

Vance

High

Income

Municipal

ETF,

Eaton

Vance

High

Yield

ETF,

Eaton

Vance

Intermediate

Municipal

Income

ETF,

Eaton

Vance

Mortgage

Opportunities

ETF,

Eaton

Vance

Short

Duration

Income

ETF,

Eaton

Vance

Short

Duration

Municipal

Income

ETF,

Eaton

Vance

Total

Return

Bond

ETF,

Eaton

Vance

Ultra-Short

Income

ETF,

Parametric

Equity

Plus

ETF,

Parametric

Equity

Premium

Income

ETF

and

Parametric

Hedged

Equity

ETF

(collectively

referred

the

“Funds”),

(eighteen

the

funds

constituting

Morgan

Stanley

ETF

Trust

(the

“Trust”)),

including

the

portfolios

investments,

September

30,

2025,

and

the

statements

operations

and

changes

net

assets,

and

the

financial

highlights

for

each

the

periods

indicated

the

table

below

and

the

notes

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

each

the

Funds

(eighteen

the

funds

constituting

Morgan

Stanley

ETF

Trust)

September

30,

2025,

and

the

results

their

operations,

changes

net

assets

and

financial

highlights

for

each

the

periods

indicated

the

table

below,

conformity

with

U.S.

generally

accepted

accounting

principles.

Individual

fund

constituting

the

Morgan

Stanley

ETF

Trust

Statements

operations

Statements

changes

net

assets

Financial

highlights

Eaton

Vance

Short

Duration

Income

ETF

For

the

year

ended

September

30,

2025

For

each

the

two

years

the

period

ended

September

30,

2025

For

each

the

five

years

the

period

ended

September

30,

2025

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Eaton

Vance

Total

Return

Bond

ETF

Eaton

Vance

Mortgage

Opportunities

ETF

For

the

period

from

November

2024

September

30,

2025

and

the

year

ended

October

31,

2024

For

the

period

from

November

2024

September

30,

2025

and

each

the

two

years

the

period

ended

October

31,

2024

For

the

period

from

November

2024

September

30,

2025

and

each

the

five

years

the

period

ended

October

31,

2024

Calvert

International

Responsible

Index

ETF

For

the

year

ended

September

30,

2025

For

each

the

two

years

the

period

ended

September

30,

2025

For

each

the

two

years

the

period

ended

September

30,

2025

and

the

period

from

January

30,

2023

(commencement

operations)

September

30,

2023

Calvert

Ultra-Short

Investment

Grade

ETF

Calvert

Large-Cap

Core

Responsible

Index

ETF

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Calvert

Mid-Cap

Core

Responsible

Index

ETF

Calvert

Select

Equity

ETF

Annual

Report

—

September

30,

2025

Report

Independent

Registered

Public

Accounting

Firm

(cont’d)

218

Morgan

Stanley

ETF

Trust

Basis

for

Opinion

These

financial

statements

are

the

responsibility

the

Trust’s

management.

Our

responsibility

express

opinion

each

the

Funds’

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Ac-

counting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

independent

with

respect

the

Trust

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

The

Trust

not

required

have,

nor

were

engaged

perform,

audit

the

Trust’s

internal

control

over

financial

reporting.

part

our

audits,

are

required

obtain

understanding

internal

control

over

financial

reporting,

but

not

for

the

purpose

expressing

opinion

the

effectiveness

the

Trust’s

internal

control

over

financial

reporting.

Accordingly,

express

such

opinion.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

September

30,

2025,

correspondence

with

the

custodian,

brokers

and

others;

when

replies

were

not

received

from

brokers

and

others,

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

believe

that

our

audits

provide

reasonable

basis

for

our

opinion.

have

served

the

auditor

one

Morgan

Stanley

investment

companies

since

2000.

Boston,

Massachusetts

November

25,

2025

Eaton

Vance

High

Yield

ETF

For

the

year

ended

September

30,

2025

For

the

year

ended

September

30,

2025

and

the

period

from

October

16,

2023

(commencement

operations)

September

30,

2024

Eaton

Vance

Intermediate

Municipal

Income

ETF

Eaton

Vance

Ultra-Short

Income

ETF

Parametric

Equity

Premium

Income

ETF

Parametric

Hedged

Equity

ETF

Eaton

Vance

Floating-Rate

ETF

For

the

year

ended

September

30,

2025

For

the

year

ended

September

30,

2025

and

the

period

from

February

2024

(commencement

operations)

