Zacks Trust

02/09/2026 | Press release | Distributed by Public on 02/09/2026 09:47

Annual Report by Investment Company (Form N-CSR)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-23435
Zacks Trust
(Exact name of registrant as specified in charter)
227 West Monroe Street Suite 4350, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Corporation Trust Company
1209 Orange Street
Wilmington, Delaware 19808
(Name and address of agent for service)
Registrant’s telephone number, including area code: 312-265-9359
Date of fiscal year end: 11/30
Date of reporting period: 11/30/25

Item 1. Reports to Stockholders.

(a)

Zacks Earnings Consistent Portfolio ETF

(ZECP) NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2025

Fund Overview

This annual shareholder report contains important information about Zacks Earnings Consistent Portfolio ETF for the period of December 1, 2024 to November 30, 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 year?

(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
$58
0.55%

How did the Fund perform during the reporting period?

For the fiscal year ended November 30, 2025 (12/1/2024-11/30/2025), ZECP returned 10.28% versus 13.59% for the Russell 3000, trailing by -3.31%. Attribution indicates the gap was driven mainly by stock selection (-2.34%), with a modest drag from sector positioning (-0.23%); the remainder reflects fees and residual effects.

The detailed attribution analysis showed uneven sector results. Communication Services (+1.48%) and Industrials (+1.00%) added the most to relative performance, benefiting from strong selection-most notably Alphabet-and favorable industrial holdings. Technology was the primary headwind (-3.96%), combining an underweight (allocation -0.29%) with weaker selection (selection -3.66%). Financial Services also detracted (-0.87%) as an overweight (allocation -0.34%) and negative selection (selection -0.53%) compounded.

At the security level, the largest active contributors were Alphabet (+1.50%), Caterpillar (+0.86%), and Cardinal Health (+0.54%). The largest detractors were driven by missed exposure to high performers-Broadcom (-1.34%) and NVIDIA (-0.48%)-and weaker outcomes in select holdings including Synopsys (-0.97%), UnitedHealth (-0.86%), and Accenture (-0.68%). In absolute terms, the portfolio's gains were led by Alphabet (3.90% contribution), Apple (1.27%), Caterpillar (1.17%), and Microsoft (0.96%). The biggest absolute detractors were UnitedHealth (-1.46%), Synopsys (-0.56%), Accenture (-0.49%), and Fiserv (-0.44%).

ZECP is designed to invest in companies expected to exhibit consistent earnings growth over time. Our strategy emphasizes companies with a history of stable and predictable earnings growth across various economic cycles, as such companies often possess competitive advantages.

Given its investment mandate, which focuses on earnings consistency factors, ZECP typically underperforms during bullish or upward-trending markets. However, companies with stable earnings provide significant downside protection during market downturns or periods of heightened volatility. These companies offer resilience and stability, helping cushion the portfolio against substantial losses due to their ability to navigate adverse market conditions effectively.

While recent market conditions have been marked by extended periods of positive performance, such stretches often lead to increased volatility. For this reason, we view ZECP as a valuable core holding in any portfolio. We believe that maintaining a focus on quality companies with stable and predictable earnings will help smooth returns over time and mitigate risk during volatile market period.

*The Morningstar report for attribution analysis utilizes the iShares Russell 3000 ETF as a proxy for the Russell 3000 Index.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Zacks Earnings Consistent Portfolio ETF - NAV
Russell 3000® Index
Aug-2021
$10,000
$10,000
Nov-2021
$10,092
$10,167
Nov-2022
$9,759
$9,068
Nov-2023
$10,284
$10,212
Nov-2024
$13,112
$13,733
Nov-2025
$14,459
$15,600

Average Annual Total Returns

1 Year
Since Inception (August 23, 2021)
Zacks Earnings Consistent Portfolio ETF - NAV
10.28%
9.02%
Russell 3000®Index
13.59%
10.97%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets
$281,649,678
Number of Portfolio Holdings
61
Advisory Fee
$1,029,113
Portfolio Turnover
12%

Asset Weighting (% of total investments)

Value
Value
Common Stocks
100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value
Value
Other Assets in Excess of Liabilities
1.3%
Real Estate
1.4%
Utilities
3.7%
Consumer Discretionary
6.4%
Consumer Staples
7.4%
Communications
10.0%
Industrials
12.6%
Health Care
15.3%
Financials
17.0%
Technology
25.0%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
Apple, Inc.
7.4%
Alphabet, Inc., Class A
7.4%
Microsoft Corporation
6.0%
Caterpillar, Inc.
3.5%
JPMorgan Chase & Company
3.3%
Walmart, Inc.
2.9%
American Express Company
2.9%
Eli Lilly & Company
2.7%
Netflix, Inc.
2.6%
Procter & Gamble Company (The)
2.1%

Material Fund Changes

No material changes occurred during the year ended November 30, 2025.

Zacks Earnings Consistent Portfolio ETF

Annual Shareholder Report - November 30, 2025

Where can I find additional information about the Fund?

This annual shareholder report contains important information about Zacks Earnings Consistent Portfolio ETF for the period of December 1, 2024 to November 30, 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-AR 113025-ZECP

Zacks Focus Growth ETF

(GROZ) NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2025

Fund Overview

This annual shareholder report contains important information about Zacks Focus Growth ETF for the period of December 4, 2024 (commencement of operations) to November 30, 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 year?

(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
$60
0.55%

* Expenses for the full reporting period would be higher.

How did the Fund perform during the reporting period?

For the fiscal year ended November 30, 2025 (12/4/2024-11/30/2025), the Zacks Focus Growth ETF returned 19.64% versus 17.06% for the Russell 1000 Growth Index, underperforming by -0.72%. Attribution indicates the shortfall was driven primarily by sector allocation (-4.54%), which more than offset strong stock selection (+3.82%); the remainder reflects residual effects.

The detailed attribution analysis showed that cash positioning was the largest single driver of relative performance. The portfolio maintained an average cash overweight of +2.93%, which detracted -3.60% on allocation as equities advanced. Beyond cash, Technology also weighed on relative results from an allocation perspective: an underweight of -6.25% detracted -0.93%. Importantly, Technology selection was positive (+0.97%), largely offsetting the underweight and leaving Technology close to flat on an active basis (+0.04%). Outside of these effects, several sectors contributed positively to active return-most notably Financial Services (+1.08%), Communication Services (+0.63%), and Consumer Cyclical (+0.64%)-reflecting generally favorable security selection.

At the security level, the largest positive selection contributors included Alphabet Class A (+0.83%), The Goldman Sachs Group (+0.73%), and Broadcom (+0.62%), along with additional positive contributions from select industrial and consumer names. The largest selection detractors were led by an underweight to Alphabet Class C (-0.96%) and weaker relative outcomes in Apple (-0.65%) and Fortinet (-0.42%), with additional headwinds from UnitedHealth (-0.35%) and Duolingo (-0.33%). In absolute terms, portfolio gains were led by Alphabet Class A (4.25% contribution), Broadcom (4.02%), and NVIDIA (2.17%), while the largest absolute detractors included Salesforce (-0.52%), ServiceNow (-0.45%), Duolingo (-0.37%), and UnitedHealth (-0.33%).

The Zacks Focus Growth ETF seeks long-term capital appreciation through exposure to growth-oriented equities. During the period, portfolio outcomes were supported by strong security selection across several sectors, but relative results were constrained by allocation effects-particularly the cash overweight and a Technology underweight during a market environment where large-cap growth leadership remained influential. Going forward, we will continue to emphasize disciplined security selection while actively managing sector exposures and cash positioning to balance participation in strong up markets with prudent risk control.

*The Morningstar report for attribution analysis utilizes the iShares Russell 1000 Growth ETF as a proxy for the Russell 1000 Growth Index.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Zacks Focus Growth ETF - NAV
Russell 1000® Growth Index
Russell 3000® Index
12/04/24
$10,000
$10,000
$10,000
12/31/24
$9,837
$9,803
$9,607
01/31/25
$10,032
$9,996
$9,911
02/28/25
$9,631
$9,637
$9,721
03/31/25
$8,842
$8,822
$9,154
04/30/25
$9,111
$8,973
$9,092
05/31/25
$9,818
$9,776
$9,668
06/30/25
$10,500
$10,409
$10,160
07/31/25
$10,785
$10,802
$10,383
08/31/25
$10,960
$10,922
$10,624
09/30/25
$11,638
$11,501
$10,990
10/31/25
$12,102
$11,926
$11,226
11/30/25
$11,964
$11,706
$11,257

Average Annual Total Returns

Since Inception (December 4, 2024)
Zacks Focus Growth ETF - NAV
19.64%
Russell 1000®Growth Index
17.06%
Russell 3000®Index
12.57%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets
$51,278,069
Number of Portfolio Holdings
44
Advisory Fee (net of waivers)
$0
Portfolio Turnover
50%

Asset Weighting (% of total investments)

Value
Value
Common Stocks
100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value
Value
Other Assets in Excess of Liabilities
0.6%
Energy
0.5%
Financials
3.4%
Consumer Staples
5.5%
Industrials
7.5%
Health Care
9.1%
Consumer Discretionary
14.1%
Communications
16.9%
Technology
42.4%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
NVIDIA Corporation
8.5%
Apple, Inc.
8.3%
Microsoft Corporation
7.9%
Alphabet, Inc., Class A
7.4%
Broadcom, Inc.
5.8%
Amazon.com, Inc.
4.9%
Tesla, Inc.
4.5%
Meta Platforms, Inc., Class A
3.9%
Eli Lilly & Company
3.6%
Netflix, Inc.
3.3%

Material Fund Changes

No material changes occurred during the year ended November 30, 2025.

Zacks Focus Growth ETF

Annual Shareholder Report - November 30, 2025

Where can I find additional information about the Fund?

This annual shareholder report contains important information about Zacks Focus Growth ETF for the period of December 4, 2024 to November 30, 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-AR 113025-GROZ

Zacks Quality International ETF

(QUIZ) NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2025

Fund Overview

This annual shareholder report contains important information about Zacks Quality International ETF for the period of August 18, 2025 (commencement of operations) to November 30, 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 year?

(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 Quality International ETF
$16
0.55%

* Expenses for the full reporting period would be higher.

How did the Fund perform during the reporting period?

During the reporting period, the Zacks Quality International ETF (QUIZ) delivered solid performance, keeping pace with both its primary benchmark and a widely used peer ETF. From August 18, 2025 through November 30, 2025, QUIZ generated a total return of 3.40%, outperforming the 3.15% return of the Bloomberg Developed Markets ex-North America Large & Mid Cap Price Return Index and closely tracking the 3.48% return of the iShares MSCI EAFE ETF over the same period.

