Alger ETF Trust
08/27/2026 | Press release | Distributed by Public on 08/27/2026 07:15
Semi-Annual Report by Investment Company (Form N-CSRS)
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
811-23603
Alger ETF Trust
(Exact name of registrant as specified in charter)
100 Pearl Street, New York, New York 10004
Registrant's telephone number, including area code:
212-806-8800
Date of fiscal year end:
12/31
Date of reporting period:
June 30, 2026
Form N-CSRS is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSRS in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSRS, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSRS unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Report to Stockholders.
(a) The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Alger 35 ETF
ATFV / NYSE ARCA, INC.
Semi-Annual SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Alger 35 ETF ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 223-3810.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Alger 35 ETF | $30 | 0.56%(a) |
| (a) |
Annualized.
|
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2026.
| Fund net assets | $216,835,028 |
| Total number of portfolio holdings1 | 35 |
| Portfolio turnover rate | 68.04% |
|
1
|
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
|
Sector Allocation †
| Communication Services | 17.8% |
| Consumer Discretionary | 8.0% |
| Financials | 1.0% |
| Health Care | 8.6% |
| Industrials | 7.0% |
| Information Technology | 53.2% |
| Utilities | 3.5% |
| Short-Term Investments and Other Net Assets | 0.9% |
| 100.0% |
|
†
|
Based on net assets
|
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 223-3810.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Mid Cap 40 ETF
FRTY / NYSE ARCA, INC.
Semi-Annual SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Alger Mid Cap 40 ETF ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 223-3810.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Alger Mid Cap 40 ETF | $32 | 0.60%(a) |
| (a) |
Annualized.
|
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2026.
| Fund net assets | $153,977,381 |
| Total number of portfolio holdings1 | 41 |
| Portfolio turnover rate | 131.53% |
|
1
|
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
|
Sector Allocation †
| Communication Services | 6.3% |
| Health Care | 17.6% |
| Industrials | 28.2% |
| Information Technology | 38.7% |
| Materials | 1.4% |
| Utilities | 1.4% |
| Short-Term Investments and Other Net Assets | 6.4% |
| 100.0% |
|
†
|
Based on net assets
|
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 223-3810.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Concentrated Equity ETF
CNEQ / NYSE ARCA, INC.
Semi-Annual SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Alger Concentrated Equity ETF ("Fund") for the period from January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 223-3810.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Alger Concentrated Equity ETF | $31 | 0.57%(a) |
| (a) |
Annualized.
|
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2026.
| Fund net assets | $739,748,345 |
| Total number of portfolio holdings1 | 30 |
| Portfolio turnover rate | 32.43% |
|
1
|
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
|
Sector Allocation †
| Communication Services | 17.2% |
| Consumer Discretionary | 9.7% |
| Financials | 1.5% |
| Health Care | 4.3% |
| Industrials | 11.8% |
| Information Technology | 52.8% |
| Utilities | 2.9% |
| Short-Term Investments and Other Net Assets | (0.2)% |
| 100.0% |
|
†
|
Based on net assets
|
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 223-3810.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger AI Enablers & Adopters ETF
ALAI / NYSE ARCA, INC.
Semi-Annual SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Alger AI Enablers & Adopters ETF ("Fund") for the period from January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 223-3810.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Alger AI Enablers & Adopters ETF | $34 | 0.60%(a) |
| (a) |
Annualized.
|
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2026.
| Fund net assets | $449,055,774 |
| Total number of portfolio holdings1 | 76 |
| Portfolio turnover rate | 89.03% |
|
1
|
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
|
Sector Allocation †
| Communication Services | 18.6% |
| Consumer Discretionary | 10.5% |
| Financials | 3.1% |
| Health Care | 2.4% |
| Industrials | 3.5% |
| Information Technology | 59.3% |
| Materials | 0.6% |
| Utilities | 2.2% |
| Short-Term Investments and Other Net Assets | (0.2)% |
| 100.0% |
|
†
|
Based on net assets
|
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 223-3810.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
Alger Russell Innovation ETF
INVN / NYSE ARCA, INC.
Semi-Annual SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about the Alger Russell Innovation ETF ("Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.alger.com/fundliterature. You can also request a copy of the semi-annual report by contacting us at (800) 223-3810.
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Alger Russell Innovation ETF | $27 | 0.55%(a) |
| (a) |
Annualized.
|
Key Fund Statistics
The following table outlines key fund statistics as of the fiscal six-month period ended June 30, 2026.
| Fund net assets | $9,640,430 |
| Total number of portfolio holdings1 | 50 |
| Portfolio turnover rate | 41.00% |
|
1
|
Number of portfolio holdings is calculated at the issuer level. Excludes Money Market Funds.
|
Sector Allocation †
| Communication Services | 6.3% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 2.3% |
| Financials | 4.3% |
| Health Care | 20.5% |
| Industrials | 3.9% |
| Information Technology | 52.9% |
| Real Estate | 1.8% |
| Short-Term Investments and Other Net Assets | (0.3)% |
| 100.0% |
|
†
|
Based on net assets
|
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information and fund holdings at www.alger.com/fundliterature. Fund proxy voting information is available at https://www.alger.com/ProxyVoting. You can also request this information by contacting us at (800) 223-3810.
For additional information, please scan the QR code at left to navigate to additional hosted material at www.alger.com/fundliterature.
| ITEM 2. | CODE OF ETHICS. |
Not applicable.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | INVESTMENTS. |
| (a) | A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included as part of the report to shareholders filed under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
THE ALGER ETF TRUST
SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION
June 30, 2026 (UNAUDITED)
Table of Contents
THE ALGER ETF TRUST
|
Schedules of Investments
|
2
|
|
Statements of Assets and Liabilities
|
17
|
|
Statements of Operations
|
23
|
|
Statements of Changes in Net Assets
|
26
|
|
Financial Highlights
|
31
|
|
Notes to Financial Statements
|
36
|
|
Other Information
|
63
|
- 1 -
THE ALGER ETF TRUST | ALGER 35 ETF Schedule of Investments June 30, 2026 (Unaudited)
|
|
SHARES
|
VALUE
|
||
|
COMMON STOCKS-98.3%
|
||||
|
ALTERNATIVE CARRIERS-3.9%
|
||||
|
Space Exploration Technologies Corp., Cl. A*
|
49,083
|
$ 8,386,321
|
||
|
APPLICATION SOFTWARE-1.9%
|
||||
|
AppLovin Corp., Cl. A*
|
8,061
|
4,153,269
|
||
|
BIOTECHNOLOGY-3.1%
|
||||
|
Abivax SA ADR*
|
14,028
|
1,869,371
|
||
|
Forte Biosciences, Inc.*
|
45,755
|
972,294
|
||
|
Natera, Inc.*
|
14,036
|
3,810,072
|
||
|
|
||||
|
|
||||
|
|
|
|
|
6,651,737
|
|
BROADLINE RETAIL-8.0%
|
||||
|
Amazon.com, Inc.*
|
57,827
|
13,782,487
|
||
|
MercadoLibre, Inc.*
|
2,060
|
3,496,624
|
||
|
|
||||
|
|
||||
|
|
|
|
|
17,279,111
|
|
COMMUNICATIONS EQUIPMENT-1.2%
|
||||
|
Applied Optoelectronics, Inc.*
|
17,594
|
2,606,727
|
||
|
CONSTRUCTION & ENGINEERING-1.0%
|
||||
|
SOLV Energy, Inc., Cl. A*
|
65,949
|
2,245,563
|
||
|
ELECTRICAL COMPONENTS & EQUIPMENT-1.2%
|
||||
|
Enovix Corp.*
|
445,533
|
2,704,385
|
||
|
HEALTHCARE EQUIPMENT-1.1%
|
||||
|
Intuitive Surgical, Inc.*
|
6,190
|
2,461,639
|
||
|
HEAVY ELECTRICAL EQUIPMENT-2.7%
|
||||
|
GE Vernova, Inc.
|
5,067
|
5,953,016
|
||
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS-2.4%
|
||||
|
Talen Energy Corp.*
|
13,518
|
5,194,427
|
||
|
INTERACTIVE MEDIA & SERVICES-10.8%
|
||||
|
Alphabet, Inc., Cl. A
|
53,456
|
19,103,571
|
||
|
Anthropic PBC Series G(a),*,@
|
7,251
|
4,270,839
|
||
|
|
||||
|
|
||||
|
|
|
|
|
23,374,410
|
|
INTERNET SERVICES & INFRASTRUCTURE-3.7%
|
||||
|
Twilio, Inc., Cl. A*
|
38,364
|
7,915,644
|
||
|
INVESTMENT BANKING & BROKERAGE-1.0%
|
||||
|
Goldman Sachs Group, Inc.
|
2,086
|
2,109,718
|
||
|
MOVIES & ENTERTAINMENT-3.2%
|
||||
|
Netflix, Inc.*
|
43,822
|
3,128,891
|
||
|
Spotify Technology SA*
|
8,311
|
3,815,829
|
||
|
|
||||
|
|
||||
|
|
|
|
|
6,944,720
|
|
PHARMACEUTICALS-4.4%
|
||||
|
Eli Lilly & Co.
|
1,993
|
2,390,464
|
||
|
Johnson & Johnson
|
11,772
|
2,989,735
|
||
See Notes to Financial Statements.
- 2 -
THE ALGER ETF TRUST | ALGER 35 ETF Schedule of Investments June 30, 2026 (Unaudited) (Continued)
|
|
SHARES
|
VALUE
|
||
|
COMMON STOCKS-98.3% (CONT.)
|
||||
|
PHARMACEUTICALS-4.4% (CONT.)
|
||||
|
Novo Nordisk A/S, Cl. B ADR
|
85,754
|
$ 4,111,047
|
||
|
|
||||
|
|
||||
|
|
|
|
|
9,491,246
|
|
RENEWABLE ELECTRICITY-1.2%
|
||||
|
Fervo Energy Co., Cl. A*
|
86,195
|
2,519,480
|
||
|
SEMICONDUCTOR MATERIALS & EQUIPMENT-2.8%
|
||||
|
Lam Research Corp.
|
13,957
|
6,047,987
|
||
|
SEMICONDUCTORS-21.4%
|
||||
|
Astera Labs, Inc.*
|
17,939
|
8,664,896
|
||
|
NVIDIA Corp.
|
123,860
|
24,783,147
|
||
|
Renesas Electronics Corp. ADR
|
254,382
|
3,907,308
|
||
|
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
|
18,995
|
9,071,442
|
||
|
|
||||
|
|
||||
|
|
|
|
|
46,426,793
|
|
SYSTEMS SOFTWARE-15.6%
|
||||
|
Microsoft Corp.
|
28,475
|
10,621,744
|
||
|
Nebius Group NV, Cl. A*
|
69,882
|
19,299,312
|
||
|
ServiceNow, Inc.*
|
40,045
|
3,975,668
|
||
|
|
||||
|
|
||||
|
|
|
|
|
33,896,724
|
|
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS-5.7%
|
||||
|
Western Digital Corp.
|
19,507
|
12,459,511
|
||
|
TRADING COMPANIES & DISTRIBUTORS-2.0%
|
||||
|
QXO, Inc.*
|
252,204
|
4,358,085
|
||
|
TOTAL COMMON STOCKS
(Cost $174,092,551)
|
|
213,180,513
|
||
|
PREFERRED STOCKS-0.3%
|
||||
|
SYSTEMS SOFTWARE-0.3%
|
||||
|
OpenAI Group, PBC Series C(a),*,@
|
842
|
579,032
|
||
|
(Cost $579,032)
|
|
579,032
|
||
|
SPECIAL PURPOSE VEHICLES-0.5%
|
||||
|
APPLICATION SOFTWARE-0.5%
|
||||
|
2026 VDC LP (invested in VAST Data, Inc. ordinary shares, and
Series B and Series F preferred shares)(a),(b),*,@
|
|
1,190,589
|
||
|
(Cost $1,206,042)
|
|
1,190,589
|
||
See Notes to Financial Statements.
- 3 -
THE ALGER ETF TRUST | ALGER 35 ETF Schedule of Investments June 30, 2026 (Unaudited) (Continued)
|
|
SHARES
|
VALUE
|
||
|
SHORT-TERM SECURITIES-0.8%
|
||||
|
MONEY MARKET FUNDS-0.8%
|
||||
|
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Shares, 3.52%(c)
|
1,633,988
|
$ 1,633,988
|
||
|
(Cost $1,633,988)
|
|
1,633,988
|
||
|
|
||||
|
|
||||
|
Total Investments
(Cost $177,511,613)
|
99.9%
|
$216,584,122
|
||
|
Affiliated Securities (Cost $1,206,042)
|
|
1,190,589
|
||
|
Unaffiliated Securities (Cost $176,305,571)
|
|
215,393,533
|
||
|
Other Assets in Excess of Liabilities
|
0.1%
|
250,906
|
||
|
NET ASSETS
|
100.0%
|
$216,835,028
|
||
|
ADR
|
American Depositary Receipts
|
|
(a)
|
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures
approved by the Board of Trustees. See Note 9 - Fair Value Measurements.
|
|
(b)
|
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note
11 - Affiliated Securities.
|
|
(c)
|
Rate shown reflects 7-day effective yield as of June 30, 2026.
|
|
*
|
Non-income producing security.
|
|
@
|
Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the
investment may be restricted only to qualified buyers.
|
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
Market
Value
|
% of net assets
as of
6/30/2026
|
|
2026 VDC LP
|
3/2/26, 4/1/26
|
$1,206,042
|
$1,190,589
|
0.5%
|
|
Anthropic PBC Series G
|
3/31/26
|
1,878,998
|
4,270,839
|
2.0%
|
|
OpenAI Group, PBC Series C
|
3/31/26
|
579,032
|
579,032
|
0.3%
|
|
Total
|
|
$3,664,072
|
$6,040,460
|
2.8%
|
See Notes to Financial Statements.
- 4 -
THE ALGER ETF TRUST | ALGER MID CAP 40 ETF Schedule of Investments June 30, 2026 (Unaudited)
|
|
SHARES
|
VALUE
|
||
|
COMMON STOCKS-92.7%
|
||||
|
AEROSPACE & DEFENSE-10.7%
|
||||
|
Axon Enterprise, Inc.*
|
9,016
|
$ 5,054,460
|
||
|
FTAI Aviation Ltd.
|
16,530
|
4,471,861
|
||
|
HEICO Corp., Cl. A
|
19,223
|
4,957,804
|
||
|
Rocket Lab Corp.*
|
18,800
|
1,911,020
|
||
|
|
||||
|
|
||||
|
|
|
|
|
16,395,145
|
|
APPLICATION SOFTWARE-4.5%
|
||||
|
Datadog, Inc., Cl. A*
|
10,847
|
2,824,125
|
||
|
Synopsys, Inc.*
|
9,117
|
4,066,820
|
||
|
|
||||
|
|
||||
|
|
|
|
|
6,890,945
|
|
BIOTECHNOLOGY-10.8%
|
||||
|
Arrowhead Pharmaceuticals, Inc.*
|
51,006
|
4,157,499
|
||
|
Biogen, Inc.*
|
16,594
|
3,585,300
|
||
|
Revolution Medicines, Inc.*
|
8,216
|
1,538,692
|
||
|
Twist Bioscience Corp.*
|
71,651
|
7,371,455
|
||
|
|
||||
|
|
||||
|
|
|
|
|
16,652,946
|
|
BUILDING PRODUCTS-3.3%
|
||||
|
Modine Manufacturing Co.*
|
19,104
|
5,101,150
|
||
|
CARGO GROUND TRANSPORTATION-1.0%
|
||||
|
XPO, Inc.*
|
7,440
|
1,527,358
|
||
|
CONSTRUCTION & ENGINEERING-5.3%
|
||||
|
Comfort Systems USA, Inc.
|
2,809
|
5,567,297
|
||
|
MasTec, Inc.*
|
6,198
|
2,578,740
|
||
|
|
||||
|
|
||||
|
|
|
|
|
8,146,037
|
|
COPPER-1.3%
|
||||
|
Freeport-McMoRan, Inc.
|
32,569
|
2,048,264
|
||
|
ELECTRICAL COMPONENTS & EQUIPMENT-3.8%
|
||||
|
Vertiv Holdings Co., Cl. A
|
17,536
|
5,871,403
|
||
|
ELECTRONIC COMPONENTS-3.3%
|
||||
|
Amphenol Corp., Cl. A
|
11,914
|
2,100,677
|
||
|
Coherent Corp.*
|
7,479
|
2,950,241
|
||
|
|
||||
|
|
||||
|
|
|
|
|
5,050,918
|
|
ELECTRONIC EQUIPMENT & INSTRUMENTS-1.9%
|
||||
|
nLIGHT, Inc.*
|
41,273
|
2,873,426
|
||
|
ELECTRONIC MANUFACTURING SERVICES-1.8%
|
||||
|
Flex Ltd.*
|
16,965
|
2,749,518
|
||
|
HEALTHCARE SERVICES-2.6%
|
||||
|
Guardant Health, Inc.*
|
26,487
|
3,973,845
|
||
|
HEAVY ELECTRICAL EQUIPMENT-1.3%
|
||||
|
Forgent Power Solutions, Inc., Cl. A*
|
36,965
|
2,064,865
|
||
See Notes to Financial Statements.
