# EDGAR Filing Document

**Accession Number:** 0001807486
**File Stem:** 0001133228-26-002295
**Filing Date:** 2026-2
**Character Count:** 259551
**Document Hash:** 0209eec6edf355f5a22174a39485bf47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002295.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001133228-26-002295

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23603
- **FILM NUMBER:** 26686403

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23603

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

------

100 Pearl Street, New York, New York 10004

Registrant's telephone number, including area code: 212-806-8800

Date of fiscal year end: 12/31

Date of reporting period: December 31, 2025

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

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

**Item 1. Report to Stockholders.**

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

![TSR - Fund Logo](images_27733.jpg)

### Alger 35 ETF

### ATFV / NYSE ARCA, INC.

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Alger 35 ETF ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 223-3810.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger 35 ETF | $66 | 0.56% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger 35 ETF generated a 37.46% return for the fiscal twelve-month period ended December 31, 2025, compared to the 18.15% and 17.88% return of the Russell 3000 Growth Index and the S&P 500 Index, respectively. During the reporting period, the largest sector weightings were Information Technology and Communication Services. The largest sector overweight was Communication Services and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, AppLovin Corp., Nebius Group N.V., Talen Energy Corp., NVIDIA Corp., and Netflix, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Financials and Industrials sectors were the largest detractors from relative performance. Regarding individual positions, Marvell Technology, Inc., Apple Inc., Meta Platforms Inc., Enovix Corp., and lululemon athletica inc. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in IT equipment and software—driven by AI adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding IT-related investment, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supporting equity valuations. |
| U.S. Federal Reserve Bank Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates by 75 basis points in 2025, easing financial conditions and supporting rate-sensitive equities such as small caps through lower borrowing costs and improved valuation support. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of the Fund since its inception. The graph assumes a $10,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_11234999.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of December 31, 2025)** | **1 Year** | **Since<br>Inception<br>(5/3/21)** |
| **Alger 35 ETF** | 37.46% | 12.72% |
| **S&P 500 Index** | 17.88% | 12.74% |
| **Russell 3000 Growth Index** | 18.15% | 13.96% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$114418529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;189.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$236204 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 19.0% |
| Consumer Discretionary | 13.1% |
| Financials | 2.0% |
| Health Care | 17.3% |
| Industrials | 5.9% |
| Information Technology | 38.4% |
| Utilities | 4.0% |
| Short-Term Investments and Other Net Assets | 0.3% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_27739.jpg)

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

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

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 223-3810 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger 35 ETF

![TSR - Fund Logo](images_27733.jpg)

### Alger Mid Cap 40 ETF

### FRTY / NYSE ARCA, INC.

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Alger Mid Cap 40 ETF ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 223-3810.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Mid Cap 40 ETF | $64 | 0.60% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Mid Cap 40 ETF generated a 12.87% return for the fiscal twelve-month period ended December 31, 2025, compared to the 8.66% return of Russell Midcap Growth Index. During the reporting period, the largest sector weightings were Information Technology and Industrials. The largest sector overweight was Information Technology and the largest sector underweight was Consumer Discretionary.

#### Contributors to Performance
The Utilities and Communication Services sectors were the largest contributors to relative performance. Regarding individual positions, Palantir Technologies Inc., AppLovin Corp., Robinhood Markets, Inc., Talen Energy Corp., and Comfort Systems USA, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Discretionary and Health Care sectors were the largest detractors from relative performance. Regarding individual positions, Astera Labs, Inc., Shake Shack, Inc., Nebius Group N.V., Sea Ltd., and Repligen Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in IT equipment and software—driven by AI adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding IT-related investment, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supporting equity valuations. |
| U.S. Federal Reserve Bank Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates by 75 basis points in 2025, easing financial conditions and supporting rate-sensitive equities such as small caps through lower borrowing costs and improved valuation support. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of the Fund since its inception. The graph assumes a $10,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_11235035.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of December 31, 2025)** | **1 Year** | **Since<br>Inception<br>(2/26/21)** |
| **Alger Mid Cap 40 ETF** | 12.87% | 2.25% |
| **Russell Midcap Growth Index** | 8.66% | 6.57% |
| **S&P 500 Index** | 17.88% | 14.52% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$132117184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;389.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$503907 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 11.3% |
| Consumer Discretionary | 7.1% |
| Financials | 3.8% |
| Health Care | 19.8% |
| Industrials | 17.2% |
| Information Technology | 27.2% |
| Utilities | 5.9% |
| Short-Term Investments and Other Net Assets | 7.7% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_27739.jpg)

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

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

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 223-3810 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Mid Cap 40 ETF

![TSR - Fund Logo](images_27733.jpg)

### Alger Concentrated Equity ETF

### CNEQ / NYSE ARCA, INC.

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Alger Concentrated Equity ETF ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 223-3810.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger Concentrated Equity ETF | $65 | 0.56% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Concentrated Equity ETF generated a 33.41% return for the fiscal twelve-month period ended December 31, 2025, compared to the 18.56% return of the Russell 1000 Growth Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Utilities and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., Nebius Group N.V., AppLovin Corp., Robinhood Markets, Inc., and Talen Energy Corp. were the top five contributors to absolute performance.

#### Detractors from Performance
The Health Care and Energy sectors were the largest detractors from relative performance. Regarding individual positions, Apple Inc., Spotify Technology SA, Cameco Corp., Twilio, Inc., and ASML Holding N.V. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in IT equipment and software—driven by AI adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding IT-related investment, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supporting equity valuations. |
| U.S. Federal Reserve Bank Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates by 75 basis points in 2025, easing financial conditions and supporting rate-sensitive equities such as small caps through lower borrowing costs and improved valuation support. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of the Fund since its inception. The graph assumes a $10,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_11235143.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of December 31, 2025)** | **1 Year** | **Since<br>Inception<br>(4/4/24)** |
| **Alger Concentrated Equity ETF** | 33.41% | 37.89% |
| **Russell 1000 Growth Index** | 18.56% | 23.73% |
| **S&P 500 Index** | 17.88% | 19.32% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$222745925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$391731 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 13.2% |
| Consumer Discretionary | 13.8% |
| Financials | 1.5% |
| Health Care | 4.4% |
| Industrials | 10.1% |
| Information Technology | 52.5% |
| Utilities | 4.0% |
| Short-Term Investments and Other Net Assets | 0.5% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_27739.jpg)

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

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

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Concentrated Equity ETF

![TSR - Fund Logo](images_27733.jpg)

### Alger AI Enablers & Adopters ETF

### ALAI / NYSE ARCA, INC.

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Alger AI Enablers & Adopters ETF ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 223-3810.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class/Ticker)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Alger AI Enablers & Adopters ETF | $70 | 0.58% |

---

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger AI Enablers & Adopters ETF generated a 40.26% return for the fiscal twelve-month period ended December 31, 2025, compared to the 17.88% return of the S&P 500 Index. During the reporting period, the largest sector weightings were Information Technology and Consumer Discretionary. The largest sector overweight was Information Technology and the largest sector underweight was Financials.

#### Contributors to Performance
The Information Technology and Utilities sectors were the largest contributors to relative performance. Regarding individual positions, NVIDIA Corp., Robinhood Markets, Inc., AppLovin Corp., Nebius Group N.V., and Talen Energy Corp. were the top five contributors to absolute performance.

#### Detractors from Performance
The Consumer Discretionary and Industrials sectors were the largest detractors from relative performance. Regarding individual positions, Tesla, Inc., Apple Inc., Core Scientific Inc., DoorDash, Inc., and Coherent Corp. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in IT equipment and software—driven by AI adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding IT-related investment, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supporting equity valuations. |
| U.S. Federal Reserve Bank Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates by 75 basis points in 2025, easing financial conditions and supporting rate-sensitive equities such as small caps through lower borrowing costs and improved valuation support. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of the Fund since its inception. The graph assumes a $10,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_11235107.jpg)

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (As of December 31, 2025)** | **1 Year** | **Since<br>Inception<br>(4/4/24)** |
| **Alger AI Enablers & Adopters ETF** | 40.26% | 43.44% |
| **S&P 500 Index** | 17.88% | 19.32% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$291912563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;194.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$550893 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 15.1% |
| Consumer Discretionary | 15.3% |
| Financials | 4.3% |
| Health Care | 1.5% |
| Industrials | 2.7% |
| Information Technology | 55.1% |
| Utilities | 6.5% |
| Short-Term Investments and Other Net Assets | (0.5)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_27739.jpg)

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

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

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 992-3863 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger AI Enablers & Adopters ETF

![TSR - Fund Logo](images_27733.jpg)

### Alger Russell Innovation ETF

### INVN / NYSE ARCA, INC.

#### Annual SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Alger Russell Innovation ETF ("Fund") for the period of January 6, 2025 (commencement of operations) to December 31, 2025. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the annual report by contacting us at (800) 223-3810.

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

---

| |
|:---|
| **Fund** |
| Alger Russell Innovation ETF $56<sup>(a)</sup> 0.55%<sup>(b)</sup> |

---

 **<sup>(a)</sup>** *The Fund commenced investment operations on January 6, 2025. Had the Fund been in operation for a complete fiscal year, the cost of a $10,000 investment would have been higher.*

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

#### Management's Discussion of Fund Performance

#### What impacted Fund performance over the reporting period?
The Alger Russell Innovation ETF generated a 7.43% return from its January 6, 2025 inception date to December 31, 2025, compared to the 15.39% return of the Russell 1000 Total Return Index. During the reporting period, the largest sector weightings were Information Technology and Health Care. The largest sector overweight was Health Care and the largest sector underweight was Financials.

#### Contributors to Performance
The Health Care and Consumer Discretionary sectors were the largest contributors to relative performance. Regarding individual positions, Unity Software, Inc., Expedia Group, Inc., United Therapeutics Corp., Pure Storage, Inc., and Lyft, Inc. were the top five contributors to absolute performance.

#### Detractors from Performance
The Information Technology and Communication Services sectors were the largest detractors from relative performance. Regarding individual positions, Organon & Co., DoubleVerify Holdings, Inc., DocuSign, Inc., BILL Holdings, Inc., and Hewlett Packard Enterprise Co. were the top five detractors from absolute performance.

---

| | | |
|:---|:---|:---|
| **U.S. FACTOR** | **IMPACT** | **SUMMARY** |
| Business & Technology Investment Surge | Positive | Robust investment in IT equipment and software—driven by AI adoption and digital transformation—was a critical tailwind for U.S. economic activity. Excluding IT-related investment, annualized GDP growth in the first half of 2025 was just 0.1%. With this investment included, GDP growth reached 1.5%, helping the economy avoid a potential recession and supporting equity valuations. |
| U.S. Federal Reserve Bank Interest Rate Cuts | Positive | The Federal Reserve lowered interest rates by 75 basis points in 2025, easing financial conditions and supporting rate-sensitive equities such as small caps through lower borrowing costs and improved valuation support. |
| Aggressive Reciprocal Tariffs | Negative | In early April 2025, President Donald Trump announced aggressive "reciprocal" tariffs that were more severe than anticipated, triggering concerns of retaliatory trade actions, supply-chain cost pressure, and weaker global demand for U.S. exports. While subsequent adjustments were made, tariff uncertainty persisted throughout 2025. |
| Rising Economic Uncertainty | Negative | Economic uncertainty increasingly reflected consumer sentiment rather than broad spending trends. Confidence declined amid fears of tariff-driven inflation and signs of a softening labor market, which tempered expectations for future growth despite resilient headline consumption. |

---

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed annual periods for the life of the Fund since its inception. The graph assumes a $10,000 initial investment at net asset value at the inception date of the Fund in an appropriate, broad-based securities market index and a more narrowly based index that reflects the market sector in which the Fund invests for the same period.

#### INITIAL INVESTMENT OF $10,000
![Fund Performance - Growth of 10K](chartimages_11235179.jpg)

---

| | |
|:---|:---|
| **Average Annual Total Returns (As of December 31, 2025)** | **Since<br>Inception<br>1/6/25** |
| **Alger Russell Innovation ETF** | 7.43% |
| **Alger Russell Innovation Index** | 8.04% |
| **Russell 1000 Total Return Index** | 15.39% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://www.alger.com/Pages/StrategyFinder.aspx?vehicle=mf for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. All performance figures assume reinvestment of distributions.

#### Key Fund Statistics
The following table outlines key fund statistics as of the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$15151843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;67.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$55705 |

---

 **<sup>1</sup>** **Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.** 

**Sector Allocation <sup>†</sup>** 

---

| | |
|:---|:---|
| Equities |  |
| Communication Services | 7.9% |
| Consumer Discretionary | 8.1% |
| Consumer Staples | 2.1% |
| Financials | 1.9% |
| Health Care | 26.2% |
| Industrials | 1.7% |
| Information Technology | 52.3% |
| Short-Term Investments and Other Net Assets | (0.2)% |
|  | 100.0% |

---

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

Availability of Additional Information

![TSR - QR Code](images_27739.jpg)

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

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

#### Householding
To reduce expenses, only one copy of the most recent financial reports and prospectus may be mailed to households, even if more than one person in a household holds shares of a Fund. Call an Alger Funds Representative at (800) 223-3810 if you need additional copies of financial reports or prospectuses, or download them at www.alger.com/fundliterature. If you do not want the mailing of these documents to be combined with those for other members of your household, contact your broker-dealer or other financial intermediary.

Alger Russell Innovation ETF

------

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code
 of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting
 officer or controller, or persons performing similar functions.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registrant has not amended its
 Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Registrant has not granted a
 waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item
 1 hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Registrant's Code of Ethics
 is attached as an Exhibit hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant determined that Jay C. Nadel is an audit committee financial expert (within the meaning of that phrase specified in the instructions to Form N-CSR) on the Registrant's audit committee. Mr. Nadel is an "independent" trustee – i.e., he is not an interested person of the Registrant as defined in the 1940 Act, nor has he accepted directly or indirectly any consulting, advisory or other compensatory fee from the Registrant, other than in his capacity as Trustee

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Audit Fees:

---

| | |
|:---|:---|
| December 31, 2025 | $75350 |
| December 31, 2024 | $72450 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Audit-Related Fees: NONE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Tax Fees for tax advice, tax compliance and tax planning:

---

| | |
|:---|:---|
| December 31, 2025 | $19374 |
| December 31, 2024 | $15525 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees:

---

| | |
|:---|:---|
| December 31, 2025 | $5588 |
| December 31, 2024 | $35529 |

---

Other fees include a review and consent for Registrants registration statement filing and a review of the semi-annual financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) 1) Audit Committee Pre-Approval Policies And Procedures:

Audit and non-audit services provided by the Registrant's independent registered public accounting firm (the "Auditors") on behalf the Registrant must be pre-approved by the Audit Committee. Non-audit services provided by the Auditors on behalf of the Registrant's Investment Adviser or any entity controlling, controlled by, or under common control with the Investment Adviser must be pre-approved by the Audit Committee if such non-audit services directly relate to the operations or financial reporting of the Registrant.

2) All fees in item 4(b) through 4(d) above were approved by the Registrants' Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-Audit Fees:

---

| | | |
|:---|:---|:---|
| December 31, 2025 | $282038, | €103,125 |
| December 31, 2024 | $351512, | €106,362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The audit committee of the board of trustees has considered whether the provision of the non-audit services that were rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control, with the adviser that provides ongoing services to the registrant that were not approved pursuant to (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

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

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

![](img6d5eecd81.gif)

THE ALGER ETF TRUST

**ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

**December 31, 2025**![](img8ee147482.gif)

------

**Table of Contents**

------

**THE ALGER ETF TRUST**

------

---

| | |
|:---|:---|
| [Schedules of Investments](#xx_ba18539b-d233-43f9-bf22-6f94357d5ee6_SOI1-Continued-4583_1) | 2 |
| [Statements of Assets and Liabilities](#xx_ba18539b-d233-43f9-bf22-6f94357d5ee6_SAL1-Continued_1) | 15 |
| [Statements of Operations](#xx_ba18539b-d233-43f9-bf22-6f94357d5ee6_SOP1-Continued_1) | 21 |
| [Statements of Changes in Net Assets](#xx_ba18539b-d233-43f9-bf22-6f94357d5ee6_SOC1-Continued-4583_1) | 24 |
| [Financial Highlights](#xx_ba18539b-d233-43f9-bf22-6f94357d5ee6_FIHI-Continued-4583_1) | 29 |
| [Notes to Financial Statements](#xx_ba18539b-d233-43f9-bf22-6f94357d5ee6_NTF-Continued-4583_1) | 34 |
| [Report of Independent Registered Public Accounting Firm](#xx_ba18539b-d233-43f9-bf22-6f94357d5ee6_AUD-Continued-4583_1) | 58 |
| [Other Information (Unaudited)](#xx_ba18539b-d233-43f9-bf22-6f94357d5ee6_AI-Continued-4583_1) | 60 |