The Fund's results reflect the effectiveness of its quality-focused, rules-based investment process, which provided broad participation in rising international equity markets while maintaining discipline during periods of market volatility. Performance tracked the benchmark closely throughout the period, with relative results driven by consistent, incremental contributions across holdings, rather than reliance on isolated securities or short-term market events.

On an annualized equivalent basis, QUIZ delivered a return of 12.58%, compared with 12.89% for EFA. While the Fund has a relatively short operating history since its inception in August 2025, early results are consistent with the strategy's objective of delivering competitive returns through systematic quality-based stock selection. We believe that, over a longer measurement period, the disciplined application of the methodology positions the Fund to generate attractive relative performance versus both its benchmark and peer alternatives.

Overall, performance during the period underscores QUIZ's ability to deliver competitive absolute returns, maintain close benchmark alignment, and establish a solid foundation for long-term relative value creation within developed international equity markets.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Zacks Quality International ETF - NAV
Bloomberg Global Developed Markets ex N. America Large-Mid
MSCI EAFE Index
08/18/25
$10,000
$10,000
$10,000
08/31/25
$9,936
$9,971
$9,974
09/30/25
$10,076
$10,136
$10,165
10/31/25
$10,256
$10,264
$10,284
11/30/25
$10,340
$10,315
$10,348

Average Annual Total Returns

Since Inception (August 18, 2025)
Zacks Quality International ETF - NAV
3.40%
Bloomberg Global Developed Markets ex N. America Large-Mid
3.15%
MSCI EAFE Index
3.48%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets
$46,796,138
Number of Portfolio Holdings
171
Advisory Fee (net of waivers)
$0
Portfolio Turnover
8%

Asset Weighting (% of total investments)

Value
Value
Common Stocks
100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value
Value
Other Assets in Excess of Liabilities
1.5%
Energy
2.6%
Utilities
3.6%
Communications
5.3%
Materials
6.0%
Consumer Discretionary
7.9%
Consumer Staples
9.7%
Technology
9.8%
Health Care
10.4%
Industrials
16.3%
Financials
26.7%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
HSBC Holdings PLC
2.1%
ASML Holding N.V.
2.0%
Siemens A.G.
1.7%
British American Tobacco plc
1.7%
Roche Holding A.G.
1.6%
Commonwealth Bank of Australia
1.4%
SAP S.E.
1.4%
Allianz SE
1.4%
AstraZeneca PLC
1.4%
Sony Corporation
1.3%

Material Fund Changes

No material changes occurred during the year ended November 30, 2025.

Zacks Quality International ETF

Annual Shareholder Report - November 30, 2025

Where can I find additional information about the Fund?

This annual shareholder report contains important information about Zacks Quality International ETF for the period of August 18, 2025 to November 30, 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-AR 113025-QUIZ

Zacks Small/Mid Cap ETF

(SMIZ) NYSE Arca, Inc.

Annual Shareholder Report - November 30, 2025

Fund Overview

This annual shareholder report contains important information about Zacks Small/Mid Cap ETF for the period of December 1, 2024 to November 30, 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 year?

(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
$56
0.55%

How did the Fund perform during the reporting period?

For the fiscal year ended November 30, 2025 (12/1/2024-11/30/2025), the Zacks Small/Mid Cap ETF (SMIZ) returned 5.25% versus 3.39% for the Russell 2500 Index, outperforming by +1.86%. Attribution indicates the relative gain was driven primarily by stock selection (+1.84%), complemented by sector positioning (+0.70%) for a total attribution active return of +2.53%; the difference to the reported active return largely reflects fees/expenses and residual effects.

The detailed attribution analysis showed that sector results were led by Technology, which contributed +2.48% to relative performance, supported by both an overweight (+0.52% allocation effect) and strong stock selection (+1.96% selection effect). Other sector allocation tailwinds were more modest but positive, including Healthcare (+0.43%) and Utilities (+0.41%). On the detractor side, Consumer Defensive was the largest allocation headwind (-0.55%), and residual benchmark "Unclassified" exposure also weighed (-0.23%).

At the security level, the largest active contributors were Credo Technology (+1.03%), SSR Mining (+0.79%), and ProAssurance (+0.77%). The largest detractors were driven by missed exposure and weaker relative results, led by Robinhood (-1.12%), SanDisk (-0.80%), and Ciena (-0.60%). In absolute terms, portfolio gains were led by Credo Technology (1.13% contribution), Comfort Systems (0.96%), Rigel Pharmaceuticals (0.80%), SSR Mining (0.75%), and Amphenol (0.73%). The largest absolute detractors included SPS Commerce (-0.38%), Datadog (-0.34%), and Sprouts Farmers Market (-0.33%).

SMIZ is designed to invest in small- and mid-cap companies expected to benefit from upward earnings estimate revisions, leveraging a proprietary earnings revision framework. The portfolio typically holds approximately 200 companies, broadly split between small- and mid-cap stocks. We continue to believe small- and mid-cap equities offer a compelling opportunity set, as they have historically traded at a meaningful discount to large caps despite many businesses exhibiting comparable profitability profiles. Against that backdrop, SMIZ is positioned as a differentiated allocation within a balanced portfolio, offering targeted exposure to small- and mid-cap companies with improving fundamental expectations.

*The Morningstar report for attribution analysis utilizes the iShares Russell 2500 ETF as a proxy for the Russell 2500 Index.

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Zacks Small/Mid Cap ETF - NAV
Russell 3000® Index
Russell 2500® Index
10/02/23
$10,000
$10,000
$10,000
10/31/23
$9,556
$9,751
$9,527
11/30/23
$10,456
$10,660
$10,384
12/31/23
$11,428
$11,226
$11,497
01/31/24
$11,328
$11,350
$11,197
02/29/24
$12,217
$11,965
$11,806
03/31/24
$12,657
$12,351
$12,293
04/30/24
$11,844
$11,807
$11,469
05/31/24
$12,281
$12,365
$11,946
06/30/24
$12,213
$12,748
$11,767
07/31/24
$12,917
$12,985
$12,642
08/31/24
$12,905
$13,267
$12,609
09/30/24
$13,277
$13,542
$12,797
10/31/24
$13,257
$13,442
$12,678
11/30/24
$14,626
$14,337
$13,926
12/31/24
$13,496
$13,899
$12,876
01/31/25
$13,939
$14,337
$13,333
02/28/25
$13,012
$14,062
$12,707
03/31/25
$12,297
$13,242
$11,910
04/30/25
$12,414
$13,153
$11,665
05/31/25
$13,207
$13,987
$12,363
06/30/25
$13,788
$14,698
$12,933
07/31/25
$14,061
$15,021
$13,183
08/31/25
$14,792
$15,369
$13,875
09/30/25
$15,170
$15,899
$14,097
10/31/25
$15,142
$16,240
$14,192
11/30/25
$15,394
$16,285
$14,398

Average Annual Total Returns

1 Year
Since Inception (October 2, 2023)
Zacks Small/Mid Cap ETF - NAV
5.25%
22.09%
Russell 3000®Index
13.59%
25.31%
Russell 2500®Index
3.39%
18.37%

The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Fund Statistics

Net Assets
$163,768,215
Number of Portfolio Holdings
217
Advisory Fee (net of waivers)
$495,667
Portfolio Turnover
105%

Asset Weighting (% of total investments)

Value
Value
Common Stocks
100.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value
Value
Other Assets in Excess of Liabilities
2.0%
Communications
2.5%
Consumer Staples
3.4%
Energy
3.6%
Real Estate
4.2%
Utilities
4.2%
Materials
5.5%
Consumer Discretionary
7.4%
Health Care
11.9%
Technology
17.9%
Financials
18.5%
Industrials
18.9%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
EMCOR Group, Inc.
1.8%
Comfort Systems USA, Inc.
1.8%
Amphenol Corporation, Class A
1.4%
Credo Technology Group Holding Ltd.
1.4%
Rigel Pharmaceuticals, Inc.
1.3%
McKesson Corporation
1.1%
Arista Networks, Inc.
1.1%
Northern Trust Corporation
1.1%
Fabrinet
1.0%
Allient, Inc.
1.0%

Material Fund Changes

No material changes occurred during the year ended November 30, 2025.

Zacks Small/Mid Cap ETF

Annual Shareholder Report - November 30, 2025

Where can I find additional information about the Fund?

This annual shareholder report contains important information about Zacks Small/Mid Cap ETF for the period of December 1, 2024 to November 30, 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-AR 113025-SMIZ

(b) Not applicable

Item 2. Code of Ethics.

(a) The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b) N/A
(c) During the period covered by this report, there were no amendments to any provision of the code of ethics.
(d) During the period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.
(e) N/A
(f) See Item 19(a)(1)

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant’s Board of Trustees has determined that Stuart Kaufman is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Stuart Kaufman is independent for purposes of this Item.

(a)(2) Not applicable.

(a)(3) Not applicable.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant’s principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:
Audit Fees
2025 - $53,000
2024 - $27,500
(b) Audit-Related Fees- There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item.
2025 - None
2024 - None
(c) Tax Fees The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows:
2025 - $12000
2024 - $6,000
Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.
(d) All Other Fees The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant’s principal accountant, other than the services reported in paragraphs (a) through (c) of this item were:
2025 - None
2024 - None
(e) (1) Audit Committee’s Pre-Approval Policies
The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant.
(2) Percentages of Services Approved by the Audit Committee - There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
2025 2024
Audit-Related Fees: 0.00% 0.00%
Tax Fees: 0.00% 0.00%
All Other Fees: 0.00% 0.00%
(f) During the audit of registrant’s financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant’s engagement were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:
2025 - $12,000
2024 - $6,000
(h) The registrant’s audit committee has considered whether the provision of non-audit services to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.
(i) Not applicable
(j) Not applicable

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

Item 6. Schedule of 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)