- 5 -
THE ALGER ETF TRUST | ALGER MID CAP 40 ETF Schedule of Investments June 30, 2026 (Unaudited) (Continued)
|
|
SHARES
|
VALUE
|
||
|
COMMON STOCKS-92.7% (CONT.)
|
||||
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS-1.4%
|
||||
|
Vistra Corp.
|
13,763
|
$ 2,183,225
|
||
|
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS-2.8%
|
||||
|
RBC Bearings, Inc.*
|
6,772
|
4,361,574
|
||
|
INTERNET SERVICES & INFRASTRUCTURE-6.2%
|
||||
|
Cloudflare, Inc., Cl. A*
|
20,146
|
4,941,411
|
||
|
MongoDB, Inc., Cl. A*
|
3,376
|
1,133,998
|
||
|
Snowflake, Inc.*
|
13,769
|
3,504,211
|
||
|
|
||||
|
|
||||
|
|
|
|
|
9,579,620
|
|
LIFE SCIENCES TOOLS & SERVICES-2.9%
|
||||
|
Repligen Corp.*
|
33,150
|
4,522,986
|
||
|
MOVIES & ENTERTAINMENT-5.4%
|
||||
|
Liberty Media Corp. Series C Liberty Formula One*
|
58,567
|
5,572,064
|
||
|
Roku, Inc., Cl. A*
|
20,108
|
2,777,719
|
||
|
|
||||
|
|
||||
|
|
|
|
|
8,349,783
|
|
PHARMACEUTICALS-1.3%
|
||||
|
Teva Pharmaceutical Industries Ltd. ADR*
|
57,471
|
1,947,117
|
||
|
SEMICONDUCTORS-6.9%
|
||||
|
Astera Labs, Inc.*
|
10,766
|
5,200,193
|
||
|
Marvell Technology, Inc.
|
6,133
|
1,826,960
|
||
|
Monolithic Power Systems, Inc.
|
2,583
|
3,570,636
|
||
|
|
||||
|
|
||||
|
|
|
|
|
10,597,789
|
|
SYSTEMS SOFTWARE-4.0%
|
||||
|
Nebius Group NV, Cl. A*
|
22,222
|
6,137,050
|
||
|
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS-10.2%
|
||||
|
Dell Technologies, Inc., Cl. C
|
5,171
|
2,231,080
|
||
|
IonQ, Inc.*
|
23,982
|
1,277,281
|
||
|
Sandisk Corp.*
|
2,414
|
5,488,784
|
||
|
Western Digital Corp.
|
10,540
|
6,732,109
|
||
|
|
||||
|
|
||||
|
|
|
|
|
15,729,254
|
|
TOTAL COMMON STOCKS
(Cost $103,169,600)
|
|
142,754,218
|
||
|
SPECIAL PURPOSE VEHICLES-0.9%
|
||||
|
INTERACTIVE MEDIA & SERVICES-0.9%
|
||||
|
Disruptive Technology Solutions LI, LLC (invested in Reflection AI,
Inc. Series C preferred shares)(a),*,@
|
|
1,272,665
|
||
|
(Cost $1,314,027)
|
|
1,272,665
|
||
See Notes to Financial Statements.
- 6 -
THE ALGER ETF TRUST | ALGER MID CAP 40 ETF Schedule of Investments June 30, 2026 (Unaudited) (Continued)
|
|
SHARES
|
VALUE
|
||
|
SHORT-TERM SECURITIES-6.5%
|
||||
|
MONEY MARKET FUNDS-6.5%
|
||||
|
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Shares, 3.52%(b)
|
10,034,768
|
$ 10,034,768
|
||
|
(Cost $10,034,768)
|
|
10,034,768
|
||
|
|
||||
|
|
||||
|
Total Investments
(Cost $114,518,395)
|
100.1%
|
$154,061,651
|
||
|
Unaffiliated Securities (Cost $114,518,395)
|
|
154,061,651
|
||
|
Liabilities in Excess of Other Assets
|
(0.1)%
|
(84,270)
|
||
|
NET ASSETS
|
100.0%
|
$153,977,381
|
||
|
ADR
|
American Depositary Receipts
|
|
(a)
|
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures
approved by the Board of Trustees. See Note 9 - Fair Value Measurements.
|
|
(b)
|
Rate shown reflects 7-day effective yield as of June 30, 2026.
|
|
*
|
Non-income producing security.
|
|
@
|
Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the
investment may be restricted only to qualified buyers.
|
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
Market
Value
|
% of net assets
as of
6/30/2026
|
|
Disruptive Technology Solutions LI, LLC
|
4/28/26
|
$1,314,027
|
$1,272,665
|
0.9%
|
|
Total
|
|
$1,314,027
|
$1,272,665
|
0.9%
|
See Notes to Financial Statements.
- 7 -
THE ALGER ETF TRUST | ALGER CONCENTRATED EQUITY ETF Schedule of Investments June 30, 2026 (Unaudited)
|
|
SHARES
|
VALUE
|
||
|
COMMON STOCKS-96.7%
|
||||
|
AEROSPACE & DEFENSE-2.0%
|
||||
|
HEICO Corp., Cl. A
|
57,969
|
$ 14,950,785
|
||
|
ALTERNATIVE CARRIERS-3.6%
|
||||
|
Space Exploration Technologies Corp., Cl. A*
|
154,332
|
26,369,165
|
||
|
APPLICATION SOFTWARE-2.6%
|
||||
|
AppLovin Corp., Cl. A*
|
36,872
|
18,997,561
|
||
|
AUTOMOBILE MANUFACTURERS-3.2%
|
||||
|
Tesla, Inc.*
|
55,640
|
23,402,184
|
||
|
BIOTECHNOLOGY-1.5%
|
||||
|
Natera, Inc.*
|
40,446
|
10,979,067
|
||
|
BROADLINE RETAIL-6.5%
|
||||
|
Amazon.com, Inc.*
|
131,796
|
31,412,258
|
||
|
Sea Ltd., Cl. A ADR*
|
172,678
|
16,547,733
|
||
|
|
||||
|
|
||||
|
|
|
|
|
47,959,991
|
|
COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE-0.7%
|
||||
|
Rocket Cos., Inc., Cl. A*
|
312,497
|
4,921,828
|
||
|
CONSUMER FINANCE-0.9%
|
||||
|
Figure Technology Solutions, Inc., Cl. A*
|
206,651
|
6,346,252
|
||
|
ENVIRONMENTAL & FACILITIES SERVICES-1.7%
|
||||
|
GFL Environmental, Inc.
|
352,302
|
12,961,191
|
||
|
HEAVY ELECTRICAL EQUIPMENT-3.0%
|
||||
|
GE Vernova, Inc.
|
19,220
|
22,580,809
|
||
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS-2.9%
|
||||
|
Talen Energy Corp.*
|
55,813
|
21,446,703
|
||
|
INTERACTIVE MEDIA & SERVICES-13.7%
|
||||
|
Alphabet, Inc., Cl. C
|
118,302
|
41,799,646
|
||
|
Anthropic PBC Series G(a),*,@
|
65,623
|
38,651,947
|
||
|
Meta Platforms, Inc., Cl. A
|
36,653
|
20,646,268
|
||
|
|
||||
|
|
||||
|
|
|
|
|
101,097,861
|
|
PHARMACEUTICALS-2.8%
|
||||
|
Eli Lilly & Co.
|
10,653
|
12,777,528
|
||
|
Novo Nordisk A/S, Cl. B ADR
|
167,412
|
8,025,731
|
||
|
|
||||
|
|
||||
|
|
|
|
|
20,803,259
|
|
SEMICONDUCTORS-28.1%
|
||||
|
Advanced Micro Devices, Inc.*
|
13,629
|
7,917,222
|
||
|
Astera Labs, Inc.*
|
30,814
|
14,883,778
|
||
|
Broadcom, Inc.
|
81,599
|
30,824,022
|
||
|
Micron Technology, Inc.
|
10,836
|
12,507,886
|
||
|
NVIDIA Corp.
|
482,773
|
96,598,050
|
||
|
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
|
94,529
|
45,144,215
|
||
|
|
||||
|
|
||||
|
|
|
|
|
207,875,173
|
See Notes to Financial Statements.
- 8 -
THE ALGER ETF TRUST | ALGER CONCENTRATED EQUITY ETF Schedule of Investments June 30, 2026 (Unaudited) (Continued)
|
|
SHARES
|
VALUE
|
||
|
COMMON STOCKS-96.7% (CONT.)
|
||||
|
SYSTEMS SOFTWARE-11.0%
|
||||
|
Microsoft Corp.
|
115,061
|
$ 42,920,054
|
||
|
Nebius Group NV, Cl. A*
|
140,379
|
38,768,469
|
||
|
|
||||
|
|
||||
|
|
|
|
|
81,688,523
|
|
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS-9.6%
|
||||
|
Apple, Inc.
|
113,082
|
32,721,408
|
||
|
Western Digital Corp.
|
60,257
|
38,487,351
|
||
|
|
||||
|
|
||||
|
|
|
|
|
71,208,759
|
|
TRADING COMPANIES & DISTRIBUTORS-2.9%
|
||||
|
QXO, Inc.*
|
1,265,304
|
21,864,453
|
||
|
TOTAL COMMON STOCKS
(Cost $608,843,103)
|
|
715,453,564
|
||
|
PREFERRED STOCKS-2.0%
|
||||
|
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS-2.0%
|
||||
|
Figure AI, Inc., Series C(a),*,@
|
76,250
|
14,863,533
|
||
|
(Cost $14,863,533)
|
|
14,863,533
|
||
|
SPECIAL PURPOSE VEHICLES-1.5%
|
||||
|
APPLICATION SOFTWARE-1.5%
|
||||
|
2026 VDC LP (invested in VAST Data, Inc. ordinary shares, and
Series B and Series F preferred shares)(a),(b),*,@
|
|
10,873,090
|
||
|
(Cost $11,014,217)
|
|
10,873,090
|
||
|
|
||||
|
|
||||
|
Total Investments
(Cost $634,720,853)
|
100.2%
|
$741,190,187
|
||
|
Affiliated Securities (Cost $11,014,217)
|
|
10,873,090
|
||
|
Unaffiliated Securities (Cost $623,706,636)
|
|
730,317,097
|
||
|
Liabilities in Excess of Other Assets
|
(0.2)%
|
(1,441,842)
|
||
|
NET ASSETS
|
100.0%
|
$739,748,345
|
||
|
ADR
|
American Depositary Receipts
|
|
(a)
|
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures
approved by the Board of Trustees. See Note 9 - Fair Value Measurements.
|
|
(b)
|
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note
11 - Affiliated Securities.
|
|
*
|
Non-income producing security.
|
|
@
|
Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the
investment may be restricted only to qualified buyers.
|
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
Market
Value
|
% of net assets
as of
6/30/2026
|
|
2026 VDC LP
|
3/2/26, 4/1/26
|
$11,014,217
|
$10,873,090
|
1.5%
|
|
Anthropic PBC Series G
|
3/31/26
|
17,005,308
|
38,651,947
|
5.2%
|
|
Figure AI, Inc., Series C
|
6/10/26
|
14,863,533
|
14,863,533
|
2.0%
|
|
Total
|
|
$42,883,058
|
$64,388,570
|
8.7%
|
See Notes to Financial Statements.
- 9 -
THE ALGER ETF TRUST | ALGER AI ENABLERS & ADOPTERS ETF Schedule of Investments June 30, 2026 (Unaudited)
|
|
SHARES
|
VALUE
|
||
|
COMMON STOCKS-92.8%
|
||||
|
ALTERNATIVE CARRIERS-3.1%
|
||||
|
Space Exploration Technologies Corp., Cl. A*
|
81,090
|
$ 13,855,037
|
||
|
APPLICATION SOFTWARE-3.7%
|
||||
|
AppLovin Corp., Cl. A*
|
18,170
|
9,361,729
|
||
|
Datadog, Inc., Cl. A*
|
8,291
|
2,158,645
|
||
|
IREN Ltd.*
|
96,283
|
4,403,021
|
||
|
Unity Software, Inc.*
|
31,539
|
901,385
|
||
|
|
||||
|
|
||||
|
|
|
|
|
16,824,780
|
|
AUTOMOBILE MANUFACTURERS-2.6%
|
||||
|
Tesla, Inc.*
|
27,408
|
11,527,805
|
||
|
BIOTECHNOLOGY-1.1%
|
||||
|
Natera, Inc.*
|
17,620
|
4,782,949
|
||
|
BROADLINE RETAIL-7.5%
|
||||
|
Alibaba Group Holding Ltd. ADR
|
11,736
|
1,126,421
|
||
|
Amazon.com, Inc.*
|
93,045
|
22,176,345
|
||
|
MercadoLibre, Inc.*
|
1,806
|
3,065,486
|
||
|
Sea Ltd., Cl. A ADR*
|
77,050
|
7,383,702
|
||
|
|
||||
|
|
||||
|
|
|
|
|
33,751,954
|
|
COMMERCIAL & RESIDENTIAL MORTGAGE FINANCE-0.7%
|
||||
|
Rocket Cos., Inc., Cl. A*
|
204,456
|
3,220,182
|
||
|
COMMUNICATIONS EQUIPMENT-1.1%
|
||||
|
F5, Inc.*
|
1,613
|
670,943
|
||
|
Lumentum Holdings, Inc.*
|
4,060
|
3,483,724
|
||
|
Nokia Oyj ADR
|
44,113
|
585,821
|
||
|
|
||||
|
|
||||
|
|
|
|
|
4,740,488
|
|
CONSTRUCTION & ENGINEERING-0.5%
|
||||
|
SOLV Energy, Inc., Cl. A*
|
62,971
|
2,144,163
|
||
|
CONSTRUCTION MACHINERY & HEAVY TRANSPORTATION EQUIPMENT-0.2%
|
||||
|
Caterpillar, Inc.
|
737
|
784,831
|
||
|
CONSUMER FINANCE-1.1%
|
||||
|
Figure Technology Solutions, Inc., Cl. A*
|
163,807
|
5,030,513
|
||
|
COPPER-0.6%
|
||||
|
Freeport-McMoRan, Inc.
|
45,445
|
2,858,036
|
||
|
ELECTRIC UTILITIES-0.4%
|
||||
|
NRG Energy, Inc.
|
11,824
|
1,727,013
|
||
|
ELECTRICAL COMPONENTS & EQUIPMENT-0.6%
|
||||
|
Eaton Corp. PLC
|
6,265
|
2,669,642
|
||
|
ELECTRONIC COMPONENTS-0.2%
|
||||
|
Amphenol Corp., Cl. A
|
5,516
|
972,581
|
||
|
HEALTHCARE TECHNOLOGY-0.5%
|
||||
|
Veeva Systems, Inc., Cl. A*
|
12,755
|
2,263,630
|
||
See Notes to Financial Statements.
- 10 -
THE ALGER ETF TRUST | ALGER AI ENABLERS & ADOPTERS ETF Schedule of Investments June 30, 2026 (Unaudited) (Continued)
|
|
SHARES
|
VALUE
|
||
|
COMMON STOCKS-92.8% (CONT.)
|
||||
|
HEAVY ELECTRICAL EQUIPMENT-1.3%
|
||||
|
Forgent Power Solutions, Inc., Cl. A*
|
3,027
|
$ 169,088
|
||
|
GE Vernova, Inc.
|
5,018
|
5,895,448
|
||
|
|
||||
|
|
||||
|
|
|
|
|
6,064,536
|
|
HOUSEHOLD APPLIANCES-0.4%
|
||||
|
SharkNinja, Inc.*
|
11,893
|
1,810,947
|
||
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS-1.9%
|
||||
|
Talen Energy Corp.*
|
21,737
|
8,352,660
|
||
|
INTERACTIVE HOME ENTERTAINMENT-0.3%
|
||||
|
Take-Two Interactive Software, Inc.*
|
6,297
|
1,574,124
|
||
|
INTERACTIVE MEDIA & SERVICES-11.4%
|
||||
|
Alphabet, Inc., Cl. C
|
60,070
|
21,224,533
|
||
|
Anthropic PBC Series G(a),*,@
|
22,382
|
13,182,998
|
||
|
Meta Platforms, Inc., Cl. A
|
29,964
|
16,878,422
|
||
|
|
||||
|
|
||||
|
|
|
|
|
51,285,953
|
|
INTERNET SERVICES & INFRASTRUCTURE-2.9%
|
||||
|
Cloudflare, Inc., Cl. A*
|
1,799
|
441,259
|
||
|
Shopify, Inc., Cl. A*
|
28,041
|
3,201,721
|
||
|
Snowflake, Inc.*
|
18,409
|
4,685,090
|
||
|
Twilio, Inc., Cl. A*
|
22,554
|
4,653,567
|
||
|
|
||||
|
|
||||
|
|
|
|
|
12,981,637
|
|
INVESTMENT BANKING & BROKERAGE-1.2%
|
||||
|
Robinhood Markets, Inc., Cl. A*
|
54,118
|
5,426,953
|
||
|
MANAGED HEALTHCARE-0.8%
|
||||
|
UnitedHealth Group, Inc.
|
8,952
|
3,720,720
|
||
|
MOVIES & ENTERTAINMENT-1.0%
|
||||
|
Roku, Inc., Cl. A*
|
31,998
|
4,420,204
|
||
|
SEMICONDUCTORS-28.1%
|
||||
|
Advanced Micro Devices, Inc.*
|
10,470
|
6,082,128
|
||
|
ARM Holdings PLC ADR*
|
2,211
|
783,954
|
||
|
Astera Labs, Inc.*
|
11,312
|
5,463,922
|
||
|
Broadcom, Inc.
|
44,880
|
16,953,420
|
||
|
GlobalFoundries, Inc.
|
54,995
|
4,532,138
|
||
|
Infineon Technologies AG
|
8,192
|
769,720
|
||
|
Micron Technology, Inc.
|
5,779
|
6,670,642
|
||
|
NVIDIA Corp.
|
274,741
|
54,972,927
|
||
|
Renesas Electronics Corp. ADR
|
36,744
|
564,388
|
||
|
SK hynix, Inc.
|
751
|
1,325,201
|
||
|
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
|
56,066
|
26,775,440
|
||
|
Texas Instruments Inc
|
3,703
|
1,103,753
|
||
|
|
||||
|
|
||||
|
|
|
|
|
125,997,633
|
See Notes to Financial Statements.