---

------

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

**Schedule of Investments December 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—99.7%** | **COMMON STOCKS—99.7%** | **COMMON STOCKS—99.7%** |
| **APPAREL ACCESSORIES & LUXURY GOODS—1.3%** | **APPAREL ACCESSORIES & LUXURY GOODS—1.3%** | **APPAREL ACCESSORIES & LUXURY GOODS—1.3%** |
| Lululemon Athletica, Inc.<sup>\*</sup>  | 7397 | **$1537171** |
| **APPAREL RETAIL—1.3%** | **APPAREL RETAIL—1.3%** | **APPAREL RETAIL—1.3%** |
| Gap, Inc. | 56576 | **1448346** |
| **APPLICATION SOFTWARE—6.3%** | **APPLICATION SOFTWARE—6.3%** | **APPLICATION SOFTWARE—6.3%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 8123 | 5473440 |
| Unity Software, Inc.<sup>\*</sup>  | 38024 | 1679520 |
|  |  | **7152960** |
| **BIOTECHNOLOGY—6.5%** | **BIOTECHNOLOGY—6.5%** | **BIOTECHNOLOGY—6.5%** |
| Abivax SA ADR<sup>\*</sup>  | 25306 | 3412641 |
| Forte Biosciences, Inc.<sup>\*</sup>  | 62229 | 1696985 |
| Natera, Inc.<sup>\*</sup>  | 10178 | 2331678 |
|  |  | **7441304** |
| **BROADLINE RETAIL—10.5%** | **BROADLINE RETAIL—10.5%** | **BROADLINE RETAIL—10.5%** |
| Amazon.com, Inc.<sup>\*</sup>  | 29918 | 6905673 |
| MercadoLibre, Inc.<sup>\*</sup>  | 804 | 1619465 |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 27556 | 3515319 |
|  |  | **12040457** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—1.7%** |
| Enovix Corp.<sup>\*</sup>  | 273025 | **1995813** |
| **HEALTH CARE DISTRIBUTORS—2.0%** | **HEALTH CARE DISTRIBUTORS—2.0%** | **HEALTH CARE DISTRIBUTORS—2.0%** |
| McKesson Corp. | 2783 | **2282867** |
| **HEALTHCARE EQUIPMENT—2.1%** | **HEALTHCARE EQUIPMENT—2.1%** | **HEALTHCARE EQUIPMENT—2.1%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 4145 | **2347562** |
| **HEALTHCARE FACILITIES—3.5%** | **HEALTHCARE FACILITIES—3.5%** | **HEALTHCARE FACILITIES—3.5%** |
| Tenet Healthcare Corp.<sup>\*</sup>  | 20102 | **3994669** |
| **HEAVY ELECTRICAL EQUIPMENT—2.0%** | **HEAVY ELECTRICAL EQUIPMENT—2.0%** | **HEAVY ELECTRICAL EQUIPMENT—2.0%** |
| GE Vernova, Inc. | 3519 | **2299913** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—4.0%** |
| Talen Energy Corp.<sup>\*</sup>  | 12155 | **4556180** |
| **INTERACTIVE HOME ENTERTAINMENT—1.8%** | **INTERACTIVE HOME ENTERTAINMENT—1.8%** | **INTERACTIVE HOME ENTERTAINMENT—1.8%** |
| Take-Two Interactive Software, Inc.<sup>\*</sup>  | 8246 | **2111223** |
| **INTERACTIVE MEDIA & SERVICES—13.4%** | **INTERACTIVE MEDIA & SERVICES—13.4%** | **INTERACTIVE MEDIA & SERVICES—13.4%** |
| Alphabet, Inc., Cl. A | 33689 | 10544657 |
| Meta Platforms, Inc., Cl. A | 7338 | 4843740 |
|  |  | **15388397** |
| **INTERNET SERVICES & INFRASTRUCTURE—1.4%** | **INTERNET SERVICES & INFRASTRUCTURE—1.4%** | **INTERNET SERVICES & INFRASTRUCTURE—1.4%** |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 3824 | **1604895** |
| **INVESTMENT BANKING & BROKERAGE—2.0%** | **INVESTMENT BANKING & BROKERAGE—2.0%** | **INVESTMENT BANKING & BROKERAGE—2.0%** |
| Goldman Sachs Group, Inc. | 2602 | **2287158** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—99.7% (CONT.)** | **COMMON STOCKS—99.7% (CONT.)** | **COMMON STOCKS—99.7% (CONT.)** |
| **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** |
| Repligen Corp.<sup>\*</sup>  | 3670 | **$601366** |
| **MOVIES & ENTERTAINMENT—3.7%** | **MOVIES & ENTERTAINMENT—3.7%** | **MOVIES & ENTERTAINMENT—3.7%** |
| Roku, Inc., Cl. A<sup>\*</sup>  | 27960 | 3033380 |
| Spotify Technology SA<sup>\*</sup>  | 1994 | 1157936 |
|  |  | **4191316** |
| **PHARMACEUTICALS—2.7%** | **PHARMACEUTICALS—2.7%** | **PHARMACEUTICALS—2.7%** |
| AstraZeneca PLC ADR | 16875 | 1551319 |
| Eli Lilly & Co. | 1439 | 1546464 |
|  |  | **3097783** |
| **SEMICONDUCTORS—15.9%** | **SEMICONDUCTORS—15.9%** | **SEMICONDUCTORS—15.9%** |
| Astera Labs, Inc.<sup>\*</sup>  | 11531 | 1918297 |
| NVIDIA Corp. | 74949 | 13977989 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 7579 | 2303182 |
|  |  | **18199468** |
| **SYSTEMS SOFTWARE—13.5%** | **SYSTEMS SOFTWARE—13.5%** | **SYSTEMS SOFTWARE—13.5%** |
| Crowdstrike Holdings, Inc., Cl. A<sup>\*</sup>  | 5 | 2344 |
| Microsoft Corp. | 17963 | 8687266 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 80487 | 6737164 |
|  |  | **15426774** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.4%** |
| Western Digital Corp. | 9360 | **1612447** |
| **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** |
| QXO, Inc.<sup>\*</sup>  | 128623 | **2481138** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $101,531,171) |  | **114099207** |
| **SHORT-TERM SECURITIES—0.3%** | **SHORT-TERM SECURITIES—0.3%** | **SHORT-TERM SECURITIES—0.3%** |
| **MONEY MARKET FUNDS—0.3%** | **MONEY MARKET FUNDS—0.3%** | **MONEY MARKET FUNDS—0.3%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br> Institutional Shares, 3.65%<sup>(a)</sup>  | 360452 | **360452** |
| (Cost $360,452) |  | **360452** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $101,891,623)** | 100.0% | **$114459659** |
| Unaffiliated Securities (Cost $101,891,623) |  | 114459659 |
| Liabilities in Excess of Other Assets | (0.0)% | (41130) |
| **NET ASSETS** | 100.0% | **$114418529** |

---

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

ADR American Depositary Receipts

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

(a) Rate shown reflects 7-day effective yield as of December 31, 2025. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—92.3%** | **COMMON STOCKS—92.3%** | **COMMON STOCKS—92.3%** |
| **AEROSPACE & DEFENSE—6.0%** | **AEROSPACE & DEFENSE—6.0%** | **AEROSPACE & DEFENSE—6.0%** |
| Axon Enterprise, Inc.<sup>\*</sup>  | 5016 | **$** 2848737 |
| HEICO Corp., Cl. A | 20078 | 5068289 |
|  |  | **7917026** |
| **APPLICATION SOFTWARE—5.6%** | **APPLICATION SOFTWARE—5.6%** | **APPLICATION SOFTWARE—5.6%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 3916 | 2638679 |
| Circle Internet Group, Inc., Cl. A<sup>\*</sup>  | 8955 | 710132 |
| Guidewire Software, Inc.<sup>\*</sup>  | 8230 | 1654312 |
| Synopsys, Inc.<sup>\*</sup>  | 2962 | 1391311 |
| Unity Software, Inc.<sup>\*</sup>  | 23947 | 1057739 |
|  |  | **7452173** |
| **ASSET MANAGEMENT & CUSTODY BANKS—1.5%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.5%** | **ASSET MANAGEMENT & CUSTODY BANKS—1.5%** |
| Ares Management Corp., Cl. A | 12407 | **2005343** |
| **AUTOMOTIVE RETAIL—2.0%** | **AUTOMOTIVE RETAIL—2.0%** | **AUTOMOTIVE RETAIL—2.0%** |
| Carvana Co.<sup>\*</sup>  | 6270 | **2646065** |
| **BIOTECHNOLOGY—6.2%** | **BIOTECHNOLOGY—6.2%** | **BIOTECHNOLOGY—6.2%** |
| Abivax SA ADR<sup>\*</sup>  | 15000 | 2022825 |
| Biogen, Inc.<sup>\*</sup>  | 25517 | 4490737 |
| Insmed, Inc.<sup>\*</sup>  | 9485 | 1650769 |
|  |  | **8164331** |
| **BROADLINE RETAIL—2.8%** | **BROADLINE RETAIL—2.8%** | **BROADLINE RETAIL—2.8%** |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 29541 | **3768545** |
| **CONSTRUCTION & ENGINEERING—3.6%** | **CONSTRUCTION & ENGINEERING—3.6%** | **CONSTRUCTION & ENGINEERING—3.6%** |
| Comfort Systems USA, Inc. | 5128 | **4785911** |
| **ELECTRICAL COMPONENTS & EQUIPMENT—2.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.7%** | **ELECTRICAL COMPONENTS & EQUIPMENT—2.7%** |
| Vertiv Holdings Co., Cl. A | 21639 | **3505734** |
| **ELECTRONIC COMPONENTS—4.3%** | **ELECTRONIC COMPONENTS—4.3%** | **ELECTRONIC COMPONENTS—4.3%** |
| Amphenol Corp., Cl. A | 19188 | 2593066 |
| Coherent Corp.<sup>\*</sup>  | 16572 | 3058694 |
|  |  | **5651760** |
| **HEALTH CARE DISTRIBUTORS—2.0%** | **HEALTH CARE DISTRIBUTORS—2.0%** | **HEALTH CARE DISTRIBUTORS—2.0%** |
| Cardinal Health, Inc. | 12765 | **2623208** |
| **HEALTHCARE EQUIPMENT—3.9%** | **HEALTHCARE EQUIPMENT—3.9%** | **HEALTHCARE EQUIPMENT—3.9%** |
| Boston Scientific Corp.<sup>\*</sup>  | 25002 | 2383941 |
| IDEXX Laboratories, Inc.<sup>\*</sup>  | 4131 | 2794745 |
|  |  | **5178686** |
| **HEALTHCARE SERVICES—2.4%** | **HEALTHCARE SERVICES—2.4%** | **HEALTHCARE SERVICES—2.4%** |
| Guardant Health, Inc.<sup>\*</sup>  | 31212 | **3187994** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.9%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.9%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.9%** |
| Talen Energy Corp.<sup>\*</sup>  | 13320 | 4992869 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—92.3% (CONT.)** | **COMMON STOCKS—92.3% (CONT.)** | **COMMON STOCKS—92.3% (CONT.)** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.9% (CONT.)** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.9% (CONT.)** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—5.9% (CONT.)** |
| Vistra Corp. | 17772 | **$** 2867157 |
|  |  | **7860026** |
| **INTERACTIVE MEDIA & SERVICES—1.9%** | **INTERACTIVE MEDIA & SERVICES—1.9%** | **INTERACTIVE MEDIA & SERVICES—1.9%** |
| Reddit, Inc., Cl. A<sup>\*</sup>  | 10933 | **2513169** |
| **INTERNET SERVICES & INFRASTRUCTURE—7.3%** | **INTERNET SERVICES & INFRASTRUCTURE—7.3%** | **INTERNET SERVICES & INFRASTRUCTURE—7.3%** |
| Cloudflare, Inc., Cl. A<sup>\*</sup>  | 18968 | 3739541 |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 10431 | 4377786 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 9749 | 1569297 |
|  |  | **9686624** |
| **INVESTMENT BANKING & BROKERAGE—2.3%** | **INVESTMENT BANKING & BROKERAGE—2.3%** | **INVESTMENT BANKING & BROKERAGE—2.3%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 26503 | **2997489** |
| **LIFE SCIENCES TOOLS & SERVICES—5.3%** | **LIFE SCIENCES TOOLS & SERVICES—5.3%** | **LIFE SCIENCES TOOLS & SERVICES—5.3%** |
| Repligen Corp.<sup>\*</sup>  | 28280 | 4633961 |
| Waters Corp<sup>\*</sup>  | 6103 | 2318102 |
|  |  | **6952063** |
| **MOVIES & ENTERTAINMENT—9.4%** | **MOVIES & ENTERTAINMENT—9.4%** | **MOVIES & ENTERTAINMENT—9.4%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 78382 | 7721411 |
| Roku, Inc., Cl. A<sup>\*</sup>  | 27345 | 2966659 |
| Spotify Technology SA<sup>\*</sup>  | 3067 | 1781038 |
|  |  | **12469108** |
| **RESTAURANTS—2.3%** | **RESTAURANTS—2.3%** | **RESTAURANTS—2.3%** |
| Wingstop, Inc. | 12589 | **3002351** |
| **SEMICONDUCTORS—7.3%** | **SEMICONDUCTORS—7.3%** | **SEMICONDUCTORS—7.3%** |
| Astera Labs, Inc.<sup>\*</sup>  | 13895 | 2311572 |
| Micron Technology, Inc. | 15173 | 4330526 |
| Monolithic Power Systems, Inc. | 3277 | 2970142 |
|  |  | **9612240** |
| **SYSTEMS SOFTWARE—2.7%** | **SYSTEMS SOFTWARE—2.7%** | **SYSTEMS SOFTWARE—2.7%** |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 33457 | 2800518 |
| Rubrik, Inc., Cl. A<sup>\*</sup>  | 9486 | 725490 |
|  |  | **3526008** |
| **TRADING COMPANIES & DISTRIBUTORS—4.9%** | **TRADING COMPANIES & DISTRIBUTORS—4.9%** | **TRADING COMPANIES & DISTRIBUTORS—4.9%** |
| FTAI Aviation Ltd. | 33022 | **6500381** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $105,701,607) |  | **122006235** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **SHORT-TERM SECURITIES—5.5%** | **SHORT-TERM SECURITIES—5.5%** | **SHORT-TERM SECURITIES—5.5%** |
| **MONEY MARKET FUNDS—5.5%** | **MONEY MARKET FUNDS—5.5%** | **MONEY MARKET FUNDS—5.5%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br> Institutional Shares, 3.65%<sup>(a)</sup>  | 7236404 | **$7236404** |
| (Cost $7,236,404) |  | **7236404** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $112,938,011)** | 97.8% | **$129242639** |
| Unaffiliated Securities (Cost $112,938,011) |  | 129242639 |
| Other Assets in Excess of Liabilities | 2.2% | 2874545 |
| **NET ASSETS** | 100.0% | **$132117184** |

---

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

ADR American Depositary Receipts

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

(a) Rate shown reflects 7-day effective yield as of December 31, 2025. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—99.5%** | **COMMON STOCKS—99.5%** | **COMMON STOCKS—99.5%** |
| **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** |
| HEICO Corp., Cl. A | 20228 | **$5106154** |
| **APPLICATION SOFTWARE—4.6%** | **APPLICATION SOFTWARE—4.6%** | **APPLICATION SOFTWARE—4.6%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 15340 | **10336399** |
| **AUTOMOBILE MANUFACTURERS—3.8%** | **AUTOMOBILE MANUFACTURERS—3.8%** | **AUTOMOBILE MANUFACTURERS—3.8%** |
| Tesla, Inc.<sup>\*</sup>  | 18666 | **8394473** |
| **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** |
| Natera, Inc.<sup>\*</sup>  | 13630 | **3122497** |
| **BROADLINE RETAIL—10.0%** | **BROADLINE RETAIL—10.0%** | **BROADLINE RETAIL—10.0%** |
| Amazon.com, Inc.<sup>\*</sup>  | 68892 | 15901651 |
| MercadoLibre, Inc.<sup>\*</sup>  | 1079 | 2173387 |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 32510 | 4147301 |
|  |  | **22222339** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.3%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.3%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.3%** |
| Rocket Cos., Inc., Cl. A | 145538 | **2817616** |
| **ELECTRIC UTILITIES—2.1%** | **ELECTRIC UTILITIES—2.1%** | **ELECTRIC UTILITIES—2.1%** |
| Constellation Energy Corp. | 13161 | **4649386** |
| **ENVIRONMENTAL & FACILITIES SERVICES—2.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.4%** | **ENVIRONMENTAL & FACILITIES SERVICES—2.4%** |
| GFL Environmental, Inc. | 122354 | **5255104** |
| **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** | **HEALTHCARE EQUIPMENT—1.2%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 4752 | **2691343** |
| **HEAVY ELECTRICAL EQUIPMENT—2.2%** | **HEAVY ELECTRICAL EQUIPMENT—2.2%** | **HEAVY ELECTRICAL EQUIPMENT—2.2%** |
| GE Vernova, Inc. | 7488 | **4893932** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—2.0%** |
| Talen Energy Corp.<sup>\*</sup>  | 11602 | **4348894** |
| **INTERACTIVE MEDIA & SERVICES—9.9%** | **INTERACTIVE MEDIA & SERVICES—9.9%** | **INTERACTIVE MEDIA & SERVICES—9.9%** |
| Alphabet, Inc., Cl. C | 40658 | 12758481 |
| Meta Platforms, Inc., Cl. A | 14180 | 9360076 |
|  |  | **22118557** |
| **INVESTMENT BANKING & BROKERAGE—0.2%** | **INVESTMENT BANKING & BROKERAGE—0.2%** | **INVESTMENT BANKING & BROKERAGE—0.2%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 4831 | **546386** |
| **MOVIES & ENTERTAINMENT—3.3%** | **MOVIES & ENTERTAINMENT—3.3%** | **MOVIES & ENTERTAINMENT—3.3%** |
| Liberty Media Corp. Series C Liberty Formula One<sup>\*</sup>  | 40326 | 3972514 |
| Netflix, Inc.<sup>\*</sup>  | 11838 | 1109931 |
| Spotify Technology SA<sup>\*</sup>  | 3832 | 2225281 |
|  |  | **7307726** |
| **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** |
| Eli Lilly & Co. | 3618 | **3888192** |
| **SEMICONDUCTORS—27.0%** | **SEMICONDUCTORS—27.0%** | **SEMICONDUCTORS—27.0%** |
| Astera Labs, Inc.<sup>\*</sup>  | 27679 | 4604678 |
| Broadcom, Inc. | 34771 | 12034243 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—99.5% (CONT.)** | **COMMON STOCKS—99.5% (CONT.)** | **COMMON STOCKS—99.5% (CONT.)** |
| **SEMICONDUCTORS—27.0% (CONT.)** | **SEMICONDUCTORS—27.0% (CONT.)** | **SEMICONDUCTORS—27.0% (CONT.)** |
| NVIDIA Corp. | 171465 | **$** 31978223 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 38007 | 11549947 |
|  |  | **60167091** |
| **SYSTEMS SOFTWARE—14.0%** | **SYSTEMS SOFTWARE—14.0%** | **SYSTEMS SOFTWARE—14.0%** |
| Microsoft Corp. | 48652 | 23529080 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 92719 | 7761044 |
|  |  | **31290124** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.8%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—6.8%** |
| Apple, Inc. | 40845 | 11104122 |
| Western Digital Corp. | 23224 | 4000798 |
|  |  | **15104920** |
| **TRADING COMPANIES & DISTRIBUTORS—3.3%** | **TRADING COMPANIES & DISTRIBUTORS—3.3%** | **TRADING COMPANIES & DISTRIBUTORS—3.3%** |
| QXO, Inc.<sup>\*</sup>  | 379141 | **7313630** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $202,275,018) |  | **221574763** |
| **SHORT-TERM SECURITIES—0.5%** | **SHORT-TERM SECURITIES—0.5%** | **SHORT-TERM SECURITIES—0.5%** |
| **MONEY MARKET FUNDS—0.5%** | **MONEY MARKET FUNDS—0.5%** | **MONEY MARKET FUNDS—0.5%** |
| &nbsp;&nbsp;&nbsp; Dreyfus Treasury Obligations Cash Management Fund, <br> Institutional Shares, 3.65%<sup>(a)</sup>  | 1102356 | **1102356** |
| (Cost $1,102,356) |  | **1102356** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $203,377,374)** | 100.0% | **$222677119** |
| Unaffiliated Securities (Cost $203,377,374) |  | 222677119 |
| Other Assets in Excess of Liabilities | 0.0% | 68806 |
| **NET ASSETS** | 100.0% | **$222745925** |

---

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

ADR American Depositary Receipts

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

(a) Rate shown reflects 7-day effective yield as of December 31, 2025. <br> \* Non-income producing security.

