# EDGAR Filing Document

**Accession Number:** 0001760588
**File Stem:** 0001580642-23-000570
**Filing Date:** 2023-1
**Character Count:** 24146
**Document Hash:** 9f56380a98d5e4c70ed7930acf30f460
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000570.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001580642-23-000570

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zacks Trust
- **CENTRAL INDEX KEY:** 0001760588
- **IRS NUMBER:** 836534641
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-232634
- **FILM NUMBER:** 23573197

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

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

## Series and Classes Contracts Data

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

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

**Zacks Earnings Consistent Portfolio ETF**

(Ticker: ZECP)

*A series of the*<br> **Zacks Trust**

____________________________________________________________________

**Summary Prospectus**

**January 27, 2023**

Before you invest, you may want to review the Fund's Prospectus and Statement of Additional Information ("SAI"), which contain more information about the Fund and its risks. You can find the Fund's Prospectus, SAI, reports to shareholders, and other information about the Fund online at www.zacksetfs.com. You can also get this information at no cost by calling 1-855-813-3507 or by sending an email request to OrderZacksETF@ultimusfundsolutions.com. The current Prospectus and SAI, dated January 27, 2023, are incorporated by reference into this Summary Prospectus. Shares of the Fund are listed and traded on Cboe BZX Exchange, Inc. (the "Exchange").

**Investment Objective**

The Zacks Earnings Consistent Portfolio ETF (the "Fund") seeks to provide long-term total returns and minimize capital loss.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). Investors purchasing or selling Shares in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. These costs are not included in the expense example below.

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| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> *(ongoing expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<br> *(ongoing expenses that you pay each year as a percentage of the value of your investment)* |
| Management Fees | 0.44% |
| Distribution and Service (12b-1) Fees | 0.00% |
| Other Expenses | 3.49% |
| **Total Annual Fund Operating Expenses** | 3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee Waiver and/or Expense Limitation<sup>1</sup> | <u>(3.38)%</u> |
| **Net Annual Fund Operating Expenses** | **0.55%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund's adviser, Zacks Investment Management, Inc. (the
"Advisor") has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least May 31, 2024, to
ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred
loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired
fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments
(including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.55% of the
Fund's net assets. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years
(within the three years from the date the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of
the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by the Trust's Board
of Trustees on 60 days' written notice to the Advisor.

**Example.** You may also incur usual and customary brokerage commissions and other charges when buying or selling shares of the Fund, which are not reflected in the example that follows. This example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example includes the Fund's contractual expense limitation through May 31, 2024.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **One Year** | **Three Years** | **Five Years** | **Ten Years** |
| $56 | $886 | $1734 | $3933 |

---

**Portfolio Turnover.** The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. For the fiscal period ended January 31, 2022, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund pursues its investment objective by constructing a portfolio of companies that exhibit a track record of moving through recessionary periods with little to minimal impact on aggregate earnings growth relative to the overall equity market.

The Fund's portfolio is composed of 50-120 U.S. exchange-listed companies with the highest stability in their historic and forecasted earnings per share ("EPS"). Historic EPS stability is determined by evaluating the variability of the company's EPS over the past 15 years. Forecasted EPS stability is determined by evaluating the forecasted variability of the company's earnings over the next 2 years. Those companies with the least variability are selected for the Fund's portfolio. These quantitative screens are combined with the qualitative judgment of the portfolio manager based on an analysis of financial statement filing consistency, profitability, earnings stability in recessionary periods, valuation, and improving fundamentals (revenue estimates and earnings estimates).

The Advisor selects the Fund's portfolio securities from a universe of the largest 750 equity securities listed in the U.S. equity market, which may be a combination of large, mid, and small capitalization companies. The Advisor then selects 100 companies based on the qualitative judgment of the portfolio manager described above. The 50-120 companies with the highest historic and forecasted EPS stability are then selected for the Fund's portfolio.

The portfolio is generally rebalanced on a weekly basis. However, the Advisor may rebalance the portfolio at other times due to things like corporate actions, such as mergers and acquisitions.

**Principal Risks of Investing in the Fund**

*Risk is inherent in all investing. The loss of your money is a principal risk of investing in the Fund. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The following principal risk factors have been identified for the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. See also the sections "Additional Information about the Fund's Principal Investment Risks" and "Additional Risk Considerations" for additional information about the Fund's risk factors.*

 ****

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

 ****

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

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

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***Quantitative Model Risk.* I**nvestments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective.

 ****

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

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***Common Stock Risk.*** Investments in shares of common stock may fluctuate in value response to many factors, including the activities of the individual issuers whose securities the Fund or Portfolio Fund owns, general market and economic conditions, interest rates, and specific industry changes. Such price fluctuations subject the Fund to potential losses. During temporary or extended bear markets, the value of common stocks will decline, which could also result in losses for the Fund.

 ****

***New Advisor Risk.*** The Advisor has only recently begun serving as an investment advisor to ETFs. As a result, investors do not have a long-term track record of managing an ETF from which to judge the Advisor, and the Advisor may not achieve the intended result in managing the Fund.

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

***New Fund Risk.*** The Fund has no history of operations for investors to evaluate.

 ****

***Authorized Participant Risk.*** Only an authorized participant ("Authorized Participant" or "AP") may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for exchange-traded funds (ETFs), such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.

