# EDGAR Filing Document

**Accession Number:** 0002051630
**File Stem:** 0001410368-25-029308
**Filing Date:** 2025-11
**Character Count:** 86656
**Document Hash:** 82952f012e6226329a1b9ea09b0176d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-029308.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-029308

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lazard Active ETF Trust
- **CENTRAL INDEX KEY:** 0002051630

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24041
- **FILM NUMBER:** 251510758

**BUSINESS ADDRESS:**
- **STREET 1:** C/O LAZARD ASSET MANAGEMENT LLC
- **STREET 2:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112
- **BUSINESS PHONE:** (800) 823-6300

**MAIL ADDRESS:**
- **STREET 1:** C/O LAZARD ASSET MANAGEMENT LLC
- **STREET 2:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112

## Series and Classes Contracts Data

### Lazard Next Gen Technologies ETF (Series ID: S000091516)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000259184 | Lazard Next Gen Technologies ETF | TEKY            |

## Nport-Ex

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF<br> REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 812-15842

Lazard Active ETF Trust<br> (Exact name of Registrant as specified in charter)

30 Rockefeller Plaza <br> New York, New York 10112 <br> (Address of principal executive offices) (Zip code)

Mark R. Anderson, Esq. <br> Lazard Asset Management LLC

30 Rockefeller Plaza <br> New York, New York 10112 <br> (Name and address of agent for service)

Registrant's telephone number, including area code: (212) 632-6000

Date of fiscal year end: 12/31

Date of reporting period: 9/30/2025

**Item 1. Schedule of Investments.** 

Lazard Equity Megatrends ETF

**Portfolio of Investments**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **Common Stocks \| 97.2%** |  |  |
| **Brazil \| 0.8%** |  |  |
| MercadoLibre, Inc. (\*) | 136 | $317824 |
| **Denmark \| 0.5%** |  |  |
| Novo Nordisk AS, Class B | 3654 | 198236 |
| **France \| 3.1%** |  |  |
| EssilorLuxottica SA | 2514 | 815290 |
| LVMH Moet Hennessy Louis Vuitton SE | 592 | 362060 |
|  |  | 1177350 |
| **Germany \| 5.1%** |  |  |
| SAP SE | 2486 | 665707 |
| Siemens AG | 2876 | 774536 |
| Siemens Healthineers AG (#) | 8904 | 481470 |
|  |  | 1921713 |
| **India \| 1.8%** |  |  |
| Reliance Industries Ltd. GDR (#) | 11111 | 677771 |
| **Ireland \| 1.2%** |  |  |
| Accenture PLC, Class A | 1807 | 445606 |
| **Japan \| 7.1%** |  |  |
| FANUC Corp. | 20800 | 600261 |
| Keyence Corp. | 1700 | 635176 |
| Mitsubishi Electric Corp. | 29900 | 769948 |
| Sony Financial Group, Inc. (\*), (¢) | 4758 | 16605 |
| Sony Group Corp. ADR | 23791 | 684943 |
|  |  | 2706933 |
| **Netherlands \| 1.5%** |  |  |
| Wolters Kluwer NV | 4115 | 561600 |
| **Singapore \| 0.9%** |  |  |
| Sea Ltd. ADR (\*) | 1870 | 334225 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **Sweden \| 3.8%** |  |  |
| Atlas Copco AB, A Shares | 33361 | $563637 |
| Hexagon AB, B Shares | 73285 | 871930 |
|  |  | 1435567 |
| **Switzerland \| 1.9%** |  |  |
| TE Connectivity PLC | 3334 | 731913 |
| **Taiwan \| 4.4%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5974 | 1668478 |
| **United Kingdom \| 2.2%** |  |  |
| London Stock Exchange Group PLC | 2966 | 340042 |
| RELX PLC | 10347 | 495478 |
|  |  | 835520 |
| **United States \| 62.9%** |  |  |
| Alphabet, Inc., Class A | 3861 | 938609 |
| Amazon.com, Inc. (\*) | 5725 | 1257038 |
| Analog Devices, Inc. | 2928 | 719410 |
| Apple, Inc. | 3428 | 872872 |
| Applied Materials, Inc. | 4134 | 846395 |
| Autodesk, Inc. (\*) | 2321 | 737312 |
| Boston Scientific Corp. (\*) | 4086 | 398916 |
| Broadcom, Inc. | 3486 | 1150066 |
| CyberArk Software Ltd. (\*) | 497 | 240126 |
| Danaher Corp. | 2917 | 578325 |
| Dolby Laboratories, Inc., Class A | 6349 | 459477 |
| Electronic Arts, Inc. | 4389 | 885261 |
| Eli Lilly & Co. | 577 | 440251 |
| Equifax, Inc. | 1946 | 499207 |
| Experian PLC | 13976 | 700302 |
| GE HealthCare Technologies, Inc. | 7736 | 580974 |
| Intercontinental Exchange, Inc. | 3843 | 647469 |
| Intuit, Inc. | 771 | 526524 |
| IQVIA Holdings, Inc. (\*) | 3129 | 594322 |
| Keysight Technologies, Inc. (\*) | 3584 | 626913 |
| Labcorp Holdings, Inc. | 2487 | 713918 |
| Marsh & McLennan Cos., Inc. | 3145 | 633812 |
| Marvell Technology, Inc. | 8743 | 735024 |
| Mastercard, Inc., Class A | 989 | 562553 |

---

Lazard Equity Megatrends ETF

**Portfolio of Investments (concluded)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| Meta Platforms, Inc., Class A | 940 | $690317 |
| Microsoft Corp. | 2780 | 1439901 |
| NVIDIA Corp. | 4369 | 815168 |
| PTC, Inc. (\*) | 3492 | 708946 |
| Rockwell Automation, Inc. | 1649 | 576375 |
| S&P Global, Inc. | 1283 | 624449 |
| Salesforce, Inc. | 1385 | 328245 |
| Schneider Electric SE | 2019 | 563664 |
| ServiceNow, Inc. (\*) | 205 | 188657 |
| Stryker Corp. | 1106 | 408855 |
| Thermo Fisher Scientific, Inc. | 1357 | 658172 |
| Visa, Inc., A Shares | 1561 | 532894 |
|  |  | 23880719 |
| **Total Common Stocks**<br> (Cost $29,363,064) |  | 36893455 |
| **Description** | **Principal<br> Amount<br> (000)** | **Fair<br> Value** |
| **Repurchase Agreements \| 2.8%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.19%, 10/01/25 (Dated 09/30/25, collateralized by $1,034,100 United States Treasury Note, 4.625%, 02/15/35, with a fair value of $1,081,362) Proceeds of $1,060,123<br> (Cost $1,060,000) | $1060 | $1060000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Shares** | **Fair<br> Value** |
| **Short-Term Investments \| 0.2%** |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield) <br> (Cost $61,733) |  | 61733 | $61733 |
| **Total Investments \| 100.2%**<br> (Cost and short proceeds $30,484,797) |  |  | $**38015188** |
| **Liabilities in Excess of Cash and Other Assets \| (0.2)%** | **Liabilities in Excess of Cash and Other Assets \| (0.2)%** |  | **(68375)** |
| **Net Assets \| 100.0%** |  |  | $**37946813** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 3.1% of net assets of the Portfolio. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |

---

*Lazard International Dynamic Equity ETF*

**Portfolio of Investments**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **Common Stocks \| 97.3%** |  |  |
| **Australia \| 3.6%** |  |  |
| Alkane Resources Ltd. (\*) | 690633 | $524086 |
| Beach Energy Ltd. | 618578 | 469407 |
| Brambles Ltd. | 231398 | 3803303 |
| Catalyst Metals Ltd. (\*) | 150531 | 788139 |
| Catapult Sports Ltd. (\*) | 133294 | 607783 |
| IRESS Ltd. | 147448 | 861900 |
| Northern Star Resources Ltd. | 105584 | 1660525 |
| Perseus Mining Ltd. | 358664 | 1164752 |
| Qantas Airways Ltd. | 568515 | 4114473 |
| Ramelius Resources Ltd. | 255895 | 658026 |
| REA Group Ltd. | 6784 | 1038867 |
|  |  | 15691261 |
| **Belgium \| 0.4%** |  |  |
| Colruyt Group NV | 9852 | 388031 |
| Proximus SADP | 139910 | 1223093 |
|  |  | 1611124 |
| **Brazil \| 0.5%** |  |  |
| Cia De Sanena Do Parana | 213042 | 1482139 |
| Vale SA | 61883 | 669081 |
|  |  | 2151220 |
| **Canada \| 7.9%** |  |  |
| Agnico Eagle Mines Ltd. | 22112 | 3725063 |
| ARC Resources Ltd. | 38170 | 696244 |
| Barrick Mining Corp. | 45277 | 1487431 |
| Brookfield Infrastructure Corp., Class A | 12540 | 515155 |
| Cameco Corp. | 6786 | 569646 |
| Canadian Natural Resources Ltd. | 81588 | 2609362 |
| Celestica, Inc. (\*) | 2056 | 506050 |
| Dollarama, Inc. | 27400 | 3614342 |
| Fairfax Financial Holdings Ltd. | 1567 | 2742081 |
| Hudbay Minerals, Inc. | 80046 | 1212714 |
| Kinross Gold Corp. | 109755 | 2724549 |
| Loblaw Cos. Ltd. | 181733 | 7030823 |
| Lundin Gold, Inc. | 16307 | 1056779 |
| Magna International, Inc. | 42890 | 2032605 |
| Metro, Inc. | 5863 | 393858 |
| Shopify, Inc., Class A (\*) | 8936 | 1327877 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| Suncor Energy, Inc. | 44332 | $1855610 |
| Torex Gold Resources, Inc. (\*) | 17540 | 729132 |
|  |  | 34829321 |
| **Chile \| 0.1%** |  |  |
| Latam Airlines Group SA | 23506259 | 534152 |
| **China \| 10.3%** |  |  |
| Alibaba Group Holding Ltd. ADR | 8004 | 1430555 |
| Alibaba Group Holding Ltd. | 230800 | 5250578 |
| Bank of Shanghai Co. Ltd., Class A | 1422799 | 1790879 |
| BOC Hong Kong Holdings Ltd. | 857500 | 4027177 |
| BYD Co. Ltd., Class H | 43500 | 616125 |
| China Life Insurance Co. Ltd., Class H | 306000 | 869184 |
| China Pacific Insurance Group Co. Ltd., Class H | 123400 | 491354 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | 617000 | 476604 |
| CITIC Ltd. | 612000 | 898288 |
| Contemporary Amperex Technology Co. Ltd., Class H | 7900 | 580285 |
| H World Group Ltd. ADR | 28939 | 1131804 |
| Huaxia Bank Co. Ltd., Class A | 645100 | 596304 |
| JD.com, Inc., Class A | 108250 | 1926974 |
| Kanzhun Ltd. ADR (\*) | 27143 | 634061 |
| Kuaishou Technology (#) | 124000 | 1348311 |
| Meituan, Class B (#), (\*) | 32700 | 439200 |
| Midea Group Co. Ltd., Class H | 62100 | 656486 |
| NetEase, Inc. | 92600 | 2818323 |
| New China Life Insurance Co. Ltd., Class H | 93200 | 552942 |
| PDD Holdings, Inc. ADR (\*) | 12318 | 1628070 |
| PetroChina Co. Ltd., Class H | 622000 | 566007 |
| Ping An Insurance Group Co. of China Ltd., Class H | 366500 | 2498949 |
| Pop Mart International Group Ltd. (#) | 27400 | 939582 |
| Qfin Holdings, Inc. ADR | 26583 | 765059 |
| Rockchip Electronics Co. Ltd., Class A | 18500 | 586177 |
| Tencent Holdings Ltd. | 97400 | 8299856 |
| Tencent Music Entertainment Group ADR | 27101 | 632537 |
| Xiaomi Corp., Class B (#), (\*) | 246800 | 1712920 |
| Zijin Mining Group Co. Ltd., Class H | 234000 | 980464 |
|  |  | 45145055 |
| **Denmark \| 0.5%** |  |  |
| Novo Nordisk AS, Class B | 36030 | 1954688 |

