# EDGAR Filing Document

**Accession Number:** 0001760588
**File Stem:** 0001580642-26-000918
**Filing Date:** 2026-2
**Character Count:** 188195
**Document Hash:** 53446b3f06638be9d996842abb82f870
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000918.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001580642-26-000918

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**EFFECTIVENESS DATE**: 20260209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zacks Trust
- **CENTRAL INDEX KEY:** 0001760588

**ORGANIZATION NAME:**
- **EIN:** 836534641
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23435
- **FILM NUMBER:** 26610064

**BUSINESS ADDRESS:**
- **STREET 1:** 227 WEST MONROE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-265-9359

**MAIL ADDRESS:**
- **STREET 1:** 227 WEST MONROE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

## Series and Classes Contracts Data

### Zacks Earnings Consistent Portfolio ETF (Series ID: S000066608)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000214795 | Zacks Earnings Consistent Portfolio ETF | ZECP            |

### Zacks Small/Mid Cap ETF (Series ID: S000081958)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000245117 | Zacks Small/Mid Cap ETF | SMIZ            |

### Zacks Focus Growth ETF (Series ID: S000087747)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000253655 | Zacks Focus Growth ETF | GROZ            |

### Zacks Quality International ETF (Series ID: S000093685)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000262121 | Zacks Quality International ETF |  |

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

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 <u>811-23435</u>

<u>Zacks Trust</u> <br> (Exact name of registrant as specified in charter)

<u>227 West Monroe Street Suite 4350, Chicago, IL</u> <u>60606</u> <br> (Address of principal executive offices) (Zip code)

---

| |
|:---|
| Corporation Trust Company |
| 1209 Orange Street |
| Wilmington, Delaware 19808 |
| (Name and address of agent for service) |

---

Registrant's telephone number, including area code: <u>312-265-9359</u>

Date of fiscal year end: <u>11/30</u>

Date of reporting period: <u>11/30/25</u>

**Item 1. Reports to Stockholders.**

(a) # Zacks Earnings Consistent Portfolio ETF
(ZECP) NYSE Arca, Inc.

# Annual Shareholder Report - November 30, 2025
![Image](i69d011c298e4661ba1942f94.jpg)

## Fund Overview
This annual shareholder report contains important information about Zacks Earnings Consistent Portfolio ETF for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at**https://zacksetfs.com/resources.php**. You can also request this information by contacting us at 1-855-813-3507.

## What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Zacks Earnings Consistent Portfolio ETF | $58 | 0.55% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended November 30, 2025 (12/1/2024–11/30/2025), ZECP returned 10.28% versus 13.59% for the Russell 3000, trailing by -3.31%. Attribution indicates the gap was driven mainly by stock selection (-2.34%), with a modest drag from sector positioning (-0.23%); the remainder reflects fees and residual effects.

The detailed attribution analysis showed uneven sector results. Communication Services (+1.48%) and Industrials (+1.00%) added the most to relative performance, benefiting from strong selection—most notably Alphabet—and favorable industrial holdings. Technology was the primary headwind (-3.96%), combining an underweight (allocation -0.29%) with weaker selection (selection -3.66%). Financial Services also detracted (-0.87%) as an overweight (allocation -0.34%) and negative selection (selection -0.53%) compounded.

At the security level, the largest active contributors were Alphabet (+1.50%), Caterpillar (+0.86%), and Cardinal Health (+0.54%). The largest detractors were driven by missed exposure to high performers—Broadcom (-1.34%) and NVIDIA (-0.48%)—and weaker outcomes in select holdings including Synopsys (-0.97%), UnitedHealth (-0.86%), and Accenture (-0.68%). In absolute terms, the portfolio's gains were led by Alphabet (3.90% contribution), Apple (1.27%), Caterpillar (1.17%), and Microsoft (0.96%). The biggest absolute detractors were UnitedHealth (-1.46%), Synopsys (-0.56%), Accenture (-0.49%), and Fiserv (-0.44%).

ZECP is designed to invest in companies expected to exhibit consistent earnings growth over time. Our strategy emphasizes companies with a history of stable and predictable earnings growth across various economic cycles, as such companies often possess competitive advantages.

Given its investment mandate, which focuses on earnings consistency factors, ZECP typically underperforms during bullish or upward-trending markets. However, companies with stable earnings provide significant downside protection during market downturns or periods of heightened volatility. These companies offer resilience and stability, helping cushion the portfolio against substantial losses due to their ability to navigate adverse market conditions effectively.

While recent market conditions have been marked by extended periods of positive performance, such stretches often lead to increased volatility. For this reason, we view ZECP as a valuable core holding in any portfolio. We believe that maintaining a focus on quality companies with stable and predictable earnings will help smooth returns over time and mitigate risk during volatile market period.

\*The Morningstar report for attribution analysis utilizes the iShares Russell 3000 ETF as a proxy for the Russell 3000 Index.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i6166796de70c5b0e1e958ffc.jpg)

---

| | | |
|:---|:---|:---|
| | **Zacks Earnings Consistent Portfolio ETF - NAV** | **Russell 3000<sup>®</sup> Index** |
| **Aug-2021** | $10000 | $10000 |
| **Nov-2021** | $10092 | $10167 |
| **Nov-2022** | $9759 | $9068 |
| **Nov-2023** | $10284 | $10212 |
| **Nov-2024** | $13112 | $13733 |
| **Nov-2025** | $14459 | $15600 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (August 23, 2021)** |
| Zacks Earnings Consistent Portfolio ETF - NAV | 10.28% | 9.02% |
| Russell 3000<sup>®</sup> Index | 13.59% | 10.97% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $281649678 |
| Number of Portfolio Holdings | 61 |
| Advisory Fee | $1029113 |
| Portfolio Turnover | 12% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib720841018e80aeac9319522.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4d76a43b21b5c692a3780ea6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.3% |
| Real Estate | 1.4% |
| Utilities | 3.7% |
| Consumer Discretionary | 6.4% |
| Consumer Staples | 7.4% |
| Communications | 10.0% |
| Industrials | 12.6% |
| Health Care | 15.3% |
| Financials | 17.0% |
| Technology | 25.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;6.0% |
| &nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;JPMorgan Chase & Company | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;American Express Company | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Procter & Gamble Company (The) | &nbsp;&nbsp;2.1% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](i69d011c298e4661ba1942f94.jpg)

# Zacks Earnings Consistent Portfolio ETF

# Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about Zacks Earnings Consistent Portfolio ETF for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at**https://zacksetfs.com/resources.php**. You can also request this information by contacting us at 1-855-813-3507.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-ZECP

# Zacks Focus Growth ETF
(GROZ) NYSE Arca, Inc.

# Annual Shareholder Report - November 30, 2025
![Image](i45d2cd098ddd6cfae904f5bf.jpg)

## Fund Overview
This annual shareholder report contains important information about Zacks Focus Growth ETF for the period of December 4, 2024 (commencement of operations) to November 30, 2025. You can find additional information about the Fund at**https://zacksetfs.com/resources.php**. You can also request this information by contacting us at 1-855-813-3507.

## What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Zacks Focus Growth ETF | $60 | 0.55% |

---

\* Expenses for the full reporting period would be higher.

## How did the Fund perform during the reporting period?
For the fiscal year ended November 30, 2025 (12/4/2024–11/30/2025), the Zacks Focus Growth ETF returned 19.64% versus 17.06% for the Russell 1000 Growth Index, underperforming by -0.72%. Attribution indicates the shortfall was driven primarily by sector allocation (-4.54%), which more than offset strong stock selection (+3.82%); the remainder reflects residual effects.

The detailed attribution analysis showed that cash positioning was the largest single driver of relative performance. The portfolio maintained an average cash overweight of +2.93%, which detracted -3.60% on allocation as equities advanced. Beyond cash, Technology also weighed on relative results from an allocation perspective: an underweight of -6.25% detracted -0.93%. Importantly, Technology selection was positive (+0.97%), largely offsetting the underweight and leaving Technology close to flat on an active basis (+0.04%). Outside of these effects, several sectors contributed positively to active return—most notably Financial Services (+1.08%), Communication Services (+0.63%), and Consumer Cyclical (+0.64%)—reflecting generally favorable security selection.

At the security level, the largest positive selection contributors included Alphabet Class A (+0.83%), The Goldman Sachs Group (+0.73%), and Broadcom (+0.62%), along with additional positive contributions from select industrial and consumer names. The largest selection detractors were led by an underweight to Alphabet Class C (-0.96%) and weaker relative outcomes in Apple (-0.65%) and Fortinet (-0.42%), with additional headwinds from UnitedHealth (-0.35%) and Duolingo (-0.33%). In absolute terms, portfolio gains were led by Alphabet Class A (4.25% contribution), Broadcom (4.02%), and NVIDIA (2.17%), while the largest absolute detractors included Salesforce (-0.52%), ServiceNow (-0.45%), Duolingo (-0.37%), and UnitedHealth (-0.33%).

The Zacks Focus Growth ETF seeks long-term capital appreciation through exposure to growth-oriented equities. During the period, portfolio outcomes were supported by strong security selection across several sectors, but relative results were constrained by allocation effects—particularly the cash overweight and a Technology underweight during a market environment where large-cap growth leadership remained influential. Going forward, we will continue to emphasize disciplined security selection while actively managing sector exposures and cash positioning to balance participation in strong up markets with prudent risk control.

\*The Morningstar report for attribution analysis utilizes the iShares Russell 1000 Growth ETF as a proxy for the Russell 1000 Growth Index.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ibf231d9dc230d923213f4617.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Zacks Focus Growth ETF - NAV** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **12/04/24** | $10000 | $10000 | $10000 |
| **12/31/24** | $9837 | $9803 | $9607 |
| **01/31/25** | $10032 | $9996 | $9911 |
| **02/28/25** | $9631 | $9637 | $9721 |
| **03/31/25** | $8842 | $8822 | $9154 |
| **04/30/25** | $9111 | $8973 | $9092 |
| **05/31/25** | $9818 | $9776 | $9668 |
| **06/30/25** | $10500 | $10409 | $10160 |
| **07/31/25** | $10785 | $10802 | $10383 |
| **08/31/25** | $10960 | $10922 | $10624 |
| **09/30/25** | $11638 | $11501 | $10990 |
| **10/31/25** | $12102 | $11926 | $11226 |
| **11/30/25** | $11964 | $11706 | $11257 |

---

## **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (December 4, 2024)** |
| Zacks Focus Growth ETF - NAV | 19.64% |
| Russell 1000<sup>®</sup> Growth Index | 17.06% |
| Russell 3000<sup>®</sup> Index | 12.57% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $51278069 |
| Number of Portfolio Holdings | 44 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 50% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2499171410ed3d12fb301ae1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i564219b600c6a40ce20d0d50.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.6% |
| Energy | 0.5% |
| Financials | 3.4% |
| Consumer Staples | 5.5% |
| Industrials | 7.5% |
| Health Care | 9.1% |
| Consumer Discretionary | 14.1% |
| Communications | 16.9% |
| Technology | 42.4% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;8.5% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;8.3% |
| &nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;7.9% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;5.8% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;3.3% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](i45d2cd098ddd6cfae904f5bf.jpg)

# Zacks Focus Growth ETF

# Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about Zacks Focus Growth ETF for the period of December 4, 2024 to November 30, 2025. You can find additional information about the Fund at**https://zacksetfs.com/resources.php**. You can also request this information by contacting us at 1-855-813-3507.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-GROZ

# Zacks Quality International ETF
(QUIZ) NYSE Arca, Inc.

# Annual Shareholder Report - November 30, 2025
![Image](i45d2cd098ddd6cfae904f5bf.jpg)

## Fund Overview
This annual shareholder report contains important information about Zacks Quality International ETF for the period of August 18, 2025 (commencement of operations) to November 30, 2025. You can find additional information about the Fund at**https://zacksetfs.com/resources.php**. You can also request this information by contacting us at 1-855-813-3507.

## What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Zacks Quality International ETF | $16 | 0.55% |

---

\* Expenses for the full reporting period would be higher.

## How did the Fund perform during the reporting period?
During the reporting period, the Zacks Quality International ETF (QUIZ) delivered solid performance, keeping pace with both its primary benchmark and a widely used peer ETF. From August 18, 2025 through November 30, 2025, QUIZ generated a total return of 3.40%, outperforming the 3.15% return of the Bloomberg Developed Markets ex-North America Large & Mid Cap Price Return Index and closely tracking the 3.48% return of the iShares MSCI EAFE ETF over the same period.

The Fund's results reflect the effectiveness of its quality-focused, rules-based investment process, which provided broad participation in rising international equity markets while maintaining discipline during periods of market volatility. Performance tracked the benchmark closely throughout the period, with relative results driven by consistent, incremental contributions across holdings, rather than reliance on isolated securities or short-term market events.

On an annualized equivalent basis, QUIZ delivered a return of 12.58%, compared with 12.89% for EFA. While the Fund has a relatively short operating history since its inception in August 2025, early results are consistent with the strategy's objective of delivering competitive returns through systematic quality-based stock selection. We believe that, over a longer measurement period, the disciplined application of the methodology positions the Fund to generate attractive relative performance versus both its benchmark and peer alternatives.

Overall, performance during the period underscores QUIZ's ability to deliver competitive absolute returns, maintain close benchmark alignment, and establish a solid foundation for long-term relative value creation within developed international equity markets.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ic43030fa42beef74c2adcaa0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Zacks Quality International ETF - NAV** | **Bloomberg Global Developed Markets ex N. America Large-Mid** | **MSCI EAFE Index** |
| **08/18/25** | $10000 | $10000 | $10000 |
| **08/31/25** | $9936 | $9971 | $9974 |
| **09/30/25** | $10076 | $10136 | $10165 |
| **10/31/25** | $10256 | $10264 | $10284 |
| **11/30/25** | $10340 | $10315 | $10348 |

---

## **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **Since Inception (August 18, 2025)** |
| Zacks Quality International ETF - NAV | 3.40% |
| Bloomberg Global Developed Markets ex N. America Large-Mid | 3.15% |
| MSCI EAFE Index | 3.48% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $46796138 |
| Number of Portfolio Holdings | 171 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 8% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2499171410ed3d12fb301ae1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie593f7f36e42777391e226df.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.5% |
| Energy | 2.6% |
| Utilities | 3.6% |
| Communications | 5.3% |
| Materials | 6.0% |
| Consumer Discretionary | 7.9% |
| Consumer Staples | 9.7% |
| Technology | 9.8% |
| Health Care | 10.4% |
| Industrials | 16.3% |
| Financials | 26.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Siemens A.G. | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;British American Tobacco plc | &nbsp;&nbsp;1.7% |
| &nbsp;&nbsp;Roche Holding A.G. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;SAP S.E. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Sony Corporation | &nbsp;&nbsp;1.3% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](i45d2cd098ddd6cfae904f5bf.jpg)

# Zacks Quality International ETF

# Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about Zacks Quality International ETF for the period of August 18, 2025 to November 30, 2025. You can find additional information about the Fund at**https://zacksetfs.com/resources.php**. You can also request this information by contacting us at 1-855-813-3507.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-QUIZ

# Zacks Small/Mid Cap ETF
(SMIZ) NYSE Arca, Inc.

# Annual Shareholder Report - November 30, 2025
![Image](i45d2cd098ddd6cfae904f5bf.jpg)

## Fund Overview
This annual shareholder report contains important information about Zacks Small/Mid Cap ETF for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **https://zacksetfs.com/resources.php**. You can also request this information by contacting us at 1-855-813-3507.

