Certified Annual Shareholder Report for Management Investment Companies (n-csr)

As filed with the Securities and Exchange Commission on March 5, 2020

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23237

TRANSAMERICA ETF TRUST

(Exact Name of Registrant as Specified in Charter)

1801 California St., Suite 5200, Denver, CO 80202

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: 1-888-316-8077

Rhonda A. Mills, Esq., 1801 California St., Suite 5200, Denver, CO 80202

(Name and Address of Agent for Service)

Date of fiscal year end: December 31

Date of reporting period: December 31, 2019

Item 1:

Report(s) to Shareholders.

The Annual Report is attached.

TRANSAMERICA ETF TRUST

ANNUAL REPORT

DECEMBER 31, 2019

LOGO

Beginning January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, the funds intend to no longer mail paper copies of the funds’ shareholder reports unless you specifically request paper copies of the reports from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically (“e-delivery”), you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically anytime by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Transamerica funds held in your account.

Customer Service: 1-888-316-8077

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Foreside Fund Services, LLC

www.deltashares.com

LOGO

Table of Contents


Shareholder Letter			1
Disclosure of Expenses			2
Manager Commentary and Schedules of Investments
DeltaShares^® S&P 400 Managed Risk ETF			3
DeltaShares^® S&P 500 Managed Risk ETF			11
DeltaShares^® S&P 600 Managed Risk ETF			20
DeltaShares^® S&P EM 100 & Managed Risk ETF			30
DeltaShares^® S&P International Managed Risk ETF			36
Statements of Assets and Liabilities			51
Statements of Operations			52
Statements of Changes in Net Assets			53
Financial Highlights			55
Notes to Financial Statements			58
Report of Independent Registered Public Accounting Firm			72
Supplemental Information			73
Management of the Trust			74
Liquidity Risk Management Program			78
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings			79
Notice of Privacy Policy			80

Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a fund’s investment goals, risks, charges and expenses before investing. A prospectus contains this and other information; please read it carefully before investing.


Transamerica ETF Trust		Annual Report 2019

Dear Shareholder,

On behalf of Transamerica DeltaShares^®, we would like to thank you for your support and confidence in our products as we look forward to continuing to serve you and your financial professional in the future. We value the trust you have placed in us.

This annual report provides certain information about the investments and performance of your Exchange Traded Fund(s) (“ETFs”) during the fiscal year. The Securities and Exchange Commission currently requires that annual and semi-annual reports be sent to all shareholders. This report covers the 12-month period ended December 31, 2019.

We believe it is important to understand market conditions over the fiscal year ended December 31, 2019, to provide a context for reading this report. As the year began, markets had reacted negatively to steadily rising interest rates and the fear that the U.S. Federal Reserve (“Fed”) was possibly on the verge of a major monetary policy error, that of raising rates into a slowing economy. The S&P 500^® had declined by approximately 20% from its September 2018 high and credit spreads increased considerably as well. This negative sentiment had also extended into the international markets where both developed and emerging markets had suffered losses in excess of U.S. equities. While the ongoing U.S./China trade dispute shared some of the blame for investor angst going into 2019, most eyes were squarely on the Fed and what the path of interest rates might be for the new year. As the calendar turned to 2019, however, the Fed moderated its tone to one of patience, signaling that further rate hikes were likely off the table for the time being. U.S. equity markets reacted favorably in response and approached all-time highs by late spring 2019.

U.S./China trade talks continued through the first few months of 2019 with little progress, and in May negotiations deteriorated as the U.S. announced a new round of tariffs. China immediately responded with tariffs of its own on U.S. exports. Equity markets initially declined on this news, however, the Fed responded to these renewed trade tensions by signaling it would “act as appropriate to sustain the expansion” which served to contain fears of an economic slowdown. The Fed then proceeded to cut the Fed Funds rate by 0.25% at three consecutive meetings from July through October, taking its policy rate down to a target range of 1.50%—1.75%. These represented the first interest rate cuts since the Fed had begun its tightening campaign in December of 2015, and global equity and credit markets responded favorably.

Markets finished the year strong as U.S./China trade relations improved and expectations of a stable growth economy combined with benign inflation and lower interest rates helped to emphasize optimism for the year ahead. While the manufacturing sector exhibited some weakness, consumer spending remained strong. Although the drama of impeachment and election uncertainties loomed over Washington, investors seem to have taken those non-market related developments in stride while focusing on the broader investment landscape featuring the lowest unemployment rate in fifty years, higher wages and the prospect of rising corporate earnings growth. The S&P 500^®, NASDAQ and Dow Jones Industrial Average all closed the year near their highest levels ever.

For the 12-month period ended December 31, 2019, the S&P 500^® Index returned 31.49% while the MSCI EAFE Index, representing international developed market equities, returned 22.66%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned 8.72%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial professional, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

Please contact your financial professional if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,

LOGO

Marijn Smit

President & Chief Executive Officer

Transamerica ETF Trust

LOGO

Tom Wald, CFA

Chief Investment Officer

Transamerica ETF Trust

Bloomberg Barclays U.S. Aggregate Bond Index: Measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

MSCI EAFE Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

S&P 500^®: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of Transamerica ETF Trust. These views are as of the date of this report and are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of Transamerica ETF Trust. Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not guarantee future results. Indexes are unmanaged and an investor cannot invest directly in an index.

Disclosure of Expenses

(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: (i) transaction costs including brokerage commissions on purchases and sales of fund shares; and (ii) ongoing costs, including management fees.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at July 1, 2019, and held for the entire six-month period until December 31, 2019.

ACTUAL EXPENSES

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your Fund titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other fund(s).

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.


			Actual Expenses				Hypothetical Expenses ^(A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period ^(B)		Ending Account Value		Expenses Paid During Period ^(B)		Total Expense Ratio ^(C)^(D)
DeltaShares^® S&P 400 Managed Risk ETF	$	1,000.00	$	1,042.60	$	2.32	$	1,022.90	$	2.29		0.45	%
DeltaShares^® S&P 500 Managed Risk ETF		1,000.00		1,091.00		1.84		1,023.40		1.79		0.35
DeltaShares^® S&P 600 Managed Risk ETF		1,000.00		1,049.40		2.32		1,022.90		2.29		0.45
DeltaShares^® S&P EM 100 & Managed Risk ETF		1,000.00		1,060.10		3.12		1,022.20		3.06		0.60
DeltaShares^® S&P International Managed Risk ETF		1,000.00		1,069.80		2.61		1,022.70		2.55		0.50



(A)		5% return per year before expenses.

(B)		Expenses are calculated using each Fund’s net annualized expense ratio, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).

(C)		Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Funds invest. The total annual fund operating expenses, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.

(D)		Net annualized expense ratios are reflective of any applicable fee waivers and/or reimbursements and are based on the most recent six-months and may differ from the net expense ratio displayed in the Financial Highlights which covers a twelve-month period.


Transamerica ETF Trust		Annual Report 2019

Page 2

DeltaShares^® S&P 400 Managed Risk ETF

(unaudited)

MARKET ENVIRONMENT

Stocks across the world posted positive returns in 2019. The S&P 500^® also posted strong performance in 2019.

Global stock markets began the year on a positive note, with a snap recovery from the late December 2018 trough. This continued throughout January and shrugged off the longest government shutdown in U.S. history. Markets largely continued to rally through April, but gave up roughly half of their year-to-date gains in May. The loss was broad based, with domestic, international developed, and emerging markets all finishing the month sharply lower. However, the second quarter of 2019 finished on a higher note, with May losses closely mirrored by June gains, to complete a low volatility V-shaped quarter.

Domestic equity returns remained in positive territory in July with the S&P 500^® hitting the 3,000 price level for the first time in history. In contrast, both developed and emerging market equities fluctuated between positive and negative territory, ending the month with losses. Equity volatility picked up in August, but remained somewhat moderate. During this time, bond markets rallied around the globe. While the U.S. Federal Reserve (“Fed”) had merely paused rate hikes for the first half of the year, the Fed commenced the first of three consecutive cuts in August. Volatility then subsided, and experienced further declines, boosted by the “Phase One Trade Deal” announced in December as markets rallied through the year-end.

PERFORMANCE OVERVIEW

For the year ended December 31, 2019, the DeltaShares^® S&P 400 Managed Risk ETF (NAV) returned 13.95%. By comparison, the S&P 400^® Managed Risk 2.0 Index, (the “Underlying Index”) returned 14.50% and the S&P MidCap 400^® Index returned 26.20%.

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

STRATEGY REVIEW

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

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

During the 12-month period ended December 31, 2019, the largest contributors to the Fund’s absolute total return were equities within the information technology, industrials, and financials sectors. The largest detractors were equities within the energy sector.

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

Blake Graves, CFA

Charles Lowery, CFA

Louis Ng

Co-Portfolio Managers

Milliman Financial Risk Management LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		98.7	%
Other Investment Company		9.0
Short-Term Investment Company		1.0
Net Other Assets (Liabilities) ^		(8.7	)
Total		100.0	%

Current

and future portfolio holdings are subject to change and risk.

^	The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.


Transamerica ETF Trust		Annual Report 2019

Page 3

DeltaShares^® S&P 400 Managed Risk ETF

(unaudited)

LOGO


Performance as of December 31, 2019
		Average Annual Total Returns						Cumulative Total Returns					Inception Date
	1 Year			10 Year or Since Inception			1 Year			10 Year or Since Inception
Fund NAV		13.95	%		4.86	%		13.95	%		12.19	%	07/31/2017
Fund Market		13.85	%		4.78	%		13.85	%		11.98	%	07/31/2017
S&P MidCap 400^® Index ^(A)		26.20	%		8.51	%		26.20	%		21.88	%
S&P 400^® Managed Risk 2.0 Index ^(A)(B)(C)(D)		14.50	%		5.39	%		14.50	%		13.56	%

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

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

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

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

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

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

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

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

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


Transamerica ETF Trust		Annual Report 2019

Page 4

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS

At December 31, 2019


	Shares		Value
COMMON STOCKS - 98.7%
Aerospace & Defense - 1.5%
Axon Enterprise, Inc. ^(A)^(B)		3,137		$ 229,879
Curtiss-Wright Corp.		2,256		317,848
Mercury Systems, Inc. ^(A)		2,936		202,907
Teledyne Technologies, Inc. ^(A)		1,928		668,129

				1,418,763

Air Freight & Logistics - 0.4%
XPO Logistics, Inc. ^(A)		4,879		388,856

Airlines - 0.3%
JetBlue Airways Corp. ^(A)		15,260		285,667

Auto Components - 1.4%
Adient PLC ^(A)		4,601		97,771
Dana, Inc.		7,608		138,466
Delphi Technologies PLC		4,550		58,376
Gentex Corp.		13,372		387,520
Goodyear Tire & Rubber Co.		12,293		191,218
Lear Corp.		2,909		399,115
Visteon Corp. ^(A)		1,478		127,980

				1,400,446

Automobiles - 0.2%
Thor Industries, Inc. ^(B)		2,918		216,778

Banks - 7.2%
Associated Banc-Corp.		8,423		185,643
BancorpSouth Bank		5,072		159,312
Bank of Hawaii Corp. ^(B)		2,129		202,596
Bank OZK		6,390		194,927
Cathay General Bancorp		4,003		152,314
Commerce Bancshares, Inc. ^(B)		5,482		372,447
Cullen/Frost Bankers, Inc.		3,009		294,220
East West Bancorp, Inc.		7,697		374,844
First Financial Bankshares, Inc.		7,181		252,053
First Horizon National Corp.		16,448		272,379
FNB Corp.		17,175		218,123
Fulton Financial Corp.		8,675		151,205
Hancock Whitney Corp.		4,610		202,287
Home BancShares, Inc.		8,201		161,232
International Bancshares Corp.		3,033		130,631
PacWest Bancorp		6,334		242,402
Pinnacle Financial Partners, Inc.		3,804		243,456
Prosperity Bancshares, Inc.		4,990		358,731
Signature Bank		2,854		389,885
Sterling Bancorp		10,680		225,134
Synovus Financial Corp.		7,746		303,643
TCF Financial Corp.		8,109		379,501
Texas Capital Bancshares, Inc. ^(A)		2,660		151,008
Trustmark Corp.		3,397		117,231
UMB Financial Corp.		2,284		156,774
Umpqua Holdings Corp.		11,640		206,028
United Bankshares, Inc.		5,367		207,488
Valley National Bancorp		20,704		237,061
Webster Financial Corp.		4,865		259,596
Wintrust Financial Corp.		3,017		213,905

				7,016,056

Beverages - 0.2%
Boston Beer Co., Inc., Class A ^(A)		487		184,013

Biotechnology - 0.9%
Arrowhead Pharmaceuticals, Inc. ^(A)		5,291		335,608


	Shares		Value
COMMON STOCKS (continued)
Biotechnology (continued)
Exelixis, Inc. ^(A)		16,061		$ 282,995
Ligand Pharmaceuticals, Inc. ^(A)^(B)		928		96,781
United Therapeutics Corp. ^(A)		2,319		204,258

				919,642

Building Products - 1.2%
Lennox International, Inc.		1,853		452,076
Owens Corning		5,750		374,440
Resideo Technologies, Inc. ^(A)		6,492		77,450
Trex Co., Inc. ^(A)		3,084		277,190

				1,181,156

Capital Markets - 2.6%
Affiliated Managers Group, Inc.		2,604		220,663
Eaton Vance Corp.		5,981		279,253
Evercore, Inc., Class A		2,066		154,454
FactSet Research Systems, Inc. ^(B)		2,006		538,210
Federated Investors, Inc., Class B		5,078		165,492
Interactive Brokers Group, Inc., Class A		4,057		189,137
Janus Henderson Group PLC		8,225		201,101
Legg Mason, Inc.		4,313		154,880
SEI Investments Co.		6,672		436,883
Stifel Financial Corp.		3,614		219,189

				2,559,262

Chemicals - 2.5%
Ashland Global Holdings, Inc.		3,184		243,672
Cabot Corp.		3,012		143,130
Chemours Co. ^(B)		8,642		156,334
Ingevity Corp. ^(A)		2,211		193,197
Minerals Technologies, Inc.		1,842		106,154
NewMarket Corp.		390		189,743
Olin Corp.		8,440		145,590
PolyOne Corp.		4,066		149,588
RPM International, Inc.		6,855		526,190
Scotts Miracle-Gro Co.		2,094		222,341
Sensient Technologies Corp.		2,237		147,843
Valvoline, Inc.		9,958		213,201

				2,436,983

Commercial Services & Supplies - 1.9%
Brink’s Co.		2,644		239,758
Clean Harbors, Inc. ^(A)		2,714		232,725
Deluxe Corp.		2,225		111,072
Healthcare Services Group, Inc.		3,918		95,286
Herman Miller, Inc.		3,122		130,031
HNI Corp.		2,264		84,809
KAR Auction Services, Inc. ^(B)		6,807		148,325
MSA Safety, Inc.		1,884		238,062
Stericycle, Inc. ^(A)^(B)		4,817		307,373
Tetra Tech, Inc.		2,885		248,572

				1,836,013

Communications Equipment - 1.1%
Ciena Corp. ^(A)		8,177		349,076
InterDigital, Inc.		1,646		89,691
Lumentum Holdings, Inc. ^(A)		4,081		323,623
NetScout Systems, Inc. ^(A)		3,481		83,788
ViaSat, Inc. ^(A)		3,048		223,098

				1,069,276

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


Transamerica ETF Trust		Annual Report 2019

Page 5

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Construction & Engineering - 1.2%
AECOM ^(A)		8,303		$ 358,108
Dycom Industries, Inc. ^(A)		1,666		78,552
EMCOR Group, Inc.		2,968		256,138
Fluor Corp.		7,409		139,882
MasTec, Inc. ^(A)		3,187		204,478
Valmont Industries, Inc.		1,138		170,450

				1,207,608

Construction Materials - 0.2%
Eagle Materials, Inc.		2,201		199,543

Consumer Finance - 0.6%
FirstCash, Inc.		2,256		181,901
Green Dot Corp., Class A ^(A)		2,504		58,343
Navient Corp.		10,282		140,658
SLM Corp.		22,315		198,827

				579,729

Containers & Packaging - 1.0%
AptarGroup, Inc.		3,379		390,680
Greif, Inc., Class A		1,388		61,350
O-I Glass, Inc.		8,226		98,136
Silgan Holdings, Inc.		4,099		127,397
Sonoco Products Co.		5,291		326,560

				1,004,123

Distributors - 0.5%
Pool Corp.		2,116		449,396

Diversified Consumer Services - 1.1%
Adtalem Global Education, Inc. ^(A)		2,854		99,804
Graham Holdings Co., Class B		230		146,968
Grand Canyon Education, Inc. ^(A)		2,549		244,169
Service Corp. International		9,662		444,742
WW International, Inc. ^(A)		2,455		93,805

				1,029,488

Diversified Financial Services - 0.3%
Jefferies Financial Group, Inc.		13,315		284,541

Electric Utilities - 1.5%
ALLETE, Inc.		2,731		221,675
Hawaiian Electric Industries, Inc.		5,760		269,914
IDACORP, Inc.		2,664		284,515
OGE Energy Corp.		10,581		470,537
PNM Resources, Inc.		4,210		213,489

				1,460,130

Electrical Equipment - 1.3%
Acuity Brands, Inc.		2,094		288,972
EnerSys		2,235		167,245
Hubbell, Inc.		2,875		424,983
nVent Electric PLC		8,226		210,421
Regal Beloit Corp.		2,164		185,260

				1,276,881

Electronic Equipment, Instruments & Components - 3.7%
Arrow Electronics, Inc. ^(A)		4,305		364,806
Avnet, Inc.		5,337		226,502
Belden, Inc.		2,042		112,310
Cognex Corp.		9,033		506,209
Coherent, Inc. ^(A)		1,277		212,429
II-VI, Inc. ^(A)^(B)		4,610		155,219
Jabil, Inc.		7,343		303,486


	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
Littelfuse, Inc.		1,288		$ 246,394
National Instruments Corp.		6,235		263,990
SYNNEX Corp.		2,160		278,208
Tech Data Corp. ^(A)		1,872		268,819
Trimble, Inc. ^(A)		13,169		549,016
Vishay Intertechnology, Inc.		6,996		148,945

				3,636,333

Energy Equipment & Services - 0.6%
Apergy Corp. ^(A)		4,094		138,295
Core Laboratories NV ^(B)		2,346		88,374
Patterson-UTI Energy, Inc.		10,283		107,971
Transocean, Ltd. ^(A)^(B)		30,401		209,159

				543,799

Entertainment - 0.4%
Cinemark Holdings, Inc. ^(B)		5,635		190,745
World Wrestling Entertainment, Inc., Class A ^(B)		2,508		162,694

				353,439

Equity Real Estate Investment Trusts - 10.6%
Alexander & Baldwin, Inc.		3,590		75,246
American Campus Communities, Inc.		7,263		341,579
Brixmor Property Group, Inc.		15,744		340,228
Camden Property Trust		5,118		543,020
CoreCivic, Inc.		6,295		109,407
CoreSite Realty Corp.		1,992		223,343
Corporate Office Properties Trust		5,923		174,018
Cousins Properties, Inc.		7,758		319,630
CyrusOne, Inc.		5,984		391,533
Diversified Healthcare Trust REIT		12,575		106,133
Douglas Emmett, Inc.		8,713		382,501
EastGroup Properties, Inc.		2,030		269,320
EPR Properties		4,147		292,944
First Industrial Realty Trust, Inc.		6,710		278,532
GEO Group, Inc.		6,410		106,470
Healthcare Realty Trust, Inc.		7,069		235,893
Highwoods Properties, Inc.		5,484		268,222
JBG SMITH Properties		6,239		248,874
Kilroy Realty Corp.		5,155		432,505
Lamar Advertising Co., Class A		4,546		405,776
Liberty Property Trust		8,340		500,817
Life Storage, Inc.		2,466		267,018
Macerich Co. ^(B)		5,824		156,782
Mack-Cali Realty Corp.		4,787		110,723
Medical Properties Trust, Inc.		27,351		577,380
National Retail Properties, Inc.		9,072		486,441
Omega Healthcare Investors, Inc.		11,550		489,142
Park Hotels & Resorts, Inc.		12,654		327,359
Pebblebrook Hotel Trust ^(B)		6,905		185,123
PotlatchDeltic Corp.		3,553		153,738
PS Business Parks, Inc.		1,059		174,597
Rayonier, Inc.		6,835		223,915
Sabra Health Care, Inc.		10,239		218,500
Service Properties Trust		8,699		211,647
Spirit Realty Capital, Inc.		5,272		259,277
Tanger Factory Outlet Centers, Inc. ^(B)		4,910		72,324
Taubman Centers, Inc. ^(B)		3,236		100,607
Urban Edge Properties		6,087		116,749

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


Transamerica ETF Trust		Annual Report 2019

Page 6

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Weingarten Realty Investors		6,393		$ 199,717

				10,377,030

Food & Staples Retailing - 0.6%
BJ’S Wholesale Club Holdings, Inc. ^(A)^(B)		6,458		146,855
Casey’s General Stores, Inc.		1,944		309,076
Sprouts Farmers Market, Inc. ^(A)		6,245		120,841

				576,772

Food Products - 1.7%
Flowers Foods, Inc.		10,174		221,183
Hain Celestial Group, Inc. ^(A)^(B)		4,246		110,205
Ingredion, Inc.		3,529		328,021
Lancaster Colony Corp.		1,046		167,465
Pilgrim’s Pride Corp. ^(A)		2,770		90,621
Post Holdings, Inc. ^(A)		3,513		383,268
Sanderson Farms, Inc.		1,042		183,621
Tootsie Roll Industries, Inc. ^(B)		887		30,282
TreeHouse Foods, Inc. ^(A)		2,971		144,093

				1,658,759

Gas Utilities - 1.7%
National Fuel Gas Co. ^(B)		4,563		212,362
New Jersey Resources Corp.		5,048		224,989
ONE Gas, Inc.		2,788		260,873
Southwest Gas Holdings, Inc.		2,887		219,325
Spire, Inc.		2,695		224,521
UGI Corp.		11,048		498,928

				1,640,998

Health Care Equipment & Supplies - 3.3%
Avanos Medical, Inc. ^(A)		2,533		85,362
Cantel Medical Corp. ^(B)		1,980		140,382
Globus Medical, Inc., Class A ^(A)		4,069		239,583
Haemonetics Corp. ^(A)		2,679		307,817
Hill-Rom Holdings, Inc.		3,529		400,647
ICU Medical, Inc. ^(A)		1,016		190,114
Integra LifeSciences Holdings Corp. ^(A)		3,767		219,541
LivaNova PLC ^(A)		2,558		192,950
Masimo Corp. ^(A)		2,593		409,850
NuVasive, Inc. ^(A)		2,753		212,917
Penumbra, Inc. ^(A)^(B)		1,698		278,930
West Pharmaceutical Services, Inc.		3,911		587,941

				3,266,034

Health Care Providers & Services - 2.4%
Acadia Healthcare Co., Inc. ^(A)		4,682		155,536
Amedisys, Inc. ^(A)		1,705		284,599
Chemed Corp.		846		371,614
Encompass Health Corp.		5,212		361,035
HealthEquity, Inc. ^(A)		3,747		277,540
MEDNAX, Inc. ^(A)		4,456		123,832
Molina Healthcare, Inc. ^(A)		3,314		449,677
Patterson Cos., Inc. ^(B)		4,554		93,266
Tenet Healthcare Corp. ^(A)		5,492		208,861

				2,325,960

Health Care Technology - 0.1%
Allscripts Healthcare Solutions, Inc. ^(A)		8,582		84,232

Hotels, Restaurants & Leisure - 4.4%
Boyd Gaming Corp.		4,231		126,676
Brinker International, Inc. ^(B)		1,975		82,950


	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure (continued)
Caesars Entertainment Corp. ^(A)		29,502		$ 401,227
Cheesecake Factory, Inc. ^(B)		2,171		84,365
Choice Hotels International, Inc. ^(B)		1,679		173,659
Churchill Downs, Inc.		1,874		257,113
Cracker Barrel Old Country Store, Inc. ^(B)		1,272		195,557
Domino’s Pizza, Inc.		2,162		635,152
Dunkin’ Brands Group, Inc.		4,379		330,790
Eldorado Resorts, Inc. ^(A)^(B)		3,453		205,937
Jack in the Box, Inc.		1,250		97,538
Marriott Vacations Worldwide Corp.		1,978		254,687
Papa John’s International, Inc. ^(B)		1,165		73,570
Penn National Gaming, Inc. ^(A)		5,759		147,200
Scientific Games Corp., Class A ^(A)		2,859		76,564
Six Flags Entertainment Corp.		4,155		187,432
Texas Roadhouse, Inc.		3,449		194,248
Wendy’s Co.		9,728		216,059
Wyndham Destinations, Inc.		4,794		247,802
Wyndham Hotels & Resorts, Inc.		5,030		315,934

				4,304,460

Household Durables - 1.0%
Helen of Troy, Ltd. ^(A)		1,330		239,121
KB Home		4,528		155,174
Tempur Sealy International, Inc. ^(A)		2,402		209,118
Toll Brothers, Inc.		6,829		269,814
TRI Pointe Group, Inc. ^(A)		7,360		114,669

				987,896

Household Products - 0.2%
Energizer Holdings, Inc. ^(B)		3,401		170,798

Industrial Conglomerates - 0.5%
Carlisle Cos., Inc.		2,996		484,873

Insurance - 5.1%
Alleghany Corp. ^(A)		761		608,473
American Financial Group, Inc.		3,956		433,775
Brighthouse Financial, Inc. ^(A)		5,776		226,592
Brown & Brown, Inc.		12,361		488,012
CNO Financial Group, Inc.		7,989		144,840
First American Financial Corp.		5,938		346,304
Genworth Financial, Inc., Class A ^(A)		26,604		117,058
Hanover Insurance Group, Inc.		2,082		284,547
Kemper Corp.		3,311		256,602
Mercury General Corp.		1,434		69,879
Old Republic International Corp.		15,083		337,407
Primerica, Inc.		2,186		285,404
Reinsurance Group of America, Inc.		3,310		539,729
RenaissanceRe Holdings, Ltd.		2,334		457,511
RLI Corp.		2,109		189,852
Selective Insurance Group, Inc.		3,140		204,697

				4,990,682

Interactive Media & Services - 0.3%
TripAdvisor, Inc.		5,554		168,730
Yelp, Inc. ^(A)		3,377		117,621

				286,351

Internet & Direct Marketing Retail - 0.5%
Etsy, Inc. ^(A)		6,263		277,451
GrubHub, Inc. ^(A)^(B)		4,834		235,126

				512,577

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


Transamerica ETF Trust		Annual Report 2019

Page 7

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
IT Services - 2.4%
CACI International, Inc., Class A ^(A)		1,324		$ 330,987
CoreLogic, Inc. ^(A)		4,203		183,713
KBR, Inc.		7,491		228,476
LiveRamp Holdings, Inc. ^(A)		3,578		171,994
MAXIMUS, Inc.		3,382		251,587
Perspecta, Inc.		7,268		192,166
Sabre Corp.		14,477		324,864
Science Applications International Corp.		2,594		225,730
WEX, Inc. ^(A)		2,288		479,244

				2,388,761

Leisure Products - 0.8%
Brunswick Corp.		4,312		258,634
Mattel, Inc. ^(A)^(B)		18,327		248,331
Polaris, Inc.		3,039		309,066

				816,031

Life Sciences Tools & Services - 2.1%
Bio-Rad Laboratories, Inc., Class A ^(A)		1,142		422,574
Bio-Techne Corp.		2,015		442,313
Charles River Laboratories International, Inc. ^(A)		2,582		394,426
PRA Health Sciences, Inc. ^(A)		3,343		371,574
Repligen Corp. ^(A)		2,477		229,123
Syneos Health, Inc. ^(A)		3,292		195,792

				2,055,802

Machinery - 4.4%
AGCO Corp.		3,313		255,929
Colfax Corp. ^(A)		4,419		160,763
Crane Co.		2,695		232,794
Donaldson Co., Inc.		6,690		385,478
Graco, Inc.		8,816		458,432
ITT, Inc.		4,636		342,647
Kennametal, Inc.		4,380		161,578
Lincoln Electric Holdings, Inc.		3,232		312,631
Nordson Corp.		2,705		440,482
Oshkosh Corp.		3,597		340,456
Terex Corp.		3,467		103,247
Timken Co.		3,583		201,759
Toro Co.		5,635		448,941
Trinity Industries, Inc.		5,188		114,914
Woodward, Inc.		2,981		353,070

				4,313,121

Marine - 0.3%
Kirby Corp. ^(A)		3,169		283,721

Media - 1.1%
AMC Networks, Inc., Class A ^(A)		2,330		92,035
Cable One, Inc.		266		395,933
John Wiley & Sons, Inc., Class A		2,312		112,178
Meredith Corp. ^(B)		2,125		68,999
New York Times Co., Class A ^(B)		7,599		244,460
TEGNA, Inc.		11,465		191,351

				1,104,956

Metals & Mining - 2.0%
Allegheny Technologies, Inc. ^(A)^(B)		6,665		137,699
Carpenter Technology Corp.		2,522		125,545
Commercial Metals Co.		6,272		139,677
Compass Minerals International, Inc. ^(B)		1,791		109,179
Reliance Steel & Aluminum Co.		3,523		421,915


	Shares		Value
COMMON STOCKS (continued)
Metals & Mining (continued)
Royal Gold, Inc.		3,467		$ 423,841
Steel Dynamics, Inc.		11,388		387,648
U.S. Steel Corp. ^(B)		8,988		102,553
Worthington Industries, Inc.		1,951		82,293

				1,930,350

Multi-Utilities - 0.8%
Black Hills Corp.		3,248		255,098
MDU Resources Group, Inc.		10,592		314,688
NorthWestern Corp.		2,667		191,144

				760,930

Multiline Retail - 0.2%
Dillard’s, Inc., Class A ^(B)		521		38,283
Ollie’s Bargain Outlet Holdings, Inc. ^(A)^(B)		2,891		188,811

				227,094

Oil, Gas & Consumable Fuels - 1.5%
Antero Midstream Corp. ^(B)		15,700		119,163
Chesapeake Energy Corp. ^(A)^(B)		61,976		51,167
CNX Resources Corp. ^(A)		9,863		87,288
EQT Corp. ^(B)		13,513		147,292
Equitrans Midstream Corp. ^(B)		10,772		143,914
Matador Resources Co. ^(A)		5,796		104,154
Murphy Oil Corp. ^(B)		7,895		211,586
PBF Energy, Inc., Class A		5,385		168,927
World Fuel Services Corp.		3,457		150,103
WPX Energy, Inc. ^(A)		22,028		302,665

				1,486,259

Paper & Forest Products - 0.3%
Domtar Corp.		3,027		115,753
Louisiana-Pacific Corp.		6,208		184,191

				299,944

Personal Products - 0.2%
Edgewell Personal Care Co. ^(A)		2,865		88,701
Nu Skin Enterprises, Inc., Class A		2,936		120,317

