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Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and expense example below. <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zW27NuR6h462"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A55_dU_zlCsjmfsLsp7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; display: none; vertical-align: top; text-align: left"> </td> <td id="xdx_49B_20260330__20260330__dei--LegalEntityAxis__custom--S000066608Member__oef--ClassAxis__custom--C000214795Member_zRlBcqqnHDlb" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; display: none; vertical-align: bottom; text-align: center"> </td></tr> <tr style="background-color: Black"> <td colspan="2" style="border: Black 1pt solid; vertical-align: bottom; text-align: left">Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)</td> </tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zNcQLMixViFb"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left; width: 85%">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">0.44%</td> </tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zXRBIycJGHt"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left">Distribution and Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td> </tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_z6f3qjMDiFZ"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center">0.11%</td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z2Fxkpn9kRFa"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center">0.55%</td> </tr> </table> 0.0044 0.0000 0.0011 0.0055 Example. You may also incur usual and customary brokerage commissions and other charges when buying or selling Shares of the Fund, which are not reflected in the example that follows. This example is intended to help you compare the cost of owning Shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: This example is intended to help you compare the cost of owning Shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zE4QWbyeZ6fg"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zdgIzzf94jze" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_488_eoef--ExpenseExampleYear01_zvnukkk9bCH9" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; width: 25%; background-color: #000000; text-align: center">One Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zFxrCA4826E9" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; width: 25%; background-color: #000000; text-align: center">Three Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zYq4SInsfxyj" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 25%; background-color: #000000; text-align: center">Five Years</td> <td id="xdx_480_eoef--ExpenseExampleYear10_zBYhtB7IFVJ7" style="border: Black 1pt solid; vertical-align: top; width: 25%; background-color: #000000; text-align: center">Ten Years</td> </tr> <tr id="xdx_418_20260330__20260330__dei--LegalEntityAxis__custom--S000066608Member__oef--ClassAxis__custom--C000214795Member_z3SwUA46ClVf"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; text-align: center">$56</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; text-align: center">$176</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">$307</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">$689</td> </tr> </table> 56 176 307 689 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal period ended November 30, 2025, the Fund’s portfolio turnover rate was 12% of the average value of its portfolio. 0.12 Principal Investment Strategies The Fund pursues its investment objective by constructing a portfolio of companies that exhibit a track record of moving through recessionary periods with little to minimal impact on aggregate earnings growth relative to the overall equity market. The Fund’s portfolio is typically composed of 50-120 U.S. exchange-listed companies with the highest stability in their historic and forecasted earnings per share (“EPS”). Historic EPS stability is determined by evaluating the variability of the company’s EPS over the past 15 years, or such shorter time period if the company has a track record of less than 15 years. Forecasted EPS stability is determined by evaluating the forecasted variability of the company’s earnings over the next 2 years. Those companies with the least variability, as determined by the Advisor, are considered for selection for the Fund’s portfolio. These quantitative screens are combined with the qualitative judgment of the portfolio manager based on an analysis of financial statement filing consistency, profitability, earnings stability in recessionary periods, valuation, and improving fundamentals (revenue estimates and earnings estimates). The Advisor selects the Fund’s portfolio securities from a universe of the largest 750 equity securities listed in the U.S. equity market, which may be a combination of large, mid, and small capitalization companies. The Advisor then selects 100 companies based on the qualitative judgment of the portfolio manager described above. The 50-120 companies with the highest historic and forecasted EPS stability are then selected for the Fund’s portfolio. The portfolio is generally rebalanced on a weekly basis. However, the Advisor may rebalance the portfolio at other times due to things like corporate actions, such as mergers and acquisitions. Risk is inherent in all investing. The loss of your money is a principal risk of investing in the Fund. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The following principal risk factors have been identified for the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. The loss of your money is a principal risk of investing in the Fund. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. These changes in value may result from factors affecting individual issuers, industries or the stock market as a whole. In addition, equity markets tend to be cyclical which may cause stock prices to fall over short or extended periods of time. Large-Cap Securities Risk. Stocks of large companies as a group can fall out of favor with the market, causing the Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. The Advisor’s judgments about the attractiveness, value, and stability of particular stocks in which the Fund invests may prove to be incorrect, and there is no guarantee that the Advisor’s judgment will produce the desired results. Quantitative Model Risk. Investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective. Small and Medium Cap Securities Risk. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Mid- and small-capitalization companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies. Common Stock Risk. Investments in shares of common stock may fluctuate in value in response to many factors. Such price fluctuations subject the Fund to potential losses. New Advisor Risk. The Advisor has only recently begun serving as an investment advisor to ETFs. As a result, investors do not have a long-term track record of managing an ETF from which to judge the Advisor, and the Advisor may not achieve the intended result in managing the Fund. Market Risk. Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market. Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions. The Fund’s performance per Share will change daily in response to such factors. New Fund Risk. The Fund has a limited history of operations for investors to evaluate. Authorized Participant Risk. Only an authorized participant (“Authorized Participant” or “AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Early Close/Trading Halt Risk. An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses. ETF Structure Risks. Each Fund is structured as an ETF and as a result is subject to the special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Not Individually Redeemable. Shares are not individually redeemable and may be redeemed by a Fund at NAV only in Creation Units. You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Trading Issues. An active trading market for a Fund’s shares may not be developed or maintained. Trading in Shares on an Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance </td> </tr> </table> that Shares will continue to meet the listing requirements of an Exchange. If a Fund’s Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Cash purchases. To the extent Creation Units are purchased by APs in cash instead of in-kind, a Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on a Fund and impact the Fund’s NAV if not fully offset by transaction fees paid by the APs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Market Price Variance Risk. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td> </tr> </table> Investment Risk. Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence, and market liquidity. Cybersecurity Risk. As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result. Market Disruption and Geopolitical Risk. U.S. market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine and the conflicts in the Middle East), geopolitical developments (including trading and tariff arrangements, and sanctions), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). Performance Information The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Shares for each full calendar year since the Fund’s inception. The performance table compares the performance of the Shares over time to the performance of a broad-based securities index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at: www.zacksetfs.com or by calling 855-813-3507. The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. www.zacksetfs.com 855-813-3507 Total Return (Year ended December 31, 2025) <img alt="" src="zecp_001.jpg" style="height: 292px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zj1wZNosMLjf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2022</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000214795Member_zUhGQc2axREh" style="display: none; text-align: center; width: 50%">-13.33%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000214795Member_zZEHy2mDkbIh" style="display: none; text-align: center">13.68%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_989_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000214795Member_ztpLUaUijHol" style="display: none; text-align: center">17.48%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000214795Member_zy8crDSB5aI" style="display: none; text-align: center">15.04%</td></tr> </table> -0.1333 0.1368 0.1748 0.1504 <div id="xdx_A8C_eoef--BarChartClosingTextBlock_zVMSyF7Ekmil"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr> <td style="vertical-align: middle; width: 30%; text-align: center">Best Quarter</td> <td style="vertical-align: middle; width: 25%; text-align: center">12/31/2022</td> <td style="vertical-align: middle; width: 25%; text-align: center">9.64%</td> </tr> <tr> <td style="vertical-align: middle; text-align: center">Worst Quarter</td> <td style="vertical-align: middle; text-align: center">6/30/2022</td> <td style="vertical-align: middle; text-align: center">(12.23)%</td> </tr> </table> Best Quarter 2022-12-31 0.0964 Worst Quarter 2022-06-30 -0.1223 Average Annual Total Returns (as of December 31, 2025) <div id="xdx_A8A_eoef--PerformanceTableTextBlock_ziRuABzLQdZ2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zwAe27YW50Lg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_49C_20250101__20251231_zqDLKcWbf9Bl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_495_20230823__20251231_zI8M1Qm2duj5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception(1)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000214795Member_zuukDRqs85X8" style="vertical-align: bottom; background-color: rgb(202,237,251)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 68%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">15.04%</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">8.65%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000214795Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zErZuOcUK7A1" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return after Taxes on Distributions</td> <td> </td> <td style="text-align: center">14.68%</td> <td> </td> <td style="text-align: center">8.43%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000214795Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zFxBtRPSHh3c" style="vertical-align: bottom; background-color: rgb(202,237,251)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return after Taxes on Distributions and Sale of Fund Shares</td> <td> </td> <td style="text-align: center">8.91%</td> <td> </td> <td style="text-align: center">6.73%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000214795Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zNpMu3FWSQF7" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Russell 3000® Index(2)</td> <td> </td> <td style="text-align: center">17.15%</td> <td> </td> <td style="text-align: center">10.74%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_zJZv1oECSFH5" style="width: 0.25in; text-align: left">(1)</td> <td id="xdx_F11_zVP2rRXY1Mnj" style="text-align: justify">Inception date is August 23, 2021.</td> </tr> <tr> <td id="xdx_F0E_zDH2lMaY84Oi" style="vertical-align: top; white-space: nowrap; text-align: justify">(2)</td> <td id="xdx_F1A_z8v4j5PLEJY1" style="vertical-align: top; text-align: justify">The Russell 3000® Index is composed of 3000 large U.S. companies, as determined by market capitalization. This portfolio of securities represents approximately 96% of the investable U.S. equity market. The Russell 3000® Index is comprised of stocks within the Russell 1000® and the Russell 2000® Indices. The Russell 3000® Index was developed with a base value of 140.00 as of December 31, 1986.</td> </tr> </table> Return Before Taxes 0.1504 0.0865 0.1468 0.0843 0.0891 0.0673 0.1715 0.1074 2021-08-23 Zacks Focus Growth ETF Investment Objective The Zacks Focus Growth ETF (the “Fund”) seeks to provide long-term total returns and minimize capital loss. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and expense example below. <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zqEyj9ZD0mlk"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zOhF1hzCn6n7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; display: none; text-align: left"> </td> <td id="xdx_499_20260330__20260330__dei--LegalEntityAxis__custom--S000087747Member__oef--ClassAxis__custom--C000253655Member_z4cVddESul3e" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; display: none; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border: Black 1pt solid; background-color: Black; vertical-align: bottom; text-align: left">Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zWULkyGUcSY6" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 85%; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">0.44%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_z5qtKhBZ4tR" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Distribution and Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_z6idRt6rvjsj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.70%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zO3xY0xPjoY" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">1.14%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zZFG9ZNXI2Bc" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left">Fee Waiver and/or Expense Limitation1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">(0.59)%</td></tr> <tr id="xdx_401_eoef--NetExpensesOverAssets_dpn_z4RSkpg7hit9" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Net Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.55%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0in; text-align: right"></td> <td style="vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify">1. </td> <td style="vertical-align: top; text-align: justify">The Fund’s adviser, Zacks Investment Management, Inc. (the “Advisor”) has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 1, 2027, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.55% of the Fund’s net assets. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by the Zacks Trust’s (the “Trust”) Board of Trustees (the “Board”) on 60 days’ written notice to the Advisor.</td> </tr> </table> 0.0044 0.0000 0.0070 0.0114 -0.0059 0.0055 April 1, 2027 Example. You may also incur usual and customary brokerage commissions and other charges when buying or selling shares of the Fund, which are not reflected in the example that follows. This example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through March 31, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: This example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through March 31, 2027. <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzP7QkdQnLdg"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A53_dU_zy2WiqiH0ybb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_485_eoef--ExpenseExampleYear01_zMTu5e0XgtQ" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; width: 25%; background-color: #000000; text-align: center">One Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_zcDb0zlP7r57" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; width: 25%; background-color: #000000; text-align: center">Three Years</td> <td id="xdx_48A_eoef--ExpenseExampleYear05_zmFlB8kN6eN3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 25%; background-color: #000000; text-align: center">Five Years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_zrljR5Jcwkxe" style="border: Black 1pt solid; vertical-align: top; width: 25%; background-color: #000000; text-align: center">Ten Years</td> </tr> <tr id="xdx_41D_20260330__20260330__dei--LegalEntityAxis__custom--S000087747Member__oef--ClassAxis__custom--C000253655Member_zhmzPQHzxLRh"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; text-align: center">$56</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; text-align: center">$304</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">$571</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">$1333</td> </tr> </table> 56 304 571 1333 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal period ended November 30, 2025, the Fund’s portfolio turnover rate was 50% of the average value of its portfolio. 