# EDGAR Filing Document

**Accession Number:** 0001760588
**File Stem:** 0001580642-25-005023
**Filing Date:** 2025-8
**Character Count:** 113758
**Document Hash:** 10fe512bce8bf4ccc2a63b34bd3a4392
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005023.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001580642-25-005023

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**EFFECTIVENESS DATE**: 20250811

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23435
- **FILM NUMBER:** 251200812

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

**united states securities and exchange commission washington, d.c. 20549**

**form n-csr certified shareholder report of registered management investment companies**

Investment Company Act file number <u>811-23435</u>

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

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

<u> Corporation Trust Company </u> <br> <u> 1209 Orange Street Wilmington, Delaware 19808 </u> <br> (Name and address of agent for service)

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

Date of fiscal year end: <u>11/30</u> <br>Date of reporting period: 5/31/25

**Item 1. Reports to Stockholders.** 

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

# Semi-Annual Shareholder Report - May 31, 2025
![Image](i035994921f8d9bb6d0c33fab.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Zacks Earnings Consistent Portfolio ETF for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://zacksetfs.com/resources.php**. You can also request this information by contacting us at 1-855-813-3507.

## What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Zacks Earnings Consistent Portfolio ETF | $27 | 0.55% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $232796808 |
| Number of Portfolio Holdings | 60 |
| Advisory Fee (net of waivers) | $468473 |
| Portfolio Turnover | 29% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ia2c089b3d250b68548f4bbfe.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i177307e3df2d9d3a8cfd8374.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.7% |
| Real Estate | 1.6% |
| Utilities | 4.8% |
| Consumer Discretionary | 6.3% |
| Communications | 7.9% |
| Consumer Staples | 8.9% |
| Industrials | 10.1% |
| Health Care | 13.0% |
| Financials | 17.8% |
| Technology | 27.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Microsoft Corporation | 6.4% |
| Apple, Inc. | 5.6% |
| Alphabet, Inc., Class A | 4.6% |
| Netflix, Inc. | 3.3% |
| JPMorgan Chase & Company | 3.1% |
| Walmart, Inc. | 3.0% |
| Procter & Gamble Company (The) | 2.7% |
| American Express Company | 2.6% |
| Caterpillar, Inc. | 2.4% |
| Home Depot, Inc. (The) | 2.3% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](icb74db84031f8314fd4853c7.jpg)

# Zacks Earnings Consistent Portfolio ETF

# Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Zacks Earnings Consistent Portfolio ETF for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://zacksetfs.com/resources.php**. You can also request this information by contacting us at 1-855-813-3507.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-ZECP

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

# Semi-Annual Shareholder Report - May 31, 2025
![Image](i19e6a1c9307925838ed90553.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Zacks Focus Growth ETF for the period of December 4, 2024 to May 31, 2025. You can find additional information about the Fund at**https://zacksetfs.com/resources.php**. You can also request this information by contacting us at 1-855-813-3507.

## What were the Fund's costs for the reporting period?

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Zacks Focus Growth ETF | $27 | 0.55% |

---

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

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $25364911 |
| Number of Portfolio Holdings | 43 |
| Advisory Fee (net of waivers) | $127815 |
| Portfolio Turnover | 40% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i94f42a9e353c88e74334456a.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic60a35153b679afb6e45580b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 3.6% |
| Financials | 2.2% |
| Industrials | 5.0% |
| Consumer Staples | 5.3% |
| Health Care | 6.7% |
| Consumer Discretionary | 11.6% |
| Communications | 18.7% |
| Technology | 46.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 10.0% |
| NVIDIA Corporation | 9.2% |
| Microsoft Corporation | 9.2% |
| Amazon.com, Inc. | 6.3% |
| Alphabet, Inc., Class A | 5.9% |
| Meta Platforms, Inc., Class A | 5.6% |
| Netflix, Inc. | 4.5% |
| Tesla, Inc. | 4.4% |
| Broadcom, Inc. | 4.3% |
| Costco Wholesale Corporation | 3.2% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i4b13362d6610910fc4fe50f7.jpg)

# Zacks Focus Growth ETF

# Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Zacks Focus Growth ETF for the period of December 4, 2024 to May 31, 2025. You can find additional information about the Fund at**https://zacksetfs.com/resources.php**. You can also request this information by contacting us at 1-855-813-3507.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-GROZ

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

# Semi-Annual Shareholder Report - May 31, 2025
![Image](i2e80bfdaa6413acba8dad3c9.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Zacks Small/Mid Cap ETF for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **https://zacksetfs.com/resources.php**. You can also request this information by contacting us at 1-855-813-3507.

## What were the Fund's costs for the last six months?

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Zacks Small/Mid Cap ETF | $26 | 0.55% |

---

## **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $122645241 |
| Number of Portfolio Holdings | 199 |
| Advisory Fee (net of waivers) | $202403 |
| Portfolio Turnover | 102% |

---

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](id8d2551f4223299f8c21b671.jpg)

---

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

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i72b36787328e55c7acda260b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.3% |
| Communications | 3.0% |
| Energy | 3.5% |
| Real Estate | 4.3% |
| Utilities | 5.1% |
| Materials | 5.3% |
| Consumer Staples | 7.2% |
| Consumer Discretionary | 10.0% |
| Health Care | 12.4% |
| Industrials | 13.7% |
| Financials | 16.3% |
| Technology | 17.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| EMCOR Group, Inc. | 1.7% |
| Stride, Inc. | 1.1% |
| McKesson Corporation | 1.1% |
| Onity Group, Inc. | 1.0% |
| Amphenol Corporation, Class A | 1.1% |
| Insulet Corporation | 1.0% |
| Badger Meter, Inc. | 1.0% |
| National Fuel Gas Company | 1.0% |
| Northern Trust Corporation | 1.0% |
| Premier, Inc., Class A | 1.0% |

---

## Material Fund Changes
No material changes occurred during the period ended May 31, 2025.

![Image](i28da81ab3a08fbe0ade7acf1.jpg)

# Zacks Small/Mid Cap ETF

# Semi-Annual Shareholder Report - May 31, 2025

## Where can I find additional information about the Fund?
This semi-annual shareholder report contains important information about Zacks Small/Mid Cap ETF for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at**https://zacksetfs.com/resources.php**. You can also request this information by contacting us at 1-855-813-3507.

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 053125-SMIZ

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

**Item 2. Code of Ethics.** Not applicable

**Item 3. Audit Committee Financial Expert.** Not applicable

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

Not applicable

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable to open-end investment companies.

**Item 6. Investments.**

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

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

(a) ---

| |
|:---|
| ![(LOGO)](za001_v1.jpg) |
| **Zacks Earnings Consistent Portfolio ETF** |
| **(ZECP)** |
| **Zacks Small/Mid Cap ETF** |
| **(SMIZ)** |
| **Zacks Focus Growth ETF** |
| **(GROZ)** |
| Semi-Annual Financial Statements and Additional |
| Information |
| May 31, 2025 |
| 1-855-813-3507 |
| www.ZacksETFs.com |