- 11 -
THE ALGER ETF TRUST | ALGER AI ENABLERS & ADOPTERS ETF Schedule of Investments June 30, 2026 (Unaudited) (Continued)
|
|
SHARES
|
VALUE
|
||
|
COMMON STOCKS-92.8% (CONT.)
|
||||
|
SYSTEMS SOFTWARE-9.2%
|
||||
|
Microsoft Corp.
|
57,555
|
$ 21,469,166
|
||
|
Nebius Group NV, Cl. A*
|
65,360
|
18,050,471
|
||
|
ServiceNow, Inc.*
|
19,008
|
1,887,114
|
||
|
|
||||
|
|
||||
|
|
|
|
|
41,406,751
|
|
TECHNOLOGY HARDWARE STORAGE & PERIPHERALS-10.4%
|
||||
|
Apple, Inc.
|
43,979
|
12,725,763
|
||
|
Dell Technologies, Inc., Cl. C
|
3,202
|
1,381,535
|
||
|
Samsung Electronics Co., Ltd.
|
5,101
|
1,131,898
|
||
|
Sandisk Corp.*
|
1,256
|
2,855,805
|
||
|
Seagate Technology Holdings PLC
|
9,232
|
8,908,880
|
||
|
Western Digital Corp.
|
30,530
|
19,500,122
|
||
|
|
||||
|
|
||||
|
|
|
|
|
46,504,003
|
|
TOTAL COMMON STOCKS
(Cost $336,048,195)
|
|
416,699,725
|
||
|
PREFERRED STOCKS-3.4%
|
||||
|
APPLICATION SOFTWARE-2.5%
|
||||
|
Databricks, Inc., Series J(a),*,@
|
5,152
|
1,052,296
|
||
|
Databricks, Inc., Series K(a),@
|
31,506
|
6,435,100
|
||
|
Databricks, Inc., Series L(a),*,@
|
7,931
|
1,619,907
|
||
|
SB Technology, Inc., Series E(a),*,@
|
51,208
|
1,840,928
|
||
|
|
||||
|
|
||||
|
|
|
|
|
10,948,231
|
|
INDUSTRIAL MACHINERY & SUPPLIES & COMPONENTS-0.9%
|
||||
|
Apptronik, Inc., Series A-X1(a),*,@
|
28,450
|
1,051,796
|
||
|
Figure AI, Inc., Series C(a),*,@
|
15,272
|
2,976,995
|
||
|
|
||||
|
|
||||
|
|
|
|
|
4,028,791
|
|
TOTAL PREFERRED STOCKS
(Cost $11,619,352)
|
|
14,977,022
|
||
|
SPECIAL PURPOSE VEHICLES-4.0%
|
||||
|
APPLICATION SOFTWARE-1.3%
|
||||
|
2026 VDC LP (invested in VAST Data, Inc. ordinary shares, and
Series B and Series F preferred shares)(a),(b),*,@
|
|
5,878,556
|
||
See Notes to Financial Statements.
- 12 -
THE ALGER ETF TRUST | ALGER AI ENABLERS & ADOPTERS ETF Schedule of Investments June 30, 2026 (Unaudited) (Continued)
|
|
SHARES
|
VALUE
|
||
|
SPECIAL PURPOSE VEHICLES-4.0% (CONT.)
|
||||
|
INTERACTIVE MEDIA & SERVICES-2.7%
|
||||
|
Disruptive Technology Solutions LI, LLC (invested in Reflection AI,
Inc. Series B-1, and B-2 preferred shares)(a),*,@
|
|
$ 12,234,066
|
||
|
TOTAL SPECIAL PURPOSE VEHICLES
(Cost $13,133,103)
|
|
18,112,622
|
||
|
|
||||
|
|
||||
|
Total Investments
(Cost $360,800,650)
|
100.2%
|
$449,789,369
|
||
|
Affiliated Securities (Cost $5,954,856)
|
|
5,878,556
|
||
|
Unaffiliated Securities (Cost $354,845,794)
|
|
443,910,813
|
||
|
Liabilities in Excess of Other Assets
|
(0.2)%
|
(733,595)
|
||
|
NET ASSETS
|
100.0%
|
$449,055,774
|
||
|
ADR
|
American Depositary Receipts
|
|
(a)
|
Security is valued in good faith at fair value determined using significant unobservable inputs pursuant to procedures
approved by the Board of Trustees. See Note 9 - Fair Value Measurements.
|
|
(b)
|
Deemed an affiliate of the Fund in accordance with Section 2(a)(3) of the Investment Company Act of 1940. See Note
11 - Affiliated Securities.
|
|
*
|
Non-income producing security.
|
|
@
|
Restricted security - Investment in security not registered under the Securities Act of 1933. Sales or transfers of the
investment may be restricted only to qualified buyers.
|
|
Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
Market
Value
|
% of net assets
as of
6/30/2026
|
|
2026 VDC LP
|
3/2/26, 4/1/26
|
$5,954,856
|
$5,878,556
|
1.3%
|
|
Anthropic PBC Series G
|
3/31/26
|
5,799,991
|
13,182,998
|
2.9%
|
|
Apptronik, Inc., Series A-X1
|
1/29/26
|
1,051,717
|
1,051,796
|
0.2%
|
|
Databricks, Inc., Series J
|
12/17/24
|
476,560
|
1,052,296
|
0.3%
|
|
Databricks, Inc., Series K
|
9/8/25
|
4,725,900
|
6,435,100
|
1.4%
|
|
Databricks, Inc., Series L
|
12/16/25
|
1,506,890
|
1,619,907
|
0.4%
|
|
Disruptive Technology Solutions LI, LLC
|
11/4/25, 4/28/26
|
7,178,247
|
12,234,066
|
2.7%
|
|
Figure AI, Inc., Series C
|
11/18/25, 6/10/26
|
2,976,995
|
2,976,995
|
0.7%
|
|
SB Technology, Inc., Series E
|
10/23/24
|
881,290
|
1,840,928
|
0.4%
|
|
Total
|
|
$30,552,446
|
$46,272,642
|
10.3%
|
See Notes to Financial Statements.
- 13 -
THE ALGER ETF TRUST | ALGER RUSSELL INNOVATION ETF Schedule of Investments June 30, 2026 (Unaudited)
|
|
SHARES
|
VALUE
|
||
|
COMMON STOCKS-100.3%
|
||||
|
ADVERTISING-1.8%
|
||||
|
The Trade Desk, Inc., Cl. A*
|
9,806
|
$ 177,292
|
||
|
APPLICATION SOFTWARE-34.7%
|
||||
|
Adobe, Inc.*
|
811
|
166,271
|
||
|
Atlassian Corp., Cl. A*
|
2,066
|
160,714
|
||
|
BILL Holdings, Inc.*
|
5,840
|
211,174
|
||
|
CCC Intelligent Solutions Holdings, Inc.*
|
40,247
|
207,675
|
||
|
Docusign, Inc.*
|
4,191
|
186,164
|
||
|
Dropbox, Inc., Cl. A*
|
6,841
|
187,922
|
||
|
Dynatrace Inc*
|
4,661
|
204,665
|
||
|
Elastic NV*
|
3,112
|
177,446
|
||
|
Figma, Inc., Cl. A*
|
9,558
|
172,904
|
||
|
HubSpot, Inc.*
|
981
|
179,042
|
||
|
Klaviyo Inc-A, Cl. A*
|
13,037
|
196,859
|
||
|
Nutanix, Inc., Cl. A*
|
3,809
|
194,107
|
||
|
Pegasystems, Inc.
|
5,748
|
172,268
|
||
|
Procore Technologies, Inc.*
|
4,345
|
176,494
|
||
|
RingCentral, Inc., Cl. A
|
4,884
|
190,378
|
||
|
Trimble, Inc.*
|
3,738
|
191,311
|
||
|
Unity Software, Inc.*
|
7,095
|
202,775
|
||
|
Workday, Inc., Cl. A*
|
1,376
|
168,450
|
||
|
|
||||
|
|
||||
|
|
|
|
|
3,346,619
|
|
AUTOMOTIVE PARTS & EQUIPMENT-2.0%
|
||||
|
Gentex Corp.
|
7,680
|
194,074
|
||
|
BIOTECHNOLOGY-12.4%
|
||||
|
Biogen, Inc.*
|
974
|
210,442
|
||
|
BioMarin Pharmaceutical, Inc.*
|
3,368
|
192,717
|
||
|
Exelixis, Inc.*
|
3,598
|
195,767
|
||
|
Incyte Corp.*
|
1,795
|
203,481
|
||
|
Neurocrine Biosciences, Inc.*
|
1,176
|
198,197
|
||
|
Regeneron Pharmaceuticals, Inc.
|
314
|
195,792
|
||
|
|
||||
|
|
||||
|
|
|
|
|
1,196,396
|
|
BROADLINE RETAIL-2.1%
|
||||
|
Etsy, Inc.*
|
2,752
|
207,308
|
||
|
EDUCATION SERVICES-1.9%
|
||||
|
Duolingo, Inc.*
|
1,552
|
178,511
|
||
|
ELECTRONIC EQUIPMENT & INSTRUMENTS-2.4%
|
||||
|
Zebra Technologies Corp., Cl. A*
|
873
|
229,826
|
||
|
FOOD RETAIL-2.3%
|
||||
|
Maplebear, Inc.*
|
4,590
|
217,337
|
||
|
HOTELS RESORTS & CRUISE LINES-2.3%
|
||||
|
Expedia Group, Inc.
|
864
|
221,080
|
||
See Notes to Financial Statements.
- 14 -
THE ALGER ETF TRUST | ALGER RUSSELL INNOVATION ETF Schedule of Investments June 30, 2026 (Unaudited) (Continued)
|
|
SHARES
|
VALUE
|
||
|
COMMON STOCKS-100.3% (CONT.)
|
||||
|
HUMAN RESOURCE & EMPLOYMENT SERVICES-1.8%
|
||||
|
Paycom Software, Inc.
|
1,384
|
$ 173,941
|
||
|
INTERACTIVE HOME ENTERTAINMENT-2.6%
|
||||
|
Roblox Corp., Cl. A*
|
4,558
|
247,864
|
||
|
INTERACTIVE MEDIA & SERVICES-1.9%
|
||||
|
Pinterest, Inc., Cl. A*
|
8,689
|
182,730
|
||
|
INTERNET SERVICES & INFRASTRUCTURE-2.1%
|
||||
|
GoDaddy, Inc., Cl. A*
|
2,356
|
199,977
|
||
|
IT CONSULTING & OTHER SERVICES-1.7%
|
||||
|
Amdocs, Ltd.
|
3,320
|
167,793
|
||
|
PASSENGER GROUND TRANSPORTATION-2.1%
|
||||
|
Lyft, Inc., Cl. A*
|
14,127
|
206,395
|
||
|
PHARMACEUTICALS-8.1%
|
||||
|
Bristol-Myers Squibb Co.
|
3,402
|
196,023
|
||
|
Jazz Pharmaceuticals PLC*
|
824
|
198,560
|
||
|
Merck & Co., Inc.
|
1,588
|
204,058
|
||
|
Pfizer, Inc.
|
7,389
|
177,927
|
||
|
|
||||
|
|
||||
|
|
|
|
|
776,568
|
|
REAL ESTATE SERVICES-1.8%
|
||||
|
Zillow Group, Inc., Cl. C*
|
5,575
|
175,724
|
||
|
SEMICONDUCTORS-3.7%
|
||||
|
Cirrus Logic, Inc.*
|
1,198
|
177,939
|
||
|
Skyworks Solutions, Inc.
|
2,691
|
182,450
|
||
|
|
||||
|
|
||||
|
|
|
|
|
360,389
|
|
SYSTEMS SOFTWARE-8.3%
|
||||
|
Dolby Laboratories, Inc., Cl. A
|
3,576
|
188,026
|
||
|
Gitlab, Inc., Cl. A*
|
6,635
|
202,567
|
||
|
UiPath, Inc., Cl. A*
|
17,596
|
191,268
|
||
|
Zscaler, Inc.*
|
1,517
|
214,125
|
||
|
|
||||
|
|
||||
|
|
|
|
|
795,986
|
|
TRANSACTION & PAYMENT PROCESSING SERVICES-4.3%
|
||||
|
Block, Inc., Cl. A*
|
2,839
|
215,764
|
||
|
PayPal Holdings, Inc.
|
4,648
|
200,701
|
||
|
|
||||
|
|
||||
|
|
|
|
|
416,465
|
|
TOTAL COMMON STOCKS
(Cost $10,343,185)
|
|
9,672,275
|
||
See Notes to Financial Statements.
- 15 -
THE ALGER ETF TRUST | ALGER RUSSELL INNOVATION ETF Schedule of Investments June 30, 2026 (Unaudited) (Continued)
|
|
SHARES
|
VALUE
|
||
|
SHORT-TERM SECURITIES-0.2%
|
||||
|
MONEY MARKET FUNDS-0.2%
|
||||
|
Dreyfus Treasury Obligations Cash Management Fund,
Institutional Shares, 3.52%(a)
|
14,605
|
$ 14,605
|
||
|
(Cost $14,605)
|
|
14,605
|
||
|
|
||||
|
|
||||
|
Total Investments
(Cost $10,357,790)
|
100.5%
|
$9,686,880
|
||
|
Unaffiliated Securities (Cost $10,357,790)
|
|
9,686,880
|
||
|
Liabilities in Excess of Other Assets
|
(0.5)%
|
(46,450)
|
||
|
NET ASSETS
|
100.0%
|
$9,640,430
|
||
|
(a)
|
Rate shown reflects 7-day effective yield as of June 30, 2026.
|
|
*
|
Non-income producing security.
|
See Notes to Financial Statements.
- 16 -
THE ALGER ETF TRUST Statements of Assets and Liabilities June 30, 2026 (Unaudited)
|
|
Alger 35 ETF
|
Alger Mid Cap
40 ETF
|
|
ASSETS:
|
||
|
Investments in unaffiliated securities, at value (Identified
cost below)* see accompanying schedules of
investments
|
$215,393,533
|
$154,061,651
|
|
Investments in affiliated securities, at value (Identified
cost below)** see accompanying schedules of
investments
|
1,190,589
|
-
|
|
Receivable for investment securities sold
|
-
|
5,932
|
|
Receivable for shares of beneficial interest sold
|
18,542,121
|
-
|
|
Dividends and interest receivable
|
32,448
|
39,188
|
|
Receivable from Investment Manager
|
9,078
|
13,457
|
|
Prepaid expenses
|
12,646
|
6,735
|
|
Total Assets
|
235,180,415
|
154,126,963
|
|
LIABILITIES:
|
||
|
Payable for investment securities purchased
|
18,195,215
|
-
|
|
Payable for shares of beneficial interest redeemed
|
-
|
-
|
|
Bank overdraft
|
-
|
-
|
|
Accrued investment advisory fees
|
72,984
|
63,664
|
|
Accrued professional fees
|
29,992
|
39,072
|
|
Accrued transfer agent fees
|
16,908
|
17,539
|
|
Accrued custodian fees
|
12,328
|
12,890
|
|
Accrued fund accounting fees
|
11,899
|
13,261
|
|
Accrued printing fees
|
407
|
400
|
|
Accrued trustee fees
|
-
|
-
|
|
Accrued other expenses
|
5,654
|
2,756
|
|
Total Liabilities
|
18,345,387
|
149,582
|
|
NET ASSETS
|
$216,835,028
|
$153,977,381
|
|
NET ASSETS CONSIST OF:
|
||
|
Paid in capital (par value of $.001 per share)
|
179,374,083
|
132,413,603
|
|
Distributable earnings (Distributions in excess of
earnings)
|
37,460,945
|
21,563,778
|
|
NET ASSETS
|
$216,835,028
|
$153,977,381
|
|
* Identified cost on unaffiliated securities
|
$176,305,571
(a)
|
$114,518,395
(b)
|
|
** Identified cost on affiliated securities
|
$1,206,042
(a)
|
$-
|
|
|
||
See Notes to Financial Statements.