---

*Lazard International Dynamic Equity ETF*

**Portfolio of Investments (continued)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **France \| 7.7%** |  |  |
| Air France-KLM (\*) | 30136 | $404557 |
| Airbus SE | 10881 | 2523793 |
| BNP Paribas SA | 101238 | 9198761 |
| Carrefour SA | 157321 | 2383668 |
| Covivio SA REIT | 9839 | 661279 |
| Gaztransport Et Technigaz SA | 6452 | 1194781 |
| L'Oreal SA | 3999 | 1731517 |
| Orange SA | 54808 | 889356 |
| Safran SA | 1474 | 519758 |
| Societe Generale SA | 50784 | 3363068 |
| TotalEnergies SE | 61270 | 3724158 |
| Unibail-Rodamco-Westfield REIT | 6463 | 679210 |
| Vinci SA | 45325 | 6281647 |
|  |  | 33555553 |
| **Germany \| 3.5%** |  |  |
| Allianz SE | 1594 | 669392 |
| Continental AG | 7938 | 523439 |
| Deutsche Bank AG | 110199 | 3878040 |
| Friedrich Vorwerk Group SE | 7998 | 769667 |
| IONOS Group SE (\*) | 15085 | 704564 |
| Mercedes-Benz Group AG | 21660 | 1360838 |
| Rheinmetall AG | 1025 | 2390082 |
| Scout24 SE (#) | 5811 | 727857 |
| Siemens AG | 1857 | 500109 |
| Siemens Energy AG (\*) | 10472 | 1223323 |
| TAG Immobilien AG | 28632 | 494546 |
| TUI AG (\*) | 244950 | 2228273 |
|  |  | 15470130 |
| **Greece \| 0.7%** |  |  |
| Alpha Bank SA | 278256 | 1181600 |
| National Bank of Greece SA | 58791 | 854167 |
| OPAP SA | 43105 | 1006383 |
|  |  | 3042150 |
| **Hong Kong \| 1.0%** |  |  |
| Prudential PLC | 179306 | 2512878 |
| WH Group Ltd. (#) | 1660500 | 1799138 |
|  |  | 4312016 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **Hungary \| 0.2%** |  |  |
| OTP Bank Nyrt | 10775 | $932443 |
| **India \| 4.3%** |  |  |
| Adani Ports & Special Economic Zone Ltd. | 56349 | 890719 |
| Axis Bank Ltd. GDR | 12319 | 788416 |
| Bajaj Finance Ltd. | 48012 | 540149 |
| Canara Bank | 1438269 | 2003950 |
| Dr. Reddy's Laboratories Ltd. ADR | 129304 | 1807670 |
| Indus Towers Ltd. (\*) | 602534 | 2326972 |
| Infosys Ltd. ADR | 54789 | 891417 |
| Life Insurance Corp. of India | 89578 | 908353 |
| Reliance Industries Ltd. GDR (#) | 9839 | 600179 |
| State Bank of India GDR | 56033 | 5508044 |
| Tata Motors Ltd. | 99117 | 759323 |
| Union Bank of India Ltd. | 578876 | 903044 |
| Vedanta Ltd. | 101042 | 530083 |
| WAAREE Energies Ltd. | 15106 | 566275 |
|  |  | 19024594 |
| **Indonesia \| 0.4%** |  |  |
| Indofood Sukses Makmur Tbk. PT | 1538500 | 667006 |
| Japfa Comfeed Indonesia Tbk. PT | 8312400 | 977636 |
|  |  | 1644642 |
| **Ireland \| 0.1%** |  |  |
| AIB Group PLC | 61566 | 558103 |
| **Israel \| 0.6%** |  |  |
| Nice Ltd. ADR (\*) | 15086 | 2184151 |
| Wix.com Ltd. (\*) | 2774 | 492746 |
|  |  | 2676897 |
| **Italy \| 3.5%** |  |  |
| Banca Monte dei Paschi di Siena SpA | 55948 | 495671 |
| Ferrari NV | 4587 | 2218410 |
| Intesa Sanpaolo SpA | 340191 | 2244052 |
| Leonardo SpA | 51027 | 3238862 |
| Lottomatica Group SpA | 55551 | 1496044 |
| Nexi SpA (#) | 208426 | 1179441 |
| Telecom Italia SpA (\*) | 1822821 | 953750 |

---

*Lazard International Dynamic Equity ETF*

**Portfolio of Investments (continued)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| UniCredit SpA | 46488 | $3521570 |
|  |  | 15347800 |
| **Japan \| 13.3%** |  |  |
| Advantest Corp. | 26700 | 2648576 |
| Asahi Kasei Corp. | 112500 | 887065 |
| Chiyoda Corp. (\*) | 464500 | 1236067 |
| Chugai Pharmaceutical Co. Ltd. | 40500 | 1768250 |
| Daiichi Sankyo Co. Ltd. | 31700 | 711552 |
| Denso Corp. | 139400 | 2015700 |
| Fujita Kanko, Inc. | 6500 | 461692 |
| Hachijuni Bank Ltd. | 62100 | 650077 |
| Hitachi Ltd. | 29700 | 790337 |
| Hyakugo Bank Ltd. | 62700 | 388465 |
| Japan Airlines Co. Ltd. | 210900 | 4259842 |
| Japan Post Holdings Co. Ltd. | 676600 | 6734618 |
| Japan Tobacco, Inc. | 57900 | 1906150 |
| Kyoto Financial Group, Inc. | 30000 | 639063 |
| Mitsubishi Electric Corp. | 199475 | 5136631 |
| Mitsui Fudosan Co. Ltd. | 91900 | 1003722 |
| Mizuho Financial Group, Inc. | 93100 | 3144414 |
| MS&AD Insurance Group Holdings, Inc. | 123900 | 2815509 |
| NTT, Inc. | 1967700 | 2061165 |
| ORIX Corp. | 32200 | 846399 |
| Sanki Engineering Co. Ltd. | 60100 | 2006250 |
| SoftBank Corp. | 614500 | 905824 |
| Sompo Holdings, Inc. | 91000 | 2819007 |
| Sony Financial Group, Inc. (\*) | 60800 | 67517 |
| Sony Group Corp. | 60800 | 1753375 |
| Sumitomo Osaka Cement Co. Ltd. | 31500 | 829705 |
| Suzuki Motor Corp. | 97900 | 1432190 |
| T&D Holdings, Inc. | 61300 | 1503393 |
| Tokyo Electron Ltd. | 25300 | 4515746 |
| Toyota Motor Corp. | 122800 | 2369358 |
|  |  | 58307659 |
| **Malaysia \| 0.2%** |  |  |
| 99 Speed Mart Retail Holdings Bhd. | 844100 | 549563 |
| Tenaga Nasional Bhd. | 153800 | 483126 |
|  |  | 1032689 |
| **Mexico \| 0.4%** |  |  |
| Cemex SAB de CV ADR | 130707 | 1175056 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| Gentera SAB de CV | 240140 | $622078 |
|  |  | 1797134 |
| **Netherlands \| 2.2%** |  |  |
| ASML Holding NV | 4622 | 4497286 |
| EXOR NV | 17544 | 1715101 |
| Koninklijke Ahold Delhaize NV | 25550 | 1034232 |
| Koninklijke Heijmans NV | 7491 | 521074 |
| Wolters Kluwer NV | 14959 | 2041548 |
|  |  | 9809241 |
| **New Zealand \| 0.2%** |  |  |
| Xero Ltd. (\*) | 7376 | 769930 |
| **Norway \| 0.1%** |  |  |
| Kongsberg Gruppen ASA | 13631 | 435728 |
| **Philippines \| 0.4%** |  |  |
| International Container Terminal Services, Inc. | 212550 | 1722312 |
| **Poland \| 0.4%** |  |  |
| PGE Polska Grupa Energetyczna SA (\*) | 377659 | 1118033 |
| Tauron Polska Energia SA (\*) | 246582 | 618248 |
|  |  | 1736281 |
| **Portugal \| 0.8%** |  |  |
| EDP SA | 745236 | 3535008 |
| **Saudi Arabia \| 0.7%** |  |  |
| Al Babtain Power & Telecommunication Co. | 36858 | 568074 |
| Electrical Industries Co. | 571683 | 1667701 |
| Etihad Etisalat Co. | 51113 | 920667 |
|  |  | 3156442 |
| **Singapore \| 1.1%** |  |  |
| Sea Ltd. ADR (\*) | 10880 | 1944582 |
| Singapore Technologies Engineering Ltd. | 155100 | 1035845 |
| United Overseas Bank Ltd. | 69300 | 1858823 |
|  |  | 4839250 |