## What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Zacks Small/Mid Cap ETF | $56 | 0.55% |

---

## How did the Fund perform during the reporting period?
For the fiscal year ended November 30, 2025 (12/1/2024–11/30/2025), the Zacks Small/Mid Cap ETF (SMIZ) returned 5.25% versus 3.39% for the Russell 2500 Index, outperforming by +1.86%. Attribution indicates the relative gain was driven primarily by stock selection (+1.84%), complemented by sector positioning (+0.70%) for a total attribution active return of +2.53%; the difference to the reported active return largely reflects fees/expenses and residual effects.

The detailed attribution analysis showed that sector results were led by Technology, which contributed +2.48% to relative performance, supported by both an overweight (+0.52% allocation effect) and strong stock selection (+1.96% selection effect). Other sector allocation tailwinds were more modest but positive, including Healthcare (+0.43%) and Utilities (+0.41%). On the detractor side, Consumer Defensive was the largest allocation headwind (-0.55%), and residual benchmark "Unclassified" exposure also weighed (-0.23%).

At the security level, the largest active contributors were Credo Technology (+1.03%), SSR Mining (+0.79%), and ProAssurance (+0.77%). The largest detractors were driven by missed exposure and weaker relative results, led by Robinhood (-1.12%), SanDisk (-0.80%), and Ciena (-0.60%). In absolute terms, portfolio gains were led by Credo Technology (1.13% contribution), Comfort Systems (0.96%), Rigel Pharmaceuticals (0.80%), SSR Mining (0.75%), and Amphenol (0.73%). The largest absolute detractors included SPS Commerce (-0.38%), Datadog (-0.34%), and Sprouts Farmers Market (-0.33%).

SMIZ is designed to invest in small- and mid-cap companies expected to benefit from upward earnings estimate revisions, leveraging a proprietary earnings revision framework. The portfolio typically holds approximately 200 companies, broadly split between small- and mid-cap stocks. We continue to believe small- and mid-cap equities offer a compelling opportunity set, as they have historically traded at a meaningful discount to large caps despite many businesses exhibiting comparable profitability profiles. Against that backdrop, SMIZ is positioned as a differentiated allocation within a balanced portfolio, offering targeted exposure to small- and mid-cap companies with improving fundamental expectations.

\*The Morningstar report for attribution analysis utilizes the iShares Russell 2500 ETF as a proxy for the Russell 2500 Index.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i796e3bb879a44d09bc2aa201.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Zacks Small/Mid Cap ETF - NAV** | **Russell 3000<sup>®</sup> Index** | **Russell 2500<sup>®</sup> Index** |
| **10/02/23** | $10000 | $10000 | $10000 |
| **10/31/23** | $9556 | $9751 | $9527 |
| **11/30/23** | $10456 | $10660 | $10384 |
| **12/31/23** | $11428 | $11226 | $11497 |
| **01/31/24** | $11328 | $11350 | $11197 |
| **02/29/24** | $12217 | $11965 | $11806 |
| **03/31/24** | $12657 | $12351 | $12293 |
| **04/30/24** | $11844 | $11807 | $11469 |
| **05/31/24** | $12281 | $12365 | $11946 |
| **06/30/24** | $12213 | $12748 | $11767 |
| **07/31/24** | $12917 | $12985 | $12642 |
| **08/31/24** | $12905 | $13267 | $12609 |
| **09/30/24** | $13277 | $13542 | $12797 |
| **10/31/24** | $13257 | $13442 | $12678 |
| **11/30/24** | $14626 | $14337 | $13926 |
| **12/31/24** | $13496 | $13899 | $12876 |
| **01/31/25** | $13939 | $14337 | $13333 |
| **02/28/25** | $13012 | $14062 | $12707 |
| **03/31/25** | $12297 | $13242 | $11910 |
| **04/30/25** | $12414 | $13153 | $11665 |
| **05/31/25** | $13207 | $13987 | $12363 |
| **06/30/25** | $13788 | $14698 | $12933 |
| **07/31/25** | $14061 | $15021 | $13183 |
| **08/31/25** | $14792 | $15369 | $13875 |
| **09/30/25** | $15170 | $15899 | $14097 |
| **10/31/25** | $15142 | $16240 | $14192 |
| **11/30/25** | $15394 | $16285 | $14398 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (October 2, 2023)** |
| Zacks Small/Mid Cap ETF - NAV | 5.25% | 22.09% |
| Russell 3000<sup>®</sup> Index | 13.59% | 25.31% |
| Russell 2500<sup>®</sup> Index | 3.39% | 18.37% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $163768215 |
| Number of Portfolio Holdings | 217 |
| Advisory Fee (net of waivers) | $495667 |
| Portfolio Turnover | 105% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i2499171410ed3d12fb301ae1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](if6ec875db82e3cf836fe0ccb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 2.0% |
| Communications | 2.5% |
| Consumer Staples | 3.4% |
| Energy | 3.6% |
| Real Estate | 4.2% |
| Utilities | 4.2% |
| Materials | 5.5% |
| Consumer Discretionary | 7.4% |
| Health Care | 11.9% |
| Technology | 17.9% |
| Financials | 18.5% |
| Industrials | 18.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Amphenol Corporation, Class A | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Credo Technology Group Holding Ltd. | &nbsp;&nbsp;1.4% |
| &nbsp;&nbsp;Rigel Pharmaceuticals, Inc. | &nbsp;&nbsp;1.3% |
| &nbsp;&nbsp;McKesson Corporation | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Northern Trust Corporation | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Allient, Inc. | &nbsp;&nbsp;1.0% |

---

## Material Fund Changes
No material changes occurred during the year ended November 30, 2025.

![Image](i45d2cd098ddd6cfae904f5bf.jpg)

# Zacks Small/Mid Cap ETF

# Annual Shareholder Report - November 30, 2025

## Where can I find additional information about the Fund?
This annual shareholder report contains important information about Zacks Small/Mid Cap ETF for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at**https://zacksetfs.com/resources.php**. You can also request this information by contacting us at 1-855-813-3507.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 113025-SMIZ

(b) Not applicable

**Item 2. Code of Ethics.**

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions,
 regardless of whether these individuals are employed by the registrant or a third party.

(b) N/A

(c) During
 the period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During
 the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) N/A

(f) See
 Item 19(a)(1)

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Registrant's Board of Trustees has determined that Stuart Kaufman is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Stuart Kaufman is independent for purposes of this Item.

(a)(2) Not applicable.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit
 Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal
 accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| |
|:---|
| **<u>Audit Fees</u>** |
| 2025 - $53000 |
| 2024 - $27500 |

---

(b)  **<u>Audit-Related Fees</u> -** There were no fees billed in each of the last two fiscal years for assurances and related services by the principal
 accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported
 under paragraph (a) of this Item.

2025 – None <br> 2024 – None

(c)  **<u>Tax Fees</u>** The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant
 for tax compliance are as follows:

---

| |
|:---|
| 2025 - $12000 |
| 2024 - $6000 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d)  **<u>All Other Fees</u>** The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's
 principal accountant, other than the services reported in paragraphs (a) through (c) of this item were:

2025 – None <br> 2024 – None

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.

(2)  **<u>Percentages of Services Approved by the Audit Committee -</u>** There were no services described in each of paragraphs (b) through (d) of this
 Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Audit-Related Fees: | 0.00% | 0.00% |
| Tax Fees: | 0.00% | 0.00% |
| All Other Fees: | 0.00% | 0.00% |

---

(f) During
 the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the
 principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time,
 permanent employees.

(g) The
 aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's
 investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by
 another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing
 services to the registrant:

---

| |
|:---|
| 2025 - $12000 |
| 2024 - $6000 |

---

(h) The
 registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser
 (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services
 to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining
 the principal accountant's independence.

(i) Not applicable

(j) Not applicable

**Item 5. Audit Committee of Listed Companies.** Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.** The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

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

(a) ---

| |
|:---|
| ![(JACKS INVESTMENT MANAGEMENT LOGO)](za001_v1.jpg) |
| **Zacks Earnings Consistent Portfolio ETF** |
| **(ZECP)** |
| **Zacks Small/Mid Cap ETF** |
| **(SMIZ)** |
| **Zacks Focus Growth ETF** |
| **(GROZ)** |
| **Zacks Quality International ETF** |
| **(QUIZ)** |
| Annual Financial Statements and Additional Information |
| November 30, 2025 |
| 1-855-813-3507 |
| www.ZacksETFs.com |

---

---

| |
|:---|
| **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7%** |  |
|  | **AEROSPACE & DEFENSE - 2.7%** |  |
| 8004 | General Dynamics Corporation | $2734407 |
| 28098 | RTX Corporation | 4914621 |
|  |  | 7649028 |
|  | **ASSET MANAGEMENT - 2.3%** |  |
| 8835 | Ameriprise Financial, Inc. | 4026463 |
| 2234 | Blackrock, Inc. | 2339668 |
|  |  | 6366131 |
|  | **BANKING - 5.4%** |  |
| 29341 | JPMorgan Chase & Company | 9186081 |
| 14131 | PNC Financial Services Group, Inc. (The) | 2695064 |
| 73450 | Truist Financial Corporation | 3415425 |
|  |  | 15296570 |
|  | **BEVERAGES - 1.3%** |  |
| 24863 | PepsiCo, Inc. | 3698123 |
|  | **BIOTECH & PHARMA - 7.1%** |  |
| 10438 | Amgen, Inc. | 3605911 |
| 31314 | Bristol-Myers Squibb Company | 1540649 |
| 7135 | Eli Lilly & Company | 7673478 |
| 21315 | Johnson & Johnson | 4410500 |
| 27589 | Merck & Company, Inc. | 2892155 |
|  |  | 20122693 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.1%** |  |
| 23650 | Cintas Corporation | 4399373 |
| 20212 | Republic Services, Inc. | 4387217 |
|  |  | 8786590 |
|  | **CONSUMER FINANCE - 2.8%** |  |
| 21950 | American Express Company | 8017677 |
|  | **DIVERSIFIED INDUSTRIALS - 1.0%** |  |
| 20120 | Emerson Electric Company | 2683606 |
|  | **ELECTRIC UTILITIES - 2.8%** |  |
| 44045 | American Electric Power Company, Inc. | 5451450 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 2.8% (Continued)** |  |
| 29633 | Southern Company (The) | $2700159 |
|  |  | 8151609 |
|  | **ELECTRICAL EQUIPMENT - 0.6%** |  |
| 12513 | Amphenol Corporation, Class A | 1763082 |
|  | **ENGINEERING & CONSTRUCTION - 1.3%** |  |
| 6061 | EMCOR Group, Inc. | 3727939 |
|  | **FOOD - 1.1%** |  |
| 17129 | Hershey Company (The) | 3221622 |
|  | **GAS & WATER UTILITIES - 0.9%** |  |
| 18505 | American Water Works Company, Inc. | 2406945 |
|  | **HEALTH CARE FACILITIES & SERVICES - 4.0%** |  |
| 25526 | Cardinal Health, Inc. | 5418149 |
| 8944 | Labcorp Holdings, Inc. | 2403968 |
| 10223 | UnitedHealth Group, Inc. | 3371239 |
|  |  | 11193356 |
|  | **HOUSEHOLD PRODUCTS - 2.1%** |  |
| 39356 | Procter & Gamble Company (The) | 5830985 |
|  | **INDUSTRIAL REIT - 0.7%** |  |
| 14984 | Prologis, Inc. | 1925893 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.4%** |  |
| 28005 | Fastenal Company | 1131402 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.9%** |  |
| 27807 | Nasdaq, Inc. | 2528212 |
|  | **INSURANCE - 5.6%** |  |
| 38397 | Hartford Insurance Group, Inc. (The) | 5261541 |
| 22563 | Marsh & McLennan Companies, Inc. | 4139182 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **INSURANCE - 5.6% (Continued)** |  |
| 41185 | MetLife, Inc. | $3153124 |
| 38929 | W R Berkley Corporation | 3024394 |
|  |  | 15578241 |
|  | **INTERNET MEDIA & SERVICES - 10.0%** |  |
| 65292 | Alphabet, Inc., Class A | 20905192 |
| 66841 | Netflix, Inc.<sup>(a)</sup> | 7190755 |
|  |  | 28095947 |
|  | **LEISURE FACILITIES & SERVICES - 2.8%** |  |
| 12249 | Marriott International Inc, Class A | 3733373 |
| 8640 | McDonald's Corporation | 2694125 |
| 15212 | Starbucks Corporation | 1325117 |
|  |  | 7752615 |
|  | **MACHINERY - 3.5%** |  |
| 16892 | Caterpillar, Inc. | 9725737 |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.2%** |  |
| 23109 | Abbott Laboratories | 2978750 |
| 31604 | Boston Scientific Corporation<sup>(a)</sup> | 3210334 |
| 7273 | Stryker Corporation | 2699592 |
| 4791 | Thermo Fisher Scientific, Inc. | 2830667 |
|  |  | 11719343 |
|  | **RESIDENTIAL REIT - 0.7%** |  |
| 14166 | Mid-America Apartment Communities, Inc. | 1925018 |
|  | **RETAIL - CONSUMER STAPLES - 2.9%** |  |
| 72947 | Walmart, Inc. | 8061373 |
|  | **RETAIL - DISCRETIONARY - 3.6%** |  |
| 15578 | Home Depot, Inc. (The) | 5560100 |
| 30573 | TJX Companies, Inc. (The) | 4644650 |
|  |  | 10204750 |
|  | **SEMICONDUCTORS - 2.3%** |  |
| 10897 | Analog Devices, Inc. | 2891410 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **SEMICONDUCTORS - 2.3% (Continued)** |  |
| 13701 | Applied Materials, Inc. | $3456077 |
|  |  | 6347487 |
|  | **SOFTWARE - 9.8%** |  |
| 10942 | Cadence Design Systems, Inc.<sup>(a)</sup> | 3412153 |
| 4666 | Intuit, Inc. | 2958617 |
| 34146 | Microsoft Corporation | 16800174 |
| 11644 | Oracle Corporation | 2351506 |
| 10013 | Salesforce, Inc. | 2308397 |
|  |  | 27830847 |
|  | **TECHNOLOGY HARDWARE - 8.7%** |  |
| 75006 | Apple, Inc. | 20915423 |
| 50920 | Cisco Systems, Inc. | 3917785 |
|  |  | 24833208 |
|  | **TECHNOLOGY SERVICES - 4.1%** |  |
| 11695 | Accenture PLC, Class A | 2923750 |
| 9694 | International Business Machines Corporation | 2991375 |
| 11240 | Leidos Holdings, Inc. | 2147964 |
| 7024 | Moody's Corporation | 3447238 |
|  |  | 11510327 |
|  | **TOTAL COMMON STOCKS (Cost $227,987,124)** | 278086356 |
|  | **TOTAL INVESTMENTS - 98.7% (Cost $227,987,124)** | $278086356 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3%** | 3563322 |
|  | **NET ASSETS - 100.0%** | $281649678 |

