# EDGAR Filing Document

**Accession Number:** 0001760588
**File Stem:** 0000910472-25-002526
**Filing Date:** 2025-10
**Character Count:** 65745
**Document Hash:** 2300bf42f66ea69d98f3f6dac50aed95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-002526.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000910472-25-002526

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20251130

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23435
- **FILM NUMBER:** 251427600

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** | **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** | **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0%** |  |
|  | **AEROSPACE & DEFENSE - 2.7%** |  |
| 7479 | General Dynamics Corporation | &nbsp;&nbsp;&nbsp; $2427459 |
| 26242 | RTX Corporation | &nbsp;&nbsp;&nbsp; 4161981 |
|  |  | &nbsp;&nbsp; 6589440 |
|  | **ASSET MANAGEMENT - 2.7%** |  |
| 8246 | Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp; 4245123 |
| 2087 | Blackrock, Inc. | &nbsp;&nbsp;&nbsp; 2352341 |
|  |  | &nbsp;&nbsp; 6597464 |
|  | **BANKING - 5.8%** |  |
| 27419 | JPMorgan Chase & Company | &nbsp;&nbsp;&nbsp; 8264635 |
| 13194 | PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 2736963 |
| 68622 | Truist Financial Corporation | &nbsp;&nbsp;&nbsp; 3212882 |
|  |  | &nbsp;&nbsp; 14214480 |
|  | **BEVERAGES - 1.4%** |  |
| 23226 | PepsiCo, Inc. | &nbsp;&nbsp;&nbsp; 3452545 |
|  | **BIOTECH & PHARMA - 5.7%** |  |
| 9749 | Amgen, Inc. | &nbsp;&nbsp;&nbsp; 2804885 |
| 29245 | Bristol-Myers Squibb Company | &nbsp;&nbsp;&nbsp; 1379779 |
| 6664 | Eli Lilly & Company | &nbsp;&nbsp;&nbsp; 4881913 |
| 19908 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 3527100 |
| 17620 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 1482194 |
|  |  | &nbsp;&nbsp; 14075871 |
|  | **COMMERCIAL SUPPORT SERVICES - 3.7%** |  |
| 22094 | Cintas Corporation | &nbsp;&nbsp;&nbsp; 4640403 |
| 18873 | Republic Services, Inc. | &nbsp;&nbsp;&nbsp; 4415716 |
|  |  | &nbsp;&nbsp; 9056119 |
|  | **DIVERSIFIED INDUSTRIALS - 1.0%** |  |
| 18790 | Emerson Electric Company | &nbsp;&nbsp;&nbsp; 2480280 |
|  | **ELECTRIC UTILITIES - 3.6%** |  |
| 41150 | American Electric Power Company, Inc. | &nbsp;&nbsp;&nbsp; 4568472 |
| 24530 | NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp; 1767387 |
| 27685 | Southern Company (The) | &nbsp;&nbsp;&nbsp; 2555326 |
|  |  | &nbsp;&nbsp; 8891185 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** | **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** | **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **ENGINEERING & CONSTRUCTION - 1.4%** |  |
| 5661 | EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp; $3509820 |
|  | **FOOD - 1.2%** |  |
| 16018 | Hershey Company (The) | &nbsp;&nbsp;&nbsp; 2943308 |
|  | **GAS & WATER UTILITIES - 1.0%** |  |
| 17286 | American Water Works Company, Inc. | &nbsp;&nbsp;&nbsp; 2480714 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.4%** |  |
| 23856 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 3549296 |
| 8356 | Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp; 2322884 |
|  |  | &nbsp;&nbsp; 5872180 |
|  | **HOUSEHOLD PRODUCTS - 2.4%** |  |
| 36736 | Procter & Gamble Company (The) | &nbsp;&nbsp;&nbsp; 5769021 |
|  | **INDUSTRIAL REIT - 0.6%** |  |
| 14001 | Prologis, Inc. | &nbsp;&nbsp;&nbsp; 1593034 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 1.0%** |  |
| 25962 | Nasdaq, Inc. | &nbsp;&nbsp;&nbsp; 2459640 |
|  | **INSURANCE - 6.0%** |  |
| 35870 | Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 4745959 |
| 21079 | Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;&nbsp; 4338269 |
| 38482 | MetLife, Inc. | &nbsp;&nbsp;&nbsp; 3130896 |
| 36372 | W R Berkley Corporation | &nbsp;&nbsp;&nbsp; 2607509 |
|  |  | &nbsp;&nbsp; 14822633 |
|  | **INTERNET MEDIA & SERVICES - 8.4%** |  |
| 61020 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 12991768 |
| 6248 | Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7549146 |
|  |  | &nbsp;&nbsp; 20540914 |
|  | **LEISURE FACILITIES & SERVICES - 2.3%** |  |
| 11446 | Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp; 3065926 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** | **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** | **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 2.3% (Continued)** |  |
| 8073 | McDonald's Corporation | &nbsp;&nbsp;&nbsp; $2531208 |
|  |  | &nbsp;&nbsp; 5597134 |
|  | **MACHINERY - 2.7%** |  |
| 15782 | Caterpillar, Inc. | &nbsp;&nbsp;&nbsp; 6613289 |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.4%** |  |
| 21584 | Abbott Laboratories | &nbsp;&nbsp;&nbsp; 2863333 |
| 29513 | Boston Scientific Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3113622 |
| 6790 | Stryker Corporation | &nbsp;&nbsp;&nbsp; 2657674 |
| 4476 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp; 2205415 |
|  |  | &nbsp;&nbsp; 10840044 |
|  | **RESIDENTIAL REIT - 0.8%** |  |
| 13223 | Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp; 1928178 |
|  | **RETAIL - CONSUMER STAPLES - 2.6%** |  |
| 68107 | Walmart, Inc. | &nbsp;&nbsp;&nbsp; 6605017 |
|  | **RETAIL - DISCRETIONARY - 4.0%** |  |
| 14529 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp; 5909961 |
| 28565 | TJX Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 3902265 |
|  |  | &nbsp;&nbsp; 9812226 |
|  | **SEMICONDUCTORS - 2.4%** |  |
| 22119 | Applied Materials, Inc. | &nbsp;&nbsp;&nbsp; 3555850 |
| 11997 | Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp; 2429153 |
|  |  | &nbsp;&nbsp; 5985003 |
|  | **SOFTWARE - 14.6%** |  |
| 10216 | Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3579993 |
| 4360 | Intuit, Inc. | &nbsp;&nbsp;&nbsp; 2908120 |
| 31881 | Microsoft Corporation | &nbsp;&nbsp;&nbsp; 16153783 |
| 19451 | Oracle Corporation | &nbsp;&nbsp;&nbsp; 4398455 |
| 9354 | Salesforce, Inc. | &nbsp;&nbsp;&nbsp; 2396963 |
| 10109 | Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6100984 |
|  |  | &nbsp;&nbsp; 35538298 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** | **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** | **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **SPECIALTY FINANCE - 2.8%** |  |
| 20506 | American Express Company | &nbsp;&nbsp;&nbsp; $6793228 |
|  | **TECHNOLOGY HARDWARE - 8.0%** |  |
| 70126 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 16279050 |
| 47570 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp; 3286611 |
|  |  | &nbsp;&nbsp; 19565661 |
|  | **TECHNOLOGY SERVICES - 3.4%** |  |
| 10919 | Accenture PLC, Class A | &nbsp;&nbsp;&nbsp; 2838612 |
| 9058 | International Business Machines Corporation | &nbsp;&nbsp;&nbsp; 2205532 |
| 6562 | Moody's Corporation | &nbsp;&nbsp;&nbsp; 3345046 |
|  |  | &nbsp;&nbsp; 8389190 |
|  | **TOTAL COMMON STOCKS (Cost $209,793,518)** | &nbsp;&nbsp; 243015916 |
|  | **TOTAL INVESTMENTS - 99.0% (Cost $209,793,518)** | &nbsp;&nbsp;&nbsp; $243015916 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.0%** | &nbsp;&nbsp; 2414587 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $245430503 |

