# EDGAR Filing Document

**Accession Number:** 0001807486
**File Stem:** 0001193125-26-186548
**Filing Date:** 2026-4
**Character Count:** 25254
**Document Hash:** c0c4956aa675cee3e66354ddde454d11
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-186548.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001193125-26-186548

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Alger ETF Trust
- **CENTRAL INDEX KEY:** 0001807486

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-248085
- **FILM NUMBER:** 26906832

**BUSINESS ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004
- **BUSINESS PHONE:** 212-806-8833

**MAIL ADDRESS:**
- **STREET 1:** 100 PEARL STREET
- **STREET 2:** 27TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004

## Series and Classes Contracts Data

### Alger Mid Cap 40 ETF (Series ID: S000069955)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000222788 | Alger Mid Cap 40 ETF | FRTY            |

![](g233411img654627591.gif)

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Alger Mid Cap 40 ETF

**Summary Prospectus**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| April 30, 2026 | **Ticker Symbol** | **Exchange** |
|  | FRTY | NYSE Arca, Inc. |

---

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, reports to shareholders, and other information about the Fund online at https://www.alger.com/fundliterature. You can also get this information at no cost by calling (800) 223-3810 or by sending an e-mail request to summaryprospectus@alger.com. The Fund's Prospectus and Statement of Additional Information, both dated April 30, 2026, are incorporated by reference to this Summary Prospectus, and may be obtained at no cost in the same manner as described above.

**Investment Objective**

Alger Mid Cap 40 ETF seeks long-term capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Shareholder Fees** <br>(fees paid directly from your investment)

**Alger Mid Cap 40 ETF**<br>

**Annual Fund Operating Expenses** <br>(expenses that you pay each year as a percentage of the value of your investment)

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| | |
|:---|:---|
|  | **Alger Mid Cap 40 ETF** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management Fees | 0.50<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and/or Service (12b-1) Fees\* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 0.27<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses | 0.77<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver and/or Expense Reimbursement\*\* | &nbsp;&nbsp; (0.17)<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 0.60<br> %<br>|

---

\*

The Fund has adopted a Rule 12b-1 plan that allows the Fund to pay annual fees not to exceed 0.25% to the Fund's distributor for distribution and individual shareholder services; however, the Board of Trustees has determined not to authorize payment of a 12b-1 plan fee at this time, and for at least one year from the effective date of this prospectus.

\*\*

Fred Alger Management, LLC (the "Manager") has contractually agreed to waive and/or reimburse Fund expenses (excluding acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, extraordinary expenses, and certain proxy expenses, to the extent applicable) through December 31, 2027 to the extent necessary to limit Other Expenses of the Fund to 0.10% of the Fund's average daily net assets. This expense reimbursement may only be amended or terminated prior to its expiration date by agreement between the Manager and the Fund's Board of Trustees, and will terminate automatically in the event of termination of the Investment Management Agreement. The Manager may recoup any fees waived or expenses reimbursed pursuant to the contract; however, the Fund will only make repayments to the Manager if such repayment does not cause the Fund's expense ratio after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) the Fund's current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed.

**Example**

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example also assumes that the contractual fee waiver and/or expense reimbursement is only in effect through December 31, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Alger Mid Cap 40 ETF** | &nbsp;&nbsp; $61 | &nbsp;&nbsp; $217 | &nbsp;&nbsp; $399 | &nbsp;&nbsp; $927 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 389.65% of the average value of its portfolio.

**Unlock Your Growth Potential.**<sup>SM</sup>

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![](g233411img7b7ce5c83.gif)

Alger Mid Cap 40 ETF 2/5

**Summary Prospectus**

April 30, 2026

**Principal Investment Strategy**

The Manager believes companies undergoing Positive Dynamic Change offer the best opportunities. Positive Dynamic Change refers to companies realizing High Unit Volume Growth or companies undergoing Positive Lifecycle Change. High Unit Volume Growth companies are traditional growth companies experiencing, for example, rapidly growing demand or market dominance. Positive Lifecycle Change companies are, for example, companies benefitting from new regulations, a new product innovation or new management.

Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of mid-cap companies. For these purposes, "mid-cap companies" are those companies that, at the time of purchase of the securities, have total market capitalization within the range of (i) companies included in the Russell MidCap Growth Index or the S&P MidCap 400 Index or (ii) $1 billion to $30 billion. Both indexes are designed to track the performance of medium-capitalization stocks. At December 31, 2025, the companies in the Russell MidCap Growth Index ranged from $1.03 billion to $101.64 billion and the companies in the S&P MidCap 400 Index ranged from $2.08 billion to $32.97 billion. Because of the Fund's long-term approach to investing, it could have a significant portion of its assets invested in securities of issuers that have appreciated beyond the market capitalization thresholds noted.