---

---

| | |
|:---|:---|
| PLC - | Public Limited Company |
| REIT - | Real Estate Investment Trust |

---

<sup>(a)</sup> Non-income producing security.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0%** |  |
|  | **ADVERTISING & MARKETING - 0.9%** |  |
| 2594 | AppLovin Corporation, Class A<sup>(a)</sup> | $1555052 |
|  | **AEROSPACE & DEFENSE - 1.3%** |  |
| 10858 | Astronics Corporation<sup>(a)</sup> | 592521 |
| 7800 | Howmet Aerospace, Inc. | 1595802 |
|  |  | 2188323 |
|  | **ASSET MANAGEMENT - 2.3%** |  |
| 14694 | Acadian Asset Management, Inc. | 658879 |
| 5202 | Affiliated Managers Group, Inc. | 1398454 |
| 14056 | Artisan Partners Asset Management, Inc., Class A | 583043 |
| 8880 | Stifel Financial Corporation | 1083360 |
|  |  | 3723736 |
|  | **AUTOMOTIVE - 0.9%** |  |
| 40472 | Garrett Motion, Inc. | 669002 |
| 7808 | Visteon Corporation | 806176 |
|  |  | 1475178 |
|  | **BANKING - 6.0%** |  |
| 8559 | BancFirst Corporation | 948680 |
| 192 | Cadence Bank | 7649 |
| 7655 | City Holding Company | 928628 |
| 8930 | East West Bancorp, Inc. | 952831 |
| 28996 | First Horizon Corporation | 647771 |
| 7756 | Home Bancorp, Inc. | 430225 |
| 17155 | Independent Bank Corporation (MA) | 1236018 |
| 20391 | Origin Bancorp, Inc. | 742028 |
| 4227 | Park National Corporation | 649056 |
| 16779 | Seacoast Banking Corporation of Florida | 529545 |
| 48 | ServisFirst Bancshares, Inc. | 3414 |
| 19546 | SmartFinancial, Inc. | 708738 |
| 16149 | Southern First Bancshares, Inc. <sup>(a)</sup> | 819723 |
| 14616 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 1317925 |
|  |  | 9922231 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **BEVERAGES - 0.1%** |  |
| 3881 | Celsius Holdings, Inc.<sup>(a)</sup> | $158888 |
|  | **BIOTECH & PHARMA - 3.9%** |  |
| 168781 | Allogene Therapeutics, Inc.<sup>(a)</sup> | 246420 |
| 1929 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 870423 |
| 33881 | Arvinas, Inc.<sup>(a)</sup> | 426392 |
| 22 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 1230 |
| 4959 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 354073 |
| 11113 | Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 811805 |
| 29113 | Mural Oncology PLC<sup>(a)</sup> | 861163 |
| 14522 | Phibro Animal Health Corporation, Class A | 608181 |
| 43306 | Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 2186520 |
|  |  | 6366207 |
|  | **CHEMICALS - 1.7%** |  |
| 3537 | CF Industries Holdings, Inc. | 278362 |
| 6015 | DuPont de Nemours, Inc. | 239217 |
| 10058 | International Flavors & Fragrances, Inc. | 698830 |
| 103084 | Mativ Holdings, Inc. | 1287518 |
| 2952 | Qnity Electronics, Inc. | 239378 |
|  |  | 2743305 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.7%** |  |
| 8125 | Alarm.com Holdings, Inc.<sup>(a)</sup> | 422175 |
| 61447 | Quad/Graphics, Inc. | 352706 |
| 4994 | TriNet Group, Inc. | 292648 |
|  |  | 1067529 |
|  | **CONSUMER SERVICES - 0.7%** |  |
| 26334 | Coursera, Inc.<sup>(a)</sup> | 209355 |
| 1933 | Grand Canyon Education, Inc.<sup>(a)</sup> | 304911 |
| 10390 | Stride, Inc.<sup>(a)</sup> | 660077 |
|  |  | 1174343 |
|  | **CONTAINERS & PACKAGING - 0.5%** |  |
| 8774 | Crown Holdings, Inc. | 849586 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 1.9%** |  |
| 4731 | CenterPoint Energy, Inc. | $189145 |
| 3483 | Constellation Energy Corporation | 1269066 |
| 10145 | Edison International | 597439 |
| 5681 | Vistra Corporation | 1016104 |
|  |  | 3071754 |
|  | **ELECTRICAL EQUIPMENT - 7.1%** |  |
| 3337 | Acuity, Inc. | 1222744 |
| 4685 | Advanced Energy Industries, Inc. | 989425 |
| 30337 | Allient, Inc. | 1633951 |
| 16126 | Amphenol Corporation, Class A | 2272152 |
| 6442 | Bloom Energy Corporation, Class A<sup>(a)</sup> | 703724 |
| 1934 | Hubbell, Inc. | 834386 |
| 3124 | Littelfuse, Inc. | 799806 |
| 17517 | NEXTracker, Inc., Class A<sup>(a)</sup> | 1604908 |
| 2008 | Powell Industries, Inc. | 649026 |
| 3154 | SPX Technologies, Inc.<sup>(a)</sup> | 678236 |
|  |  | 11388358 |
|  | **ENGINEERING & CONSTRUCTION - 6.4%** |  |
| 3068 | Comfort Systems USA, Inc. | 2997252 |
| 4914 | EMCOR Group, Inc. | 3022454 |
| 33919 | Great Lakes Dredge & Dock Corporation<sup>(a)</sup> | 433146 |
| 5998 | MasTec, Inc.<sup>(a)</sup> | 1282852 |
| 9416 | Primoris Services Corporation | 1191689 |
| 3258 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 1121762 |
| 14058 | Tetra Tech, Inc. | 488375 |
|  |  | 10537530 |
|  | **ENTERTAINMENT CONTENT - 0.3%** |  |
| 2113 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 519946 |
|  | **FOOD - 0.9%** |  |
| 4429 | Post Holdings, Inc.<sup>(a)</sup> | 460749 |
| 17167 | Tyson Foods, Inc., Class A | 996545 |
|  |  | 1457294 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **GAMING REIT - 0.2%** |  |
| 12102 | VICI Properties, Inc. | $348780 |
|  | **GAS & WATER UTILITIES - 2.3%** |  |
| 17150 | National Fuel Gas Company | 1414017 |
| 23836 | New Jersey Resources Corporation | 1146035 |
| 28813 | NiSource, Inc. | 1271518 |
|  |  | 3831570 |
|  | **HEALTH CARE FACILITIES & SERVICES - 5.2%** |  |
| 3899 | Cencora, Inc. | 1438458 |
| 5370 | GeneDx Holdings Corporation<sup>(a)</sup> | 896522 |
| 9337 | HealthEquity, Inc.<sup>(a)</sup> | 982066 |
| 2098 | McKesson Corporation | 1848589 |
| 2128 | Medpace Holdings, Inc.<sup>(a)</sup> | 1260755 |
| 21521 | Option Care Health, Inc.<sup>(a)</sup> | 669303 |
| 28730 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | 692106 |
| 3467 | Tenet Healthcare Corporation<sup>(a)</sup> | 751784 |
|  |  | 8539583 |
|  | **HEALTH CARE REIT - 0.7%** |  |
| 23260 | Omega Healthcare Investors, Inc. | 1068099 |
|  | **HOME CONSTRUCTION - 0.3%** |  |
| 18557 | Interface, Inc. | 517926 |
|  | **HOTEL REIT - 0.6%** |  |
| 96190 | Pebblebrook Hotel Trust | 1090794 |
|  | **HOUSEHOLD PRODUCTS - 0.7%** |  |
| 38735 | Central Garden & Pet Company, Class A<sup>(a)</sup> | 1198461 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.0%<sup>(b)</sup>** |  |
| 111 | Insteel Industries, Inc. | 3394 |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.4%** |  |
| 65 | API Group Corporation<sup>(a)</sup> | 2571 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.4% (Continued)** |  |
| 19006 | Resideo Technologies, Inc.<sup>(a)</sup> | $627008 |
|  |  | 629579 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.6%** |  |
| 2616 | Cboe Global Markets, Inc. | 675373 |
| 3653 | Evercore, Inc., Class A | 1169216 |
| 10511 | Moelis & Company, Class A | 674491 |
| 13046 | Northern Trust Corporation | 1713461 |
| 6906 | SEI Investments Company | 558419 |
| 2805 | State Street Corporation | 333851 |
| 7664 | StoneX Group, Inc.<sup>(a)</sup> | 694435 |
|  |  | 5819246 |
|  | **INSURANCE - 3.4%** |  |
| 3988 | Allstate Corporation (The) | 849364 |
| 4932 | Arch Capital Group Ltd.<sup>(a)</sup> | 463213 |
| 2995 | Assurant, Inc. | 683339 |
| 2888 | Brown & Brown, Inc. | 232282 |
| 7473 | Hartford Insurance Group, Inc. (The) | 1024026 |
| 8361 | Jackson Financial, Inc. | 819462 |
| 2480 | Primerica, Inc. | 638154 |
| 24599 | United Fire Group, Inc. | 899093 |
|  |  | 5608933 |
|  | **INTERNET MEDIA & SERVICES - 0.9%** |  |
| 69 | Cargurus, Inc.<sup>(a)</sup> | 2434 |
| 18747 | EverQuote, Inc.<sup>(a)</sup> | 494733 |
| 3521 | Expedia Group, Inc. | 900285 |
| 99 | TripAdvisor, Inc.<sup>(a)</sup> | 1472 |
|  |  | 1398924 |
|  | **LEISURE FACILITIES & SERVICES - 2.4%** |  |
| 192 | Atlanta Braves Holdings, Inc., Series C<sup>(a)</sup> | 7642 |
| 4365 | Brinker International, Inc.<sup>(a)</sup> | 671293 |
| 29070 | Carnival Corporation<sup>(a)</sup> | 749425 |
| 3297 | Darden Restaurants, Inc. | 592075 |
| 8738 | Las Vegas Sands Corporation | 595582 |
| 8557 | Life Time Group Holdings, Inc.<sup>(a)</sup> | 238911 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 2.4% (Continued)** |  |
| 4359 | Royal Caribbean Cruises Ltd. | $1160584 |
|  |  | 4015512 |
|  | **LEISURE PRODUCTS - 0.1%** |  |
| 26783 | Peloton Interactive, Inc., Class A<sup>(a)</sup> | 181857 |
|  | **MACHINERY - 1.4%** |  |
| 38 | AGCO Corporation | 4026 |
| 10365 | Helios Technologies, Inc. | 559606 |
| 4387 | Watts Water Technologies, Inc., Class A | 1210286 |
| 4077 | Xylem Inc | 573512 |
|  |  | 2347430 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.2%** |  |
| 22552 | BioLife Solutions, Inc.<sup>(a)</sup> | 597628 |
| 5101 | Exact Sciences Corporation<sup>(a)</sup> | 516680 |
| 4024 | Illumina, Inc.<sup>(a)</sup> | 528955 |
| 5917 | Omnicell, Inc.<sup>(a)</sup> | 216030 |
| 22186 | QIAGEN N.V. | 1059381 |
| 2975 | ResMed, Inc. | 761094 |
| 9603 | Solventum Corporation<sup>(a)</sup> | 818752 |
| 62 | Teleflex, Inc. | 7094 |
| 14235 | Veracyte, Inc.<sup>(a)</sup> | 673885 |
|  |  | 5179499 |
|  | **METALS & MINING - 2.2%** |  |
| 5024 | Anglogold Ashanti plc | 430456 |
| 46379 | Coeur Mining, Inc.<sup>(a)</sup> | 800965 |
| 57916 | Hecla Mining Company | 974148 |
| 65994 | SSR Mining, Inc.<sup>(a)</sup> | 1536341 |
|  |  | 3741910 |
|  | **MORTGAGE FINANCE - 0.7%** |  |
| 308 | Annaly Capital Management, Inc. | 7022 |
| 70383 | Invesco Mortgage Capital, Inc. | 577140 |
| 79446 | Orchid Island Capital, Inc. | 574395 |
| 440 | Starwood Property Trust, Inc. | 8070 |
|  |  | 1166627 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 2.2%** |  |
| 6192 | California Resources Corporation | $295854 |
| 4157 | Cheniere Energy, Inc. | 866568 |
| 4614 | Expand Energy Corporation | 562585 |
| 10497 | Golar LNG Ltd. | 387864 |
| 21664 | Williams Companies, Inc. (The) | 1319988 |
|  |  | 3432859 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 0.9%** |  |
| 27028 | Ranger Energy Services, Inc. | 365148 |
| 17466 | Solaris Oilfield Infrastructure, Inc., CLASS A | 836447 |
| 4077 | Weatherford International plc | 304960 |
|  |  | 1506555 |
|  | **PUBLISHING & BROADCASTING - 0.3%** |  |
| 6616 | New York Times Company (The), Class A | 426732 |
| 115 | News Corporation, Class A | 2953 |
|  |  | 429685 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 0.2%** |  |
| 2866 | Iron Mountain, Inc. | 247479 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.8%** |  |
| 13326 | Howard Hughes Holdings, Inc.<sup>(a)</sup> | 1193077 |
|  | **REAL ESTATE SERVICES - 0.6%** |  |
| 59577 | Newmark Group, Inc., Class A | 1035448 |
|  | **RENEWABLE ENERGY - 0.5%** |  |
| 44217 | Sunrun, Inc.<sup>(a)</sup> | 895394 |
|  | **RETAIL - CONSUMER STAPLES - 0.8%** |  |
| 3612 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 322299 |
| 14366 | Kroger Company (The) | 966544 |
| 44 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 3688 |
|  |  | 1292531 |
|  | **RETAIL - DISCRETIONARY - 2.8%** |  |
| 6274 | Advance Auto Parts, Inc. | 325495 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 2.8% (Continued)** |  |
| 2794 | Carvana Company<sup>(a)</sup> | $1046353 |
| 4385 | Ferguson Enterprises, Inc. | 1103573 |
| 45253 | Macy's, Inc. | 1011857 |
| 13835 | Urban Outfitters, Inc.<sup>(a)</sup> | 1024758 |
|  |  | 4512036 |
|  | **SEMICONDUCTORS - 1.7%** |  |
| 17693 | Amkor Technology, Inc. | 643848 |
| 39 | Axcelis Technologies, Inc.<sup>(a)</sup> | 3228 |
| 9524 | Cirrus Logic, Inc.<sup>(a)</sup> | 1146118 |
| 7712 | Microchip Technology, Inc. | 413209 |
| 5835 | Rambus, Inc.<sup>(a)</sup> | 557651 |
|  |  | 2764054 |
|  | **SOFTWARE - 5.9%** |  |
| 96 | ACI Worldwide, Inc.<sup>(a)</sup> | 4499 |
| 23579 | Alkami Technology, Inc.<sup>(a)</sup> | 502704 |
| 6115 | Blackbaud, Inc.<sup>(a)</sup> | 344764 |
| 68975 | Bumble, Inc., Class A<sup>(a)</sup> | 244861 |
| 2386 | CommVault Systems, Inc.<sup>(a)</sup> | 294671 |
| 3781 | DocuSign, Inc.<sup>(a)</sup> | 262212 |
| 24567 | Dropbox, Inc., Class A<sup>(a)</sup> | 734062 |
| 5933 | Elastic N.V.<sup>(a)</sup> | 418454 |
| 8484 | Five9, Inc.<sup>(a)</sup> | 166202 |
| 5493 | Fortinet, Inc.<sup>(a)</sup> | 445647 |
| 83712 | Freshworks, Inc., Class A<sup>(a)</sup> | 1016264 |
| 5420 | Guidewire Software, Inc.<sup>(a)</sup> | 1170612 |
| 73165 | Health Catalyst, Inc.<sup>(a)</sup> | 218763 |
| 22846 | IonQ, Inc.<sup>(a)</sup> | 1126308 |
| 13043 | Phreesia, Inc.<sup>(a)</sup> | 267251 |
| 2805 | PTC, Inc.<sup>(a)</sup> | 492081 |
| 75 | Q2 Holdings, Inc.<sup>(a)</sup> | 5410 |
| 4266 | Qualys, Inc.<sup>(a)</sup> | 600866 |
| 32 | SPS Commerce, Inc.<sup>(a)</sup> | 2666 |
| 12294 | Waystar Holding Corporation<sup>(a)</sup> | 453772 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **SOFTWARE - 5.9% (Continued)** |  |
| 9743 | Zoom Video Communications, Inc.<sup>(a)</sup> | $827765 |
|  |  | 9599834 |
|  | **SPECIALTY FINANCE - 2.7%** |  |
| 11172 | Bread Financial Holdings, Inc. | 756680 |
| 27847 | LendingClub Corporation<sup>(a)</sup> | 504031 |
| 10387 | LendingTree, Inc.<sup>(a)</sup> | 592371 |
| 52568 | New Residential Investment Corporation | 604006 |
| 51614 | SoFi Technologies, Inc.<sup>(a)</sup> | 1533967 |
| 12611 | Upstart Holdings, Inc.<sup>(a)</sup> | 566991 |
|  |  | 4558046 |
|  | **SPECIALTY REIT - 1.1%** |  |
| 20691 | EPR Properties | 1081519 |
| 49572 | Postal Realty Trust, Inc., Class A | 770349 |
|  |  | 1851868 |
|  | **STEEL - 1.1%** |  |
| 3184 | Carpenter Technology Corporation | 1014231 |
| 12517 | Northwest Pipe Company<sup>(a)</sup> | 733747 |
|  |  | 1747978 |
|  | **TECHNOLOGY HARDWARE - 7.3%** |  |
| 14128 | Arista Networks, Inc.<sup>(a)</sup> | 1846247 |
| 18626 | Corning, Inc. | 1568309 |
| 12404 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | 2202949 |
| 3579 | Fabrinet<sup>(a)</sup> | 1644228 |
| 2266 | Garmin Ltd. | 442595 |
| 18203 | Hewlett Packard Enterprise Company | 398100 |
| 3226 | InterDigital, Inc. | 1154102 |
| 7825 | NetApp, Inc. | 872957 |
| 27200 | PagerDuty, Inc.<sup>(a)</sup> | 326400 |
| 1441 | Ubiquiti, Inc. | 840233 |
| 4092 | Western Digital Corporation | 668346 |
|  |  | 11964466 |
|  | **TECHNOLOGY SERVICES - 2.7%** |  |
| 9423 | Affirm Holdings, Inc., Class A<sup>(a)</sup> | 668562 |
| 6034 | Leidos Holdings, Inc. | 1153097 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 2.7% (Continued)** |  |
| 12765 | MAXIMUS, Inc. | $1098939 |
| 62230 | Remitly Global, Inc.<sup>(a)</sup> | 842905 |
| 34309 | StoneCompany Ltd.<sup>(a)</sup> | 578107 |
|  |  | 4341610 |
|  | **TRANSPORTATION & LOGISTICS - 1.3%** |  |
| 5932 | CH Robinson Worldwide, Inc. | 942417 |
| 4905 | Expeditors International of Washington, Inc. | 720545 |
| 39 | SkyWest, Inc.<sup>(a)</sup> | 3959 |
| 14142 | Southwest Airlines Company | 492283 |
|  |  | 2159204 |
|  | **TRANSPORTATION EQUIPMENT - 0.4%** |  |
| 3387 | Westinghouse Air Brake Technologies Corporation | 706359 |
|  | **WHOLESALE - CONSUMER STAPLES - 0.5%** |  |
| 23581 | United Natural Foods, Inc.<sup>(a)</sup> | 879807 |
|  | **WHOLESALE - DISCRETIONARY - 0.3%** |  |
| 22013 | OPENLANE, Inc.<sup>(a)</sup> | 560011 |
|  | **TOTAL COMMON STOCKS (Cost $136,674,573)** | 160565685 |
|  | **TOTAL INVESTMENTS - 98.0% (Cost $136,674,573)** | $160565685 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0%** | 3202530 |
|  | **NET ASSETS - 100.0%** | $163768215 |