---

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

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6%** |  |
|  | **AEROSPACE & DEFENSE - 1.3%** |  |
| 29104 | Archer Aviation, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $260481 |
| 9856 | Astronics Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 358463 |
| 7074 | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp; 1231583 |
|  |  | &nbsp;&nbsp; 1850527 |
|  | **ASSET MANAGEMENT - 1.7%** |  |
| 4710 | Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp; 1058903 |
| 12760 | Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;&nbsp; 597040 |
| 35839 | ODP Corporation (The)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 726098 |
|  |  | &nbsp;&nbsp; 2382041 |
|  | **AUTOMOTIVE - 0.6%** |  |
| 7094 | Visteon Corporation | &nbsp;&nbsp;&nbsp; 879372 |
|  | **BANKING - 7.4%** |  |
| 7763 | BancFirst Corporation | &nbsp;&nbsp;&nbsp; 1032246 |
| 29655 | Cadence Bank | &nbsp;&nbsp;&nbsp; 1116213 |
| 6939 | City Holding Company | &nbsp;&nbsp;&nbsp; 891523 |
| 26210 | First Horizon Corporation | &nbsp;&nbsp;&nbsp; 592346 |
| 7036 | Home Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 395881 |
| 15547 | Independent Bank Corporation (MA) | &nbsp;&nbsp;&nbsp; 1111766 |
| 10491 | Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp; 986469 |
| 18485 | Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp; 718882 |
| 3837 | Park National Corporation | &nbsp;&nbsp;&nbsp; 659081 |
| 7330 | ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 646140 |
| 17732 | SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp; 653424 |
| 14649 | Southern First Bancshares, Inc., 151938513<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 660670 |
| 13254 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1147398 |
|  |  | &nbsp;&nbsp; 10612039 |
|  | **BIOTECH & PHARMA - 2.4%** |  |
| 153315 | Allogene Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 173246 |
| 1753 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 782732 |
| 30745 | Arvinas, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 237659 |
| 3496 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 203712 |
| 11964 | Janux Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 271822 |
| 39330 | Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1527970 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **BIOTECH & PHARMA - 2.4% (Continued)** |  |
| 4103 | TG Therapeutics, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $120341 |
| 3795 | Vaxcyte, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 116848 |
|  |  | &nbsp;&nbsp; 3434330 |
|  | **CHEMICALS - 2.1%** |  |
| 3211 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp; 278169 |
| 5455 | DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp; 419599 |
| 9130 | International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp; 616366 |
| 72304 | Perimeter Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1618886 |
|  |  | &nbsp;&nbsp; 2933020 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.5%** |  |
| 4170 | Casella Waste Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 410995 |
| 4524 | TriNet Group, Inc. | &nbsp;&nbsp;&nbsp; 327628 |
|  |  | &nbsp;&nbsp; 738623 |
|  | **CONSTRUCTION MATERIALS - 0.3%** |  |
| 1241 | Carlisle Companies, Inc. | &nbsp;&nbsp;&nbsp; 478889 |
|  | **CONSUMER SERVICES - 1.3%** |  |
| 23896 | Coursera, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 274804 |
| 9424 | Stride, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1537903 |
|  |  | &nbsp;&nbsp; 1812707 |
|  | **CONTAINERS & PACKAGING - 0.6%** |  |
| 7958 | Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp; 790866 |
|  | **ELECTRIC UTILITIES - 1.8%** |  |
| 4299 | CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp; 162115 |
| 3163 | Constellation Energy Corporation | &nbsp;&nbsp;&nbsp; 974141 |
| 9207 | Edison International | &nbsp;&nbsp;&nbsp; 516789 |
| 5159 | Vistra Corporation | &nbsp;&nbsp;&nbsp; 975618 |
|  |  | &nbsp;&nbsp; 2628663 |
|  | **ELECTRICAL EQUIPMENT - 5.6%** |  |
| 3018 | Acuity, Inc. | &nbsp;&nbsp;&nbsp; 985286 |
| 27555 | Allient, Inc. | &nbsp;&nbsp;&nbsp; 1250446 |
| 14802 | Amphenol Corporation, Class A | &nbsp;&nbsp;&nbsp; 1611346 |
| 10148 | API Group Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 362081 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 5.6% (Continued)** |  |
| 1758 | Hubbell, Inc. | &nbsp;&nbsp;&nbsp; $757680 |
| 15937 | NEXTracker, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1071923 |
| 1822 | Powell Industries, Inc. | &nbsp;&nbsp;&nbsp; 484944 |
| 2866 | SPX Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 536257 |
| 3987 | Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp; 1104000 |
|  |  | &nbsp;&nbsp; 8163963 |
|  | **ENGINEERING & CONSTRUCTION - 5.4%** |  |
| 2780 | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp; 1955396 |
| 4466 | EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp; 2768921 |
| 16766 | Fluor Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 687741 |
| 5438 | MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 988030 |
| 2954 | Sterling Infrastructure, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 822778 |
| 12744 | Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp; 464136 |
|  |  | &nbsp;&nbsp; 7687002 |
|  | **ENTERTAINMENT CONTENT - 0.8%** |  |
| 2378 | AppLovin Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1138087 |
|  | **FOOD - 1.4%** |  |
| 59003 | Herbalife Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 577049 |
| 13196 | Phibro Animal Health Corporation, Class A | &nbsp;&nbsp;&nbsp; 489176 |
| 15577 | Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp; 884462 |
|  |  | &nbsp;&nbsp; 1950687 |
|  | **GAMING REIT - 0.3%** |  |
| 10982 | VICI Properties, Inc. | &nbsp;&nbsp;&nbsp; 370972 |
|  | **GAS & WATER UTILITIES - 3.0%** |  |
| 5148 | American Water Works Company, Inc. | &nbsp;&nbsp;&nbsp; 738789 |
| 15572 | National Fuel Gas Company | &nbsp;&nbsp;&nbsp; 1350716 |
| 21634 | New Jersey Resources Corporation | &nbsp;&nbsp;&nbsp; 1023072 |
| 26159 | NiSource, Inc. | &nbsp;&nbsp;&nbsp; 1105741 |
|  |  | &nbsp;&nbsp; 4218318 |
|  | **HEALTH CARE FACILITIES & SERVICES - 5.1%** |  |
| 6017 | Addus HomeCare Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 692978 |