---

---

| |
|:---|
| **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3%** |  |
|  | **AEROSPACE & DEFENSE - 2.5%** |  |
| 7604 | General Dynamics Corporation | $2117638 |
| 26682 | RTX Corporation | 3641559 |
|  |  | 5759197 |
|  | **ASSET MANAGEMENT - 2.7%** |  |
| 8386 | Ameriprise Financial, Inc. | 4270486 |
| 2122 | Blackrock, Inc. | 2079327 |
|  |  | 6349813 |
|  | **BANKING - 5.3%** |  |
| 27329 | JPMorgan Chase & Company | 7214856 |
| 13414 | PNC Financial Services Group, Inc. (The) | 2331487 |
| 69774 | Truist Financial Corporation | 2756073 |
|  |  | 12302416 |
|  | **BEVERAGES - 1.3%** |  |
| 23616 | PepsiCo, Inc. | 3104323 |
|  | **BIOTECH & PHARMA - 6.0%** |  |
| 9916 | Amgen, Inc. | 2857593 |
| 29735 | Bristol-Myers Squibb Company | 1435606 |
| 6772 | Eli Lilly & Company | 4995501 |
| 20243 | Johnson & Johnson | 3141916 |
| 17915 | Merck & Company, Inc. | 1376589 |
|  |  | 13807205 |
|  | **COMMERCIAL SUPPORT SERVICES - 4.3%** |  |
| 22466 | Cintas Corporation | 5088550 |
| 19186 | Republic Services, Inc. | 4936366 |
|  |  | 10024916 |
|  | **DIVERSIFIED INDUSTRIALS - 1.0%** |  |
| 19105 | Emerson Electric Company | 2280755 |
|  | **ELECTRIC UTILITIES - 3.7%** |  |
| 41842 | American Electric Power Company, Inc. | 4330228 |
| 24940 | NextEra Energy, Inc. | 1761762 |
| 28150 | Southern Company (The) | 2533500 |
|  |  | 8625490 |

---

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

---

| |
|:---|
| **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **FOOD - 1.1%** |  |
| 16294 | Hershey Company (The) | $2618283 |
|  | **GAS & WATER UTILITIES - 1.1%** |  |
| 17576 | American Water Works Company, Inc. | 2512841 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.5%** |  |
| 24256 | Cardinal Health, Inc. | 3746096 |
| 8496 | Labcorp Holdings, Inc. | 2115249 |
| 38 | UnitedHealth Group, Inc. | 11473 |
|  |  | 5872818 |
|  | **HOUSEHOLD PRODUCTS - 3.6%** |  |
| 17322 | Church & Dwight Company, Inc. | 1702926 |
| 37349 | Procter & Gamble Company (The) | 6345222 |
|  |  | 8048148 |
|  | **INDUSTRIAL REIT - 0.7%** |  |
| 14238 | Prologis, Inc. | 1546247 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.5%** |  |
| 13327 | Nasdaq, Inc. | 1113338 |
|  | **INSURANCE - 6.7%** |  |
| 36470 | Hartford Financial Services Group, Inc. (The) | 4735265 |
| 21434 | Marsh & McLennan Companies, Inc. | 5008267 |
| 39131 | MetLife, Inc. | 3074914 |
| 36984 | W R Berkley Corporation | 2762335 |
|  |  | 15580781 |
|  | **INTERNET MEDIA & SERVICES - 7.9%** |  |
| 62047 | Alphabet, Inc., Class A | 10655952 |
| 6353 | Netflix, Inc.<sup>(a)</sup> | 7669532 |
|  |  | 18325484 |
|  | **LEISURE FACILITIES & SERVICES - 2.4%** |  |
| 11636 | Marriott International, Inc., Class A | 3069926 |
| 8208 | McDonald's Corporation | 2576081 |
|  |  | 5646007 |

---

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

---

| |
|:---|
| **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **MACHINERY - 2.4%** |  |
| 16049 | Caterpillar, Inc. | $5585533 |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.5%** |  |
| 21946 | Abbott Laboratories | 2931547 |
| 30008 | Boston Scientific Corporation<sup>(a)</sup> | 3158642 |
| 6905 | Stryker Corporation | 2642129 |
| 4551 | Thermo Fisher Scientific, Inc. | 1833234 |
|  |  | 10565552 |
|  | **RESIDENTIAL REIT - 0.9%** |  |
| 13443 | Mid-America Apartment Communities, Inc. | 2105846 |
|  | **RETAIL - CONSUMER STAPLES - 2.9%** |  |
| 69464 | Walmart, Inc. | 6857486 |
|  | **RETAIL - DISCRETIONARY - 3.9%** |  |
| 14774 | Home Depot, Inc. (The) | 5441116 |
| 29043 | TJX Companies, Inc. (The) | 3685557 |
|  |  | 9126673 |
|  | **SEMICONDUCTORS - 2.5%** |  |
| 22489 | Applied Materials, Inc. | 3525151 |
| 12199 | Texas Instruments, Inc. | 2230587 |
|  |  | 5755738 |
|  | **SOFTWARE - 13.6%** |  |
| 10386 | Cadence Design Systems, Inc.<sup>(a)</sup> | 2981509 |
| 4437 | Intuit, Inc. | 3343146 |
| 32416 | Microsoft Corporation | 14923030 |
| 19774 | Oracle Corporation | 3273190 |
| 9511 | Salesforce, Inc. | 2523934 |
| 10279 | Synopsys, Inc.<sup>(a)</sup> | 4769250 |
|  |  | 31814059 |
|  | **SPECIALTY FINANCE - 2.6%** |  |
| 20851 | American Express Company | 6131237 |

---

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

---

| |
|:---|
| **ZACKS EARNINGS CONSISTENT PORTFOLIO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.3% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 6.8%** |  |
| 64598 | Apple, Inc. | $12974508 |
| 48376 | Cisco Systems, Inc. | 3049623 |
|  |  | 16024131 |
|  | **TECHNOLOGY SERVICES - 4.9%** |  |
| 11104 | Accenture PLC, Class A | 3517970 |
| 13686 | Fiserv, Inc.<sup>(a)</sup> | 2227944 |
| 9208 | International Business Machines Corporation | 2385424 |
| 6672 | Moody's Corporation | 3198023 |
|  |  | 11329361 |
|  | **TOTAL COMMON STOCKS (Cost $205,952,377)** | 228813678 |
|  | **TOTAL INVESTMENTS - 98.3% (Cost $205,952,377)** | $228813678 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.7%** | 3983130 |
|  | **NET ASSETS - 100.0%** | $232796808 |

---

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

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

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7%** |  |
|  | **AEROSPACE & DEFENSE - 0.3%** |  |
| 28024 | Archer Aviation, Inc., Class A<sup>(a)</sup> | $282762 |
| 8068 | Virgin Galactic Holdings, Inc.<sup>(a)</sup> | 25898 |
|  |  | 308660 |
|  | **APPAREL & TEXTILE PRODUCTS - 0.2%** |  |
| 2657 | Deckers Outdoor Corporation<sup>(a)</sup> | 280367 |
|  | **AUTOMOTIVE - 0.4%** |  |
| 79770 | Aurora Innovation, Inc.<sup>(a)</sup> | 483406 |
|  | **BANKING - 5.9%** |  |
| 29606 | Bank of Marin Bancorp | 630904 |
| 6675 | City Holding Company | 786916 |
| 50685 | Colony Bankcorp, Inc. | 774974 |
| 31993 | ConnectOne Bancorp, Inc. | 734879 |
| 25213 | First Horizon Corporation | 501234 |
| 9062 | Guaranty Bancshares, Inc. | 374623 |
| 10081 | Northrim BanCorp, Inc. | 923420 |
| 17780 | Origin Bancorp, Inc. | 606120 |
| 7831 | SmartFinancial, Inc. | 248869 |
| 14090 | Southern First Bancshares, Inc., 151938513<sup>(a)</sup> | 508226 |
| 22951 | Synovus Financial Corporation | 1097747 |
|  |  | 7187912 |
|  | **BEVERAGES - 0.9%** |  |
| 20671 | Molson Coors Beverage Company, Class B | 1107759 |
|  | **BIOTECH & PHARMA - 2.7%** |  |
| 48401 | ADMA Biologics, Inc.<sup>(a)</sup> | 960277 |
| 143759 | Allogene Therapeutics, Inc.<sup>(a)</sup> | 168198 |
| 1688 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 514097 |
| 29579 | Arvinas, Inc.<sup>(a)</sup> | 212969 |
| 3363 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 195289 |
| 11505 | Janux Therapeutics, Inc.<sup>(a)</sup> | 273819 |
| 37849 | Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 726701 |
| 3948 | TG Therapeutics, Inc.<sup>(a)</sup> | 138614 |