0.50 Principal Investment Strategies The Fund pursues its investment objective by constructing a portfolio of companies that exhibit sound fundamentals and superior growth potential relative to the overall U.S. equity market. Under normal circumstances, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in equity securities of growth companies. The Fund defines growth companies as companies that exhibit strong earnings growth potential. Earnings growth potential is determined by upward earnings revisions and projected earnings growth rates. Companies with such qualities generally, in the Advisor’s opinion, represent good, long-term investment opportunities. Portfolio holdings may be sold when the Advisor believes that such holdings no longer represent relatively attractive investment opportunities. The Fund is actively managed and may invest in companies in any economic sector. The Advisor starts with a universe of all U.S. exchange-listed companies. Of this universe, the Advisor constructs the Fund’s portfolio to include 40 to 120 positions using both quantitative and qualitative analysis in an effort to outperform the Russell 1000 Growth Index. The portfolio is generally rebalanced on a monthly basis using the analysis described above. However, the Advisor may rebalance the Fund’s portfolio more or less frequently due to things like corporate actions, such as mergers and acquisitions, and spin-offs. The Fund is classified as non-diversified, which means it can hold as few as 12 securities and a relatively high percentage of the Fund’s assets may be invested in the securities of a limited number of issuers. Risk is inherent in all investing. The loss of your money is a principal risk of investing in the Fund. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The following principal risk factors have been identified for the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. The loss of your money is a principal risk of investing in the Fund. Growth Stock Risk. Growth stocks may underperform value stocks and stocks in other broad style categories (and the stock market as a whole) over any period and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors. Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Investments in growth stocks present the risk that the Advisor’s perceptions of the company’s growth potential are wrong. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. These changes in value may result from factors affecting individual issuers, industries or the stock market as a whole. In addition, equity markets tend to be cyclical which may cause stock prices to fall over short or extended periods of time. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. The Advisor’s judgments about the attractiveness, value, and stability of particular stocks in which the Fund invests may prove to be incorrect, and there is no guarantee that the Advisor’s judgment will produce the desired results. Quantitative Model Risk. Investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective. Large-Cap Securities Risk. Stocks of large companies as a group can fall out of favor with the market. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Small and Medium Cap Securities Risk. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Mid- and small-capitalization companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies. New Advisor Risk. The Advisor has only recently begun serving as an investment advisor to ETFs. As a result, investors do not have a long-term track record of managing an ETF from which to judge the Advisor, and the Advisor may not achieve the intended result in managing the Fund. Common Stock Risk. Investments in shares of common stock may fluctuate in value response to many factors. Such price fluctuations subject the Fund to potential losses. Market Risk. Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market. Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions. The Fund’s performance per share will change daily in response to such factors. New Fund Risk. The Fund has a limited history of operations for investors to evaluate. Authorized Participant Risk. Only an authorized participant (“Authorized Participant” or “AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Early Close/Trading Halt Risk. An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses. ETF Structure Risks. Each Fund is structured as an ETF and as a result is subject to the special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Not Individually Redeemable. Shares are not individually redeemable and may be redeemed by a Fund at NAV only in Creation Units. You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Trading Issues. An active trading market for a Fund’s shares may not be developed or maintained. Trading in Shares on an Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of an Exchange. If a Fund’s Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Cash purchases. To the extent Creation Units are purchased by APs in cash instead of in-kind, a Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on a Fund and impact the Fund’s NAV if not fully offset by transaction fees paid by the APs.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Market Price Variance Risk. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td> </tr> </table> Investment Risk. Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence, and market liquidity. Concentration Risk. As a non-diversified fund, the Fund may be subject to greater volatility than a more diversified investment. A fluctuation in one stock could significantly affect overall performance. The Fund is also concentrated in fewer sectors than its benchmarks, and its performance may suffer if these sectors underperform the overall stock market. Cybersecurity Risk. As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result. Market Disruption and Geopolitical Risk. U.S. market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, and sanctions), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). Performance Information The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Shares for a full calendar year since the Fund’s inception. The performance table compares the performance of the Shares over time to the performance of a broad-based securities index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at: www.zacksetfs.com or by calling 855-813-3507. The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. www.zacksetfs.com 855-813-3507 Total Return <img alt="" src="groz_001.jpg" style="height: 295px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zKDDHXeJVGK1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000253655Member_zrd9jHDfYJ74" style="display: none; text-align: center; width: 50%">20.29%</td></tr> </table> 0.2029 <div id="xdx_A8C_eoef--BarChartClosingTextBlock_zkRl80DhE2Vi"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr> <td style="vertical-align: middle; width: 30%; text-align: center">Best Quarter</td> <td style="vertical-align: middle; width: 25%; text-align: center">6/30/2025</td> <td style="vertical-align: middle; width: 25%; text-align: center">18.75%</td> </tr> <tr> <td style="vertical-align: middle; text-align: center">Worst Quarter</td> <td style="vertical-align: middle; text-align: center">3/31/2025</td> <td style="vertical-align: middle; text-align: center">(10.12)%</td> </tr> </table> Best Quarter 2025-06-30 0.1875 Worst Quarter 2025-03-31 -0.1012 Average Annual Total Returns (as of December 31, 2025) <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zBpvy6hTKevb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zVIujT8fUM53" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_49C_20250101__20251231_zQq6LmuYC6q5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_49A_20241204__20251231_zRfMpcwyJtPf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception(1)</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253655Member_z4R4txA97sVa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 68%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">20.29%</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">16.97%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253655Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zq3sCNHjjwM" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return after Taxes on Distributions</td> <td> </td> <td style="text-align: center">20.27%</td> <td> </td> <td style="text-align: center">16.95%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253655Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zzQi4XNk7By6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return after Taxes on Distributions and Sale of Fund Shares</td> <td> </td> <td style="text-align: center">12.01%</td> <td> </td> <td style="text-align: center">12.94%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000253655Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zFo0CRdzEwS5" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Russell 3000® Index(2)</td> <td> </td> <td style="text-align: center">17.15%</td> <td> </td> <td style="text-align: center">11.63%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: left">(1)</td> <td style="vertical-align: top; text-align: left">The Fund commenced operation on December 4, 2024. </td> </tr> <tr> <td style="vertical-align: top; text-align: left">(2)</td> <td style="vertical-align: top; text-align: justify">The Russell 3000® Index is composed of 3000 large U.S. companies, as determined by market capitalization. This portfolio of securities represents approximately 96% of the investable U.S. equity market. The Russell 3000® Index is comprised of stocks within the Russell 1000® and the Russell 2000® Indices. The Russell 3000® Index was developed with a base value of 140.00 as of December 31, 1986.</td> </tr> </table> Return Before Taxes 0.2029 0.1697 0.2027 0.1695 0.1201 0.1294 0.1715 0.1163 2024-12-04 Zacks Small/Mid Cap ETF Investment Objective The Zacks Small/Mid Cap ETF (the “Fund”) seeks to generate positive risk-adjusted returns. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and expense example below. <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zRJYVIZDmDfi"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zNptt6hEbFvh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; display: none; text-align: left"> </td> <td id="xdx_498_20260330__20260330__dei--LegalEntityAxis__custom--S000081958Member__oef--ClassAxis__custom--C000245117Member_zrxkMMpvH8D4" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; display: none; text-align: center"> </td></tr> <tr style="background-color: Black; vertical-align: bottom"> <td colspan="2" style="border: Black 1pt solid; text-align: left">Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_z3o4ZFcXfhyg" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 85%; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">0.44%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zwzG6CLuY3k8" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Distribution and Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zqXoQZqzyHW3" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.16%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zte3J0OwIPTk" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.60%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zBpLywLxhQmj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left">Fee Waiver and/or Expense Limitation1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">(0.05)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_z5rtHLQghUFa" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Net Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">0.55%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left">1.</td> <td style="text-align: justify">The Fund’s adviser, Zacks Investment Management, Inc. (the “Advisor”) has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 1, 2027, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.55% of the Fund’s net assets. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by the Zacks Trust’s (the “Trust”) Board of Trustees (the “Board”) on 60 days’ written notice to the Advisor.</td> </tr> </table> 0.0044 0.0000 0.0016 0.0060 -0.0005 0.0055 April 1, 2027 Example. You may also incur usual and customary brokerage commissions and other charges when buying or selling shares of the Fund, which are not reflected in the example that follows. This example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through March 31, 2026. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: This example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through March 31, 2026. <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPIyo0j5Np48"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A55_dU_zGNGRmZwsh4g" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48D_eoef--ExpenseExampleYear01_zFnRh36OmRne" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; width: 25%; background-color: #000000; text-align: center">One Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zlZA0zbSfAd2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; width: 25%; background-color: #000000; text-align: center">Three Years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_zhRJf2zoTY26" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 25%; background-color: #000000; text-align: center">Five Years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_zXKjxqyiyDpb" style="border: Black 1pt solid; vertical-align: top; width: 25%; background-color: #000000; text-align: center">Ten Years</td> </tr> <tr id="xdx_413_20260330__20260330__dei--LegalEntityAxis__custom--S000081958Member__oef--ClassAxis__custom--C000245117Member_zYtQcoY31NI2"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; text-align: center">$56</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; text-align: center">$187</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">$330</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">$745</td> </tr> </table> 56 187 330 745 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was 105% of the average value of its portfolio. 1.05 Principal Investment Strategies The Fund seeks to generate positive risk-adjusted returns (positive rate of return after adjustment for the amount of risk taken) by, under normal circumstances, investing at least 80% of its net assets (including any borrowings for investment purposes) in equity securities of small and midsize companies listed on U.S. stock exchanges or derivatives linked to such securities. The small and mid-cap securities are generally common stock selected from constituents in the Russell Midcap® Index and Russell 2000® Index. As of February 28, 2026, the average market capitalization of the constituents in the Russell Midcap® Index was $34.15 billion, and the average market capitalization of the constituents in the Russell 2000® Index was $5.4 billion. The Fund is actively managed. The Fund may invest in companies in any economic sector. The Advisor constructs the Fund’s portfolio using both quantitative and qualitative analysis. The companies included in the portfolio are selected from the constituents of the Russell 2000® Index and Russell Midcap® Index. The companies selected for the Fund’s portfolio are considered by the Advisor to have sound fundamentals and growth potential to outperform a 50/50 blend of the Russell 2000® Index and Russell Midcap® Index in the long-term based on the Advisor’s quantitative analysis. The Advisor utilizes a quantitative model focused on four factors: Agreement (percentage of earnings estimate revisions that are revised upward), Magnitude (size of the earnings estimate revisions), Upside (where the most accurate or recent earnings estimates are coming in relative to the consensus) and Surprise (the magnitude and frequency of earnings surprises). Earnings surprises are a concept created by the Advisor’s affiliate, Zacks Investment Research, and are defined as the difference between reported earnings per share and consensus or average earnings estimates from sell-side analysts. Consensus estimates refer to the average forecasts of a group of sell-side analysts as to what a company is expected to earn or lose in a given period of time (quarterly or annually). The data for the quantitative analysis is provided by Zacks Investment Research, which derives the data from information provided by sell-side analysts. The Advisor constructs a portfolio of between 150-250 positions based on the qualitative judgement of the portfolio manager after reviewing the above factors using the quantitative data described above. Once selected for the Fund’s portfolio, a company may be maintained in the portfolio even if it is subsequently removed from the Russell 2000® Index or Russell Midcap® Index. The Fund invests about 30%-70% of the value of its net assets in small cap equity securities and about 30%-70% in mid cap equity securities. The Fund may also invest up to 20% of the Fund’s net assets in cash and cash equivalents, including money market funds and other short-term fixed income investments, in seeking to protect principal, or when, in the Advisor’s opinion, there are not sufficient companies appropriate for investment. As an alternative to holding cash or cash equivalents, the Advisor may invest the Fund’s assets in shares of other investment companies, including open-end and closed-end funds and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”). The portfolio is generally rebalanced on a monthly basis using the quantitative analysis described above. However, the Advisor may rebalance the portfolio at other times based on qualitative factors like corporate actions, such as mergers and acquisitions, and spin-offs. Risk is inherent in all investing. The loss of your money is a principal risk of investing in the Fund. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The following principal risk factors have been identified for the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. The loss of your money is a principal risk of investing in the Fund. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. These changes in value may result from factors affecting individual issuers, industries or the stock market as a whole. In addition, equity markets tend to be cyclical which may cause stock prices to fall over short or extended periods of time. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. The Advisor’s judgments about the attractiveness, value, and stability of particular stocks in which the Fund invests may prove to be incorrect, and there is no guarantee that the Advisor’s judgment will produce the desired results. Quantitative Model Risk. Investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective. Small and Medium Cap Securities Risk. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience. Common Stock Risk. Investments in shares of common stock may fluctuate in value response to many factors. Such price fluctuations subject the Fund to potential losses. Fund Investing Risk. Investments in other investment companies subject the Fund to additional operating and management fees and expenses. Investors in the Fund will indirectly bear fees and expenses charged by the funds in which the Fund invests, in addition to the Fund’s direct fees and expenses. The Fund’s performance depends in part upon the performance of the investment advisor to each Underlying Fund, the strategies and instruments used by the Underlying Funds, and the Advisor’s ability to select Underlying Funds and effectively allocate fund assets among them. ETF Investing Risk. The Fund’s investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF’s underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities, an ETF may trade at a premium or discount to its net asset value, or an ETF may not replicate exactly the performance of the benchmark index it seeks to track. In addition, investing in an ETF may also be costlier than if the Fund had owned the underlying securities directly. The Fund and, indirectly, shareholders of the Fund, bear a proportionate share of the ETF’s expenses, which include management and advisory fees and other expenses. In addition, the Fund will pay brokerage commissions in connection with the purchase and sale of the ETFs in its portfolio. Control of Underlying Funds Risk. The Underlying Funds each have their own unique investment objective, strategies, and risks. There is no guarantee that the Underlying Funds will achieve their investment objectives and the Fund has exposure to the investment risks of the Underlying Funds in direct proportion to the allocation of assets among the funds. The investment policies of the Underlying Funds may differ from the Fund’s policies. Although the Fund and the Advisor will evaluate regularly each Underlying Fund to determine whether its investment program is consistent with the Fund’s investment objective, the Advisor will not have any control over the investments made by an Underlying Fund. Even though each Underlying Fund is subject to certain constraints, the investment advisor of each Underlying Fund may change aspects of its investment strategies at any time. The Advisor will not have the ability to control or otherwise influence the composition of the investment portfolio of an Underlying Fund. Cash and Cash Equivalents Risk. At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. U.S. Government Securities Risk. U.S. government securities risk refers to the risk that debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities. New Advisor Risk. The Advisor has only recently begun serving as an investment advisor to ETFs. As a result, investors do not have a long-term track record of managing an ETF from which to judge the Advisor, and the Advisor may not achieve the intended result in managing the Fund. Market Risk. Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market. Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions. The Fund’s performance per share will change daily in response to such factors. New Fund Risk. The Fund has a limited history of operations for investors to evaluate. Authorized Participant Risk. Only an authorized participant (“Authorized Participant” or “AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Early Close/Trading Halt Risk. An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses. ETF Structure Risks. Each Fund is structured as an ETF and as a result is subject to the special risks, including: <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zVZRU4QdfU7d"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Not Individually Redeemable. Shares are not individually redeemable and may be redeemed by a Fund at NAV only in Creation Units. You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</td> </tr> </table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_z3xeP3EnUrEf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Trading Issues. An active trading market for a Fund’s shares may not be developed or maintained. Trading in Shares on an Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of an Exchange. If a Fund’s Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td> </tr> </table> <div style="display: none"></div> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashPurchasesMember_zhOpUpqycFNk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Cash purchases. To the extent Creation Units are purchased by APs in cash instead of in-kind, a Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on a Fund and impact the Fund’s NAV if not fully offset by transaction fees paid by the APs.</td> </tr> </table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRisMember_zMFfBOZpff8h"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Market Price Variance Risk. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td> </tr> </table> Portfolio Turnover Risk. The portfolio manager will sell Underlying Funds and other securities when it is in the best interest of the Fund and its shareholders to do so without regard to the length of time they have been held. As portfolio turnover may involve paying brokerage commissions and other transaction costs, there could be additional expenses for the Fund. High rates of portfolio turnover may also result in the realization of short-term capital gains and losses. Any distributions resulting from such gains will be considered ordinary income for federal income tax purposes. Investment Risk. Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence, and market liquidity. Cybersecurity Risk. As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result. Performance Information The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of the Shares for each full calendar year since the Fund’s inception. The performance table compares the performance of the Shares over time to the performance of a broad-based securities index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at: www.zacksetfs.com or by calling 855-813-3507. The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. www.zacksetfs.com 855-813-3507 Total Returns (Year ended December 31, 2025) <img alt="" src="smiz_001.jpg" style="height: 239px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z8liLkx6ryZ1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2024</td> <td id="xdx_989_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000245117Member_z3mPlrCXfgC" style="display: none; text-align: center; width: 50%">18.09%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000245117Member_zPjimmEGBHd3" style="display: none; text-align: center">12.19%</td></tr> </table> 0.1809 0.1219 <div id="xdx_A8F_eoef--BarChartClosingTextBlock_zyGajAbN4a68"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="width: 30%; text-align: center">Best Quarter</td> <td style="width: 25%; text-align: center">6/30/25</td> <td style="width: 25%; text-align: center">12.13%</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">Worst Quarter</td> <td style="text-align: center">3/31/25</td> <td style="text-align: center">(8.89)%</td></tr> </table> Best Quarter 2025-06-30 0.1213 Worst Quarter 2025-03-31 -0.0889 Average Annual Total Returns (as of December 31, 2025) <div id="xdx_A84_eoef--PerformanceTableTextBlock_zfUCow1XBaee"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zTPUJkVlFZt4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-indent: -0.125in; padding-left: 0.125in; text-align: center; background-color: #FFFFFF"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_49C_20250101__20251231_zSYsSq3IHqde" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; background-color: #FFFFFF">One Year</td> <td style="border-bottom: Black 1pt solid; font-weight: bold"> </td> <td id="xdx_492_20231222__20251231_zAzUFPTBUsRg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; background-color: #FFFFFF">Since Inception(1)</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000245117Member_z7Pf2LMbBfDc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 68%; text-align: left">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">12.19%</td> <td style="width: 1%"> </td> <td style="width: 15%; text-align: center">20.28%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000245117Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zodQq6RLK3Aa" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return after Taxes on Distributions</td> <td> </td> <td style="text-align: center">11.91%</td> <td> </td> <td style="text-align: center">19.82%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000245117Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zDgtdT8GoGt5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return after Taxes on Distributions and Sale of Fund Shares</td> <td> </td> <td style="text-align: center">7.22%</td> <td> </td> <td style="text-align: center">15.65%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000245117Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zcEY0C7v4lH1" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Russell 3000® Index(2)</td> <td> </td> <td style="text-align: center">17.15%</td> <td> </td> <td style="text-align: center">24.23%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td id="xdx_F09_z0O11RpCPcG6" style="vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify">(1)</td> <td id="xdx_F1D_zvcu5rVkop39" style="vertical-align: top; text-align: justify">Inception date is October 2, 2023.</td> </tr> <tr> <td id="xdx_F02_z0zyVY0Yg5H" style="vertical-align: top; white-space: nowrap; text-align: justify">(2)</td> <td id="xdx_F19_zn39UFj5Gezd" style="vertical-align: top; text-align: justify">The Russell 3000® Index is composed of 3000 large U.S. companies, as determined by market capitalization. This portfolio of securities represents approximately 96% of the investable U.S. equity market. The Russell 3000® Index is comprised of stocks within the Russell 1000® and the Russell 2000® Indices. The Russell 3000® Index was developed with a base value of 140.00 as of December 31, 1986.</td> </tr> </table> Return Before Taxes 0.1219 0.2028 0.1191 0.1982 0.0722 0.1565 0.1715 0.2423 2023-10-02 Zacks Quality International ETF Investment Objective The Zacks Quality International ETF (the “Fund”) seeks to generate positive risk-adjusted returns. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and expense example below. <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zMzU4Ymy9J16"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zGrsk9au63t3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; display: none; text-align: left"> </td> <td id="xdx_490_20260330__20260330__dei--LegalEntityAxis__custom--S000093685Member__oef--ClassAxis__custom--C000262121Member_zIN33cKbrPu4" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; display: none; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border: Black 1pt solid; background-color: Black; text-align: left">Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zLgWg6qoCrLk" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 85%; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">0.44%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zufjekOO9EK9" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Distribution and Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zXnC34dO3z1l" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Other Expenses1</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.24%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zPB6dyJZJOye" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.68%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zJUOx8fxVkX7" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left">Fee Waiver and/or Expense Limitation2</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">(1.13)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_z8tmT9vsW92a" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Net Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.55%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify">1.</td> <td style="vertical-align: top; text-align: justify">Estimated for the current fiscal year.</td> </tr> <tr> <td style="vertical-align: top; white-space: nowrap; text-align: justify">2.</td> <td style="vertical-align: top; text-align: justify">The Fund’s adviser, Zacks Investment Management, Inc. (the “Advisor”) has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least September 1, 2027, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.55% of the Fund’s net assets. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by the Zacks Trust’s (the “Trust”) Board of Trustees (the “Board”) on 60 days’ written notice to the Advisor.</td> </tr> </table> 0.0044 0.0000 0.0124 0.0168 -0.0113 0.0055 Estimated for the current fiscal year September 1, 2027 Example. You may also incur usual and customary brokerage commissions and other charges when buying or selling shares of the Fund, which are not reflected in the example that follows. This example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through September 1, 2026. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: This example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through September 1, 2026. <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhCgSzIizTq7"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A52_dU_z7BxIWOS2Gk" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_483_eoef--ExpenseExampleYear01_zJu5INLSLw8c" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; width: 25%; background-color: #000000; text-align: center">One Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zcdBBWXvq1b3" style="border: Black 1pt solid; vertical-align: middle; width: 25%; background-color: #000000; text-align: center">Three Years</td> </tr> <tr id="xdx_413_20260330__20260330__dei--LegalEntityAxis__custom--S000093685Member__oef--ClassAxis__custom--C000262121Member_zrNekOSLrE7f"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; text-align: center">$56</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: middle; text-align: center">$419</td> </tr> </table> 56 419 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended November 30, 2025, the Fund’s portfolio turnover rate was 8% of the average value of its portfolio. 