				209,018

Pharmaceuticals - 0.8%
Catalent, Inc. ^(A)		7,734		435,424
Nektar Therapeutics ^(A)^(B)		9,299		200,719
Prestige Consumer Healthcare, Inc. ^(A)		2,655		107,528

				743,671

Professional Services - 0.9%
ASGN, Inc. ^(A)		2,791		198,077
FTI Consulting, Inc. ^(A)		1,989		220,103
Insperity, Inc.		1,987		170,961
ManpowerGroup, Inc.		3,117		302,661

				891,802

Real Estate Management & Development - 0.5%
Jones Lang LaSalle, Inc.		2,724		474,221

Road & Rail - 0.8%
Avis Budget Group, Inc. ^(A)		3,005		96,881
Knight-Swift Transportation Holdings, Inc. ^(B)		6,494		232,745
Landstar System, Inc.		2,086		237,533
Ryder System, Inc.		2,817		152,991
Werner Enterprises, Inc.		2,341		85,189

				805,339

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


Transamerica ETF Trust		Annual Report 2019

Page 8

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 4.1%
Cabot Microelectronics Corp.		1,538		$ 221,964
Cirrus Logic, Inc. ^(A)		3,055		251,763
Cree, Inc. ^(A)		5,693		262,732
Cypress Semiconductor Corp.		19,521		455,425
First Solar, Inc. ^(A)		4,012		224,511
MKS Instruments, Inc.		2,881		316,939
Monolithic Power Systems, Inc.		2,135		380,073
Semtech Corp. ^(A)		3,502		185,256
Silicon Laboratories, Inc. ^(A)		2,293		265,942
SolarEdge Technologies, Inc. ^(A)		2,569		244,286
Synaptics, Inc. ^(A)		1,769		116,347
Teradyne, Inc.		8,858		604,027
Universal Display Corp.		2,241		461,803

				3,991,068

Software - 3.8%
ACI Worldwide, Inc. ^(A)		6,110		231,477
Blackbaud, Inc.		2,600		206,960
CDK Global, Inc.		6,417		350,882
Ceridian HCM Holding, Inc. ^(A)^(B)		5,327		361,597
CommVault Systems, Inc. ^(A)		2,223		99,235
Fair Isaac Corp. ^(A)		1,531		573,635
j2 Global, Inc. ^(B)		2,447		229,308
LogMeIn, Inc.		2,580		221,209
Manhattan Associates, Inc. ^(A)		3,378		269,396
PTC, Inc. ^(A)		5,494		411,446
Teradata Corp. ^(A)		5,947		159,201
Tyler Technologies, Inc. ^(A)		2,061		618,341

				3,732,687

Specialty Retail - 2.3%
Aaron’s, Inc.		3,550		202,741
American Eagle Outfitters, Inc.		8,395		123,407
AutoNation, Inc. ^(A)		3,112		151,337
Bed Bath & Beyond, Inc. ^(B)		6,690		115,737
Dick’s Sporting Goods, Inc.		3,362		166,385
Five Below, Inc. ^(A)		2,943		376,292
Foot Locker, Inc.		5,658		220,605
Murphy USA, Inc. ^(A)		1,528		178,776
RH ^(A)		862		184,037
Sally Beauty Holdings, Inc. ^(A)^(B)		6,149		112,219
Urban Outfitters, Inc. ^(A)		3,729		103,554
Williams-Sonoma, Inc. ^(B)		4,102		301,251

				2,236,341

Technology Hardware, Storage & Peripherals - 0.2%
NCR Corp. ^(A)		6,745		237,154


	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods - 1.0%
Carter’s, Inc.		2,334		$ 255,199
Columbia Sportswear Co. ^(B)		1,535		153,792
Deckers Outdoor Corp. ^(A)		1,479		249,744
Skechers U.S.A., Inc., Class A ^(A)		7,078		305,699

				964,434

Thrifts & Mortgage Finance - 0.6%
LendingTree, Inc. ^(A)^(B)		405		122,893
New York Community Bancorp, Inc.		24,703		296,930
Washington Federal, Inc.		4,141		151,768

				571,591

Trading Companies & Distributors - 0.7%
GATX Corp.		1,855		153,687
MSC Industrial Direct Co., Inc., Class A		2,381		186,837
NOW, Inc. ^(A)		5,751		64,641
Watsco, Inc.		1,726		310,939

				716,104

Water Utilities - 0.6%
Aqua America, Inc.		11,409		535,538

Wireless Telecommunication Services - 0.1%
Telephone & Data Systems, Inc.		5,170		131,473

Total Common Stocks (Cost $87,494,639)				96,512,753


SHORT-TERM INVESTMENT COMPANY - 1.0%
Money Market Fund - 1.0%
State Street Institutional Treasury Money Market Fund, 1.44% ^(C)		926,406		926,406

Total Short-Term Investment Company (Cost $926,406)				926,406


OTHER INVESTMENT COMPANY - 9.0%
Securities Lending Collateral - 9.0%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.56% ^(C)		8,808,019		8,808,019

Total Other Investment Company (Cost $8,808,019)				8,808,019

Total Investments (Cost $97,229,064)				106,247,178
Net Other Assets (Liabilities) - (8.7)%				(8,482,495	)


Net Assets - 100.0%				$ 97,764,683

FUTURES CONTRACTS:


Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P Midcap 400^® E-Mini Index		6		03/20/2020	$	1,226,608	$	1,238,880	$	12,272	$	—

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


Transamerica ETF Trust		Annual Report 2019

Page 9

DeltaShares^® S&P 400 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(D)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	96,512,753	$	—	$	—	$	96,512,753
Short-Term Investment Company		926,406		—		—		926,406
Other Investment Company		8,808,019		—		—		8,808,019

Total Investments	$	106,247,178	$	—	$	—	$	106,247,178

Other Financial Instruments
Futures Contracts ^(E)	$	12,272	$	—	$	—	$	12,272

Total Other Financial Instruments	$	12,272	$	—	$	—	$	12,272

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		All or a portion of the securities are on loan. The total value of all securities on loan is $8,592,139. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)		Rates disclosed reflect the yields at December 31, 2019.
(D)		There were no transfers in or out of Level 3 during the year ended December 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(E)		Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

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


Transamerica ETF Trust		Annual Report 2019

Page 10

DeltaShares^® S&P 500 Managed Risk ETF

(unaudited)

MARKET ENVIRONMENT

Stocks across the world posted positive returns in 2019. The S&P 500^® also posted strong performance in 2019.

PERFORMANCE OVERVIEW

For the year ended December 31, 2019, the DeltaShares^® S&P 500 Managed Risk ETF (NAV) returned 22.30%. By comparison, the S&P 500^® Managed Risk 2.0 Index (the “Underlying Index”) returned 22.74% and the S&P 500^® Index returned 31.49%.

STRATEGY REVIEW

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

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

During the 12-month period ended December 31, 2019, the largest contributors to the Fund’s absolute total return were equities within the information technology, financials, communications services, and health care sectors. From both an asset class and equity sector perspective, there were no detractors during the period, but the least impactful contributors were U.S. Treasury bonds as well as equities within the energy and materials sectors.

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

Blake Graves, CFA

Charles Lowery, CFA

Louis Ng

Co-Portfolio Managers

Milliman Financial Risk Management LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		98.5	%
Short-Term Investment Company		1.3
Other Investment Company		0.4
Net Other Assets (Liabilities) ^		(0.2	)
Total		100.0	%

Current

and future portfolio holdings are subject to change and risk.

^	The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.


Transamerica ETF Trust		Annual Report 2019

Page 11

DeltaShares^® S&P 500 Managed Risk ETF

(unaudited)

LOGO


Performance as of December 31, 2019
		Average Annual Total Returns						Cumulative Total Returns					Inception Date
	1 Year			10 Year or Since Inception			1 Year			10 Year or Since Inception
Fund NAV		22.30	%		10.85	%		22.30	%		28.34	%	07/31/2017
Fund Market		22.42	%		10.82	%		22.42	%		28.24	%	07/31/2017
S&P 500^® Index ^(A)		31.49	%		13.94	%		31.49	%		37.16	%
S&P 500^® Managed Risk 2.0 Index ^(A)(B)(C)(D)		22.74	%		11.28	%		22.74	%		29.54	%

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

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

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

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

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


Transamerica ETF Trust		Annual Report 2019

Page 12

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS

At December 31, 2019


	Shares		Value
COMMON STOCKS - 98.5%
Aerospace & Defense - 2.4%
Arconic, Inc.		6,107		$ 187,912
Boeing Co.		8,429		2,745,831
General Dynamics Corp.		3,694		651,437
Huntington Ingalls Industries, Inc.		645		161,818
L3 Harris Technologies, Inc.		3,485		689,577
Lockheed Martin Corp.		3,913		1,523,644
Northrop Grumman Corp.		2,471		849,950
Raytheon Co.		4,390		964,659
Textron, Inc.		3,599		160,515
TransDigm Group, Inc.		785		439,600
United Technologies Corp.		12,790		1,915,430

				10,290,373

Air Freight & Logistics - 0.5%
CH Robinson Worldwide, Inc.		2,132		166,722
Expeditors International of Washington, Inc.		2,685		209,484
FedEx Corp.		3,784		572,179
United Parcel Service, Inc., Class B		11,047		1,293,162

				2,241,547

Airlines - 0.4%
Alaska Air Group, Inc.		1,942		131,570
American Airlines Group, Inc. ^(A)		6,146		176,267
Delta Air Lines, Inc.		9,074		530,648
Southwest Airlines Co.		7,467		403,069
United Airlines Holdings, Inc. ^(B)		3,431		302,237

				1,543,791

Auto Components - 0.1%
Aptiv PLC		4,025		382,254
BorgWarner, Inc.		3,255		141,202

				523,456

Automobiles - 0.3%
Ford Motor Co.		61,389		570,918
General Motors Co.		19,821		725,448
Harley-Davidson, Inc.		2,432		90,446

				1,386,812

Banks - 5.5%
Bank of America Corp.		127,625		4,494,953
Citigroup, Inc.		34,417		2,749,574
Citizens Financial Group, Inc.		6,853		278,300
Comerica, Inc.		2,273		163,088
Fifth Third Bancorp		11,188		343,919
First Republic Bank		2,657		312,065
Huntington Bancshares, Inc.		16,281		245,517
JPMorgan Chase & Co.		49,446		6,892,772
KeyCorp		15,528		314,287
M&T Bank Corp.		2,080		353,080
People’s United Financial, Inc.		7,001		118,317
PNC Financial Services Group, Inc.		6,908		1,102,724
Regions Financial Corp.		15,207		260,952
SVB Financial Group ^(B)		813		204,096
Truist Financial Corp.		21,142		1,190,717
US Bancorp		22,406		1,328,452
Wells Fargo & Co.		60,674		3,264,261
Zions Bancorp NA		2,687		139,509

				23,756,583

Beverages - 1.8%
Brown-Forman Corp., Class B		2,872		194,147


	Shares		Value
COMMON STOCKS (continued)
Beverages (continued)
Coca-Cola Co.		60,789		$ 3,364,671
Constellation Brands, Inc., Class A		2,641		501,130
Molson Coors Brewing Co., Class B		2,962		159,652
Monster Beverage Corp. ^(B)		6,018		382,444
PepsiCo, Inc.		21,983		3,004,416

				7,606,460

Biotechnology - 2.0%
AbbVie, Inc.		23,313		2,064,133
Alexion Pharmaceuticals, Inc. ^(B)		3,489		377,335
Amgen, Inc.		9,367		2,258,103
Biogen, Inc. ^(B)		2,845		844,197
Gilead Sciences, Inc.		19,945		1,296,026
Incyte Corp. ^(B)		2,818		246,068
Regeneron Pharmaceuticals, Inc. ^(B)		1,259		472,729
Vertex Pharmaceuticals, Inc. ^(B)		4,054		887,623

				8,446,214

Building Products - 0.3%
A.O. Smith Corp.		2,161		102,950
Allegion PLC		1,465		182,451
Fortune Brands Home & Security, Inc.		2,194		143,356
Johnson Controls International PLC		12,161		495,075
Masco Corp.		4,479		214,947

				1,138,779

Capital Markets - 2.6%
Ameriprise Financial, Inc.		1,997		332,660
Bank of New York Mellon Corp.		13,230		665,866
BlackRock, Inc.		1,859		934,519
Cboe Global Markets, Inc.		1,748		209,760
Charles Schwab Corp.		18,023		857,174
CME Group, Inc.		5,649		1,133,867
E*TRADE Financial Corp.		3,562		161,608
Franklin Resources, Inc.		4,397		114,234
Goldman Sachs Group, Inc.		5,024		1,155,168
Intercontinental Exchange, Inc.		8,779		812,496
Invesco, Ltd.		5,868		105,507
MarketAxess Holdings, Inc.		598		226,708
Moody’s Corp.		2,560		607,770
Morgan Stanley		19,393		991,370
MSCI, Inc.		1,335		344,670
Nasdaq, Inc.		1,809		193,744
Northern Trust Corp.		3,340		354,842
Raymond James Financial, Inc.		1,946		174,089
S&P Global, Inc.		3,853		1,052,062
State Street Corp.		5,732		453,401
T. Rowe Price Group, Inc.		3,684		448,859

				11,330,374

Chemicals - 1.9%
Air Products & Chemicals, Inc.		3,475		816,590
Albemarle Corp.		1,672		122,123
Celanese Corp.		1,906		234,667
CF Industries Holdings, Inc.		3,428		163,653
Corteva, Inc.		11,798		348,749
Dow, Inc.		11,689		639,739
DuPont de Nemours, Inc.		11,679		749,792
Eastman Chemical Co.		2,144		169,933
Ecolab, Inc.		3,953		762,889

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


Transamerica ETF Trust		Annual Report 2019

Page 13

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Chemicals (continued)
FMC Corp.		2,043		$ 203,932
International Flavors & Fragrances, Inc. ^(A)		1,683		217,141
Linde PLC		8,468		1,802,837
LyondellBasell Industries NV, Class A		4,047		382,360
Mosaic Co.		5,512		119,280
PPG Industries, Inc.		3,728		497,651
Sherwin-Williams Co.		1,295		755,684

				7,987,020

Commercial Services & Supplies - 0.4%
Cintas Corp.		1,322		355,724
Copart, Inc. ^(B)		3,225		293,282
Republic Services, Inc.		3,321		297,661
Rollins, Inc.		2,220		73,615
Waste Management, Inc.		6,153		701,196

				1,721,478

Communications Equipment - 1.0%
Arista Networks, Inc. ^(B)		855		173,907
Cisco Systems, Inc.		66,878		3,207,469
F5 Networks, Inc. ^(B)		958		133,785
Juniper Networks, Inc.		5,277		129,972
Motorola Solutions, Inc.		2,701		435,239

				4,080,372

Construction & Engineering - 0.1%
Jacobs Engineering Group, Inc.		2,136		191,877
Quanta Services, Inc.		2,243		91,312

				283,189

Construction Materials - 0.1%
Martin Marietta Materials, Inc.		985		275,446
Vulcan Materials Co.		2,087		300,507

				575,953

Consumer Finance - 0.7%
American Express Co.		10,578		1,316,855
Capital One Financial Corp.		7,342		755,565
Discover Financial Services		4,942		419,181
Synchrony Financial		9,372		337,486

				2,829,087

Containers & Packaging - 0.3%
Amcor PLC		25,541		276,865
Avery Dennison Corp.		1,316		172,159
Ball Corp.		5,157		333,503
International Paper Co.		6,182		284,681
Packaging Corp. of America		1,492		167,089
Sealed Air Corp.		2,436		97,026
WestRock Co.		4,066		174,472

				1,505,795

Distributors - 0.1%
Genuine Parts Co.		2,291		243,373
LKQ Corp. ^(B)		4,831		172,467

				415,840

Diversified Consumer Services - 0.0% ^(C)
H&R Block, Inc.		3,078		72,271

Diversified Financial Services - 1.6%
Berkshire Hathaway, Inc., Class B ^(B)		30,836		6,984,354


	Shares		Value
COMMON STOCKS (continued)
Diversified Telecommunication Services - 2.0%
AT&T, Inc.		115,161		$ 4,500,492
CenturyLink, Inc.		15,468		204,332
Verizon Communications, Inc.		65,200		4,003,280

				8,708,104

Electric Utilities - 2.0%
Alliant Energy Corp.		3,789		207,334
American Electric Power Co., Inc.		7,787		735,949
Duke Energy Corp.		11,493		1,048,277
Edison International		5,653		426,293
Entergy Corp.		3,139		376,052
Evergy, Inc.		3,593		233,868
Eversource Energy		5,104		434,197
Exelon Corp.		15,325		698,667
FirstEnergy Corp.		8,518		413,975
NextEra Energy, Inc.		7,705		1,865,843
Pinnacle West Capital Corp.		1,772		159,356
PPL Corp.		11,398		408,960
Southern Co.		16,533		1,053,152
Xcel Energy, Inc.		8,267		524,872

				8,586,795

Electrical Equipment - 0.5%
AMETEK, Inc.		3,604		359,463
Eaton Corp. PLC		6,517		617,290
Emerson Electric Co.		9,603		732,325
Rockwell Automation, Inc.		1,822		369,265

				2,078,343

Electronic Equipment, Instruments & Components - 0.6%
Amphenol Corp., Class A		4,674		505,867
CDW Corp.		2,265		323,533
Corning, Inc.		12,125		352,959
FLIR Systems, Inc.		2,115		110,128
IPG Photonics Corp. ^(B)		561		81,300
Keysight Technologies, Inc. ^(B)		2,957		303,477
TE Connectivity, Ltd.		5,273		505,364
Zebra Technologies Corp., Class A ^(B)		850		217,124

				2,399,752

Energy Equipment & Services - 0.4%
Baker Hughes Co.		10,245		262,580
Halliburton Co.		13,838		338,616
Helmerich & Payne, Inc.		1,710		77,685
National Oilwell Varco, Inc.		6,083		152,379
Schlumberger, Ltd.		21,825		877,365
TechnipFMC PLC		6,625		142,040

				1,850,665

Entertainment - 1.9%
Activision Blizzard, Inc.		12,111		719,636
Electronic Arts, Inc. ^(B)		4,603		494,869
Live Nation Entertainment, Inc. ^(B)		2,222		158,806
Netflix, Inc. ^(B)		6,909		2,235,545
Take-Two Interactive Software, Inc. ^(B)		1,784		218,415
Walt Disney Co.		28,414		4,109,517

				7,936,788

Equity Real Estate Investment Trusts - 2.8%
Alexandria Real Estate Equities, Inc.		1,815		293,268
American Tower Corp.		6,983		1,604,833

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


Transamerica ETF Trust		Annual Report 2019

Page 14

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Apartment Investment & Management Co., Class A		2,347		$ 121,223
AvalonBay Communities, Inc.		2,202		461,759
Boston Properties, Inc.		2,267		312,529
Crown Castle International Corp.		6,554		931,651
Digital Realty Trust, Inc. ^(A)		3,290		393,945
Duke Realty Corp.		5,795		200,913
Equinix, Inc.		1,344		784,493
Equity Residential		5,503		445,303
Essex Property Trust, Inc.		1,042		313,496
Extra Space Storage, Inc.		2,042		215,676
Federal Realty Investment Trust		1,107		142,504
Healthpeak Properties, Inc.		7,803		268,969
Host Hotels & Resorts, Inc.		11,306		209,726
Iron Mountain, Inc. ^(A)		4,527		144,275
Kimco Realty Corp.		6,656		137,846
Mid-America Apartment Communities, Inc.		1,798		237,084
Prologis, Inc.		9,959		887,745
Public Storage		2,368		504,289
Realty Income Corp.		5,138		378,311
Regency Centers Corp.		2,642		166,684
SBA Communications Corp.		1,775		427,757
Simon Property Group, Inc.		4,838		720,668
SL Green Realty Corp.		1,285		118,066
UDR, Inc.		4,620		215,754
Ventas, Inc.		5,876		339,280
Vornado Realty Trust		2,497		166,051
Welltower, Inc.		6,397		523,147
Weyerhaeuser Co.		11,747		354,759

				12,022,004

Food & Staples Retailing - 1.5%
Costco Wholesale Corp.		6,965		2,047,153
Kroger Co.		12,643		366,520
Sysco Corp.		8,044		688,084
Walgreens Boots Alliance, Inc.		11,819		696,848
Walmart, Inc.		22,364		2,657,738

				6,456,343

Food Products - 1.1%
Archer-Daniels-Midland Co.		8,776		406,768
Campbell Soup Co.		2,663		131,606
Conagra Brands, Inc.		7,672		262,689
General Mills, Inc.		9,528		510,320
Hershey Co.		2,338		343,639
Hormel Foods Corp.		4,384		197,762
J.M. Smucker Co.		1,798		187,226
Kellogg Co.		3,925		271,453
Kraft Heinz Co.		9,818		315,452
Lamb Weston Holdings, Inc.		2,303		198,127
McCormick & Co., Inc.		1,948		330,634
Mondelez International, Inc., Class A		22,698		1,250,206
Tyson Foods, Inc., Class A		4,653		423,609

				4,829,491

Gas Utilities - 0.0% ^(C)
Atmos Energy Corp.		1,881		210,409

Health Care Equipment & Supplies - 3.5%
Abbott Laboratories		27,863		2,420,180
ABIOMED, Inc. ^(B)		712		121,460


	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies (continued)
Align Technology, Inc. ^(B)		1,131		$ 315,594
Baxter International, Inc.		8,049		673,057
Becton Dickinson and Co.		4,264		1,159,680
Boston Scientific Corp. ^(B)		21,973		993,619
Cooper Cos., Inc.		782		251,249
Danaher Corp.		10,078		1,546,772
DENTSPLY SIRONA, Inc.		3,506		198,405
Edwards Lifesciences Corp. ^(B)		3,288		767,058
Hologic, Inc. ^(B)		4,227		220,692
IDEXX Laboratories, Inc. ^(B)		1,352		353,048
Intuitive Surgical, Inc. ^(B)		1,822		1,077,075
Medtronic PLC		21,131		2,397,312
ResMed, Inc.		2,267		351,317
STERIS PLC		1,337		203,786
Stryker Corp.		5,076		1,065,655
Teleflex, Inc.		730		274,801
Varian Medical Systems, Inc. ^(B)		1,433		203,500
Zimmer Biomet Holdings, Inc.		3,243		485,412

				15,079,672

Health Care Providers & Services - 2.8%
AmerisourceBergen Corp.		2,370		201,497
Anthem, Inc.		3,997		1,207,214
Cardinal Health, Inc.		4,611		233,224
Centene Corp. ^(B)		6,523		410,101
Cigna Corp.		5,887		1,203,833
CVS Health Corp.		20,509		1,523,614
DaVita, Inc. ^(B)		1,414		106,093
HCA Healthcare, Inc.		4,171		616,516
Henry Schein, Inc. ^(B)		2,313		154,323
Humana, Inc.		2,088		765,294
Laboratory Corp. of America Holdings ^(B)		1,531		258,999
McKesson Corp.		2,841		392,967
Quest Diagnostics, Inc.		2,123		226,715
UnitedHealth Group, Inc.		14,936		4,390,885
Universal Health Services, Inc., Class B		1,266		181,620
WellCare Health Plans, Inc. ^(B)		793		261,857

				12,134,752

Health Care Technology - 0.1%
Cerner Corp.		4,952		363,427

Hotels, Restaurants & Leisure - 1.8%
Carnival Corp.		6,315		320,991
Chipotle Mexican Grill, Inc. ^(B)		403		337,355
Darden Restaurants, Inc.		1,933		210,716
Hilton Worldwide Holdings, Inc.		4,448		493,328
Las Vegas Sands Corp.		5,327		367,776
Marriott International, Inc., Class A		4,278		647,818
McDonald’s Corp.		11,872		2,346,026
MGM Resorts International		8,119		270,119
Norwegian Cruise Line Holdings, Ltd. ^(B)		3,354		195,907
Royal Caribbean Cruises, Ltd.		2,710		361,812
Starbucks Corp.		18,618		1,636,895
Wynn Resorts, Ltd.		1,523		211,499
Yum! Brands, Inc.		4,768		480,281

				7,880,523

Household Durables - 0.4%
D.R. Horton, Inc.		5,286		278,836
Garmin, Ltd.		2,278		222,242

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


Transamerica ETF Trust		Annual Report 2019

Page 15

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Household Durables (continued)
Leggett & Platt, Inc.		2,075		$ 105,472
Lennar Corp., Class A		4,412		246,145
Mohawk Industries, Inc. ^(B)		937		127,788
Newell Brands, Inc.		6,007		115,455
NVR, Inc. ^(B)		55		209,463
PulteGroup, Inc.		4,016		155,821
Whirlpool Corp.		996		146,940

				1,608,162

Household Products - 1.7%
Church & Dwight Co., Inc.		3,869		272,145
Clorox Co.		1,979		303,856
Colgate-Palmolive Co.		13,511		930,097
Kimberly-Clark Corp.		5,404		743,320
Procter & Gamble Co.		39,314		4,910,319

				7,159,737

Independent Power & Renewable Electricity Producers - 0.1%
AES Corp.		10,466		208,273
NRG Energy, Inc.		3,966		157,649

				365,922

Industrial Conglomerates - 1.3%
3M Co.		9,066		1,599,424
General Electric Co.		137,682		1,536,531
Honeywell International, Inc.		11,264		1,993,728
Roper Technologies, Inc.		1,640		580,937

				5,710,620

Insurance - 2.3%
Aflac, Inc.		11,572		612,159
Allstate Corp.		5,107		574,282
American International Group, Inc.		13,715		703,991
Aon PLC		3,691		768,799
Arthur J. Gallagher & Co.		2,940		279,976
Assurant, Inc.		956		125,313
Chubb, Ltd.		7,145		1,112,191
Cincinnati Financial Corp.		2,395		251,834
Everest Re Group, Ltd.		643		178,008
Globe Life, Inc.		1,571		165,348
Hartford Financial Services Group, Inc.		5,682		345,295
Lincoln National Corp.		3,127		184,524
Loews Corp.		4,033		211,692
Marsh & McLennan Cos., Inc.		7,956		886,378
MetLife, Inc.		12,323		628,103
Principal Financial Group, Inc.		4,071		223,905
Progressive Corp.		9,217		667,219
Prudential Financial, Inc.		6,337		594,030
Travelers Cos., Inc.		4,069		557,250
Unum Group		3,252		94,828
Willis Towers Watson PLC		2,027		409,332
WR Berkley Corp.		2,288		158,101

				9,732,558

Interactive Media & Services - 4.9%
Alphabet, Inc., Class A ^(B)		4,724		6,327,279
Alphabet, Inc., Class C ^(B)		4,712		6,300,038
Facebook, Inc., Class A ^(B)		37,937		7,786,569
Twitter, Inc. ^(B)		12,239		392,260

				20,806,146


	Shares		Value
COMMON STOCKS (continued)
Internet & Direct Marketing Retail - 3.3%
Amazon.com, Inc. ^(B)		6,566		$ 12,132,918
Booking Holdings, Inc. ^(B)		660		1,355,462
eBay, Inc.		12,056		435,342
Expedia Group, Inc.		2,203		238,232

				14,161,954

IT Services - 5.3%
Accenture PLC, Class A		10,012		2,108,227
Akamai Technologies, Inc. ^(B)		2,548		220,096
Alliance Data Systems Corp.		646		72,481
Automatic Data Processing, Inc.		6,821		1,162,981
Broadridge Financial Solutions, Inc.		1,807		223,237
Cognizant Technology Solutions Corp., Class A		8,632		535,357
DXC Technology Co.		4,036		151,713
Fidelity National Information Services, Inc.		9,689		1,347,643
Fiserv, Inc. ^(B)		9,003		1,041,017
FleetCor Technologies, Inc. ^(B)		1,368		393,601
Gartner, Inc. ^(B)		1,410		217,281
Global Payments, Inc.		4,738		864,969
International Business Machines Corp.		13,962		1,871,466
Jack Henry & Associates, Inc.		1,213		176,698
Leidos Holdings, Inc.		2,098		205,373
Mastercard, Inc., Class A		13,995		4,178,767
Paychex, Inc.		5,022		427,171
PayPal Holdings, Inc. ^(B)		18,511		2,002,335
VeriSign, Inc. ^(B)		1,629		313,876
Visa, Inc., Class A		26,987		5,070,857
Western Union Co. ^(A)		6,609		176,989

				22,762,135

Leisure Products - 0.0% ^(C)
Hasbro, Inc.		2,006		211,854

Life Sciences Tools & Services - 1.0%
Agilent Technologies, Inc.		4,879		416,227
Illumina, Inc. ^(B)		2,317		768,642
IQVIA Holdings, Inc. ^(B)		2,845		439,581
Mettler-Toledo International, Inc. ^(B)		384		304,620
PerkinElmer, Inc.		1,751		170,022
Thermo Fisher Scientific, Inc.		6,322		2,053,828
Waters Corp. ^(B)		1,016		237,388

				4,390,308

Machinery - 1.6%
Caterpillar, Inc.		8,713		1,286,736
Cummins, Inc.		2,415		432,188
Deere & Co.		4,964		860,063
Dover Corp.		2,290		263,945
Flowserve Corp.		2,063		102,676
Fortive Corp.		4,659		355,901
IDEX Corp.		1,199		206,228
Illinois Tool Works, Inc.		4,611		828,274
Ingersoll-Rand PLC		3,777		502,039
PACCAR, Inc.		5,453		431,332
Parker-Hannifin Corp.		2,025		416,785
Pentair PLC		2,650		121,555
Snap-on, Inc.		865		146,531
Stanley Black & Decker, Inc.		2,396		397,113
Westinghouse Air Brake Technologies Corp.		2,871		223,364

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


Transamerica ETF Trust		Annual Report 2019

Page 16

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Machinery (continued)
Xylem, Inc.		2,839		$ 223,685

				6,798,415

Media - 1.4%
Charter Communications, Inc., Class A ^(B)		2,472		1,199,118
Comcast Corp., Class A		71,569		3,218,458
Discovery, Inc., Class A ^(A)^(B)		2,493		81,621
Discovery, Inc., Class C ^(B)		5,288		161,231
DISH Network Corp., Class A ^(B)		4,036		143,157
Fox Corp., Class A		5,589		207,184
Fox Corp., Class B		2,560		93,184
Interpublic Group of Cos., Inc.		6,112		141,187
News Corp., Class A		6,125		86,608
News Corp., Class B		1,920		27,859
Omnicom Group, Inc.		3,432		278,061
ViacomCBS, Inc., Class B		8,519		357,542

				5,995,210

Metals & Mining - 0.3%
Freeport-McMoRan, Inc.		22,873		300,094
Newmont Goldcorp Corp.		12,925		561,591
Nucor Corp.		4,780		269,018

				1,130,703

Multi-Utilities - 1.1%
Ameren Corp.		3,879		297,907
CenterPoint Energy, Inc.		7,918		215,924
CMS Energy Corp.		4,475		281,209
Consolidated Edison, Inc.		5,241		474,153
Dominion Energy, Inc.		12,976		1,074,672
DTE Energy Co.		3,028		393,246
NiSource, Inc.		5,889		163,950
Public Service Enterprise Group, Inc.		7,973		470,806
Sempra Energy		4,444		673,177
WEC Energy Group, Inc.		4,973		458,660