Zacks Earnings Consistent Portfolio ETF
(ZECP)
Zacks Small/Mid Cap ETF
(SMIZ)
Zacks Focus Growth ETF
(GROZ)
Zacks Quality International ETF
(QUIZ)
Annual Financial Statements and Additional Information
November 30, 2025
1-855-813-3507
www.ZacksETFs.com
ZACKS EARNINGS CONSISTENT PORTFOLIO ETF
SCHEDULE OF INVESTMENTS
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.7%
AEROSPACE & DEFENSE - 2.7%
8,004 General Dynamics Corporation $ 2,734,407
28,098 RTX Corporation 4,914,621
7,649,028
ASSET MANAGEMENT - 2.3%
8,835 Ameriprise Financial, Inc. 4,026,463
2,234 Blackrock, Inc. 2,339,668
6,366,131
BANKING - 5.4%
29,341 JPMorgan Chase & Company 9,186,081
14,131 PNC Financial Services Group, Inc. (The) 2,695,064
73,450 Truist Financial Corporation 3,415,425
15,296,570
BEVERAGES - 1.3%
24,863 PepsiCo, Inc. 3,698,123
BIOTECH & PHARMA - 7.1%
10,438 Amgen, Inc. 3,605,911
31,314 Bristol-Myers Squibb Company 1,540,649
7,135 Eli Lilly & Company 7,673,478
21,315 Johnson & Johnson 4,410,500
27,589 Merck & Company, Inc. 2,892,155
20,122,693
COMMERCIAL SUPPORT SERVICES - 3.1%
23,650 Cintas Corporation 4,399,373
20,212 Republic Services, Inc. 4,387,217
8,786,590
CONSUMER FINANCE - 2.8%
21,950 American Express Company 8,017,677
DIVERSIFIED INDUSTRIALS - 1.0%
20,120 Emerson Electric Company 2,683,606
ELECTRIC UTILITIES - 2.8%
44,045 American Electric Power Company, Inc. 5,451,450

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

1

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.7% (Continued)
ELECTRIC UTILITIES - 2.8% (Continued)
29,633 Southern Company (The) $ 2,700,159
8,151,609
ELECTRICAL EQUIPMENT - 0.6%
12,513 Amphenol Corporation, Class A 1,763,082
ENGINEERING & CONSTRUCTION - 1.3%
6,061 EMCOR Group, Inc. 3,727,939
FOOD - 1.1%
17,129 Hershey Company (The) 3,221,622
GAS & WATER UTILITIES - 0.9%
18,505 American Water Works Company, Inc. 2,406,945
HEALTH CARE FACILITIES & SERVICES - 4.0%
25,526 Cardinal Health, Inc. 5,418,149
8,944 Labcorp Holdings, Inc. 2,403,968
10,223 UnitedHealth Group, Inc. 3,371,239
11,193,356
HOUSEHOLD PRODUCTS - 2.1%
39,356 Procter & Gamble Company (The) 5,830,985
INDUSTRIAL REIT - 0.7%
14,984 Prologis, Inc. 1,925,893
INDUSTRIAL SUPPORT SERVICES - 0.4%
28,005 Fastenal Company 1,131,402
INSTITUTIONAL FINANCIAL SERVICES - 0.9%
27,807 Nasdaq, Inc. 2,528,212
INSURANCE - 5.6%
38,397 Hartford Insurance Group, Inc. (The) 5,261,541
22,563 Marsh & McLennan Companies, Inc. 4,139,182

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

2

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.7% (Continued)
INSURANCE - 5.6% (Continued)
41,185 MetLife, Inc. $ 3,153,124
38,929 W R Berkley Corporation 3,024,394
15,578,241
INTERNET MEDIA & SERVICES - 10.0%
65,292 Alphabet, Inc., Class A 20,905,192
66,841 Netflix, Inc.(a) 7,190,755
28,095,947
LEISURE FACILITIES & SERVICES - 2.8%
12,249 Marriott International Inc, Class A 3,733,373
8,640 McDonald’s Corporation 2,694,125
15,212 Starbucks Corporation 1,325,117
7,752,615
MACHINERY - 3.5%
16,892 Caterpillar, Inc. 9,725,737
MEDICAL EQUIPMENT & DEVICES - 4.2%
23,109 Abbott Laboratories 2,978,750
31,604 Boston Scientific Corporation(a) 3,210,334
7,273 Stryker Corporation 2,699,592
4,791 Thermo Fisher Scientific, Inc. 2,830,667
11,719,343
RESIDENTIAL REIT - 0.7%
14,166 Mid-America Apartment Communities, Inc. 1,925,018
RETAIL - CONSUMER STAPLES - 2.9%
72,947 Walmart, Inc. 8,061,373
RETAIL - DISCRETIONARY - 3.6%
15,578 Home Depot, Inc. (The) 5,560,100
30,573 TJX Companies, Inc. (The) 4,644,650
10,204,750
SEMICONDUCTORS - 2.3%
10,897 Analog Devices, Inc. 2,891,410

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

3

ZACKS EARNINGS CONSISTENT PORTFOLIO ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.7% (Continued)
SEMICONDUCTORS - 2.3% (Continued)
13,701 Applied Materials, Inc. $ 3,456,077
6,347,487
SOFTWARE - 9.8%
10,942 Cadence Design Systems, Inc.(a) 3,412,153
4,666 Intuit, Inc. 2,958,617
34,146 Microsoft Corporation 16,800,174
11,644 Oracle Corporation 2,351,506
10,013 Salesforce, Inc. 2,308,397
27,830,847
TECHNOLOGY HARDWARE - 8.7%
75,006 Apple, Inc. 20,915,423
50,920 Cisco Systems, Inc. 3,917,785
24,833,208
TECHNOLOGY SERVICES - 4.1%
11,695 Accenture PLC, Class A 2,923,750
9,694 International Business Machines Corporation 2,991,375
11,240 Leidos Holdings, Inc. 2,147,964
7,024 Moody’s Corporation 3,447,238
11,510,327
TOTAL COMMON STOCKS (Cost $227,987,124) 278,086,356
TOTAL INVESTMENTS - 98.7% (Cost $227,987,124) $ 278,086,356
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3% 3,563,322
NET ASSETS - 100.0% $ 281,649,678
PLC - Public Limited Company
REIT - Real Estate Investment Trust
(a) Non-income producing security.

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

4

ZACKS SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.0%
ADVERTISING & MARKETING - 0.9%
2,594 AppLovin Corporation, Class A(a) $ 1,555,052
AEROSPACE & DEFENSE - 1.3%
10,858 Astronics Corporation(a) 592,521
7,800 Howmet Aerospace, Inc. 1,595,802
2,188,323
ASSET MANAGEMENT - 2.3%
14,694 Acadian Asset Management, Inc. 658,879
5,202 Affiliated Managers Group, Inc. 1,398,454
14,056 Artisan Partners Asset Management, Inc., Class A 583,043
8,880 Stifel Financial Corporation 1,083,360
3,723,736
AUTOMOTIVE - 0.9%
40,472 Garrett Motion, Inc. 669,002
7,808 Visteon Corporation 806,176
1,475,178
BANKING - 6.0%
8,559 BancFirst Corporation 948,680
192 Cadence Bank 7,649
7,655 City Holding Company 928,628
8,930 East West Bancorp, Inc. 952,831
28,996 First Horizon Corporation 647,771
7,756 Home Bancorp, Inc. 430,225
17,155 Independent Bank Corporation (MA) 1,236,018
20,391 Origin Bancorp, Inc. 742,028
4,227 Park National Corporation 649,056
16,779 Seacoast Banking Corporation of Florida 529,545
48 ServisFirst Bancshares, Inc. 3,414
19,546 SmartFinancial, Inc. 708,738
16,149 Southern First Bancshares, Inc. (a) 819,723
14,616 Texas Capital Bancshares, Inc.(a) 1,317,925
9,922,231

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

5

ZACKS SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.0% (Continued)
BEVERAGES - 0.1%
3,881 Celsius Holdings, Inc.(a) $ 158,888
BIOTECH & PHARMA - 3.9%
168,781 Allogene Therapeutics, Inc.(a) 246,420
1,929 Alnylam Pharmaceuticals, Inc.(a) 870,423
33,881 Arvinas, Inc.(a) 426,392
22 BioMarin Pharmaceutical, Inc.(a) 1,230
4,959 Halozyme Therapeutics, Inc.(a) 354,073
11,113 Mirum Pharmaceuticals, Inc.(a) 811,805
29,113 Mural Oncology PLC(a) 861,163
14,522 Phibro Animal Health Corporation, Class A 608,181
43,306 Rigel Pharmaceuticals, Inc.(a) 2,186,520
6,366,207
CHEMICALS - 1.7%
3,537 CF Industries Holdings, Inc. 278,362
6,015 DuPont de Nemours, Inc. 239,217
10,058 International Flavors & Fragrances, Inc. 698,830
103,084 Mativ Holdings, Inc. 1,287,518
2,952 Qnity Electronics, Inc. 239,378
2,743,305
COMMERCIAL SUPPORT SERVICES - 0.7%
8,125 Alarm.com Holdings, Inc.(a) 422,175
61,447 Quad/Graphics, Inc. 352,706
4,994 TriNet Group, Inc. 292,648
1,067,529
CONSUMER SERVICES - 0.7%
26,334 Coursera, Inc.(a) 209,355
1,933 Grand Canyon Education, Inc.(a) 304,911
10,390 Stride, Inc.(a) 660,077
1,174,343
CONTAINERS & PACKAGING - 0.5%
8,774 Crown Holdings, Inc. 849,586

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

6

ZACKS SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.0% (Continued)
ELECTRIC UTILITIES - 1.9%
4,731 CenterPoint Energy, Inc. $ 189,145
3,483 Constellation Energy Corporation 1,269,066
10,145 Edison International 597,439
5,681 Vistra Corporation 1,016,104
3,071,754
ELECTRICAL EQUIPMENT - 7.1%
3,337 Acuity, Inc. 1,222,744
4,685 Advanced Energy Industries, Inc. 989,425
30,337 Allient, Inc. 1,633,951
16,126 Amphenol Corporation, Class A 2,272,152
6,442 Bloom Energy Corporation, Class A(a) 703,724
1,934 Hubbell, Inc. 834,386
3,124 Littelfuse, Inc. 799,806
17,517 NEXTracker, Inc., Class A(a) 1,604,908
2,008 Powell Industries, Inc. 649,026
3,154 SPX Technologies, Inc.(a) 678,236
11,388,358
ENGINEERING & CONSTRUCTION - 6.4%
3,068 Comfort Systems USA, Inc. 2,997,252
4,914 EMCOR Group, Inc. 3,022,454
33,919 Great Lakes Dredge & Dock Corporation(a) 433,146
5,998 MasTec, Inc.(a) 1,282,852
9,416 Primoris Services Corporation 1,191,689
3,258 Sterling Infrastructure, Inc.(a) 1,121,762
14,058 Tetra Tech, Inc. 488,375
10,537,530
ENTERTAINMENT CONTENT - 0.3%
2,113 Take-Two Interactive Software, Inc.(a) 519,946
FOOD - 0.9%
4,429 Post Holdings, Inc.(a) 460,749
17,167 Tyson Foods, Inc., Class A 996,545
1,457,294