0.08 Principal Investment Strategies The Fund seeks to generate positive risk-adjusted returns by, under normal circumstances, investing at least 80% of its net assets (including any borrowings for investment purposes) in equity securities (including common stock and depositary receipts) issued by publicly listed companies in non-U.S. markets. The Fund primarily invests in the securities of companies in countries with developed markets. The Fund defines developed markets as those countries having more mature economies and advanced capital markets (for example, Japan, Germany, and Great Britain). The Fund may also invest in other open-end and closed-end funds and exchange-traded funds (“ETFs”) whose investment objectives are to invest in equity securities issued by publicly listed companies in non-U.S. markets (collectively, “Underlying Funds”). For purposes of the Fund’s 80% policy, investments in Underlying Funds shall be deemed equivalent to a direct investment in such fund’s underlying investment holdings. Portfolio holdings may be sold when the Advisor believes that such holdings no longer represent relatively attractive investment opportunities. The Fund is actively managed and may invest in companies in any economic sector. The Advisor starts with a universe of large- and mid-cap companies, primarily in developed markets, excluding North America. Of this universe, the Advisor constructs the Fund’s portfolio to include between 75 and 250 positions using both a proprietary quantitative model and qualitative judgement in an effort to outperform, before the reduction of fees and expenses, the Bloomberg Developed Markets ex N. America Large and Mid-Cap Index. Positions will be chosen based on their contribution to the overall risk/return profile of the Fund based on the investment adviser’s proprietary quantitative model and an evaluation of various qualitative factors (which may include, but are not limited to, revisions to analysts’ earnings estimates, reported earnings per share that exceed sell-side analysts’ expectations, and momentum before and after adjusting for the exchange rate in local currency to U.S. dollars, among other factors). The expectation is that, under normal market conditions, at the time of purchase, a particular position will represent between 15 basis points (0.15%) and three percent (3%) of the Fund’s total portfolio. The portfolio is generally rebalanced on a monthly basis using the analysis described above. However, the Advisor may rebalance the Fund’s portfolio more or less frequently due to things like corporate actions, such as mergers and acquisitions, and spin-offs or in reaction to market events, earnings reports, and other specific or global events. Risk is inherent in all investing. The loss of your money is a principal risk of investing in the Fund. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The following principal risk factors have been identified for the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. The loss of your money is a principal risk of investing in the Fund. Non-U.S. Securities Risk. Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund’s shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. Currency Risk. The value of the Fund’s assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, and delays, restrictions or prohibitions on the repatriation of foreign currencies. Depositary Receipts Risk. Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. These changes in value may result from factors affecting individual issuers, industries or the stock market as a whole. In addition, equity markets tend to be cyclical which may cause stock prices to fall over short or extended periods of time. Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. The Advisor’s judgments about the attractiveness, value, and stability of particular stocks in which a Fund invests may prove to be incorrect, and there is no guarantee that the Advisor’s judgment will produce the desired results. Quantitative Model Risk. Investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective. Large-Cap Securities Risk. Stocks of large companies as a group can fall out of favor with the market. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Small and Medium Cap Securities Risk. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Mid- and small-capitalization companies typically have more limited product lines, markets and financial resources than larger companies, and their securities may trade less frequently and in more limited volume than those of larger, more mature companies. ETF Investing Risk. The Fund’s investment in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETF’s underlying securities. These risks include the possibility that: an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities, an ETF may trade at a premium or discount to its net asset value, or an ETF may not replicate exactly the performance of the benchmark index it seeks to track, if applicable. In addition, investing in an ETF may also be costlier than if the Fund had owned the underlying securities directly due to an additional layer of fees. Open- and Closed-End Fund Investing Risk. The Fund’s investment in open and closed-end funds may subject the Fund to additional risks than if the Fund would have invested directly in the fund’s underlying securities. These risks include the possibility that: a closed-end fund may experience a lack of liquidity that can result in greater volatility than its underlying securities, a closed-end fund may trade at a premium or discount to its net asset value, or an open or closed-end index fund may not replicate exactly the performance of the benchmark index it seeks to track, if applicable. In addition, investing in an open or closed-end fund may also be costlier than if the Fund had owned the underlying securities directly due to an additional layer of fees. Control of Underlying Funds Risk. The Underlying Funds each have their own unique investment objective, strategies, and risks. There is no guarantee that the Underlying Funds will achieve their investment objectives and the Fund has exposure to the investment risks of the Underlying Funds in direct proportion to the allocation of assets among the funds. The investment policies of the Underlying Funds may differ from the Fund’s policies. New Advisor Risk. The Advisor has only recently begun serving as an investment advisor to ETFs. As a result, investors do not have a long-term track record of managing an ETF from which to judge the Advisor, and the Advisor may not achieve the intended result in managing the Fund. Common Stock Risk. Investments in shares of common stock may fluctuate in value response to many factors. Such price fluctuations subject the Fund to potential losses. Market Risk. Market risk refers to the possibility that the value of securities held by the Fund may decline due to daily fluctuations in the market. Market prices for securities change daily as a result of many factors, including developments affecting the condition of both individual companies and the market in general. The price of a security may even be affected by factors unrelated to the value or condition of its issuer, including changes in interest rates, economic and political conditions, and general market conditions. The Fund’s performance per share will change daily in response to such factors. New Fund Risk. The Fund has a limited history of operations for investors to evaluate. Authorized Participant Risk. Only an authorized participant (“Authorized Participant” or “AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Early Close/Trading Halt Risk. An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses. ETF Structure Risks. Each Fund is structured as an ETF and as a result is subject to the special risks, including: <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NotIndividuallyRedeemableMember_zMnaFGv2sMMc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Not Individually Redeemable. Shares are not individually redeemable and may be redeemed by a Fund at NAV only in Creation Units. You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.</td> </tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingIssuesMember_zPTdGPBNVVJ9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Trading Issues. An active trading market for a Fund’s shares may not be developed or maintained. Trading in Shares on an Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of an Exchange. If a Fund’s Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Fund’s shares.</td> </tr> </table> <div style="display: none"></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashPurchasesMember_zh3xKCwNDmmg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Cash purchases. To the extent Creation Units are purchased by APs in cash instead of in-kind, a Fund will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on a Fund and impact the Fund’s NAV if not fully offset by transaction fees paid by the APs.</td> </tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceVarianceRiskMember_z5UKEvSAb0z5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Market Price Variance Risk. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td> </tr> </table> Investment Risk. Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence, and market liquidity. Cybersecurity Risk. As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result. Market Disruption and Geopolitical Risk. Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, and sanctions), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics. Performance Information Because the Fund has not been in operation for an entire calendar year, no Fund performance information is shown. You may request a copy of the Fund’s annual and semi-annual reports, once available, at no charge by calling the Fund at 855-813-3507. Interim information on the Fund’s results can be obtained by visiting the Fund’s website at www.zacksetfs.com. Because the Fund has not been in operation for an entire calendar year, no Fund performance information is shown. 855-813-3507 www.zacksetfs.com Zacks All-Cap Core Fund Investment Objective The investment objectives of the Zacks All-Cap Core Fund are, primarily, capital appreciation and, secondarily, to provide shareholders with income through dividends. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zjX6zVtNFrTf"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A54_dU_zZdkv0mxVdTf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="background-color: Black; font-family: Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 84%; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260330__20260330__dei--LegalEntityAxis__custom--S000081339Member__oef--ClassAxis__custom--C000244046Member_zfKeQx6YCmO6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">Institutional Class</td> </tr> <tr id="xdx_40F_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_z43oWywD8mu2" style="font-family: Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> </tr> <tr id="xdx_401_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_znyd4Q46VQu7" style="font-family: Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Maximum Deferred Sales Charge (Load) (as a % of the lesser of amount purchased or redeemed)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">None</td> </tr> <tr id="xdx_401_eoef--RedemptionFeeOverRedemption_iN_dpin_z3dvl7CLsEb9" style="font-family: Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">Redemption Fee if redeemed within 30 days of purchase (as a % of amount redeemed)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.00%</td> </tr> </table> 0 0 -0.0200 Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zJfJ3jvHxvug"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A58_dU_zBrZ9HsBnqui" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: Black; font-family: Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49C_20260330__20260330__dei--LegalEntityAxis__custom--S000081339Member__oef--ClassAxis__custom--C000244046Member_zhfvwWwyELg6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: middle; text-align: center">Institutional Class</td> </tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zUE4D1visxll" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 84%; text-align: left">Management Fees</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">0.80%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOrTp6E885Ui" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Distribution and Service (12b-1) Fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zxzNVYXLbN4i" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Other Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.48%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zaOnWqiInos6" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Acquired Fund Fees and Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z6JbNH5jzv8l" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.29%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zqYoJcjf9UCe" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left">Fee Waiver and/or Expense Limitation1</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">(0.28)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_zCi8FYoGCJwd" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Net Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1.01%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left">1.</td> <td style="text-align: justify">The Fund’s adviser, Zacks Investment Management, Inc. (the “Advisor”) has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 1, 2027, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing</td> </tr> </table> costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor)) will not exceed 1.00% of the Fund’s net assets. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by Zacks Trust’s (the “Trust”) Board of Trustees (the “Board”) on 60 days’ written notice to the Advisor. 0.0080 0.0000 0.0048 0.0001 0.0129 -0.0028 0.0101 April 1, 2027 Example. You may also incur usual and customary brokerage commissions and other charges when buying or selling shares of the Fund, which are not reflected in the example that follows. This example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through March 31, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: This example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through March 31, 2027. <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCnteKkMKWh2"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A54_dU_zZAIu7HxzKma" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font-family: Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: top; width: 20%; background-color: #000000; text-align: center">Class</td> <td id="xdx_489_eoef--ExpenseExampleYear01_zLrhI1aY7Kuc" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: middle; width: 20%; background-color: #000000; text-align: center">One Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zHdVVGE8avU3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: middle; width: 20%; background-color: #000000; text-align: center">Three Years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zfx0uGyxtLIh" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: top; width: 20%; background-color: #000000; text-align: center">Five Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_ztEJNjJOl5Zj" style="border: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: top; width: 20%; background-color: #000000; text-align: center">Ten Years</td> </tr> <tr id="xdx_414_20260330__20260330__dei--LegalEntityAxis__custom--S000081339Member__oef--ClassAxis__custom--C000244046Member_zIvzQfWo4Ei8" style="font-family: Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center">Institutional</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center">$103</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center">$381</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center">$680</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center">$1,530</td> </tr> </table> 103 381 680 1530 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal period ended November 30, 2025, the Fund’s portfolio turnover rate was 18% of the average value of its portfolio. 0.18 Principal Investment Strategies The Fund pursues its investment objectives by applying a hybrid research process, which uses both quantitative and qualitative criteria. The Advisor uses the Zacks Rank, a proprietary model, to quantitatively assess the attractiveness of a large universe of stocks based primarily on an analysis of changing patterns of earnings estimates for a company. The primary aim of the Zacks Rank model is to identify those companies most likely to experience positive earnings estimate revisions. From a smaller universe of stocks that are highly ranked by the quantitative model (approximately 300 securities), the portfolio manager selects stocks with strong earnings potential using traditional “bottom-up” valuation metrics. Portfolio construction is driven by modern portfolio theory incorporating strict risk controls. Under normal circumstances, the Advisor expects to invest primarily in equity securities with an emphasis on equity securities of U.S. issuers. The Fund seeks to diversify its assets by investing in securities from a pool of more than one dozen industry sectors and over 200 industry groups. The Advisor allocates assets opportunistically based on market information and is not constrained by market capitalization or style parameters. Sector, capitalization and style allocations generally result from market trends regarding earnings information. The Fund is designed to be a “core” fund that seeks to combine both value and growth characteristics. The Fund may invest a significant amount of its assets in one or more sectors from time to time. As of November 30, 2025, 31.0% of the Fund’s assets were invested in the technology sector. The sectors in which the Fund is more heavily invested will vary. Under normal circumstances, the Fund invests primarily in equity securities of U.S. issuers. The Fund also may invest in equity securities of Canadian issuers and American Depository Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. In addition, the Fund may lend its portfolio securities to broker-dealers and other institutions as a means of earning additional income. Risk is inherent in all investing. The loss of your money is a principal risk of investing in the Fund. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The following principal risk factors have been identified for the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. The loss of your money is a principal risk of investing in the Fund. Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. In addition, local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a security or instrument. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests. Quantitative Model Risk. There are limitations inherent in every quantitative model. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model. Investments selected using the Zacks Rank and other quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the Fund to achieve positive returns or outperform the market. Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environments of foreign countries. Changes in exchange rates and interest rates, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include ADRs. Unsponsored ADRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Growth-Oriented Investment Strategies Risk. Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth securities typically are very sensitive to market movements because their market prices frequently reflect projections of future earnings or revenues, and when it appears that those expectations will not be met the prices of growth securities typically fall. Value-Oriented Investment Strategies Risk. Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive) value stocks generally may be out of favor in the markets. Lending Portfolio Securities Risk. The Fund may lend its portfolio securities to broker-dealers and banks, provided that it may not lend securities if, as a result, the aggregate value of all securities loaned would exceed 33 1/3% of its total assets. The collateral, including the investment of any cash collateral, is subject to market depreciation. In the event of bankruptcy or other default of the borrower, the Fund could experience delays in both liquidating the loan collateral and recovering the loaned securities and losses. The collateral (including any investment of cash collateral) is not subject to the percentage limitations on the Fund’s investments described elsewhere in this prospectus. Management and Strategy Risk. The value of your investment is dependent upon the judgment of the Advisor about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect. Income and Distribution Risk. The income that shareholders receive from the Fund through annual distributions is based primarily on the dividends and interest the Fund earns from its investments. Dividend payments the Fund receives in respect of its portfolio securities can vary widely over the short and long-term. Market Capitalization Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion. The securities of small-capitalization and mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions. Investment Risk. Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence, and market liquidity. Sector Focus Risk. The Fund may invest a larger portion of its assets in one or more sectors than many other mutual funds and thus will be more susceptible to negative events affecting those sectors. For example, as of November 30, 2025, 31.0% of the Fund’s assets were invested in the technology sector. Technology companies may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of those securities could decline if the issuers experience cybersecurity incidents. Market Disruption and Geopolitical Risk. U.S. market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine and the conflicts in the Middle East), geopolitical developments (including trading and tariff arrangements, and sanctions), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). Performance Information The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class performance from year to year and by showing how the average annual total returns for each class compared to that of a broad-based securities market index. The Fund acquired all of the assets and liabilities of the Zacks All-Cap Core Fund (the “Predecessor Fund”), a series of Investment Managers Series Trust (the “Predecessor Trust”), in a tax-free reorganization on January 26, 2024. In connection with this acquisition, Institutional Class shares of the Predecessor Fund were exchanged for Institutional Class shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and were managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The performance information set forth below reflects the historical performance of the Predecessor Fund’s shares. Prior to October 31, 2016, Institutional Class shares were designated as Class A shares, which were subject to a 5.75% sales charge that is not reflected in the total return figures. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at: www.zacksfunds.com or by calling 1-888-453-4003. The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class performance from year to year and by showing how the average annual total returns for each class compared to that of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. www.zacksfunds.com 1-888-453-4003 Calendar-Year Total Return (before taxes) for Institutional Class Shares For each calendar year at NAV <img alt="" src="czovx_001.jpg" style="height: 258px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z6iVhnOD0Ffl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000244046Member_zf9GYv1Mlzc9" style="display: none; text-align: center; width: 50%">7.37%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000244046Member_zTNRMnUnYKbl" style="display: none; text-align: center">22.03%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000244046Member_zB1uHE4wAN8k" style="display: none; text-align: center">-5.30%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000244046Member_zySfrYPz9Syd" style="display: none; text-align: center">29.22%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_982_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000244046Member_zbZBwylDiPYj" style="display: none; text-align: center">15.16%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_982_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000244046Member_zzBoS6mhGpoi" style="display: none; text-align: center">29.28%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_986_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000244046Member_z2oofsNY4ONd" style="display: none; text-align: center">-18.28%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000244046Member_zuUqfg85cN1b" style="display: none; text-align: center">23.48%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_988_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000244046Member_zEZZm8A5l7ek" style="display: none; text-align: center">24.79%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000244046Member_zK4Q6AKseb74" style="display: none; text-align: center">15.60%</td></tr> </table> 0.0737 0.2203 -0.0530 0.2922 0.1516 0.2928 -0.1828 0.2348 0.2479 0.1560 <div id="xdx_A88_eoef--BarChartClosingTextBlock_zSUAkmynf6pj"></div> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Institutional Class Shares</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 68%; text-align: left">Highest Calendar Quarter Return at NAV (non-annualized):</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">18.66%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">Quarter Ended 06/30/2020</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left">Lowest Calendar Quarter Return at NAV (non-annualized):</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(18.59)%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Quarter Ended 03/31/2020</td></tr> </table> Highest Calendar Quarter Return at NAV 0.1866 2020-06-30 Lowest Calendar Quarter Return at NAV -0.1859 2020-03-31 <div id="xdx_A88_eoef--PerformanceTableTextBlock_z9UhXccEWyWl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zdcrZbz9chEi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left">Average Annual Total Returns for the Periods Ended December 31, 2025</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49C_20250101__20251231_zPMVLJ2dW6lf" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 year</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49C_20210101__20251231_zQE3a2WCllij" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">5 years</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49B_20160101__20251231_z6FXxJXnpUL9" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">10 years</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244046Member_zQaSMPbbs6O" style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; vertical-align: top; width: 52%; text-align: left">Institutional Class Shares</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">15.60%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">13.48%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">13.26%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left">Return After Taxes on Distributions</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244046Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zTUj9c0AI5Sb" style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; vertical-align: top; text-align: left">Institutional Class Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">14.97%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">10.57%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">10.57%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244046Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zYqkEUpengV1" style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; vertical-align: top; text-align: left">Institutional Class Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">9.67%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">10.10%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">10.05%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244046Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionsForEeesExpensesOrTaxesMember_zqVpwHPxJX0h" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left">Russell 3000® Index (Reflects no deductions for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">17.15%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">13.15%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">14.29%</td></tr> </table> Return Before Taxes 0.1560 0.1348 0.1326 0.1497 0.1057 0.1057 0.0967 0.1010 0.1005 0.1715 0.1315 0.1429 Zacks Small-Cap Core Fund Investment Objective The investment objective of the Zacks Small-Cap Core Fund is capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zMBYQOeB1rKe"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_z6wc41ofkUg6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font-weight: bold; background-color: Black; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-indent: -0.125in; padding-left: 0.165in; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_497_20260330__20260330__dei--LegalEntityAxis__custom--S000081341Member__oef--ClassAxis__custom--C000244050Member_zTeOOhzhD0gh" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Institutional Class</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_493_20260330__20260330__dei--LegalEntityAxis__custom--S000081341Member__oef--ClassAxis__custom--C000244049Member_zIa06k8nBAo3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Investor Class</td></tr> <tr id="xdx_40F_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zD9oFu3lnckg" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; text-align: left">Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_401_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zZvhJQCJ2Kh7" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; text-align: left">Maximum Deferred Sales Charge (Load) (as a % of the lesser of amount purchased or redeemed)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_40C_eoef--RedemptionFeeOverRedemption_iN_dpin_zZqG4MN3Uehi" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; width: 68%; text-align: left">Redemption Fee if redeemed within 30 days of purchase (as a % of amount redeemed)</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td></tr> </table> 0 0 0 0 -0.0200 -0.0200 Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zI7qgZiGPGse"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zcihaxlwcH61" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font-weight: bold; background-color: Black; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; vertical-align: top; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_497_20260330__20260330__dei--LegalEntityAxis__custom--S000081341Member__oef--ClassAxis__custom--C000244050Member_zFUKpU2GAfOj" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Institutional Class</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_493_20260330__20260330__dei--LegalEntityAxis__custom--S000081341Member__oef--ClassAxis__custom--C000244049Member_z7rXomVgwuhc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Investor Class</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zNIHSgHWIssh" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 68%; text-align: left">Management Fees</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">0.90%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">0.90%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zbl5aYJ4U1n" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left">Distribution and Service (12b-1) Fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.00%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.25%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zADayQyJGMLg" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left">Other Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.60%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.60%</td></tr> <tr id="xdx_402_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z5WOFQtWoCw9" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left">Acquired Fund Fees and Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.01%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zSWldUpwU8cl" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.51%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.76%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zt64pcCbtfC1" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; vertical-align: top; text-align: left">Fee Waiver and/or Expense Limitation1</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(0.36)%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">(0.36)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_zgl5EPgXA6Ma" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left">Net Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1.15%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1.40%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left">1.</td> <td style="text-align: justify">The Fund’s adviser, Zacks Investment Management, Inc. (the “Advisor”) has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 1, 2027, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor)) will not exceed 1.14% and 1.39% of the average daily net assets of the Institutional Class and Investor Class shares of the Fund, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by Zacks Trust’s (the “Trust”) Board of Trustees (the “Board”) on 60 days’ written notice to the Advisor.</td> </tr> </table> 0.0090 0.0090 0.0000 0.0025 0.0060 0.0060 0.0001 0.0001 0.0151 0.0176 -0.0036 -0.0036 0.0115 0.0140 April 1, 2027 Example. You may also incur usual and customary brokerage commissions and other charges when buying or selling shares of the Fund, which are not reflected in the example that follows. This example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through March 31, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: This example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through March 31, 2027. <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zYm9FobPLMy7"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zWHzVpwrhrvk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Black; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Class</td> <td id="xdx_485_eoef--ExpenseExampleYear01_zH75OBb7Hcza" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_zC9RSiAGESC5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Three Years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_zkafZOB3f5d4" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Five Years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_z0c9JZZZYfCd" style="border: Black 1pt solid; font-weight: bold; text-align: center">Ten Years</td></tr> <tr id="xdx_41D_20260330__20260330__dei--LegalEntityAxis__custom--S000081341Member__oef--ClassAxis__custom--C000244050Member_ziKXyLMoxkDj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center">Institutional</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center">$117</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center">$440</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center">$787</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center">$1,765</td></tr> <tr id="xdx_41B_20260330__20260330__dei--LegalEntityAxis__custom--S000081341Member__oef--ClassAxis__custom--C000244049Member_zLqw8sRVQZD6" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">Investor</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$142</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$518</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$918</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$2,038</td></tr> </table> 117 440 787 1765 142 518 918 2038 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal period ended November 30, 2025, the Fund’s portfolio turnover rate was 107% of the average value of its portfolio. 