| 3535 | Cencora, Inc. | &nbsp;&nbsp;&nbsp; 1030841 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 5.1% (Continued)** |  |
| 8467 | HealthEquity, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $756357 |
| 1906 | McKesson Corporation | &nbsp;&nbsp;&nbsp; 1308736 |
| 1936 | Medpace Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 920587 |
| 19531 | Option Care Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 560149 |
| 54915 | Premier, Inc., Class A | &nbsp;&nbsp;&nbsp; 1422299 |
| 3147 | Tenet Healthcare Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 580087 |
|  |  | &nbsp;&nbsp; 7272034 |
|  | **HEALTH CARE REIT - 0.6%** |  |
| 21116 | Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp; 898908 |
|  | **HOUSEHOLD PRODUCTS - 1.1%** |  |
| 35145 | Central Garden & Pet Company, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1160839 |
| 18815 | Quanex Building Products Corporation | &nbsp;&nbsp;&nbsp; 400195 |
|  |  | &nbsp;&nbsp; 1561034 |
|  | **INDUSTRIAL INTERMEDIATE PRODUCTS - 0.5%** |  |
| 17529 | Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp; 672763 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.2%** |  |
| 2376 | Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 560617 |
| 3317 | Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp; 1066581 |
| 11846 | Northern Trust Corporation | &nbsp;&nbsp;&nbsp; 1555143 |
|  |  | &nbsp;&nbsp; 3182341 |
|  | **INSURANCE - 4.0%** |  |
| 3614 | Allstate Corporation (The) | &nbsp;&nbsp;&nbsp; 735268 |
| 4472 | Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp; 409322 |
| 2723 | Assurant, Inc. | &nbsp;&nbsp;&nbsp; 587106 |
| 6083 | Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp; 500023 |
| 2604 | Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp; 252458 |
| 6779 | Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 896929 |
| 7587 | Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp; 749596 |
| 4349 | Kemper Corporation | &nbsp;&nbsp;&nbsp; 233324 |
| 2250 | Primerica, Inc. | &nbsp;&nbsp;&nbsp; 606015 |
| 22315 | United Fire Group, Inc. | &nbsp;&nbsp;&nbsp; 685963 |
|  |  | &nbsp;&nbsp; 5656004 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 0.7%** |  |
| 10727 | Cargurus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $371154 |
| 17001 | EverQuote, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 395273 |
| 15542 | TripAdvisor, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 270742 |
|  |  | &nbsp;&nbsp; 1037169 |
|  | **LEISURE FACILITIES & SERVICES - 3.8%** |  |
| 29836 | Atlanta Braves Holdings, Inc., Series C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1342023 |
| 3959 | Brinker International, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 617525 |
| 26370 | Carnival Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 840939 |
| 2993 | Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp; 619371 |
| 7767 | Life Time Group Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 216855 |
| 2007 | Light & Wonder, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 185587 |
| 3953 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp; 1435810 |
|  |  | &nbsp;&nbsp; 5258110 |
|  | **LEISURE PRODUCTS - 0.1%** |  |
| 24285 | Peloton Interactive, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 184566 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.9%** |  |
| 20493 | BioLife Solutions, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 513350 |
| 16502 | Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp; 235979 |
| 6108 | ICU Medical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 779746 |
| 3656 | Illumina, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 365454 |
| 1872 | Inspire Medical Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 175388 |
| 20132 | QIAGEN N.V. | &nbsp;&nbsp;&nbsp; 936137 |
| 2703 | ResMed, Inc. | &nbsp;&nbsp;&nbsp; 742001 |
| 12929 | Veracyte, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 392266 |
|  |  | &nbsp;&nbsp; 4140321 |
|  | **METALS & MINING - 2.0%** |  |
| 4560 | Anglogold Ashanti plc | &nbsp;&nbsp;&nbsp; 258370 |
| 42166 | Coeur Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 554483 |
| 52664 | Hecla Mining Company | &nbsp;&nbsp;&nbsp; 448171 |
| 3045 | Royal Gold, Inc. | &nbsp;&nbsp;&nbsp; 546821 |
| 60032 | SSR Mining, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1159218 |
|  |  | &nbsp;&nbsp; 2967063 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **MORTGAGE FINANCE - 2.7%** |  |
| 48157 | Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp; $1020447 |
| 63860 | Invesco Mortgage Capital, Inc. | &nbsp;&nbsp;&nbsp; 499385 |
| 72078 | Orchid Island Capital, Inc. | &nbsp;&nbsp;&nbsp; 508871 |
| 67816 | Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp; 1374630 |
| 48241 | Two Harbors Investment Corporation | &nbsp;&nbsp;&nbsp; 482410 |
|  |  | &nbsp;&nbsp; 3885743 |
|  | **OFFICE REIT - 0.2%** |  |
| 21924 | Peakstone Realty Trust | &nbsp;&nbsp;&nbsp; 278873 |
|  | **OIL & GAS PRODUCERS - 2.3%** |  |
| 910 | Antero Resources Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 29047 |
| 3773 | Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp; 912387 |
| 13865 | EQT Corporation | &nbsp;&nbsp;&nbsp; 718762 |
| 4188 | Expand Energy Corporation | &nbsp;&nbsp;&nbsp; 405315 |
| 19676 | Williams Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 1138846 |
|  |  | &nbsp;&nbsp; 3204357 |
|  | **PUBLISHING & BROADCASTING - 0.6%** |  |
| 6002 | New York Times Company (The), Class A | &nbsp;&nbsp;&nbsp; 359160 |
| 17954 | News Corporation, Class A | &nbsp;&nbsp;&nbsp; 528027 |
|  |  | &nbsp;&nbsp; 887187 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.6%** |  |
| 11936 | Howard Hughes Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 910359 |
|  | **REAL ESTATE SERVICES - 0.7%** |  |
| 54106 | Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp; 985270 |
|  | **RENEWABLE ENERGY - 0.4%** |  |
| 40163 | Sunrun, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 641403 |
|  | **RETAIL - CONSUMER STAPLES - 1.8%** |  |
| 3270 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 319414 |
| 9285 | Hims & Hers Health, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 393220 |