September

30,

2024

Parametric

Equity

Plus

ETF

For

the

period

from

November

2024

(commencement

operations)

September

30,

2025

Eaton

Vance

High

Income

Municipal

ETF

For

the

period

from

February

25,

2025

(commencement

operations)

September

30,

2025

219

Annual

Report

—

September

30,

2025

Investment

Advisory

Agreement

Approval

Morgan

Stanley

ETF

Trust

Morgan

Stanley

ETF

Trust

Nature,

Extent

and

Quality

Services

The

Board

reviewed

and

considered

the

nature

and

extent

the

investment

advisory

and

portfolio

management

services

provided

the

Adviser

under

the

investment

management

agreement,

including

portfolio

management,

investment

research

and

equity

and

fixed

income

securities

trading.

The

Board

reviewed

similar

information

and

factors

regarding

the

Sub-Adviser,

the

extent

applicable.

The

Board

also

reviewed

and

considered

the

nature

and

extent

the

non-advisory

services

provided

the

Adviser

under

the

investment

management

agreement,

including

operations,

compliance,

business

management

and

planning,

legal

services

and

the

provision

supplies,

office

space

and

utilities

the

Adviser’s

expense.

The

Board

also

considered

the

Adviser’s

investment

personnel

and

infrastructure

that

benefits

the

Funds.

(The

Adviser

and

Sub-Adviser

(to

the

extent

applicable)

together

are

referred

the

“Adviser”

and

the

investment

management

agreement

and

sub-investment

management

agreement

(to

the

extent

applica-

ble)

together

are

referred

the

“Management

Agreement.”)

The

Board

also

considered

that

the

Adviser

serves

variety

other

investment

advisory

clients

and

has

experience

overseeing

service

providers.

The

Board

also

compared

the

nature

the

services

provided

the

Adviser

with

similar

services

provided

non-affiliated

advisers

prepared

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”).

The

Board

reviewed

and

considered

the

qualifications

the

portfolio

managers

and

other

key

personnel

the

Adviser

who

provide

the

advisory

services

the

Funds.

The

Board

determined

that

the

Adviser’s

portfolio

managers

and

key

personnel

are

well

qualified

education

and/or

training

and

experience

perform

the

services

efficient

and

professional

manner.

The

Board

conclud-

that

the

nature

and

extent

the

advisory

services

provided

were

necessary

and

appropriate

for

the

conduct

the

business

and

investment

activities

the

Funds

and

supported

its

decision

approve

the

Management

Agreement.

Performance,

Fees

and

Expenses

the

Fund

The

Board

reviewed

the

performance,

fees

and

expenses

the

Funds

compared

their

peers,

prepared

Broadridge,

and

ap-

propriate

benchmarks

where

applicable.

The

Board

discussed

with

the

Adviser

the

performance

goals

and

the

actual

results

achieved

managing

the

Funds.

Performance

With

respect

the

Calvert

International

Responsible

Index

ETF,

Calvert

Mid-Cap

Core

Responsible

Index

ETF,

Calvert

Large-Cap

Core

Responsible

Index

ETF,

and

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF,

the

Board

reviewed

each

Fund’s

performance

relative

the

index

that

the

Fund

seeks

track

(each,

“Index”)

and

considered

the

Fund’s

track-

ing

error

compared

such

Index.

The

Board

observed

that

each

Fund’s

investment

performance

was

consistent

with

the

Fund’s

investment

objective

seeking

track

the

performance

its

Index.

reviewing

performance

information

for

each

Fund

against

its

peer

group,

the

Board

considered

that

the

Fund

has

different

investment

objective

than

funds

its

designated

peer

group.

The

Board

noted

that

the

peer

group

performance

information

did

not

necessarily

provide

meaningful

direct

comparison

Fund

and

that

the

Fund’s

performance

relative

its

Index

provided

meaningful

comparison.

With

respect

each

Calvert

Ultra-Short

Investment

Grade

ETF,

Calvert

Select

Equity

ETF,

Eaton

Vance

Floating

Rate

ETF,

Eaton

Vance

High

Yield

ETF,

Eaton

Vance

Intermediate

Municipal

Income

ETF,

Eaton

Vance

Short

Duration

Municipal

Income

ETF,

Eaton

Vance

Total

Return

Bond

ETF,

Eaton

Vance

Ultra-Short

Income

ETF,

and

Parametric

Hedged

Equity

ETF,

when

considering

each

Fund’s

performance,

the

Board

and

the

Adviser

place

emphasis

trends

and

longer-term

returns

(focusing

one-year,

three-year

and

five-year

performance,

December

31,

2024,

since

inception,

applicable).