1.07 Principal Investment Strategies The Fund pursues its investment objective by applying a hybrid research process which uses both quantitative and qualitative criteria. The Advisor uses a proprietary model to quantitatively assess the attractiveness of a large universe of stocks based on potential capital appreciation. The primary aim of the quantitative model is to identify those companies most likely to generate positive alpha, or excess return over the market, when adjusted for stock beta, or movement with the market. From a smaller universe of stocks that are highly ranked by the quantitative model, the portfolio manager selects small-cap stocks with attractive risk/return characteristics based on qualitative criteria. Portfolio construction incorporates risk controls. Under normal circumstances, the Fund will invest at least 80% of its net assets (including amounts borrowed for investment purposes) in a diversified portfolio of equity securities of small capitalization companies, with an emphasis on equity securities of U.S. issuers. The Fund’s investments in equity securities may include common stock, preferred stock and convertible securities. The Fund considers small capitalization companies to be companies within the range of those companies included in the Russell 2000® Index at the time of purchase. Because small capitalization companies are defined by reference to an index, the range of market capitalization companies in which the Fund invests may vary with market conditions. As of April 30, 2025, the market capitalizations of companies included in the Russell 2000® Index were between $5.24 billion and $39.26 billion. The Russell 2000® Index is reconstituted annually, to seek to ensure that larger stocks do not distort the performance and characteristics of the Index and that the represented companies continue to reflect small capitalization characteristics. The Fund is designed to be a “core” fund that seeks to combine both value and growth characteristics within the small-cap universe. The Fund seeks to diversify its assets by investing in securities from a pool of more than one dozen industry sectors. The Advisor allocates assets opportunistically based on market information and is not constrained by investment style parameters. Sector and style allocations generally result from a hybrid research process using quantitative and qualitative criteria. The Fund may engage in short-sale transactions up to 25% of its net assets. The Fund’s investment strategy involves active and frequent trading. In addition, the Fund may lend its portfolio securities to broker-dealers and other institutions as a means of earning additional income. The Fund may invest a significant amount of its assets in one or more sectors from time to time. As of November 30, 2025, 31.0% of the Fund’s assets were invested in the financial sector and 28.9% of the Fund’s assets were invested in the industrials sector. The sectors in which the Fund is more heavily invested will vary. Under normal circumstances, the Fund invests primarily in equity securities of U.S. issuers. The Fund also may invest in equity securities of Canadian issuers and American Depository Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. Risk is inherent in all investing. The loss of your money is a principal risk of investing in the Fund. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The following principal risk factors have been identified for the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. The loss of your money is a principal risk of investing in the Fund. Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. In addition, local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a security or instrument. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests. Quantitative Model Risk. There are limitations inherent in every quantitative model. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model. Investments selected using other quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the Fund to achieve positive returns or outperform the market. Lending Portfolio Securities Risk. The Fund may lend its portfolio securities to broker-dealers and banks, provided that it may not lend securities if, as a result, the aggregate value of all securities loaned would exceed 33 1/3% of its total assets. The collateral, including the investment of any cash collateral, is subject to market depreciation. In the event of bankruptcy or other default of the borrower, the Fund could experience delays in both liquidating the loan collateral and recovering the loaned securities and losses. The collateral (including any investment of cash collateral) is not subject to the percentage limitations on the Fund’s investments described elsewhere in this prospectus. Management and Strategy Risk. The value of your investment is dependent upon the judgment of the Advisor about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect. Portfolio Turnover Risk. Active and frequent trading of the Fund’s portfolio securities may lead to higher transaction costs and may result in a greater number of taxable transactions than would otherwise be the case, which could negatively affect the Fund’s performance. A high rate of portfolio turnover is 100% or more. Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environments of foreign countries. Changes in exchange rates and interest rates, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include ADRs. Unsponsored ADRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Small-Cap Companies Risk. The securities of small-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions. Growth-Oriented Investment Strategies Risk. Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth securities typically are very sensitive to market movements because their market prices frequently reflect projections of future earnings or revenues, and when it appears that those expectations will not be met the prices of growth securities typically fall. Value-Oriented Investment Strategies Risk. Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive) value stocks generally may be out of favor in the markets. Income and Distribution Risk. The income that shareholders receive from the Fund through annual distributions is based primarily on the dividends and interest the Fund earns from its investments. Dividend payments the Fund receives in respect of its portfolio securities can vary widely over the short and long-term. Short Sales Risk. In connection with a short sale of a security or other instrument, the Fund is subject to the risk that instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases between the date of the short sale and the date on which the Fund replaces the security or other instrument borrowed to make the short sale, the Fund will experience a loss, which is theoretically unlimited since there is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase. Investment Risk. Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence, and market liquidity. Sector Focus Risk. The Fund may invest a larger portion of its assets in one or more sectors than many other mutual funds and thus will be more susceptible to negative events affecting those sectors. For example, as of November 30, 2025, 30.1% of the Fund’s assets were invested in the financials sector and 28.9% of the Fund’s assets were invested in the industrial sector. The performance of companies in the financial sector may be adversely impacted by many factors, including, among others: government regulations of, or related to, the sector; governmental monetary and fiscal policies; economic, business or political conditions; credit rating downgrades; changes in interest rates; price competition; and decreased liquidity in credit markets. The financial sector has experienced significant losses and a high degree of volatility in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. The performance of companies in the industrial sector may be adversely impacted by many factors, including, among others: government regulations of, or related to, the sector; world events and economic conditions; insurance costs; and labor relations issues. Companies in the industrial sector can also be cyclical, subject to sharp price movements, and significantly affected by government spending policies. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of those securities could decline if the issuers experience cybersecurity incidents. Market Disruption and Geopolitical Risk. U.S. market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine and the conflicts in the Middle East), geopolitical developments (including trading and tariff arrangements, and sanctions), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). Performance Information The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s Investor Class performance from year to year and by showing how the average annual total returns for each class compared to that of a broad-based securities market index. The Fund acquired all of the assets and liabilities of the Zacks Small-Cap Core Fund (the “Predecessor Fund”), a series of Investment Managers Series Trust (the “Predecessor Trust”), in a tax-free reorganization on January 26, 2024. In connection with this acquisition, Institutional Class and Investor Class shares of the Predecessor Fund were exchanged for Institutional Class shares and Investor Class shares of the Fund, respectively. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and were managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The performance information set forth below reflects the historical performance of the Predecessor Fund’s shares. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at: www.zacksfunds.com or by calling 1-888-453-4003. The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s Investor Class performance from year to year and by showing how the average annual total returns for each class compared to that of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. www.zacksfunds.com 1-888-453-4003 Calendar-Year Total Return (before taxes) for Investor Class Shares For each calendar year at NAV <img alt="" src="zsccx_001.jpg" style="height: 261px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zuKzoQ8WwQyi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_983_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000244049Member_zYtjRg1Ckxj9" style="display: none; text-align: center; width: 50%">21.58%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000244049Member_z7iCYUvi9xy5" style="display: none; text-align: center">14.15%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_981_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000244049Member_z9UJMuMm5XK" style="display: none; text-align: center">-12.16%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000244049Member_zcbXj9j5nja8" style="display: none; text-align: center">21.20%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000244049Member_zUSV7qtDtoMe" style="display: none; text-align: center">-1.42%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000244049Member_z8I38JA9Z6Zk" style="display: none; text-align: center">32.62%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000244049Member_z6lu7BG9yhr7" style="display: none; text-align: center">-11.85%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000244049Member_z4BL6J9jINu4" style="display: none; text-align: center">17.92%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000244049Member_zmhBh3vNOtwj" style="display: none; text-align: center">5.85%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000244049Member_z9iImefqJXx6" style="display: none; text-align: center">10.25%</td></tr> </table> 0.2158 0.1415 -0.1216 0.2120 -0.0142 0.3262 -0.1185 0.1792 0.0585 0.1025 <div id="xdx_A86_eoef--BarChartClosingTextBlock_zty15yD6JJBl"></div> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left">Investor Class Shares</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 68%; text-align: left">Highest Calendar Quarter Return at NAV (non-annualized):</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">24.13%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center"> Quarter Ended 12/31/2020</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left">Lowest Calendar Quarter Return at NAV (non-annualized):</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(34.77)%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Quarter Ended 03/31/2020</td></tr> </table> Highest Calendar Quarter Return at NAV 0.2413 2020-12-31 Lowest Calendar Quarter Return at NAV -0.3477 2020-03-31 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zQZNsk3XYAS6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zIKK8WaR5oQ1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left">Average Annual Total Returns for the Periods Ended December 31, 2025</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49C_20250101__20251231_zJEzprTUjY4l" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 year</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49C_20210101__20251231_zLhCMZH3XXQ6" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">5 years</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49B_20160101__20251231_z5ANIhpXghSf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">10 years*</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244049Member_zCanT0YRjx2l" style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; width: 52%; padding-bottom: 1pt; vertical-align: top">Investor Class Shares</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">10.25%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">9.98%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">8.89%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244050Member_z7XpZWIdlO8l" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; padding-bottom: 1pt; vertical-align: top">Institutional Class Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">10.53%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">10.26%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">9.17%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-weight: bold; vertical-align: top">Return After Taxes on Distributions</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244049Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zzAimWwaFE89" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; padding-bottom: 1pt; vertical-align: top">Investor Class Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">10.25%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">8.53%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">7.17%</td></tr> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; font-weight: bold; vertical-align: top">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244049Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zU54tPB59wqg" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left; padding-bottom: 1pt; vertical-align: top">Investor Class Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">6.07%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">7.51%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">6.45%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244049Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexReflectsNoDeductionsForFeesExpensesOrTaxesMember_zDdOJjo8cwma" style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left; padding-bottom: 1pt">Russell 3000® Index** (Reflects no deductions for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">17.15%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">13.15%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">14.29%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244049Member__oef--PerformanceMeasureAxis__custom--Russell2000IndexReflectsNoDeductionsForFeesExpensesOrTaxesMember_zuqWAwMtovQ4" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left; padding-bottom: 1pt">Russell 2000® Index (Reflects no deductions for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">11.29%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">4.68%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">8.13%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F04_zh9I1HQnqsig" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F17_zEOTW1DadToe" style="text-align: justify">Investor Class shares were first offered on June 30, 2011. Institutional Class shares were first offered on February 28, 2014. The performance figures for Institutional Class shares include the performance for the Investor Class shares for the period prior to February 28, 2014. For such period Institutional Class shares would have had substantially similar performance as Investor Class because the shares are invested in the same portfolio of securities and the average annual total returns would have differed only to the extent that the expenses of Institutional Class shares were lower than the expenses of Investor Class shares and therefore, returns for Institutional Class shares would have been higher than those of Investor Class shares.