---

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

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **BIOTECH & PHARMA - 2.7% (Continued)** |  |
| 3652 | Vaxcyte, Inc.<sup>(a)</sup> | $118653 |
|  |  | 3308617 |
|  | **CHEMICALS - 3.0%** |  |
| 25690 | Axalta Coating Systems Ltd.<sup>(a)</sup> | 791252 |
| 3091 | CF Industries Holdings, Inc. | 280385 |
| 5248 | DuPont de Nemours, Inc. | 350566 |
| 14334 | Ingevity Corporation<sup>(a)</sup> | 592998 |
| 8783 | International Flavors & Fragrances, Inc. | 672426 |
| 69404 | Perimeter Solutions, Inc.<sup>(a)</sup> | 837707 |
| 30160 | Rayonier Advanced Materials, Inc.<sup>(a)</sup> | 116116 |
|  |  | 3641450 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.4%** |  |
| 4011 | Casella Waste Systems, Inc., Class A<sup>(a)</sup> | 470129 |
|  | **CONSTRUCTION MATERIALS - 0.4%** |  |
| 1196 | Carlisle Companies, Inc. | 454695 |
|  | **CONSUMER SERVICES - 1.3%** |  |
| 22983 | Coursera, Inc.<sup>(a)</sup> | 203400 |
| 9065 | Stride, Inc.<sup>(a)</sup> | 1372350 |
|  |  | 1575750 |
|  | **ELECTRIC UTILITIES - 1.9%** |  |
| 4136 | CenterPoint Energy, Inc. | 154025 |
| 3043 | Constellation Energy Corporation | 931614 |
| 8859 | Edison International | 493003 |
| 4965 | Vistra Corporation | 797230 |
|  |  | 2375872 |
|  | **ELECTRICAL EQUIPMENT - 5.5%** |  |
| 2903 | Acuity, Inc. | 754461 |
| 26509 | Allient, Inc. | 805874 |
| 14251 | Amphenol Corporation, Class A | 1281593 |
| 5123 | Badger Meter, Inc. | 1271631 |
| 1692 | Hubbell, Inc. | 659169 |
| 15339 | NEXTracker, Inc., Class A<sup>(a)</sup> | 869568 |

---

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

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **ELECTRICAL EQUIPMENT - 5.5% (Continued)** |  |
| 1753 | Powell Industries, Inc. | $297291 |
| 3837 | Watts Water Technologies, Inc., Class A | 929014 |
|  |  | 6868601 |
|  | **ENGINEERING & CONSTRUCTION - 3.4%** |  |
| 1838 | Comfort Systems USA, Inc. | 878987 |
| 4295 | EMCOR Group, Inc. | 2026639 |
| 5232 | MasTec, Inc.<sup>(a)</sup> | 815826 |
| 2843 | Sterling Infrastructure, Inc.<sup>(a)</sup> | 534512 |
|  |  | 4255964 |
|  | **ENTERTAINMENT CONTENT - 0.8%** |  |
| 2290 | AppLovin Corporation, Class A<sup>(a)</sup> | 899970 |
| 833 | Fox Corporation, Class B | 41883 |
|  |  | 941853 |
|  | **FOOD - 2.7%** |  |
| 6222 | Cal-Maine Foods, Inc. | 596876 |
| 5219 | Lancaster Colony Corporation | 873661 |
| 7171 | McCormick & Company, Inc. | 521547 |
| 12690 | Phibro Animal Health Corporation, Class A | 309890 |
| 5057 | Pilgrim's Pride Corporation | 248602 |
| 14984 | Tyson Foods, Inc., Class A | 841501 |
|  |  | 3392077 |
|  | **GAS & WATER UTILITIES - 3.2%** |  |
| 4953 | American Water Works Company, Inc. | 708130 |
| 14957 | National Fuel Gas Company | 1234552 |
| 20811 | New Jersey Resources Corporation | 955017 |
| 25167 | NiSource, Inc. | 995103 |
|  |  | 3892802 |
|  | **HEALTH CARE FACILITIES & SERVICES - 6.2%** |  |
| 5790 | Addus HomeCare Corporation<sup>(a)</sup> | 642169 |
| 3401 | Cencora, Inc. | 990507 |
| 8147 | HealthEquity, Inc.<sup>(a)</sup> | 819670 |
| 1835 | McKesson Corporation | 1320300 |
| 1864 | Medpace Holdings, Inc.<sup>(a)</sup> | 549694 |
| 18793 | Option Care Health, Inc.<sup>(a)</sup> | 614155 |

---

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

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 6.2% (Continued)** |  |
| 52824 | Premier, Inc., Class A | $1213896 |
| 3028 | Tenet Healthcare Corporation<sup>(a)</sup> | 511036 |
| 12524 | US Physical Therapy, Inc. | 939175 |
|  |  | 7600602 |
|  | **HEALTH CARE REIT - 0.6%** |  |
| 20313 | Omega Healthcare Investors, Inc. | 751581 |
|  | **HOME & OFFICE PRODUCTS - 0.2%** |  |
| 2619 | SharkNinja, Inc.<sup>(a)</sup> | 240765 |
|  | **HOME CONSTRUCTION - 0.7%** |  |
| 2031 | Cavco Industries, Inc.<sup>(a)</sup> | 880631 |
|  | **HOUSEHOLD PRODUCTS - 1.5%** |  |
| 33805 | Central Garden & Pet Company, Class A<sup>(a)</sup> | 1080745 |
| 10164 | Edgewell Personal Care Company | 280730 |
| 48320 | Nu Skin Enterprises, Inc., Class A | 417002 |
|  |  | 1778477 |
|  | **INDUSTRIAL INTERMEDIATE PROD - 0.5%** |  |
| 16861 | Insteel Industries, Inc. | 590472 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.6%** |  |
| 2286 | Cboe Global Markets, Inc. | 523768 |
| 3856 | Interactive Brokers Group, Inc., Class A | 808526 |
| 11385 | Northern Trust Corporation | 1215235 |
| 2408 | Piper Sandler Companies | 605492 |
|  |  | 3153021 |
|  | **INSURANCE - 4.1%** |  |
| 3477 | Allstate Corporation (The) | 729718 |
| 4304 | Arch Capital Group Ltd. | 409052 |
| 2621 | Assurant, Inc. | 532011 |
| 5852 | Assured Guaranty Ltd. | 494787 |
| 2763 | Axis Capital Holdings LTD. | 286799 |
| 2506 | Brown & Brown, Inc. | 282927 |

---

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

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **INSURANCE - 4.1% (Continued)** |  |
| 6522 | Hartford Financial Services Group, Inc. (The) | $846816 |
| 4184 | Kemper Corporation | 266646 |
| 2166 | Primerica, Inc. | 586120 |
| 21466 | United Fire Group, Inc. | 610708 |
|  |  | 5045584 |
|  | **INTERNET MEDIA & SERVICES - 0.8%** |  |
| 16351 | EverQuote, Inc.<sup>(a)</sup> | 376891 |
| 12504 | HealthStream, Inc. | 350362 |
| 14946 | TripAdvisor, Inc.<sup>(a)</sup> | 212831 |
|  |  | 940084 |
|  | **LEISURE FACILITIES & SERVICES - 4.8%** |  |
| 28695 | Atlanta Braves Holdings, Inc., Class C<sup>(a)</sup> | 1165304 |
| 16841 | BJ's Restaurants, Inc.<sup>(a)</sup> | 751277 |
| 3809 | Brinker International, Inc.<sup>(a)</sup> | 657548 |
| 2880 | Darden Restaurants, Inc. | 616925 |
| 7472 | Life Time Group Holdings, Inc.<sup>(a)</sup> | 213699 |
| 24500 | Madison Square Garden Entertainment Corporation<sup>(a)</sup> | 909195 |
| 124 | Madison Square Garden Sports Corporation<sup>(a)</sup> | 23546 |
| 27697 | Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 488852 |
| 3804 | Royal Caribbean Cruises Ltd. | 977514 |
|  |  | 5803860 |
|  | **LEISURE PRODUCTS - 0.1%** |  |
| 23348 | Peloton Interactive, Inc., Class A<sup>(a)</sup> | 165771 |
|  | **MACHINERY - 0.7%** |  |
| 32813 | Mueller Water Products, Inc. - Series A | 804903 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.5%** |  |
| 5877 | ICU Medical, Inc.<sup>(a)</sup> | 792571 |
| 3519 | Illumina, Inc.<sup>(a)</sup> | 289403 |
| 1803 | Inspire Medical Systems, Inc.<sup>(a)</sup> | 249175 |
| 3917 | Insulet Corporation<sup>(a)</sup> | 1273142 |
| 4098 | Masimo Corporation<sup>(a)</sup> | 665925 |
| 2601 | ResMed, Inc. | 636699 |