---

---

| | |
|:---|:---|
| Ltd. | – Limited Company |
| N.V. | – Naamloze Vennootschap |
| PLC | – Public Limited Company |
| REIT | Real Estate Investment Trust |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Percentage rounds to less than 0.1%.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS FOCUS GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4%** |  |
|  | **AEROSPACE & DEFENSE - 2.6%** |  |
| 2948 | General Electric Company | $879831 |
| 2407 | Howmet Aerospace, Inc. | 492448 |
|  |  | 1372279 |
|  | **AUTOMOTIVE - 4.5%** |  |
| 5405 | Tesla, Inc.<sup>(a)</sup> | 2325069 |
|  | **BEVERAGES - 0.9%** |  |
| 6493 | Coca-Cola Company (The) | 474768 |
|  | **BIOTECH & PHARMA - 5.0%** |  |
| 3181 | AbbVie, Inc. | 724314 |
| 1712 | Eli Lilly & Company | 1841204 |
|  |  | 2565518 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.0%** |  |
| 2667 | Cintas Corporation | 496115 |
|  | **E-COMMERCE DISCRETIONARY - 4.9%** |  |
| 10754 | Amazon.com, Inc.<sup>(a)</sup> | 2508048 |
|  | **ELECTRICAL EQUIPMENT - 1.7%** |  |
| 6137 | Amphenol Corporation, Class A | 864703 |
|  | **ENGINEERING & CONSTRUCTION - 1.5%** |  |
| 1253 | EMCOR Group, Inc. | 770683 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.8%** |  |
| 3336 | Cardinal Health, Inc. | 708099 |
| 1924 | Cencora, Inc. | 709822 |
|  |  | 1417921 |
|  | **HOME CONSTRUCTION - 1.2%** |  |
| 3126 | Armstrong World Industries, Inc. | 593127 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS FOCUS GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.7%** |  |
| 8595 | Fastenal Company | $347238 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.4%** |  |
| 1479 | Goldman Sachs Group, Inc. (The) | 1221713 |
| 3204 | Morgan Stanley | 543591 |
|  |  | 1765304 |
|  | **INTERNET MEDIA & SERVICES - 16.9%** |  |
| 11910 | Alphabet, Inc., Class A | 3813344 |
| 3074 | Meta Platforms, Inc., Class A | 1991798 |
| 15496 | Netflix, Inc.<sup>(a)</sup> | 1667060 |
| 1168 | Reddit, Inc., Class A<sup>(a)</sup> | 252837 |
| 4482 | Roku, Inc.<sup>(a)</sup> | 433813 |
| 5593 | Uber Technologies, Inc.<sup>(a)</sup> | 489611 |
|  |  | 8648463 |
|  | **LEISURE FACILITIES & SERVICES - 0.7%** |  |
| 13979 | Carnival Corporation<sup>(a)</sup> | 360379 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.3%** |  |
| 1152 | Intuitive Surgical, Inc.<sup>(a)</sup> | 660649 |
|  | **OIL & GAS PRODUCERS - 0.5%** |  |
| 1894 | Phillips 66 | 259402 |
|  | **RETAIL - CONSUMER STAPLES - 4.6%** |  |
| 1849 | Casey's General Stores, Inc. | 1054781 |
| 1411 | Costco Wholesale Corporation | 1289075 |
|  |  | 2343856 |
|  | **RETAIL - DISCRETIONARY - 2.8%** |  |
| 2100 | Ferguson Enterprises, Inc. | 528507 |
| 1293 | Home Depot, Inc. (The) | 461498 |
| 2994 | TJX Companies, Inc. (The) | 454848 |
|  |  | 1444853 |
|  | **SEMICONDUCTORS - 15.7%** |  |
| 7417 | Broadcom, Inc. | 2988754 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS FOCUS GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.4% (Continued)** |  |
|  | **SEMICONDUCTORS - 15.7% (Continued)** |  |
| 4561 | Lam Research Corporation | $711516 |
| 24624 | NVIDIA Corporation | 4358448 |
|  |  | 8058718 |
|  | **SOFTWARE - 12.7%** |  |
| 1307 | Datadog, Inc., Class A<sup>(a)</sup> | 209133 |
| 8238 | Microsoft Corporation | 4053178 |
| 2385 | Oracle Corporation | 481651 |
| 6137 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 1033778 |
| 6755 | Pegasystems, Inc. | 369971 |
| 1424 | Snowflake, Inc., Class A<sup>(a)</sup> | 357766 |
|  |  | 6505477 |
|  | **TECHNOLOGY HARDWARE - 10.5%** |  |
| 15260 | Apple, Inc. | 4255250 |
| 5326 | Arista Networks, Inc.<sup>(a)</sup> | 696002 |
| 3190 | Dell Technologies, Inc., Class C | 425387 |
|  |  | 5376639 |
|  | **TECHNOLOGY SERVICES - 3.5%** |  |
| 1477 | Mastercard, Inc., Class A | 813133 |
| 2911 | Visa, Inc., Class A | 973555 |
|  |  | 1786688 |
|  | **TOTAL COMMON STOCKS (Cost $43,280,330)** | 50945897 |
|  | **TOTAL INVESTMENTS - 99.4% (Cost $43,280,330)** | $50945897 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%** | 332172 |
|  | **NET ASSETS - 100.0%** | $51278069 |