When

Fund

under-

performs

its

benchmark

and/or

its

peer

group

average,

the

Board

and

the

Adviser

discuss

the

causes

such

underperformance

and,

where

necessary,

they

discuss

specific

changes

investment

strategy

investment

personnel.

The

Board

noted

that

Mogan

Stanley

Institutional

Fund

Trust—Core

Plus

Fixed

Income

Portfolio,

Short

Duration

Income

Portfo-

lio,

and

Short

Duration

Municipal

Income

Portfolio

(each

“Predecessor

Fund”)

were

reorganized

into

Eaton

Vance

Total

Return

Bond

ETF,

Eaton

Vance

Short

Duration

Income

ETF,

and

Eaton

Vance

Short

Duration

Municipal

Income

ETF

(each

“Acquir-

ing

Fund”),

respectively,

from

their

prior

mutual-fund

structures

effective

March

2024,

except

with

respect

the

Eaton

Vance

Annual

Report

—

September

30,

2025

Investment

Advisory

Agreement

Approval

(cont’d)

220

Morgan

Stanley

ETF

Trust

Short

Duration

Income

ETF,

which

had

effective

date

June

2024.

connection

with

these

reorganizations,

each

Acquiring

Fund,

the

accounting

survivor,

had

adopted

its

corresponding

Predecessor

Fund’s

performance

track

record.

Accordingly,

the

Board

considered

each

Acquiring

Fund’s

performance

this

context.

The

Board

noted

that

the

performance

the

Eaton

Vance

Short

Duration

Income

ETF,

Eaton

Vance

Short

Duration

Municipal

Income

ETF

and

Eaton

Vance

Total

Return

Bond

ETF

was

better

than

their

respective

peer

group

averages

for

the

one-,

three-

and

five-year

periods.

The

Board

noted

that

the

performance

the

Calvert

Ultra-Short

Investment

Grade

ETF,

Calvert

Select

Equity

ETF,

Eaton

Vance

Ultra-Short

Income

ETF,

and

Parametric

Hedged

Equity

ETF

was

better

than

their

respective

peer

group

averages

for

the

one-year

period

and

the

period

since

each

Fund’s

inception

2023.

The

Board

noted

that

the

performance

the

Eaton

Vance

Floating

Rate

ETF

was

better

than

its

peer

group

average

for

the

period

since

the

Fund’s

inception

2024.

The

Board

noted

that

the

performance

the

Eaton

Vance

Intermediate

Municipal

Income

ETF

was

better

than

its

peer

group

average

for

the

one-year

period,

but

below

its

peer

group

average

for

the

period

since

the

Fund’s

inception

2023.

The

Board

noted

that

the

performance

the

Eaton

Vance

High

Yield

ETF

and

Parametric

Equity

Premium

Income

ETF

was

be-

low

their

respective

peer

group

averages

for

the

one-year

period

and

the

period

since

each

Fund’s

inception

2023.

Performance

Conclusions

With

respect

the

Calvert

International

Responsible

Index

ETF,

Calvert

Mid-Cap

Core

Responsible

Index

ETF,

Calvert

Large-Cap

Core

Responsible

Index

ETF,

and

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF,

after

discussion,

the

Board

concluded

that

each

Fund’s

performance

supported

its

decision

approve

the

Management

Agreement.

With

respect

the

Calvert

Ultra-Short

Investment

Grade

ETF,

Calvert

Select

Equity

ETF,

Eaton

Vance

Floating

Rate

ETF,

Eaton

Vance

Short

Duration

Municipal

Income

ETF,

Eaton

Vance

Short

Duration

Income

ETF,

Eaton

Vance

Total

Return

Bond

ETF,

Eaton

Vance

Ultra-Short

Income

ETF,

and

Parametric

Hedged

Equity

ETF,

after

discussion,

the

Board

concluded

that

each

Fund’s

performance

was

competitive

with

its

respective

peer

group

averages.

With

respect

the

Eaton

Vance

High

Yield

ETF,

Eaton

Vance

Intermediate

Municipal

Income

ETF,

Parametric

Equity

Premium

Income

ETF,

after

discussion,

the

Board

concluded

that

each

Fund’s

performance

was

acceptable.

Fees

and

Expenses

The

Board

discussed

with

the

Adviser

the

unitary

management

fee

(the

“management

fee”)

for

the

Funds

relative

comparable

funds

and/or

other

accounts

advised

the

Adviser

and/or

its

affiliates,

when

applicable,

and

compared

their

peers

prepared

Broadridge.

