# EDGAR Filing Document

**Accession Number:** 0001807486
**File Stem:** 0001133228-25-009096
**Filing Date:** 2025-8
**Character Count:** 193285
**Document Hash:** 46f82b5187ab1d109ae428e07e58b071
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009096.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001133228-25-009096

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23603
- **FILM NUMBER:** 251268076

**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            |

### Alger 35 ETF (Series ID: S000069956)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000222789 | Alger 35 ETF | ATFV            |

### Alger Weatherbie Enduring Growth ETF (Series ID: S000079631)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000240821 | Alger Weatherbie Enduring Growth ETF | AWEG            |

### Alger Concentrated Equity ETF (Series ID: S000084280)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000248577 | Alger Concentrated Equity ETF | CNEQ            |

### Alger AI Enablers & Adopters ETF (Series ID: S000084281)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000248578 | Alger AI Enablers & Adopters ETF | ALAI            |

### Alger Russell Innovation ETF (Series ID: S000088942)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000255343 | Alger Russell Innovation ETF | INVN            |

?xml version='1.0' encoding='ASCII'? 8dde4c85d8b90ae

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-23603

#### Alger ETF Trust
(Exact name of registrant as specified in charter)

------

100 Pearl Street, New York, New York 10004

#### Registrant's telephone number, including area code:

#### 212-806-8800

#### Date of fiscal year end:

#### 12/31

#### Date of reporting period:

#### June 30, 2025
Form N-CSRS is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSRS in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSRS, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSRS unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Report to Stockholders.**

(a) The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![TSR - Fund Logo](images_28610.jpg)

### Alger 35 ETF

### ATFV / NYSE ARCA, INC.

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Alger 35 ETF ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 223-3810.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Alger 35 ETF | $31 0.57%<sup>(a)</sup> |

---

 **<sup>(a)</sup>** **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$33556012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;103.74% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 24.4% |
| Consumer Discretionary | 12.1% |
| Health Care | 7.3% |
| Industrials | 8.1% |
| Information Technology | 41.4% |
| Utilities | 8.2% |
| Short-Term Investments and Other Net Assets | (1.5)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_28609.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 223-3810.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger 35 ETF

![TSR - Fund Logo](images_28610.jpg)

### Alger Mid Cap 40 ETF

### FRTY / NYSE ARCA, INC.

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Alger Mid Cap 40 ETF ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 223-3810.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Alger Mid Cap 40 ETF | $30 0.60%<sup>(a)</sup> |

---

 **<sup>(a)</sup>** **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$100056179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;206.00% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 11.3% |
| Consumer Discretionary | 7.9% |
| Consumer Staples | 1.0% |
| Financials | 6.9% |
| Health Care | 10.1% |
| Industrials | 16.1% |
| Information Technology | 27.6% |
| Utilities | 12.6% |
| Short-Term Investments and Other Net Assets | 6.5% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_28609.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 223-3810.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Mid Cap 40 ETF

![TSR - Fund Logo](images_28610.jpg)

### Alger Weatherbie Enduring Growth ETF

### AWEG / NYSE ARCA, INC.

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Alger Weatherbie Enduring Growth ETF ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 223-3810.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Alger Weatherbie Enduring Growth ETF | $31 0.65%<sup>(a)</sup> |

---

 **<sup>(a)</sup>** **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5049643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32.02% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 2.6% |
| Consumer Discretionary | 2.4% |
| Financials | 11.0% |
| Health Care | 15.5% |
| Industrials | 43.0% |
| Information Technology | 12.5% |
| Real Estate | 10.7% |
| Short-Term Investments and Other Net Assets | 2.3% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_28609.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 223-3810.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Weatherbie Enduring Growth ETF

![TSR - Fund Logo](images_28610.jpg)

### Alger Concentrated Equity ETF

### CNEQ / NYSE ARCA, INC.

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Alger Concentrated Equity ETF ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 223-3810.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Alger Concentrated Equity ETF | $29 0.55%<sup>(a)</sup> |

---

 **<sup>(a)</sup>** **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$55039163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31.27% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 17.9% |
| Consumer Discretionary | 15.1% |
| Financials | 4.3% |
| Health Care | 3.3% |
| Industrials | 8.6% |
| Information Technology | 45.0% |
| Utilities | 5.8% |
| Short-Term Investments and Other Net Assets | 0.0% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_28609.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 223-3810.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Concentrated Equity ETF

![TSR - Fund Logo](images_28610.jpg)

### Alger AI Enablers & Adopters ETF

### ALAI / NYSE ARCA, INC.

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Alger AI Enablers & Adopters ETF ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 223-3810.

#### What were the Fund costs for the last six months?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Alger AI Enablers & Adopters ETF | $31 0.58%<sup>(a)</sup> |

---

 **<sup>(a)</sup>** **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$71496530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;90.07% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 18.0% |
| Consumer Discretionary | 16.7% |
| Consumer Staples | 0.2% |
| Financials | 3.0% |
| Health Care | 1.6% |
| Industrials | 4.8% |
| Information Technology | 46.7% |
| Utilities | 9.4% |
| Short-Term Investments and Other Net Assets | (0.4)% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_28609.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 223-3810.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger AI Enablers & Adopters ETF

![TSR - Fund Logo](images_28610.jpg)

### Alger Russell Innovation ETF

### INVN / NYSE ARCA, INC.

#### Semi-Annual SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Alger Russell Innovation ETF ("Fund") for the period of January 6, 2025 (commencement of operations) to June 30, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 223-3810.

#### What were the Fund costs since inception?
*(Based on a hypothetical $10,000 investment)*

---

| |
|:---|
| **Fund** |
| Alger Russell Innovation ETF $26<sup>(a)</sup> 0.55%<sup>(b)</sup> |

---

 **<sup>(a)</sup>** **The Fund commenced operations on January 6, 2025. Had the Fund been in operation for the entire six-month period ended June 30, 2025, the cost of a $10,000 investment would have been higher.** 

 **<sup>(b)</sup>** **Annualized.** 

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12396135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;38.49% |

---

 **<sup>1</sup>** **Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 10.1% |
| Consumer Discretionary | 7.5% |
| Consumer Staples | 2.0% |
| Financials | 2.0% |
| Health Care | 27.9% |
| Industrials | 2.0% |
| Information Technology | 46.5% |
| Real Estate | 2.0% |
| Short-Term Investments and Other Net Assets | 0.0% |
|  | 100.0% |

---

 **<sup>†</sup>** **Based on net assets** 

Availability of Additional Information

![TSR - QR Code](images_28609.jpg)

You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 223-3810.

For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.

Alger Russell Innovation ETF

------

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Schedule of Investments in securities of unaffiliated issuers as
 of the close of the Reporting Period is included as part of the report to shareholders filed under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

![](imgd874faf41.gif)

THE ALGER ETF TRUST

**SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

**June 30, 2025 (UNAUDITED)**

![](imge7599c812.gif)

------

**Table of Contents**

------

**THE ALGER ETF TRUST**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_4f78969c-569c-4907-b567-beb5388eab60_SOI1-Continued-4583_1) | 2 |
| [Statements of Assets and Liabilities](#xx_4f78969c-569c-4907-b567-beb5388eab60_SAL1-Continued_1) | 17 |
| [Statements of Operations](#xx_4f78969c-569c-4907-b567-beb5388eab60_SOP1-Continued_1) | 23 |
| [Statements of Changes in Net Assets](#xx_4f78969c-569c-4907-b567-beb5388eab60_SOC1-Continued-4583_1) | 26 |
| [Financial Highlights](#xx_4f78969c-569c-4907-b567-beb5388eab60_FIHI-Continued-4583_1) | 32 |
| [Notes to Financial Statements](#xx_4f78969c-569c-4907-b567-beb5388eab60_NTF-Continued-4583_1) | 38 |
| [Other Information](#xx_4f78969c-569c-4907-b567-beb5388eab60_AI-Continued-4583_1) | 60 |

---

------

**THE ALGER ETF TRUST \| ALGER 35 ETF**

**Schedule of Investments June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—101.5%** | **COMMON STOCKS—101.5%** | **COMMON STOCKS—101.5%** |
| **AEROSPACE & DEFENSE—1.3%** | **AEROSPACE & DEFENSE—1.3%** | **AEROSPACE & DEFENSE—1.3%** |
| HEICO Corp., Cl. A | 1652 | **$427455** |
| **APPLICATION SOFTWARE—4.1%** | **APPLICATION SOFTWARE—4.1%** | **APPLICATION SOFTWARE—4.1%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 3919 | **1371963** |
| **AUTOMOBILE MANUFACTURERS—1.0%** | **AUTOMOBILE MANUFACTURERS—1.0%** | **AUTOMOBILE MANUFACTURERS—1.0%** |
| Tesla, Inc.<sup>\*</sup>  | 1080 | **343073** |
| **BIOTECHNOLOGY—3.3%** | **BIOTECHNOLOGY—3.3%** | **BIOTECHNOLOGY—3.3%** |
| Forte Biosciences, Inc.<sup>\*</sup>  | 31331 | 405110 |
| Natera, Inc.<sup>\*</sup>  | 4071 | 687755 |
|  |  | **1092865** |
| **BROADLINE RETAIL—11.0%** | **BROADLINE RETAIL—11.0%** | **BROADLINE RETAIL—11.0%** |
| Amazon.com, Inc.<sup>\*</sup>  | 13744 | 3015296 |
| MercadoLibre, Inc.<sup>\*</sup>  | 262 | 684771 |
|  |  | **3700067** |
| **ELECTRIC UTILITIES—1.1%** | **ELECTRIC UTILITIES—1.1%** | **ELECTRIC UTILITIES—1.1%** |
| Constellation Energy Corp. | 1093 | **352777** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—4.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—4.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—4.6%** |
| Enovix Corp.<sup>\*</sup>  | 67642 | 699418 |
| Vertiv Holdings Co., Cl. A | 6595 | 846864 |
|  |  | **1546282** |
| **ENVIRONMENTAL & FACILITIES SERVICES—1.0%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.0%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.0%** |
| GFL Environmental, Inc. | 6561 | **331068** |
| **HEALTH CARE DISTRIBUTORS—1.2%** | **HEALTH CARE DISTRIBUTORS—1.2%** | **HEALTH CARE DISTRIBUTORS—1.2%** |
| McKesson Corp. | 560 | **410357** |
| **HEALTHCARE EQUIPMENT—1.3%** | **HEALTHCARE EQUIPMENT—1.3%** | **HEALTHCARE EQUIPMENT—1.3%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 782 | **424947** |
| **HEALTHCARE FACILITIES—1.5%** | **HEALTHCARE FACILITIES—1.5%** | **HEALTHCARE FACILITIES—1.5%** |
| Tenet Healthcare Corp.<sup>\*</sup>  | 2893 | **509168** |
| **HEAVY ELECTRICAL EQUIPMENT—1.3%** | **HEAVY ELECTRICAL EQUIPMENT—1.3%** | **HEAVY ELECTRICAL EQUIPMENT—1.3%** |
| GE Vernova, Inc. | 794 | **420145** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—7.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—7.2%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—7.2%** |
| Talen Energy Corp.<sup>\*</sup>  | 6805 | 1978690 |
| Vistra Corp. | 2173 | 421149 |
|  |  | **2399839** |
| **INTERACTIVE HOME ENTERTAINMENT—9.5%** | **INTERACTIVE HOME ENTERTAINMENT—9.5%** | **INTERACTIVE HOME ENTERTAINMENT—9.5%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 17620 | 1853624 |
| Sea Ltd. ADR<sup>\*</sup>  | 7361 | 1177318 |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 694 | 168538 |
|  |  | **3199480** |
| **INTERACTIVE MEDIA & SERVICES—5.7%** | **INTERACTIVE MEDIA & SERVICES—5.7%** | **INTERACTIVE MEDIA & SERVICES—5.7%** |
| Alphabet, Inc., Cl. A | 3564 | 628084 |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST \| ALGER 35 ETF**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—101.5% (CONT.)** | **COMMON STOCKS—101.5% (CONT.)** | **COMMON STOCKS—101.5% (CONT.)** |
| **INTERACTIVE MEDIA & SERVICES—5.7% (CONT.)** | **INTERACTIVE MEDIA & SERVICES—5.7% (CONT.)** | **INTERACTIVE MEDIA & SERVICES—5.7% (CONT.)** |
| Meta Platforms, Inc., Cl. A | 1763 | **$** 1301252 |
|  |  | **1929336** |
| **INTERNET SERVICES & INFRASTRUCTURE—2.4%** | **INTERNET SERVICES & INFRASTRUCTURE—2.4%** | **INTERNET SERVICES & INFRASTRUCTURE—2.4%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 2865 | 561053 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 1112 | 248832 |
|  |  | **809885** |
| **MOVIES & ENTERTAINMENT—9.1%** | **MOVIES & ENTERTAINMENT—9.1%** | **MOVIES & ENTERTAINMENT—9.1%** |
| Netflix, Inc.<sup>\*</sup>  | 1675 | 2243043 |
| Spotify Technology SA<sup>\*</sup>  | 1069 | 820286 |
|  |  | **3063329** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.5%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.5%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—0.5%** |
| ASML Holding NV ADR | 208 | **166689** |
| **SEMICONDUCTORS—19.2%** | **SEMICONDUCTORS—19.2%** | **SEMICONDUCTORS—19.2%** |
| Astera Labs, Inc.<sup>\*</sup>  | 7248 | 655364 |
| Broadcom, Inc. | 2794 | 770166 |
| NVIDIA Corp. | 25375 | 4008997 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 4425 | 1002218 |
|  |  | **6436745** |
| **SYSTEMS SOFTWARE—15.2%** | **SYSTEMS SOFTWARE—15.2%** | **SYSTEMS SOFTWARE—15.2%** |
| Microsoft Corp. | 6714 | 3339611 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 32033 | 1772386 |
|  |  | **5111997** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $24,806,194) |  | **34047467** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $24,806,194)** | 101.5% | **$34047467** |
| Unaffiliated Securities (Cost $24,806,194) |  | 34047467 |
| Liabilities in Excess of Other Assets | (1.5)% | (491455) |
| **NET ASSETS** | 100.0% | **$33556012** |

---

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

ADR American Depositary Receipts

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

\* Non-income producing security.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST \| ALGER MID CAP 40 ETF**