				4,503,704

Multiline Retail - 0.5%
Dollar General Corp.		4,014		626,104
Dollar Tree, Inc. ^(B)		3,731		350,900
Kohl’s Corp.		2,468		125,744
Macy’s, Inc. ^(A)		4,871		82,807
Nordstrom, Inc. ^(A)		1,689		69,131
Target Corp.		7,989		1,024,270

				2,278,956

Oil, Gas & Consumable Fuels - 3.8%
Apache Corp.		5,928		151,698
Cabot Oil & Gas Corp.		6,431		111,964
Chevron Corp.		29,809		3,592,283
Cimarex Energy Co.		1,605		84,247
Concho Resources, Inc.		3,169		277,509
ConocoPhillips		17,298		1,124,889
Devon Energy Corp.		6,101		158,443
Diamondback Energy, Inc.		2,540		235,864
EOG Resources, Inc.		9,171		768,163
Exxon Mobil Corp.		66,702		4,654,466
Hess Corp.		4,083		272,785
HollyFrontier Corp.		2,341		118,712
Kinder Morgan, Inc.		30,708		650,088
Marathon Oil Corp.		12,611		171,257


	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum Corp.		10,236		$ 616,719
Noble Energy, Inc.		7,540		187,294
Occidental Petroleum Corp.		14,083		580,360
ONEOK, Inc.		6,512		492,763
Phillips 66		7,005		780,427
Pioneer Natural Resources Co.		2,611		395,227
Valero Energy Corp.		6,474		606,290
Williams Cos., Inc.		19,108		453,242

				16,484,690

Personal Products - 0.2%
Coty, Inc., Class A		4,660		52,425
Estee Lauder Cos., Inc., Class A		3,508		724,542

				776,967

Pharmaceuticals - 4.6%
Allergan PLC		5,175		989,305
Bristol-Myers Squibb Co.		36,955		2,372,141
Eli Lilly & Co.		13,320		1,750,648
Johnson & Johnson		41,491		6,052,292
Merck & Co., Inc.		40,137		3,650,460
Mylan NV ^(B)		8,137		163,554
Perrigo Co. PLC		2,146		110,862
Pfizer, Inc.		87,244		3,418,220
Zoetis, Inc.		7,509		993,816

				19,501,298

Professional Services - 0.3%
Equifax, Inc.		1,909		267,489
IHS Markit, Ltd. ^(B)		6,321		476,287
Nielsen Holdings PLC		5,609		113,863
Robert Half International, Inc.		1,853		117,017
Verisk Analytics, Inc.		2,583		385,745

				1,360,401

Real Estate Management & Development - 0.1%
CBRE Group, Inc., Class A ^(B)		5,277		323,427

Road & Rail - 1.0%
CSX Corp.		12,259		887,061
JB Hunt Transport Services, Inc.		1,344		156,952
Kansas City Southern		1,563		239,389
Norfolk Southern Corp.		4,111		798,068
Old Dominion Freight Line, Inc.		1,007		191,109
Union Pacific Corp.		10,944		1,978,566

				4,251,145

Semiconductors & Semiconductor Equipment - 4.2%
Advanced Micro Devices, Inc. ^(B)		17,556		805,118
Analog Devices, Inc.		5,806		689,985
Applied Materials, Inc.		14,563		888,926
Broadcom, Inc.		6,253		1,976,073
Intel Corp.		68,577		4,104,334
KLA Corp.		2,488		443,287
Lam Research Corp.		2,287		668,719
Maxim Integrated Products, Inc.		4,266		262,402
Microchip Technology, Inc. ^(A)		3,767		394,480
Micron Technology, Inc. ^(B)		17,452		938,569
NVIDIA Corp.		9,648		2,270,174
Qorvo, Inc. ^(B)		1,831		212,817
QUALCOMM, Inc.		18,001		1,588,228
Skyworks Solutions, Inc.		2,686		324,684

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


Transamerica ETF Trust		Annual Report 2019

Page 17

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments, Inc.		14,736		$ 1,890,481
Xilinx, Inc.		3,964		387,560

				17,845,837

Software - 7.0%
Adobe, Inc. ^(B)		7,631		2,516,780
ANSYS, Inc. ^(B)		1,349		347,246
Autodesk, Inc. ^(B)		3,469		636,423
Cadence Design Systems, Inc. ^(B)		4,423		306,779
Citrix Systems, Inc.		1,930		214,037
Fortinet, Inc. ^(B)		2,238		238,929
Intuit, Inc.		4,104		1,074,961
Microsoft Corp.		120,266		18,965,948
Norton Lifelock, Inc.		9,039		230,675
Oracle Corp.		34,154		1,809,479
salesforce.com, Inc. ^(B)		13,983		2,274,195
ServiceNow, Inc. ^(B)		2,973		839,338
Synopsys, Inc. ^(B)		2,370		329,904

				29,784,694

Specialty Retail - 2.2%
Advance Auto Parts, Inc.		1,092		174,895
AutoZone, Inc. ^(B)		376		447,933
Best Buy Co., Inc.		3,590		315,202
CarMax, Inc. ^(B)		2,592		227,241
Gap, Inc.		3,354		59,299
Home Depot, Inc.		17,197		3,755,481
L Brands, Inc.		3,661		66,337
Lowe’s Cos., Inc.		12,083		1,447,060
O’Reilly Automotive, Inc. ^(B)		1,193		522,844
Ross Stores, Inc.		5,703		663,943
Tiffany & Co.		1,702		227,472
TJX Cos., Inc.		19,117		1,167,284
Tractor Supply Co.		1,866		174,359
Ulta Salon Cosmetics & Fragrance, Inc. ^(B)		901		228,079

				9,477,429

Technology Hardware, Storage & Peripherals - 4.9%
Apple, Inc.		65,844		19,335,091
Hewlett Packard Enterprise Co.		20,400		323,544
HP, Inc.		23,362		480,089
NetApp, Inc.		3,598		223,975
Seagate Technology PLC		3,645		216,877
Western Digital Corp.		4,689		297,611
Xerox Holdings Corp.		2,931		108,066

				20,985,253

Textiles, Apparel & Luxury Goods - 0.7%
Capri Holdings, Ltd. ^(B)		2,390		91,179


	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods (continued)
Hanesbrands, Inc. ^(A)		5,702		$ 84,675
NIKE, Inc., Class B		19,643		1,990,032
PVH Corp.		1,169		122,920
Ralph Lauren Corp.		784		91,900
Tapestry, Inc.		4,350		117,320
Under Armour, Inc., Class A ^(A)^(B)		2,967		64,087
Under Armour, Inc., Class C ^(B)		3,067		58,825
VF Corp.		5,163		514,545

				3,135,483

Tobacco - 0.8%
Altria Group, Inc.		29,451		1,469,899
Philip Morris International, Inc.		24,528		2,087,088

				3,556,987

Trading Companies & Distributors - 0.2%
Fastenal Co.		9,042		334,102
United Rentals, Inc. ^(B)		1,185		197,622
WW Grainger, Inc.		688		232,902

				764,626

Water Utilities - 0.1%
American Water Works Co., Inc.		2,850		350,122

Wireless Telecommunication Services - 0.1%
T-Mobile US, Inc. ^(B)		4,991		391,394

Total Common Stocks (Cost $357,422,964)				421,862,953


SHORT-TERM INVESTMENT COMPANY - 1.3%
Money Market Fund - 1.3%
State Street Institutional Treasury Money Market Fund, 1.44% ^(D)		5,450,636		5,450,636

Total Short-Term Investment Company (Cost $5,450,636)				5,450,636


OTHER INVESTMENT COMPANY - 0.4%
Securities Lending Collateral - 0.4%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.56% ^(D)		1,630,939		1,630,939

Total Other Investment Company (Cost $1,630,939)				1,630,939

Total Investments (Cost $364,504,539)				428,944,528
Net Other Assets (Liabilities) - (0.2)%				(858,417	)


Net Assets - 100.0%				$ 428,086,111

FUTURES CONTRACTS:


Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
S&P 500^® E-Mini Index		38		03/20/2020	$	6,027,698	$	6,139,090	$	111,392	$	—

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


Transamerica ETF Trust		Annual Report 2019

Page 18

DeltaShares^® S&P 500 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(E)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	421,862,953	$	—	$	—	$	421,862,953
Short-Term Investment Company		5,450,636		—		—		5,450,636
Other Investment Company		1,630,939		—		—		1,630,939

Total Investments	$	428,944,528	$	—	$	—	$	428,944,528

Other Financial Instruments
Futures Contracts ^(F)	$	111,392	$	—	$	—	$	111,392

Total Other Financial Instruments	$	111,392	$	—	$	—	$	111,392

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		All or a portion of the securities are on loan. The total value of all securities on loan is $1,592,148. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)		Non-income producing securities.
(C)		Percentage rounds to less than 0.1% or (0.1)%.
(D)		Rates disclosed reflect the yields at December 31, 2019.
(E)		There were no transfers in or out of Level 3 during the year ended December 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(F)		Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

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


Transamerica ETF Trust		Annual Report 2019

Page 19

DeltaShares^® S&P 600 Managed Risk ETF

(unaudited)

MARKET ENVIRONMENT

Stocks across the world posted positive returns in 2019. The S&P 500^® also posted strong performance in 2019.

PERFORMANCE OVERVIEW

For the year ended December 31, 2019, the DeltaShares^® S&P 600 Managed Risk ETF (NAV) returned 11.85%. By comparison, the S&P 600^® Managed Risk 2.0 Index (the “Underlying Index”) 12.40% and the S&P SmallCap 600^® Index returned 22.78%.

STRATEGY REVIEW

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

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

During the 12-month period ended December 31, 2019, the largest contributors to the Fund’s absolute total return were equities within the information technology and industrials equity sectors. U.S. Treasury bonds also contributed modestly to performance. The largest detractors were equities within the energy sector.

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

Blake Graves, CFA

Charles Lowery, CFA

Louis Ng

Co-Portfolio Managers

Milliman Financial Risk Management LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		98.6	%
Other Investment Company		9.1
Short-Term Investment Company		0.9
Contingent Value Right		0.0
Net Other Assets (Liabilities) ^		(8.6	)
Total		100.0	%

Current

and future portfolio holdings are subject to change and risk.

^	The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.


Transamerica ETF Trust		Annual Report 2019

Page 20

DeltaShares^® S&P 600 Managed Risk ETF

(unaudited)

LOGO


Performance as of December 31, 2019
		Average Annual Total Returns						Cumulative Total Returns					Inception Date
	1 Year			10 Year or Since Inception			1 Year			10 Year or Since Inception
Fund NAV		11.85	%		5.89	%		11.85	%		14.87	%	07/31/2017
Fund Market		11.85	%		5.85	%		11.85	%		14.77	%	07/31/2017
S&P SmallCap 600^® Index ^(A)		22.78	%		8.70	%		22.78	%		22.40	%
S&P 600^® Managed Risk 2.0 Index ^(A)(B)(C)(D)		12.40	%		6.44	%		12.40	%		16.30	%

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

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

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

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

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


Transamerica ETF Trust		Annual Report 2019

Page 21

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS

At December 31, 2019


	Shares		Value
COMMON STOCKS - 98.6%
Aerospace & Defense - 1.6%
AAR Corp.		1,731		$ 78,068
Aerojet Rocketdyne Holdings, Inc. ^(A)		3,812		174,056
AeroVironment, Inc. ^(A)		1,137		70,199
Cubic Corp.		1,647		104,700
Moog, Inc., Class A		1,697		144,805
National Presto Industries, Inc. ^(B)		265		23,423
Park Aerospace Corp.		1,026		16,693
Triumph Group, Inc.		2,637		66,637

				678,581

Air Freight & Logistics - 0.6%
Atlas Air Worldwide Holdings, Inc. ^(A)		1,362		37,550
Echo Global Logistics, Inc. ^(A)		1,437		29,746
Forward Air Corp.		1,483		103,736
Hub Group, Inc., Class A ^(A)		1,757		90,117

				261,149

Airlines - 0.9%
Allegiant Travel Co.		695		120,958
Hawaiian Holdings, Inc.		2,453		71,848
SkyWest, Inc.		2,655		171,593

				364,399

Auto Components - 1.8%
American Axle & Manufacturing Holdings, Inc. ^(A)		5,922		63,721
Cooper Tire & Rubber Co.		2,642		75,957
Cooper-Standard Holdings, Inc. ^(A)		887		29,413
Dorman Products, Inc. ^(A)		1,536		116,306
Fox Factory Holding Corp. ^(A)		2,028		141,088
Garrett Motion, Inc. ^(A)		3,940		39,361
Gentherm, Inc. ^(A)		1,724		76,528
LCI Industries		1,318		141,197
Motorcar Parts of America, Inc. ^(A)		998		21,986
Standard Motor Products, Inc.		1,064		56,626

				762,183

Automobiles - 0.2%
Winnebago Industries, Inc.		1,774		93,986

Banks - 9.6%
Allegiance Bancshares, Inc. ^(A)^(B)		1,008		37,901
Ameris Bancorp		3,448		146,678
Banc of California, Inc.		2,362		40,579
Banner Corp.		1,962		111,030
Berkshire Hills Bancorp, Inc.		2,261		74,342
Boston Private Financial Holdings, Inc.		4,383		52,727
Brookline Bancorp, Inc.		4,200		69,132
Cadence BanCorp		6,741		122,214
Central Pacific Financial Corp.		1,494		44,193
City Holding Co.		858		70,313
Columbia Banking System, Inc.		3,798		154,522
Community Bank System, Inc.		2,722		193,099
Customers Bancorp, Inc. ^(A)		1,517		36,120
CVB Financial Corp.		7,008		151,233
Dime Community Bancshares, Inc.		1,624		33,925
Eagle Bancorp, Inc.		1,768		85,978
First BanCorp		11,445		121,203
First Commonwealth Financial Corp.		5,177		75,118
First Financial Bancorp		5,233		133,128
First Midwest Bancorp, Inc.		5,791		133,540
Franklin Financial Network, Inc.		705		24,203


	Shares		Value
COMMON STOCKS (continued)
Banks (continued)
Glacier Bancorp, Inc.		4,514		$ 207,599
Great Western Bancorp, Inc.		2,964		102,969
Hanmi Financial Corp.		1,638		32,752
Heritage Financial Corp.		1,928		54,562
Hope Bancorp, Inc.		6,671		99,131
Independent Bank Corp.		1,810		150,683
National Bank Holdings Corp., Class A		1,641		57,796
NBT Bancorp, Inc.		2,306		93,531
OFG Bancorp		2,704		63,841
Old National Bancorp		8,953		163,750
Opus Bank		1,138		29,440
Pacific Premier Bancorp, Inc.		3,126		101,923
Preferred Bank		716		43,024
S&T Bancorp, Inc.		2,029		81,748
Seacoast Banking Corp. of Florida ^(A)		2,711		82,875
ServisFirst Bancshares, Inc.		2,427		91,449
Simmons First National Corp., Class A		6,001		160,767
Southside Bancshares, Inc.		1,671		62,061
Tompkins Financial Corp.		645		59,018
Triumph Bancorp, Inc. ^(A)		1,228		46,689
United Community Banks, Inc.		4,159		128,430
Veritex Holdings, Inc.		2,487		72,446
Westamerica Bancorporation		1,425		96,572

				3,994,234

Beverages - 0.3%
Coca-Cola Consolidated, Inc.		244		69,308
MGP Ingredients, Inc. ^(B)		699		33,867
National Beverage Corp. ^(A)^(B)		613		31,275

				134,450

Biotechnology - 2.7%
Acorda Therapeutics, Inc. ^(A)^(B)		2,529		5,159
AMAG Pharmaceuticals, Inc. ^(A)^(B)		1,786		21,736
Anika Therapeutics, Inc. ^(A)		751		38,939
Cytokinetics, Inc. ^(A)^(B)		3,111		33,008
Eagle Pharmaceuticals, Inc. ^(A)^(B)		533		32,023
Emergent BioSolutions, Inc. ^(A)		2,311		124,678
Enanta Pharmaceuticals, Inc. ^(A)		841		51,957
Medicines Co. ^(A)^(B)		3,914		332,455
Momenta Pharmaceuticals, Inc. ^(A)		5,977		117,926
Myriad Genetics, Inc. ^(A)		3,917		106,660
Progenics Pharmaceuticals, Inc. ^(A)		4,551		23,165
REGENXBIO, Inc. ^(A)		1,650		67,601
Spectrum Pharmaceuticals, Inc. ^(A)		5,949		21,654
Vanda Pharmaceuticals, Inc. ^(A)		2,808		46,079
Xencor, Inc. ^(A)^(B)		2,598		89,345

				1,112,385

Building Products - 2.0%
AAON, Inc.		2,140		105,737
American Woodmark Corp. ^(A)		820		85,698
Apogee Enterprises, Inc.		1,398		45,435
Gibraltar Industries, Inc. ^(A)		1,699		85,698
Griffon Corp.		2,243		45,600
Insteel Industries, Inc.		963		20,695
Patrick Industries, Inc.		1,176		61,658
PGT Innovations, Inc. ^(A)		3,075		45,848
Quanex Building Products Corp.		1,746		29,822
Simpson Manufacturing Co., Inc.		2,124		170,409

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


Transamerica ETF Trust		Annual Report 2019

Page 22

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Building Products (continued)
Universal Forest Products, Inc.		3,232		$ 154,166

				850,766

Capital Markets - 0.8%
Blucora, Inc. ^(A)		2,577		67,363
Donnelley Financial Solutions, Inc.		1,644		17,213
Greenhill & Co., Inc.		784		13,391
INTL. FCStone, Inc. ^(A)		858		41,896
Piper Jaffray Cos.		756		60,434
Virtus Investment Partners, Inc.		340		41,385
Waddell & Reed Financial, Inc., Class A		3,703		61,914
WisdomTree Investments, Inc.		6,211		30,061

				333,657

Chemicals - 2.9%
AdvanSix, Inc. ^(A)		1,470		29,341
American Vanguard Corp.		1,399		27,239
Balchem Corp.		1,694		172,161
Ferro Corp. ^(A)		4,316		64,006
FutureFuel Corp.		1,359		16,838
GCP Applied Technologies, Inc. ^(A)		2,832		64,315
Hawkins, Inc.		498		22,813
HB Fuller Co. ^(B)		2,684		138,414
Innophos Holdings, Inc.		1,037		33,163
Innospec, Inc.		1,290		133,438
Koppers Holdings, Inc. ^(A)		1,090		41,660
Kraton Corp. ^(A)		1,669		42,259
Livent Corp. ^(A)^(B)		7,687		65,724
LSB Industries, Inc. ^(A)		1,152		4,838
Quaker Chemical Corp. ^(B)		682		112,203
Rayonier Advanced Materials, Inc.		2,629		10,095
Stepan Co.		1,055		108,074
Tredegar Corp.		1,299		29,033
Trinseo SA		2,063		76,764

				1,192,378

Commercial Services & Supplies - 2.3%
ABM Industries, Inc.		3,497		131,872
Brady Corp., Class A		2,620		150,021
Harsco Corp. ^(A)		4,139		95,238
Interface, Inc.		3,076		51,031
Matthews International Corp., Class A		1,650		62,981
Mobile Mini, Inc.		2,323		88,065
Pitney Bowes, Inc. ^(B)		8,996		36,254
R.R. Donnelley & Sons Co.		3,733		14,745
Team, Inc. ^(A)		1,599		25,536
UniFirst Corp.		806		162,796
US Ecology, Inc.		1,340		77,599
Viad Corp.		1,070		72,225

				968,363

Communications Equipment - 1.1%
ADTRAN, Inc.		2,518		24,903
Applied Optoelectronics, Inc. ^(A)^(B)		1,006		11,951
CalAmp Corp. ^(A)		1,797		17,215
Comtech Telecommunications Corp.		1,284		45,569
Digi International, Inc. ^(A)		1,491		26,421
Extreme Networks, Inc. ^(A)		6,401		47,175
Harmonic, Inc. ^(A)		4,757		37,105
NETGEAR, Inc. ^(A)		1,587		38,897


	Shares		Value
COMMON STOCKS (continued)
Communications Equipment (continued)
Plantronics, Inc. ^(B)		1,723		$ 47,107
Viavi Solutions, Inc. ^(A)		12,100		181,500

				477,843

Construction & Engineering - 0.8%
Aegion Corp. ^(A)		1,620		36,239
Arcosa, Inc.		2,548		113,513
Comfort Systems USA, Inc.		1,931		96,260
Granite Construction, Inc. ^(B)		2,461		68,096
MYR Group, Inc. ^(A)		877		28,582

				342,690

Construction Materials - 0.1%
US Concrete, Inc. ^(A)		835		34,786

Consumer Finance - 0.5%
Encore Capital Group, Inc. ^(A)^(B)		1,456		51,484
Enova International, Inc. ^(A)		1,778		42,779
EZCORP, Inc., Class A ^(A)^(B)		2,768		18,878
PRA Group, Inc. ^(A)		2,391		86,793
World Acceptance Corp. ^(A)^(B)		292		25,229

				225,163

Containers & Packaging - 0.1%
Myers Industries, Inc.		1,870		31,192

Distributors - 0.2%
Core-Mark Holding Co., Inc.		2,399		65,229

Diversified Consumer Services - 0.7%
American Public Education, Inc. ^(A)		811		22,213
Perdoceo Education Corp.		3,706		68,153
Regis Corp. ^(A)		1,273		22,749
Strategic Education, Inc.		1,157		183,847

				296,962

Diversified Financial Services - 0.2%
FGL Holdings		6,886		73,336

Diversified Telecommunication Services - 1.0%
ATN International, Inc.		573		31,738
Cincinnati Bell, Inc. ^(A)^(B)		2,655		27,798
Cogent Communications Holdings, Inc.		2,195		144,453
Consolidated Communications Holdings, Inc.		3,795		14,725
Iridium Communications, Inc. ^(A)		5,108		125,861
Vonage Holdings Corp. ^(A)		12,009		88,987

				433,562

Electric Utilities - 0.3%
E.I. Paso Electric Co.		2,145		145,624

Electrical Equipment - 0.5%
AZZ, Inc.		1,377		63,273
Encore Wire Corp.		1,104		63,370
Powell Industries, Inc.		464		22,731
Vicor Corp. ^(A)		965		45,085

				194,459

Electronic Equipment, Instruments & Components - 4.3%
Anixter International, Inc. ^(A)		1,585		145,978
Arlo Technologies, Inc. ^(A)		3,986		16,781
Badger Meter, Inc.		1,533		99,538
Bel Fuse, Inc., Class B		533		10,927
Benchmark Electronics, Inc.		1,981		68,067
CTS Corp.		1,717		51,527
Daktronics, Inc.		1,973		12,016

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


Transamerica ETF Trust		Annual Report 2019

Page 23

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
ePlus, Inc. ^(A)		711		$ 59,930
Fabrinet ^(A)		1,948		126,308
FARO Technologies, Inc. ^(A)		916		46,121
Insight Enterprises, Inc. ^(A)		1,884		132,426
Itron, Inc. ^(A)		1,854		155,643
Kemet Corp.		3,059		82,746
Knowles Corp. ^(A)		4,531		95,831
Methode Electronics, Inc.		1,953		76,851
MTS Systems Corp.		937		45,004
OSI Systems, Inc. ^(A)		899		90,565
Plexus Corp. ^(A)		1,536		118,180
Rogers Corp. ^(A)		978		121,986
Sanmina Corp. ^(A)		3,685		126,174
ScanSource, Inc. ^(A)		1,330		49,144
TTM Technologies, Inc. ^(A)		5,166		77,748

				1,809,491

Energy Equipment & Services - 1.9%
Archrock, Inc.		6,719		67,459
Diamond Offshore Drilling, Inc. ^(A)^(B)		3,408		24,503
DMC Global, Inc. ^(B)		771		34,649
Dril-Quip, Inc. ^(A)		1,905		89,363
Era Group, Inc. ^(A)		1,043		10,607
Exterran Corp. ^(A)		1,482		11,604
Geospace Technologies Corp. ^(A)		718		12,041
Helix Energy Solutions Group, Inc. ^(A)		7,444		71,686
KLX Energy Services Holdings, Inc. ^(A)		1,106		7,123
Matrix Service Co. ^(A)		1,430		32,718
McDermott International, Inc. ^(A)^(B)		9,574		6,478
Nabors Industries, Ltd.		17,796		51,252
Newpark Resources, Inc. ^(A)		4,724		29,619
Noble Corp. PLC ^(A)		13,122		16,009
Oceaneering International, Inc. ^(A)		5,209		77,666
Oil States International, Inc. ^(A)		3,186		51,964
ProPetro Holding Corp. ^(A)		4,336		48,780
RPC, Inc. ^(B)		2,711		14,206
SEACOR Holdings, Inc. ^(A)		924		39,871
TETRA Technologies, Inc. ^(A)		6,610		12,956
US Silica Holdings, Inc. ^(B)		3,874		23,825
Valaris PLC ^(A)^(B)		10,419		68,349

				802,728

Entertainment - 0.2%
Glu Mobile, Inc. ^(A)		6,064		36,687
Marcus Corp.		1,210		38,442

				75,129

Equity Real Estate Investment Trusts - 6.9%
Acadia Realty Trust		4,578		118,708
Agree Realty Corp.		2,233		156,690
American Assets Trust, Inc.		2,526		115,943
Armada Hoffler Properties, Inc.		2,918		53,545
CareTrust, Inc.		5,032		103,810
CBL & Associates Properties, Inc. ^(B)		9,136		9,593
Cedar Realty Trust, Inc.		4,525		13,349
Chatham Lodging Trust ^(B)		2,471		45,318
Community Healthcare Trust, Inc.		999		42,817
DiamondRock Hospitality Co.		10,541		116,794
Easterly Government Properties, Inc.		3,905		92,666
Essential Properties Realty Trust, Inc.		4,267		105,864


	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Four Corners Property Trust, Inc.		3,629		$ 102,301
Franklin Street Properties Corp. ^(B)		5,646		48,330
Getty Realty Corp.		1,801		59,199
Global Net Lease, Inc.		4,710		95,519
Hersha Hospitality Trust		1,891		27,514
Independence Realty Trust, Inc.		4,786		67,387
Industrial Logistics Properties Trust ^(B)		3,432		76,945
Innovative Industrial Properties, Inc. ^(B)		624		47,343
iStar, Inc.		3,110		45,126
Kite Realty Group Trust		4,422		86,362
Lexington Realty Trust		13,052		138,612
LTC Properties, Inc.		2,093		93,704
National Storage Affiliates Trust		3,124		105,029
Office Properties Income Trust		2,538		81,571
Pennsylvania Real Estate Investment Trust ^(B)		3,146		16,768
Retail Opportunity Investments Corp.		6,108		107,867
RPT Realty		4,232		63,649
Safehold, Inc.		654		26,356
Saul Centers, Inc.		620		32,724
Summit Hotel Properties, Inc. ^(B)		5,537		68,327
Uniti Group, Inc. ^(B)		10,177		83,553
Universal Health Realty Income Trust		666		78,162
Urstadt Biddle Properties, Inc., Class A		1,574		39,098
Washington Prime Group, Inc. ^(B)		9,825		35,763
Washington Real Estate Investment Trust		4,244		123,840
Whitestone, REIT ^(B)		2,140		29,147
Xenia Hotels & Resorts, Inc.		5,931		128,169

				2,883,462

Food & Staples Retailing - 0.6%
Andersons, Inc.		1,717		43,406
Chefs’ Warehouse, Inc. ^(A)		1,342		51,144
PriceSmart, Inc.		1,174		83,377
SpartanNash Co.		1,914		27,255
United Natural Foods, Inc. ^(A)		2,808		24,598

				229,780

Food Products - 1.7%
B&G Foods, Inc. ^(B)		3,372		60,460
Cal-Maine Foods, Inc.		1,595		68,186
Calavo Growers, Inc.		862		78,089
Darling Ingredients, Inc. ^(A)		8,620		242,050
Fresh Del Monte Produce, Inc.		1,595		55,793
J&J Snack Foods Corp.		786		144,836
John B Sanfilippo & Son, Inc.		463		42,263
Seneca Foods Corp., Class A ^(A)		360		14,684

				706,361

Gas Utilities - 0.7%
NorthWest Natural Holding Co.		1,603		118,189
South Jersey Industries, Inc.		4,865		160,448

				278,637

Health Care Equipment & Supplies - 3.2%
AngioDynamics, Inc. ^(A)		1,981		31,716
Cardiovascular Systems, Inc. ^(A)		1,853		90,037
CONMED Corp.		1,494		167,074
CryoLife, Inc. ^(A)		1,975		53,503
Cutera, Inc. ^(A)		749		26,822
Heska Corp. ^(A)		371		35,594

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


Transamerica ETF Trust		Annual Report 2019

Page 24

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies (continued)
Inogen, Inc. ^(A)		961		$ 65,665
Integer Holdings Corp. ^(A)		1,721		138,420
Invacare Corp.		1,773		15,992
Lantheus Holdings, Inc. ^(A)		2,067		42,394
LeMaitre Vascular, Inc.		863		31,025
Meridian Bioscience, Inc.		2,251		21,992
Merit Medical Systems, Inc. ^(A)		2,907		90,757
Mesa Laboratories, Inc.		211		52,623
Natus Medical, Inc. ^(A)		1,795		59,217
Neogen Corp. ^(A)		2,760		180,118
OraSure Technologies, Inc. ^(A)		3,250		26,097
Orthofix Medical, Inc. ^(A)		1,003		46,319
Surmodics, Inc. ^(A)		713		29,540
Tactile Systems Technology, Inc. ^(A)^(B)		1,002		67,645
Varex Imaging Corp. ^(A)		2,020		60,216

				1,332,766

Health Care Providers & Services - 3.2%
Addus HomeCare Corp. ^(A)		713		69,318
AMN Healthcare Services, Inc. ^(A)		2,460		153,283
BioTelemetry, Inc. ^(A)		1,790		82,877
Community Health Systems, Inc. ^(A)		6,205		17,994
Convetrus, Inc. ^(A)^(B)		5,136		67,795
CorVel Corp. ^(A)		472		41,234
Cross Country Healthcare, Inc. ^(A)		1,942		22,566
Diplomat Pharmacy, Inc. ^(A)		3,040		12,160
Ensign Group, Inc.		2,641		119,822
Hanger, Inc. ^(A)		1,966		54,281
LHC Group, Inc. ^(A)		1,560		214,906
Magellan Health, Inc. ^(A)		1,147		89,753
Owens & Minor, Inc.		3,309		17,107
Pennant Group, Inc. ^(A)		1,378		45,570
Providence Service Corp. ^(A)		604		35,745
RadNet, Inc. ^(A)		2,197		44,599
Select Medical Holdings Corp. ^(A)		5,658		132,058
Tivity Health, Inc. ^(A)^(B)		2,274		46,264
US Physical Therapy, Inc.		673		76,958