- 17 -
THE ALGER ETF TRUST Statements of Assets and Liabilities June 30, 2026 (Unaudited) (Continued)
|
|
Alger 35 ETF
|
Alger Mid Cap
40 ETF
|
|
SHARES OF BENEFICIAL INTEREST OUTSTANDING
- Note 7:
|
5,262,500
|
6,212,500
|
|
NET ASSET VALUE PER SHARE:
|
$41.20
|
$24.79
|
|
(a)
|
At June 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$179,726,570, amounted to $36,857,552, which consisted of aggregate gross unrealized appreciation of $44,322,077,
and aggregate gross unrealized depreciation of $7,464,525.
|
|
(b)
|
At June 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$117,510,057, amounted to $36,551,594, which consisted of aggregate gross unrealized appreciation of $41,214,691,
and aggregate gross unrealized depreciation of $4,663,097.
|
See Notes to Financial Statements.
- 18 -
THE ALGER ETF TRUST Statements of Assets and Liabilities June 30, 2026 (Unaudited) (Continued)
|
|
Alger Concentrated
Equity ETF
|
Alger AI Enablers &
Adopters ETF
|
|
ASSETS:
|
||
|
Investments in unaffiliated securities, at value (Identified
cost below)* see accompanying schedules of
investments
|
$730,317,097
|
$443,910,813
|
|
Investments in affiliated securities, at value (Identified
cost below)** see accompanying schedules of
investments
|
10,873,090
|
5,878,556
|
|
Receivable for investment securities sold
|
4,731,528
|
13,585,895
|
|
Receivable for shares of beneficial interest sold
|
8,213,566
|
-
|
|
Dividends and interest receivable
|
104,911
|
83,006
|
|
Receivable from Investment Manager
|
-
|
21,456
|
|
Prepaid expenses
|
24,977
|
31,392
|
|
Total Assets
|
754,265,169
|
463,511,118
|
|
LIABILITIES:
|
||
|
Payable for investment securities purchased
|
9,613,303
|
3,145,733
|
|
Payable for shares of beneficial interest redeemed
|
-
|
2,306,462
|
|
Bank overdraft
|
4,531,326
|
8,694,162
|
|
Accrued investment advisory fees
|
274,013
|
173,976
|
|
Accrued professional fees
|
40,934
|
44,457
|
|
Accrued transfer agent fees
|
15,479
|
16,613
|
|
Accrued custodian fees
|
21,259
|
47,535
|
|
Accrued fund accounting fees
|
15,140
|
21,085
|
|
Accrued printing fees
|
1,052
|
1,096
|
|
Accrued trustee fees
|
271
|
43
|
|
Accrued other expenses
|
4,047
|
4,182
|
|
Total Liabilities
|
14,516,824
|
14,455,344
|
|
NET ASSETS
|
$739,748,345
|
$449,055,774
|
|
NET ASSETS CONSIST OF:
|
||
|
Paid in capital (par value of $.001 per share)
|
613,052,729
|
347,005,101
|
|
Distributable earnings (Distributions in excess of
earnings)
|
126,695,616
|
102,050,673
|
|
NET ASSETS
|
$739,748,345
|
$449,055,774
|
|
* Identified cost on unaffiliated securities
|
$623,706,636
(c)
|
$354,845,794
(d)
|
|
** Identified cost on affiliated securities
|
$11,014,217
(c)
|
$5,954,856
(d)
|
|
|
||
See Notes to Financial Statements.
- 19 -
THE ALGER ETF TRUST Statements of Assets and Liabilities June 30, 2026 (Unaudited) (Continued)
|
|
Alger Concentrated
Equity ETF
|
Alger AI Enablers &
Adopters ETF
|
|
SHARES OF BENEFICIAL INTEREST OUTSTANDING
- Note 7:
|
18,012,500
|
9,837,500
|
|
NET ASSET VALUE PER SHARE:
|
$41.07
|
$45.65
|
|
(c)
|
At June 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$637,543,987, amounted to $103,646,200, which consisted of aggregate gross unrealized appreciation of
$123,906,430, and aggregate gross unrealized depreciation of $20,260,230.
|
|
(d)
|
At June 30, 2026, the net unrealized appreciation on investments, based on cost for federal income tax purposes of
$367,516,253, amounted to $82,273,116, which consisted of aggregate gross unrealized appreciation of
$101,010,433, and aggregate gross unrealized depreciation of $18,737,317.
|
See Notes to Financial Statements.
- 20 -
THE ALGER ETF TRUST Statements of Assets and Liabilities June 30, 2026 (Unaudited) (Continued)
|
|
Alger
Russell Innovation
ETF
|
|
ASSETS:
|
|
|
Investments in unaffiliated securities, at value (Identified cost below)* see
accompanying schedules of investments
|
$9,686,880
|
|
Dividends and interest receivable
|
1,932
|
|
Receivable from Investment Manager
|
9,600
|
|
Prepaid expenses
|
4,364
|
|
Total Assets
|
9,702,776
|
|
LIABILITIES:
|
|
|
Accrued investment advisory fees
|
3,994
|
|
Accrued professional fees
|
20,040
|
|
Accrued transfer agent fees
|
17,420
|
|
Accrued custodian fees
|
4,366
|
|
Accrued fund accounting fees
|
6,010
|
|
Accrued printing fees
|
400
|
|
Accrued trustee fees
|
51
|
|
Accrued other expenses
|
10,065
|
|
Total Liabilities
|
62,346
|
|
NET ASSETS
|
$9,640,430
|
|
NET ASSETS CONSIST OF:
|
|
|
Paid in capital (par value of $.001 per share)
|
10,620,817
|
|
Distributable earnings (Distributions in excess of earnings)
|
(980,387
)
|
|
NET ASSETS
|
$9,640,430
|
|
* Identified cost on unaffiliated securities
|
$10,357,790
(e)
|
|
|
|
See Notes to Financial Statements.
- 21 -
THE ALGER ETF TRUST Statements of Assets and Liabilities June 30, 2026 (Unaudited) (Continued)
|
|
Alger
Russell Innovation
ETF
|
|
SHARES OF BENEFICIAL INTEREST OUTSTANDING
- Note 7:
|
450,000
|
|
NET ASSET VALUE PER SHARE:
|
$21.42
|
|
(e)
|
At June 30, 2026, the net unrealized depreciation on investments, based on cost for federal income tax purposes of
$10,775,856, amounted to $1,088,976, which consisted of aggregate gross unrealized appreciation of $733,673, and
aggregate gross unrealized depreciation of $1,822,649.
|
See Notes to Financial Statements.
- 22 -
THE ALGER ETF TRUST Statements of Operations for the six months ended June 30, 2026 (Unaudited)
|
|
Alger 35 ETF
|
Alger Mid Cap
40 ETF
|
|
INCOME:
|
||
|
Dividends (net of foreign withholding taxes*)
|
$217,607
|
$69,512
|
|
Interest
|
35,092
|
205,824
|
|
Total Income
|
252,699
|
275,336
|
|
EXPENSES:
|
||
|
Investment advisory fees - Note 3
|
311,264
|
333,919
|
|
Professional fees
|
24,149
|
26,143
|
|
Transfer agent fees
|
18,577
|
18,868
|
|
Fund accounting fees
|
12,103
|
13,750
|
|
Custodian fees
|
11,820
|
12,413
|
|
Printing fees
|
11,408
|
20,401
|
|
Interest expense
|
6,055
|
-
|
|
Licensing fees
|
4,708
|
4,707
|
|
Tax expense
|
3,720
|
3,720
|
|
Trustee fees - Note 3
|
3,486
|
3,633
|
|
Registration fees
|
2,673
|
1,756
|
|
Other expenses
|
4,073
|
6,163
|
|
Total Expenses
|
414,036
|
445,473
|
|
Less, expense reimbursements/waivers - Note 3
|
(27,547
)
|
(44,784
)
|
|
Net Expenses
|
386,489
|
400,689
|
|
NET INVESTMENT (LOSS)
|
(133,790
)
|
(125,353
)
|
|
REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:
|
||
|
Net realized (loss) on unaffiliated investments
|
(7,528,217
)
|
(4,103,033
)
|
|
Net realized gain on in-kind transactions
|
7,942,911
|
3,422,480
|
|
Net realized gain (loss) on investments and foreign
currency
|
414,694
|
(680,553
)
|
|
Net change in unrealized appreciation on unaffiliated
investments
|
26,519,926
|
23,238,628
|
|
Net change in unrealized (depreciation) on affiliated
investments
|
(15,453
)
|
-
|
|
Net change in unrealized appreciation on investments
and foreign currency
|
26,504,473
|
23,238,628
|
|
Net realized and unrealized gain on investments and foreign
currency
|
26,919,167
|
22,558,075
|
|
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS
|
$26,785,377
|
$22,432,722
|
|
* Foreign withholding taxes
|
$5,540
|
$235
|
See Notes to Financial Statements.
- 23 -
THE ALGER ETF TRUST Statements of Operations for the six months ended June 30, 2026 (Unaudited) (Continued)
|
|
Alger Concentrated
Equity ETF
|
Alger AI Enablers &
Adopters ETF
|
|
INCOME:
|
||
|
Dividends (net of foreign withholding taxes*)
|
$644,738
|
$502,945
|
|
Interest
|
107,872
|
79,449
|
|
Total Income
|
752,610
|
582,394
|
|
EXPENSES:
|
||
|
Investment advisory fees - Note 3
|
953,781
|
754,999
|
|
Recoupment- Note 3
|
58,268
|
-
|
|
Professional fees
|
42,382
|
46,436
|
|
Transfer agent fees
|
20,008
|
20,653
|
|
Fund accounting fees
|
16,695
|
23,112
|
|
Custodian fees
|
20,142
|
38,591
|
|
Printing fees
|
24,554
|
25,679
|
|
Interest expense
|
49,921
|
83,078
|
|
Licensing fees
|
4,705
|
4,703
|
|
Tax expense
|
3,720
|
3,720
|
|
Trustee fees - Note 3
|
9,687
|
8,563
|
|
Registration fees
|
7,106
|
9,356
|
|
Other expenses
|
4,684
|
11,024
|
|
Total Expenses
|
1,215,653
|
1,029,914
|
|
Less, expense reimbursements/waivers - Note 3
|
-
|
(24,653
)
|
|
Net Expenses
|
1,215,653
|
1,005,261
|
|
NET INVESTMENT (LOSS)
|
(463,043
)
|
(422,867
)
|
|
REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY:
|
||
|
Net realized gain (loss) on unaffiliated investments
|
(3,867,743
)
|
7,473,306
|
|
Net realized gain on in-kind transactions
|
27,556,344
|
13,097,601
|
|
Net realized (loss) on foreign currency transactions
|
-
|
(4,446
)
|
|
Net realized gain on investments and foreign currency
|
23,688,601
|
20,566,461
|
|
Net change in unrealized appreciation on unaffiliated
investments
|
87,310,716
|
65,254,890
|
|
Net change in unrealized (depreciation) on affiliated
investments
|
(141,127
)
|
(76,300
)
|
|
Net change in unrealized (depreciation) on foreign
currency
|
-
|
(3
)
|
|
Net change in unrealized appreciation on investments
and foreign currency
|
87,169,589
|
65,178,587
|
|
Net realized and unrealized gain on investments and foreign
currency
|
110,858,190
|
85,745,048
|
|
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS
|
$110,395,147
|
$85,322,181
|
|
* Foreign withholding taxes
|
$19,695
|
$17,745
|
See Notes to Financial Statements.
- 24 -
THE ALGER ETF TRUST Statements of Operations for the six months ended June 30, 2026 (Unaudited) (Continued)
|
|
Alger
Russell Innovation
ETF
|
|
INCOME:
|
|
|
Dividends (net of foreign withholding taxes*)
|
$38,199
|
|
Interest
|
349
|
|
Total Income
|
38,548
|
|
EXPENSES:
|
|
|
Investment advisory fees - Note 3
|
25,226
|
|
Professional fees
|
12,741
|
|
Transfer agent fees
|
17,527
|
|
Fund accounting fees
|
6,013
|
|
Custodian fees
|
3,175
|
|
Printing fees
|
2,182
|
|
Interest expense
|
17
|
|
Licensing fees
|
3,957
|
|
Tax expense
|
3,720
|
|
Trustee fees - Note 3
|
394
|
|
Registration fees
|
556
|
|
Other expenses
|
3,652
|
|
Total Expenses
|
79,160
|
|
Less, expense reimbursements/waivers - Note 3
|
(48,316
)
|
|
Net Expenses
|
30,844
|
|
NET INVESTMENT INCOME
|
7,704
|
|
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
|
|
|
Net realized (loss) on unaffiliated investments
|
(860,124
)
|
|
Net realized gain on in-kind transactions
|
1,162,635
|
|
Net realized gain on investments and foreign currency
|
302,511
|
|
Net change in unrealized (depreciation) on unaffiliated investments
|
(598,333
)
|
|
Net realized and unrealized (loss) on investments and foreign currency
|
(295,822
)
|
|
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
$(288,118
)
|
|
* Foreign withholding taxes
|
$-
|
See Notes to Financial Statements.
- 25 -
THE ALGER ETF TRUST Statements of Changes in Net Assets (Unaudited)
|
|
Alger 35 ETF
|
|
|
|
For the
Six Months Ended
June 30, 2026
|
For the
Year Ended
December 31, 2025
|
|
Net investment (loss)
|
$(133,790
)
|
$(168,799
)
|
|
Net realized gain on investments and foreign currency
|
414,694
|
6,787,760
|
|
Net change in unrealized appreciation on investments and
foreign currency
|
26,504,473
|
4,253,055
|
|
Net increase in net assets resulting from operations
|
26,785,377
|
10,872,016
|
|
Dividends and distributions to shareholders:
|
||
|
Income distributions
|
-
|
(223,020
)
|
|
Total dividends and distributions to shareholders
|
-
|
(223,020
)
|
|
Net increase from shares of beneficial interest
transactions - Note 7
|
75,631,122
|
70,792,248
|
|
Total increase
|
102,416,499
|
81,441,244
|
|
Net Assets:
|
||
|
Beginning of period
|
114,418,529
|
32,977,285
|
|
END OF PERIOD
|
$216,835,028
|
$114,418,529
|
See Notes to Financial Statements.
- 26 -
THE ALGER ETF TRUST Statements of Changes in Net Assets (Unaudited) (Continued)
|
|
Alger Mid Cap 40 ETF
|
|
|
|
For the
Six Months Ended
June 30, 2026
|
For the
Year Ended
December 31, 2025
|
|
Net investment (loss)
|
$(125,353
)
|
$(224,351
)
|
|
Net realized gain (loss) on investments and foreign currency
|
(680,553
)
|
6,939,988
|
|
Net change in unrealized appreciation on investments and
foreign currency
|
23,238,628
|
4,204,811
|
|
Net increase in net assets resulting from operations
|
22,432,722
|
10,920,448
|
|
Dividends and distributions to shareholders:
|
||
|
Income distributions
|
-
|
(253,378
)
|
|
Total dividends and distributions to shareholders
|
-
|
(253,378
)
|
|
Net increase (decrease) from shares of beneficial interest
transactions - Note 7
|
(572,525
)
|
48,213,445
|
|
Total increase
|
21,860,197
|
58,880,515
|
|
Net Assets:
|
||
|
Beginning of period
|
132,117,184
|
73,236,669
|
|
END OF PERIOD
|
$153,977,381
|
$132,117,184
|
See Notes to Financial Statements.
- 27 -
THE ALGER ETF TRUST Statements of Changes in Net Assets (Unaudited) (Continued)
|
|
Alger Concentrated Equity ETF
|
|
|
|
For the
Six Months Ended
June 30, 2026
|
For the
Year Ended
December 31, 2025
|
|
Net investment (loss)
|
$(463,043
)
|
$(223,895
)
|
|
Net realized gain on investments and foreign currency
|
23,688,601
|
3,836,574
|
|
Net change in unrealized appreciation on investments and
foreign currency
|
87,169,589
|
16,611,605
|
|
Net increase in net assets resulting from operations
|
110,395,147
|
20,224,284
|
|
Dividends and distributions to shareholders:
|
||
|
Income distributions
|
-
|
(1,132,491
)
|
|
Return of capital
|
-
|
(8,132
)
|
|
Total dividends and distributions to shareholders
|
-
|
(1,140,623
)
|
|
Net increase from shares of beneficial interest
transactions - Note 7
|
406,607,273
|
186,525,299
|
|
Total increase
|
517,002,420
|
205,608,960
|
|
Net Assets:
|
||
|
Beginning of period
|
222,745,925
|
17,136,965
|
|
END OF PERIOD
|
$739,748,345
|
$222,745,925
|
See Notes to Financial Statements.