**Schedule of Investments June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.5%** | **COMMON STOCKS—93.5%** | **COMMON STOCKS—93.5%** |
| **AEROSPACE & DEFENSE—7.3%** | **AEROSPACE & DEFENSE—7.3%** | **AEROSPACE & DEFENSE—7.3%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 4042 | **$** 3346534 |
| HEICO Corp., Cl. A | 15115 | 3911006 |
|  |  | **7257540** |
| **APPLICATION SOFTWARE—10.0%** | **APPLICATION SOFTWARE—10.0%** | **APPLICATION SOFTWARE—10.0%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 8692 | 3042895 |
| Circle Internet Group, Inc., Cl. A<sup>\*</sup>  | 4049 | 734043 |
| Datadog, Inc., Cl. A<sup>\*</sup>  | 10984 | 1475481 |
| Palantir Technologies, Inc., Cl. A<sup>\*</sup>  | 34949 | 4764248 |
|  |  | **10016667** |
| **BIOTECHNOLOGY—3.3%** | **BIOTECHNOLOGY—3.3%** | **BIOTECHNOLOGY—3.3%** |
| Forte Biosciences, Inc.<sup>\*</sup>  | 57062 | 737812 |
| Natera, Inc.<sup>\*</sup>  | 15225 | 2572111 |
|  |  | **3309923** |
| **CONSTRUCTION & ENGINEERING—2.4%** | **CONSTRUCTION & ENGINEERING—2.4%** | **CONSTRUCTION & ENGINEERING—2.4%** |
| Comfort Systems USA, Inc. | 4433 | **2377019** |
| **ELECTRIC UTILITIES—3.9%** | **ELECTRIC UTILITIES—3.9%** | **ELECTRIC UTILITIES—3.9%** |
| Constellation Energy Corp. | 6262 | 2021123 |
| Oklo, Inc., Cl. A<sup>\*</sup>  | 34061 | 1907076 |
|  |  | **3928199** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—3.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—3.5%** | **ELECTRICAL COMPONENTS & EQUIPMENT—3.5%** |
| Vertiv Holdings Co., Cl. A | 26933 | **3458467** |
| **FINANCIAL EXCHANGES & DATA—3.0%** | **FINANCIAL EXCHANGES & DATA—3.0%** | **FINANCIAL EXCHANGES & DATA—3.0%** |
| Coinbase Global, Inc., Cl. A<sup>\*</sup>  | 8648 | **3031038** |
| **HEALTHCARE EQUIPMENT—2.1%** | **HEALTHCARE EQUIPMENT—2.1%** | **HEALTHCARE EQUIPMENT—2.1%** |
| Inspire Medical Systems, Inc.<sup>\*</sup>  | 8856 | 1149243 |
| Penumbra, Inc.<sup>\*</sup>  | 3732 | 957743 |
|  |  | **2106986** |
| **HEALTHCARE SERVICES—3.1%** | **HEALTHCARE SERVICES—3.1%** | **HEALTHCARE SERVICES—3.1%** |
| GeneDx Holdings Corp.<sup>\*</sup>  | 33217 | **3066261** |
| **HEALTHCARE TECHNOLOGY—1.6%** | **HEALTHCARE TECHNOLOGY—1.6%** | **HEALTHCARE TECHNOLOGY—1.6%** |
| Veeva Systems, Inc., Cl. A<sup>\*</sup>  | 5586 | **1608656** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—8.7%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—8.7%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—8.7%** |
| Talen Energy Corp.<sup>\*</sup>  | 17479 | 5082369 |
| Vistra Corp. | 18341 | 3554669 |
|  |  | **8637038** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.2%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.2%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—1.2%** |
| Gates Industrial Corp. PLC<sup>\*</sup>  | 52078 | **1199356** |
| **INTERACTIVE HOME ENTERTAINMENT—5.9%** | **INTERACTIVE HOME ENTERTAINMENT—5.9%** | **INTERACTIVE HOME ENTERTAINMENT—5.9%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 31088 | 3270457 |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST \| ALGER MID CAP 40 ETF**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—93.5% (CONT.)** | **COMMON STOCKS—93.5% (CONT.)** | **COMMON STOCKS—93.5% (CONT.)** |
| **INTERACTIVE HOME ENTERTAINMENT—5.9% (CONT.)** | **INTERACTIVE HOME ENTERTAINMENT—5.9% (CONT.)** | **INTERACTIVE HOME ENTERTAINMENT—5.9% (CONT.)** |
| Sea Ltd. ADR<sup>\*</sup>  | 16388 | **$** 2621097 |
|  |  | **5891554** |
| **INTERNET SERVICES & INFRASTRUCTURE—7.1%** | **INTERNET SERVICES & INFRASTRUCTURE—7.1%** | **INTERNET SERVICES & INFRASTRUCTURE—7.1%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 20536 | 4021565 |
| CoreWeave, Inc., Cl. A<sup>\*</sup>  | 4838 | 788884 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 10375 | 2321614 |
|  |  | **7132063** |
| **INVESTMENT BANKING & BROKERAGE—3.9%** | **INVESTMENT BANKING & BROKERAGE—3.9%** | **INVESTMENT BANKING & BROKERAGE—3.9%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 41753 | **3909333** |
| **MOVIES & ENTERTAINMENT—5.4%** | **MOVIES & ENTERTAINMENT—5.4%** | **MOVIES & ENTERTAINMENT—5.4%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 31276 | 3268342 |
| Spotify Technology SA<sup>\*</sup>  | 2818 | 2162364 |
|  |  | **5430706** |
| **RESTAURANTS—7.9%** | **RESTAURANTS—7.9%** | **RESTAURANTS—7.9%** |
| Dutch Bros, Inc., Cl. A<sup>\*</sup>  | 15655 | 1070332 |
| Kura Sushi USA, Inc., Cl. A<sup>\*</sup>  | 18239 | 1570013 |
| Wingstop, Inc. | 15720 | 5293553 |
|  |  | **7933898** |
| **SEMICONDUCTORS—6.3%** | **SEMICONDUCTORS—6.3%** | **SEMICONDUCTORS—6.3%** |
| Advanced Micro Devices, Inc.<sup>\*</sup>  | 9604 | 1362808 |
| Marvell Technology, Inc. | 32422 | 2509463 |
| Micron Technology, Inc. | 5392 | 664564 |
| Monolithic Power Systems, Inc. | 2456 | 1796269 |
|  |  | **6333104** |
| **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.0%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.0%** | **SOFT DRINKS & NON-ALCOHOLIC BEVERAGES—1.0%** |
| Celsius Holdings, Inc.<sup>\*</sup>  | 21680 | **1005735** |
| **SYSTEMS SOFTWARE—3.2%** | **SYSTEMS SOFTWARE—3.2%** | **SYSTEMS SOFTWARE—3.2%** |
| CyberArk Software, Ltd.<sup>\*</sup>  | 2364 | 961864 |
| Oracle Corp. | 10272 | 2245768 |
|  |  | **3207632** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.9%** |
| IonQ, Inc.<sup>\*</sup>  | 20294 | **872033** |
| **TRADING COMPANIES & DISTRIBUTORS—1.8%** | **TRADING COMPANIES & DISTRIBUTORS—1.8%** | **TRADING COMPANIES & DISTRIBUTORS—1.8%** |
| FTAI Aviation Ltd. | 15886 | **1827526** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $69,966,179) |  | **93540734** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST \| ALGER MID CAP 40 ETF**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—6.4%** | **SHORT-TERM SECURITIES—6.4%** | **SHORT-TERM SECURITIES—6.4%** |
| **MONEY MARKET FUNDS—6.4%** | **MONEY MARKET FUNDS—6.4%** | **MONEY MARKET FUNDS—6.4%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br> Institutional Shares, 4.19%<sup>(a)</sup>  | 6463364 | **$6463364** |
| (Cost $6,463,364) |  | **6463364** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $76,429,543)** | 99.9% | **$100004098** |
| Unaffiliated Securities (Cost $76,429,543) |  | 100004098 |
| Other Assets in Excess of Liabilities | 0.1% | 52081 |
| **NET ASSETS** | 100.0% | **$100056179** |

---

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

ADR American Depositary Receipts

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

(a) Rate shown reflects 7-day effective yield as of June 30, 2025. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST \| ALGER WEATHERBIE ENDURING GROWTH ETF**

**Schedule of Investments June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.7%** | **COMMON STOCKS—97.7%** | **COMMON STOCKS—97.7%** |
| **ADVERTISING—2.6%** | **ADVERTISING—2.6%** | **ADVERTISING—2.6%** |
| The Trade Desk, Inc., Cl. A<sup>\*</sup>  | 1826 | **$131454** |
| **AEROSPACE & DEFENSE—18.7%** | **AEROSPACE & DEFENSE—18.7%** | **AEROSPACE & DEFENSE—18.7%** |
| HEICO Corp. | 727 | 238456 |
| TransDigm Group, Inc. | 465 | 707097 |
|  |  | **945553** |
| **APPLICATION SOFTWARE—9.4%** | **APPLICATION SOFTWARE—9.4%** | **APPLICATION SOFTWARE—9.4%** |
| Agilysys, Inc.<sup>\*</sup>  | 501 | 57435 |
| HubSpot, Inc.<sup>\*</sup>  | 372 | 207066 |
| SPS Commerce, Inc.<sup>\*</sup>  | 1541 | 209715 |
|  |  | **474216** |
| **ASSET MANAGEMENT & CUSTODY BANKS—3.1%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.1%** | **ASSET MANAGEMENT & CUSTODY BANKS—3.1%** |
| StepStone Group, Inc., Cl. A | 2851 | **158230** |
| **BIOTECHNOLOGY—9.4%** | **BIOTECHNOLOGY—9.4%** | **BIOTECHNOLOGY—9.4%** |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup>  | 10754 | 231964 |
| Natera, Inc.<sup>\*</sup>  | 1423 | 240401 |
|  |  | **472365** |
| **BROADLINE RETAIL—2.4%** | **BROADLINE RETAIL—2.4%** | **BROADLINE RETAIL—2.4%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>\*</sup>  | 924 | **121765** |
| **CARGO GROUND TRANSPORTATION—4.1%** | **CARGO GROUND TRANSPORTATION—4.1%** | **CARGO GROUND TRANSPORTATION—4.1%** |
| RXO, Inc.<sup>\*</sup>  | 3308 | 52002 |
| XPO, Inc.<sup>\*</sup>  | 1224 | 154579 |
|  |  | **206581** |
| **CONSUMER FINANCE—6.0%** | **CONSUMER FINANCE—6.0%** | **CONSUMER FINANCE—6.0%** |
| Upstart Holdings, Inc.<sup>\*</sup>  | 4677 | **302508** |
| **ENVIRONMENTAL & FACILITIES SERVICES—11.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—11.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—11.4%** |
| Casella Waste Systems, Inc., Cl. A<sup>\*</sup>  | 2117 | 244260 |
| Waste Connections, Inc. | 1785 | 333295 |
|  |  | **577555** |
| **HEALTHCARE EQUIPMENT—2.6%** | **HEALTHCARE EQUIPMENT—2.6%** | **HEALTHCARE EQUIPMENT—2.6%** |
| Glaukos Corp.<sup>\*</sup>  | 1031 | 106492 |
| Insulet Corp.<sup>\*</sup>  | 77 | 24192 |
|  |  | **130684** |
| **HUMAN RESOURCE & EMPLOYMENT SERVICES—5.4%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—5.4%** | **HUMAN RESOURCE & EMPLOYMENT SERVICES—5.4%** |
| Paylocity Holding Corp.<sup>\*</sup>  | 1493 | **270517** |
| **MANAGED HEALTHCARE—3.6%** | **MANAGED HEALTHCARE—3.6%** | **MANAGED HEALTHCARE—3.6%** |
| Progyny, Inc.<sup>\*</sup>  | 8282 | **182204** |
| **PROPERTY & CASUALTY INSURANCE—1.9%** | **PROPERTY & CASUALTY INSURANCE—1.9%** | **PROPERTY & CASUALTY INSURANCE—1.9%** |
| Palomar Holdings, Inc.<sup>\*</sup>  | 618 | **95326** |
| **REAL ESTATE SERVICES—10.7%** | **REAL ESTATE SERVICES—10.7%** | **REAL ESTATE SERVICES—10.7%** |
| FirstService Corp. | 3082 | **538179** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST \| ALGER WEATHERBIE ENDURING GROWTH ETF**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** | **COMMON STOCKS—97.7% (CONT.)** |
| **SEMICONDUCTORS—3.1%** | **SEMICONDUCTORS—3.1%** | **SEMICONDUCTORS—3.1%** |
| Impinj, Inc.<sup>\*</sup>  | 738 | **$** 81970 |
| Semtech Corp.<sup>\*</sup>  | 1696 | 76557 |
|  |  | **158527** |
| **TRADING COMPANIES & DISTRIBUTORS—3.3%** | **TRADING COMPANIES & DISTRIBUTORS—3.3%** | **TRADING COMPANIES & DISTRIBUTORS—3.3%** |
| SiteOne Landscape Supply, Inc.<sup>\*</sup>  | 1397 | **168953** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,766,815) |  | **4934617** |
| **SHORT-TERM SECURITIES—3.3%** | **SHORT-TERM SECURITIES—3.3%** | **SHORT-TERM SECURITIES—3.3%** |
| **MONEY MARKET FUNDS—3.3%** | **MONEY MARKET FUNDS—3.3%** | **MONEY MARKET FUNDS—3.3%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br> Institutional Shares, 4.19%<sup>(a)</sup>  | 164380 | **164380** |
| (Cost $164,380) |  | **164380** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $3,931,195)** | 101.0% | **$5098997** |
| Unaffiliated Securities (Cost $3,931,195) |  | 5098997 |
| Liabilities in Excess of Other Assets | (1.0)% | (49354) |
| **NET ASSETS** | 100.0% | **$5049643** |

---

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

(a) Rate shown reflects 7-day effective yield as of June 30, 2025. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST \| ALGER CONCENTRATED EQUITY ETF**

**Schedule of Investments June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.0%** | **COMMON STOCKS—100.0%** | **COMMON STOCKS—100.0%** |
| **AEROSPACE & DEFENSE—2.8%** | **AEROSPACE & DEFENSE—2.8%** | **AEROSPACE & DEFENSE—2.8%** |
| HEICO Corp., Cl. A | 5970 | **$1544738** |
| **APPLICATION SOFTWARE—4.9%** | **APPLICATION SOFTWARE—4.9%** | **APPLICATION SOFTWARE—4.9%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 6880 | 2408550 |
| Cadence Design Systems, Inc.<sup>\*</sup>  | 884 | 272405 |
|  |  | **2680955** |
| **AUTOMOBILE MANUFACTURERS—4.8%** | **AUTOMOBILE MANUFACTURERS—4.8%** | **AUTOMOBILE MANUFACTURERS—4.8%** |
| Ferrari NV | 1504 | 738073 |
| Tesla, Inc.<sup>\*</sup>  | 5972 | 1897066 |
|  |  | **2635139** |
| **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** |
| Natera, Inc.<sup>\*</sup>  | 4504 | **760906** |
| **BROADLINE RETAIL—10.3%** | **BROADLINE RETAIL—10.3%** | **BROADLINE RETAIL—10.3%** |
| Amazon.com, Inc.<sup>\*</sup>  | 22890 | 5021837 |
| MercadoLibre, Inc.<sup>\*</sup>  | 243 | 635112 |
|  |  | **5656949** |
| **ELECTRIC UTILITIES—3.0%** | **ELECTRIC UTILITIES—3.0%** | **ELECTRIC UTILITIES—3.0%** |
| Constellation Energy Corp. | 5100 | **1646076** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.2%** |
| Vertiv Holdings Co., Cl. A | 9513 | **1221564** |
| **ENVIRONMENTAL & FACILITIES SERVICES—3.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—3.5%** | **ENVIRONMENTAL & FACILITIES SERVICES—3.5%** |
| GFL Environmental, Inc. | 38681 | **1951843** |
| **HEALTHCARE EQUIPMENT—1.0%** | **HEALTHCARE EQUIPMENT—1.0%** | **HEALTHCARE EQUIPMENT—1.0%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 1014 | **551018** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.9%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.9%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.9%** |
| Talen Energy Corp.<sup>\*</sup>  | 5413 | **1573938** |
| **INTERACTIVE HOME ENTERTAINMENT—3.9%** | **INTERACTIVE HOME ENTERTAINMENT—3.9%** | **INTERACTIVE HOME ENTERTAINMENT—3.9%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 5757 | 605637 |
| Sea Ltd. ADR<sup>\*</sup>  | 9597 | 1534944 |
|  |  | **2140581** |
| **INTERACTIVE MEDIA & SERVICES—9.6%** | **INTERACTIVE MEDIA & SERVICES—9.6%** | **INTERACTIVE MEDIA & SERVICES—9.6%** |
| Alphabet, Inc., Cl. C | 9476 | 1680948 |
| Meta Platforms, Inc., Cl. A | 4870 | 3594498 |
|  |  | **5275446** |
| **INVESTMENT BANKING & BROKERAGE—2.3%** | **INVESTMENT BANKING & BROKERAGE—2.3%** | **INVESTMENT BANKING & BROKERAGE—2.3%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 13407 | **1255297** |
| **MOVIES & ENTERTAINMENT—4.4%** | **MOVIES & ENTERTAINMENT—4.4%** | **MOVIES & ENTERTAINMENT—4.4%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 10711 | 1119299 |
| Netflix, Inc.<sup>\*</sup>  | 992 | 1328417 |
|  |  | **2447716** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST \| ALGER CONCENTRATED EQUITY ETF**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.0% (CONT.)** | **COMMON STOCKS—100.0% (CONT.)** | **COMMON STOCKS—100.0% (CONT.)** |
| **PHARMACEUTICALS—0.9%** | **PHARMACEUTICALS—0.9%** | **PHARMACEUTICALS—0.9%** |
| Eli Lilly & Co. | 671 | **$523065** |
| **SEMICONDUCTORS—24.0%** | **SEMICONDUCTORS—24.0%** | **SEMICONDUCTORS—24.0%** |
| Astera Labs, Inc.<sup>\*</sup>  | 10293 | 930693 |
| Broadcom, Inc. | 5291 | 1458464 |
| NVIDIA Corp. | 53167 | 8399854 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 10591 | 2398756 |
|  |  | **13187767** |
| **SYSTEMS SOFTWARE—13.9%** | **SYSTEMS SOFTWARE—13.9%** | **SYSTEMS SOFTWARE—13.9%** |
| Microsoft Corp. | 11605 | 5772443 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 34032 | 1882991 |
|  |  | **7655434** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—2.2%** |
| Apple, Inc. | 5972 | **1225275** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—2.0%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—2.0%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—2.0%** |
| Visa, Inc., Cl. A | 3146 | **1116987** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $45,251,252) |  | **55050694** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $45,251,252)** | 100.0% | **$55050694** |
| Unaffiliated Securities (Cost $45,251,252) |  | 55050694 |
| Liabilities in Excess of Other Assets | (0.0)% | (11531) |
| **NET ASSETS** | 100.0% | **$55039163** |