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.6%** | **COMMON STOCKS—95.6%** | **COMMON STOCKS—95.6%** |
| **APPLICATION SOFTWARE—5.8%** | **APPLICATION SOFTWARE—5.8%** | **APPLICATION SOFTWARE—5.8%** |
| AppLovin Corp., Cl. A<sup>\*</sup>  | 22007 | **$** 14828757 |
| IREN, Ltd.<sup>\*</sup>  | 8022 | 302991 |
| Unity Software, Inc.<sup>\*</sup>  | 40172 | 1774397 |
|  |  | **16906145** |
| **AUTOMOBILE MANUFACTURERS—3.3%** | **AUTOMOBILE MANUFACTURERS—3.3%** | **AUTOMOBILE MANUFACTURERS—3.3%** |
| Tesla, Inc.<sup>\*</sup>  | 21189 | **9529117** |
| **AUTOMOTIVE RETAIL—0.1%** | **AUTOMOTIVE RETAIL—0.1%** | **AUTOMOTIVE RETAIL—0.1%** |
| Carvana Co.<sup>\*</sup>  | 1035 | **436791** |
| **BIOTECHNOLOGY—0.8%** | **BIOTECHNOLOGY—0.8%** | **BIOTECHNOLOGY—0.8%** |
| Natera, Inc.<sup>\*</sup>  | 9654 | **2211635** |
| **BROADLINE RETAIL—10.9%** | **BROADLINE RETAIL—10.9%** | **BROADLINE RETAIL—10.9%** |
| Alibaba Group Holding Ltd. ADR | 2418 | 354431 |
| Amazon.com, Inc.<sup>\*</sup>  | 96907 | 22368074 |
| Global-e Online Ltd.<sup>\*</sup>  | 28229 | 1109682 |
| MercadoLibre, Inc.<sup>\*</sup>  | 1381 | 2781693 |
| Sea Ltd., Cl. A ADR<sup>\*</sup>  | 41313 | 5270299 |
|  |  | **31884179** |
| **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.9%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.9%** | **COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE—1.9%** |
| Rocket Cos., Inc., Cl. A | 283100 | **5480816** |
| **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.3%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.3%** | **CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT—0.3%** |
| Caterpillar, Inc. | 1650 | **945235** |
| **CONSUMER FINANCE—0.9%** | **CONSUMER FINANCE—0.9%** | **CONSUMER FINANCE—0.9%** |
| Figure Technology Solutions, Inc., Cl. A<sup>\*</sup>  | 67058 | **2738649** |
| **DIVERSIFIED BANKS—0.7%** | **DIVERSIFIED BANKS—0.7%** | **DIVERSIFIED BANKS—0.7%** |
| JPMorgan Chase & Co. | 5954 | **1918498** |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| Constellation Energy Corp. | 3948 | **1394710** |
| **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** | **FINANCIAL EXCHANGES & DATA—0.6%** |
| S&P Global, Inc. | 3237 | **1691624** |
| **HEALTHCARE EQUIPMENT—0.7%** | **HEALTHCARE EQUIPMENT—0.7%** | **HEALTHCARE EQUIPMENT—0.7%** |
| Intuitive Surgical, Inc.<sup>\*</sup>  | 3671 | **2079108** |
| **HEAVY ELECTRICAL EQUIPMENT—1.8%** | **HEAVY ELECTRICAL EQUIPMENT—1.8%** | **HEAVY ELECTRICAL EQUIPMENT—1.8%** |
| GE Vernova, Inc. | 8260 | **5398488** |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—6.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—6.0%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—6.0%** |
| Talen Energy Corp.<sup>\*</sup>  | 33825 | 12678963 |
| Vistra Corp. | 30578 | 4933149 |
|  |  | **17612112** |
| **INTERACTIVE MEDIA & SERVICES—10.8%** | **INTERACTIVE MEDIA & SERVICES—10.8%** | **INTERACTIVE MEDIA & SERVICES—10.8%** |
| Alphabet, Inc., Cl. C | 47209 | 14814184 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—95.6% (CONT.)** | **COMMON STOCKS—95.6% (CONT.)** | **COMMON STOCKS—95.6% (CONT.)** |
| **INTERACTIVE MEDIA & SERVICES—10.8% (CONT.)** | **INTERACTIVE MEDIA & SERVICES—10.8% (CONT.)** | **INTERACTIVE MEDIA & SERVICES—10.8% (CONT.)** |
| Meta Platforms, Inc., Cl. A | 25275 | **$** 16683775 |
|  |  | **31497959** |
| **INTERNET SERVICES & INFRASTRUCTURE—2.1%** | **INTERNET SERVICES & INFRASTRUCTURE—2.1%** | **INTERNET SERVICES & INFRASTRUCTURE—2.1%** |
| MongoDB, Inc., Cl. A<sup>\*</sup>  | 6755 | 2835006 |
| Shopify, Inc., Cl. A<sup>\*</sup>  | 9863 | 1587647 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 12429 | 1767901 |
|  |  | **6190554** |
| **INVESTMENT BANKING & BROKERAGE—0.2%** | **INVESTMENT BANKING & BROKERAGE—0.2%** | **INVESTMENT BANKING & BROKERAGE—0.2%** |
| Robinhood Markets, Inc., Cl. A<sup>\*</sup>  | 6064 | **685838** |
| **MOVIES & ENTERTAINMENT—4.3%** | **MOVIES & ENTERTAINMENT—4.3%** | **MOVIES & ENTERTAINMENT—4.3%** |
| Netflix, Inc.<sup>\*</sup>  | 37440 | 3510375 |
| Roku, Inc., Cl. A<sup>\*</sup>  | 40080 | 4348279 |
| Spotify Technology SA<sup>\*</sup>  | 8176 | 4747885 |
|  |  | **12606539** |
| **OTHER SPECIALTY RETAIL—0.4%** | **OTHER SPECIALTY RETAIL—0.4%** | **OTHER SPECIALTY RETAIL—0.4%** |
| Warby Parker, Inc., Cl. A<sup>\*</sup>  | 60546 | **1319297** |
| **PASSENGER AIRLINES—0.1%** | **PASSENGER AIRLINES—0.1%** | **PASSENGER AIRLINES—0.1%** |
| United Airlines Holdings, Inc.<sup>\*</sup>  | 2190 | **244886** |
| **RESTAURANTS—0.6%** | **RESTAURANTS—0.6%** | **RESTAURANTS—0.6%** |
| DoorDash, Inc., Cl. A<sup>\*</sup>  | 7228 | **1636997** |
| **SEMICONDUCTORS—22.8%** | **SEMICONDUCTORS—22.8%** | **SEMICONDUCTORS—22.8%** |
| Astera Labs, Inc.<sup>\*</sup>  | 28647 | 4765715 |
| Broadcom, Inc. | 36287 | 12558931 |
| NVIDIA Corp. | 178914 | 33367461 |
| Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 52377 | 15916846 |
|  |  | **66608953** |
| **SYSTEMS SOFTWARE—12.6%** | **SYSTEMS SOFTWARE—12.6%** | **SYSTEMS SOFTWARE—12.6%** |
| Microsoft Corp. | 59044 | 28554859 |
| Nebius Group NV, Cl. A<sup>\*</sup>  | 96972 | 8117041 |
|  |  | **36671900** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.4%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—7.4%** |
| Apple, Inc. | 42186 | 11468686 |
| Dell Technologies, Inc., Cl. C | 2323 | 292419 |
| Seagate Technology Holdings PLC | 8018 | 2208077 |
| Western Digital Corp. | 43988 | 7577812 |
|  |  | **21546994** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $257,074,622) |  | **279237024** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **PREFERRED STOCKS—3.7%** | **PREFERRED STOCKS—3.7%** | **PREFERRED STOCKS—3.7%** |
| **APPLICATION SOFTWARE—3.2%** | **APPLICATION SOFTWARE—3.2%** | **APPLICATION SOFTWARE—3.2%** |
| Databricks, Inc., Series J<sup>(a),\*,@</sup>  | 5152 | **$** 978880 |
| Databricks, Inc., Series K<sup>(a),\*,@</sup>  | 31506 | 5986140 |
| Databricks, Inc., Series L<sup>(a),\*,@</sup>  | 7931 | 1506890 |
| SB Technology, Inc., Series E<sup>(a),\*,@</sup>  | 51208 | 881290 |
|  |  | **9353200** |
| **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** | **INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS—0.5%** |
| Figure AI, Inc., Cl. C<sup>(a),\*,@</sup>  | 6962 | **1357114** |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $8,947,754) |  | **10710314** |
| **SPECIAL PURPOSE VEHICLE—1.2%** | **SPECIAL PURPOSE VEHICLE—1.2%** | **SPECIAL PURPOSE VEHICLE—1.2%** |
| **APPLICATION SOFTWARE—1.2%** | **APPLICATION SOFTWARE—1.2%** | **APPLICATION SOFTWARE—1.2%** |
| Disruptive Technology Solutions LI, LLC<sup>(a),\*,@</sup>  |  | **3528000** |
| (Cost $3,642,660) |  | **3528000** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $269,665,036)** | 100.5% | **$293475338** |
| Unaffiliated Securities (Cost $269,665,036) |  | 293475338 |
| Liabilities in Excess of Other Assets | (0.5)% | (1562775) |
| **NET ASSETS** | 100.0% | **$291912563** |

---

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

ADR American Depositary Receipts

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

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Acquisition <br>Date(s)<br>| Acquisition <br>Cost<br>| Market <br>Value<br>| % of net assets <br>as of <br>12/31/2025<br>|
| Databricks, Inc., Series J | 12/17/24 | $476560 | $978880 | 0.3% |
| Databricks, Inc., Series K | 9/8/25 | 4725900 | 5986140 | 2.1% |
| Databricks, Inc., Series L | 12/16/25 | 1506890 | 1506890 | 0.5% |
| Disruptive Technology Solutions LI, LLC | 11/4/25 | 3642660 | 3528000 | 1.2% |
| Figure AI, Inc., Cl. C | 11/18/25 | 1357114 | 1357114 | 0.5% |
| SB Technology, Inc., Series E | 10/23/24 | 881290 | 881290 | 0.3% |
| Total |  | $12590414 | $14238314 | 4.9% |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.2%** | **COMMON STOCKS—100.2%** | **COMMON STOCKS—100.2%** |
| **ADVERTISING—2.1%** | **ADVERTISING—2.1%** | **ADVERTISING—2.1%** |
| DoubleVerify Holdings, Inc.<sup>\*</sup>  | 27886 | **$319016** |
| **APPLICATION SOFTWARE—24.3%** | **APPLICATION SOFTWARE—24.3%** | **APPLICATION SOFTWARE—24.3%** |
| Atlassian Corp., Cl. A<sup>\*</sup>  | 1924 | 311957 |
| BILL Holdings, Inc.<sup>\*</sup>  | 5829 | 317914 |
| CCC Intelligent Solutions Holdings, Inc.<sup>\*</sup>  | 39910 | 317285 |
| Docusign, Inc.<sup>\*</sup>  | 4272 | 292205 |
| Dropbox, Inc., Cl. A<sup>\*</sup>  | 10078 | 280168 |
| Elastic NV<sup>\*</sup>  | 4021 | 303344 |
| HubSpot, Inc.<sup>\*</sup>  | 805 | 323046 |
| Nutanix, Inc., Cl. A<sup>\*</sup>  | 6358 | 328645 |
| RingCentral, Inc., Cl. A<sup>\*</sup>  | 10318 | 297984 |
| Unity Software, Inc.<sup>\*</sup>  | 6762 | 298678 |
| Workday, Inc., Cl. A<sup>\*</sup>  | 1405 | 301766 |
| Zoom Communications, Inc., Cl. A<sup>\*</sup>  | 3522 | 303913 |
|  |  | **3676905** |
| **AUTOMOTIVE PARTS & EQUIPMENT—2.0%** | **AUTOMOTIVE PARTS & EQUIPMENT—2.0%** | **AUTOMOTIVE PARTS & EQUIPMENT—2.0%** |
| Gentex Corp. | 13118 | **305256** |
| **BIOTECHNOLOGY—12.0%** | **BIOTECHNOLOGY—12.0%** | **BIOTECHNOLOGY—12.0%** |
| Biogen, Inc.<sup>\*</sup>  | 1669 | 293727 |
| BioMarin Pharmaceutical, Inc.<sup>\*</sup>  | 5555 | 330134 |
| Exelixis, Inc.<sup>\*</sup>  | 6856 | 300498 |
| Incyte Corp.<sup>\*</sup>  | 2972 | 293544 |
| Neurocrine Biosciences, Inc.<sup>\*</sup>  | 1985 | 281533 |
| Regeneron Pharmaceuticals, Inc. | 418 | 322642 |
|  |  | **1822078** |
| **BROADLINE RETAIL—2.1%** | **BROADLINE RETAIL—2.1%** | **BROADLINE RETAIL—2.1%** |
| Etsy, Inc.<sup>\*</sup>  | 5605 | **310741** |
| **COMMUNICATIONS EQUIPMENT—2.1%** | **COMMUNICATIONS EQUIPMENT—2.1%** | **COMMUNICATIONS EQUIPMENT—2.1%** |
| F5, Inc.<sup>\*</sup>  | 1254 | **320096** |
| **EDUCATION SERVICES—1.9%** | **EDUCATION SERVICES—1.9%** | **EDUCATION SERVICES—1.9%** |
| Duolingo, Inc.<sup>\*</sup>  | 1628 | **285714** |
| **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.9%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.9%** | **ELECTRONIC EQUIPMENT & INSTRUMENTS—1.9%** |
| Zebra Technologies Corp., Cl. A<sup>\*</sup>  | 1164 | **282643** |
| **FOOD RETAIL—2.1%** | **FOOD RETAIL—2.1%** | **FOOD RETAIL—2.1%** |
| Maplebear, Inc.<sup>\*</sup>  | 7078 | **318368** |
| **HEALTHCARE SUPPLIES—2.0%** | **HEALTHCARE SUPPLIES—2.0%** | **HEALTHCARE SUPPLIES—2.0%** |
| Align Technology, Inc.<sup>\*</sup>  | 1946 | **303868** |
| **HOTELS RESORTS & CRUISE LINES—2.1%** | **HOTELS RESORTS & CRUISE LINES—2.1%** | **HOTELS RESORTS & CRUISE LINES—2.1%** |
| Expedia Group, Inc. | 1150 | **325807** |
| **INTERACTIVE MEDIA & SERVICES—5.8%** | **INTERACTIVE MEDIA & SERVICES—5.8%** | **INTERACTIVE MEDIA & SERVICES—5.8%** |
| Match Group, Inc. | 8971 | 289674 |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.2% (CONT.)** | **COMMON STOCKS—100.2% (CONT.)** | **COMMON STOCKS—100.2% (CONT.)** |
| **INTERACTIVE MEDIA & SERVICES—5.8% (CONT.)** | **INTERACTIVE MEDIA & SERVICES—5.8% (CONT.)** | **INTERACTIVE MEDIA & SERVICES—5.8% (CONT.)** |
| Pinterest, Inc., Cl. A<sup>\*</sup>  | 11007 | **$** 284971 |
| ZoomInfo Technologies, Inc.<sup>\*</sup>  | 29960 | 304693 |
|  |  | **879338** |
| **INTERNET SERVICES & INFRASTRUCTURE—6.1%** | **INTERNET SERVICES & INFRASTRUCTURE—6.1%** | **INTERNET SERVICES & INFRASTRUCTURE—6.1%** |
| GoDaddy, Inc., Cl. A<sup>\*</sup>  | 2319 | 287742 |
| Okta, Inc.<sup>\*</sup>  | 3494 | 302126 |
| Twilio, Inc., Cl. A<sup>\*</sup>  | 2354 | 334833 |
|  |  | **924701** |
| **IT CONSULTING & OTHER SERVICES—2.1%** | **IT CONSULTING & OTHER SERVICES—2.1%** | **IT CONSULTING & OTHER SERVICES—2.1%** |
| Amdocs, Ltd. | 3970 | **319625** |
| **LIFE SCIENCES TOOLS & SERVICES—2.0%** | **LIFE SCIENCES TOOLS & SERVICES—2.0%** | **LIFE SCIENCES TOOLS & SERVICES—2.0%** |
| Illumina, Inc.<sup>\*</sup>  | 2359 | **309406** |
| **PASSENGER GROUND TRANSPORTATION—1.7%** | **PASSENGER GROUND TRANSPORTATION—1.7%** | **PASSENGER GROUND TRANSPORTATION—1.7%** |
| Lyft, Inc., Cl. A<sup>\*</sup>  | 13512 | **261727** |
| **PHARMACEUTICALS—10.1%** | **PHARMACEUTICALS—10.1%** | **PHARMACEUTICALS—10.1%** |
| Bristol-Myers Squibb Co. | 5921 | 319379 |
| Jazz Pharmaceuticals PLC<sup>\*</sup>  | 1806 | 307020 |
| Merck & Co., Inc. | 2950 | 310517 |
| Organon & Co. | 41502 | 297569 |
| Pfizer, Inc. | 11800 | 293820 |
|  |  | **1528305** |
| **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.2%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.2%** | **SEMICONDUCTOR MATERIALS & EQUIPMENT—2.2%** |
| Enphase Energy, Inc.<sup>\*</sup>  | 10266 | **329025** |
| **SEMICONDUCTORS—5.7%** | **SEMICONDUCTORS—5.7%** | **SEMICONDUCTORS—5.7%** |
| Cirrus Logic, Inc.<sup>\*</sup>  | 2470 | 292695 |
| QUALCOMM, Inc. | 1724 | 294890 |
| Skyworks Solutions, Inc. | 4348 | 275707 |
|  |  | **863292** |
| **SYSTEMS SOFTWARE—6.1%** | **SYSTEMS SOFTWARE—6.1%** | **SYSTEMS SOFTWARE—6.1%** |
| Dolby Laboratories, Inc., Cl. A | 4551 | 292265 |
| Teradata Corp.<sup>\*</sup>  | 9957 | 303091 |
| UiPath, Inc., Cl. A<sup>\*</sup>  | 20304 | 332783 |
|  |  | **928139** |
| **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.9%** | **TECHNOLOGY HARDWARE STORAGE & PERIPHERALS—1.9%** |
| NetApp, Inc. | 2631 | **281754** |

---

See Notes to Financial Statements.