The

Board

considered

that

pursuant

the

Management

Agreement,

the

Adviser

pays

substantially

all

the

operating

expenses

the

Funds,

subject

certain

exceptions.

The

Board

also

considered

that

the

fees

charged

the

Funds’

other

service

providers

are

paid

the

Adviser

under

the

unitary

management

fee

structure.

The

Board

noted

that

for

each

the

Calvert

U.S.

Large-Cap

Core

Responsible

Index

ETF,

Calvert

Select

Equity

ETF,

Eaton

Vance

Floating

Rate

ETF,

Eaton

Vance

Intermediate

Municipal

Income

ETF,

Eaton

Vance

Short

Duration

Municipal

Income

ETF,

Eaton

Vance

Total

Return

Bond

ETF,

Parametric

Equity

Premium

Income

ETF,

and

Parametric

Hedged

Equity

ETF,

the

manage-

ment

fee

and

the

total

expense

ratio

were

lower

than

their

respective

peer

group

averages.

The

Board

noted

that

for

each

the

Calvert

International

Responsible

Index

ETF,

the

management

fee

and

the

total

expense

ratio

were

higher

than

but

its

peer

group

averages.

The

Board

noted

that

for

each

the

Calvert

Ultra-Short

Investment

Grade

ETF,

the

contractual

management

fee

and

total

expense

ratio

were

higher

than

but

their

respective

peer

group

averages,

and

the

actual

management

fee

was

higher

than

their

respec-

tive

peer

group

averages.

Annual

Report

—

September

30,

2025

Investment

Advisory

Agreement

Approval

(cont’d)

221

Morgan

Stanley

ETF

Trust

The

Board

noted

that

for

each

the

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

ETF,

the

contractual

management

fee

was

higher

than

but

its

peer

group

average,

and

the

actual

management

fee

and

total

expense

ratio

were

higher

than

its

respective

peer

group

averages.

The

Board

noted

that

for

each

the

Eaton

Vance

High

Yield

ETF,

the

contractual

management

fee

and

total

expense

ratio

were

lower

than

its

peer

group

averages,

and

the

actual

management

fee

was

higher

than

its

peer

group

average.

The

Board

noted

that

for

each

the

Eaton

Vance

Ultra-Short

Income

ETF,

the

actual

management

fee

was

higher

than

but

its

peer

group

average

and

the

contractual

management

fee

and

total

expense

ratio

were

lower

than

its

peer

group

averages.

The

Board

noted

that

for

Calvert

Mid-Cap

Core

Responsible

Index

ETF,

the

management

fee

and

total

expense

ratio

were

higher

than

its

peer

group

averages.

Fees

and

Expenses

Conclusions

With

respect

each

the

Calvert

International

Responsible

Index

ETF,

Calvert

Select

Equity

ETF,

Eaton

Vance

Floating

Rate

ETF,

Eaton

Vance

Intermediate

Municipal

Income

ETF,

Eaton

Vance

Short

Duration

Income,

Eaton

Vance

Short

Duration

Municipal

Income

ETF,

Eaton

Vance

Total

Return

Bond

ETF,

Eaton

Vance

Ultra-Short

Income

ETF,

Parametric

Equity

Premium

Income

ETF,

Parametric

Hedged

Equity

ETF,

and

Calvert

U.S.

Large-Cap

Core

Responsible

Index

ETF,

after

discussion,

the

Board

concluded

that

the

management

fee

and

total

expense

ratio

were

competitive

with

their

respective

peer

group

averages.

With

respect

each

the

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

ETF

and

Calvert

Mid-Cap

Core

Responsible

Index

ETF,

after

discussion,

the

Board

concluded

that

the

management

fee

and

the

total

expense

ratio

were

acceptable.

With

respect

each

the

Calvert

Ultra-Short

Investment

Grade

ETF

and

Eaton

Vance

High

Yield

ETF,

after

discussion,

the

Board

concluded

that

(i)

the

management

fee

was

acceptable;

and

(ii)

the

total

expense

ratio

was

competitive

with

their

respective

peer

group

averages.