---

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

ADR American Depositary Receipts

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

\* Non-income producing security.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST \| ALGER AI ENABLERS & ADOPTERS ETF**

**Schedule of Investments June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.3%** | **COMMON STOCKS—98.3%** | **COMMON STOCKS—98.3%** |
| **APPLICATION SOFTWARE—4.9%** | **APPLICATION SOFTWARE—4.9%** | **APPLICATION SOFTWARE—4.9%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 9060 | **$** 3171725 |
| Autodesk, Inc.<sup>\*</sup>  | 610 | 188838 |
| Core Scientific, Inc.<sup>\*</sup>  | 8933 | 152486 |
|  |  | **3513049** |
| **AUTOMOBILE MANUFACTURERS—3.7%** | **AUTOMOBILE MANUFACTURERS—3.7%** | **AUTOMOBILE MANUFACTURERS—3.7%** |
| Tesla, Inc.<sup>\*</sup>  | 8291 | **2633719** |
| **BIOTECHNOLOGY—1.1%** | **BIOTECHNOLOGY—1.1%** | **BIOTECHNOLOGY—1.1%** |
| Natera, Inc.<sup>\*</sup>  | 4528 | **764960** |
| **BROADLINE RETAIL—12.2%** | **BROADLINE RETAIL—12.2%** | **BROADLINE RETAIL—12.2%** |
| Amazon.com, Inc.<sup>\*</sup>  | 35886 | 7873030 |
| Global-e Online Ltd.<sup>\*</sup>  | 3988 | 133757 |
| MercadoLibre, Inc.<sup>\*</sup>  | 264 | 689998 |
|  |  | **8696785** |
| **CASINOS & GAMING—0.3%** | **CASINOS & GAMING—0.3%** | **CASINOS & GAMING—0.3%** |
| DraftKings, Inc., Cl. A<sup>\*</sup>  | 4855 | **208231** |
| **CONSUMER STAPLES MERCHANDISE RETAIL—0.2%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.2%** | **CONSUMER STAPLES MERCHANDISE RETAIL—0.2%** |
| Walmart, Inc. | 1312 | **128287** |
| **DIVERSIFIED BANKS—0.7%** | **DIVERSIFIED BANKS—0.7%** | **DIVERSIFIED BANKS—0.7%** |
| JPMorgan Chase & Co. | 1758 | **509662** |
| **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** |
| Constellation Energy Corp. | 2898 | **935358** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.6%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.6%** |
| Eaton Corp. PLC | 1013 | 361631 |
| Vertiv Holdings Co., Cl. A | 11604 | 1490069 |
|  |  | **1851700** |
| **ELECTRONIC COMPONENTS—0.5%** | **ELECTRONIC COMPONENTS—0.5%** | **ELECTRONIC COMPONENTS—0.5%** |
| Coherent Corp.<sup>\*</sup>  | 4375 | **390294** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.6%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.6%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—0.6%** |
| Itron, Inc.<sup>\*</sup>  | 3236 | **425955** |
| **ENVIRONMENTAL & FACILITIES SERVICES—1.9%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.9%** | **ENVIRONMENTAL & FACILITIES SERVICES—1.9%** |
| GFL Environmental, Inc. | 27122 | **1368576** |
| **FINANCIAL EXCHANGES & DATA—0.1%** | **FINANCIAL EXCHANGES & DATA—0.1%** | **FINANCIAL EXCHANGES & DATA—0.1%** |
| S&P Global, Inc. | 137 | **72239** |
| **HEALTHCARE EQUIPMENT—0.5%** | **HEALTHCARE EQUIPMENT—0.5%** | **HEALTHCARE EQUIPMENT—0.5%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 633 | **343979** |
| **HOTELS RESORTS & CRUISE LINES—0.2%** | **HOTELS RESORTS & CRUISE LINES—0.2%** | **HOTELS RESORTS & CRUISE LINES—0.2%** |
| Trip.com Group Ltd. ADR | 2312 | **135576** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—8.1%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—8.1%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—8.1%** |
| Talen Energy Corp.<sup>\*</sup>  | 10065 | 2926600 |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST \| ALGER AI ENABLERS & ADOPTERS ETF**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.3% (CONT.)** | **COMMON STOCKS—98.3% (CONT.)** | **COMMON STOCKS—98.3% (CONT.)** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—8.1% (CONT.)** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—8.1% (CONT.)** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—8.1% (CONT.)** |
| Vistra Corp. | 14910 | **$** 2889707 |
|  |  | **5816307** |
| **INTERACTIVE HOME ENTERTAINMENT—3.4%** | **INTERACTIVE HOME ENTERTAINMENT—3.4%** | **INTERACTIVE HOME ENTERTAINMENT—3.4%** |
| Roblox Corp., Cl. A<sup>\*</sup>  | 8983 | 945012 |
| Sea Ltd. ADR<sup>\*</sup>  | 9318 | 1490321 |
|  |  | **2435333** |
| **INTERACTIVE MEDIA & SERVICES—10.6%** | **INTERACTIVE MEDIA & SERVICES—10.6%** | **INTERACTIVE MEDIA & SERVICES—10.6%** |
| Alphabet, Inc., Cl. C | 11102 | 1969384 |
| Meta Platforms, Inc., Cl. A | 7275 | 5369605 |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 7635 | 273791 |
|  |  | **7612780** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.3%** | **INTERNET SERVICES & INFRASTRUCTURE—1.3%** | **INTERNET SERVICES & INFRASTRUCTURE—1.3%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 1099 | 215217 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 1871 | 215820 |
| Snowflake, Inc., Cl. A<sup>\*</sup>  | 2328 | 520937 |
|  |  | **951974** |
| **INVESTMENT BANKING & BROKERAGE—2.2%** | **INVESTMENT BANKING & BROKERAGE—2.2%** | **INVESTMENT BANKING & BROKERAGE—2.2%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 16710 | **1564557** |
| **MOVIES & ENTERTAINMENT—4.0%** | **MOVIES & ENTERTAINMENT—4.0%** | **MOVIES & ENTERTAINMENT—4.0%** |
| Netflix, Inc.<sup>\*</sup>  | 1235 | 1653825 |
| Spotify Technology SA<sup>\*</sup>  | 1552 | 1190912 |
|  |  | **2844737** |
| **PASSENGER AIRLINES—0.3%** | **PASSENGER AIRLINES—0.3%** | **PASSENGER AIRLINES—0.3%** |
| United Airlines Holdings, Inc.<sup>\*</sup>  | 2438 | **194138** |
| **RESTAURANTS—0.4%** | **RESTAURANTS—0.4%** | **RESTAURANTS—0.4%** |
| DoorDash, Inc., Cl. A<sup>\*</sup>  | 1027 | **253166** |
| **SEMICONDUCTORS—23.1%** | **SEMICONDUCTORS—23.1%** | **SEMICONDUCTORS—23.1%** |
| Astera Labs, Inc.<sup>\*</sup>  | 6911 | 624893 |
| Broadcom, Inc. | 5775 | 1591879 |
| indie Semiconductor, Inc., Cl. A<sup>\*</sup>  | 51004 | 181574 |
| Marvell Technology, Inc. | 2846 | 220280 |
| Micron Technology, Inc. | 1085 | 133726 |
| NVIDIA Corp. | 68135 | 10764649 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 13284 | 3008693 |
|  |  | **16525694** |
| **SYSTEMS SOFTWARE—13.5%** | **SYSTEMS SOFTWARE—13.5%** | **SYSTEMS SOFTWARE—13.5%** |
| Microsoft Corp. | 15337 | 7628777 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 31740 | 1756174 |
| Oracle Corp. | 1185 | 259077 |
| ServiceNow, Inc.<sup>\*</sup>  | 43 | 44207 |
|  |  | **9688235** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST \| ALGER AI ENABLERS & ADOPTERS ETF**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—98.3% (CONT.)** | **COMMON STOCKS—98.3% (CONT.)** | **COMMON STOCKS—98.3% (CONT.)** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—0.6%** |
| Apple, Inc. | 2079 | **$426548** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $60,035,867) |  | **70291839** |
| **PREFERRED STOCKS—2.1%** | **PREFERRED STOCKS—2.1%** | **PREFERRED STOCKS—2.1%** |
| **APPLICATION SOFTWARE—2.1%** | **APPLICATION SOFTWARE—2.1%** | **APPLICATION SOFTWARE—2.1%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 5152 | 614067 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 51208 | 881290 |
|  |  | **1495357** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,357,850) |  | **1495357** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $61,393,717)** | 100.4% | **$71787196** |
| Unaffiliated Securities (Cost $61,393,717) |  | 71787196 |
| Liabilities in Excess of Other Assets | (0.4)% | (290666) |
| **NET ASSETS** | 100.0% | **$71496530** |

---

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

ADR American Depositary Receipts

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

---

| | |
|:---|:---|
| (a) | Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures <br> approved by the Board of Trustees.<br>|
| \* | Non-income producing security. |
| @ | Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the <br> investment may be restricted only to qualified buyers.<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>6/30/2025<br>|
| Databricks, Inc., Series J | 12/17/24 | $476560 | $614067 | 0.9% |
| SB Technology, Inc., Series E | 10/23/24 | 881290 | 881290 | 1.2% |
| Total |  | $1357850 | $1495357 | 2.1% |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST \| ALGER RUSSELL INNOVATION ETF**

**Schedule of Investments June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.0%** | **COMMON STOCKS—100.0%** | **COMMON STOCKS—100.0%** |
| **ADVERTISING—2.0%** | **ADVERTISING—2.0%** | **ADVERTISING—2.0%** |
| DoubleVerify Holdings, Inc.<sup>\*</sup>  | 16558 | **$247873** |
| **APPLICATION SOFTWARE—18.3%** | **APPLICATION SOFTWARE—18.3%** | **APPLICATION SOFTWARE—18.3%** |
| Atlassian Corp., Cl. A<sup>\*</sup>  | 1229 | 249598 |
| BILL Holdings, Inc.<sup>\*</sup>  | 5644 | 261092 |
| Dropbox, Inc., Cl. A<sup>\*</sup>  | 8726 | 249564 |
| Elastic NV<sup>\*</sup>  | 2977 | 251050 |
| Pegasystems, Inc. | 4872 | 263721 |
| RingCentral, Inc., Cl. A<sup>\*</sup>  | 9220 | 261387 |
| Unity Software, Inc.<sup>\*</sup>  | 10217 | 247251 |
| Workday, Inc., Cl. A<sup>\*</sup>  | 990 | 237600 |
| Zoom Communications, Inc.<sup>\*</sup>  | 3167 | 246963 |
|  |  | **2268226** |
| **AUTOMOTIVE PARTS & EQUIPMENT—2.0%** | **AUTOMOTIVE PARTS & EQUIPMENT—2.0%** | **AUTOMOTIVE PARTS & EQUIPMENT—2.0%** |
| Gentex Corp. | 11227 | **246882** |
| **BIOTECHNOLOGY—12.0%** | **BIOTECHNOLOGY—12.0%** | **BIOTECHNOLOGY—12.0%** |
| Biogen, Inc.<sup>\*</sup>  | 1860 | 233598 |
| BioMarin Pharmaceutical, Inc.<sup>\*</sup>  | 4331 | 238075 |
| Exelixis, Inc.<sup>\*</sup>  | 5975 | 263348 |
| Neurocrine Biosciences, Inc.<sup>\*</sup>  | 1994 | 250626 |
| Regeneron Pharmaceuticals, Inc. | 477 | 250425 |
| United Therapeutics Corp.<sup>\*</sup>  | 895 | 257178 |
|  |  | **1493250** |
| **BROADLINE RETAIL—3.6%** | **BROADLINE RETAIL—3.6%** | **BROADLINE RETAIL—3.6%** |
| eBay, Inc. | 3179 | 236708 |
| Etsy, Inc.<sup>\*</sup>  | 4112 | 206258 |
|  |  | **442966** |
| **ELECTRONIC MANUFACTURING SERVICES—2.0%** | **ELECTRONIC MANUFACTURING SERVICES—2.0%** | **ELECTRONIC MANUFACTURING SERVICES—2.0%** |
| IPG Photonics Corp.<sup>\*</sup>  | 3642 | **250023** |
| **FOOD RETAIL—2.0%** | **FOOD RETAIL—2.0%** | **FOOD RETAIL—2.0%** |
| Maplebear, Inc.<sup>\*</sup>  | 5605 | **253570** |
| **HOTELS RESORTS & CRUISE LINES—1.9%** | **HOTELS RESORTS & CRUISE LINES—1.9%** | **HOTELS RESORTS & CRUISE LINES—1.9%** |
| Expedia Group, Inc. | 1428 | **240875** |
| **INTERACTIVE HOME ENTERTAINMENT—2.2%** | **INTERACTIVE HOME ENTERTAINMENT—2.2%** | **INTERACTIVE HOME ENTERTAINMENT—2.2%** |
| Electronic Arts, Inc. | 1676 | **267657** |
| **INTERACTIVE MEDIA & SERVICES—6.0%** | **INTERACTIVE MEDIA & SERVICES—6.0%** | **INTERACTIVE MEDIA & SERVICES—6.0%** |
| Match Group, Inc. | 7849 | 242455 |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 7124 | 255467 |
| ZoomInfo Technologies, Inc.<sup>\*</sup>  | 24176 | 244661 |
|  |  | **742583** |
| **INTERNET SERVICES & INFRASTRUCTURE—4.1%** | **INTERNET SERVICES & INFRASTRUCTURE—4.1%** | **INTERNET SERVICES & INFRASTRUCTURE—4.1%** |
| Okta, Inc.<sup>\*</sup>  | 2465 | 246426 |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST \| ALGER RUSSELL INNOVATION ETF**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.0% (CONT.)** | **COMMON STOCKS—100.0% (CONT.)** | **COMMON STOCKS—100.0% (CONT.)** |
| **INTERNET SERVICES & INFRASTRUCTURE—4.1% (CONT.)** | **INTERNET SERVICES & INFRASTRUCTURE—4.1% (CONT.)** | **INTERNET SERVICES & INFRASTRUCTURE—4.1% (CONT.)** |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 2095 | **$** 260534 |
|  |  | **506960** |
| **LIFE SCIENCES TOOLS & SERVICES—4.3%** | **LIFE SCIENCES TOOLS & SERVICES—4.3%** | **LIFE SCIENCES TOOLS & SERVICES—4.3%** |
| Bio-Rad Laboratories, Inc., Cl. A<sup>\*</sup>  | 1075 | 259419 |
| Illumina, Inc.<sup>\*</sup>  | 2828 | 269820 |
|  |  | **529239** |
| **PASSENGER GROUND TRANSPORTATION—2.0%** | **PASSENGER GROUND TRANSPORTATION—2.0%** | **PASSENGER GROUND TRANSPORTATION—2.0%** |
| Lyft, Inc., Cl. A<sup>\*</sup>  | 15910 | **250742** |
| **PHARMACEUTICALS—11.6%** | **PHARMACEUTICALS—11.6%** | **PHARMACEUTICALS—11.6%** |
| Bristol-Myers Squibb Co. | 4936 | 228488 |
| Jazz Pharmaceuticals PLC<sup>\*</sup>  | 2240 | 237709 |
| Johnson & Johnson | 1595 | 243636 |
| Merck & Co., Inc. | 3082 | 243971 |
| Organon & Co. | 24560 | 237741 |
| Pfizer, Inc. | 10113 | 245139 |
|  |  | **1436684** |
| **REAL ESTATE SERVICES—2.0%** | **REAL ESTATE SERVICES—2.0%** | **REAL ESTATE SERVICES—2.0%** |
| Zillow Group, Inc., Cl. C<sup>\*</sup>  | 3481 | **243844** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.8%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.8%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—3.8%** |
| Enphase Energy, Inc.<sup>\*</sup>  | 5467 | 216766 |
| Teradyne, Inc. | 2853 | 256542 |
|  |  | **473308** |
| **SEMICONDUCTORS—8.1%** | **SEMICONDUCTORS—8.1%** | **SEMICONDUCTORS—8.1%** |
| Cirrus Logic, Inc.<sup>\*</sup>  | 2411 | 251359 |
| Qorvo, Inc.<sup>\*</sup>  | 2996 | 254390 |
| QUALCOMM, Inc. | 1552 | 247172 |
| Skyworks Solutions, Inc. | 3396 | 253070 |
|  |  | **1005991** |
| **SYSTEMS SOFTWARE—5.9%** | **SYSTEMS SOFTWARE—5.9%** | **SYSTEMS SOFTWARE—5.9%** |
| Dolby Laboratories, Inc., Cl. A | 3290 | 244315 |
| Teradata Corp.<sup>\*</sup>  | 11156 | 248890 |
| UiPath, Inc., Cl. A<sup>\*</sup>  | 19087 | 244314 |
|  |  | **737519** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.2%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—4.2%** |
| NetApp, Inc. | 2412 | 256999 |
| Pure Storage, Inc., Cl. A<sup>\*</sup>  | 4506 | 259455 |
|  |  | **516454** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST \| ALGER RUSSELL INNOVATION ETF**