---

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

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.5% (Continued)** |  |
| 12437 | Veracyte, Inc.<sup>(a)</sup> | $330949 |
|  |  | 4237864 |
|  | **METALS & MINING - 1.0%** |  |
| 40551 | Coeur Mining, Inc.<sup>(a)</sup> | 327652 |
| 50651 | Hecla Mining Company | 260346 |
| 57748 | SSR Mining, Inc.<sup>(a)</sup> | 683159 |
|  |  | 1271157 |
|  | **MORTGAGE FINANCE - 1.4%** |  |
| 46325 | Annaly Capital Management, Inc. | 877858 |
| 80101 | Two Harbors Investment Corporation | 848270 |
|  |  | 1726128 |
|  | **OIL & GAS PRODUCERS - 3.4%** |  |
| 810 | Antero Resources Corporation<sup>(a)</sup> | 30335 |
| 3629 | Cheniere Energy, Inc. | 860037 |
| 13336 | EQT Corporation | 735214 |
| 4029 | Expand Energy Corporation | 467888 |
| 2430 | Murphy USA, Inc. | 1037099 |
| 18928 | Williams Companies, Inc. (The) | 1145332 |
|  |  | 4275905 |
|  | **PUBLISHING & BROADCASTING - 1.4%** |  |
| 5775 | New York Times Company (The), Class A | 329868 |
| 17271 | News Corporation, Class A | 487733 |
| 59209 | TEGNA, Inc. | 989974 |
|  |  | 1807575 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 0.2%** |  |
| 87560 | Claros Mortgage Trust, Inc. | 225029 |
|  | **REAL ESTATE OWNERS & DEVELOPERS - 0.6%** |  |
| 11479 | Howard Hughes Holdings, Inc.<sup>(a)</sup> | 784131 |
|  | **REAL ESTATE SERVICES - 0.5%** |  |
| 52033 | Newmark Group, Inc., Class A | 572883 |

---

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

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **RENEWABLE ENERGY - 0.1%** |  |
| 9948 | Sunrun, Inc.<sup>(a)</sup> | $74511 |
|  | **RETAIL - CONSUMER STAPLES - 2.1%** |  |
| 3147 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 356272 |
| 8930 | Hims & Hers Health, Inc.<sup>(a)</sup> | 505081 |
| 12533 | Kroger Company (The) | 855127 |
| 4904 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 847705 |
|  |  | 2564185 |
|  | **RETAIL - DISCRETIONARY - 2.1%** |  |
| 5192 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 407520 |
| 2442 | Carvana Company<sup>(a)</sup> | 798925 |
| 21043 | Gap, Inc. (The) | 469469 |
| 12077 | Urban Outfitters, Inc.<sup>(a)</sup> | 844182 |
|  |  | 2520096 |
|  | **RETAIL REIT - 0.9%** |  |
| 4853 | Alexander's, Inc. | 1092848 |
|  | **SEMICONDUCTORS - 1.2%** |  |
| 7806 | Azenta, Inc.<sup>(a)</sup> | 208576 |
| 8314 | Cirrus Logic, Inc.<sup>(a)</sup> | 817766 |
| 8642 | Lattice Semiconductor Corporation<sup>(a)</sup> | 388371 |
|  |  | 1414713 |
|  | **SOFTWARE - 8.9%** |  |
| 14074 | ACI Worldwide, Inc.<sup>(a)</sup> | 651063 |
| 5671 | Doximity, Inc., Class A<sup>(a)</sup> | 295402 |
| 21452 | Dropbox, Inc., Class A<sup>(a)</sup> | 619105 |
| 5178 | Elastic N.V.<sup>(a)</sup> | 418745 |
| 7400 | Five9, Inc.<sup>(a)</sup> | 196174 |
| 4792 | Fortinet, Inc.<sup>(a)</sup> | 487730 |
| 8852 | Gitlab, Inc., Class A<sup>(a)</sup> | 402855 |
| 4728 | Guidewire Software, Inc.<sup>(a)</sup> | 1016614 |
| 63946 | Health Catalyst, Inc.<sup>(a)</sup> | 242995 |
| 19884 | IonQ, Inc.<sup>(a)</sup> | 802121 |
| 5924 | Okta, Inc.<sup>(a)</sup> | 611179 |

---

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

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **SOFTWARE - 8.9% (Continued)** |  |
| 100989 | Olo, Inc.<sup>(a)</sup> | $879613 |
| 5169 | Omnicell, Inc.<sup>(a)</sup> | 156983 |
| 11385 | Phreesia, Inc.<sup>(a)</sup> | 278819 |
| 3719 | Qualys, Inc.<sup>(a)</sup> | 515267 |
| 4751 | SPS Commerce, Inc.<sup>(a)</sup> | 668751 |
| 11006 | Upstart Holdings, Inc.<sup>(a)</sup> | 519153 |
| 10731 | Waystar Holding Corporation<sup>(a)</sup> | 429025 |
| 46690 | Weave Communications, Inc.<sup>(a)</sup> | 450559 |
| 8505 | Zoom Video Communications, Inc.<sup>(a)</sup> | 691031 |
| 2591 | Zscaler, Inc.<sup>(a)</sup> | 714339 |
|  |  | 11047523 |
|  | **SPECIALTY FINANCE - 2.3%** |  |
| 1894 | FTAI Aviation Ltd. | 221882 |
| 45876 | New Residential Investment Corporation | 511517 |
| 35066 | Onity Group, Inc.<sup>(a)</sup> | 1299546 |
| 62312 | SoFi Technologies, Inc.<sup>(a)</sup> | 828750 |
|  |  | 2861695 |
|  | **SPECIALTY REIT - 1.3%** |  |
| 18060 | EPR Properties | 1005761 |
| 43284 | Postal Realty Trust, Inc., Class A | 599051 |
|  |  | 1604812 |
|  | **SPECIALTY REITS - 0.2%** |  |
| 2502 | Iron Mountain, Inc. | 246972 |
|  | **STEEL - 0.9%** |  |
| 2782 | Carpenter Technology Corporation | 653770 |
| 10933 | Northwest Pipe Company<sup>(a)</sup> | 422451 |
|  |  | 1076221 |
|  | **TECHNOLOGY HARDWARE - 4.7%** |  |
| 12431 | Arista Networks, Inc.<sup>(a)</sup> | 1077021 |
| 16267 | Corning, Inc. | 806681 |
| 14918 | Credo Technology Group Holding Ltd.<sup>(a)</sup> | 909401 |
| 3127 | Fabrinet<sup>(a)</sup> | 728184 |
| 1980 | Garmin Ltd. | 401881 |