The Fund may invest a significant portion of its assets in securities of companies conducting business within a single sector, as defined by third party sources, including, but not limited to, the information technology, health care, industrials and communication services sectors; however, the Fund will not invest more than 25% of its total assets in any one industry comprising such sector. For the purpose of categorizing companies, sectors are a broader category than industries and industries comprise sectors.

As a focus fund, the Fund intends to invest a substantial portion of its assets in a smaller number of issuers. Generally the Fund will own approximately 40 holdings. Fund holdings may occasionally differ from this number for a variety of reasons, including, among others, because of extreme market volatility, or when the Fund has entered a temporary defensive position. Additionally, the Fund may temporarily exceed the stated number of holdings for a number of reasons, including, but not limited to, when it acquires a new holding and determines that it is in the best interests of shareholders to sell an existing holding over a period of time, instead of immediately selling the entire holding.

The Fund may sell a stock when it reaches a target price, it fails to perform as expected, or other opportunities appear more attractive. As a result, the Fund may engage in active trading of portfolio securities.

The Fund may invest in cash (and cash equivalents) when the Fund is unable to find enough attractive long-term investments to meet its investment objective, in the event of a large redemption order from an Authorized Participant (as defined below) and/or when the Manager believes it is advisable to do so during times of short-term market volatility. During these times, cash (and cash equivalents) will not exceed 15% of the Fund's net assets.

The Fund is an actively managed exchange-traded fund ("ETF") that does not seek to replicate the performance of a specified index.

**Principal Risks**

An investment in the Fund involves risks. The Fund's share price may go down, which means you could lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following is a summary description of principal risks involved in investing in the Fund.

**ETF Risks**

● Market Trading Risk – The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation and/or redemption process of the Fund. Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Manager cannot predict whether shares will trade above (premium), below (discount) or at NAV.

● Authorized Participant Concentration Risk – Only authorized participants who have entered into agreements with the Fund's distributor ("Authorized Participants" or "APs") may engage in creation or redemption transactions directly with the Fund. The Fund may have a limited number of institutions that act as Authorized Participants, none of which are obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to process creation and/or redemption orders, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be more pronounced in volatile markets, potentially where there are significant redemptions in ETFs generally. Authorized participant concentration risks may be heightened in scenarios where Authorized Participants have limited or diminished access to the capital required to post collateral.

● Early Close/Trading Halt Risk – An exchange or market may close early, close late or issue trading halts on specific securities, or the ability to buy or sell certain securities may be restricted, which may result in the Fund being unable to buy or sell these securities.

**Investment Risk –** An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

**Market Risk –** Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Local, regional or global events such as environmental or natural disasters, war, geopolitical conflicts, terrorism, pandemics, outbreaks of infectious

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Alger Mid Cap 40 ETF 3/5

**Summary Prospectus**

April 30, 2026

diseases, and similar public health threats, trade disputes and changes in trade regulations, civil unrest, recessions, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund's NAV.

**Mid Cap Securities Risk –** There may be greater risk in investing in medium-capitalization companies rather than larger, more established companies due to such factors as inexperienced management and limited product lines or financial resources. It may also be difficult or impossible to liquidate a security position at a time and price acceptable to the Fund because of the potentially less frequent trading of stocks of smaller market capitalization. Often, medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

**Equity Securities Risk –** As with any fund that invests in stocks, your investment will fluctuate in value, and the loss of your investment is a risk of investing. The Fund's price per share will fluctuate due to changes in the market prices of its investments. Also, the Fund's investments may not grow as fast as the rate of inflation and stocks tend to be more volatile than some other investments you could make, such as bonds.

**Small Number of Holdings Risk –** Under normal circumstances, the Fund invests in a 40-stock portfolio. Therefore, the Fund's performance may be more vulnerable to changes in the market value of a single issuer and more susceptible to risks associated with a single economic, political, regulatory or other occurrence than a fund that has a higher number of holdings.

**Growth Securities Risk –** Prices of growth stocks tend to be higher in relation to their companies' earnings and may be more sensitive to market, political and economic developments than other stocks, making their prices more volatile. An investment in the Fund may be better suited to investors who seek long-term capital growth and can tolerate fluctuations in their investment's value.

**Sector Risk –** The Fund may have a significant portion of its assets invested in securities of companies conducting business within a single sector, as defined by third party sources. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than a fund that has a more diversified portfolio. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

● Information Technology Sector Risk – The Fund may have a significant portion of its assets invested in securities of technology-related companies. Therefore, the Fund may be more susceptible to particular risks that may affect companies in the information technology sector and technology-related sectors than if it were invested in a wider variety of companies in unrelated sectors. At times, the performance of such companies will lag the performance of other industries or the broader market as a whole. Certain technology related companies may face special risks that their products or services may not prove to be commercially successful. Technology related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. These factors may lead to limited earnings and/or failing profit margins. As a result, the value of technology related companies' securities may fall or fail to rise. Many technology related companies' securities have historically been more volatile than other securities, especially over the short term.