---

*Lazard International Dynamic Equity ETF*

**Portfolio of Investments (continued)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **South Africa \| 0.8%** |  |  |
| Gold Fields Ltd. ADR | 51018 | $2140715 |
| Harmony Gold Mining Co. Ltd. ADR | 81259 | 1474851 |
|  |  | 3615566 |
| **South Korea \| 3.7%** |  |  |
| Hana Financial Group, Inc. | 47761 | 2968361 |
| KB Financial Group, Inc. | 8315 | 684496 |
| Korea Electric Power Corp. | 103443 | 2657867 |
| Samsung Electronics Co. Ltd. | 114824 | 6866280 |
| SK Hynix, Inc. | 12310 | 3048876 |
|  |  | 16225880 |
| **Spain \| 1.7%** |  |  |
| Acciona SA | 4955 | 995001 |
| Banco Bilbao Vizcaya Argentaria SA | 140085 | 2689562 |
| Banco Santander SA | 369540 | 3853174 |
|  |  | 7537737 |
| **Sweden \| 1.8%** |  |  |
| Betsson AB, Class B | 70804 | 1169138 |
| Boliden AB (\*) | 33006 | 1343037 |
| Plejd AB (\*) | 5406 | 534559 |
| Saab AB, Class B | 31422 | 1919377 |
| Skanska AB, B Shares | 83422 | 2163361 |
| Telefonaktiebolaget LM Ericsson ADR | 84966 | 702669 |
|  |  | 7832141 |
| **Switzerland \| 1.6%** |  |  |
| ABB Ltd. | 66797 | 4812171 |
| International Workplace Group PLC | 304593 | 915251 |
| UBS Group AG | 33557 | 1371128 |
|  |  | 7098550 |
| **Taiwan \| 6.0%** |  |  |
| Accton Technology Corp. | 67000 | 2297231 |
| Arcadyan Technology Corp. | 83000 | 597759 |
| Asia Vital Components Co. Ltd. | 15000 | 482807 |
| Asustek Computer, Inc. | 37000 | 814588 |
| Delta Electronics, Inc. | 126000 | 3530547 |
| International Games System Co. Ltd. | 30000 | 774657 |
| MediaTek, Inc. | 93000 | 4012566 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br>Value** |
| Realtek Semiconductor Corp. | 29000 | $523328 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 308000 | 13187873 |
|  |  | 26221356 |
| **Thailand \| 0.2%** |  |  |
| Advanced Info Service PCL | 92400 | 829761 |
| **Turkey \| 0.1%** |  |  |
| Turk Hava Yollari AO | 63697 | 482547 |
| **United Arab Emirates \| 0.5%** |  |  |
| Adnoc Gas PLC | 618785 | 596379 |
| Emaar Properties PJSC | 458695 | 1629722 |
|  |  | 2226101 |
| **United Kingdom \| 9.9%** |  |  |
| Anglogold Ashanti PLC | 14157 | 995662 |
| AstraZeneca PLC ADR | 67697 | 5193714 |
| Barclays PLC | 467947 | 2391380 |
| British American Tobacco PLC ADR | 9067 | 481276 |
| Currys PLC | 338403 | 636438 |
| Drax Group PLC | 60347 | 568289 |
| Dunelm Group PLC | 55115 | 833992 |
| Games Workshop Group PLC | 3394 | 663901 |
| HSBC Holdings PLC | 274303 | 3858981 |
| Imperial Brands PLC | 55106 | 2342809 |
| International Consolidated Airlines Group SA | 489532 | 2549286 |
| J Sainsbury PLC | 519956 | 2337969 |
| NatWest Group PLC | 757943 | 5322307 |
| Next PLC | 19230 | 3203688 |
| Rightmove PLC | 48845 | 465958 |
| Rolls-Royce Holdings PLC | 245939 | 3940036 |
| Sage Group PLC | 50482 | 747575 |
| Standard Chartered PLC | 208714 | 4033486 |
| Tesco PLC | 96652 | 579675 |
| Vodafone Group PLC | 1899987 | 2203850 |
|  |  | 43350272 |
| **United States \| 5.9%** |  |  |
| Buzzi SpA | 8246 | 453060 |
| GSK PLC | 257984 | 5468411 |
| Holcim AG | 20157 | 1705992 |

---

*Lazard International Dynamic Equity ETF*

**Portfolio of Investments (concluded)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| Novartis AG | 69575 | $8754916 |
| Paysafe Ltd. (\*) | 36586 | 472691 |
| Roche Holding AG | 17857 | 5833010 |
| Sanofi SA | 5539 | 511229 |
| Shell PLC | 33145 | 1180907 |
| Spotify Technology SA (\*) | 783 | 546534 |
| Titan SA | 17533 | 716924 |
|  |  | 25643674 |
| **Total Common Stocks**<br> (Cost $395,715,324) |  | 426686408 |
| **Preferred Stocks \| 1.0%** |  |  |
| **Brazil \| 0.8%** |  |  |
| Banco Bradesco SA | 136936 | 454864 |
| Petroleo Brasileiro SA - Petrobras | 524154 | 3096372 |
|  |  | 3551236 |
| **Germany \| 0.2%** |  |  |
| Volkswagen AG | 8936 | 965561 |
| **Total Preferred Stocks**<br> (Cost $4,317,158) |  | 4516797 |
| **Warrants \| 0.0%** |  |  |
| **Canada \| 0.0%** |  |  |
| Constellation Software, Inc., <br> Expires 03/31/40i (\*), (¢)<br> (Cost $0) | 26 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Principal<br> Amount<br> (000)** | **Principal<br> Amount<br> (000)** | **Fair<br> Value** |
| **Repurchase Agreements \| 1.3%** |  |  |  |
| Fixed Income Clearing Corp., <br> 4.19%, 10/01/25 (Dated 09/30/25, collateralized by $6,027,600 United States Treasury Note, 3.875%, 08/15/34, with a fair value of $5,967,177) Proceeds of $5,850,681<br> (Cost $5,850,000) | $| 5850 | $5850000 |
| **Description** |  | **Shares** | **Fair<br> Value** |
| **Short-Term Investments \| 0.1%** |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $310,340) |  | 310340 | $310340 |
| **Total Investments \| 99.7%**<br> (Cost $406,192,822) |  |  | $**437363545** |
| **Cash and Other Assets in Excess of Liabilities \| 0.3%** | **Cash and Other Assets in Excess of Liabilities \| 0.3%** | **Cash and Other Assets in Excess of Liabilities \| 0.3%** | **1357829** |
| **Net Assets \| 100.0%** |  |  | $**438721374** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 2.0% of net assets of the Portfolio. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |

---

*Lazard Japanese Equity ETF*

**Portfolio of Investments**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair <br> Value** |
| **Common Stocks \| 98.8%** |  |  |
| **Japan \| 98.8%** |  |  |
| Daifuku Co. Ltd. | 19800 | $635890 |
| Daiichi Sankyo Co. Ltd. | 43300 | 971930 |
| Daikin Industries Ltd. | 8600 | 994603 |
| Daiwa House Industry Co. Ltd. | 14000 | 504317 |
| Denso Corp. | 57700 | 834332 |
| Disco Corp. | 2000 | 629854 |
| East Japan Railway Co. | 37600 | 921637 |
| FANUC Corp. | 18900 | 545430 |
| FUJIFILM Holdings Corp. | 37800 | 942152 |
| Fujitsu Ltd. | 41500 | 979016 |
| Hitachi Ltd. | 57300 | 1524793 |
| Inpex Corp. | 61800 | 1118539 |
| Kakaku.com, Inc. | 30900 | 531233 |
| Kansai Electric Power Co., Inc. | 98400 | 1411520 |
| Koito Manufacturing Co. Ltd. | 27000 | 409886 |
| Komatsu Ltd. | 34200 | 1194922 |
| Makita Corp. | 23300 | 758234 |
| MatsukiyoCocokara & Co. | 36700 | 746500 |
| Mitsubishi Corp. | 79000 | 1888811 |
| Mitsubishi Electric Corp. | 47800 | 1230886 |
| Mitsubishi Logistics Corp. | 45500 | 373557 |
| Mitsubishi UFJ Financial Group, Inc. | 189000 | 3063723 |
| Mitsui Chemicals, Inc. | 22800 | 571524 |
| Mitsui Fudosan Co. Ltd. | 103000 | 1124955 |
| Mizuho Financial Group, Inc. | 63600 | 2148064 |
| Murata Manufacturing Co. Ltd. | 31200 | 594804 |
| Nippon Sanso Holdings Corp. | 30300 | 1076508 |
| Nissan Chemical Corp. | 8700 | 316342 |
| Nitori Holdings Co. Ltd. | 18500 | 357448 |
| Nitto Denko Corp. | 37400 | 890651 |
| Nomura Holdings, Inc. | 80700 | 593153 |
| NTT, Inc. | 1388300 | 1454244 |
| Okamura Corp. | 12100 | 192374 |
| ORIX Corp. | 35100 | 922627 |
| Recruit Holdings Co. Ltd. | 8600 | 463702 |
| Rengo Co. Ltd. | 71700 | 453887 |
| Resona Holdings, Inc. | 145000 | 1483038 |
| Rinnai Corp. | 22100 | 524648 |
| Seven & i Holdings Co. Ltd. | 80100 | 1079860 |
| Shimizu Corp. | 86900 | 1223608 |
| Shin-Etsu Chemical Co. Ltd. | 36800 | 1209266 |
| SMC Corp. | 2000 | 615228 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Shares** | **Fair <br> Value** |
| SoftBank Group Corp. |  | 15400 | $1948397 |
| Sony Financial Group, Inc. (\*) |  | 91300 | 101386 |
| Sony Group Corp. |  | 91300 | 2632946 |
| SUMCO Corp. |  | 37600 | 401498 |
| Sumitomo Forestry Co. Ltd. |  | 84300 | 1005481 |
| Sumitomo Mitsui Financial Group, Inc. |  | 80900 | 2287561 |
| Suzuki Motor Corp. |  | 92100 | 1347341 |
| Takeda Pharmaceutical Co. Ltd. |  | 52000 | 1519315 |
| TDK Corp. |  | 83200 | 1210382 |
| THK Co. Ltd. |  | 23200 | 642817 |
| Tokio Marine Holdings, Inc. |  | 42900 | 1821039 |
| Tokyo Electron Ltd. |  | 8700 | 1552846 |
| Toyo Suisan Kaisha Ltd. |  | 10200 | 730372 |
| Toyota Motor Corp. |  | 56300 | 1086277 |
| Toyota Tsusho Corp. |  | 27100 | 752711 |
| Yakult Honsha Co. Ltd. |  | 52000 | 849091 |
|  |  |  | 59397156 |
| **Total Common Stocks** <br> (Cost $49,929,634) |  |  | 59397156 |
| **Description** | **Principal** <br> **Amount** <br> **(000)** | **Principal** <br> **Amount** <br> **(000)** | **Fair** <br> **Value** |
| **Repurchase Agreements \| 0.4%** |  |  |  |
| Fixed Income Clearing Corp., <br> 4.19%, 10/01/25 (Dated 09/30/25, collateralized by $278,200 United States Treasury Note, 3.875%, 08/15/34, with a fair value of $275,414) Proceeds of $270,031 <br> (Cost $270,000) | $| 270 | $270000 |
| **Total Investments \| 99.2%** <br> (Cost $50,199,634) |  |  | $**59667156** |
| **Cash and Other Assets in Excess of Liabilities \| 0.8%** | **Cash and Other Assets in Excess of Liabilities \| 0.8%** | **Cash and Other Assets in Excess of Liabilities \| 0.8%** | **451957** |
| **Net Assets \| 100.0%** |  |  | $**60119113** |

---

(\*) Non-income producing security.