**Schedule of Investments June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.0% (CONT.)** | **COMMON STOCKS—100.0% (CONT.)** | **COMMON STOCKS—100.0% (CONT.)** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—2.0%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—2.0%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—2.0%** |
| PayPal Holdings, Inc.<sup>\*</sup>  | 3318 | **$246594** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $13,207,410) |  | **12401240** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $13,207,410)** | 100.0% | **$12401240** |
| Unaffiliated Securities (Cost $13,207,410) |  | 12401240 |
| Liabilities in Excess of Other Assets | (0.0)% | (5105) |
| **NET ASSETS** | 100.0% | **$12396135** |

---

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

\* Non-income producing security.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Assets and Liabilities June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger 35 ETF** | &nbsp;&nbsp; **Alger Mid Cap** <br> **40 ETF**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $34047467 | &nbsp;&nbsp; $100004098 |
| Receivable for investment securities sold |  | &nbsp;&nbsp; — |
| Dividends and interest receivable | 4697 | &nbsp;&nbsp; 18750 |
| Receivable from Investment Manager | 53956 | &nbsp;&nbsp; 133935 |
| Prepaid expenses | 6596 | &nbsp;&nbsp; 6596 |
| Total Assets | 34112716 | &nbsp;&nbsp; 100163379 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased |  | &nbsp;&nbsp; — |
| Bank overdraft | 487426 | &nbsp;&nbsp; — |
| Accrued investment advisory fees | 11979 | &nbsp;&nbsp; 39668 |
| Accrued transfer agent fees | 19466 | &nbsp;&nbsp; 19434 |
| Accrued fund accounting fees | 8678 | &nbsp;&nbsp; 10104 |
| Accrued professional fees | 7677 | &nbsp;&nbsp; 3104 |
| Accrued printing fees | 3833 | &nbsp;&nbsp; 7444 |
| Accrued custodian fees | 2426 | &nbsp;&nbsp; 5649 |
| Accrued other expenses | 15219 | &nbsp;&nbsp; 21797 |
| Total Liabilities | 556704 | &nbsp;&nbsp; 107200 |
| **NET ASSETS** | **$33556012** | &nbsp;&nbsp; **$100056179** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 23577332 | &nbsp;&nbsp; 101129630 |
| Distributable earnings (Distributions in excess of <br> earnings)<br>| 9978680 | &nbsp;&nbsp; (1073451)<br>|
| **NET ASSETS** | **$33556012** | &nbsp;&nbsp; **$100056179** |
| \* Identified cost | $24806194 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $76429543 <br><sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Assets and Liabilities June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger 35 ETF** | &nbsp;&nbsp; **Alger Mid Cap** <br> **40 ETF**<br>|
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING** <br>**— Note 6:**<br>| 1137500 | &nbsp;&nbsp; 5200000 |
| **NET ASSET VALUE PER SHARE:** | $29.50 | &nbsp;&nbsp; $19.24 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 June 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $25,055,119,
 amounted to $8,992,348, which consisted of aggregate gross unrealized appreciation of $9,250,586, and
 aggregate gross unrealized depreciation of $258,238.

&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 June 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $76,712,283,
 amounted to $23,291,815, which consisted of aggregate gross unrealized appreciation of $24,404,543, and
 aggregate gross unrealized depreciation of $1,112,728.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Assets and Liabilities June 30, 2025 (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Weatherbie** <br>**Enduring Growth** <br> **ETF**<br>| &nbsp;&nbsp; **Alger Concentrated** <br> **Equity ETF**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $5098997 | &nbsp;&nbsp; $55050694 |
| Receivable for investment securities sold | 7298 | &nbsp;&nbsp; — |
| Dividends and interest receivable | 1388 | &nbsp;&nbsp; 8880 |
| Receivable from Investment Manager | 15660 | &nbsp;&nbsp; 44617 |
| Prepaid expenses | 6596 | &nbsp;&nbsp; 6596 |
| Total Assets | 5129939 | &nbsp;&nbsp; 55110787 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 27201 | &nbsp;&nbsp; — |
| Bank overdraft |  | &nbsp;&nbsp; 14891 |
| Accrued investment advisory fees | 2311 | &nbsp;&nbsp; 16765 |
| Accrued transfer agent fees | 19406 | &nbsp;&nbsp; 19473 |
| Accrued fund accounting fees | 7673 | &nbsp;&nbsp; 5362 |
| Accrued professional fees | 9590 | &nbsp;&nbsp; 5604 |
| Accrued printing fees | 2095 | &nbsp;&nbsp; 76 |
| Accrued custodian fees | 1102 | &nbsp;&nbsp; 4057 |
| Accrued other expenses | 10918 | &nbsp;&nbsp; 5396 |
| Total Liabilities | 80296 | &nbsp;&nbsp; 71624 |
| **NET ASSETS** | **$5049643** | &nbsp;&nbsp; **$55039163** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 4127488 | &nbsp;&nbsp; 46300262 |
| Distributable earnings (Distributions in excess of <br> earnings)<br>| 922155 | &nbsp;&nbsp; 8738901 |
| **NET ASSETS** | **$5049643** | &nbsp;&nbsp; **$55039163** |
| \* Identified cost | $3931195 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $45251252 <br><sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Assets and Liabilities June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Weatherbie**<br> **Enduring Growth** <br> **ETF**<br>| &nbsp;&nbsp; **Alger Concentrated** <br> **Equity ETF**<br>|
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING** <br>**— Note 6:**<br>| 212500 | &nbsp;&nbsp; 1862500 |
| **NET ASSET VALUE PER SHARE:** | $23.76 | &nbsp;&nbsp; $29.55 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 June 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $3,932,852,
 amounted to $1,166,145, which consisted of aggregate gross unrealized appreciation of $1,218,259, and aggregate
 gross unrealized depreciation of $52,114.

&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 June 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $45,308,322,
 amounted to $9,742,372, which consisted of aggregate gross unrealized appreciation of $9,813,517, and
 aggregate gross unrealized depreciation of $71,145.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Assets and Liabilities June 30, 2025 (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger AI Enablers &** <br> **Adopters ETF**<br>| &nbsp;&nbsp; **Alger** <br> **Russell Innovation** <br> **ETF**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $71787196 | &nbsp;&nbsp; $12401240 |
| Cash |  | &nbsp;&nbsp; 6054 |
| Receivable for investment securities sold | 299976 | &nbsp;&nbsp; — |
| Dividends and interest receivable | 8324 | &nbsp;&nbsp; 7076 |
| Receivable from Investment Manager | 53715 | &nbsp;&nbsp; 19038 |
| Prepaid expenses | 6596 | &nbsp;&nbsp; 5038 |
| Total Assets | 72155807 | &nbsp;&nbsp; 12438446 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 383237 | &nbsp;&nbsp; — |
| Bank overdraft | 213828 | &nbsp;&nbsp; — |
| Accrued investment advisory fees | 18633 | &nbsp;&nbsp; 4559 |
| Accrued transfer agent fees | 19478 | &nbsp;&nbsp; 17148 |
| Accrued fund accounting fees | 5433 | &nbsp;&nbsp; 4250 |
| Accrued professional fees | 4635 | &nbsp;&nbsp; 8527 |
| Accrued printing fees | 28 | &nbsp;&nbsp; 161 |
| Accrued custodian fees | 9201 | &nbsp;&nbsp; 3727 |
| Accrued other expenses | 4804 | &nbsp;&nbsp; 3939 |
| Total Liabilities | 659277 | &nbsp;&nbsp; 42311 |
| **NET ASSETS** | **$71496530** | &nbsp;&nbsp; **$12396135** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 62745876 | &nbsp;&nbsp; 13520170 |
| Distributable earnings (Distributions in excess of <br> earnings)<br>| 8750654 | &nbsp;&nbsp; (1124035)<br>|
| **NET ASSETS** | **$71496530** | &nbsp;&nbsp; **$12396135** |
| \* Identified cost | $61393717 <br><sup>(e)</sup><br>| &nbsp;&nbsp; $13207410 <br><sup>(f)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Assets and Liabilities June 30, 2025 (Unaudited) (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger AI Enablers &** <br> **Adopters ETF**<br>| &nbsp;&nbsp; **Alger** <br> **Russell Innovation** <br> **ETF**<br>|
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING** <br>**— Note 6:**<br>| 2325000 | &nbsp;&nbsp; 650000 |
| **NET ASSET VALUE PER SHARE:** | $30.75 | &nbsp;&nbsp; $19.07 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) At
 June 30, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $61,592,110,
 amounted to $10,195,086, which consisted of aggregate gross unrealized appreciation of $10,427,461, and
 aggregate gross unrealized depreciation of $232,375.