---

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

---

| |
|:---|
| **ZACKS SMALL/MID CAP ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.7% (Continued)** |  |
|  | **TECHNOLOGY HARDWARE - 4.7% (Continued)** |  |
| 2817 | InterDigital, Inc. | $612021 |
| 6835 | NetApp, Inc. | 677759 |
| 1264 | Ubiquiti, Inc. | 499647 |
|  |  | 5712595 |
|  | **TECHNOLOGY SERVICES - 3.1%** |  |
| 8266 | Affirm Holdings, Inc., Class A<sup>(a)</sup> | 429005 |
| 3700 | Booz Allen Hamilton Holding Corporation | 393125 |
| 2355 | Coinbase Global, Inc., Class A<sup>(a)</sup> | 580790 |
| 9676 | EVERTEC, Inc. | 350561 |
| 5268 | Leidos Holdings, Inc. | 782404 |
| 20335 | LiveRamp Holdings, Inc.<sup>(a)</sup> | 662515 |
| 33017 | Riot Blockchain, Inc.<sup>(a)</sup> | 266447 |
| 70938 | Unisys Corporation<sup>(a)</sup> | 338374 |
|  |  | 3803221 |
|  | **TRANSPORTATION & LOGISTICS - 2.4%** |  |
| 5179 | CH Robinson Worldwide, Inc. | 497029 |
| 4284 | Expeditors International of Washington, Inc. | 482935 |
| 5080 | Forward Air Corporation<sup>(a)</sup> | 85242 |
| 9164 | Golar LNG Ltd. | 377190 |
| 9299 | Matson, Inc. | 1049393 |
| 12345 | Southwest Airlines Company | 412076 |
|  |  | 2903865 |
|  | **TRANSPORTATION EQUIPMENT - 0.5%** |  |
| 2951 | Westinghouse Air Brake Technologies Corporation | 597046 |
|  | **WHOLESALE - DISCRETIONARY - 0.2%** |  |
| 10384 | G-III Apparel Group Ltd.<sup>(a)</sup> | 301655 |
|  | **TOTAL COMMON STOCKS (Cost $116,423,863)** | 121024295 |
|  | **TOTAL INVESTMENTS - 98.7% (Cost $116,423,863)** | $121024295 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 1.3%** | 1620946 |
|  | **NET ASSETS - 100.0%** | $122645241 |

---

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

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

---

| |
|:---|
| **ZACKS FOCUS GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4%** |  |
|  | **AEROSPACE & DEFENSE - 1.0%** |  |
| 1553 | Howmet Aerospace, Inc. | $263839 |
|  | **AUTOMOTIVE - 4.4%** |  |
| 3195 | Tesla, Inc.<sup>(a)</sup> | 1106940 |
|  | **BEVERAGES - 0.5%** |  |
| 1772 | Coca-Cola Company (The) | 127761 |
|  | **BIOTECH & PHARMA - 3.7%** |  |
| 1249 | AbbVie, Inc. | 232451 |
| 943 | Eli Lilly & Company | 695623 |
|  |  | 928074 |
|  | **COMMERCIAL SUPPORT SERVICES - 0.9%** |  |
| 975 | Cintas Corporation | 220838 |
|  | **DIVERSIFIED INDUSTRIALS - 1.2%** |  |
| 1308 | General Electric Company | 321650 |
|  | **E-COMMERCE DISCRETIONARY - 6.3%** |  |
| 7841 | Amazon.com, Inc.<sup>(a)</sup> | 1607483 |
|  | **ELECTRICAL EQUIPMENT - 0.9%** |  |
| 2415 | Amphenol Corporation, Class A | 217181 |
|  | **ENGINEERING & CONSTRUCTION - 1.0%** |  |
| 536 | EMCOR Group, Inc. | 252917 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.2%** |  |
| 1072 | Cardinal Health, Inc. | 165560 |
| 685 | Cencora, Inc. | 199499 |
| 650 | UnitedHealth Group, Inc. | 196242 |
|  |  | 561301 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.2%** |  |
| 753 | Goldman Sachs Group, Inc. (The) | 452139 |

---

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

---

| |
|:---|
| **ZACKS FOCUS GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 2.2% (Continued)** |  |
| 872 | Morgan Stanley | $111642 |
|  |  | 563781 |
|  | **INTERNET MEDIA & SERVICES - 18.7%** |  |
| 8747 | Alphabet, Inc., Class A | 1502209 |
| 669 | DoorDash, Inc., Class A<sup>(a)</sup> | 139587 |
| 2185 | Meta Platforms, Inc., Class A | 1414766 |
| 948 | Netflix, Inc.<sup>(a)</sup> | 1144454 |
| 570 | Spotify Technology S.A.<sup>(a)</sup> | 379130 |
| 1823 | Uber Technologies, Inc.<sup>(a)</sup> | 153424 |
|  |  | 4733570 |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.9%** |  |
| 408 | Intuitive Surgical, Inc.<sup>(a)</sup> | 225355 |
|  | **RETAIL - CONSUMER STAPLES - 4.8%** |  |
| 914 | Casey's General Stores, Inc. | 400113 |
| 780 | Costco Wholesale Corporation | 811340 |
|  |  | 1211453 |
|  | **RETAIL - DISCRETIONARY - 0.9%** |  |
| 406 | Home Depot, Inc. (The) | 149526 |
| 611 | TJX Companies, Inc. (The) | 77536 |
|  |  | 227062 |
|  | **SEMICONDUCTORS - 15.2%** |  |
| 4519 | Broadcom, Inc. | 1093914 |
| 1206 | Lam Research Corporation | 97433 |
| 17354 | NVIDIA Corporation | 2345045 |
| 2214 | QUALCOMM, Inc. | 321473 |
|  |  | 3857865 |
|  | **SOFTWARE - 14.5%** |  |
| 2880 | Fortinet, Inc.<sup>(a)</sup> | 293126 |
| 5059 | Microsoft Corporation | 2328961 |
| 1469 | Okta, Inc.<sup>(a)</sup> | 151557 |
| 817 | Oracle Corporation | 135238 |
| 2998 | Palantir Technologies, Inc.<sup>(a)</sup> | 395076 |
| 692 | Salesforce, Inc. | 183636 |

---

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

---

| |
|:---|
| **ZACKS FOCUS GROWTH ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 96.4% (Continued)** |  |
|  | **SOFTWARE - 14.5% (Continued)** |  |
| 725 | Veeva Systems, Inc., Class A<sup>(a)</sup> | $202783 |
|  |  | 3690377 |
|  | **TECHNOLOGY HARDWARE - 13.4%** |  |
| 12653 | Apple, Inc. | 2541354 |
| 4068 | Arista Networks, Inc.<sup>(a)</sup> | 352452 |
| 628 | Motorola Solutions, Inc. | 260859 |
| 613 | Ubiquiti, Inc. | 242313 |
|  |  | 3396978 |
|  | **TECHNOLOGY SERVICES - 3.7%** |  |
| 695 | Mastercard, Inc., Class A | 406992 |
| 1477 | Visa, Inc., Class A | 539386 |
|  |  | 946378 |
|  | **TOTAL COMMON STOCKS (Cost $23,178,222)** | 24460803 |
|  | **TOTAL INVESTMENTS - 96.4% (Cost $23,178,222)** | $24460803 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 3.6%** | 904108 |
|  | **NET ASSETS - 100.0%** | $25364911 |

---

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

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

---

| |
|:---|
| **Zacks ETFs** |
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Zacks Earnings**<br>**Consistent Portfolio**<br>**ETF** | <br>**Zacks Small/Mid Cap**<br>**ETF** | <br>**Zacks Focus Growth**<br>**ETF** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $205952377 | $116423863 | $23178222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $228813678 | $121024295 | $24460803 |
| &nbsp;&nbsp;&nbsp;Cash | 3913775 | 1712418 | 945053 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 1585449 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 335735 | 80136 | 11473 |
| &nbsp;&nbsp;&nbsp;Receivable due from Advisor |  |  | 24594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 234648637 | 122816849 | 25441923 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 1535848 |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 158387 | 61580 |  |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 32322 | 19890 | 37150 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 125272 | 90138 | 39862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1851829 | 171608 | 77012 |
| **NET ASSETS** | $**232796808** | $**122645241** | $**25364911** |
| **Net Assets Consist Of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $212629894 | $118321491 | $24688477 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 20166914 | 4323750 | 676434 |
| **NET ASSETS** | $**232796808** | $**122645241** | $**25364911** |
| **Net Asset Value Per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**232796808** | $**122645241** | $**25364911** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **7579000** | **3775000** | **1025000** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**30.72** | $**32.49** | $**24.75** |