● Health Care Sector Risk – The Fund may have a significant portion of its assets invested in securities of healthcare companies. At times, the performance of healthcare companies will lag the performance of other industries or the broader market as a whole, and the performance of such companies may be more volatile. Healthcare companies may also be significantly affected by intense competition, aggressive pricing, government regulation, technological innovations, product obsolescence, patent considerations, product compatibility and consumer preferences.

● Communication Services Sector Risk – Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company's profitability. While all companies may be susceptible to network security breaches, certain companies in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

● Industrials Sector Risk – The Fund may have a significant portion of its assets invested in securities of companies in the industrials sector. Industrial companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services.

**Portfolio Turnover (Active Trading) Risk –** Because the Fund may engage in active trading of portfolio securities, it may incur increased transaction costs and brokerage commissions, both of which can lower the actual return on an investment. Active trading may also increase short-term gains and losses. To the extent net short-term capital gains are realized, any distributions resulting from such gains will generally be taxed as ordinary income tax rates for federal income tax purposes, which may result in higher taxes than an ETF investor might expect to incur.

**Cash Position Risk –** At times, the Fund may hold up to 15% of its net assets in cash (and cash equivalents), which may underperform relative to equity securities.

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![](g233411img7b7ce5c83.gif)

Alger Mid Cap 40 ETF 4/5

**Summary Prospectus**

April 30, 2026

**Performance**

The following bar chart and the table beneath it provide some indication of the risks of investing in the Fund by showing the Fund's performance from year to year. The bar chart shows how the Fund's average annual returns have varied over the indicated periods. The table shows how the Fund's average annual returns compare with those of an appropriate broad-based securities market index that represents the overall domestic equity market and a more narrowly based index that reflects the market sectors in which the Fund invests. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund's website www.alger.com.

**Annual Total Returns** *as of December 31 (%)*

![](g233411bar_amc40eft.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Best Quarter:** | Q2 2025 | 21.31% | **Worst Quarter:** | Q2 2022 | -24.61% |

---

**Average Annual Total Return as of December 31, 2025** 

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | &nbsp;&nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp;&nbsp; **Inception**<br> **Date**<br>|
| **Alger Mid Cap 40 ETF**  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2/26/2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return Before Taxes  | &nbsp;&nbsp;&nbsp;&nbsp; 12.87% | &nbsp;&nbsp;&nbsp;&nbsp; 2.25% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions  | &nbsp;&nbsp;&nbsp;&nbsp; 12.80% | &nbsp;&nbsp;&nbsp;&nbsp; 1.77% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares  | &nbsp;&nbsp;&nbsp;&nbsp; 7.64% | &nbsp;&nbsp;&nbsp;&nbsp; 1.51% |  |
| **S&P 500 Index** (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 17.88% | &nbsp;&nbsp;&nbsp;&nbsp; 14.52% |  |
| **Russell Midcap Growth Index** (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;&nbsp;&nbsp; 8.66% | &nbsp;&nbsp;&nbsp;&nbsp; 6.57% |  |

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In the foregoing table, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown may not be relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. A "Return After Taxes on Distributions and Sale of Fund Shares" may sometimes be higher than the other two return figures; this happens when there is a capital loss on redemptions, giving rise to a tax benefit to the shareholder.

**Management** 

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| | |
|:---|:---|
| **Investment Manager** | **Portfolio Manager Primarily Responsible for Day-to-Day Management of the Fund** |
| **Fred Alger Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp; **Amy Y. Zhang, CFA**<br> Executive Vice President and Portfolio Manager<br> Since Inception (February 2021)<br>|

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**Shareholder Information**

**Purchasing and Redeeming Fund Shares**

Individual Fund shares may only be bought and sold in the secondary market through a broker or dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or

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![](g233411img7b7ce5c83.gif)

Alger Mid Cap 40 ETF 5/5

**Summary Prospectus**

April 30, 2026

selling shares in the secondary market (the "bid-ask spread"). Recent information, including information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is available on the Fund's website at www.alger.com.

**Tax Information**

The Fund's distributions may be taxable as ordinary income or capital gains. The Fund is actively managed, and as a result, investors may receive capital gains distributions annually.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as if your account is held at a bank), the Manager or the Fund's distributor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial professional to recommend the Fund over another investment. Ask your financial professional or visit your financial intermediary's website for more information.

**Fred Alger & Company, LLC** 100 Pearl Street, 27th Floor, New York, NY 10004 / (800) 223-3810 / www.alger.com

MCETF 43025

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