&nbsp;&nbsp;&nbsp;&nbsp;(f) At
 June 30, 2025, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $13,207,410,
 amounted to $806,170, which consisted of aggregate gross unrealized appreciation of $256,086, and aggregate
 gross unrealized depreciation of $1,062,256.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Operations for the six months ended June 30, 2025 (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger 35 ETF** | &nbsp;&nbsp; **Alger Mid Cap** <br> **40 ETF**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $30938 | &nbsp;&nbsp; $101929 |
| Interest | 6745 | &nbsp;&nbsp; 118188 |
| Total Income | 37683 | &nbsp;&nbsp; 220117 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 65576 | &nbsp;&nbsp; 208974 |
| Professional fees | 54518 | &nbsp;&nbsp; 133274 |
| Transfer agent fees | 16974 | &nbsp;&nbsp; 17693 |
| Printing fees | 8613 | &nbsp;&nbsp; 17293 |
| Fund accounting fees | 6320 | &nbsp;&nbsp; 8565 |
| Tax expense | 3720 | &nbsp;&nbsp; 3720 |
| Licensing fees | 2904 | &nbsp;&nbsp; 2904 |
| Custodian fees | 2812 | &nbsp;&nbsp; 9054 |
| Interest expense — Note 3  | 2230 | &nbsp;&nbsp; — |
| Registration fees | 1953 | &nbsp;&nbsp; 5226 |
| Trustee fees — Note 3  | 1084 | &nbsp;&nbsp; 3204 |
| Other expenses | 10286 | &nbsp;&nbsp; 17791 |
| Total Expenses | 176990 | &nbsp;&nbsp; 427698 |
| Less expense reimbursements/waivers — Note 3  | (94610)<br>| &nbsp;&nbsp; (176898)<br>|
| Net Expenses | 82380 | &nbsp;&nbsp; 250800 |
| **NET INVESTMENT (LOSS)** | **(44697)**<br>| &nbsp;&nbsp; **(30683)**<br>|
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized (loss) on unaffiliated investments | (172943)<br>| &nbsp;&nbsp; (11754667)<br>|
| Net realized gain on in-kind transactions | 3423527 | &nbsp;&nbsp; 2503048 |
| Net realized (loss) on foreign currency transactions | (422)<br>| &nbsp;&nbsp; — |
| Net realized gain (loss) on investments and foreign <br> currency<br>| 3250162 | &nbsp;&nbsp; (9251619)<br>|
| Net change in unrealized appreciation on unaffiliated <br> investments<br>| 926292 | &nbsp;&nbsp; 11474738 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 4176454 | &nbsp;&nbsp; 2223119 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$4131757** | &nbsp;&nbsp; **$2192436** |
| \* Foreign withholding taxes | $1366 | &nbsp;&nbsp; $310 |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Operations for the six months ended June 30, 2025 (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Weatherbie** <br>**Enduring Growth** <br> **ETF**<br>| &nbsp;&nbsp; **Alger Concentrated** <br> **Equity ETF**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $5506 | &nbsp;&nbsp; $45178 |
| Interest | 4242 | &nbsp;&nbsp; 8147 |
| Total Income | 9748 | &nbsp;&nbsp; 53325 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 13570 | &nbsp;&nbsp; 61079 |
| Professional fees | 16536 | &nbsp;&nbsp; 44698 |
| Transfer agent fees | 16555 | &nbsp;&nbsp; 17028 |
| Printing fees | 2131 | &nbsp;&nbsp; 2854 |
| Fund accounting fees | 4856 | &nbsp;&nbsp; 6473 |
| Tax expense | 3720 | &nbsp;&nbsp; 3720 |
| Licensing fees | 2904 | &nbsp;&nbsp; 2904 |
| Custodian fees | 1108 | &nbsp;&nbsp; 3963 |
| Interest expense — Note 3  |  | &nbsp;&nbsp; 476 |
| Registration fees | 115 | &nbsp;&nbsp; 2373 |
| Trustee fees — Note 3  | 188 | &nbsp;&nbsp; 880 |
| Other expenses | 6434 | &nbsp;&nbsp; 1241 |
| Total Expenses | 68117 | &nbsp;&nbsp; 147689 |
| Less expense reimbursements/waivers — Note 3  | (52079)<br>| &nbsp;&nbsp; (72568)<br>|
| Net Expenses | 16038 | &nbsp;&nbsp; 75121 |
| **NET INVESTMENT (LOSS)** | **(6290)**<br>| &nbsp;&nbsp; **(21796)**<br>|
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized (loss) on unaffiliated investments | (365711)<br>| &nbsp;&nbsp; (1094482)<br>|
| Net change in unrealized appreciation on unaffiliated <br> investments<br>| 123236 | &nbsp;&nbsp; 7111302 |
| Net realized and unrealized gain (loss) on investments and <br> foreign currency<br>| (242475)<br>| &nbsp;&nbsp; 6016820 |
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS**<br>| **$(248765)**<br>| &nbsp;&nbsp; **$5995024** |
| \* Foreign withholding taxes | $564 | &nbsp;&nbsp; $2484 |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Operations for the six months ended June 30, 2025 (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger AI Enablers &** <br> **Adopters ETF**<br>| &nbsp;&nbsp; **Alger** <br> **Russell Innovation** <br> **ETF** <br>**From January 6, 2025** <br>**(commencement of** <br>**operations) to** <br>**June 30, 2025**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $51811 | &nbsp;&nbsp; $58351 |
| Interest | 7625 | &nbsp;&nbsp; 419 |
| Total Income | 59436 | &nbsp;&nbsp; 58770 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 74370 | &nbsp;&nbsp; 22863 |
| Professional fees | 50707 | &nbsp;&nbsp; 19639 |
| Transfer agent fees | 17101 | &nbsp;&nbsp; 17271 |
| Printing fees | 3370 | &nbsp;&nbsp; 3399 |
| Fund accounting fees | 6768 | &nbsp;&nbsp; 4250 |
| Tax expense | 3720 | &nbsp;&nbsp; 3634 |
| Licensing fees | 2904 | &nbsp;&nbsp; 2904 |
| Custodian fees | 10405 | &nbsp;&nbsp; 3727 |
| Interest expense — Note 3  | 5716 | &nbsp;&nbsp; 76 |
| Registration fees | 3385 | &nbsp;&nbsp; — |
| Trustee fees — Note 3  | 1159 | &nbsp;&nbsp; 438 |
| Other expenses | 3364 | &nbsp;&nbsp; 1397 |
| Total Expenses | 182969 | &nbsp;&nbsp; 79598 |
| Less expense reimbursements/waivers — Note 3  | (86321)<br>| &nbsp;&nbsp; (51572)<br>|
| Net Expenses | 96648 | &nbsp;&nbsp; 28026 |
| **NET INVESTMENT INCOME (LOSS)** | **(37212)**<br>| &nbsp;&nbsp; **30744** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized (loss) on unaffiliated investments | (1935082)<br>| &nbsp;&nbsp; (396555)<br>|
| Net realized gain on in-kind transactions | 211130 | &nbsp;&nbsp; 47946 |
| Net realized (loss) on foreign currency transactions | (101)<br>| &nbsp;&nbsp; — |
| Net realized (loss) on investments and foreign currency | (1724053)<br>| &nbsp;&nbsp; (348609)<br>|
| Net change in unrealized appreciation (depreciation) on <br> unaffiliated investments<br>| 7975894 | &nbsp;&nbsp; (806170)<br>|
| Net realized and unrealized gain (loss) on investments and <br> foreign currency<br>| 6251841 | &nbsp;&nbsp; (1154779)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS** <br> **RESULTING FROM OPERATIONS**<br>| **$6214629** | &nbsp;&nbsp; **$(1124035)**<br>|
| \* Foreign withholding taxes | $1747 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Changes in Net Assets (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger 35 ETF** | **Alger 35 ETF** |
|  | For the <br>Six Months Ended <br>June 30, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment (loss) | $(44697)<br>| &nbsp;&nbsp; $(32505)<br>|
| Net realized gain on investments and foreign currency | 3250162 | &nbsp;&nbsp; 2282068 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 926292 | &nbsp;&nbsp; 5983942 |
| Net increase in net assets resulting from operations | 4131757 | &nbsp;&nbsp; 8233505 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; (53040)<br>|
| Net increase (decrease) from shares of beneficial interest <br> transactions — Note 6 <br>| (3553030)<br>| &nbsp;&nbsp; 11819676 |
| Total increase | 578727 | &nbsp;&nbsp; 20000141 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 32977285 | &nbsp;&nbsp; 12977144 |
| **END OF PERIOD** | **$33556012** | &nbsp;&nbsp; **$32977285** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap 40 ETF** | **Alger Mid Cap 40 ETF** |
|  | For the <br>Six Months Ended <br>June 30, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment income (loss) | $(30683)<br>| &nbsp;&nbsp; $68527 |
| Net realized gain (loss) on investments and foreign currency | (9251619)<br>| &nbsp;&nbsp; 5459434 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 11474738 | &nbsp;&nbsp; 7126106 |
| Net increase in net assets resulting from operations | 2192436 | &nbsp;&nbsp; 12654067 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Income distributions |  | &nbsp;&nbsp; (34808)<br>|
| Return of capital |  | &nbsp;&nbsp; (36708)<br>|
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; (71516)<br>|
| Net increase from shares of beneficial interest <br> transactions — Note 6 <br>| 24627074 | &nbsp;&nbsp; 32602100 |
| Total increase | 26819510 | &nbsp;&nbsp; 45184651 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 73236669 | &nbsp;&nbsp; 28052018 |
| **END OF PERIOD** | **$100056179** | &nbsp;&nbsp; **$73236669** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Weatherbie Enduring Growth ETF** | **Alger Weatherbie Enduring Growth ETF** |
|  | For the <br>Six Months Ended <br>June 30, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment income (loss) | $(6290)<br>| &nbsp;&nbsp; $24700 |
| Net realized gain (loss) on investments and foreign currency | (365711)<br>| &nbsp;&nbsp; 394553 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 123236 | &nbsp;&nbsp; 342491 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| (248765)<br>| &nbsp;&nbsp; 761744 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; (182552)<br>|
| Net increase from shares of beneficial interest <br> transactions — Note 6 <br>|  | &nbsp;&nbsp; 305869 |
| Total increase (decrease) | (248765)<br>| &nbsp;&nbsp; 885061 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 5298408 | &nbsp;&nbsp; 4413347 |
| **END OF PERIOD** | **$5049643** | &nbsp;&nbsp; **$5298408** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Concentrated Equity ETF** | **Alger Concentrated Equity ETF** |
|  | For the <br>Six Months Ended <br>June 30, 2025<br>| &nbsp;&nbsp; From April 4, 2024 <br>(commencement of <br>operations) to <br>December 31, 2024<br>|
| Net investment (loss) | $(21796)<br>| &nbsp;&nbsp; $(7533)<br>|
| Net realized gain (loss) on investments and foreign currency | (1094482)<br>| &nbsp;&nbsp; 89484 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 7111302 | &nbsp;&nbsp; 2688140 |
| Net increase in net assets resulting from operations | 5995024 | &nbsp;&nbsp; 2770091 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; (26214)<br>|
| Net increase from shares of beneficial interest <br> transactions — Note 6 <br>| 31907174 | &nbsp;&nbsp; 14393088 |
| Total increase | 37902198 | &nbsp;&nbsp; 17136965 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 17136965 | &nbsp;&nbsp; — |
| **END OF PERIOD** | **$55039163** | &nbsp;&nbsp; **$17136965** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger AI Enablers & Adopters ETF** | **Alger AI Enablers & Adopters ETF** |
|  | For the <br>Six Months Ended <br>June 30, 2025<br>| &nbsp;&nbsp; From April 4, 2024 <br>(commencement of <br>operations) to <br>December 31, 2024<br>|
| Net investment (loss) | $(37212)<br>| &nbsp;&nbsp; $(2388)<br>|
| Net realized gain (loss) on investments and foreign currency | (1724053)<br>| &nbsp;&nbsp; 255097 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 7975894 | &nbsp;&nbsp; 2417585 |
| Net increase in net assets resulting from operations | 6214629 | &nbsp;&nbsp; 2670294 |
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Total dividends and distributions to shareholders |  | &nbsp;&nbsp; (134269)<br>|
| Net increase from shares of beneficial interest <br> transactions — Note 6 <br>| 41704313 | &nbsp;&nbsp; 21041563 |
| Total increase | 47918942 | &nbsp;&nbsp; 23577588 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 23577588 | &nbsp;&nbsp; — |
| **END OF PERIOD** | **$71496530** | &nbsp;&nbsp; **$23577588** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Changes in Net Assets (Unaudited) (Continued)**

------

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

---

| | |
|:---|:---|
|  | **Alger** <br> **Russell Innovation** <br> **ETF**<br>|
|  | From January 6, 2025 <br>(commencement of <br>operations) to <br>June 30, 2025<br>|
| Net investment income | $30744 |
| Net realized (loss) on investments and foreign currency | (348609)<br>|
| Net change in unrealized (depreciation) on investments and foreign currency | (806170)<br>|
| Net decrease in net assets resulting from operations | (1124035)<br>|
| Net dividends and distributions to shareholders: | Net dividends and distributions to shareholders: |
| Total dividends and distributions to shareholders |  |
| Net increase from shares of beneficial interest transactions — Note 6  | 13520170 |
| Total increase | 12396135 |
| Net Assets: | Net Assets: |
| Beginning of period |  |
| **END OF PERIOD** | **$12396135** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger 35 ETF** |  |  |  |  |  |
|  | Six Months <br> Ended <br>6/30/2025<sup>(a)</sup> <br>| Year Ended <br>12/31/2024<br>| Year Ended <br>12/31/2023<br>| Year Ended <br>12/31/2022<br>| From 5/3/2021 <br>(commencement <br>of operations) to <br>12/31/2021<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $25.37 | $17.30 | $13.07 | $20.40 | $20.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.04) | (0.03) | (0.01) | 0.01 | (0.04) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 4.17 | 8.14 | 4.24 | (7.33) | 0.44 |
| Total from investment operations | 4.13 | 8.11 | 4.23 | (7.32) | 0.40 |
| Dividends from net investment income |  | (0.04) | — <br><sup>(c)</sup><br>| (0.01) |  |
| Net asset value, end of period | $29.50 | $25.37 | $17.30 | $13.07 | $20.40 |
| Total return | 16.28<br> %<br>| 46.89<br> %<br>| 32.38<br> %<br>| (35.90)<br> %<br>| 2.00<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $33556 | $32977 | $12977 | $8983 | $13517 |
| Ratio of gross expenses to average net <br> assets<br>| 1.21<br> %<br>| 1.23<br> %<br>| 1.60<br> %<br>| 1.83<br> %<br>| 1.85<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.64)<br> %<br>| (0.68)<br> %<br>| (1.05)<br> %<br>| (1.28)<br> %<br>| (1.30)<br> %<br>|
| Ratio of net expenses to average net assets | 0.57<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (0.29)<br> %<br>| (0.15)<br> %<br>| (0.10)<br> %<br>| 0.08<br> %<br>| (0.28)<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> <br>| 103.74<br> %<br>| 219.07<br> %<br>| 414.20<br> %<br>| 187.01<br> %<br>| 99.20<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap 40 ETF** |  |  |  |  |  |
|  | Six Months <br> Ended <br>6/30/2025<sup>(a)</sup> <br>| Year Ended <br>12/31/2024<br>| Year Ended <br>12/31/2023<br>| Year Ended <br>12/31/2022<br>| From 2/26/2021 <br>(commencement <br>of operations) to <br>12/31/2021<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $18.66 | $13.60 | $11.69 | $20.00 | $20.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.01) | 0.03 | 0.01 | (0.01) | (0.08) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 0.59 | 5.05 | 1.90 | (8.30) | 1.15 |
| Total from investment operations | 0.58 | 5.08 | 1.91 | (8.31) | 1.07 |
| Dividends from net investment income |  | (0.01) |  |  |  |
| Distributions from net realized gains |  |  |  |  | (1.07) |
| Return of capital |  | (0.01) |  |  |  |
| Net asset value, end of period | $19.24 | $18.66 | $13.60 | $11.69 | $20.00 |
| Total return | 3.11<br> %<br>| 37.34<br> %<br>| 16.34<br> %<br>| (41.55)<br> %<br>| 5.62<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $100056 | $73237 | $28052 | $28638 | $38750 |
| Ratio of gross expenses to average net <br> assets<br>| 1.02<br> %<br>| 0.98<br> %<br>| 1.14<br> %<br>| 1.19<br> %<br>| 1.23<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.42)<br> %<br>| (0.38)<br> %<br>| (0.53)<br> %<br>| (0.59)<br> %<br>| (0.63)<br> %<br>|
| Ratio of net expenses to average net assets | 0.60<br> %<br>| 0.60<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (0.07)<br> %<br>| 0.16<br> %<br>| 0.06<br> %<br>| (0.09)<br> %<br>| (0.43)<br> %<br>|
| Portfolio turnover rate<sup>(c)</sup> <br>| 206.00<br> %<br>| 199.13<br> %<br>| 206.82<br> %<br>| 256.37<br> %<br>| 417.06<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Alger Weatherbie Enduring Growth ETF** |  |  |  |
|  | Six Months <br> Ended <br>6/30/2025<sup>(a)</sup> <br>| Year Ended <br>12/31/2024<br>| From 3/6/2023 <br>(commencement <br>of operations) to <br>12/31/2023<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $24.93 | $22.07 | $19.90 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.03) | 0.13 | 0.06 |
| Net realized and unrealized gain (loss) on investments | (1.14) | 3.59 | 2.16 |
| Total from investment operations | (1.17) | 3.72 | 2.22 |
| Dividends from net investment income |  | (0.12) | (0.05) |
| Distributions from net realized gains |  | (0.74) |  |
| Net asset value, end of period | $23.76 | $24.93 | $22.07 |
| Total return | (4.69)<br> %<br>| 16.80<br> %<br>| 11.18<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $5050 | $5298 | $4413 |
| Ratio of gross expenses to average net assets | 2.76<br> %<br>| 2.72<br> %<br>| 4.48<br> %<br>|
| Ratio of expense reimbursements to average net assets | (2.11)<br> %<br>| (2.07)<br> %<br>| (3.83)<br> %<br>|
| Ratio of net expenses to average net assets | 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|
| Ratio of net investment income (loss) to average net assets | (0.25)<br> %<br>| 0.52<br> %<br>| 0.36<br> %<br>|
| Portfolio turnover rate<sup>(c)</sup> <br>| 32.02<br> %<br>| 55.17<br> %<br>| 35.65<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
| **Alger Concentrated Equity ETF** |  |  |
|  | Six Months <br> Ended <br>6/30/2025<sup>(a)</sup> <br>| From 4/4/2024 <br>(commencement <br>of operations) to <br>12/31/2024<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $25.87 | $19.75 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.02) | (0.02) |
| Net realized and unrealized gain on investments | 3.70 | 6.18 |
| Total from investment operations | 3.68 | 6.16 |
| Distributions from net realized gains |  | (0.04) |
| Net asset value, end of period | $29.55 | $25.87 |
| Total return | 14.23<br> %<br>| 31.20<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $55039 | $17137 |
| Ratio of gross expenses to average net assets | 1.09<br> %<br>| 1.62<br> %<br>|
| Ratio of expense reimbursements to average net assets | (0.54)<br> %<br>| (1.07)<br> %<br>|
| Ratio of net expenses to average net assets | 0.55<br> %<br>| 0.55<br> %<br>|
| Ratio of net investment (loss) to average net assets | (0.12)<br> %<br>| (0.11)<br> %<br>|
| Portfolio turnover rate<sup>(c)</sup> <br>| 31.27<br> %<br>| 46.82<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | | |
|:---|:---|:---|
| **Alger AI Enablers & Adopters ETF** |  |  |
|  | Six Months <br> Ended <br>6/30/2025<sup>(a)</sup> <br>| From 4/4/2024 <br>(commencement <br>of operations) to <br>12/31/2024<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $26.20 | $19.73 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.03) | (0.01) |
| Net realized and unrealized gain on investments | 4.58 | 6.65 |
| Total from investment operations | 4.55 | 6.64 |
| Distributions from net realized gains |  | (0.17) |
| Net asset value, end of period | $30.75 | $26.20 |
| Total return | 17.37<br> %<br>| 33.67<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $71497 | $23578 |
| Ratio of gross expenses to average net assets | 1.10<br> %<br>| 1.68<br> %<br>|
| Ratio of expense reimbursements to average net assets | (0.52)<br> %<br>| (1.13)<br> %<br>|
| Ratio of net expenses to average net assets | 0.58<br> %<br>| 0.55<br> %<br>|
| Ratio of net investment (loss) to average net assets | (0.20)<br> %<br>| (0.04)<br> %<br>|
| Portfolio turnover rate<sup>(c)</sup> <br>| 90.07<br> %<br>| 127.42<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Financial Highlights for a share outstanding throughout the period (Unaudited)**

------

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

---

| | |
|:---|:---|
| **Alger Russell Innovation ETF** |  |
|  | From 1/6/2025 <br>(commencement <br>of operations) to <br>6/30/2025<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $20.21 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income<sup>(b)</sup> <br>| 0.05 |
| Net realized and unrealized loss on investments | (1.19) |
| Total from investment operations | (1.14) |
| Net asset value, end of period | $19.07 |
| Total return | (5.64)<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $12396 |
| Ratio of gross expenses to average net assets | 1.56<br> %<br>|
| Ratio of expense reimbursements to average net assets | (1.01)<br> %<br>|
| Ratio of net expenses to average net assets | 0.55<br> %<br>|
| Ratio of net investment income to average net assets | 0.60<br> %<br>|
| Portfolio turnover rate<sup>(c)</sup> <br>| 38.49<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ratios
 have been annualized; total return and portfolio turnover rate have not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount
 was computed based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio
 turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share transactions.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

------

**NOTE 1 — General:**

------

The Alger 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 organized as a business trust under the laws of the Commonwealth of Massachusetts on March 24, 2020. The Alger Mid Cap 40 ETF and the Alger Russell Innovation ETF are each a separate diversified series of the Trust, and the Alger 35 ETF, the Alger Weatherbie Enduring Growth ETF, the Alger Concentrated Equity ETF and the Alger AI Enablers & Adopters ETF are each separate non-diversified series of the Trust (each, a "Fund" and together, the "Funds"). The Trust qualifies as an investment company as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946 – Financial Services – Investment Companies. The Alger Russell Innovation ETF's investment objective is to seek investment results that, before fees and expenses, replicate the performance of the Alger Russell Innovation Index. The investment objective of each other Fund is to seek long-term capital appreciation. Under normal circumstances, each Fund invests primarily in equity securities. Shares of each Fund are listed for trading on the NYSE Arca, Inc.