---

<sup>(a)</sup> Non-income producing security.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS QUALITY INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5%** |  |
|  | **Australia - 5.2%** |  |
| 7783 | Australia & New Zealand Banking Group Ltd. | $176546 |
| 8683 | BHP Group Ltd. | 236933 |
| 22072 | Brambles Ltd. | 347752 |
| 6691 | Commonwealth Bank of Australia | 668224 |
| 6154 | Computershare Ltd. | 144672 |
| 724 | CSL Ltd. | 88325 |
| 724 | Macquarie Group Ltd. | 93417 |
| 7240 | National Australia Bank Ltd. | 190115 |
| 5819 | QBE Insurance Group Ltd. | 73352 |
| 8145 | Wesfarmers Ltd. | 436718 |
|  |  | 2456054 |
|  | **Belgium - 1.0%** |  |
| 2172 | Anheuser-Busch InBev S.A./N.V. | 133596 |
| 1448 | KBC Group N.V. | 178312 |
| 541 | UCB S.A. | 150940 |
|  |  | 462848 |
|  | **Denmark - 1.1%** |  |
| 684 | DSV Panalpina A/S | 155945 |
| 5251 | Novo Nordisk A/S, Class B | 258605 |
| 3904 | Vestas Wind Systems A/S | 92889 |
|  |  | 507439 |
|  | **Finland - 1.2%** |  |
| 5478 | Metso Outotec OYJ | 90114 |
| 4131 | Neste OYJ | 79745 |
| 22443 | Nordea Bank Abp | 396787 |
|  |  | 566646 |
|  | **France - 11.5%** |  |
| 1267 | Air Liquide S.A. | 242700 |
| 1991 | Airbus SE | 472227 |
| 5430 | AXA S.A. | 245043 |
| 4715 | BNP Paribas S.A. | 403072 |
| 2385 | Compagnie de Saint-Gobain | 237781 |
| 1991 | Danone S.A. | 177850 |
| 3801 | Engie S.A. | 96568 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS QUALITY INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **France - 11.5% (Continued)** |  |
| 1438 | EssilorLuxottica S.A. | $514976 |
| 362 | HeidelbergCement AG | 92936 |
| 84 | Hermes International S.C.A. | 204640 |
| 324 | Kering S.A. | 110055 |
| 1810 | Legrand S.A. | 274125 |
| 543 | L'Oréal | 236602 |
| 362 | LVMH Moet Hennessy Louis Vuitton SE | 266881 |
| 1384 | Safran SA | 466097 |
| 2051 | Sanofi S.A. | 204053 |
| 905 | Schneider Electric SE | 242523 |
| 4715 | Société Générale S.A. | 327862 |
| 3439 | Total S.A. | 226607 |
| 2353 | Vinci S.A. | 333706 |
|  |  | 5376304 |
|  | **Germany - 10.8%** |  |
| 1485 | Allianz SE | 641374 |
| 4525 | BASF SE | 235699 |
| 1982 | Continental AG | 148397 |
| 1629 | Daimler AG | 109910 |
| 724 | Deutsche Boerse AG | 193599 |
| 3620 | Deutsche Post AG | 188265 |
| 12706 | Deutsche Telekom AG | 409186 |
| 10479 | E.ON SE | 186604 |
| 1629 | Fresenius Medical Care AG | 77954 |
| 3149 | Fresenius Se & Company KGaA | 172903 |
| 6697 | Infineon Technologies AG | 282253 |
| 362 | Muenchener Rueckversicherungs-Gesellschaft AG | 228455 |
| 156 | Rheinmetall AG | 267933 |
| 2717 | SAP SE | 657344 |
| 3077 | Siemens AG | 814941 |
| 3274 | Siemens Energy AG | 437926 |
|  |  | 5052743 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS QUALITY INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **Hong Kong - 0.2%** |  |
| 1265 | Jardine Matheson Holdings Ltd. | $82984 |
|  | **Ireland - 0.2%** |  |
| 2172 | Experian plc | 95540 |
|  | **Italy - 4.0%** |  |
| 10145 | Assicurazioni Generali SpA | 402269 |
| 24235 | Enel SpA | 250447 |
| 97217 | Intesa Sanpaolo SpA | 629993 |
| 905 | Prysmian SpA | 90605 |
| 6887 | UniCredit SpA | 512051 |
|  |  | 1885365 |
|  | **Japan - 22.2%** |  |
| 1991 | Advantest Corporation | 262222 |
| 5691 | Aeon Co. Ltd. | 103003 |
| 3439 | Asics Corp. | 82353 |
| 2534 | BANDAI NAMCO HOLDINGS INC | 74241 |
| 3258 | Capcom Company Ltd. | 79728 |
| 3620 | Central Japan Railway Company | 98899 |
| 4163 | Chugai Pharmaceutical Company Ltd. | 223150 |
| 7964 | Daifuku Co. Ltd. | 251886 |
| 3801 | Daiichi Sankyo Company Ltd. | 94014 |
| 6167 | DAIWA HOUSE INDUSTRY CO. LTD | 210288 |
| 362 | Disco Corporation | 101332 |
| 362 | Fast Retailing Company Ltd. | 132406 |
| 15384 | Fujitsu Limited | 408377 |
| 15927 | Hitachi, Ltd. | 506493 |
| 15213 | Honda Motor Company | 153082 |
| 724 | Hoya Corporation | 108677 |
| 4887 | Inpex Corporation | 104202 |
| 3077 | ITOCHU Corporation | 184358 |
| 13728 | KDDI Corporation | 236340 |
| 553 | Konami Corp | 84372 |
| 5795 | Marubeni Corporation | 152793 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS QUALITY INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **Japan - 22.2% (Continued)** |  |
| 14248 | Mitsubishi Corporation | $337635 |
| 12479 | Mitsubishi Electric Corporation | 337333 |
| 18615 | Mitsubishi Heavy Industries Ltd. | 470314 |
| 22271 | Mitsubishi UFJ Financial Group, Inc. | 345494 |
| 5973 | Mitsui & Company Ltd. | 158557 |
| 14488 | Mizuho Financial Group, Inc. | 507564 |
| 4878 | Nintendo Company Ltd | 414666 |
| 131327 | Nippon Telegraph & Telephone Corporation | 130972 |
| 16298 | Nitto Denko Corporation | 402802 |
| 3258 | Nomura Research Institute Ltd. | 130010 |
| 8317 | Panasonic Corporation | 104427 |
| 2715 | Recruit Holdings Company Ltd. | 139137 |
| 3077 | Shin-Etsu Chemical Company Ltd. | 92612 |
| 2715 | SoftBank Corporation | 292403 |
| 110462 | SoftBank Corporation | 157821 |
| 4974 | Sompo Holdings, Inc. | 157700 |
| 21520 | Sony Corporation | 630219 |
| 3982 | Sumitomo Corporation | 124847 |
| 11031 | Sumitomo Electric Industries Ltd. | 433622 |
| 8697 | Sumitomo Mitsui Financial Group, Inc. | 261541 |
| 4706 | Takeda Pharmaceutical Company Ltd. | 135738 |
| 4534 | Tokio Marine Holdings, Inc. | 159887 |
| 724 | Tokyo Electron Ltd. | 147375 |
| 2896 | Tokyo Gas Company Ltd. | 117381 |
| 25717 | Toyota Motor Corporation | 515750 |
|  |  | 10358023 |
|  | **Luxembourg - 0.9%** |  |
| 7059 | ArcelorMittal | 304471 |
| 181 | Spotify Technology S.A.<sup>(a)</sup> | 108395 |
|  |  | 412866 |
|  | **Netherlands - 4.2%** |  |
| 125 | Adyen N.V. 144A <sup>(a),(b)</sup> | 194403 |
| 765 | AerCap Holdings N.V. | 102510 |
| 140 | Argenx S.E. | 127072 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS QUALITY INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **Netherlands - 4.2% (Continued)** |  |
| 905 | ASML Holding N.V. | $948465 |
| 9783 | ING Groep N.V. | 253654 |
| 5430 | Prosus N.V. | 341800 |
|  |  | 1967904 |
|  | **Norway - 0.5%** |  |
| 20977 | Orkla ASA | 224504 |
|  | **Singapore - 2.7%** |  |
| 12479 | DBS Group Holdings Ltd. | 521940 |
| 8688 | Oversea-Chinese Banking Corporation Ltd. | 124032 |
| 17909 | Singapore Exchange Ltd. | 233008 |
| 104121 | Singapore Telecommunications Ltd. | 380051 |
|  |  | 1259031 |
|  | **South Africa - 0.2%** |  |
| 18099 | Glencore plc | 86440 |
|  | **Spain - 4.0%** |  |
| 6869 | Aena S.M.E. SA 144A <sup>(b)</sup> | 186945 |
| 27932 | Banco Bilbao Vizcaya Argentaria S.A. | 601575 |
| 37673 | Banco Santander S.A. | 403958 |
| 6516 | Endesa S.A. | 236299 |
| 16443 | Iberdrola S.A. | 346887 |
| 1864 | Industria de Diseno Textil S.A. | 104336 |
|  |  | 1880000 |
|  | **Sweden - 1.4%** |  |
| 4525 | Atlas Copco AB | 76775 |
| 4003 | Sandvik AB | 120872 |
| 49347 | Telia Co. AB | 198080 |
| 7991 | Volvo AB, B Shares | 239344 |
|  |  | 635071 |
|  | **Switzerland - 8.4%** |  |
| 3439 | ABB Ltd. | 247148 |
| 1810 | Coca-Cola HBC AG | 90758 |
| 1994 | Compagnie Financiere Richemont S.A. | 422803 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS QUALITY INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **Switzerland - 8.4% (Continued)** |  |
| 751 | Galderma Group A.G. 144A<sup>(b)</sup> | $149609 |
| 4163 | LAFARGE HOLCIM | 389886 |
| 181 | Lonza Group AG | 123948 |
| 6145 | Nestlé S.A. | 610781 |
| 4357 | Novartis AG | 566785 |
| 1991 | Roche Holding AG | 762031 |
| 2297 | Sandoz Group AG | 162217 |
| 905 | Swiss Re AG | 159498 |
| 362 | Zurich Financial Services AG | 260156 |
|  |  | 3945620 |
|  | **United Kingdom - 18.8%** |  |
| 6154 | 3i Group plc | 257255 |
| 2301 | Anglo American plc | 86838 |
| 3431 | AstraZeneca plc | 634652 |
| 9249 | BAE Systems PLC | 202071 |
| 48443 | Barclays plc | 275897 |
| 32008 | BP plc | 192442 |
| 13473 | British American Tobacco plc | 788460 |
| 7593 | Compass Group plc | 238409 |
| 4154 | Diageo plc | 95430 |
| 9955 | GSK PLC | 236010 |
| 40642 | Haleon PLC | 199538 |
| 2337 | Halma plc | 110129 |
| 70077 | HSBC Holdings plc | 992739 |
| 7593 | Imperial Brands plc | 322435 |
| 408876 | Lloyds Banking Group plc | 520343 |
| 905 | London Stock Exchange Group plc | 106714 |
| 30723 | National Grid plc | 466264 |
| 61389 | NatWest Group plc | 513735 |
| 5240 | Reckitt Benckiser Group plc | 405910 |
| 3439 | RELX plc | 137979 |
| 1991 | RIO TINTO PLC | 142897 |
| 34959 | Rolls-Royce Holdings plc | 494225 |
| 16452 | Shell plc | 606184 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **ZACKS QUALITY INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **United Kingdom - 18.8% (Continued)** |  |
| 4706 | Smith & Nephew plc | $78148 |
| 10516 | Standard Chartered PLC | 232954 |
| 18804 | Tesco plc | 112085 |
| 6145 | Unilever plc | 369618 |
|  |  | 8819361 |
|  | **TOTAL COMMON STOCKS (Cost $45,317,567)** | 46074743 |
|  | **TOTAL INVESTMENTS - 98.5% (Cost $45,317,567)** | $46074743 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5%** | 721395 |
|  | **NET ASSETS - 100.0%** | $46796138 |

---

---

| | |
|:---|:---|
| A/S | - Aktieselskab |
| AB | - Aktiebolag |
| Abp | - Asset Business Plan |
| AG | - Aktiengesellschaft |
| KGaA | - Kommanditgesellschaft auf Aktien |
| Ltd. | - Limited Company |
| N.V. | - Naamloze Vennootschap |
| OYJ | - Julkinen osakeyhtiö |
| plc | - Public Limited Company |
| S.A. | - Société Anonyme |
| S.C.A. | - Société en Commandite par Actions |
| SE | - Structured entity |
| SpA | - Società per Azioni |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025 the total market value of 144A securities is 530,957 or 1.1% of net assets.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks ETFs*** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Zacks Earnings**<br>**Consistent Portfolio**<br>**ETF** | <br>**Zacks Small/Mid Cap**<br>**ETF** | <br>**Zacks Focus Growth**<br>**ETF** | <br>**Zacks Quality**<br>**International ETF** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $227987124 | $136674573 | $43280330 | $45317567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $278086356 | $160565685 | $50945897 | $46074743 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 3449599 | 3213772 | 424565 | 687685 |
| &nbsp;&nbsp;&nbsp;Foreign cash (cost $0, $0, $0, $54,146) |  |  |  | 54283 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold |  | 1893331 | 754110 |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 353426 | 111395 | 18364 | 54602 |
| &nbsp;&nbsp;&nbsp;Receivable due from Advisor |  |  |  | 43542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 281889381 | 165784183 | 52142936 | 46914855 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased |  | 1845565 | 725486 |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 96853 | 50393 | 17794 |  |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 37537 | 29558 | 40928 | 24218 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 105313 | 90452 | 80659 | 94499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 239703 | 2015968 | 864867 | 118717 |
| **NET ASSETS** | $**281649678** | $**163768215** | $**51278069** | $**46796138** |
| **Net Assets Consist Of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $236100342 | $142176948 | $44312676 | $46011729 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 45549336 | 21591267 | 6965393 | 784409 |
| **NET ASSETS** | $**281649678** | $**163768215** | $**51278069** | $**46796138** |
| **Net Asset Value Per Share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**281649678** | $**163768215** | $**51278069** | $**46796138** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **7979000** | **4325000** | **1700000** | **1810000** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**35.30** | $**37.87** | $**30.16** | $**25.85** |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks ETFs*** |
| **STATEMENTS OF OPERATIONS** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Zacks Earnings**<br>**Consistent Portfolio**<br>**ETF** | <br>**Zacks Small/Mid Cap**<br>**ETF** | <br>**Zack Focus Growth**<br>**ETF \*** | <br>**Zack Quality**<br>**International ETF \*\*** |
|  | **For the Year Ended**<br>**November 30, 2025** | **For the Year Ended**<br>**November 30, 2025** | **For the Period Ended**<br>**November 30, 2025** | **For the Period Ended**<br>**November 30, 2025** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $3458729 | $1733795 | $138604 | $124618 |
| &nbsp;&nbsp;&nbsp;Interest |  |  | 16904 | 3051 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes |  | (705) |  | (12218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 3458729 | 1733090 | 155508 | 115451 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1029113 | 553797 | 108083 | 26735 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 99408 | 73294 | 53870 | 19375 |
| &nbsp;&nbsp;&nbsp;Legal fees | 30930 | 11665 | 16447 | 5698 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 27277 | 55775 | 20630 | 7123 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 22028 | 7466 | 16490 | 5698 |
| &nbsp;&nbsp;&nbsp;Audit fees | 16429 | 17871 | 17500 | 17500 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 12035 | 6610 | 13639 | 7500 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 9686 | 10775 | 14942 | 3420 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 6434 | 7489 | 11482 | 3847 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3944 | 6628 | 7508 | 7501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 1257284 | 751370 | 280591 | 104397 |
| &nbsp;&nbsp;&nbsp;Fees Waived by the Advisor |  | (58130) | (108083) | (26735) |
| &nbsp;&nbsp;&nbsp;Fees Reimbursed by the Advisor |  |  | (36669) | (43542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 1257284 | 693240 | 135839 | 34120 |
| **NET INVESTMENT INCOME** | 2201445 | 1039850 | 19669 | 81331 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (3441239) | (3209671) | (719843) | (54386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments delivered in-kind | 10065778 | 3679821 | 201931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 6624539 | 470150 | (517912) | (54386) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciations) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 17873852 | 8532834 | 7665567 | 757176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  |  | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation and foreign currency transactions | 17873852 | 8532834 | 7665567 | 757464 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 24498391 | 9002984 | 7147655 | 703078 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**26699836** | $**10042834** | $**7167324** | $**784409** |

---

\* Zacks Focus Growth ETF commenced operations on December 4, 2024.