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

7

ZACKS SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.0% (Continued)
GAMING REIT - 0.2%
12,102 VICI Properties, Inc. $ 348,780
GAS & WATER UTILITIES - 2.3%
17,150 National Fuel Gas Company 1,414,017
23,836 New Jersey Resources Corporation 1,146,035
28,813 NiSource, Inc. 1,271,518
3,831,570
HEALTH CARE FACILITIES & SERVICES - 5.2%
3,899 Cencora, Inc. 1,438,458
5,370 GeneDx Holdings Corporation(a) 896,522
9,337 HealthEquity, Inc.(a) 982,066
2,098 McKesson Corporation 1,848,589
2,128 Medpace Holdings, Inc.(a) 1,260,755
21,521 Option Care Health, Inc.(a) 669,303
28,730 Pediatrix Medical Group, Inc.(a) 692,106
3,467 Tenet Healthcare Corporation(a) 751,784
8,539,583
HEALTH CARE REIT - 0.7%
23,260 Omega Healthcare Investors, Inc. 1,068,099
HOME CONSTRUCTION - 0.3%
18,557 Interface, Inc. 517,926
HOTEL REIT - 0.6%
96,190 Pebblebrook Hotel Trust 1,090,794
HOUSEHOLD PRODUCTS - 0.7%
38,735 Central Garden & Pet Company, Class A(a) 1,198,461
INDUSTRIAL INTERMEDIATE PRODUCTS - 0.0%(b)
111 Insteel Industries, Inc. 3,394
INDUSTRIAL SUPPORT SERVICES - 0.4%
65 API Group Corporation(a) 2,571

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

8

ZACKS SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.0% (Continued)
INDUSTRIAL SUPPORT SERVICES - 0.4% (Continued)
19,006 Resideo Technologies, Inc.(a) $ 627,008
629,579
INSTITUTIONAL FINANCIAL SERVICES - 3.6%
2,616 Cboe Global Markets, Inc. 675,373
3,653 Evercore, Inc., Class A 1,169,216
10,511 Moelis & Company, Class A 674,491
13,046 Northern Trust Corporation 1,713,461
6,906 SEI Investments Company 558,419
2,805 State Street Corporation 333,851
7,664 StoneX Group, Inc.(a) 694,435
5,819,246
INSURANCE - 3.4%
3,988 Allstate Corporation (The) 849,364
4,932 Arch Capital Group Ltd.(a) 463,213
2,995 Assurant, Inc. 683,339
2,888 Brown & Brown, Inc. 232,282
7,473 Hartford Insurance Group, Inc. (The) 1,024,026
8,361 Jackson Financial, Inc. 819,462
2,480 Primerica, Inc. 638,154
24,599 United Fire Group, Inc. 899,093
5,608,933
INTERNET MEDIA & SERVICES - 0.9%
69 Cargurus, Inc.(a) 2,434
18,747 EverQuote, Inc.(a) 494,733
3,521 Expedia Group, Inc. 900,285
99 TripAdvisor, Inc.(a) 1,472
1,398,924
LEISURE FACILITIES & SERVICES - 2.4%
192 Atlanta Braves Holdings, Inc., Series C(a) 7,642
4,365 Brinker International, Inc.(a) 671,293
29,070 Carnival Corporation(a) 749,425
3,297 Darden Restaurants, Inc. 592,075
8,738 Las Vegas Sands Corporation 595,582
8,557 Life Time Group Holdings, Inc.(a) 238,911

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

9

ZACKS SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.0% (Continued)
LEISURE FACILITIES & SERVICES - 2.4% (Continued)
4,359 Royal Caribbean Cruises Ltd. $ 1,160,584
4,015,512
LEISURE PRODUCTS - 0.1%
26,783 Peloton Interactive, Inc., Class A(a) 181,857
MACHINERY - 1.4%
38 AGCO Corporation 4,026
10,365 Helios Technologies, Inc. 559,606
4,387 Watts Water Technologies, Inc., Class A 1,210,286
4,077 Xylem Inc 573,512
2,347,430
MEDICAL EQUIPMENT & DEVICES - 3.2%
22,552 BioLife Solutions, Inc.(a) 597,628
5,101 Exact Sciences Corporation(a) 516,680
4,024 Illumina, Inc.(a) 528,955
5,917 Omnicell, Inc.(a) 216,030
22,186 QIAGEN N.V. 1,059,381
2,975 ResMed, Inc. 761,094
9,603 Solventum Corporation(a) 818,752
62 Teleflex, Inc. 7,094
14,235 Veracyte, Inc.(a) 673,885
5,179,499
METALS & MINING - 2.2%
5,024 Anglogold Ashanti plc 430,456
46,379 Coeur Mining, Inc.(a) 800,965
57,916 Hecla Mining Company 974,148
65,994 SSR Mining, Inc.(a) 1,536,341
3,741,910
MORTGAGE FINANCE - 0.7%
308 Annaly Capital Management, Inc. 7,022
70,383 Invesco Mortgage Capital, Inc. 577,140
79,446 Orchid Island Capital, Inc. 574,395
440 Starwood Property Trust, Inc. 8,070
1,166,627

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

10

ZACKS SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.0% (Continued)
OIL & GAS PRODUCERS - 2.2%
6,192 California Resources Corporation $ 295,854
4,157 Cheniere Energy, Inc. 866,568
4,614 Expand Energy Corporation 562,585
10,497 Golar LNG Ltd. 387,864
21,664 Williams Companies, Inc. (The) 1,319,988
3,432,859
OIL & GAS SERVICES & EQUIPMENT - 0.9%
27,028 Ranger Energy Services, Inc. 365,148
17,466 Solaris Oilfield Infrastructure, Inc., CLASS A 836,447
4,077 Weatherford International plc 304,960
1,506,555
PUBLISHING & BROADCASTING - 0.3%
6,616 New York Times Company (The), Class A 426,732
115 News Corporation, Class A 2,953
429,685
REAL ESTATE INVESTMENT TRUSTS - 0.2%
2,866 Iron Mountain, Inc. 247,479
REAL ESTATE OWNERS & DEVELOPERS - 0.8%
13,326 Howard Hughes Holdings, Inc.(a) 1,193,077
REAL ESTATE SERVICES - 0.6%
59,577 Newmark Group, Inc., Class A 1,035,448
RENEWABLE ENERGY - 0.5%
44,217 Sunrun, Inc.(a) 895,394
RETAIL - CONSUMER STAPLES - 0.8%
3,612 BJ’s Wholesale Club Holdings, Inc.(a) 322,299
14,366 Kroger Company (The) 966,544
44 Sprouts Farmers Market, Inc.(a) 3,688
1,292,531
RETAIL - DISCRETIONARY - 2.8%
6,274 Advance Auto Parts, Inc. 325,495

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

11

ZACKS SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.0% (Continued)
RETAIL - DISCRETIONARY - 2.8% (Continued)
2,794 Carvana Company(a) $ 1,046,353
4,385 Ferguson Enterprises, Inc. 1,103,573
45,253 Macy’s, Inc. 1,011,857
13,835 Urban Outfitters, Inc.(a) 1,024,758
4,512,036
SEMICONDUCTORS - 1.7%
17,693 Amkor Technology, Inc. 643,848
39 Axcelis Technologies, Inc.(a) 3,228
9,524 Cirrus Logic, Inc.(a) 1,146,118
7,712 Microchip Technology, Inc. 413,209
5,835 Rambus, Inc.(a) 557,651
2,764,054
SOFTWARE - 5.9%
96 ACI Worldwide, Inc.(a) 4,499
23,579 Alkami Technology, Inc.(a) 502,704
6,115 Blackbaud, Inc.(a) 344,764
68,975 Bumble, Inc., Class A(a) 244,861
2,386 CommVault Systems, Inc.(a) 294,671
3,781 DocuSign, Inc.(a) 262,212
24,567 Dropbox, Inc., Class A(a) 734,062
5,933 Elastic N.V.(a) 418,454
8,484 Five9, Inc.(a) 166,202
5,493 Fortinet, Inc.(a) 445,647
83,712 Freshworks, Inc., Class A(a) 1,016,264
5,420 Guidewire Software, Inc.(a) 1,170,612
73,165 Health Catalyst, Inc.(a) 218,763
22,846 IonQ, Inc.(a) 1,126,308
13,043 Phreesia, Inc.(a) 267,251
2,805 PTC, Inc.(a) 492,081
75 Q2 Holdings, Inc.(a) 5,410
4,266 Qualys, Inc.(a) 600,866
32 SPS Commerce, Inc.(a) 2,666
12,294 Waystar Holding Corporation(a) 453,772

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

12

ZACKS SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.0% (Continued)
SOFTWARE - 5.9% (Continued)
9,743 Zoom Video Communications, Inc.(a) $ 827,765
9,599,834
SPECIALTY FINANCE - 2.7%
11,172 Bread Financial Holdings, Inc. 756,680
27,847 LendingClub Corporation(a) 504,031
10,387 LendingTree, Inc.(a) 592,371
52,568 New Residential Investment Corporation 604,006
51,614 SoFi Technologies, Inc.(a) 1,533,967
12,611 Upstart Holdings, Inc.(a) 566,991
4,558,046
SPECIALTY REIT - 1.1%
20,691 EPR Properties 1,081,519
49,572 Postal Realty Trust, Inc., Class A 770,349
1,851,868
STEEL - 1.1%
3,184 Carpenter Technology Corporation 1,014,231
12,517 Northwest Pipe Company(a) 733,747
1,747,978
TECHNOLOGY HARDWARE - 7.3%
14,128 Arista Networks, Inc.(a) 1,846,247
18,626 Corning, Inc. 1,568,309
12,404 Credo Technology Group Holding Ltd.(a) 2,202,949
3,579 Fabrinet(a) 1,644,228
2,266 Garmin Ltd. 442,595
18,203 Hewlett Packard Enterprise Company 398,100
3,226 InterDigital, Inc. 1,154,102
7,825 NetApp, Inc. 872,957
27,200 PagerDuty, Inc.(a) 326,400
1,441 Ubiquiti, Inc. 840,233
4,092 Western Digital Corporation 668,346
11,964,466
TECHNOLOGY SERVICES - 2.7%
9,423 Affirm Holdings, Inc., Class A(a) 668,562
6,034 Leidos Holdings, Inc. 1,153,097

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

13

ZACKS SMALL/MID CAP ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.0% (Continued)
TECHNOLOGY SERVICES - 2.7% (Continued)
12,765 MAXIMUS, Inc. $ 1,098,939
62,230 Remitly Global, Inc.(a) 842,905
34,309 StoneCompany Ltd.(a) 578,107
4,341,610
TRANSPORTATION & LOGISTICS - 1.3%
5,932 CH Robinson Worldwide, Inc. 942,417
4,905 Expeditors International of Washington, Inc. 720,545
39 SkyWest, Inc.(a) 3,959
14,142 Southwest Airlines Company 492,283
2,159,204
TRANSPORTATION EQUIPMENT - 0.4%
3,387 Westinghouse Air Brake Technologies Corporation 706,359
WHOLESALE - CONSUMER STAPLES - 0.5%
23,581 United Natural Foods, Inc.(a) 879,807
WHOLESALE - DISCRETIONARY - 0.3%
22,013 OPENLANE, Inc.(a) 560,011
TOTAL COMMON STOCKS (Cost $136,674,573) 160,565,685
TOTAL INVESTMENTS - 98.0% (Cost $136,674,573) $ 160,565,685
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.0% 3,202,530
NET ASSETS - 100.0% $ 163,768,215
Ltd. - Limited Company
N.V. - Naamloze Vennootschap
PLC - Public Limited Company
REIT Real Estate Investment Trust
(a) Non-income producing security.
(b) Percentage rounds to less than 0.1%.