| 13032 | Kroger Company (The) | &nbsp;&nbsp;&nbsp; 884091 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **RETAIL - CONSUMER STAPLES - 1.8% (Continued)** |  |
| 6970 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $979564 |
|  |  | &nbsp;&nbsp; 2576289 |
|  | **RETAIL - DISCRETIONARY - 2.1%** |  |
| 5668 | Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp; 345691 |
| 2538 | Carvana Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 943933 |
| 3985 | Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp; 921133 |
| 12549 | Urban Outfitters, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 841787 |
|  |  | &nbsp;&nbsp; 3052544 |
|  | **RETAIL REIT - 0.8%** |  |
| 5044 | Alexander's, Inc. | &nbsp;&nbsp;&nbsp; 1161836 |
|  | **SEMICONDUCTORS - 1.3%** |  |
| 8644 | Cirrus Logic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 987058 |
| 6998 | Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp; 454870 |
| 5297 | Rambus, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 390760 |
|  |  | &nbsp;&nbsp; 1832688 |
|  | **SOFTWARE - 8.9%** |  |
| 14632 | ACI Worldwide, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 722089 |
| 21391 | Alkami Technology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 547610 |
| 5549 | Blackbaud, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 370174 |
| 5269 | Blackline, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 286476 |
| 62651 | Bumble, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 386557 |
| 2162 | CommVault Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 403526 |
| 5901 | Doximity, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 400914 |
| 22307 | Dropbox, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 648241 |
| 5383 | Elastic N.V.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 457878 |
| 7694 | Five9, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 207122 |
| 4981 | Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 392353 |
| 4918 | Guidewire Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1067304 |
| 66508 | Health Catalyst, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 225462 |
| 20674 | IonQ, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 883607 |
| 2646 | Okta, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 245469 |
| 105038 | Olo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1076641 |
| 5373 | Omnicell, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 175106 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **SOFTWARE - 8.9% (Continued)** |  |
| 11837 | Phreesia, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $374759 |
| 3866 | Qualys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 525041 |
| 4938 | SPS Commerce, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 544661 |
| 11449 | Upstart Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 838983 |
| 11158 | Waystar Holding Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 422665 |
| 8841 | Zoom Video Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 719834 |
| 2693 | Zscaler, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 746096 |
|  |  | &nbsp;&nbsp; 12668568 |
|  | **SPECIALTY FINANCE - 2.6%** |  |
| 47692 | New Residential Investment Corporation | &nbsp;&nbsp;&nbsp; 590427 |
| 36458 | Onity Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1508267 |
| 64795 | SoFi Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1654865 |
|  |  | &nbsp;&nbsp; 3753559 |
|  | **SPECIALTY REIT - 1.2%** |  |
| 18777 | EPR Properties | &nbsp;&nbsp;&nbsp; 1018652 |
| 44987 | Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp; 712594 |
|  |  | &nbsp;&nbsp; 1731246 |
|  | **SPECIALTY REITS - 0.2%** |  |
| 2600 | Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp; 240058 |
|  | **STEEL - 0.9%** |  |
| 2890 | Carpenter Technology Corporation | &nbsp;&nbsp;&nbsp; 696144 |
| 11365 | Northwest Pipe Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 601890 |
|  |  | &nbsp;&nbsp; 1298034 |
|  | **TECHNOLOGY HARDWARE - 6.4%** |  |
| 12924 | Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1764772 |
| 16910 | Corning, Inc. | &nbsp;&nbsp;&nbsp; 1133477 |
| 15459 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1902306 |
| 3249 | Fabrinet<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1076361 |
| 2058 | Garmin Ltd. | &nbsp;&nbsp;&nbsp; 497666 |
| 2928 | InterDigital, Inc. | &nbsp;&nbsp;&nbsp; 795567 |
| 7105 | NetApp, Inc. | &nbsp;&nbsp;&nbsp; 801373 |
| 24682 | PagerDuty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 413177 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** | **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 6.4% (Continued)** |  |
| 1313 | Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp; $693435 |
|  |  | &nbsp;&nbsp; 9078134 |
|  | **TECHNOLOGY SERVICES - 2.7%** |  |
| 8588 | Affirm Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 759694 |
| 1307 | Coinbase Global, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 398034 |
| 5474 | Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp; 990356 |
| 21142 | LiveRamp Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 590285 |
| 25724 | Paysafe Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 362966 |
| 31191 | StoneCompany Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 513716 |
| 73786 | Unisys Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 288503 |
|  |  | &nbsp;&nbsp; 3903554 |
|  | **TRANSPORTATION & LOGISTICS - 2.0%** |  |
| 5382 | CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp; 692663 |
| 4451 | Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp; 536524 |
| 9527 | Golar LNG Ltd. | &nbsp;&nbsp;&nbsp; 417473 |
| 6095 | SkyWest, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 739933 |
| 12830 | Southwest Airlines Company | &nbsp;&nbsp;&nbsp; 422107 |
|  |  | &nbsp;&nbsp; 2808700 |
|  | **TRANSPORTATION EQUIPMENT - 0.7%** |  |
| 4388 | Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp; 383116 |
| 3067 | Westinghouse Air Brake Technologies Corporation | &nbsp;&nbsp;&nbsp; 593465 |
|  |  | &nbsp;&nbsp; 976581 |
|  | **TOTAL COMMON STOCKS (Cost $122,848,744)** | &nbsp;&nbsp; 140775402 |
|  | **TOTAL INVESTMENTS - 98.6% (Cost $122,848,744)** | &nbsp;&nbsp;&nbsp; $140775402 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.4%** | &nbsp;&nbsp; 2069327 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $142844729 |