***Early Close/Trading Halt Risk.*** An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

 ****

***ETF Structure Risks.*** The Fund is structured as an ETF and as a result is subject to the special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;o *Not Individually Redeemable.* Shares are not individually redeemable and may be redeemed by the
Fund at NAV only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute
a Creation Unit.

&nbsp;&nbsp;&nbsp;&nbsp;o *Trading Issues.* An active trading market for the Fund's shares may not be developed or maintained.
Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading
in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing
requirements of the Exchange. If the Fund's shares are traded outside a collateralized settlement system, the number of financial
institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market
for the Fund's shares.

&nbsp;&nbsp;&nbsp;&nbsp;o *Cash purchases.* To the extent Creation Units are purchased by APs in cash instead of in-kind, the
Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the Fund and impact
the Fund's NAV if not fully offset by transaction fees paid by the APs.

&nbsp;&nbsp;&nbsp;&nbsp;o *Market Price Variance Risk.* The market prices of Shares will fluctuate
in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange
specialists, market makers or other participants that trade the particular security. There may be times when the market price and the
NAV vary significantly. This means that Shares may trade at a discount to NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In times of market stress, market makers may step away from their role market
making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund's
net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ To the extent Authorized Participants exit the business or are unable to
process creations or redemptions and no other Authorized Participant can step in to do so, there may be a significantly reduced trading
market in the Fund's shares, which can lead to differences between the market value of Fund shares and the Fund's net asset
value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The market price for the Fund's shares may deviate from the Fund's
net asset value, particularly during times of market stress, with the result that investors may pay significantly more or receive significantly
less for Fund shares than the Fund's net asset value, which is reflected in the bid and ask price for Fund shares or in the closing
price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ When all or a portion of an ETFs underlying securities trade in a market
that is closed when the market for the Fund's shares is open, there may be changes from the last quote of the closed market and
the quote from the Fund's domestic trading day, which could lead to differences between the market value of the Fund's shares
and the Fund's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In stressed market conditions, the market for the Fund's shares may
become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the
Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and the Fund's net asset
value.

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***Cybersecurity Risk.*** As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.

 ****

***COVID-19 Risk.*** An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many countries or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. As such, issuers of debt securities with operations, productions, offices, and/or personnel in (or other exposure to) areas affected with the virus may experience significant disruptions to their business and/or holdings. The potential impact on the credit markets may include market illiquidity, defaults and bankruptcies, among other consequences, particularly on issuers in the airline, travel and leisure and retail sectors. The extent to which COVID-19 will affect the Fund, the Fund's service providers' and/or issuer's operations and results will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 and the actions taken to contain COVID-19. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund's investments may be negatively affected by such events. If there is a significant decline in the value of the Fund's portfolio, this may impact the Fund's asset coverage levels for certain kinds of derivatives and other portfolio transactions. The duration of the COVID-19 outbreak and its impact on the global economy cannot be determined with certainty.

**Performance Information**

The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Shares for each full calendar year since the Fund's inception. The performance table compares the performance of the Shares over time to the performance of a broad-based securities index. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available on the Fund's website at: www.zacksetfs.com or by calling 855-813-3507.

**Total Return**

(Year ended December 31)

![Calendar Year Total Returns (%) as of December 31](image_001.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter | 12/31/2022 | 9.64% |
| Worst Quarter | 6/30/2022 | (12.23)% |

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**Average Annual Total Returns**

(as of December 31, 2022)

---

| | | |
|:---|:---|:---|
|  | **One<br> Year** | **Since<br> Inception**<sup>(1)</sup> |
| Return Before Taxes | (13.33)% | (4.89)% |
| Return after Taxes on Distributions | (13.52)% | (5.07)% |
| Return after Taxes on Distributions and Sale of Fund Shares | (7.76)% | (3.73)% |
| Russell 3000 Index<sup>(2)</sup> | (19.21)% | (11.01)% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Inception date is August 23, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Russell 3000 Index is composed of 3000 large U.S. companies, as determined
by market capitalization. This portfolio of Securities represents approximately 98% of the investable U.S. equity market. The Russell
3000 Index is comprised of stocks within the Russell 1000 and the Russell 2000 Indices. The index was developed with a base value of 140.00
as of December 31, 1986.

**Management**

**Investment Advisor.** Zacks Investment Management, Inc., is the Advisor to the Fund.

**Portfolio Manager.** Mitch Zacks, Principal & senior portfolio manager of the Advisor, has served as a portfolio manager of the Fund since its inception in August 2021.

**Purchase and Redemption of Shares**

The Fund will issue and redeem shares at NAV only in large blocks of 25,000 shares (each block of shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities. Except when aggregated in Creation Units in transactions with APs, the shares are not redeemable securities of the Fund.

Individual shares of the fund may only be bought and sold in the secondary market through a broker or dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). You may access recent information, including information on the Fund's NAV, Market Price, premiums and discounts, and bid-ask spreads, on the Fund's website at www.zacksetfs.com.

**Tax Information**

The Fund's distributions will generally be taxed to you as ordinary income or capital gains, unless you are investing through a tax deferred arrangement, such as a 401(k) plan or an IRA. Distributions on investments made through tax deferred vehicles, such as 401(k) plans or IRAs, may be taxed later upon withdrawal of assets from those accounts.

**Payments to Broker-Dealers and other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Advisor, or other related companies may pay the intermediary for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems, or other services related to the sale or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.