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

14

ZACKS FOCUS GROWTH ETF
SCHEDULE OF INVESTMENTS
November 30, 2025
Shares Fair Value
COMMON STOCKS - 99.4%
AEROSPACE & DEFENSE - 2.6%
2,948 General Electric Company $ 879,831
2,407 Howmet Aerospace, Inc. 492,448
1,372,279
AUTOMOTIVE - 4.5%
5,405 Tesla, Inc.(a) 2,325,069
BEVERAGES - 0.9%
6,493 Coca-Cola Company (The) 474,768
BIOTECH & PHARMA - 5.0%
3,181 AbbVie, Inc. 724,314
1,712 Eli Lilly & Company 1,841,204
2,565,518
COMMERCIAL SUPPORT SERVICES - 1.0%
2,667 Cintas Corporation 496,115
E-COMMERCE DISCRETIONARY - 4.9%
10,754 Amazon.com, Inc.(a) 2,508,048
ELECTRICAL EQUIPMENT - 1.7%
6,137 Amphenol Corporation, Class A 864,703
ENGINEERING & CONSTRUCTION - 1.5%
1,253 EMCOR Group, Inc. 770,683
HEALTH CARE FACILITIES & SERVICES - 2.8%
3,336 Cardinal Health, Inc. 708,099
1,924 Cencora, Inc. 709,822
1,417,921
HOME CONSTRUCTION - 1.2%
3,126 Armstrong World Industries, Inc. 593,127

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

15

ZACKS FOCUS GROWTH ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 99.4% (Continued)
INDUSTRIAL SUPPORT SERVICES - 0.7%
8,595 Fastenal Company $ 347,238
INSTITUTIONAL FINANCIAL SERVICES - 3.4%
1,479 Goldman Sachs Group, Inc. (The) 1,221,713
3,204 Morgan Stanley 543,591
1,765,304
INTERNET MEDIA & SERVICES - 16.9%
11,910 Alphabet, Inc., Class A 3,813,344
3,074 Meta Platforms, Inc., Class A 1,991,798
15,496 Netflix, Inc.(a) 1,667,060
1,168 Reddit, Inc., Class A(a) 252,837
4,482 Roku, Inc.(a) 433,813
5,593 Uber Technologies, Inc.(a) 489,611
8,648,463
LEISURE FACILITIES & SERVICES - 0.7%
13,979 Carnival Corporation(a) 360,379
MEDICAL EQUIPMENT & DEVICES - 1.3%
1,152 Intuitive Surgical, Inc.(a) 660,649
OIL & GAS PRODUCERS - 0.5%
1,894 Phillips 66 259,402
RETAIL - CONSUMER STAPLES - 4.6%
1,849 Casey’s General Stores, Inc. 1,054,781
1,411 Costco Wholesale Corporation 1,289,075
2,343,856
RETAIL - DISCRETIONARY - 2.8%
2,100 Ferguson Enterprises, Inc. 528,507
1,293 Home Depot, Inc. (The) 461,498
2,994 TJX Companies, Inc. (The) 454,848
1,444,853
SEMICONDUCTORS - 15.7%
7,417 Broadcom, Inc. 2,988,754

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

16

ZACKS FOCUS GROWTH ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 99.4% (Continued)
SEMICONDUCTORS - 15.7% (Continued)
4,561 Lam Research Corporation $ 711,516
24,624 NVIDIA Corporation 4,358,448
8,058,718
SOFTWARE - 12.7%
1,307 Datadog, Inc., Class A(a) 209,133
8,238 Microsoft Corporation 4,053,178
2,385 Oracle Corporation 481,651
6,137 Palantir Technologies, Inc., Class A(a) 1,033,778
6,755 Pegasystems, Inc. 369,971
1,424 Snowflake, Inc., Class A(a) 357,766
6,505,477
TECHNOLOGY HARDWARE - 10.5%
15,260 Apple, Inc. 4,255,250
5,326 Arista Networks, Inc.(a) 696,002
3,190 Dell Technologies, Inc., Class C 425,387
5,376,639
TECHNOLOGY SERVICES - 3.5%
1,477 Mastercard, Inc., Class A 813,133
2,911 Visa, Inc., Class A 973,555
1,786,688
TOTAL COMMON STOCKS (Cost $43,280,330) 50,945,897
TOTAL INVESTMENTS - 99.4% (Cost $43,280,330) $ 50,945,897
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6% 332,172
NET ASSETS - 100.0% $ 51,278,069
(a) Non-income producing security.

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

17

ZACKS QUALITY INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.5%
Australia - 5.2%
7,783 Australia & New Zealand Banking Group Ltd. $ 176,546
8,683 BHP Group Ltd. 236,933
22,072 Brambles Ltd. 347,752
6,691 Commonwealth Bank of Australia 668,224
6,154 Computershare Ltd. 144,672
724 CSL Ltd. 88,325
724 Macquarie Group Ltd. 93,417
7,240 National Australia Bank Ltd. 190,115
5,819 QBE Insurance Group Ltd. 73,352
8,145 Wesfarmers Ltd. 436,718
2,456,054
Belgium - 1.0%
2,172 Anheuser-Busch InBev S.A./N.V. 133,596
1,448 KBC Group N.V. 178,312
541 UCB S.A. 150,940
462,848
Denmark - 1.1%
684 DSV Panalpina A/S 155,945
5,251 Novo Nordisk A/S, Class B 258,605
3,904 Vestas Wind Systems A/S 92,889
507,439
Finland - 1.2%
5,478 Metso Outotec OYJ 90,114
4,131 Neste OYJ 79,745
22,443 Nordea Bank Abp 396,787
566,646
France - 11.5%
1,267 Air Liquide S.A. 242,700
1,991 Airbus SE 472,227
5,430 AXA S.A. 245,043
4,715 BNP Paribas S.A. 403,072
2,385 Compagnie de Saint-Gobain 237,781
1,991 Danone S.A. 177,850
3,801 Engie S.A. 96,568

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

18

ZACKS QUALITY INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.5% (Continued)
France - 11.5% (Continued)
1,438 EssilorLuxottica S.A. $ 514,976
362 HeidelbergCement AG 92,936
84 Hermes International S.C.A. 204,640
324 Kering S.A. 110,055
1,810 Legrand S.A. 274,125
543 L’Oréal 236,602
362 LVMH Moet Hennessy Louis Vuitton SE 266,881
1,384 Safran SA 466,097
2,051 Sanofi S.A. 204,053
905 Schneider Electric SE 242,523
4,715 Société Générale S.A. 327,862
3,439 Total S.A. 226,607
2,353 Vinci S.A. 333,706
5,376,304
Germany - 10.8%
1,485 Allianz SE 641,374
4,525 BASF SE 235,699
1,982 Continental AG 148,397
1,629 Daimler AG 109,910
724 Deutsche Boerse AG 193,599
3,620 Deutsche Post AG 188,265
12,706 Deutsche Telekom AG 409,186
10,479 E.ON SE 186,604
1,629 Fresenius Medical Care AG 77,954
3,149 Fresenius Se & Company KGaA 172,903
6,697 Infineon Technologies AG 282,253
362 Muenchener Rueckversicherungs-Gesellschaft AG 228,455
156 Rheinmetall AG 267,933
2,717 SAP SE 657,344
3,077 Siemens AG 814,941
3,274 Siemens Energy AG 437,926
5,052,743

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

19

ZACKS QUALITY INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.5% (Continued)
Hong Kong - 0.2%
1,265 Jardine Matheson Holdings Ltd. $ 82,984
Ireland - 0.2%
2,172 Experian plc 95,540
Italy - 4.0%
10,145 Assicurazioni Generali SpA 402,269
24,235 Enel SpA 250,447
97,217 Intesa Sanpaolo SpA 629,993
905 Prysmian SpA 90,605
6,887 UniCredit SpA 512,051
1,885,365
Japan - 22.2%
1,991 Advantest Corporation 262,222
5,691 Aeon Co. Ltd. 103,003
3,439 Asics Corp. 82,353
2,534 BANDAI NAMCO HOLDINGS INC 74,241
3,258 Capcom Company Ltd. 79,728
3,620 Central Japan Railway Company 98,899
4,163 Chugai Pharmaceutical Company Ltd. 223,150
7,964 Daifuku Co. Ltd. 251,886
3,801 Daiichi Sankyo Company Ltd. 94,014
6,167 DAIWA HOUSE INDUSTRY CO. LTD 210,288
362 Disco Corporation 101,332
362 Fast Retailing Company Ltd. 132,406
15,384 Fujitsu Limited 408,377
15,927 Hitachi, Ltd. 506,493
15,213 Honda Motor Company 153,082
724 Hoya Corporation 108,677
4,887 Inpex Corporation 104,202
3,077 ITOCHU Corporation 184,358
13,728 KDDI Corporation 236,340
553 Konami Corp 84,372
5,795 Marubeni Corporation 152,793

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

20

ZACKS QUALITY INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.5% (Continued)
Japan - 22.2% (Continued)
14,248 Mitsubishi Corporation $ 337,635
12,479 Mitsubishi Electric Corporation 337,333
18,615 Mitsubishi Heavy Industries Ltd. 470,314
22,271 Mitsubishi UFJ Financial Group, Inc. 345,494
5,973 Mitsui & Company Ltd. 158,557
14,488 Mizuho Financial Group, Inc. 507,564
4,878 Nintendo Company Ltd 414,666
131,327 Nippon Telegraph & Telephone Corporation 130,972
16,298 Nitto Denko Corporation 402,802
3,258 Nomura Research Institute Ltd. 130,010
8,317 Panasonic Corporation 104,427
2,715 Recruit Holdings Company Ltd. 139,137
3,077 Shin-Etsu Chemical Company Ltd. 92,612
2,715 SoftBank Corporation 292,403
110,462 SoftBank Corporation 157,821
4,974 Sompo Holdings, Inc. 157,700
21,520 Sony Corporation 630,219
3,982 Sumitomo Corporation 124,847
11,031 Sumitomo Electric Industries Ltd. 433,622
8,697 Sumitomo Mitsui Financial Group, Inc. 261,541
4,706 Takeda Pharmaceutical Company Ltd. 135,738
4,534 Tokio Marine Holdings, Inc. 159,887
724 Tokyo Electron Ltd. 147,375
2,896 Tokyo Gas Company Ltd. 117,381
25,717 Toyota Motor Corporation 515,750
10,358,023
Luxembourg - 0.9%
7,059 ArcelorMittal 304,471
181 Spotify Technology S.A.(a) 108,395
412,866
Netherlands - 4.2%
125 Adyen N.V. 144A (a),(b) 194,403
765 AerCap Holdings N.V. 102,510
140 Argenx S.E. 127,072