- 28 -
THE ALGER ETF TRUST Statements of Changes in Net Assets (Unaudited) (Continued)
|
|
Alger AI Enablers & Adopters ETF
|
|
|
|
For the
Six Months Ended
June 30, 2026
|
For the
Year Ended
December 31, 2025
|
|
Net investment (loss)
|
$(422,867
)
|
$(316,050
)
|
|
Net realized gain on investments and foreign currency
|
20,566,461
|
6,358,791
|
|
Net change in unrealized appreciation on investments and
foreign currency
|
65,178,587
|
21,392,717
|
|
Net increase in net assets resulting from operations
|
85,322,181
|
27,435,458
|
|
Dividends and distributions to shareholders:
|
||
|
Income distributions
|
-
|
(4,448,144
)
|
|
Return of capital
|
-
|
(15,683
)
|
|
Total dividends and distributions to shareholders
|
-
|
(4,463,827
)
|
|
Net increase from shares of beneficial interest
transactions - Note 7
|
71,821,030
|
245,363,344
|
|
Total increase
|
157,143,211
|
268,334,975
|
|
Net Assets:
|
||
|
Beginning of period
|
291,912,563
|
23,577,588
|
|
END OF PERIOD
|
$449,055,774
|
$291,912,563
|
See Notes to Financial Statements.
- 29 -
THE ALGER ETF TRUST Statements of Changes in Net Assets (Unaudited) (Continued)
|
|
Alger Russell Innovation ETF
|
|
|
|
For the
Six Months Ended
June 30, 2026
|
From January 6, 2025
(commencement of
operations) to
December 31, 2025 |
|
Net investment income
|
$7,704
|
$45,582
|
|
Net realized gain on investments and foreign currency
|
302,511
|
749,371
|
|
Net change in unrealized (depreciation) on investments and
foreign currency
|
(598,333
)
|
(72,577
)
|
|
Net increase (decrease) in net assets resulting from
operations
|
(288,118
)
|
722,376
|
|
Dividends and distributions to shareholders:
|
||
|
Income distributions
|
-
|
(43,372
)
|
|
Total dividends and distributions to shareholders
|
-
|
(43,372
)
|
|
Net increase (decrease) from shares of beneficial interest
transactions - Note 7
|
(5,223,295
)
|
14,472,839
|
|
Total increase (decrease)
|
(5,511,413
)
|
15,151,843
|
|
Net Assets:
|
||
|
Beginning of period
|
15,151,843
|
-
|
|
END OF PERIOD
|
$9,640,430
|
$15,151,843
|
See Notes to Financial Statements.
- 30 -
THE ALGER ETF TRUST Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger 35 ETF
|
|
|
|
|
|
|
|
|
Six Months
Ended
6/30/2026(a)
|
Year Ended
12/31/2025
|
Year Ended
12/31/2024
|
Year Ended
12/31/2023
|
Year Ended
12/31/2022
|
From 5/3/2021
(commencement
of operations) to
12/31/2021(a)
|
|
Net asset value, beginning
of period
|
$34.80
|
$25.37
|
$17.30
|
$13.07
|
$20.40
|
$20.00
|
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||
|
Net investment income
(loss)(b)
|
(0.03)
|
(0.10)
|
(0.03)
|
(0.01)
|
0.01
|
(0.04)
|
|
Net realized and unrealized
gain (loss) on investments
|
6.43
|
9.60
|
8.14
|
4.24
|
(7.33)
|
0.44
|
|
Total from investment
operations
|
6.40
|
9.50
|
8.11
|
4.23
|
(7.32)
|
0.40
|
|
Dividends from net
investment income
|
-
|
-
|
(0.04)
|
-
(c)
|
(0.01)
|
-
|
|
Distributions from net
realized gains
|
-
|
(0.07)
|
-
|
-
|
-
|
-
|
|
Net asset value, end of
period
|
$41.20
|
$34.80
|
$25.37
|
$17.30
|
$13.07
|
$20.40
|
|
Total return
|
18.39
%
|
37.46
%
|
46.89
%
|
32.38
%
|
(35.90)
%
|
2.00
%
|
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||
|
Net assets, end of period
(000's omitted)
|
$216,835
|
$114,419
|
$32,977
|
$12,977
|
$8,983
|
$13,517
|
|
Ratio of gross expenses to
average net assets
|
0.60
%
|
0.77
%
|
1.23
%
|
1.60
%
|
1.83
%
|
1.85
%
|
|
Ratio of expense
reimbursements to
average net assets
|
(0.04)
%
|
(0.21)
%
|
(0.68)
%
|
(1.05)
%
|
(1.28)
%
|
(1.30)
%
|
|
Ratio of net expenses to
average net assets
|
0.56
%
|
0.56
%
|
0.55
%
|
0.55
%
|
0.55
%
|
0.55
%
|
|
Ratio of net investment
income (loss) to average
net assets
|
(0.19)
%
|
(0.32)
%
|
(0.15)
%
|
(0.10)
%
|
0.08
%
|
(0.28)
%
|
|
Portfolio turnover rate(d)
|
68.04
%
|
189.42
%
|
219.07
%
|
414.20
%
|
187.01
%
|
99.20
%
|
|
(a)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
|
(b)
|
Amount was computed based on average shares outstanding during the period.
|
|
(c)
|
Amount was less than $0.005 per share.
|
|
(d)
|
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
|
See Notes to Financial Statements.
- 31 -
THE ALGER ETF TRUST Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Mid Cap 40 ETF
|
|
|
|
|
|
|
|
|
Six Months
Ended
6/30/2026(a)
|
Year Ended
12/31/2025
|
Year Ended
12/31/2024
|
Year Ended
12/31/2023
|
Year Ended
12/31/2022
|
From 2/26/2021
(commencement
of operations) to
12/31/2021(a)
|
|
Net asset value, beginning
of period
|
$21.01
|
$18.66
|
$13.60
|
$11.69
|
$20.00
|
$20.00
|
|
INCOME FROM INVESTMENT OPERATIONS:
|
||||||
|
Net investment income
(loss)(b)
|
(0.02)
|
(0.04)
|
0.03
|
0.01
|
(0.01)
|
(0.08)
|
|
Net realized and unrealized
gain (loss) on investments
|
3.80
|
2.43
|
5.05
|
1.90
|
(8.30)
|
1.15
|
|
Total from investment
operations
|
3.78
|
2.39
|
5.08
|
1.91
|
(8.31)
|
1.07
|
|
Dividends from net
investment income
|
-
|
(0.04)
|
(0.01)
|
-
|
-
|
-
|
|
Distributions from net
realized gains
|
-
|
-
|
-
|
-
|
-
|
(1.07)
|
|
Return of capital
|
-
|
-
|
(0.01)
|
-
|
-
|
-
|
|
Net asset value, end of
period
|
$24.79
|
$21.01
|
$18.66
|
$13.60
|
$11.69
|
$20.00
|
|
Total return
|
17.94
%
|
12.87
%
|
37.34
%
|
16.34
%
|
(41.55)
%
|
5.62
%
|
|
RATIOS/SUPPLEMENTAL DATA:
|
||||||
|
Net assets, end of period
(000's omitted)
|
$153,977
|
$132,117
|
$73,237
|
$28,052
|
$28,638
|
$38,750
|
|
Ratio of gross expenses to
average net assets
|
0.67
%
|
0.77
%
|
0.98
%
|
1.14
%
|
1.19
%
|
1.23
%
|
|
Ratio of expense
reimbursements to
average net assets
|
(0.07)
%
|
(0.17)
%
|
(0.38)
%
|
(0.53)
%
|
(0.59)
%
|
(0.63)
%
|
|
Ratio of net expenses to
average net assets
|
0.60
%
|
0.60
%
|
0.60
%
|
0.61
%
|
0.60
%
|
0.60
%
|
|
Ratio of net investment
income (loss) to average
net assets
|
(0.19)
%
|
(0.22)
%
|
0.16
%
|
0.06
%
|
(0.09)
%
|
(0.43)
%
|
|
Portfolio turnover rate(c)
|
131.53
%
|
389.65
%
|
199.13
%
|
206.82
%
|
256.37
%
|
417.06
%
|
|
(a)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
|
(b)
|
Amount was computed based on average shares outstanding during the period.
|
|
(c)
|
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
|
See Notes to Financial Statements.
- 32 -
THE ALGER ETF TRUST Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Concentrated Equity ETF
|
|
|
|
|
|
Six Months
Ended
6/30/2026(a)
|
Year Ended
12/31/2025
|
From 4/4/2024
(commencement
of operations) to
12/31/2024(a)
|
|
Net asset value, beginning of period
|
$34.33
|
$25.87
|
$19.75
|
|
INCOME FROM INVESTMENT OPERATIONS:
|
|||
|
Net investment (loss)(b)
|
(0.04)
|
(0.08)
|
(0.02)
|
|
Net realized and unrealized gain on investments
|
6.78
|
8.72
|
6.18
|
|
Total from investment operations
|
6.74
|
8.64
|
6.16
|
|
Distributions from net realized gains
|
-
|
(0.18)
|
(0.04)
|
|
Return of capital
|
-
|
-
(c)
|
-
|
|
Net asset value, end of period
|
$41.07
|
$34.33
|
$25.87
|
|
Total return
|
19.63
%
|
33.41
%
|
31.20
%
|
|
RATIOS/SUPPLEMENTAL DATA:
|
|||
|
Net assets, end of period (000's omitted)
|
$739,748
|
$222,746
|
$17,137
|
|
Ratio of gross expenses to average net assets
|
0.57
%
|
0.66
%
|
1.62
%
|
|
Ratio of expense reimbursements to average net assets
|
-
|
(0.10)
%
|
(1.07)
%
|
|
Ratio of net expenses to average net assets
|
0.57
%
|
0.56
%
|
0.55
%
|
|
Ratio of net investment (loss) to average net assets
|
(0.22)
%
|
(0.26)
%
|
(0.11)
%
|
|
Portfolio turnover rate(d)
|
32.43
%
|
59.71
%
|
46.82
%
|
|
(a)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
|
(b)
|
Amount was computed based on average shares outstanding during the period.
|
|
(c)
|
Amount was more than $(0.001) per share.
|
|
(d)
|
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
|
See Notes to Financial Statements.
- 33 -
THE ALGER ETF TRUST Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger AI Enablers & Adopters ETF
|
|
|
|
|
|
Six Months
Ended
6/30/2026(a)
|
Year Ended
12/31/2025
|
From 4/4/2024
(commencement
of operations) to
12/31/2024(a)
|
|
Net asset value, beginning of period
|
$36.21
|
$26.20
|
$19.73
|
|
INCOME FROM INVESTMENT OPERATIONS:
|
|||
|
Net investment (loss)(b)
|
(0.05)
|
(0.09)
|
(0.01)
|
|
Net realized and unrealized gain on investments
|
9.49
|
10.64
|
6.65
|
|
Total from investment operations
|
9.44
|
10.55
|
6.64
|
|
Distributions from net realized gains
|
-
|
(0.54)
|
(0.17)
|
|
Return of capital
|
-
|
-
(c)
|
-
|
|
Net asset value, end of period
|
$45.65
|
$36.21
|
$26.20
|
|
Total return
|
26.05
%
|
40.26
%
|
33.67
%
|
|
RATIOS/SUPPLEMENTAL DATA:
|
|||
|
Net assets, end of period (000's omitted)
|
$449,056
|
$291,913
|
$23,578
|
|
Ratio of gross expenses to average net assets
|
0.61
%
|
0.67
%
|
1.68
%
|
|
Ratio of expense reimbursements to average net assets
|
(0.01)
%
|
(0.09)
%
|
(1.13)
%
|
|
Ratio of net expenses to average net assets
|
0.60
%
|
0.58
%
|
0.55
%
|
|
Ratio of net investment (loss) to average net assets
|
(0.25)
%
|
(0.26)
%
|
(0.04)
%
|
|
Portfolio turnover rate(d)
|
89.03
%
|
194.32
%
|
127.42
%
|
|
(a)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
|
(b)
|
Amount was computed based on average shares outstanding during the period.
|
|
(c)
|
Amount was more than $(0.001) per share.
|
|
(d)
|
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
|
See Notes to Financial Statements.
- 34 -
THE ALGER ETF TRUST Financial Highlights for a share outstanding throughout the period (Unaudited)
|
Alger Russell Innovation ETF
|
|
|
|
|
Six Months
Ended
6/30/2026(a)
|
From 1/6/2025
(commencement
of operations) to
12/31/2025(a)
|
|
Net asset value, beginning of period
|
$21.65
|
$20.21
|
|
INCOME FROM INVESTMENT OPERATIONS:
|
||
|
Net investment income(b)
|
0.01
|
0.07
|
|
Net realized and unrealized gain (loss) on investments
|
(0.24)
|
1.43
|
|
Total from investment operations
|
(0.23)
|
1.50
|
|
Dividends from net investment income
|
-
|
(0.06)
|
|
Net asset value, end of period
|
$21.42
|
$21.65
|
|
Total return
|
(1.06)
%
|
7.43
%
|
|
RATIOS/SUPPLEMENTAL DATA:
|
||
|
Net assets, end of period (000's omitted)
|
$9,640
|
$15,152
|
|
Ratio of gross expenses to average net assets
|
1.41
%
|
1.34
%
|
|
Ratio of expense reimbursements to average net assets
|
(0.86)
%
|
(0.79)
%
|
|
Ratio of net expenses to average net assets
|
0.55
%
|
0.55
%
|
|
Ratio of net investment income to average net assets
|
0.14
%
|
0.37
%
|
|
Portfolio turnover rate(c)
|
41.00
%
|
67.54
%
|
|
(a)
|
Ratios have been annualized; total return and portfolio turnover rate have not been annualized.
|
|
(b)
|
Amount was computed based on average shares outstanding during the period.
|
|
(c)
|
Portfolio turnover excludes the value of portfolio securities received or delivered as a result of in-kind fund share
transactions.
|
See Notes to Financial Statements.
- 35 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1 - General:
The Alger ETF Trust (the "Trust") is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and organized as a business trust under the laws of the Commonwealth of Massachusetts on March 24, 2020. The Alger Mid Cap 40 ETF and Alger Russell Innovation ETF are each a separate diversified series of the Trust, and the Alger 35 ETF, the Alger Concentrated Equity ETF and the Alger AI Enablers & Adopters ETF are each separate non-diversified series of the Trust (each, a "Fund" and together, the "Funds"). The Trust qualifies as an investment company as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946 - Financial Services - Investment Companies. Alger Russell Innovation ETF seeks investment results that, before fees and expenses, closely correspond to the performance of the Alger Russell Innovation Index. All other Fund's investment objective is to seek long-term capital appreciation. Under normal circumstances, each Fund invests primarily in equity securities. Shares of each Fund are listed for trading on the NYSE Arca, Inc.
NOTE 2 - Significant Accounting Policies:
(a) Investment Valuation: The Funds value their financial instruments at fair value using independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the "Board"). Investments held by the Funds are valued on each day the New York Stock Exchange (the "NYSE") is open, as of the close of the NYSE (normally 4:00 p.m. Eastern Time).
The Board has designated, pursuant to Rule 2a-5 under the 1940 Act, Fred Alger Management, LLC, the Funds' investment adviser ("Alger Management" or the "Investment Manager"), as its valuation designee (the "Valuation Designee") to make fair value determinations subject to the Board's oversight. The Valuation Designee has established a Valuation Committee ("Committee") comprised of representatives of the Investment Manager and officers of the Funds to assist in performing the duties and responsibilities of the Valuation Designee.
The Valuation Designee has established valuation processes including but not limited to: (i) making fair value determinations when market quotations for financial instruments are not readily available in accordance with valuation policies and procedures adopted by the Board; (ii) assessing and managing material risks associated with fair valuation determinations; (iii) selecting, applying and testing fair valuation methodologies; and (iv) overseeing and evaluating pricing services used by the Funds. The Valuation Designee reports its fair valuation determinations and related valuation information to the Board, at least quarterly. The Committee generally meets quarterly and on an as-needed basis to review and evaluate the effectiveness of the valuation policies and procedures in accordance with the requirements of Rule 2a-5.
- 36 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Investments in short-term securities held by the Funds having a remaining maturity of sixty days or less are valued at amortized cost which approximates market value. Investments in other open-end investment companies registered under the 1940 Act, including money market funds, are valued at such investment companies' net asset value per share.
Equity securities, including traded rights, warrants and option contracts for which valuation information is readily available, are valued at the last quoted sales price or official closing price on the primary market or exchange on which they are traded as reported by an independent pricing service. In the absence of quoted sales, such securities are generally valued at the bid price or, in the absence of a recent bid price, the equivalent as obtained from one or more of the major market makers for the securities to be valued.
Securities in which the Funds invest may be traded in foreign markets that close before the close of the NYSE. Developments that occur between the close of the foreign markets and the close of the NYSE may result in adjustments to the closing foreign prices to reflect what the Valuation Designee, through its Committee, believes to be the fair value of these securities as of the close of the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the NYSE is open.