				1,344,290

Health Care Technology - 1.1%
Computer Programs & Systems, Inc.		658		17,371
HealthStream, Inc. ^(A)		1,347		36,638
HMS Holdings Corp. ^(A)		4,639		137,314
NextGen Healthcare, Inc. ^(A)		2,550		40,979
Omnicell, Inc. ^(A)		2,208		180,438
Tabula Rasa HealthCare, Inc. ^(A)^(B)		1,035		50,384

				463,124

Hotels, Restaurants & Leisure - 1.5%
BJ’s Restaurants, Inc.		1,009		38,302
Bloomin’ Brands, Inc.		4,574		100,948
Chuy’s Holdings, Inc. ^(A)		875		22,680
Dave & Buster’s Entertainment, Inc. ^(B)		1,623		65,196
Dine Brands Global, Inc. ^(B)		884		73,832
El Pollo Loco Holdings, Inc. ^(A)		1,029		15,579
Fiesta Restaurant Group, Inc. ^(A)		1,128		11,156
Monarch Casino & Resort, Inc. ^(A)		628		30,489
Red Robin Gourmet Burgers, Inc. ^(A)^(B)		681		22,486
Ruth’s Hospitality Group, Inc.		1,429		31,102
Shake Shack, Inc., Class A ^(A)^(B)		1,635		97,397


	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure (continued)
Wingstop, Inc.		1,551		$ 133,743

				642,910

Household Durables - 2.4%
Cavco Industries, Inc. ^(A)		452		88,312
Century Communities, Inc. ^(A)		1,419		38,810
Ethan Allen Interiors, Inc.		1,288		24,549
Installed Building Products, Inc. ^(A)		1,122		77,272
iRobot Corp. ^(A)^(B)		1,489		75,388
La-Z-Boy, Inc.		2,442		76,874
LGI Homes, Inc. ^(A)		1,051		74,253
M/I Homes, Inc. ^(A)		1,482		58,317
MDC Holdings, Inc.		2,637		100,628
Meritage Homes Corp. ^(A)		1,896		115,865
TopBuild Corp. ^(A)		1,788		184,307
Tupperware Brands Corp.		2,575		22,093
Universal Electronics, Inc. ^(A)		733		38,307
William Lyon Homes, Class A ^(A)		1,739		34,745

				1,009,720

Household Products - 0.5%
Central Garden & Pet Co. ^(A)		516		16,032
Central Garden & Pet Co., Class A ^(A)		2,116		62,126
WD-40 Co. ^(B)		722		140,169

				218,327

Industrial Conglomerates - 0.2%
Raven Industries, Inc.		1,883		64,888

Insurance - 2.6%
Ambac Financial Group, Inc. ^(A)		2,399		51,746
American Equity Investment Life Holding Co.		4,794		143,484
AMERISAFE, Inc.		1,016		67,086
eHealth, Inc. ^(A)^(B)		1,070		102,806
Employers Holdings, Inc.		1,675		69,931
HCI Group, Inc.		338		15,430
Horace Mann Educators Corp.		2,170		94,742
James River Group Holdings, Ltd.		1,601		65,977
Kinsale Capital Group, Inc.		1,085		110,301
ProAssurance Corp.		2,832		102,349
Safety Insurance Group, Inc.		770		71,248
Stewart Information Services Corp.		1,248		50,906
Third Point Reinsurance, Ltd. ^(A)		4,217		44,363
United Fire Group, Inc.		1,120		48,978
United Insurance Holdings Corp.		1,093		13,783
Universal Insurance Holdings, Inc.		1,609		45,036

				1,098,166

Interactive Media & Services - 0.1%
Care.com, Inc. ^(A)		1,484		22,304
QuinStreet, Inc. ^(A)		2,428		37,173

				59,477

Internet & Direct Marketing Retail - 0.4%
Liquidity Services, Inc. ^(A)		1,418		8,452
PetMed Express, Inc. ^(B)		1,062		24,978
Shutterstock, Inc. ^(A)		1,008		43,223
Stamps.com, Inc. ^(A)		854		71,326

				147,979

IT Services - 2.1%
Cardtronics PLC, Class A ^(A)		1,902		84,924
CSG Systems International, Inc.		1,735		89,838

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


Transamerica ETF Trust		Annual Report 2019

Page 25

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
EVERTEC, Inc.		3,143		$ 106,988
ExlService Holdings, Inc. ^(A)		1,795		124,681
ManTech International Corp., Class A		1,417		113,190
NIC, Inc.		3,526		78,806
Perficient, Inc. ^(A)		1,717		79,102
Sykes Enterprises, Inc. ^(A)		2,029		75,053
TTEC Holdings, Inc.		930		36,847
Unisys Corp. ^(A)		2,727		32,342
Virtusa Corp. ^(A)		1,571		71,213

				892,984

Leisure Products - 0.4%
Callaway Golf Co.		4,955		105,046
Sturm Ruger & Co., Inc. ^(B)		875		41,151
Vista Outdoor, Inc. ^(A)		3,045		22,777

				168,974

Life Sciences Tools & Services - 0.8%
Luminex Corp.		2,206		51,091
Medpace Holdings, Inc. ^(A)		1,442		121,215
NeoGenomics, Inc. ^(A)		5,498		160,816

				333,122

Machinery - 5.5%
Actuant Corp., Class A		2,837		73,847
Alamo Group, Inc.		511		64,156
Albany International Corp., Class A		1,617		122,763
Astec Industries, Inc.		1,187		49,854
Barnes Group, Inc.		2,510		155,520
Briggs & Stratton Corp. ^(B)		2,237		14,898
Chart Industries, Inc. ^(A)		1,885		127,219
CIRCOR International, Inc. ^(A)		1,048		48,459
EnPro Industries, Inc.		1,094		73,167
ESCO Technologies, Inc.		1,368		126,540
Federal Signal Corp.		3,186		102,748
Franklin Electric Co., Inc.		2,026		116,130
Greenbrier Cos., Inc.		1,716		55,650
Hillenbrand, Inc.		3,902		129,976
John Bean Technologies Corp.		1,667		187,804
Lindsay Corp.		569		54,618
Lydall, Inc. ^(A)		923		18,940
Mueller Industries, Inc.		2,999		95,218
Proto Labs, Inc. ^(A)		1,409		143,084
SPX Corp. ^(A)		2,324		118,245
SPX Flow, Inc. ^(A)		2,241		109,518
Standex International Corp.		656		52,054
Tennant Co.		962		74,959
Titan International, Inc.		2,635		9,539
Wabash National Corp.		2,848		41,837
Watts Water Technologies, Inc., Class A		1,453		144,951

				2,311,694

Marine - 0.2%
Matson, Inc.		2,257		92,086

Media - 0.4%
EW Scripps Co., Class A		2,869		45,072
Gannett Co., Inc. ^(B)		6,470		41,279
Scholastic Corp.		1,619		62,250
TechTarget, Inc. ^(A)		1,208		31,529

				180,130


	Shares		Value
COMMON STOCKS (continued)
Metals & Mining - 1.2%
AK Steel Holding Corp. ^(A)^(B)		16,663		$ 54,821
Century Aluminum Co. ^(A)		2,621		19,697
Cleveland-Cliffs, Inc. ^(B)		14,221		119,456
Haynes International, Inc.		659		23,579
Kaiser Aluminum Corp.		836		92,704
Materion Corp.		1,074		63,849
Olympic Steel, Inc.		481		8,620
SunCoke Energy, Inc.		4,568		28,459
TimkenSteel Corp. ^(A)		2,100		16,506
Warrior Met Coal, Inc.		2,689		56,819

				484,510

Mortgage Real Estate Investment Trusts - 1.9%
Apollo Commercial Real Estate Finance, Inc.		7,519		137,522
ARMOUR Residential, Inc. ^(B)		3,101		55,415
Capstead Mortgage Corp.		4,981		39,450
Granite Point Mortgage Trust, Inc.		2,888		53,081
Invesco Mortgage Capital, Inc.		7,519		125,191
KKR Real Estate Finance Trust, Inc. ^(B)		1,271		25,954
New York Mortgage Trust, Inc.		15,342		95,581
PennyMac Mortgage Investment Trust		5,274		117,557
Ready Capital Corp. ^(B)		1,856		28,620
Redwood Trust, Inc.		5,934		98,148

				776,519

Multi-Utilities - 0.4%
Avista Corp.		3,513		168,940

Multiline Retail - 0.2%
Big Lots, Inc. ^(B)		2,054		58,991
JC Penney Co., Inc. ^(A)^(B)		15,838		17,738

				76,729

Oil, Gas & Consumable Fuels - 2.3%
Bonanza Creek Energy, Inc. ^(A)		978		22,827
Callon Petroleum Co. ^(A)		20,560		99,305
Consol Energy, Inc. ^(A)		1,364		19,792
Denbury Resources, Inc. ^(A)		25,944		36,581
Green Plains, Inc.		1,780		27,465
Gulfport Energy Corp. ^(A)^(B)		7,653		23,265
HighPoint Resources Corp. ^(A)		5,738		9,697
Jagged Peak Energy, Inc. ^(A)^(B)		3,147		26,718
Laredo Petroleum, Inc. ^(A)		9,490		27,236
Oasis Petroleum, Inc. ^(A)		15,227		49,640
Par Pacific Holdings, Inc. ^(A)		1,940		45,086
PDC Energy, Inc. ^(A)		3,101		81,153
Penn Virginia Corp. ^(A)		709		21,518
QEP Resources, Inc.		12,521		56,345
Range Resources Corp. ^(B)		10,988		53,292
Renewable Energy Group, Inc. ^(A)^(B)		2,052		55,301
REX American Resources Corp. ^(A)		295		24,178
Ring Energy, Inc. ^(A)^(B)		3,142		8,295
SM Energy Co.		5,586		62,787
Southwestern Energy Co. ^(A)^(B)		28,502		68,975
SRC Energy, Inc. ^(A)		12,825		52,839
Talos Energy, Inc. ^(A)		1,056		31,838
Whiting Petroleum Corp. ^(A)^(B)		4,807		35,283

				939,416

Paper & Forest Products - 0.7%
Boise Cascade Co.		2,052		74,960

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


Transamerica ETF Trust		Annual Report 2019

Page 26

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Paper & Forest Products (continued)
Clearwater Paper Corp. ^(A)		870		$ 18,583
Mercer International, Inc.		2,108		25,928
Neenah, Inc.		885		62,330
P.H. Glatfelter Co.		2,326		42,566
Schweitzer-Mauduit International, Inc.		1,627		68,318

				292,685

Personal Products - 0.8%
Avon Products, Inc.		23,327		131,564
Inter Parfums, Inc.		928		67,475
Medifast, Inc. ^(B)		612		67,063
USANA Health Sciences, Inc. ^(A)		661		51,922

				318,024

Pharmaceuticals - 1.1%
Akorn, Inc. ^(A)		4,982		7,473
Amphastar Pharmaceuticals, Inc. ^(A)		1,804		34,799
ANI Pharmaceuticals, Inc. ^(A)		490		30,218
Corcept Therapeutics, Inc. ^(A)^(B)		5,416		65,534
Endo International PLC ^(A)		10,627		49,841
Innoviva, Inc. ^(A)		3,520		49,843
Lannett Co., Inc. ^(A)^(B)		1,763		15,550
Pacira BioSciences, Inc. ^(A)		2,197		99,524
Phibro Animal Health Corp., Class A		1,068		26,518
Supernus Pharmaceuticals, Inc. ^(A)		2,762		65,515

				444,815

Professional Services - 1.2%
Exponent, Inc.		2,729		188,328
Forrester Research, Inc.		559		23,311
Heidrick & Struggles International, Inc.		1,009		32,793
Kelly Services, Inc., Class A		1,747		39,447
Korn Ferry		2,913		123,511
Resources Connection, Inc.		1,585		25,883
TrueBlue, Inc. ^(A)		2,051		49,347

				482,620

Real Estate Management & Development - 0.4%
Marcus & Millichap, Inc. ^(A)		1,236		46,041
RE/MAX Holdings, Inc., Class A		939		36,142
Realogy Holdings Corp. ^(B)		6,021		58,283
St. Joe Co. ^(A)^(B)		1,658		32,878

				173,344

Road & Rail - 0.6%
ArcBest Corp.		1,343		37,067
Heartland Express, Inc.		2,462		51,825
Marten Transport, Ltd.		2,045		43,947
Saia, Inc. ^(A)		1,366		127,202

				260,041

Semiconductors & Semiconductor Equipment - 3.5%
Advanced Energy Industries, Inc. ^(A)		2,017		143,610
Axcelis Technologies, Inc. ^(A)		1,707		41,130
Brooks Automation, Inc.		3,807		159,742
CEVA, Inc. ^(A)		1,158		31,220
Cohu, Inc.		2,173		49,653
Diodes, Inc. ^(A)		2,177		122,717
DSP Group, Inc. ^(A)		1,211		19,061
FormFactor, Inc. ^(A)		3,986		103,516
Ichor Holdings, Ltd. ^(A)		1,184		39,392
Kulicke & Soffa Industries, Inc.		3,339		90,821


	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
MaxLinear, Inc. ^(A)		3,429		$ 72,763
Onto Innovation, Inc. ^(A)		2,583		94,383
PDF Solutions, Inc. ^(A)		1,465		24,744
Photronics, Inc. ^(A)		3,538		55,759
Power Integrations, Inc.		1,549		153,212
Rambus, Inc. ^(A)		5,871		80,873
SMART Global Holdings, Inc. ^(A)		693		26,292
Ultra Clean Holdings, Inc. ^(A)		2,096		49,193
Veeco Instruments, Inc. ^(A)		2,575		37,814
Xperi Corp.		2,609		48,267

				1,444,162

Software - 2.3%
8x8, Inc. ^(A)		5,277		96,569
Agilysys, Inc. ^(A)		1,071		27,214
Alarm.com Holdings, Inc. ^(A)		1,918		82,416
Bottomline Technologies de, Inc. ^(A)		2,007		107,575
Ebix, Inc. ^(B)		1,172		39,157
LivePerson, Inc. ^(A)^(B)		3,242		119,954
MicroStrategy, Inc., Class A ^(A)		433		61,759
Onespan, Inc. ^(A)		1,715		29,361
Progress Software Corp.		2,358		97,975
Qualys, Inc. ^(A)		1,755		146,314
SPS Commerce, Inc. ^(A)		1,834		101,640
TiVo Corp.		6,668		56,545

				966,479

Specialty Retail - 3.7%
Abercrombie & Fitch Co., Class A		3,304		57,126
Asbury Automotive Group, Inc. ^(A)		1,019		113,914
Barnes & Noble Education, Inc.		2,035		8,689
Boot Barn Holdings, Inc. ^(A)		1,504		66,973
Buckle, Inc. ^(B)		1,503		40,641
Caleres, Inc.		2,144		50,920
Cato Corp., Class A		1,144		19,906
Chico’s FAS, Inc.		6,246		23,797
Children’s Place, Inc. ^(B)		820		51,266
Conn’s, Inc. ^(A)^(B)		1,004		12,440
Designer Brands, Inc., Class A		2,905		45,725
Express, Inc. ^(A)		3,542		17,250
GameStop Corp., Class A ^(B)		3,470		21,098
Genesco, Inc. ^(A)		750		35,940
Group 1 Automotive, Inc.		922		92,200
Guess?, Inc. ^(B)		2,247		50,288
Haverty Furniture Cos., Inc.		953		19,213
Hibbett Sports, Inc. ^(A)		928		26,021
Lithia Motors, Inc., Class A		1,192		175,224
Lumber Liquidators Holdings, Inc. ^(A)^(B)		1,512		14,772
MarineMax, Inc. ^(A)		1,130		18,860
Michaels Cos., Inc. ^(A)		4,019		32,514
Monro, Inc.		1,752		137,006
Office Depot, Inc.		28,775		78,844
Rent-A-Center, Inc.		2,595		74,840
Shoe Carnival, Inc. ^(B)		471		17,559
Signet Jewelers, Ltd. ^(B)		2,756		59,915
Sleep Number Corp. ^(A)		1,497		73,712
Sonic Automotive, Inc., Class A		1,278		39,618
Tailored Brands, Inc. ^(B)		2,667		11,041

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


Transamerica ETF Trust		Annual Report 2019

Page 27

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (continued)
Zumiez, Inc. ^(A)		1,073		$ 37,061

				1,524,373

Technology Hardware, Storage & Peripherals - 0.2%
3D Systems Corp. ^(A)		6,235		54,556
Diebold Nixdorf, Inc. ^(A)^(B)		4,044		42,705

				97,261

Textiles, Apparel & Luxury Goods - 1.9%
Crocs, Inc. ^(A)		3,612		151,307
Fossil Group, Inc. ^(A)		2,447		19,282
G-III Apparel Group, Ltd. ^(A)		2,266		75,911
Kontoor Brands, Inc. ^(B)		2,459		103,253
Movado Group, Inc.		864		18,783
Oxford Industries, Inc.		897		67,652
Steven Madden, Ltd.		4,074		175,223
Unifi, Inc. ^(A)		769		19,425
Vera Bradley, Inc. ^(A)		1,235		14,573
Wolverine World Wide, Inc.		4,259		143,699

				789,108

Thrifts & Mortgage Finance - 1.8%
Axos Financial, Inc. ^(A)		2,808		85,026
Flagstar Bancorp, Inc.		1,815		69,424
HomeStreet, Inc. ^(A)		1,285		43,690
Meta Financial Group, Inc.		1,821		66,485
NMI Holdings, Inc., Class A ^(A)		3,580		118,785
Northfield Bancorp, Inc.		2,279		38,652
Northwest Bancshares, Inc.		5,280		87,806
Provident Financial Services, Inc.		3,162		77,943
TrustCo Bank Corp.		5,103		44,243
Walker & Dunlop, Inc.		1,509		97,602

				729,656

Tobacco - 0.4%
Universal Corp.		1,306		74,521
Vector Group, Ltd. ^(B)		6,070		81,277

				155,798

Trading Companies & Distributors - 0.9%
Applied Industrial Technologies, Inc.		2,035		135,714
DXP Enterprises, Inc. ^(A)		843		33,560
Foundation Building Materials, Inc. ^(A)		932		18,034
GMS, Inc. ^(A)		2,220		60,117


	Shares		Value
COMMON STOCKS (continued)
Trading Companies & Distributors (continued)
Kaman Corp.		1,467		$ 96,705
Veritiv Corp. ^(A)		670		13,179

				357,309

Water Utilities - 0.7%
American States Water Co.		1,940		168,081
California Water Service Group		2,535		130,705

				298,786

Wireless Telecommunication Services - 0.3%
Shenandoah Telecommunications Co.		2,468		102,694
Spok Holdings, Inc.		923		11,288

				113,982

Total Common Stocks (Cost $38,329,513)				41,108,159


CONTINGENT VALUE RIGHT - 0.0%
Chemicals - 0.0%
A. Schulman, Inc. ^(C)^(D)^(E)		1,541		0

Total Contingent Value Right (Cost $668)				0


SHORT-TERM INVESTMENT COMPANY - 0.9%
Money Market Fund - 0.9%
State Street Institutional Treasury Money Market Fund, 1.44% ^(F)		367,778		367,778

Total Short-Term Investment Company (Cost $367,778)				367,778


OTHER INVESTMENT COMPANY - 9.1%
Securities Lending Collateral - 9.1%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.56% ^(F)		3,812,419		3,812,419

Total Other Investment Company (Cost $3,812,419)				3,812,419

Total Investments (Cost $42,510,378)				45,288,356
Net Other Assets (Liabilities) - (8.6)%				(3,581,455	)


Net Assets - 100.0%				$ 41,706,901

FUTURES CONTRACTS:



Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
E-Mini Russell 2000^® Index		7		03/20/2020	$	579,365	$	584,710	$	5,345	$	—

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


Transamerica ETF Trust		Annual Report 2019

Page 28

DeltaShares^® S&P 600 Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019

SECURITY VALUATION:

Valuation Inputs ^(G)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs ^(H)		Value
ASSETS
Investments
Common Stocks	$	41,108,159	$	—	$	—	$	41,108,159
Contingent Value Right		—		—		0		0
Short-Term Investment Company		367,778		—		—		367,778
Other Investment Company		3,812,419		—		—		3,812,419

Total Investments	$	45,288,356	$	—	$	0	$	45,288,356

Other Financial Instruments
Futures Contracts ^(I)	$	5,345	$	—	$	—	$	5,345

Total Other Financial Instruments	$	5,345	$	—	$	—	$	5,345

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		All or a portion of the securities are on loan. The total value of all securities on loan is $3,707,062. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)		Security deemed worthless.
(D)		Fair valued as determined in good faith in accordance with procedures established by the Board. At December 31, 2019, the value of the security is $0, representing 0.00% of the Fund’s net assets.
(E)		Security is Level 3 of the fair value hierarchy.
(F)		Rates disclosed reflect the yields at December 31, 2019.
(G)		There were no transfers in or out of Level 3 during the period ended December 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(H)		Level 3 securities were not considered significant to the Fund.
(I)		Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

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


Transamerica ETF Trust		Annual Report 2019

Page 29

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

(unaudited)

MARKET ENVIRONMENT

Stocks across the world posted positive returns in 2019. The S&P 500^® also posted strong performance in 2019.

PERFORMANCE OVERVIEW

For the year ended December 31, 2019, the DeltaShares^® S&P EM 100 & Managed Risk ETF (NAV) returned 5.85%. By comparison, the S&P EM 100 (USD) Managed Risk 2.0 Index (the “Underlying Index”) returned 7.49% and the S&P EM 100^® Index returned 9.41%.

STRATEGY REVIEW

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

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

During the 12-month period ended December 31, 2019, the largest contributors to the Fund’s absolute total return were equities within the information technology and consumer discretionary sectors. The largest detractors were equities within the communications services and materials sectors. The largest contributors from a country perspective were companies based in Taiwan and Russia, whereas the largest detractors were companies based in South Africa and Hong Kong.

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

Blake Graves, CFA

Charles Lowery, CFA

Louis Ng

Co-Portfolio Managers

Milliman Financial Risk Management LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		97.6	%
Preferred Stock		1.2
Short-Term Investment Company		0.6
Other Investment Company		0.5
Net Other Assets (Liabilities) ^		0.1
Total		100.0	%

Current

and future portfolio holdings are subject to change and risk.

^	The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.


Transamerica ETF Trust		Annual Report 2019

Page 30

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

(unaudited)

LOGO

Performance as of December 31, 2019

Average Annual
Total Returns

Cumulative
Total Returns

Inception Date

10 Year or
Since
Inception

Fund NAV

5.85

%^(A)

5.85

%^(A)

03/20/2019

Fund Market

6.04

%^(A)

6.04

%^(A)

03/20/2019

S&P EM 100 (USD) Index ^(B)

9.41

%^(A)

9.41

%^(A)

S&P EM 100 (USD) Managed Risk 2.0 Index ^(B)(C)(D)(E)

7.49

%^(A)

7.49

%^(A)

^(A) Not annualized.

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

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

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

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

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


Transamerica ETF Trust		Annual Report 2019

Page 31

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

SCHEDULE OF INVESTMENTS

At December 31, 2019


	Shares		Value
COMMON STOCKS - 97.6%
Brazil - 7.5%
Ambev SA, ADR		77,564		$ 361,448
Banco Bradesco SA, ADR		71,016		635,593
Itau Unibanco Holding SA, ADR		85,353		780,980
Petroleo Brasileiro SA, ADR		64,700		992,067
Vale SA, ADR		54,916		724,891

				3,494,979

Cayman Islands - 0.5%
Trip.Com Group, Ltd., ADR ^(A)		6,824		228,877

China - 35.7%
Agricultural Bank of China, Ltd., H Shares		498,000		219,223
Alibaba Group Holding, Ltd., ADR ^(A)		11,861		2,515,718
Baidu, Inc., ADR ^(A)		4,885		617,464
Bank of China, Ltd., H Shares		1,340,000		572,679
Bank of Communications Co., Ltd., H Shares		376,000		267,337
China Construction Bank Corp., H Shares		1,906,000		1,646,267
China Evergrande Group ^(A)^(B)		53,000		146,924
China Life Insurance Co., Ltd., H Shares		131,000		363,992
China Merchants Bank Co., Ltd., H Shares		66,500		341,811
China Pacific Insurance Group Co., Ltd., H Shares		45,400		178,878
China Petroleum & Chemical Corp., H Shares		450,000		270,862
China Shenhua Energy Co., Ltd., H Shares		60,000		125,363
China Tower Corp., Ltd., H Shares ^(C)		780,000		172,181
CNOOC, Ltd.		283,000		470,710
Country Garden Holdings Co., Ltd.		126,000		201,812
CSPC Pharmaceutical Group, Ltd.		82,000		195,534
Industrial & Commercial Bank of China, Ltd., H Shares		1,376,000		1,059,575
JD.com, Inc., ADR ^(A)		14,679		517,141
Meituan Dianping, Class B ^(A)		69,900		914,142
NetEase, Inc., ADR		1,262		386,980
New Oriental Education & Technology Group, Inc., ADR ^(A)		2,061		249,896
PetroChina Co., Ltd., H Shares		372,000		186,673
PICC Property & Casualty Co., Ltd., H Shares		122,000		147,024
Ping An Insurance Group Co. of China, Ltd., H Shares		89,000		1,051,990
Shenzhou International Group Holdings, Ltd.		12,700		185,648
Sunac China Holdings, Ltd.		41,000		244,943
Sunny Optical Technology Group Co., Ltd.		11,800		204,294
TAL Education Group, ADR ^(A)		6,451		310,938
Tencent Holdings, Ltd.		47,300		2,280,074
Xiaomi Corp., Class B ^(A)^(C)		232,800		322,080
Yum China Holdings, Inc.		6,662		319,843

				16,687,996

Hong Kong - 4.3%
China Gas Holdings, Ltd.		40,400		151,400
China Mengniu Dairy Co., Ltd. ^(A)		48,000		194,050
China Mobile, Ltd.		97,500		819,612
China Overseas Land & Investment, Ltd.		66,000		257,078
China Resources Land, Ltd.		48,000		239,021
CITIC, Ltd.		113,000		151,115
Geely Automobile Holdings, Ltd.		99,000		193,634

				2,005,910


	Shares		Value
COMMON STOCKS (continued)
India - 5.6%
HDFC Bank, Ltd., ADR		23,610		$ 1,496,166
ICICI Bank, Ltd., ADR ^(B)		27,681		417,706
Infosys, Ltd., ADR		66,938		690,800

				2,604,672

Indonesia - 2.9%
Astra International Tbk PT		356,500		177,833
Bank Central Asia Tbk PT		195,400		470,466
Bank Mandiri Persero Tbk PT		328,800		181,778
Bank Rakyat Indonesia Persero Tbk PT		934,200		296,091
Telekomunikasi Indonesia Persero Tbk PT		855,000		244,506

				1,370,674

Malaysia - 1.2%
Malayan Banking Bhd.		91,500		193,267
Public Bank Bhd.		44,400		211,010
Tenaga Nasional Bhd.		45,100		146,199

				550,476

Mexico - 2.9%
America Movil SAB de CV, Series L		411,040		328,675
Fomento Economico Mexicano SAB de CV		32,737		309,740
Grupo Financiero Banorte SAB de CV, Class O		50,788		284,143
Grupo Mexico SAB de CV, Series B		63,076		173,222
Wal-Mart de Mexico SAB de CV		86,116		246,938

				1,342,718

Peru - 0.5%
Credicorp, Ltd.		1,180		251,493

Poland - 0.5%
Polski Koncern Naftowy Orlen SA		5,123		116,087
Powszechna Kasa Oszczednosci Bank Polski SA		15,192		138,229

				254,316

Qatar - 0.9%
Qatar National Bank QPSC		78,090		441,602

Republic of Korea - 15.4%
Celltrion, Inc. ^(A)		1,898		297,063
Hana Financial Group, Inc.		5,288		168,729
Hyundai Mobis Co., Ltd.		1,192		263,870
Hyundai Motor Co.		2,559		266,643
KB Financial Group, Inc. ^(A)		6,996		288,261
Kia Motors Corp.		4,712		180,502
KT&G Corp. ^(A)		2,225		180,470
LG Chem, Ltd.		833		228,698
LG Corp.		2,280		145,500
LG Household & Health Care, Ltd.		165		179,917
NAVER Corp.		2,584		416,720
POSCO		1,413		288,966
Samsung C&T Corp.		1,637		153,586
Samsung Electronics Co., Ltd.		52,754		2,545,439
Samsung SDI Co., Ltd. ^(A)		969		197,747
Shinhan Financial Group Co., Ltd. ^(A)		8,352		313,078
SK Hynix, Inc. ^(A)		10,258		834,691
SK Innovation Co., Ltd.		1,091		141,511
SK Telecom Co., Ltd.		697		143,444

				7,234,835

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


Transamerica ETF Trust		Annual Report 2019

Page 32

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

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Republic of South Africa - 5.1%
FirstRand, Ltd.		60,576		$ 272,047
MTN Group, Ltd. ^(B)		29,538		174,247
Naspers, Ltd., N Shares		7,713		1,263,551
Sanlam, Ltd.		33,020		186,783
Sasol, Ltd.		9,988		216,767
Standard Bank Group, Ltd.		22,806		274,517

				2,387,912

Russian Federation - 7.0%
Gazprom PJSC, ADR		106,329		874,875
Lukoil PJSC, ADR		6,605		655,084
MMC Norilsk Nickel PJSC, ADR		10,592		323,586
Novatek PJSC, GDR ^(D)		1,497		303,891
Sberbank of Russia PJSC, ADR		47,528		781,360
Tatneft PJSC, ADR		4,605		340,125

				3,278,921

Taiwan - 5.9%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		47,231		2,744,121

Thailand - 1.3%
Airports of Thailand PCL		75,500		187,151
CP ALL PCL		77,500		186,934
PTT PCL		150,900		221,662

				595,747

United Arab Emirates - 0.4%
First Abu Dhabi Bank PJSC		47,986		198,050

Total Common Stocks (Cost $42,089,960)				45,673,299


	Shares		Value
PREFERRED STOCK - 1.2%
Republic of Korea - 1.2%
Samsung Electronics Co., Ltd., 2.19% ^(E)		14,494		$ 569,006

Total Preferred Stock (Cost $486,427)				569,006


SHORT-TERM INVESTMENT COMPANY - 0.6%
Money Market Fund - 0.6%
State Street Institutional Treasury Money Market Fund, 1.44% ^(E)		271,752		271,752

Total Short-Term Investment Company (Cost $271,752)				271,752


OTHER INVESTMENT COMPANY - 0.5%
Securities Lending Collateral - 0.5%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.56% ^(E)		241,710		241,710

Total Other Investment Company (Cost $241,710)				241,710

Total Investments (Cost $43,089,849)				46,755,767
Net Other Assets (Liabilities) - 0.1%				26,998


Net Assets - 100.0%				$ 46,782,765

FUTURES CONTRACTS:


Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
MSCI Emerging Markets Index		10		03/20/2020	$	546,307	$	560,100	$	13,793	$	—

INVESTMENTS BY INDUSTRY (unaudited):


Industry	Percentage of Total Investments			Value
Banks		25.5	%	$	11,929,411
Internet & Direct Marketing Retail		11.6			5,439,429
Oil, Gas & Consumable Fuels		10.1			4,698,910
Semiconductors & Semiconductor Equipment		7.7			3,578,812
Technology Hardware, Storage & Peripherals		7.3			3,436,525
Interactive Media & Services		7.1			3,314,258
Insurance		4.1			1,928,667
Metals & Mining		3.2			1,510,665
Wireless Telecommunication Services		3.1			1,465,978
Real Estate Management & Development		2.3			1,089,778
Automobiles		1.8			818,612
IT Services		1.5			690,800
Beverages		1.4			671,188
Diversified Consumer Services		1.2			560,834
Industrial Conglomerates		1.0			450,201

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


Transamerica ETF Trust		Annual Report 2019

Page 33

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

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019

INVESTMENTS BY INDUSTRY (unaudited) (continued):


Industry	Percentage of Total Investments			Value
Chemicals		1.0	%	$	445,465
Food & Staples Retailing		0.9			433,872
Diversified Telecommunication Services		0.9			416,687
Electronic Equipment, Instruments & Components		0.9			402,041
Entertainment		0.8			386,980
Hotels, Restaurants & Leisure		0.7			319,843
Biotechnology		0.6			297,063
Diversified Financial Services		0.6			272,047
Auto Components		0.6			263,870
Pharmaceuticals		0.4			195,534
Food Products		0.4			194,050
Transportation Infrastructure		0.4			187,151
Textiles, Apparel & Luxury Goods		0.4			185,648
Tobacco		0.4			180,470
Personal Products		0.4			179,917
Gas Utilities		0.3			151,400
Electric Utilities		0.3			146,199

Investments		98.9			46,242,305
Short-Term Investments		1.1			513,462

Total Investments		100.0	%	$	46,755,767

SECURITY VALUATION:

Valuation Inputs ^(F)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	18,863,761	$	26,809,538	$	—	$	45,673,299
Preferred Stock		—		569,006		—		569,006
Short-Term Investment Company		271,752		—		—		271,752
Other Investment Company		241,710		—		—		241,710

Total Investments	$	19,377,223	$	27,378,544	$	—	$	46,755,767

Other Financial Instruments
Futures Contracts ^(G)	$	13,793	$	—	$	—	$	13,793

Total Other Financial Instruments	$	13,793	$	—	$	—	$	13,793

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		Non-income producing securities.
(B)		All or a portion of the securities are on loan. The total value of all securities on loan is $228,917. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(C)		Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2019, the total value of 144A securities is $494,261, representing 1.1% of the Fund’s net assets.
(D)		Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At December 31, 2019, the value of the Regulation S security is $303,891, representing 0.6% of the Fund’s net assets.