Economies

Scale

The

Board

considered

the

size

and

growth

prospects

the

Funds

and

how

that

relates

the

Funds’

total

expense

ratios

and

par-

ticularly

the

Funds’

management

fee

schedules,

which

not

include

breakpoints.

conjunction

with

its

review

the

Adviser’s

profitability,

the

Board

discussed

with

the

Adviser

how

change

assets

can

affect

the

efficiency

effectiveness

managing

the

Funds

and

whether

the

management

fee

level

appropriate

relative

current

and

projected

asset

levels

and/or

whether

the

man-

agement

fee

reflects

economies

scale

asset

levels

change.

The

Board

considered

that

the

Adviser’s

assertion

that

the

management

fee

rates

were

set

level

anticipate

economies

scale

lower

asset

levels

before

economies

scale

are

achieved

(if

ever).

The

Board

also

considered

the

Adviser’s

assertion

that

the

management

fee

structures

inherently

reflect

certain

economies

scale

because

the

management

fee

rates

are

fixed

competitive

level

over

the

contract

period

and

therefore

the

management

fee

rate

paid

Fund

will

not

increase

the

future

even

the

Fund’s

operating

costs

rise

and

assets

remain

flat

decrease.

The

Board

also

considered

that

increases

Fund’s

assets

would

not

lead

reduction

the

management

fee

rate

paid

the

Fund

even

economies

scale

were

achieved.

The

Board

has

determined

that

its

review

the

actual

and/or

potential

economies

scale

each

Fund

supports

its

decision

approve

the

Management

Agreement.

Profitability

the

Adviser

and

Affiliates

The

Board

considered

information

concerning

the

costs

incurred

and

profits

realized

the

Adviser

and

its

affiliates

during

the

last

year

from

their

relationship

with

the

Funds

and

during

the

last

two

years

from

their

relationship

with

the

Morgan

Stanley

Fund

Complex

and

reviewed

with

the

Adviser

the

cost

allocation

methodology

used

determine

the

profitability

the

Adviser

and

affiliates.

The

Board

has

determined

that

its

review

the

analysis

the

Adviser’s

expenses

and

profitability

supports

its

decision

approve

the

Management

Agreement.

Other

Benefits

the

Relationship

The

Board

considered

other

direct

and

indirect

benefits

the

Adviser

and/or

its

affiliates

derived

from

their

relationship

with

the

Funds

and

other

funds

advised

the

Adviser.

These

benefits

may

include,

among

other

things,

fees

for

trading,

distribution

and/or

shareholder

servicing

and

for

transaction

processing

and

reporting

platforms

used

securities

lending

agents,

and

research

received

Annual

Report

—

September

30,

2025

Investment

Advisory

Agreement

Approval

(cont’d)

222

Morgan

Stanley

ETF

Trust

the

Adviser

generated

from

commission

dollars

spent

funds’

portfolio

trading.

The

Board

reviewed

with

the

Adviser

these

arrangements

and

the

reasonableness

the

Adviser’s

costs

relative

the

services

performed.

The

Board

has

determined

that

its

review

the

other

benefits

received

the

Adviser

its

affiliates

supports

its

decision

approve

the

Management

Agreement.

Resources

the

Adviser

and

Historical

Relationship

Between

the

Fund

and

the

Adviser

The

Board

considered

whether

the

Adviser

financially

sound

and

has

the

resources

necessary

perform

its

obligations

under

the

Management

Agreement.

The

Board

also

reviewed

and

considered

the

historical

relationship

between

the

Funds

and

the

Adviser,

including

the

organizational

structure

the

Adviser,

the

policies

and

procedures

formulated

and

adopted

the

Adviser

for

manag-

ing

the

Funds’

operations

and

the

Board’s

confidence

the

competence

and

integrity

the

senior

managers

and

key

personnel

the

Adviser.

The

Board

concluded

that

the

Adviser

has

the

financial

resources

necessary

fulfill

its

obligations

under

the

Manage-

ment

Agreement

and

that

beneficial

for

the

Funds

continue

their

relationship

with

the

Adviser.

Other

Factors

and

Current

Trends

The

Board

considered

the

controls

and

procedures

adopted

and

implemented

the

Adviser

and

monitored

the

Funds’

Chief

Compliance

Officer

and

concluded

that

the

conduct

business

the

Adviser

indicates

good

faith

effort

its

part

adhere

high

ethical

standards

the

conduct

the

Funds’

business.

General

Conclusion

After

considering

and

weighing

all

the

above

factors,

with

various

written

materials

and

verbal

information

presented

the

Adviser,

the

Board

concluded

that

would

the

best

interest

each

Fund

and

its

shareholders

approve

renewal

the

Management

Agreement

for

another

year.

reaching

this

conclusion

the

Board

did

not

give

particular

weight

any

single

piece

information

factor

referenced

above.