---

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

---

| | | |
|:---|:---|:---|
| **ZACKS FOCUS GROWTH ETF** | **ZACKS FOCUS GROWTH ETF** | **ZACKS FOCUS GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0%** |  |
|  | **AEROSPACE & DEFENSE - 0.9%** |  |
| 1834 | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp; $319299 |
|  | **AUTOMOTIVE - 3.8%** |  |
| 4060 | Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1355512 |
|  | **BEVERAGES - 1.0%** |  |
| 4936 | Coca-Cola Company (The) | &nbsp;&nbsp;&nbsp; 340535 |
|  | **BIOTECH & PHARMA - 4.1%** |  |
| 2400 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp; 504960 |
| 1291 | Eli Lilly & Company | &nbsp;&nbsp;&nbsp; 945761 |
|  |  | &nbsp;&nbsp; 1450721 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.2%** |  |
| 2022 | Cintas Corporation | &nbsp;&nbsp;&nbsp; 424681 |
|  | **DIVERSIFIED INDUSTRIALS - 1.8%** |  |
| 2229 | General Electric Company | &nbsp;&nbsp;&nbsp; 613420 |
|  | **E-COMMERCE DISCRETIONARY - 5.2%** |  |
| 8044 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1842075 |
|  | **ELECTRICAL EQUIPMENT - 1.4%** |  |
| 4637 | Amphenol Corporation, Class A | &nbsp;&nbsp;&nbsp; 504784 |
|  | **ENGINEERING & CONSTRUCTION - 1.7%** |  |
| 951 | EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp; 589620 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.3%** |  |
| 2531 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp; 376562 |
| 1460 | Cencora, Inc. | &nbsp;&nbsp;&nbsp; 425751 |
|  |  | &nbsp;&nbsp; 802313 |
|  | **HOME CONSTRUCTION - 1.3%** |  |
| 2362 | Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp; 462409 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS FOCUS GROWTH ETF** | **ZACKS FOCUS GROWTH ETF** | **ZACKS FOCUS GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **INDUSTRIAL SUPPORT SERVICES - 0.9%** |  |
| 6533 | Fastenal Company | &nbsp;&nbsp;&nbsp; $324429 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.4%** |  |
| 1109 | Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 826482 |
| 2431 | Morgan Stanley | &nbsp;&nbsp;&nbsp; 365817 |
|  |  | &nbsp;&nbsp; 1192299 |
|  | **INTERNET MEDIA & SERVICES - 16.4%** |  |
| 8901 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 1895111 |
| 2305 | Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp; 1702704 |
| 1198 | Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1447484 |
| 3404 | Roku, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 328690 |
| 4239 | Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 397406 |
|  |  | &nbsp;&nbsp; 5771395 |
|  | **LEISURE FACILITIES & SERVICES - 1.0%** |  |
| 10622 | Carnival Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 338736 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.2%** |  |
| 871 | Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 412240 |
|  | **RETAIL - CONSUMER STAPLES - 4.8%** |  |
| 1396 | Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp; 690350 |
| 1058 | Costco Wholesale Corporation | &nbsp;&nbsp;&nbsp; 998032 |
|  |  | &nbsp;&nbsp; 1688382 |
|  | **RETAIL - DISCRETIONARY - 3.1%** |  |
| 1591 | Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp; 367760 |
| 980 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp; 398635 |
| 2276 | TJX Companies, Inc. (The) | &nbsp;&nbsp;&nbsp; 310924 |
|  |  | &nbsp;&nbsp; 1077319 |
|  | **SEMICONDUCTORS - 14.6%** |  |
| 5560 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 1653489 |
| 3460 | Lam Research Corporation | &nbsp;&nbsp;&nbsp; 346519 |
| 18257 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 3180005 |
|  |  | &nbsp;&nbsp; 5180013 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS FOCUS GROWTH ETF** | **ZACKS FOCUS GROWTH ETF** | **ZACKS FOCUS GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **SOFTWARE - 13.9%** |  |
| 6113 | Microsoft Corporation, Class A | &nbsp;&nbsp;&nbsp; $3097395 |
| 1806 | Oracle Corporation | &nbsp;&nbsp;&nbsp; 408391 |
| 4625 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 724784 |
| 5152 | Pegasystems, Inc. | &nbsp;&nbsp;&nbsp; 279290 |
| 1515 | Veeva Systems, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 407838 |
|  |  | &nbsp;&nbsp; 4917698 |
|  | **TECHNOLOGY HARDWARE - 9.9%** |  |
| 11352 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 2635254 |
| 4024 | Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 549477 |
| 2423 | Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp; 295969 |
|  |  | &nbsp;&nbsp; 3480700 |
|  | **TECHNOLOGY SERVICES - 4.1%** |  |
| 1109 | Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp; 660177 |
| 2188 | Visa, Inc., Class A | &nbsp;&nbsp;&nbsp; 769694 |
|  |  | &nbsp;&nbsp; 1429871 |
|  | **TOTAL COMMON STOCKS (Cost $30,426,743)** | &nbsp;&nbsp; 34518451 |
|  | **TOTAL INVESTMENTS - 98.0% (Cost $30,426,743)** | &nbsp;&nbsp;&nbsp; $34518451 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 2.0%** | &nbsp;&nbsp; 708044 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $35226495 |