FASB Accounting Standards Codification 820 - Fair Value Measurements and Disclosures ("ASC 820") defines fair value as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability and may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds' own assumptions based on the best information available in these circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. Each Fund's quantitative summary by Level can be found in Note 9.
• Level 1 - quoted prices in active markets for identical investments
• Level 2 - significant other observable inputs (including quoted prices for similar or identical investments, amortized cost, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 - significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)
- 37 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
The Funds' valuation techniques are generally consistent with either the market or the income approach to fair value. The market approach considers prices and other relevant information generated by market transactions involving identical or comparable assets to measure fair value. The income approach converts future amounts to a current, or discounted, single amount. These fair value measurements are determined on the basis of the value indicated by current market expectations about such future events. Inputs for Level 1 include exchange-listed prices and broker quotes in an active market. Inputs for Level 2 include the last trade price in the case of a halted security, an exchange-listed price which has been adjusted for fair value factors, and prices of closely related securities. Additional Level 2 inputs include an evaluated price which is based upon a compilation of observable market information such as spreads for fixed income and preferred securities. Inputs for Level 3 include, but are not limited to, revenue multiples, bookings multiples, earnings before interest, taxes, depreciation and amortization ("EBITDA") multiples, transaction pricing, performance of comparable publicly traded securities, discount rates, time to exit and the probabilities of success of certain outcomes. Such unobservable market information may be obtained from a company's financial statements, market data, and market indicators such as benchmarks and indexes. Because of the inherent uncertainty and often limited markets for restricted securities, the valuations assigned to such securities by the Funds may significantly differ from the valuations that would have been assigned by the Funds had there been an active market for such securities.
(b) Cash: Cash includes U.S. dollars, if applicable.
(c) Securities Transactions and Investment Income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income is recognized on the accrual basis.
(d) Foreign Currency Transactions: The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at the prevailing rates of exchange on each valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of such transactions.
Net realized gains and losses on foreign currency transactions represent net gains and losses from the disposition of foreign currencies, currency gains and losses realized between the trade dates and settlement dates of security transactions, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The effects of changes in foreign currency exchange rates on investments in securities are included in
- 38 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
realized and unrealized gain or loss on investments in the accompanying Statements of Operations.
(e) Lending of Fund Securities: The Funds may lend their securities to financial institutions (other than to the Investment Manager or its affiliates), provided that the market value of the securities loaned will not at any time exceed one third of a Fund's total assets including borrowings, as defined in its prospectus. The Funds may earn fees on the securities loaned, which are included in income from securities lending in the accompanying Statements of Operations, if applicable. In order to protect against the risk of failure by the borrower to return the securities loaned or any delay in the delivery of such securities, the loan is collateralized by cash or securities that are maintained with Bank of New York (the "Custodian"), in an amount equal to at least 102% of the current market value of U.S. loaned securities. The market value of the loaned securities is determined at the close of each business day of the Funds. Any required additional collateral is delivered to the Custodian each day and any excess collateral is returned to the borrower on the next business day. In the event the borrower fails to return the loaned securities when due, the Funds may take the collateral to replace the securities. If the value of the collateral is less than the purchase cost of replacement securities, the Custodian shall be responsible for any shortfall, but only to the extent that the shortfall is not due to any diminution in collateral value, as defined in the securities lending agreement. Each Fund is required to maintain the collateral in a segregated account and determine its value each day until the loaned securities are returned. Cash collateral may be invested as determined by the Fund. Collateral is returned to the borrower upon settlement of the loan. At June 30, 2026, the Funds had no securities on loan.
(f) Dividends to Shareholders: Dividends and distributions payable to shareholders are recorded by the Funds on the ex-dividend date. Dividends from net investment income, if available, are declared and paid annually. Distributions from net realized gains, offset by any loss carryforward, are declared and paid annually.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with U.S. federal income tax rules. Therefore, the source of a Fund's distributions may be shown in the accompanying financial statements as either from, or in excess of, net investment income, net realized gain on investment transactions, or return of capital, depending on the type of book/tax differences that may exist. Capital accounts within the financial statements are adjusted for permanent book/tax differences. Reclassifications result primarily from the differences in tax treatment of redemption in kind adjustments. The reclassifications are done annually at year-end and have no impact on the net asset values of the Funds and are designed to present each Fund's capital accounts on a tax basis.
- 39 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(g) In-Kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.
(h) Federal Income Taxes and Disclosures: It is each Fund's policy to comply with the requirements of the U.S. Internal Revenue Code Subchapter M applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Provided that the Funds maintain such compliance, no U.S. federal income tax provision is required at the Fund level. Each Fund is treated as a separate entity for the purpose of determining such compliance.
FASB Accounting Standards Codification 740 - Income Taxes ("ASC 740") requires the Funds to measure and recognize in their financial statements the benefit of a tax position taken (or expected to be taken) on an income tax return if such position will more likely than not be sustained upon examination based on the technical merits of the position. No tax years are currently under investigation. The Funds file income tax returns in the U.S. Federal jurisdiction, as well as the New York State and New York City jurisdictions. The statute of limitations on the Funds' tax returns remains open for the tax years 2022-2025, as applicable. Alger Management does not believe there are any uncertain tax positions that require recognition of a tax liability.
The Funds adhere to FASB Accounting Standards Update 2023-09 ("ASU 2023-09"),Improvements to Income Tax Disclosures. The purpose of ASU 2023-09 is to enhance income tax disclosures by categorizing and disclosing income tax rates and income taxes paid. Alger Management has evaluated the amendment's impact to the Funds' financial statements and determined no disclosure is required.
(i) Allocation Methods: The Trust accounts separately for the assets, liabilities and operations of each Fund. Expenses directly attributable to each Fund are charged to that Fund's operations; expenses which are applicable to all Funds are allocated among them based on net assets.
(j) Segment Reporting: The Funds adhere to FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). 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 and, 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. The Principal Executive
- 40 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Officer of the Trust acts as the Funds' CODM. Each Fund represents a single operating segment. The CODM monitors the operating results of each Fund, including each Fund's portfolio composition, total return, expense ratio, and changes in net assets. Each Fund's long-term strategic asset allocation is determined in accordance with the terms of each Fund's prospectus, based on a defined investment strategy which is executed by the Investment Manager.
(k) Estimates: These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require using estimates and assumptions that affect the reported amounts therein. These unaudited financial statements reflect all adjustments that are, in the opinion of Alger Management, necessary to present a fair statement of results of the semi-annual period. Actual results may differ from those estimates. All such estimates are of a normal recurring nature.
NOTE 3 - Investment Advisory Fees and Other Transactions with Affiliates:
(a) Investment Advisory Fees: Fees incurred by each Fund, pursuant to the provisions of the Trust's Investment Management Agreement with the Investment Manager, are payable monthly and computed based on the following actual rates based on a percentage of average daily net assets:
|
|
Actual Rate
|
|
Alger 35 ETF
|
0.45
%
|
|
Alger Mid Cap 40 ETF
|
0.50
%
|
|
Alger Concentrated Equity ETF
|
0.45
%
|
|
Alger AI Enablers & Adopters ETF
|
0.45
%
|
|
Alger Russell Innovation ETF
|
0.45
%
|
Alger Management has contractually agreed to waive and/or reimburse other expenses (excluding acquired fund fees and expenses, dividend expense on short sales, net borrowing costs, interest, taxes, brokerage expenses, extraordinary expenses, and certain proxy expenses, to the extent applicable) through December 31, 2027, to the extent necessary to limit such expenses to the rates listed in the table below, based on average daily net assets. For the avoidance of doubt, this contractual agreement does not include advisory fees.
- 41 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
|
OTHER
EXPENSES
WAIVER /
REIMBURSMENT
|
FEES WAIVED /
REIMBURSED
FOR THE SIX
MONTHS ENDED
JUNE 30,
2026
|
|
|
||
|
Alger 35 ETF
|
0.10
%
|
$27,547
|
|
Alger Mid Cap 40 ETF
|
0.10
%
|
44,784
|
|
Alger Concentrated Equity ETF
|
0.10
%
|
-
|
|
Alger AI Enablers & Adopters ETF
|
0.10
%
|
24,653
|
|
Alger Russell Innovation ETF
|
0.10
%
|
48,316
|
Alger Management may recoup any fees waived or expenses reimbursed pursuant to the contract; however, a Fund will only make repayments to Alger Management if such repayment does not cause a Fund's expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived or reimbursed, and (ii) a Fund's current expense cap. Such recoupment is limited to two years from the date the amount is initially waived or reimbursed. For the six months ended June 30, 2026, the recoupments made by the Alger Concentrated Equity ETF to Alger Management were $58,268. There were no recoupments made by Alger 35 ETF, Alger Mid Cap 40 ETF, Alger AI Enablers & Adopters ETF and Alger Russell Innovation ETF to Alger Management for the six months ended June 30, 2026.
(b) Brokerage Commissions: During the six months ended June 30, 2026, Alger 35 ETF, Alger Mid Cap 40 ETF, Alger Concentrated Equity ETF, Alger AI Enablers & Adopters ETF and Alger Russell Innovation ETF paid Fred Alger & Company, LLC, the Trust's distributor and affiliate of Alger Management (the "Distributor" or "Alger LLC"), $19,935, $17,600, $15,435, $21,335 and $39, respectively, in connection with securities transactions.
(c) Trustee Fees: Effective January 1, 2026, each trustee who is not an "interested person" of the Trust, as defined in the 1940 Act ("Independent Trustee"), receives a fee of $183,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex, plus travel expenses incurred for attending board meetings. The term "Alger Fund Complex" refers to the Trust, The Alger Funds, The Alger Funds II, The Alger Portfolios, Alger Global Equity Fund, The Alger Institutional Funds, and Alger Next Gen Growth Fund, each of which is a registered investment company managed by Alger Management. The Alger Next Gen Growth Fund has not commenced operations and, accordingly, has not paid any trustee fees. The Independent Trustee appointed as Chairman of the Board receives additional compensation of $27,000 per annum paid pro rata based on net assets by each fund in the Alger Fund Complex. Additionally, each member of the Audit Committee receives a fee of $10,000 per annum, paid pro rata based on net assets by each fund in the Alger Fund Complex. Certain Independent Trustees who are
- 42 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
members of the Nominating and Governance Committee and perform certain tasks on behalf of the Nominating and Governance Committee receive $5,000 per annum, paid pro rata based on the net assets by each fund in the Alger Fund Complex.
The Board has adopted a policy requiring Independent Trustees to receive a minimum of 10% of their annual compensation in shares of one or more of the funds in the Alger Fund Complex.
(d) Interfund Trades: The Funds may engage in purchase and sale transactions with other funds advised by Alger Management or sub-advised by Weatherbie Capital, LLC and Redwood Investments, LLC, affiliates of Alger Management. For the six months ended June 30, 2026, there were no interfund trades.
(e) Interfund Loans: The Funds, along with other funds in the Alger Fund Complex, may borrow money from and lend money to each other for temporary or emergency purposes. To the extent permitted under its investment restrictions, each Fund may lend uninvested cash in an amount up to 15% of its net assets to other funds in the Alger Fund Complex. If a Fund has borrowed from other funds in the Alger Fund Complex and has aggregate borrowings from all sources that exceed 10% of the Fund's total assets, such Fund will secure all of its loans from other funds in the Alger Fund Complex. The interest rate charged on interfund loans is equal to the average of the overnight U.S. Treasury money market rate and bank loan rate available to the Funds. There were no interfund loans outstanding as of June 30, 2026.
For the six months ended June 30, 2026, the Funds did not incur interfund loan income or expense.
(f) Other Transactions with Affiliates: Certain officers and one Trustee of the Trust are directors and/or officers of Alger Management, the Distributor, or their affiliates. At June 30, 2026, Alger Management and its affiliated entities owned 39,698, 152,654 and 99,482 shares of Alger Concentrated Equity ETF, Alger AI Enablers & Adopters ETF and Alger Russell Innovation ETF, respectively.
NOTE 4 - Securities Transactions:
The following summarizes the securities transactions by each Fund, other than U.S. Government securities, money market securities, and in-kind transactions, for the six months ended June 30, 2026:
|
|
PURCHASES
|
SALES
|
|
Alger 35 ETF
|
$96,898,451
|
$95,905,532
|
|
Alger Mid Cap 40 ETF
|
163,302,304
|
163,802,510
|
|
Alger Concentrated Equity ETF
|
168,315,745
|
139,141,256
|
|
Alger AI Enablers & Adopters ETF
|
309,357,162
|
303,747,614
|
|
Alger Russell Innovation ETF
|
4,754,527
|
4,806,213
|
- 43 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
The following summarizes the securities in-kind transactions of each Fund for the six months ended June 30, 2026. Alger 35 ETF, Alger Mid Cap 40 ETF, Alger Concentrated Equity ETF, Alger AI Enablers & Adopters ETF and Alger Russell Innovation ETF had realized gains on in-kind transactions of $7,942,911, $3,422,480, $27,556,344, $13,097,601 and $1,162,635, respectively. Net gains (losses) on in-kind redemptions are not considered taxable for federal income tax purposes.
|
|
PURCHASES
|
SALES
|
|
Alger 35 ETF
|
$92,836,380
|
$19,894,862
|
|
Alger Mid Cap 40 ETF
|
15,890,773
|
15,927,862
|
|
Alger Concentrated Equity ETF
|
470,834,948
|
91,252,203
|
|
Alger AI Enablers & Adopters ETF
|
110,688,606
|
45,758,593
|
|
Alger Russell Innovation ETF
|
3,013,837
|
8,177,438
|
|
|
NOTE 5 - Securities Lending:
For the six months ended June 30, 2026, the Alger Russell Innovation ETF had not participated in securities lending with the Custodian as the counterparty. None of the other Funds participated in securities lending during the six months ended June 30, 2026.
Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlements of securities transactions.
The market value of any securities on loan, all of which are classified as equity securities in the Funds' Schedules of Investments, and the value of any related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value, and collateral on securities loaned at value, respectively. There were no securities on loan as of June 30, 2026.
NOTE 6 - Borrowings:
The Funds may borrow from the Custodian on an uncommitted basis. Each Fund pays the Custodian a market rate of interest, generally based upon a rate of return with respect to each respective currency borrowed, taking into consideration relevant overnight and short-term reference rates. Borrowings from the Custodian at June 30, 2026, if any, are included in Bank overdraft in the Statements of Assets and Liabilities. The Funds may also borrow from other funds in the Alger Fund Complex, as discussed in Note 3(e). For the six months ended June 30, 2026, the Funds had no borrowings from other funds in the Alger Fund Complex and had the following borrowings from the Custodian:
- 44 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
|
AVERAGE DAILY
BORROWING
|
WEIGHTED AVERAGE
INTEREST RATE
|
|
Alger 35 ETF
|
$143,413
|
5.64
%
|
|
Alger Mid Cap 40 ETF
|
-
|
-
|
|
Alger Concentrated Equity ETF
|
1,258,891
|
5.64
|
|
Alger AI Enablers & Adopters ETF
|
2,052,078
|
5.63
|
|
Alger Russell Innovation ETF
|
266
|
5.64
|
The highest amount borrowed by the Funds from the Custodian during the six months ended June 30, 2026 was as follows:
|
|
HIGHEST BORROWING
|
|
Alger 35 ETF
|
$2,444,381
|
|
Alger Mid Cap 40 ETF
|
-
|
|
Alger Concentrated Equity ETF
|
16,233,561
|
|
Alger AI Enablers & Adopters ETF
|
17,877,079
|
|
Alger Russell Innovation ETF
|
32,525
|
NOTE 7 - Share Capital:
Each Fund offers and issues shares at its NAV per share only in aggregations of a specified number of shares (a "Creation Unit"), generally in exchange for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) ("Deposit Securities"), together with the deposit of a specified cash payment ("Cash Component"). Shares of the Funds are listed for trading on NYSE Arca, Inc., a national securities exchange. Shares of the Funds are traded in the secondary market and elsewhere at market prices that may be at, above or below each Fund's NAV. Shares of each Fund are redeemable only in Creation Units, generally in exchange for Deposit Securities and a Cash Component. Creation Units are typically a specified number of shares, generally 25,000 or multiples thereof for Alger Russell Innovation ETF and 12,500 of multiples thereof for each other Fund. The consideration for the purchase of Creation Units of a Fund in the Trust generally consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. All orders to purchase Creation Units must be placed by or through authorized participants who have entered into agreements with Alger LLC, a
- 45 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
registered broker-dealer. During the six months ended June 30, 2026 and the year ended December 31, 2025, as applicable, transactions of shares of beneficial interest were as follows:
|
|
FOR THE SIX MONTHS ENDED
June 30, 2026
|
FOR THE YEAR ENDED
December 31, 2025
|
||
|
|
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
|
Alger 35 ETF
|
||||
|
Shares sold
|
2,525,000
|
$96,107,367
|
2,525,000
|
$85,509,063
|
|
Dividends reinvested
|
-
|
-
|
-
|
-
|
|
Shares redeemed
|
(550,000
)
|
(20,476,245
)
|
(537,500
)
|
(14,716,815
)
|
|
Net increase
|
1,975,000
|
$75,631,122
|
1,987,500
|
$70,792,248
|
|
|
FOR THE SIX MONTHS ENDED
June 30, 2026
|
FOR THE YEAR ENDED
December 31, 2025
|
||
|
|
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
|
Alger Mid Cap 40 ETF
|
||||
|
Shares sold
|
800,000
|
$17,263,680
|
3,837,500
|
$75,965,656
|
|
Dividends reinvested
|
-
|
-
|
-
|
-
|
|
Shares redeemed
|
(875,000
)
|
(17,836,205
)
|
(1,475,000
)
|
(27,752,211
)
|
|
Net (decrease) increase
|
(75,000
)
|
$(572,525
)
|
2,362,500
|
$48,213,445
|
|
|
FOR THE SIX MONTHS ENDED
June 30, 2026
|
FOR THE YEAR ENDED
December 31, 2025
|
||
|
|
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
|
Alger Concentrated Equity ETF
|
||||
|
Shares sold
|
14,125,000
|
$505,114,248
|
6,262,500
|
$201,444,144
|
|
Dividends reinvested
|
-
|
-
|
-
|
-
|
|
Shares redeemed
|
(2,600,000
)
|
(98,506,975
)
|
(437,500
)
|
(14,918,845
)
|
|
Net increase
|
11,525,000
|
$406,607,273
|
5,825,000
|
$186,525,299
|
|
|
FOR THE SIX MONTHS ENDED
June 30, 2026
|
FOR THE YEAR ENDED
December 31, 2025
|
||
|
|
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
|
Alger AI Enablers & Adopters ETF
|
||||
|
Shares sold
|
3,112,500
|
$123,067,001
|
8,037,500
|
$275,937,311
|
|
Dividends reinvested
|
-
|
-
|
-
|
-
|
|
Shares redeemed
|
(1,337,500
)
|
(51,245,971
)
|
(875,000
)
|
(30,573,967
)
|
|
Net increase
|
1,775,000
|
$71,821,030
|
7,162,500
|
$245,363,344
|
- 46 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
|
FOR THE SIX MONTHS ENDED
June 30, 2026
|
For the period January 6,
2025 (commencement of
operations) to
December 31, 2025
|
||
|
|
SHARES
|
AMOUNT
|
SHARES
|
AMOUNT
|
|
Alger Russell Innovation ETF1
|
||||
|
Shares sold
|
150,000
|
$3,011,176
|
1,150,000
|
$23,684,426
|
|
Dividends reinvested
|
-
|
-
|
-
|
-
|
|
Shares redeemed
|
(400,000
)
|
(8,234,471
)
|
(450,000
)
|
(9,211,587
)
|
|
Net (decrease) increase
|
(250,000
)
|
$(5,223,295
)
|
700,000
|
$14,472,839
|
|
1
|
Fund commenced operations on January 6, 2025.