The

Board

considered

these

factors

and

information

over

the

course

the

year

and

numerous

meetings,

some

which

were

executive

session

with

only

the

independent

Board

members

and

their

counsel

present.

possible

that

individual

Board

members

may

have

weighed

these

factors,

and

the

information

presented,

differently

reaching

their

individual

decisions

approve

the

Management

Agreement.

Morgan

Stanley

ETF

Trust

–

Eaton

Vance

Mortgage

Opportunities

ETF

(formerly,

Morgan

Stanley

Mortgage

Securities

Trust)

The

Board

considered

the

following

factors

the

time

approval

the

contracts

which

occurred

prior

commencement

operations.

Nature,

Extent

and

Quality

Services

The

Board

reviewed

and

considered

the

nature

and

extent

the

investment

advisory

and

portfolio

management

services

pro-

vided

the

Adviser

under

the

investment

management

agreement

(the

“Management

Agreement”),

including

portfolio

manage-

ment,

investment

research

and

equity

and

fixed

income

securities

trading.

The

Board

also

reviewed

and

considered

the

nature

and

extent

the

non-advisory

services

provided

the

Adviser

under

the

Management

Agreement,

including

operations,

com-

pliance,

business

management

and

planning,

legal

services

and

the

provision

supplies,

office

space

and

utilities

the

Adviser’s

expense.

The

Board

also

considered

the

Adviser’s

investment

personnel

and

infrastructure

that

benefits

the

Fund.

The

Board

also

considered

that

the

Adviser

serves

variety

other

investment

advisory

clients

and

has

experience

overseeing

service

providers.

The

Board

reviewed

and

considered

the

qualifications

the

portfolio

managers

and

other

key

personnel

the

Adviser

who

will

provide

the

advisory

services

the

Fund.

The

Board

determined

that

the

Adviser's

portfolio

managers

and

key

personnel

are

well

qualified

education

and/or

training

and

experience

perform

the

services

efficient

and

professional

manner.

The

Board

concluded

that

the

nature

and

extent

the

advisory

services

provided

were

necessary

and

appropriate

for

the

conduct

the

business

and

investment

activities

the

Fund

and

supported

its

decision

approve

the

Management

Agreement.

Performance,

Fees

and

Expenses

the

Fund

The

Board

considered

that

the

Adviser

plans

launch

the

Fund

with

the

assets

Morgan

Stanley

Mortgage

Securities

Trust

(the

“Acquired

Fund”).

The

Board

further

considered

that

although

the

Fund

had

not

yet

commenced

operations,

was

expected

that

would

adopt

the

Acquired

Fund’s

performance

track

record

the

accounting

survivor

the

Acquired

Fund.

Annual

Report

—

September

30,

2025

Investment

Advisory

Agreement

Approval

(cont’d)

223

Morgan

Stanley

ETF

Trust

The

Board

reviewed

the

unitary

management

fee

(the

“management

fee

rate”)

proposed

paid

the

Fund

under

the

Man-

agement

Agreement,

pursuant

which

the

Adviser

would

pay

substantially

all

the

operating

expenses

the

Fund,

subject

certain

exceptions.

The

Board

considered

the

benefits

unitary

fee

structure

and

considered

the

management

fee

rate

relative

comparable

funds

advised

the

Adviser

its

affiliates

(including

the

Acquired

Fund),

when

applicable,

and

compared

peers

determined

the

Adviser.

The

Board

reviewed

the

anticipated

total

expense

ratio

the

Fund,

which,

due

the

unitary

manage-

ment

fee

structure,

was

equal

the

proposed

management

fee

rate.

The

Board

also

considered

the

benefits

the

Acquired

Fund

shareholders

arising

from

the

unitary

management

fee

structure,

that

would

result

the

Fund

experiencing

lower

total

expense

ra-

tio

compared

the

Acquired

Fund.

The

Board

also

considered

that

the

fees

charged

the

Fund’s

other

service

providers

would

paid

the

Adviser

under

the

unitary

management

fee

structure.

The

Board

considered

that

the

Fund

requires

the

Adviser

develop

processes,

invest

additional

resources

and

incur

additional

risks

successfully

manage

the

Fund

and

concluded

that

the

proposed

management

fee

rate

and

anticipated

total

expense

ratio

would

competitive

with

its

peer

group

averages.

Economies

Scale

The

Board

considered

the

growth

prospects

the

Fund

and

the

proposed

unitary

management

fee

schedule,

which

does

not

in-

clude

breakpoints.