------

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

**Schedule of Investments December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS—100.2% (CONT.)** | **COMMON STOCKS—100.2% (CONT.)** | **COMMON STOCKS—100.2% (CONT.)** |
| **TRANSACTION & PAYMENT PROCESSING SERVICES—1.9%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.9%** | **TRANSACTION & PAYMENT PROCESSING SERVICES—1.9%** |
| PayPal Holdings, Inc. | 4926 | **$287580** |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $15,255,961) |  | **15183384** |
| &nbsp;&nbsp;&nbsp; **Total Investments** <br>**(Cost $15,255,961)** | 100.2% | **$15183384** |
| Unaffiliated Securities (Cost $15,255,961) |  | 15183384 |
| Liabilities in Excess of Other Assets | (0.2)% | (31541) |
| **NET ASSETS** | 100.0% | **$15151843** |

---

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

\* Non-income producing security.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Assets and Liabilities December 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger 35 ETF** | &nbsp;&nbsp; **Alger Mid Cap** <br> **40 ETF**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $114459659 | &nbsp;&nbsp; $129242639 |
| Receivable for investment securities sold | 3550 | &nbsp;&nbsp; 2904580 |
| Receivable for shares of beneficial interest sold |  | &nbsp;&nbsp; — |
| Dividends and interest receivable | 12617 | &nbsp;&nbsp; 25464 |
| Receivable from Investment Manager | 23216 | &nbsp;&nbsp; 43907 |
| Prepaid expenses | 1448 | &nbsp;&nbsp; 3314 |
| Total Assets | 114500490 | &nbsp;&nbsp; 132219904 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased |  | &nbsp;&nbsp; — |
| Bank overdraft | 100 | &nbsp;&nbsp; — |
| Accrued investment advisory fees | 44625 | &nbsp;&nbsp; 57374 |
| Accrued professional fees | 20429 | &nbsp;&nbsp; 27023 |
| Accrued transfer agent fees | 5729 | &nbsp;&nbsp; 6157 |
| Accrued fund accounting fees | 4165 | &nbsp;&nbsp; 4154 |
| Accrued custodian fees | 4078 | &nbsp;&nbsp; 4422 |
| Accrued printing fees | 924 | &nbsp;&nbsp; 1599 |
| Accrued other expenses | 1911 | &nbsp;&nbsp; 1991 |
| Total Liabilities | 81961 | &nbsp;&nbsp; 102720 |
| **NET ASSETS** | **$114418529** | &nbsp;&nbsp; **$132117184** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 103742961 | &nbsp;&nbsp; 132986128 |
| Distributable earnings (Distributions in excess of <br> earnings)<br>| 10675568 | &nbsp;&nbsp; (868944)<br>|
| **NET ASSETS** | **$114418529** | &nbsp;&nbsp; **$132117184** |
| \* Identified cost | $101891623 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $112938011 <br><sup>(b)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Assets and Liabilities December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger 35 ETF** | &nbsp;&nbsp; **Alger Mid Cap** <br> **40 ETF**<br>|
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING** <br>**— Note 7:**<br>| 3287500 | &nbsp;&nbsp; 6287500 |
| **NET ASSET VALUE PER SHARE:** | $34.80 | &nbsp;&nbsp; $21.01 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) At
 December 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes
 of $104,106,580, amounted to $10,353,079, which consisted of aggregate gross unrealized appreciation of $15,102,738,
 and aggregate gross unrealized depreciation of $4,749,659.

&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 December 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes
 of $115,929,673, amounted to $13,312,966, which consisted of aggregate gross unrealized appreciation of $19,590,980,
 and aggregate gross unrealized depreciation of $6,278,014.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Assets and Liabilities December 31, 2025 (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Concentrated** <br> **Equity ETF**<br>| &nbsp;&nbsp; **Alger AI Enablers &** <br> **Adopters ETF**<br>|
| **ASSETS:** | **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified <br> cost below)\* see accompanying schedules of <br> investments<br>| $222677119 | &nbsp;&nbsp; $293475338 |
| Receivable for investment securities sold | 126657 | &nbsp;&nbsp; 6118091 |
| Receivable for shares of beneficial interest sold | 429187 | &nbsp;&nbsp; — |
| Dividends and interest receivable | 29938 | &nbsp;&nbsp; 48185 |
| Receivable from Investment Manager | 32145 | &nbsp;&nbsp; 48447 |
| Prepaid expenses | 2986 | &nbsp;&nbsp; 4012 |
| Total Assets | 223298032 | &nbsp;&nbsp; 299694073 |
| **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
| Payable for investment securities purchased | 421957 | &nbsp;&nbsp; 1086930 |
| Bank overdraft |  | &nbsp;&nbsp; 6518006 |
| Accrued investment advisory fees | 88569 | &nbsp;&nbsp; 123406 |
| Accrued professional fees | 19983 | &nbsp;&nbsp; 18939 |
| Accrued transfer agent fees | 5676 | &nbsp;&nbsp; 5717 |
| Accrued fund accounting fees | 4874 | &nbsp;&nbsp; 6483 |
| Accrued custodian fees | 7257 | &nbsp;&nbsp; 16139 |
| Accrued printing fees | 2032 | &nbsp;&nbsp; 3605 |
| Accrued other expenses | 1759 | &nbsp;&nbsp; 2285 |
| Total Liabilities | 552107 | &nbsp;&nbsp; 7781510 |
| **NET ASSETS** | **$222745925** | &nbsp;&nbsp; **$291912563** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 206445456 | &nbsp;&nbsp; 275184071 |
| Distributable earnings (Distributions in excess of <br> earnings)<br>| 16300469 | &nbsp;&nbsp; 16728492 |
| **NET ASSETS** | **$222745925** | &nbsp;&nbsp; **$291912563** |
| \* Identified cost | $203377374 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $269665036 <br><sup>(d)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Assets and Liabilities December 31, 2025 (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Alger Concentrated** <br> **Equity ETF**<br>| &nbsp;&nbsp; **Alger AI Enablers &** <br> **Adopters ETF**<br>|
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING** <br>**— Note 7:**<br>| 6487500 | &nbsp;&nbsp; 8062500 |
| **NET ASSET VALUE PER SHARE:** | $34.33 | &nbsp;&nbsp; $36.21 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 December 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes
 of $206,200,508, amounted to $16,476,611, which consisted of aggregate gross unrealized appreciation of $24,327,319,
 and aggregate gross unrealized depreciation of $7,850,708.

&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 December 31, 2025, the net unrealized appreciation on investments, based on cost for federal income tax purposes
 of $276,380,639, amounted to $17,094,698, which consisted of aggregate gross unrealized appreciation of $31,006,383,
 and aggregate gross unrealized depreciation of $13,911,685.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Assets and Liabilities December 31, 2025 (Continued)**

------

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

---

| | |
|:---|:---|
|  | **Alger** <br> **Russell Innovation** <br> **ETF**<br>|
| **ASSETS:** | **ASSETS:** |
| Investments in unaffiliated securities, at value (Identified cost below)\* see <br> accompanying schedules of investments<br>| $15183384 |
| Dividends and interest receivable | 5077 |
| Receivable from Investment Manager | 19528 |
| Prepaid expenses | 411 |
| Total Assets | 15208400 |
| **LIABILITIES:** | **LIABILITIES:** |
| Bank overdraft | 15371 |
| Accrued investment advisory fees | 6247 |
| Accrued professional fees | 18908 |
| Accrued transfer agent fees | 5883 |
| Accrued fund accounting fees | 2026 |
| Accrued custodian fees | 2193 |
| Accrued printing fees | 165 |
| Accrued other expenses | 5764 |
| Total Liabilities | 56557 |
| **NET ASSETS** | **$15151843** |
| **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
| Paid in capital (par value of $.001 per share) | 15844112 |
| Distributable earnings (Distributions in excess of earnings) | (692269)<br>|
| **NET ASSETS** | **$15151843** |
| \* Identified cost | $15255961 <br><sup>(e)</sup><br>|

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Assets and Liabilities December 31, 2025 (Continued)**

------

---

| | |
|:---|:---|
|  | **Alger** <br> **Russell Innovation** <br> **ETF**<br>|
| **SHARES OF BENEFICIAL INTEREST OUTSTANDING** <br>**— Note 7:**<br>| 700000 |
| **NET ASSET VALUE PER SHARE:** | $21.65 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) At
 December 31, 2025, the net unrealized depreciation on investments, based on cost for federal income tax purposes
 of $15,674,027, amounted to $490,643, which consisted of aggregate gross unrealized appreciation of $1,008,923,
 and aggregate gross unrealized depreciation of $1,499,566.

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Operations for the year ended December 31, 2025** 

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger 35 ETF** | &nbsp;&nbsp; **Alger Mid Cap** <br> **40 ETF**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $83471 | &nbsp;&nbsp; $184295 |
| Interest | 40094 | &nbsp;&nbsp; 197666 |
| Total Income | 123565 | &nbsp;&nbsp; 381961 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 236204 | &nbsp;&nbsp; 503907 |
| Professional fees | 58719 | &nbsp;&nbsp; 121615 |
| Transfer agent fees | 33121 | &nbsp;&nbsp; 35027 |
| Fund accounting fees | 16478 | &nbsp;&nbsp; 23024 |
| Custodian fees | 15455 | &nbsp;&nbsp; 25909 |
| Printing fees | 9782 | &nbsp;&nbsp; 23677 |
| Licensing fees | 9500 | &nbsp;&nbsp; 9500 |
| Tax expense | 6875 | &nbsp;&nbsp; 6875 |
| Interest expense — Note 3  | 3670 | &nbsp;&nbsp; 1623 |
| Trustee fees — Note 3  | 3134 | &nbsp;&nbsp; 6514 |
| Registration fees | 1809 | &nbsp;&nbsp; 4993 |
| Other expenses | 7224 | &nbsp;&nbsp; 10442 |
| Total Expenses | 401971 | &nbsp;&nbsp; 773106 |
| Less, expense reimbursements/waivers — Note 3  | (109607)<br>| &nbsp;&nbsp; (166794)<br>|
| Net Expenses | 292364 | &nbsp;&nbsp; 606312 |
| **NET INVESTMENT (LOSS)** | **(168799)**<br>| &nbsp;&nbsp; **(224351)**<br>|
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain (loss) on unaffiliated investments | 661176 | &nbsp;&nbsp; (2519717)<br>|
| Net realized gain on in-kind transactions | 6127006 | &nbsp;&nbsp; 9459705 |
| Net realized (loss) on foreign currency transactions | (422)<br>| &nbsp;&nbsp; — |
| Net realized gain on investments and foreign currency | 6787760 | &nbsp;&nbsp; 6939988 |
| Net change in unrealized appreciation on unaffiliated <br> investments<br>| 4253055 | &nbsp;&nbsp; 4204811 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 11040815 | &nbsp;&nbsp; 11144799 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$10872016** | &nbsp;&nbsp; **$10920448** |
| \* Foreign withholding taxes | $2160 | &nbsp;&nbsp; $310 |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Operations for the year ended December 31, 2025 (Continued)**

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Concentrated** <br> **Equity ETF**<br>| &nbsp;&nbsp; **Alger AI Enablers &** <br> **Adopters ETF**<br>|
| **INCOME:** | **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $242995 | &nbsp;&nbsp; $377547 |
| Interest | 18912 | &nbsp;&nbsp; 22259 |
| Total Income | 261907 | &nbsp;&nbsp; 399806 |
| **EXPENSES:** | **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 391731 | &nbsp;&nbsp; 550893 |
| Professional fees | 52053 | &nbsp;&nbsp; 57972 |
| Transfer agent fees | 34057 | &nbsp;&nbsp; 34347 |
| Fund accounting fees | 22563 | &nbsp;&nbsp; 27841 |
| Custodian fees | 27809 | &nbsp;&nbsp; 62562 |
| Printing fees | 9286 | &nbsp;&nbsp; 12302 |
| Licensing fees | 9500 | &nbsp;&nbsp; 9500 |
| Tax expense | 6875 | &nbsp;&nbsp; 6875 |
| Interest expense — Note 3  | 7115 | &nbsp;&nbsp; 42995 |
| Trustee fees — Note 3  | 5101 | &nbsp;&nbsp; 6987 |
| Registration fees | 2203 | &nbsp;&nbsp; 3222 |
| Other expenses | 2561 | &nbsp;&nbsp; 11272 |
| Total Expenses | 570854 | &nbsp;&nbsp; 826768 |
| Less, expense reimbursements/waivers — Note 3  | (85052)<br>| &nbsp;&nbsp; (110912)<br>|
| Net Expenses | 485802 | &nbsp;&nbsp; 715856 |
| **NET INVESTMENT (LOSS)** | **(223895)**<br>| &nbsp;&nbsp; **(316050)**<br>|
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized (loss) on unaffiliated investments | (2133505)<br>| &nbsp;&nbsp; (4182584)<br>|
| Net realized gain on in-kind transactions | 5970079 | &nbsp;&nbsp; 10541476 |
| Net realized (loss) on foreign currency transactions |  | &nbsp;&nbsp; (101)<br>|
| Net realized gain on investments and foreign currency | 3836574 | &nbsp;&nbsp; 6358791 |
| Net change in unrealized appreciation on unaffiliated <br> investments<br>| 16611605 | &nbsp;&nbsp; 21392717 |
| Net realized and unrealized gain on investments and foreign <br> currency<br>| 20448179 | &nbsp;&nbsp; 27751508 |
| **NET INCREASE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS**<br>| **$20224284** | &nbsp;&nbsp; **$27435458** |
| \* Foreign withholding taxes | $6782 | &nbsp;&nbsp; $7009 |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Operations for the year ended December 31, 2025 (Continued)**

------

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

---

| | |
|:---|:---|
|  | **Alger** <br> **Russell Innovation** <br> **ETF** <br>**From January 06,** <br> **2025** <br>**(commencement of** <br>**operations) to** <br>**December 31, 2025**<br>|
| **INCOME:** | **INCOME:** |
| Dividends (net of foreign withholding taxes\*) | $112518 |
| Interest | 908 |
| Income from securities lending | 147 |
| Total Income | 113573 |
| **EXPENSES:** | **EXPENSES:** |
| Investment advisory fees — Note 3  | 55705 |
| Professional fees | 28174 |
| Transfer agent fees | 35356 |
| Fund accounting fees | 10189 |
| Custodian fees | 10491 |
| Printing fees | 3693 |
| Licensing fees | 11956 |
| Tax expense | 7500 |
| Interest expense — Note 3  | 77 |
| Trustee fees — Note 3  | 853 |
| Other expenses | 2459 |
| Total Expenses | 166453 |
| Less, expense reimbursements/waivers — Note 3  | (98462)<br>|
| Net Expenses | 67991 |
| **NET INVESTMENT INCOME**  | **45582** |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized (loss) on unaffiliated investments | (730090)<br>|
| Net realized gain on in-kind transactions | 1479461 |
| Net realized gain on investments and foreign currency | 749371 |
| Net change in unrealized (depreciation) on unaffiliated investments | (72577)<br>|
| Net realized and unrealized gain on investments and foreign currency | 676794 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | **$722376** |
| \* Foreign withholding taxes | $— |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Statements of Changes in Net Assets** 