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


Transamerica ETF Trust		Annual Report 2019

Page 34

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

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):


(E)		Rates disclosed reflect the yields at December 31, 2019.
(F)		There were no transfers in or out of Level 3 during the period ended December 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(G)		Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

PORTFOLIO ABBREVIATIONS:


ADR		American Depositary Receipt
GDR		Global Depositary Receipt

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


Transamerica ETF Trust		Annual Report 2019

Page 35

DeltaShares^® S&P International Managed Risk ETF

(unaudited)

MARKET ENVIRONMENT

Stocks across the world posted positive returns in 2019. The S&P 500^®also posted strong performance in 2019.

PERFORMANCE OVERVIEW

For the year ended December 31, 2019, the DeltaShares^® S&P International Managed Risk ETF (NAV) returned 19.12%. By comparison, the S&P EPAC Ex. Korea LargeMidCap Managed Risk 2.0 Index (the “Underlying Index”) returned 19.95% and the S&P EPAC Ex. Korea LargeMidCap Index returned 22.48%.

STRATEGY REVIEW

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

The Fund seeks to achieve this investment objective by using a sampling strategy and generally expects to invest in a subset of the securities in the Underlying Index that the Sub-Adviser believes is designed to approximate the returns of the Underlying Index. The Underlying Index is designed to simulate, through a rules-based methodology, a dynamic portfolio with the aim of both managing the volatility of the Underlying Index and limiting losses from the Underlying Index’s equity exposure due to severe sustained market declines. The Underlying Index seeks to achieve these objectives by allocating weightings among the S&P EPAC Ex. Korea LargeMidCap Index, the S&P U.S. Treasury Bond Current 5-Year Index, and the S&P U.S. Treasury Bill 0-3 Month Index. The Fund may also use derivatives in an effort to gain exposure to underlying securities and markets in a more efficient manner, to optimize the execution processes and costs for portfolio transitions or for tax management purposes.

During the 12-month period ended December 31, 2019, the largest contributors to the Fund’s absolute total return were equities within the financials, health care, and consumer staples sectors. From both an asset class and equity sector perspective, there were no detractors during the period, but the least impactful contributors were U.S. Treasury bonds as well as equities within the energy sector. The largest contributors from a country perspective were companies based in Japan, the United Kingdom, France, and Switzerland, whereas the small number of holdings based in Canada and Luxembourg detracted slightly.

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

Blake Graves, CFA

Charles Lowery, CFA

Louis Ng

Co-Portfolio Managers

Milliman Financial Risk Management LLC


Asset Allocation	Percentage of Net Assets
Common Stocks		98.5	%
Other Investment Company		2.7
Short-Term Investment Company		0.5
Preferred Stocks		0.5
Right		0.0
Net Other Assets (Liabilities) ^		(2.2	)
Total		100.0	%

Current

and future portfolio holdings are subject to change and risk.

^	The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.


Transamerica ETF Trust		Annual Report 2019

Page 36

DeltaShares^® S&P International Managed Risk ETF

(unaudited)

LOGO


Performance as of December 31, 2019
		Average Annual Total Returns						Cumulative Total Returns					Inception Date
	1 Year			10 Year or Since Inception			1 Year			10 Year or Since Inception
Fund NAV		19.12	%		4.30	%		19.12	%		10.74	%	07/31/2017
Fund Market		17.55	%		4.17	%		17.55	%		10.39	%	07/31/2017
S&P EPAC Ex. Korea LargeMidCap Index ^(A)		22.48	%		5.61	%		22.48	%		14.14	%
S&P EPAC Ex. Korea LargeMidCap Managed Risk 2.0 Index ^(A)(B)(C)(D)		19.95	%		5.05	%		19.95	%		12.66	%

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

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

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

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

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


Transamerica ETF Trust		Annual Report 2019

Page 37

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS

At December 31, 2019


	Shares		Value
COMMON STOCKS - 98.5%
Australia - 6.8%
AGL Energy, Ltd.		8,495		$ 122,596
Alumina, Ltd.		19,245		31,115
AMP, Ltd. ^(A)		43,554		58,630
APA Group ^(A)		15,276		119,195
Aristocrat Leisure, Ltd.		8,346		197,536
ASX, Ltd.		1,664		91,717
Atlassian Corp. PLC, Class A ^(B)		1,591		191,461
Aurizon Holdings, Ltd.		17,293		63,576
AusNet Services		24,147		28,856
Australia & New Zealand Banking Group, Ltd.		37,399		647,514
Bendigo & Adelaide Bank, Ltd. ^(A)		6,339		43,580
BHP Group PLC		27,262		641,698
BHP Group, Ltd.		37,787		1,033,808
BlueScope Steel, Ltd.		7,180		76,011
Boral, Ltd.		15,429		48,589
Brambles, Ltd.		20,743		170,893
Caltex Australia, Ltd.		3,404		81,237
Challenger, Ltd.		7,548		42,924
CIMIC Group, Ltd.		1,281		29,842
Coca-Cola Amatil, Ltd.		6,782		52,727
Cochlear, Ltd.		748		118,165
Coles Group, Ltd.		14,685		153,191
Commonwealth Bank of Australia		22,585		1,268,503
Computershare, Ltd. ^(A)		6,703		79,065
Crown Resorts, Ltd.		4,924		41,570
CSL, Ltd.		5,856		1,135,159
Dexus, REIT		14,637		120,382
Evolution Mining, Ltd.		17,892		47,793
Flight Centre Travel Group, Ltd. ^(A)		768		23,786
Fortescue Metals Group, Ltd.		22,035		165,583
Goodman Group, REIT		21,285		200,046
GPT Group, REIT		26,089		102,700
Harvey Norman Holdings, Ltd. ^(A)		8,222		23,523
Incitec Pivot, Ltd.		21,891		48,935
Insurance Australia Group, Ltd. ^(A)		30,725		165,442
LendLease Group		7,610		94,150
Macquarie Group, Ltd.		4,115		398,750
Magellan Financial Group, Ltd.		1,706		68,296
Medibank Pvt, Ltd.		35,881		79,703
Mirvac Group, REIT		49,721		111,145
National Australia Bank, Ltd.		35,285		610,913
Newcrest Mining, Ltd.		9,899		210,495
Northern Star Resources, Ltd.		7,678		61,043
Oil Search, Ltd.		17,231		87,816
Orica, Ltd.		4,894		75,616
Origin Energy, Ltd.		22,746		135,110
Qantas Airways, Ltd.		11,767		58,811
QBE Insurance Group, Ltd.		17,720		160,437
Ramsay Health Care, Ltd.		2,125		108,343
REA Group, Ltd. ^(A)		692		50,395
Santos, Ltd.		22,860		131,448
Scentre Group, REIT		69,559		187,274
SEEK, Ltd.		4,689		74,328
Seven Group Holdings, Ltd.		534		7,309
Sonic Healthcare, Ltd.		6,230		125,907
South32, Ltd.		66,638		126,477
Stockland, REIT		32,604		105,886
Suncorp Group, Ltd. ^(A)		16,354		148,989


	Shares		Value
COMMON STOCKS (continued)
Australia (continued)
Sydney Airport		14,382		$ 87,551
Tabcorp Holdings, Ltd.		15,395		49,023
Telstra Corp., Ltd.		53,895		134,115
TPG Telecom, Ltd. ^(A)		3,347		15,787
Transurban Group		29,318		307,282
Treasury Wine Estates, Ltd. ^(A)		9,380		107,081
Vicinity Centres, REIT		43,222		75,653
Washington H Soul Pattinson & Co., Ltd. ^(A)		1,611		24,348
Wesfarmers, Ltd.		14,685		427,365
Westpac Banking Corp.		44,154		752,052
WiseTech Global, Ltd. ^(A)		1,742		28,617
Woodside Petroleum, Ltd.		12,113		292,740
Woolworths Group, Ltd.		17,048		433,338
Worley, Ltd. ^(A)		3,996		43,006

				13,463,947

Austria - 0.3%
ams AG ^(B)		1,039		42,135
Andritz AG		976		42,069
CA Immobilien Anlagen AG		1,190		50,025
Erste Group Bank AG ^(B)		4,419		166,469
Immofinanz AG ^(A)^(B)		1,457		39,088
OMV AG		1,914		107,595
Raiffeisen Bank International AG		1,783		44,812
Verbund AG		1,215		61,018
voestalpine AG		1,556		43,421
Wienerberger AG		1,632		48,399

				645,031

Belgium - 1.1%
Ackermans & van Haaren NV		327		51,278
Ageas		2,523		149,193
Anheuser-Busch InBev SA		10,877		887,747
Colruyt SA		753		39,287
Galapagos NV ^(A)^(B)		602		126,026
Groupe Bruxelles Lambert SA		1,074		113,275
KBC Group NV		4,423		332,940
Proximus SADP		2,052		58,782
Sofina SA		269		58,156
Solvay SA		939		108,881
Telenet Group Holding NV		745		33,501
UCB SA		1,669		132,828
Umicore SA ^(A)		2,696		131,219

				2,223,113

Chile - 0.0% ^(C)
Antofagasta PLC		4,434		53,852

China - 0.1%
ENN Energy Holdings, Ltd.		10,200		111,467
Fosun International, Ltd.		28,500		41,552

				153,019

Denmark - 1.7%
AP Moller - Maersk A/S, Class A		37		50,189
AP Moller - Maersk A/S, Class B		76		109,690
Carlsberg A/S, Class B		1,399		208,852
Chr Hansen Holding A/S		1,265		100,600
Coloplast A/S, Class B		1,533		190,307
Danske Bank A/S		9,032		146,260
Demant A/S ^(A)^(B)		1,401		44,153

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


Transamerica ETF Trust		Annual Report 2019

Page 38

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Denmark (continued)
DSV Panalpina A/S		2,793		$ 322,137
Genmab A/S ^(B)		829		184,492
GN Store Nord A/S		1,539		72,430
H. Lundbeck A/S		770		29,426
ISS A/S		2,288		54,940
Novo Nordisk A/S, Class B		21,452		1,245,969
Novozymes A/S, B Shares		2,837		138,931
Orsted A/S ^(D)		2,306		238,671
Rockwool International A/S, B Shares		43		10,193
Tryg A/S		1,702		50,495
Vestas Wind Systems A/S		2,646		267,581

				3,465,316

Finland - 1.2%
Elisa OYJ		2,044		112,999
Fortum Oyj		5,643		139,354
Huhtamaki OYJ		1,282		59,548
Kesko OYJ, B Shares		949		67,196
Kone OYJ, Class B		5,219		341,423
Metso OYJ		1,671		65,987
Neste OYJ		5,104		177,721
Nokia OYJ		72,846		269,513
Nordea Bank Abp		41,516		335,461
Orion OYJ, Class B		1,365		63,234
Sampo OYJ, A Shares		6,141		268,217
Stora Enso OYJ, R Shares		7,546		109,818
UPM-Kymmene OYJ		6,949		241,106
Wartsila OYJ Abp		5,907		65,311

				2,316,888

France - 9.6%
Accor SA		2,411		112,990
Aeroports de Paris		421		83,220
Air Liquide SA		6,072		860,156
Airbus SE		7,479		1,095,402
Amundi SA ^(D)		670		52,570
AXA SA		24,998		704,593
BNP Paribas SA		14,519		861,001
Bollore SA		12,238		53,437
Bouygues SA		2,871		122,076
Bureau Veritas SA		3,526		92,061
Capgemini SE		2,086		254,993
Carrefour SA		7,645		128,294
Christian Dior SE		148		75,888
Cie de Saint-Gobain		7,177		294,050
Cie Generale des Etablissements Michelin SCA		2,334		285,833
CNP Assurances		2,080		41,396
Credit Agricole SA		15,765		228,723
Danone SA		8,133		674,654
Dassault Aviation SA		39		51,220
Dassault Systemes SE		1,800		296,104
Electricite de France SA		4,519		50,360
Engie SA		20,814		336,437
EssilorLuxottica SA		3,560		542,670
Hermes International		383		286,411
Kering SA		973		639,151
L’Oreal SA		3,159		936,138
Legrand SA		3,443		280,737
LVMH Moet Hennessy Louis Vuitton SE		3,476		1,616,129


	Shares		Value
COMMON STOCKS (continued)
France (continued)
Natixis SA		11,796		$ 52,408
Orange SA		26,584		391,508
Pernod Ricard SA		2,718		486,322
Peugeot SA		7,177		171,597
Publicis Groupe SA		2,831		128,256
Renault SA		2,488		117,799
Safran SA		4,210		650,496
Sanofi		14,802		1,489,058
Sartorius Stedim Biotech		220		36,474
Schneider Electric SE		6,973		716,188
Societe Generale SA		10,294		358,379
Sodexo SA		1,187		140,769
Thales SA		1,378		143,110
TOTAL SA		32,450		1,792,115
Unibail-Rodamco-Westfield, REIT		1,767		278,973
Veolia Environnement SA		7,290		194,019
Vinci SA		6,632		736,997
Vivendi SA		9,985		289,395

				19,230,557

Germany - 7.4%
adidas AG		2,302		748,841
Allianz SE		5,565		1,364,281
BASF SE		11,846		895,562
Bayer AG		11,744		959,828
Bayerische Motoren Werke AG		4,432		363,865
Beiersdorf AG		1,288		154,192
Commerzbank AG		13,620		84,346
Continental AG		1,391		179,967
Covestro AG ^(D)		1,856		86,355
Daimler AG		11,688		647,723
Deutsche Bank AG		24,275		188,479
Deutsche Boerse AG		2,508		394,554
Deutsche Lufthansa AG		3,215		59,221
Deutsche Post AG		12,599		480,982
Deutsche Telekom AG		41,849		684,433
Deutsche Wohnen SE		4,617		188,750
E.ON SE		28,341		302,985
Evonik Industries AG		1,934		59,071
Fresenius Medical Care AG & Co. KGaA		2,794		206,868
Fresenius SE & Co. KGaA		5,335		300,505
Hannover Rueck SE		784		151,631
HeidelbergCement AG		1,759		128,262
Henkel AG & Co. KGaA		1,322		124,651
HOCHTIEF AG		274		34,970
Infineon Technologies AG		16,223		369,851
Knorr-Bremse AG		399		40,645
Merck KGaA		1,668		197,250
MTU Aero Engines AG		582		166,329
Muenchener Rueckversicherungs-Gesellschaft AG		1,939		572,426
Puma SE		972		74,575
RWE AG		7,217		221,564
SAP SE		13,659		1,844,773
Siemens AG		10,518		1,375,924
Siemens Healthineers AG ^(D)		1,469		70,608
Symrise AG		1,249		131,508
Telefonica Deutschland Holding AG		10,500		30,456

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


Transamerica ETF Trust		Annual Report 2019

Page 39

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Germany (continued)
thyssenkrupp AG		5,017		$ 67,804
Uniper SE		1,179		39,054
Volkswagen AG		407		79,150
Vonovia SE		6,659		358,787
Wirecard AG		1,456		175,694
Zalando SE ^(B)^(D)		1,622		82,259

				14,688,979

Hong Kong - 3.1%
AIA Group, Ltd.		153,200		1,608,327
Alibaba Health Information Technology, Ltd. ^(B)		38,000		43,892
Bank of East Asia, Ltd.		19,200		42,876
BOC Hong Kong Holdings, Ltd.		46,500		161,429
Budweiser Brewing Co. APAC, Ltd. ^(B)^(D)		10,300		34,766
Chow Tai Fook Jewellery Group, Ltd.		4,200		4,016
CK Asset Holdings, Ltd.		34,500		249,060
CK Hutchison Holdings, Ltd.		36,000		343,284
CK Infrastructure Holdings, Ltd.		9,000		64,048
CLP Holdings, Ltd.		23,500		247,010
Dairy Farm International Holdings, Ltd.		3,900		22,269
Galaxy Entertainment Group, Ltd.		32,000		235,735
Hang Lung Properties, Ltd.		19,000		41,698
Hang Seng Bank, Ltd.		9,300		192,163
Henderson Land Development Co., Ltd.		21,000		103,089
HK Electric Investments & HK Electric Investments, Ltd.		37,500		36,962
HKT Trust & HKT, Ltd.		39,000		54,958
Hong Kong & China Gas Co., Ltd.		136,000		265,654
Hong Kong Exchanges & Clearing, Ltd.		15,000		487,050
Hongkong Land Holdings, Ltd.		14,900		85,675
Jardine Matheson Holdings, Ltd.		3,900		216,840
Jardine Strategic Holdings, Ltd.		1,800		55,170
Link, REIT		27,500		291,171
Melco Resorts & Entertainment, Ltd., ADR		2,058		49,742
MTR Corp., Ltd.		19,500		115,246
New World Development Co., Ltd.		77,000		105,542
NWS Holdings, Ltd.		18,000		25,226
Power Assets Holdings, Ltd.		19,500		142,650
Sino Land Co., Ltd.		38,000		55,207
Sun Hung Kai Properties, Ltd.		18,000		275,597
Swire Pacific, Ltd., Class B		45,000		67,340
Swire Properties, Ltd.		15,000		49,764
Techtronic Industries Co., Ltd.		19,500		159,042
Wharf Holdings, Ltd.		18,000		45,787
Wharf Real Estate Investment Co., Ltd.		17,000		103,744
Wheelock & Co., Ltd.		14,000		93,342

				6,175,371

Ireland - 1.0%
AerCap Holdings NV ^(B)		1,617		99,397
AIB Group PLC		8,573		29,890
Bank of Ireland Group PLC		12,962		71,032
CRH PLC ^(B)		10,841		434,069
DCC PLC		1,324		114,780
Experian PLC		11,948		403,934
Flutter Entertainment PLC		1,094		133,055
Glanbia PLC		2,238		25,775
ICON PLC ^(B)		617		106,266
James Hardie Industries PLC, CDI		5,799		113,609


	Shares		Value
COMMON STOCKS (continued)
Ireland (continued)
Kerry Group PLC, Class A		1,804		$ 224,976
Kingspan Group PLC		1,735		106,043
Smurfit Kappa Group PLC		3,439		132,253

				1,995,079

Israel - 0.7%
Airport City, Ltd. ^(B)		450		8,445
Alony Hetz Properties & Investments, Ltd.		432		6,829
Azrieli Group, Ltd.		625		45,690
Bank Hapoalim BM		15,864		131,588
Bank Leumi Le-Israel BM		20,943		152,434
Bezeq Israeli Telecommunication Corp., Ltd. ^(B)		32,324		25,970
Check Point Software Technologies, Ltd. ^(A)^(B)		1,665		184,748
CyberArk Software, Ltd. ^(B)		473		55,142
Delek Group, Ltd.		50		7,598
Elbit Systems, Ltd.		386		60,079
Gazit-Globe, Ltd.		71		786
Inmode, Ltd. ^(B)		62		2,430
Israel Chemicals, Ltd.		8,763		41,227
Israel Corp., Ltd. ^(B)		19		3,942
Israel Discount Bank, Ltd., A Shares		20,357		94,359
Melisron, Ltd.		19		1,213
Mellanox Technologies, Ltd. ^(B)		536		62,808
Mizrahi Tefahot Bank, Ltd.		2,750		73,248
Nice, Ltd. ^(B)		960		148,864
Oil Refineries, Ltd.		5,525		2,774
Paz Oil Co., Ltd.		90		12,739
Phoenix Holdings, Ltd.		391		2,364
Shufersal, Ltd.		368		2,342
Strauss Group, Ltd.		150		4,599
Taro Pharmaceutical Industries, Ltd. ^(B)		7		616
Teva Pharmaceutical Industries, Ltd., ADR ^(B)		13,536		132,653
Tower Semiconductor, Ltd. ^(B)		1,441		34,448
Wix.com, Ltd. ^(B)		544		66,575

				1,366,510

Italy - 2.1%
A2A SpA		21,943		41,183
Amplifon SpA		666		19,168
Assicurazioni Generali SpA		16,434		339,335
Atlantia SpA		6,141		143,311
Banca Mediolanum SpA		3,800		37,771
Davide Campari-Milano SpA		7,245		66,199
DiaSorin SpA		95		12,306
Enel SpA		99,980		793,673
Eni SpA		33,053		513,714
Ferrari NV		1,640		272,269
FinecoBank Banca Fineco SpA		5,353		64,233
Infrastrutture Wireless Italiane SpA ^(D)		1,330		13,033
Intesa Sanpaolo SpA		199,498		525,915
Leonardo SpA		5,195		60,938
Mediobanca Banca di Credito Finanziario SpA		8,182		90,135
Moncler SpA		2,221		99,897
Nexi SpA ^(B)^(D)		2,161		30,030
Pirelli & C SpA ^(D)		3,560		20,540
Poste Italiane SpA ^(D)		6,481		73,622
Prada SpA		4,500		18,596
Prysmian SpA		3,565		85,997
Recordati SpA		1,437		60,602

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


Transamerica ETF Trust		Annual Report 2019

Page 40

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Italy (continued)
Saipem SpA ^(B)		5,938		$ 29,034
Snam SpA		29,479		155,061
Telecom Italia SpA ^(B)		131,730		82,273
Telecom Italia SpA		91,409		56,003
Terna Rete Elettrica Nazionale SpA		19,141		127,926
UniCredit SpA		26,794		391,593
UnipolSai Assicurazioni SpA ^(A)		14,337		41,682

				4,266,039

Japan - 26.9%
ABC-Mart, Inc.		100		6,846
Acom Co., Ltd.		5,800		26,525
Activia Properties, Inc., REIT		15		75,086
Advance Residence Investment Corp., REIT		19		60,143
Advantest Corp.		2,500		141,707
Aeon Co., Ltd.		11,500		238,677
AEON Financial Service Co., Ltd. ^(A)		1,900		30,194
Aeon Mall Co., Ltd.		1,900		33,883
AGC, Inc.		3,300		119,337
Air Water, Inc.		2,000		29,446
Aisin Seiki Co., Ltd.		1,900		71,157
Ajinomoto Co., Inc.		7,600		126,929
Alfresa Holdings Corp.		3,300		67,655
Alps Alpine Co., Ltd.		2,000		45,862
Amada Holdings Co., Ltd.		5,800		66,713
ANA Holdings, Inc.		1,900		63,674
Aozora Bank, Ltd.		1,900		50,544
Asahi Group Holdings, Ltd.		5,800		265,943
Asahi Intecc Co., Ltd. ^(A)		3,100		91,281
Asahi Kasei Corp.		19,200		218,015
Asics Corp.		2,200		36,763
Astellas Pharma, Inc.		24,200		416,416
Azbil Corp.		2,900		82,323
Bandai Namco Holdings, Inc.		3,000		183,050
Bank of Kyoto, Ltd.		200		8,650
Benesse Holdings, Inc.		1,500		39,669
Bridgestone Corp.		8,300		310,844
Brother Industries, Ltd.		3,900		81,499
Calbee, Inc.		1,900		62,153
Canon, Inc. ^(A)		13,300		365,498
Capcom Co., Ltd.		1,000		27,881
Casio Computer Co., Ltd.		3,800		76,612
Central Japan Railway Co.		2,400		485,852
Chiba Bank, Ltd.		11,900		69,314
Chubu Electric Power Co., Inc.		9,500		134,753
Chugai Pharmaceutical Co., Ltd.		2,300		213,333
Chugoku Electric Power Co., Inc. ^(A)		3,900		51,318
Coca-Cola Bottlers Japan Holdings, Inc. ^(A)		1,900		48,796
COMSYS Holdings Corp.		2,000		57,695
Concordia Financial Group, Ltd.		17,000		70,706
Cosmos Pharmaceutical Corp.		200		41,518
Credit Saison Co., Ltd.		2,000		34,985
CyberAgent, Inc.		1,500		52,657
Dai Nippon Printing Co., Ltd.		3,200		87,159
Dai-ichi Life Holdings, Inc.		15,400		257,411
Daicel Corp.		3,700		35,715
Daifuku Co., Ltd. ^(A)		1,800		110,311
Daiichi Sankyo Co., Ltd.		7,700		512,129


	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Daikin Industries, Ltd.		3,900		$ 554,451
Daito Trust Construction Co., Ltd.		1,100		136,444
Daiwa House Industry Co., Ltd.		8,900		277,626
Daiwa House Investment Corp., REIT		24		62,631
Daiwa Office Investment Corp., REIT		1		7,674
Daiwa Securities Group, Inc.		19,400		98,718
DeNA Co., Ltd. ^(A)		1,900		30,683
Denso Corp.		7,100		324,441
Dentsu, Inc. ^(A)		3,500		121,578
DIC Corp.		1,900		53,062
Disco Corp.		300		71,498
East Japan Railway Co.		5,400		489,839
Ebara Corp.		1,400		42,834
Eisai Co., Ltd.		3,800		286,866
Electric Power Development Co., Ltd., Class C		1,900		46,278
Ezaki Glico Co., Ltd.		300		13,430
FamilyMart Co., Ltd. ^(A)		3,600		86,957
Fancl Corp.		900		24,116
FANUC Corp.		2,200		411,557
Fast Retailing Co., Ltd.		800		478,491
Fuji Electric Co., Ltd.		1,600		49,248
FUJIFILM Holdings Corp.		5,600		269,501
Fujitsu, Ltd.		2,200		207,904
Fukuoka Financial Group, Inc.		2,700		52,298
GLP J-REIT		47		58,342
GMO Payment Gateway, Inc.		500		34,415
Goldwin, Inc.		400		29,519
GungHo Online Entertainment, Inc. ^(B)		500		10,656
Hachijuni Bank, Ltd.		7,600		33,428
Hakuhodo DY Holdings, Inc.		3,900		63,448
Hamamatsu Photonics KK ^(A)		1,800		74,451
Hankyu Hanshin Holdings, Inc.		3,900		167,950
Harmonic Drive Systems, Inc. ^(A)		400		19,397
Haseko Corp.		3,900		52,790
Hikari Tsushin, Inc.		300		75,721
Hino Motors, Ltd.		3,900		41,700
Hirose Electric Co., Ltd.		300		38,730
Hisamitsu Pharmaceutical Co., Inc. ^(A)		1,400		68,921
Hitachi Chemical Co., Ltd.		1,700		71,567
Hitachi Construction Machinery Co., Ltd. ^(A)		1,900		57,433
Hitachi High-Technologies Corp.		1,000		71,222
Hitachi Metals, Ltd.		2,000		29,685
Hitachi Transport System, Ltd.		100		2,830
Hitachi, Ltd.		11,600		493,781
Honda Motor Co., Ltd.		23,100		658,725
Hoshizaki Corp.		700		62,738
House Foods Group, Inc.		1,800		61,781
Hoya Corp.		5,100		490,407
Hulic Co., Ltd. ^(A)		5,800		70,235
Ibiden Co., Ltd.		1,900		45,544
Idemitsu Kosan Co., Ltd.		3,000		83,644
IHI Corp. ^(A)		1,900		45,002
Iida Group Holdings Co., Ltd.		2,000		35,316
Inpex Corp.		13,300		139,089
Invincible Investment Corp., REIT		58		33,036
Isetan Mitsukoshi Holdings, Ltd.		5,800		52,516
Isuzu Motors, Ltd.		7,600		90,843
Ito En, Ltd.		1,300		65,553