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

21

ZACKS QUALITY INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.5% (Continued)
Netherlands - 4.2% (Continued)
905 ASML Holding N.V. $ 948,465
9,783 ING Groep N.V. 253,654
5,430 Prosus N.V. 341,800
1,967,904
Norway - 0.5%
20,977 Orkla ASA 224,504
Singapore - 2.7%
12,479 DBS Group Holdings Ltd. 521,940
8,688 Oversea-Chinese Banking Corporation Ltd. 124,032
17,909 Singapore Exchange Ltd. 233,008
104,121 Singapore Telecommunications Ltd. 380,051
1,259,031
South Africa - 0.2%
18,099 Glencore plc 86,440
Spain - 4.0%
6,869 Aena S.M.E. SA 144A (b) 186,945
27,932 Banco Bilbao Vizcaya Argentaria S.A. 601,575
37,673 Banco Santander S.A. 403,958
6,516 Endesa S.A. 236,299
16,443 Iberdrola S.A. 346,887
1,864 Industria de Diseno Textil S.A. 104,336
1,880,000
Sweden - 1.4%
4,525 Atlas Copco AB 76,775
4,003 Sandvik AB 120,872
49,347 Telia Co. AB 198,080
7,991 Volvo AB, B Shares 239,344
635,071
Switzerland - 8.4%
3,439 ABB Ltd. 247,148
1,810 Coca-Cola HBC AG 90,758
1,994 Compagnie Financiere Richemont S.A. 422,803

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

22

ZACKS QUALITY INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.5% (Continued)
Switzerland - 8.4% (Continued)
751 Galderma Group A.G. 144A(b) $ 149,609
4,163 LAFARGE HOLCIM 389,886
181 Lonza Group AG 123,948
6,145 Nestlé S.A. 610,781
4,357 Novartis AG 566,785
1,991 Roche Holding AG 762,031
2,297 Sandoz Group AG 162,217
905 Swiss Re AG 159,498
362 Zurich Financial Services AG 260,156
3,945,620
United Kingdom - 18.8%
6,154 3i Group plc 257,255
2,301 Anglo American plc 86,838
3,431 AstraZeneca plc 634,652
9,249 BAE Systems PLC 202,071
48,443 Barclays plc 275,897
32,008 BP plc 192,442
13,473 British American Tobacco plc 788,460
7,593 Compass Group plc 238,409
4,154 Diageo plc 95,430
9,955 GSK PLC 236,010
40,642 Haleon PLC 199,538
2,337 Halma plc 110,129
70,077 HSBC Holdings plc 992,739
7,593 Imperial Brands plc 322,435
408,876 Lloyds Banking Group plc 520,343
905 London Stock Exchange Group plc 106,714
30,723 National Grid plc 466,264
61,389 NatWest Group plc 513,735
5,240 Reckitt Benckiser Group plc 405,910
3,439 RELX plc 137,979
1,991 RIO TINTO PLC 142,897
34,959 Rolls-Royce Holdings plc 494,225
16,452 Shell plc 606,184

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

23

ZACKS QUALITY INTERNATIONAL ETF
SCHEDULE OF INVESTMENTS (Continued)
November 30, 2025
Shares Fair Value
COMMON STOCKS - 98.5% (Continued)
United Kingdom - 18.8% (Continued)
4,706 Smith & Nephew plc $ 78,148
10,516 Standard Chartered PLC 232,954
18,804 Tesco plc 112,085
6,145 Unilever plc 369,618
8,819,361
TOTAL COMMON STOCKS (Cost $45,317,567) 46,074,743
TOTAL INVESTMENTS - 98.5% (Cost $45,317,567) $ 46,074,743
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5% 721,395
NET ASSETS - 100.0% $ 46,796,138
A/S - Aktieselskab
AB - Aktiebolag
Abp - Asset Business Plan
AG - Aktiengesellschaft
KGaA - Kommanditgesellschaft auf Aktien
Ltd. - Limited Company
N.V. - Naamloze Vennootschap
OYJ - Julkinen osakeyhtiö
plc - Public Limited Company
S.A. - Société Anonyme
S.C.A. - Société en Commandite par Actions
SE - Structured entity
SpA - Società per Azioni
(a) Non-income producing security.
(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of November 30, 2025 the total market value of 144A securities is 530,957 or 1.1% of net assets.

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

24

Zacks ETFs
STATEMENTS OF ASSETS AND LIABILITIES
November 30, 2025
Zacks Earnings
Consistent Portfolio Zacks Small/Mid Cap Zacks Focus Growth Zacks Quality
ETF ETF ETF International ETF
ASSETS
Investment securities:
At cost $ 227,987,124 $ 136,674,573 $ 43,280,330 $ 45,317,567
At fair value $ 278,086,356 $ 160,565,685 $ 50,945,897 $ 46,074,743
Cash and cash equivalents 3,449,599 3,213,772 424,565 687,685
Foreign cash (cost $0, $0, $0, $54,146) - - - 54,283
Receivable for fund shares sold - 1,893,331 754,110 -
Dividends receivable 353,426 111,395 18,364 54,602
Receivable due from Advisor - - - 43,542
TOTAL ASSETS 281,889,381 165,784,183 52,142,936 46,914,855
LIABILITIES
Payable for securities purchased - 1,845,565 725,486 -
Investment advisory fees payable 96,853 50,393 17,794 -
Payable to related parties 37,537 29,558 40,928 24,218
Accrued expenses and other liabilities 105,313 90,452 80,659 94,499
TOTAL LIABILITIES 239,703 2,015,968 864,867 118,717
NET ASSETS $ 281,649,678 $ 163,768,215 $ 51,278,069 $ 46,796,138
Net Assets Consist Of:
Paid in capital $ 236,100,342 $ 142,176,948 $ 44,312,676 $ 46,011,729
Accumulated earnings 45,549,336 21,591,267 6,965,393 784,409
NET ASSETS $ 281,649,678 $ 163,768,215 $ 51,278,069 $ 46,796,138
Net Asset Value Per Share:
Net Assets $ 281,649,678 $ 163,768,215 $ 51,278,069 $ 46,796,138
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) 7,979,000 4,325,000 1,700,000 1,810,000
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share $ 35.30 $ 37.87 $ 30.16 $ 25.85

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

25

Zacks ETFs
STATEMENTS OF OPERATIONS
Zacks Earnings
Consistent Portfolio Zacks Small/Mid Cap Zack Focus Growth Zack Quality
ETF ETF ETF * International ETF **
For the Year Ended For the Year Ended For the Period Ended For the Period Ended
November 30, 2025 November 30, 2025 November 30, 2025 November 30, 2025
INVESTMENT INCOME
Dividends $ 3,458,729 $ 1,733,795 $ 138,604 $ 124,618
Interest - - 16,904 3,051
Foreign withholding taxes - (705 ) - (12,218 )
TOTAL INVESTMENT INCOME 3,458,729 1,733,090 155,508 115,451
EXPENSES
Investment advisory fees 1,029,113 553,797 108,083 26,735
Administrative services fees 99,408 73,294 53,870 19,375
Legal fees 30,930 11,665 16,447 5,698
Custodian fees 27,277 55,775 20,630 7,123
Compliance officer fees 22,028 7,466 16,490 5,698
Audit fees 16,429 17,871 17,500 17,500
Printing and postage expenses 12,035 6,610 13,639 7,500
Transfer agent fees 9,686 10,775 14,942 3,420
Trustees fees and expenses 6,434 7,489 11,482 3,847
Other expenses 3,944 6,628 7,508 7,501
TOTAL EXPENSES 1,257,284 751,370 280,591 104,397
Fees Waived by the Advisor - (58,130 ) (108,083 ) (26,735 )
Fees Reimbursed by the Advisor - - (36,669 ) (43,542 )
NET EXPENSES 1,257,284 693,240 135,839 34,120
NET INVESTMENT INCOME 2,201,445 1,039,850 19,669 81,331
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from:
Investments (3,441,239 ) (3,209,671 ) (719,843 ) (54,386 )
Investments delivered in-kind 10,065,778 3,679,821 201,931 -
Net realized gain (loss) 6,624,539 470,150 (517,912 ) (54,386 )
Net change in unrealized appreciation (depreciations) on:
Investments 17,873,852 8,532,834 7,665,567 757,176
Foreign currency transactions - - - 288
Net change in unrealized appreciation and foreign currency transactions 17,873,852 8,532,834 7,665,567 757,464
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS 24,498,391 9,002,984 7,147,655 703,078
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 26,699,836 $ 10,042,834 $ 7,167,324 $ 784,409
* Zacks Focus Growth ETF commenced operations on December 4, 2024.
** Zacks Quality International ETF commenced operations on August 18, 2025.

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

26

Zacks Earnings Consistent Portfolio ETF
STATEMENTS OF CHANGES IN NET ASSETS
For The For The For The
Year Ended Period Ended Year Ended
November 30, 2025 November 30, 2024 * January 31, 2024
FROM OPERATIONS
Net investment income $ 2,201,445 $ 1,140,087 $ 616,233
Net realized gain (loss) from security transactions 6,624,539 3,383,397 (1,443,388 )
Net change in unrealized appreciation of investments 17,873,852 23,892,765 8,764,876
Net increase in net assets resulting from operations 26,699,836 28,416,249 7,937,721
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid (1,289,179 ) - (579,145 )
Net decrease in net assets resulting from distributions to shareholders (1,289,179 ) - (579,145 )
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold: 88,268,088 99,669,739 61,740,809
Payments for shares redeemed: (35,084,900 ) (16,164,249 ) (655,191 )
Transaction fees (Note 7) - 32,000 17,600
Net increase in net assets resulting from shares of beneficial interest 53,183,188 83,537,490 61,103,218
TOTAL INCREASE IN NET ASSETS 78,593,845 111,953,739 68,461,794
NET ASSETS
Beginning of Period 203,055,833 91,102,094 22,640,300
End of Period $ 281,649,678 $ 203,055,833 $ 91,102,094
SHARE ACTIVITY
Shares sold 2,775,000 3,425,000 2,500,000
Shares redeemed (1,100,000 ) (550,000 ) (25,000 )
Net increase in shares of beneficial interest outstanding 1,675,000 2,875,000 2,475,000
* 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.