*Lazard Next Gen Technologies ETF*

**Portfolio of Investments**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair <br> Value** |
| **Common Stocks \| 98.9%** |  |  |
| **Canada \| 1.7%** |  |  |
| Shopify, Inc., Class A (\*) | 5465 | $812154 |
| **China \| 4.2%** |  |  |
| Alibaba Group Holding Ltd. ADR | 5637 | 1007501 |
| Tencent Holdings Ltd. ADR | 11404 | 971050 |
|  |  | 1978551 |
| **Israel \| 1.0%** |  |  |
| Mobileye Global, Inc., Class A (\*) | 35439 | 500399 |
| **Italy \| 1.8%** |  |  |
| Prysmian SpA | 8595 | 850144 |
| **Japan \| 3.3%** |  |  |
| Advantest Corp. | 16000 | 1587162 |
| **Netherlands \| 4.0%** |  |  |
| Adyen NV (#), (\*) | 458 | 734575 |
| Nebius Group NV (\*) | 10257 | 1151553 |
|  |  | 1886128 |
| **South Korea \| 1.8%** |  |  |
| SK Hynix, Inc. | 3480 | 861908 |
| **Taiwan \| 4.0%** |  |  |
| King Yuan Electronics Co. Ltd. | 111000 | 597283 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4642 | 1296464 |
|  |  | 1893747 |
| **United Kingdom \| 1.7%** |  |  |
| RELX PLC | 16841 | 806450 |
| **United States \| 75.4%** |  |  |
| Advanced Micro Devices, Inc. (\*) | 3697 | 598138 |
| Alphabet, Inc., Class A | 4389 | 1066966 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair <br> Value** |
| Amazon.com, Inc. (\*) | 3637 | $798576 |
| Ambarella, Inc. (\*) | 9697 | 800196 |
| Amphenol Corp., Class A | 10522 | 1302098 |
| AppLovin Corp., Class A (\*) | 1417 | 1018171 |
| Arista Networks, Inc. (\*) | 7245 | 1055669 |
| Autodesk, Inc. (\*) | 2440 | 775115 |
| Block, Inc. (\*) | 6187 | 447135 |
| Broadcom, Inc. | 3553 | 1172170 |
| Cadence Design Systems, Inc. (\*) | 2003 | 703574 |
| Cloudflare, Inc., Class A (\*) | 4933 | 1058572 |
| Crowdstrike Holdings, Inc., Class A (\*) | 1934 | 948395 |
| CyberArk Software Ltd. (\*) | 1870 | 903491 |
| Datadog, Inc., Class A (\*) | 7071 | 1006910 |
| Doximity, Inc., Class A (\*) | 7394 | 540871 |
| Dynatrace, Inc. (\*) | 14802 | 717157 |
| Eaton Corp. PLC | 2421 | 906059 |
| Fiserv, Inc. (\*) | 3132 | 403809 |
| International Business Machines Corp. | 2756 | 777633 |
| JFrog Ltd. (\*) | 6902 | 326672 |
| Manhattan Associates, Inc. (\*) | 2650 | 543197 |
| Mastercard, Inc., Class A | 1588 | 903270 |
| Meta Platforms, Inc., Class A | 1848 | 1357134 |
| Microsoft Corp. | 3476 | 1800394 |
| NVIDIA Corp. | 13187 | 2460430 |
| Okta, Inc. (\*) | 5072 | 465102 |
| Oracle Corp. | 5064 | 1424199 |
| Palantir Technologies, Inc., Class A (\*) | 5503 | 1003857 |
| Palo Alto Networks, Inc. (\*) | 6884 | 1401720 |
| PTC, Inc. (\*) | 3337 | 677478 |
| Salesforce, Inc. | 2999 | 710763 |
| Samsara, Inc., Class A (\*) | 13939 | 519228 |
| ServiceNow, Inc. (\*) | 861 | 792361 |
| Snowflake, Inc. (\*) | 4312 | 972572 |
| Synopsys, Inc. (\*) | 1202 | 593055 |
| Tempus AI, Inc. (\*) | 11522 | 929941 |
| Trimble, Inc. (\*) | 5502 | 449238 |
| Twilio, Inc., Class A (\*) | 5220 | 522470 |
| Uber Technologies, Inc. (\*) | 9622 | 942667 |
|  |  | 35796453 |
| **Total Common Stocks** <br> (Cost $32,306,017) |  | 46973096 |

---

*Lazard Next Gen Technologies ETF*

**Portfolio of Investments (concluded)**

**September 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Principal** <br> **Amount** <br> **(000)** | **Principal** <br> **Amount** <br> **(000)** | **Fair** <br> **Value** |
| **Repurchase Agreements \| 0.4%** |  |  |  |
| Fixed Income Clearing Corp., <br> 4.19%, 10/01/25 (Dated 09/30/25, collateralized by $216,400 United States Treasury Note, 3.875%, 08/15/34, with a fair value of $214,255) Proceeds of $210,024<br> (Cost $210,000) | $| 210 | $210000 |
| **Description** | **Shares** | **Shares** | **Fair** <br> **Value** |
| **Short-Term Investments \| 0.7%** |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield) <br> (Cost $314,218) |  | 314218 | 314218 |
| **Total Investments \| 100.0%** <br> (Cost $32,830,235) |  |  | $**47497314** |
| **Liabilities in Excess of Cash and Other Assets \| 0.0%** | **Liabilities in Excess of Cash and Other Assets \| 0.0%** | **Liabilities in Excess of Cash and Other Assets \| 0.0%** | **(6988)** |
| **Net Assets \| 100.0%** |  |  | $**47490326** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 1.5% of net assets of the Portfolio. |

---

Lazard US Systematic Small Cap Equity ETF

**Portfolio of Investments**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **Closed-End Management Investment Companies \| 0.2%** | **Closed-End Management Investment Companies \| 0.2%** | **Closed-End Management Investment Companies \| 0.2%** |
| ASA Gold & Precious Metals Ltd. | 1654 | $75753 |
| Kayne Anderson Energy Infrastructure Fund | 2594 | 32088 |
| **Total Closed-End Management Investment Companies**<br> (Cost $66,252) |  | 107841 |
| **Common Stocks \| 96.8%** |  |  |
| **Aerospace & Defense \| 0.3%** |  |  |
| AerSale Corp. (\*) | 10408 | 85242 |
| Innovative Solutions & Support, Inc. (\*) | 5596 | 69894 |
|  |  | 155136 |
| **Air Freight & Logistics \| 0.0%** |  |  |
| Radiant Logistics, Inc. (\*) | 1860 | 10974 |
| **Automobile Components \| 1.5%** |  |  |
| Autoliv, Inc. | 858 | 105963 |
| Dorman Products, Inc. (\*) | 445 | 69367 |
| Fox Factory Holding Corp. (\*) | 1670 | 40564 |
| Garrett Motion, Inc. | 8106 | 110403 |
| Gentex Corp. | 6511 | 184261 |
| Lear Corp. | 1813 | 182406 |
| Motorcar Parts of America, Inc. (\*) | 1871 | 30946 |
| Strattec Security Corp. (\*) | 1763 | 119990 |
|  |  | 843900 |
| **Banks \| 3.9%** |  |  |
| 1st Source Corp. | 2023 | 124536 |
| Axos Financial, Inc. (\*) | 1085 | 91845 |
| BancFirst Corp. | 685 | 86618 |
| Bank of NT Butterfield & Son Ltd. | 4713 | 202282 |
| Capital City Bank Group, Inc. | 549 | 22943 |
| Central Pacific Financial Corp. | 3136 | 95146 |
| Commerce Bancshares, Inc. | 1363 | 81453 |
| Community Financial System, Inc. | 1379 | 80865 |
| Community Trust Bancorp, Inc. | 1465 | 81967 |
| First BanCorp | 4390 | 96799 |
| First Business Financial Services, Inc. | 196 | 10047 |
| First Financial Corp. | 1062 | 59939 |
| HomeTrust Bancshares, Inc. | 1290 | 52813 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| Intercorp Financial Services, Inc. | 2359 | $95162 |
| Northrim BanCorp, Inc. | 1656 | 35869 |
| Popular, Inc. | 879 | 111642 |
| Republic Bancorp, Inc., Class A | 1113 | 80414 |
| Sierra Bancorp | 606 | 17519 |
| South Plains Financial, Inc. | 1226 | 47385 |
| Southern Missouri Bancorp, Inc. | 1210 | 63598 |
| Synovus Financial Corp. | 1733 | 85056 |
| Trustmark Corp. | 4485 | 177606 |
| UMB Financial Corp. | 1073 | 126990 |
| Unity Bancorp, Inc. | 1206 | 58937 |
| Western Alliance Bancorp | 1077 | 93397 |
| Zions Bancorp NA | 2080 | 117686 |
|  |  | 2198514 |
| **Beverages \| 0.4%** |  |  |
| Coca-Cola Consolidated, Inc. | 867 | 101578 |
| Primo Brands Corp. | 4694 | 103737 |
|  |  | 205315 |
| **Biotechnology \| 2.9%** |  |  |
| ACADIA Pharmaceuticals, Inc. (\*) | 9316 | 198803 |
| BioCryst Pharmaceuticals, Inc. (\*) | 2306 | 17503 |
| BioMarin Pharmaceutical, Inc. (\*) | 5801 | 314182 |
| Caris Life Sciences, Inc. | 2964 | 89661 |
| Exact Sciences Corp. (\*) | 2423 | 132562 |
| Exelixis, Inc. (\*) | 3255 | 134431 |
| Kiniksa Pharmaceuticals International PLC (\*) | 7414 | 287886 |
| MiMedx Group, Inc. (\*) | 23341 | 162920 |
| Rigel Pharmaceuticals, Inc. (\*) | 2257 | 63941 |
| United Therapeutics Corp. (\*) | 588 | 246495 |
| XOMA Royalty Corp. (\*) | 112 | 4316 |
|  |  | 1652700 |
| **Building Products \| 2.9%** |  |  |
| Apogee Enterprises, Inc. | 2751 | 119861 |
| AZZ, Inc. | 924 | 100836 |
| CSW Industrials, Inc. | 728 | 176722 |
| Gibraltar Industries, Inc. (\*) | 2951 | 185323 |
| Hayward Holdings, Inc. (\*) | 6780 | 102514 |
| Insteel Industries, Inc. | 3808 | 145999 |
| Masterbrand, Inc. (\*) | 19429 | 255880 |
| Resideo Technologies, Inc. (\*) | 9154 | 395270 |

