Macquarie ETF Trust – Focused International Core ETF (EXUS US) – Portfolio Construction Methodology

The investment strategy guiding the actively managed Macquarie ETF Trust – Focused International Core ETF seeks capital growth from a concentrated, non-diversified portfolio of non-U.S. equities across developed and emerging markets, with capacity to hold selected U.S.-domiciled issuers with substantial ex-U.S. revenue exposure. The mandate normally invests ≥80% in equities, caps emerging markets to the greater of 35% of net assets or the benchmark weight, and may use depositary receipts and FX forwards to manage currency exposure. Security selection is bottom-up and category-driven (quality cyclicals, growth compounders, unrecognized opportunities) using fundamentals such as free cash flow, sales growth, leverage, ROIC and relative valuation; quantitative analytics support screening and portfolio diagnostics. Portfolio construction is style-agnostic, allows sizable single-issuer weights, and may concentrate by country/sector as opportunities arise. Sell/trim decisions reflect deteriorating fundamentals, weaker cash-flow support, macro/regime shifts, or superior replacements.

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