\*\* Zacks Quality International ETF commenced operations on August 18, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Earnings Consistent Portfolio ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For The**<br>**Year Ended**<br>**November 30, 2025** | **For The**<br>**Period Ended**<br>**November 30, 2024 \*** | **For The**<br>**Year Ended**<br>**January 31, 2024** |
| **FROM OPERATIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2201445 | $1140087 | $616233 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | 6624539 | 3383397 | (1443388) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments | 17873852 | 23892765 | 8764876 |
| Net increase in net assets resulting from operations | 26699836 | 28416249 | 7937721 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (1289179) |  | (579145) |
| Net decrease in net assets resulting from distributions to shareholders | (1289179) |  | (579145) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: | 88268088 | 99669739 | 61740809 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: | (35084900) | (16164249) | (655191) |
| &nbsp;&nbsp;&nbsp;Transaction fees (Note 7) |  | 32000 | 17600 |
| Net increase in net assets resulting from shares of beneficial interest | 53183188 | 83537490 | 61103218 |
| **TOTAL INCREASE IN NET ASSETS** | 78593845 | 111953739 | 68461794 |
| **NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 203055833 | 91102094 | 22640300 |
| &nbsp;&nbsp;&nbsp;End of Period | $**281649678** | $**203055833** | $**91102094** |
| **SHARE ACTIVITY** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2775000 | 3425000 | 2500000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1100000) | (550000) | (25000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1675000 | 2875000 | 2475000 |

---

\* For the period February 1, 2024 to November 30, 2024. Effective February 1, 2024, the Fund changed its fiscal year end. See Note 1.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Small/Mid Cap ETF*** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For The**<br>**Year Ended**<br>**November 30, 2025** | **For The**<br>**Year Ended**<br>**November 30, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1039850 | $355090 |
| &nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 470150 | 1817955 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments | 8532834 | 15209740 |
| Net increase in net assets resulting from operations | 10042834 | 17382785 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (1545215) | (9090) |
| Net decrease in net assets resulting from distributions to shareholders | (1545215) | (9090) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: | 81377908 | 75784849 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: | (23862556) | (3923435) |
| &nbsp;&nbsp;&nbsp;Transaction fees (Note 7) |  | 24400 |
| Net increase in net assets resulting from shares of beneficial interest | 57515352 | 71885814 |
| **TOTAL INCREASE IN NET ASSETS** | 66012971 | 89259509 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 97755244 | 8495735 |
| &nbsp;&nbsp;&nbsp;End of Year | $**163768215** | $**97755244** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2375000 | 2475000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (725000) | (125000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1650000 | 2350000 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Focus Growth ETF*** |
| **STATEMENT OF CHANGES IN NET ASSETS** |

---

---

| | |
|:---|:---|
|  | **For The**<br>**Period Ended**<br>**November 30, 2025\*** |
| **FROM OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $19669 |
| &nbsp;&nbsp;&nbsp;Net realized loss from security transactions | (517912) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments | 7665567 |
| Net increase in net assets resulting from operations | 7167324 |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: | 46022309 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: | (1911564) |
| Net increase in net assets resulting from shares of beneficial interest | 44110745 |
| **TOTAL INCREASE IN NET ASSETS** | 51278069 |
| **NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $**51278069** |
| **SHARE ACTIVITY** |  |
| Class I: |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1775000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (75000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1700000 |

---

\* Commencement of Operations was December 4, 2024.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Quality International ETF*** |
| **STATEMENT OF CHANGES IN NET ASSETS** |

---

---

| | |
|:---|:---|
|  | **For The**<br>**Period Ended**<br>**November 30, 2025\*** |
| **FROM OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $81331 |
| &nbsp;&nbsp;&nbsp;Net realized loss from security transactions | (54386) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments and foreign currency translations | 757464 |
| Net increase in net assets resulting from operations | 784409 |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: | 46011729 |
| Net increase in net assets resulting from shares of beneficial interest | 46011729 |
| **TOTAL INCREASE IN NET ASSETS** | 46796138 |
| **NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $**46796138** |
| **SHARE ACTIVITY** |  |
| Class I: |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1810000 |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1810000 |

---

\* Commencement of Operations was August 18, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Earnings Consistent Portfolio ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For The**<br>**Year Ended**<br>**November 30, 2025** | **For The**<br>**Period Ended**<br>**November 30, 2024 \*\*** | **For The**<br>**Year Ended**<br>**January 31, 2024** | **For The**<br>**Year Ended**<br>**January 31, 2023** | **For The**<br>**Period Ended**<br>**January 31, 2022 \*** |
| Net asset value, beginning of period | $32.21 | $26.57 | $23.73 | $25.40 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.30 | 0.23 | 0.28 | 0.27 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments (4) | 2.98 | 5.40 | 2.74 | (1.74) | 0.35 |
| Total from investment operations | 3.28 | 5.63 | 3.02 | (1.47) | 0.43 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) |  | (0.19) | (0.21) | (0.03) |
| Total distributions | (0.19) |  | (0.19) | (0.21) | (0.03) |
| Capital Share Transaction fees (Note 7) | 0.00 | 0.01 | 0.01 | 0.01 | 0.00 |
| Net asset value, end of period | $35.30 | $32.21 | $26.57 | $23.73 | $25.40 |
| Total return (2) | 10.28% | 21.23% (6) | 12.79% (7) | (5.72)% | 1.71% (6) |
| Net assets, at end of period (000s) | $281650 | $203056 | $91102 | $22640 | $11531 |
| Ratio of gross expenses to average net assets | 0.55% | 0.66% (5) | 0.89% | 1.93% | 3.93% (5) |
| Ratio of net expenses to average net assets | 0.55% | 0.55% (5) | 0.55% | 0.55% | 0.55% (5) |
| Ratio of net investment income to average net assets | 0.94% | 0.95% (5) | 1.11% | 1.15% | 0.71% (5) |
| Portfolio Turnover Rate (3) | 12% | 19% (6) | 18% | 14% | 6% (6) |

---

\* Commencement of Operations was August 23, 2021.

\*\* For the period February 1, 2024 to November 30, 2024. Effective February 1, 2024, the Fund changed its fiscal year end. See Note 1.

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(3) Portfolio turnover rate excludes portfolio
 securities received or delivered as a result of processing capital share transactions in Creation Units. (Note 3)

(4) As required by SEC standard per share
 data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that
 captures all other changes affecting net asset value per share. This per share gain amount may not correlate to the aggregate of the net
 realized and unrealized loss in the Statement of Operations, primarily due to the timing of sales and repurchases of the Fund's shares
 in relation to fluctuating market values of the Fund's portfolio.

(5) Annualized for periods less than one
 full year.

(6) Not annualized.

(7) Includes adjustments in accordance
 with accounting principles generally accepted in the United States and, consequently, the net asset value for financial reporting purposes
 and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Small/Mid Cap ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For The**<br>**Year Ended**<br>**November 30, 2025** | **For The**<br>**Year Ended**<br>**November 30, 2024** | **For The**<br>**Period Ended**<br>**November 30, 2023 \*** |
| Net asset value, beginning of period | $36.54 | $26.14 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.28 | 0.23 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments (4) | 1.57 | 10.17 | 1.09 |
| Total from investment operations | 1.85 | 10.40 | 1.12 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.37) |  |  |
| Total distributions | (0.52) | (0.02) |  |
| Capital Share Transaction fees (Note 7) | 0.00 | 0.02 | 0.02 |
| Net asset value, end of period | $37.87 | $36.54 | $26.14 |
| Total return (2) | 5.25% | 39.88% | 4.56% (6) |
| Net assets, at end of period (000s) | $163768 | $97755 | $8496 |
| Ratio of gross expenses to average net assets | 0.60% | 0.87% | 11.88% (5) |
| Ratio of net expenses to average net assets | 0.55% | 0.55% | 0.55% (5) |
| Ratio of net investment income to average net assets | 0.82% | 0.71% | 0.72% (5) |
| Portfolio Turnover Rate (3) | 105% | 103% | 3% (6) |

---

\* Commencement of Operations was October 2, 2023.

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(3) Portfolio turnover rate excludes
 portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. (Note 3)

(4) As required by SEC standard per share
 data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that
 captures all other changes affecting net asset value per share. This per share gain amount may not correlate to the aggregate of the net
 realized and unrealized loss in the Statement of Operations, primarily due to the timing of sales and repurchases of the Fund's shares
 in relation to fluctuating values of the Fund's portfolio.

(5) Annualized.

(6) Not annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Focus Growth ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period |

---

---

| | |
|:---|:---|
|  | **For The**<br>**Period Ended**<br>**November 30, 2025 \*** |
| Net asset value, beginning of period | $25.21 |
| Activity from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments (4) | 4.93 |
| Total from investment operations | 4.95 |
| Capital Share Transaction fees (Note 7) | 0.00 |
| Net asset value, end of period | $30.16 |
| Total return (2) | 19.64% (6) |
| Net assets, at end of period (000s) | $51278 |
| Ratio of gross expenses to average net assets | 1.14% (5) |
| Ratio of net expenses to average net assets | 0.55% (5) |
| Ratio of net investment income to average net assets | 0.08% (5) |
| Portfolio Turnover Rate (3) | 50% (6) |

---

\* Commencement of Operations was December 4, 2024.

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(3) Portfolio turnover rate excludes
 portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. (Note 3)

(4) As required by SEC standard per share
 data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that
 captures all other changes affecting net asset value per share. This per share gain amount may not correlate to the aggregate of the net
 realized and unrealized loss in the Statement of Operations, primarily due to the timing of sales and repurchases of the Fund's shares
 in relation to fluctuating values of the Fund's

(5) Annualized.

(6) Not annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| ***Zacks Quality International ETF*** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period |

---

---

| | |
|:---|:---|
|  | **For The**<br>**Period Ended**<br>**November 30, 2025 \*** |
| Net asset value, beginning of period | $25.00 |
| Activity from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments (4) | 0.75 |
| Total from investment operations | 0.85 |
| Capital Share Transaction fees (Note 7) | 0.00 |
| Net asset value, end of period | $25.85 |
| Total return (2) | 3.40% (6) |
| Net assets, at end of period (000s) | $46796 |
| Ratio of gross expenses to average net assets | 1.68% (5) |
| Ratio of net expenses to average net assets | 0.55% (5) |
| Ratio of net investment income to average net assets | 1.31% (5) |
| Portfolio Turnover Rate (3) | 8% (6) |

---

\* Commencement of Operations was August 18, 2025.

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the period.

(2) Total returns are historical in nature
 and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.

(3) Portfolio turnover rate excludes
 portfolio securities received or delivered as a result of processing capital share transactions in Creation Units. (Note 3)

(4) As required by SEC standard per share
 data calculation methodology, this represents a balancing figure derived from the other amounts in the financial highlights tables that
 captures all other changes affecting net asset value per share. This per share gain amount may not correlate to the aggregate of the net
 realized and unrealized loss in the Statement of Operations, primarily due to the timing of sales and repurchases of the Fund's shares
 in relation to fluctuating values of the Fund's

(5) Annualized.

(6) Not annualized.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| <br> ***Zacks ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **November 30, 2025** |

---

**1.** **ORGANIZATION** 

The Zacks Earnings Consistent Portfolio ETF ("ZECP"), Zacks Small/Mid Cap ETF ("SMIZ") and the Zacks Focus Growth ETF ("GROZ") and Zacks Quality International ETF ("QUIZ"), (each a "Fund" and collectively the "Funds" or "Zacks ETFs") are each a diversified series of shares of beneficial interest in the Zacks Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on November 14, 2018, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. ZECP and GROZ both seek to provide long-term total returns and minimize capital loss. SMIZ and QUIZ both seek to generate positive risk-adjusted returns. ZECP commenced operations on August 23, 2021, SMIZ commenced operations on October 2, 2023, GROZ commenced operations on December 4, 2024 and QUIZ commenced operations on August 15, 2025.

Effective February 1, 2024, ZECP has changed its fiscal year-end from January 31 to November 30 for operational efficiencies.

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds are each investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies."

**Operating Segments –** The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. 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, 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, and has discrete financial information available. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

---

| |
|:---|
| ***Zacks ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

**Security Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value ("NAV").

The Funds may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the "fair value" procedures approved by the Board of Trustees (the "Board") of the Trust. The Board has delegated execution of these procedures to Zacks Investment Management, Inc. (the Advisor") as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee.

**Fair Valuation Process –** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount

---

| |
|:---|
| ***Zacks ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Funds utilize various methods to measure fair value of all of their investments on a recurring basis. GAAP establishes the hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

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

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

---

| |
|:---|
| ***Zacks ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of November 30, 2025, for each Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Zacks Earnings Consistent Portfolio ETF** | **Zacks Earnings Consistent Portfolio ETF** | **Zacks Earnings Consistent Portfolio ETF** | **Zacks Earnings Consistent Portfolio ETF** | **Zacks Earnings Consistent Portfolio ETF** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $278086356 | $— | $— | $278086356 |
| Total | $278086356 | $— | $— | $278086356 |
| **Zacks Small/Mid Cap ETF** | **Zacks Small/Mid Cap ETF** | **Zacks Small/Mid Cap ETF** | **Zacks Small/Mid Cap ETF** | **Zacks Small/Mid Cap ETF** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $160565685 | $— | $— | $160565685 |
| Total | $160565685 | $— | $— | $160565685 |
| **Zacks Focus Growth ETF** | **Zacks Focus Growth ETF** | **Zacks Focus Growth ETF** | **Zacks Focus Growth ETF** | **Zacks Focus Growth ETF** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $50945897 | $— | $— | $50945897 |
| Total | $50945897 | $— | $— | $50945897 |
| **Zacks Quality International ETF** | **Zacks Quality International ETF** | **Zacks Quality International ETF** | **Zacks Quality International ETF** | **Zacks Quality International ETF** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $46074743 | $— | $— | $46074743 |
| Total | $46074743 | $— | $— | $46074743 |

---

The Funds did not hold any Level 3 securities during the period.

\* Please refer to the Schedule of Investments for industry classifications.

In accordance with each Fund's investment objectives, each Fund may have increased or decreased exposure to one or more of the following risk factors defined below:

**Equity Securities Risk** – Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. These changes in value may result from factors affecting individual issuers, industries or the stock market as a whole. In addition, equity markets tend to be cyclical which may cause stock prices to fall over short or extended periods of time.

**Large-Cap Securities Risk** – Stocks of large companies as a group can fall out of favor with the market, causing the Funds to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

**Small and Medium Cap Securities Risk** – The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.

---

| |
|:---|
| ***Zacks ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

**Quantitative Model Risk** – Investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Funds to achieve their objective.

**Management Risk** – The Funds are subject to management risk because they are each an actively managed portfolio. The Advisor's judgments about the attractiveness, value, and stability of particular stocks in which the Funds invest may prove to be incorrect, and there is no guarantee that the Advisor's judgment will produce the desired results.

**Market Risk** – Market risk refers to the possibility that the value of securities held by the Funds may decline due to daily fluctuations in the market. Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions. Each Fund's performance per share will change daily in response to such factors.

**Non-U.S. Securities Risk** – Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market.

**Security Transactions and Related Income** – Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims, as well as payment history and market convention. The Funds may be subject to foreign taxation related to capital gains on the sale of securities in the foreign jurisdictions in which they invest. When a capital gain tax is determined to apply, the Funds record an

---

| |
|:---|
| ***Zacks ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

estimated deferred tax liability in an amount that may be payable if securities were disposed of on the valuation date.

**Real Estate Investment Trusts ('REITs") –** The Funds may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests (such as mortgages). Certain distributions received from REITs will be reclassed to realized gains or return of capital as estimated by the Funds based on calendar year-end information as it becomes known or available.

**Dividends and Distributions to Shareholders –** Dividends from net investment income, if any, are declared and paid annually. Distributable net realized capital gains, if any, are declared and distributed annually in December. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (i.e., deferred losses, capital loss carry forwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders are recorded on ex-dividend date.

**Cash and Cash Equivalents —** Idle cash may be swept into various time deposit accounts and money market sweep accounts and is classified as cash and cash equivalents on the Statement of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.