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


Transamerica ETF Trust		Annual Report 2019

Page 41

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
ITOCHU Corp.		20,600		$ 480,430
Itochu Techno-Solutions Corp.		900		25,466
Izumi Co., Ltd.		300		10,863
J. Front Retailing Co., Ltd.		3,900		54,907
Japan Airlines Co., Ltd.		1,800		56,265
Japan Airport Terminal Co., Ltd. ^(A)		1,200		67,246
Japan Exchange Group, Inc.		7,500		133,195
Japan Hotel Investment Corp., REIT		65		48,567
Japan Post Bank Co., Ltd.		5,800		56,039
Japan Post Holdings Co., Ltd.		12,900		121,789
Japan Prime Realty Investment Corp., REIT		18		78,923
Japan Real Estate Investment Corp., REIT		19		125,880
Japan Retail Fund Investment Corp., REIT		39		83,724
Japan Tobacco, Inc.		14,700		329,034
JFE Holdings, Inc.		7,600		98,676
JGC Holdings Corp. ^(A)		3,600		58,137
JSR Corp.		2,000		37,028
JTEKT Corp.		3,900		46,689
JXTG Holdings, Inc.		42,100		192,883
K’s Holdings Corp.		3,600		47,404
Kagome Co., Ltd. ^(A)		1,600		38,544
Kajima Corp.		7,400		99,279
Kakaku.com, Inc.		1,500		38,551
Kaken Pharmaceutical Co., Ltd.		100		5,558
Kamigumi Co., Ltd.		100		2,208
Kaneka Corp.		500		16,195
Kansai Electric Power Co., Inc. ^(A)		11,200		130,319
Kansai Paint Co., Ltd.		3,900		96,069
Kao Corp.		5,800		481,666
Kawasaki Heavy Industries, Ltd.		1,900		42,100
KDDI Corp.		20,900		625,606
Keihan Holdings Co., Ltd.		500		24,385
Keikyu Corp.		2,500		48,539
Keio Corp.		1,300		79,071
Keisei Electric Railway Co., Ltd.		2,000		78,031
Kenedix Office Investment Corp., REIT		2		15,422
Kewpie Corp.		1,800		40,629
Keyence Corp.		2,300		814,603
Kikkoman Corp.		2,000		98,827
Kinden Corp.		2,000		31,286
Kintetsu Group Holdings Co., Ltd. ^(A)		2,000		108,949
Kirin Holdings Co., Ltd.		11,500		252,910
Kobayashi Pharmaceutical Co., Ltd.		500		42,650
Kobe Bussan Co., Ltd.		600		20,704
Kobe Steel, Ltd.		5,200		28,183
Koito Manufacturing Co., Ltd.		1,900		89,165
Komatsu, Ltd.		13,000		316,043
Konami Holdings Corp.		1,600		66,032
Konica Minolta, Inc.		7,400		48,550
Kose Corp.		400		58,891
Kubota Corp.		15,200		241,410
Kuraray Co., Ltd.		3,900		47,765
Kurita Water Industries, Ltd.		1,900		56,908
Kyocera Corp.		4,000		275,316
Kyowa Exeo Corp.		800		20,369
Kyowa Kirin Co., Ltd.		3,900		92,337
Kyushu Electric Power Co., Inc.		5,800		50,435
Kyushu Railway Co.		1,900		63,814


	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Lawson, Inc.		400		$ 22,784
LINE Corp. ^(B)		600		29,538
Lion Corp.		3,900		76,259
LIXIL Group Corp.		3,900		67,790
M3, Inc.		5,300		161,182
Mabuchi Motor Co., Ltd.		200		7,637
Makita Corp.		3,900		136,729
Marubeni Corp.		23,100		172,301
Marui Group Co., Ltd.		3,200		78,561
Maruichi Steel Tube, Ltd.		1,600		45,346
Matsumotokiyoshi Holdings Co., Ltd.		800		31,176
Mazda Motor Corp.		7,600		65,597
McDonald’s Holdings Co. Japan, Ltd. ^(A)		1,500		72,326
Mebuki Financial Group, Inc.		13,300		34,267
Medipal Holdings Corp.		2,000		44,408
MEIJI Holdings Co., Ltd.		1,900		129,027
Mercari, Inc. ^(B)		1,100		22,622
Minebea Mitsumi, Inc.		5,800		121,524
MISUMI Group, Inc.		4,000		100,189
Mitsubishi Chemical Holdings Corp.		19,200		144,431
Mitsubishi Corp.		21,100		563,055
Mitsubishi Electric Corp.		28,800		397,118
Mitsubishi Estate Co., Ltd.		17,300		332,628
Mitsubishi Gas Chemical Co., Inc.		3,700		56,994
Mitsubishi Heavy Industries, Ltd.		3,900		152,447
Mitsubishi Logistics Corp.		200		5,239
Mitsubishi Materials Corp.		1,900		52,048
Mitsubishi Motors Corp.		9,500		40,037
Mitsubishi Tanabe Pharma Corp.		3,400		62,822
Mitsubishi UFJ Financial Group, Inc.		168,100		917,570
Mitsubishi UFJ Lease & Finance Co., Ltd.		7,600		49,373
Mitsui & Co., Ltd.		22,500		402,899
Mitsui Chemicals, Inc.		3,500		86,312
Mitsui Fudosan Co., Ltd.		13,200		324,549
Mitsui O.S.K. Lines, Ltd.		1,900		52,887
Miura Co., Ltd.		1,100		38,463
Mizuho Financial Group, Inc.		327,600		507,339
MonotaRO Co., Ltd. ^(A)		2,000		53,793
Morinaga & Co., Ltd.		400		19,287
MS&AD Insurance Group Holdings, Inc.		7,000		232,593
Murata Manufacturing Co., Ltd.		7,900		490,392
Nabtesco Corp. ^(A)		1,900		57,083
Nagoya Railroad Co., Ltd. ^(A)		4,000		124,776
Nankai Electric Railway Co., Ltd.		400		10,917
NEC Corp.		4,000		166,368
Nexon Co., Ltd. ^(B)		5,700		76,052
NGK Insulators, Ltd.		3,900		68,328
NGK Spark Plug Co., Ltd.		1,900		37,309
NH Foods, Ltd.		700		29,050
Nichirei Corp.		1,900		44,582
Nidec Corp.		3,600		497,060
Nihon M&A Center, Inc.		2,000		69,289
Nihon Unisys, Ltd.		900		28,364
Nikon Corp.		5,800		71,729
Nintendo Co., Ltd.		1,500		606,901
Nippon Building Fund, Inc., REIT		19		138,992
Nippon Electric Glass Co., Ltd. ^(A)		1,700		38,184
Nippon Express Co., Ltd.		1,500		88,613

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


Transamerica ETF Trust		Annual Report 2019

Page 42

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Nippon Paint Holdings Co., Ltd.		2,200		$ 114,175
Nippon Paper Industries Co., Ltd.		1,900		32,309
Nippon Prologis, Inc., REIT		41		104,278
Nippon Shinyaku Co., Ltd.		700		60,998
Nippon Shokubai Co., Ltd.		300		18,744
Nippon Steel Corp.		12,000		182,636
Nippon Telegraph & Telephone Corp.		16,600		421,129
Nippon Yusen KK		1,900		34,634
Nissan Chemical Corp.		1,800		76,108
Nissan Motor Co., Ltd.		30,600		179,109
Nisshin Seifun Group, Inc.		3,900		68,400
Nissin Foods Holdings Co., Ltd.		1,400		104,605
Nitori Holdings Co., Ltd.		1,200		190,200
Nitto Denko Corp.		1,900		108,047
NOK Corp.		1,900		28,690
Nomura Holdings, Inc.		43,300		224,479
Nomura Real Estate Holdings, Inc.		1,900		45,806
Nomura Real Estate Master Fund, Inc., REIT		59		100,763
Nomura Research Institute, Ltd.		5,300		114,023
NS Solutions Corp.		200		6,625
NSK, Ltd.		5,800		55,558
NTT Data Corp.		7,600		102,592
NTT DOCOMO, Inc.		14,400		402,551
Obayashi Corp.		9,500		106,386
OBIC Business Consultants Co., Ltd. ^(A)		300		14,244
OBIC Co., Ltd.		1,000		135,818
Odakyu Electric Railway Co., Ltd.		3,900		91,547
OJI Holdings Corp.		15,500		84,863
Olympus Corp.		15,900		247,114
Omron Corp.		3,100		183,133
Ono Pharmaceutical Co., Ltd.		7,100		163,462
Open House Co., Ltd.		600		17,281
Oracle Corp.		300		27,467
Orient Corp.		2,100		3,188
Oriental Land Co., Ltd.		3,000		410,766
ORIX Corp.		17,300		288,294
ORIX, Inc., REIT		40		86,607
Osaka Gas Co., Ltd.		3,900		75,039
Otsuka Corp.		1,100		44,283
Otsuka Holdings Co., Ltd.		7,300		328,005
PALTAC Corp. ^(A)		200		9,643
Pan Pacific International Holdings Corp.		7,800		129,982
Panasonic Corp.		32,000		303,142
Park24 Co., Ltd.		1,900		46,663
PeptiDream, Inc. ^(B)		1,400		72,142
Persol Holdings Co., Ltd.		2,100		39,633
Pigeon Corp. ^(A)		1,800		66,501
Pola Orbis Holdings, Inc. ^(A)		1,500		36,080
Rakuten, Inc. ^(B)		11,200		96,361
Recruit Holdings Co., Ltd.		20,700		780,762
Relo Group, Inc.		1,900		53,324
Renesas Electronics Corp. ^(A)^(B)		12,700		87,647
Resona Holdings, Inc.		28,800		126,940
Ricoh Co., Ltd.		9,500		104,201
Rinnai Corp.		300		23,602
Rohm Co., Ltd.		1,500		121,187
Rohto Pharmaceutical Co., Ltd.		900		27,495
Ryohin Keikaku Co., Ltd.		2,900		68,207


	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Sankyu, Inc.		500		$ 25,305
Santen Pharmaceutical Co., Ltd.		5,800		111,330
SBI Holdings, Inc.		3,200		68,167
Screen Holdings Co., Ltd.		500		34,461
SCSK Corp.		300		15,652
Secom Co., Ltd.		3,000		269,896
Sega Sammy Holdings, Inc.		2,000		29,133
Seibu Holdings, Inc.		3,900		64,417
Seiko Epson Corp.		3,900		59,393
Seino Holdings Co., Ltd.		1,200		16,309
Sekisui Chemical Co., Ltd.		5,700		99,865
Sekisui House, Inc., REIT		24		20,185
Sekisui House, Ltd.		7,600		163,189
Seven & i Holdings Co., Ltd.		9,600		353,612
Seven Bank, Ltd.		9,600		31,625
SG Holdings Co., Ltd.		2,500		56,591
Sharp Corp.		2,200		34,111
Shikoku Electric Power Co., Inc.		2,000		19,839
Shimadzu Corp.		3,900		123,451
Shimamura Co., Ltd.		200		15,312
Shimano, Inc.		1,200		196,218
Shimizu Corp.		9,500		97,557
Shin-Etsu Chemical Co., Ltd.		5,100		565,963
Shinsei Bank, Ltd.		1,900		29,285
Shionogi & Co., Ltd.		3,900		242,846
Shiseido Co., Ltd.		5,300		379,522
Shizuoka Bank, Ltd.		3,900		29,355
Showa Denko KK ^(A)		1,900		50,684
Skylark Holdings Co., Ltd. ^(A)		1,900		37,327
SMC Corp.		900		416,480
Softbank Corp.		18,700		251,140
SoftBank Group Corp.		21,100		923,410
Sohgo Security Services Co., Ltd.		1,600		87,159
Sojitz Corp.		15,500		50,205
Sompo Holdings, Inc.		5,100		201,794
Sony Corp.		16,400		1,116,875
Sony Financial Holdings, Inc. ^(A)		1,900		45,946
Square Enix Holdings Co., Ltd.		1,300		64,955
Stanley Electric Co., Ltd.		1,900		55,597
Subaru Corp.		7,700		192,261
Sugi Holdings Co., Ltd.		100		5,300
Sumco Corp.		2,600		43,686
Sumitomo Chemical Co., Ltd.		19,000		87,067
Sumitomo Corp.		17,100		255,536
Sumitomo Dainippon Pharma Co., Ltd. ^(A)		2,000		39,199
Sumitomo Electric Industries, Ltd.		9,600		145,932
Sumitomo Heavy Industries, Ltd.		800		23,041
Sumitomo Metal Mining Co., Ltd.		2,900		94,572
Sumitomo Mitsui Financial Group, Inc. ^(A)		18,100		672,536
Sumitomo Mitsui Trust Holdings, Inc.		5,600		223,485
Sumitomo Realty & Development Co., Ltd.		5,100		178,893
Sumitomo Rubber Industries, Ltd.		2,000		24,605
Sundrug Co., Ltd.		1,300		47,311
Suntory Beverage & Food, Ltd.		1,900		79,462
Suzuken Co., Ltd.		1,300		53,412
Suzuki Motor Corp.		5,800		243,741
Sysmex Corp.		2,000		137,088
T&D Holdings, Inc.		7,600		97,557

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


Transamerica ETF Trust		Annual Report 2019

Page 43

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Taiheiyo Cement Corp.		1,900		$ 56,209
Taisei Corp.		3,100		129,648
Taisho Pharmaceutical Holdings Co., Ltd.		400		29,850
Taiyo Nippon Sanso Corp.		3,300		73,728
Taiyo Yuden Co., Ltd. ^(A)		1,600		49,395
Takashimaya Co., Ltd.		300		3,390
Takeda Pharmaceutical Co., Ltd.		19,700		785,281
TDK Corp.		1,800		205,217
Teijin, Ltd.		2,000		37,635
Terumo Corp.		8,400		300,290
THK Co., Ltd.		1,900		51,890
TIS, Inc.		900		53,251
Tobu Railway Co., Ltd.		3,900		141,932
Toho Co., Ltd.		1,900		79,462
Toho Gas Co., Ltd.		900		36,936
Tohoku Electric Power Co., Inc.		5,800		57,746
Tokai Carbon Co., Ltd. ^(A)		2,500		25,190
Tokio Marine Holdings, Inc.		9,400		529,272
Tokyo Century Corp.		500		26,915
Tokyo Electric Power Co. Holdings, Inc. ^(B)		11,500		49,418
Tokyo Electron, Ltd.		2,000		440,304
Tokyo Gas Co., Ltd.		3,900		95,154
Tokyo Tatemono Co., Ltd.		3,600		56,613
Tokyu Corp.		7,600		141,195
Tokyu Fudosan Holdings Corp.		8,500		59,052
Toppan Printing Co., Ltd.		2,700		56,174
Toray Industries, Inc.		21,100		143,890
Toshiba Corp.		5,800		197,736
Tosoh Corp.		2,500		38,992
TOTO, Ltd.		1,900		81,123
Toyo Seikan Group Holdings, Ltd.		1,800		31,304
Toyo Suisan Kaisha, Ltd.		1,900		80,948
Toyoda Gosei Co., Ltd.		1,900		47,992
Toyota Boshoku Corp.		1,900		30,858
Toyota Industries Corp.		1,900		110,669
Toyota Motor Corp.		33,600		2,385,005
Toyota Tsusho Corp.		3,400		120,764
Trend Micro, Inc.		1,900		97,907
Tsumura & Co.		1,500		44,306
Tsuruha Holdings, Inc. ^(A)		300		38,703
Ube Industries, Ltd.		1,900		41,593
Unicharm Corp.		5,800		197,470
United Urban Investment Corp., REIT		39		73,066
USS Co., Ltd.		3,600		68,439
Welcia Holdings Co., Ltd.		500		31,976
West Japan Railway Co.		1,900		165,060
Workman Co., Ltd.		200		18,753
Yakult Honsha Co., Ltd. ^(A)		1,800		99,876
Yamada Denki Co., Ltd.		11,500		61,164
Yamaha Corp.		1,900		106,299
Yamaha Motor Co., Ltd.		3,900		79,059
Yamato Holdings Co., Ltd.		5,800		99,642
Yamazaki Baking Co., Ltd. ^(A)		1,900		34,075
Yaskawa Electric Corp.		3,800		145,811
Yokogawa Electric Corp.		3,900		69,226
Yokohama Rubber Co., Ltd.		1,900		37,257
Z Holdings Corp.		35,600		151,015
Zensho Holdings Co., Ltd.		1,800		40,894


	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Zeon Corp.		1,600		$ 20,111
ZOZO, Inc.		2,400		46,090

				53,793,300

Jersey, Channel Islands - 0.0% ^(C)
Clarivate Analytics PLC ^(A)^(B)		926		15,557

Luxembourg - 0.2%
ArcelorMittal SA		8,162		143,309
Aroundtown SA		8,565		76,760
Millicom International Cellular SA, SDR		1,026		49,168
SES SA		5,148		72,233
Tenaris SA		6,065		68,420

				409,890

Macau - 0.1%
MGM China Holdings, Ltd.		12,400		20,243
Sands China, Ltd.		30,000		160,361
Wynn Macau, Ltd.		20,400		50,268

				230,872

Mexico - 0.0% ^(C)
Fresnillo PLC		2,377		20,160

Netherlands - 4.7%
ABN AMRO Bank NV, CVA ^(D)		5,374		97,844
Adyen NV ^(A)^(B)^(D)		289		237,138
Aegon NV		18,271		83,411
Akzo Nobel NV		2,908		295,870
ASML Holding NV		5,526		1,635,713
EXOR NV		1,284		99,564
GrandVision NV ^(D)		407		12,527
Heineken Holding NV		1,543		149,646
Heineken NV		2,794		297,694
ING Groep NV		49,311		591,598
Koninklijke Ahold Delhaize NV		15,798		395,363
Koninklijke DSM NV		2,355		306,909
Koninklijke KPN NV ^(A)		51,354		151,664
Koninklijke Philips NV		12,128		592,467
NN Group NV		3,951		149,992
NXP Semiconductors NV		3,635		462,590
Prosus NV ^(B)		4,973		371,383
QIAGEN NV ^(B)		2,997		102,471
Randstad NV		1,648		100,707
Royal Dutch Shell PLC, A Shares		57,067		1,689,650
Royal Dutch Shell PLC, B Shares		45,476		1,349,172
Wolters Kluwer NV		3,651		266,468

				9,439,841

New Zealand - 0.4%
a2 Milk Co., Ltd. ^(B)		9,826		99,569
Air New Zealand, Ltd.		11,246		22,230
Auckland International Airport, Ltd.		14,627		86,346
Contact Energy, Ltd.		12,148		58,435
Fisher & Paykel Healthcare Corp., Ltd.		8,600		128,804
Fletcher Building, Ltd.		12,092		41,524
Mercury NZ, Ltd.		2,536		8,640
Meridian Energy, Ltd.		19,727		66,544
Ryman Healthcare, Ltd.		6,366		70,134
SkyCity Entertainment Group, Ltd.		12,570		33,667
Spark New Zealand, Ltd.		26,719		78,053
Xero, Ltd. ^(B)		1,182		66,471

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


Transamerica ETF Trust		Annual Report 2019

Page 44

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
New Zealand (continued)
Z Energy, Ltd.		6,259		$ 18,580

				778,997

Norway - 0.8%
Adevinta ASA, B Shares ^(B)		4,234		50,110
Aker BP ASA		1,716		56,241
Austevoll Seafood ASA		94		963
DNB ASA		11,931		222,672
DNO ASA		3,950		5,201
Elkem ASA ^(A)^(D)		829		2,336
Entra ASA ^(D)		2,396		39,537
Equinor ASA		14,211		283,822
Gjensidige Forsikring ASA		2,770		58,081
Kongsberg Gruppen ASA		228		3,581
Leroy Seafood Group ASA		1,605		10,648
Mowi ASA		5,706		148,181
Norsk Hydro ASA		17,690		65,709
Norwegian Finans Holding ASA ^(B)		2,307		25,020
Orkla ASA		11,801		119,470
Salmar ASA		479		24,491
Schibsted ASA, B Shares		2,691		77,110
SFL Corp., Ltd.		463		6,732
SpareBank 1 SR-Bank ASA		3,225		36,701
Storebrand ASA		7,090		55,688
Telenor ASA		8,760		156,961
TGS NOPEC Geophysical Co. ASA		1,628		49,485
Tomra Systems ASA		858		27,183
Yara International ASA		2,355		97,874

				1,623,797

Portugal - 0.2%
Banco Comercial Portugues SA, R Shares		144,691		32,938
EDP - Energias de Portugal SA		33,211		144,047
Galp Energia SGPS SA		6,631		110,905
Jeronimo Martins SGPS SA		3,801		62,570

				350,460

Singapore - 1.4%
Ascendas, REIT		44,900		99,173
CapitaLand Commercial Trust, REIT		41,700		61,713
CapitaLand Mall Trust, REIT		40,100		73,362
CapitaLand, Ltd.		34,500		96,215
City Developments, Ltd.		7,600		61,890
ComfortDelGro Corp., Ltd.		28,800		50,975
DBS Group Holdings, Ltd.		23,100		444,597
Genting Singapore, Ltd.		74,800		51,178
Golden Agri-Resources, Ltd.		92,100		16,096
Jardine Cycle & Carriage, Ltd.		1,700		38,054
Keppel Corp., Ltd.		20,400		102,709
Mapletree Commercial Trust, REIT		35,200		62,565
Mapletree Logistics Trust, REIT		5,900		7,635
Mapletree North Asia Commercial Trust, REIT		6,500		5,607
Oversea-Chinese Banking Corp., Ltd.		49,500		404,202
SATS, Ltd.		11,300		42,523
Sea, Ltd., ADR ^(A)^(B)		2,387		96,005
Sembcorp Industries, Ltd.		13,300		22,650
Singapore Airlines, Ltd.		6,500		43,699
Singapore Exchange, Ltd.		12,300		81,046
Singapore Press Holdings, Ltd. ^(A)		23,100		37,451
Singapore Technologies Engineering, Ltd.		21,100		61,826


	Shares		Value
COMMON STOCKS (continued)
Singapore (continued)
Singapore Telecommunications, Ltd.		101,400		$ 254,132
Suntec Real Estate Investment Trust		36,600		50,083
United Overseas Bank, Ltd.		18,000		353,534
UOL Group, Ltd.		7,900		48,881
Venture Corp., Ltd.		3,700		44,577
Wilmar International, Ltd.		41,900		128,381

				2,840,759

Spain - 2.6%
ACS Actividades de Construccion y Servicios SA		3,578		143,181
Aena SME SA ^(D)		958		183,348
Amadeus IT Group SA		5,707		466,364
Banco Bilbao Vizcaya Argentaria SA		84,879		474,764
Banco Santander SA		201,914		845,398
CaixaBank SA		46,321		145,483
Cellnex Telecom SA ^(D)		2,975		128,134
Endesa SA		4,092		109,274
Ferrovial SA		6,483		196,265
Grifols SA		3,697		130,431
Grifols SA, ADR		3,742		87,151
Iberdrola SA		78,089		804,672
Industria de Diseno Textil SA		13,770		486,117
Mapfre SA		13,067		34,616
Naturgy Energy Group SA		4,461		112,167
Red Electrica Corp. SA		5,704		114,769
Repsol SA		16,993		265,710
Siemens Gamesa Renewable Energy SA ^(A)		2,299		40,348
Telefonica SA		59,098		413,083

				5,181,275

Sweden - 2.9%
AAK AB		1,129		21,468
Alfa Laval AB		3,844		96,869
Assa Abloy AB, Class B		12,768		298,705
Atlas Copco AB, A Shares		7,825		312,296
Atlas Copco AB, B Shares		5,560		193,153
Axfood AB		1,571		34,974
Beijer Ref AB		511		15,001
Boliden AB		3,565		94,637
Castellum AB		3,687		86,651
Electrolux AB, Series B		3,075		75,520
Elekta AB, B Shares		4,800		63,249
Epiroc AB, Class A		7,810		95,403
Epiroc AB, Class B		5,549		65,828
Essity AB, Class B		7,818		252,052
Fabege AB		2,146		35,694
Fastighets AB Balder, B Shares ^(B)		1,328		61,456
Getinge AB, B Shares		2,935		54,555
Hennes & Mauritz AB, B Shares		10,322		210,034
Hexagon AB, B Shares		3,426		192,142
Hexpol AB		3,373		33,078
Holmen AB, B Shares		690		21,022
Hufvudstaden AB, A Shares		1,657		32,765
Husqvarna AB, B Shares ^(A)		5,585		44,758
ICA Gruppen AB		1,043		48,712
Industrivarden AB, A Shares		2,037		50,484
Industrivarden AB, C Shares		2,351		56,734
Intrum AB ^(A)		963		28,743
Investment AB Latour, B Shares		1,860		30,361

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


Transamerica ETF Trust		Annual Report 2019

Page 45

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
Sweden (continued)
Investor AB, B Shares		5,815		$ 317,553
Kinnevik AB		3,075		75,224
L E Lundbergforetagen AB, B Shares		1,059		46,496
Lifco AB, B Shares		260		15,887
Lundin Petroleum AB		2,260		76,846
Nibe Industrier AB, B Shares		5,418		93,994
Saab AB, B Shares ^(A)		1,110		37,209
Sandvik AB		14,172		276,520
Securitas AB, B Shares		4,276		73,748
Skandinaviska Enskilda Banken AB, Class A		21,747		204,622
Skanska AB, B Shares		5,211		117,847
SKF AB, B Shares		4,872		98,574
Spotify Technology SA ^(B)		1,188		177,665
SSAB AB, B Shares		10,493		34,211
Svenska Cellulosa AB SCA, Class B ^(A)		8,100		82,202
Svenska Handelsbanken AB, A Shares		19,945		214,981
Swedbank AB, A Shares		12,035		179,283
Swedish Match AB		2,351		121,254
Swedish Orphan Biovitrum AB ^(B)		2,337		38,571
Tele2 AB, B Shares		6,659		96,637
Telefonaktiebolaget LM Ericsson, B Shares		34,986		304,822
Telia Co. AB		35,212		151,402
Trelleborg AB, B Shares		3,148		56,681
Volvo AB, B Shares		18,351		307,580

				5,806,153

Switzerland - 8.8%
ABB, Ltd.		24,992		603,153
Alcon, Inc. ^(B)		6,421		363,372
Chocoladefabriken Lindt & Spruengli AG		20		155,213
Cie Financiere Richemont SA		6,814		535,212
Credit Suisse Group AG ^(B)		31,504		426,354
Geberit AG		480		269,258
Givaudan SA		95		297,356
Glencore PLC		141,860		442,291
Kuehne & Nagel International AG		766		129,097
LafargeHolcim, Ltd. ^(B)		6,216		344,709
Lonza Group AG ^(B)		958		349,425
Nestle SA		38,144		4,127,359
Novartis AG		32,603		3,094,146
Partners Group Holding AG ^(A)		249		228,185
Roche Holding AG		9,349		3,028,871
Schindler Holding AG		805		200,811
SGS SA		76		208,061
Sika AG		1,772		332,770
STMicroelectronics NV		8,623		232,013
Swatch Group AG		1,406		129,412
Swiss Re AG		3,825		429,367
Swisscom AG ^(A)		347		183,686
UBS Group AG ^(B)		49,572		625,825
Zurich Insurance Group AG		1,943		796,784

				17,532,730

United Arab Emirates - 0.0% ^(C)
NMC Health PLC ^(A)		1,095		25,632

United Kingdom - 14.3%
3i Group PLC		12,670		184,295
Admiral Group PLC		3,322		101,615
Anglo American PLC		18,037		519,228


	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Ashtead Group PLC		6,547		$ 209,370
Associated British Foods PLC		4,594		158,112
AstraZeneca PLC		16,502		1,662,969
AVEVA Group PLC		620		38,242
Aviva PLC		52,068		288,807
BAE Systems PLC		41,260		308,715
Barclays PLC		205,968		490,159
Barratt Developments PLC		13,252		131,070
Berkeley Group Holdings PLC		1,857		119,534
BP PLC		254,698		1,591,232
British American Tobacco PLC		29,087		1,245,195
British Land Co. PLC, REIT		13,163		111,392
BT Group PLC		106,867		272,441
Bunzl PLC		4,495		122,966
Burberry Group PLC		5,463		159,578
Centrica PLC		72,783		86,102
CNH Industrial NV		12,956		142,377
Coca-Cola European Partners PLC		3,400		172,992
Compass Group PLC		20,609		516,004
ConvaTec Group PLC ^(D)		17,907		47,077
Croda International PLC		1,284		87,090
Diageo PLC		30,824		1,306,896
Direct Line Insurance Group PLC		17,896		74,087
DS Smith PLC		14,491		73,755
easyJet PLC		3,520		66,426
Ferguson PLC		3,128		283,852
Fiat Chrysler Automobiles NV		14,196		210,246
GlaxoSmithKline PLC		63,103		1,487,168
Halma PLC		4,135		115,911
Hargreaves Lansdown PLC		3,258		83,515
HSBC Holdings PLC		258,115		2,023,931
Imperial Brands PLC		12,438		307,960
Informa PLC		17,037		193,423
InterContinental Hotels Group PLC		2,454		169,309
Intertek Group PLC		2,088		161,871
ITV PLC		47,827		95,672
J Sainsbury PLC		22,387		68,182
JD Sports Fashion PLC		4,714		52,295
Johnson Matthey PLC		2,584		102,558
Just Eat PLC ^(B)		7,390		81,726
Kingfisher PLC		28,603		82,225
Land Securities Group PLC, REIT		9,908		129,944
Legal & General Group PLC		76,051		305,268
Lloyds Banking Group PLC		919,675		761,463
London Stock Exchange Group PLC		4,096		420,529
M&G PLC ^(B)		33,296		104,626
Marks & Spencer Group PLC		25,861		73,144
Melrose Industries PLC		56,328		179,164
Micro Focus International PLC		4,694		66,151
Mondi PLC		6,376		149,716
National Grid PLC		46,524		581,998
Next PLC		1,837		170,788
Ocado Group PLC ^(B)		7,240		122,671
Pearson PLC		10,251		86,505
Persimmon PLC		4,040		144,236
Prudential PLC		33,296		639,138
Reckitt Benckiser Group PLC		8,978		728,959
RELX PLC		26,548		670,154

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


Transamerica ETF Trust		Annual Report 2019

Page 46

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019


	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
Rentokil Initial PLC		24,026		$ 144,183
Rio Tinto PLC		12,849		766,488
Rio Tinto, Ltd.		4,809		339,401
Rolls-Royce Holdings PLC		24,038		217,561
Royal Bank of Scotland Group PLC		53,512		170,349
RSA Insurance Group PLC		13,344		99,984
Sage Group PLC		14,849		147,337
Schroders PLC		1,515		66,913
Segro PLC, REIT		9,974		118,548
Severn Trent PLC		3,135		104,450
Smith & Nephew PLC		11,562		280,680
Smiths Group PLC		5,094		113,844
Spirax-Sarco Engineering PLC		728		85,737
SSE PLC		13,218		251,889
St. James’s Place PLC		6,957		107,324
Standard Chartered PLC		35,498		335,013
Standard Life Aberdeen PLC		30,384		132,064
Subsea 7 SA		3,224		38,505
Taylor Wimpey PLC		42,945		110,028
Tesco PLC		125,646		424,779
Unilever NV		19,826		1,140,107
Unilever PLC		15,416		888,475
United Utilities Group PLC		8,855		110,667
Vodafone Group PLC		342,842		666,555
Weir Group PLC		3,357		67,130
Whitbread PLC		2,004		128,652
WM Morrison Supermarkets PLC		30,837		81,621
WPP PLC		16,584		234,307

				28,514,615

United States - 0.1%
Carnival PLC		2,541		122,664
Flex, Ltd. ^(B)		7,583		95,698
International Flavors & Fragrances, Inc.		1		109
Stratasys, Ltd. ^(B)		508		10,274

				228,745

Total Common Stocks (Cost $181,973,637)				196,836,484


PREFERRED STOCKS - 0.5%
Germany - 0.5%
Bayerische Motoren Werke AG, 6.18% ^(E)		490		30,279


	Shares		Value

PREFERRED STOCKS (continued)
Germany (continued)
Henkel AG & Co. KGaA, 1.96% ^(E)		2,296		$ 237,623
Porsche Automobil Holding SE, 3.15% ^(E)		2,009		150,280
Sartorius AG, 0.31% ^(E)		372		79,672
Volkswagen AG, 2.62% ^(E)		2,388		472,417

Total Preferred Stocks (Cost $879,645)				970,271


RIGHT - 0.0%
Austria - 0.0%
Buwog AG, ^(B)^(F)^{(G) (H)} Exercise Price EUR 29, Expiration Date 12/31/2099		152		0