---

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

---

| |
|:---|
| **Zacks ETFs** |
| **STATEMENTS OF OPERATIONS (Unaudited)** |
| **For the Period or Six Months Ended May 31, 2025 \*** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Zacks Earnings**<br>**Consistent Portfolio**<br>**ETF** |<br>**Zacks Small/Mid Cap**<br>**ETF** |<br>**Zack Focus Growth**<br>**ETF \*** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1645234 | $839894 | $46447 |
| &nbsp;&nbsp;&nbsp;Interest |  |  | 5100 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes |  | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 1645234 | 839878 | 51547 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 471649 | 242803 | 29125 |
| &nbsp;&nbsp;&nbsp;Administrative services fees | 40285 | 24562 | 32975 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 18902 | 37556 | 12123 |
| &nbsp;&nbsp;&nbsp;Trustees fees and expenses | 18515 | 3083 | 6547 |
| &nbsp;&nbsp;&nbsp;Legal fees | 11504 | 12116 | 9698 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 8756 | 1875 | 9698 |
| &nbsp;&nbsp;&nbsp;Audit fees | 8501 | 9012 | 8604 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 5972 | 3793 | 5163 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 5879 | 5342 | 5820 |
| &nbsp;&nbsp;&nbsp;Insurance expense |  |  | 3637 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3222 | 4137 | 4425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 593185 | 344279 | 127815 |
| &nbsp;&nbsp;&nbsp;Fees Waived by the Advisor | (3176) | (40400) | (29125) |
| &nbsp;&nbsp;&nbsp;Fees Reimbursed by the Advisor |  |  | (61939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 590009 | 303879 | 36751 |
| **NET INVESTMENT INCOME** | 1055225 | 535999 | 14796 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (3275254) | (1844844) | (671816) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments delivered in-kind | 2836583 | 1143773 | 50873 |
|  | (438671) | (701071) | (620943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | (9364079) | (10757846) | 1282581 |
|  | (9802750) | (11458917) | 661638 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** | (9802750) | (11458917) | 661638 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**(8747525)** | $**(10922918)** | $**676434** |

---

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

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

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For The**<br>**Six Months Ended**<br>**May 31, 2025** | **For The**<br>**Period Ended**<br>**November 30, 2024 \*** | **For The**<br>**Year Ended**<br>**January 31, 2024** |
|  | **(Unaudited)** | | |
| **FROM OPERATIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1055225 | $1140087 | $616233 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | (438671) | 3383397 | (1443388) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (9364079) | 23892765 | 8764876 |
| Net increase (decrease) in net assets resulting from operations | (8747525) | 28416249 | 7937721 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (1289179) |  | (579145) |
| Net decrease in net assets resulting from distributions to shareholders | (1289179) |  | (579145) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: | 50414094 | 99669739 | 61740809 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: | (10655215) | (16164249) | (655191) |
| &nbsp;&nbsp;&nbsp;Transaction fees (Note 7) | 18800 | 32000 | 17600 |
| Net increase in net assets resulting from shares of beneficial interest | 39777679 | 83537490 | 61103218 |
| **TOTAL INCREASE IN NET ASSETS** | 29740975 | 111953739 | 68461794 |
| **NET ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 203055833 | 91102094 | 22640300 |
| &nbsp;&nbsp;&nbsp;End of Period | $**232796808** | $**203055833** | $**91102094** |
| **SHARE ACTIVITY** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1625000 | 3425000 | 2500000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (350000) | (550000) | (25000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1275000 | 2875000 | 2475000 |

---

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

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For The**<br>**Six Months Ended**<br>**May 31, 2025** | **For The**<br>**Year Ended**<br>**November 30, 2024** |
|  | **(Unaudited)** | |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $535999 | $355090 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | (701071) | 1817955 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of investments | (10757846) | 15209740 |
| Net increase (decrease) in net assets resulting from operations | (10922918) | 17382785 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions paid | (1545216) | (9090) |
| Net decrease in net assets resulting from distributions to shareholders | (1545216) | (9090) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: | 46438232 | 75784849 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: | (9096101) | (3923435) |
| &nbsp;&nbsp;&nbsp;Transaction fees (Note 7) | 16000 | 24400 |
| Net increase in net assets resulting from shares of beneficial interest | 37358131 | 71885814 |
| **TOTAL INCREASE IN NET ASSETS** | 24889997 | 89259509 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 97755244 | 8495735 |
| &nbsp;&nbsp;&nbsp;End of Period | $**122645241** | $**97755244** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1400000 | 2475000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (300000) | (125000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1100000 | 2350000 |

---

\* Commencement of Operations was October 2, 2023.

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

---

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

---

---

| | |
|:---|:---|
|  | **For The**<br>**Six Months Ended**<br>**May 31, 2025\***<br>**(Unaudited)** |
| **FROM OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $14796 |
| &nbsp;&nbsp;&nbsp;Net realized loss from security transactions | (620943) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments | 1282581 |
| Net increase in net assets resulting from operations | 676434 |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: | 25927921 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed: | (1249844) |
| &nbsp;&nbsp;&nbsp;Transaction fees (Note 7) | 10400 |
| Net increase in net assets resulting from shares of beneficial interest | 24688477 |
| **TOTAL INCREASE IN NET ASSETS** | 25364911 |
| **NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $**25364911** |
| \* &nbsp;&nbsp;&nbsp;&nbsp; Includes undistributed net investment income of: |  |
| **SHARE ACTIVITY** |  |
| Class I: |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1075000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (50000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 1025000 |

---

\* Commencement of Operations was December 4, 2024.

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

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For The**<br>**Six Months Ended**<br>**May 31, 2025** | **For The**<br>**Period Ended**<br>**November 30, 2024 \*\*** | **For The**<br>**Year Ended**<br>**January 31, 2024** | **For The**<br>**Year Ended**<br>**January 31, 2023** | **For The**<br>**Period Ended**<br>**January 31, 2022 \*** |
|  | **(Unaudited)** | | | | |
| Net asset value, beginning of period | $32.21 | $26.57 | $23.73 | $25.40 | $25.00 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.15 | 0.23 | 0.28 | 0.27 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments (4) | (1.45) | 5.40 | 2.74 | (1.74) | 0.35 |
| Total from investment operations | (1.30) | 5.63 | 3.02 | (1.47) | 0.43 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) |  | (0.19) | (0.21) | (0.03) |
| Total distributions | (0.19) |  | (0.19) | (0.21) | (0.03) |
| Capital Share Transaction fees (Note 7) | 0.00 | 0.01 | 0.01 | 0.01 | 0.00 |
| Net asset value, end of period | $30.72 | $32.21 | $26.57 | $23.73 | $25.40 |
| Total return (2) | (4.03)% (6) | 21.23% (6) | 12.79% (7) | (5.72)% | 1.71% (6) |
| Net assets, at end of period (000s) | $232797 | $203056 | $91102 | $22640 | $11531 |
| Ratio of gross expenses to average net assets | 0.55% (5) | 0.66% (5) | 0.89% | 1.93% | 3.93% (5) |
| Ratio of net expenses to average net assets | 0.55% (5) | 0.55% (5) | 0.55% | 0.55% | 0.55% (5) |
| Ratio of net investment income to average net assets | 0.98% (5) | 0.95% (5) | 1.11% | 1.15% | 0.71% (5) |
| Portfolio Turnover Rate (3) | 29% (6) | 19% (6) | 18% | 14% | 6% (6) |

---

\* Commencement of Operations was August 23, 2021.

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

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

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

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

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

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

(6) Not annualized.