|
NOTE 8 - Income Tax Information:
At December 31, 2025, the Alger Mid Cap 40 ETF and the Alger Russell Innovation ETF, for U.S. federal income tax purposes, had capital loss carryforwards of $13,704,181 and $203,836, respectively. These amounts will not be subject to expiration under the Regulated Investment Company Modernization Act of 2010, and these amounts may be applied against future net realized gains until their utilization.
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is determined annually and is attributable primarily to the tax deferral of losses on wash sales, U.S. Internal Revenue Code Section 988 currency transactions, tax treatment of partnership investments, the realization of unrealized appreciation of passive foreign investment companies, and the return of capital from real estate investment trust investments.
The Funds accrue tax on unrealized gains in foreign jurisdictions that impose a foreign capital tax, if applicable.
NOTE 9 - Fair Value Measurements:
The following is a summary of the inputs used as of June 30, 2026 in valuing the Funds' investments carried at fair value on a recurring basis. Based upon the nature, characteristics, and risks associated with their investments, Alger Management has determined that presenting them by security type and sector is appropriate.
- 47 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
Alger 35 ETF
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|
COMMON STOCKS
|
||||
|
Communication Services
|
$38,705,451
|
$34,434,612
|
$-
|
$4,270,839
|
|
Consumer Discretionary
|
17,279,110
|
17,279,110
|
-
|
-
|
|
Financials
|
2,109,718
|
2,109,718
|
-
|
-
|
|
Health Care
|
18,604,622
|
18,604,622
|
-
|
-
|
|
Industrials
|
15,261,049
|
15,261,049
|
-
|
-
|
|
Information Technology
|
113,506,656
|
113,506,656
|
-
|
-
|
|
Utilities
|
7,713,907
|
7,713,907
|
-
|
-
|
|
TOTAL COMMON STOCKS
|
$213,180,513
|
$208,909,674
|
$-
|
$4,270,839
|
|
PREFERRED STOCKS
|
||||
|
Information Technology
|
579,032
|
-
|
-
|
579,032
|
|
SPECIAL PURPOSE VEHICLES
|
||||
|
Information Technology
|
1,190,589
|
-
|
-
|
1,190,589
|
|
SHORT-TERM INVESTMENTS
|
||||
|
Money Market Funds
|
1,633,988
|
1,633,988
|
-
|
-
|
|
TOTAL INVESTMENTS IN
SECURITIES
|
$216,584,122
|
$210,543,662
|
$-
|
$6,040,460
|
|
Alger Mid Cap 40 ETF
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|
COMMON STOCKS
|
||||
|
Communication Services
|
$8,349,783
|
$8,349,783
|
$-
|
$-
|
|
Health Care
|
27,096,894
|
27,096,894
|
-
|
-
|
|
Industrials
|
43,467,532
|
43,467,532
|
-
|
-
|
|
Information Technology
|
59,608,520
|
59,608,520
|
-
|
-
|
|
Materials
|
2,048,264
|
2,048,264
|
-
|
-
|
|
Utilities
|
2,183,225
|
2,183,225
|
-
|
-
|
|
TOTAL COMMON STOCKS
|
$142,754,218
|
$142,754,218
|
$-
|
$-
|
|
SPECIAL PURPOSE VEHICLES
|
||||
|
Communication Services
|
1,272,665
|
-
|
-
|
1,272,665
|
|
SHORT-TERM INVESTMENTS
|
||||
|
Money Market Funds
|
10,034,768
|
10,034,768
|
-
|
-
|
|
TOTAL INVESTMENTS IN
SECURITIES
|
$154,061,651
|
$152,788,986
|
$-
|
$1,272,665
|
|
Alger Concentrated Equity ETF
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|
COMMON STOCKS
|
||||
|
Communication Services
|
$127,467,026
|
$88,815,079
|
$-
|
$38,651,947
|
|
Consumer Discretionary
|
71,362,175
|
71,362,175
|
-
|
-
|
|
Financials
|
11,268,080
|
11,268,080
|
-
|
-
|
|
Health Care
|
31,782,326
|
31,782,326
|
-
|
-
|
|
Industrials
|
72,357,238
|
72,357,238
|
-
|
-
|
|
Information Technology
|
379,770,016
|
379,770,016
|
-
|
-
|
|
Utilities
|
21,446,703
|
21,446,703
|
-
|
-
|
|
TOTAL COMMON STOCKS
|
$715,453,564
|
$676,801,617
|
$-
|
$38,651,947
|
|
PREFERRED STOCKS
|
||||
|
Industrials
|
14,863,533
|
-
|
-
|
14,863,533
|
- 48 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
Alger Concentrated Equity ETF
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|
SPECIAL PURPOSE VEHICLES
|
||||
|
Information Technology
|
$10,873,090
|
$-
|
$-
|
$10,873,090
|
|
TOTAL INVESTMENTS IN
SECURITIES
|
$741,190,187
|
$676,801,617
|
$-
|
$64,388,570
|
|
Alger AI Enablers & Adopters ETF
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|
COMMON STOCKS
|
||||
|
Communication Services
|
$71,135,318
|
$57,952,320
|
$-
|
$13,182,998
|
|
Consumer Discretionary
|
47,090,706
|
47,090,706
|
-
|
-
|
|
Financials
|
13,677,648
|
13,677,648
|
-
|
-
|
|
Health Care
|
10,767,299
|
10,767,299
|
-
|
-
|
|
Industrials
|
11,663,172
|
11,663,172
|
-
|
-
|
|
Information Technology
|
249,427,873
|
246,970,774
|
2,457,099
|
-
|
|
Materials
|
2,858,036
|
2,858,036
|
-
|
-
|
|
Utilities
|
10,079,673
|
10,079,673
|
-
|
-
|
|
TOTAL COMMON STOCKS
|
$416,699,725
|
$401,059,628
|
$2,457,099
|
$13,182,998
|
|
PREFERRED STOCKS
|
||||
|
Industrials
|
4,028,791
|
-
|
-
|
4,028,791
|
|
Information Technology
|
10,948,231
|
-
|
-
|
10,948,231
|
|
TOTAL PREFERRED STOCKS
|
$14,977,022
|
$-
|
$-
|
$14,977,022
|
|
SPECIAL PURPOSE VEHICLES
|
||||
|
Communication Services
|
12,234,066
|
-
|
-
|
12,234,066
|
|
Information Technology
|
5,878,556
|
-
|
-
|
5,878,556
|
|
TOTAL SPECIAL PURPOSE
VEHICLES
|
$18,112,622
|
$-
|
$-
|
$18,112,622
|
|
TOTAL INVESTMENTS IN
SECURITIES
|
$449,789,369
|
$401,059,628
|
$2,457,099
|
$46,272,642
|
|
Alger Russell Innovation ETF
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|
COMMON STOCKS
|
||||
|
Communication Services
|
$607,886
|
$607,886
|
$-
|
$-
|
|
Consumer Discretionary
|
800,973
|
800,973
|
-
|
-
|
|
Consumer Staples
|
217,337
|
217,337
|
-
|
-
|
|
Financials
|
416,465
|
416,465
|
-
|
-
|
|
Health Care
|
1,972,964
|
1,972,964
|
-
|
-
|
|
Industrials
|
380,336
|
380,336
|
-
|
-
|
|
Information Technology
|
5,100,590
|
5,100,590
|
-
|
-
|
|
Real Estate
|
175,724
|
175,724
|
-
|
-
|
|
TOTAL COMMON STOCKS
|
$9,672,275
|
$9,672,275
|
$-
|
$-
|
|
SHORT-TERM INVESTMENTS
|
||||
|
Money Market Funds
|
14,605
|
14,605
|
-
|
-
|
|
TOTAL INVESTMENTS IN
SECURITIES
|
$9,686,880
|
$9,686,880
|
$-
|
$-
|
- 49 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
|
Alger 35 ETF
|
Common Stocks
|
|
Opening balance at January 1, 2026
|
$-
|
|
Transfers into Level 3
|
-
|
|
Transfers out of Level 3
|
-
|
|
Total gains or losses
|
|
|
Included in net realized gain (loss) on investments
|
-
|
|
Included in net change in unrealized appreciation (depreciation) on investments
|
2,391,841
|
|
Purchases and Sales/Distributions
|
|
|
Purchases
|
1,878,998
|
|
Sales/Distributions
|
-
|
|
Closing balance at June 30, 2026
|
4,270,839
|
|
Net change in unrealized appreciation (depreciation) attributable to investments
still held at June 30, 2026*
|
$2,391,841
|
|
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
|
Alger 35 ETF
|
Preferred Stocks
|
|
Opening balance at January 1, 2026
|
$-
|
|
Transfers into Level 3
|
-
|
|
Transfers out of Level 3
|
-
|
|
Total gains or losses
|
|
|
Included in net realized gain (loss) on investments
|
-
|
|
Included in net change in unrealized appreciation (depreciation) on investments
|
-
|
|
Purchases and Sales/Distributions
|
|
|
Purchases
|
579,032
|
|
Sales/Distributions
|
-
|
|
Closing balance at June 30, 2026
|
579,032
|
|
Net change in unrealized appreciation (depreciation) attributable to investments
still held at June 30, 2026*
|
$-
|
- 50 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
|
Alger 35 ETF
|
Special Purpose
Vehicles
|
|
Opening balance at January 1, 2026
|
$-
|
|
Transfers into Level 3
|
-
|
|
Transfers out of Level 3
|
-
|
|
Total gains or losses
|
|
|
Included in net realized gain (loss) on investments
|
-
|
|
Included in net change in unrealized appreciation (depreciation) on investments
|
(15,453
)
|
|
Purchases and Sales/Distributions
|
|
|
Purchases
|
1,206,042
|
|
Sales/Distributions
|
-
|
|
Closing balance at June 30, 2026
|
1,190,589
|
|
Net change in unrealized appreciation (depreciation) attributable to investments
still held at June 30, 2026*
|
$(15,453
)
|
|
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
|
Alger Mid Cap 40 ETF
|
Special Purpose
Vehicles
|
|
Opening balance at November 1, 2024
|
$-
|
|
Transfers into Level 3
|
-
|
|
Transfers out of Level 3
|
-
|
|
Total gains or losses
|
|
|
Included in net realized gain (loss) on investments
|
-
|
|
Included in net change in unrealized appreciation (depreciation) on investments
|
(41,362
)
|
|
Purchases and Sales/Distributions
|
|
|
Purchases
|
1,314,027
|
|
Sales/Distributions
|
-
|
|
Closing balance at June 30, 2026
|
1,272,665
|
|
Net change in unrealized appreciation (depreciation) attributable to investments
still held at June 30, 2026**
|
$(41,362
)
|
- 51 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
|
Alger Concentrated Equity ETF
|
Common Stocks
|
|
Opening balance at January 1, 2026
|
$-
|
|
Transfers into Level 3
|
-
|
|
Transfers out of Level 3
|
-
|
|
Total gains or losses
|
|
|
Included in net realized gain (loss) on investments
|
-
|
|
Included in net change in unrealized appreciation (depreciation) on investments
|
21,646,639
|
|
Purchases and Sales/Distributions
|
|
|
Purchases
|
17,005,308
|
|
Sales/Distributions
|
-
|
|
Closing balance at June 30, 2026
|
38,651,947
|
|
Net change in unrealized appreciation (depreciation) attributable to investments
still held at June 30, 2026*
|
$21,646,639
|
|
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
|
Alger Concentrated Equity ETF
|
Preferred Stocks
|
|
Opening balance at January 1, 2026
|
$-
|
|
Transfers into Level 3
|
-
|
|
Transfers out of Level 3
|
-
|
|
Total gains or losses
|
|
|
Included in net realized gain (loss) on investments
|
-
|
|
Included in net change in unrealized appreciation (depreciation) on investments
|
-
|
|
Purchases and sales
|
|
|
Purchases
|
14,863,533
|
|
Sales/Distributions
|
-
|
|
Closing balance at June 30, 2026
|
14,863,533
|
|
Net change in unrealized appreciation (depreciation) attributable to investments
still held at June 30, 2026**
|
$-
|
- 52 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
|
Alger Concentrated Equity ETF
|
Special Purpose
Vehicles
|
|
Opening balance at January 1, 2026
|
$-
|
|
Transfers into Level 3
|
-
|
|
Transfers out of Level 3
|
-
|
|
Total gains or losses
|
|
|
Included in net realized gain (loss) on investments
|
-
|
|
Included in net change in unrealized appreciation (depreciation) on investments
|
(141,127
)
|
|
Purchases and Sales/Distributions
|
|
|
Purchases
|
11,014,217
|
|
Sales/Distributions
|
-
|
|
Closing balance at June 30, 2026
|
10,873,090
|
|
Net change in unrealized appreciation (depreciation) attributable to investments
still held at June 30, 2026*
|
$(141,127
)
|
|
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
|
Alger AI Enablers & Adopters ETF
|
Common Stocks
|
|
Opening balance at January 1, 2026
|
$-
|
|
Transfers into Level 3
|
-
|
|
Transfers out of Level 3
|
-
|
|
Total gains or losses
|
|
|
Included in net realized gain (loss) on investments
|
-
|
|
Included in net change in unrealized appreciation (depreciation) on investments
|
7,383,007
|
|
Purchases and Sales/Distributions
|
|
|
Purchases
|
5,799,991
|
|
Sales/Distributions
|
-
|
|
Closing balance at June 30, 2026
|
13,182,998
|
|
Net change in unrealized appreciation (depreciation) attributable to investments
still held at June 30, 2026*
|
$7,383,007
|
- 53 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
|
Alger AI Enablers & Adopters ETF
|
Preferred Stocks
|
|
Opening balance at January 1, 2026
|
$10,710,314
|
|
Transfers into Level 3
|
-
|
|
Transfers out of Level 3
|
-
|
|
Total gains or losses
|
|
|
Included in net realized gain (loss) on investments
|
-
|
|
Included in net change in unrealized appreciation (depreciation) on investments
|
3,214,992
|
|
Purchases and Sales/Distributions
|
|
|
Purchases
|
1,051,717
|
|
Sales/Distributions
|
-
|
|
Closing balance at June 30, 2026
|
14,977,023
|
|
Net change in unrealized appreciation (depreciation) attributable to investments
still held at June 30, 2026*
|
$3,214,992
|
|
|
FAIR VALUE
MEASUREMENTS
USING SIGNIFICANT
UNOBSERVABLE
INPUTS (LEVEL 3)
|
|
Alger AI Enablers & Adopters ETF
|
Special Purpose
Vehicles
|
|
Opening balance at January 1, 2026
|
$3,528,000
|
|
Transfers into Level 3
|
-
|
|
Transfers out of Level 3
|
-
|
|
Total gains or losses
|
|
|
Included in net realized gain (loss) on investments
|
-
|
|
Included in net change in unrealized appreciation (depreciation) on investments
|
5,094,178
|
|
Purchases and Sales/Distributions
|
|
|
Purchases
|
9,490,443
|
|
Sales/Distributions
|
-
|
|
Closing balance at June 30, 2026
|
18,112,621
|
|
Net change in unrealized appreciation (depreciation) attributable to investments
still held at June 30, 2026*
|
$5,094,178
|
|
*
|
Net change in unrealized appreciation (depreciation) is included in the net change in unrealized appreciation
(depreciation) on investments in the accompanying Statements of Operations.
|
The following table provides quantitative information about each Fund's Level 3 fair value measurements of its investments as of June 30, 2026, if any. The table below is not intended to be all-inclusive, but rather provides information on the Level 3 inputs as they relate to each Fund's fair value measurements at June 30, 2026.