27

Zacks Small/Mid Cap ETF
STATEMENTS OF CHANGES IN NET ASSETS
For The For The
Year Ended Year Ended
November 30, 2025 November 30, 2024
FROM OPERATIONS
Net investment income $ 1,039,850 $ 355,090
Net realized gain from security transactions 470,150 1,817,955
Net change in unrealized appreciation of investments 8,532,834 15,209,740
Net increase in net assets resulting from operations 10,042,834 17,382,785
DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid (1,545,215 ) (9,090 )
Net decrease in net assets resulting from distributions to shareholders (1,545,215 ) (9,090 )
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold: 81,377,908 75,784,849
Payments for shares redeemed: (23,862,556 ) (3,923,435 )
Transaction fees (Note 7) - 24,400
Net increase in net assets resulting from shares of beneficial interest 57,515,352 71,885,814
TOTAL INCREASE IN NET ASSETS 66,012,971 89,259,509
NET ASSETS
Beginning of Year 97,755,244 8,495,735
End of Year $ 163,768,215 $ 97,755,244
SHARE ACTIVITY
Shares sold 2,375,000 2,475,000
Shares redeemed (725,000 ) (125,000 )
Net increase in shares of beneficial interest outstanding 1,650,000 2,350,000

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

28

Zacks Focus Growth ETF
STATEMENT OF CHANGES IN NET ASSETS
For The
Period Ended
November 30, 2025*
FROM OPERATIONS
Net investment income $ 19,669
Net realized loss from security transactions (517,912 )
Net change in unrealized appreciation of investments 7,665,567
Net increase in net assets resulting from operations 7,167,324
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold: 46,022,309
Payments for shares redeemed: (1,911,564 )
Net increase in net assets resulting from shares of beneficial interest 44,110,745
TOTAL INCREASE IN NET ASSETS 51,278,069
NET ASSETS
Beginning of Period -
End of Period $ 51,278,069
SHARE ACTIVITY
Class I:
Shares sold 1,775,000
Shares redeemed (75,000 )
Net increase in shares of beneficial interest outstanding 1,700,000
* Commencement of Operations was December 4, 2024.

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

29

Zacks Quality International ETF
STATEMENT OF CHANGES IN NET ASSETS
For The
Period Ended
November 30, 2025*
FROM OPERATIONS
Net investment income $ 81,331
Net realized loss from security transactions (54,386 )
Net change in unrealized appreciation of investments and foreign currency translations 757,464
Net increase in net assets resulting from operations 784,409
FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold: 46,011,729
Net increase in net assets resulting from shares of beneficial interest 46,011,729
TOTAL INCREASE IN NET ASSETS 46,796,138
NET ASSETS
Beginning of Period -
End of Period $ 46,796,138
SHARE ACTIVITY
Class I:
Shares sold 1,810,000
Net increase in shares of beneficial interest outstanding 1,810,000
* Commencement of Operations was August 18, 2025.

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

30

Zacks Earnings Consistent Portfolio ETF
FINANCIAL HIGHLIGHTS
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period
For The For The For The For The For The
Year Ended Period Ended Year Ended Year Ended Period Ended
November 30, 2025 November 30, 2024 ** January 31, 2024 January 31, 2023 January 31, 2022 *
Net asset value, beginning of period $ 32.21 $ 26.57 $ 23.73 $ 25.40 $ 25.00
Activity from investment operations:
Net investment income (1) 0.30 0.23 0.28 0.27 0.08
Net realized and unrealized gain (loss) on investments (4) 2.98 5.40 2.74 (1.74 ) 0.35
Total from investment operations 3.28 5.63 3.02 (1.47 ) 0.43
Less distributions from:
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 $ 35.30 $ 32.21 $ 26.57 $ 23.73 $ 25.40
Total return (2) 10.28 % 21.23 % (6) 12.79 % (7) (5.72 )% 1.71 % (6)
Net assets, at end of period (000s) $ 281,650 $ 203,056 $ 91,102 $ 22,640 $ 11,531
Ratio of gross expenses to average net assets 0.55 % 0.66 % (5) 0.89 % 1.93 % 3.93 % (5)
Ratio of net expenses to average net assets 0.55 % 0.55 % (5) 0.55 % 0.55 % 0.55 % (5)
Ratio of net investment income to average net assets 0.94 % 0.95 % (5) 1.11 % 1.15 % 0.71 % (5)
Portfolio Turnover Rate (3) 12 % 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.

31

Zacks Small/Mid Cap ETF
FINANCIAL HIGHLIGHTS
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period
For The For The For The
Year Ended Year Ended Period Ended
November 30, 2025 November 30, 2024 November 30, 2023 *
Net asset value, beginning of period $ 36.54 $ 26.14 $ 25.00
Activity from investment operations:
Net investment income (1) 0.28 0.23 0.03
Net realized and unrealized gain on investments (4) 1.57 10.17 1.09
Total from investment operations 1.85 10.40 1.12
Less distributions from:
Net investment income (0.15 ) (0.02 ) -
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 $ 37.87 $ 36.54 $ 26.14
Total return (2) 5.25 % 39.88 % 4.56 % (6)
Net assets, at end of period (000s) $ 163,768 $ 97,755 $ 8,496
Ratio of gross expenses to average net assets 0.60 % 0.87 % 11.88 % (5)
Ratio of net expenses to average net assets 0.55 % 0.55 % 0.55 % (5)
Ratio of net investment income to average net assets 0.82 % 0.71 % 0.72 % (5)
Portfolio Turnover Rate (3) 105 % 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.

32

Zacks Focus Growth ETF
FINANCIAL HIGHLIGHTS
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period
For The
Period Ended
November 30, 2025 *
Net asset value, beginning of period $ 25.21
Activity from investment operations:
Net investment income (1) 0.02
Net realized and unrealized gain on investments (4) 4.93
Total from investment operations 4.95
Capital Share Transaction fees (Note 7) 0.00
Net asset value, end of period $ 30.16
Total return (2) 19.64 % (6)
Net assets, at end of period (000s) $ 51,278
Ratio of gross expenses to average net assets 1.14 % (5)
Ratio of net expenses to average net assets 0.55 % (5)
Ratio of net investment income to average net assets 0.08 % (5)
Portfolio Turnover Rate (3) 50 % (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.

33

Zacks Quality International ETF
FINANCIAL HIGHLIGHTS
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period
For The
Period Ended
November 30, 2025 *
Net asset value, beginning of period $ 25.00
Activity from investment operations:
Net investment income (1) 0.10
Net realized and unrealized gain on investments (4) 0.75
Total from investment operations 0.85
Capital Share Transaction fees (Note 7) 0.00
Net asset value, end of period $ 25.85
Total return (2) 3.40 % (6)
Net assets, at end of period (000s) $ 46,796
Ratio of gross expenses to average net assets 1.68 % (5)
Ratio of net expenses to average net assets 0.55 % (5)
Ratio of net investment income to average net assets 1.31 % (5)
Portfolio Turnover Rate (3) 8 % (6)
* Commencement of Operations was August 18, 2025.
(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.

34


Zacks ETFs
NOTES TO FINANCIAL STATEMENTS
November 30, 2025
1. ORGANIZATION

The Zacks Earnings Consistent Portfolio ETF (“ZECP”), Zacks Small/Mid Cap ETF (“SMIZ”) and the Zacks Focus Growth ETF (“GROZ”) and Zacks Quality International ETF (“QUIZ”), (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 and QUIZ both seek to generate positive risk-adjusted returns. ZECP commenced operations on August 23, 2021, SMIZ commenced operations on October 2, 2023, GROZ commenced operations on December 4, 2024 and QUIZ commenced operations on August 15, 2025.

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.

35

Zacks ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2025

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 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 (“NAV”).

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

36

Zacks ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2025

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 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.

37

Zacks ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2025

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 November 30, 2025, for each Fund’s assets and liabilities measured at fair value:

Zacks Earnings Consistent Portfolio ETF
Assets* Level 1 Level 2 Level 3 Total
Common Stocks $ 278,086,356 $ - $ - $ 278,086,356
Total $ 278,086,356 $ - $ - $ 278,086,356
Zacks Small/Mid Cap ETF
Assets* Level 1 Level 2 Level 3 Total
Common Stocks $ 160,565,685 $ - $ - $ 160,565,685
Total $ 160,565,685 $ - $ - $ 160,565,685
Zacks Focus Growth ETF
Assets* Level 1 Level 2 Level 3 Total
Common Stocks $ 50,945,897 $ - $ - $ 50,945,897
Total $ 50,945,897 $ - $ - $ 50,945,897
Zacks Quality International ETF
Assets* Level 1 Level 2 Level 3 Total
Common Stocks $ 46,074,743 $ - $ - $ 46,074,743
Total $ 46,074,743 $ - $ - $ 46,074,743

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.

38

Zacks ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2025

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 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.

Non-U.S. Securities Risk - Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market.

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.

Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims, as well as payment history and market convention. The Funds may be subject to foreign taxation related to capital gains on the sale of securities in the foreign jurisdictions in which they invest. When a capital gain tax is determined to apply, the Funds record an

39

Zacks ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2025

estimated deferred tax liability in an amount that may be payable if securities were disposed of on the valuation date.

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.

Cash and Cash Equivalents - Idle cash may be swept into various time deposit accounts and money market sweep accounts and is classified as cash and cash equivalents on the Statement of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.

Federal Income Taxes - The Funds intend to comply or 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 period or year ended November 30, 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, 2023 to 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, 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.

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

40

Zacks ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2025

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 year ended November 30, 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 $ 28,132,790 $ 29,790,084
SMIZ $ 138,326,924 $ 130,482,529
GROZ $ 13,456,938 $ 13,251,924
QUIZ $ 2,089,679 $ 1,830,177

For the period or year ended November 30, 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 $ 89,025,410 $ 34,542,830
SMIZ $ 71,275,005 $ 23,617,286
GROZ $ 45,491,941 $ 1,898,712
QUIZ $ 45,109,595 $ -
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 year ended November 30, 2025, ZECP, SMIZ, GROZ and QUIZ incurred $1,029,113, $553,797, $108,083 and $26,735, respectively, in advisory fees.