Total Right (Cost $0)				0


SHORT-TERM INVESTMENT COMPANY - 0.5%
United States - 0.5%
State Street Institutional Treasury Money Market Fund, 1.44% ^(E)		981,846		981,846

Total Short-Term Investment Company (Cost $981,846)				981,846


OTHER INVESTMENT COMPANY - 2.7%
Securities Lending Collateral - 2.7%
State Street Navigator Securities Lending Trust - Government Money Market Portfolio, 1.56% ^(E)		5,319,337		5,319,337

Total Other Investment Company (Cost $5,319,337)				5,319,337

Total Investments (Cost $189,154,465)				204,107,938
Net Other Assets (Liabilities) - (2.2)%				(4,347,997	)


Net Assets - 100.0%				$ 199,759,941

FUTURES CONTRACTS:


Long Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation		Unrealized Depreciation
MSCI EAFE Index		19		03/20/2020	$	1,918,473	$	1,934,675	$	16,202	$	—

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


Transamerica ETF Trust		Annual Report 2019

Page 47

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019

INVESTMENTS BY INDUSTRY (unaudited):


Industry	Percentage of Total Investments			Value
Banks		9.2	%	$	18,869,781
Pharmaceuticals		8.3			17,048,277
Insurance		5.2			10,525,333
Oil, Gas & Consumable Fuels		4.5			9,236,662
Food Products		3.4			6,992,098
Chemicals		3.2			6,532,479
Automobiles		3.2			6,450,002
Machinery		2.8			5,641,814
Metals & Mining		2.7			5,515,680
Textiles, Apparel & Luxury Goods		2.4			4,992,642
Capital Markets		2.3			4,614,433
Beverages		2.2			4,483,586
Real Estate Management & Development		2.1			4,195,791
Personal Products		2.0			4,169,332
Electric Utilities		1.9			3,916,082
Diversified Telecommunication Services		1.9			3,871,002
Semiconductors & Semiconductor Equipment		1.8			3,780,048
Electronic Equipment, Instruments & Components		1.7			3,549,158
Health Care Equipment & Supplies		1.7			3,386,455
Equity Real Estate Investment Trusts		1.6			3,366,571
Software		1.6			3,207,528
Electrical Equipment		1.5			3,124,231
Wireless Telecommunication Services		1.5			3,015,067
Professional Services		1.4			2,882,825
Food & Staples Retailing		1.4			2,880,836
Aerospace & Defense		1.4			2,856,466
Trading Companies & Distributors		1.4			2,836,878
Hotels, Restaurants & Leisure		1.4			2,797,865
Industrial Conglomerates		1.3			2,680,348
Road & Rail		1.3			2,624,743
Household Durables		1.3			2,602,377
IT Services		1.1			2,244,620
Tobacco		1.0			2,003,443
Construction & Engineering		1.0			1,981,535
Building Products		0.9			1,894,944
Multi-Utilities		0.9			1,886,884
Specialty Retail		0.9			1,809,544
Auto Components		0.9			1,800,856
Biotechnology		0.9			1,773,972
Household Products		0.8			1,683,515
Entertainment		0.8			1,579,124
Diversified Financial Services		0.7			1,477,297
Construction Materials		0.6			1,215,370
Media		0.6			1,196,141
Multiline Retail		0.5			1,093,246
Commercial Services & Supplies		0.5			1,046,741
Health Care Providers & Services		0.5			1,022,032
Transportation Infrastructure		0.5			1,008,274
Gas Utilities		0.5			970,673
Air Freight & Logistics		0.5			959,352
Technology Hardware, Storage & Peripherals		0.5			938,916
Internet & Direct Marketing Retail		0.4			823,112
Paper & Forest Products		0.4			721,036
Life Sciences Tools & Services		0.3			594,636
Communications Equipment		0.3			574,335
Leisure Products		0.2			514,700

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


Transamerica ETF Trust		Annual Report 2019

Page 48

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019

INVESTMENTS BY INDUSTRY (unaudited) (continued):


Industry	Percentage of Total Investments			Value
Marine		0.2	%	$	376,497
Airlines		0.2			370,326
Interactive Media & Services		0.2			319,609
Containers & Packaging		0.1			296,860
Energy Equipment & Services		0.1			228,450
Water Utilities		0.1			215,117
Health Care Technology		0.1			205,074
Independent Power & Renewable Electricity Producers		0.1			151,876
Consumer Finance		0.0	^(C)		94,892
Distributors		0.0	^(C)		47,697
Diversified Consumer Services		0.0	^(C)		39,669

Investments		96.9			197,806,755
Short-Term Investments		3.1			6,301,183

Total Investments		100.0	%	$	204,107,938

SECURITY VALUATION:

Valuation Inputs ^(I)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs ^(J)		Value
ASSETS
Investments
Common Stocks	$	2,076,502	$	194,759,982	$	—	$	196,836,484
Preferred Stocks		—		970,271		—		970,271
Right		—		—		0		0
Short-Term Investment Company		981,846		—		—		981,846
Other Investment Company		5,319,337		—		—		5,319,337

Total Investments	$	8,377,685	$	195,730,253	$	0	$	204,107,938

Other Financial Instruments
Futures Contracts ^(K)	$	16,202	$	—	$	—	$	16,202

Total Other Financial Instruments	$	16,202	$	—	$	—	$	16,202

FOOTNOTES TO SCHEDULE OF INVESTMENTS:


(A)		All or a portion of the securities are on loan. The total value of all securities on loan is $5,066,527. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(B)		Non-income producing securities.
(C)		Percentage rounds to less than 0.1% or (0.1)%.
(D)		Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2019, the total value of 144A securities is $1,450,395, representing 0.7% of the Fund’s net assets.
(E)		Rates disclosed reflect the yields at December 31, 2019.
(F)		Security is Level 3 of the fair value hierarchy.
(G)		Security deemed worthless.
(H)		Fair valued as determined in good faith in accordance with procedures established by the Board. At December 31, 2019, the value of the security is $0, representing 0.00% of the Fund’s net assets.
(I)		There were no transfers in or out of Level 3 during the year ended December 31, 2019. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.
(J)		Level 3 securities were not considered significant to the Fund.
(K)		Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

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


Transamerica ETF Trust		Annual Report 2019

Page 49

DeltaShares^® S&P International Managed Risk ETF

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2019

CURRENCY ABBREVIATION:


EUR		Euro

PORTFOLIO ABBREVIATIONS:


ADR		American Depositary Receipt
CDI		CHESS Depositary Interests
CVA		Commanditaire Vennootschap op Aandelen (Dutch Certificate)
EAFE		Europe, Australasia and Far East
REIT		Real Estate Investment Trust
SDR		Swedish Depositary Receipt

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


Transamerica ETF Trust		Annual Report 2019

Page 50

STATEMENTS OF ASSETS AND LIABILITIES

At December 31, 2019


	DeltaShares^® S&P 400 Managed Risk ETF			DeltaShares^® S&P 500 Managed Risk ETF		DeltaShares^® S&P 600 Managed Risk ETF			DeltaShares^® S&P EM 100 & Managed Risk ETF		DeltaShares^® S&P International Managed Risk ETF
Assets:
Investments, at value ^{(A) (B)}	$	106,247,178		$	428,944,528	$	45,288,356		$	46,755,767	$	204,107,938
Cash		337,680			—		1,154			—		—
Cash collateral pledged at broker for:
Futures contracts		43,200			239,400		21,000			26,000		85,500
Foreign currency, at value ^(C)		—			—		—			139,839		341,360
Receivables and other assets:
Investments sold		—			—		183,606			—		43,696
Net income from securities lending		1,884			271		3,091			122		2,161
Dividends		108,798			427,883		51,014			98,109		192,951
Tax reclaims		—			—		—			1,885		312,869
Variation margin receivable on futures contracts		56,121			234,494		6,647			26,660		79,380
Total assets		106,794,861			429,846,576		45,554,868			47,048,382		205,165,855

Liabilities:
Cash collateral received upon return of:
Securities on loan		8,808,019			1,630,939		3,812,419			241,710		5,319,337
Payables and other liabilities:
Investments purchased		184,037			—		19,260			—		—
Investment management fees		38,122			129,526		16,288			23,907		86,577
Total liabilities		9,030,178			1,760,465		3,847,967			265,617		5,405,914
Net assets	$	97,764,683		$	428,086,111	$	41,706,901		$	46,782,765	$	199,759,941

Net assets consist of:
Paid-in capital	$	97,958,332		$	382,730,633	$	43,598,220		$	45,472,846	$	196,506,212
Total distributable earnings (accumulated losses)		(193,649	)		45,355,478		(1,891,319	)		1,309,919		3,253,729
Net assets	$	97,764,683		$	428,086,111	$	41,706,901		$	46,782,765	$	199,759,941
Shares outstanding		1,800,000			6,950,000		750,000			900,000		3,850,000
Net asset value per share	$	54.31		$	61.60	$	55.61		$	51.98	$	51.89

^(A) Investments, at cost	$	97,229,064		$	364,504,539	$	42,510,378		$	43,089,849	$	189,154,465
^(B) Securities on loan, at value	$	8,592,139		$	1,592,148	$	3,707,062		$	228,917	$	5,066,527
^(C) Foreign currency, at cost	$	—		$	—	$	—		$	138,662	$	334,818

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


Transamerica ETF Trust		Annual Report 2019

Page 51

STATEMENTS OF OPERATIONS

For the year ended December 31, 2019


	DeltaShares^® S&P 400 Managed Risk ETF			DeltaShares^® S&P 500 Managed Risk ETF		DeltaShares^® S&P 600 Managed Risk ETF			DeltaShares^® S&P EM 100 & Managed Risk ETF^(A)			DeltaShares^® S&P International Managed Risk ETF
Investment Income:
Dividend income	$	1,202,472		$	7,170,265	$	389,416		$	967,839		$	6,978,844
Interest income		501,041			1,157,103		262,926			66,760			202,770
Non-cash dividend income		—			—		—			286,453			—
Net income from securities lending		21,145			34,419		17,196			2,170			66,476
Withholding taxes on foreign income		(628	)		—		(168	)		(107,112	)		(591,605	)
Total investment income		1,724,030			8,361,787		669,370			1,216,110			6,656,485

Expenses:
Investment management fees		442,806			1,453,159		181,527			197,569			995,281
Total expenses		442,806			1,453,159		181,527			197,569			995,281

Net investment income (loss)		1,281,224			6,908,628		487,843			1,018,541			5,661,204

Net realized gain (loss) on:
Investments		(1,100,735	)		719,682		(177,523	)		(2,855,408	)		(205,191	)
In-kind redemptions		1,894,059			8,444,808		205,815			—			3,985,075
Swap agreements		—			4,361		36,706			—			—
Futures contracts		381,973			2,066,011		152,586			453,034			895,332
Foreign currency transactions		—			—		—			(8,161	)		8,068
Net realized gain (loss)		1,175,297			11,234,862		217,584			(2,410,535	)		4,683,284

Net change in unrealized appreciation (depreciation) on:
Investments		10,739,100			64,976,147		3,873,331			3,665,918			25,517,909
Futures contracts		(5,041	)		46,559		(4,254	)		13,793			9,063
Translation of assets and liabilities denominated in foreign currencies		—			—		—			1,224			11,744
Net change in unrealized appreciation (depreciation)		10,734,059			65,022,706		3,869,077			3,680,935			25,538,716
Net realized and change in unrealized gain (loss)		11,909,356			76,257,568		4,086,661			1,270,400			30,222,000
Net increase (decrease) in net assets resulting from operations	$	13,190,580		$	83,166,196	$	4,574,504		$	2,288,941		$	35,883,204


(A)		Commenced operations on March 20, 2019.

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


Transamerica ETF Trust		Annual Report 2019

Page 52

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:


	DeltaShares^® S&P 400 Managed Risk ETF						DeltaShares^® S&P 500 Managed Risk ETF						DeltaShares^® S&P 600 Managed Risk ETF
	December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018
From operations:
Net investment income (loss)	$	1,281,224		$	1,422,182		$	6,908,628		$	6,949,871		$	487,843		$	513,096
Net realized gain (loss)		1,175,297			1,374,587			11,234,862			12,563,607			217,584			3,600,904
Net change in unrealized appreciation (depreciation)		10,734,059			(12,341,124	)		65,022,706			(31,325,342	)		3,869,077			(6,206,153	)
Net increase (decrease) in net assets resulting from operations		13,190,580			(9,544,355	)		83,166,196			(11,811,864	)		4,574,504			(2,092,153	)

Dividends and/or distributions to shareholders:
Dividends and/or distributions to shareholders		(1,326,963	)		(1,403,938	)		(7,172,785	)		(6,986,427	)		(514,864	)		(555,073	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(1,326,963	)		(1,403,938	)		(7,172,785	)		(6,986,427	)		(514,864	)		(555,073	)

Capital share transactions:
Proceeds from shares sold		—			70,966,612			8,055,870			280,974,489			—			45,414,201
Cost of shares redeemed		(17,942,947	)		(88,168,320	)		(42,721,348	)		(294,728,315	)		(2,626,876	)		(61,823,421	)
Net increase (decrease) in net assets resulting from capital share transactions		(17,942,947	)		(17,201,708	)		(34,665,478	)		(13,753,826	)		(2,626,876	)		(16,409,220	)
Net increase (decrease) in net assets		(6,079,330	)		(28,150,001	)		41,327,933			(32,552,117	)		1,432,764			(19,056,446	)

Net assets:
Beginning of year		103,844,013			131,994,014			386,758,178			419,310,295			40,274,137			59,330,583
End of year	$	97,764,683		$	103,844,013		$	428,086,111		$	386,758,178		$	41,706,901		$	40,274,137

Capital share transactions - shares:
Shares issued		—			1,300,000			150,000			5,050,000			—			800,000
Shares redeemed		(350,000	)		(1,600,000	)		(750,000	)		(5,250,000	)		(50,000	)		(1,100,000	)
Net increase (decrease) in shares outstanding		(350,000	)		(300,000	)		(600,000	)		(200,000	)		(50,000	)		(300,000	)

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


Transamerica ETF Trust		Annual Report 2019

Page 53

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and years ended:


	DeltaShares^® S&P EM 100 & Managed Risk ETF			DeltaShares^® S&P International Managed Risk ETF
	December 31, 2019 ^(A)			December 31, 2019			December 31, 2018
From operations:
Net investment income (loss)	$	1,018,541		$	5,661,204		$	5,827,799
Net realized gain (loss)		(2,410,535	)		4,683,284			(9,898,343	)
Net change in unrealized appreciation (depreciation)		3,680,935			25,538,716			(25,202,071	)
Net increase (decrease) in net assets resulting from operations		2,288,941			35,883,204			(29,272,615	)

Dividends and/or distributions to shareholders:
Dividends and/or distributions to shareholders		(979,022	)		(6,314,088	)		(5,925,145	)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders		(979,022	)		(6,314,088	)		(5,925,145	)

Capital share transactions:
Proceeds from shares sold		45,472,846			4,595,782			14,936,476
Cost of shares redeemed		—			(36,595,032	)		(21,956,219	)
Net increase (decrease) in net assets resulting from capital share transactions		45,472,846			(31,999,250	)		(7,019,743	)
Net increase (decrease) in net assets		46,782,765			(2,430,134	)		(42,217,503	)

Net assets:
Beginning of period/year		—			202,190,075			244,407,578
End of period/year	$	46,782,765		$	199,759,941		$	202,190,075

Capital share transactions - shares:
Shares issued		900,000			100,000			300,000
Shares redeemed		—			(750,000	)		(400,000	)
Net increase (decrease) in shares outstanding		900,000			(650,000	)		(100,000	)

(A)

Commenced operations on March 20, 2019.

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


Transamerica ETF Trust		Annual Report 2019

Page 54

FINANCIAL HIGHLIGHTS


For a share outstanding during the period and years indicated:	DeltaShares^® S&P 400 Managed Risk ETF
	December 31, 2019			December 31, 2018			December 31, 2017 ^(A)
Net asset value, beginning of period/year	$	48.30		$	53.88		$	50.00

Investment operations:
Net investment income (loss) ^(B)		0.67			0.66			0.27
Net realized and unrealized gain (loss)		6.03			(5.58	)		3.94
Total investment operations		6.70			(4.92	)		4.21

Dividends and/or distributions to shareholders:
Net investment income		(0.69	)		(0.66	)		(0.27	)
Net realized gains		—			—			(0.06	)
Total dividends and/or distributions to shareholders		(0.69	)		(0.66	)		(0.33	)

Net asset value, end of period/year	$	54.31		$	48.30		$	53.88
Total return		13.95	%		(9.19	)%		8.42	%^(C)

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	97,765		$	103,844		$	131,994
Expenses to average net assets		0.45	%^(D)		0.45	%		0.45	%^(E)
Net investment income (loss) to average net assets		1.30	%		1.23	%		1.25	%^(E)
Portfolio turnover rate ^(F)		511	%		435	%		6	%^(C)


(A)		Commenced operations on July 31, 2017.
(B)		Calculated based on average number of shares outstanding.
(C)		Not annualized.
(D)		Does not include expenses of the underlying investments in which the Fund invests.
(E)		Annualized.
(F)		Excludes investment securities received or delivered as a result of processing in-kind issuances or redemptions of capital share transactions in creation units.


For a share outstanding during the period and years indicated:	DeltaShares^® S&P 500 Managed Risk ETF
	December 31, 2019			December 31, 2018			December 31, 2017 ^(A)
Net asset value, beginning of period/year	$	51.23		$	54.10		$	50.00

Investment operations:
Net investment income (loss) ^(B)		0.94			0.91			0.36
Net realized and unrealized gain (loss)		10.41			(2.86	)		4.09
Total investment operations		11.35			(1.95	)		4.45

Dividends and/or distributions to shareholders:
Net investment income		(0.98	)		(0.91	)		(0.34	)
Net realized gains		—			(0.01	)		(0.01	)
Total dividends and/or distributions to shareholders		(0.98	)		(0.92	)		(0.35	)

Net asset value, end of period/year	$	61.60		$	51.23		$	54.10
Total return		22.30	%		(3.68	)%		8.94	%^(C)

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	428,086		$	386,758		$	419,310
Expenses to average net assets		0.35	%^(D)		0.35	%		0.35	%^(E)
Net investment income (loss) to average net assets		1.66	%		1.65	%		1.64	%^(E)
Portfolio turnover rate ^(F)		300	%		430	%		2	%^(C)


(A)		Commenced operations on July 31, 2017.
(B)		Calculated based on average number of shares outstanding.
(C)		Not annualized.
(D)		Does not include expenses of the underlying investments in which the Fund invests.
(E)		Annualized.
(F)		Excludes investment securities received or delivered as a result of processing in-kind issuances or redemptions of capital share transactions in creation units.

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


Transamerica ETF Trust		Annual Report 2019

Page 55

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	DeltaShares^® S&P 600 Managed Risk ETF
	December 31, 2019			December 31, 2018			December 31, 2017 ^(A)
Net asset value, beginning of period/year	$	50.34		$	53.94		$	50.00

Investment operations:
Net investment income (loss) ^(B)		0.64			0.59			0.24
Net realized and unrealized gain (loss)		5.30			(3.52	)		4.09
Total investment operations		5.94			(2.93	)		4.33

Dividends and/or distributions to shareholders:
Net investment income		(0.67	)		(0.64	)		(0.24	)
Net realized gains		—			(0.03	)		(0.15	)
Total dividends and/or distributions to shareholders		(0.67	)		(0.67	)		(0.39	)

Net asset value, end of period/year	$	55.61		$	50.34		$	53.94
Total return		11.85	%		(5.47	)%		8.65	%^(C)

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	41,707		$	40,274		$	59,331
Expenses to average net assets		0.45	%^(D)		0.45	%		0.45	%^(E)
Net investment income (loss) to average net assets		1.21	%		1.07	%		1.12	%^(E)
Portfolio turnover rate ^(F)		584	%		448	%		21	%^(C)


(A)		Commenced operations on July 31, 2017.
(B)		Calculated based on average number of shares outstanding.
(C)		Not annualized.
(D)		Does not include expenses of the underlying investments in which the Fund invests.
(E)		Annualized.
(F)		Excludes investment securities received or delivered as a result of processing in-kind issuances or redemptions of capital share transactions in creation units.


For a share outstanding during the period indicated:	DeltaShares^® S&P EM 100 & Managed Risk ETF
	December 31, 2019 ^(A)
Net asset value, beginning of period	$	50.14

Investment operations:
Net investment income (loss) ^(B)		1.18
Net realized and unrealized gain (loss)		1.75
Total investment operations		2.93

Dividends and/or distributions to shareholders:
Net investment income		(1.09	)

Net asset value, end of period	$	51.98
Total return		5.85	%^(C)

Ratio and supplemental data:
Net assets end of period (000’s)	$	46,783
Expenses to average net assets ^(D)		0.60	%^(E)
Net investment income (loss) to average net assets		3.10	%^(E)
Portfolio turnover rate ^(F)		274	%^(C)


(A)		Commenced operations on March 20, 2019.
(B)		Calculated based on average number of shares outstanding.
(C)		Not annualized.
(D)		Does not include expenses of the underlying investments in which the Fund invests.
(E)		Annualized.
(F)		Excludes investment securities received or delivered as a result of processing in-kind issuances or redemptions of capital share transactions in creation units.

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


Transamerica ETF Trust		Annual Report 2019

Page 56

FINANCIAL HIGHLIGHTS (continued)


For a share outstanding during the period and years indicated:	DeltaShares^® S&P International Managed Risk ETF
	December 31, 2019			December 31, 2018			December 31, 2017^(A)
Net asset value, beginning of period/year	$	44.93		$	53.13		$	50.00

Investment operations:
Net investment income (loss) ^(B)		1.38			1.33			0.32
Net realized and unrealized gain (loss)		7.12			(8.15	)		3.16
Total investment operations		8.50			(6.82	)		3.48

Dividends and/or distributions to shareholders:
Net investment income		(1.54	)		(1.37	)		(0.34	)
Net realized gains		—			(0.01	)		(0.01	)
Total dividends and/or distributions to shareholders		(1.54	)		(1.38	)		(0.35	)

Net asset value, end of period/year	$	51.89		$	44.93		$	53.13
Total return		19.12	%		(13.09	)%		6.97	%^(C)

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	199,760		$	202,190		$	244,408
Expenses to average net assets		0.50	%^(D)		0.50	%		0.50	%^(E)
Net investment income (loss) to average net assets		2.85	%		2.60	%		1.47	%^(E)
Portfolio turnover rate ^(F)		85	%		189	%		3	%^(C)


(A)		Commenced operations on July 31, 2017.
(B)		Calculated based on average number of shares outstanding.
(C)		Not annualized.
(D)		Does not include expenses of the underlying investments in which the Fund invests.
(E)		Annualized.
(F)		Excludes investment securities received or delivered as a result of processing in-kind issuances or redemptions of capital share transactions in creation units.

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


Transamerica ETF Trust		Annual Report 2019

Page 57

NOTES TO FINANCIAL STATEMENTS

At December 31, 2019

1. ORGANIZATION

Transamerica ETF Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and was organized as a Delaware statutory trust dated May 5, 2016. The Trust applies investment company accounting and reporting guidance. The funds covered by this report (each, a “Fund” and collectively, the “Funds”) are each a series of the Trust and are as follows:

Fund

DeltaShares^® S&P 400 Managed Risk ETF (“S&P 400 Managed Risk”)

DeltaShares^® S&P 500 Managed Risk ETF (“S&P 500 Managed Risk”)

DeltaShares^® S&P 600 Managed Risk ETF (“S&P 600 Managed Risk”)

DeltaShares^® S&P EM 100 & Managed Risk ETF (“S&P EM 100 & Managed Risk”) ^(A)

DeltaShares^® S&P International Managed Risk ETF (“S&P International Managed Risk”)


(A)		Commenced operations on March 20, 2019.

Each Fund is classified as a “non-diversified” investment company under the 1940 Act.

The investment objective of each Fund is to seek to track the investment results, before fees and expenses, of the respective index listed below (each, an “Underlying Index”). Each Fund uses a “passive” or indexing approach to try to achieve its investment objective.


Fund		Underlying Index
S&P 400 Managed Risk		S&P 400^® Managed Risk 2.0 Index
S&P 500 Managed Risk		S&P 500^® Managed Risk 2.0 Index
S&P 600 Managed Risk		S&P 600^® Managed Risk 2.0 Index
S&P EM 100 & Managed Risk		S&P EM 100 (USD) Managed Risk 2.0 Index
S&P International Managed Risk		S&P EPAC Ex. Korea LargeMidCap Managed Risk 2.0 Index

This report must be accompanied or preceded by each Fund’s current prospectus, which contains additional information about the Funds, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Funds pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Funds. TAM supervises each Fund’s investments, conducts its investment program and provides supervisory, compliance and administrative services to the Funds.

TAM currently acts as a “manager of managers” and has hired Milliman Financial Risk Management LLC as the sub-adviser to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of a Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Funds and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Funds employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the Funds’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the Funds’ Board of Trustees (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Funds, is responsible for paying the sub-adviser(s) for their services, and sub-advisory fees are TAM’s expense.

TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical,


Transamerica ETF Trust		Annual Report 2019

Page 58

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2019

1. ORGANIZATION (continued)

recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below: to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of the Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain activities of sub-advisers and certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

In preparing the Funds’ financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Funds.

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

Security transactions and investment income: Security transactions are accounted for on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates, net of foreign taxes. Interest income, if any, is recorded on the accrual basis from settlement date, net of foreign taxes. Fixed income premiums and discounts are amortized and/or accreted over the lives of the respective securities.

Distributions to shareholders: Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

Foreign taxes: The Funds may be subject to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

Organizational and offering costs: TAM has agreed to pay all of the S&P EM 100 & Managed Risk organizational and offering costs. The offering and organizational costs are not subject to repayment to TAM by the Fund.

Indemnification: In the normal course of business, the Funds enter into contracts that contain a variety of representations that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.


Transamerica ETF Trust		Annual Report 2019

Page 59

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2019

3. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP in the United States of America establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels (“Levels”) of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include the Funds’ own assumptions used in determining the fair value of investments and derivative instruments.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, using the “practical expedient” have not been classified in the fair value Levels. The hierarchy classification of inputs used to value the Funds’ investments at December 31, 2019, is disclosed within the Security Valuation section of each Fund’s Schedule of Investments.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Equity securities: Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Equities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 if inputs are unobservable.

Foreign equity securities: Securities in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, ETFs and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Investment companies: Certain investment companies are valued at the NAV of the underlying Funds as the practical expedient. These investment companies are not included within the fair value hierarchy. Certain other investment companies are valued at the actively traded NAV of the underlying funds and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

Rights: Rights may be priced intrinsically using a model that incorporates the subscription or strike price, the daily market price for the underlying security, and a subscription ratio. If the inputs are unavailable, or if the subscription or strike price is higher than the market price, then the rights are priced at zero. Rights are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.


Transamerica ETF Trust		Annual Report 2019

Page 60

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2019

3. SECURITY VALUATION (continued)

Contingent value rights (“CVR”): CVRs for which quotations are not readily available are valued at fair value as determined in good faith by the Valuation Committee under the supervision of the Board. CVRs are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data relating to the issuer. Depending on the relative significance of observable valuation inputs, these investments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

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

Derivative instruments: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

4. SECURITIES AND OTHER INVESTMENTS

Contingent value rights: The Funds may invest in CVRs, which is a type of right given to investors of an acquired company (or a company facing major restructuring) that ensures additional benefit if a specified event occurs. A CVR often has an expiration date that relates to the time the contingent event must occur. CVRs generally lack liquidity since most are non-transferable and a large number of legal and other issues can arise when negotiating and implementing these instruments.

CVRs held at December 31, 2019, if any, are identified within the Schedule of Investments.

Real estate investment trusts (“REIT”): REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Distributions received by REITs are classified at management’s estimate of the dividend income, return of capital and capital gains. Estimates are based on information available at year-end, which includes the previous fiscal year’s classification. The actual amounts of dividend income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. Upon notification from the REITs, some of the distributions received may be re-classified and recorded as a return of capital or capital gains. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at December 31, 2019, if any, are identified within the Schedule of Investments.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which such proceeds are invested goes down and is insufficient to repay the borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this requirement has the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Repurchase agreements: In a repurchase agreement, the Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Fund’s custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Fund will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or


Transamerica ETF Trust		Annual Report 2019

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2019

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

termination. Amounts presented within the Schedule of Investments, and as part of Repurchase agreements, at value within the Statement of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at December 31, 2019.

Repurchase agreements at December 31, 2019, if any, are included within the Schedule of Investments and Statement of Assets and Liabilities.

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. The lending of securities exposes the Funds to risks such as; the borrowers may fail to return the loaned securities or may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral with a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities loaned. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Cash collateral received is invested in the State Street Navigator Securities Lending Trust – Government Money Market Portfolio (the “Navigator”), a money market mutual fund registered under the 1940 Act. The TAM family of mutual funds is a significant shareholder of the Navigator as of December 31, 2019; however no individual fund has a significant holding in the Navigator. By lending securities, the Funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected in Net income from securities lending within the Statements of Operations and is net of fees and rebates earned by the lending agent for its services.

The value of loaned securities and related collateral outstanding at December 31, 2019, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2019.


	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
S&P 400 Managed Risk
Securities Lending Transactions
Common Stocks	$	8,808,019	$	—	$	—	$	—	$	8,808,019
Total Borrowings	$	8,808,019	$	—	$	—	$	—	$	8,808,019


S&P 500 Managed Risk
Securities Lending Transactions
Common Stocks	$	1,630,939	$	—	$	—	$	—	$	1,630,939
Total Borrowings	$	1,630,939	$	—	$	—	$	—	$	1,630,939


S&P 600 Managed Risk
Securities Lending Transactions
Common Stocks	$	3,812,419	$	—	$	—	$	—	$	3,812,419
Total Borrowings	$	3,812,419	$	—	$	—	$	—	$	3,812,419


S&P EM 100 & Managed Risk
Securities Lending Transactions
Common Stocks	$	241,710	$	—	$	—	$	—	$	241,710
Total Borrowings	$	241,710	$	—	$	—	$	—	$	241,710


S&P International Managed Risk
Securities Lending Transactions
Common Stocks	$	5,319,337	$	—	$	—	$	—	$	5,319,337
Total Borrowings	$	5,319,337	$	—	$	—	$	—	$	5,319,337


Transamerica ETF Trust		Annual Report 2019

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2019

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

The Funds’ investment objectives allow the Funds to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

Market Risk Factors: In pursuit of the Funds’ investment objectives, the Funds may seek to use derivatives. The Funds’ use of derivatives may increase or decrease their exposure to the following market risks:

Interest rate risk: Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

Foreign exchange rate risk: Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

Equity risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Credit risk: Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Funds.

Commodity risk: Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Funds. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Funds’ exposure to market risk factors and certain other associated risks are summarized by derivative type as follows:

Futures contracts: The Funds are subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. A Fund may use futures contracts to enhance the Fund’s ability to track its Underlying Index. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Funds, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at December 31, 2019, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable on futures contracts within the Statements of Assets and Liabilities.