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger 35 ETF** | **Alger 35 ETF** |
|  | For the <br>Year Ended <br>December 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment (loss) | $(168799)<br>| &nbsp;&nbsp; $(32505)<br>|
| Net realized gain on investments and foreign currency | 6787760 | &nbsp;&nbsp; 2282068 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 4253055 | &nbsp;&nbsp; 5983942 |
| Net increase in net assets resulting from operations | 10872016 | &nbsp;&nbsp; 8233505 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Income distributions | (223020)<br>| &nbsp;&nbsp; (53040)<br>|
| Total dividends and distributions to shareholders | (223020)<br>| &nbsp;&nbsp; (53040)<br>|
| Net increase from shares of beneficial interest <br> transactions — Note 7 <br>| 70792248 | &nbsp;&nbsp; 11819676 |
| Total increase | 81441244 | &nbsp;&nbsp; 20000141 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 32977285 | &nbsp;&nbsp; 12977144 |
| **END OF PERIOD** | **$114418529** | &nbsp;&nbsp; **$32977285** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Mid Cap 40 ETF** | **Alger Mid Cap 40 ETF** |
|  | For the <br>Year Ended <br>December 31, 2025<br>| &nbsp;&nbsp; For the <br>Year Ended <br>December 31, 2024<br>|
| Net investment income (loss) | $(224351)<br>| &nbsp;&nbsp; $68527 |
| Net realized gain on investments and foreign currency | 6939988 | &nbsp;&nbsp; 5459434 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 4204811 | &nbsp;&nbsp; 7126106 |
| Net increase in net assets resulting from operations | 10920448 | &nbsp;&nbsp; 12654067 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Income distributions | (253378)<br>| &nbsp;&nbsp; (34808)<br>|
| Return of capital |  | &nbsp;&nbsp; (36708)<br>|
| Total dividends and distributions to shareholders | (253378)<br>| &nbsp;&nbsp; (71516)<br>|
| Net increase from shares of beneficial interest <br> transactions — Note 7 <br>| 48213445 | &nbsp;&nbsp; 32602100 |
| Total increase | 58880515 | &nbsp;&nbsp; 45184651 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 73236669 | &nbsp;&nbsp; 28052018 |
| **END OF PERIOD** | **$132117184** | &nbsp;&nbsp; **$73236669** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger Concentrated Equity ETF** | **Alger Concentrated Equity ETF** |
|  | For the <br>Year Ended <br>December 31, 2025<br>| &nbsp;&nbsp; From April 4, 2024 <br>(commencement of <br>operations) to <br>December 31, 2024<br>|
| Net investment (loss) | $(223895)<br>| &nbsp;&nbsp; $(7533)<br>|
| Net realized gain on investments and foreign currency | 3836574 | &nbsp;&nbsp; 89484 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 16611605 | &nbsp;&nbsp; 2688140 |
| Net increase in net assets resulting from operations | 20224284 | &nbsp;&nbsp; 2770091 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Income distributions | (1132491)<br>| &nbsp;&nbsp; (26214)<br>|
| Return of capital | (8132)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders | (1140623)<br>| &nbsp;&nbsp; (26214)<br>|
| Net increase from shares of beneficial interest <br> transactions — Note 7 <br>| 186525299 | &nbsp;&nbsp; 14393088 |
| Total increase | 205608960 | &nbsp;&nbsp; 17136965 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 17136965 | &nbsp;&nbsp; — |
| **END OF PERIOD** | **$222745925** | &nbsp;&nbsp; **$17136965** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

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

------

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

---

| | | |
|:---|:---|:---|
|  | **Alger AI Enablers & Adopters ETF** | **Alger AI Enablers & Adopters ETF** |
|  | For the <br>Year Ended <br>December 31, 2025<br>| &nbsp;&nbsp; From April 4, 2024 <br>(commencement of <br>operations) to <br>December 31, 2024<br>|
| Net investment (loss) | $(316050)<br>| &nbsp;&nbsp; $(2388)<br>|
| Net realized gain on investments and foreign currency | 6358791 | &nbsp;&nbsp; 255097 |
| Net change in unrealized appreciation on investments and <br> foreign currency<br>| 21392717 | &nbsp;&nbsp; 2417585 |
| Net increase in net assets resulting from operations | 27435458 | &nbsp;&nbsp; 2670294 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Income distributions | (4448144)<br>| &nbsp;&nbsp; (134269)<br>|
| Return of capital | (15683)<br>| &nbsp;&nbsp; — |
| Total dividends and distributions to shareholders | (4463827)<br>| &nbsp;&nbsp; (134269)<br>|
| Net increase from shares of beneficial interest <br> transactions — Note 7 <br>| 245363344 | &nbsp;&nbsp; 21041563 |
| Total increase | 268334975 | &nbsp;&nbsp; 23577588 |
| Net Assets: | Net Assets: | Net Assets: |
| Beginning of period | 23577588 | &nbsp;&nbsp; — |
| **END OF PERIOD** | **$291912563** | &nbsp;&nbsp; **$23577588** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

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

------

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

---

| | |
|:---|:---|
|  | **Alger** <br> **Russell Innovation** <br> **ETF**<br>|
|  | From January 6, 2025 <br>(commencement of <br>operations) to <br>December 31, 2025<br>|
| Net investment income | $45582 |
| Net realized gain on investments and foreign currency | 749371 |
| Net change in unrealized (depreciation) on investments and foreign currency | (72577)<br>|
| Net increase in net assets resulting from operations | 722376 |
| Dividends and distributions to shareholders: | Dividends and distributions to shareholders: |
| Income distributions | (43372)<br>|
| Total dividends and distributions to shareholders | (43372)<br>|
| Net increase from shares of beneficial interest transactions — Note 7  | 14472839 |
| Total increase | 15151843 |
| Net Assets: | Net Assets: |
| Beginning of period |  |
| **END OF PERIOD** | **$15151843** |

---

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger 35 ETF** |  |  |  |  |  |
|  | Year Ended <br>12/31/2025<br>| Year Ended <br>12/31/2024<br>| Year Ended <br>12/31/2023<br>| Year Ended <br>12/31/2022<br>| From 5/3/2021 <br>(commencement <br>of operations) to <br>12/31/2021<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $25.37 | $17.30 | $13.07 | $20.40 | $20.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.10) | (0.03) | (0.01) | 0.01 | (0.04) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 9.60 | 8.14 | 4.24 | (7.33) | 0.44 |
| Total from investment operations | 9.50 | 8.11 | 4.23 | (7.32) | 0.40 |
| Dividends from net investment income |  | (0.04) | — <br><sup>(c)</sup><br>| (0.01) |  |
| Distributions from net realized gains | (0.07) |  |  |  |  |
| Net asset value, end of period | $34.80 | $25.37 | $17.30 | $13.07 | $20.40 |
| Total return | 37.46<br> %<br>| 46.89<br> %<br>| 32.38<br> %<br>| (35.90)<br> %<br>| 2.00<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $114419 | $32977 | $12977 | $8983 | $13517 |
| Ratio of gross expenses to average net <br> assets<br>| 0.77<br> %<br>| 1.23<br> %<br>| 1.60<br> %<br>| 1.83<br> %<br>| 1.85<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.21)<br> %<br>| (0.68)<br> %<br>| (1.05)<br> %<br>| (1.28)<br> %<br>| (1.30)<br> %<br>|
| Ratio of net expenses to average net assets | 0.56<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>| 0.55<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (0.32)<br> %<br>| (0.15)<br> %<br>| (0.10)<br> %<br>| 0.08<br> %<br>| (0.28)<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> <br>| 189.42<br> %<br>| 219.07<br> %<br>| 414.20<br> %<br>| 187.01<br> %<br>| 99.20<br> %<br>|

---

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

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

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

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

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

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Alger Mid Cap 40 ETF** |  |  |  |  |  |
|  | Year Ended <br>12/31/2025<br>| Year Ended <br>12/31/2024<br>| Year Ended <br>12/31/2023<br>| Year Ended <br>12/31/2022<br>| From 2/26/2021 <br>(commencement <br>of operations) to <br>12/31/2021<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $18.66 | $13.60 | $11.69 | $20.00 | $20.00 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income (loss)<sup>(b)</sup> <br>| (0.04) | 0.03 | 0.01 | (0.01) | (0.08) |
| Net realized and unrealized gain (loss) on <br> investments<br>| 2.43 | 5.05 | 1.90 | (8.30) | 1.15 |
| Total from investment operations | 2.39 | 5.08 | 1.91 | (8.31) | 1.07 |
| Dividends from net investment income | (0.04) | (0.01) |  |  |  |
| Distributions from net realized gains |  |  |  |  | (1.07) |
| Return of capital |  | (0.01) |  |  |  |
| Net asset value, end of period | $21.01 | $18.66 | $13.60 | $11.69 | $20.00 |
| Total return | 12.87<br> %<br>| 37.34<br> %<br>| 16.34<br> %<br>| (41.55)<br> %<br>| 5.62<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $132117 | $73237 | $28052 | $28638 | $38750 |
| Ratio of gross expenses to average net <br> assets<br>| 0.77<br> %<br>| 0.98<br> %<br>| 1.14<br> %<br>| 1.19<br> %<br>| 1.23<br> %<br>|
| Ratio of expense reimbursements to <br> average net assets<br>| (0.17)<br> %<br>| (0.38)<br> %<br>| (0.53)<br> %<br>| (0.59)<br> %<br>| (0.63)<br> %<br>|
| Ratio of net expenses to average net assets | 0.60<br> %<br>| 0.60<br> %<br>| 0.61<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Ratio of net investment income (loss) to <br> average net assets<br>| (0.22)<br> %<br>| 0.16<br> %<br>| 0.06<br> %<br>| (0.09)<br> %<br>| (0.43)<br> %<br>|
| Portfolio turnover rate<sup>(c)</sup> <br>| 389.65<br> %<br>| 199.13<br> %<br>| 206.82<br> %<br>| 256.37<br> %<br>| 417.06<br> %<br>|

---

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

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

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

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

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | |
|:---|:---|:---|
| **Alger Concentrated Equity ETF** |  |  |
|  | Year Ended <br>12/31/2025<br>| From 4/4/2024 <br>(commencement <br>of operations) to <br>12/31/2024<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $25.87 | $19.75 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.08) | (0.02) |
| Net realized and unrealized gain on investments | 8.72 | 6.18 |
| Total from investment operations | 8.64 | 6.16 |
| Distributions from net realized gains | (0.18) | (0.04) |
| Return of capital | — <br><sup>(c)</sup><br>|  |
| Net asset value, end of period | $34.33 | $25.87 |
| Total return | 33.41<br> %<br>| 31.20<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $222746 | $17137 |
| Ratio of gross expenses to average net assets | 0.66<br> %<br>| 1.62<br> %<br>|
| Ratio of expense reimbursements to average net assets | (0.10)<br> %<br>| (1.07)<br> %<br>|
| Ratio of net expenses to average net assets | 0.56<br> %<br>| 0.55<br> %<br>|
| Ratio of net investment (loss) to average net assets | (0.26)<br> %<br>| (0.11)<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> <br>| 59.71<br> %<br>| 46.82<br> %<br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was more than $(0.001) per share.

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

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | | |
|:---|:---|:---|
| **Alger AI Enablers & Adopters ETF** |  |  |
|  | Year Ended <br>12/31/2025<br>| From 4/4/2024 <br>(commencement <br>of operations) to <br>12/31/2024<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $26.20 | $19.73 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment (loss)<sup>(b)</sup> <br>| (0.09) | (0.01) |
| Net realized and unrealized gain on investments | 10.64 | 6.65 |
| Total from investment operations | 10.55 | 6.64 |
| Distributions from net realized gains | (0.54) | (0.17) |
| Return of capital | — <br><sup>(c)</sup><br>|  |
| Net asset value, end of period | $36.21 | $26.20 |
| Total return | 40.26<br> %<br>| 33.67<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $291913 | $23578 |
| Ratio of gross expenses to average net assets | 0.67<br> %<br>| 1.68<br> %<br>|
| Ratio of expense reimbursements to average net assets | (0.09)<br> %<br>| (1.13)<br> %<br>|
| Ratio of net expenses to average net assets | 0.58<br> %<br>| 0.55<br> %<br>|
| Ratio of net investment (loss) to average net assets | (0.26)<br> %<br>| (0.04)<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> <br>| 194.32<br> %<br>| 127.42<br> %<br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount
 was more than $(0.001) per share.

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

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**Financial Highlights for a share outstanding throughout the period** 

------

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

---

| | |
|:---|:---|
| **Alger Russell Innovation ETF** |  |
|  | From 1/6/2025 <br>(commencement <br>of operations) to <br>12/31/2025<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $20.21 |
| INCOME FROM INVESTMENT OPERATIONS: | INCOME FROM INVESTMENT OPERATIONS: |
| Net investment income<sup>(b)</sup> <br>| 0.07 |
| Net realized and unrealized gain on investments | 1.43 |
| Total from investment operations | 1.50 |
| Dividends from net investment income | (0.06) |
| Net asset value, end of period | $21.65 |
| Total return | 7.43<br> %<br>|
| RATIOS/SUPPLEMENTAL DATA: | RATIOS/SUPPLEMENTAL DATA: |
| Net assets, end of period (000's omitted) | $15152 |
| Ratio of gross expenses to average net assets | 1.34<br> %<br>|
| Ratio of expense reimbursements to average net assets | (0.79)<br> %<br>|
| Ratio of net expenses to average net assets | 0.55<br> %<br>|
| Ratio of net investment income to average net assets | 0.37<br> %<br>|
| Portfolio turnover rate<sup>(c)</sup> <br>| 67.54<br> %<br>|

---

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

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

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

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

See Notes to Financial Statements.

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS** 

------

**NOTE 1 — General:**

------

The Alger ETF Trust (the "Trust") is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and organized as a business trust under the laws of the Commonwealth of Massachusetts on March 24, 2020. The Alger Mid Cap 40 ETF and Alger Russell Innovation ETF are each a separate diversified series of the Trust, and the Alger 35 ETF, the Alger Concentrated Equity ETF and the Alger AI Enablers & Adopters ETF are each separate non-diversified series of the Trust (each, a "Fund" and together, the "Funds"). The Trust qualifies as an investment company as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946 – Financial Services – Investment Companies. Alger Russell Innovation ETF seeks investment results that, before fees and expenses, closely correspond to the performance of the Alger Russell Innovation Index. All other Funds' investment objective is to seek long-term capital appreciation. Under normal circumstances, each Fund invests primarily in equity securities. Shares of each Fund are listed for trading on the NYSE Arca, Inc.

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

The Alger Weatherbie Enduring Growth ETF was liquidated on December 29, 2025 which was previously a series within the Alger ETF Trust.

**NOTE 2 — Significant Accounting Policies:**

------

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

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

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

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

evaluating pricing services used by the Funds. The Valuation Designee regularly reports its fair valuation determinations and related valuation information to the Board. The Committee generally meets quarterly and on an as-needed basis to review and evaluate the effectiveness of the valuation policies and procedures in accordance with the requirements of Rule 2a-5.

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

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

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

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

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

summarized in the three broad Levels listed below. Each Fund's quantitative summary by Level can be found in Note 9.

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

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

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

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

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

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

(d) Foreign Currency Transactions: The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the prevailing rates of exchange

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of such transactions.

Net realized gains and losses on foreign currency transactions represent net gains and losses from the disposition of foreign currencies, currency gains and losses realized between the trade dates and settlement dates of security transactions, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The effects of changes in foreign currency exchange rates on investments in securities are included in realized and unrealized gain or loss on investments in the accompanying Statements of Operations.

(e) Lending of Fund Securities: The Funds may lend their securities to financial institutions (other than to the Investment Manager or its affiliates), provided that the market value of the securities loaned will not at any time exceed one third of a Fund's total assets including borrowings, as defined in its prospectus. The Funds may earn fees on the securities loaned, which are included in income from securities lending in the accompanying Statements of Operations, if applicable. In order to protect against the risk of failure by the borrower to return the securities loaned or any delay in the delivery of such securities, the loan is collateralized by cash or securities that are maintained with the Custodian, in an amount equal to at least 102% of the current market value of U.S. loaned securities. The market value of the loaned securities is determined at the close of each business day of the Funds. Any required additional collateral is delivered to the Custodian each day and any excess collateral is returned to the borrower on the next business day. In the event the borrower fails to return the loaned securities when due, the Funds may take the collateral to replace the securities. If the value of the collateral is less than the purchase cost of replacement securities, the Custodian shall be responsible for any shortfall, but only to the extent that the shortfall is not due to any diminution in collateral value, as defined in the securities lending agreement. Each Fund is required to maintain the collateral in a segregated account and determine its value each day until the loaned securities are returned. Cash collateral may be invested as determined by the Fund. Collateral is returned to the borrower upon settlement of the loan. At December 31, 2025, the Funds had no securities on loan.

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

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

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

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

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

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

(j) Segment Reporting: The Funds adhere to FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). An operating segment is

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses and, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance. The Principal Executive Officer of the Trust acts as the Funds' CODM. Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund, including each Fund's portfolio composition, total return, expense ratio, and changes in net assets. Each Fund's long-term strategic asset allocation is determined in accordance with the terms of each Fund's prospectus, based on a defined investment strategy which is executed by the Investment Manager.

(k) Estimates: These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require using estimates and assumptions that affect the reported amounts therein. Actual results may differ from those estimates. All such estimates are of a normal recurring nature.

(l) Recent Accounting Pronouncement: In December 2023, FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Improvements to Income Tax Disclosures, to enhance income tax disclosures. The main provisions are the categorization and disclosure of income tax rates and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Alger Management has evaluated the amendment's impact to the Funds' financial statements and determined no amendments are necessary.

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

------

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

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

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Actual
 rate is annualized for the period January 6, 2025 (Fund's commencement of operations) through December 31, 2025.

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

Alger Management has contractually agreed to waive and/or reimburse other expenses (excluding acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, extraordinary expenses, and certain proxy expenses, to the extent applicable) through December 31, 2027, to the extent necessary to limit such expenses to the rates listed in the table below, based on average daily net assets. For the avoidance of doubt, this contractual agreement does not include advisory fees.

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

---

| | | |
|:---|:---|:---|
|  | **OTHER** <br>**EXPENSES** <br>**WAIVER /** <br>**REIMBURSMENT** | **FEES WAIVED /** <br>**REIMBURSED FOR THE** <br>**YEAR ENDED** <br>**DECEMBER 31,** <br>**2025** |
|  | **OTHER** <br>**EXPENSES** <br>**WAIVER /** <br>**REIMBURSMENT** | **FEES WAIVED /** <br>**REIMBURSED FOR THE** <br>**YEAR ENDED** <br>**DECEMBER 31,** <br>**2025** |
| Alger 35 ETF | 0.10<br> %<br>| &nbsp;&nbsp; $109607 |
| Alger Mid Cap 40 ETF | 0.10<br> %<br>| &nbsp;&nbsp; 166794 |
| Alger Concentrated Equity ETF | 0.10<br> %<br>| &nbsp;&nbsp; 85052 |
| Alger AI Enablers & Adopters ETF | 0.10<br> %<br>| &nbsp;&nbsp; 110912 |
| Alger Russell Innovation ETF<sup>(a)</sup> <br>| 0.10<br> %<br>| &nbsp;&nbsp; 98462 |

---

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

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

Alger Management may recoup any fees waived or expenses reimbursed pursuant to the contract; however, a Fund will only make repayments to Alger Management if such repayment does not cause a Fund's expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) a Fund's current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. For the year ended December 31, 2025, and for the period January 6, 2025 (commencement of operations) to December 31, 2025 for the Alger Russell Innovation ETF, there were no recoupments made by the Funds to Alger Management.