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F0F_zajNTudIjvpe" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F13_zg55QYPGedGa" style="text-align: justify">In accordance with new regulatory requirements, the Fund changed its broad-based securities market index from the Russell 2000® Index to the Russell 3000® Index. The Fund will continue to show the performance of the Russell 2000® Index for comparative purposes.</td> </tr> </table> Return Before Taxes 0.1025 0.0998 0.0889 0.1053 0.1026 0.0917 0.1025 0.0853 0.0717 0.0607 0.0751 0.0645 Reflects no deductions for fees, expenses or taxes 0.1715 0.1315 0.1429 0.1129 0.0468 0.0813 After-tax performance is presented only for Investor Class shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor’s individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (“IRAs”). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes. After-tax performance is presented only for Investor Class shares of the Fund. The after-tax returns for other Fund classes may vary. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (“IRAs”). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes. Zacks Dividend Fund Investment Objective The investment objectives of the Zacks Dividend Fund are capital appreciation and dividend income. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_ze2lZyMVLXy1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_z0d6pS5PVCk2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="background-color: Black; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49E_20260330__20260330__dei--LegalEntityAxis__custom--S000081340Member__oef--ClassAxis__custom--C000244048Member_zlx9Sr4Vcgci" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Institutional Class</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_499_20260330__20260330__dei--LegalEntityAxis__custom--S000081340Member__oef--ClassAxis__custom--C000244047Member_zpMTvg47jVzg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Investor Class</td></tr> <tr id="xdx_40D_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zDKHhENA4BHe" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; text-align: left">Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_401_eoef--MaximumDeferredSalesChargeOverOfferingPrice_dpn_zpYpn53Yukyh" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; text-align: left">Maximum Deferred Sales Charge (Load) (as a % of the lesser of amount purchased or redeemed)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">None</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">None</td></tr> <tr id="xdx_405_eoef--RedemptionFeeOverRedemption_iN_dpin_zDIeXFteESU1" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-left: 0.165in; width: 68%; text-align: left">Redemption Fee if redeemed within 30 days of purchase (as a % of amount redeemed)</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">2.00%</td></tr> </table> 0 0 0 0 -0.0200 -0.0200 Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment) <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zwsfok0re31f"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zn8gh3PSAVci" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: Black; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_496_20260330__20260330__dei--LegalEntityAxis__custom--S000081340Member__oef--ClassAxis__custom--C000244048Member_zlrIjscpdSrd" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Institutional Class</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_499_20260330__20260330__dei--LegalEntityAxis__custom--S000081340Member__oef--ClassAxis__custom--C000244047Member_zCYmq4Kj5ew1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Investor Class</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zLpGzU6ibe44" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 68%; text-align: left">Management Fees</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">0.80%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">0.80%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zlwT6CD3jocb" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Distribution and Service (12b-1) Fees</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.00%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.25%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_ztZzQiFfDsi1" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Other Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.35%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.34%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zRpdNzpxzGDb" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Acquired Fund Fees and Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.01%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z9mOHRu7IHuf" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">1.16%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.40%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zLIecq2V2PFj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; text-align: left">Fee Waiver and/or Expense Limitation1</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(0.10)%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">(0.09)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_zaCKU3PB0446" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Net Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1.06%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1.31%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0in; text-align: right"></td> <td style="vertical-align: top; white-space: nowrap; width: 0.25in; text-align: justify">1.</td> <td style="vertical-align: top; text-align: justify">The Fund’s adviser, Zacks Investment Management, Inc. (the “Advisor”) has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 1, 2027, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor)) will not exceed 1.05% and 1.30% of the average daily net assets of the Institutional Class and Investor Class shares of the Fund, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by Zacks Trust’s (the ‘Trust”) Board of Trustees (the “Board”) on 60 days’ written notice to the Advisor.</td> </tr> </table> 0.0080 0.0080 0.0000 0.0025 0.0035 0.0034 0.0001 0.0001 0.0116 0.0140 0.0010 0.0009 0.0106 0.0131 April 1, 2027 Example. You may also incur usual and customary brokerage commissions and other charges when buying or selling shares of the Fund, which are not reflected in the example that follows. This example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through March 31, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: This example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through March 31, 2027. <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_z1SgKeO3c4K5"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zNRwD3xXqzV4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Black; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Class</td> <td id="xdx_486_eoef--ExpenseExampleYear01_zVubFMBgt29k" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_z8QtXx5l6sSh" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Three Years</td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zmOVOBwV4hRg" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Five Years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_zKWXlp7gJiW3" style="border: Black 1pt solid; font-weight: bold; text-align: center">Ten Years</td></tr> <tr id="xdx_411_20260330__20260330__dei--LegalEntityAxis__custom--S000081340Member__oef--ClassAxis__custom--C000244048Member_z86kjkWX7Csk" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center">Institutional</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center">$108</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center">$360</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center">$630</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center">$1,403</td></tr> <tr id="xdx_41B_20260330__20260330__dei--LegalEntityAxis__custom--S000081340Member__oef--ClassAxis__custom--C000244047Member_z0SpUqLhA2xh" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">Investor</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$134</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$435</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$759</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$1,675</td></tr> </table> 108 360 630 1403 134 435 759 1675 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal period ended November 30, 2025, the Fund’s portfolio turnover rate was 17% of the average value of its portfolio. 0.17 Principal Investment Strategies Under normal market conditions, the Fund will invest at least 80% of its net assets plus borrowings for investment purposes in equity securities of dividend paying companies organized or headquartered in the United States. The Fund’s equity investments include common stock, preferred stock, rights and warrants. The Advisor intends to invest the Fund’s assets in the equity securities of companies that the Advisor believes are undervalued based on their earnings, dividends, assets, or other financial measures. While the Fund may invest in companies of any market capitalization, it will generally focus on companies with large capitalizations ($10 billion or higher at the time of purchase). The Fund may also invest in exchange-traded funds (“ETFs”), which are investment companies that invest in portfolios of securities designed to track particular market segments or indices, the shares of which are bought and sold on securities exchanges. In addition, the Fund may also invest in American Depositary Receipts (“ADRs”), which are receipts that represent interests in foreign securities held on deposit by U.S. banks. In addition, the Fund may lend its portfolio securities to broker-dealers and other institutions as a means of earning additional income. The Advisor employs a bottom-up investment approach to buying and selling investments for the Fund. The Advisor selects investments primarily based on quantitative analysis of an individual issuer and its potential for capital appreciation and dividend income. The Advisor uses a quantitative model that analyzes an issuer’s dividend yield, earnings, cash flows, competitive position, and management ability. The primary aim of this quantitative model is to systematically evaluate an issuer’s valuation, price and earnings momentum and earnings quality. In addition to considering a company’s financial condition the Advisor also considers other factors such as general market, economic, political, and regulatory conditions. The Fund may invest a significant amount of its assets in one or more sectors from time to time. As of November 30, 2025, 22.2% of the Fund’s assets were invested in the financials sector. The sectors in which the Fund is more heavily invested will vary. Risk is inherent in all investing. The loss of your money is a principal risk of investing in the Fund. Investors should consider the following risk factors and special considerations associated with investing in the Fund, which may cause you to lose money. The following principal risk factors have been identified for the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. The loss of your money is a principal risk of investing in the Fund. Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. In addition, local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a security or instrument. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity Risk. The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests. Quantitative Model Risk. There are limitations inherent in every quantitative model. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model. Investments selected using quantitative models may perform differently from the market as a whole or from their expected performance. There can be no assurance that use of a quantitative model will enable the Fund to achieve positive returns or outperform the market. Dividend Paying Securities Risk. The Fund will have significant exposure to dividend paying securities. There is no guarantee that issuers of the securities held by the Fund will declare dividends in the future or that, if declared, they will either remain at current levels or increase over time. Lending Portfolio Securities Risk. The Fund may lend its portfolio securities to broker-dealers and banks, provided that it may not lend securities if, as a result, the aggregate value of all securities loaned would exceed 33 1/3% of its total assets. The collateral, including the investment of any cash collateral, is subject to market depreciation. In the event of bankruptcy or other default of the borrower, the Fund could experience delays in both liquidating the loan collateral and recovering the loaned securities and losses. The collateral (including any investment of cash collateral) is not subject to the percentage limitations on the Fund’s investments described elsewhere in this prospectus. Management and Strategy Risk. The value of your investment is dependent upon the judgment of the Advisor about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect. Market Capitalization Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion. The securities of small-capitalization and mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions. Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environments of foreign countries. Changes in exchange rates and interest rates, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include ADRs. Unsponsored ADRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. Preferred Stock Risk. Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred stock is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred stock, and changes in interest rates, typically declining in value if interest rates rise. ETF Risk. Investing in an ETF will provide the Fund with exposure to the securities comprising the index on which the ETF is based and will expose the Fund to risks similar to those of investing directly in those securities. Shares of ETFs typically trade on securities exchanges and may at times trade at a premium or discount to their net asset values (“NAVs”). In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, involves duplication of advisory fees and certain other expenses. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. Value-Oriented Investment Strategies Risk. Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive) value stocks generally may be out of favor in the markets. Warrants and Rights Risk. Warrants and rights may lack a liquid secondary market for resale. The prices of warrants and rights may fluctuate as a result of speculation or other factors. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of their underlying securities and therefore, are highly volatile and speculative investments. If a warrant or right expires without being exercised, the Fund will lose any amount paid for the warrant or right. Investment Risk. Various sectors of the global financial markets have been experiencing an extended period of adverse conditions. Market uncertainty has increased dramatically, particularly in the United States and Europe, and adverse market conditions have expanded to other markets. These conditions have resulted in disruption of markets, periods of reduced liquidity, greater volatility, general volatility of spreads, an acute contraction in the availability of credit and a lack of price transparency. The long-term impact of these events is uncertain but could continue to have a material effect on general economic conditions, consumer and business confidence, and market liquidity. Sector Focus Risk. The Fund may invest a larger portion of its assets in one or more sectors than many other mutual funds and, thus, will be more susceptible to negative events affecting those sectors. For example, as of November 30, 2025, 22.2% of the Fund’s assets were invested in the financials sector. The performance of companies in the financial sector may be adversely impacted by many factors, including, among others: government regulations of, or related to, the sector; governmental monetary and fiscal policies; economic, business or political conditions; credit rating downgrades; changes in interest rates; price competition; and decreased liquidity in credit markets. The financial sector has experienced significant losses and a high degree of volatility in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder’s ability to exchange or redeem Fund shares may be affected. