Hi Partner,
As reasons for domain authentication in doc:
https://docs.microsoft.com/en-us/dynamics365/customer-engagement/marketing/marketing-settings#authenticate-your-domains
For marketing email messages, it enables recipient email servers to confirm that the from-address shown on each of your messages actually belongs to your organization, and that your organization has approved Dynamics 365 for Marketing to send messages on its behalf.
Which means our marketing email is still sent and managed by Dynamics 365 even after our domain has been authenticated, it just works as a confirmation, you could find more details in article below:
https://docs.microsoft.com/en-us/dynamics365/customer-engagement/marketing/get-ready-email-marketing
So it's clear to us that why our URL still be re-written, as this article describes how the generated redirect link works:
https://docs.microsoft.com/en-us/dynamics365/customer-engagement/marketing/prepare-marketing-emails#how-marketing-email-works-in-
For each link included in your original message design, Dynamics 365 for Marketing creates a redirect link that's unique for each recipient, so all clicks get routed through Dynamics 365 for Marketing, which logs the message and contact IDs and forwards the contact to the correct original URL
Dynamics 365 takes this re-written link to track, now that our marketing emails are still processed by Dynamics 365, so our link will still be re-written.
If you insist on not changing URL and still enable Tracking option to Yes, Dynamics 365 may not collects interaction from your recipients/contacts.
You could consider sending marketing email by custom IP, while it's not recommended by Microsoft.
https://docs.microsoft.com/en-us/dynamics365/customer-engagement/marketing/get-ready-email-marketing#using-a-custom-dedicated-sender-ip
Regards,
Clofly