---

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

---

| | | |
|:---|:---|:---|
| **ZACKS QUALITY INTERNATIONAL ETF** | **ZACKS QUALITY INTERNATIONAL ETF** | **ZACKS QUALITY INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6%** |  |
|  | **Australia - 6.1%** |  |
| 43 | Australia & New Zealand Banking Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $947 |
| 48 | BHP Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1357 |
| 122 | Brambles Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2072 |
| 40 | Commonwealth Bank of Australia<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4459 |
| 34 | Computershare Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 849 |
| 4 | CSL Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 557 |
| 5 | Macquarie Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 737 |
| 40 | National Australia Bank Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1120 |
| 32 | QBE Insurance Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 453 |
| 42 | Wesfarmers Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2523 |
|  |  | &nbsp;&nbsp; 15074 |
|  | **Belgium - 0.9%** |  |
| 15 | Anheuser-Busch InBev S.A./N.V.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 939 |
| 8 | KBC Group N.V. | &nbsp;&nbsp;&nbsp; 943 |
| 2 | UCB S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 468 |
|  |  | &nbsp;&nbsp; 2350 |
|  | **Denmark - 1.3%** |  |
| 5 | DSV Panalpina A/S<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1107 |
| 37 | Novo Nordisk A/S, Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2081 |
|  |  | &nbsp;&nbsp; 3188 |
|  | **Finland - 0.8%** |  |
| 132 | Nordea Bank Abp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2013 |
|  | **France - 12.7%** |  |
| 7 | Air Liquide S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1443 |
| 11 | Airbus SE | &nbsp;&nbsp;&nbsp; 2304 |
| 30 | AXA S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1396 |
| 26 | BNP Paribas S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2337 |
| 21 | Compagnie de Saint-Gobain<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2265 |
| 14 | Danone S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1166 |
| 21 | Engie S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 435 |
| 11 | EssilorLuxottica S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3347 |
| 2 | HeidelbergCement AG | &nbsp;&nbsp;&nbsp; 473 |
| 1 | Hermes International S.C.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2446 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS QUALITY INTERNATIONAL ETF** | **ZACKS QUALITY INTERNATIONAL ETF** | **ZACKS QUALITY INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **France - 12.7% (Continued)** |  |
| 3 | Legrand S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $457 |
| 3 | L'Oréal<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1396 |
| 2 | LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp; 1179 |
| 8 | Safran SA | &nbsp;&nbsp;&nbsp; 2666 |
| 19 | Sanofi S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1878 |
| 6 | Schneider Electric SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1474 |
| 32 | Société Générale S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1973 |
| 19 | Total S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1189 |
| 13 | Vinci S.A. | &nbsp;&nbsp;&nbsp; 1762 |
|  |  | &nbsp;&nbsp; 31586 |
|  | **Germany - 12.0%** |  |
| 11 | Allianz SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4648 |
| 21 | BASF SE | &nbsp;&nbsp;&nbsp; 1114 |
| 9 | Continental AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 790 |
| 9 | Daimler AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 562 |
| 4 | Deutsche Boerse AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1177 |
| 15 | Deutsche Post AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 682 |
| 99 | Deutsche Telekom AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3615 |
| 9 | Fresenius Medical Care AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 461 |
| 10 | Fresenius Se & Company KGaA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 543 |
| 33 | Infineon Technologies AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1349 |
| 2 | Muenchener Rueckversicherungs-Gesellschaft AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1274 |
| 1 | Rheinmetall AG | &nbsp;&nbsp;&nbsp; 1976 |
| 19 | SAP SE<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5149 |
| 18 | Siemens AG | &nbsp;&nbsp;&nbsp; 4982 |
| 15 | Siemens Energy AG<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp; 1592 |
|  |  | &nbsp;&nbsp; 29914 |
|  | **Hong Kong - 2.5%** |  |
| 153 | AIA Group Ltd. | &nbsp;&nbsp;&nbsp; 1441 |
| 79 | CK Hutchison Holdings, Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 520 |
| 55 | Hong Kong Exchanges & Clearing Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3182 |
| 1024 | WH Group Ltd. 144A<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; 1096 |
|  |  | &nbsp;&nbsp; 6239 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS QUALITY INTERNATIONAL ETF** | **ZACKS QUALITY INTERNATIONAL ETF** | **ZACKS QUALITY INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **Ireland - 0.3%** |  |
| 15 | Experian plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $777 |
|  | **Italy - 3.7%** |  |
| 30 | Assicurazioni Generali SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1171 |
| 134 | Enel SpA | &nbsp;&nbsp;&nbsp; 1236 |
| 565 | Intesa Sanpaolo SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3552 |
| 41 | UniCredit SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3167 |
|  |  | &nbsp;&nbsp; 9126 |
|  | **Japan - 20.2%** |  |
| 13 | Advantest Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1033 |
| 19 | Asics Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 517 |
| 18 | Capcom Company Ltd. | &nbsp;&nbsp;&nbsp; 491 |
| 23 | Chugai Pharmaceutical Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1018 |
| 44 | Daifuku Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1406 |
| 43 | DAIWA HOUSE INDUSTRY CO. LTD<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1530 |
| 2 | Disco Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 563 |
| 3 | Fast Retailing Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 950 |