Swap agreements: Swap agreements are bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse (“centrally cleared swap agreements”). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to calculate the daily settlement price. The Fund may enter into credit default, cross-currency, interest rate, total return, including contracts for difference (“CFD”), and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Centrally cleared swap agreements are marked-to-market daily based upon values from third party vendors,


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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2019

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

which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as Variation margin receivable (payable) on centrally cleared swap agreements within the Statement of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected in OTC swap agreements, at value within the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Additionally, these upfront payments as well as any periodic payments received or paid by the Fund, including any liquidation payment received or made at the termination of the swap are recorded as part of Net realized gain (loss) on swap agreements within the Statement of Operations.

Interest rate swap agreements: The Funds are subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Funds hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk, the Funds enter into interest rate swap agreements. Under an interest rate swap agreement, two parties will exchange cash flows based on a notional principal amount. Funds with interest rate agreements can elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. The risks of interest rate swap agreements include changes in market conditions which will affect the value of the contract or the cash flows, and the possible inability of the counterparty to fulfill its obligations under the agreement. A Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparties over the contracts’ remaining lives, to the extent that amount is positive. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty, and by the posting of collateral.

Open centrally cleared swap agreements and open OTC swap agreements at December 31, 2019, if any, are listed within the Schedule of Investments.

The following is a summary of the location and each Fund’s fair values of derivative investments disclosed, if any, within the Statements of Assets and Liabilities, categorized by primary market risk exposure as of December 31, 2019.


Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
S&P 400 Managed Risk
Futures contracts:
Total distributable earnings (accumulated losses) ^{(A) (B)}	$	—	$	—	$	12,272	$	—	$	—	$	12,272
Total	$	—	$	—	$	12,272	$	—	$	—	$	12,272

S&P 500 Managed Risk
Futures contracts:
Total distributable earnings (accumulated losses)^{(A) (B)}	$	—	$	—	$	111,392	$	—	$	—	$	111,392
Total	$	—	$	—	$	111,392	$	—	$	—	$	111,392

S&P 600 Managed Risk
Futures contracts:
Total distributable earnings (accumulated losses)^{(A) (B)}	$	—	$	—	$	5,345	$	—	$	—	$	5,345
Total	$	—	$	—	$	5,345	$	—	$	—	$	5,345

S&P EM 100 & Managed Risk
Futures contracts:
Total distributable earnings (accumulated losses)^{(A) (B)}	$	—	$	—	$	13,793		—	$	—	$	13,793
Total	$	—	$	—	$	13,793	$	—	$	—	$	13,793


Transamerica ETF Trust		Annual Report 2019

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2019

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


Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
S&P International Managed Risk
Futures contracts:
Total distributable earnings (accumulated losses)^{(A) (B)}	$	—	$	—	$	16,202	$	—	$	—	$	16,202
Total	$	—	$	—	$	16,202	$	—	$	—	$	16,202

(A)

May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.

(B)

Included within Unrealized Appreciation (Depreciation) on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following is a summary of the location and the effect of derivative investments, if any, within the Statements of Operations, categorized by primary market risk exposure as of December 31, 2019.


Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
S&P 400 Managed Risk
Futures contracts	$	11,252		$	—	$	370,721	$	—	$	—	$	381,973
Total	$	11,252		$	—	$	370,721	$	—	$	—	$	381,973

S&P 500 Managed Risk
Swap agreements	$	(252	)	$	—	$	4,613	$	—	$	—	$	4,361
Futures contracts		7,279			—		2,058,722		—		—		2,066,001
Total	$	7,027		$	—	$	2,063,335	$	—	$	—	$	2,070,362

S&P 600 Managed Risk
Swap agreements	$	(4,439	)	$	—	$	41,145	$	—	$	—	$	36,706
Futures contracts		669			—		151,917		—		—		152,586
Total	$	(3,770	)	$	—	$	193,062	$	—	$	—	$	189,292

S&P EM 100 & Managed Risk
Futures contracts	$	—		$	—	$	453,034	$	—	$	—	$	453,034
Total	$	—		$	—	$	453,034	$	—	$	—	$	453,034

S&P International Managed Risk
Futures contracts	$	(6,585	)	$	—	$	901,917	$	—	$	—	$	895,332
Total	$	(6,585	)	$	—	$	901,917	$	—	$	—	$	895,332


Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts		Equity Contracts			Credit Contracts		Commodity Contracts		Total
S&P 400 Managed Risk
Futures contracts	$	(503	)	$	—	$	(4,538	)	$	—	$	—	$	(5,041	)
Total	$	(503	)	$	—	$	(4,538	)	$	—	$	—	$	(5,041	)

S&P 500 Managed Risk
Futures contracts	$	(326	)	$	—	$	46,885		$	—	$	—	$	46,559
Total	$	(326	)	$	—	$	46,885		$	—	$	—	$	46,559

S&P 600 Managed Risk
Futures contracts	$	(29	)	$	—	$	(4,225	)	$	—	$	—	$	(4,254	)
Total	$	(29	)	$	—	$	(4,225	)	$	—	$	—	$	(4,254	)


Transamerica ETF Trust		Annual Report 2019

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2019

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


Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
S&P EM 100 & Managed Risk
Futures contracts	$	—		$	—	$	13,793	$	—	$	—	$	13,793
Total	$	—		$	—	$	13,793	$	—	$	—	$	13,793

S&P International Managed Risk
Futures contracts	$	(1,542	)	$	—	$	10,605	$	—	$	—	$	9,063
Total	$	(1,542	)	$	—	$	10,605	$	—	$	—	$	9,063

The following is a summary of the ending monthly average volume on derivative activity during the year ended December 31, 2019.


	Swap Agreements at Notional Amount (Pay)/Receive			Futures Contracts at Notional Amount
Fund				Long		Short
S&P 400 Managed Risk	$	—		$	1,410,916	$	—
S&P 500 Managed Risk		(11,713	)		5,679,697		—
S&P 600 Managed Risk		—	^(A)		501,045		—
S&P EM 100 & Managed Risk		—			1,079,834		—
S&P International Managed Risk		—			2,884,211		—


(A)		There were no open positions at the beginning and/or end of each month, however, the Fund periodically invested in this type of derivative instrument during the year.

The applicable Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) or similar master agreements (collectively, “Master Agreements”) with its contract counterparties for certain OTC derivatives in order to, among other things, reduce credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Fund and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Fund exercises its right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Fund’s net liability may be delayed or denied.

Collateral requirements: Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, a Fund may be required to pledge collateral on derivatives to a counterparty if the Fund is in a net liability position, and receive collateral if in a net positive position. For financial reporting purposes, cash collateral that has been pledged by a Fund to cover obligations, if any, is reported in Cash collateral at broker within the Statements of Assets and Liabilities. Cash collateral that has been received by a Fund from a counterparty, if any, is reported separately in Cash collateral pledged at custodian and/or broker within the Statements of Assets and Liabilities. Non-cash collateral pledged to each Fund, if any, is disclosed within the Schedule of Investments.

Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has been made. Typically a counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally does not use non-cash collateral that it receives but may, absent default or certain other circumstances, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty.


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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2019

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

To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Additionally, to the extent the Fund has delivered collateral to a counterparty, the Fund bears the risk of loss from a counterparty in the event the counterparty fails to return such collateral. Counterparties may immediately terminate derivatives contracts if a Fund fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages. Collateral may not be required for all derivative contracts.

7. RISK FACTORS

Investing in the Funds involves certain key risks related to the Funds’ trading activity. Please reference the Funds’ prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Funds.

Asset allocation: Each Underlying Index and, thus, each Fund allocates assets among equity and fixed income securities. These allocations and the timing of the allocations may result in performance that is less favorable than that of a portfolio that does not allocate its assets among equity and fixed income securities.

Emerging market risk: Investments in the securities of issuers located in or principally doing business in emerging markets bear heightened foreign investments risks. Emerging market countries typically have economic, political and legal systems and regulatory and accounting standards that are less fully developed, and that can be expected to be less stable than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Some emerging market countries are especially vulnerable to economic conditions in other countries. Low trading volumes may result in a lack of liquidity and in extreme price volatility. A fund investing in emerging market countries may be required to establish special custody or other arrangements before investing. An investment in emerging market securities should be considered speculative.

Foreign investment risk: Investments in securities of foreign issuers (including those denominated in U.S. dollars) or issuers with significant exposure to foreign markets are subject to additional risks. Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of a fund’s investments may decline because of factors affecting the particular issuers as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, political or financial instability or other adverse economic or political developments. Values may also be affected by restrictions on receiving the investment proceeds from a foreign country. Foreign countries in which a Fund may invest may have markets that are less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of a Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities.

Index tracking: While the Sub-Adviser seeks to track the performance of an Underlying Index (i.e., achieve a high degree of correlation with the Underlying Index), a Fund’s return may not match the return of the Underlying Index. Each Fund incurs a number of operating expenses not applicable to each Underlying Index, and incurs costs in buying and selling securities. In addition, a Fund may not be fully invested at times, either as a result of cash flows into or out of the fund or reserves of cash held by the fund to meet redemptions. Changes in the composition of the Underlying Index and regulatory requirements also may impact a Fund’s ability to match the return of the respective Underlying Index. The Sub-Adviser may apply one or more “screens” or investment techniques to refine or limit the number or types of issuers included in the Underlying Index in which a Fund may invest. Application of such screens or techniques may result in investment performance below that of the Underlying Index and may not produce results expected by the Investment Manager. Index tracking risk may be heightened during times of increased market volatility or other unusual market conditions. In addition, due to the potential for frequent rebalancing of the Underlying Indexes, there is greater risk that the Sub-Adviser may fail to implement changes to a Fund’s portfolio necessary to track the performance of the relevant Underlying Index.

Small and medium capitalization risk: Small or medium capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.


Transamerica ETF Trust		Annual Report 2019

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2019

8. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Fund’s investment manager, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding, LLC (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon N.V. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”). Commonwealth and AUSA are wholly owned by Transamerica Corporation, a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Transamerica Corporation is owned by The Aegon Trust, which is owned by Aegon International B.V., which is owned by Aegon N.V., a Netherlands corporation, and a publicly traded international insurance group.

TAM is an affiliate of Aegon NV.

Certain officers and trustees of the Funds are also officers and/or trustees of TAM. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Funds.

Investment management fees: TAM serves as the Funds’ investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement and each Fund pays a single management fee, which is reflected in Investment management fees within the Statements of Operations.

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:


Fund	Rate
S&P 400 Managed Risk		0.45	%
S&P 500 Managed Risk		0.35
S&P 600 Managed Risk		0.45
S&P EM 100 & Managed Risk		0.60
S&P International Managed Risk		0.50

From time to time, TAM may waive all or a portion of its management fee. TAM pays all expenses of each Fund other than the investment management fee, distribution fee pursuant to each Fund’s distribution and service plan, if any, brokerage expenses, taxes, interest, litigation expenses, fees and expenses related to securities lending services, costs of borrowing money, acquired fund fees and expenses and other extraordinary expenses.

Distribution and service fees: The Trust has a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the 1940 Act, however, the Distribution Plan has not yet been implemented. Payments at an annual rate of up to 0.25% of each Fund’s average daily net assets may be made for the sale and distribution of capital shares. The implementation of any such payments would be approved by the Board prior to implementation.

The Trust has entered into a distribution agreement with Foreside Fund Services, LLC as the Funds’ distributor. The Distributor will not distribute Fund shares in less than creation units, and does not maintain a secondary market in Fund shares. The Distributor may enter into selected dealer agreements with other broker-dealers or other qualified financial institutions for the sale of creation units of Fund shares.

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-adviser(s) for the year ended December 31, 2019.

9. PURCHASES AND SALES OF SECURITIES

For the year ended December 31, 2019, the cost of securities purchased and proceeds from securities sold (excluding in-kind transactions and short-term securities) are as follows:


	Purchases of Securities				Sales/Maturities of Securities
Fund	Long-Term		U.S. Government		Long-Term		U.S. Government
S&P 400 Managed Risk	$	157,344,124	$	337,224,627	$	91,553,835	$	404,074,408
S&P 500 Managed Risk		483,109,590		737,758,998		251,753,019		969,375,105
S&P 600 Managed Risk		59,470,060		173,257,376		32,658,535		200,265,618
S&P EM 100 & Managed Risk		56,382,214		74,484,122		31,848,957		74,622,645
S&P International Managed Risk		116,494,941		55,047,482		23,348,509		144,178,410


Transamerica ETF Trust		Annual Report 2019

Page 68

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2019

9. PURCHASES AND SALES OF SECURITIES (continued)

For the year ended December 31, 2019, the cost of in-kind purchases and proceeds from in-kind sales are as follows:


Fund	In-Kind Purchases		In-Kind Sales
S&P 400 Managed Risk	$	—	$	12,554,622
S&P 500 Managed Risk		5,495,276		38,375,588
S&P 600 Managed Risk		—		1,620,023
S&P EM 100 & Managed Risk		21,038,016		—
S&P International Managed Risk		3,250,759		35,060,858

10. CAPITAL SHARE TRANSACTIONS

The Funds will issue or redeem capital shares to certain institutional investors (typically market makers or other broker-dealers) only in large blocks of 50,000 capital shares (“Creation Units”). Creation Unit transactions are typically conducted in exchange for the deposit or delivery of a designated portfolio of in-kind securities and/or cash constituting a substantial replication, or a representation, of the securities included in each Fund’s Underlying Index.

Individual capital shares may only be purchased and sold on a national securities exchange, electronic crossing networks and other alternative trading systems through a broker-dealer at market prices. Because capital shares trade at market prices rather than at NAV, capital shares may trade at a price greater than NAV (premium) or less than NAV (discount). Transactions in capital shares for each Fund are disclosed in detail within the Statements of Changes in Net Assets.

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Funds’ tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Funds’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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


Fund	Paid-in Capital		Total Distributable Earnings
S&P 400 Managed Risk	$	1,800,020	$	(1,800,020	)
S&P 500 Managed Risk		8,305,435		(8,305,435	)
S&P 600 Managed Risk		168,093		(168,093	)
S&P EM 100 & Managed Risk		—		—
S&P International Managed Risk		3,825,564		(3,825,564	)


Transamerica ETF Trust		Annual Report 2019

Page 69

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2019

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

As of December 31, 2019, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:


Fund	Cost		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
S&P 400 Managed Risk	$	98,982,749	$	9,148,421	$	(1,883,992	)	$	7,264,429
S&P 500 Managed Risk		373,713,610		58,507,671		(3,276,753	)		55,230,918
S&P 600 Managed Risk		43,733,471		2,898,527		(1,343,642	)		1,554,885
S&P EM 100 & Managed Risk		43,596,165		3,942,825		(783,223	)		3,159,602
S&P International Managed Risk		195,579,114		18,694,496		(10,165,672	)		8,528,824

As of December 31, 2019, the capital loss carryforwards available to offset future realized capital gains are as follows.


	Unlimited
Fund	Short-Term		Long-Term
S&P 400 Managed Risk	$	2,025,889	$	5,432,189
S&P 500 Managed Risk		—		9,881,816
S&P 600 Managed Risk		1,612,616		1,833,588
S&P EM 100 & Managed Risk		1,894,513		—
S&P International Managed Risk		—		5,281,591

During the year ended December 31, 2019, the capital loss carryforwards utilized or expired are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards utilized or expired.


Fund	Capital Loss Carryforwards Utilized/Expired
S&P 500 Managed Risk	$	2,273,914

The tax character of distributions paid may differ from the character of distributions shown within the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2019 and 2018 are as follows:


	2019 Distributions Paid From						2018 Distributions Paid From
Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Long-Term Capital Gain		Return of Capital
S&P 400 Managed Risk	$	1,326,963	$	—	$	—	$	1,403,938	$	—	$	—
S&P 500 Managed Risk		7,172,785		—		—		6,923,900		62,527		—
S&P 600 Managed Risk		514,864		—		—		555,073		—		—
S&P EM 100 & Managed Risk		979,022		—		—		—		—		—
S&P International Managed Risk		6,314,088		—		—		5,872,442		52,703		—

As of December 31, 2019, the tax basis components of distributable earnings are as follows:


Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferred		Other Temporary Differences		Net Unrealized Appreciation (Depreciation)
S&P 400 Managed Risk	$	—	$	—	$	—	$	(7,458,078	)	$	—	$	—	$	7,264,429
S&P 500 Managed Risk		6,376		—		—		(9,881,816	)		—		—		55,230,918
S&P 600 Managed Risk		—		—		—		(3,446,204	)		—		—		1,554,885
S&P EM 100 & Managed Risk		43,606		—		—		(1,894,513	)		—		—		3,160,826
S&P International Managed Risk		—		—		—		(5,281,591	)		—		—		8,535,320

12. NEW ACCOUNTING PRONOUNCEMENT

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update No. 2018-13 (“ASU 2018-13”), “Fair Value Measurement (Topic 820: Disclosure Framework), Changes to the Disclosure Requirements for Fair Value Measurement”.


Transamerica ETF Trust		Annual Report 2019

Page 70

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2019

12. NEW ACCOUNTING PRONOUNCEMENT (continued)

ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 does not eliminate the requirement to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, or the reporting of changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 requires that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated and has early adopted the disclosure requirements and the impact is reflected within the Funds’ financial statements.

13. LEGAL PROCEEDINGS

On August 27, 2018, Transamerica Asset Management, Inc. (“TAM”), Aegon USA Investment Management, LLC (“AUIM”) and Transamerica Capital, Inc. (“TCI”) reached a settlement with the Securities and Exchange Commission (the “SEC”) that resolved an investigation into asset allocation models and volatility overlays utilized by AUIM when it served as sub-adviser to certain Transamerica-sponsored mutual funds, and related disclosures. TAM and TCI serve as investment manager and principal underwriter, respectively, to Transamerica-sponsored mutual funds. TAM also serves as the investment manager to the DeltaShares exchange traded funds, and TCI also serves as the principal underwriter to the variable life insurance and annuity products through which certain Transamerica-sponsored mutual funds are offered. AUIM, an affiliate of TAM and TCI, serves as sub-adviser to a number of Transamerica-sponsored mutual funds.

The SEC’s order instituting administrative and cease-and-desist proceedings (the “Order”) pertains to events that occurred during the period between July 2011 and June 2015, and, among other things, the operation and/or implementation of an asset allocation model utilized by AUIM when it served as sub-adviser to certain Transamerica tactical funds and asset allocation funds, the designation of the portfolio manager for certain of these funds as well as the operation and/or implementation of volatility overlays utilized by AUIM when it served as sub-adviser to the asset allocation funds. The Order also states that the parties failed to make appropriate disclosures regarding these matters, including in marketing materials, and failed to have adequate compliance policies and procedures. AUIM ceased to serve as sub-adviser to the Transamerica tactical funds on April 30, 2015 and to the Transamerica asset allocation funds on June 30, 2015.

Under the terms of the Order, AUIM, TAM and TCI were censured, and agreed, without admitting or denying the findings in the Order, to cease and desist from committing or causing any violations of certain statutory provisions and SEC rules. AUIM agreed to pay civil penalties of $21,000,000, $24,599,896 in disgorgement and $3,682,195 in prejudgment interest. TAM agreed to pay civil penalties of $10,500,000, $15,000,000 in disgorgement and $2,235,765 in prejudgment interest. TCI agreed to pay civil penalties of $4,000,000, $12,000,000 in disgorgement and $1,826,022 in prejudgment interest. The amounts paid in disgorgement, prejudgment interest and civil penalties have been deposited into a Fair Fund for distribution to affected investors. Affected investors are those who purchased or held the relevant mutual funds, variable life insurance and annuity investment portfolios and separately managed account strategies during the period between July 2011 and June 2015. The Order states that these investors are to receive from the Fair Fund the pro rata fees and commissions paid by them during that period, subject to any de minimis threshold.

The settlement does not impose any restrictions on the business or continued ability of AUIM, TAM or TCI to serve the funds.

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

The funds are affected by many factors and risks: for example, the risk that the sub-advisers’ judgments and investment decisions, and methods, tools, resources, information, models and analyses utilized in making investment decisions, are incorrect or flawed, do not produce the desired results, and cause the funds to lose value. See “Principal Risks” in the prospectus.

The Order and settlement has no impact on the Funds’ financial statements.


Transamerica ETF Trust		Annual Report 2019

Page 71

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Transamerica ETF Trust (the “Trust”) (comprising DeltaShares^® S&P 400 Managed Risk ETF, DeltaShares^® S&P 500 Managed Risk ETF, DeltaShares^® S&P 600 Managed Risk ETF, DeltaShares^® S&P EM 100 & Managed Risk ETF and DeltaShares^® S&P International Managed Risk ETF, (collectively referred to as the “Funds”)), including the schedules of investments, as of December 31, 2019, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising Transamerica ETF Trust at December 31, 2019, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.


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

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

LOGO

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

Boston, Massachusetts

February 26, 2020


Transamerica ETF Trust		Annual Report 2019

Page 72

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended December 31, 2019, the Funds designated the following maximum amounts of qualified dividend income are as follows:


Fund	Qualified Dividend Income
S&P 400 Managed Risk	$	849,594
S&P 500 Managed Risk		6,667,690
S&P 600 Managed Risk		257,617
S&P EM 100 & Managed Risk		825,424
S&P International Managed Risk		4,774,115

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


Fund	Dividend Received Deduction Percentage
S&P 400 Managed Risk		65.48	%
S&P 500 Managed Risk		93.23
S&P 600 Managed Risk		51.09

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


Fund	Foreign Source Income		Foreign Taxes
S&P EM 100 & Managed Risk	$	1,053,880	$	104,907
S&P International Managed Risk		5,980,592		372,300

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2019. Complete information will be computed and reported in conjunction with your 2019 Form 1099-DIV.


Transamerica ETF Trust		Annual Report 2019

Page 73

Management of the Trust

Board Members and Officers

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

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

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

The funds are among the funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); (iii) Transamerica ETF Trust (“TET”) and (iv) Transamerica Asset Allocation Variable Funds (“TAAVF”). Transamerica Fund Family consists of 126 funds as of the date of this Annual Report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TF, TST or TAAVF. TF, TST and TAAVF are overseen by a separate board of trustees.

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

Further information about the Trust’s Board Members and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling 1-888-233-4339 or visiting the Trust’s website at www.deltashares.com.

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


Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS
Marijn P. Smit (45)	Chairman of the Board, President and Chief Executive Officer	Since 2017	Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present);	126	Director, Massachusetts Fidelity Trust Company (2014 – present); Director, Aegon Global Funds (2016 – present); Director – Akaan-Aegon, S.A.P.I. de C.V. (financial services joint venture in Mexico) (2017 – present) Director, Mongeral Aegon Seguros e Previdencia S.A. (2019 – present); and Director, Mongeral Aegon Investimentos Ltda. (2018 – present)


Transamerica ETF Trust		Annual Report 2019

Page 74


Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships Held By Board Member
INTERESTED BOARD MEMBERS — continued
Marijn P. Smit (continued)			Senior Vice President, Transamerica Retirement Solutions LLC (2012 – present); Trust Officer, Massachusetts Fidelity Trust Company (2014 – present); President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – 2016); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).
INDEPENDENT BOARD MEMBERS
James S. Parsons (61)	Trustee	Since 2017	Retired 2009	5
Francis J. Enderle (54)	Trustee	Since 2017	Consultant, Lattice Strategies/Hartford Funds (2014 – present)	5	Chair, BlackRock Canada Independent Review Committee (2010 – 2017); Director, WineInStyle (Japan) (2006 – 2017)

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


Transamerica ETF Trust		Annual Report 2019

Page 75

Officers

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


Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (45)	Chairman of the Board, President and Chief Executive Officer	Since 2017	See Table Above.
Timothy Bresnahan (50)	Senior Counsel and Secretary	Since 2019	Assistant Secretary, TET (2019 – present); Secretary, TET (2019); Senior Counsel, TAM (2008 – present)
Thomas R. Wald (59)	Chief Investment Officer	Since 2017	Chief Investment Officer, Transamerica Funds, TST and TAAVF (2014 – present); TET (2017 – present); Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Chief Investment Officer, TIS (2014 – 2015); Director (2017 – present), (Akaan Transamerica, S.A. de C.V., Sociedad Operadora de Fondos de Inversión (2019 – present); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); Director, Transamerica Funds Services, Inc. (2019 – present); and Trust Officer, Massachusetts Fidelity Trust Company (2015 – present).
Christopher A. Staples (49)	Vice President and Chief Investment Officer	Since 2017	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Transamerica Funds and TST; TET (2017 – present); Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), TIS; Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present); Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018); Director (2005 – 2019), Senior Vice President (2006 – present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM; Director, TFS (2005 – 2019); Trust Officer, Massachusetts Fidelity Trust Company (2010 – present); Registered Representative (2007 – 2016), TCI; Registered Representative, TFA (2005 – present).


Transamerica ETF Trust		Annual Report 2019

Page 76


Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Francine J. Rosenberger (52)	Chief Compliance Officer	Since 2019	Chief Compliance Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Chief Compliance Officer (2019 – present), TAM; General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019).
Molly Possehl (41)	Anti-Money Laundering Officer	Since 2019	Anti-Money Laundering Officer, Transamerica Funds, TST, TET and TAAVF (2019 – present); Anti-Money Laundering Officer (2019 – present), TAM; Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present); Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present); Attorney, Anti-Money Laundering Compliance Officer (Annuity products), Transamerica Life Insurance Company/Aegon USA (2006 – 2015).
Erin D. Nelson (42)	Associate General Counsel, Chief Legal Officer and Secretary	Since 2019	Chief Legal Officer and Secretary, Transamerica Funds, TST, TET and TAAVF (2019 – present); Assistant General Counsel II and Assistant Secretary, TAM (2019 – present), Assistant Secretary (2019 – present, TFS; Senior Vice President and Chief Compliance Officer, ALPS Advisors, Inc. (2015 – 2019).
Vincent J. Toner (49)	Vice President and Treasurer	Since 2017	Vice President and Treasurer, Transamerica Funds, TST and TAAVF (2014 – present), TET (2017 – present); Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President and Treasurer, TIS (2014 – 2015); Vice President (2016 – present), Treasurer (2016 – 2019), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer, TFS (2014 – present); Vice President (2016 – present), Transamerica Capital, Inc.; Trust Officer (2015 – present), Massachusetts Fidelity Trust Company.
Blake Boettcher (33)	Tax Manager	Since 2018	Tax Manager, Transamerica Funds, TST, TAAVF and TET (2018 – present); Senior Manager – Tax, Charles Schwab Investment Management (2015 – 2017); Tax Manager, Deloitte Tax LLP (2012 – 2015).

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


Transamerica ETF Trust		Annual Report 2019

Page 77

LIQUIDITY RISK MANAGEMENT PROGRAM (“LRMP”)

(unaudited)

Per initial requirements for SEC Rule 22e-4, TAM established a LRMP in 2018. The Board appointed TAM as the LRMP Administrator in September 2018, and approved the LRMP in March of 2019. In advance of the final compliance date of June 1, 2019, TAM successfully completed the liquidity rule implementation. All Funds were on-boarded to the State Street Global Exchange (SSGX) truView system (a third-party liquidity bucketing tool) at the end of December 2018. TAM currently has policies and procedures established for the day to day monitoring of liquidity risk, and continues to test and improve these policies and procedures as may be required.


Transamerica ETF Trust		Annual Report 2019

Page 78

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of the Transamerica ETF Trust’s proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-316-8077 (toll free) or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-888-316-8077; and (2) on the SEC’s website at http://www.sec.gov.

Each fiscal quarter, the Funds will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds’ holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at http://www.sec.gov within 60 days of the end of the fiscal quarter.

You may also visit the Trust’s website at www.deltashares.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

Every year we send shareholders informative materials such as the Transamerica ETF Trust’s Annual Report, the Transamerica ETF Trust’s Prospectus, and other required documents that keep you informed regarding your Funds. The Trust will only send one piece per mailing address, a method that saves your Funds’ money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-316-8077, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

Premium/Discount Information

Information about differences between the per share net asset value of each Fund and the closing price of shares of each Fund are available, without charge, at www.deltashares.com.


Transamerica ETF Trust		Annual Report 2019

Page 79

NOTICE OF PRIVACY POLICY

(unaudited)

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use “nonpublic personal information” in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

What Information We Collect and From Whom We Collect It

We may collect nonpublic personal information about you from the following sources:

•

Information we receive from you on applications or other forms, such as your name, address, and account number;

•

Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption history; and

•

Information we receive from non-affiliated third parties, including consumer reporting agencies.

What Information We Disclose and To Whom We Disclose It

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

Our Security Procedures

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-316-8077 on any business day between 8 a.m. and 7 p.m. Eastern Time.

Note: This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.


Transamerica ETF Trust		Annual Report 2019

Page 80

Customer Service: 1-888-316-8077

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Foreside Fund Services, LLC

www.deltashares.com

LOGO

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

The Transamerica ETF Trust is advised by Transamerica Asset Management, Inc. and distributed by Foreside Fund Services, LLC., Member of FINRA

206978 12/19

LOGO

Item 2:

Code of Ethics.

(a)

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

(b)

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

(c)

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

(d)

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

(e)

Not Applicable.

(f)

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

Item 3:

Audit Committee Financial Experts.

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

Item 4:

Principal Accountant Fees and Services.


		Fiscal Year Ended 12/31 (in thousands)
		2019		2018
(a)	Audit Fees	$	110	$	86
(b)	Audit Related Fees⁽¹⁾	$	0	$	0
(c)	Tax Fees⁽²⁾	$	21	$	22
(d)	All Other Fees⁽³⁾	$	0	$	0

⁽¹⁾

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 funds comprising the Registrant, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

⁽²⁾

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

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

(e)(1)

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

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

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

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

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

(e)(2)

The percentage of services described in paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for fiscal years ended 2019 and 2018 was zero.

(f)

Not Applicable.

(g)

Not Applicable.

(h)

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

Item 5:

Audit Committee of Listed Registrants.

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

Item 6:

Schedule of Investments.

(a)

The schedules of investments are included in the Annual Report to shareholders filed under Item 1 of this Form N-CSR.

(b)

Not applicable.

Item 7:

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8:

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9:

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable

Item 10:

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 11:

Controls and Procedures.

(a)

The Registrant’s principal executive officer and principal financial officer evaluated the effectiveness of the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b)

The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12:

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable

Item 13:

Exhibits.

(a)(1)

The Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.

(a)(2)

Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.

(a)(3)

Not Applicable.

(a)(4)

Not applicable.

(b)

A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Transamerica ETF Trust
(Registrant)

By:		/s/ Marijn P. Smit
		Marijn P. Smit
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: March 5, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Marijn P. Smit
		Marijn P. Smit
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: March 5, 2020

By:		/s/ Vincent J. Toner
		Vincent J. Toner
		Vice President and Treasurer
		(Principal Financial Officer)

Date: March 5, 2020

EXHIBIT INDEX


Exhibit No.		Description of Exhibit

13(a)(1)		Code of Ethics for Principal Executive and Principal Financial Officers

13(a)(2)		Section 302 N-CSR Certification of Principal Executive Officer and Principal Financial Officer

13(b)		Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer

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