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

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

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  | **For The**<br>**Six Months Ended**<br>**May 31, 2025** | **For The**<br>**Year Ended**<br>**November 30, 2024** | **For The**<br>**Period Ended**<br>**November 30, 2023 \*** |
|  | **(Unaudited)** | | |
| Net asset value, beginning of period | $36.54 | $26.14 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.01 | 0.23 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments (4) | (3.54) | 10.17 | 1.09 |
| Total from investment operations | (3.53) | 10.40 | 1.12 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.37) |  |  |
| Total distributions | (0.52) | (0.02) |  |
| Capital Share Transaction fees (Note 7) | 0.00 | 0.02 | 0.02 |
| Net asset value, end of period | $32.49 | $36.54 | $26.14 |
| Total return (2) | (9.70)% (6) | 39.88% | 4.56% (6) |
| Net assets, at end of period (000s) | $122645 | $97755 | $8496 |
| Ratio of gross expenses to average net assets | 0.62% (5) | 0.87% | 11.88% (5) |
| Ratio of net expenses to average net assets | 0.55% (5) | 0.55% | 0.55% (5) |
| Ratio of net investment income to average net assets | 0.07% (5) | 0.71% | 0.72% (5) |
| Portfolio Turnover Rate (3) | 102.17% (6) | 103% | 3% (6) |

---

\* Commencement of Operations was October 2, 2023.

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

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

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

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

(5) Annualized.

(6) Not annualized.

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

---

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

---

---

| | |
|:---|:---|
|  | **For The**<br>**Period Ended**<br>**May 31, 2025 \*** |
|  | **(Unaudited)** |
| Net asset value, beginning of period | $25.21 |
| Activity from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments (4) | (0.51) |
| Total from investment operations | (0.48) |
| Capital Share Transaction fees (Note 7) | 0.02 |
| Net asset value, end of period | $24.75 |
| Total return (2) | (1.82)% (6) |
| Net assets, at end of period (000s) | $25365 |
| Ratio of gross expenses to average net assets | 1.91% (5) |
| Ratio of net expenses to average net assets | 0.55% (5) |
| Ratio of net investment income to average net assets | 0.22% (5) |
| Portfolio Turnover Rate (3) | 102% (6) |

---

\* Commencement of Operations was December 4, 2024.

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

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

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

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

(5) Annualized.

(6) Not annualized.

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

***Zacks ETFs***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**May 31, 2025**

**1.** **ORGANIZATION** 

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

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

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

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

**Operating Segments –** The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Security Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ

***Zacks ETFs***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

Official Closing Price ("NOCP"). In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.

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

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

***Zacks ETFs***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of May 31, 2025, for each Fund's assets and liabilities measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Zacks Earnings Consistent Portfolio ETF** | **Zacks Earnings Consistent Portfolio ETF** | **Zacks Earnings Consistent Portfolio ETF** | **Zacks Earnings Consistent Portfolio ETF** | **Zacks Earnings Consistent Portfolio ETF** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $228813678 | $— | $— | $228813678 |
| Total | $228813678 | $— | $— | $228813678 |

---

***Zacks ETFs***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Zacks Small/Mid Cap ETF** | **Zacks Small/Mid Cap ETF** | **Zacks Small/Mid Cap ETF** | **Zacks Small/Mid Cap ETF** | **Zacks Small/Mid Cap ETF** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $121024295 | $— | $— | $121024295 |
| Total | $121024295 | $— | $— | $121024295 |
| **Zacks Focus Growth ETF** | **Zacks Focus Growth ETF** | **Zacks Focus Growth ETF** | **Zacks Focus Growth ETF** | **Zacks Focus Growth ETF** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $24460803 | $— | $— | $24460803 |
| Total | $24460803 | $— | $— | $24460803 |

---

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

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

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

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

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

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

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

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

**Market Risk** – Market risk refers to the possibility that the value of securities held by the Funds may decline due to daily fluctuations in the market. Market prices for securities change

***Zacks ETFs***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions. Each Fund's performance per share will change daily in response to such factors.

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

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

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

**Federal Income Taxes –** The Funds intend to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Therefore, no provision for Federal income tax is required. The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Interest and penalties related to income taxes would be recorded as tax expense in the Statement of Operations. During the six months or period ended May 31, 2025, the Funds did not incur any tax-related interest or penalties. Management has analyzed each Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years ended January 31, 2022, to January 31, 2024, and November 2024, or expected to be taken in the Funds' November 30, 2025 year-end tax returns. The Funds have identified their major tax jurisdictions as U.S. Federal and Delaware state, however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

***Zacks ETFs***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

**Indemnification –** The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

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

For the period or six months ended May 31, 2025, cost of purchases and proceeds from sales of portfolio securities (excluding in-kind transactions and short-term investments), for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Ticker Symbol** | **Purchases** | **Sales** |
| **ZECP** | $91045768 | $46203502 |
| **SMIZ** | $139939954 | $111524649 |
| **GROZ** | $6060126 | $5812254 |

---

For the period or six months ended May 31, 2025, cost of purchases and proceeds from sales of portfolio securities for in-kind transactions for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Ticker Symbol** | **Purchases** | **Sales** |
| **ZECP** | $51540512 | $10561851 |
| **SMIZ** | $46524335 | $8971819 |
| **GROZ** | $25744239 | $1247894 |

---

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

The Advisor serves as investment advisor to the Funds. Pursuant to an Advisory Agreement with the Trust, under the oversight of the Board, the Advisor manages the investment and reinvestment of each Funds' assets. As compensation for its services and the related expenses borne by the Advisor, the Funds pays the Advisor a management fee, computed and accrued daily and paid monthly, at an annual rate of 0.44% of each Fund's respective average daily net assets. For the period or six months ended May 31, 2025, ZECP, SMIZ and GROZ incurred $471,649, $242,803 and $29,125, respectively, in advisory fees.

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

***Zacks ETFs***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

example option and swap fees and expenses), or extraordinary expenses such as litigation) do not exceed 1.00%. For the period or six months ended May 31, 2025, the Advisor waived fees of $3,176, $40,400 and $91,064 for ZECP, SMIZ and GROZ, respectively. During the period, the Adviser reimbursed additional amounts of $61,939 for GROZ.

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

As of November 30, 2024, the Advisor has $602,152 and $220,560 for ZECP and SMIZ, respectively, of waived fees within 3 years of reimbursement that may be recovered by the following dates:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **January 31, 2025** | **January 31, 2026** | **January 31, 2027** | **November 30, 2027** | **Total** |
| **ZECP** | $83584 | $196824 | $186188 | $135556 | $602152 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **November 30, 2026** | **November 30, 2027** | **Total** |
| **SMIZ** | $60714 | $159846 | $220560 |

---

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

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

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

***Zacks ETFs***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

serving in such capacities.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Gross Unrealized | Gross Unrealized | Net Unrealized |
| Fund | Tax Cost | Appreciation | Depreciation | Appreciation |
| ZECP | $205952377 | $27936990 | $(5075689) | $22861301 |
| SMIZ | 116420861 | 11880602 | (7277168) | 4603434 |
| GROZ | 23178222 | 1829330 | (546749) | 1282581 |

---

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

The tax character of Fund distributions paid for the years ended November 30, 2024, November 30, 2023, January 31, 2024 and January 31, 2023 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| For Fiscal Year Ended | Ordinary | Long-Term | Return of |  |
| November 30, 2024 | Income | Capital Gain | Capital | Total |
| ZECP | $— | $— | $— | $— |
| SMIZ | 9090 |  |  | 9090 |
| For Fiscal Year Ended | Ordinary | Long-Term | Return of |  |
| November 30, 2023 | Income | Capital Gain | Capital | Total |
| SMIZ | $— | $— | $— | $— |
| For Fiscal Year Ended | Ordinary | Long-Term | Return of |  |
| January 31, 2024 | Income | Capital Gain | Capital | Total |
| ZECP | $579145 | $— | $— | $579145 |
| For Fiscal Year Ended | Ordinary | Long-Term | Return of |  |
| January 31, 2023 | Income | Capital Gain | Capital | Total |
| ZECP | $164525 | $— | $— | $164525 |