The

Board

considered

that

the

unitary

management

fee

rate

was

set

level

anticipate

economies

scale

lower

asset

levels

before

economies

scale

are

achieved

(if

ever).

The

Board

also

considered

that

the

unitary

management

fee

struc-

ture

inherently

reflects

certain

economies

scale

because

the

management

fee

rate

fixed

competitive

level

over

the

contract

period

and

therefore

the

management

fee

rate

paid

the

Fund

will

not

increase

the

future

even

the

Fund’s

operating

costs

rise

and

assets

remain

flat

decrease.

The

Board

also

considered

that

increases

the

Fund’s

assets

would

not

lead

reduction

the

unitary

management

fee

rate

paid

the

Fund

the

future

even

economies

scale

were

achieved.

The

Board

considered

that

the

Fund’s

potential

growth

was

uncertain

and

concluded

that

would

premature

consider

economies

scale

factor

approving

the

Management

Agreement

the

present

time.

Profitability

the

Adviser

and

Affiliates

Since

the

Fund

had

not

begun

operations

and

had

not

paid

any

fees

the

Adviser,

the

Board

concluded

that

this

was

not

factor

that

needed

considered

the

present

time.

Other

Benefits

the

Relationship

The

Board

considered

other

direct

and

indirect

benefits

the

Adviser

and/or

its

affiliates

derived

from

their

relationship

with

the

Fund

and

other

funds

advised

the

Adviser.

These

benefits

may

include,

among

other

things,

fees

for

trading,

distribution

and/or

shareholder

servicing

and

for

transaction

processing

and

reporting

platforms

used

securities

lending

agents,

and

research

received

the

Adviser

generated

from

commission

dollars

spent

funds’

portfolio

trading.

Since

the

Fund

had

not

begun

oper-

ations

and

had

not

paid

any

fees

the

Adviser,

the

Board

concluded

that

these

benefits

were

not

factor

that

needed

consid-

ered

the

present

time.

Resources

the

Adviser

and

Historical

Relationship

Between

the

Fund

and

the

Adviser

The

Board

considered

whether

the

Adviser

financially

sound

and

has

the

resources

necessary

perform

its

obligations

under

the

Management

Agreement.

The

Board

also

reviewed

and

considered

the

organizational

structure

the

Adviser,

the

policies

and

procedures

formulated

and

adopted

the

Adviser

for

managing

the

Fund’s

operations

and

the

Board’s

confidence

the

compe-

tence

and

integrity

the

senior

managers

and

key

personnel

the

Adviser.

The

Board

concluded

that

the

Adviser

has

the

financial

resources

necessary

fulfill

its

obligations

under

the

Management

Agreement

and

that

beneficial

for

the

Fund

enter

into

this

relationship

with

the

Adviser.

Other

Factors

and

Current

Trends

The

Board

considered

the

controls

and

procedures

adopted

and

implemented

the

Adviser

and

monitored

the

Fund’s

Chief

Compliance

Officer

and

concluded

that

the

conduct

business

the

Adviser

indicates

good

faith

effort

its

part

adhere

high

ethical

standards

the

conduct

the

Fund’s

business.

Annual

Report

—

September

30,

2025

Investment

Advisory

Agreement

Approval

(cont’d)

224

Morgan

Stanley

ETF

Trust

General

Conclusion

After

considering

and

weighing

all

the

above

factors,

with

various

written

materials

and

verbal

information

presented

the

Ad-

viser,

the

Board

concluded

that

would

the

best

interest

the

Fund

and

its

future

shareholders

approve

the

Management

Agreement,

which

will

remain

effect

for

two

years

and

thereafter

must

approved

annually

the

Board

the

Fund

continue

effect.

reaching

this

conclusion

the

Board

did

not

give

particular

weight

any

single

piece

information

factor

referenced

above.

possible

that

individual

Board

members

may

have

weighed

these

factors,

and

the

information

presented,

differently

reaching

their

individual

decisions

approve

the

Management

Agreement.

225

Annual

Report

—

September

30,

2025

Federal

Tax

Notice

(unaudited)

Morgan

Stanley

ETF

Trust

For

federal

income

tax

purposes,

the

following

information,

Qualified

Business

Income

(QBI),

Business

Interest

Income

(BII),

Qualified

Interest

Income

(QII),

Long

Term

Capital

Gain

Designation

(LTCG),

furnished

with

respect

the

distributions

paid

the

Funds

listed

below

during the

taxable

year

ended

September

30,

2025.