The Alger Russell Innovation ETF commenced operations on January 6, 2025.

**NOTE 2 — Significant Accounting Policies:**

------

(a) Investment Valuation: The Funds value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the "Board"). Investments held by the Funds are valued on each day the New York Stock Exchange (the "NYSE") is open, as of the close of the NYSE (normally 4:00 p.m. Eastern Time).

The Board has designated, pursuant to Rule 2a-5 under the 1940 Act, Fred Alger Management, LLC, the Funds' investment adviser ("Alger Management" or the "Investment Manager"), as its valuation designee (the "Valuation Designee") to make fair value determinations subject to the Board's review and oversight. The Valuation Designee has established a Valuation Committee ("Committee") comprised of representatives of the Investment Manager and officers of the Funds to assist in performing the duties and responsibilities of the Valuation Designee.

The Valuation Designee has established valuation processes including but not limited to: (i) making fair value determinations when market quotations for financial instruments are not readily available in accordance with valuation policies and procedures adopted by the Board; (ii) assessing and managing material risks associated with fair valuation determinations; (iii) selecting, applying and testing fair valuation methodologies; and (iv) overseeing and evaluating pricing services used by the Funds. The Valuation Designee regularly reports its fair valuation determinations and related valuation information to the

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

Board. The Committee generally meets quarterly and on an as-needed basis to review and evaluate the effectiveness of the valuation policies and procedures in accordance with the requirements of Rule 2a-5.

Investments in short-term securities held by the Funds having a remaining maturity of sixty days or less are valued at amortized cost which approximates market value. Investments in other open-end investment companies registered under the 1940 Act, including money market funds, are valued at such investment companies' net asset value per share.

Equity securities, including traded rights, warrants and option contracts for which valuation information is readily available, are valued at the last quoted sales price or official closing price on the primary market or exchange on which they are traded as reported by an independent pricing service. In the absence of quoted sales, such securities are generally valued at the bid price or, in the absence of a recent bid price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.

Securities in which the Funds invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Valuation Designee, through its Committee, believes to be the fair value of these securities as of the close of the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the NYSE is open.

FASB Accounting Standards Codification 820 – Fair Value Measurements and Disclosures ("ASC 820") defines fair value as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds' own assumptions based on the best information available in these circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. Each Fund's quantitative summary by Level can be found in Note 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – significant other observable inputs (including quoted prices for similar or identical investments, amortized cost, interest rates, prepayment speeds, credit risk, etc.)

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

The Funds' valuation techniques are generally consistent with either the market or the income approach to fair value. The market approach considers prices and other relevant information generated by market transactions involving identical or comparable assets to measure fair value. The income approach converts future amounts to a current, or discounted, single amount. These fair value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a compilation of observable market information such as spreads for fixed income and preferred securities. Inputs for Level 3 include, but are not limited to, revenue multiples, earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples, transaction pricing, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company's financial statements and from industry studies, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Funds may significantly differ from the valuations that would have been assigned by the Funds had there been an active market for such securities.

(b) Cash: Cash includes U.S. dollars, if applicable.

(c) Securities Transactions and Investment Income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income is recognized on the accrual basis.

(d) Foreign Currency Transactions: The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the prevailing rates of exchange on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of such transactions.

Net realized gains and losses on foreign currency transactions represent net gains and losses from the disposition of foreign currencies, currency gains and losses realized between the trade dates and settlement dates of security transactions, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The effects of changes in

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

foreign currency exchange rates on investments in securities are included in realized and unrealized gain or loss on investments in the accompanying Statements of Operations.

(e) Lending of Fund Securities: The Funds may lend their securities to financial institutions (other than to the Investment Manager or its affiliates), provided that the market value of the securities loaned will not at any time exceed one third of a Fund's total assets including borrowings, as defined in its prospectus. The Funds may earn fees on the securities loaned, which are included in income from securities lending in the accompanying Statements of Operations, if applicable. In order to protect against the risk of failure by the borrower to return the securities loaned or any delay in the delivery of such securities, the loan is collateralized by cash or securities that are maintained with the Custodian, in an amount equal to at least 102% of the current market value of U.S. loaned securities. The market value of the loaned securities is determined at the close of each business day of the Funds. Any required additional collateral is delivered to the Custodian each day and any excess collateral is returned to the borrower on the next business day. In the event the borrower fails to return the loaned securities when due, the Funds may take the collateral to replace the securities. If the value of the collateral is less than the purchase cost of replacement securities, the Custodian shall be responsible for any shortfall, but only to the extent that the shortfall is not due to any diminution in collateral value, as defined in the securities lending agreement. Each Fund is required to maintain the collateral in a segregated account and determine its value each day until the loaned securities are returned. Cash collateral may be invested as determined by the Fund. Collateral is returned to the borrower upon settlement of the loan. At June 30, 2025, the Funds had no securities on loan.

(f) Dividends to Shareholders: Dividends and distributions payable to shareholders are recorded by the Funds on the ex-dividend date. Dividends from net investment income, if available, are declared and paid annually. Distributions from net realized gains, offset by any loss carryforward, are declared and paid annually.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with U.S. federal income tax rules. Therefore, the source of a Fund's distributions may be shown in the accompanying financial statements as either from, or in excess of, net investment income, net realized gain on investment transactions, or return of capital, depending on the type of book/tax differences that may exist. Capital accounts within the financial statements are adjusted for permanent book/tax differences. Reclassifications result primarily from the differences in tax treatment of net operating losses and redemption in kind adjustments. The reclassifications are done annually at year-end and have no impact on the net

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

asset values of the Funds and are designed to present each Fund's capital accounts on a tax basis.

(g) In-Kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

(h) Federal Income Taxes: It is each Fund's policy to comply with the requirements of the U.S. Internal Revenue Code Subchapter M applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Provided that the Funds maintain such compliance, no U.S. federal income tax provision is required at the Fund level. Each Fund is treated as a separate entity for the purpose of determining such compliance.

FASB Accounting Standards Codification 740 – Income Taxes ("ASC 740") requires the Funds to measure and recognize in their financial statements the benefit of a tax position taken (or expected to be taken) on an income tax return if such position will more likely than not be sustained upon examination based on the technical merits of the position. No tax years are currently under investigation. The Funds file income tax returns in the U.S. Federal jurisdiction, as well as the New York State and New York City jurisdictions. The statute of limitations on the Funds' tax returns remains open for the tax years 2021-2024. Alger Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

(i) Allocation Methods: The Trust accounts separately for the assets, liabilities and operations of each Fund. Expenses directly attributable to each Fund are charged to that Fund's operations; expenses which are applicable to all Funds are allocated among them based on net assets.

(j) Segment Reporting: During the six months ended June 30, 2025, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses and, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance. The Principal Executive Officer of the Trust acts as the Funds' CODM. Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund, including each Fund's portfolio composition, total return, expense ratio, and changes in net assets. Each Fund's long-term strategic asset

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

allocation is determined in accordance with the terms of each Fund's prospectus, based on a defined investment strategy which is executed by the Investment Manager.

(k) Estimates: These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require using estimates and assumptions that affect the reported amounts therein. These unaudited financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of results of the semi-annual period. Actual results may differ from those estimates. All such estimates are of a normal recurring nature.

**NOTE 3 — Investment Advisory Fees and Other Transactions with Affiliates:**

------

(a) Investment Advisory Fees: Fees incurred by each Fund, pursuant to the provisions of the Trust's Investment Management Agreement with the Investment Manager, are payable monthly and computed based on the following annual rates based on a percentage of average daily net assets:

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

---

| | |
|:---|:---|
|  | **Annual** <br> **Rate**<br>|
| Alger 35 ETF | 0.45<br> %<br>|
| Alger Mid Cap 40 ETF | 0.50 |
| Alger Weatherbie Enduring Growth ETF | 0.55 |
| Alger Concentrated Equity ETF | 0.45 |
| Alger AI Enablers & Adopters ETF | 0.45 |
| Alger Russell Innovation ETF<sup>(a)</sup> <br>| 0.45 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 commenced operations on January 6, 2025.

The sub-adviser to the Alger Weatherbie Enduring Growth ETF, Weatherbie Capital, LLC ("Weatherbie"), an affiliate of Alger Management, is paid a sub-advisory fee from the advisory fee that Alger Management receives at no additional cost to the Alger Weatherbie Enduring Growth ETF. The sub-advisory fee is equal to 70% of the net advisory fee paid by the Alger Weatherbie Enduring Growth ETF to Alger Management with respect to the assets sub-advised by Weatherbie. For the six months ended June 30, 2025, Alger Management paid no sub-advisory fee to Weatherbie, because the Fund's fees and expenses waived/reimbursed by Alger Management (pursuant to the below waiver agreement) were greater than the advisory fee earned by Alger Management.

Alger Management has contractually agreed to waive and/or reimburse other 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, 2026, to the extent necessary to limit such expenses to the rates listed in the table below, based on average daily net assets. For the

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

avoidance of doubt, this contractual agreement does not include advisory fees. On October 22, 2024, the Board approved exclusion of all costs related to the August 16, 2024, joint special meeting of shareholders from the expense reimbursement with Alger Management.

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

---

| | | |
|:---|:---|:---|
|  | **OTHER** <br>**EXPENSES** <br>**WAIVER /** <br>**REIMBURSMENT** | **FEES WAIVED /** <br>**REIMBURSED** <br>**FOR THE SIX** <br>**MONTHS ENDED** <br>**JUNE 30,** <br>**2025** |
|  | **OTHER** <br>**EXPENSES** <br>**WAIVER /** <br>**REIMBURSMENT** | **FEES WAIVED /** <br>**REIMBURSED** <br>**FOR THE SIX** <br>**MONTHS ENDED** <br>**JUNE 30,** <br>**2025** |
| Alger 35 ETF | 0.10<br> %<br>| &nbsp;&nbsp; $94610 |
| Alger Mid Cap 40 ETF | 0.10<br> %<br>| &nbsp;&nbsp; 176898 |
| Alger Weatherbie Enduring Growth ETF | 0.10<br> %<br>| &nbsp;&nbsp; 52079 |
| Alger Concentrated Equity ETF | 0.10<br> %<br>| &nbsp;&nbsp; 72568 |
| Alger AI Enablers & Adopters ETF | 0.10<br> %<br>| &nbsp;&nbsp; 86321 |
| Alger Russell Innovation ETF<sup>(a)</sup> <br>| 0.10<br> %<br>| &nbsp;&nbsp; 51572 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 commenced operations on January 6, 2025.

Alger Management may recoup any fees waived or expenses reimbursed pursuant to the contract; however, a Fund will only make repayments to Alger Management if such repayment does not cause a 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) a Fund's current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. For the six months ended June 30, 2025, there were no recoupments made by the Funds to Alger Management.

(b) Brokerage Commissions: During the six months ended June 30, 2025, Alger 35 ETF, Alger Mid Cap 40 ETF, Alger Concentrated Equity ETF, Alger AI Enablers & Adopters ETF and Alger Russell Innovation ETF paid Fred Alger & Company, LLC, the Trust's distributor and affiliate of Alger Management (the "Distributor" or "Alger LLC"), $2,747, $11,361, $195, $2,998 and $4, respectively, in connection with securities transactions. For the six months ended June 30, 2025, there were no brokerage commissions paid by Alger Weatherbie Enduring Growth ETF to Alger LLC.

(c) Trustee Fees: Effective January 1, 2025, each trustee who is not an "interested person" of the Trust, as defined in the 1940 Act ("Independent Trustee"), receives a fee of $170,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex, plus travel expenses incurred for attending board meetings. The term "Alger Fund Complex" refers to the Trust, The Alger Funds, The Alger Funds II, The Alger Portfolios, Alger Global Equity Fund and The Alger Institutional Funds, each of which is a registered investment company managed by Alger Management. The Independent Trustee appointed

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

as Chairman of the Board receives additional compensation of $26,000 per annum paid pro rata based on net assets by each fund in the Alger Fund Complex. Additionally, each member of the Audit Committee receives a fee of $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex. Independent Trustees who are not members of the Audit Committee but attend Audit Committee meetings receive a stipend of $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex.

The Board has adopted a policy requiring Independent Trustees to receive a minimum of 10% of their annual compensation in shares of one or more of the funds in the Alger Fund Complex.

(d) Interfund Trades: The Funds may engage in purchase and sale transactions with other funds advised by Alger Management or sub-advised by Weatherbie or Redwood Investments, LLC, affiliates of Alger Management. For the six months ended June 30, 2025, these purchases and sales were as follows:

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

---

| | | | |
|:---|:---|:---|:---|
|  | **PURCHASES** | **SALES** | **REALIZED GAIN** |
| Alger 35 ETF | $27213 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

(e) Interfund Loans: The Funds, along with other funds in the Alger Fund Complex, may borrow money from and lend money to each other for temporary or emergency purposes. To the extent permitted under its investment restrictions, each Fund may lend uninvested cash in an amount up to 15% of its net assets to other funds in the Alger Fund Complex. If a Fund has borrowed from other funds in the Alger Fund Complex and has aggregate borrowings from all sources that exceed 10% of the Fund's total assets, such Fund will secure all of its loans from other funds in the Alger Fund Complex. The interest rate charged on interfund loans is equal to the average of the overnight U.S. Treasury money market rate and bank loan rate available to the Funds. There were no interfund loans outstanding as of the six months ended June 30, 2025.

For the six months ended June 30, 2025, the Funds did not incur interfund loan expense.

(f) Other Transactions with Affiliates: Certain officers and one Trustee of the Trust are directors and/or officers of Alger Management, the Distributor, or their affiliates. At June 30, 2025, Alger Management and its affiliated entities owned 157,494, 249,258, 152,654 and 99,482 shares of Alger Weatherbie Enduring Growth ETF, Alger Concentrated Equity ETF, Alger AI Enablers & Adopters ETF and Alger Russell Innovation ETF, respectively.

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

**NOTE 4 — Securities Transactions:**

------

The following summarizes the securities transactions by each Fund, other than U.S. Government securities, in-kind transactions and short-term securities, for the six months ended June 30, 2025.

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

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Alger 35 ETF | $37024084 | &nbsp;&nbsp; $39657508 |
| Alger Mid Cap 40 ETF | 196045924 | &nbsp;&nbsp; 177466126 |
| Alger Weatherbie Enduring Growth ETF | 1570098 | &nbsp;&nbsp; 1733745 |
| Alger Concentrated Equity ETF | 40798843 | &nbsp;&nbsp; 8969996 |
| Alger AI Enablers & Adopters ETF | 75417619 | &nbsp;&nbsp; 33636635 |
| Alger Russell Innovation ETF<sup>(a)</sup> <br>| 19613796 | &nbsp;&nbsp; 6057778 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 commenced operations on January 6, 2025.