---

***Zacks ETFs***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

As of November 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Gains | Post October Loss<br>and<br>Late Year Loss | Capital Loss<br>Carry<br>Forwards | Unrealized<br>Appreciation/<br>(Depreciation) | Total<br>Accumulated<br>Earnings/(Deficits) |
| ZECP | $1175621 | $— | $— | (3197383) | 32225380 | $30203618 |
| SMIZ | 1415942 | 14662 |  |  | 15361280 | 16791884 |

---

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

At November 30, 2024, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Non-Expiring | Non-Expiring | | |
| Fund | Short-Term | Long-Term | Total | CLCF Utilized |
| ZECP | $2144789 | $1052594 | $3197383 | $— |
| SMIZ |  |  |  | 3593 |

---

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses and realized gain (loss) on in-kind redemptions for the year ended November 30, 2024, as follows:

---

| | | |
|:---|:---|:---|
|  | Paid | |
|  | In | Accumulated |
| Fund | Capital | Deficit |
| ZECP | $4546150 | $(4546150) |
| SMIZ | 730573 | (730573) |

---

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

Shares are not individually redeemable and may be redeemed by the Funds at NAV only in large blocks known as "Creation Units." Shares are created and redeemed by the Funds only in Creation Unit size aggregations of 25,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Funds. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the NAV per share of the Funds on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they

***Zacks ETFs***

**NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)**

**May 31, 2025**

are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Funds may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Funds in effecting trades A fixed fee payable to the Custodian is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu (as defined below) are required to pay an additional variable charge to compensate the Funds and their ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). With the approval of the Board, the Advisor may waive or adjust the Transaction Fees, including the Fixed Fee and/or Variable Charge (shown in the table below), from time to time. In such cases, the Authorized Participant will reimburse the Funds for, among other things, any difference between the market value at which the securities and/or financial instruments were purchased by the Funds and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes. In addition, purchasers of Creation Units are responsible for the costs of transferring the Deposit Securities to the accounts of the Funds. Transactions in capital shares for each Fund are disclosed in the Statements of Changes in Net Assets.

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

---

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

---

\* As a percentage of the amount invested.

**8.** **SUBSEQUENT EVENTS** 

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

**ADDITIONAL INFORMATION**

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures** - Not applicable

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

Refer to the financial statements included herein

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

**Approval of Continuance of Advisory Agreement – Zacks Earnings Consistent Portfolio ETF**

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

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

***Performance*.** The Board reviewed the performance data for the ECP ETF provided by the Adviser, including one-year and since inception average annual total returns as of December 31, 2024. The Board also reviewed comparisons of the ECP ETF's performance against its peer group average, Morningstar Category Average and benchmark. The Board noted that the ECP ETF outperformed its peer group average for the twelve-months ended December 31, 2024, underperformed its Morningstar Category Average and benchmark for the twelve-months and the since inception period

ended December 31, 2024, and underperformed its peer group average, Morningstar Category Average and benchmark for the since inception period ended December 31, 2024. The Board also took into consideration the background and experience of the portfolio manager. After considering the information provided and presented at the Meeting and at meetings throughout the year, the Board determined that the performance of the ECP ETF was reasonable.

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

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

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

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

the Adviser could realize significant economies of scale. The Board observed that economies of scale will be considered in the future as the ECP ETF's asset levels grow.

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

**Approval of Advisory Agreement – Zacks Focus Growth ETF**

In connection with a meeting held on July 22, 2024, the Board of Trustees (the "Board") of Zacks Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" (the "Independent Trustees"), as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of the investment advisory agreement (the "Advisory Agreement") between Zacks Investment Management, Inc. ("Zacks" or the "Adviser") and the Trust, with respect to the Zacks Focus Growth ETF (the "Growth ETF"). In considering the approval of the Advisory Agreement, the Board received materials specifically relating to the Growth ETF and the Advisory Agreement.

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

***Performance*.** The Board noted that the Growth ETF is newly formed and as such does not have a record of prior performance to submit at the Meeting. However, the Board noted that the Adviser manages a separately managed account (the "SMA") that is comparable to the Growth ETF, and the Board reviewed the performance data of the SMA, including one-year, five-year and since inception average annual total returns as of March 31, 2024. The Board also reviewed comparisons of the SMA's performance against its benchmark, the Russell 1000<sup>®</sup> Growth Index, and a Broad Based Securities Market Index, the Russell 3000<sup>®</sup> Index, as of March 31, 2024, noting that the SMA outperformed the Russell 1000<sup>®</sup> Growth Index for the one-year period but underperformed the Russell 1000<sup>®</sup> Growth Index for the five-year and since inception periods, and outperformed the Russell 1000<sup>®</sup> Growth Index for the one-year, five-year and since inception periods. The Board also took into consideration the background and experience of the prospective portfolio manager. After considering the information provided and presented at the Meeting, including the returns presented for the SMA managed by the Adviser and the Adviser's presentation, the Board concluded that the Adviser should be able to adequately fulfill the Growth ETF's investment mandate.

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

***Fees and Expenses.*** The Board reviewed the Growth ETF's proposed advisory fee and expense ratio, and reviewed information comparing the advisory fee and expense ratios to those of the applicable peer group and Morningstar category. The Board noted that the proposed advisory fee for the Growth ETF was equal to the peer group average and below the Morningstar category average, and the proposed net expense ratio for the Growth ETF was below both the peer group and Morningstar category averages. In response to the Trustees' questions, Mr. Zacks explained how the peer group was selected from the overall category. The Board noted that the Adviser has also agreed to waive fees and limit expenses of the Growth ETF. Given these considerations, the Board concluded that Zacks' proposed advisory fees were not unreasonable.

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

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

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

**INVESTMENT ADVISOR** 

Zacks Investment Management, Inc.

10 S. Riverside Plaza, Suite 1600

Chicago, IL 60606

**ADMINISTRATOR** 

Ultimus Fund Solutions, LLC

4221 North 203<sup>rd</sup> Street Suite 100

Elkhorn, Nebraska 68022

ZACKSETF-SA25

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

Not applicable

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

Not applicable

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

Included under Item 7 of this Form

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

Included under Item 7 of this Form

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

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

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

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

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

**Item 19. Exhibits.** 

(a)(1) Not applicable

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

(a)(3) Not applicable

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto. . [Exhibit 99. CERT](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Zacks Trust

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| | |
|:---|:---|
| By | /s/ Mitch Zacks |
| Mitch Zacks | Mitch Zacks |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 08/08/2025 | Date: 08/08/2025 |

---

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/ Mitch Zacks |
| Mitch Zacks | Mitch Zacks |
| Principal Executive Officer/President | Principal Executive Officer/President |
| Date: 08/08/2025 | Date: 08/08/2025 |
| By | /s/ Donald Ralph |
| Donald Ralph | Donald Ralph |
| Principal Financial Officer | Principal Financial Officer |
| Date: 08/08/2025 | Date: 08/08/2025 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Mitch Zacks, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: <u>08/08/2025</u> | <u>/s/ Mitch Zacks</u> |
|  | Mitch Zacks |
|  | Principal Executive Officer/President |

---

**Certification** [Exhibit 99. CERT]

I, Donald Ralph , certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: <u>08/08/2025</u> | <u>/s/ Donald Ralph</u> |
|  | Donald Ralph |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**certification** [Exhibit 99.906CERT]

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended May 31, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

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

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Mitch Zacks | Mitch Zacks | Donald Ralph | Donald Ralph |
| /s/ Mitch Zacks | /s/ Mitch Zacks | /s/Donald Ralph | /s/Donald Ralph |
| Mitch Zacks | Mitch Zacks | Donald Ralph | Donald Ralph |
| Date: | 08/08/2025 | Date: | 08/08/2025 |

---

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