For

corporate

shareholders,

the

percent

ordinary

income distributions

qualifying for

the

dividends

received

deduction

(DRD) are

listed

below.

For

federal

income

tax

purposes, Qualified

Dividend

Income

(QDI) is

furnished

with

respect

the

Funds

earnings

for

its

taxable

year

ended

September

30,

2025.

When

distributed,

certain

earnings

may

subject

maximum

tax

rate

15%

provided

for

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

2003.

The

following Funds

designated

maximum

the

amounts

listed

below

taxable

this

lower

rate.

January,

the

Funds

provide

tax

information

shareholders

for

the

preceding

calendar

year.

Fund

QBI

BII

QII

LTCG

Tax

Exempt

Income

Dividends

Calvert

Ultra-Short

Investment

Grade

ETF

...............

–

6,514

–

Calvert

Mid-Cap

Core

Responsible

Index

ETF

..........

126,355

–

Eaton

Vance

High

Income

Municipal

ETF

...............

–

713,810

Eaton

Vance

High

Yield

ETF

.........................

–

210,319

–

Eaton

Vance

Intermediate

Municipal

Income

ETF

..........

–

2,610,218

Eaton

Vance

Mortgage

Opportunities

ETF

...............

–

26,346,912

26,202,389

–

Eaton

Vance

Short

Duration

Municipal

Income

ETF

........

–

8,236,913

Eaton

Vance

Ultra-Short

Income

ETF

..................

–

19,837

–

Fund

DRD

Calvert

International

Responsible

Index

ETF

.........................................................

0.1

Calvert

Large-Cap

Core

Responsible

Index

ETF

.....................................................

97.6

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

...........................................

100.0

Calvert

Mid-Cap

Core

Responsible

Index

ETF

......................................................

84.0

Calvert

Select

Equity

ETF

....................................................................

100.0

Parametric

Equity

Plus

ETF

.....................................................................

98.4

Parametric

Equity

Premium

Income

ETF

............................................................

70.5

Parametric

Hedged

Equity

ETF

...................................................................

100.0

Fund

QDI

Calvert

International

Responsible

Index

ETF

.........................................................

2,443,715

Calvert

Large-Cap

Core

Responsible

Index

ETF

.....................................................

5,075,428

Calvert

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

...........................................

269,737

Calvert

Mid-Cap

Core

Responsible

Index

ETF

......................................................

885,560

Calvert

Select

Equity

ETF

....................................................................

245,755

Parametric

Equity

Plus

ETF

.....................................................................

207,534

Parametric

Equity

Premium

Income

ETF

............................................................

5,238,414

Parametric

Hedged

Equity

ETF

...................................................................

917,558

ETF-NCSR

9.30.25

Morgan

Stanley

Morgan

Stanley

Investment

Management

Inc.

1585

Broadway

New

York,

New

York

10036

2025

Morgan

Stanley.

Morgan

Stanley

Distribution,

Inc.

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Credit Quality (% of net assets)Footnote Referencea

Asset Allocation (% of total investments)

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)Footnote Referencea

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Industry Weightings (% of total investments)

Asset Allocation (% of total investments)

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Credit Quality (% of net assets)Footnote Referencea

Sector Allocation (% of total investments)

Householding

What were the Fund costs for the last year?

How did the Fund perform last year and what affected its performance?

Fund Performance

Average Annual Total Returns (%)

Key Fund Statistics

What did the Fund invest in?

Credit Quality (% of net assets)Footnote Referencea

Sector Allocation (% of total investments)

Top Ten Holdings (% of total investments)^{Footnote
Referencea}

Credit Quality (% of net assets)^{Footnote
Referencea}

Top Ten Holdings (% of total investments)^{Footnote
Referencea}

Top Ten Holdings (% of total investments)^{Footnote
Referencea}

Top Ten Holdings (% of total investments)^{Footnote
Referencea}

Top Ten Holdings (% of total investments)^{Footnote
Referencea}

Credit Quality (% of net assets)^{Footnote
Referencea}

Credit Quality (% of net assets)^{Footnote
Referencea}

Credit Quality (% of net assets)^{Footnote
Referencea}

Credit Quality (% of net assets)^{Footnote
Referencea}

Credit Quality (% of net assets)^{Footnote
Referencea}

Credit Quality (% of net assets)^{Footnote
Referencea}

Credit Quality (% of net assets)^{Footnote
Referencea}

Credit Quality (% of net assets)^{Footnote
Referencea}