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of those securities could decline if the issuers experience cybersecurity incidents. Market Disruption and Geopolitical Risk. U.S. market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine and the conflicts in the Middle East), geopolitical developments (including trading and tariff arrangements, and sanctions), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally). Performance Information The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s Investor Class performance from year to year and by showing how the average annual total returns for each class compared to that of a broad-based securities market index. The Fund acquired all of the assets and liabilities of the Zacks Dividend Fund (the “Predecessor Fund”), a series of Investment Managers Series Trust (the “Predecessor Trust”), in a tax-free reorganization on January 26, 2024. In connection with this acquisition, Institutional Class and Investor Class shares of the Predecessor Fund were exchanged for Institutional Class shares and Investor Class shares of the Fund, respectively. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and were managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The performance information set forth below reflects the historical performance of the Predecessor Fund’s shares. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at: www.zacksfunds.com or by calling 1-888-453-4003. The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s Investor Class performance from year to year and by showing how the average annual total returns for each class compared to that of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. www.zacksfunds.com 1-888-453-4003 Calendar-Year Total Return (before taxes) for Investor Class Shares For each calendar year at NAV <img alt="" src="zdivx_001.jpg" style="height: 293px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zHXcat3L3hUj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_983_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000244047Member_z3btlEItqLE3" style="display: none; text-align: center; width: 50%">14.54%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_987_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000244047Member_zlXG7lJwbWob" style="display: none; text-align: center">16.21%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000244047Member_zvA1RuPTZeA" style="display: none; text-align: center">-6.02%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000244047Member_zbicbK7WAZtk" style="display: none; text-align: center">24.86%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_984_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000244047Member_zvsoWG3DU6Fj" style="display: none; text-align: center">-0.60%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000244047Member_zh5j7dSu2Fth" style="display: none; text-align: center">25.17%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_980_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000244047Member_z3pdXRHAzNDk" style="display: none; text-align: center">-2.13%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000244047Member_zakbRfrIQDzb" style="display: none; text-align: center">4.35%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000244047Member_zp0b3tI5xm4l" style="display: none; text-align: center">16.04%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000244047Member_zUovpyxvpU6" style="display: none; text-align: center">15.25%</td></tr> </table> 0.1454 0.1621 -0.0602 0.2486 -0.0060 0.2517 -0.0213 0.0435 0.1604 0.1525 <div id="xdx_A8E_eoef--BarChartClosingTextBlock_zbjoE6toip64"></div> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Investor Class Shares</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td></tr> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 68%; text-align: left">Highest Calendar Quarter Return at NAV (non-annualized):</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 15%; text-align: center">15.00%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">Quarter Ended 12/31/2022</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left">Lowest Calendar Quarter Return at NAV (non-annualized):</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">(23.00)%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Quarter Ended 03/31/2020</td></tr> </table> Highest Calendar Quarter Return at NAV 0.1500 2022-12-31 Lowest Calendar Quarter Return at NAV -0.2300 2020-03-31 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_z38pnYg4Fw9c"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zujLHkJyMqQc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Average Annual Total Returns for the Periods Ended December 31, 2025</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49C_20250101__20251231_zEpfFOK1Tozl" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 year</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49C_20210101__20251231_zJF4VKJAVZUl" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">5 years</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid"> </td> <td id="xdx_49B_20160101__20251231_zVAMELyj6CF5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">10 years*</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244047Member_zF4UTF4TfUi7" style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; vertical-align: bottom; width: 52%; text-align: left">Investor Class Shares</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">15.25%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">11.32%</td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">10.25%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244048Member_zVqqCwLENB8a" style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; vertical-align: bottom; text-align: left">Institutional Class Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">15.51%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">11.33%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">9.96%</td></tr> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Return After Taxes on Distributions*</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; vertical-align: bottom; text-align: left">Investor Class Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000244047Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKg_____z31UXC3UU7lj" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">14.27%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000244047Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKg_____zAtgIXjGMNK2" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">9.70%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000244047Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_fKg_____z6Gr2PTEUj5a" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">8.78%</td></tr> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Return After Taxes on Distributions and Sale of Fund Shares*</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; vertical-align: bottom; text-align: left">Investor Class Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000244047Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKg_____zAZVxiUVWTTa" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">9.72%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000244047Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKg_____zzWnevUwnM24" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">8.50%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000244047Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_fKg_____zG9s1ZQv8GXe" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">7.80%</td></tr> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Russell 1000®** Index (Reflects no deductions for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000244047Member__oef--PerformanceMeasureAxis__custom--Russell1000IndexReflectsNoDeductionsForFeesExpensesOrTaxesMember_fKio___zlF6EKSz7Wkk" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">17.37%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000244047Member__oef--PerformanceMeasureAxis__custom--Russell1000IndexReflectsNoDeductionsForFeesExpensesOrTaxesMember_fKio___zerEBRbBPAKk" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">13.59%</td> <td style="border-bottom: Black 1pt solid"> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000244047Member__oef--PerformanceMeasureAxis__custom--Russell1000IndexReflectsNoDeductionsForFeesExpensesOrTaxesMember_fKio___zbFRz0pWfoJ7" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">14.59%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244047Member__oef--PerformanceMeasureAxis__custom--Russell1000ValueIndexReflectsNoDeductionsForFeesExpensesOrTaxesMember_zh41wr6losHf" style="background-color: White; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Russell 1000® Value Index (Reflects no deductions for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">15.91%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">11.33%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">10.53%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="padding-bottom: 3pt; width: 0in"></td> <td id="xdx_F02_zHbL3J0nm1Sh" style="padding-bottom: 3pt; width: 0.25in; text-align: left">*</td> <td id="xdx_F1A_zEhDzxrD0z0d" style="padding-bottom: 3pt; text-align: justify">Investor Class shares were first offered on January 31, 2014. Institutional Class shares were first offered on January 31, 2017. The performance figures for Institutional Class shares include the performance for the Investor Class shares for the period prior to January 31, 2017. For such period Institutional Class shares would have had substantially similar performance as Investor Class because the shares are invested in the same portfolio of securities and the average annual total returns would have differed only to the extent that the expenses of Institutional Class shares were lower than the expenses of Investor Class shares and therefore, returns for Institutional Class shares would have been higher than those of Investor Class shares.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left">**</td> <td style="text-align: justify">In accordance with regulatory requirements, the Fund changed its broad-based securities market index from the Russell 1000® Value Index to the Russell 1000® Index. The Fund will continue to show the performance of the Russell 1000® Value Index for comparative purposes.</td> </tr> </table> Return Before Taxes Return Before Taxes 0.1525 0.1132 0.1025 0.1551 0.1133 0.0996 0.1427 0.0970 0.0878 0.0972 0.0850 0.0780 0.1737 0.1359 0.1459 0.1591 0.1133 0.1053 After-tax performance is presented only for Investor Class shares of the Fund. The after-tax returns for other Fund classes may vary. Actual after-tax returns depend on the investor’s individual tax situation and may differ from the returns shown. After-tax returns are not relevant for shares held in tax-advantaged investment vehicles such as employer-sponsored 401(k) plans and individual retirement accounts (“IRAs”). The after-tax returns shown are calculated using the highest individual federal marginal income tax rates in effect during the periods presented and do not reflect the impact of state and local taxes. Inception date is August 23, 2021. The Russell 3000® Index is composed of 3000 large U.S. companies, as determined by market capitalization. This portfolio of securities represents approximately 96% of the investable U.S. equity market. The Russell 3000® Index is comprised of stocks within the Russell 1000® and the Russell 2000® Indices. The Russell 3000® Index was developed with a base value of 140.00 as of December 31, 1986. The Fund’s adviser, Zacks Investment Management, Inc. (the “Advisor”) has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 1, 2027, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.55% of the Fund’s net assets. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by the Zacks Trust’s (the “Trust”) Board of Trustees (the “Board”) on 60 days’ written notice to the Advisor. The Fund commenced operation on December 4, 2024. The Russell 3000® Index is composed of 3000 large U.S. companies, as determined by market capitalization. This portfolio of securities represents approximately 96% of the investable U.S. equity market. The Russell 3000® Index is comprised of stocks within the Russell 1000® and the Russell 2000® Indices. The Russell 3000® Index was developed with a base value of 140.00 as of December 31, 1986. The Fund’s adviser, Zacks Investment Management, Inc. (the “Advisor”) has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 1, 2027, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.55% of the Fund’s net assets. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by the Zacks Trust’s (the “Trust”) Board of Trustees (the “Board”) on 60 days’ written notice to the Advisor. Inception date is October 2, 2023. The Russell 3000® Index is composed of 3000 large U.S. companies, as determined by market capitalization. This portfolio of securities represents approximately 96% of the investable U.S. equity market. The Russell 3000® Index is comprised of stocks within the Russell 1000® and the Russell 2000® Indices. The Russell 3000® Index was developed with a base value of 140.00 as of December 31, 1986. Estimated for the current fiscal year. The Fund’s adviser, Zacks Investment Management, Inc. (the “Advisor”) has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least September 1, 2027, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), acquired fund fees and expenses, fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), or extraordinary expenses such as litigation) will not exceed 0.55% of the Fund’s net assets. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by the Zacks Trust’s (the “Trust”) Board of Trustees (the “Board”) on 60 days’ written notice to the Advisor. The Fund’s adviser, Zacks Investment Management, Inc. (the “Advisor”) has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 1, 2027, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing The Fund’s adviser, Zacks Investment Management, Inc. (the “Advisor”) has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 1, 2027, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor)) will not exceed 1.14% and 1.39% of the average daily net assets of the Institutional Class and Investor Class shares of the Fund, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by Zacks Trust’s (the “Trust”) Board of Trustees (the “Board”) on 60 days’ written notice to the Advisor. Investor Class shares were first offered on June 30, 2011. Institutional Class shares were first offered on February 28, 2014. The performance figures for Institutional Class shares include the performance for the Investor Class shares for the period prior to February 28, 2014. For such period Institutional Class shares would have had substantially similar performance as Investor Class because the shares are invested in the same portfolio of securities and the average annual total returns would have differed only to the extent that the expenses of Institutional Class shares were lower than the expenses of Investor Class shares and therefore, returns for Institutional Class shares would have been higher than those of Investor Class shares. In accordance with new regulatory requirements, the Fund changed its broad-based securities market index from the Russell 2000® Index to the Russell 3000® Index. The Fund will continue to show the performance of the Russell 2000® Index for comparative purposes. The Fund’s adviser, Zacks Investment Management, Inc. (the “Advisor”) has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least April 1, 2027, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor)) will not exceed 1.05% and 1.30% of the average daily net assets of the Institutional Class and Investor Class shares of the Fund, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date the fees have been waived or reimbursed), if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. This agreement may be terminated only by Zacks Trust’s (the ‘Trust”) Board of Trustees (the “Board”) on 60 days’ written notice to the Advisor. Investor Class shares were first offered on January 31, 2014. Institutional Class shares were first offered on January 31, 2017. The performance figures for Institutional Class shares include the performance for the Investor Class shares for the period prior to January 31, 2017. For such period Institutional Class shares would have had substantially similar performance as Investor Class because the shares are invested in the same portfolio of securities and the average annual total returns would have differed only to the extent that the expenses of Institutional Class shares were lower than the expenses of Investor Class shares and therefore, returns for Institutional Class shares would have been higher than those of Investor Class shares. In accordance with regulatory requirements, the Fund changed its broad-based securities market index from the Russell 1000® Value Index to the Russell 1000® Index. The Fund will continue to show the performance of the Russell 1000® Value Index for comparative purposes.