Pursuant to an Operating Expenses Limitation Agreement (the “Waiver Agreement”), the Advisor has agreed, at least until April 1, 2026 for ZECP, SMIZ and GROZ and September 1, 2026 for QUIZ, 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

41

Zacks ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2025

collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) do not exceed 0.55%. For the period or year ended November 30, 2025, the Advisor waived fees of $0, $58,130, $108,083 and $26,735 for ZECP, SMIZ, GROZ and QUIZ, respectively. During the period or year, the Advisor reimbursed additional amounts of $36,669 and $43,542 for GROZ and QUIZ, respectively.

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, 2025, the Advisor has $518,568, $278,690, $108,083 and $26,735 for ZECP, SMIZ, GROZ and QUIZ, respectively, of waived fees within 3 years of reimbursement that may be recovered by the following dates:

Fund January 31, 2026 January 31, 2027 November 30, 2027 November 30, 2028 Total
ZECP $ 196,824 $ 186,188 $ 135,556 $ - $ 518,568
November 30, 2026 November 30, 2027 November 30, 2028 Total
SMIZ $ 60,714 $ 159,846 $ 58,130 $ 278,690
November 30, 2028 Total
GROZ $ 108,083 $ 108,083
November 30, 2028 Total
QUIZ $ 26,735 $ 26,735

Northern Lights Distributors, LLC, (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

42

Zacks ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2025

not be paid by the Funds unless authorized by the Board. There are no current plans to impose these fees.

Ultimus Fund Solutions, LLC (“UFS”) - 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 serving in such capacities.

Northern Lights Compliance Services, LLC(“NLCS”)- 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.

Blu Giant, LLC(“Blu Giant”)- 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 $ 227,987,124 $ 54,336,422 $ (4,237,190 ) $ 50,099,232
SMIZ 136,724,005 29,074,915 (5,233,235 ) 23,841,680
GROZ 43,301,216 8,115,699 (471,018 ) 7,644,681
QUIZ 45,319,080 1,782,317 (1,026,653 ) 755,664
6. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of Fund distributions paid for the year ended November 30, 2025, November 30,2024 and January 31, 2024 was as follows:

For Fiscal Year Ended Ordinary Long-Term Return of
November 30, 2025 Income Capital Gain Capital Total
ZECP $ 1,289,179 $ - $ - $ 1,289,179
SMIZ 1,545,215 - - 1,545,215
GROZ - - - -
QUIZ - - - -

43

Zacks ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2025
For Fiscal Year Ended Ordinary Long-Term Return of
November 30, 2024 Income Capital Gain Capital Total
ZECP $ - $ - $ - $ -
SMIZ 9,090 - - 9,090
For Fiscal Year Ended Ordinary Long-Term Return of
January 31, 2024 Income Capital Gain Capital Total
ZECP $ 579,145 $ - $ - $ 579,145

As of November 30, 2025, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

Undistributed Undistributed Post October Loss Capital Loss Unrealized Total
Ordinary Long-Term and Carry Appreciation/ Accumulated
Income Gains Late Year Loss Forwards (Depreciation) Earnings/(Deficits)
ZECP $ 2,081,105 $ - $ - (6,631,001 ) 50,099,232 $ 45,549,336
SMIZ 885,468 - - (3,135,881 ) 23,841,680 21,591,267
GROZ 19,669 - - (698,957 ) 7,644,681 6,965,393
QUIZ 79,080 - - (50,622 ) 755,951 784,409

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 and PFICs.

At November 30, 2025, 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:

Capital Loss Carry Forward
Fund Short-Term Long-Term Total Utilized
ZECP $ 4,264,075 $ 2,366,926 $ 6,631,001 $ -
SMIZ 3,135,881 - 3,135,881 -
GROZ 698,957 - 698,957 -
QUIZ 50,622 - 50,622 -

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of realized gain (loss) on in-kind redemptions for the year ended November 30, 2025, as follows:

Fund Capital Deficit
ZECP $ 10,064,939 $ (10,064,939 )
SMIZ 3,698,236 (3,698,236 )
GROZ 201,931 (201,931 )
QUIZ - -

44

Zacks ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2025
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 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:

Fee for In-Kind and Maximum Additional Variable
Fund Cash Purchases Charge for Cash Purchases*
ZECP $400 0.40%
SMIZ $400 0.40%
GROZ $400 0.40%
QUIZ $400 0.40%
* As a percentage of the amount invested.

45

Zacks ETFs
NOTES TO FINANCIAL STATEMENTS (Continued)
November 30, 2025
8. FOREIGN TAX CREDIT (UNAUDITED)

The following fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax paid per outstanding share as of fiscal years ended November 30, 2025, were as follows:

For fiscal year ended
11/30/2025 Foreign Taxes Paid Foreign Source Income
QUIZ 0.00 0.04
9. 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.

46

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Zacks ETFs and
Board of Trustees of Zacks Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Funds listed below (the “Funds”), each a series of Zacks Trust, as of November 30, 2025, the related statements of operations, statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name Statements of
Operations

Statements of Changes in
Net Assets

Financial Highlights
Zacks Earnings Consistent Portfolio ETF For the year ended November 30, 2025 For the year ended November 30, 2025, for the period from February 1, 2024 through November 30, 2024, and for the year ended January 31, 2024 For the year ended November 30, 2025, for the period from February 1, 2024 through November 30, 2024, for the years ended January 31, 2024 and 2023, and for the period from August 23, 2021 (commencement of operations) through January 31, 2022
Zacks Small/Mid Cap ETF For the year ended November 30, 2025 For the years ended November 30, 2025 and 2024 For the years ended November 30, 2025 and 2024, and for the period from October 2, 2023 (commencement of operations) through November 30, 2023
Zacks Focus Growth ETF For the period from December 4, 2024 (commencement of operations) through November 30, 2025
Zacks Quality International ETF For the period from August 18, 2025 (commencement of operations) through November 30, 2025

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

47

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2021.

COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
January 28, 2026

48

ADDITIONAL INFORMATION (Unaudited)

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 Small/Mid Cap ETF

In connection with a meeting held on July 21, 2025 and July 24, 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 Small/Mid Cap ETF (the “SMID ETF”). In considering the approval of the continuance of the Advisory Agreement, the Board received materials specifically relating to the SMID 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 SMID ETF that the continuance of the Advisory Agreement be approved and that the compensation payable thereunder by the SMID 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 SMID ETF provided by the Adviser, including one-year and since inception average annual total returns as of May 31, 2025. The Board also reviewed comparisons of the SMID ETF’s performance against its peer group average, Morningstar Category Average and benchmark. The Board noted that the SMID ETF outperformed its peer group average and Morningstar Category Average for the twelve-months and the since inception period ended May 31, 2025, and underperformed its benchmark for the twelve-months and the since inception period ended May 31, 2025. 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 SMID ETF was reasonable.

49

Nature, Extent and Quality of Services. In considering the approval of the continuance of the Advisory Agreement with the Adviser with respect to the SMID ETF, the Board considered the nature, extent, and quality of services that the Adviser provided to the SMID 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 SMID ETF under the Advisory Agreement were satisfactory.

Fees and Expenses. The Board reviewed the SMID 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 SMID ETF’s advisory fee and expense ratio were lower than the peer group average, but the SMID ETF’s advisory fee and expense ratio were higher than the Morningstar category average. The Board also considered the Adviser’s active management style with respect to the SMID ETF in comparison to the funds in its peer group. 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 SMID 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 SMID ETF for the previous twelve months of operations. The Board concluded that the profitability of the Adviser in connection with the management of the SMID 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 SMID ETF grows and whether fee levels reflect a reasonable sharing of economies of scale for the benefit of the SMID ETF’s investors. The Board noted that breakpoints may be an appropriate way for the Adviser to share its economies of scale if the SMID ETF experiences substantial asset growth; however, the Board recognized that the SMID 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 SMID 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 SMID ETF.

50

Approval of Advisory Agreement - Zacks Quality International 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 investment advisory agreement (the “Advisory Agreement”) between Zacks Investment Management, Inc. (“Zacks” or the “Adviser”) and the Trust, with respect to the Zacks Quality International ETF (the “International ETF”).

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 International ETF that the Advisory Agreement be approved and that the compensation payable thereunder by the International 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 International ETF is newly formed and as such does not have a record of prior performance to submit at the Meeting. The Board noted that there were no funds or accounts managed by the Adviser that were comparable to the International ETF and reviewed the performance of the Zacks Earning Consistent Portfolio ETF (the “ECP ETF”), including one-year and since inception average annual total returns as of December 31, 2024, as well as information related to the of the other Funds provided in the Board materials and throughout the year (including the 15(c) materials related to the mutual funds summarized above). The Board also reviewed comparisons of the ECP ETF’s and the mutual funds’ performance against their peer group averages, Morningstar Category Averages and benchmarks, noting the same information discussed earlier in the Meeting. The Board also took into consideration the background and experience of the prospective portfolio manager. The Board concluded that, despite a lack of close comparative data for the International ETF, the returns presented for the ECP ETF and the other Funds reviewed at this Meeting and the Adviser’s presentation, that the Adviser should be able to adequately fulfill the International 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 International 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

51

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 International ETF’s proposed advisory fee and expense ratio. The Board noted that the Adviser has also agreed to waive fees and limit expenses of the International 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 International ETF. The Board concluded that the estimated profitability of the Adviser in connection with the management of the International 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 International ETF grows and whether fee levels reflect a reasonable sharing of economies of scale for the benefit of the International ETF’s investors. The Board noted that breakpoints may be an appropriate way for the Adviser to share its economies of scale if the International ETF experiences substantial asset growth; however, the Board recognized that the International 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 International 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 International ETF.

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INVESTMENT ADVISOR
Zacks Investment Management, Inc.
10 S. Riverside Plaza, Suite 1600
Chicago, IL 60606
ADMINISTRATOR
Ultimus Fund Solutions, LLC
4221 North 203rd Street Suite 100
Elkhorn, Nebraska 68022
ZACKSETF-A25

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

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

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

Included under Item 7

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

Refer to the financial statements included herein

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

Included under Item 7

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.

(a) Not applicable

(b) Not applicable

Item 19. Exhibits.

(a)(1) Code of Ethics for Principal Executive and Senior Financial Officers. Exhibit 99.CODE]

(a)(2) Not applicable

(a)(3) 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]

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99.906CERT]

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.

(Registrant) Zacks Trust

By (Signature and Title)

/s/ Mitch Zacks

Mitch Zacks, Principal Executive Officer/President

Date 2/06/26

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 (Signature and Title)

/s/ Mitch Zacks

Mitch Zacks, Principal Executive Officer/President

Date 2/06/26

By (Signature and Title)

/s/ Donald Ralph

Donald Ralph, Principal Financial Officer/Treasurer

Date 2/06/26
Zacks Trust published this content on February 09, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 09, 2026 at 15:47 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]