**Federal Income Taxes –** The Funds intend to comply or to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no provision for Federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Interest and penalties related to income taxes would be recorded as tax expense in the Statement of Operations. During the period or year ended November 30, 2025, the Funds did not incur any tax-related interest or penalties. Management has analyzed each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years ended January 31, 2023 to November 2024, or expected to be taken in the Funds' November 30, 2025 year-end tax returns. The Funds have identified their major tax jurisdictions as U.S. Federal, however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Indemnification –** The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and

---

| |
|:---|
| ***Zacks ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

**3.** **INVESTMENT TRANSACTIONS** 

For the period or year ended November 30, 2025, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Ticker Symbol** | **Purchases** | **Sales** |
| **ZECP** | $28132790 | $29790084 |
| **SMIZ** | $138326924 | $130482529 |
| **GROZ** | $13456938 | $13251924 |
| **QUIZ** | $2089679 | $1830177 |

---

For the period or year ended November 30, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Ticker Symbol** | **Purchases** | **Sales** |
| **ZECP** | $89025410 | $34542830 |
| **SMIZ** | $71275005 | $23617286 |
| **GROZ** | $45491941 | $1898712 |
| **QUIZ** | $45109595 | $— |

---

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

The Advisor serves as investment advisor to the Funds. Pursuant to an Advisory Agreement with the Trust, under the oversight of the Board, the Advisor manages the investment and reinvestment of each Funds' assets. As compensation for its services and the related expenses borne by the Advisor, the Funds pays the Advisor a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.44% of each Fund's respective average daily net assets. For the period or year ended November 30, 2025, ZECP, SMIZ, GROZ and QUIZ incurred $1,029,113, $553,797, $108,083 and $26,735, respectively, in advisory fees.

Pursuant to an Operating Expenses Limitation Agreement (the "Waiver Agreement"), the Advisor has agreed, at least until April 1, 2026 for ZECP, SMIZ and GROZ and September 1, 2026 for QUIZ, to waive a portion of its advisory fee and has agreed to reimburse the Funds for other expenses to the extent necessary so that the total expenses incurred by the Funds (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other

---

| |
|:---|
| ***Zacks ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) do not exceed 0.55%. For the period or year ended November 30, 2025, the Advisor waived fees of $0, $58,130, $108,083 and $26,735 for ZECP, SMIZ, GROZ and QUIZ, respectively. During the period or year, the Advisor reimbursed additional amounts of $36,669 and $43,542 for GROZ and QUIZ, respectively.

If the Advisor waives any fee or reimburses any expenses pursuant to the Waiver Agreement, and each Fund's operating expenses are subsequently lower than its respective expense limitation, the Advisor shall be entitled to reimbursement by the applicable Fund provided that such reimbursement does not cause each Fund's operating expenses to exceed the expense limitation. The Advisor is permitted to receive reimbursement from each Fund for fees it waived and each Fund's expenses it paid, subject to the limitation that: (1) the reimbursement for fees and expenses will be made only if payable within three years from the date the fees and expenses were initially waived or reimbursed; and (2) the reimbursement may not be made if it would cause the expense limitation in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded. Each Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of management fees and/or expenses. This Waiver Agreement can be terminated only by, or with the consent, of the Board.

As of November 30, 2025, the Advisor has $518,568, $278,690, $108,083 and $26,735 for ZECP, SMIZ, GROZ and QUIZ, respectively, of waived fees within 3 years of reimbursement that may be recovered by the following dates:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **January 31, 2026** | **January 31, 2027** | **November 30, 2027** | **November 30, 2028** | **Total** |
| **ZECP** | $196824 | $186188 | $135556 | $— | $518568 |
|  | **November 30, 2026** | **November 30, 2027** | **November 30, 2028** | **Total** |  |
| **SMIZ** | $60714 | $159846 | $58130 | $278690 |  |
|  | **November 30, 2028** | **Total** |  |  |  |
| **GROZ** | $108083 | $108083 |  |  |  |
|  | **November 30, 2028** | **Total** |  |  |  |
| **QUIZ** | $26735 | $26735 |  |  |  |

---

*<u>Northern Lights Distributors, LLC</u>*, (the "Distributor"), is the distributor for the shares of the Funds. The Distributor has entered into a Distribution Agreement with the Trust pursuant to which it distributes Fund shares for the Funds.

The Funds are authorized to pay distribution fees to the distributor and other firms that provide distribution and shareholder services ("Service Providers"). If a Service Provider provides these services, the Funds may pay fees at an annual rate not to exceed 0.25% of average daily net assets. No distribution or service fees are currently paid by the Funds, and will

---

| |
|:---|
| ***Zacks ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

not be paid by the Funds unless authorized by the Board. There are no current plans to impose these fees.

*<u>Ultimus Fund Solutions, LLC ("UFS")</u>* – UFS provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration and fund accounting services to the Funds. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Trust for serving in such capacities.

*<u>Northern Lights Compliance Services, LLC</u>* <u>("NLCS")</u> - NLCS, an affiliate of UFS, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

*<u>Blu Giant, LLC</u>* <u>("Blu Giant")</u> – Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

**5.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Gross Unrealized | Gross Unrealized | Net Unrealized |
| Fund | Tax Cost | Appreciation | Depreciation | Appreciation |
| ZECP | $227987124 | $54336422 | $(4237190) | $50099232 |
| SMIZ | 136724005 | 29074915 | (5233235) | 23841680 |
| GROZ | 43301216 | 8115699 | (471018) | 7644681 |
| QUIZ | 45319080 | 1782317 | (1026653) | 755664 |

---

**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of Fund distributions paid for the year ended November 30, 2025, November 30, 2024 and January 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| For Fiscal Year Ended | Ordinary | Long-Term | Return of |  |
| November 30, 2025 | Income | Capital Gain | Capital | Total |
| ZECP | $1289179 | $— | $— | $1289179 |
| SMIZ | 1545215 |  |  | 1545215 |
| GROZ |  |  |  |  |
| QUIZ |  |  |  |  |

---

---

| |
|:---|
| ***Zacks ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| For Fiscal Year Ended | Ordinary | Long-Term | Return of |  |
| November 30, 2024 | Income | Capital Gain | Capital | Total |
| ZECP | $— | $— | $— | $— |
| SMIZ | 9090 |  |  | 9090 |
| For Fiscal Year Ended | Ordinary | Long-Term | Return of |  |
| January 31, 2024 | Income | Capital Gain | Capital | Total |
| ZECP | $579145 | $— | $— | $579145 |

---

As of November 30, 2025, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Gains | Post October Loss<br>and<br>Late Year Loss | Capital Loss<br>Carry<br>Forwards | Unrealized<br>Appreciation/<br>(Depreciation) | Total<br>Accumulated<br>Earnings/(Deficits) |
| ZECP | $2081105 | $— | $— | (6631001) | 50099232 | $45549336 |
| SMIZ | 885468 |  |  | (3135881) | 23841680 | 21591267 |
| GROZ | 19669 |  |  | (698957) | 7644681 | 6965393 |
| QUIZ | 79080 |  |  | (50622) | 755951 | 784409 |

---

The difference between book basis and tax basis undistributed net investment income, accumulated net realized loss, unrealized depreciation from investments is primarily attributable to the C-Corporation return of capital distributions and the tax deferral of losses on wash sales and PFICs.

At November 30, 2025, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Capital Loss Carry Forward | Capital Loss Carry Forward | Capital Loss Carry Forward | Capital Loss Carry Forward |
| Fund | Short-Term | Long-Term | Total | Utilized |
| ZECP | $4264075 | $2366926 | $6631001 | $— |
| SMIZ | 3135881 |  | 3135881 |  |
| GROZ | 698957 |  | 698957 |  |
| QUIZ | 50622 |  | 50622 |  |

---

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of realized gain (loss) on in-kind redemptions for the year ended November 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
| Fund | Capital | Deficit |
| ZECP | $10064939 | $(10064939) |
| SMIZ | 3698236 | (3698236) |
| GROZ | 201931 | (201931) |
| QUIZ |  |  |

---

---

| |
|:---|
| ***Zacks ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

**7.** **CAPITAL SHARE TRANSACTIONS** 

Shares are not individually redeemable and may be redeemed by the Funds at NAV only in large blocks known as "Creation Units." Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 25,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Funds in effecting trades A fixed fee payable to the Custodian is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu (as defined below) are required to pay an additional variable charge to compensate the Funds and their ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). With the approval of the Board, the Advisor may waive or adjust the Transaction Fees, including the Fixed Fee and/or Variable Charge (shown in the table below), from time to time. In such cases, the Authorized Participant will reimburse the Funds for, among other things, any difference between the market value at which the securities and/or financial instruments were purchased by the Funds and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes. In addition, purchasers of Creation Units are responsible for the costs of transferring the Deposit Securities to the accounts of the Funds. Transactions in capital shares for each Fund are disclosed in the Statements of Changes in Net Assets.

Investors who use the services of a broker, or other such intermediary may be charged a fee for such services. The Transaction Fees for each Fund are listed in the table below:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Fee for In-Kind and**<br>**Cash Purchases** | **Maximum Additional Variable**<br>**Charge for Cash Purchases\*** |
| ZECP | $400 | 0.40% |
| SMIZ | $400 | 0.40% |
| GROZ | $400 | 0.40% |
| QUIZ | $400 | 0.40% |

---

\* As a percentage of the amount invested.

---

| |
|:---|
| ***Zacks ETFs*** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **November 30, 2025** |

---

**8.** **FOREIGN TAX CREDIT (UNAUDITED)** 

The following fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax paid per outstanding share as of fiscal years ended November 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For fiscal year ended**<br>**11/30/2025** | **Foreign Taxes Paid** | **Foreign Taxes Paid** | **Foreign Source Income** | **Foreign Source Income** |
| QUIZ |  | 0.00 |  | 0.04 |

---

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders of Zacks ETFs and

Board of Trustees of Zacks Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Funds listed below (the "Funds"), each a series of Zacks Trust, as of November 30, 2025, the related statements of operations, statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Statements of<br> Operations | Statements of Changes in<br> Net Assets | Financial Highlights |
| Zacks Earnings Consistent Portfolio ETF | For the year ended November 30, 2025 | For the year ended November 30, 2025, for the period from February 1, 2024 through November 30, 2024, and for the year ended January 31, 2024 | For the year ended November 30, 2025, for the period from February 1, 2024 through November 30, 2024, for the years ended January 31, 2024 and 2023, and for the period from August 23, 2021 (commencement of operations) through January 31, 2022 |
| Zacks Small/Mid Cap ETF | For the year ended November 30, 2025 | For the years ended November 30, 2025 and 2024 | For the years ended November 30, 2025 and 2024, and for the period from October 2, 2023 (commencement of operations) through November 30, 2023 |
| Zacks Focus Growth ETF | For the period from December 4, 2024 (commencement of operations) through November 30, 2025 | For the period from December 4, 2024 (commencement of operations) through November 30, 2025 | For the period from December 4, 2024 (commencement of operations) through November 30, 2025 |
| Zacks Quality International ETF | For the period from August 18, 2025 (commencement of operations) through November 30, 2025 | For the period from August 18, 2025 (commencement of operations) through November 30, 2025 | For the period from August 18, 2025 (commencement of operations) through November 30, 2025 |

---

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2021.

![(SIGNATURE)](za002_v1.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

January 28, 2026

**ADDITIONAL INFORMATION (Unaudited)**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** - Not applicable

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

**Approval of Continuance of Advisory Agreement – Zacks Small/Mid Cap ETF**

In connection with a meeting held on July 21, 2025 and July 24, 2025, the Board of Trustees (the "Board") of Zacks Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" (the "Independent Trustees"), as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of the continuance of the investment advisory agreement (the "Advisory Agreement") between Zacks Investment Management, Inc. ("Zacks" or the "Adviser") and the Trust, with respect to the Zacks Small/Mid Cap ETF (the "SMID ETF"). In considering the approval of the continuance of the Advisory Agreement, the Board received materials specifically relating to the SMID ETF and the Advisory Agreement.

The Independent Trustees considered Trust counsel's guidance and their own business judgment in evaluating the Advisory Agreement and the weight to be given to each factor considered. Based upon its review, the Board concluded that it was in the best interests of the SMID ETF that the continuance of the Advisory Agreement be approved and that the compensation payable thereunder by the SMID ETF to Zacks was fair and reasonable. In considering the approval of the continuance of the Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis, including those discussed below.

***Performance.*** The Board reviewed the performance data for the SMID ETF provided by the Adviser, including one-year and since inception average annual total returns as of May 31, 2025. The Board also reviewed comparisons of the SMID ETF's performance against its peer group average, Morningstar Category Average and benchmark. The Board noted that the SMID ETF outperformed its peer group average and Morningstar Category Average for the twelve-months and the since inception period ended May 31, 2025, and underperformed its benchmark for the twelve-months and the since inception period ended May 31, 2025. The Board also took into consideration the background and experience of the portfolio manager. After considering the information provided and presented at the Meeting and at meetings throughout the year, the Board determined that the performance of the SMID ETF was reasonable.

***Nature, Extent and Quality of Services.*** In considering the approval of the continuance of the Advisory Agreement with the Adviser with respect to the SMID ETF, the Board considered the nature, extent, and quality of services that the Adviser provided to the SMID ETF, including the Adviser's personnel and resources and performance. The Board reviewed the services provided by the Adviser, including the backgrounds of the personnel providing the investment management services and the Adviser's compliance staff. The Trustees also reviewed information provided regarding risk management and compliance and regulatory matters. The Board also took into account the research and decision-making processes used by the Adviser. The Board concluded that the nature, extent and quality of services provided by the Adviser to the SMID ETF under the Advisory Agreement were satisfactory.

***Fees and Expenses.*** The Board reviewed the SMID ETF's advisory fee and expense ratio, and reviewed information comparing the advisory fee and expense ratios to those of the peer group and Morningstar category. The Board noted that the SMID ETF's advisory fee and expense ratio were lower than the peer group average, but the SMID ETF's advisory fee and expense ratio were higher than the Morningstar category average. The Board also considered the Adviser's active management style with respect to the SMID ETF in comparison to the funds in its peer group. In response to the Trustees' questions, Mr. Zacks explained how the peer group was selected from the overall category. The Board noted that the Adviser has also agreed to continue to waive fees and limit expenses of the SMID ETF for an additional year. Given these considerations, the Board concluded that the advisory fee paid to the Adviser under the Advisory Agreement was not unreasonable.

***Profitability.*** The Board reviewed the profitability of the Adviser with respect to the SMID ETF for the previous twelve months of operations. The Board concluded that the profitability of the Adviser in connection with the management of the SMID ETF was not unreasonable. After further discussion, the Board concluded that Zacks' level of profitability was not excessive.

***Economies of Scale.*** The Board considered the extent to which economies of scale would be realized as the SMID ETF grows and whether fee levels reflect a reasonable sharing of economies of scale for the benefit of the SMID ETF's investors. The Board noted that breakpoints may be an appropriate way for the Adviser to share its economies of scale if the SMID ETF experiences substantial asset growth; however, the Board recognized that the SMID ETF may take some time to reach an asset level where the Adviser could realize significant economies of scale. The Board observed that economies of scale will be considered in the future as the SMID ETF's asset levels grow.

***Conclusion.*** Based on all the information considered and the conclusions reached, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Board determined that the continuance of the Advisory Agreement for an additional one-year period is in the best interests of the SMID ETF.