| 43 | Fujitsu Limited<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1046 |
| 94 | Hitachi, Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2590 |
| 20 | ITOCHU Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1143 |
| 76 | KDDI Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1319 |
| 45 | Mitsubishi Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1027 |
| 76 | Mitsubishi Electric Corporation | &nbsp;&nbsp;&nbsp; 1837 |
| 111 | Mitsubishi Heavy Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2835 |
| 140 | Mitsubishi UFJ Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2152 |
| 33 | Mitsui & Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 769 |
| 87 | Mizuho Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2898 |
| 27 | Nintendo Company Ltd<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2445 |
| 727 | Nippon Telegraph & Telephone Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 771 |
| 90 | Nitto Denko Corporation | &nbsp;&nbsp;&nbsp; 2061 |
| 18 | Nomura Research Institute Ltd. | &nbsp;&nbsp;&nbsp; 710 |
| 75 | Panasonic Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 773 |
| 15 | Recruit Holdings Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 876 |
| 17 | Shin-Etsu Chemical Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 527 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS QUALITY INTERNATIONAL ETF** | **ZACKS QUALITY INTERNATIONAL ETF** | **ZACKS QUALITY INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **Japan - 20.2% (Continued)** |  |
| 516 | SoftBank Corporation | &nbsp;&nbsp;&nbsp; $801 |
| 10 | SoftBank Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1104 |
| 32 | Sompo Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1036 |
| 127 | Sony Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3528 |
| 22 | Sumitomo Corporation | &nbsp;&nbsp;&nbsp; 621 |
| 61 | Sumitomo Electric Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1744 |
| 48 | Sumitomo Mitsui Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1322 |
| 19 | Takeda Pharmaceutical Company Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 572 |
| 25 | Tokio Marine Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1089 |
| 8 | Tokyo Electron Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1124 |
| 16 | Tokyo Gas Company Ltd. | &nbsp;&nbsp;&nbsp; 613 |
| 154 | Toray Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1041 |
| 99 | Toyota Motor Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1935 |
|  |  | &nbsp;&nbsp; 49817 |
|  | **Luxembourg - 0.8%** |  |
| 39 | ArcelorMittal<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1298 |
| 1 | Spotify Technology S.A.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 682 |
|  |  | &nbsp;&nbsp; 1980 |
|  | **Netherlands - 3.5%** |  |
| 1 | Adyen N.V. 144A<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;&nbsp; 1678 |
| 5 | ASML Holding N.V.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3723 |
| 54 | ING Groep N.V.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1286 |
| 34 | Prosus N.V.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2100 |
|  |  | &nbsp;&nbsp; 8787 |
|  | **Norway - 0.5%** |  |
| 116 | Orkla ASA | &nbsp;&nbsp;&nbsp; 1296 |
|  | **Singapore - 2.9%** |  |
| 76 | DBS Group Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2992 |
| 78 | Oversea-Chinese Banking Corporation Ltd. | &nbsp;&nbsp;&nbsp; 1018 |
| 99 | Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp; 1278 |
| 576 | Singapore Telecommunications Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1935 |
|  |  | &nbsp;&nbsp; 7223 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS QUALITY INTERNATIONAL ETF** | **ZACKS QUALITY INTERNATIONAL ETF** | **ZACKS QUALITY INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **Spain - 4.4%** |  |
| 38 | Aena S.M.E. SA 144A<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp; $1100 |
| 175 | Banco Bilbao Vizcaya Argentaria S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3170 |
| 243 | Banco Santander S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2319 |
| 36 | Endesa S.A. | &nbsp;&nbsp;&nbsp; 1097 |
| 91 | Iberdrola S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1711 |
| 32 | Industria de Diseno Textil S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1580 |
|  |  | &nbsp;&nbsp; 10977 |
|  | **Sweden - 1.2%** |  |
| 72 | Telefonaktiebolaget LM Ericsson, Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 573 |
| 273 | Telia Co. AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1018 |
| 44 | Volvo AB, B Shares<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1352 |
|  |  | &nbsp;&nbsp; 2943 |
|  | **Switzerland - 7.7%** |  |
| 19 | ABB Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1275 |
| 10 | Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp; 505 |
| 17 | Compagnie Financiere Richemont S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2969 |
| 3 | Galderma Group A.G. 144A<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 523 |
| 10 | LAFARGE HOLCIM - RECLAIM<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 837 |
| 1 | Lonza Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 709 |
| 34 | Nestlé S.A.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3203 |
| 18 | Novartis AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2276 |
| 11 | Roche Holding AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3578 |
| 9 | Sandoz Group AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 565 |
| 7 | Swiss Re AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1268 |
| 2 | Zurich Financial Services AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1460 |
|  |  | &nbsp;&nbsp; 19168 |
|  | **United Kingdom - 18.1%** |  |
| 38 | 3i Group plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2064 |
| 13 | AstraZeneca plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2071 |
| 59 | BAE Systems PLC | &nbsp;&nbsp;&nbsp; 1401 |
| 330 | Barclays plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1607 |
| 147 | BP plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 858 |
| 74 | British American Tobacco plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4186 |
| 53 | Compass Group plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1799 |