---

Lazard US Systematic Small Cap Equity ETF

**Portfolio of Investments** **(continued)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| Zurn Elkay Water Solutions Corp. | 2223 | $104548 |
|  |  | 1586953 |
| **Capital Markets \| 1.4%** |  |  |
| BGC Group, Inc., Class A | 8821 | 83447 |
| Federated Hermes, Inc. | 3859 | 200398 |
| MarketAxess Holdings, Inc. | 480 | 83640 |
| Morningstar, Inc. | 384 | 89092 |
| SEI Investments Co. | 1207 | 102414 |
| Virtu Financial, Inc., Class A | 4035 | 143242 |
|  |  | 702233 |
| **Chemicals \| 2.6%** |  |  |
| AdvanSix, Inc. | 4509 | 87384 |
| Avient Corp. | 2877 | 94797 |
| Cabot Corp. | 2087 | 158716 |
| ICL Group Ltd. | 33002 | 205272 |
| LSB Industries, Inc. (\*) | 3118 | 24570 |
| Methanex Corp. | 6226 | 247546 |
| Minerals Technologies, Inc. | 1472 | 91441 |
| NewMarket Corp. | 126 | 104354 |
| Perimeter Solutions, Inc. (\*) | 17045 | 381638 |
|  |  | 1395718 |
| **Commercial Services & Supplies \| 3.3%** | **Commercial Services & Supplies \| 3.3%** |  |
| Brady Corp., Class A | 666 | 51968 |
| Deluxe Corp. | 2294 | 44412 |
| Ennis, Inc. | 957 | 17494 |
| Healthcare Services Group, Inc. (\*) | 12129 | 204131 |
| Interface, Inc. | 13491 | 390430 |
| Liquidity Services, Inc. (\*) | 6858 | 188115 |
| OPENLANE, Inc. (\*) | 13068 | 376097 |
| Steelcase, Inc., Class A | 15443 | 265620 |
| Tetra Tech, Inc. | 5116 | 170772 |
| UniFirst Corp. | 571 | 95465 |
|  |  | 1804504 |
| **Communications Equipment \| 2.6%** | **Communications Equipment \| 2.6%** |  |
| AudioCodes Ltd. | 3087 | 29388 |
| Aviat Networks, Inc. (\*) | 1390 | 31873 |
| Calix, Inc. (\*) | 1842 | 113044 |
| Gilat Satellite Networks Ltd. (\*) | 13990 | 182150 |
| Harmonic, Inc. (\*) | 27098 | 275858 |
| Ituran Location & Control Ltd. | 3701 | 132200 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| NETGEAR, Inc. (\*) | 1913 | $61962 |
| NetScout Systems, Inc. (\*) | 11134 | 287591 |
| Ribbon Communications, Inc. (\*) | 13361 | 50772 |
| Viavi Solutions, Inc. (\*) | 17651 | 223991 |
|  |  | 1388829 |
| **Construction & Engineering \| 2.0%** | **Construction & Engineering \| 2.0%** |  |
| Arcosa, Inc. | 1122 | 105143 |
| Bowman Consulting Group Ltd. (\*) | 2606 | 110390 |
| Dycom Industries, Inc. (\*) | 395 | 115245 |
| Great Lakes Dredge & Dock Corp. (\*) | 9245 | 110848 |
| IES Holdings, Inc. (\*) | 687 | 273186 |
| NWPX Infrastructure, Inc. (\*) | 1892 | 100144 |
| Primoris Services Corp. | 2092 | 287294 |
|  |  | 1102250 |
| **Construction Materials \| 0.8%** |  |  |
| Eagle Materials, Inc. | 438 | 102072 |
| Smith-Midland Corp. (\*) | 1060 | 39114 |
| U.S. Lime & Minerals, Inc. | 2222 | 292304 |
|  |  | 433490 |
| **Consumer Finance \| 0.7%** |  |  |
| FirstCash Holdings, Inc. | 679 | 107567 |
| OneMain Holdings, Inc. | 1697 | 95813 |
| PROG Holdings, Inc. | 5606 | 181410 |
|  |  | 384790 |
| **Consumer Staples Distribution & Retail \| 0.5%** | **Consumer Staples Distribution & Retail \| 0.5%** |  |
| Guardian Pharmacy Services, Inc., Class A (\*) | 1115 | 29246 |
| PriceSmart, Inc. | 1387 | 168091 |
| Village Super Market, Inc., Class A | 1514 | 56563 |
|  |  | 253900 |
| **Containers & Packaging \| 1.1%** |  |  |
| Ardagh Metal Packaging SA | 22885 | 91311 |
| Crown Holdings, Inc. | 1102 | 106442 |
| Greif, Inc., Class A | 2820 | 168523 |
| Sealed Air Corp. | 3430 | 121250 |
| Silgan Holdings, Inc. | 2111 | 90794 |
| Sonoco Products Co. | 166 | 7153 |
|  |  | 585473 |

---

Lazard US Systematic Small Cap Equity ETF

**Portfolio of Investments** **(continued)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **Distributors \| 0.1%** |  |  |
| Weyco Group, Inc. | 1244 | $37432 |
| **Diversified Consumer Services \| 3.9%** | **Diversified Consumer Services \| 3.9%** |  |
| ADT, Inc. | 19960 | 173852 |
| Adtalem Global Education, Inc. (\*) | 2929 | 452384 |
| Afya Ltd., Class A | 6134 | 95691 |
| American Public Education, Inc. (\*) | 270 | 10657 |
| Coursera, Inc. (\*) | 8170 | 95671 |
| Frontdoor, Inc. (\*) | 3067 | 206378 |
| Graham Holdings Co., Class B | 91 | 107135 |
| Grand Canyon Education, Inc. (\*) | 494 | 108443 |
| Laureate Education, Inc. (\*) | 7589 | 239357 |
| Perdoceo Education Corp. | 7710 | 290359 |
| Strategic Education, Inc. | 1735 | 149227 |
| Udemy, Inc. (\*) | 12275 | 86048 |
| Universal Technical Institute, Inc. (\*) | 2991 | 97357 |
|  |  | 2112559 |
| **Diversified REITs \| 0.4%** |  |  |
| Alexander & Baldwin, Inc. | 4621 | 84056 |
| Broadstone Net Lease, Inc. | 5284 | 94425 |
|  |  | 178481 |
| **Diversified Telecommunication Services \| 0.7%** | **Diversified Telecommunication Services \| 0.7%** |  |
| GCI Liberty, Inc., Class C (\*) | 333 | 12411 |
| IDT Corp., Class B | 3622 | 189467 |
| Liberty Global Ltd., Class A (\*) | 18457 | 211517 |
|  |  | 413395 |
| **Electric Utilities \| 0.2%** |  |  |
| OGE Energy Corp. | 2148 | 99388 |
| **Electrical Equipment \| 2.0%** |  |  |
| Acuity, Inc. | 598 | 205945 |
| Allient, Inc. | 37 | 1656 |
| Atkore, Inc. | 1731 | 108603 |
| Electrovaya, Inc. (\*) | 3737 | 22011 |
| Generac Holdings, Inc. (\*) | 1734 | 290272 |
| Power Solutions International, Inc. (\*) | 2764 | 271480 |
| Regal Rexnord Corp. | 672 | 96392 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| Sensata Technologies Holding PLC | 3154 | $| 96355 |
|  |  |  | 1092714 |
| **Electronic Equipment, Instruments & Components \| 4.7%** | **Electronic Equipment, Instruments & Components \| 4.7%** | **Electronic Equipment, Instruments & Components \| 4.7%** | **Electronic Equipment, Instruments & Components \| 4.7%** |
| Advanced Energy Industries, Inc. | 207 |  | 35219 |
| Arrow Electronics, Inc. (\*) | 1445 |  | 174845 |
| Belden, Inc. | 605 |  | 72763 |
| Cognex Corp. | 2339 |  | 105957 |
| Coherent Corp. (\*) | 2769 |  | 298277 |
| CTS Corp. | 4042 |  | 161437 |
| Daktronics, Inc. (\*) | 2568 |  | 53723 |
| Itron, Inc. (\*) | 1898 |  | 236415 |
| Kimball Electronics, Inc. (\*) | 6423 |  | 191791 |
| Littelfuse, Inc. | 676 |  | 175091 |
| Novanta, Inc. (\*) | 185 |  | 18528 |
| PC Connection, Inc. | 3516 |  | 217957 |
| Rogers Corp. (\*) | 1331 |  | 107092 |
| Sanmina Corp. (\*) | 831 |  | 95656 |
| ScanSource, Inc. (\*) | 2818 |  | 123964 |
| TD SYNNEX Corp. | 716 |  | 117245 |
| TTM Technologies, Inc. (\*) | 6784 |  | 390758 |
| Vontier Corp. | 2363 |  | 99175 |
|  |  |  | 2675893 |
| **Energy Equipment & Services \| 1.4%** | **Energy Equipment & Services \| 1.4%** |  |  |
| Archrock, Inc. | 3892 |  | 102399 |
| Cactus, Inc., Class A | 2152 |  | 84939 |
| Enerflex Ltd. | 5960 |  | 64249 |
| Flowco Holdings, Inc., Class A | 6371 |  | 94609 |
| Ranger Energy Services, Inc., Class A | 4467 |  | 62717 |
| Schlumberger NV | 2707 |  | 93040 |
| Select Water Solutions, Inc. | 10599 |  | 113303 |
| Weatherford International PLC | 1680 |  | 114962 |
|  |  |  | 730218 |
| **Entertainment \| 0.1%** |  |  |  |
| CuriosityStream, Inc. | 15527 |  | 82293 |
| **Financial Services \| 1.4%** |  |  |  |
| Banco Latinoamericano de Comercio Exterior SA | 2041 |  | 93825 |
| Burford Capital Ltd. | 7255 |  | 86770 |
| Cass Information Systems, Inc. | 1513 |  | 59506 |
| EVERTEC, Inc. | 2277 |  | 76917 |