**Approval of Advisory Agreement – Zacks Quality International ETF**

In connection with a meeting held on April 16, 2025, the Board of Trustees (the "Board") of Zacks Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" (the "Independent Trustees"), as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of the investment advisory agreement (the "Advisory Agreement") between Zacks Investment Management, Inc. ("Zacks" or the "Adviser") and the Trust, with respect to the Zacks Quality International ETF (the "International ETF").

The Independent Trustees considered Trust counsel's guidance and their own business judgment in evaluating the Advisory Agreement and the weight to be given to each factor considered. Based upon its review, the Board concluded that it was in the best interests of the International ETF that the Advisory Agreement be approved and that the compensation payable thereunder by the International ETF to Zacks was fair and reasonable. In considering the approval of the Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis, including those discussed below.

***Performance*.** The Board noted that the International ETF is newly formed and as such does not have a record of prior performance to submit at the Meeting. The Board noted that there were no funds or accounts managed by the Adviser that were comparable to the International ETF and reviewed the performance of the Zacks Earning Consistent Portfolio ETF (the "ECP ETF"), including one-year and since inception average annual total returns as of December 31, 2024, as well as information related to the of the other Funds provided in the Board materials and throughout the year (including the 15(c) materials related to the mutual funds summarized above). The Board also reviewed comparisons of the ECP ETF's and the mutual funds' performance against their peer group averages, Morningstar Category Averages and benchmarks, noting the same information discussed earlier in the Meeting. The Board also took into consideration the background and experience of the prospective portfolio manager. The Board concluded that, despite a lack of close comparative data for the International ETF, the returns presented for the ECP ETF and the other Funds reviewed at this Meeting and the Adviser's presentation, that the Adviser should be able to adequately fulfill the International ETF's investment mandate.

***Nature, Extent and Quality of Services*.** In considering the approval of the Advisory Agreement, the Board considered the nature, extent, and quality of services that the Adviser will provide to the International ETF, including the Adviser's personnel and resources and performance. The Board reviewed the services the Adviser will provide in serving as investment adviser, including the backgrounds of the personnel providing the investment management services and the Adviser's compliance staff. The Trustees also reviewed information provided regarding risk management and compliance and regulatory matters. The Board also took into account the research and decision-making processes used

by the Adviser. The Board concluded that the nature, extent and quality of services the Adviser will provide were satisfactory.

***Fees and Expenses.*** The Board reviewed the International ETF's proposed advisory fee and expense ratio. The Board noted that the Adviser has also agreed to waive fees and limit expenses of the International ETF. Given these considerations, the Board concluded that Zacks' proposed advisory fees were not unreasonable.

***Profitability.*** The Board reviewed the estimated profitability of the Adviser with respect to the International ETF. The Board concluded that the estimated profitability of the Adviser in connection with the management of the International ETF was not unreasonable and at a level to adequately incentivize the Adviser to provide high quality services. After further discussion, the Board concluded that Zacks' expected level of profitability was not excessive.

***Economies of Scale*.** The Board considered the extent to which economies of scale would be realized as the International ETF grows and whether fee levels reflect a reasonable sharing of economies of scale for the benefit of the International ETF's investors. The Board noted that breakpoints may be an appropriate way for the Adviser to share its economies of scale if the International ETF experiences substantial asset growth; however, the Board recognized that the International ETF may take some time to reach an asset level where the Adviser could realize significant economies of scale. The Board observed that economies of scale will be considered in the future as the International ETF's asset levels grow.

***Conclusion.*** Based on all the information considered and the conclusions reached, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Board determined that the terms of the Advisory Agreement are fair and reasonable, and that the approval of the Advisory Agreement for an initial two-year term is in the best interests of the International ETF.

---

| |
|:---|
| **INVESTMENT ADVISOR** |
| Zacks Investment Management, Inc. |
| 10 S. Riverside Plaza, Suite 1600 |
| Chicago, IL 60606 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 4221 North 203<sup>rd</sup> Street Suite 100 |
| Elkhorn, Nebraska 68022 |
| ZACKSETF-A25 |

---

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

There were no changes in or disagreements with accountants during the period covered by this report.

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

Included under Item 7

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

Refer to the financial statements included herein

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

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable to open-end investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable to open-end investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(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 Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report 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.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers. Exhibit 99.CODE\]](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto. \[Exhibit 99. CERT\]](ex99-cert.htm)

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto \[Exhibit 99.906CERT\]](ex99-906cert.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.

(Registrant) Zacks
 Trust

By (Signature and Title)

/s/ Mitch Zacks

&nbsp;&nbsp;&nbsp;&nbsp; Mitch Zacks, Principal Executive Officer/President

Date <u>2/06/26</u>

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

By (Signature and Title)

/s/ Mitch Zacks

&nbsp;&nbsp;&nbsp;&nbsp; Mitch Zacks, Principal Executive Officer/President

Date <u>2/06/26</u>

By (Signature and Title)

/s/ Donald Ralph

&nbsp;&nbsp;&nbsp;&nbsp; Donald Ralph, Principal Financial Officer/Treasurer

Date <u>2/06/26</u>

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

I, Mitch Zacks, certify that:

1. I have reviewed this report on Form N-CSR of the Zacks Earnings Consistent Portfolio ETF, Zacks Small/Mid Cap ETF, Zacks Focus Growth ETF and Zacks Quality International ETF (each a series of Zacks 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;&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;&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;&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;&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;&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;&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.

---

| | | |
|:---|:---|:---|
| Date: | 2/6/26 |  |
|  |  | /s/ Mitch Zacks |
|  |  | Mitch Zacks, President |
|  |  | and Principal Executive Officer |

---

I, Donald Ralph, certify that:

1. I have reviewed this report on Form N-CSR of the Zacks Earnings Consistent Portfolio ETF, Zacks Small/Mid Cap ETF, Zacks Focus Growth ETF and Zacks Quality International ETF (each a series of Zacks 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;&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;&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;&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;&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;&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;&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.

---

| | | |
|:---|:---|:---|
| Date: | 2/6/26 |  |
|  |  | /s/ Donald Ralph |
|  |  | Donald Ralph, Treasurer |
|  |  | and Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

Mitch Zacks, Principal Executive Officer, and Donald Ralph, Principal Financial Officer of the Zacks Trust (the "Registrant"), each certify to the best of his or her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended November 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Zacks Trust | Zacks Trust | Zacks Trust | Zacks Trust |
| /s/ Mitch Zacks | /s/ Mitch Zacks | /s/ Donald Ralph | /s/ Donald Ralph |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitch Zacks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitch Zacks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donald Ralph | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donald Ralph |
| Date: | 2/6/26 | Date: | 2/6/26 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Zacks Trust and will be retained by the Zacks Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**15. B Rule 17j-1 and Rule 204A-1 Code of Ethics**

The adviser in the Trust must adopt and maintain a Code of Ethics that is compliant with both Rule 17j-1 under the Investment Company Act of the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940. The Trust adopted the Code of Ethics attached hereto as Appendix 15.B , which is compliant with Rule 17j-1.

As stated in the attached Code of Ethics, the CCO and the adviser insure compliance with the Trust's Code of Ethics - the adviser Chief Compliance Officer with respect to adviser personnel that are access persons of the Funds, and the Chief Compliance Officer with respect to all other access persons. The Chief Compliance Officer verifies that the adviser's Code of Ethics is Rule 17j-1 compliant.

Certain officers of the Trust are employees of Ultimus. The Chief Compliance Officer receives reporting with respect to Code of Ethics compliance for Fund access persons that are employees of Ultimus. Ultimus code of ethics is compliant with Rule 17j-1, is administered using Charles Schwab Compliance Technologies ("SCT") software and is stricter on personal securities trading than Rule 17j-1 requires. The Chief Compliance Officer also is subject to the Ultimus Code of Ethics.

**Responsible Parties:** Chief Compliance Officer/ Adviser

**See Attachment 15.B – Rule 17j-1 Code of Ethics and Appendices**

*Adopted by the Board 6*/2021

**Attachment 15.B Trust Code of Ethics**

**for**

**Zacks Trust**

***I.***  ***Introduction*** 

Zacks Trust (the "Trust") and the series thereof (the "Fund") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**1.** **The interests of the Fund must always be paramount** 

Access Persons have a legal, fiduciary duty to place the interests of the Fund ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trust.

**2.** **Access Persons may not take advantage of their relationship with the Fund** 

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Fund) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Fund.

**3.** **All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest** 

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Fund, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Fund.

**4.** **Access Persons must comply with all applicable laws** 

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***II.***  ***DEFINITIONS*** 

**1.** **"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment
Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;a. all officers and trustees (or persons occupying a similar status or performing a similar function) of
the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;b. all officers and trustees (or persons occupying a similar status or performing a similar function) of
the Adviser with respect to the series of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;c. any employee of the Trust or the Adviser (or of any company controlling or controlled by or under common
control with the Trust or the Adviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains
information regarding the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations
with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;d. any other natural person controlling, controlled by or under common control with the Trust or the Adviser
who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

**2.** **"Beneficial Ownership"** means in general and subject to the specific provisions of Rule
16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement,
understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**3.** **"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trust
with respect to Trustees and officers of the Trust, or the CCO of the Adviser with respect to Adviser's personnel.

**4.** **"Code"** means this Code of Ethics.

**5.** **"Covered Security"** means any Security, except (i) direct
obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term
debt instruments, including repurchase agreements, and (iii) shares issued by open-end Mutual Funds, except funds services by Ultimus,
NLCS, or Foreside.

**6.** "**Decision Making Access Person"** means any Access Person
who, in connection with his or her regular functions or duties, makes or participates in or obtains information regarding recommendations
on the purchase or sale of a security by the Fund, or whose functions relate to the making of any recommendations with respect to such
purchases or sales. Decision Makers typically are Adviser personnel.

**7.** **"Fund"** means a series of the Trust.

**8.** **"Immediate family"** means an individual's spouse, child, stepchild, grandchild,
parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law
and should include adoptive relationships. For purposes of

determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**9.** **"Independent Trustees"** means those Trustees of the Trust that would not be deemed an
"interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

**10.** **"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities
held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general
partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends
that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest
in securities); (d) a person's interest in securities held by a Trust; (e) a person's right to acquire securities through
the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other
than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or
person or entity performing a similar function, with certain exceptions.

**11.** **"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share
in any profit derived from a transaction in securities.

**12.** **"Personal Securities Transaction"** means any transaction in a Covered Security in which
an Access Person has a direct or indirect Pecuniary Interest.

**13.** **"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell
a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trust when a recommendation to purchase
or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation,
when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List"
until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**14.** **"Restricted List"** means the list of securities maintained by the Chief Compliance Officer
in which trading by Access Persons is generally prohibited.

**15.** **"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness,
certificate of interest or participation in any profit-sharing agreement, collateral-Trust certificate, pre-organization certificate or
subscription, transferable share, investment contract, voting-Trust certificate, certificate of deposit for a security, fractional undivided
interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or
any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to
subscribe to or purchase (including options) any of the foregoing.

**16.** **"Adviser"** means the Adviser to Fund within the Trust.

**17.** **"Trust"** mean Zacks Trust.

***III.***  ***PROHIBITED ACTIONS AND ACTIVITIES*** 

1. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she
has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known
at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;a. is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;b. is being purchased or sold by a Fund.

2. Decision-Making Access Persons may not participate in any initial public offering of Covered Securities
in any account over which they exercise Beneficial Ownership. All Access Persons must obtain prior written authorization from the Chief
Compliance Officer or his designee prior to such participation;

3. No Access Person, with the exception of the Independent Trustees, may purchase a Covered Security in which
by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization
of the acquisition by the Chief Compliance Officer or his designee;

4. Access Persons may not accept any fee, commission, gift, entertainment, or services, other than de minimus
gifts or entertainment, from any single person or entity that does business with, on behalf of, or in hoping to do business with the Trust.
An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or any of its affiliates which provide
services to the Trust, or an Access Person of an adviser or Sub-Adviser will be subject to the applicable gift and gratuities policies
of the Trust's principal underwriter or an Access Person of an adviser or Sub-Adviser as applicable;

5. Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without
prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent
with the interests of the Trust. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access
Persons serving as directors of outside entities from those making investment decisions on behalf of the Trust.

6. Advanced notice should be given so that the Trust or the Adviser may take such action concerning the conflict
as deemed appropriate by the Chief Compliance Officer or his designee.

7. Decision-Making Access Persons may execute a Personal Securities Transaction involving a Covered Security
without pre-authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time
to time, provided it is

permitted by the Adviser's Code of Ethics. The Chief Compliance Officer or his designee may restrict purchases of Covered Securities pursuant to the Adviser's Code of Ethics.

8. It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly
or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trust any untrue statement of a material fact or to omit to state to the Trust a material
fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit
upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trust.

***IV.***  ***EXEMPTED TRANSACTIONS*** 

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

1. Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

2. Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example,
the receipt of stock dividends);

3. Purchase of Securities made as part of automatic dividend reinvestment plans;

4. Purchases of Securities made as part of an employee benefit plan involving the periodic purchase of company
stock or Mutual Funds; and

5. Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders
of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

***V.***  ***PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS*** 

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction involving, as defined in the Securities Act of 1933, an Initial Public Offering (IPO) or a Limited Offering, must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer involving an IPO or Limited Offering, shall require prior authorization from the President or Chief Executive Officer of the Trust (unless such person is also the Chief Compliance Officer) or their designee, who shall perform the review and approval functions

relating to reports and trading by the Chief Compliance Officer. The Trust shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction involving an IPO or Limited Offering, is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trust order.

If a Decision-Making Access Person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, he or she should consult with the Chief Compliance Officer or his or her designee.

***VI.***  ***REPORTING AND MONITORING*** 

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity, and other activities covered by this Code, of all Access Persons pursuant to the procedures established under this Code. An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or their affiliates or an Access Person of an adviser or sub-adviser, if any, may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, Adviser, or sub-adviser <u>provided</u> that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

1. DISCLOSURE OF PERSONAL BROKERAGE ACCOUNTS

Within ten days of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trust may be sent to the Advisers.

2. INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

3. ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

4. QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;a. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number,
interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;c. The price of the Covered Security at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer, or bank with or through whom the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;e. The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by the Fund or was considered for purchase or sale by the Fund.

An Access Person of the Trust who is also an Access Person of the Trust's principal underwriter or any of its affiliates which provide services to the Trust or an Access Person of the Adviser, if any, may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, investment Adviser, provided that such forms contain substantially the same information as called for in the forms required by this Section and comply with the requirements of Rule 17j-1(d)(1).

***VII.***  ***ENFORCEMENTS AND PENALTIES*** 

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trust Board of Trustees.

Upon being informed of a violation of this Code, the Trust Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trust shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

At least annually, the Chief Compliance Officer shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

1. Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

2. Identify any violations of this Code and any significant remedial action taken during the prior year; and;

3. Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***VIII.***  ***ACKNOWLEDGMENT*** 

The Trust must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with

the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.