(b) Brokerage Commissions: During the year ended December 31, 2025, Alger 35 ETF, Alger Mid Cap 40 ETF, Alger Concentrated Equity ETF, Alger AI Enablers & Adopters ETF and for the period January 6, 2025 (commencement of operations) to December 31, 2025 for the Alger Russell Innovation ETF, paid Fred Alger & Company, LLC, the Trust's distributor and affiliate of Alger Management (the "Distributor" or "Alger LLC"), $20,357, $36,449, $4,915, $21,528 and $2,088, respectively, in connection with securities transactions.

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

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

each of which is a registered investment company managed by Alger Management. The Independent Trustee appointed as Chairman of the Board received additional compensation of $26,000 per annum paid pro rata based on net assets by each fund in the Alger Fund Complex. Additionally, each member of the Audit Committee received a fee of $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex. Independent Trustees who were not members of the Audit Committee but attended Audit Committee meetings received a stipend of $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex.

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

(d) Interfund Trades: The Funds may engage in purchase and sale transactions with other funds advised by Alger Management or sub-advised by Weatherbie or Redwood Investments, LLC, affiliates of Alger Management. For the year ended December 31, 2025, these purchases and sales were as follows:

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

---

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

---

(e) Interfund Loans: The Funds, along with other funds in the Alger Fund Complex, may borrow money from and lend money to each other for temporary or emergency purposes. To the extent permitted under its investment restrictions, each Fund may lend uninvested cash in an amount up to 15% of its net assets to other funds in the Alger Fund Complex. If a Fund has borrowed from other funds in the Alger Fund Complex and has aggregate borrowings from all sources that exceed 10% of the Fund's total assets, such Fund will secure all of its loans from other funds in the Alger Fund Complex. The interest rate charged on interfund loans is equal to the average of the overnight U.S. Treasury money market rate and bank loan rate available to the Funds. There were no interfund loans outstanding as of the year ended December 31, 2025.

For the year ended December 31, 2025, and for the period January 6, 2025 (commencement of operations) to December 31, 2025 for the Alger Russell Innovation ETF, the Funds did not incur interfund loan income or expense.

(f) Other Transactions with Affiliates: Certain officers and one Trustee of the Trust are directors and/or officers of Alger Management, the Distributor, or their affiliates. At December 31, 2025, Alger Management and its affiliated entities owned 249,258, 152,654 and 99,482 shares of Alger Concentrated Equity ETF, Alger AI Enablers & Adopters ETF and Alger Russell Innovation ETF, respectively.

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

**NOTE 4 — Securities Transactions:**

------

The following summarizes the securities transactions by each Fund, other than U.S. Government securities, money market securities, and in-kind transactions, for the year ended December 31, 2025:

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

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Alger 35 ETF | $104414154 | &nbsp;&nbsp; $103106600 |
| Alger Mid Cap 40 ETF | 374064771 | &nbsp;&nbsp; 381779834 |
| Alger Concentrated Equity ETF | 55021235 | &nbsp;&nbsp; 53396353 |
| Alger AI Enablers & Adopters ETF | 254408374 | &nbsp;&nbsp; 243916857 |
| Alger Russell Innovation ETF<sup>(a)</sup> <br>| 8908703 | &nbsp;&nbsp; 8843762 |

---

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

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

The following summarizes the securities in-kind transactions of each Fund for the year ended December 31, 2025. Alger 35 ETF, Alger Mid Cap 40 ETF, Alger Concentrated Equity ETF, Alger AI Enablers & Adopters ETF and Alger Russell Innovation ETF had realized gains on in-kind transactions of $6,127,006, $9,459,705, $5,970,079, $10,541,476 and $1,479,461, respectively. Net gains (losses) on in-kind redemptions are not considered taxable for federal income tax purposes.

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

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
| Alger 35 ETF | $83598187 | &nbsp;&nbsp; $14351787 |
| Alger Mid Cap 40 ETF | 72032931 | &nbsp;&nbsp; 26194251 |
| Alger Concentrated Equity ETF | 196954074 | &nbsp;&nbsp; 14657399 |
| Alger AI Enablers & Adopters ETF | 260811030 | &nbsp;&nbsp; 29333133 |
| Alger Russell Innovation ETF<sup>(a)</sup> <br>| 23597468 | &nbsp;&nbsp; 9155819 |

---

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

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

**NOTE 5 — Securities Lending:**

------

At December 31, 2025, the Alger Russell Innovation ETF had no outstanding securities on loan with Bank of New York (the "Custodian") as the counterparty. None of the other Funds participated in securities lending during the year ended December 31, 2025.

Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlements of securities transactions.

The market value of any securities on loan, all of which are classified as equity securities in the Funds' Schedules of Investments, and the value of any related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value, and collateral on securities loaned at value, respectively. There were no securities on loan as of December 31, 2025.

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

**NOTE 6 — Borrowings:**

------

The Funds may borrow from the Custodian on an uncommitted basis. Each Fund pays the Custodian a market rate of interest, generally based upon a rate of return with respect to each respective currency borrowed, taking into consideration relevant overnight and short-term reference rates. Borrowings from the Custodian at December 31, 2025, if any, are included in Bank overdraft in the Statements of Assets and Liabilities. The Funds may also borrow from other funds in the Alger Fund Complex, as discussed in Note 3(e). For the year ended December 31, 2025, the Funds had the following borrowings from the Custodian and other funds in the Alger Fund Complex:

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

---

| | | |
|:---|:---|:---|
|  | **AVERAGE DAILY** <br>**BORROWING**<br>| **WEIGHTED AVERAGE** <br>**INTEREST RATE**<br>|
| Alger 35 ETF | $59831 | 6.13<br> %<br>|
| Alger Mid Cap 40 ETF | 27221 | 5.96 |
| Alger Concentrated Equity ETF | 116665 | 6.10 |
| Alger AI Enablers & Adopters ETF | 737488 | 6.09 |
| Alger Russell Innovation ETF<sup>(a)</sup> <br>| 1287 | 5.98 |

---

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

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

The highest amount borrowed by the Funds from the Custodian and other funds in the Alger Fund Complex during the year ended December 31, 2025 was as follows:

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

---

| | |
|:---|:---|
|  | **HIGHEST BORROWING** |
| Alger 35 ETF | $1440058 |
| Alger Mid Cap 40 ETF | 1553614 |
| Alger Concentrated Equity ETF | 2823229 |
| Alger AI Enablers & Adopters ETF | 9487801 |
| Alger Russell Innovation ETF<sup>(a)</sup> <br>| 432098 |

---

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

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

**NOTE 7 — Share Capital:** 

------

Each Fund offers and issues shares at its NAV per share only in aggregations of a specified number of shares (a "Creation Unit"), generally in exchange for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) ("Deposit Securities"), together with the deposit of a specified cash payment ("Cash Component"). Shares of the Funds are listed for trading on NYSE Arca, Inc., a national securities exchange. Shares of the Funds are traded in the secondary market and elsewhere at market prices that may be at, above or below each Fund's NAV. Shares of each Fund are redeemable only in Creation Units, generally in exchange for Deposit Securities and a Cash Component. Creation Units are typically a specified number of shares, generally 25,000 or multiples thereof for Alger Russell Innovation ETF

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

and 12,500 of multiples thereof for each other Fund. The consideration for the purchase of Creation Units of a fund in the Trust generally consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. All orders to purchase Creation Units must be placed by or through authorized participants who have entered into agreements with Alger LLC, a registered broker-dealer. During the year ended December 31, 2025 and for the period January 6, 2025 (commencement of operations) to December 31, 2025 for the Alger Russell Innovation ETF, and the year ended December 31, 2024, as applicable, transactions of shares of beneficial interest were as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**December 31, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2024** | **FOR THE YEAR ENDED** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger 35 ETF** | **Alger 35 ETF** | **Alger 35 ETF** | **Alger 35 ETF** | **Alger 35 ETF** |
| Shares sold | 2525000 | &nbsp;&nbsp; $85509063 | &nbsp;&nbsp; 662500 | &nbsp;&nbsp; $13906551 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (537500)<br>| &nbsp;&nbsp; (14716815)<br>| &nbsp;&nbsp; (112500)<br>| &nbsp;&nbsp; (2086875)<br>|
| **Net increase** | **1987500** | &nbsp;&nbsp; **$70792248** | &nbsp;&nbsp; **550000** | &nbsp;&nbsp; **$11819676** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**December 31, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2024** | **FOR THE YEAR ENDED** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Mid Cap 40 ETF** | **Alger Mid Cap 40 ETF** | **Alger Mid Cap 40 ETF** | **Alger Mid Cap 40 ETF** | **Alger Mid Cap 40 ETF** |
| Shares sold | 3837500 | &nbsp;&nbsp; $75965656 | &nbsp;&nbsp; 1937500 | &nbsp;&nbsp; $33904803 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (1475000)<br>| &nbsp;&nbsp; (27752211)<br>| &nbsp;&nbsp; (75000)<br>| &nbsp;&nbsp; (1302703)<br>|
| **Net increase** | **2362500** | &nbsp;&nbsp; **$48213445** | &nbsp;&nbsp; **1862500** | &nbsp;&nbsp; **$32602100** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**December 31, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2025** | **For the period April 4,** <br> **2024 (commencement of** <br> **operations) to** <br>**December 31, 2024** | **For the period April 4,** <br> **2024 (commencement of** <br> **operations) to** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger Concentrated Equity ETF**<sup>1</sup>  | **Alger Concentrated Equity ETF**<sup>1</sup>  | **Alger Concentrated Equity ETF**<sup>1</sup>  | **Alger Concentrated Equity ETF**<sup>1</sup>  | **Alger Concentrated Equity ETF**<sup>1</sup>  |
| Shares sold | 6262500 | &nbsp;&nbsp; $201444144 | &nbsp;&nbsp; 662500 | &nbsp;&nbsp; $14393088 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (437500)<br>| &nbsp;&nbsp; (14918845)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **5825000** | &nbsp;&nbsp; **$186525299** | &nbsp;&nbsp; **662500** | &nbsp;&nbsp; **$14393088** |

---

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

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

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**December 31, 2025** | **FOR THE YEAR ENDED** <br>**December 31, 2025** | **For the period April 4,** <br> **2024 (commencement of** <br> **operations) to** <br>**December 31, 2024** | **For the period April 4,** <br> **2024 (commencement of** <br> **operations) to** <br>**December 31, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Alger AI Enablers & Adopters ETF**<sup>1</sup>  | **Alger AI Enablers & Adopters ETF**<sup>1</sup>  | **Alger AI Enablers & Adopters ETF**<sup>1</sup>  | **Alger AI Enablers & Adopters ETF**<sup>1</sup>  | **Alger AI Enablers & Adopters ETF**<sup>1</sup>  |
| Shares sold | 8037500 | &nbsp;&nbsp; $275937311 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; $21041563 |
| Dividends reinvested |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (875000)<br>| &nbsp;&nbsp; (30573967)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net increase** | **7162500** | &nbsp;&nbsp; **$245363344** | &nbsp;&nbsp; **900000** | &nbsp;&nbsp; **$21041563** |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | **For the period January 6,** <br> **2025 (commencement of** <br> **operations) to** <br>**December 31, 2025** | **For the period January 6,** <br> **2025 (commencement of** <br> **operations) to** <br>**December 31, 2025** |
|  | **SHARES** | **AMOUNT** |
| **Alger Russell Innovation ETF**<sup>1</sup>  | **Alger Russell Innovation ETF**<sup>1</sup>  | **Alger Russell Innovation ETF**<sup>1</sup>  |
| Shares sold | 1150000 | &nbsp;&nbsp; $23684426 |
| Dividends reinvested |  | &nbsp;&nbsp; — |
| Shares redeemed | (450000)<br>| &nbsp;&nbsp; (9211587)<br>|
| **Net increase** | **700000** | &nbsp;&nbsp; **$14472839** |

---

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

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

**NOTE 8 — Income Tax Information:**

------

The tax character of distributions paid during the year ended December 31, 2025 and for the period January 6, 2025 (commencement of operations) to December 31, 2025 for the Alger Russell Innovation ETF, and the year ended December 31, 2024 was as follows:

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

---

| | | |
|:---|:---|:---|
|  | **FOR THE YEAR ENDED** <br>**December 31, 2025**<br>| **FOR THE YEAR ENDED** <br>**December 31, 2024**<br>|
| **Alger 35 ETF** | **Alger 35 ETF** | **Alger 35 ETF** |
| Distributions paid from: |  |  |
| Ordinary Income | $223020 | &nbsp;&nbsp; $53040 |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$223020** | &nbsp;&nbsp; **$53040** |
| **Alger Mid Cap 40 ETF** | **Alger Mid Cap 40 ETF** | **Alger Mid Cap 40 ETF** |
| Distributions paid from: |  |  |
| Ordinary Income | 253378 | &nbsp;&nbsp; 34808 |
| Return of Capital |  | &nbsp;&nbsp; 36708 |
| Long-term capital gains |  | &nbsp;&nbsp; — |
| **Total distributions paid** | **$253378** | &nbsp;&nbsp; **$71516** |

---

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

---

| | | |
|:---|:---|:---|
|  | **FOR THE YEAR ENDED**<br> **December 31, 2025**<br>| **FOR THE YEAR ENDED**<br> **December 31, 2024**<br>|
| **Alger Concentrated Equity ETF**<sup>(a)</sup>  | **Alger Concentrated Equity ETF**<sup>(a)</sup>  | **Alger Concentrated Equity ETF**<sup>(a)</sup>  |
| Distributions paid from: |  |  |
| Ordinary Income | $1073154 | &nbsp;&nbsp; $26214 |
| Return of Capital | 8132 | &nbsp;&nbsp; — |
| Long-term capital gains | 59337 | &nbsp;&nbsp; — |
| **Total distributions paid** | **$1140623** | &nbsp;&nbsp; **$26214** |
| **Alger AI Enablers & Adopters ETF**<sup>(a)</sup>  | **Alger AI Enablers & Adopters ETF**<sup>(a)</sup>  | **Alger AI Enablers & Adopters ETF**<sup>(a)</sup>  |
| Distributions paid from: |  |  |
| Ordinary Income | 4439042 | &nbsp;&nbsp; 134269 |
| Return of Capital | 15683 | &nbsp;&nbsp; — |
| Long-term capital gains | 9102 | &nbsp;&nbsp; — |
| **Total distributions paid** | **$4463827** | &nbsp;&nbsp; **$134269** |
| **Alger Russell Innovation ETF**<sup>(b)</sup>  | **Alger Russell Innovation ETF**<sup>(b)</sup>  |  |
| Distributions paid from: |  |  |
| Ordinary Income | 43372 |  |
| Long-term capital gains |  |  |
| **Total distributions paid** | **$43372** |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fund
 commenced operations on April 4, 2024.

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

As of December 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

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

---

| | |
|:---|:---|
| **Alger 35 ETF** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains | 324226 |
| Net accumulated earnings | 324226 |
| Capital loss carryforwards |  |
| Late year ordinary income losses | (1737)<br>|
| Net unrealized appreciation | 10353079 |
| Total accumulated earnings | $10675568 |

---

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

---

| | |
|:---|:---|
| **Alger Mid Cap 40 ETF** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains |  |
| Net accumulated earnings |  |
| Capital loss carryforwards | (13704181)<br>|
| Late year ordinary income losses | (477729)<br>|
| Net unrealized appreciation | 13312966 |
| Total accumulated earnings | $(868944)<br>|

---

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | |
|:---|:---|
| **Alger Concentrated Equity ETF** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains |  |
| Net accumulated earnings |  |
| Capital loss carryforwards |  |
| Late year ordinary income losses | (176142)<br>|
| Net unrealized appreciation | 16476611 |
| Total accumulated earnings | $16300469 |

---

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

---

| | |
|:---|:---|
| **Alger AI Enablers & Adopters ETF** |  |
| Undistributed ordinary income | $— |
| Undistributed long-term gains |  |
| Net accumulated earnings |  |
| Capital loss carryforwards |  |
| Late year ordinary income losses | (366206)<br>|
| Net unrealized appreciation | 17094698 |
| Total accumulated earnings | $16728492 |

---

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

---

| | |
|:---|:---|
| **Alger Russell Innovation ETF**<sup>(a)</sup> <br>|  |
| Undistributed ordinary income | $2210 |
| Undistributed long-term gains |  |
| Net accumulated earnings | 2210 |
| Capital loss carryforwards | (203836)<br>|
| Late year ordinary income losses |  |
| Net unrealized appreciation | (490643)<br>|
| Total accumulated earnings | $(692269)<br>|

---

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

<sup>(a)</sup> Fund commenced operations on January 6, 2025.

During the year ended December 31, 2025, the Alger 35 ETF and the Alger Mid Cap 40 ETF utilized capital loss carryforwards of $2,219,347 and $1,425,695, respectively.

At December 31, 2025, the Alger Mid Cap 40 ETF and the Alger Russell Innovation ETF, for U.S. federal income tax purposes, had capital loss carryforwards of $13,704,181 and $203,836, respectively. These amounts will not be subject to expiration under the Regulated Investment Company Modernization Act of 2010, and these amounts may be applied against future net realized gains until their utilization.