The following summarizes the securities in-kind transactions of each Fund for the six months ended June 30, 2025. Alger 35 ETF, Alger Mid Cap 40 ETF, Alger AI Enablers & Adopters ETF and Alger Russell Innovation ETF had realized gains on in-kind transactions of $3,423,527, $2,503,048, $211,130 and $47,946, respectively. Net gains (losses) on in-kind redemptions are not considered taxable for federal income tax purposes.

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

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Alger 35 ETF | $5289827 | &nbsp;&nbsp; $8693648 |
| Alger Mid Cap 40 ETF | 32973227 | &nbsp;&nbsp; 9676498 |
| Alger Weatherbie Enduring Growth ETF |  | &nbsp;&nbsp; — |
| Alger Concentrated Equity ETF | 30945768 | &nbsp;&nbsp; — |
| Alger AI Enablers & Adopters ETF | 41003613 | &nbsp;&nbsp; 1404248 |
| Alger Russell Innovation ETF<sup>(a)</sup> <br>| 15632534 | &nbsp;&nbsp; 2203734 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 commenced operations on January 6, 2025.

**NOTE 5 — Borrowings:**

------

The Funds may borrow from The Bank of New York (the "Custodian") on an uncommitted basis. Each Fund pays the Custodian a market rate of interest, generally based upon a rate of return with respect to each respective currency borrowed, taking into consideration relevant overnight and short-term reference rates. Borrowings from the Custodian at June 30, 2025, if any, are included in Bank overdraft in the Statements of Assets and Liabilities. The Funds may also borrow from other funds in the Alger Fund Complex, as discussed in Note 3(e). For the six months ended June 30, 2025, the Funds had the following borrowings from the Custodian and other funds in the Alger Fund Complex:

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **AVERAGE DAILY** <br>**BORROWING**<br>| **WEIGHTED AVERAGE** <br>**INTEREST RATE**<br>|
| Alger 35 ETF | $52320 | 6.33<br> %<br>|
| Alger Mid Cap 40 ETF |  | &nbsp;&nbsp; — |
| Alger Weatherbie Enduring Growth ETF | 66 | 6.33 |
| Alger Concentrated Equity ETF | 11439 | 6.33 |
| Alger AI Enablers & Adopters ETF | 118847 | 6.33 |
| Alger Russell Innovation ETF<sup>(a)</sup> <br>| 2387 | 6.33 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 commenced operations on January 6, 2025.

The highest amount borrowed by the Funds from the Custodian and other funds in the Alger Fund Complex during the six months ended June 30, 2025 was as follows:

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

---

| | |
|:---|:---|
|  | **HIGHEST BORROWING** |
| Alger 35 ETF | $530973 |
| Alger Mid Cap 40 ETF |  |
| Alger Weatherbie Enduring Growth ETF | 12011 |
| Alger Concentrated Equity ETF | 129679 |
| Alger AI Enablers & Adopters ETF | 1496221 |
| Alger Russell Innovation ETF<sup>(a)</sup> <br>| 432098 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 commenced operations on January 6, 2025.

**NOTE 6 — Share Capital:** 

------

Each Fund offers and issues shares at its NAV per share only in aggregations of a specified number of shares (a "Creation Unit"), generally in exchange for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) ("Deposit Securities"), together with the deposit of a specified cash payment ("Cash Component"). Shares of the Funds are listed for trading on NYSE Arca, Inc., a national securities exchange. Shares of the Funds are traded in the secondary market and elsewhere at market prices that may be at, above or below each Fund's NAV. Shares of each Fund are redeemable only in Creation Units, generally in exchange for Deposit Securities and a Cash Component. Creation Units are typically a specified number of shares, generally 25,000 or multiples thereof for Alger Russell Innovation ETF and 12,500 of multiples thereof for each other Fund. The consideration for the purchase of Creation Units of a fund in the Trust generally consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. All orders to purchase Creation Units must be placed by or through authorized participants who have entered into agreements with Alger LLC, a registered broker-dealer. During the six months ended June 30, 2025 and the year ended December 31, 2024, as applicable, transactions of shares of beneficial interest were as follows:

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2024** | **FOR THE YEAR ENDED** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger 35 ETF** | **Alger 35 ETF** | **Alger 35 ETF** | **Alger 35 ETF** | **Alger 35 ETF** |
| Shares sold | 200000 | &nbsp;&nbsp; $5349064 | &nbsp;&nbsp; 662500 | &nbsp;&nbsp; $13906551 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (362500)<br>| &nbsp;&nbsp; (8902094)<br>| &nbsp;&nbsp; (112500)<br>| &nbsp;&nbsp; (2086875)<br>|
| **Net (decrease) increase**  | **(162500)**<br>| &nbsp;&nbsp; **$(3553030)**<br>| &nbsp;&nbsp; **550000** | &nbsp;&nbsp; **$11819676** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2024** | **FOR THE YEAR ENDED** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Mid Cap 40 ETF** | **Alger Mid Cap 40 ETF** | **Alger Mid Cap 40 ETF** | **Alger Mid Cap 40 ETF** | **Alger Mid Cap 40 ETF** |
| Shares sold | 1950000 | &nbsp;&nbsp; $35540767 | &nbsp;&nbsp; 1937500 | &nbsp;&nbsp; $33904803 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (675000)<br>| &nbsp;&nbsp; (10913693)<br>| &nbsp;&nbsp; (75000)<br>| &nbsp;&nbsp; (1302703)<br>|
| **Net increase** | **1275000** | &nbsp;&nbsp; **$24627074** | &nbsp;&nbsp; **1862500** | &nbsp;&nbsp; **$32602100** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2024** | **FOR THE YEAR ENDED** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Weatherbie Enduring Growth ETF** | **Alger Weatherbie Enduring Growth ETF** | **Alger Weatherbie Enduring Growth ETF** | **Alger Weatherbie Enduring Growth ETF** | **Alger Weatherbie Enduring Growth ETF** |
| Shares sold |  | &nbsp;&nbsp; $— | &nbsp;&nbsp; 12500 | &nbsp;&nbsp; $305869 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **12500** | &nbsp;&nbsp; **$305869** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2024** | **FOR THE YEAR ENDED** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Concentrated Equity ETF**<sup>1</sup>  | **Alger Concentrated Equity ETF**<sup>1</sup>  | **Alger Concentrated Equity ETF**<sup>1</sup>  | **Alger Concentrated Equity ETF**<sup>1</sup>  | **Alger Concentrated Equity ETF**<sup>1</sup>  |
| Shares sold | 1200000 | &nbsp;&nbsp; $31907174 | &nbsp;&nbsp; 662500 | &nbsp;&nbsp; $14393088 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **1200000** | &nbsp;&nbsp; **$31907174** | &nbsp;&nbsp; **662500** | &nbsp;&nbsp; **$14393088** |

---

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

<sup>1</sup> Fund commenced operations on April 4, 2024.

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2024** | **FOR THE YEAR ENDED** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger AI Enablers & Adopters ETF**<sup>1</sup>  | **Alger AI Enablers & Adopters ETF**<sup>1</sup>  | **Alger AI Enablers & Adopters ETF**<sup>1</sup>  | **Alger AI Enablers & Adopters ETF**<sup>1</sup>  | **Alger AI Enablers & Adopters ETF**<sup>1</sup>  |
| Shares sold | 1500000 | &nbsp;&nbsp; $43314914 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; $21041563 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (75000)<br>| &nbsp;&nbsp; (1610601)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **1425000** | &nbsp;&nbsp; **$41704313** | &nbsp;&nbsp; **900000** | &nbsp;&nbsp; **$21041563** |

---

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

<sup>1</sup> Fund commenced operations on April 4, 2024.

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

---

| | | |
|:---|:---|:---|
|  | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** | **FOR THE SIX MONTHS ENDED** <br>**June 30, 2025** |
|  | **SHARES** | **AMOUNT** |
| **Alger Russell Innovation ETF**<sup>1</sup>  | **Alger Russell Innovation ETF**<sup>1</sup>  | **Alger Russell Innovation ETF**<sup>1</sup>  |
| Shares sold | 775000 | &nbsp;&nbsp; $15724710 |
| Dividends reinvested |  | &nbsp;&nbsp; — |
| Shares redeemed | (125000)<br>| &nbsp;&nbsp; (2204540)<br>|
| **Net increase** | **650000** | &nbsp;&nbsp; **$13520170** |

---

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

<sup>1</sup> Fund commenced operations on January 6, 2025.

**NOTE 7 — Income Tax Information:**

------

As of December 31, 2024, the Alger 35 ETF and the Alger Mid Cap 40 ETF, for U.S. federal income tax purpose, had capital loss carryforwards of $2,219,347 and $15,129,876, respectively. These amounts will not be subject to expiration under the Regulated Investment Company Modernization Act of 2010, and these amounts may be applied against future net realized gains until their utilization.

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is determined annually and is attributable primarily to the tax deferral of losses on wash sales, U.S. Internal Revenue Code Section 988 currency transactions, tax treatment of partnership investments, the realization of unrealized appreciation of passive foreign investment companies, and the return of capital from real estate investment trust investments.

The Funds accrue tax on unrealized gains in foreign jurisdictions that impose a foreign capital tax, if applicable.

**NOTE 8 — Fair Value Measurements:**

------

The following is a summary of the inputs used as of June 30, 2025 in valuing the Funds' investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, the Funds have determined that presenting them by security type and sector is appropriate.

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger 35 ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $8192145 | &nbsp;&nbsp; $8192145 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 4043140 | &nbsp;&nbsp; 4043140 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 2437337 | &nbsp;&nbsp; 2437337 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 2724950 | &nbsp;&nbsp; 2724950 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 13897279 | &nbsp;&nbsp; 13897279 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 2752616 | &nbsp;&nbsp; 2752616 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$34047467** | &nbsp;&nbsp; **$34047467** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$34047467** | &nbsp;&nbsp; **$34047467** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap 40 ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $11322260 | &nbsp;&nbsp; $11322260 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 7933898 | &nbsp;&nbsp; 7933898 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 1005735 | &nbsp;&nbsp; 1005735 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 6940371 | &nbsp;&nbsp; 6940371 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 10091826 | &nbsp;&nbsp; 10091826 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 16119908 | &nbsp;&nbsp; 16119908 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 27561499 | &nbsp;&nbsp; 27561499 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 12565237 | &nbsp;&nbsp; 12565237 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$93540734** | &nbsp;&nbsp; **$93540734** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 6463364 | &nbsp;&nbsp; 6463364 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$100004098** | &nbsp;&nbsp; **$100004098** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Weatherbie Enduring Growth** <br> **ETF**<br>| **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $131454 | &nbsp;&nbsp; $131454 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 121765 | &nbsp;&nbsp; 121765 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 556064 | &nbsp;&nbsp; 556064 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 785253 | &nbsp;&nbsp; 785253 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 2169159 | &nbsp;&nbsp; 2169159 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 632743 | &nbsp;&nbsp; 632743 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Real Estate | 538179 | &nbsp;&nbsp; 538179 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$4934617** | &nbsp;&nbsp; **$4934617** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 164380 | &nbsp;&nbsp; 164380 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$5098997** | &nbsp;&nbsp; **$5098997** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Concentrated Equity ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $9863743 | &nbsp;&nbsp; $9863743 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 8292088 | &nbsp;&nbsp; 8292088 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 2372284 | &nbsp;&nbsp; 2372284 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 1834989 | &nbsp;&nbsp; 1834989 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 4718145 | &nbsp;&nbsp; 4718145 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 24749431 | &nbsp;&nbsp; 24749431 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 3220014 | &nbsp;&nbsp; 3220014 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$55050694** | &nbsp;&nbsp; **$55050694** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$55050694** | &nbsp;&nbsp; **$55050694** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger AI Enablers & Adopters ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $12892850 | &nbsp;&nbsp; $12892850 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 11927477 | &nbsp;&nbsp; 11927477 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 128287 | &nbsp;&nbsp; 128287 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 2146458 | &nbsp;&nbsp; 2146458 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 1108939 | &nbsp;&nbsp; 1108939 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 3414414 | &nbsp;&nbsp; 3414414 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 31921749 | &nbsp;&nbsp; 31921749 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 6751665 | &nbsp;&nbsp; 6751665 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$70291839** | &nbsp;&nbsp; **$70291839** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Information Technology | 1495357 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1495357 |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$71787196** | &nbsp;&nbsp; **$70291839** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1495357** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Russell Innovation ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $1258113 | &nbsp;&nbsp; $1258113 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 930723 | &nbsp;&nbsp; 930723 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 253570 | &nbsp;&nbsp; 253570 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 246594 | &nbsp;&nbsp; 246594 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 3459173 | &nbsp;&nbsp; 3459173 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 250742 | &nbsp;&nbsp; 250742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 5758481 | &nbsp;&nbsp; 5758481 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Real Estate | 243844 | &nbsp;&nbsp; 243844 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$12401240** | &nbsp;&nbsp; **$12401240** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$12401240** | &nbsp;&nbsp; **$12401240** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger AI Enablers & Adopters ETF** | **Preferred Stocks** |
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $1357850 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 137507 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; — |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at June 30, 2025 | &nbsp;&nbsp; 1495357 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at June 30, 2025\***<br>| &nbsp;&nbsp; **$137507** |

---

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

\* Net change in unrealized appreciation (depreciation) is included in the net change in unrealized appreciation (depreciation) on investments in the accompanying Statements of Operations.

The following table provides quantitative information about each Fund's Level 3 fair value measurements of its investments as of June 30, 2025. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to each Fund's fair value measurements.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** <br>**June 30,** <br>**2025**<br>| **Valuation** <br>**Methodology**<br>| **Unobservable** <br>**Inputs**<br>| **Inputs/Range** | **Weighted** <br>**Average Inputs**<br>|
| Alger AI Enablers & Adopters ETF | Alger AI Enablers & Adopters ETF | Alger AI Enablers & Adopters ETF | Alger AI Enablers & Adopters ETF | Alger AI Enablers & Adopters ETF | Alger AI Enablers & Adopters ETF |
| **Preferred Stocks** | $1495357 | Market <br>Approach<br>| Revenue Multiple | 16.00x-22.88x | 18.47x |

---

The significant unobservable inputs used in the fair value measurement of each Fund's securities are revenue and EBITDA multiples, publicly traded comparable securities' market value and revenue multiples, transaction pricing, discount rates, and the probability of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs would have resulted in significantly higher or lower fair value measurements than those noted in the table above. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probability of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probability of success result in lower fair value measurements. For the period ended June 30, 2025, there were no changes in valuation methodology on Level 3 investments.

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

**NOTE 9 — Principal Risks:**

------

**<u>Alger 35 ETF</u>** - Investing in the stock market involves risks, including the potential loss of principal. 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. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small and medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. The Fund is classified as a "non-diversified fund" under federal securities laws because it can invest in fewer individual companies than a diversified fund. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities. ETF shares are based on market price rather than NAV, as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. 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. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind. Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund.

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

**<u>Alger Mid Cap 40 ETF</u>** - Investing in the stock market involves risks, including the potential loss of principal. 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. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. Investing in companies of medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities. ETF shares are based on market price rather than NAV, as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. 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. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind. Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund.

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

**<u>Alger Weatherbie Enduring Growth Fund ETF</u>** - Investing in the stock market involves risks, including the potential loss of principal. 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. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. The Sub-Adviser's use of an environmental, social, and governance ("ESG") rating agency to implement the investment strategy may result in the selection or exclusion of securities for reasons other than financial performance and the strategy may underperform strategies that do not utilize an ESG rating agency or employ another type of ESG investment strategy. In evaluating a particular issuer's ESG rating, as well as the account's weighted average ESG rating, the Sub-Adviser relies exclusively on the ESG rating agency and, therefore, is dependent upon information and data from the ESG rating agency that may be incomplete or inaccurate, or that may present conflicting information and data with respect to an issuer than other third party ESG data providers utilized throughout the industry. Investing in companies of medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities. The Fund is classified as a "non-diversified fund" under federal securities laws because it can invest in fewer individual companies than a diversified fund. ETF shares are based on market price rather than NAV, as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. 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. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

will be higher than if the Fund sold and redeemed shares in-kind. Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund.