---

---

| | | |
|:---|:---|:---|
| **ZACKS QUALITY INTERNATIONAL ETF** | **ZACKS QUALITY INTERNATIONAL ETF** | **ZACKS QUALITY INTERNATIONAL ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.6% (Continued)** |  |
|  | **United Kingdom - 18.1% (Continued)** |  |
| 23 | Diageo plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $637 |
| 40 | GSK PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 785 |
| 289 | Haleon PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1417 |
| 412 | HSBC Holdings plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5272 |
| 42 | Imperial Brands plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1772 |
| 2257 | Lloyds Banking Group plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2426 |
| 8 | London Stock Exchange Group plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 991 |
| 170 | National Grid plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2392 |
| 370 | NatWest Group plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2553 |
| 29 | Reckitt Benckiser Group plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2168 |
| 26 | RELX plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1211 |
| 13 | RIO TINTO PLC | &nbsp;&nbsp;&nbsp; 816 |
| 216 | Rolls-Royce Holdings plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3124 |
| 91 | Shell plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3350 |
| 34 | Unilever plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2138 |
|  |  | &nbsp;&nbsp; 45038 |
|  | **TOTAL COMMON STOCKS (Cost $249,129)** | &nbsp;&nbsp; 247496 |
|  | **TOTAL INVESTMENTS - 99.6% (Cost $249,129)** | &nbsp;&nbsp;&nbsp; $247496 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.4%** | &nbsp;&nbsp; 910 |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $248406 |

---

<sup>(a)</sup> The value of this security has been determined in good faith under policies of the Board of Trustees.

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

<sup>(c)</sup> Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2025 the total market value of 144A securities is 4,397 or 1.8% of net assets.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Zacks Trust

- **b. Investment Company Act file number:** 811-23435

- **c. CIK number of Registrant:** 0001760588

- **d. LEI of Registrant:** 549300OYEV0F3420ER30

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

  - **Street Address 1:** 227 West Monroe Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-265-9359

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

- **a. Name of Series:** Zacks Focus Growth ETF

- **b. EDGAR series identifier (if any):** S000087747

- **c. LEI of Series:** 52990031D35Z4JPPG463

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**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:** $35441811.65

**Total Liabilities:** $215316.28

**Net Assets:** $35226495.37

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000253655 | 6.95%                | 2.72%                | 1.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-74259.05               | $1861689.50                                |
| Month 2  | $78823.51                | $683469.40                                 |
| Month 3  | $207074.94               | $263967.52                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AbbVie Inc.                      | ABBVIE INC        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      2400 | NS      | $504960.00    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries, Inc. | ARMSTRONG WORLD   | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |      2362 | NS      | $462408.74    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BBH SWEEP VEHICLE                | BBH SWEEP VEHICLE | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    787340 | PA      | $787339.63    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc.          | INTUITIVE SURGIC  | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       871 | NS      | $412239.95    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc              | ARISTA NETWORKS   | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      4024 | NS      | $549477.20    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.            | CARDINAL HEALTH   | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      2531 | NS      | $376562.18    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                    | ALPHABET INC-A    | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      8901 | NS      | $1895111.91   | 5.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corporation             | CARNIVAL CORP     | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |     10622 | NS      | $338735.58    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc        | PALANTIR TECHN-A  | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      4625 | NS      | $724783.75    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.           | TJX COS INC       | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      2276 | NS      | $310924.36    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                    | NETFLIX INC       | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1198 | NS      | $1447483.50   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                         | VISA INC-CLASS A  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2188 | NS      | $769694.64    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation               | CINTAS CORP       | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2022 | NS      | $424680.66    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc             | HOWMET AEROSPACE  | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |      1834 | NS      | $319299.40    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Roku Inc                         | ROKU INC          | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |      3404 | NS      | $328690.24    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                     | FASTENAL CO       | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |      6533 | NS      | $324428.78    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc               | META PLATFORMS-A  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2305 | NS      | $1702703.50   | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                     | BROADCOM INC      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      5560 | NS      | $1653488.40   | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.        | GOLDMAN SACHS GP  | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1109 | NS      | $826482.25    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc.                  | HOME DEPOT INC    | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       980 | NS      | $398634.60    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                  | MICROSOFT CORP    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      6113 | NS      | $3097395.97   | 8.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                | VEEVA SYSTEMS-A   | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      1515 | NS      | $407838.00    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                       | APPLE INC         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     11352 | NS      | $2635253.28   | 7.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)               | COCA-COLA CO/THE  | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      4936 | NS      | $340534.64    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                     | GENERAL ELECTRIC  | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      2229 | NS      | $613420.80    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                      | CENCORA INC       | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      1460 | NS      | $425750.60    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc            | DELL TECHN-C      | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      2423 | NS      | $295969.45    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems Inc                  | PEGASYSTEMS INC   | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |      5152 | NS      | $279289.92    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                        | TESLA INC         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      4060 | NS      | $1355512.20   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corporation             | AMPHENOL CORP-A   | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      4637 | NS      | $504783.82    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                 | AMAZON.COM INC    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      8044 | NS      | $1842076.00   | 5.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                  | ELI LILLY & CO    | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1291 | NS      | $945760.78    | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                     | ORACLE CORP       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      1806 | NS      | $408390.78    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated          | MASTERCARD INC-A  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1109 | NS      | $660176.61    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Emcor Group Inc                  | EMCOR GROUP INC   | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       951 | NS      | $589620.00    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation     | COSTCO WHOLESALE  | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1058 | NS      | $998032.56    | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation         | LAM RESEARCH      | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      3460 | NS      | $346519.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc            | UBER TECHNOLOGIE  | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      4239 | NS      | $397406.25    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                   | MORGAN STANLEY    | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      2431 | NS      | $365816.88    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                     | NVIDIA CORP       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     18257 | NS      | $3180004.26   | 9.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey'S General Stores Inc.      | CASEY'S GENERAL   | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      1396 | NS      | $690349.92    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc         | FERGUSON ENTERPR  | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |      1591 | NS      | $367759.65    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-26

**Name of Applicant:** Zacks Trust

**Signature:** Edward Kelly

**Name of Signer:** Edward Kelly

**Title:** Assistant Treasurer