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

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

Permanent differences, primarily from redemptions in-kind, resulted in the following reclassifications among the Funds' components of net assets at December 31, 2025:

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

---

| | |
|:---|:---|
| **Alger 35 ETF** |  |
| Distributable earnings | $(5820351)<br>|
| Paid-in Capital | $5820351 |

---

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

---

| | |
|:---|:---|
| **Alger Mid Cap 40 ETF** |  |
| Distributable earnings | $(8270127)<br>|
| Paid-in Capital | $8270127 |

---

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

---

| | |
|:---|:---|
| **Alger Concentrated Equity ETF** |  |
| Distributable earnings | $(5527069)<br>|
| Paid-in Capital | $5527069 |

---

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

---

| | |
|:---|:---|
| **Alger AI Enablers & Adopters ETF** |  |
| Distributable earnings | $(8779164)<br>|
| Paid-in Capital | $8779164 |

---

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

---

| | |
|:---|:---|
| **Alger Russell Innovation ETF** |  |
| Distributable earnings | $(1371273)<br>|
| Paid-in Capital | $1371273 |

---

**NOTE 9 — Fair Value Measurements:**

------

The following is a summary of the inputs used as of December 31, 2025 in valuing the Funds' investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, Alger Management has determined that presenting them by security type and sector is appropriate.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger 35 ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $21690936 | &nbsp;&nbsp; $21690936 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 15025974 | &nbsp;&nbsp; 15025974 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 2287158 | &nbsp;&nbsp; 2287158 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 19765551 | &nbsp;&nbsp; 19765551 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 6776864 | &nbsp;&nbsp; 6776864 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 43996544 | &nbsp;&nbsp; 43996544 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 4556180 | &nbsp;&nbsp; 4556180 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$114099207** | &nbsp;&nbsp; **$114099207** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 360452 | &nbsp;&nbsp; 360452 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$114459659** | &nbsp;&nbsp; **$114459659** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Mid Cap 40 ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $14982277 | &nbsp;&nbsp; $14982277 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 9416961 | &nbsp;&nbsp; 9416961 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 5002832 | &nbsp;&nbsp; 5002832 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 26106282 | &nbsp;&nbsp; 26106282 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 22709052 | &nbsp;&nbsp; 22709052 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 35928805 | &nbsp;&nbsp; 35928805 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 7860026 | &nbsp;&nbsp; 7860026 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$122006235** | &nbsp;&nbsp; **$122006235** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 7236404 | &nbsp;&nbsp; 7236404 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$129242639** | &nbsp;&nbsp; **$129242639** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Concentrated Equity ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $29426283 | &nbsp;&nbsp; $29426283 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 30616812 | &nbsp;&nbsp; 30616812 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 3364002 | &nbsp;&nbsp; 3364002 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 9702032 | &nbsp;&nbsp; 9702032 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 22568820 | &nbsp;&nbsp; 22568820 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 116898534 | &nbsp;&nbsp; 116898534 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 8998280 | &nbsp;&nbsp; 8998280 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$221574763** | &nbsp;&nbsp; **$221574763** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **SHORT-TERM INVESTMENTS** |  |  |  |  |
| Money Market Funds | 1102356 | &nbsp;&nbsp; 1102356 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$222677119** | &nbsp;&nbsp; **$222677119** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger AI Enablers & Adopters ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $44104498 | &nbsp;&nbsp; $44104498 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 44806381 | &nbsp;&nbsp; 44806381 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 12515425 | &nbsp;&nbsp; 12515425 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 4290743 | &nbsp;&nbsp; 4290743 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 6588609 | &nbsp;&nbsp; 6588609 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 147924546 | &nbsp;&nbsp; 147924546 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Utilities | 19006822 | &nbsp;&nbsp; 19006822 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$279237024** | &nbsp;&nbsp; **$279237024** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **PREFERRED STOCKS** |  |  |  |  |
| Industrials | 1357114 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1357114 |
| Information Technology | 9353200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9353200 |
| **TOTAL PREFERRED STOCKS** | **$10710314** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$10710314** |

---

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger AI Enablers & Adopters ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **SPECIAL PURPOSE VEHICLE** |  |  |  |  |
| Information Technology | $3528000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3528000 |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$293475338** | &nbsp;&nbsp; **$279237024** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$14238314** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alger Russell Innovation ETF** | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
| **COMMON STOCKS** |  |  |  |  |
| Communication Services | $1198354 | &nbsp;&nbsp; $1198354 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Consumer Discretionary | 1227518 | &nbsp;&nbsp; 1227518 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Consumer Staples | 318368 | &nbsp;&nbsp; 318368 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Financials | 287580 | &nbsp;&nbsp; 287580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Health Care | 3963657 | &nbsp;&nbsp; 3963657 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Industrials | 261727 | &nbsp;&nbsp; 261727 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Information Technology | 7926180 | &nbsp;&nbsp; 7926180 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **TOTAL COMMON STOCKS** | **$15183384** | &nbsp;&nbsp; **$15183384** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |
| **TOTAL INVESTMENTS IN** <br> **SECURITIES**<br>| **$15183384** | &nbsp;&nbsp; **$15183384** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** |

---

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger AI Enablers & Adopters ETF** | **Preferred Stocks** |
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $1357850 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 1762560 |
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 7589904 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at December 31, 2025 | &nbsp;&nbsp; 10710314 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at December 31, 2025\***<br>| &nbsp;&nbsp; **$1762560** |

---

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

---

| | |
|:---|:---|
|  | **FAIR VALUE** <br>**MEASUREMENTS** <br>**USING SIGNIFICANT** <br>**UNOBSERVABLE** <br>**INPUTS (LEVEL 3)**<br>|
| **Alger AI Enablers & Adopters ETF** | **Special Purpose** <br> **Vehicle**<br>|
| Opening balance at January 1, 2025 | &nbsp;&nbsp; $— |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Total gains or losses |  |
| Included in net realized gain (loss) on investments | &nbsp;&nbsp; — |
| Included in net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (114660)<br>|
| Purchases and Sales/Distributions |  |
| Purchases | &nbsp;&nbsp; 3642660 |
| Sales/Distributions | &nbsp;&nbsp; — |
| Closing balance at December 31, 2025 | &nbsp;&nbsp; 3528000 |
| **Net change in unrealized appreciation (depreciation) attributable to investments** <br>**still held at December 31, 2025\***<br>| &nbsp;&nbsp; **$(114660)** <br>|

---

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

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

The following table provides quantitative information about each Fund's Level 3 fair value measurements of its investments as of December 31, 2025. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to each Fund's fair value measurements.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** <br>**December 31,** <br>**2025**<br>| **Valuation** <br>**Methodology**<br>| **Unobservable** <br>**Inputs**<br>| **Inputs/Range** | **Weighted** <br>**Average Inputs**<br>|
| Alger AI Enablers & Adopters ETF | Alger AI Enablers & Adopters ETF | Alger AI Enablers & Adopters ETF | Alger AI Enablers & Adopters ETF | Alger AI Enablers & Adopters ETF | Alger AI Enablers & Adopters ETF |
| **Preferred Stocks** | $9353200 | Market <br>Approach<br>| Revenue Multiple | 23.05x-24.84x | 24.67x |
|  | 1357114 | Market <br>Approach<br>| Transaction Price\*\* | N/A | N/A\* |
| **Special Purpose vehicle** | 3528000 | Market <br>Approach<br>| Transaction Price\*\*\* | N/A | N/A\* |

---

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

\* Each security type listed and respective valuation methodology and unobservable input, represents only one investment. 

\*\* Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value with no material changes in valuation assumptions since the acquisition date of November 18, 2025. 

\*\*\* Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair value with no material changes in valuation assumptions since the acquisition date of November 4, 2025. 

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

The significant unobservable inputs used in the fair value measurement of each Fund's securities are revenue and EBITDA multiples, publicly traded comparable securities' market value and revenue multiples, transaction pricing, discount rates, and the probability of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs would have resulted in significantly higher or lower fair value measurements than those noted in the table above. Generally, all other things being equal, increases in revenue and EBITDA multiples, decreases in discount rates, and increases in the probability of success result in higher fair value measurements, whereas decreases in revenues and EBITDA multiples, increases in discount rates, and decreases in the probability of success result in lower fair value measurements. For the year ended December 31, 2025, there were no changes in valuation methodology on Level 3 investments.

**NOTE 10 — Principal Risks:**

------

**<u>Alger 35 ETF</u>** - Investing in the stock market involves risks, including the potential loss of principal. Investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small and medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. The Fund is classified as a "non-diversified fund" under federal securities laws because it can invest in fewer individual companies than a diversified fund. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, cash may be a larger position in the Fund and may underperform relative to equity securities. ETF shares are based on market price rather than net asset value ("NAV"), as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation and/or redemption process of the Fund. Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Investment Manager cannot predict whether

------

**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

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

**<u>Alger Mid Cap 40 ETF</u>** - Investing in the stock market involves risks, including the potential loss of principal. Investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. Investing in companies of medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. At times, cash may be a larger position in the Fund and may underperform relative to equity securities. ETF shares are based on market price rather than net asset value ("NAV"), as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation and/or redemption process of the Fund. Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Investment Manager cannot predict whether shares will trade above (premium), below (discount) or at NAV. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such

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**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

------

sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind. Certain shareholders, including other funds advised by the Investment Manager or an affiliate of the Investment Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund.

**<u>Alger Concentrated Equity ETF</u>** - Investing in the stock market involves risks, including the potential loss of principal. Investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets will be concentrated in securities in related industries, and may be similarly affected by adverse developments and price movements in such industries. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. The Fund is classified as a "non-diversified fund" under federal securities laws because it can invest in fewer individual companies than a diversified fund. Private placements are offerings of a company's securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, cash may be a larger position in the Fund and may underperform relative to equity securities. ETF shares are based on market price rather than net asset value ("NAV"), as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation and/or redemption process of the Fund. Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Investment Manager cannot predict whether shares will trade above (premium), below (discount) or at NAV. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently

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**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind. Certain shareholders, including other funds advised by the Investment Manager or an affiliate of the Investment Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund.

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

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**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. Foreign securities involve special risks including currency fluctuations, inefficient trading, political and economic instability, and increased volatility. ADRs and GDRs may be subject to international trade, currency, political, regulatory and diplomatic risks. At times, cash may be a larger position in the Fund and may underperform relative to equity securities. ETF shares are based on market price rather than net asset value ("NAV"), as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation and/or redemption process of the Fund. Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Investment Manager cannot predict whether shares will trade above (premium), below (discount) or at NAV. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind. Certain shareholders, including other funds advised by the Investment Manager or an affiliate of the Investment Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund.

**<u>Alger Russell Innovation ETF</u>** - Investing in the stock market involves risks, including the potential loss of principal. Investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. There is no guarantee that the Fund's investment results will have a high degree of correlation to the Alger Russell Innovation Index ("ARII") or that the Fund will achieve its investment objective. In addition, the Fund's value will generally decline when the performance of the securities within the ARII declines. Investing in innovative companies may not be successful. The Fund may in invest companies that do not currently derive nor may never derive revenue from innovation or developing technologies. To the extent the ARII is concentrated, a significant portion of the Fund's assets will be concentrated in securities in related industries, and may be similarly affected by adverse developments and

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**THE ALGER ETF TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

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price movements in such industries. The Fund is not "actively" managed and performance could be lower than actively managed funds. Because the Fund equally weights its holdings and rebalances its holdings quarterly, it may incur increased transaction costs, brokerage commissions, and taxes, which can lower the return on investment. ETF shares are based on market price rather than net asset value ("NAV"), as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation and/or redemption process of the Fund. Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Investment Manager cannot predict whether shares will trade above (premium), below (discount) or at NAV. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind. Certain shareholders, including other funds advised by the Investment Manager or an affiliate of the Investment Manager, may from time to time own a substantial amount of the shares of the Fund. Redemptions by large shareholders could have a significant negative impact on the Fund.

**NOTE 11 — Subsequent Events:**

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Alger Management has evaluated events that have occurred subsequent to December 31, 2025, through the issuance date of the Financial Statements. No material events have been identified which require recognition and/or disclosure.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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To the Shareholders and the Board of Trustees of The Alger ETF Trust:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of The Alger ETF Trust, comprising the Alger 35 ETF, Alger Mid Cap 40 ETF, Alger Concentrated Equity ETF, Alger AI Enablers & Adopters ETF, and Alger Russell Innovation ETF (collectively, the "Funds"), including the schedules of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets, and financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds listed above constituting The Alger ETF Trust as of December 31, 2025, and the results of their operations, the changes in their net assets and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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

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| | | | |
|:---|:---|:---|:---|
| **Individual Fund** <br>**comprising The** <br>**Alger ETF Trust**<br>| **Statement of** <br>**Operations**<br>| **Statements of** <br>**Changes in Net Assets**<br>| **Financial Highlights** |
| Alger 35 ETF | For the year ended <br> December 31, 2025<br>| For the years ended <br> December 31, 2025 and <br> 2024<br>| For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022, and the period <br> from May 3, <br> 2021 (commencement of <br> operations) through <br> December 31, 2021<br>|
| Alger Mid Cap 40 ETF | For the year ended <br> December 31, 2025<br>| For the years ended <br> December 31, 2025 and <br> 2024<br>| For the years ended <br> December 31, 2025, 2024, <br> 2023, 2022, and the period <br> from February 26, <br> 2021 (commencement of <br> operations) through <br> December 31, 2021<br>|
| Alger Concentrated <br> Equity ETF<br>| For the year ended <br> December 31, 2025<br>| For the year ended December 31, 2025, and the period <br> from April 4, 2024 (commencement of operations) through <br> December 31, 2024 | For the year ended December 31, 2025, and the period <br> from April 4, 2024 (commencement of operations) through <br> December 31, 2024 |
| Alger AI Enablers & <br> Adopters ETF<br>| For the year ended <br> December 31, 2025<br>| For the year ended December 31, 2025, and the period <br> from April 4, 2024 (commencement of operations) through <br> December 31, 2024 | For the year ended December 31, 2025, and the period <br> from April 4, 2024 (commencement of operations) through <br> December 31, 2024 |
| Alger Russell Innovation <br> ETF<br>| For the period from January 6, 2025 (commencement of operations) through <br> December 31, 2025 | For the period from January 6, 2025 (commencement of operations) through <br> December 31, 2025 | For the period from January 6, 2025 (commencement of operations) through <br> December 31, 2025 |

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**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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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 and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 19, 2026

We have served as the auditor of one or more investment companies within the Alger group of investment companies since 2009.

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**THE ALGER ETF TRUST**

**OTHER INFORMATION (Unaudited)**

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**Tax Information**

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The Alger 35 ETF, Alger Concentrated Equity ETF and the Alger AI Enablers & Adopters ETF designate $324,226, $59,382 and $9,102, respectively, as approximate amounts of capital gain dividends for the purpose of the dividends paid deduction.

In accordance with subchapter M of the Internal Revenue Code of 1986, as amended, for the year ended December 31, 2025, 40.73% of Alger 35 ETF's, 51.55% of Alger Mid Cap 40 ETF's, 16.80% of Alger Concentrated Equity ETF's, 6.16% of Alger AI Enablers & Adopters ETF's and 100.00% of Alger Russell Innovation ETF's dividends qualified for the dividends deduction for corporations, respectively. For the year ended December 31, 2025, certain dividends paid by the Funds may be subject to a maximum rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions paid during the fiscal year,48.29%, 46.19%, 21.02%, 7.39% and 100.00% of Alger 35 ETF, Alger Mid Cap 40 ETF, Alger Concentrated Equity ETF, Alger AI Enablers & Adopters ETF and Alger Russell Innovation ETF's dividends may be considered qualified dividend income, respectively.

Shareholders should not use the above information to prepare their tax returns. Another notification will be sent with respect to calendar year 2025. Such notification, which will reflect the amount to be used by taxpayers on their federal income tax returns, will be made in conjunction with Form 1099 DIV and were mailed in January 2026. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in a Fund.

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**THE ALGER ETF TRUST**

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

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**Proxy Voting Policies**

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

**Fund Holdings**

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A description of the Fund's policies and procedures with respect to the disclosure of Fund portfolio holdings can be found in the Trust's Statement of Additional Information. Each Fund discloses its portfolio holdings daily at www.agler.com.

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

In addition, the Funds make publicly available their month-end top 5 holdings (Alger 35 ETF and Alger Concentrated Equity ETF) or top 10 holdings (Alger AI Enablers & Adopters ETF, Alger Russell Innovation ETF and Alger Mid Cap 40 ETF) on their website www.alger.com and through other marketing communications (including printed advertising/sales literature and/or shareholder telephone customer service centers). No compensation or other consideration is received for the non-public disclosure of portfolio holdings information.

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

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

In addition to material the Funds routinely provide to shareholders, the Investment Manager may make additional statistical information available regarding the Alger Family of Funds.

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**THE ALGER ETF TRUST**

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

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

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**THE ALGER ETF TRUST**

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100 Pearl Street, 27th Floor

New York, NY 10004

(800) 992-3863

www.alger.com

**Investment Manager**

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Fred Alger Management, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

**Distributor**

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Fred Alger & Company, LLC

100 Pearl Street, 27th Floor

New York, NY 10004

**Transfer Agent and Dividend Disbursing Agent**

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The Bank of New York

240 Greenwich Street

New York, NY 10286

**Custodian**

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The Bank of New York

240 Greenwich Street

New York, NY 10286

**Independent Registered Public Accounting Firm**

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Deloitte & Touche LLP

30 Rockefeller Plaza

New York, NY 10112

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

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![](img11ae23b43.gif)

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

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Not Applicable.

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

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Not Applicable.

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

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

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

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At a meeting held on September 18, 2025 (the "Meeting"), the Board of Trustees (the "Board") of The Alger ETF Trust (the "Trust"), including a majority of the trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the Trust (the "Independent Trustees"), reviewed and approved the continuation of the investment management agreement between Fred Alger Management, LLC ("Alger" or the "Manager") and the Trust, on behalf of Alger 35 ETF, Alger Mid Cap 40 ETF, Alger Concentrated Equity ETF and Alger AI Enablers & Adopters ETF (each, a "Fund"), (the "Investment Advisory Agreement"), for an additional one-year period.