- 54 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
|
Fair Value
June 30,
2026
|
Valuation
Methodology
|
Unobservable
Inputs
|
Inputs/Range
|
Weighted
Average Inputs
|
|
Alger 35 ETF
|
|||||
|
Common
Stocks
|
$4,270,839
|
Market
Approach
|
Transaction Price
|
0%
|
N/A (a)
|
|
Preferred
Stocks
|
579,032
|
Market
Approach
|
Transaction Price (b)
|
0%
|
N/A (a)
|
|
Special
Purpose
Vehicles
|
1,190,589
|
Market
Approach
|
Transaction Price (c)
|
0%
|
N/A (a)
|
|
Alger Mid Cap 40 ETF
|
|||||
|
Special
Purpose
Vehicles
|
1,272,665
|
Market Approach
Option Pricing Method
|
Transaction Price
Term
Volatility
Risk-Free Rate
|
0%
5 years
90.00%
4.19%
|
N/A (a)
N/A (a)
N/A (a)
N/A (a)
|
|
Alger Concentrated Equity ETF
|
|||||
|
Common
Stocks
|
38,651,947
|
Market
Approach
|
Transaction Price
|
0%
|
N/A (a)
|
|
Preferred
Stocks
|
14,863,533
|
Market Approach
Option Pricing Method
|
Transaction Price
Term
Volatility
Risk-Free Rate
|
0%
5 years
80.00%
4.19%
|
N/A (a)
N/A (a)
N/A (a)
N/A (a)
|
|
Special
Purpose
Vehicles
|
10,873,090
|
Market
Approach
|
Transaction Price (c)
|
0%
|
N/A (a)
|
|
Alger AI Enablers & Adopters ETF
|
|||||
|
Common
Stocks
|
13,182,998
|
Market
Approach
|
Transaction Price
|
0%
|
N/A (a)
|
|
Preferred
Stocks
|
9,107,303
|
Market
Approach
|
Revenue Multiple
|
21.5x
|
21.5x
|
|
|
5,869,719
|
Market Approach
Option Pricing Method
|
Transaction Price
Term
Volatility
Risk-Free Rate
|
0%
5 years
80.00%-90.00%
4.19%
|
0%
5 years
83.73%
4.19%
|
|
Special
Purpose
Vehicles
|
5,878,556
|
Market
Approach
|
Transaction Price (c)
|
0%
|
N/A (a)
|
|
|
12,234,066
|
Market Approach
Option Pricing Method
|
Transaction Price
Term
Volatility
Risk-Free Rate
|
0%
5 years
90.00%
4.19%
|
N/A (a)
N/A (a)
N/A (a)
N/A (a)
|
|
(a)
|
Each security type listed and respective valuation methodology and unobservable input, represents only one
investment.
|
|
(b)
|
Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair
value with no material changes in valuation assumptions since the acquisition date of March 31, 2026.
|
|
(c)
|
Fair value was determined based on the recent acquisition price (transaction price) as a best measure of fair
value with no material changes in valuation assumptions since the acquisition dates of March 2, 2026 and April 1, 2026.
|
- 55 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
The significant unobservable inputs used in the fair value measurement of each Fund's securities include revenue multiples, bookings multiples, EBITDA multiples, publicly traded comparable securities' market value and revenue multiples, transaction pricing, discount rates, and the probability of success of certain outcomes. Significant increases and decreases in these inputs in isolation and interrelationships between these inputs would have resulted in significantly higher or lower fair value measurements than those noted in the table above. Generally, increases in revenue, bookings, and EBITDA multiples, decreases in discount rates, and increases in the probability of success result in higher fair value measurements, whereas decreases in revenue, bookings, and EBITDA multiples, increases in discount rates, and decreases in the probability of success result in lower fair value measurements. For the six months ended June 30, 2026, Alger Management updated the valuation methodology used to value SB Technology Inc., Series E to include the option pricing method which considers a wide range of exit values to calculate the valuation of these investments. There were no other changes in valuation methodology for any other Level 3 investments.
NOTE 10 - Principal Risks:
Alger 35 ETF - Investing in the stock market involves risks, including the potential loss of principal. Investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small and medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. Private placements are offerings of a company's securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. The Fund is classified as a "non-diversified fund" under federal securities laws because it can invest in fewer individual companies than a diversified fund. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities. ETF shares are based on market price rather than net asset value ("NAV"), as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. The Fund faces numerous market trading risks, including
- 56 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation and/or redemption process of the Fund. Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Investment Manager cannot predict whether shares will trade above (premium), below (discount) or at NAV. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind.
Alger Mid Cap 40 ETF - Investing in the stock market involves risks, including the potential loss of principal. Investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. Investing in companies of medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities. ETF shares are based on market price rather than net asset value ("NAV"), as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation and/or redemption process of the Fund. Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you
- 57 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
may receive less (or more) than NAV when you sell those shares in the secondary market. The Investment Manager cannot predict whether shares will trade above (premium), below (discount) or at NAV. The Fund may effect its creations and redemptions for cash, rather than for in-kindsecurities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind.
Alger Concentrated Equity ETF - Investing in the stock market involves risks, including the potential loss of principal. Investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. A significant portion of assets will be concentrated in securities in related industries, and may be similarly affected by adverse developments and price movements in such industries. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Private placements are offerings of a company's securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. The Fund is classified as a "non-diversified fund" under federal securities laws because it can invest in fewer individual companies than a diversified fund. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities. ETF shares are based on market price rather than net asset value ("NAV"), as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation and/or redemption process of the Fund. Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Investment Manager cannot predict
- 58 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
whether shares will trade above (premium), below (discount) or at NAV. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind.
Alger AI Enablers & Adopters ETF - Investing in the stock market involves risks, including the potential loss of principal. Investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Growth stocks may be more volatile than other stocks as their prices tend to be higher in relation to their companies' earnings and may be more sensitive to market, political, and economic developments. Companies involved in, or exposed to, AI-related businesses may have limited product lines, markets, financial resources or personnel as they face intense competition and potentially rapid product obsolescence, and many depend significantly on retaining and growing their consumer base. These companies may be substantially exposed to the market and business risks of other industries or sectors, and may be adversely affected by negative developments impacting those companies, industries or sectors, as well as by loss or impairment of intellectual property rights or misappropriation of their technology. Companies that utilize AI could face reputational harm, competitive harm, and legal liability, and/or an adverse effects on business operations as content, analyses, or recommendations that AI applications produce may be deficient, inaccurate, biased, misleading or incomplete, may lead to errors, and may be used in negligent or criminal ways. AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the future growth. AI companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. A significant portion of assets will be concentrated in securities in related industries, and may be similarly affected by adverse developments and price movements in such industries. A significant portion of assets may be invested in securities of companies in related sectors, and may be similarly affected by economic, political, or market events and conditions and may be more vulnerable to unfavorable sector developments. Investing in companies of small and medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. The Fund is classified as a "non-diversified fund" under federal securities laws because it can invest in fewer individual companies than a diversified fund. Private placements are offerings of a company's securities not registered with the SEC and not offered to the public, for which limited information may be available. Such investments are generally considered to be illiquid. Foreign securities involve special risks including currency fluctuations,
- 59 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
inefficient trading, political and economic instability, and increased volatility. ADRs and GDRs may be subject to international trade, currency, political, regulatory and diplomatic risks. Active trading may increase transaction costs, brokerage commissions, and taxes, which can lower the return on investment. At times, cash may be a larger position in the portfolio and may underperform relative to equity securities. ETF shares are based on market price rather than net asset value ("NAV"), as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation and/or redemption process of the Fund. Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Investment Manager cannot predict whether shares will trade above (premium), below (discount) or at NAV. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind.
Alger Russell Innovation ETF - Investing in the stock market involves risks, including the potential loss of principal. Investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. There is no guarantee that the Fund's investment results will have a high degree of correlation to the Alger Russell Innovation Index ("ARII") or that the Fund will achieve its investment objective. In addition, the Fund's value will generally decline when the performance of the securities within the ARII declines. Investing in innovative companies may not be successful. The Fund may invest in companies that do not currently derive nor may never derive revenue from innovation or developing technologies. Assets may be focused in a small number of holdings, making them susceptible to risks associated with a single economic, political or regulatory event than a more diversified portfolio. Investing in companies of medium capitalizations involves the risk that such issuers may have limited product lines or financial resources, lack management depth, or have limited liquidity. To the extent the ARII is concentrated, a significant portion of the Fund's assets will be concentrated in
- 60 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
securities in related industries, and may be similarly affected by adverse developments and price movements in such industries. The Fund is not "actively" managed and performance could be lower than actively managed funds. Because the Fund equally weights its holdings and rebalances its holdings quarterly, it may incur increased transaction costs, brokerage commissions, and taxes, which can lower the return on investment. ETF shares are based on market price rather than net asset value ("NAV"), as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The Fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation and/or redemption process of the Fund. Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market. The Investment Manager cannot predict whether shares will trade above (premium), below (discount) or at NAV. The Fund may effect its creations and redemptions for cash, rather than for in-kind securities. Therefore, it may be required to sell portfolio securities and subsequently recognize gains on such sales that the Fund might not have recognized if it were to distribute portfolio securities in-kind. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that distributes portfolio securities entirely in-kind. Brokerage fees and taxes will be higher than if the Fund sold and redeemed shares in-kind.
NOTE 11 - Affiliated Securities:
During the six months ended June 30, 2026, as disclosed in the following table, certain Funds held 5% or more of the outstanding voting securities of the issuers listed below. As such, these issuers were "affiliated persons" of the applicable Fund(s) for purposes of the 1940 Act. Transactions during the six months ended June 30, 2026 with such affiliated persons are summarized below. During this period, other Funds in the Trust may also have held voting shares of the issuers at levels below 5%.
|
Security
|
Shares
Held at
December 31,
2025
|
Shares
Purchased
|
Shares
Sold
|
Shares
Held at
June 30,
2026
|
Dividend
Income
|
Realized
Gain (Loss)
|
Net Change
in
Unrealized
App (Dep)
|
Value at
June 30,
2026
|
|
Alger 35 ETF
|
||||||||
|
Special Purpose Vehicles
|
||||||||
|
2026 VDC LP1
|
-
|
-
|
-
|
-
|
$-
|
$-
|
$(15,453
)
|
$1,190,589
|
|
Total
|
-
|
-
|
-
|
-
|
$-
|
$-
|
$(15,453
)
|
$1,190,589
|
- 61 -
THE ALGER ETF TRUST NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
|
Security
|
Shares
Held at
December 31,
2025
|
Shares
Purchased
|
Shares
Sold
|
Shares
Held at
June 30,
2026
|
Dividend
Income
|
Realized
Gain (Loss)
|
Net Change
in
Unrealized
App (Dep)
|
Value at
June 30,
2026
|
|
Alger Concentrated Equity ETF
|
||||||||
|
Special Purpose Vehicles
|
||||||||
|
2026 VDC LP1
|
-
|
-
|
-
|
-
|
$-
|
$-
|
$(141,127
)
|
$10,873,090
|
|
Total
|
-
|
-
|
-
|
-
|
$-
|
$-
|
$(141,127
)
|
$10,873,090
|
|
Security
|
Shares
Held at
December 31,
2025
|
Shares
Purchased
|
Shares
Sold
|
Shares
Held at
June 30,
2026
|
Dividend
Income
|
Realized
Gain (Loss)
|
Net Change
in
Unrealized
App (Dep)
|
Value at
June 30,
2026
|
|
Alger AI Enablers & Adopters ETF
|
||||||||
|
Special Purpose Vehicles
|
||||||||
|
2026 VDC LP1
|
-
|
-
|
-
|
-
|
$-
|
$-
|
$(76,300
)
|
$5,878,556
|
|
Total
|
-
|
-
|
-
|
-
|
$-
|
$-
|
$(76,300
)
|
$5,878,556
|
1The Alger Fund Complex and other entities managed by Alger Management owned greater than 25% of 2026 VDC LP.
NOTE 12 - Subsequent Events:
Alger Management has evaluated events that have occurred subsequent to June 30, 2026, through the issuance date of the Financial Statements. No material events have been identified which require recognition and/or disclosure.
- 62 -
THE ALGER ETF TRUST OTHER INFORMATION (Unaudited)
Disclaimers
No entity that creates, compiles, sponsors or maintains the Alger Russell Innovation Index is or will be an affiliated person, as defined in Section 2(a)(3) of the 1940 Act, or an affiliated person of an affiliated person, of the Trust, Alger Management, the Distributor, or a promoter of the Alger Russell Innovation ETF.
Neither Alger Management nor any affiliate of Alger Management has any rights to influence the selection of the securities in the Alger Russell Innovation Index.
Alger Russell Innovation Index is calculated and maintained by FTSE Russell or its affiliate, agent or partner. FTSE Russell is not affiliated with the Trust, Alger Management, or the Distributor. Alger Management has entered into a license agreement with FTSE Russell. Alger Russell Innovation ETF is entitled to use the Alger Russell Innovation Index pursuant to a sub-licensing agreement with Alger Management.
Alger Russell Innovation ETF has been developed solely by Alger Management. Alger Russell Innovation ETF is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the Alger Russell Innovation Index vest in the relevant LSE Group company which owns the Underlying Index. "Russell®," "FTSE Russell," and "Russell 1000" are trademarks of the relevant LSE Group company and are used by any other LSE Group company under license.
Alger Russell Innovation Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in Alger Russell Innovation Index or (b) investment in or operation of Alger Russell Innovation ETF. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from Alger Russell Innovation ETF or the suitability of the Alger Russell Innovation Index for the purpose to which it is being put by Alger Management.
- 63 -
THE ALGER ETF TRUST
100 Pearl Street, 27th Floor
New York, NY 10004
(800) 992-3863
www.alger.com
New York, NY 10004
(800) 992-3863
www.alger.com
Investment Manager
Fred Alger Management, LLC
100 Pearl Street, 27th Floor
New York, NY 10004
100 Pearl Street, 27th Floor
New York, NY 10004
Distributor
Fred Alger & Company, LLC
100 Pearl Street, 27th Floor
New York, NY 10004
100 Pearl Street, 27th Floor
New York, NY 10004
Transfer Agent and Dividend Disbursing Agent
The Bank of New York
240 Greenwich Street
New York, NY 10286
240 Greenwich Street
New York, NY 10286
Custodian
The Bank of New York
240 Greenwich Street
New York, NY 10286
240 Greenwich Street
New York, NY 10286
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
30 Rockefeller Plaza
New York, NY 10112
30 Rockefeller Plaza
New York, NY 10112
This report is submitted for the general information of the shareholders of the series of The Alger ETF Trust. It is not authorized for distribution to prospective investors unless accompanied by an effective Prospectus for the Fund, which contains information concerning the Fund's investment policies, fees and expenses as well as other pertinent information.
- 64 -
ETFSAR
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not Applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not Applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Remuneration paid to directors, officers and others is included in the Statements of Operations under the line items "Trustee fees" and "Investment advisory fees" as part of the financial statements filed under Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not Applicable.
- 69 -
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to these procedures.
| 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 1940 Act) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this document. |
| (b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this Form N-CSR, 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 |
Not applicable.
| ITEM 19. | EXHIBITS. |
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | Certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibit 19(a)(3) to this Form N-CSR. |
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.
| The Alger ETF Trust | ||
| By: | /s/ Hal Liebes | |
| Name: | Hal Liebes | |
| Title: | Principal Executive Officer | |
| Date: | August 19, 2026 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Hal Liebes | |
| Name: | Hal Liebes | |
| Title: | Principal Executive Officer | |
| Date: | August 19, 2026 |
| By: | /s/ Michael D. Martins | |
| Name: | Michael D. Martins | |
| Title: | Principal Financial Officer | |
| Date: | August 19, 2026 |
Alger ETF Trust published this content on August 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 27, 2026 at 13:15 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]