---

Lazard US Systematic Small Cap Equity ETF

**Portfolio of Investments** **(continued)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| Jack Henry & Associates, Inc. | 596 | $88762 |
| MGIC Investment Corp. | 4108 | 116544 |
| NMI Holdings, Inc. (\*) | 5032 | 192927 |
| Paymentus Holdings, Inc., Class A (\*) | 2449 | 74939 |
|  |  | 790190 |
| **Food Products \| 1.5%** |  |  |
| Dole PLC | 9540 | 128218 |
| Fresh Del Monte Produce, Inc. | 4523 | 157039 |
| Lifeway Foods, Inc. (\*) | 3849 | 106848 |
| Marzetti Co. | 557 | 96244 |
| Mission Produce, Inc. (\*) | 4275 | 51385 |
| Seaboard Corp. | 28 | 102116 |
| Seneca Foods Corp., Class A (\*) | 834 | 90022 |
| Simply Good Foods Co. (\*) | 2965 | 73591 |
|  |  | 805463 |
| **Gas Utilities \| 0.4%** |  |  |
| MDU Resources Group, Inc. | 6020 | 107216 |
| National Fuel Gas Co. | 1126 | 104009 |
|  |  | 211225 |
| **Ground Transportation \| 0.5%** |  |  |
| Covenant Logistics Group, Inc. | 3153 | 68294 |
| Landstar System, Inc. | 751 | 92043 |
| Ryder System, Inc. | 662 | 124880 |
|  |  | 285217 |
| **Health Care Equipment & Supplies \| 4.4%** | **Health Care Equipment & Supplies \| 4.4%** |  |
| Align Technology, Inc. (\*) | 1379 | 172678 |
| AtriCure, Inc. (\*) | 2864 | 100956 |
| Avanos Medical, Inc. (\*) | 17225 | 199121 |
| Bioventus, Inc., Class A (\*) | 7441 | 49780 |
| Cerus Corp. (\*) | 44032 | 70011 |
| Dentsply Sirona, Inc. | 5584 | 70861 |
| Electromed, Inc. (\*) | 7051 | 173102 |
| Globus Medical, Inc., Class A (\*) | 4650 | 266306 |
| LeMaitre Vascular, Inc. | 2558 | 223851 |
| LivaNova PLC (\*) | 3103 | 162535 |
| NeuroPace, Inc. (\*) | 6258 | 64520 |
| Novocure Ltd. (\*) | 6422 | 82972 |
| Omnicell, Inc. (\*) | 5122 | 155965 |
| Penumbra, Inc. (\*) | 613 | 155285 |
| SANUWAVE Health, Inc. (\*) | 1520 | 56970 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| SI-BONE, Inc. (\*) | 5038 | $74159 |
| Teleflex, Inc. | 2064 | 252551 |
| Zimvie, Inc. (\*) | 5411 | 102484 |
|  |  | 2434107 |
| **Health Care Providers & Services \| 1.4%** | **Health Care Providers & Services \| 1.4%** |  |
| Addus HomeCare Corp. (\*) | 865 | 102061 |
| Chemed Corp. | 307 | 137456 |
| Encompass Health Corp. | 857 | 108856 |
| Enhabit, Inc. (\*) | 19642 | 157332 |
| Pediatrix Medical Group, Inc. (\*) | 6311 | 105709 |
| Universal Health Services, Inc., Class B | 625 | 127775 |
| Viemed Healthcare, Inc. (\*) | 6148 | 41745 |
|  |  | 780934 |
| **Health Care REITs \| 0.6%** |  |  |
| American Healthcare REIT, Inc. | 2448 | 102840 |
| CareTrust REIT, Inc. | 2853 | 98942 |
| Healthcare Realty Trust, Inc. | 5285 | 95289 |
|  |  | 297071 |
| **Health Care Technology \| 0.9%** |  |  |
| Doximity, Inc., Class A (\*) | 3461 | 253172 |
| HealthStream, Inc. | 2513 | 70967 |
| TruBridge, Inc. (\*) | 3261 | 65774 |
| Waystar Holding Corp. (\*) | 2743 | 104015 |
|  |  | 493928 |
| **Hotels, Restaurants & Leisure \| 3.3%** | **Hotels, Restaurants & Leisure \| 3.3%** |  |
| Accel Entertainment, Inc. (\*) | 17321 | 191743 |
| Aramark | 2821 | 108326 |
| Boyd Gaming Corp. | 2991 | 258572 |
| Churchill Downs, Inc. | 876 | 84981 |
| Monarch Casino & Resort, Inc. | 3270 | 346097 |
| Nathan's Famous, Inc. | 930 | 102988 |
| Red Rock Resorts, Inc., Class A | 1698 | 103680 |
| Sportradar Group AG, Class A (\*) | 10422 | 280352 |
| Texas Roadhouse, Inc. | 643 | 106834 |
| Travel & Leisure Co. | 1553 | 92388 |
| Wyndham Hotels & Resorts, Inc. | 1088 | 86931 |
|  |  | 1762892 |
| **Household Durables \| 2.0%** |  |  |
| Cavco Industries, Inc. (\*) | 558 | 324047 |

---

Lazard US Systematic Small Cap Equity ETF

**Portfolio of Investments** **(continued)**

**September 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| Flexsteel Industries, Inc. | 1797 | $| 83291 |
| Hamilton Beach Brands Holding Co., Class A | 3186 |  | 45783 |
| Mohawk Industries, Inc. (\*) | 806 |  | 103910 |
| Taylor Morrison Home Corp. (\*) | 4745 |  | 313217 |
| Tri Pointe Homes, Inc. (\*) | 6671 |  | 226614 |
|  |  |  | 1096862 |
| **Household Products \| 0.5%** |  |  |  |
| Central Garden & Pet Co., Class A (\*) | 3237 |  | 95589 |
| Oil-Dri Corp. of America | 2332 |  | 142345 |
|  |  |  | 237934 |
| **Independent Power & Renewable Electricity Producers \| 0.7%** | **Independent Power & Renewable Electricity Producers \| 0.7%** | **Independent Power & Renewable Electricity Producers \| 0.7%** | **Independent Power & Renewable Electricity Producers \| 0.7%** |
| Brookfield Renewable Corp. | 3109 |  | 107012 |
| Clearway Energy, Inc., Class A | 3568 |  | 96086 |
| ReNew Energy Global PLC, Class A (\*) | 23654 |  | 182136 |
|  |  |  | 385234 |
| **Industrial REITs \| 0.5%** |  |  |  |
| EastGroup Properties, Inc. | 469 |  | 79383 |
| First Industrial Realty Trust, Inc. | 1307 |  | 67271 |
| LXP Industrial Trust | 11139 |  | 99805 |
| STAG Industrial, Inc. | 1974 |  | 69662 |
|  |  |  | 316121 |
| **Insurance \| 2.2%** |  |  |  |
| Assurant, Inc. | 428 |  | 92705 |
| Axis Capital Holdings Ltd. | 1216 |  | 116493 |
| Brighthouse Financial, Inc. (\*) | 2666 |  | 141511 |
| Globe Life, Inc. | 946 |  | 135250 |
| Hamilton Insurance Group Ltd., Class B (\*) | 7347 |  | 182206 |
| Hanover Insurance Group, Inc. | 661 |  | 120057 |
| Kemper Corp. | 1379 |  | 71087 |
| Old Republic International Corp. | 2397 |  | 101801 |
| RenaissanceRe Holdings Ltd. | 398 |  | 101064 |
| RLI Corp. | 1282 |  | 83612 |
| Selective Insurance Group, Inc. | 1164 |  | 94365 |
|  |  |  | 1240151 |
| **Interactive Media & Services \| 0.8%** | **Interactive Media & Services \| 0.8%** |  |  |
| Cargurus, Inc. (\*) | 5566 |  | 207222 |
| EverQuote, Inc., Class A (\*) | 1633 |  | 37347 |
| Taboola.com Ltd. (\*) | 49713 |  | 169521 |
|  |  |  | 414090 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **IT Services \| 0.6%** |  |  |
| ASGN, Inc. (\*) | 2552 | $120837 |
| Backblaze, Inc., Class A (\*) | 17901 | 166121 |
| CI&T, Inc., Class A (\*) | 2422 | 12473 |
| EPAM Systems, Inc. (\*) | 156 | 23523 |
| Unisys Corp. (\*) | 18401 | 71764 |
|  |  | 394718 |
| **Leisure Products \| 0.2%** |  |  |
| JAKKS Pacific, Inc. | 7080 | 132608 |
| **Life Sciences Tools & Services \| 0.7%** | **Life Sciences Tools & Services \| 0.7%** |  |
| Adaptive Biotechnologies Corp. (\*) | 2241 | 33525 |
| Avantor, Inc. (\*) | 6925 | 86424 |
| Bio-Techne Corp. | 442 | 24588 |
| Charles River Laboratories International, Inc. (\*) | 291 | 45530 |
| CryoPort, Inc. (\*) | 5823 | 55202 |
| Qiagen NV | 2329 | 104060 |
|  |  | 349329 |
| **Machinery \| 4.3%** |  |  |
| Alamo Group, Inc. | 861 | 164365 |
| Atmus Filtration Technologies, Inc. | 2294 | 103436 |
| Enerpac Tool Group Corp. | 2600 | 106600 |
| Franklin Electric Co., Inc. | 1250 | 119000 |
| Hyster-Yale, Inc. | 268 | 9878 |
| JBT Marel Corp. | 751 | 105478 |
| Kennametal, Inc. | 3739 | 78257 |
| Lincoln Electric Holdings, Inc. | 452 | 106595 |
| Lindsay Corp. | 1503 | 211262 |
| Luxfer Holdings PLC | 9957 | 138402 |
| Mueller Industries, Inc. | 4665 | 471678 |
| Nordson Corp. | 469 | 106440 |
| Proto Labs, Inc. (\*) | 4919 | 246098 |
| SPX Technologies, Inc. (\*) | 484 | 90402 |
| Stanley Black & Decker, Inc. | 333 | 24752 |
| Tennant Co. | 1242 | 100677 |
| Toro Co. | 1356 | 103327 |
| Trinity Industries, Inc. | 1456 | 40826 |
| Worthington Enterprises, Inc. | 1362 | 75577 |
|  |  | 2403050 |