In considering the continuation of each Management Agreement, the Board reviewed and considered information provided by the Manager and its representatives at the Meeting and throughout the year at meetings of the Board and its committees. The Board also reviewed and considered information the Manager provided in response to a request for information Independent Trustee counsel submitted to the Manager on behalf of the Independent Trustees in connection with the Board's annual contract consideration, as well as information provided in response to a supplemental request from Independent Trustee counsel on behalf of the Independent Trustees. The materials for the Meeting included reports from FUSE Research Network LLC ("FUSE"), an independent consulting firm, that contained extensive analyses of the Funds and the Manager's services to the Funds. The Board also received a presentation from FUSE representatives at the Meeting, and, among other things, received a description of the methodology FUSE used to select the exchange-traded funds ("ETFs") included in each Fund's Peer Universe and Peer Group (as described below). Moreover, at a meeting held on September 17, 2025, prior to the Meeting, the Independent Trustees met with representatives from FUSE to receive an overview of, and to discuss the methodology by which FUSE prepared, its reports.

The Independent Trustees received advice from, and met separately with, their Independent Trustee counsel in considering whether to approve the continuation of each Management Agreement. The Independent Trustees also received a memorandum from Independent Trustee counsel discussing the legal standards and their duties in considering the continuation of the Management Agreements, and counsel reviewed those standards with the Independent Trustees during their separate meeting. The Independent Trustees also met separately with senior management of Alger, during which time the Independent Trustees discussed various matters related to proposed continuation of the Management Agreements.

The Board reviewed the materials provided and considered all of the factors it deemed relevant in approving the continuance of each Management Agreement, including, but not limited to: (i) the nature, extent and quality of the services provided by the Manager; (ii) the short- and long-term investment performance of

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

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each Fund; (iii) the costs of the services the Manager provided and profits it realized; (iv) the extent to which the Manager realizes economies of scale as a Fund grows; and (v) whether fee levels reflect these economies of scale for the benefit of Fund shareholders. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered. The Board considered the information provided to it about the Funds together, and with respect to each Fund separately, as the Board deemed appropriate.

In the discussions that follow, reference is made to the "median" in the Peer Group and Peer Universe categories. With respect to performance, below median performance represents performance that is worse relative to the median, and above median performance represents performance that is better relative to the median of the funds in the relevant Performance Universe. With respect to expenses, below median fees or expenses represent fees or expenses that are lower relative to the median, and above median fees or expenses represent fees or expenses that are higher relative to the median of the funds in the relevant Expense Group (as described below).

In particular, in approving the continuance of each Management Agreement, the Board considered the following factors:

Nature, Extent and Quality of Services

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The Board reviewed and considered information regarding the nature, extent and quality of investment management services provided by the Manager to the Funds. This information included, among other things, the qualifications, background and experience of the professional personnel who perform services for the Funds; the structure of investment professional compensation; oversight of third-party service providers, including a Fund's sub-adviser; short- and long-term investment performance, fee and expense information; fees and payments to affiliates and intermediaries for fund administration, transfer agency and shareholder services; legal and compliance matters, including related to each Fund's operation as an ETF pursuant to exemptive relief obtained from the Securities and Exchange Commission; risk controls; pricing and other services provided by the Manager; and the range of advisory fees the Manager charges to other funds and accounts under its management, including the Manager's explanation of differences among such funds and accounts and the Funds, where relevant. The Board noted that it received information at regular meetings throughout the year regarding the services rendered by the Manager concerning the management of each Fund's affairs, including certain portfolio manager presentations, and Alger's role in coordinating and overseeing providers of other services to the Funds. The Board also noted the work undertaken by the Manager with respect to implementing various regulatory requirements applicable to the Funds. The Trustees also noted that the Funds are not designed

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

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to track the performance of an index, and investment decisions are the primary responsibility of the Manager.

The Board noted Alger's history and expertise in the "growth" style of investment management, as well as Alger's consistency in applying its "growth" style investment philosophy and process. The Board noted the length of time the Manager has provided services as an investment adviser to a Fund. The Board also reviewed and considered the benefits provided to Fund shareholders of investing in a fund that is part of the Alger Family of Funds. The Board noted the continuing strong financial position of the Manager and the Manager's commitment to its fund, and overall, business.

Following consideration of such information, the Trustees determined that they remain satisfied with the nature, extent and quality of services provided by the Manager to the Funds under the Management Agreements.

Fund Performance

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The Board reviewed and considered the performance results of each Fund over various time periods ended June 30, 2025. The Board considered the performance returns for each Fund in comparison to the performance returns of a universe of ETFs deemed comparable to the Fund based on various investment, operational, and pricing characteristics ("Peer Universe"), and a group of ETFs from within such Peer Universe deemed comparable to the Fund based primarily on investment strategy similarity ("Peer Group"), each as selected by FUSE, as well as to the Fund's benchmark index. The Board noted the Manager's statement that long-term performance could be impacted by one period of significant outperformance or underperformance.

The Board also reviewed and considered Fund performance reports provided by management and discussions that occurred with investment personnel and Alger senior management at Board meetings throughout the year. The Board further noted that representatives of Alger review with the Trustees the recent and longer-term performance of each Fund, including contributors to, and detractors from, Fund performance at every quarterly meeting of the Board throughout the year. In considering the Funds' performance generally, the Board observed the Manager's consistency in implementing its growth style investment process and philosophy for the Funds and considered how a strategy's "growthiness" as compared to peers can impact relative performance results, even among comparisons that either FUSE or the Manager already have identified as having growth characteristics. In this regard, the Board considered information provided by FUSE on a Fund's "style factor," reflecting a three-year average of Morningstar's Raw Growth-Value score to indicate a value or growth bias as compared to the Fund's Peer Group and benchmark.

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

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The Trustees concluded that each Fund's performance was acceptable. Further discussion of the Board's considerations with respect to each Fund's performance is set forth below.

Alger 35 ETF. The Board noted that the Fund's annualized total return for the one-year, three-year and since inception (May 2021) periods outperformed the median of its Peer Group. The Board also noted the Fund's annualized total return for the one- and three-year periods was in the first quartile of its Peer Universe and the since inception period was in the second quartile of its Peer Universe.

Alger Mid Cap 40 ETF. The Board noted that the Fund's annualized total return for the one-year and since inception (February 2021) periods outperformed or was equal to the median of its Peer Group and for the three-year period underperformed the median of its Peer Group. The Board also noted the Fund's annualized total return for the one-year period was in the first quartile of its Peer Universe, for the three-year period was in the second quartile of its Peer Universe, and for the since inception period was in the third quartile of its Peer Universe.

Alger Concentrated Equity ETF. The Board noted that the Fund's annualized total return for the one-year and since inception (April 2024) periods outperformed the median of its Peer Group and was in the first quartile of its Peer Universe.

Alger AI Enablers & Adopters ETF. The Board noted that the Fund's annualized total return for the one-year and since inception (April 2024) periods outperformed the median of its Peer Group and was in the first quartile of its Peer Universe.

Comparative Fees and Expenses

------

For each Fund, the Board reviewed and considered the contractual management fee (the "Contractual Management Fee") payable by the Fund to Alger in light of the nature, extent and quality of the services provided by Alger pursuant to the Investment Advisory Agreement, and considered the actual fee rate (after taking any waivers and reimbursements into account) payable by the Fund (the "Actual Management Fee"). The Board also reviewed and considered fee waiver and/or expense reimbursement arrangements for each Fund. Additionally, the Board received and considered information comparing each Fund's Contractual Management Fee, Actual Management Fee and overall expenses, including administrative fees payable to Alger, with those of the funds in the Peer Group provided by FUSE. The Board reviewed the methodology used by FUSE in calculating expense information, including that, for purposes of the comparisons below, the Contractual Management Fee used by FUSE for the Fund and peers, includes the advisory fee and administrative fee, (if a fund reports both). The Board considered limitations with respect to the comparative fee and expense

------

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

------

information included in the reports prepared by FUSE, including that the reports reflected information for a specific period and that historical asset levels and expenses may differ from current levels.

The Board discussed the factors that could contribute to each Fund's Contractual Management Fee, Actual Management Fee or total expenses being above or below the median of the Fund's Peer Group. The Board concluded that the Contractual Management Fee charged to each Fund, is reasonable in relation to the services rendered by the Manager and is the product of arm's length negotiations. Further discussion of the Board's considerations with respect to each Fund's comparative fees and expenses is set forth below.

Alger 35 ETF. The Board noted that the Fund's Contractual Management Fee and total expenses were below the median and in the first (least expensive) quartile of its Peer Group.

Alger Mid Cap 40 ETF. The Board noted that the Fund's Contractual Management Fee and total expenses were below the median and in the second quartile of its Peer Group.

Alger Concentrated Equity ETF. The Board noted that the Fund's Contractual Management Fee and total expenses were below the median and in the first (least expensive) quartile of its Peer Group.

Alger AI Enablers & Adopters ETF. The Board noted that the Fund's Contractual Management Fee and total expenses were below the median and in the first (least expensive) quartile of its Peer Group.

In connection with its consideration of each Fund's fees payable under the Management Agreement, the Board also received information on the range of fees charged by the Manager for funds and accounts of a similar investment strategy to the Funds that are under its management. The Board noted management's explanation that comparisons with such accounts may be of limited relevance given the different structures and regulatory requirements of U.S. registered funds, such as the Funds, versus those accounts and the differences in the levels of services required by the Funds as compared to those accounts.

Profitability

------

The Board reviewed and considered information regarding the profits realized by Alger in connection with the operation of each Fund. In this respect, the Board considered overall profitability, as well as the profits of Alger in providing investment management and other services to each Fund, during the year ended June 30, 2025. The Board also noted management's representations that the Manager is not profitable with respect to the Funds. The Board reviewed the methodology by which Alger's profitability is calculated, and any changes that

------

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

------

were made since last year, noting that management maintains a generally consistent methodology year to year. The Board considered FUSE's view that Alger's expense allocation policies are reasonable and align with accepted industry practices. The Board also reviewed Alger's profitability in comparison to certain investment advisory peers, noting limitations with respect to such comparison.

The Board also considered the extent to which the Manager might derive ancillary benefits from Fund operations, including, for example, through soft dollar arrangements. Based upon its consideration of all these factors, the Trustees concluded that the level of profits realized by Alger and its affiliates from providing services to each Fund was not excessive in view of the nature, extent and quality of services provided to each Fund.

Economies of Scale

------

For each Fund, the Board reviewed and considered the extent to which the Manager may realize economies of scale, if any, as the Fund grows larger and whether the Fund's management fee structure reflects any economies of scale for the benefit of Fund shareholders. The Board considered the Manager's view that the overall size of Alger allows it to realize other economies of scale, such as with office space, purchases of technology, and other general business expenses.

The Trustees concluded that for each Fund, to the extent economies of scale may be realized by Alger, the benefits of such economies of scale would be shared with the Fund and its shareholders as the Fund grows.

Conclusion

------

The Board's consideration of the Management Agreements also benefitted from the number of years the Board had considered the continuation of the Management Agreements, during which lengthy discussions took place between the Board and representatives of the Manager. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board's conclusions may be based, in part, on its consideration of the Fund's arrangements in prior years.

Based on its review, consideration and evaluation of all factors it believed relevant, including the above-described factors and conclusions, the Board, including the Independent Trustees voting separately, unanimously approved the continuation of each Management Agreement for an additional one-year period.

------

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

Not applicable.

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

Not applicable.

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

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to these procedures.

ITEM 16. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

Not applicable.

ITEM 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | [Code of Ethics](aetft-efp22939_ex99code.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibit 19(a)(3) to this Form N-CSR.](aetft-efp22939_ex99cert.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.

The Alger ETF Trust

---

| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | February 18, 2026 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Executive Officer |
| Date: | February 18, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | February 18, 2026 |

---

## Ex-99.Codeeth

**Exhibit 99.CODE ETH**

![](img01.jpg)

**THE ALGER FUNDS**

**THE ALGER FUNDS II**

**THE ALGER INSTITUTIONAL FUNDS**

**THE ALGER PORTFOLIOS**

**ALGER GLOBAL EQUITY FUND**

**THE ALGER ETF TRUST**

**(Each a "Fund" and collectively, the "Funds")**

**CODE OF ETHICS FOR**

**PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS**

**August 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (the "Code") applies to the Principal Executive Officer and Principal Financial Officer of the Funds ("Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full,
 fair, accurate, timely and understandable disclosure in reports, documents and other public
 communications that the Funds file with, or submit to, the Securities and Exchange Commission
 ("SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance
 with applicable federal securities laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 prompt internal reporting of violations of this Code to an appropriate person or persons
 identified in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability
 for adherence to this Code.

Each Covered Officer (listed in Exhibit A) should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, a Fund. A conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated

persons" of the Fund. The compliance program, and policies and procedures of the Funds and the Funds' investment adviser or sub-adviser(s) (collectively, the "Adviser") are designed to reasonably prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace such program, and policies and procedures, and, therefore, certain conflicts may fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or are a result of, the contractual relationship between the Funds and the Adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and the Adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, the Funds' Boards of Trustees (the "Boards") recognize that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes of ethics.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund<sup>1</sup>.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use personal influence or personal relationships improperly to influence investment decisions
 or financial reporting by a Fund whereby the Covered Officer would benefit personally to
 the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 cause a Fund to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 use material non-public information of portfolio transactions nor financial data to his or
 her personal benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report
 at least annually all affiliations or other relationships related to conflicts of interest
 on the Funds' Trustee and Officer Questionnaire; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclose
 any material ownership interest in, or any consulting or employment relationship with, any
 of the Funds' service providers, other than the Adviser or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure and Compliance** 

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• familiarize
 himself or herself with the disclosure requirements generally applicable to the Funds;

<sup>1</sup> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others,
 whether within or outside the Funds, including to the Funds' trustees and auditors,
 and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to
 the extent appropriate within his or her area of responsibility, consult with other officers
 and employees of the Funds and the Adviser with the goal of promoting full, fair, accurate,
 timely and understandable disclosure in the reports and documents the Funds file with, or
 submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promote
 compliance with the standards and restrictions imposed by laws, rules and regulations applicable
 to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon
 adoption of this Code, or as soon thereafter as applicable, upon becoming a Covered Officer,
 affirm in writing to the Boards that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at
 least annually thereafter affirm to the Boards that he or she has complied with the requirements
 of this Code (see sample affirmations in Exhibits B and C);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not
 retaliate against any other Covered Officer or any employee of the Funds or their affiliated
 persons for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify
 the General Counsel promptly if he or she knows of any violation of this Code. Failure to
 do so is itself a violation of this Code.

The General Counsel other designated senior legal officer of the Adviser is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.<sup>2</sup> However, any approvals or waivers<sup>3</sup> also will be considered by the Audit Committee of the relevant Board (the "Committee").

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 General Counsel or other designated senior legal officer will take all appropriate action
 to investigate any potential violations reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if,
 after such investigation, the General Counsel believes that no violation has occurred, the
 General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 matter that the General Counsel believes is a violation will be reported to the Committee;

<sup>2</sup> The General Counsel or other designated senior legal officer is authorized to consult, as appropriate, with the chair of the Audit Committee, counsel to the Funds and counsel to the independent Board members and is encouraged to do so.

<sup>3</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by [a Fund] of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "[a Fund's] failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the [Fund].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if
 the Committee concurs that a violation has occurred, it will inform and make a recommendation
 to the Board, which will consider appropriate action, which may include review of, and appropriate
 modifications to, applicable policies and procedures; notification to appropriate personnel
 of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 changes to or waivers of this Code will, to the extent required, be disclosed as provided
 by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code of Ethics to the extent that they overlap or conflict with the provisions of this Code of Ethics. The Funds' and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Investment Advisers Act contain separate requirements applying to the Covered Officers and are not part of this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Fund and its Board, the Adviser, and each of their respective counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

**EXHIBIT A**

**Covered Officers**

Principal Executive Officer Hal Liebes <br>Principal Financial Officer Michael D. Martins

**EXHIBIT B**

**Sample Principal Executive Officer Certification**

![](img01.jpg)

---

| | |
|:---|:---|
| **To:** | The Audit Committees of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust. |
| **Date:** | December 17, 2024 |

---

I, Hal Liebes, Principal Executive Officer of each of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust (the "Trusts") hereby certify with respect to each Trust that I am not aware of any (a) significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust's ability to record, process, summarize, and report financial information, or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal control over financial reporting.

---

| | |
|:---|:---|
| By: |  |
|  | Hal Liebes, Principal Executive Officer of: |
|  | The Alger Funds |
|  | The Alger Institutional Funds |
|  | The Alger Portfolios |
|  | The Alger Funds II |
|  | Alger Global Equity Fund |
|  | The Alger ETF Trust |

---

**The Alger Family of Funds**

100 Pearl Street, 27th Floor • New York, NY 10004 • <u>www.alger.com</u>

**EXHIBIT C**

**Sample Principal Financial Officer Certification**

![](img01.jpg)

---

| | |
|:---|:---|
| **To:** | The Audit Committees of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust. |
| **Date:** | December 17, 2024 |

---

I, Michael D. Martins, Principal Financial Officer of each of The Alger Funds, The Alger Institutional Funds, The Alger Portfolios, The Alger Funds II, Alger Global Equity Fund and The Alger ETF Trust (the "Trusts") hereby certify with respect to each Trust that I am not aware of any (a) significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Trust's ability to record, process, summarize, and report financial information, or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Trust's internal control over financial reporting.

---

| | |
|:---|:---|
| By: |  |
|  | Michael D. Martins, Principal Financial Officer of: |
|  | The Alger Funds |
|  | The Alger Institutional Funds |
|  | The Alger Portfolios |
|  | The Alger Funds II |
|  | Alger Global Equity Fund |
|  | The Alger ETF Trust |

---

**The Alger Family of Funds**

100 Pearl Street, 27th Floor • New York, NY 10004 • <u>www.alger.com</u>

## Ex-99.Cert

**Exhibit 99.CERT**

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

I, Hal Liebes, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| By: | /s/ Hal Liebes |
| Name: | Hal Liebes |
| Title: | Principal Financial Officer |
| Date: | February 18, 2026 |

---

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

I, Michael D. Martins, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| By: | /s/ Michael D. Martins |
| Name: | Michael D. Martins |
| Title: | Principal Financial Officer |
| Date: | February 18, 2026 |

---