**<u>Alger Concentrated Equity ETF</u>** - Investing in the stock market involves risks, including the potential loss of principal. 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. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets will be concentrated in securities in related industries, and may be similarly affected by adverse developments and price movements in such industries. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. The Fund is classified as a "non-diversified fund" under federal securities laws because it can invest in fewer individual companies than a diversified fund. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities. ETF shares are based on market price rather than NAV, as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. 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. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind. Certain shareholders, including other funds advised by the Manager or an affiliate of the

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund.

**<u>Alger AI Enablers & Adopters ETF</u>** - Investing in the stock market involves risks, including the potential loss of principal. 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. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. Companies involved in, or exposed to, AI-related businesses may have limited product lines, markets, financial resources or personnel as they face intense competition and potentially rapid product obsolescence, and many depend significantly on retaining and growing their consumer base. These companies may be substantially exposed to the market and business risks of other industries or sectors, and may be adversely affected by negative developments impacting those companies, industries or sectors, as well as by loss or impairment of intellectual property rights or misappropriation of their technology. Companies that utilize AI could face reputational harm, competitive harm, and legal liability, and/or an adverse effects on business operations as content, analyses, or recommendations that AI applications produce may be deficient, inaccurate, biased, misleading or incomplete, may lead to errors, and may be used in negligent or criminal ways. AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the future growth. AI companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. A significant portion of assets will be concentrated in securities in related industries, and may be similarly affected by adverse developments and price movements in such industries. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small and medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. The Fund is classified as a "non-diversified fund" under federal securities laws because it can invest in fewer individual companies than a diversified fund. Private placements are offerings of a company's securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. ADRs and GDRs may be subject to international trade, currency, political, regulatory and diplomatic risks. Active trading may increase transaction costs,

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

brokerage commissions, and taxes, which can lower the return on investment. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities. ETF shares are based on market price rather than NAV, as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. 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. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind. Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund.

**<u>Alger Russell Innovation ETF</u>** - Investing in the stock market involves risks, including the potential loss of principal. 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. There is no guarantee that the Fund's investment results will have a high degree of correlation to the Alger Russell Innovation Index ("ARII") or that the Fund will achieve its investment objective. In addition, the Fund's value will generally decline when the performance of the securities within the ARII declines. Investing in innovative companies may not be successful. The Fund may in invest companies that do not currently derive nor may never derive revenue from innovation or developing technologies. To the extent the ARII is concentrated, a significant portion of the Fund's assets will be concentrated in securities in related industries, and may be similarly affected by adverse developments and price movements in such industries. The Fund is not "actively" managed and performance could be lower than actively managed funds. Because the Fund equally weights its holdings and rebalances its holdings quarterly, it may incur increased transaction costs, brokerage commissions, and taxes, which can lower the return on investment. ETF shares are based on market price rather than NAV,

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)**

------

as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. 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. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind. Certain shareholders, including other funds advised by the Manager or an affiliate of the Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund.

**NOTE 10 — Subsequent Events:**

------

Management of each Fund has evaluated events that have occurred subsequent to June 30, 2025, through the issuance date of the Financial Statements. No material events have been identified which require recognition and/or disclosure.

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**THE ALGER ETF TRUST**

**OTHER INFORMATION (Unaudited)**

------

**Proxy Voting Policies**

------

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities and the proxy voting record is available, without charge, by calling (800) 992-3863 or online on the Funds' website at http://www.alger.com or on the SEC's website at http://www.sec.gov.

**Fund Holdings**

------

The Board has adopted policies and procedures relating to disclosure of the Funds' portfolio securities. These policies and procedures recognize that there may be legitimate business reasons for holdings to be disclosed and seek to balance those interests to protect the proprietary nature of the trading strategies and implementation thereof by the Funds.

Generally, the policies prohibit the release of information concerning portfolio holdings, which have not previously been made public, to individual investors, institutional investors, intermediaries that distribute the Funds' shares and other parties which are not employed by the Investment Manager or its affiliates except when the legitimate business purposes for selective disclosure and other conditions (designed to protect the Funds) are acceptable.

The Funds file their complete schedules of portfolio holdings with the SEC semi-annually in financial statements on Form N-CSR and after the first and third fiscal quarters as an exhibit to its reports on Form N-PORT. The Funds' Forms N-CSR and N-PORT are available online on the SEC's website at www.sec.gov.

Each Fund discloses its portfolio holdings daily on its website <u>www.alger.com</u>. No compensation or other consideration is received for the non-public disclosure of portfolio holdings information.

In accordance with the foregoing, the Funds provide portfolio holdings information to third parties including financial intermediaries and service providers who need access to this information in the performance of their services and are subject to duties of confidentiality (1) imposed by law, including a duty not to trade on non-public information, and/or (2) pursuant to an agreement that confidential information is not to be disclosed or used (including trading on such information) other than as required by law. From time to time, the Funds will communicate with these third parties to confirm that they understand the Funds' policies and procedures regarding such disclosure. These agreements must be approved by the Trust's Chief Compliance Officer.

The Board periodically reviews a report disclosing the third parties to whom each Fund's holdings information has been disclosed and the purpose for such disclosure, and it considers whether or not the release of information to such third parties is in the best interest of the Funds and their shareholders.

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**THE ALGER ETF TRUST**

**OTHER INFORMATION (Unaudited) (Continued)**

------

In addition to material the Funds routinely provide to shareholders, the Investment Manager may make additional statistical information available regarding the Alger Family of Funds. Such information may include, but not be limited to, relative weightings and characteristics of a Fund versus an index (such as P/E ratio, alpha, beta, capture ratio, maximum drawdown, standard deviation, EPS forecasts, Sharpe ratio, information ratio, R-squared, and market cap analysis), security specific impact on overall portfolio performance, month-end top ten contributors to and detractors from performance, portfolio turnover, and other similar information. Shareholders should visit www.alger.com or may also contact the Funds at (800) 223-3810 to obtain such information.

Disclaimers

------

No entity that creates, compiles, sponsors or maintains the Alger Russell Innovation Index is or will be an affiliated person, as defined in Section 2(a)(3) of the 1940 Act, or an affiliated person of an affiliated person, of the Trust, Alger Management, the Distributor, or a promoter of the Alger Russell Innovation ETF.

Neither Alger Management nor any affiliate of Alger Management has any rights to influence the selection of the securities in the Alger Russell Innovation Index.

Alger Russell Innovation Index is calculated and maintained by FTSE Russell or its affiliate, agent or partner. FTSE Russell is not affiliated with the Trust, Alger Management, or the Distributor. Alger Management has entered into a license agreement with FTSE Russell. Alger Russell Innovation ETF is entitled to use the Alger Russell Innovation Index pursuant to a sub-licensing agreement with Alger Management.

Alger Russell Innovation ETF has been developed solely by Alger Management. Alger Russell Innovation ETF is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the Alger Russell Innovation Index vest in the relevant LSE Group company which owns the Underlying Index. "Russell®," "FTSE Russell," and "Russell 1000" are trademarks of the relevant LSE Group company and are used by any other LSE Group company under license.

Alger Russell Innovation Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in Alger Russell Innovation Index or (b) investment in or operation of Alger Russell Innovation ETF. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from Alger

------

**THE ALGER ETF TRUST**

**OTHER INFORMATION (Unaudited) (Continued)**

------

Russell Innovation ETF or the suitability of the Alger Russell Innovation Index for the purpose to which it is being put by Alger Management.

------

**THE ALGER ETF TRUST**

------

100 Pearl Street, 27th Floor

New York, NY 10004

(800) 992-3863

www.alger.com

**Investment Manager**

------

Fred Alger Management, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

**Sub-Adviser**

------

Weatherbie Capital, LLC

265 Franklin Street, Suite 1603

Boston, MA 02110

**Distributor**

------

Fred Alger & Company, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

**Transfer Agent and Dividend Disbursing Agent**

------

The Bank of New York

240 Greenwich Street

New York, NY 10286

**Custodian**

------

The Bank of New York

240 Greenwich Street

New York, NY 10286

**Independent Registered Public Accounting Firm**

------

Deloitte & Touche LLP

30 Rockefeller Plaza

New York, NY 10112

This report is submitted for the general information of the shareholders of the series of The Alger ETF Trust. It is not authorized for distribution to prospective investors unless accompanied by an effective Prospectus for the Fund, which contains information concerning the Fund's investment policies, fees and expenses as well as other pertinent information.

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![](img32a7a1783.gif)

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

Not Applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies

------

Not Applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

Remuneration paid to directors, officers and others is included in the Statement of Operations under the line items "Trustee fees" and "Investment advisory fees" as part of the financial statements filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

BOARD APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT

------

ALGER RUSSELL INNOVATION ETF

(the "Fund")

At a meeting held on December 17, 2024 (the "Meeting"), the Board of Trustees (the "Board") of The Alger ETF Trust (the "Trust"), including a majority of the trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Trust (the "Independent Trustees"), reviewed and approved the investment management agreement between Fred Alger Management, LLC (the "Manager") and the Trust, on behalf of Alger Russell Innovation ETF (the "Fund") (the "Management Agreement"), for an initial term through October 31, 2026.

In considering the initial approval of the Management Agreement with respect to the Fund, the Board reviewed and considered information provided by the Manager and its representatives at the Meeting and throughout the year at meetings of the Board and its committees, including in their capacity as members of the boards of trustees of the Alger Family of Funds and the other series of the Trust. In addition, the Board took into account information that it previously reviewed, and also considered information the Manager provided in response to a request for information that Independent Trustee counsel had submitted to the Manager on behalf of the Independent Trustees in connection with other funds' annual contract renewal process. The Board considered the Manager's representation that applicable information remained accurate and complete, and that there were no material updates to report.

The Board noted that the terms of the Management Agreement and the services to be provided thereunder are identical to the terms of the existing Management Agreement between the Trust and the Manager.

The Independent Trustees received advice from, and met separately with, their Independent Trustee counsel in considering whether to initially approve the Management Agreement with respect to the Fund. The Independent Trustees also received a memorandum from Independent Trustee counsel discussing the legal standards and their duties in considering the initial approval of the Management Agreement.

The Board reviewed the materials provided and considered all of the factors it deemed relevant in initially approving the Management Agreement with respect to the Fund, including, but not limited to (i) the nature, extent and quality of the services proposed to be provided by the Manager; (ii) the short- and long-term investment performance of the funds in the Alger Family of Funds; (iii) the estimated costs of the services proposed to be provided by the Manager and estimated profitability; (iv) the extent to which the Manager may realize economies of scale as the Fund grows; and (v) whether the proposed fee levels

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

reflect these estimated economies of scale for the benefit of Fund shareholders. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

In particular, in initially approving the Management Agreement, the Board considered the following factors:

Nature, Extent and Quality of Services

------

The Board reviewed and considered information regarding the nature, extent and quality of investment management services proposed to be provided by the Manager to the Fund. This information included, among other things, the qualifications, background and experience of the professional personnel who will perform services for the Fund; the structure of investment professional compensation; oversight of third-party service providers; fee and expense information for the Fund; fees and proposed payments to intermediaries for fund administration, transfer agency and shareholder services; legal and compliance matters, including related to the Fund's operation in accordance with the requirements of Rule 6c-11 under the 1940 Act; risk controls; and pricing and other services proposed to be provided by the Manager. The Board noted that it received information at regular meetings throughout the year regarding the services rendered by the Manager concerning the management of the Alger Family of Funds affairs, including certain portfolio manager presentations, and the Manager's role in coordinating and overseeing providers of other services to the Alger Family of Funds. The Board also noted that the Fund is designed to track the performance of an index, and the ability to track the index will be the Manager's primary responsibility, as compared to making specific investment decisions on behalf of the Fund.

The Board noted the length of time the Manager has provided services as an investment adviser to the Alger Family of Funds. The Board also reviewed and considered the potential benefits to be provided to Fund shareholders of investing in a fund that is part of the Alger Family of Funds. The Board noted the strong financial position of the Manager and its commitment to its fund, and overall, business.

Following consideration of such information, the Trustees determined that they were satisfied with the nature, extent and quality of services proposed to be provided by the Manager to the Fund under the Management Agreement.

Fund Performance

------

In their capacity as members of the boards of trustees of the Alger Family of Funds, the Board, including the Independent Trustees, received and considered information about the Manager's investment performance for the other funds in the Alger Family of Funds at the 2024 15(c) meeting as well as information about investment performance that it received at quarterly Board meetings. The Board,

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

however, did not consider the performance history of the Fund because the Fund had not yet commenced operations as of the date of the Meeting.

Comparative Fees and Expenses

------

The Board reviewed and considered the proposed contractual management fee to be paid by the Fund to the Manager in light of the nature, extent, and quality of services proposed to be provided by the Manager pursuant to the Management Agreement. The Board also reviewed and considered the proposed fee waiver and/or expense reimbursement agreement ("Expense Reimbursement Agreement") for the Fund and considered the estimated actual fee rate (after taking such waivers and reimbursements into account) to be paid by the Fund.

Additionally, the Board received and considered information comparing the Fund's proposed contractual management fee and total annual operating expenses after fee waivers and reimbursements with those of similar ETFs. The Board noted limitations with respect to the comparative fee and expense information that they received and considered. The Board concluded that the contractual management fee proposed to be charged to the Fund is reasonable in relation to the services proposed to be rendered by the Manager and is the product of arm's length negotiations.

Profitability

------

The Board then noted that the Manager could not report any financial results from its relationship with the Fund because the Fund had not yet commenced investment operations, and thus, the Board did not evaluate the Manager's profitability with respect to the Fund. As such, the Board considered management's representations that the Manager is not expected to be profitable with respect to the Fund until the Fund reaches scale. The Board further noted the Manager's commitment to waive fees and reimburse certain expenses in order to cap "other expenses" during the term of the Expense Reimbursement Agreement.

The Board also considered the extent to which the Manager might derive ancillary benefits from Fund operations, including, for example, through soft dollar arrangements. Based upon their consideration of all these factors, the Trustees concluded that the level of estimated profitability to the Manager from providing services to the Fund, which is anticipated to be negative until the Fund reaches scale, would not be excessive in view of the nature, extent and quality of services proposed to be provided to the Fund.

Economies of Scale

------

The Board reviewed and considered the extent to which the Manager may be able to realize economies of scale, if any, as the Fund grows larger and whether the Fund's proposed management fee structure reflects any economies of scale

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

------

for the benefit of Fund shareholders. The Board considered the Manager's view that the overall size of the Manager allows it to realize other economies of scale, such as with office space, purchases of technology, and other general business expenses. Because the Fund had not commenced operations, the Board determined to monitor whether the Manager may share with the Fund any economies of scale benefits that occur as the Fund grows.

Conclusion

------

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including the Independent Trustees voting separately, unanimously approved the Management Agreement between the Manager and the Trust, on behalf of the Fund, for an initial term through October 31, 2026.

------

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no material changes to these procedures.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive
 officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule
 30a-3(c) under the 1940 Act) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90
 days of the filing date of this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by
 this Form N-CSR, that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over
 financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibit 19(a)(3) to this Form N-CSR.](aet-efp17444_cert.htm)

**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.

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| | |
|:---|:---|
| The Alger ETF Trust | The Alger ETF Trust |
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | August 20, 2025 |

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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.

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| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | August 20, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | August 20, 2025 |

---

## Ex-99.(A)(3)

**Rule 30a-2(a) CERTIFICATIONS**

I, Hal Liebes, certify that:

1. I have reviewed this report on Form N-CSR of The Alger ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | August 20, 2025 |

---

**Rule 30a-2(a) CERTIFICATIONS**

I, Michael D. Martins, certify that:

1. I have reviewed this report on Form N-CSR of The Alger ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | August 20, 2025 |

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