---

*Lazard US Systematic Small Cap Equity ETF*

**Portfolio of Investments (continued)**

**September 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Marine Transportation \| 0.6%** |  |  |  |
| Danaos Corp. | 1315 | $| 118100 |
| Global Ship Lease, Inc., Class A | 2742 |  | 84180 |
| Kirby Corp. (\*) | 1044 |  | 87122 |
|  |  |  | 289402 |
| **Media \| 0.5%** |  |  |  |
| DoubleVerify Holdings, Inc. (\*) | 3941 |  | 47213 |
| John Wiley & Sons, Inc., Class A | 482 |  | 19507 |
| Liberty Broadband Corp., Class C (\*) | 3833 |  | 243549 |
|  |  |  | 310269 |
| **Mortgage Real Estate Investment Trusts (REITs) \| 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) \| 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) \| 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) \| 0.0%** |
| Angel Oak Mortgage REIT, Inc. | 1475 |  | 13821 |
| **Office REITs \| 0.4%** |  |  |  |
| COPT Defense Properties | 2526 |  | 73406 |
| Cousins Properties, Inc. | 2909 |  | 84186 |
| Postal Realty Trust, Inc., Class A | 4429 |  | 69491 |
|  |  |  | 227083 |
| **Oil, Gas & Consumable Fuels \| 2.7%** | **Oil, Gas & Consumable Fuels \| 2.7%** |  |  |
| Antero Midstream Corp. | 3941 |  | 76613 |
| Baytex Energy Corp. | 42612 |  | 99712 |
| Bw Lpg Ltd. (#) | 11785 |  | 168290 |
| California Resources Corp. | 2098 |  | 111572 |
| Chord Energy Corp. | 956 |  | 94998 |
| DHT Holdings, Inc. | 8482 |  | 101360 |
| DT Midstream, Inc. | 1004 |  | 113512 |
| Granite Ridge Resources, Inc. | 17863 |  | 96639 |
| Hafnia Ltd. | 22601 |  | 135380 |
| Hess Midstream LP, Class A | 2594 |  | 89623 |
| Ovintiv, Inc. | 2543 |  | 102686 |
| SandRidge Energy, Inc. | 8028 |  | 90556 |
| VAALCO Energy, Inc. | 21064 |  | 84677 |
|  |  |  | 1365618 |
| **Passenger Airlines \| 0.7%** |  |  |  |
| Alaska Air Group, Inc. (\*) | 688 |  | 34249 |
| Copa Holdings SA, Class A | 2581 |  | 306674 |
| SkyWest, Inc. (\*) | 512 |  | 51517 |
|  |  |  | 392440 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Personal Care Products \| 0.1%** |  |  |  |
| Nature's Sunshine Products, Inc. (\*) | 3535 | $| 54863 |
| **Pharmaceuticals \| 0.9%** |  |  |  |
| Phibro Animal Health Corp., Class A | 6223 |  | 251783 |
| Prestige Consumer Healthcare, Inc. (\*) | 1100 |  | 68640 |
| SNDL, Inc. (\*) | 51808 |  | 138845 |
|  |  |  | 459268 |
| **Professional Services \| 4.3%** |  |  |  |
| Barrett Business Services, Inc. | 1174 |  | 52032 |
| CRA International, Inc. | 525 |  | 109478 |
| ExlService Holdings, Inc. (\*) | 3368 |  | 148293 |
| Genpact Ltd. | 6084 |  | 254859 |
| Huron Consulting Group, Inc. (\*) | 1814 |  | 266241 |
| IBEX Holdings Ltd. (\*) | 4299 |  | 174195 |
| Insperity, Inc. | 334 |  | 16433 |
| KBR, Inc. | 3413 |  | 161401 |
| Kelly Services, Inc., Class A | 12295 |  | 161310 |
| Korn Ferry | 3047 |  | 213229 |
| Paylocity Holding Corp. (\*) | 539 |  | 85847 |
| TaskUS, Inc., Class A (\*) | 5834 |  | 104137 |
| TELUS International CDA, Inc. (\*) | 17570 |  | 78714 |
| Verra Mobility Corp. (\*) | 3930 |  | 97071 |
| Willdan Group, Inc. (\*) | 4053 |  | 391885 |
|  |  |  | 2315125 |
| **Real Estate Management & Development \| 0.9%** | **Real Estate Management & Development \| 0.9%** | **Real Estate Management & Development \| 0.9%** | **Real Estate Management & Development \| 0.9%** |
| Colliers International Group, Inc. | 571 |  | 89196 |
| Cushman & Wakefield PLC (\*) | 7149 |  | 113812 |
| FirstService Corp. | 435 |  | 82863 |
| Real Brokerage, Inc. (\*) | 19475 |  | 81406 |
| Seaport Entertainment Group, Inc. (\*) | 3162 |  | 72473 |
| St. Joe Co. | 1741 |  | 86145 |
|  |  |  | 525895 |
| **Residential REITs \| 0.3%** |  |  |  |
| Elme Communities | 6228 |  | 105004 |
| UMH Properties, Inc. | 5425 |  | 80561 |
|  |  |  | 185565 |

---

*Lazard US Systematic Small Cap Equity ETF*

**Portfolio of Investments (continued)**

**September 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Retail REITs \| 1.2%** |  |  |  |
| Brixmor Property Group, Inc. | 3627 | $| 100395 |
| Federal Realty Investment Trust | 619 |  | 62711 |
| InvenTrust Properties Corp. | 3536 |  | 101200 |
| Kite Realty Group Trust | 3167 |  | 70624 |
| Regency Centers Corp. | 1378 |  | 100456 |
| Tanger, Inc. | 2852 |  | 96512 |
| Urban Edge Properties | 4388 |  | 89822 |
|  |  |  | 621720 |
| **Semiconductors & Semiconductor Equipment \| 3.3%** | **Semiconductors & Semiconductor Equipment \| 3.3%** | **Semiconductors & Semiconductor Equipment \| 3.3%** | **Semiconductors & Semiconductor Equipment \| 3.3%** |
| Cirrus Logic, Inc. (\*) | 1748 |  | 219007 |
| Cohu, Inc. (\*) | 5331 |  | 108379 |
| Diodes, Inc. (\*) | 4517 |  | 240350 |
| MACOM Technology Solutions Holdings, Inc. (\*) | 1458 |  | 181506 |
| Onto Innovation, Inc. (\*) | 2992 |  | 386626 |
| Power Integrations, Inc. | 1221 |  | 49096 |
| Qorvo, Inc. (\*) | 1215 |  | 110662 |
| Rambus, Inc. (\*) | 5416 |  | 564347 |
| Universal Display Corp. | 152 |  | 21832 |
|  |  |  | 1881805 |
| **Software \| 8.4%** |  |  |  |
| ACI Worldwide, Inc. (\*) | 3606 |  | 190289 |
| Adeia, Inc. | 12016 |  | 201869 |
| Aduro Clean Technologies, Inc. | 1628 |  | 21815 |
| Agilysys, Inc. (\*) | 1664 |  | 175136 |
| Alarm.com Holdings, Inc. (\*) | 2884 |  | 153083 |
| Blackbaud, Inc. (\*) | 1542 |  | 99166 |
| Braze, Inc., Class A (\*) | 4669 |  | 132786 |
| CCC Intelligent Solutions Holdings, Inc. (\*) | 10633 |  | 96867 |
| Cellebrite DI Ltd. (\*) | 6699 |  | 124133 |
| Cognyte Software Ltd. (\*) | 7820 |  | 65688 |
| Commvault Systems, Inc. (\*) | 1571 |  | 296573 |
| Consensus Cloud Solutions, Inc. (\*) | 4486 |  | 131754 |
| CoreCard Corp. (\*) | 716 |  | 19275 |
| Docebo, Inc. (\*) | 3403 |  | 93004 |
| Dolby Laboratories, Inc., Class A | 2555 |  | 184905 |
| Elastic NV (\*) | 2292 |  | 193651 |
| Freshworks, Inc., Class A (\*) | 4486 |  | 52800 |
| Intapp, Inc. (\*) | 2316 |  | 94724 |
| JFrog Ltd. (\*) | 3635 |  | 172045 |
| Karooooo Ltd. | 1082 |  | 61804 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| Lightspeed Commerce, Inc. (\*) | 7919 | $| 91464 |
| LiveRamp Holdings, Inc. (\*) | 8276 |  | 224611 |
| Magic Software Enterprises Ltd. | 1707 |  | 34840 |
| Mitek Systems, Inc. (\*) | 20066 |  | 196045 |
| N-Able, Inc. (\*) | 28004 |  | 218431 |
| OneSpan, Inc. | 11258 |  | 178890 |
| Open Text Corp. | 1555 |  | 58126 |
| Q2 Holdings, Inc. (\*) | 999 |  | 72318 |
| Radware Ltd. (\*) | 6982 |  | 184953 |
| Red Violet, Inc. | 677 |  | 35373 |
| Sapiens International Corp. NV | 3066 |  | 131838 |
| SentinelOne, Inc., Class A (\*) | 8842 |  | 155708 |
| SPS Commerce, Inc. (\*) | 1261 |  | 131321 |
| Tenable Holdings, Inc. (\*) | 3445 |  | 100456 |
| Weave Communications, Inc. (\*) | 2540 |  | 16967 |
| Workiva, Inc. (\*) | 2897 |  | 249374 |
| Yext, Inc. (\*) | 6162 |  | 52500 |
|  |  |  | 4694582 |
| **Specialized REITs \| 0.8%** |  |  |  |
| EPR Properties | 1578 |  | 91540 |
| Four Corners Property Trust, Inc. | 3601 |  | 87864 |
| Millrose Properties, Inc. | 2841 |  | 95486 |
| Rayonier, Inc. | 3425 |  | 90899 |
|  |  |  | 365789 |
| **Specialty Retail \| 1.1%** |  |  |  |
| Asbury Automotive Group, Inc. (\*) | 621 |  | 151803 |
| AutoNation, Inc. (\*) | 1093 |  | 239116 |
| Haverty Furniture Cos., Inc. | 4369 |  | 95812 |
| Murphy USA, Inc. | 231 |  | 89688 |
|  |  |  | 576419 |
| **Technology Hardware, Storage & Peripherals \| 0.2%** | **Technology Hardware, Storage & Peripherals \| 0.2%** | **Technology Hardware, Storage & Peripherals \| 0.2%** | **Technology Hardware, Storage & Peripherals \| 0.2%** |
| Diebold Nixdorf, Inc. (\*) | 2132 |  | 121588 |
| **Textiles, Apparel & Luxury Goods \| 1.0%** | **Textiles, Apparel & Luxury Goods \| 1.0%** | **Textiles, Apparel & Luxury Goods \| 1.0%** | **Textiles, Apparel & Luxury Goods \| 1.0%** |
| Figs, Inc., Class A (\*) | 27585 |  | 184544 |
| Gildan Activewear, Inc. | 3366 |  | 194555 |
| Kontoor Brands, Inc. | 1344 |  | 107211 |
| Superior Group of Cos., Inc. | 4487 |  | 48101 |
|  |  |  | 534411 |

---

*Lazard US Systematic Small Cap Equity ETF*

**Portfolio of Investments (concluded)**

**September 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Trading Companies & Distributors \| 1.8%** |  |  |  |
| BlueLinx Holdings, Inc. (\*) | 567 | $| 41436 |
| Boise Cascade Co. | 1521 |  | 117604 |
| DNOW, Inc. (\*) | 15199 |  | 231785 |
| GATX Corp. | 884 |  | 154523 |
| Global Industrial Co. | 2438 |  | 89401 |
| Hudson Technologies, Inc. (\*) | 13977 |  | 138792 |
| Karat Packaging, Inc. | 5733 |  | 144529 |
|  |  |  | 918070 |
| **Wireless Telecommunication Services \| 0.3%** | **Wireless Telecommunication Services \| 0.3%** | **Wireless Telecommunication Services \| 0.3%** | **Wireless Telecommunication Services \| 0.3%** |
| Millicom International Cellular SA | 1901 |  | 92274 |
| Spok Holdings, Inc. | 4348 |  | 75003 |
|  |  |  | 167277 |
| **Total Common Stocks**<br> (Cost $46,889,452) |  |  | 52979186 |
| **Rights \| 0.0%** |  |  |  |
| **Biotechnology \| 0.0%** |  |  |  |
| Epizyme, Inc. CVR,<br> Expires 2099 (\*), (¢) | 41136 |  | 823 |
| **Consumer Staples Distribution \| 0.0%** | **Consumer Staples Distribution \| 0.0%** | **Consumer Staples Distribution \| 0.0%** | **Consumer Staples Distribution \| 0.0%** |
| Walgreens Boots Alliance, Inc. CVR,<br> Expires 2099 (\*) | 15004 |  | 7952 |
| **Paper & Forest Products \| 0.0%** |  |  |  |
| Resolute Forest Products, Inc. CVR,<br> Expires 2099 (\*), (¢) | 10077 |  | 0 |
| **Pharmaceuticals \| 0.0%** |  |  |  |
| Adamas Pharmaceuticals, Inc. CVR,<br> Expires 2099 (\*), (¢) | 1139 |  | 0 |
| **Total Rights**<br> (Cost $23,152) |  |  | 8775 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **Short-Term Investments \| 0.8%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $451,828) | 451828 | $451828 |
| **Total Investments \| 97.8%**<br> (Cost $47,430,684) |  | $**53547630** |
| **Cash and Other Assets in Excess of Liabilites \| 2.2%** | **Cash and Other Assets in Excess of Liabilites \| 2.2%** | **1189501** |
| **Net Assets \| 100.0%** |  | $**54737131** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 0.3% of net assets of the Portfolio. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |

---

*Lazard Active ETF Trust* <br> **Notes to Portfolio of Investments**<br> **September 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Asset Class/Sector | Lazard Equity <br> Megatrends <br> ETF | Lazard<br> International<br> Dynamic<br> Equity ETF | Lazard<br> Japanese <br> Equity ETF | Lazard<br> Next Gen<br> Technologies<br> ETF |
| &nbsp;&nbsp;&nbsp;Communication Services | 6.6% | 6.7% | 6.5% | 7.2% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 7.8 | 10.8 | 13.7 | 4.8 |
| &nbsp;&nbsp;&nbsp;Consumer Staples |  | 5.4 | 5.6 |  |
| &nbsp;&nbsp;&nbsp;Energy | 1.8 | 4.0 | 1.9 |  |
| &nbsp;&nbsp;&nbsp;Financials | 8.8 | 24.5 | 20.7 | 5.3 |
| &nbsp;&nbsp;&nbsp;Health Care | 15.5 | 7.4 | 4.1 | 3.1 |
| &nbsp;&nbsp;&nbsp;Industrials | 16.0 | 15.1 | 23.2 | 7.4 |
| &nbsp;&nbsp;&nbsp;Information Technology | 40.7 | 13.6 | 10.5 | 71.1 |
| &nbsp;&nbsp;&nbsp;Materials |  | 6.9 | 7.6 |  |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 1.3 | 2.7 |  |
| &nbsp;&nbsp;&nbsp;Utilities |  | 2.6 | 2.3 |  |
| &nbsp;&nbsp;&nbsp;Warrants |  | 0.0 |  |  |
| Other (includes short-term investments) | 2.8 | 1.7 | 1.2 | 1.1 |
| Total | 100.0% | 100.0% | 100.0% | 100.0% |

---

---

| | |
|:---|:---|
| Asset Class/Sector | Lazard US<br> Systematic<br> Small Cap<br> Equity ETF |
| &nbsp;&nbsp;&nbsp;Closed-End Management |  |
| &nbsp;&nbsp;&nbsp;Investment Companies | 0.2% |
| &nbsp;&nbsp;&nbsp;Communication Services | 2.4 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 13.1 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 3.0 |
| &nbsp;&nbsp;&nbsp;Energy | 4.1 |
| &nbsp;&nbsp;&nbsp;Financials | 9.6 |
| &nbsp;&nbsp;&nbsp;Health Care | 11.2 |
| &nbsp;&nbsp;&nbsp;Industrials | 22.7 |
| &nbsp;&nbsp;&nbsp;Information Technology | 19.8 |
| &nbsp;&nbsp;&nbsp;Materials | 4.5 |
| &nbsp;&nbsp;&nbsp;Real Estate | 5.1 |
| &nbsp;&nbsp;&nbsp;Utilities | 1.3 |
| Other (includes short-term investments) | 3.0 |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| **<u>Security Abbreviations:</u>** | **<u>Security Abbreviations:</u>** |
| ADR | — American Depositary Receipt |
| CVR | — Contingent Value Rights |
| GDR | — Global Depositary Receipt |
| PJSC | — Public Joint Stock Company |
| REITs | — Real Estate Investment Trust |

---

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund's policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.

**Item 2. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**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.

Lazard Active ETF Trust

---

| | |
|:---|:---|
| By: | /s/ Nathan A. Paul |
|  | Nathan A. Paul |
|  | Chief Executive Officer |
| Date: | November 24, 2025 |

---

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/ Nathan A. Paul |
|  | Nathan A. Paul |
|  | Chief Executive Officer |
| Date: | November 24, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Christina Kennedy |
|  | Christina Kennedy |
|  | Chief Financial Officer |
| Date: | November 24, 2025 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Lazard Active ETF Trust

- **b. Investment Company Act file number:** 811-24041

- **c. CIK number of Registrant:** 0002051630

- **d. LEI of Registrant:** 254900CR1PMVJV76SB71

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 30 ROCKEFELLER PLAZA

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10112

  - **Telephone number:** 212-632-6000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Lazard Next Gen Technologies ETF

- **b. EDGAR series identifier (if any):** S000091516

- **c. LEI of Series:** 529900IG717VQD7NE532

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $47719069.65

**Total Liabilities:** $228767.83

**Net Assets:** $47490301.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259184 | 2.51%                | 0.85%                | 7.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $201206.01               | $842088.47                                 |
| Month 2  | $266609.24               | $94296.58                                  |
| Month 3  | $378823.56               | $2805398.15                                |

### Schedule of Portfolio Investments

| Name                                      | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Salesforce Inc                            | Salesforce Inc                                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      2999 | NS      | $710763.00    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                             | Dynatrace Inc                                              | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     14802 | NS      | $717156.90    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                                  | Okta Inc                                                   | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |      5072 | NS      | $465102.40    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp      | International Business Machines Corp                       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      2756 | NS      | $777632.96    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                             | Amphenol Corp                                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     10522 | NS      | $1302097.50   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Nebius Group NV                           | Nebius Group NV                                            | CUSIP: 000000000<br>LEI: 549300GGZHJ5Q1B18P93 | Long             | EC               | CORP              | NL        |     10257 | NS      | $1151553.39   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                      | Tencent Holdings Ltd                                       | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     11404 | NS      | $971050.60    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Advantest Corp                            | Advantest Corp                                             | CUSIP: 000000000<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |     16000 | NS      | $1587161.86   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                            | Cloudflare Inc                                             | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |      4933 | NS      | $1058572.47   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                     | Uber Technologies Inc                                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      9622 | NS      | $942667.34    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| JFrog Ltd                                 | JFrog Ltd                                                  | CUSIP: 000000000<br>LEI: 2549002N8E00AY49G567 | Long             | EC               | CORP              | IL        |      6902 | NS      | $326671.66    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                               | Samsara Inc                                                | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13939 | NS      | $519227.75    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc                | Advanced Micro Devices Inc                                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      3697 | NS      | $598137.63    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc                  | Manhattan Associates Inc                                   | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      2650 | NS      | $543197.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                              | Alphabet Inc                                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4389 | NS      | $1066965.90   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors              | State Street Institutional Treasury Plus Money Market Fund | CUSIP: 857492854<br>LEI: 549300PNASLVKQG64331 | Long             | STIV             | RF                | US        |    314218 | NS      | $314217.65    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                 | Alibaba Group Holding Ltd                                  | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      5637 | NS      | $1007501.01   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                 | Block Inc                                                  | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |      6187 | NS      | $447134.49    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                | Fiserv Inc                                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      3132 | NS      | $403808.76    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                                  | RELX PLC                                                   | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     16841 | NS      | $806450.11    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                            | Microsoft Corp                                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      3476 | NS      | $1800394.20   | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                                  | Adyen NV                                                   | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |       458 | NS      | $734574.60    | 1.55%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Trimble Inc                               | Trimble Inc                                                | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |      5502 | NS      | $449238.30    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                               | NVIDIA Corp                                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     13187 | NS      | $2460430.46   | 5.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd                     | CyberArk Software Ltd                                      | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |      1870 | NS      | $903490.50    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                              | Doximity Inc                                               | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7394 | NS      | $540871.10    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempus AI Inc                             | Tempus AI Inc                                              | CUSIP: 88023B103<br>LEI: 2549009LA0KWRAGQBX50 | Long             | EC               | CORP              | US        |     11522 | NS      | $929940.62    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                 | Palantir Technologies Inc                                  | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      5503 | NS      | $1003857.26   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc                | Cadence Design Systems Inc                                 | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      2003 | NS      | $703573.78    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                | FIXED INC CLEARING CORP.REPO                               | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |    210000 | PA      | $210000.00    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard Inc                            | Mastercard Inc                                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1588 | NS      | $903270.28    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                              | Broadcom Inc                                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      3553 | NS      | $1172170.23   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                       | Arista Networks Inc                                        | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      7245 | NS      | $1055668.95   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                            | ServiceNow Inc                                             | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       861 | NS      | $792361.08    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambarella Inc                             | Ambarella Inc                                              | CUSIP: 000000000<br>LEI: 254900XN7F4DG0CEKC02 | Long             | EC               | CORP              | KY        |      9697 | NS      | $800196.44    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                             | Snowflake Inc                                              | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      4312 | NS      | $972571.60    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                        | Meta Platforms Inc                                         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1848 | NS      | $1357134.24   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                               | Oracle Corp                                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      5064 | NS      | $1424199.36   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                              | Autodesk Inc                                               | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      2440 | NS      | $775114.80    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Prysmian SpA                              | Prysmian SpA                                               | CUSIP: 000000000<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |      8595 | NS      | $850144.17    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                  | Crowdstrike Holdings Inc                                   | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      1934 | NS      | $948394.92    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                    | Palo Alto Networks Inc                                     | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      6884 | NS      | $1401720.08   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                               | Datadog Inc                                                | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      7071 | NS      | $1006910.40   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                   | PTC Inc                                                    | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      3337 | NS      | $677477.74    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                               | Shopify Inc                                                | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      5465 | NS      | $812153.65    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                              | SK Hynix Inc                                               | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      3480 | NS      | $861907.99    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                | Twilio Inc                                                 | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |      5220 | NS      | $522469.80    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                              | Synopsys Inc                                               | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      1202 | NS      | $593054.78    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd | Taiwan Semiconductor Manufacturing Co Ltd                  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      4642 | NS      | $1296464.18   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                             | AppLovin Corp                                              | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      1417 | NS      | $1018171.18   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobileye Global Inc                       | Mobileye Global Inc                                        | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35439 | NS      | $500398.68    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                            | Amazon.com Inc                                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      3637 | NS      | $798576.09    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| King Yuan Electronics Co Ltd              | King Yuan Electronics Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    111000 | NS      | $597283.29    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                            | Eaton Corp PLC                                             | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      2421 | NS      | $906059.25    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-04

**Name of Applicant:** Lazard Active ETF Trust

**Signature:** Christina Kennedy

**Name of Signer:** Christina Kennedy

**Title:** Chief Financial Officer